Chap_03

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Chap03简单随机抽样

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随机数的产生可使用随机数骰子或随机数表。
图 3.1 随机数骰子随机数骰子：标上 0～9 数字的正 20 面体（每个数字出现在两面）

二级必过法宝之chap03程序的简单算法制定

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三．循环结构循环结构是在某个条件为真的情况下，重复执行某循环结构是在某个条件为真的情况下，重复执行某个框中的内容。循环结构有两种基本形态：个框中的内容。循环结构有两种基本形态：while型循环型循环型循环。和do_while型循环。型循环 ①while型（当型）循环的流程图型当型） while型循环的执行顺序为：重复判断条件、如果条件为型循环的执行顺序为：重复判断条件、型循环的执行顺序为真则执行A，一但条件为假，则跳出循环。真则执行，一但条件为假，则跳出循环。 ②do-while（直到型）型循环的流程图（直到型） do_while型循环的执行顺序为：先执行A，再判断条件，型循环的执行顺序为：先执行，再判断条件，型循环的执行顺序为若条件为真则重复执行A，一但条件为假，则跳出循环。若条件为真则重复执行，一但条件为假，则跳出循环。
• 一步累加：sum = sum + i; • 重复累加，用循环语句实现，在循环过程中：
(1) 判别 i 是不是偶数：用分支控制语句来实现。 (2) 对循环次数进行控制：通过 i 值的变化
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问题分析与算法设计
1）思路 ——》确定算法 2）算法：一组明确的解决问题的步骤，它产生结果并可在有限的时间内终止。 3）算法的描述：
算法可采用自然语言、流程图、－图算法可采用自然语言、流程图、N－S图、PAD图、伪代自然语言图码等方法来描述。码等方法来描述。 § 3.2.1 流程图流程图是用不同的几何图来代表不同性质的操作，流程图是用不同的几何图来代表不同性质的操作，用流程线来指示算法的执行方向，流程线来指示算法的执行方向，所有的流程图用一带箭头的流程线相连。的流程线相连。

