米什金 货币金融学 英文版习题答案chapter 7英文习题
金融市场学双语题库及答案(第七章)米什金《金融市场与机构》
D) 50%
Answer: C
Topic: Chapter 7.1 Basic Facts About Financial Structure Throughout the World
Question Status: Previous Edition
4) Of the sources of external funds for nonfinancial businesses in the United States, stocks account for approximately ________ of the total.
B) stocks.
C) bonds and commercial paper.
D) nonbank loans.
Answer: D
Topic: Chapter 7.1 Basic Facts About Financial Structure Throughout the World
Question Status: Previous Edition
3) Of the sources of external funds for nonfinancial businesses in the United States, bonds account for approximately ________ of the total.
Ch11货币金融学 米什金 第七版
Economic Analysis of Banking Regulation
In this chapter, we develop an economic analysis of why regulation of banking takes the form it does. Unfortunately, the regulatory process may not always work very well, as evidenced by recent crises in the banking systems, not only in the United States but in many countries throughout the world. We also use our economic analysis of banking regulation to explain the worldwide crises in banking and how the regulatory system can be reformed to prevent future disasters.
2.
Restrictions on Asset Holdings（对持有资产的 限制） A. Reduces moral hazard of too much risk taking
米什金-货币金融学 第七章 股票市场 理性预期理论和有效市场假说
– 在有效的资本市场中，由于所有证券的价格都 是正确的，所以投资活动之间没有优劣之分 – 证券价格反映了该证券内在价值的全部可用信 息 – 企业管理者可以使用证券价格可以准确评估其 资产成本，并以此来判断某个项目是否值得投 资
理性预期理论的理论基础
• 经济主体总是希望他们的预期结果与使用 全部可用信息得到的最好预测结果相一致 。减少损失或成本，增加收益。
理性预期理论的含义
• （1）如果一个经济变量的运行方式发生了 改变，那么该变量预期结果的形成方式也 会发生改变
• （2）预期结果的预测误差平均值为零，并 且无法事先预知预测误差的情况。
7.5 行为金融
• 市场崩盘使得许多经济学家相信有效市场 假说的高级版本是不正确的。他们认为： 市场心理因素和市场的制度结构在股票价 格的决定过程中发挥了重要作用。 • 行为金融利用人类学、社会学尤其是心理 学等其他社会科学的概念来解释证券价格 的行为。 • 人们易于过度自信、过度自责、过度自喜 。
有效市场假说的理论基础
• 套利者会消除未利用的盈利机会 • 在金融市场中，并不是每一个投资者都知道某一证券的全 部可得信息或对该证券价格有一理性预期，才能使得证券 价格向满足有效市场条件的方向运动。 • 有效市场假说之所有有意义，在于该理论不需要市场中的 每个人都掌握每只证券的全部信息。
《货币金融学》英文版米什金第十一版最新题库及解析
Chapter 3
1. Money is____A____.
A) anything that is generally accepted in payment for goods and services or in the repayment of debt
B) a flow of earnings per unit of time
C) the total collection of pieces of property that are a store of value
D) always based on a precious metal like gold or silver
2. A person's house is part of her ___D_____.
A) money B) income C) liabilities D) wealth
3. The difference between money and income is that____B____.
A) money is a flow and income is a stock B) money is a stock and income is a flow
C) there is no difference, money and income are both stocks
D) there is no difference, money and income are both flows
4. Of money's three functions, the one that distinguishes money from other assets is its function as a
米什金货币金融学英文
© 2005 Pearson Education Canada Inc.
11-2
How Asymmetric Information Explains Banking Regulation
risk 2. The existence of CDIC, more opportunities for risk taking 3. Because of the lending boom, bank activities were
becoming more complicated. Regulators had neither the expertise nor the resources to monitor these activities appropriately
5. New Trend: Assessment of Risk Management 6. Disclosure Requirements
A. Better information reduces asymmetric information problem
© 2005 Pearson Education Canada Inc.
© 2005 Pearson Education Canada Inc.
米什金货币金融学英文版习题答案chapter23英文习题
米什金货币金融学英文版习题答案chapter23英文习题
Economics of Money, Banking, and Financial Markets, 11e, Global Edition (Mishkin) Chapter 23 Aggregate Demand and Supply Analysis
23.1 Aggregate Demand
1) The aggregate demand curve is the total quantity of an economy's
A) intermediate goods demanded at different inflation rates.
B) intermediate goods demanded at a particular inflation rate.
C) final goods and services demanded at a particular inflation rate.
D) final goods and services demanded at different inflation rates.
Answer: D
AACSB: Reflective Thinking
2) The total quantity of an economy's final goods and services demanded at different inflation rates is
A) the aggregate supply curve.
