货币金融学第十二版课后题答案
《货币金融学》参考答案[43页]
第一章参考答案一、关键概念1.金银铸币制,就是指由国家统一铸造,具有一定重量和成色,铸成一定形状并标明面值的金属货币。
2.代用纸币,又称兑现纸币,就是指以纸张为币材印成一定形状,标明一定面额的货币。
持有这种货币可随时向发行银行或政府兑换成铸币或金银条块,其效力与金属货币完全相同。
3.信用货币,有广义与狭义之分。
广义的信用货币是指由借贷行为而产生的各种信用凭证,如商业票据、银行券、纸币和政府债券等;狭义的信用货币,又称不兑现纸币,是指货币本身价值低于货币价值,并不能与贵金属兑换的具有普遍接受性的货币。
4.电子货币是指使用电子计算机系统进行储存和处理的存款货币。
5.价值尺度,又称价值单位、价值标准、计算单位或记账单位。
货币是一种尺度,一种单位,可以衡量所有商品和劳务的价值,从而使其可以方便进行比较,这就是货币的价值尺度职能。
6.流通手段,当货币在商品交易中起媒介作用时,就是发挥流通手段职能。
7.支付手段,就是指货币充当延期支付的标准。
8.贮藏手段,货币退出流通领域而处于静止状态时,就发挥贮藏手段的职能,或者说价值贮藏或财富贮藏。
9.世界货币,是指随着对外经济往来和国际贸易的发展,货币必然要越出国界,在世界市场上发挥一般等价物的作用。
10.货币的一般定义:货币就是在商品或劳务的支付中或债务的偿还中被普遍接受的任何东西。
11.金融资产的流动性:是指迅速转换成现实购买力或现款而不致遭受名义价值损失的能力。
12.狭义货币,是指立即可以作为流通手段和支付手段的货币,它强调的是货币的流通媒介或支付职能。
13. 广义货币,是指在狭义货币基础上加上定期存款、储蓄存款。
它强调的则是货币的价值贮藏功能。
14.货币制度,简称币制,就是指国家为了适应经济的需要,以法律形式所确定的货币发行和流通的结构、体系与组织形式。
15.本位币和辅币:本位币又称主币,是一国的基本通货,是用于计价、结算的惟一合法的货币。
辅币是主币单位以下的小额通货,供日常零星交易与找零之用。
货币金融学(第十二版)英文版题库及答案chapter 13
Economics of Money, Banking, and Financial Markets, 12e (Mishkin)Chapter 13 Central Banks and the Federal Reserve System13.1 Origins of the Federal Reserve System1) The First Bank of the United StatesA) was disbanded in 1811 when its charter was not renewed.B) had its charter renewal vetoed in 1832.C) was fundamental in helping the Federal Government finance the War of 1812.D) None of the above.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking2) The Second Bank of the United StatesA) was disbanded in 1811 when its charter was not renewed.B) had its charter renewal vetoed in 1832.C) is considered to be the primary cause of the bank panic of 1907.D) None of the above.Answer: BQues Status: Previous EditionAACSB: Reflective Thinking3) The public's fear of centralized power and distrust of moneyed interests led to the demise of the first two experiments in central banking, otherwise known asA) the First Bank of the United States and the Second Bank of the United States.B) the First Bank of the United States and the Central Bank of the United States.C) the First Central Bank of the United States and the Second Central Bank of the United States.D) the First Bank of North America and the Second Bank of North America.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking4) The financial panic of 1907 resulted in such widespread bank failures and substantial losses to depositors that the American public finally became convinced thatA) the First Bank of the United States had failed to serve as a lender of last resort.B) the Second Bank of the United States had failed to serve as a lender of last resort.C) the Federal Reserve System had failed to serve as a lender of last resort.D) a central bank was needed to prevent future panics.Answer: DQues Status: Previous EditionAACSB: Reflective Thinking5) What makes the Federal Reserve so unique compared to other central banks around the world is itsA) centralized structure.B) decentralized structure.C) regulatory functions.D) monetary policy functions.Answer: BQues Status: Previous EditionAACSB: Reflective Thinking13.2 Structure of the Federal Reserve System1) Which of the following is NOT an entity of the Federal Reserve System?A) Federal Reserve BanksB) the Comptroller of the CurrencyC) the Board of GovernorsD) the Federal Open Market CommitteeAnswer: BQues Status: Previous EditionAACSB: Reflective Thinking2) Which of the following is an entity of the Federal Reserve System?A) the U.S. Treasury SecretaryB) the FOMCC) the Comptroller of the CurrencyD) the FDICAnswer: BQues Status: Previous EditionAACSB: Reflective Thinking3) The three largest Federal Reserve banks (New York, Chicago, and San Francisco) combined hold more than ________ percent of the assets of the Federal Reserve System.A) 25B) 33C) 50D) 67Answer: CQues Status: Previous EditionAACSB: Analytical Thinking4) The Federal Reserve Banks are ________ institutions since they are owned by the ________.A) quasi-public; private commercial banks in the district where the Reserve Bank is locatedB) public; private commercial banks in the district where the Reserve Bank is locatedC) quasi-public; Board of GovernorsD) public; Board of GovernorsAnswer: AQues Status: Previous EditionAACSB: Reflective Thinking5) Each Federal Reserve bank has nine directors. Of these ________ are appointed by the member banks and ________ are appointed by the Board of Governors.A) three; sixB) four; fiveC) five; fourD) six; threeAnswer: DQues Status: Previous EditionAACSB: Reflective Thinking6) The nine directors of the Federal Reserve Banks are split into three categories: ________ are professional bankers, ________ are leaders from industry, and ________ are to represent the public interest and are not allowed to be officers, employees, or stockholders of banks.A) 5; 2; 2B) 2; 5; 2C) 4; 2; 3D) 3; 3; 3Answer: DQues Status: Previous EditionAACSB: Reflective Thinking7) Member commercial banks have purchased stock in their district Fed banks; the dividend paid by that stock is limited by law to ________ percent annually.A) fourB) fiveC) sixD) eightAnswer: CQues Status: Previous EditionAACSB: Reflective Thinking8) The Federal Reserve Bank of ________ houses the open market desk.A) BostonB) New YorkC) ChicagoD) San FranciscoAnswer: BQues Status: Previous EditionAACSB: Reflective Thinking9) The president from which Federal Reserve Bank always has a vote in the Federal Open Market Committee?A) PhiladelphiaB) BostonC) San FranciscoD) New YorkAnswer: DQues Status: Previous EditionAACSB: Reflective Thinking10) An important function of the regional Federal Reserve Banks isA) setting reserve requirements.B) clearing checks.C) determining monetary policy.D) setting margin requirements.Answer: BQues Status: Previous EditionAACSB: Reflective Thinking11) Which of the following functions is NOT performed by any of the twelve regional Federal Reserve Banks?A) check clearingB) conducting economic researchC) setting interest rates payable on time depositsD) issuing new currencyAnswer: CQues Status: Previous EditionAACSB: Reflective Thinking12) All ________ are required to be members of the Fed.A) state chartered banksB) national banks chartered by the Office of the Comptroller of the CurrencyC) banks with assets less than $100 millionD) banks with assets less than $500 millionAnswer: BQues Status: Previous EditionAACSB: Reflective Thinking13) Of all commercial banks, about ________ belong to the Federal Reserve System.A) 10%B) one halfC) one thirdD) 90%Answer: CQues Status: Previous EditionAACSB: Reflective Thinking14) Prior to 1980, member banks left the Federal Reserve System due toA) the high cost of discount loans.B) the high cost of required reserves.C) a desire to avoid interest rate regulations.D) a desire to avoid credit controls.Answer: BQues Status: Previous EditionAACSB: Reflective Thinking15) The Fed's support of the Depository Institutions Deregulation and Monetary Control Act of 1980 stemmed in part from itsA) concern over declining Fed membership.B) belief that all banking regulations should be eliminated.C) belief that interest rate ceilings were too high.D) belief that depositors had to become more knowledgeable of banking operations. Answer: AQues Status: Previous EditionAACSB: Reflective Thinking16) Banks subject to reserve requirements set by the Federal Reserve System includeA) only nationally chartered banks.B) only banks with assets less than $100 million.C) only banks with assets less than $500 million.D) all banks whether or not they are members of the Federal Reserve System.Answer: DQues Status: Previous EditionAACSB: Reflective Thinking17) The Depository Institutions Deregulation and Monetary Control Act of 1980A) established higher reserve requirements for nonmember than for member banks.B) established higher reserve requirements for member than for nonmember banks.C) abolished reserve requirements.D) established uniform reserve requirements for all banks.Answer: DQues Status: Previous EditionAACSB: Reflective Thinking18) There are ________ members of the Board of Governors of the Federal Reserve System.A) 5B) 7C) 12D) 19Answer: BQues Status: Previous EditionAACSB: Reflective Thinking19) Members of the Board of Governors areA) chosen by the Federal Reserve Bank presidents.B) appointed by the newly elected president of the United States, as are cabinet positions.C) appointed by the president of the United States and confirmed by the Senate.D) never allowed to serve more than 7-year terms.Answer: CQues Status: Previous EditionAACSB: Reflective Thinking20) Each governor on the Board of Governors can serveA) only one nonrenewable fourteen-year term.B) one full nonrenewable fourteen-year term plus part of another term.C) only one nonrenewable eight-year term.D) one full nonrenewable eight-year term plus part of another term.Answer: BQues Status: Previous EditionAACSB: Reflective Thinking21) The Chairman of the Board of Governors is chosen from among the seven governors and serves a ________, renewable term.A) one-yearB) two-yearC) four-yearD) eight-yearAnswer: CQues Status: Previous EditionAACSB: Reflective Thinking22) While the discount rate is "established" by the regional Federal Reserve Banks, in truth, the rate is determined byA) Congress.B) the president of the United States.C) the Senate.D) the Board of Governors.Answer: DQues Status: Previous EditionAACSB: Reflective Thinking23) Which of the followings is a duty of the Board of Governors of the Federal Reserve System?A) setting margin requirements, the fraction of the purchase price of the securities that has to be paid for with cashB) setting the maximum interest rates payable on certain types of time deposits under Regulation QC) regulating credit with the approval of the president under the Credit Control Act of 1969D) All governors advise the president of the United States on economic policy.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking24) Which of the followings is NOT a current duty of the Board of Governors of the Federal Reserve System?A) setting margin requirements, the fraction of the purchase price of the securities that has to be paid for with cashB) setting the maximum interest rates payable on certain types of time deposits under Regulation QC) approving the discount rate "established" by the Federal Reserve banksD) voting on the conduct of open market operationsAnswer: BQues Status: Previous EditionAACSB: Reflective Thinking25) The Federal Open Market Committee usually meets ________ times a year.A) fourB) sixC) eightD) twelveAnswer: CQues Status: Previous EditionAACSB: Reflective Thinking26) The Federal Reserve entity that makes decisions regarding the conduct of open market operations is theA) Board of Governors.B) chairman of the Board of Governors.C) Federal Open Market Committee.D) Open Market Advisory Council.Answer: CQues Status: Previous EditionAACSB: Reflective Thinking27) The Federal Open Market Committee consists of theA) five senior members of the seven-member Board of Governors.B) seven members of the Board of Governors and seven presidents of the regional Fed banks.C) seven members of the Board of Governors and five presidents of the regional Fed banks.D) twelve regional Fed bank presidents and the chairman of the Board of Governors. Answer: CQues Status: Previous EditionAACSB: Reflective Thinking28) The majority of members of the Federal Open Market Committee areA) Federal Reserve Bank presidents.B) members of the Federal Advisory Council.C) presidents of member banks.D) the seven members of the Board of Governors.Answer: DQues Status: Previous EditionAACSB: Reflective Thinking29) Each Fed bank president attends FOMC meetings; although only ________ Fed bank presidents vote on policy, all ________ provide input.A) three; tenB) five; tenC) three; twelveD) five; twelveAnswer: DQues Status: Previous EditionAACSB: Reflective Thinking30) Although reserve requirements and the discount rate are not actually set by the ________, decisions concerning these policy tools are effectively made there.A) Federal Reserve Bank of New YorkB) Board of GovernorsC) Federal Open Market CommitteeD) Federal Reserve BanksAnswer: CQues Status: Previous EditionAACSB: Reflective Thinking31) The research document given to the Federal Open Market Committee that contains information on the state of the economy in each Federal Reserve district is called theA) beige book.B) green book.C) blue book.D) black book.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking32) The teal book is the Fed research document containingA) the forecast of national economic variables for the next three years.B) forecasts of the money aggregates conditional on different monetary policy stances.C) information on the state of the economy in each Federal Reserve district.D) both A and B.E) A, B and C.Answer: DQues Status: Previous EditionAACSB: Reflective Thinking33) The Federal Open Market Committee's "balance of risks" is an assessment of whether, in the future, its primary concern will beA) higher exchange rates or higher unemployment.B) higher inflation or a stronger economy.C) higher inflation or a weaker economy.D) lower inflation or a stronger economy.Answer: CQues Status: Previous EditionAACSB: Reflective Thinking34) Subject to the approval of the Board of Governors, the decision of choosing the president ofa district Federal Reserve Bank is made byA) all nine district bank directors.B) the six district bank directors elected by the member banks.C) three district bank directors who are professional bankers.D) district bank directors who are not professional bankers.E) class A and class B directors.Answer: DQues Status: Previous EditionAACSB: Ethical Understanding and Reasoning Abilities35) Why does the Federal Reserve Bank of New York play a special role within the Federal Reserve System?Answer: The New York district contains the largest banks in the country. The New York Fed supervises and examines these banks to insure their soundness and the safety of the nation's financial system. The New York Fed conducts open market operations and foreign exchange transactions for the Fed and Treasury. The New York Fed belongs to the Bank for International Settlements, so its president and the chairman of the Board of Governors represent the U.S. at the monthly meetings of the world's central banks. The New York Fed president is the only president of a regional Fed who is a permanent voting member of the FOMC.Ques Status: Previous EditionAACSB: Reflective Thinking36) Who are the voting members of the Federal Open Market Committee and why is this committee important? Where does the power lie within this committee?Answer: The FOMC determines the monetary policy of the United States through its decisions about open market operations. It also effectively determines the discount rate and reserve requirements. The seven members of the Board of Governors, the president of the New York Fed, and four of the other eleven regional bank presidents are voting members on a rotating basis. Within the FOMC, the chairman of the Board of Governors wields the power.Ques Status: Previous EditionAACSB: Reflective Thinking13.3 How Independent is the Fed?1) Instrument independence is the ability of ________ to set monetary policy ________.A) the central bank; goalsB) Congress; goalsC) Congress; instrumentsD) the central bank; instrumentsAnswer: DQues Status: Previous EditionAACSB: Reflective Thinking2) The ability of a central bank to set monetary policy instruments isA) political independence.B) goal independence.C) policy independence.D) instrument independence.Answer: DQues Status: Previous EditionAACSB: Reflective Thinking3) Goal independence is the ability of ________ to set monetary policy ________.A) the central bank; goalsB) Congress; goalsC) Congress; instrumentsD) the central bank; instrumentsAnswer: AQues Status: Previous EditionAACSB: Reflective Thinking4) The ability of a central bank to set monetary policy goals isA) political independence.B) goal independence.C) policy independence.D) instrument independence.Answer: BQues Status: Previous EditionAACSB: Reflective Thinking5) Members of Congress are able to influence monetary policy, albeit indirectly, through their ability toA) withhold appropriations from the Board of Governors.B) withhold appropriations from the Federal Open Market Committee.C) propose legislation that would force the Fed to submit budget requests to Congress, as must other government agencies.D) instruct the General Accounting Office to audit the foreign exchange market functions of the Federal Reserve.Answer: CQues Status: Previous EditionAACSB: Reflective Thinking6) Explain two concepts of central bank independence. Is the Fed politically independent? Why do economists think central bank independence is important?Answer: Instrument independence is the ability of the central bank to set its instruments, and goal independence is the ability of a central bank to set its goals. The Fed enjoys both types of independence. The Fed is largely independent of political pressure due to its earnings and the conditions of appointment of the Board of Governors and its chairman. However, some political pressure can be applied through the threat or enactment of legislation affecting the Fed. Independence is important because there is some evidence that independent central banks pursue lower rates of inflation without harming overall economic performance.Ques Status: Previous EditionAACSB: Reflective Thinking13.4 Should the Fed Be Independent?1) The case for Federal Reserve independence does NOT include the idea thatA) political pressure would impart an inflationary bias to monetary policy.B) a politically insulated Fed would be more concerned with long-run objectives and thus be a defender of a sound dollar and a stable price level.C) policy is always performed better by an elite group such as the Fed.D) a Federal Reserve under the control of Congress or the president might make the so-called political business cycle more pronounced.Answer: CQues Status: Previous EditionAACSB: Reflective Thinking2) The political business cycle refers to the phenomenon that just before elections, politicians enact ________ policies. After the elections, the bad effects of these policies (for example,________ ) have to be counteracted with ________ policies.A) expansionary; higher unemployment; contractionaryB) expansionary; a higher inflation rate; contractionaryC) contractionary; higher unemployment; expansionaryD) contractionary; a higher inflation rate; expansionaryAnswer: BQues Status: Previous EditionAACSB: Analytical Thinking3) The strongest argument for an independent Federal Reserve rests on the view that subjecting the Fed to more political pressures would impartA) an inflationary bias to monetary policy.B) a deflationary bias to monetary policy.C) a disinflationary bias to monetary policy.D) a countercyclical bias to monetary policy.Answer: AQues Status: Previous EditionAACSB: Ethical Understanding and Reasoning Abilities4) Critics of the current system of Fed independence contend thatA) the current system is undemocratic.B) voters have too much say about monetary policy.C) the president has too much control over monetary policy on a day-to-day basis.D) the Board of Governors is held responsible for policy missteps.Answer: AQues Status: Previous EditionAACSB: Diverse and Multicultural Work Environments5) Recent research indicates that inflation performance (low inflation) has been found to be best in countries withA) the most independent central banks.B) political control of monetary policy.C) money financing of budget deficits.D) a policy of always keeping interest rates low.