投资学题库Chap003

Chapter 03How Securities Are Traded Multiple Choice Questions1.The trading of stock that was previously issued takes placeA. i n the secondary market.B. i n the primary market.C. u sually with the assistance of an investment banker.D. i n the secondary and primary markets.2. A purchase of a new issue of stock takes placeA. i n the secondary market.B. i n the primary market.C. u sually with the assistance of an investment banker.D. i n the secondary and primary markets.E. i n the primary market and usually with the assistance of an investment banker.3.Firms raise capital by issuing stockA. i n the secondary market.B. i n the primary market.C. t o unwary investors.D. o nly on days when the market is up.4.Which of the following statements regarding the specialist are true?A. S pecialists maintain a book listing outstanding unexecuted limit orders.B. S pecialists earn income from commissions and spreads in stock prices.C. S pecialists stand ready to trade at quoted bid and ask prices.D. S pecialists cannot trade in their own accounts.E. S pecialists maintain a book listing outstanding unexecuted limit orders, earn income fromcommissions and spreads in stock prices, and stand ready to trade at quoted bid and askprices.5.Investment bankersA. a ct as intermediaries between issuers of stocks and investors.B. a ct as advisors to companies in helping them analyze their financial needs and find buyers fornewly issued securities.C. a ccept deposits from savers and lend them out to companies.D. a ct as intermediaries between issuers of stocks and investors and act as advisors tocompanies in helping them analyze their financial needs and find buyers for newly issuedsecurities.6.In a "firm commitment," the investment bankerA. b uys the stock from the company and resells the issue to the public.B. a grees to help the firm sell the stock at a favorable price.C. f inds the best marketing arrangement for the investment banking firm.D. a grees to help the firm sell the stock at a favorable price and finds the best marketingarrangement for the investment banking firm.7.The secondary market consists ofA. t ransactions on the AMEX.B. t ransactions in the OTC market.C. t ransactions through the investment banker.D. t ransactions on the AMEX and in the OTC market.E. t ransactions on the AMEX, through the investment banker, and in the OTC market.8.Initial margin requirements are determined byA. t he Securities and Exchange Commission.B. t he Federal Reserve System.C. t he New York Stock Exchange.D. t he Federal Reserve System and the New York Stock Exchange.9.You purchased JNJ stock at $50 per share. The stock is currently selling at $65. Your gains maybe protected by placing aA. s top-buy order.B. l imit-buy order.C. m arket order.D. l imit-sell order.E. N one of the options10.You sold JCP stock short at $80 per share. Your losses could be minimized by placing aA. l imit-sell order.B. l imit-buy order.C. s top-buy order.D. d ay-order.E. N one of the options11.Which one of the following statements regarding orders is false?A. A market order is simply an order to buy or sell a stock immediately at the prevailing marketprice.B. A limit-sell order is where investors specify prices at which they are willing to sell a security.C. I f stock ABC is selling at $50, a limit-buy order may instruct the broker to buy the stock if andwhen the share price falls below $45.D. A market order is an order to buy or sell a stock on a specific exchange (market).12.Restrictions on trading involving insider information apply to the following exceptA. c orporate officers.B. c orporate directors.C. m ajor stockholders.D. A ll of the options are subject to insider trading restrictions.E. N one of the options is subject to insider trading restrictions.13.The cost of buying and selling a stock consists ofA. b roker's commissions.B. d ealer's bid-asked spread.C. a price concession an investor may be forced to make.D. b roker's commissions and dealer's bid-asked spread.E. b roker's commissions, dealer's bid-asked spread, and a price concession an investor may beforced to make.14.Assume you purchased 200 shares of GE common stock on margin at $70 per share from yourbroker. If the initial margin is 55%, how much did you borrow from the broker?A. $6,000B. $4,000C. $7,700D. $7,000E. $6,30015.You sold short 200 shares of common stock at $60 per share. The initial margin is 60%. Yourinitial investment wasA. $4,800.B. $12,000.C. $5,600.D. $7,200.16.You purchased 100 shares of IBM common stock on margin at $70 per share. Assume the initialmargin is 50% and the maintenance margin is 30%. Below what stock price level would you get a margin call? Assume the stock pays no dividend; ignore interest on margin.A. $21B. $50C. $49D. $8017.You purchased 100 shares of common stock on margin at $45 per share. Assume the initialmargin is 50% and the stock pays no dividend. What would the maintenance margin be if a margin call is made at a stock price of $30? Ignore interest on margin.A. 0.33B. 0.55C. 0.43D. 0.23E. 0.2518.You purchased 300 shares of common stock on margin for $60 per share. The initial margin is60% and the stock pays no dividend. What would your rate of return be if you sell the stock at $45 per share? Ignore interest on margin.A. 25.00%B. -33.33%C. 44.31%D. -41.67%E. -54.22%19.Assume you sell short 100 shares of common stock at $45 per share, with initial margin at 50%.What would be your rate of return if you repurchase the stock at $40 per share? The stock paid no dividends during the period, and you did not remove any money from the account before making the offsetting transaction.A. 20.03%B. 25.67%C. 22.22%D. 77.46%20.You sold short 300 shares of common stock at $55 per share. The initial margin is 60%. At whatstock price would you receive a margin call if the maintenance margin is 35%?A. $51.00B. $65.18C. $35.22D. $40.3621.Assume you sold short 100 shares of common stock at $50 per share. The initial margin is 60%.What would be the maintenance margin if a margin call is made at a stock price of $60?A. 40%B. 33%C. 35%D. 25%22.Specialists on stock exchanges perform which of the following functions?A. A ct as dealers in their own accounts.B. A nalyze the securities in which they specialize.C. P rovide liquidity to the market.D. A ct as dealers in their own accounts and analyze the securities in which they specialize.E. A ct as dealers in their own accounts and provide liquidity to the market.23.Shares for short transactionsA. a re usually borrowed from other brokers.B. a re typically shares held by the short seller's broker in street name.C. a re borrowed from commercial banks.D. a re typically shares held by the short seller's broker in street name and are borrowed fromcommercial banks.24.Which of the following orders is most useful to short sellers who want to limit their potentiallosses?A. L imit orderB. D iscretionary orderC. L imit-loss orderD. S top-buy order25.Which of the following orders instructs the broker to buy at the current market price?A. L imit orderB. D iscretionary orderC. L imit-loss orderD. S top-buy orderE. M arket order26.Which of the following orders instructs the broker to buy at or below a specified price?A. L imit-loss orderB. D iscretionary orderC. L imit-buy orderD. S top-buy orderE. M arket order27.Which of the following orders instructs the broker to sell at or below a specified price?A. L imit-sell orderB. S top-lossC. L imit-buy orderD. S top-buy orderE. M arket order28.Which of the following orders instructs the broker to sell at or above a specified price?A. L imit-buy orderB. D iscretionary orderC. L imit-sell orderD. S top-buy orderE. M arket order29.Which of the following orders instructs the broker to buy at or above a specified price?A. L imit-buy orderB. D iscretionary orderC. L imit-sell orderD. S top-buy orderE. M arket order30.Shelf registrationA. i s a way of placing issues in the primary market.B. a llows firms to register securities for sale over a two-year period.C. i ncreases transaction costs to the issuing firm.D. i s a way of placing issues in the primary market and allows firms to register securities for saleover a two-year period.E. i s a way of placing issues in the primary market and increases transaction costs to the issuingfirm.31.Block transactions are transactions for more than _______ shares and they account for about_____ percent of all trading on the NYSE.A. 1,000; 5B. 500; 10C. 100,000; 50D. 10,000; 30E. 5,000; 2332.A program trade isA. a trade of 10,000 (or more) shares of a stock.B. a trade of many shares of one stock for one other stock.C. a trade of analytic programs between financial analysts.D. a coordinated purchase or sale of an entire portfolio of stocks.E. n ot feasible with current technology but is expected to be popular in the near future.33.When stocks are held in street nameA. t he investor receives a stock certificate with the owner's street address.B. t he investor receives a stock certificate without the owner's street address.C. t he investor does not receive a stock certificate.D. t he broker holds the stock in the brokerage firm's name on behalf of the client.E. t he investor does not receive a stock certificate and the broker holds the stock in the brokeragefirm's name on behalf of the client.34.NASDAQ subscriber levelsA. p ermit those with the highest level, 3, to "make a market" in the security.B. p ermit those with a level 2 subscription to receive all bid and ask quotes, but not to enter theirown quotes.C. p ermit level 1 subscribers to receive general information about prices.D. i nclude all OTC stocks.E. p ermit those with the highest level, 3, to "make a market" in the security; permit those with alevel 2 subscription to receive all bid and ask quotes, but not to enter their own quotes; andpermit level 1 subscribers to receive general information about prices.35.You want to buy 100 shares of Hotstock Inc. at the best possible price as quickly as possible. Youwould most likely place aA. s top-loss order.B. s top-buy order.C. m arket order.D. l imit-sell order.E. l imit-buy order.36.You want to purchase XON stock at $60 from your broker using as little of your own money aspossible. If initial margin is 50% and you have $3,000 to invest, how many shares can you buy?A. 100 sharesB. 200 sharesC. 50 sharesD. 500 sharesE. 25 shares37.A sale by IBM of new stock to the public would be a(n)A. s hort sale.B. s easoned equity offering.C. p rivate placement.D. s econdary market transaction.E. i nitial public offering.38.The finalized registration statement for new securities approved by the SEC is calledA. a red herring.B. t he preliminary statement.C. t he prospectus.D. a best-efforts agreement.E. a firm commitment.39.One outcome from the SEC investigation of the "Flash Crash of 2010" wasA. a prohibition of short selling.B. h igher margin requirements.C. a pproval of new circuit breakers.D. e stablishment of electronic communications networks (ECNs).E. p assage of the Sarbanes-Oxley Act.40.All of the following are considered new trading strategies exceptA. h igh frequency trading.B. a lgorithmic trading.C. d ark pools.D. s hort selling.41.You sell short 100 shares of Loser Co. at a market price of $45 per share. Your maximum possibleloss isA. $4,500.B. u nlimited.C. z ero.D. $9,000.E. C annot tell from the information given42.You buy 300 shares of Qualitycorp for $30 per share and deposit initial margin of 50%. The nextday, Qualitycorp's price drops to $25 per share. What is your actual margin?A. 50%B. 40%C. 33%D. 60%E. 25%43.When a firm markets new securities, a preliminary registration statement must be filed withA. t he exchange on which the security will be listed.B. t he Securities and Exchange Commission.C. t he Federal Reserve.D. a ll other companies in the same line of business.E. t he Federal Deposit Insurance Corporation.44.In a typical underwriting arrangement the investment banking firmI) sells shares to the public via an underwriting syndicate.II) purchases the securities from the issuing company.III) assumes the full risk that the shares may not be sold at the offering price.IV) agrees to help the firm sell the issue to the public, but does not actually purchase the securities.A. I, II, and IIIB. I, III, and IVC. I and IVD. I I and IIIE. I and II45.Which of the following is true regarding private placements of primary security offerings?A. E xtensive and costly registration statements are required by the SEC.B. F or very large issues, they are better suited than public offerings.C. T hey trade in secondary markets.D. T he shares are sold directly to a small group of institutional or wealthy investors.E. T hey have greater liquidity than public offerings.46.A specialist on the AMEX Stock Exchange is offering to buy a security for $37.50. A broker inOklahoma City wants to sell the security for his client. The Intermarket Trading System shows a bid price of $37.375 on the NYSE. What should the broker do?A. R oute the order to the AMEX Stock Exchange.B. R oute the order to the NYSE.C. C all the client to see if she has a preference.D. R oute half of the order to AMEX and the other half to the NYSE.E. I t doesn't matter—he should flip a coin and go with it.47.You sold short 100 shares of common stock at $45 per share. The initial margin is 50%. Yourinitial investment wasA. $4,800.B. $12,000.C. $2,250.D. $7,200.48.You sold short 150 shares of common stock at $27 per share. The initial margin is 45%. Yourinitial investment wasA. $4,800.60.B. $12,000.25.C. $2,250.75.D. $1,822.50.49.You purchased 100 shares of XON common stock on margin at $60 per share. Assume the initialmargin is 50% and the maintenance margin is 30%. Below what stock price level would you get a margin call? Assume the stock pays no dividend; ignore interest on margin.A. $42.86B. $50.75C. $49.67D. $80.3450.You purchased 1000 shares of CSCO common stock on margin at $19 per share. Assume theinitial margin is 50% and the maintenance margin is 30%. Below what stock price level would you get a margin call? Assume the stock pays no dividend; ignore interest on margin.A. $12.86B. $15.75C. $19.67D. $13.5751.You purchased 100 shares of common stock on margin at $40 per share. Assume the initialmargin is 50% and the stock pays no dividend. What would the maintenance margin be if a margin call is made at a stock price of $25? Ignore interest on margin.A. 0.33B. 0.55C. 0.20D. 0.23E. 0.25margin is 50% and the stock pays no dividend. What would the maintenance margin be if a margin call is made at a stock price of $24? Ignore interest on margin.A. 0.33B. 0.375C. 0.20D. 0.23E. 0.2553.You purchased 100 shares of common stock on margin for $50 per share. The initial margin is50% and the stock pays no dividend. What would your rate of return be if you sell the stock at $56 per share? Ignore interest on margin.A. 28%B. 33%C. 14%D. 42%E. 24%50% and the stock pays no dividend. What would your rate of return be if you sell the stock at $42 per share? Ignore interest on margin.A. 28%B. 33%C. 14%D. 40%E. 24%55.Assume you sell short 1,000 shares of common stock at $35 per share, with initial margin at 50%.What would be your rate of return if you repurchase the stock at $25 per share? The stock paid no dividends during the period, and you did not remove any money from the account before making the offsetting transaction.A. 20.47%B. 25.63%C. 57.14%D. 77.23%What would be your rate of return if you repurchase the stock at $35 per share? The stock paid no dividends during the period, and you did not remove any money from the account before making the offsetting transaction.A. -33.33%B. -25.63%C. -57.14%D. -77.23%57.You want to purchase GM stock at $40 from your broker using as little of your own money aspossible. If initial margin is 50% and you have $4,000 to invest, how many shares can you buy?A. 100 sharesB. 200 sharesC. 50 sharesD. 500 sharesE. 25 shares58.You want to purchase IBM stock at $80 from your broker using as little of your own money aspossible. If initial margin is 50% and you have $2,000 to invest, how many shares can you buy?A. 100 sharesB. 200 sharesC. 50 sharesD. 500 sharesE. 25 sharesWhat would be the maintenance margin if a margin call is made at a stock price of $50?A. 40%B. 20%C. 35%D. 25%60.Assume you sold short 100 shares of common stock at $70 per share. The initial margin is 50%.What would be the maintenance margin if a margin call is made at a stock price of $85?A. 40.5%B. 20.5%C. 35.5%D. 23.5%61.You sold short 100 shares of common stock at $45 per share. The initial margin is 50%. At whatstock price would you receive a margin call if the maintenance margin is 35%?A. $50B. $65C. $35D. $40stock price would you receive a margin call if the maintenance margin is 30%?A. $90.23B. $88.52C. $86.54D. $87.1263.The preliminary prospectus is referred to as aA. r ed herring.B. i ndenture.C. g reenmail.D. t ombstone.E. h eadstone.64.The securities act of 1933I) requires full disclosure of relevant information relating to the issue of new securities.II) requires registration of new securities.III) requires issuance of a prospectus detailing financial prospects of the firm.IV) established the SEC.V) requires periodic disclosure of relevant financial information.VI) empowers SEC to regulate exchanges, OTC trading, brokers, and dealers.A. I, II, and IIIB. I, II, III, IV, V, and VIC. I, II, and VD. I, II, and IVE. I V only65.The Securities Act of 1934I) requires full disclosure of relevant information relating to the issue of new securities.II) requires registration of new securities.III) requires issuance of a prospectus detailing financial prospects of the firm.IV) established the SEC.V) requires periodic disclosure of relevant financial information.VI) empowers SEC to regulate exchanges, OTC trading, brokers, and dealers.A. I, II, and IIIB. I, II, III, IV, V, and VIC. I, II, and VD. I, II, and IVE. I V, V, and VI66.Which of the following is not required under the CFA Institute Standards of Professional Conduct?A. K nowledge of all applicable laws, rules and regulationsB. D isclosure of all personal investments, whether or not they may conflict with a client'sinvestmentsC. D isclosure of all conflicts to clients and prospectsD. R easonable inquiry into a client's financial situationE. A ll of the options are required under the CFA Institute standards.67.According to the CFA Institute Standards of Professional Conduct, CFA Institute members haveresponsibilities to all of the following exceptA. t he government.B. t he profession.C. t he public.D. t he employer.E. c lients and prospective clients.Short Answer Questions68.Discuss margin buying of common stocks. Include in your discussion the advantages anddisadvantages, the types of margin requirements, how these requirements are met, and who determines these requirements.69.List three factors that are listing requirements for the New York Stock Exchange. Why does theexchange have such requirements?Chapter 03 How Securities Are Traded KeyMultiple Choice Questions1.The trading of stock that was previously issued takes placeA.in the secondary market.B.in the primary market.ually with the assistance of an investment banker.D.in the secondary and primary markets.Secondary market transactions consist of trades between investors.AACSB: AnalyticBlooms: ApplyDifficulty: Basic2. A purchase of a new issue of stock takes placeA.in the secondary market.B.in the primary market.ually with the assistance of an investment banker.D.in the secondary and primary markets.E.in the primary market and usually with the assistance of an investment banker.Funds from the sale of new issues flow to the issuing corporation, making this a primary market transaction. Investment bankers usually assist by pricing the issue and finding buyers.AACSB: AnalyticBlooms: ApplyDifficulty: Basic3.Firms raise capital by issuing stockA.in the secondary market.B.in the primary market.C.to unwary investors.D.only on days when the market is up.Funds from the sale of new issues flow to the issuing corporation, making this a primary market transaction.AACSB: AnalyticBlooms: ApplyDifficulty: Basic4.Which of the following statements regarding the specialist are true?A.Specialists maintain a book listing outstanding unexecuted limit orders.B.Specialists earn income from commissions and spreads in stock prices.C.Specialists stand ready to trade at quoted bid and ask prices.D.Specialists cannot trade in their own accounts.E.Specialists maintain a book listing outstanding unexecuted limit orders, earn income fromcommissions and spreads in stock prices, and stand ready to trade at quoted bid and askprices.The specialists' functions are all of the items listed. In addition, specialists trade in their ownaccounts.AACSB: AnalyticBlooms: ApplyDifficulty: Intermediate5.Investment bankersA.act as intermediaries between issuers of stocks and investors.B.act as advisors to companies in helping them analyze their financial needs and find buyersfor newly issued securities.C.accept deposits from savers and lend them out to companies.D.act as intermediaries between issuers of stocks and investors and act as advisors tocompanies in helping them analyze their financial needs and find buyers for newly issuedsecurities.The role of the investment banker is to assist the firm in issuing new securities, both in advisory and marketing capacities. The investment banker does not have a role comparable to acommercial bank, as indicated in accept deposits from savers and lend them out to companies.AACSB: AnalyticBlooms: ApplyDifficulty: Intermediate6.In a "firm commitment," the investment bankerA.buys the stock from the company and resells the issue to the public.B.agrees to help the firm sell the stock at a favorable price.C.finds the best marketing arrangement for the investment banking firm.D.agrees to help the firm sell the stock at a favorable price and finds the best marketingarrangement for the investment banking firm.In a "firm commitment," the investment banker buys the stock from the company and resells the issue to the public.AACSB: AnalyticDifficulty: Intermediate7.The secondary market consists ofA.transactions on the AMEX.B.transactions in the OTC market.C.transactions through the investment banker.D.transactions on the AMEX and in the OTC market.E.transactions on the AMEX, through the investment banker, and in the OTC market.The secondary market consists of transactions on the organized exchanges and in the OTCmarket. The investment banker is involved in the placement of new issues in the primarymarket.AACSB: AnalyticBlooms: ApplyDifficulty: Intermediate8.Initial margin requirements are determined byA.the Securities and Exchange Commission.B.the Federal Reserve System.C.the New York Stock Exchange.D.the Federal Reserve System and the New York Stock Exchange.The Board of Governors of the Federal Reserve System determines initial marginrequirements.AACSB: AnalyticDifficulty: Intermediate9.You purchased JNJ stock at $50 per share. The stock is currently selling at $65. Your gainsmay be protected by placing aA.stop-buy order.B.limit-buy order.C.market order.D.limit-sell order.E.None of the optionsWith a limit-sell order, your stock will be sold only at a specified price, or better. Thus, such an order would protect your gains. None of the other orders are applicable to this situation.AACSB: AnalyticBlooms: ApplyDifficulty: Intermediate10.You sold JCP stock short at $80 per share. Your losses could be minimized by placing aA.limit-sell order.B.limit-buy order.C.stop-buy order.D.day-order.E.None of the optionsWith a stop-buy order, the stock would be purchased if the price increased to a specified level, thus limiting your loss.AACSB: AnalyticBlooms: ApplyDifficulty: Intermediate11.Which one of the following statements regarding orders is false?A. A market order is simply an order to buy or sell a stock immediately at the prevailing marketprice.B. A limit-sell order is where investors specify prices at which they are willing to sell a security.C.If stock ABC is selling at $50, a limit-buy order may instruct the broker to buy the stock ifand when the share price falls below $45.D. A market order is an order to buy or sell a stock on a specific exchange (market).All of the order descriptions above are correct except a market order is an order to buy or sell a stock on a specific exchange (market).AACSB: AnalyticBlooms: ApplyDifficulty: Intermediate12.Restrictions on trading involving insider information apply to the following exceptA.corporate officers.B.corporate directors.C.major stockholders.D.All of the options are subject to insider trading restrictions.E.None of the options is subject to insider trading restrictions.Corporate officers, corporate directors, and major stockholders are corporate insiders and are subject to restrictions on trading on inside information. Further, the Supreme Court held thattraders may not trade on nonpublic information even if they are not insiders.AACSB: AnalyticBlooms: ApplyDifficulty: Intermediate13.The cost of buying and selling a stock consists ofA.broker's commissions.B.dealer's bid-asked spread.C. a price concession an investor may be forced to make.D.broker's commissions and dealer's bid-asked spread.E.broker's commissions, dealer's bid-asked spread, and a price concession an investor maybe forced to make.All of the options are possible costs of buying and selling a stock.AACSB: AnalyticBlooms: ApplyDifficulty: Intermediate14.Assume you purchased 200 shares of GE common stock on margin at $70 per share from yourbroker. If the initial margin is 55%, how much did you borrow from the broker?A.$6,000B.$4,000C.$7,700D.$7,000E.$6,300200 shares × $70/share × (1 - 0.55) = $14,000 × (0.45) = $6,300.AACSB: AnalyticBlooms: ApplyDifficulty: Intermediate15.You sold short 200 shares of common stock at $60 per share. The initial margin is 60%. Yourinitial investment wasA.$4,800.B.$12,000.C.$5,600.D.$7,200.200 shares × $60/share × 0.60 = $12,000 × 0.60 = $7,200.AACSB: AnalyticBlooms: ApplyDifficulty: Intermediate。

