MACRO CHAPTER 9 TESTQUESTIONS宏观经济学答案.docx
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MACRO CHAPTER 9 TESTQUESTIONS宏观经济学答案.docx
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MACROCHAPTER9TESTQUESTIONS宏观经济学答案
MACROCHAPTER9TESTQUESTIONS
Money,Prices,andtheFinancialSystem
MultipleChoiceQuestions
1. IntheUnitedStatessavingisallocatedtoitsmostproductiveuseby:
A. theFederalReserve.
B. theFederal,state,andlocalgovernments.
C. regulationsandlawsdesignedtoimproveproductivity.
D. adecentralized,market-orientedfinancialsystem.
2. Decentralizedmarket-basedfinancialsystemsimprovetheallocationofsavingby:
A. insuringcapitalgainsexceeddividendpayments.
B. eliminatingtheneedforcommercialbanksorotherfinancialintermediaries.
C. matchingnetcapitalinflowstonetcapitaloutflows.
D. providinginformationandrisk-sharingservices.
3. Thefinancialsystemconsistsoffinancial_____,suchascommercialbanks,andfinancial_____,suchasthestockmarket.
A. markets;intermediaries
B. allocations;investments
C. intermediaries;markets
D. markets;institutions
4. Firmsthatextendcredittoborrowersusingfundsfromsaversarecalled:
A. bonddealers.
B. stockbrokers.
C. centralbanks.
D. financialintermediaries.
5. Thespecializedinformation-gatheringactivitiesthatbanksusetoevaluateborrowersareanexampleofthe:
A. cost-benefitprinciple.
B. principleofcomparativeadvantage.
C. scarcityprinciple.
D. principleofincreasingopportunitycost.
6. Privately-ownedfirmsthatacceptdepositsfromindividualsandbusinessesandusethosedepositstomakeloansarecalled:
A. mortgagebanks.
B. brokeragefirms.
C. commercialbanks.
D. investmentbanks.
7. Bankshelpsaversfindproductiveusesfortheirfundsbecausebankshavespecializedin:
A. gatheringinformationaboutandevaluatingpotentialborrowers.
B. obtainingpreferentialtaxtreatmentforsavers.
C. securinggovernmentguaranteesforloans.
D. evaluatingtheriskinessofstocks.
8. Financialintermediaries,suchascommercialbanks,helpborrowers,particularlysmallborrowers,by:
A. providinginformationtoevaluatepotentiallenders.
B. offeringtax-preferredborrowingopportunities.
C. eliminatingtheriskofborrowing.
D. providingcreditthatmightotherwisenotbeavailable.
9. Saversmayprefertousefinancialintermediariesratherthanlendingdirectlytoborrowersbecausefinancialintermediaries:
A. reducethecostofgatheringinformationaboutborrowers.
B. haveamonopolyonlending.
C. increasetheriskoflending.
D. offerhigherratesofreturnthanavailableelsewhere.
10. Tworeasonssaverskeepdepositsatbanksareto:
A. securemortgagesandtopurchasestocks.
B. earnareturnontheirsavingsandtofacilitatemakingpayments.
C. lowerinterestratesandtoincreasethemoneysupply.
D. equalizeloansupplyanddemandandtoearninterest.
11. Abondisa(n):
A. regularpaymentmadetoownersofafirm.
B. claimtopartialownershipofafirm.
C. agreementissuedbyafinancialintermediarylinkingsaversandinvestors.
D. legalpromisetorepayadebt.
12. Theprincipalamountofabondistheamount:
A. originallylent.
B. ofinterestagreeduponwhenthebondwasoriginallyissued.
C. paidtothebondholdersonaregularbasis.
D. ofinterestthebondholderisentitledtowhenthebondmatures.
13. Thematurationdateofabondisthedateatwhich:
A. couponpaymentswillbemade.
B. theprincipalwillberepaid.
C. dividendpaymentswillbemade.
D. taxesonthebondaredue.
14. Thecouponrateisthe:
A. amountoriginallylent.
B. regularpaymentofinteresttoabondholder.
C. interestratepromisedwhenabondisissued.
D. maximuminterestratethatcanbepaidonabond.
15. Regularinterestpaymentsmadetobondholdersarecalled______payments.
A. diversification
B. reserve
C. coupon
D. dividend
16. Iftheprincipalamountofabondis$10,000,000,thecouponrateis7%,andtheinflationrateis4%,thentheannualcouponpaymentmadetotheholderofthebondis:
A. $70,000.
B. $300,000.
C. $400,000.
D. $700,000.
17. Themarketvalueofaparticularbondatanygivenpointintimeiscalledthebond's:
A. couponrate.
B. principal.
C. term.
D. price.
18. Thecouponrateonnewlyissuedbondsisusuallyhigherforbondswith______termsand______riskthattheborrowerwillgobankrupt.
A. shorter;greater
B. shorter;smaller
C. longer;greater
D. longer;smaller
19. Thecouponrateonnewlyissuedbondsisusually______forbondswithfavorabletaxtreatment,suchasmunicipalbonds,and______forbondsthatareveryrisky,suchasjunkbonds.
A. higher;lower
B. higher;higher
C. lower;lower
D. lower;higher
20. Fredpurchasesabond,newlyissuedbytheBigTimeCorporation,for$10,000.Thebondpays$400toitsholderattheendofthefirst,second,andthirdyearsandpays$10,400uponitsmaturityattheendoffouryears.Theprincipalamountofthisbondis___,thecouponrateis____,andthetermofthisbondis_____.