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking6) Make the case for and against an independent Federal Reserve.Answer: Case for: 1. An independent Federal Reserve can shield the economy from the political business cycle, and it will be less likely to have an inflationary bias to monetary policy. 2. Control of the money supply is too important to leave to inexperienced politicians.Case against: 1. It is undemocratic to have monetary policy be controlled by a small number of individuals that are not accountable. 2. In the past, an independent Fed has not used its freedom wisely. 3. Its independence may encourage it to pursue its own self-interest rather than the public's interest.Ques Status: Previous EditionAACSB: Ethical Understanding and Reasoning Abilities13.5 Explaining Central Bank Behavior1) The theory of bureaucratic behavior suggests that the objective of a bureaucracy is to maximizeA) the public's welfare.B) profits.C) its own welfare.D) conflict with the executive and legislative branches of government.Answer: CQues Status: Previous EditionAACSB: Reflective Thinking2) The theory of bureaucratic behavior when applied to the Fed helps to explain why the FedA) was supportive of congressional attempts to limit the central bank's autonomy.B) was so secretive about the conduct of future monetary policy.C) sought less control over banks in the 1980s.D) was willing to take on powerful groups that may threaten its autonomy.Answer: BQues Status: Previous EditionAACSB: Reflective Thinking3) What is the theory of bureaucratic behavior and how can it be used to explain the behavior of the Federal Reserve?Answer: The theory of bureaucratic behavior concludes that the main objective of any bureaucracy is to maximize its own welfare, which is related to power and prestige. This can explain why the Federal Reserve has defended its autonomy, avoids conflict with Congress and the president, and its push to gain more control over banks.Ques Status: Previous EditionAACSB: Analytical Thinking13.6 Structure and Independence of the European Central Bank1) Under the European System of Central Banks, the Executive Board is similar in structure to the ________ of the Federal Reserve System.A) Board of GovernorsB) Federal Open Market CommitteeC) Federal Reserve BanksD) Federal Advisory CouncilAnswer: AQues Status: Previous EditionAACSB: Reflective Thinking2) Under the European System of Central Banks, the Governing Council is similar in structure to the ________ of the Federal Reserve System.A) Board of GovernorsB) Federal Open Market CommitteeC) Federal Reserve BanksD) Federal Advisory CouncilAnswer: BQues Status: Previous EditionAACSB: Reflective Thinking3) Under the European System of Central Banks, the National Central Banks have the same role as the ________ of the Federal Reserve System.A) Board of GovernorsB) Federal Open Market CommitteeC) Federal Reserve BanksD) Federal Advisory CouncilAnswer: CQues Status: Previous EditionAACSB: Reflective Thinking4) Members of the Executive Board of the European System of Central Banks are appointed to ________ year, nonrenewable terms.A) fourB) eightC) tenD) fourteenAnswer: BQues Status: Previous EditionAACSB: Reflective Thinking5) Which of the following statements comparing the European System of Central Banks and the Federal Reserve System is TRUE?A) The budgets of the Federal Reserve Banks are controlled by the Board of Governors, while the National Central Banks control their own budgets and the budget of the European Central Bank.B) The European Central Bank has similar power over the National Central Banks when compared to the level of power the Board of Governors has over the Federal Reserve Banks. C) Just like the Federal Reserve System, monetary operations are centralized in the European System of Central Banks with the European Central Bank.D) None of the above.Answer: AQues Status: RevisedAACSB: Reflective Thinking6) The Governing Council usually meets ________ times a year.A) fourB) sixC) eightD) twelveAnswer: DQues Status: Previous EditionAACSB: Reflective Thinking7) In the Governing Council, the decision of what policy to implement is made byA) majority vote of the Executive Board members.B) majority vote of the heads of the National Banks.C) consensus.D) majority vote of all members of the Governing Council.Answer: CQues Status: Previous EditionAACSB: Reflective Thinking8) The central bank which is generally regarded as the most independent in the world because its charter cannot be changed by legislation is theA) Bank of England.B) Bank of Canada.C) European Central Bank.D) Bank of Japan.Answer: CQues Status: Previous EditionAACSB: Reflective Thinking9) Explain the similarities and differences between the European System of Central Banks and the Federal Reserve System.Answer: The similarities between the two are in their structure. The National Central Banks of the member countries of the Eurosystem have the same role as the Federal Reserve Banks in the Federal Reserve System. The Executive Board and the Governing Council of the Eurosystem resemble the Board of Governors and the Federal Open Market Committee of the Federal Reserve System, respectively. There are three major differences between the two. The first difference is concerning the control of the budgets. In the Fed, the Board of Governors controls the budgets of the Reserve Banks while in the Eurosystem, the National Banks control the budget of the European Central Bank. The second difference is the monetary operations of the Eurosystem are conducted by the National Banks, so they are not as centralized as the monetary operations in the Federal Reserve System.Ques Status: RevisedAACSB: Reflective Thinking13.7 Structure and Independence of Other Foreign Central Banks1) On paper, the Bank of Canada has ________ instrument independence and ________ goal independence when compared to the Federal Reserve System.A) less; lessB) less; moreC) more; lessD) more; moreAnswer: AQues Status: Previous EditionAACSB: Reflective Thinking2) The oldest central bank, having been founded in 1694, is theA) Bank of England.B) Deutsche Bundesbank.C) Bank of Japan.D) Federal Reserve System.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking3) While legislation enacted in 1998 granted the Bank of Japan new powers and greater autonomy, its critics contend that its independence isA) limited by the Ministry of Finance's veto power over a portion of its budget.B) too great because it need not pursue a policy of price stability even if that is the popular will of the people.C) too great since the Ministry of Finance no longer has veto power over the bank's budget.D) limited since the Ministry of Finance can dismiss senior bank officials.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking4) Regarding central bank independenceA) the Fed is more independent than the European Central Bank.B) the European Central Bank is more independent than the Fed.C) the trend in industrialized nations has been to reduce central bank independence.D) the Bank of England has the longest tradition of independence of any central bank in the world.Answer: BQues Status: Previous EditionAACSB: Reflective Thinking5) The trend in recent years is that more and more governmentsA) have been granting greater independence to their central banks.B) have been reducing the independence of their central banks to make them more accountable for poor economic performance.C) have mandated that their central banks focus on controlling inflation.D) have required their central banks to cooperate more with their Ministers of Finance. Answer: AQues Status: Previous EditionAACSB: Reflective Thinking6) Which of the following statements about central bank structure and independence is TRUE?A) In recent years, with the exception of the Bank of England and the Bank of Japan, most countries have reduced the independence of their central banks, subjecting them to greater democratic control.B) Before the Bank of England was granted greater independence, the Federal Reserve was the most independent of the world's central banks.C) Both theory and experience suggest that more independent central banks produce better monetary policy.D) While the European Central Bank is independent, it is not as independent as the Federal Reserve.Answer: CQues Status: Previous EditionAACSB: Reflective Thinking。
货币金融学(第十二版)英文版题库及答案Web chapter 1
Economics of Money, Banking, and Financial Markets, 12e (Mishkin)Chapter 26 Web Chapter 1: Financial Crises in Emerging Market Economies26.1 Dynamics of Financial Crises in Emerging Market Economies1) Financial crises generally develop along two basic pathsA) mismanagement of financial liberalization/globalization and severe fiscal imbalances.B) stock market declines and severe fiscal imbalances.C) mismanagement of financial liberalization/globalization and stock market declines.D) stock market declines and unanticipated declines in the value of the domestic currency. Answer: AQues Status: Previous EditionAACSB: Reflective Thinking2) In emerging market countries, the deterioration in bank's balance sheets has more ________ effects on lending and economic activity than in advanced countries.A) negativeB) positiveC) affirmingD) advancingAnswer: AQues Status: Previous EditionAACSB: Reflective Thinking3) All of the following might create problems from financial liberalization in emerging countries EXCEPTA) ineffective screening of borrowers.B) limits on risk-taking.C) lax government supervision of banks.D) lenders failure to monitor borrowers.Answer: BQues Status: Previous EditionAACSB: Reflective Thinking4) The mismanagement of financial liberalization in emerging market countries can be understood as a severeA) principal/agent problem.B) asymmetric information problem.C) lemons problem.D) free-rider problem.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking5) Factors likely to cause a financial crisis in emerging market countries includeA) severe fiscal imbalances.B) decreases in foreign interest rates.C) a foreign exchange crisis.D) too strong oversight of the financial industry.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking6) The two key factors that trigger speculative attacks on emerging market currencies areA) deterioration in bank balance sheets and severe fiscal imbalances.B) deterioration in bank balance sheets and low interest rates abroad.C) low interest rates abroad and severe fiscal imbalances.D) low interest rates abroad and rising asset prices.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking7) Severe fiscal imbalances can directly trigger a currency crisis sinceA) investors fear that the government may not be able to pay back the debt and so begin to sell domestic currency.B) the government may stop printing money.C) the government may have to cut back on spending.D) the currency must surely increase in value.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking8) In emerging market countries, many firms have debt denominated in foreign currency like the dollar or yen. A depreciation of the domestic currencyA) results in increases in the firm's indebtedness in domestic currency terms, even though the value of their assets remains unchanged.B) results in an increase in the value of the firm's assets.C) means that the firm does not owe as much on their foreign debt.D) strengthens their balance sheet in terms of the domestic currency.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking9) A sharp depreciation of the domestic currency after a currency crisis leads toA) higher inflation.B) lower import prices.C) lower interest rates.D) decrease in the value of foreign currency-denominated liabilities.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking10) The key factor leading to the financial crises in Mexico and the East Asian countries wasA) a deterioration in banks' balance sheets because of increasing loan losses.B) severe fiscal imbalances.C) a sharp increase in the stock market.D) a sharp decline in interest rates.Answer: AQues Status: Previous EditionAACSB: Application of Knowledge11) Factors that led to worsening conditions in Mexico's 1994-1995 financial markets includeA) failure of the Mexican oil monopoly.B) the ratification of the North American Free Trade Agreement.C) increased uncertainty from political shocks.D) decline in interest rates.Answer: CQues Status: Previous EditionAACSB: Application of Knowledge12) Factors that led to worsening financial market conditions in East Asia in 1997-1998 includeA) weak supervision by bank regulators.B) a rise in interest rates abroad.C) unanticipated increases in the price level.D) increased uncertainty from political shocks.Answer: AQues Status: Previous EditionAACSB: Application of Knowledge13) Factors that led to worsening conditions in Mexico's 1994-1995 financial markets, but did not lead to worsening financial market conditions in East Asia in 1997-1998 includeA) rise in interest rates abroad.B) bankers' lack of expertise in screening and monitoring borrowers.C) deterioration of banks' balance sheets because of increasing loan losses.D) stock market decline.Answer: AQues Status: Previous EditionAACSB: Application of Knowledge14) Argentina's financial crisis was due toA) poor supervision of the banking system.B) a lending boom prior to the crisis.C) fiscal imbalances.D) lack of expertise in screening and monitoring borrowers at banking institutions.Answer: CQues Status: Previous EditionAACSB: Application of Knowledge15) A feature of debt markets in emerging-market countries is that debt contracts are typicallyA) very short term.B) long term.C) intermediate term.D) perpetual.Answer: AQues Status: Previous EditionAACSB: Analytical Thinking16) The economic hardship resulting from a financial crises is severe, however, there are also social consequences such asA) increased crime.B) difficulty getting a loan.C) currency devaluations.D) loss of output.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking17) Before the South Korean financial crisis, sales by the top five chaebols (family-owned conglomerates) wereA) nearly 50% of GDP.B) about 10% of GDP.C) almost 90% of GDP.D) nearly 25% of GDP.Answer: AQues Status: Previous EditionAACSB: Application of Knowledge18) The chaebols encouraged the Korean government to open up Korean financial markets to foreign capital. The Korean government responded byA) allowing unlimited short-term foreign borrowing but maintained quantity restrictions on long-term foreign borrowing by financial institutions.B) allowing unlimited short-term and long-term foreign borrowing by financial institutions.C) maintaining quantity restrictions on short-term foreign borrowing but allowing unlimited long-term foreign borrowing by financial institutions.D) not allowing any foreign borrowing by financial institutions.Answer: AQues Status: Previous EditionAACSB: Application of Knowledge19) At the time of the South Korean financial crisis, the government allowed many chaebol owned finance companies to convert to merchant banks. Finance companies ________ allowed to borrow abroad and merchant banks ________.A) were not; could borrow abroadB) were not; could not borrow abroadC) were; could borrow abroadD) were; could not borrow abroadAnswer: AQues Status: Previous EditionAACSB: Application of Knowledge20) At the time of the South Korean financial crisis, the merchant banks wereA) almost virtually unregulated.B) subject to heavy government regulation.C) engaged in long-term lending to the corporate sector.D) restricted to long-term foreign borrowing.Answer: AQues Status: Previous EditionAACSB: Application of Knowledge21) What two key factors trigger speculative attacks leading to currency cries in emerging market countries?Answer: The deterioration in bank balance sheets and severe fiscal imbalances are the key factors. To counter a speculative attack, a country might try to raise interest rates. Raising interest rates, however, would worsen the problem of banks that are already in trouble. Speculators recognize this and seize the opportunity. When their are severe fiscal imbalances, there is concern that government debt will not be paid back. Funds are pulled out of the country and domestic currency is sold leading to a decline in the value of the domestic currency. Speculators will once again seize the opportunity.Ques Status: Previous EditionAACSB: Reflective Thinking。