宏观经济学---曼昆chap03

CHAPTER 3
National Income
Marginal product of labor (MPL )
definition: The extra output the firm can produce using an additional unit of labor (holding other inputs fixed): MPL = F (K, L +1) – F (K, L)
CHAPTER 3
National Income
Exercise: Compute & graph MPL
a. Determine MPL at each value of L.
b. Graph the production function. c. Graph the MPL curve with MPL on the vertical axis and L on the horizontal axis. L 0 1 2 3 4 5 6 7 8 9 10 Y 0 10 19 27 34 40 45 49 52 54 55 MPL n.a. ? ? 8 ? ? ? ? ? ? ?
Labor (L)
Labor (L)
CHAPTER 3
National Income
MPL and the production function
Y
output
MPL
As more labor is added, MPL
F (K , L)
1
MPL
1
MPL
1
Slope of the production function equals MPL
CHAPTER 3

chap03 物位测量及变送

kh k ' F浮 ( C gA )
4）精度0.5～1.0级，可测液位、界位。
二、变浮力式液位计
二、变浮力式液位计
思考： 1）当被测介质密度增大时，输出是偏大还是偏小？ 2）筒壁有挂料时，输出是偏大还是偏小？ 3）浮筒物位计校验：灌液法和挂重法
灌液法以水代替被测介质进行校验，输出信号和水的
通常浮子重量为265g；当液位静止时，测量浮子处于被测液体的表面，测量浮子的底部通常浸入液面1 ~2mm，所排开液体质量为15g。此时浮子受到液体的15g浮力，钢丝上受力表现为265g－ 15g＝250g。
伺服液位计
一、恒浮力式物位计
1、浮子式液位计
2）伺服式物位计
当液位下降时，浮子所受浮力减小，钢丝上拉力增加；拉力的改变传达至力传感器上，当电路检测到力传感器的称重变化，驱动伺服电机带动测量鼓逆时针转动；伺服电机以0.05mm的步幅放下钢丝，计数器记录了伺服电机的转动步数，并自动地计算出浮子的位移量，即液位的变化量。当液位上升时，这个过程相反。
第三章物位测量及变送
第一节概述第二节浮力式物位计第三节差压式物位计第四节其它物位计小结
物位测量及变送
基本概念
测量类型
浮力式物位计
伺服式钢带式
恒浮力浮子式浮球式
磁翻转
物位仪表分类变浮力浮筒式
第二节浮力式物位计
一、恒浮力式物位计二、变浮力式物位计
一、恒浮力式物位计
P H ' g P0
P hg H' g
ρ’
H
h = Hmin=0
Pmin H ' g
I <4mA

经济学原理Chap03曼昆

Interdependence and Trade
Remember, economics is the study of how societies produce and distribute goods in an attempt to satisfy the wants and needs of its members.
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.
Why is interdependence the norm?
Interdependence occurs because people are better off when they specialize and trade with others.
Consider your typical day: You wake up to an alarm clock made in Korea. You pour yourself some orange juice made from
oranges grown in Florida. You put on some clothes made of cotton grown in
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.
How do we satisfy our wants and needs in a global economy?
We can be economically selfsufficient.
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.