A. $400;40%;fouryears
B. $10,000;4%;fouryears
C. $10,000;$400;4%
D. $10,400;4%;fouryears
21. Whentheinterestrateonnewlyissuedbondsincreases,thepriceofexistingbonds:
A. increases.
B. decreases.
C. increasesonlyifthecouponrateisbelowthenewrate.
D. mayeitherincreaseordecrease.
22. Patpays$10,000foranewlyissuedtwo-yeargovernmentbondwitha$10,000facevalueanda6percentcouponrate.Oneyearlater,afterreceivingthefirstcouponpayment,Patsellsthebond.Ifthecurrentone-yearinterestrateongovernmentbondsis5percent,thenthepricePatreceivesis:
A. $10,000.
B. $500.
C. greaterthan$10,000.
D. lessthan$10,000.
23. Chrispays$10,000foranewlyissuedtwo-yeargovernmentbondwitha$10,000facevalueanda6percentcouponrate.Oneyearlater,afterreceivingthefirstcouponpayment,Chrissellsthebond.Ifthecurrentone-yearinterestrateongovernmentbondsis7percent,thenthepriceChrisreceivesis:
A. $10,000.
B. $700.
C. greaterthan$10,000.
D. lessthan$10,000.
24. Sydneypurchasesanewly-issued,two-yeargovernmentbondwithaprincipalamountof$10,000andacouponrateof6%paidannually.Oneyearbeforethebondsmatures(andafterreceivingthecouponpaymentforthefirstyear),Sydneysellsthebondinthebondmarket.Whatprice(roundedtothenearestdollar)willSydneyreceiveforhisbondifnewly-issuedone-yeargovernmentbondsarepayinga5%couponrate?
A. $9,906
B. $10,000
C. $10,095
D. $10,600
25. Oneyearbeforematuritythepriceofabondwithaprincipalamountof$1,000andacouponrateof5%paidannuallyfellto$981.Theoneyearinterestratemustbe:
A. 8.5%.
B. 7.0%.
C. 5.0%.
D. 1.9%.
26. Whenthecouponrateonnewly-issuedbondsincreasesfrom5%to6%,thepricesofexistingbonds:
A. increase.
B. decrease.
C. remainunchanged.
D. increaseonlyifthecouponrateislessthan6%.
27. Whenthecouponrateonnewly-issuedbondsdecreasesfrom6%to5%,thepricesofexistingbonds:
A. increase.
B. decrease.
C. remainunchanged.
D. decreaseonlyifthecouponrateislessthan5%.
28. Sharesofstockare:
A. legalpromisestorepayadebt.
B. claimstopartialownershipofafirm.
C. regularpaymentsmadetoownersofafirm.
D. legalpromisestomakeregularpaymentstothestockholder.
29. Stockholdersreceivereturnsontheirfinancialinvestmentintheformof______and_____.
A. interestpayments;dividends
B. capitalgains;dividends
C. couponpayments;capitalgains
D. capitalgains;interestpayments
30. Aregularpaymentreceivedbystockholdersforeachsharetheyowniscalleda:
A. couponpayment.
B. dividend.
C. bond.
D. capitalgain.
31. Therateofreturnthatfinancialinvestorsrequiretoholdariskyassetminustherateofreturnonasafeassetiscalledthe:
A. realinterestrate.
B. nominalinterestrate.
C. riskpremium.
D. discountrate.
32. AnincreaseintheperceivedriskinessofthestockofCompanyA______theriskpremiuminvestorsrequiretopurchaseCompanyAstockand______thepriceofCompanyAstock.
A. increases;increases
B. increases;decreases
C. decreases;increases
D. decreases;decreases
33. AdecreaseintheperceivedriskinessofthestockofCompanyA______theriskpremiuminvestorsrequiretopurchaseCompanyAstockand______thepriceofCompanyAstock.
A. increases;increases
B. increases;decreases
C. decreases;increases
D. decreases;decreases
34. Youoriginallyrequiredariskpremiumof6percentinadditiontotherateofreturnonsafeassetsbeforeyouwouldpurchasesharesofTechnoCompanystock.Ifyouandotherinvestorsreducetheriskpremiumyourequireto4percent,thepriceofTechnoCompanystockwill:
A. increase.
B. decrease.
C. equaltheoldriskpremiumplusthenewriskpremium.
D. equalthenewriskpremiumplustherateofreturnonsafeassets.
35. Anincreaseininterestratesresultsina(n)______intherequiredrateofreturntoholdstocksand______currentstockprices.
A. increase;reduces
B. increase;raises
C. decrease;raises
D. decrease;reduces
36. Thecurrentpriceofastockincreaseswhen:
A. expectedfuturedividendsdecrease.
B. theexpectedfuturepriceofthestockdecreases.
C. interestratesdecrease.
D. theperceivedriskinessofthestockincreases.
37. YouexpectashareofEconNews.Comtosellfor$65ayearfromnowandtopaya$2dividendpershareinoneyear.Whatshouldyoupay(roundedtothenearestdollar)forthestocktodayifyourequirean8%return?
A. $60
B. $62
C. $67
D. $70
38. YouexpectashareofEconNews.Comtosellfor$65ayearfromnow.Ifyouarewillingtopay$65.74foroneshareoft
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