米什金货币金融学英文版习题答案chapter8英文习题
米什金货币金融学英文版习题答案chapter8英文习题
Economics of Money, Banking, and Financial Markets, 11e, Global Edition (Mishkin) Chapter 8 An Economic Analysis of Financial Structure
8.1 Basic Facts About Financial Structure Throughout the World
1) American businesses get their external funds primarily from
A) bank loans.
B) bonds and commercial paper issues.
C) stock issues.
D) loans from nonbank financial intermediaries.
Answer: D
AACSB: Analytical Thinking
2) Of the sources of external funds for nonfinancial businesses in the United States, loans from banks and other financial intermediaries account for approximately ________ of the total.
A) 6%
B) 40%
C) 56%
D) 60%
Answer: C
货币金融学chapter 7英文习题
Economics of Money, Banking, and Financial Markets, 11e, Global Edition (Mishkin) Chapter 7 The Stock Market, the Theory of Rational Expectations, and the Efficient Market Hypothesis
7.1 Computing the Price of Common Stock
1) A stockholder's ownership of a company's stock gives her the right to
A) vote and be the primary claimant of all cash flows.
B) vote and be the residual claimant of all cash flows.
C) manage and assume responsibility for all liabilities.
D) vote and assume responsibility for all liabilities.
Answer: B
AACSB: Analytical Thinking
2) Stockholders are residual claimants, meaning that they
A) have the first priority claim on all of a company's assets.
曼昆微观经济学课后练习英文答案(第七章)
WHAT’S NEW IN THE SIXTH EDITION:
There are no major changes to this chapter.
LEARNING OBJECTIVES:
By the end of this chapter, students should understand:
➢ the link between buyers’ willingness to pay for a good and the demand curve.
➢ how to define and measure consumer surplus.
➢ the link between sellers’ costs of producing a good and the supply curve.
➢ how to define and measure producer surplus.
➢ that the equilibrium of supply and demand maximizes total surplus in a market.
CONTEXT AND PURPOSE:
Chapter 7 is the first chapter in a three-chapter sequence on welfare economics and market efficiency. Chapter 7 employs the supply and demand model to develop consumer surplus and producer surplus as a measure of welfare and market efficiency. These concepts are then utilized in Chapters 8 and 9 to determine the winners and losers from taxation and restrictions on international trade.
米什金 货币金融学 英文版习题答案chapter 1英文习题
Economics of Money, Banking, and Financial Markets, 11e, Global Edition (Mishkin) Chapter 1 Why Study Money, Banking, and Financial Markets?
1.1 Why Study Financial Markets?
1) Financial markets promote economic efficiency by
A) channeling funds from investors to savers.
B) creating inflation.
C) channeling funds from savers to investors.
D) reducing investment.
Answer: C
AACSB: Reflective Thinking
2) Financial markets promote greater economic efficiency by channeling funds from ________ to ________.
A) investors; savers
B) borrowers; savers
C) savers; borrowers
D) savers; lenders
Answer: C
AACSB: Reflective Thinking
3) Well-functioning financial markets promote
米什金《货币金融学》(第11版)全套资料【教材+笔记+题库】
米什金《货币金融学》（第11版）全套资料【教材+笔记+（1）浓缩内容精华，整理名校笔记。（2）解析课后习题，提供详尽答案。国内外教材一般没有提供课（章）后习题答案或者答案很简单，（3）补充相关要点，强化专业知识。一般来说，国外英文教材的中译本不太符合中国学生的思维习惯，有些语言的表述不清或条理性不强而给学习带来了不便，因此，对每章复习笔记的一些重要知识点和一些习题的解答，我们在不违背原书原意的基础上结合其他相关经典教材进行了必要的整理和分析。
第1篇引言
第1章为什么研究货币、银行与金融市场
1.1 复习笔记
1为什么研究金融市场
金融市场是指将资金剩余方的资金转移到资金短缺方的市场。通过债券市场和股票市场等金融市场，资金从没有生产用途的人向有生产用途的人转移，从而提高了经济效率。此外，金融市场上的变化还直接影响着个人财富、企业和消费者的行为以及经济周期。
（1）债券市场和利率
证券是对发行人未来收入与资产的索取权。债券是债务证券，它承诺在一个特定的时间段中进行定期支付，债券包括长期债务工具和短期债务工具。债券市场
可以帮助政府和企业筹集到所需要的资金，并且是决定利率的场所，因此在经济活动中有着重要的特殊意义。
利率是借款的成本或为借入资金支付的价格（通常以一定时期内的利息额同本金额的比率来表示）。利率对整个经济的健康运行有着很大的影响：对于个人来说，利率过高倾向于使其减少消费，增加储蓄；对于企业来说，利率还影响着企业的投资决策，利率的高低决定着企业投资成本的高低。
（2）股票市场
普通股（简称为股票）代表持有者对公司的所有权，是对公司收益和资产的索取权。
MishkinTBch米什金货币金融学题库
The Economics of Money, Banking, and Financial Markets, 9e (Mishkin)
Chapter 14 The Money Supply Process 14.1 Three Players in the Money Supply Process
1)The government agency that oversees the banking system and is responsible for the conduct of monetary policy in the United States is
A)the Federal Reserve System.