公司财务原理Principles of Corporate Finance(11th edition)_课后习题答案Chap003

CHAPTER 3Valuing BondsAnswers to Problem Sets1. a. Does not change. The coupon rate is set at time of issuance.b. Price falls. Market yields and prices are inversely related.c. Yield rises. Market yields and prices are inversely related.Est. Time: 01-052. a. If the coupon rate is higher than the yield, then investors must beexpecting a decline in the capital value of the bond over its remaining life.Thus, the bond’s price must be greater than its face value.b. Conversely, if the yield is greater than the coupon, the price will be belowface value and it will rise over the remaining life of the bond.Est. Time: 01-053. The yield over six months is 2.7/2 = 1.35%.The six-month coupon payment is $6.25/2 = $3.125.There are 18 years between today (2012) and 2030; since coupon payments are listed every six months, there will be 36 payment periods.Therefore, PV = $3.125 / 1.0135 + $3.125 / (1.0135)2 + . . . $103.125 / (1.0135)36 = $150.35.Est. Time: 01-054. Yields to maturity are about 4.3% for the 2% coupon, 4.2% for the 4% coupon,and 3.9% for the 8% coupon. The 8% bond had the shortest duration (7.65years), the 2% bond the longest (9.07 years).The 4% bond had a duration of 8.42 years.Est. Time: 01-055. a. Fall. Example: Assume a one-year, 10% bond. If the interest rate is 10%,the bond is worth $110/1.1 = $100. If the interest rate rises to 15%, the bond isworth $110/1.15 = $95.65.b. Less (e.g., see 5a —if the bond yield is 15% but the coupon rate is lower at 10%, the price of the bond is less than $100).c.Less (e.g., with r = 5%, one-year 10% bond is worth $110/1.05 = $104.76).d. Higher (e.g., if r = 10%, one-year 10% bond is worth $110/1.1 = $100, while one-year 8% bond is worth $108/1.1 = $98.18).e.No. Low-coupon bonds have longer durations (unless there is only one period to maturity) and are therefore more volatile (e.g., if r falls from 10% to 5%, the value of a two-year 10% bond rises from $100 to $109.3 (a rise of 9.3%). The value of a two-year 5% bond rises from $91.3 to $100 (a rise of 9.5%).Est. Time: 01-056. a. Spot interest rates. Yield to maturity is a complicated average of theseparate spot rates of interest.b. Bond prices. The bond price i s determined by the bond’s cash flows andthe spot rates of interest. Once you know the bond price and the bond’s cash flows, it is possible to calculate the yield to maturity.Est. Time: 01-057. a. 4%; each bond will have the same yield to maturity.b.PV = $80/(1.04) + $1,080/(1.04)2 = $1,075.44.Est. Time: 01-058. a. PV ()221110515r r +++=b.PV ()2110515y y +++=c. Less (it is between the one-year and two-year spot rates). Est. Time: 01-059. a. The two-year spot rate is r 2 = (100/99.523).5 – 1 = 0.24%.The three-year spot rate is r 3 = (100/98.937).33 – 1 = 0.36%. The four-year spot rate is r 4 = (100/97.904).25 – 1 = 0.53%. The five-year spot rate is r 5 = (100/96.034).2 – 1 = 0.81%.b. Upward-sloping.c. Higher (the yield on the bond is a complicated average of the separatespot rates).Est. Time: 01-0510. a. Price today is $108.425; price after one year is $106.930.b. Return = (8 + 106.930)/108.425 - 1 = .06, or 6%.c. If a bond’s yie ld to maturity is unchanged, the return to the bondholder isequal to the yield.Est. Time: 01-0511. a. False. Duration depends on the coupon as well as the maturity.b. False. Given the yield to maturity, volatility is proportional to duration.c. True. A lower coupon rate means longer duration and therefore highervolatility.d. False. A higher interest rate reduces the relative present value of (distant)principal repayments.Est. Time: 01-0512.Est. Time: 06-1013. 7.01%; the extra return that you earn for investing for two years rather than oneyear is 1.062/1.05 – 1 = .0701.Est. Time: 01-0514. a. Real rate = 1.10/1.05 – 1 = .0476, or 4.76%.b. The real rate does not change. The nominal rate increases to 1.0476 ×1.07 – 1 = .1209, or 12.09%.Est. Time: 01-0515. With annual coupon payments:=+⎥⎦⎤⎢⎣⎡⨯-⨯=1010(1.06)100(1.06)0.0610.0615PV €92.64 Est. Time: 01-0516. a. $10,231.64(1.026)10,000(1.026)0.02610.0261275PV 2020=+⎥⎦⎤⎢⎣⎡⨯-⨯=b.Interest Rate PV of Interest PV ofFace Value PV of Bond1.0% $5,221.54 $9,050.63 $14,272.17 2.0% 4,962.53 8,195.44 13,157.973.0% 4,721.38 7,424.70 12,146.08 4.0% 4,496.64 6,729.71 11,226.365.0% 4,287.02 6,102.71 10,389.736.0% 4,091.31 5,536.76 9,628.067.0% 3,908.41 5,025.66 8,934.07 8.0% 3,737.34 4,563.87 8,301.219.0% 3,577.18 4,146.43 7,723.61 10.0% 3,427.11 3,768.89 7,196.00 11.0% 3,286.36 3,427.29 6,713.64 12.0% 3,154.23 3,118.05 6,272.28 13.0% 3,030.09 2,837.97 5,868.06 14.0% 2,913.35 2,584.19 5,497.54 15.0% 2,803.49 2,354.13 5,157.62Est. Time: 06-1017.Purchase price for a six-year government bond with 5% annual coupon:1,108.34(1.03)1,000(1.03)0.0310.03150PV 66$=+⎥⎦⎤⎢⎣⎡⨯-⨯= The price one year later is equal to the present value of the remaining five years of the bond:1,091.59(1.03)1,000(1.03)0.0310.03150PV 55$=+⎥⎦⎤⎢⎣⎡⨯-⨯= Rate of return = [$50 + ($1,091.59 – $1,108.34)]/$1,108.34 = 3.00% Price one year later (yield = 2%):1,141.40(1.02)1,000(1.02)0.0210.02150PV 55$=+⎥⎦⎤⎢⎣⎡⨯-⨯=Rate of return = [$50 + ($1,141.40 – $1,108.34)]/$1,108.34 = 7.49%.Est. Time: 06-1018. The key here is to find a combination of these two bonds (i.e., a portfolio ofbonds) that has a cash flow only at t = 6. Then, knowing the price of the portfolio and the cash flow at t = 6, we can calculate the six-year spot rate. We begin byspecifying the cash flows of each bond and using these and their yields tocalculate their current prices:Investment Yield C1. . . C5C6Price6% bond 12% 60 . . . 60 1,060 $753.3210% bond 8% 100 . . . 100 1,100 $1,092.46 From the cash flows in years 1 through 5, we can see that buying two 6% bonds produces the same annual payments as buying 1.2 of the 10% bonds. To seethe value of a cash flow only in year 6, consider the portfolio of two 6% bondsminus 1.2 10% bonds. This portfolio costs:($753.32 × 2) – (1.2 ⨯ $1,092.46) = $195.68The cash flow for this portfolio is equal to zero for years 1 through 5 and, for year 6, is equal to:(1,060 × 2) – (1.2 ⨯ 1,100) = $800Thus:$195.68 ⨯ (1 + r6)6 = $800r6 = 0.2645 = 26.45%Est. Time: 06-1019. Downward sloping. This is because high-coupon bonds provide a greaterproportion of their cash flows in the early years. In essence, a high-coupon bond is a ―shorter‖ bond than a low-coupon bond of the same maturity.Est. Time: 01-0520. a.Year Discount Factor Forward Rate1 1/1.05 = 0.9522 1/(1.054)2 = 0.900 (1.0542 /1.05) – 1 = 0.0580 = 5.80%3 1/(1.057)3 = 0.847 (1.0573 /1.0542 ) – 1 = 0.0630 = 6.30%4 1/(1.059)4 = 0.795 (1.0594 /1.0573 ) – 1 = 0.0650 = 6.50%5 1/(1.060)5 = 0.747 (1.0605 /1.0594 ) – 1 = 0.0640 = 6.40%b. i. 5%, two-year bond:$992.79(1.054)10501.0550PV 2=+=ii. 5%, five-year bond:$959.34(1.060)1,050(1.059)50(1.057)50(1.054)501.0550PV 5432=++++=iii. 10%, five-year bond:$1,171.43(1.060)1,100(1.059)100(1.057)100(1.054)1001.05100PV 5432=++++=c. First, we calculate the yield for each of the two bonds. For the 5% bond, this means solving for r in the following equation:5432r)(11,050r)(150)(150)(150150$959.34+++++++++=r r r r = 0.05964 = 5.964%For the 10% bond:5432r)(11,100r)(1100r)(1100r)(1100r 1100$1,171.43+++++++++=r = 0.05937 = 5.937%The yield depends upon both the coupon payment and the spot rate at the time of the coupon payment. The 10% bond has a slightly greater proportion of its total payments coming earlier, when interest rates are low, than does the 5% bond. Thus, the yield of the 10% bond is slightly lower.d. The yield to maturity on a five-year zero-coupon bond is the five-year spot rate, here 6.00%.e. First, we find the price of the five-year annuity, assuming that the annual payment is $1:Now we find the yield to maturity for this annuity:r = 0.05745 = 5.745%$4.2417(1.060)1.059)(11.057)(11.054)(111.051P V 5432=++++=5432r)(11r)(11r)(11r)(11r 11$4.2417+++++++++=f. The yield on the five-year note lies between the yield on a five-year zero-coupon bond and the yield on a five-year annuity because the cash flowsof the Treasury bond lie between the cash flows of these other twofinancial instruments during a period of rising interest rates. That is, theannuity has fixed, equal payments; the zero-coupon bond has onepayment at the end; and the bond’s payments are a combination of these. Est. Time: 06-1021. To calculate the duration, consider the following table similar to Table 3.4:The duration is the sum of the year × fraction of total value column, or 6.395 years.The modified duration, or volatility, is 6.395/(1 + .04) = 6.15.The price of the 3% coupon bond at 3.5%, and 4.5% equals $969.43 and $911.64, respectively. This price difference ($57.82) is 5.93% of the original price, which is very close to the modified duration.Est. Time: 06-1022.a. If the bond coupon payment changes from 9% as listed in Table 3.4 to 8%,then the following calculation for duration can be made:A decrease in the coupon payment will increase the duration of the bond, as theduration at an 8% coupon payment is 5.778 years.The volatility for the bond in Table 3.4 with an 8% coupon payment is:5.778/(1.04) = 5.556.The bond therefore becomes less volatile if the couponpayment decreases.b. For a 9% bond whose yield increases from 4% to 6%, the duration can becalculated as follows:There is an inverse relationship between the yield to maturity and the duration.When the yield goes up from 4% to 6%, the duration decreases slightly. Thevolatility can be calculated as follows: 5.595/(1.06) = 5.278. This shows that the volatility decreases as well when the yield increases.Est. Time: 06-1023. The duration of a perpetual bond is: [(1 + yield)/yield].The duration of a perpetual bond with a yield of 5% is:D5 = 1.05/0.05 = 21 yearsThe duration of a perpetual bond yielding 10% is:D10 = 1.10/0.10 = 11 yearsBecause the duration of a zero-coupon bond is equal to its maturity, the 15-year zero-coupon bond has a duration of 15 years.Thus, comparing the 5% perpetual bond and the zero-coupon bond, the 5%perpetual bond has the longer duration. Comparing the 10% perpetual bond and the 15-year zero, the zero has a longer duration.Est. Time: 06-1024. Answers will differ. Generally, we would expect yield changes to have thegreatest impact on long-maturity and low-coupon bonds.Est. Time: 06-1025. The new calculations are shown in the table below:26. We will borrow $1,000 at a five-year loan rate of 2.5% and buy a four-year strippaying 4%. We may not know what interest rates we will earn on the last year(4 5), but our $1,000 will come due, and we put it under our mattress earning0% if necessary to pay off the loan.Let’s turn to present value calculations: As shown above, the cost of the strip is$854.80. We will receive proceeds from the 2.5% loan = $1,000/(1.025)5 =$883.90. Pocket the difference of $29.10, smile, and repeat.The minimum sensible value would set the discount factors used in year 5 equal to that of year 4, which would assume a 0% interest rate from year 4 to 5. Wecan solve for the interest rate where 1/(1 + r)5 = 0.8548, which is roughly 3.19%. Est. Time: 06-1027.a. If the expectations theory of term structure is right, then we can determinethe expected future one-year spot rate (at t = 3) as follows: investing $100in a three-year instrument at 4.2% gives us $100(1 + .042)3 = 113.136.Investing $100 in a four-year instrument at 4.0% gives us $100 × (1+.04)4= 116.986. This reveals a one-year spot rate from year 3 to 4 of ($116.98– 113.136)/113.136 = 3.4%.b. If investing in long-term bonds carries additional risks, then the riskequivalent of a one-year spot rate in year 3 would be even less (reflectingthe fact that some risk premium must be built into this 3.4% spot rate).Est. Time: 06-1028.a. Your nominal return will be 1.082 -1 = 16.64% over the two years. Yourreal return is (1.08/1.03) × (1.08/1.05) - 1 = 7.85%.b. With the TIPS, the real return will remain at 8% per year, or 16.64% overtwo years. The nominal return on the TIPS will equal (1.08 × 1.03) × (1.08× 1.05) – 1 = 26.15%.Est. Time: 01-0529. The bond price at a 5.3% yield is:1,201.81(1.053)1,000(1.053)0.05310.0531100PV 55$=+⎥⎦⎤⎢⎣⎡⨯-⨯= If the yield decreases to 5.9%, the price would rise to:1,173.18(1.059)1,000(1.059)0.05910.0591100PV 55$=+⎥⎦⎤⎢⎣⎡⨯-⨯=30. Answers will vary by the interest rates chosen.a. Suppose the YTM on a four-year 3% coupon bond is 2%. The bond is selling for:08.038,1$3=+⎥⎦⎤⎢⎣⎡⨯-⨯=44(1.02)1,000(1.02)0.0210.0210PVIf the YTM stays the same, one year later the bond will sell for:84.028,1$3=+⎥⎦⎤⎢⎣⎡⨯-⨯=33(1.02)1,000(1.02)0.0210.0210PVThe return over the year is [$30 + (1,028.84 - 1,038.08)]/$1,038.08= 0.02, or 2%.b. Suppose the YTM on a four-year 3% coupon bond is 4%. The bond is sellingfor:70.963$3=+⎥⎦⎤⎢⎣⎡⨯-⨯=44(1.04)1,000(1.04)0.0410.0410PV If the YTM stays the same, one year later the bond will sell for:25.972$3=+⎥⎦⎤⎢⎣⎡⨯-⨯=33(1.04)1,000(1.04)0.0410.0410PVThe return over the year is [$30+(972.25-963.70)]/$963.70 = 0.04, or 4%.Est. Time: 06-1031. Spreadsheet problem; answers will vary.Est. Time: 06-1032. Arbitrage opportunities can be identified by finding situations where the impliedforward rates or spot rates are different.We begin with the shortest-term bond, Bond G, which has a two-year maturity.Since G is a zero-coupon bond, we determine the two-year spot rate directly by finding the yield for Bond G. The yield is 9.5%, so the implied two-year spot rate (r 2) is 9.5%. Using the same approach for Bond A, we find that the three-yearspot rate (r 3) is 10.0%.Next we use Bonds B and D to find the four-year spot rate. The followingposition in these bonds provides a cash payoff only in year four: a long position in two of Bond B and a short position in Bond D.Cash flows for this position are:[(–2 ⨯ $842.30) + $980.57] = –$704.03 today[(2 ⨯ $50) – $100] = $0 in years 1, 2 and 3[(2 ⨯ $1,050) – $1,100] = $1,000 in year 4 We determine the four-year spot rate from this position as follows:4)4r (1$1,000$704.03+= r 4 = 0.0917 = 9.17%Next, we use r 2, r 3, and r 4 with one of the four-year coupon bonds to determine r 1. For Bond C:978.74r 1120(1.0917)1,120(1.100)120(1.095)120r 1120$1,065.2814321++=++++= r 1 = 0.3867 = 38.67%Now, in order to determine whether arbitrage opportunities exist, we use thesespot rates to value the remaining two four-year bonds. This produces thefollowing results: for Bond B, the present value is $854.55, and for Bond D, thepresent value is $1,005.07. Since neither of these values equals the currentmarket price of the respective bonds, arbitrage opportunities exist. Similarly, the spot rates derived above produce the following values for the three-year bonds: $1,074.22 for Bond E and $912.77 for Bond F.Est. Time: 11-1533. We begin with the definition of duration as applied to a bond with yield r and anannual payment of C in perpetuity:We first simplify by dividing both the numerator and the denominator by C :The denominator is the present value of a perpetuity of $1 per year, which isequal to (1/r ). To simplify the numerator, we first denote the numerator S andthen divide S by (1 + r ):Note that this new quantity [S /(1 + r )] is equal to the square of denominator in the duration formula above, that is:Therefore:Thus, for a perpetual bond paying C dollars per year:++++++++++++++++++=t 32t 32r)(1C r)(1C r)(1C r 1C r)(1tC r)(13C r)(12C r 11C DUR ++++++++++++++++++=t32t 32r)(11r)(11r)(11r 11r)(1t r)(13r)(12r)(11DUR+++++++++=++1t 432r)(1t r)(13r)(12r)(11r)(1S 2t 32r)(11r)(11r)(11r 11r)(1S ⎪⎪⎭⎫ ⎝⎛+++++++++=+ 22r r 1S r 1r)(1S +=⇒⎪⎭⎫ ⎝⎛=+rr 1r)/(11r r 1DUR 2+=⨯+=Est. Time: 06-1034. We begin with the definition of duration as applied to a common stock with yield rand dividends that grow at a constant rate g in perpetuity:We first simplify by dividing each term by [C (1 + g )]:The denominator is the present value of a growing perpetuity of $1 per year,which is equal to [1/(r - g )]. To simplify the numerator, we first denote thenumerator S and then divide S by (1 + r ):Note that this new quantity [S/(1 + r )] is equal to the square of denominator in the duration formula above, that is:Therefore:Thus, for a perpetual bond paying C dollars per year:Est. Time: 11-15++++++++++++++++++++++++++=t t 3322t t 3322r)(1g)C(1r)(1g)C(1r)(1g)C(1r 1g)C(1r)(1g)tC(1r)(1g)3C(1r)(1g)2C(1r 1g)1C(1DUR ++++++++++++++++++++++++=--t1t 322t 1t 322r)(1g)(1r)(1g)(1r)(1g 1r 11r)(1g)t(1r)(1g)3(1r)(1g)2(1r 11DUR ++++++++++++=++-1t 2t 4232r)(1g)t(1r)(1g)3(1r)(1g)2(1r)(11 r)(1S 2t 1t 322r)(1g)(1r)(1g)(1r)(1g 1r 11r)(1S ⎪⎪⎭⎫ ⎝⎛++++++++++++=+- 22g)(r r 1S g r 1r)(1S -+=⇒⎪⎪⎭⎫ ⎝⎛-=+g r r 1g)](r /[11g)(r r 1DUR 2-+=-⨯-+=35. a. We make use of the one-year Treasury bill information in order to determine the one-year spot rate as follows:1r 1$100$93.46+= r 1 = 0.0700 = 7.00%The following position provides a cash payoff only in year two: a longposition in 25 two-year bonds and a short position in 1 one-year Treasurybill. Cash flows for this position are:[(–25 ⨯ $94.92) + (1 ⨯ $93.46)] = –$2,279.54 today[(25 ⨯ $4) – (1 ⨯ $100)] = $0 in year 1(25 ⨯ $104) = $2,600 in year 2 We determine the two-year spot rate from this position as follows:2)2r (1$2,600$2,279.54+= r 2 = 0.0680 = 6.80%The forward rate f 2 is computed as follows:f 2 = [(1.0680)2/1.0700] – 1 = 0.0660 = 6.60%The following position provides a cash payoff only in year 3:a long position in the three-year bond and a short position equal to (8/104)times a package consisting of a one-year Treasury bill and a two-yearbond.Cash flows for this position are:[(–1 ⨯ $103.64) + (8/104) ⨯ ($93.46 + $94.92)] = –$89.15 today[(1 ⨯ $8) – (8/104) ⨯ ($100 + $4)] = $0 in year 1[(1 ⨯ $8) – (8/104) ⨯ $104] = $0 in year 21 ⨯ $108 = $108 in year 3 We determine the three-year spot rate from this position as follows:3)3r (1$108$89.15+= r 3 = 0.0660 = 6.60%The forward rate f 3 is computed as follows:f 3 = [(1.0660)3/(1.0680)2] – 1 = 0.0620 = 6.20%b.We make use of the spot and forward rates to calculate the price of the 4% coupon bond:The actual price of the bond ($950) is significantly greater than the pricededuced using the spot and forward rates embedded in the prices of theother bonds ($931.01). Hence, a profit opportunity exists. In order to takeadvantage of this opportunity, one should sell the 4% coupon bond shortand purchase the 8% coupon bond.Est. Time: 11-1536. a. We can set up the following three equations using the prices of bonds A, B,and C:Using bond A: $1,076.19 = $80/(1+r 1) + $1,080/(1+r 2)2Using bond B: $1,084.58 = $80/(1+r 1) + $80/(1+r 2)2 + $1,080 / (1+r 3)3Using bond C: $1,076.20 = $80/(1+r 1) + $80/(1+r 2)2 + $80/(1+r 3)3 + $1,080/(1+r 4)4 We know r 4 = 6% so we can substitute that into the last equation. Now wehave three equations and three unknowns and can solve this with variablesubstitution or linear programming to get r 1 = 3%, r 2 = 4%; r 3 = 5%, r 4 = 6%.b.We will want to invest in the underpriced C and borrow money at thecurrent spot market rates to construct an offsetting position. For example,we might borrow $80 at the one-year rate of 3%, $80 at the two-year rateof 4%, $80 at the three-year rate of 5%, and $1,080 at the four-year rate of6%. Of course the PV amount we will receive on these loans is $1,076.20.Now we purchase the discounted bond C at $1,040 and use the proceedsof this bond to repay our loans as they come due. We can pocket thedifference of $36.20, smile, and repeat. Est. Time: 11-15$931.01(1.062)(1.066)(1.07)1040(1.066)(1.07)40(1.07)40P =++=。