货币金融学课后习题答案
第一章课后习题答案一、关键词1.货币(money;currency)从商品中分离出来固定地充当一般等价物的商品。
现代货币:是指以某一权力机构为依托,在一定时期一定地域内推行的一种可以执行交换媒介、价值尺度、延期支付标准及作为完全流动的财富的储藏手段等功能的凭证。
一般可以分为纸凭证及电子凭证,就是人们常说的纸币及电子货币。
2.信用货币(credit money)由国家法律规定的,强制流通不以任何贵金属为基础的独立发挥货币职能的货币。
目前世界各国发行的货币,基本都属于信用货币。
3.货币职能(monetary functions)货币本质所决定的内在功能。
货币的职能主要包括了价值尺度、流通手段、贮藏手段、支付手段和国际货币这五大职能。
4.货币层次(monetary levels)货币层次的划分:M1=现金+活期存款;M2=M1+储蓄存款+定期存款;M3=M2+其他所有存款;M4=M3+短期流动性金融资产。
这样划分的依据是货币的流动性。
5.流动性(liquidity)资产能够以一个合理的价格顺利变现的能力,它是一种所投资的时间尺度(卖出它所需多长时间)和价格尺度(与公平市场价格相比的折扣)之间的关系。
6.货币制度(monetary system)国家对货币的有关要素、货币流通的组织与管理等加以规定所形成的制度,完善的货币制度能够保证货币和货币流通的稳定,保障货币正常发挥各项职能。
二、重要概念1.价值形式商品的价值表现形式。
商品的价值不能自我表现,必须在两种商品的交换中通过另一种商品表现出来。
2.一般等价物从商品中分离出来的充当其它一切商品的统一价值表现材料的商品,它的出现,是商品生产和交换发展的必然结果。
3.银行券由银行(尤指中央银行)发行的一种票据,俗称钞票。
早期银行券由商业银行分散发行,代替金属货币流通,通过与金属货币的兑现维持其价值。
中央银行产生以后,银行券由中央银行垄断发行,金属货币制度崩溃后,银行券成为不兑现的纸制信用货币。
《货币金融学》课后习题答案
《货币金融学》课后习题答案《货币金融学》课后习题答案一、论述题1、什么是货币?货币的职能是什么?答:货币是一种在商品和劳务交易中充当等价物,具有一定形状和形式的财富。
它的职能包括交换媒介、计价单位、价值储藏和延期支付标准。
2、解释并评价三种货币定义:交换媒介、偿债工具和价值储藏。
答:交换媒介是货币最基本的功能,它使商品和劳务的交换变得更加便利。
偿债工具是指货币可以用来偿还债务,例如债券和票据等。
价值储藏是将货币作为一种保存价值的手段,在将来进行使用。
这三种定义各有优缺点,需要根据实际情况进行综合评价。
3、论述货币需求的主要影响因素。
答:货币需求的主要影响因素包括经济增长、利率、物价水平、金融市场发展程度、消费倾向等。
其中,经济增长和利率对货币需求有显著影响,物价水平和金融市场发展程度也会对货币需求产生影响。
二、分析题1、分析货币供给的主要决定因素。
答:货币供给的主要决定因素包括中央银行的基础货币、商业银行的存款创造能力、金融市场的发达程度、利率、物价水平等。
其中,中央银行的基础货币是影响货币供给的最重要因素,商业银行的存款创造能力也会对货币供给产生显著影响。
此外,金融市场的发展程度和利率也会对货币供给产生影响。
2、分析货币政策的影响因素及其传导机制。
答:货币政策的影响因素包括经济增长、通货膨胀、就业情况、国际收支状况等。
其传导机制包括货币渠道和信用渠道。
其中,货币渠道是通过调整货币供应量来影响利率,进而影响投资和总产出。
信用渠道则是通过影响银行贷款的可得性来影响投资和总产出。
三、计算题1、假设某国基础货币为1000亿美元,活期存款的法定准备金率为0.1%,现金漏损率为0.2%,请计算该国商业银行的存款创造能力。
答:根据商业银行的存款创造能力公式,存款=1/法定准备金率 - 现金漏损率,可计算出该国商业银行的存款创造能力为990亿美元。
2、假设某国经济增长率为3%,物价上涨率为2%,请计算该国的实际经济增长率。
货币金融学习题答案汇总
金钱练习一、选择题(包括单项选择和多项选择)1.货币的两个基本功能是()。
a、交易媒介B、支付手段C、价值尺度D、价值贮藏2.货币在执行()函数时可以是概念上的货币。
a、交易媒介B、价值贮藏C、支付手段D、价值尺度3.下列哪种说法不属于信用货币的特点()。
a、与金属货币B挂钩,是一种信用凭证c、依靠银行信用和政府信用而流通的D、有足够价值的货币。
4.在中国的货币等级体系中,现金一般分为()级:a、M0B、M1C、M2D、M35.虚拟金本位也叫()。
a、金币本位制B、金条本位制C、生金本位制D、金汇兑本位制6.金银复合标准体系的主要缺陷是()。
a、造成价值尺度的多重性B、违反排他性和独占性c、引起汇率的波动D、导致货币的缺乏。
7.金银双本位制向金本位制的过渡是()。
a、平行标准B、双重标准c,蹩脚的标准D,金本位8.以下哪个经济体的支付系统效率最低?( )。
A.使用黄金作为商品货币的经济体b .易货经济C.使用不兑现纸币的经济体d .使用货币和储蓄货币的经济体9.在下列哪个经济体中,商品和服务可以直接交换其他商品和服务?( )。
A.使用黄金作为商品货币的经济体b .易货经济C.使用不兑现纸币的经济体d .使用货币和储蓄货币的经济体10.以下哪一项不是货币的目的或功能?( )。
a、价值储存b、交易媒介c、避免通货膨胀的影响D、价值尺度11.下列哪一个是商品货币的例子?( )a,5美元的钞票B,基于美国银行账户签发的支票c、信用卡D、战俘营香烟E、以上选项均正确。
12.以下哪一个是纸币被拒付的例子?( )a,5美元纸币B,20美元金币C.原始社会把贝壳作为货币使用d .战俘营里的香烟二。
是非题(以下问题中,你认为对的√错的×)1.在市场经济中,支票和信用卡都是货币。
( )2.物物交换经济的效率很低,因为要实现它,必须实现“需求的双匹配”。
( )3.货币由于其良好的流动性,通常是人们储存价值的首选。
公司理财精要版原书第12版习题库答案Ross12e_Chapter05_TB
Fundamentals of Corporate Finance, 12e (Ross)Chapter 5 Introduction to Valuation: The Time Value of Money1) Andy deposited $3,000 this morning into an account that pays 5 percent interest, compounded annually. Barb also deposited $3,000 this morning at 5 percent interest, compounded annually. Andy will withdraw his interest earnings and spend it as soon as possible. Barb will reinvest her interest earnings into her account. Given this, which one of the following statements is true?A) Barb will earn more interest in Year 1 than Andy will.B) Andy will earn more interest in Year 3 than Barb will.C) Barb will earn more interest in Year 2 than Andy.D) After five years, Andy and Barb will both have earned the same amount of interest.E) Andy will earn compound interest.2) Nan and Neal are twins. Nan invests $5,000 at 7 percent at age 25. Neal invests $5,000 at 7 percent at age 30. Both investments compound interest annually. Both twins retire at age 60 and neither adds nor withdraws funds prior to retirement. Which statement is correct?A) Nan will have less money when she retires than Neal.B) Neal will earn more interest on interest than Nan.C) Neal will earn more compound interest than Nan.D) If both Nan and Neal wait to age 70 to retire they will have equal amounts of savings.E) Nan will have more money than Neal at any age.3) You are investing $100 today in a savings account. Which one of the following terms refers to the total value of this investment one year from now?A) Future valueB) Present valueC) Principal amountD) Discounted valueE) Invested principal4) Christina invested $3,000 five years ago and earns 2 percent annual interest. By leaving her interest earnings in her account, she increases the amount of interest she earns each year. The way she is handling her interest income is referred to as:A) simplifying.B) compounding.C) aggregating.D) accumulating.E) discounting.5) Art invested $100 two years ago at 8 percent interest. The first year, he earned $8 interest on his $100 investment. He reinvested the $8. The second year, he earned $8.64 interest on his $108 investment. The extra $.64 he earned in interest the second year is referred to as:A) free interest.B) bonus income.C) simple interest.D) interest on interest.E) present value interest.6) The interest earned on both the initial principal and the interest reinvested from prior periods is called:A) free interest.B) dual interest.C) simple interest.D) interest on interest.E) compound interest.7) Renee invested $2,000 six years ago at 4.5 percent interest. She spends all of her interest earnings immediately so she only receives interest on her initial $2,000 investment. Which type of interest is she earning?A) Free interestB) Complex interestC) Simple interestD) Interest on interestE) Compound interest8) Kurt won a lottery and will receive $1,000 a year for the next 50 years. The current value of these winnings is called the:A) single amount.B) future value.C) present value.D) simple amount.E) compounded value.9) Terry is calculating the present value of a bonus he will receive next year. The process he is using is called:A) growth analysis.B) discounting.C) accumulating.D) compounding.E) reducing.10) Steve just computed the present value of a $10,000 bonus he will receive next year. The interest rate he used in his computation is referred to as the:A) current yield.B) effective rate.C) compound rate.D) simple rate.E) discount rate.11) The process of determining the present value of future cash flows in order to know their value today is referred to as:A) compound interest valuation.B) interest on interest valuation.C) discounted cash flow valuation.D) future value interest factoring.E) complex factoring.12) Sam just opened a savings account paying 3.5 percent interest, compounded annually. After four years, the savings account will be worth $5,000. Assume there are no additional deposits or withdrawals. Given this, Sam:A) will earn the same amount of interest each year for four years.B) will earn simple interest on his savings every year for four years.C) could have deposited less money today and still had $5,000 in four years if the account paid a higher rate of interest.D) has an account currently valued at $5,000.E) could earn more interest on this account if the interest earnings were withdrawn annually.13) This afternoon, you deposited $1,000 into a retirement savings account. The account will compound interest at 6 percent annually. You will not withdraw any principal or interest until you retire in 40 years. Which one of the following statements is correct?A) The interest you earn in Year 6 will equal the interest you earn in Year 10.B) The interest amount you earn will double in value every year.C) The total amount of interest you will earn will equal $1,000 × .06 × 40.D) The present value of this investment is equal to $1,000.E) The future value of this amount is equal to $1,000 × (1 + 40).06.14) Your grandmother has promised to give you $10,000 when you graduate from college. If you speed up your graduation by one year and graduate two years from now rather than the expected three years, the present value of this gift will:A) remain constant.B) increase.C) decrease.D) equal $10,000.E) be less than $10,000.15) Chang Lee is going to receive $20,000 six years from now. Soo Lee is going to receive $20,000 nine years from now. Which one of the following statements is correct if both individuals apply a discount rate of 7 percent?A) The present values of Chang Lee's and Soo Lee's money are equal.B) In future dollars, Soo Lee's money is worth more than Chang Lee's money.C) In today's dollars, Chang Lee's money is worth more than Soo Lee's.D) Twenty years from now, the value of Chang Lee's money will equal the value of Soo Lee's money.E) Soo Lee's money is worth more than Chang Lee's money given the 7 percent discount rate.16) Which one of the following variables is the exponent in the present value formula?A) Present valueB) Future valueC) Interest rateD) Number of time periodsE) There is no exponent in the present value formula.17) Your goal is to have $1 million in your retirement savings on the day you retire. To fund this goal, you will make one lump sum deposit today. If you plan to retire ________ rather than________ and earn a ________ rate of interest, then you can deposit a smaller lump sum today.A) sooner; later; lowB) sooner; later; highC) later; sooner; highD) later; sooner; lowE) today; later; high18) Which one of the following will produce the lowest present value interest factor?A) 6 percent interest for 5 yearsB) 6 percent interest for 8 yearsC) 6 percent interest for 10 yearsD) 8 percent interest for 5 yearsE) 8 percent interest for 10 years19) Which one of these will increase the present value of a set amount to be received sometime in the future?A) Increase in the time until the amount is receivedB) Increase in the discount rateC) Decrease in the future valueD) Decrease in the interest rateE) Decrease in both the future value and the number of time periods20) What is the relationship between the present value and future value interest factors?A) The present value and future value factors are equal to each other.B) The present value factor is the exponent of the future value factor.C) The future value factor is the exponent of the present value factor.D) The factors are reciprocals of each other.E) There is no relationship between these two factors.21) Phillippe invested $1,000 ten years ago and expected to have $1,800 today He has neither added nor withdrawn any money since his initial investment. All interest was reinvested and compounded annually. As it turns out, he only has $1,680 in his account today. Which one of the following must be true?A) He earned simple interest rather than compound interest.B) He earned a lower interest rate than he expected.C) He did not earn any interest on interest as he expected.D) He ignored the Rule of 72 which caused his account to decrease in value.E) The future value interest factor turned out to be higher than he expected.22) Al invested $3,630 in an account that pays 6 percent simple interest. How much money will he have at the end of five years?A) $4,910B) $5,056C) $4,719D) $4,678E) $5,29923) Alex invested $2,550 in an account that pays 5 percent simple interest. How much money will he have at the end of four years?A) $2,650.00B) $3,100.26C) $3,060.00D) $3,250.00E) $3,099.5424) Marti's coin collection contains fifty 1948 silver dollars. Her grandparents purchased them at their face value in 1948. These coins have appreciated by 7.6 percent annually. How much will the collection be worth in 2025?A) $13,611.18B) $18,987.56C) $14,122.01D) $11,218.27E) $14,077.1625) You invested $6,500 at 6 percent simple interest. How much more could you have earned over a 10-year period if the interest had compounded annually?A) $1,049.22B) $930.11C) $1,182.19D) $1,201.15E) $1,240.5126) Travis invested $8,000 in an account that pays 4 percent simple interest. How much more could he have earned over a 7-year period if the interest had compounded annually?A) $291.41B) $287.45C) $302.16D) $266.67E) $258.0927) What is the future value of $11,600 invested for 17 years at 7.25 percent compounded annually?A) $32,483.60B) $27,890.87C) $38,991.07D) $41,009.13E) $38,125.2028) Today, you earn a salary of $31,000. What will be your annual salary ten years from now if you receive annual raises of 2.2 percent?A) $38,536.36B) $37,414.06C) $38,235.24D) $37,122.08E) $36,736.0029) You own a classic car currently valued at $64,000. If the value increases by 2.5 percent annually, how much will the car be worth 15 years from now?A) $94,035.00B) $86,008.17C) $80,013.38D) $92,691.08E) $91,480.1830) You hope to buy your dream car five years from now. Today, that car costs $62,500. You expect the price to increase by an average of 2.9 percent per year. How much will your dream car cost by the time you are ready to buy it?A) $73,340.00B) $68,666.67C) $72,103.59D) $66,818.02E) $69,023.1631) This morning, DJ's invested $225,000 to help fund future projects. How much additional money will the firm have three years from now if it can earn an annual interest rate of 4 percent rather than 3.5 percent?A) $3,391.90B) $3,632.88C) $3,008.17D) $4,219.68E) $3,711.0832) You just invested $49,000 that you received as an insurance settlement. How much more will this account be worth in 40 years if you earn an average return of 7.6 percent rather than just 7.1 percent?A) $59,818.92B) $98,509.16C) $140,423.33D) $155,986.70E) $138,342.9133) You have a savings account valued at $1,500 today that earns an annual interest rate of 8.7 percent. How much more would this account be worth if you wait to spend the entire balance in25 years rather than in 20 years?A) $6,306.16B) $4,658.77C) $3,311.18D) $6,907.17E) $4,117.6434) You will receive $15,000 in two years when you graduate. You plan to invest this at an annual interest rate of 6.5 percent. How much money will you have 8 years from now?A) $24,824.94B) $19,381.16C) $21,887.13D) $23,209.19E) $20,414.7335) You just received a $5,000 gift from your grandmother which you have decided to save and then gift to your grandchildren 50 years from now. How much additional money will you gift if you earn 7.5 percent interest rather than 7 percent interest over the next 50 years?A) $39,318.09B) $39,464.79C) $38,211.16D) $37,811.99E) $38,663.6036) You are depositing $4,500 today at an annual interest rate of 7.2 percent. How much additional interest will you earn if you leave the money invested for 45 years instead of 40 years?A) $25,723.08B) $30,185.14C) $22,441.56D) $6,370.69E) $11,590.9337) Today, you have two coins each of which is valued at $100. One coin is expected to appreciate by 5.2 percent annually while the other coin should appreciate by 5.7 percent annually. What will be the difference in the value of the two coins 50 years from now?A) $337.43B) $318.04C) $191.79D) $128.32E) $380.1538) Your father invested a lump sum 28 years ago at 4.05 percent annual interest. Today, he gave you the proceeds of that investment, totalling $48,613.24. How much did your father originally invest?A) $14,929.47B) $16,500.00C) $15,994.70D) $15,500.00E) $16,099.4539) Suppose the first comic book of a classic series was sold in 1954. In 2017, the estimated price for this comic book was $310,000, which is an annual return of 22 percent. For this to be true, what was the original price of the comic book in 1954?A) $1.00B) $.97C) $1.33D) $1.12E) $1.2040) Twenty years from now, you want to spend $175,000 for a fancy car. How much must you deposit as a lump sum today to achieve this goal at an annual interest rate of 6.6 percent?A) $54,208.16B) $48,740.95C) $57,911.08D) $40,019.82E) $51,446.6041) What is the present value of $45,000 to be received 50 years from today if the discount rate is 8 percent?A) $959.46B) $1,147.07C) $841.41D) $1,106.18E) $1,291.0642) You would like to give your child $100,000 to start a career 25 years from now. How much money must you set aside today for this purpose if you can earn 7.5 percent on your investments?A) $15,388.19B) $16,397.91C) $16,817.67D) $15,911.13E) $17,488.3743) You want to have $30,000 saved 5 years from now to buy a house. How much less do you have to deposit today to reach this goal if you can earn 3.5 percent rather than 2.5 percent on your savings? Today's deposit