B)the United States Treasury.
C)the U.S. Gold Commission.
D)the House of Representatives.
Answer: A Ques Status: Previous Edition
2)Individuals that lend funds to a bank by opening a checking account are called
A)policyholders.
B)partners.
C)depositors.
D)debt holders. Answer: C
Ques Status: Previous Edition
3)The three players in the money supply process include
米什金货币金融学(商学院版)第7章
The value of stock today is the present value of all future cash flows
P0
D1 (1ke)1
D2 (1ke)2
...
Dn (1ke)n
Pn (1ke)n
If Pn is far in the future, it will not affect P0
• However, people use more than just past data to form their expectations and sometimes change their expectations quickly.
7-8 Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
The growth rate is assumed to be less than the required return on equity
7-5 Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
7.2 How the Market Sets Prices
• Players in the market, bidding against one another, establish the market price.
金融学原理（英文）第七单元课后答案
⾦融学原理（英⽂）第七单元课后答案
CHAPTER 7
ANSWERS
7-1 The four financial statements contained in most annual reports are the balance sheet, income statement, statement of retained earnings, and
statement of cash flows.
7-2 No, because the $20 million of retained earnings probably would not be held as cash. The retained earnings figure represents the reinvestment
of earnings by the firm. Consequently, the $20 million would be an
investment in all of the assets of the firm.
7-3 Liquidating assets, borrowing more funds, and issuing stock would constitute sources of funds. Purchasing assets, paying off debt, and stock
repurchases would constitute uses of funds. Thus, the following general rules can be used to determine what changes in balance sheet accounts
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Economics of Money, Banking, and Financial Markets, 11e, Global Edition (Mishkin) Chapter 7 The Stock Market, the Theory of Rational Expectations, and the Efficient Market Hypothesis
7.1 Computing the Price of Common Stock
1) A stockholder's ownership of a company's stock gives her the right to
A) vote and be the primary claimant of all cash flows.
B) vote and be the residual claimant of all cash flows.
C) manage and assume responsibility for all liabilities.
D) vote and assume responsibility for all liabilities.
Answer: B
AACSB: Analytical Thinking
2) Stockholders are residual claimants, meaning that they
A) have the first priority claim on all of a company's assets.
B) are liable for all of a company's debts.
C) will never share in a company's profits.
D) receive the remaining cash flow after all other claims are paid.
Answer: D
AACSB: Analytical Thinking
3) Periodic payments of net earnings to shareholders are known as
A) capital gains.
B) dividends.
C) profits.
D) interest.
Answer: B
AACSB: Analytical Thinking
4) The value of any investment is found by computing the
A) present value of all future sales.
B) present value of all future liabilities.
C) future value of all future expenses.
D) present value of all future cash flows.
Answer: D
AACSB: Analytical Thinking
5) In the one-period valuation model, the value of a share of stock today depends upon
A) the present value of both the dividends and the expected sales price.
B) only the present value of the future dividends.
C) the actual value of the dividends and expected sales price received in one year.
D) the future value of dividends and the actual sales price.
Answer: A
AACSB: Analytical Thinking
6) In the one-period valuation model, the current stock price increases if
A) the expected sales price increases.
B) the expected sales price falls.
C) the required return increases.
D) dividends are cut.
Answer: A
AACSB: Reflective Thinking
7) In the one-period valuation model, an increase in the required return on investments in equity
A) increases the expected sales price of a stock.
B) increases the current price of a stock.
C) reduces the expected sales price of a stock.
D) reduces the current price of a stock.
Answer: D
AACSB: Reflective Thinking
8) In a one-period valuation model, a decrease in the required return on investments in equity causes a(n) ________ in the ________ price of a stock.
A) increase; current
B) increase; expected sales
C) decrease; current
D) decrease; expected sales
Answer: A
AACSB: Reflective Thinking
9) Using the one-period valuation model, assuming a year-end dividend of $0.11, an expected sales price of $110, and a required rate of return of 10%, the current price of the stock would be
A) $110.11.
B) $121.12.
C) $100.10.
D) $100.11
Answer: C
AACSB: Analytical Thinking
10) Using the one-period valuation model, assuming a year-end dividend of $1.00, an expected sales price of $100, and a required rate of return of 5%, the current price of the stock would be
A) $110.00.
B) $101.00.
C) $100.00.
D) $96.19.
Answer: D
AACSB: Analytical Thinking