Chap03_图像分析的数据结构

第三章图像分析的数据结构王志明wangzhiming@2008-10-10wangzhiming@ 2本章内容1.图像数据表示的层次2.传统图像数据结构3.分层数据结构2008-10-10wangzhiming@ 3§3.1 图像表示的层次感知图像内容经过多个层次，图像信息逐渐浓缩，语义知识越来越多。

¾图标图像(Iconic Image)：最底层，原始数据，图像亮度数据矩阵；¾分割图像(Segmented Image)：图像被分割成可能属于同一物体的区域，领域知识很有帮助；¾几何表示(Geometric Representation)：2D 或3D 的形状知识，形状的量化表示非常困难；¾关系模型(Relational Model)：更高层次抽象处理数据，需要领域先验知识，人工智能技术等。

2008-10-10wangzhiming@ 4§3.2 传统图像数据结构§3.2.1 矩阵图像数据的完整表示，与内容无关，隐含着图像组成部分之间的空间关系；灰度图像(Gray Image)：非负整数矩阵；彩色图像(Color Image)：三个矩阵分别表示RGB ；二值图像(Binary Image)：值为0或1的矩阵；多光谱图像(Multispectral Image)：多个矩阵对应于不同频带的图像；分层图像数据结构(Hierarchical Image Data Structure)：用不同矩阵表示不同分辨率的图像。

2008-10-10wangzhiming@ 5§3.2.1 矩阵(续)共生矩阵(Co-occurrence Matrix)：亮度z(i 1,j 1)像素与亮度y(i 2,j 2)像素之间具有某种关系r 的概率估计；例：当r 关系为4-邻接的南、东或自身点时：9共生矩阵的对角线为直方图；9非对角线元素C r (k,j)表示将亮度k 和j 的区域分割开的边界长度；9低对比度图像中远离对角性的元素值非常小，高对比度图像再正好相反。

chap-03 ASP脚本语言

第 3 章 ASP脚本语言
3.1 ASP脚本语言简介
3.2 VBScript 基础
3.3 VBScript 过程和函数 3.4 Javascript 脚本语言
3.1 ASP脚本语言简介

ASP动态网页可以使用VBScript或JavaScript作为脚本语言。

在HTML页面中添加脚本代码时，必须运用<script>…</script> 标记。属性language指定所使用的脚本语言。
Preserve 关键字说明需要保留数组的原有内容。
3.2.2 表达式与运算符
运算符优先级：算术运算符 & 比较运算符逻辑运算符
3.2.3 VBScript流程控制

1.条件语句
IF <条件表达式> THEN 语句1 ELSE 语句2 END IF
IF <条件表达式1> THEN 语句1 ELSEIF <条件表达式2> THEN 语句2 END IF
3.2 VBScript 基础
3.2.1 数据类型和变量

VBScript只有一种数据类型，称为Variant。 Variant 根据赋值的不同自动确定变量的数据子类型。如： Variable=2005 Variable=“2005-3-18” Variable=3.1415926
在程序中，可使用 Vartype() 函数返回数据的Variant子类型。
从左边截取长度为len的子字符串从右边截取长度为len的子字符串
LCase(string)
UCase(string) StrComp(str1,str2)
大写字母转换为小写字母
小写字母转换为大写字母比较str1和str2，若相同，返回0；若大返回1；若小返回-1

chap03 网络互连与互联网

3.2.2 透明网桥
图二为一 10Mbps 数据传输率下的以太网，其上连接有 10 个站，在理想状态下每个站的平均数据传输率为1Mbps。若通过网桥连接后成为图三所示的结构时，每个站的实际有效数据传输率为__(20)__Mbps。
生成树：利用图论的知识，通过阻塞一些网桥的端口来消除兜圈子的现象。导致不能充分利用全部可用资源，同时不能保证每个帧都沿着最佳的路由进行传送，因此可能导致网络延时的增加。
网桥（续）
3.1 网络互连设备
类型：透明网桥和源路由网桥透明网桥：网桥自己决定路由的选择，透明是指局域网上的每个站并不知道所发送的帧将经过那几个网桥。
源路由网桥：假定了每一个站在发送帧时都已经清楚地知道发往各个目的站的路由。
交换机路由器
3.1 网络互连设备
一种多端口网桥逻辑地址：网络层地址，又叫软件地址物理地址：数据链路层地址
3.4 IP协议

TCP/IP网络体系结构
3.4 IP协议

TCP/IP协议簇
3.4 IP协议 3.4.1 IP地址

IP地址的表示
Internet识别网络的方法是给网络上的每一台计算机分配一个IP地址。IP地址就是给每个连接在Internet上的主机分配一个在全世界范围内唯一的32位二进制标识符。由于32位的二进制数字形式不适合阅读和记忆，为了便于用户阅读和理解IP地址，Internet管理委员会采用了一种“点分十进制”方法表示IP地址。如下图所示。
为了表示方便，通常在IP地址后加一个“网络号和子网号位数”，例如：210.45.12.58/28

子网划分技术（续）
3.4.1 IP地址
（3）可变长子网掩码（VLSM）一个组织具有多个不同大小的子网

Chap03 第三章化学热力学基础

图：集合化学热力学、光合作用、电力。可作背景，也可放在右边，看那种效果好。
第三章化学热力学基础
3.1 基本概念
3.1.1 体系与环境 3.1.2 状态和状态函数 3.1.3 广度性质和强度性质 3.1.4 过程和途径 3.1.5 热和功 3.1.6 热力学第一定律
第三章化学热力学基础
3.2 热化学
S 孤 0 ，逆过程自发进行；
S 孤＝0 ，达平衡状态。
自然界中孤立体系不可能自发发生熵减少的变化，这就是热力学第二定律。熵变判据
热力学第三定律
在绝对零度时，任何纯物质的完美晶体，熵值都等于零。这就是热力学第三定律。据此可计算熵值。
标准摩尔熵
1mol纯物质在标准状态下的熵称为标准摩尔熵， Sm 用符号表示，单位J· -1· -1。附录Ⅰ列出一 K mol 些物质在298K时的标准摩尔熵。熵的绝对值可以知道熵的性质
ΔV = 0 ΔU = Qv
弹式量热计
定容过程中吸收的热量全部增加系统的热力学能。
3.2.2 化学反应热
定压热
ΔU = Qp - p Δ V ΔU + p Δ V = Qp 焓 H = U + PV ΔHp = Qp
定压过程中吸收的热量全部用于焓的增加。
3.2.2 化学反应热
定压热和定容热的关系
例2-9 求298K、标准状态下反应
Cl2（g）+2HBr（g）＝Br2（l）+2HCl（g）的 r Gm
并判断反应的自发性。（书P36）