is the only deposit you will make to this savings account.A) $1,256.43B) $891.18C) $1,124.60D) $945.11E) $1,219.0244) Your older sister deposited $2,500 today at 6.5 percent interest for 15 years. However, you can only earn 6.25 percent interest. How much more money must you deposit today than your sister did if you are to have the same amount saved at the end of the 15 years?A) $92.19B) $89.70C) $88.78D) $90.21E) $93.3945) Duane and Thad plan on retiring 27 years from today and plan to have the same amount saved at that time. In preparation for this, Duane is depositing $15,000 today at an annual interest rate of 5.2 percent. How will Thad's deposit amount vary from Duane's if Thad also makes a deposit today but earns an annual interest rate of 6.2 percent?A) $4,118.42 moreB) $4,333.33 lessC) $3,417.09 moreD) $4,274.12 lessE) $3,381.39 less46) When you retire 45 years from now, you want to have $1.25 million saved. You think you can earn an average of 7.6 percent on your investments. To meet your goal, you are trying to decide whether to deposit a lump sum today, or to wait and deposit a lump sum five years from today to fund this goal. How much more will you have to deposit if you wait for five years before making the deposit?A) $17,414.14B) $21,319.47C) $19,891.11D) $20,468.85E) $13,406.7847) Theo wants to have $40,000 for a down payment on a house five years from now. He can either deposit one lump sum today or he can wait one year and deposit a lump sum. Assume an annual interest rate of 3.5 percent. How much additional money must he deposit if he waits for one year rather than making the deposit today?A) $1,001.98B) $986.13C) $1,178.76D) $948.03E) $1,020.1848) Friendly Companies has an unfunded pension liability of $327 million that must be paid in16 years. What is the present value of this liability at a discount rate of 6.24 percent?A) $129,803,162.22B) $111,438,907.11C) $124,147,723.50D) $134,519,484.14E) $121,511,366.6749) You have just received notification that you have won the $1.25 million first prize in the Centennial Lottery. However, the prize will be awarded on your 100th birthday, 79 years from now. The appropriate discount rate is 6.4 percent. What is the present value of your winnings?A) $11,288.16B) $9,300.82C) $10,309.91D) $8,333.33E) $10,500.0050) One year ago, you invested $1,750. Today it is worth $1,815.48. What rate of interest did you earn?A) 3.59 percentB) 4.33 percentC) 3.88 percentD) 3.74 percentE) 4.01 percent51) According to the Rule of 72, you can do which one of the following?A) Approximately double your money in five years at 7.24 percent interestB) Double your money in 7.2 years at 8 percent interestC) Approximately double your money in 11 years at 6.55 percent interestD) Triple your money in 7.2 years at 7.2 percent interestE) Approximately triple your money in 7.2 years at 10 percent interest52) Sixty years ago, your mother invested $4,500. Today, that investment is worth $430,065.11. What is the average annual rate of return she earned on this investment?A) 6.67 percentB) 11.71 percentC) 7.90 percentD) 10.40 percentE) 12.02 percent53) Four years ago, Saul invested $500. Three years ago, Trek invested $600. Today, these two investments are each worth $800. Assume each account continues to earn its respective rate of return. Which one of the following statements is correct concerning these investments?A) Three years from today, Trek's investment will be worth more than Saul's.B) One year ago, Saul's investment was worth less than Trek's investment.C) Trek earns a higher rate of return than Saul.D) Trek has earned an average annual interest rate of 9.86 percent.E) Saul has earned an average annual interest rate of 12.64 percent.54) Towne Station is saving money to build a new loading platform. Three years ago, they set aside $23,000 for this purpose. Today, that account is worth $31,406. What rate of interest is Towne Station earning on this investment?A) 8.39 percentB) 9.47 percentC) 10.94 percentD) 8.23 percentE) 9.01 percent55) Ten years ago, Jackson Supply set aside $125,000 in case of a financial emergency. Today, that account has increased in value to $278,592. What rate of interest is the firm earning on this money?A) 8.80 percentB) 8.34 percentC) 7.75 percentD) 8.01 percentE) 7.87 percent56) Twelve years ago, your parents set aside $8,000 to help fund your college education. Today, that fund is valued at $23,902. What rate of interest is being earned on this account?A) 8.99 percentB) 9.42 percentC) 9.67 percentD) 9.55 percentE) 9.06 percent57) Some time ago, Tracie purchased two acres of land costing $67,900. Today, that land is valued at $64,800. How long has she owned this land if the price of the land has been decreasing by 1.5 percent per year?A) 3.33 yearsB) 2.48 yearsC) 3.09 yearsD) 2.97 yearsE) 2.08 years58) On your tenth birthday, you received $300 which you invested at 4.5 percent interest, compounded annually. Your investment is now worth $756. How old are you today?A) Age 20B) Age 31C) Age 30D) Age 23E) Age 2159) Assume the total cost of a college education will be $245,000 when your child enters college in 15 years. You presently have $108,000 to invest for this purpose. What rate of interest must you earn to cover the cost of your child's college education?A) 5.79 percentB) 5.50 percentC) 5.61 percentD) 6.25 percentE) 6.81 percent60) At 5 percent interest, how long would it take to triple your money?A) 26.55 yearsB) 25.64 yearsC) 24.87 yearsD) 22.52 yearsE) 20.01 years61) Assume the average vehicle selling price in the United States last year was $36,420. The average price five years earlier was $31,208. What was the annual increase in the selling price over this time period?A) 1.67 percentB) 3.14 percentC) 2.56 percentD) 3.01 percentE) 2.89 percent62) You're trying to save to buy a new $68,000 sports car. Currently, you have saved $36,840 which is invested at 4.9 percent annual interest. How many years will it be before you purchase the car, assuming the price of the car remains constant?A) 9.67 yearsB) 17.18 yearsC) 12.81 yearsD) 16.91 yearsE) 10.84 years63) In 1903, the winner of a competition was paid $50. In 2017, the winner's prize was $235,000. What will the winner's prize be in 2040 if the prize continues increasing at the same rate? (Do not round intermediate calculations. Round your answer to the nearest $500.)A) $1,080,000B) $1,176,500C) $1,250,000D) $1,294,000E) $1,188,50064) You will receive $4,000 at graduation 3 years from now. You plan on investing this money at 5 percent annual interest until you have accumulated $50,000. How many years from today will it be when this occurs?A) 51.42 yearsB) 49.08 yearsC) 54.77 yearsD) 48.42 yearsE) 51.77 years。
货币金融学(第十二版)英文版题库及答案chapter 3
Economics of Money, Banking, and Financial Markets, 12e (Mishkin)Chapter 3 What Is Money?3.1 Meaning of Money1) To an economist, ________ is anything that is generally accepted in payment for goods or services or in the repayment of debt.A) wealthB) incomeC) moneyD) creditAnswer: CQues Status: RevisedAACSB: Application of Knowledge2) Money isA) anything that is generally accepted in payment for goods or 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.Answer: AQues Status: RevisedAACSB: Application of Knowledge3) Currency includesA) paper money and coins.B) paper money, coins, and checks.C) paper money and checks.D) paper money, coins, checks, and savings deposits.Answer: AQues Status: Previous EditionAACSB: Analytical Thinking4) Even economists have no single, precise definition of money becauseA) money supply statistics are a state secret.B) the Federal Reserve does not employ or report different measures of the money supply.C) the "moneyness" or liquidity of an asset is a matter of degree.D) economists find disagreement interesting and refuse to agree for ideological reasons. Answer: CQues Status: Previous EditionAACSB: Reflective Thinking5) The total collection of pieces of property that serve to store value is a person'sA) wealth.B) income.C) money.D) credit.Answer: AQues Status: Previous EditionAACSB: Application of Knowledge6) A person's house is part of herA) money.B) income.C) liabilities.D) wealth.Answer: DQues Status: Previous EditionAACSB: Analytical Thinking7) ________ is used to make purchases while ________ is the total collection of pieces of property that serve to store value.A) Money; incomeB) Wealth; incomeC) Income; moneyD) Money; wealthAnswer: DQues Status: Previous EditionAACSB: Reflective Thinking8) ________ is a flow of earnings per unit of time.A) IncomeB) MoneyC) WealthD) CurrencyAnswer: AQues Status: Previous EditionAACSB: Application of Knowledge9) An individual's annual salary is herA) money.B) income.C) wealth.D) liabilities.Answer: BQues Status: Previous EditionAACSB: Analytical Thinking10) When we say that money is a stock variable, we mean thatA) the quantity of money is measured at a given point in time.B) we must attach a time period to the measure.C) it is sold in the equity market.D) money never loses purchasing power.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking11) The difference between money and income is thatA) 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.Answer: BQues Status: Previous EditionAACSB: Reflective Thinking12) Which of the following is a TRUE statement?A) Money and income are flow variables.B) Money is a flow variable.C) Income is a flow variable.D) Money and income are stock variables.Answer: CQues Status: Previous EditionAACSB: Reflective Thinking13) Which of the following statements uses the economists' definition of money?A) I plan to earn a lot of money over the summer.B) Betsy is rich—she has a lot of money.C) I hope that I have enough money to buy my lunch today.D) The job with New Company gave me the opportunity to earn more money. Answer: CQues Status: Previous EditionAACSB: Analytical Thinking14) When we say that income is a flow variable, we mean thatA) we must attach a time period to the measure for it to make sense.B) it is measured at a given point in time.C) it moves through our hands quickly.D) the value is constantly changing.Answer: AQues Status: NewAACSB: Reflective Thinking3.2 Functions of Money1) Of money's three functions, the one that distinguishes money from other assets is its function as aA) store of value.B) unit of account.C) standard of deferred payment.D) medium of exchange.Answer: DQues Status: Previous EditionAACSB: Reflective Thinking2) If peanuts serve as a medium of exchange, a unit of account, and a store of value, then peanuts areA) bank deposits.B) reserves.C) money.D) loanable funds.Answer: CQues Status: Previous EditionAACSB: Reflective Thinking3) ________ are the time and resources spent trying to exchange goods and services.A) Bargaining costsB) Transaction costsC) Contracting costsD) Barter costsAnswer: BQues Status: Previous EditionAACSB: Application of Knowledge4) Compared to an economy that uses a medium of exchange, in a barter economyA) transaction costs are higher.B) transaction costs are lower.C) liquidity costs are higher.D) liquidity costs are lower.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking5) When compared to exchange systems that rely on money, disadvantages of the barter system includeA) the requirement of a double coincidence of wants.B) lowering the cost of exchanging goods over time.C) lowering the cost of exchange to those who would specialize.D) encouraging specialization and the division of labor.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking6) The conversion of a barter economy to one that uses moneyA) increases efficiency by reducing the need to exchange goods and services.B) increases efficiency by reducing the need to specialize.C) increases efficiency by reducing transactions costs.D) does not increase economic efficiency.Answer: CQues Status: Previous EditionAACSB: Reflective Thinking7) Which of the following statements best explains how the use of money in an economy increases economic efficiency?A) Money increases economic efficiency because it is costless to produce.B) Money increases economic efficiency because it discourages specialization.C) Money increases economic efficiency because it decreases transactions costs.D) Money cannot have an effect on economic efficiency.Answer: CQues Status: Previous EditionAACSB: Reflective Thinking8) When economists say that money promotes ________, they mean that money encourages specialization and the division of labor.A) bargainingB) contractingC) efficiencyD) greedAnswer: CQues Status: Previous EditionAACSB: Reflective Thinking9) Money ________ transaction costs, allowing people to specialize in what they do best.A) reducesB) increasesC) enhancesD) eliminatesAnswer: AQues Status: Previous EditionAACSB: Application of Knowledge10) For a commodity to function effectively as money it must beA) easily standardized, making it easy to ascertain its value.B) difficult to make change.C) deteriorate quickly so that its supply does not become too large.D) hard to carry around.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking11) All of the following are necessary criteria for a commodity to function as money EXCEPTA) it must deteriorate quickly.B) it must be divisible.C) it must be easy to carry.D) it must be widely accepted.Answer: AQues Status: Previous EditionAACSB: Analytical Thinking12) Whatever a society uses as money, the distinguishing characteristic is that it mustA) be completely inflation proof.B) be generally acceptable as payment for goods and services or in the repayment of debt.C) contain gold.D) be produced by the government.Answer: BQues Status: Previous EditionAACSB: Reflective Thinking13) All but the most primitive societies use money as a medium of exchange, implying thatA) the use of money is economically efficient.B) barter exchange is economically efficient.C) barter exchange cannot work outside the family.D) inflation is not a concern.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking14) Kevin purchasing concert tickets with a $100 bill is an example of the ________ function of money.A) medium of exchangeB) unit of accountC) store of valueD) specializationAnswer: AQues Status: RevisedAACSB: Analytical Thinking15) When money prices are used to facilitate comparisons of value, money is said to function as aA) unit of account.B) medium of exchange.C) store of value.D) payments-system ruler.Answer: AQues Status: Previous EditionAACSB: Analytical Thinking16) When there are many goods in a barter system,A) transactions costs are minimized.B) there are multiple prices for each good.C) there is only one store of value.D) exchange of services is impossible.Answer: BQues Status: RevisedAACSB: Reflective Thinking17) In a barter economy the number of prices in an economy with N goods isA) [N(N - 1)]/2.B) N(N/2).C) 2N.D) N(N/2) - 1.Answer: AQues Status: Previous EditionAACSB: Analytical Thinking18) If there are five goods in a barter economy, one needs to know ten prices in order to exchange one good for another. If, however, there are ten goods in a barter economy, then one needs to know ________ prices in order to exchange one good for another.A) 20B) 25C) 30D) 45Answer: DQues Status: Previous EditionAACSB: Analytical Thinking19) If there are four goods in a barter economy, then one needs to know ________ prices in order to exchange one good for another.A) 8B) 6C) 5D) 4Answer: BQues Status: Previous EditionAACSB: Analytical Thinking20) Because it is a unit of account, moneyA) increases transaction costs.B) reduces the number of prices that need to be calculated.C) does not earn interest.D) discourages specialization.Answer: BQues Status: Previous EditionAACSB: Reflective Thinking21) Dennis notices that jackets are on sale for $99. In this case money is functioning as aA) medium of exchange.B) unit of account.C) store of value.D) payments-system ruler.Answer: BQues Status: Previous EditionAACSB: Analytical Thinking22) As a store of value, moneyA) does not earn interest.B) cannot be a durable asset.C) must be currency.D) is a way of saving for future purchases.Answer: DQues Status: Previous EditionAACSB: Analytical Thinking23) Patrick places his pocket change into his savings bank on his desk each evening. By his actions, Patrick indicates that he believes that money is aA) medium of exchange.B) unit of account.C) store of value.D) unit of specialization.Answer: CQues Status: Previous EditionAACSB: Analytical Thinking24) ________ is the relative ease and speed with which an asset can be converted into a medium of exchange.A) EfficiencyB) LiquidityC) DeflationD) SpecializationAnswer: BQues Status: Previous EditionAACSB: Application of Knowledge25) Increasing transactions costs of selling an asset make the assetA) more valuable.B) more liquid.C) less liquid.D) more moneylike.Answer: CQues Status: Previous EditionAACSB: Reflective Thinking26) Since it does not have to be converted into anything else to make purchases, ________ is the most liquid asset.A) moneyB) stockC) artworkD) goldAnswer: AQues Status: Previous EditionAACSB: Reflective Thinking27) Of the following assets, the least liquid isA) stocks.B) traveler's checks.C) checking deposits.D) a house.Answer: DQues Status: Previous EditionAACSB: Analytical Thinking28) Ranking assets from most liquid to least liquid, the correct order isA) savings bonds; house; currency.B) currency; savings bonds; house.C) currency; house; savings bonds.D) house; savings bonds; currency.Answer: BQues Status: Previous EditionAACSB: Analytical Thinking29) People hold money even during inflationary episodes when other assets prove to be better stores of value. This can be explained by the fact that money isA) extremely liquid.B) a unique good for which there are no substitutes.C) the only thing accepted in economic exchange.D) backed by gold.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking30) If the price level doubles, the value of moneyA) doubles.B) more than doubles, due to scale economies.C) rises but does not double, due to diminishing returns.D) falls by 50 percent.Answer: DQues Status: Previous EditionAACSB: Analytical Thinking31) A fall in the level of pricesA) does not affect the value of money.B) has an uncertain effect on the value of money.C) increases the value of money.D) reduces the value of money.Answer: CQues Status: Previous EditionAACSB: Analytical Thinking32) A hyperinflation isA) a period of extreme inflation generally greater than 50% per month.B) a period of anxiety caused by rising prices.C) an increase in output caused by higher prices.D) impossible today because of tighter regulations.Answer: AQues Status: Previous EditionAACSB: Analytical Thinking33) During hyperinflationsA) the value of money rises rapidly.B) money no longer functions as a good store of value and people may resort to barter transactions on a much larger scale.C) middle-class savers benefit as prices rise.D) money's value remains fixed to the price level; that is, if prices double so does the value of money.Answer: BQues Status: Previous EditionAACSB: Reflective Thinking34) Because inflation in Germany after World War I sometimes exceeded 1,000% per month, one can conclude that the German economy suffered fromA) deflation.B) disinflation.C) hyperinflation.D) superdeflation.Answer: CQues Status: Previous EditionAACSB: Application of Knowledge35) If merchants in the country Zed choose to close their doors, preferring to be stuck with rotting merchandise rather than worthless currency, then one can conclude that Zed is experiencing aA) superdeflation.B) hyperdeflation.C) disinflation.D) hyperinflation.Answer: DQues Status: Previous EditionAACSB: Reflective Thinking36) During the German hyperinflation after World War I, transactions costs skyrocketed. As a result, not surprisingly, outputA) declined sharply.B) increased dramatically.C) did not change.D) grew at a much smaller pace than prior to the war.Answer: AQues Status: NewAACSB: Application of Knowledge37) Explain how cigarettes could be called "money" in prisoner-of-war camps of World War II. Answer: The cigarettes performed the three functions of money. They served as the medium of exchange because individuals did exchange items for cigarettes. They served as a unit of account because prices were quoted in terms of the number of cigarettes required for the exchange. They served as a store of value because an individual would be willing to save their cigarettes even if they did not smoke because they believed that they could exchange the cigarettes for something that they did want at some time in the future.Ques Status: Previous EditionAACSB: Reflective Thinking3.3 Evolution of the Payments System1) The payments system isA) the method of conducting transactions in the economy.B) used by union officials to set salary caps.C) an illegal method of rewarding contracts.D) used by your employer to determine salary increases.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking2) As the payments system evolves from barter to a monetary system,A) commodity money is likely to precede the use of paper currency.B) transaction costs increase.C) the number of prices that need to be calculated increase rather dramatically.D) specialization decreases.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking3) ________ money could be used for some other purpose other than as a medium of exchange, for example, gold coins could be melted down and turned into gold jewelry.A) CommodityB) FiatC) PaperD) ElectronicAnswer: AQues Status: Previous EditionAACSB: Analytical Thinking4) A disadvantage of ________made from precious metals is that it is very heavy and hard to transport from one place to another.A) commodity moneyB) fiat moneyC) electronic moneyD) paper moneyAnswer: AQues Status: Previous EditionAACSB: Reflective Thinking5) Paper currency that has been declared legal tender but is not convertible into coins or precious metals is called ________ money.A) commodityB) fiatC) electronicD) funnyAnswer: BQues Status: Previous EditionAACSB: Analytical Thinking6) When paper currency is decreed by governments as legal tender, legally it must beA) paper currency backed by gold.B) a precious metal such as gold or silver.C) accepted as payment for debts.D) convertible into an electronic payment.Answer: CQues Status: Previous EditionAACSB: Reflective Thinking7) The evolution of the payments system from barter to precious metals, then to fiat money, then to checks can best be understood as a consequence of the fact thatA) paper is more costly to produce than precious metals.B) precious metals were not generally acceptable.C) precious metals were difficult to carry and transport.D) paper money is less accepted than checks.Answer: CQues Status: Previous EditionAACSB: Reflective Thinking8) As a means of payment, coins have the major drawback that theyA) are heavy and hard to transport.B) are hard to counterfeit.C) are not the most liquid assets.D) must be backed by gold.Answer: AQues Status: RevisedAACSB: Reflective Thinking9) Although ________ currency is lighter than coins made of metals, a disadvantage arising from modern technology is the ease of ________.A) paper; transportB) commodity; counterfeitingC) fiat; transportD) paper; counterfeitingAnswer: DQues Status: Previous EditionAACSB: Information Technology10) An advantage of checks as a method of payment is thatA) they provide convenient receipts for purchases.B) they can never be stolen.C) they are more widely accepted than currency.D) the funds from a deposited check are available for use immediately.Answer: AQues Status: RevisedAACSB: Reflective Thinking11) The evolution of the payments system from barter to precious metals, then to fiat money, then to checks can best be understood as a consequence ofA) government regulations designed to improve the efficiency of the payments system.B) government regulations designed to promote the safety of the payments system.C) innovations that reduced the costs of exchanging goods and services.D) competition among firms to make it easier for customers to purchase their products. Answer: CQues Status: Previous EditionAACSB: Reflective Thinking12) Compared to an electronic payments system, a payments system based on checks has the major drawback thatA) checks are less costly to process.B) checks take longer to process, meaning that it may take several days before the depositor can get her cash.C) fraud may be more difficult to commit when paper receipts are eliminated.D) legal liability is more clearly defined.Answer: BQues Status: Previous EditionAACSB: Reflective Thinking13) Which of the following sequences accurately describes the evolution of the payments system?A) barter, coins made of precious metals, paper currency, checks, electronic funds transfersB) barter, coins made of precious metals, checks, paper currency, electronic funds transfersC) barter, checks, paper currency, coins made of precious metals, electronic funds transfersD) barter, checks, paper currency, electronic funds transfersAnswer: AQues Status: Previous EditionAACSB: Analytical Thinking14) An important characteristic of the modern payments system has been the rapidly increasing use ofA) checks and decreasing use of currency.B) electronic fund transfers.C) commodity monies.D) fiat money.Answer: BQues Status: Previous EditionAACSB: Information Technology15) Which of the following is NOT a form of e-money?A) a debit cardB) a credit cardC) a stored-value cardD) a smart cardAnswer: BQues Status: Previous EditionAACSB: Information Technology16) A smart card is the equivalent ofA) cash.B) savings bonds.C) savings deposits.D) certificates of deposit.Answer: AQues Status: Previous EditionAACSB: Information Technology17) An electronic payments system has not completely replaced the paper payments system because of all of the following reasons EXCEPTA) expensive equipment is necessary to set up the system.B) security concerns.C) privacy concerns.D) transportation costs.Answer: DQues Status: Previous EditionAACSB: Information Technology18) In explaining the evolution of moneyA) government regulation is the most important factor.B) commodity money, because it is valued more highly, tends to drive out paper money.C) new forms of money evolve to lower transaction costs.D) paper money is always backed by gold and therefore more desirable than checks. Answer: CQues Status: Previous EditionAACSB: Reflective Thinking19) A feature of Bitcoin, a new type of electronic money, that make it attractive as a medium of exchange isA) anonymous transactions.B) volatility of value.C) heavy regulations by the central bank.D) wide acceptance by businesses.Answer: AQues Status: Previous EditionAACSB: Application of Knowledge20) Bitcoin fails to satisfy which two of the three functions of money?A) unit of account and store of valueB) medium of exchange and unit of accountC) medium of exchange and store of valueD) bitcoin satisfies all of the functions of moneyAnswer: AQues Status: NewAACSB: Application of Knowledge21) What factors have slowed down the movement to a system where all payments are made electronically?Answer: The equipment necessary to set up the system is expensive, security of the information, and privacy concerns are issues that need to be addressed before an electronic payments system will be widely accepted.Ques Status: Previous EditionAACSB: Reflective Thinking3.4 Measuring Money1) Recent financial innovation makes the Federal Reserve's job of conducting monetary policyA) easier, since the Fed now knows what to consider money.B) more difficult, since the Fed now knows what to consider money.C) easier, since the Fed no longer knows what to consider money.D) more difficult, since the Fed no longer knows what to consider money.Answer: DQues Status: Previous EditionAACSB: Reflective Thinking2) Defining money becomes ________ difficult as the pace of financial innovation ________.A) less; quickensB) more; quickensC) more; slowsD) more; stopsAnswer: BQues Status: Previous EditionAACSB: Information Technology3) Monetary aggregates areA) measures of the money supply reported by the Federal Reserve.B) measures of the wealth of individuals.C) never redefined since "money" never changes.D) reported by the Treasury Department annually.Answer: AQues Status: Previous EditionAACSB: Analytical Thinking4) ________ is the narrowest monetary aggregate that the Fed reports.A) M0B) M1C) M2D) M3Answer: BQues Status: Previous EditionAACSB: Analytical Thinking5) The currency component includes paper money and coins held inA) bank vaults.B) ATMs.C) the hands of the nonbank public.D) the central bank.Answer: CQues Status: Previous EditionAACSB: Analytical Thinking6) The other checkable deposits component of the M1 measure reported by the Federal Reserve includesA) negotiable time deposits.B) money market mutual fund shares.C) automatic transfer from savings accounts.D) money market deposit accounts.Answer: CQues Status: Previous EditionAACSB: Analytical Thinking7) The components of the U.S. M1 money supply are demand deposits and other checkable deposits plusA) currency.B) currency plus savings deposits.C) currency plus traveler's checks.D) currency plus traveler's checks plus money market deposits.Answer: CQues Status: RevisedAACSB: Analytical Thinking8) The M1 measure of money includesA) small denomination time deposits.B) traveler's checks.C) money market deposit accounts.D) money market mutual fund shares.Answer: BQues Status: Previous EditionAACSB: Analytical Thinking9) Which of the following is NOT included in the measure of M1?A) NOW accountsB) demand depositsC) currencyD) savings depositsAnswer: DQues Status: Previous EditionAACSB: Analytical Thinking10) Which of the following is NOT included in the M1 measure of money but is included in the M2 measure of money?A) currencyB) traveler's checksC) demand depositsD) small-denomination time depositsAnswer: DQues Status: Previous EditionAACSB: Analytical Thinking11) Which of the following is included in both M1 and M2?A) currencyB) savings depositsC) small-denomination time depositsD) money market deposit accountsAnswer: AQues Status: Previous EditionAACSB: Analytical Thinking12) Which of the following is NOT included in the monetary aggregate M2?A) currencyB) savings bondsC) traveler's checksD) checking depositsAnswer: BQues Status: Previous EditionAACSB: Analytical Thinking13) Which of the following is included in M2 but NOT in M1?A) NOW accountsB) demand depositsC) currencyD) money market mutual fund shares (retail)Answer: DQues Status: Previous EditionAACSB: Analytical Thinking14) Of the following, the largest measure isA) money market deposit accounts.B) demand deposits.C) M1.D) M2.Answer: DQues Status: RevisedAACSB: Analytical Thinking15) If an individual redeems a U.S. savings bond for currencyA) M1 stays the same and M2 decreases.B) M1 increases and M2 increases.C) M1 increases and M2 stays the same.D) M1 stays the same and M2 stays the same.Answer: BQues Status: Previous EditionAACSB: Analytical Thinking16) If an individual moves money from a small-denomination time deposit to a demand deposit accountA) M1 increases and M2 stays the same.B) M1 stays the same and M2 increases.C) M1 stays the same and M2 stays the same.D) M1 increases and M2 decreases.Answer: AQues Status: Previous EditionAACSB: Analytical Thinking17) If an individual moves money from a demand deposit account to a money market deposit accountA) M1 decreases and M2 stays the same.B) M1 stays the same and M2 increases.C) M1 stays the same and M2 stays the same.D) M1 increases and M2 decreases.Answer: AQues Status: Previous EditionAACSB: Analytical Thinking。
《货币金融学》课后习题参考答案
《货币金融学》课后习题参考答案第一章货币与货币制度1.解释下列概念:狭义货币、广义货币、准货币、实物货币、格雷欣法则(1)狭义货币,通常由现金和活期存款组成。
这里的现金是指流通中的通货。
活期存款,在国外是指全部的活期存款,在我国只包括支票类和信用类活期存款。
狭义货币是现实购买力的代表,是各国货币政策调控的主要对象。
(2)广义货币,通常由现金、活期存款、储蓄存款、定期存款及某些短期流动性金融资产组成。
这里的短期流动性金融资产是指那些人们接受程度较高的可在一定程度上执行货币某些职能的信用工具,如商业票据、可转让存单、国库券、金融债券、保险单、契约等。
广义货币扩大了货币的范围,包括了一切可能成为现实购买力的货币形式。
对于研究货币流通整体状况和对未来货币流通的预测都有独特作用。
(3)准货币,也称亚货币。
一般将广义货币口径中除狭义货币以外的部分称为准货币或亚货币。
包括活期存款、储蓄存款、定期存款及某些短期流动性金融资产组成。
这里的短期流动性金融资产是指那些人们接受程度较高的可在一定程度上执行货币某些职能的信用工具,如商业票据、可转让存单、国库券、金融债券、保险单、契约等。
准货币本身虽非真正的货币,但由于它们在经过一定的手续后,能比较容易地转化为现实的购买力,加大流通中的货币供应量。
所以,也称为近似货币。
(4)实物货币,是指以自然界存在的某种物品或人们生产出来的某种物品来充当的货币。
最初的实物货币形式五花八门,各地、各国和各个时期各不相同。
例如,在中国历史上,充当过实物货币的物品种类就有:龟壳、海贝、布匹、农具、耕牛等。
实物货币的缺点在于:不易分割和保存、不便携带,而且价值不稳定,很难满足商品交换的需要。
所以,它不是理想的货币形式,随后被金属货币所取代。
2.如何理解货币的定义?它与日常生活中的通货、财富和收入概念有何不同?答:(1)货币是日常生活中人们经常使用的一个词,它的涵义丰富,在不同的场合有不同的意义。
《货币金融学》课后习题参考答案
《货币金融学》课后习题参考答案第一章货币与货币制度1.解释下列概念:狭义货币、广义货币、准货币、实物货币、格雷欣法则(1)狭义货币,通常由现金和活期存款组成。
这里的现金是指流通中的通货。
活期存款,在国外是指全部的活期存款,在我国只包括支票类和信用类活期存款。
狭义货币是现实购买力的代表,是各国货币政策调控的主要对象。
(2)广义货币,通常由现金、活期存款、储蓄存款、定期存款及某些短期流动性金融资产组成。
这里的短期流动性金融资产是指那些人们接受程度较高的可在一定程度上执行货币某些职能的信用工具,如商业票据、可转让存单、国库券、金融债券、保险单、契约等。
广义货币扩大了货币的范围,包括了一切可能成为现实购买力的货币形式。
对于研究货币流通整体状况和对未来货币流通的预测都有独特作用。
(3)准货币,也称亚货币。
一般将广义货币口径中除狭义货币以外的部分称为准货币或亚货币。
包括活期存款、储蓄存款、定期存款及某些短期流动性金融资产组成。
这里的短期流动性金融资产是指那些人们接受程度较高的可在一定程度上执行货币某些职能的信用工具,如商业票据、可转让存单、国库券、金融债券、保险单、契约等。
准货币本身虽非真正的货币,但由于它们在经过一定的手续后,能比较容易地转化为现实的购买力,加大流通中的货币供应量。
所以,也称为近似货币。
(4)实物货币,是指以自然界存在的某种物品或人们生产出来的某种物品来充当的货币。
最初的实物货币形式五花八门,各地、各国和各个时期各不相同。
例如,在中国历史上,充当过实物货币的物品种类就有:龟壳、海贝、布匹、农具、耕牛等。
实物货币的缺点在于:不易分割和保存、不便携带,而且价值不稳定,很难满足商品交换的需要。
所以,它不是理想的货币形式,随后被金属货币所取代。
2.如何理解货币的定义?它与日常生活中的通货、财富和收入概念有何不同?答:(1)货币是日常生活中人们经常使用的一个词,它的涵义丰富,在不同的场合有不同的意义。
《货币金融学》课程习题参考答案-第二章-201009[1]
第二章信用一、填空1.偿还性2.私有3.极高的利率4.盈余超过(大于)5.赊销方式6.消费者个人7.国外商业性借贷国外直接投资8.有限责任公司9.银行信用二、判断1.对2.对3.错4.对三、单选1.B 2.A 3.C 4.A 5.C 6.A 7.B四、多选1.BD 2.CD 3.AC 4.AB 5.BD 6.ABCD 7.BCD 8.ABD 9.AC五、问答1.如何理解信用的形式特征?答:信用的形式特征是以收回为条件的付出,或以归还为义务的取得;而且贷者之所以贷出,是因为有权取得利息,借着之所以可能借入,是因为承担了支付利息的义务。
现实生活中有时也有无利息的借贷,但这是由于某种政治目的或经济目的而采取的免除利息的优惠,是一般中的特殊。
西方不少国家的银行对企业的活期存款也往往不支付利息,但存款者可以享受银行的有关服务和取得贷款的某些权利,实际上还是隐含有利息的。
2.简述民间信用的特点及其在我国经济中的地位。
答:从1979年我国经济改革与开放政策开始执行直至今天,特别是农村地区,民间借贷相当活跃,而且利率较高。
但其产生基础并非全是迫于丧葬嫁娶、天灾人祸乃至赌博挥霍之类的紧急需要,有相当大的部分是为了解决经营方面的资金需要。
改革开放为私人的经营活动提供了极大的余地。
他们极其需要货币资金,而高的投资回报又使其有可能支付高水平的利息;换言之,这里的高利率并未达到阻碍经营活动发展的水平。
在相当大的程度上具有高利贷性质的民间借贷,之所以活跃,是由于现代的信用体系尚不足以满足经济生活中的借贷需求。
面对这种情况,显然不应简单排斥、禁止,而应采取积极的方针。
3.为什么说现代经济是信用经济?答:现代经济可以称之为“信用经济”,理由是债权债务关系无所不在,相互交织,形成网络,覆盖着整个经济生活。
对于企业经营单位,时时有借入与贷出。
政府,几乎没有不发行债券的,而各国政府对外国政府,有时是既借债又放债。
个人同样是如此。
就我国来说,如果银行不办理储蓄业务,那将是不可想象的。
货币金融学书后习题及答案
第一章一、单项选择题1.历史上最早出现的货币形态是()。
A.实物货币B.信用货币C.代用货币D.电子货币2.某公司以延期付款方式销售给某商场一批商品,则该商场到期偿还欠款时,货币执行()职能。
A.支付手段B.流通手段C.购买手段D.贮藏手段3.本位货币是()。
A.本国货币当局发行的货币B.以黄金为基础的货币C.一个国家货币制度规定的标准货币D.可以与黄金兑换的货币4.在一国货币制度中,()是不具有无限法偿能力的货币。
A.主币B.本位币C.辅币D.都不是5.格雷欣法则起作用于()。
A.平行本位制B.双本位制C.跛行本位制D.单本位制6.历史上最早的货币制度是()。
A.金本位制B.银本位制C.金银复本位制D.金块本位制7.在金属货币制度下,本位币的名义价值与实际价值是()。
A.呈正比B.呈反比C.相一致D.无关8.辅币的名义价值()其实际价值。
A.高于B.低于C.等于D.不确定9.典型的金本位制是()。