Gibbs－Helmholtz方程
G H TS
在P 及温度TK下
rGm (T ) r Hm (T ) Tr Sm (T )

Chap03-基本控制结构

Chap03基本控制结构程勇信息科学与技术学院计算机系Sept. 2006课程提纲Chap01 绪论Chap02 数据类型与表达式Chap03 基本控制结构Chap04 数组和字符串Chap05 指针Chap06 函数Chap07 程序组织与预处理Chap08 类和对象Chap09 运算符重载Chap10 继承与派生Chap11 虚函数和多态性Chap12 异常处理Chap13 输入与输出Chap14 范型程序设计与STL本章提纲选择语句if语句if-else语句switch语句循环语句while循环do-while循环for循环转向语句break语句continue语句goto语句选择语句选择结构能够根据特定条件的判断来选择程序所要执行的分支。

if语句if (表达式)语句if-else语句if (表达式)语句1else语句2if语句可以嵌套，但要避免else 悬空(else语句与最近的if语句配对)；if语句逻辑选择语句(续)多分支选择结构(switch语句)一般格式switch (表达式) {case 常量表达式1：语句(块)1case 常量表达式2：语句(块) 2┆case 常量表达式n：语句(块) ndefault : 语句(块) n+1}几点说明表达式可以是可以是整型、字符型、枚举型；Switch语句中包含n个常量表达式，与Case一起作为n组分支的标号；以case中的常量表达式值为入口标号，由此开始顺序执行。

因此，每个case分支最后应该加break语句；若干分支执行内容相同可共用一组语句；循环语句重复结构(循环结构)是十分重要的程序结构，分为“当型”和“直到型”两种控制形式。

在C++中，有三种循环结构while循环do-while循环for循环while循环格式while (exp)语句(块)当循环条件表达式的值为真，则执行循环体，直至exp的值为假。

故称为“当型”循环；exp可以是算术表达式、关系表达式和逻辑表达式；while语句循环语句(续)do-while循环一般格式do {语句;while (exp);while循环和do-while循环的区别：while语句先判断条件是否满足，然后才执行循环体，因此可能一次也不执行do-while语句至少执行一次循环体后再判断循环条件是否满足，因此必须执行一次循环体；在大多数情况下可以相互替代；do-while语句循环语句(续)for循环一般格式for (exp1; exp2; exp3)语句exp1: 用来设置循环控制变量初值，一般是赋值表达式；exp2: 其计算结果可以用来作为循环条件，一般是关系表达式或逻辑表达式；exp3: 用来修改循环控制变量的值。

chap03-保险的基本原则

• 对投保方和保险人都具有约束力
• 不仅应用于投保过程中，也应用在索赔过程中
8弃权Βιβλιοθήκη 禁止反言弃权：指保险合同一方当事人放弃他在合同中可以主张的某种权利。
禁止反言：一方当事人一旦放弃了原可主张的权利，以后不得
再向另一方主张这种权利。 • 一般针对保险人的权利而言
9
投保人的如实告知义务，是指投保人在订立保险合同时将保险标的重要事实，即对保险公司做出是否承保决定和确定保险费率有影响的事实，向保险公司如实作出表述。如果投保人没有如实告知，保险公司就存在据此解除保险合同，不给付保险金的可能。
案例4
2006年8月1日，李女士以自己为被保险人向保险公司投保重大疾病保险，保险金额为18万元。2009年2月，李女士因病住院治疗，经检查确诊为癌症，属于保险合同约定的重大疾病范围。2009年10月，李女士向保险公司申请理赔。保险公司认为，李女士在投保前一年内频繁去医院检查，在投保时并未向保险公司如实告知这一事实。保险公司向李女士出具拒赔通知书，同时要求解除保险合同。李女士诉至法院，请求法院判令保险公司给付保险金18万元。
新旧保险法均明确规定了如实告知义务是询问告知，并规定了投保人未履行如实告知义务的后果。但是，从实践中来看，相当一部分保险业务员为了追求业绩，没有对投保人或被保险人就相关问题进行询问。也有相当一部分投保人在保险公司询问时隐瞒事实，没有如实告知。一旦发生纠纷，保险公司未询问则往往会承担败诉的后果；投保人未如实告知也往往难以受到法律的保护。因此，对于保险公司来说，签订保险合同时应向投保人就保险标的情况进行书面询问；对于投保人来说，一旦保险公司询问，则应如实告知。
依照旧保险法的规定，投保人故意或过失不如实告知，足以影响保险人决定是否同意承包或者提高保险费率的，保险人就有权解除合同，新保险法将投保人的主观状态限定为“故意”或“重大过失”，更好地保护了投保人和被保险人的利益。同时新保险法还规定了行使解除权的期限，（解除权）“自保险人知道有解除事由之日起，超过三十日不行使而消灭。自合同成立之日起超过二年的，保险人不得解除合同；发生保险事故的，保险人应当承担赔偿或者给付保险金的责任。 ”旧保险法却没有行使解除权期限的规定，不利于投保人和被保险人，也使保险合同一直处于一种不确定的状态之下。

市场营销Chap03 Marketing in the Digital Age

Customization & customerization
The Digital Age
The explosion of the Internet
New types of intermediaries
Marketing
E-Commerce Domains
Targeted to consumers
Low cost More accurately targeted promotion
Enabled by data-base, data-mining, e-mails, on-line communication technology
Marketing
E-Marketing
Types of e-marketers
Types of e-marketers
Brick-&-mortar store channels
Seller
E-commerce channels
Consumers
Brick-&-mortar marketers
Marketing
E-Marketing
Online advertising & promotion
Corporate or marketing website
E-mail & Webcasting
Web communities
Conducting e-marketing
Marketing
Questions & Answers
Marketing
Seller
Brick-&-mortar store channels
Consumers