A.金块本位制B.金汇兑本位制C.金币本位制D.虚金本位制10.如果金银的法定比价为1∶13,而市场比价为1∶15,这时充斥市场的将是()。
A.银币B.金币C.金币和银币D.都不是二、多项选择题1.在下列货币职能中,不能采用观念上的货币,而必须采用现实的货币的有()。
A.价值尺度B.流通手段C.贮藏手段D.支付手段E.世界货币2.货币执行世界货币的职能主要表现为()。
A.国家间一般的支付手段B.国家间一般的流通手段C.促进金融市场发展D.促进全球化E.国家间财富转移的一种手段3.货币制度的基本内容有()。
A.货币金属B.货币单位C.通货的铸造、发行和流通程序D.金准备制度E.规定货币之间的兑换比率4.不兑现的信用货币制度的主要特征有()。
A.不兑现的纸币一般由中央银行发行,国家法律赋予其无限法偿能力B.纸币不与金银保持等价关系C.货币通过银行的信贷程序发行D.银行存款也是通货E.黄金完全退出货币流通5.下列属于辅币的特点的有()。
货币金融学(第十二版)英文版题库及答案Web chapter 2
Economics of Money, Banking, and Financial Markets, 12e (Mishkin)Chapter 27 Web Chapter 2: The ISLM Model27.1 Keynes's Fixed Price Level Assumption and the IS Curve1) Because inflation was not a serious problem during the Great Depression, Keynes's analysis assumedA) that unemployment also was not a problem.B) that the money supply was fixed.C) that the price level was fixed.D) that monetary policy is not effective.Answer: CQues Status: Previous EditionAACSB: Reflective Thinking2) The money market is in equilibriumA) at any point on the IS curve.B) at any point on the LM curve.C) at only one point on the LM curve.D) only at the intersection of the IS and LM curves.Answer: BQues Status: Previous EditionAACSB: Reflective Thinking3) The ________ describes the combinations of interest rates and aggregate output for which the quantity of money demanded equals the quantity of money supplied.A) IS curveB) LM curveC) consumption functionD) investment scheduleAnswer: BQues Status: Previous EditionAACSB: Reflective Thinking4) In the Keynesian model the quantity of money demanded is ________ related to income and ________ related to the interest rate.A) positively; positivelyB) positively; negativelyC) negatively; negativelyD) negatively; positivelyAnswer: BQues Status: Previous EditionAACSB: Reflective Thinking5) According to the liquidity preference theory, the demand for money is ________ related to aggregate output and ________ related to interest rates.A) negatively; negativelyB) negatively; positivelyC) positively; negativelyD) positively; positivelyAnswer: CQues Status: Previous EditionAACSB: Reflective Thinking6) As interest rates rise, the opportunity cost of holding money ________ and the demand for money ________.A) rises; risesB) rises; fallsC) falls; risesD) falls; fallsAnswer: BQues Status: Previous EditionAACSB: Analytical Thinking7) As aggregate output rises, the demand for money ________ and the interest rate ________, so that money demanded equals money supplied and the money market is in equilibrium.A) increases; risesB) increases; fallsC) decreases; risesD) decreases; fallsAnswer: AQues Status: Previous EditionAACSB: Analytical Thinking8) Everything else held constant, if aggregate output is to the right of the LM curve, then there is an excess ________ of money which will cause the interest rate to ________.A) supply; fallB) supply; riseC) demand; fallD) demand; riseAnswer: DQues Status: Previous EditionAACSB: Analytical Thinkingan excess ________ of money which will cause the interest rate to ________.A) supply; fallB) supply; riseC) demand; fallD) demand; riseAnswer: AQues Status: Previous EditionAACSB: Analytical Thinking10) Everything else held constant, if aggregate output is to the ________ of the LM curve, then there is an excess supply of money which will cause the interest rate to ________.A) right; fallB) right; riseC) left; fallD) left; riseAnswer: CQues Status: Previous EditionAACSB: Analytical Thinking11) Everything else held constant, if aggregate output is to the ________ of the LM curve, then there is an excess demand of money which will cause the interest rate to ________.A) right; fallB) right; riseC) left; fallD) left; riseAnswer: BQues Status: Previous EditionAACSB: Analytical Thinking12) Everything else held constant, if aggregate output is to the ________ of the LM curve, then there is an excess ________ of money which will cause the interest rate to fall.A) right; supplyB) right; demandC) left; supplyD) left; demandAnswer: CQues Status: Previous EditionAACSB: Analytical Thinkingthere is an excess ________ of money which will cause the interest rate to rise.A) right; supplyB) right; demandC) left; supplyD) left; demandAnswer: BQues Status: Previous EditionAACSB: Analytical Thinking27.2 ISLM Approach to Aggregate Output and Interest Rates1) Macroeconomic equilibrium requiresA) equilibrium in the goods market.B) equilibrium in the money market.C) equilibrium in both the goods and money markets.D) equilibrium in neither the goods nor the money market.Answer: CQues Status: Previous EditionAACSB: Reflective Thinking2) When the IS and LM curves are combined in the same diagram, the intersection of the two curves determines the equilibrium level of ________ as well as the ________.A) aggregate output; price levelB) aggregate output; interest rateC) money supply; price levelD) consumer expenditures; interest rateAnswer: BQues Status: Previous EditionAACSB: Reflective Thinking3) If the economy is on the LM curve, but is to the right of the IS curve, aggregate output will ________ and the interest rate will ________.A) rise; riseB) rise; fallC) fall; riseD) fall; fallAnswer: DQues Status: Previous EditionAACSB: Analytical Thinking________ and the interest rate will ________.A) rise; riseB) rise; fallC) fall; riseD) fall; fallAnswer: AQues Status: Previous EditionAACSB: Analytical Thinking5) If the economy is on the IS curve, but is to the left of the LM curve, aggregate output will________ and the interest rate will ________.A) rise; riseB) rise; fallC) fall; riseD) fall; fallAnswer: BQues Status: Previous EditionAACSB: Analytical Thinking6) If the economy is on the IS curve, but is to the right of the LM curve, aggregate output will________ and the interest rate will ________.A) rise; riseB) rise; fallC) fall; riseD) fall; fallAnswer: CQues Status: Previous EditionAACSB: Analytical Thinking7) If the economy is on the IS curve, but is to the left of the LM curve, then the ________ market is in equilibrium, but the interest rate is ________ the equilibrium level.A) goods; belowB) goods; aboveC) money; belowD) money; aboveAnswer: BQues Status: Previous EditionAACSB: Analytical Thinkingmarket is in equilibrium, but aggregate ________ exceeds aggregate ________.A) goods; output; demandB) goods; demand; outputC) money; output; demandD) money; demand; outputAnswer: CQues Status: Previous EditionAACSB: Analytical Thinking27.3 Factors That Cause the LM Curve to Shift1) An increase in the money supply, other things equal, shifts the ________ curve to the________.A) IS; rightB) IS; leftC) LM; leftD) LM; rightAnswer: DQues Status: Previous EditionAACSB: Reflective Thinking2) If the Federal Reserve conducts open market purchases, the money supply ________, shifting the LM curve to the ________, everything else held constant.A) decreases; rightB) decreases; leftC) increases; rightD) increases; leftAnswer: CQues Status: Previous EditionAACSB: Analytical Thinking3) If the Federal Reserve conducts open market sales, the money supply ________, shifting the LM curve to the ________, everything else held constant.A) decreases; rightB) decreases; leftC) increases; rightD) increases; leftAnswer: BQues Status: Previous EditionAACSB: Analytical Thinking4) If the Federal Reserve conducts open market ________, the money supply ________, shifting the LM curve to the right, everything else held constant.A) purchases; decreasesB) sales; decreasesC) purchases; increasesD) sales; increasesAnswer: CQues Status: Previous EditionAACSB: Analytical Thinking5) If the Federal Reserve conducts open market ________, the money supply ________, shifting the LM curve to the left, everything else held constant.A) purchases; decreasesB) sales; decreasesC) purchases; increasesD) sales; increasesAnswer: BQues Status: Previous EditionAACSB: Analytical Thinking6) An increase in the quantity of money supplied shifts the money supply curve to the ________, and the equilibrium interest rate ________, everything else held constant.A) right; fallsB) right; risesC) left; fallsD) left; risesAnswer: AQues Status: Previous EditionAACSB: Analytical Thinking7) A decrease in the quantity of money supplied shifts the money supply curve to the ________, and the equilibrium interest rate ________, everything else held constant.A) right; fallsB) right; risesC) left; fallsD) left; risesAnswer: DQues Status: Previous EditionAACSB: Analytical Thinking8) An increase in the quantity of money supplied shifts the money supply curve to the ________ and the LM curve to the ________, everything else held constant.A) right; leftB) right; rightC) left; leftD) left; rightAnswer: BQues Status: Previous EditionAACSB: Analytical Thinking9) A decrease in the quantity of money supplied shifts the money supply curve to the ________, and the LM curve to the ________, everything else held constant.A) right; leftB) right; rightC) left; leftD) left; rightAnswer: CQues Status: Previous EditionAACSB: Analytical Thinking10) A decline in the money ________ shifts the LM curve to the ________, causing the interest rate to rise and output to fall, everything else held constant.A) demand; rightB) demand; leftC) supply; rightD) supply; leftAnswer: DQues Status: Previous EditionAACSB: Analytical Thinking11) A decline in the money supply shifts the LM curve to the left, causing the interest rate to________ and output to ________, everything else held constant.A) rise; riseB) rise; fallC) fall; riseD) fall; fallAnswer: BQues Status: Previous EditionAACSB: Analytical Thinking12) An increase in the money ________ shifts the LM curve to the ________, causing the interest rate to fall and output to rise, everything else held constant.A) demand; rightB) demand; leftC) supply; rightD) supply; leftAnswer: CQues Status: Previous EditionAACSB: Analytical Thinking13) An increase in the money supply shifts the LM curve to the right, causing the interest rate to ________ and output to ________, everything else held constant.A) rise; riseB) rise; fallC) fall; riseD) fall; fallAnswer: CQues Status: Previous EditionAACSB: Analytical Thinking14) When the central bank ________ the money supply, the LM curve shifts to the right, interest rates ________, and equilibrium aggregate output ________, everything else held constant.A) increases; fall; increasesB) increases; rise; decreasesC) decreases; rise; decreasesD) decreases; fall; increasesAnswer: AQues Status: Previous EditionAACSB: Analytical Thinking15) An autonomous decrease in money demand, other things equal, shifts the ________ curve to the ________.A) IS; rightB) IS; leftC) LM; leftD) LM; rightAnswer: DQues Status: Previous EditionAACSB: Analytical Thinking16) An autonomous increase in money demand, other things equal, shifts the ________ curve to the ________.A) IS; rightB) IS; leftC) LM; leftD) LM; rightAnswer: CQues Status: Previous EditionAACSB: Analytical Thinking17) As bonds become a riskier asset, the demand for money ________ and, all else constant, the equilibrium interest rate ________.A) rises; risesB) rises; fallsC) falls; risesD) falls; fallsAnswer: AQues Status: Previous EditionAACSB: Analytical Thinking18) An autonomous rise in ________ shifts the LM curve to the ________, everything else held constant.A) net exports; rightB) net exports; leftC) money demand; rightD) money demand; leftAnswer: DQues Status: Previous EditionAACSB: Reflective Thinking27.4 Changes in Equilibrium Level of the Interest Rate and Aggregate Output1) In the ISLM framework, an expansionary monetary policy causes aggregate output to________ and the interest rate to ________, everything else held constant.A) increase; increaseB) increase; decreaseC) decrease; decreaseD) decrease; increaseAnswer: BQues Status: Previous EditionAACSB: Analytical Thinking2) An expansionary monetary policy shifts the LM curve to the ________, reducing ________, everything else held constant.A) left; output and increasing interest ratesB) left; both real output and interest ratesC) right; both interest rates and real outputD) right; interest rates and increasing real outputAnswer: DQues Status: Previous EditionAACSB: Reflective Thinking3) Everything else held constant, a monetary expansion is characterized by ________ output and ________ interest rates.A) rising; risingB) rising; fallingC) falling; risingD) falling; fallingAnswer: BQues Status: Previous EditionAACSB: Reflective Thinking4) A contractionary monetary policy shifts the LM curve to the ________, reducing ________, everything else held constant.A) left; output and increasing interest ratesB) left; both real output and interest ratesC) right; both interest rates and real outputD) right; interest rates and increasing real outputAnswer: AQues Status: Previous EditionAACSB: Analytical Thinking5) Everything else held constant, a monetary contraction is characterized by ________ output and ________ interest rates.A) rising; risingB) rising; fallingC) falling; risingD) falling; fallingAnswer: CQues Status: Previous EditionAACSB: Analytical Thinking6) In the money market, a condition of excess demand for money can be eliminated by a________ in aggregate output or a ________ in the interest rate, everything else held constant.A) rise; riseB) rise; fallC) fall; riseD) fall; fallAnswer: CQues Status: Previous EditionAACSB: Analytical Thinking7) In the money market, a condition of excess supply of money can be eliminated by a ________ in aggregate output or a ________ in the interest rate, everything else held constant.A) rise; riseB) rise; fallC) fall; riseD) fall; fallAnswer: BQues Status: Previous EditionAACSB: Analytical Thinking8) In the ISLM framework, an expansionary fiscal policy causes aggregate output to ________ and the interest rate to ________, everything else held constant.A) increase; increaseB) increase; decreaseC) decrease; decreaseD) decrease; increaseAnswer: AQues Status: Previous EditionAACSB: Analytical Thinking9) In the ISLM framework a contractionary fiscal policy causes aggregate output to ________ and the interest rate to ________, everything else held constant.A) increase; increaseB) increase; decreaseC) decrease; decreaseD) decrease; increaseAnswer: CQues Status: Previous EditionAACSB: Analytical Thinking10) Everything else held constant, an expansionary ________ policy will cause the interest rate to rise, while an expansionary ________ policy will cause the interest rate to fall.A) monetary; monetaryB) monetary; fiscalC) fiscal; monetaryD) fiscal; fiscalAnswer: CQues Status: Previous EditionAACSB: Reflective Thinking11) Aggregate output and the interest rate are ________ related to government spending and are ________ related to taxes.A) positively; positivelyB) positively; negativelyC) negatively; positivelyD) negatively; negativelyAnswer: BQues Status: Previous EditionAACSB: Reflective Thinking12) An increase in spending that results from expansionary ________ policy causes the interest rate to ________, everything else held constant.A) fiscal; riseB) fiscal; fallC) incomes; riseD) incomes; fallAnswer: AQues Status: Previous EditionAACSB: Analytical Thinking13) Despite an expansionary monetary policy, an economy experiences a recession. Everything else held constant, the recession could occur in spite of the rightward shift of the LM curve ifA) consumer confidence decreases sharply.B) there is an investment boom.C) the money supply increases.D) taxes are cut.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking14) If an economy experiences high interest rates and high unemployment, the ISLM framework predicts that ________ policy has been too ________.A) fiscal; expansionaryB) fiscal; contractionaryC) monetary; expansionaryD) monetary; contractionaryAnswer: DQues Status: Previous EditionAACSB: Analytical Thinking15) Which of the following statements concerning Keynesian ISLM analysis is TRUE?A) For a given change in taxes, the IS curve will shift less than for an equal change in government spending.B) Changes in net exports arising from a change in interest rates causes a shift in the IS curve.C) A fall in the money supply shifts the LM curve to the right.D) Expansionary fiscal policy will cause the interest rate to fall.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking16) Referring to the Economic Stimulus Act of 2008, the expansionary effect of the government stimulus was overwhelmed by the continuing deterioration in credit market conditions. Everything else held constant and using the ISLM model, the net effect would cause the________ curve to ________ and output will ________.A) IS; shift left; decreaseB) IS; shift right; increaseC) LM; shift right; increaseD) LM; shift left; decreaseAnswer: AQues Status: Previous EditionAACSB: Analytical Thinking17) Using the ISLM model, explain the effects of a monetary expansion combined with a fiscal contraction. How do the equilibrium level of output and interest rate change?Answer: The monetary expansion shifts the LM curve to the right which by itself would cause the interest rate to decrease and aggregate output to increase. The fiscal contraction shifts the IS curve to the left which by itself would cause the interest rate to decrease and aggregate output to decrease. Therefore, the equilibrium interest rate unambiguously falls, while the effect on output is indeterminate.Ques Status: Previous EditionAACSB: Reflective Thinking18) Using the ISLM model, show graphically and explain the effects of a monetary contraction. What is the effect on the equilibrium interest rate and level of output?Answer: See figure below.The monetary contraction shifts the LM curve to the left. The result is that the equilibrium level of output falls and the equilibrium interest rate increases.Ques Status: Previous EditionAACSB: Reflective Thinking27.5 Effectiveness Of Monetary Versus Fiscal Policy1) If the quantity of money demanded is not affected by changes in the interest rate, the LM curve is ________ and fiscal policy will be ________.A) horizontal; very effectiveB) horizontal; ineffectiveC) vertical; ineffectiveD) vertical; very effectiveAnswer: CQues Status: Previous EditionAACSB: Reflective Thinking2) The LM curve will be vertical and fiscal policy ineffective whenA) the demand for money is unaffected by changes in the interest rate.B) the demand for money is unaffected by changes in income.C) investment is unaffected by changes in the interest rate.D) investment is unaffected by changes in income.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking3) The situation in which expansionary fiscal policy does not lead to a rise in aggregate output is referred to asA) fiscal neutrality.B) a recession.C) complete crowding out.D) inflation.Answer: CQues Status: Previous EditionAACSB: Reflective Thinking4) Crowding out will be more pronounced the closer to vertical is theA) IS curve.B) LM curve.C) consumption function.D) aggregate demand function.Answer: BQues Status: Previous EditionAACSB: Reflective Thinking5) The less interest-sensitive is money demand, theA) more effective is fiscal policy relative to monetary policy.B) more effective is monetary policy relative to fiscal policy.C) steeper is the IS curve.D) flatter is the LM curve.Answer: BQues Status: Previous EditionAACSB: Reflective Thinking6) The more interest-sensitive is money demand, theA) more effective is fiscal policy relative to monetary policy.B) more effective is monetary policy relative to fiscal policy.C) steeper is the IS curve.D) steeper is the LM curve.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking7) If the economy is characterized by a certain and stable LM curve, then ________ target produces ________ fluctuations in aggregate output.A) an interest rate; smallerB) a money supply; smallerC) a money supply; largerD) an exchange rate; largerAnswer: BQues Status: Previous EditionAACSB: Reflective Thinking8) If the economy is characterized by a stable IS curve and an unstable LM curve, then ________ target produces ________ fluctuations in aggregate output.A) an interest rate; largerB) a money supply; smallerC) a money supply; largerD) an exchange rate; smallerAnswer: CQues Status: Previous EditionAACSB: Reflective Thinking9) If the ________ curve is relatively more unstable than the ________ curve, a money supply target is preferred.A) IS; ISB) IS; LMC) LM; ISD) LM; LMAnswer: BQues Status: Previous EditionAACSB: Reflective Thinking10) If the ________ curve is relatively more unstable than the ________ curve, an interest rate target is preferred.A) IS; ISB) IS; LMC) LM; ISD) LM; LMAnswer: CQues Status: Previous EditionAACSB: Reflective Thinking11) If the Fed adopts a policy of pegging the interest rate, a ________ in government spending forces the Fed to increase the money supply to prevent interest rates from ________.A) fall; increasingB) fall; decreasingC) rise; decreasingD) rise; increasingAnswer: DQues Status: Previous EditionAACSB: Reflective Thinking12) Using the ISLM model, explain and show graphically the effect of a fiscal expansion when the demand for money is completely insensitive to changes in the interest rate. What is this effect called?Answer: See figure below.This is the total crowding out effect. The LM curve is vertical, so any shift of the IS curve affects only interest rates. The level of output is constant. The fiscal expansion shifts the IS curve rightward, increasing the interest rate.Ques Status: Previous EditionAACSB: Reflective Thinking13) Show graphically and explain why targeting an interest rate is preferable when money demand is unstable and the IS curve is stable.Answer: See figure below.Unstable money demand causes the LM curve to shift between LM' and LM". If the money supply is targeted, output fluctuates between Y' and Y". With an interest rate target, output remains stable at Y. Since the objective is to minimize output fluctuations, targeting the interest rate is preferable.Ques Status: Previous EditionAACSB: Reflective Thinking27.6 ISLM Model In The Long Run1) The rate of output at which the price level has no tendency to rise or fall is called theA) natural rate of output.B) potential level of income.C) bliss point.D) efficient level of output.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking2) In the long-run ISLM model and with everything else held constant, as long as the level of output ________ the natural rate level, the price level will continue to ________, shifting the LM curve to the ________, until finally output is back at the natural rate level.A) exceeds; rise; rightB) exceeds; rise; leftC) remains below; fall; leftD) remains below; rise; rightAnswer: BQues Status: Previous EditionAACSB: Analytical Thinking3) In the long-run ISLM model and with everything else held constant, as long as the level of output ________ the natural rate level, the price level will continue to ________, shifting the LM curve to the ________, until finally output is back at the natural rate level.A) exceeds; rise; rightB) exceeds; fall; leftC) remains below; fall; rightD) remains below; rise; leftAnswer: CQues Status: Previous EditionAACSB: Analytical Thinking4) In the long-run ISLM model and with everything else held constant, an increase in the money supply leaves the level of output and interest rates unchanged, an outcome calledA) interest rate overshooting.B) long-run money neutrality.C) long-run crowding out.D) the long-run Phillips curve.Answer: BQues Status: Previous EditionAACSB: Reflective Thinkingexpansionary monetary policy is toA) increase real output and the interest rate.B) not change either real output or the interest rate.C) increase real output and leave the interest rate unchanged.D) increase the interest rate and leave real output unchanged.Answer: BQues Status: Previous EditionAACSB: Reflective Thinking6) The long-run neutrality of money refers to the fact that in the long run, monetary policyA) changes only real output.B) changes only the real interest rate.C) changes both real output and the real interest rate.D) has no effect on either real output or the real interest rate.Answer: DQues Status: Previous EditionAACSB: Reflective Thinking7) In the long-run ISLM model and with everything else held constant, the long-run effect of an expansionary fiscal policy is to ________ real output and ________ the interest rate.A) increase; increaseB) not change; not changeC) increase; not changeD) not change; increaseAnswer: DQues Status: Previous EditionAACSB: Reflective Thinking8) In the long-run ISLM model and with everything else held constant, the long-run effect of a contractionary fiscal policy is to ________ real output and ________ the interest rate.A) not change; not changeB) decrease; decreaseC) decrease; not changeD) not change; decreaseAnswer: DQues Status: Previous EditionAACSB: Reflective Thinkingcut in government spending is to ________ real output and ________ the interest rate.A) increase; increaseB) increase; not changeC) not change; increaseD) not change; decreaseAnswer: DQues Status: Previous EditionAACSB: Reflective Thinking10) In the long-run ISLM model and with everything else held constant, the long-run effect of a tax cut is to ________ real output and ________ the interest rate.A) increase; increaseB) increase; not changeC) not change; increaseD) not change; decreaseAnswer: CQues Status: Previous EditionAACSB: Reflective Thinking11) In the long-run ISLM model and with everything else held constant, the long-run effect of an autonomous increase in investment is to ________ real output and ________ the interest rate.A) increase; increaseB) increase; not changeC) not change; increaseD) not change; decreaseAnswer: CQues Status: Previous EditionAACSB: Reflective Thinking12) In the long-run ISLM model and with everything else held constant, the long-run effect of a fall in net exports is to ________ real output and ________ the interest rate.A) increase; increaseB) increase; not changeC) not change; increaseD) not change; decreaseAnswer: DQues Status: Previous EditionAACSB: Reflective Thinking。
货币金融学课后答案解析米什金(2)
货币金融学课后答案解析米什金(2)货币金融学课后答案1、假如我今天以5000美元购买一辆汽车,明年我就可以赚取10000额外收入,因为拥有了这辆车,我就可以成为推销员。
假如没有人愿意贷款给我,我是否应该从放高利贷者拉利处以90%的利率贷款呢?你能否列出高利贷合法的依据?我应该去找高利贷款,因为这样做的结果会更好。
我支付的利息是4500(90%×5000),但实际上,我赚了10000美元,所以我最后赚得了5500美元。
因为拉利的高利贷会使一些人的结果更好,所以高利贷会产生一些社会效益。
(一个反对高利贷的观点认为它常常会造成一种暴利活动)。
2、“在没有信息和交易成本的世界里,不会有金融中介机构的存在。
”这种说法是正确的、错误的还是不确定?说明你的理由。
正确。
如果没有信息和交易成本,人们相互贷款将无成本无代价进行交易,因此金融机构就没有存在的必要了。
3、风险分担是如何让金融中介机构和私人投资都从中获益的?风险分担是指金融中介机构所设计和提供的资产品种的风险在投资者所承认的范围之内,之后,金融中介机构将销售这些资产所获取的资产去购买风险大得多的资产。
低交易成本允许金融中介机构以较低的成本进行风险分担,使得它们能够获取风险资产的收益与出售资产的成本间的差额,这也是金融中介机构的利润。
对投资者而言,金融资产被转化为安全性更高的资产,减少了其面临的风险。
4、在美国,货币是否在20世纪50年代比70年代能更好地发挥价值储藏的功能?为什么?在哪一个时期你更愿意持有货币?在美国,货币作为一种价值储藏手段,在20世纪50年代比70年代好。
因为50年代比70年代通货膨胀率更低,货币贬值的贬值程度也较低。
货币作为价值储藏手段的优劣取决于物价水平,因为货币价值依赖于价格水平。
在通货膨胀时期,物价水平迅速上升,货币也急速贬值,人们也就不愿意以这种形式来持有财富。
因此,人们在物价水平比较稳定的时期更愿意持有货币。
5、为什么有些经济学家将恶性通货膨胀期间的货币称做“烫手的山芋”,在人们手中快速传递?在恶性通货膨胀期间,货币贬值速度非常快,所以人们希望持有货币的时间越短越好,因此此时的货币就像一个烫手的山芋快速的从一个人手里传到另一个人手里。
多恩布什宏观经济学第12版答案完整版
多恩布什《宏观经济学》(第12版)笔记和课后习题详解内容简介多恩布什《宏观经济学》(第12版)笔记和课后习题详解严格按照教材内容进行编写,遵循教材第12版的章目编排,共分24章,每章由两部分组成:第一部分为复习笔记,总结本章的重难点内容;第二部分是课(章)后习题详解,对第12版的所有习题都进行了详细的分析和解答。
目录第1章导论1.1 复习笔记1.2 课后习题详解第2章国民收入核算2.1 复习笔记2.2 课后习题详解第3章增长与积累3.1 复习笔记3.2 课后习题详解第4章增长与政策4.1 复习笔记4.2 课后习题详解第5章总供给与总需求5.1 复习笔记5.2 课后习题详解第6章总供给和菲利普斯曲线6.1 复习笔记6.2 课后习题详解第7章失业7.1 复习笔记7.2 课后习题详解第8章通货膨胀8.1 复习笔记8.2 课后习题详解第9章政策预览9.1 复习笔记9.2 课后习题详解第10章收入与支出10.1 复习笔记10.2 课后习题详解第11章货币、利息与收入11.1 复习笔记11.2 课后习题详解第12章货币政策与财政政策12.1 复习笔记12.2 课后习题详解第13章国际联系13.1 复习笔记13.2 课后习题详解第14章消费与储蓄14.1 复习笔记14.2 课后习题详解第15章投资支出15.1 复习笔记15.2 课后习题详解第16章货币需求16.1 复习笔记16.2 课后习题详解第17章联邦储备、货币与信用17.1 复习笔记17.2 课后习题详解第18章政策18.1 复习笔记18.2 课后习题详解第19章金融市场与资产价格19.1 复习笔记19.2 课后习题详解第20章国家债务20.1 复习笔记20.2 课后习题详解第21章衰退与萧条21.1 复习笔记21.2 课后习题详解第22章通货膨胀与恶性通货膨胀22.1 复习笔记22.2 课后习题详解第23章国际调整与相互依存23.1 复习笔记23.2 课后习题详解第24章前沿课题24.1 复习笔记24.2 课后习题详解内容第2章国民收入核算2.1 复习笔记1 国内生产总值(1)国内生产总值的概念国内生产总值( gross domestic product,简称GDP)是既定时期内,一国所生产的全部最终产品和服务的市场价值。
公司理财精要版原书第12版习题库答案Ross12e_Chapter12_TB
公司理财精要版原书第12版习题库答案Ross12e_Chapter12_TBFundamentals of Corporate Finance, 12e (Ross)Chapter 12 Some Lessons from Capital Market History1) Stacy purchased a stock last year and sold it today for $4 a share more than her purchase price. She received a total of $1.15 per share in dividends. Which one of the following statements is correct in relation to this investment?A) The dividend yield is expressed as a percentage of the par value.B) The capital gain would have been less had Stacy not received the dividends.C) The total dollar return per share is $2.85.D) The capital gains yield is positive.E) The dividend yield is greater than the capital gains yield.2) Which one of the following correctly describes the dividend yield?A) Next year's annual dividend divided by today's stock priceB) This year's annual dividend divided by today's stock priceC) This year's annual dividend divided by next year's expected stock priceD) Next year's annual dividend divided by this year's annual dividendE) The increase in next year's dividend over this year's dividend divided by this year's dividend3) Bayside Marina just announced it is decreasing its annual dividend from $1.48 per share to $1.45 per share effective immediately. If the dividend yield remains at its pre-announcement level, then you know the stock price:A) was unaffected by the announcement.B) increased proportionately with the dividend decrease.C) decreased proportionately with the dividend decrease.D) decreased by $.03 per share.E) increased by $.03 per share.4) Which one of the following statements related to capital gains is correct?A) The capital gains yield includes only realized capital gains.B) An increase in an unrealized capital gain will increase the capital gains yield.C) The capital gains yield must be either positive or zero.D) The capital gains yield is expressed as a percentage of a security's total return.E) The capital gains yield represents the total return earned by an investor.5) Which of the following yields on a stock can be negative?A) Dividend yieldB) Capital gains yieldC) Capital gains yield and total returnD) Dividend yield, capital gains yield, and total returnE) Dividend yield and total return6) Small-company stocks, as the term is used in the textbook, are best defined as the:A) 500 newest corporations in the U.S.B) companies whose stock trades OTC.C) smallest 20 percent of the companies listed on the NYSE.D) smallest 25 percent of the companies listed on NASDAQ.E) companies whose stock is listed on NASDAQ.7) The historical record for the period 1926–2016 supports which one of the following statements?A) When large-company stocks have a negative return, they will have a negative return for at least two consecutive years.B) The return on U.S. Treasury bills exceeds the inflation rate by at least .5 percent each year.C) There was only one year during the period when double-digit inflation occurred.D) Small-company stocks have lost as much as 50 percent and gained as much as 100 percent in a single year.E) The inflation rate was positive each year throughout the period.8) Which one of the following time periods is associated with low rates of inflation?A) 1941–1942B) 1973–1974C) 2014–2015D) 1979–1980E) 1946–19479) For the period 1926–2016, U.S. Treasury bills always:A) provided an annual rate of return that exceeded the annual inflation rate.B) had an annual rate of return in excess of 1.2 percent.C) provided a positive annual rate of return.D) earned a higher annual rate of return than long-term government bonds.E) had a greater variation in returns year-over-year than did long-term government bonds.10) Which one of the following statements is a correct reflection of the U.S. financial markets for the period 1926–2016?A) U.S. Treasury bill returns never exceeded a return of 9 percent in any one year.B) U.S. Treasury bills had an annual return in excess of 10 percent in three or more years.C) Inflation equaled or exceeded the return on U.S. Treasury bills every year during the period.D) Long-term government bonds outperformed U.S. Treasury bills every year during the period.E) National deflation occurred in at least one year during every decade during the period.11) For the period 2009–2016, U.S. Treasury bills had an annual rate of return that was:A) between .5 and 1 percent.B) between 1 and 2 percent.C) negative in at least one year.D) negative for two or more years.E) between 0 and .25 percent.12) Which one of the following categories of securities had the highest average annual return for the period 1926–2016?A) U.S. Treasury billsB) Large-company stocksC) Small-company stocksD) Long-term corporate bondsE) Long-term government bonds13) Which one of the following categories of securities had the lowest average risk premium for the period 1926–2016?A) Long-term government bondsB) Small-company stocksC) Large-company stocksD) Long-term corporate bondsE) U.S. Treasury bills14) The rate of return on which type of security is normally used as the risk-free rate of return?A) Long-term Treasury bondsB) Long-term corporate bondsC) Treasury billsD) Intermediate-term Treasury bondsE) Intermediate-term corporate bonds15) For the period 1926–2016, the average risk premium on large-company stocks was about:A) 12.7 percent.B) 10.4 percent.C) 8.6 percent.D) 6.9 percent.E) 7.3 percent.16) Assume that last year T-bills returned 2.8 percent while your investment in large-company stocks earned an average of7.6 percent. Which one of the following terms refers to the difference between these two rates of return?A) Risk premiumB) Geometric average returnC) Arithmetic average returnD) Standard deviationE) Variance17) Which one of the following statements correctly applies to the period 1926–2016?A) Large-company stocks earned a higher average risk premium than did small-company stocks.B) The average inflation rate exceeded the average return on U.S. Treasury bills.C) Large-company stocks had an average annual return of 14.7 percent.D) Inflation averaged 2.6 percent for the period.E) Long-term corporate bonds outperformed long-term government bonds.18) The excess return is computed as the:A) return on a security minus the inflation rate.B) return on a risky security minus the risk-free rate.C) risk premium on a risky security minus the risk-free rate.D) risk-free rate plus the inflation rate.E) risk-free rate minus the inflation rate.19) Which one of the following earned the highest risk premium over the period 1926–2016?A) Long-term corporate bondsB) U.S. Treasury billsC) Small-company stocksD) Large-company stocksE) Long-term government bonds20) What was the average rate of inflation over the period of 1926–2016?A) Less than 2.0 percentB) Between 2.0 and 2.4 percentC) Between 2.4 and 2.8 percentD) Between 