罗斯公司理财Chap003全英文题库及答案

Chapter 03 Financial Statements Analysis and Long-Term Planning Answer KeyMultiple Choice Questions1. One key reason a long-term financial plan is developed is because:A. the plan determines your financial policy.B. the plan determines your investment policy.C. there are direct connections between achievable corporate growth and the financial policy.D. there is unlimited growth possible in a well-developed financial plan.E. None of the above.Difficulty level: EasyTopic: LONG-TERM PLANNINGType: DEFINITIONS2. Projected future financial statements are called:A. plug statements.B. pro forma statements.C. reconciled statements.D. aggregated statements.E. none of the above.Difficulty level: EasyTopic: PRO FORMA STATEMENTSType: DEFINITIONS3. The percentage of sales method:A. requires that all accounts grow at the same rate.B. separates accounts that vary with sales and those that do not vary with sales.C. allows the analyst to calculate how much financing the firm will need to support the predicted sales level.D. Both A and B.E. Both B and C.Difficulty level: MediumTopic: PERCENTAGE OF SALESType: DEFINITIONS4. A _____ standardizes items on the income statement and balance sheet as a percentage of total sales and total assets, respectively.A. tax reconciliation statementB. statement of standardizationC. statement of cash flowsD. common-base year statementE. common-size statementDifficulty level: EasyTopic: COMMON-SIZE STATEMENTSType: DEFINITIONS5. Relationships determined from a firm's financial information and used for comparison purposes are known as:A. financial ratios.B. comparison statements.C. dimensional analysis.D. scenario analysis.E. solvency analysis.Difficulty level: EasyTopic: FINANCIAL RATIOSType: DEFINITIONS6. Financial ratios that measure a firm's ability to pay its bills over the short run without undue stress are known as _____ ratios.A. asset managementB. long-term solvencyC. short-term solvencyD. profitabilityE. market valueDifficulty level: EasyTopic: SHORT-TERM SOLVENCY RATIOSType: DEFINITIONS7. The current ratio is measured as:A. current assets minus current liabilities.B. current assets divided by current liabilities.C. current liabilities minus inventory, divided by current assets.D. cash on hand divided by current liabilities.E. current liabilities divided by current assets.Difficulty level: EasyTopic: CURRENT RATIOType: DEFINITIONS8. The quick ratio is measured as:A. current assets divided by current liabilities.B. cash on hand plus current liabilities, divided by current assets.C. current liabilities divided by current assets, plus inventory.D. current assets minus inventory, divided by current liabilities.E. current assets minus inventory minus current liabilities.Difficulty level: EasyTopic: QUICK RATIOType: DEFINITIONS9. The cash ratio is measured as:A. current assets divided by current liabilities.B. current assets minus cash on hand, divided by current liabilities.C. current liabilities plus current assets, divided by cash on hand.D. cash on hand plus inventory, divided by current liabilities.E. cash on hand divided by current liabilities.Difficulty level: MediumTopic: CASH RATIOType: DEFINITIONS10. Ratios that measure a firm's financial leverage are known as _____ ratios.A. asset managementB. long-term solvencyC. short-term solvencyD. profitabilityE. market valueDifficulty level: EasyTopic: LONG-TERM SOLVENCY RATIOSType: DEFINITIONS11. The financial ratio measured as total assets minus total equity, divided by total assets, is the:A. total debt ratio.B. equity multiplier.C. debt-equity ratio.D. current ratio.E. times interest earned ratio.Difficulty level: EasyTopic: TOTAL DEBT RATIOType: DEFINITIONS12. The debt-equity ratio is measured as total:A. equity minus total debt.B. equity divided by total debt.C. debt divided by total equity.D. debt plus total equity.E. debt minus total assets, divided by total equity.Difficulty level: EasyTopic: DEBT-EQUITY RATIOType: DEFINITIONS13. The equity multiplier ratio is measured as total:A. equity divided by total assets.B. equity plus total debt.C. assets minus total equity, divided by total assets.D. assets plus total equity, divided by total debt.E. assets divided by total equity.Difficulty level: MediumTopic: EQUITY MULTIPLIERType: DEFINITIONS14. The financial ratio measured as earnings before interest and taxes, divided by interest expense is the:A. cash coverage ratio.B. debt-equity ratio.C. times interest earned ratio.D. gross margin.E. total debt ratio.Difficulty level: MediumTopic: TIMES INTEREST EARNED RATIOType: DEFINITIONS15. The financial ratio measured as earnings before interest and taxes, plus depreciation, divided by interest expense, is the:A. cash coverage ratio.B. debt-equity ratio.C. times interest earned ratio.D. gross margin.E. total debt ratio.Difficulty level: MediumTopic: CASH COVERAGE RATIOType: DEFINITIONS16. Ratios that measure how efficiently a firm uses its assets to generate sales are known as _____ ratios.A. asset managementB. long-term solvencyC. short-term solvencyD. profitabilityE. market valueDifficulty level: EasyTopic: ASSET MANAGEMENT RATIOSType: DEFINITIONS17. The inventory turnover ratio is measured as:A. total sales minus inventory.B. inventory times total sales.C. cost of goods sold divided by inventory.D. inventory times cost of goods sold.E. inventory plus cost of goods sold.Difficulty level: MediumTopic: INVENTORY TURNOVERType: DEFINITIONS18. The financial ratio days' sales in inventory is measured as:A. inventory turnover plus 365 days.B. inventory times 365 days.C. inventory plus cost of goods sold, divided by 365 days.D. 365 days divided by the inventory.E. 365 days divided by the inventory turnover.Difficulty level: MediumTopic: DAYS' SALES IN INVENTORYType: DEFINITIONS19. The receivables turnover ratio is measured as:A. sales plus accounts receivable.B. sales divided by accounts receivable.C. sales minus accounts receivable, divided by sales.D. accounts receivable times sales.E. accounts receivable divided by sales.Difficulty level: MediumTopic: RECEIVABLES TURNOVERType: DEFINITIONS20. The financial ratio days' sales in receivables is measured as:A. receivables turnover plus 365 days.B. accounts receivable times 365 days.C. accounts receivable plus sales, divided by 365 days.D. 365 days divided by the receivables turnover.E. 365 days divided by the accounts receivable.Difficulty level: MediumTopic: DAYS' SALES IN RECEIVABLESType: DEFINITIONS21. The total asset turnover ratio is measured as:A. sales minus total assets.B. sales divided by total assets.C. sales times total assets.D. total assets divided by sales.E. total assets plus sales.Difficulty level: EasyTopic: TOTAL ASSET TURNOVERType: DEFINITIONS22. Ratios that measure how efficiently a firm's management uses its assets and equity to generate bottom line net income are known as _____ ratios.A. asset managementB. long-term solvencyC. short-term solvencyD. profitabilityE. market valueDifficulty level: EasyTopic: PROFITABILITY RATIOSType: DEFINITIONS23. The financial ratio measured as net income divided by sales is known as the firm's:A. profit margin.B. return on assets.C. return on equity.D. asset turnover.E. earnings before interest and taxes.Difficulty level: EasyTopic: PROFIT MARGINType: DEFINITIONS24. The financial ratio measured as net income divided by total assets is known as the firm's:A. profit margin.B. return on assets.C. return on equity.D. asset turnover.E. earnings before interest and taxes.Difficulty level: EasyTopic: RETURN ON ASSETSType: DEFINITIONS25. The financial ratio measured as net income divided by total equity is known as the firm's:A. profit margin.B. return on assets.C. return on equity.D. asset turnover.E. earnings before interest and taxes.Difficulty level: EasyTopic: RETURN ON EQUITYType: DEFINITIONS26. The financial ratio measured as the price per share of stock divided by earnings per share is known as the:A. return on assets.B. return on equity.C. debt-equity ratio.D. price-earnings ratio.E. Du Pont identity.Difficulty level: EasyTopic: PRICE-EARNINGS RATIOType: DEFINITIONS27. The market-to-book ratio is measured as:A. total equity divided by total assets.B. net income times market price per share of stock.C. net income divided by market price per share of stock.D. market price per share of stock divided by earnings per share.E. market value of equity per share divided by book value of equity per share.Difficulty level: MediumTopic: MARKET-TO-BOOK RATIOType: DEFINITIONS28. The _____ breaks down return on equity into three component parts.A. Du Pont identityB. return on assetsC. statement of cash flowsD. asset turnover ratioE. equity multiplierDifficulty level: MediumTopic: DU PONT IDENTITYType: DEFINITIONS29. The External Funds Needed (EFN) equation does not measure the:A. additional asset requirements given a change in sales.B. additional total liabilities raised given the change in sales.C. rate of return to shareholders given the change in sales.D. net income expected to be earned given the change in sales.E. None of the above.Difficulty level: MediumTopic: EXTERNAL FUNDS NEEDEDType: DEFINITIONS30. To calculate sustainable growth rate without using return on equity, the analyst needs the:A. profit margin.B. payout ratio.C. debt-to-equity ratio.D. total asset turnover.E. All of the above.Difficulty level: MediumTopic: SUSTAINABLE GROWTH RATEType: DEFINITIONS31. Growth can be reconciled with the goal of maximizing firm value:A. because greater growth always adds to value.B. because growth must be an outcome of decisions that maximize NPV.C. because growth and wealth maximization are the same.D. because growth of any type cannot decrease value.E. None of the above.Difficulty level: MediumTopic: GROWTHType: DEFINITIONS32. Sustainable growth can be determined by the:A. profit margin, total asset turnover and the price to earnings ratio.B. profit margin, the payout ratio, the debt-to-equity ratio, and the asset requirement or asset turnover ratio.C. Total growth less capital gains growth.D. Either A or B.E. None of the above.Difficulty level: MediumTopic: SUSTAINABLE GROWTHType: DEFINITIONS33. Which of the following will increase sustainable growth?A. Buy back existing stockB. Decrease debtC. Increase profit marginD. Increase asset requirement or asset turnover ratioE. Increase dividend payout ratioDifficulty level: MediumTopic: SUSTAINABLE GROWTHType: DEFINITIONS34. The main objective of long-term financial planning models is to:A. determine the asset requirements given the investment activities of the firm.B. plan for contingencies or uncertain events.C. determine the external financing needs.D. All of the above.E. None of the above.Difficulty level: MediumTopic: LONG TERM PLANNINGType: DEFINITIONS35. On a common-size balance sheet, all _____ accounts are shown as a percentage of _____.A. income; total assetsB. liability; net incomeC. asset; salesD. liability; total assetsE. equity; salesDifficulty level: MediumTopic: COMMON-SIZE BALANCE SHEETType: DEFINITIONS36. Which one of the following statements is correct concerning ratio analysis?A. A single ratio is often computed differently by different individuals.B. Ratios do not address the problem of size differences among firms.C. Only a very limited number of ratios can be used for analytical purposes.D. Each ratio has a specific formula that is used consistently by all analysts.E. Ratios can not be used for comparison purposes over periods of time.Difficulty level: MediumTopic: RATIO ANALYSISType: DEFINITIONS37. Which of the following are liquidity ratios?I. cash coverage ratioII. current ratioIII. quick ratioIV. inventory turnoverA. II and III onlyB. I and II onlyC. II, III, and IV onlyD. I, III, and IV onlyE. I, II, III, and IVDifficulty level: MediumTopic: LIQUIDITY RATIOSType: DEFINITIONS38. An increase in which one of the following accounts increases a firm's current ratio without affecting its quick ratio?A. accounts payableB. cashC. inventoryD. accounts receivableE. fixed assetsDifficulty level: MediumTopic: LIQUIDITY RATIOSType: DEFINITIONS39. A supplier, who requires payment within ten days, is most concerned with which one of the following ratios when granting credit?A. currentB. cashC. debt-equityD. quickE. total debtDifficulty level: MediumTopic: LIQUIDITY RATIOSType: DEFINITIONS40. A firm has a total debt ratio of .47. This means that that firm has 47 cents in debt for every:A. $1 in equity.B. $1 in total sales.C. $1 in current assets.D. $.53 in equity.E. $.53 in total assets.Difficulty level: MediumTopic: LONG-TERM SOLVENCY RATIOSType: DEFINITIONS41. The long-term debt ratio is probably of most interest to a firm's:A. credit customers.B. employees.C. suppliers.D. mortgage holder.E. shareholders.Difficulty level: MediumTopic: LONG-TERM SOLVENCY RATIOSType: DEFINITIONS42. A banker considering loaning a firm money for ten years would most likely prefer the firm have a debt ratio of _____ and a times interest earned ratio of _____.A. .75; .75B. .50; 1.00C. .45; 1.75D. .40; 2.50E. .35; 3.00Difficulty level: MediumTopic: LONG-TERM SOLVENCY RATIOSType: DEFINITIONS43. From a cash flow position, which one of the following ratios best measures a firm's ability to pay the interest on its debts?A. times interest earned ratioB. cash coverage ratioC. cash ratioD. quick ratioE. Interval measureDifficulty level: MediumTopic: LONG-TERM SOLVENCY RATIOSType: DEFINITIONS44. The higher the inventory turnover measure, the:A. faster a firm sells its inventory.B. faster a firm collects payment on its sales.C. longer it takes a firm to sell its inventory.D. greater the amount of inventory held by a firm.E. lesser the amount of inventory held by a firm.Difficulty level: MediumTopic: ASSET MANAGEMENT RATIOSType: DEFINITIONS45. Which one of the following statements is correct if a firm has a receivables turnover measure of 10?A. It takes a firm 10 days to collect payment from its customers.B. It takes a firm 36.5 days to sell its inventory and collect the payment from the sale.C. It takes a firm 36.5 days to pay its creditors.D. The firm has an average collection period of 36.5 days.E. The firm has ten times more in accounts receivable than it does in cash.Difficulty level: MediumTopic: ASSET MANAGEMENT RATIOSType: DEFINITIONS46. A total asset turnover measure of 1.03 means that a firm has $1.03 in:A. total assets for every $1 in cash.B. total assets for every $1 in total debt.C. total assets for every $1 in equity.D. sales for every $1 in total assets.E. long-term assets for every $1 in short-term assets.Difficulty level: MediumTopic: ASSET MANAGEMENT RATIOSType: DEFINITIONS47. Puffy's Pastries generates five cents of net income for every $1 in sales. Thus, Puffy's has a _____ of 5%.A. return on assetsB. return on equityC. profit marginD. Du Pont measureE. total asset turnoverDifficulty level: MediumTopic: PROFITABILITY RATIOSType: DEFINITIONS48. If a firm produces a 10% return on assets and also a 10% return on equity, then the firm:A. has no debt of any kind.B. is using its assets as efficiently as possible.C. has no net working capital.D. also has a current ratio of 10.E. has an equity multiplier of 2.Difficulty level: MediumTopic: PROFITABILITY RATIOSType: DEFINITIONS49. If shareholders want to know how much profit a firm is making on their entire investment in the firm, the shareholders should look at the:A. profit margin.B. return on assets.C. return on equity.D. equity multiplier.E. earnings per share.Difficulty level: MediumTopic: PROFITABILITY RATIOSType: DEFINITIONS50. BGL Enterprises increases its operating efficiency such that costs decrease while sales remain constant. As a result, given all else constant, the:A. return on equity will increase.B. return on assets will decrease.C. profit margin will decline.D. equity multiplier will decrease.E. price-earnings ratio will increase.Difficulty level: MediumTopic: PROFITABILITY RATIOSType: DEFINITIONS51. The only difference between Joe's and Moe's is that Joe's has old, fully depreciated equipment. Moe's just purchased all new equipment which will be depreciated over eight years. Assuming all else equal:A. Joe's will have a lower profit margin.B. Joe's will have a lower return on equity.C. Moe's will have a higher net income.D. Moe's will have a lower profit margin.E. Moe's will have a higher return on assets.Difficulty level: MediumTopic: PROFITABILITY RATIOSType: DEFINITIONS52. Last year, Alfred's Automotive had a price-earnings ratio of 15. This year, the price earnings ratio is 18. Based on this information, it can be stated with certainty that:A. the price per share increased.B. the earnings per share decreased.C. investors are paying a higher price for each share of stock purchased.D. investors are receiving a higher rate of return this year.E. either the price per share, the earnings per share, or both changed.Difficulty level: MediumTopic: MARKET VALUE RATIOSType: DEFINITIONS53. Turner's Inc. has a price-earnings ratio of 16. Alfred's Co. has a price-earnings ratio of 19. Thus, you can state with certainty that one share of stock in Alfred's:A. has a higher market price than one share of stock in Turner's.B. has a higher market price per dollar of earnings than does one share of Turner's.C. sells at a lower price per share than one share of Turner's.D. represents a larger percentage of firm ownership than does one share of Turner's stock.E. earns a greater profit per share than does one share of Turner's stock.Difficulty level: MediumTopic: MARKET VALUE RATIOType: DEFINITIONS54. Which two of the following are most apt to cause a firm to have a higher price-earnings ratio?I. slow industry outlookII. high prospect of firm growthIII. very low current earningsIV. investors with a low opinion of the firmA. I and II onlyB. II and III onlyC. II and IV onlyD. I and III onlyE. III and IV onlyDifficulty level: MediumTopic: MARKET VALUE RATIOSType: DEFINITIONS55. Vinnie's Motors has a market-to-book ratio of 3. The book value per share is $4.00. Holding market-to-book constant, a $1 increase in the book value per share will:A. cause the accountants to increase the equity of the firm by an additional $2.B. increase the market price per share by $1.C. increase the market price per share by $12.D. tend to cause the market price per share to rise.E. only affect book values but not market values.Difficulty level: MediumTopic: MARKET VALUE RATIOSType: DEFINITIONS56. Which one of the following sets of ratios applies most directly to shareholders?A. return on assets and profit marginB. quick ratio and times interest earnedC. price-earnings ratio and debt-equity ratioD. market-to-book ratio and price-earnings ratioE. cash coverage ratio and times equity multiplierDifficulty level: MediumTopic: MARKET VALUE RATIOSType: DEFINITIONS57. The three parts of the Du Pont identity can be generally described as:I. operating efficiency, asset use efficiency and firm profitability.II. financial leverage, operating efficiency and asset use efficiency.III. the equity multiplier, the profit margin and the total asset turnover.IV. the debt-equity ratio, the capital intensity ratio and the profit margin.A. I and II onlyB. II and III onlyC. I and IV onlyD. I and III onlyE. III and IV onlyDifficulty level: MediumTopic: DU PONT IDENTITYType: DEFINITIONS58. If a firm decreases its operating costs, all else constant, then:A. the profit margin increases while the equity multiplier decreases.B. the return on assets increases while the return on equity decreases.C. the total asset turnover rate decreases while the profit margin increases.D. both the profit margin and the equity multiplier increase.E. both the return on assets and the return on equity increase.Difficulty level: MediumTopic: DU PONT IDENTITYType: DEFINITIONS59. Which one of the following statements is correct?A. Book values should always be given precedence over market values.B. Financial statements are frequently the basis used for performance evaluations.C. Historical information has no value when predicting the future.D. Potential lenders place little value on financial statement information.E. Reviewing financial information over time has very limited value.Difficulty level: MediumTopic: EVALUATING FINANCIAL STATEMENTSType: DEFINITIONS60. It is easier to evaluate a firm using its financial statements when the firm:A. is a conglomerate.B. is global in nature.C. uses the same accounting procedures as other firms in its industry.D. has a different fiscal year than other firms in its industry.E. tends to have one-time events such as asset sales and property acquisitions.Difficulty level: MediumTopic: EVALUATING FINANCIAL STATEMENTSType: DEFINITIONS61. Which two of the following represent the most effective methods of directly evaluating the financial performance of a firm?I. comparing the current financial ratios to those of the same firm from prior time periodsII. comparing a firm's financial ratios to those of other firms in the firm's peer group who have similar operationsIII. comparing the financial statements of the firm to the financial statements of similar firms operating in other countriesIV. comparing the financial ratios of the firm to the average ratios of all firms located in the same geographic areaA. I and II onlyB. II and III onlyC. III and IV onlyD. I and IV onlyE. I and III onlyDifficulty level: MediumTopic: EVALUATING FINANCIAL STATEMENTSType: DEFINITIONS62. In the financial planning model, external funds needed (EFN) is equal to changes inA. assets - (liabilities - equity).B. assets - (liabilities + equity).C. (assets + liabilities - equity).D. (assets + equity - liabilities).E. assets - equity.Difficulty level: MediumTopic: EXTERNAL FUNDS NEEDEDType: DEFINITIONS63. Which of the following represent problems encountered when comparing the financial statements of one firm with those of another firm?I. Either one, or both, of the firms may be conglomerates and thus have unrelated lines of business.II. The operations of the two firms may vary geographically.III. The firms may use differing accounting methods for inventory purposes.IV. The two firms may be seasonal in nature and have different fiscal year ends.A. I and II onlyB. II and III onlyC. I, III, and IV onlyD. I, II, and III onlyE. I, II, III, and IVDifficulty level: MediumTopic: EVALUATING FINANCIAL STATEMENTSType: DEFINITIONS64. A firm's sustainable growth rate in sales directly depends on its:A. debt to equity ratio.B. profit margin.C. dividend policy.D. asset efficiency.E. All of the above.Difficulty level: MediumTopic: SUSTAINABLE GROWTH RATEType: DEFINITIONS65. The sustainable growth rate will be equivalent to the internal growth rate when:A. a firm has no debt.B. the growth rate is positive.C. the plowback ratio is positive but less than 1.D. a firm has a debt-equity ratio exactly equal to 1.E. net income is greater than zero.Difficulty level: MediumTopic: SUSTAINABLE GROWTH RATEType: DEFINITIONS66. The sustainable growth rate:A. assumes there is no external financing of any kind.B. is normally higher than the internal growth rate.C. assumes the debt-equity ratio is variable.D. is based on receiving additional external debt and equity financing.E. assumes that 100% of all income is retained by the firm.Difficulty level: MediumTopic: SUSTAINABLE GROWTH RATEType: DEFINITIONS67. If a firm bases its growth projection on the rate of sustainable growth, and shows positive net income, then the:A. fixed assets will have to increase at the same rate, regardless of the current capacity level.B. number of common shares outstanding will increase at the same rate of growth.C. debt-equity ratio will have to increase.D. debt-equity ratio will remain constant while retained earnings increase.E. fixed assets, debt-equity ratio, and number of common shares outstanding will all increase.Difficulty level: MediumTopic: SUSTAINABLE GROWTH RATEType: DEFINITIONS68. Marcie's Mercantile wants to maintain its current dividend policy, which is a payout ratio of 40%. The firm does not want to increase its equity financing but is willing to maintain its current debt-equity ratio. Given these requirements, the maximum rate at which Marcie's can grow is equal to:A. 40% of the internal rate of growth.B. 60% of the internal rate of growth.C. the internal rate of growth.D. the sustainable rate of growth.E. 60% of the sustainable rate of growth.Difficulty level: MediumTopic: SUSTAINABLE GROWTH RATEType: DEFINITIONS69. One of the primary weaknesses of many financial planning models is that they:A. rely too much on financial relationships and too little on accounting relationships.B. are iterative in nature.C. ignore the goals and objectives of senior management.D. are based solely on best case assumptions.E. ignore the size, risk, and timing of cash flows.Difficulty level: MediumTopic: FINANCIAL PLANNING MODELSType: DEFINITIONS70. Financial planning, when properly executed:A. ignores the normal restraints encountered by a firm.B. ensures that the primary goals of senior management are fully achieved.C. reduces the necessity of daily management oversight of the business operations.D. helps ensure that proper financing is in place to support the desired level of growth.E. eliminates the need to plan more than one year in advance.Difficulty level: MediumTopic: FINANCIAL PLANNINGType: DEFINITIONS71. When examining the EBITDA ratio, lower numbers are:A. considered good.B. considered mediocre.C. considered poor.D. indifferent to higher numbers.E. it is impossible to garner information from this ratio.Difficulty level: MediumTopic: EBITDA RATIOType: DEFINITIONS。

编译原理课件chap03(陈火旺)

第三章词法分析
3。2。2 单词符号的识别：超前搜索词法分析器的结构图如图3。1所示。
源程序串
预处理子程序
输入缓冲区
列表
扫描缓冲区扫描器
单词符号
图3。1词法分析器
第三章词法分析
当词法分析器调用预处理子程序处理出一串输入字符串放进扫描缓冲区之后，分析器就从此缓冲区中逐一识别单词符号。当缓冲区里的字符串被处理完之后，它又调用预处理程序装入新串。下面我们来介绍单词符号识别的一个简单方法-----超前搜索
第三章词法分析
关键字的识别像FORTRAN这样的语言，关键字不加保护（只要不引起矛盾，用户可以用它们作为普通标识符），关键字和用户自定义的标识符或标号之间没有特殊的界符作间隔。这使得关键字的识别甚为麻烦。请看下面例子： 1 DO99K=1,10 2 IF(5.EQ.M)I=10 3 DO99K=1.10 4 IF(5)=55 这四个语句都是正确的FORTRAN语句。语句1和2分别是DO和IF语句，它们都是以某基本字开头的。语句3和4是赋值语句，它们都是以用户自定义的标识符开头的。
第三章
词法分析
编译程序首先是在单词级别上来分析和翻译源程序的。词法分析的任务是：从左至右逐个字符地对源程序进行扫描，产生一个个单词符号，把作为字符串的源程序改造成为单词符号串的中间程序。因此，词法分析是编译的基础。执行词法分析的程序称为词法分析器。 •3。1 对词法分析器的要求
3.1.1 词法分析器功能和输出形式输入源程序，输出单词符号。程序语言的单词符号一般分为五种：关键字，标识符，常数，运算符，界符
第三章词法分析
对于2和4来说，必须超前扫描到与IF后的左括号相对应的那个右括号之后的第一个字符为止。若此字符是字母，则得逻辑IF。若此字符为数字，则得算术IF。否则，应认为是用户自定义标识符IF. 标识符的识别、常数的识别及算符和界符的识别相类似可以参考课本P40,P41这里就不再多述。 3。2。3 状态转换图使用状态转换图是设计词法分析器的一种好途径。转换图是一张有限方向图。在转换图中，结点代表状态，用园圈表示。状态之间用箭弧连结。箭弧上的标记（字符）代表在射出结点（即箭弧始结点）状态下可能出现的输入字符或字符类。

《微电子学概论》--Chap03

深亚微米CMOS晶体管结构
STI(Shallow Trench Isolation)（浅沟道绝缘）
二、MOS数字集成电路
1 . MOS开关(以增强型NMOS为例)
ቤተ መጻሕፍቲ ባይዱ
Vg
Vo/（Vg-Vt）
Vi
T Cl
Vo 1
Vo=Vg-Vt
1
Vi/（Vg-Vt）
一个MOS管可以作为一个开关使用，电路中Cl是其负载
• 串连的PMOS可构造NOR函数 • 并联的PMOS可构造NAND函数
AB
X A
Y Y = X if A AND B = A + B
X
B Y
Y = X if A OR B = AB
PMOS Transistors pass a “strong” 1 but a “weak” 0
CMOS与非门（NAND）
第三章大规模集成电路基础
3. 1 半导体集成电路概述
集成电路（Intergrated Circuit，IC）
集成电路领域中两个常用术语
芯片（Chip, Die）：没有封装的单个集成电路。硅片（Wafer）：包含许多芯片的大圆硅片。
集成电路的成品率：
硅片上好的芯片数
Y= 硅片上总的芯片数
100%
栅源短接的E/D反相器
Vdd
Ml Vo
Me Vi
Vss
E/R、E/E、E/D反相器都是有比电路(ratioed gate): 即输出低电平和驱动管的尺寸有关。
（d）CMOS反相器（一对互补的MOSFET组成）
Vdd
Tp Ip
Vi
Vo
Tn In
• Vi为低电平时：Tn截止，Tp导通，