2.8 and 3.2 percentE) Greater than 3.2 percent21) Assume you invest in a portfolio of long-term corporate bonds. Based on the period 1926–2016, what average annual rate of return should you expect to earn?A) Less than 5 percentB) Between 5 and 6 percentC) Between 6 and 7 percentD) Between 7 and 8 percentE) More than 8 percent22) The average annual return on small-company stocks was about ________ percent greater than the average annual return on large-company stocks over the period 1926–2016.A) 3B) 5C) 7D) 9E) 1123) Based on the period 1926-2016, the actual real return on large-company stocks has been around:A) 9 percent.B) 10 percent.C) 6 percent.D) 7 percent.E) 8 percent.24) To convince investors to accept greater volatility, you must:A) decrease the risk premium.B) increase the risk premium.C) decrease the real return.D) decrease the risk-free rate.E) increase the risk-free rate.25) Which one of the following best defines the variance of an investment's annual returns over a number of years?A) The average squared difference between the arithmetic and the geometric average annual returnsB) The squared summation of the differences between the actual returns and the average geometric returnC) The average difference between the annual returns and the average return for the periodD) The difference between the arithmetic average and the geometric average return for the periodE) The average squared difference between the actual returns and the arithmetic average return26) Which one of the following categories of securities had the most volatile annual returns over the period 1926–2016?A) Long-term corporate bondsB) Large-company stocksC) Intermediate-term government bondsD) U.S. Treasury billsE) Small-company stocks27) If the variability of the returns on large-company stocks were to decrease over the long-term, you would expect which one of the following as related to large-company stocks to occur as a result?A) Increase in the risk premiumB) Increase in the average long-term rate of returnC) Decrease in the 68 percent probability range of returnsD) Increase in the standard deviationE) Increase in the geometric average rate of return28) Which one of the following statements is correct based on the historical record for the period 1926–2016?A) The standard deviation of returns for small-company stocks was double that of large-company stocks.B) U.S. Treasury bills had a zero standard deviation of returns because they are considered to be risk-free.C) Long-term government bonds had a lower return but a higher standard deviation on average than did long-term corporate bonds.D) Inflation was less volatile than the returns on U.S. Treasury bills.E) Long-term government bonds were less volatile than intermediate-term government bonds.29) What is the probability that small-company stocks will produce an annual return that is more than one standard deviation below the average?A) 1.0 percentB) 2.5 percentC) 5.0 percentD) 16 percentE) 32 percent30) Which one of the following is a correct ranking of securities based on the volatility of their annual returns over the period of 1926–2016? Rank from highest to lowest.A) Large-company stocks, U.S. Treasury bills, long-term government bondsB) Small-company stocks, long-term corporate bonds, large-company stocksC) Long-term government bonds, long-term corporate bonds, intermediate-term government bondsD) Large-company stocks, small-company stocks, long-term government bondsE) Intermediate-term government bonds, long-term corporate bonds, U.S. Treasury bills31) Which one of the following had the least volatile annual returns over the period of 1926–2016?A) Large-company stocksB) InflationC) Long-term corporate bondsD) U.S. Treasury billsE) Intermediate-term government bonds32) Which one of the following statements is correct based on the period 1926–2016?A) Long-term government bonds had more volatile annual returns than did the long-term corporate bonds.B) The standard deviation of the annual rate of inflation was less than 3 percent.C) U.S Treasury bills have a zero variance in returns because they are risk-free.D) The risk premium on small-company stocks was less than 10 percent.E) The risk premium on all U.S. government securities is 0 percent.33) Generally speaking, which of the following best correspond to a wide frequency distribution?A) High standard deviation, low rate of returnB) Low rate of return, large risk premiumC) Small risk premium, high rate of returnD) Small risk premium, low standard deviationE) High standard deviation, large risk premium34) Standard deviation is a measure of which one of the following?A) Average rate of returnB) VolatilityD) Risk premiumE) Real returns35) Which one of the following is defined by its mean and its standard deviation?A) Arithmetic nominal returnB) Geometric real returnC) Normal distributionD) VarianceE) Risk premium36) Which of the following statements are true based on the historical record for 1926–2016?A) Risk-free securities produce a positive real rate of return each year.B) Bonds are generally a safer, or less risky, investment than are stocks.C) Risk and potential reward are inversely related.D) The normal distribution curve for large-company stocks is narrower than the curve for small-company stocks.E) Returns are more predictable over the short term than they are over the long term.37) Estimates of the rate of return on a security based on the historical arithmetic average will probably tend to ________ the expected return for the long-term and estimates using the historical geometric average will probably tend to ________ the expected return for the short-term.A) overestimate; overestimateB) overestimate; underestimateC) underestimate; overestimateD) underestimate; underestimateE) accurately estimate; accurately estimate38) The primary purpose of Blume's formula is to:A) compute an accurate historical rate of return.B) determine a stock's true current value.C) consider compounding when estimating a rate of return.D) determine the actual real rate of return.E) project future rates of return.39) The average compound return earned per year over a multiyear period is called the ________ average return.A) arithmeticB) standardC) variantD) geometricE) real40) The return earned in an average year over a multiyear period is called the ________ average return.B) standardC) variantD) geometricE) real41) Assume all stock prices fairly reflect all of the available information on those stocks. Which one of the following terms best defines the stock market under these conditions?A) Riskless marketB) Evenly distributed marketC) Zero volatility marketD) Blume's marketE) Efficient capital market42) Which one of the following statements best defines the efficient market hypothesis?A) Efficient markets limit competition.B) Security prices in efficient markets remain steady as new information becomes available.C) Mispriced securities are common in efficient markets.D) All securities in an efficient market are zero net present value investments.E) All securities provide the same positive rate of return when the market is efficient.43) Which one of the following is the most likely reason why a stock price might not react at all on the day that new information related to the stock's issuer is released? Assume the market is semistrong form efficient.A) Company insiders were aware of the information prior to the announcement.B) Investors do not pay attention to daily news.C) Investors tend to overreact.D) The news was positive.E) The information was expected.44) Which one of the following is most indicative of a totally efficient stock market?A) Extraordinary returns earned on a routine basisB) Positive net present values on stock investments over the long-termC) Zero net present values for all stock investmentsD) Arbitrage opportunities which develop on a routine basisE) Realizing negative returns on a routine basis45) Which one of the following statements is correct concerning market efficiency?A) Real asset markets are more efficient than financial markets.B) If a market is efficient, arbitrage opportunities should be common.C) In an efficient market, some market participants will have an advantage over others.D) A firm will generally receive a fair price when it issues new shares of stock if the market is efficient.E) New information will gradually be reflected in a stock's price to avoid any sudden price changes in an efficient market.46) Efficient financial markets fluctuate continuously because:A) the markets are continually reacting to old information as that information is absorbed.B) the markets are continually reacting to new information.C) arbitrage trading is limited.D) current trading systems require human intervention.E) investments produce varying levels of net present values.47) Inside information has the least value when financial markets are:A) weak form efficient.B) semiweak form efficient.C) semistrong form efficient.D) strong form efficient.E) inefficient.48) Evidence seems to support the view that studying public information to identify mispriced stocks is:A) effective as long as the market is only semistrong form efficient.B) effective provided the market is only weak form efficient.C) ineffective.D) effective only in strong form efficient markets.E) ineffective only in strong form efficient markets.49) Which one of the following statements related to market efficiency tends to be supported by current evidence?A) It is easy for investors to earn abnormal returns.B) Short-run price movements are easy to predict.C) Markets are most likely only weak form efficient.D) Mispriced stocks are easy to identify.E) Markets tend to respond quickly to new information.50) Which form of market efficiency would most likely offer the greatest profit potential to an outstanding professional stock analyst?A) WeakB) SemiweakC) SemistrongD) StrongE) Perfect51) You are aware that your neighbor trades stocks based on confidential information he overhears at his workplace. This information is not available to the general public. This neighborcontinually brags to you about the profits he earns on these trades. Given this, you would tend to argue that the financial markets are at best ________ form efficient.A) weakB) semiweakC) semistrongD) strongE) perfect52) The U.S. Securities and Exchange Commission periodically charges individuals with insider trading and claims those individuals have made unfair profits. Given this, you would be most apt to argue that the markets are less than ________ form efficient.A) weakB) semiweakC) semistrongD) strongE) perfect53) Individual investors who continually monitor the financial markets seeking mispriced securities:A) earn excess profits on all of their investments.B) make the markets increasingly more efficient.C) are never able to find a security that is temporarily mispriced.D) are overwhelmingly successful in earning abnormal profits.E) are always quite successful using only historical price information as their basis of evaluation.54) One year ago, you purchased a stock at a price of $43.20 per share. The stock pays quarterly dividends of $.18 per share. Today, the stock is selling for $45.36 per share. What is your capital gain on this investment?A) $1.44B) $2.16C) $2.80D) $1.74E) $2.3455) Six months ago, you purchased 300 shares of stock in Global Trading at a price of $26.19 a share. The stock pays a quarterly dividend of $.12 a share. Today, you sold all of your shares for $27.11 per share. What is the total amount of your dividend income on this investment?A) $36B) $72C) $348D) $144E) $20456) One year ago, you purchased 200 shares of SL Industries stock at a price of $18.97 a share. The stock pays an annual dividend of $1.42 per share. Today, you sold all of your shares for $17.86 per share. What is your total dollar return on this investment?A) $50B) $91C) $58D) $62E) $8257) You own 850 shares of Western Feed Mills stock valued at $53.15 per share. What is the dividend yield if your total annual dividend income is $1,256?A) 2.67 percentB) 2.78 percentC) 1.83 percentD) 2.13 percentE) 2.54 percent58) West Wind Tours stock is currently selling for $52.30 a share. The stock has a dividend yield of 2.48 percent. How much dividend income will you receive per year if you purchase 600 shares of this stock?A) $824.96B) $836.20C) $724.80D) $762.00E) $778.2259) One year ago, you purchased a stock at a price of $38.22 a share. Today, you sold the stock and realized a total loss of11.09 percent on your investment. Your capital gain was –$4.68 a share. What was your dividend yield?A) 1.15 percentB) .88 percentC) 1.02 percentD) .67 percentE) .38 percent60) You just sold 427 shares of stock at a price of $19.07 a share. You purchased the stock for $18.83 a share and have received total dividends of $614. What is the total capital gain on this investment?A) $716.48B) $511.52C) $102.48D) $618.48E) $476.5261) Last year, you purchased 400 shares of Analog stock for $12.92 a share. You have received a total of $136 in dividends and $4,301 in proceeds from selling the shares. What is your capital gains yield on this stock?A) 9.09 percentB) 6.73 percentC) ?16.78 percentD) ?14.14 percentE) ?11.02 percent62) Today, you sold 540 shares of stock and realized a total return of 7.3 percent. You purchased the shares one year ago ata price of $24 a share and have received a total of $86 in dividends. What is your capital gains yield on this investment?A) 5.68 percentB) 6.64 percentC) 6.39 percentD) 7.26 percentE) 7.41 percent63) Four months ago, you purchased 900 shares of LBM stock for $7.68 a share. Last month, you received a dividend payment of $.12 a share. Today, you sold the shares for $9.13 a share. What is your total dollar return on this investment?A) $1,305B) $1,413C) $1,512D) $1,394E) $1,08064) One year ago, you purchased 100 shares of Best Wings stock at a price of $38.19 a share. The company pays an annual dividend of $.46 per share. Today, you sold for the shares for $37.92 a share. What is your total percentage return on this investment?A) 2.62 percentB) 1.93 percentC) 2.72 percentD) 1.08 percentE) .50 percent65) Suppose a stock had an initial price of $76 per share, paid a dividend of $1.42 per share during the year, and had an ending share price of $81. What was the capital gains yield?A) 6.17 percentB) 6.69 percentC) 7.05 percentD) 6.58 percentE) 5.44 percent66) Suppose you bought a $1,000 face value bond with a coupon rate of 5.6 percent one year ago. The purchase price was $987.50. You sold the bond today for $994.20. If the inflation rate last year was 2.6 percent, what was your exact real rate of return on this investment?A) 4.88 percentB) 5.32 percentC) 3.65 percentD) 3.78 percentE) 4.47 percent67) Leo purchased a stock for $63.80 a share, received a dividend of $2.68 a share and sold the shares for $59.74 each. During the time he owned the stock, inflation averaged 2.8 percent. What is his approximate real rate of return on this investment?A) ?.64 percentB) ?4.96 percentC) ?2.16 percentD) 2.16 percentE) 4.96 percent68) Christina purchased 500 shares of stock at a price of $62.30 a share and sold the shares for $64.25 each. She also received $738 in dividends. If the inflation rate was 3.9 percent, what was her exact real rate of return on this investment?A) 4.20 percentB) 1.54 percentC) 1.60 percentD) 3.95 percentE) 5.50 percent69) What is the amount of the risk premium on a U.S. Treasury bill if the risk-free rate is 3.1 percent, the inflation rate is 2.6 percent, and the market rate of return is 7.4 percent?A) 0 percentB) 2.8 percentC) .5 percentD) 1.7 percentE) 4.3 percent70) You've observed the following returns on Crash-n-Burn Computer's stock over the past five years: 7 percent, 13 percent, 19 percent, ?8 percent, and 15 percent. Suppose the average inflation rate over this time period was 2.6 percent and the average T-bill rate was 3.1 percent. Based on this information, what was the average nominal risk premium?A) 6.6 percentB) 6.1 percentC) 9.2 percentD) 1.2 percentE) 3.5 percent71) You bought one of Shark Repellant's 6 percent coupon bonds one year ago for $867. These bonds pay annual payments, have a face value of $1,000, and mature 12 years from now. Suppose you decide to sell your bonds today when the required return on the bonds is 7.4 percent. The inflation rate over the past year was 2.9 percent. What was your total real return on this investment?A) 6.48 percentB) 6.61 percentC) 8.18 percentD) 7.44 percentE) 9.70 percent72) You find a certain stock that had returns of 8 percent, ?3 percent, 12 percent, and 17 percent for four of the last five years. The average return of the stock for the past five-year period was 6 percent. What is the standard deviation of the stock's returns for the five-year period?A) 10.39 percentB) 4.98 percentC) 7.16 percentD) 9.25 percentE) 5.38 percent73) A stock had returns of 5 percent, 14 percent, 11 percent, ?8 percent, and 6 percent over the past five years. What is the standard deviation of these returns?A) 7.74 percentB) 8.21 percentC) 9.68 percentD) 8.44 percentE) 7.49 percent74) The common stock of Air Express had annual returns of 11.7 percent, 8.8 percent,16.7 percent, and ?7.9 percent over the last four years, respectively. What is thestandard deviation of these returns?A) 8.29 percentB) 9.14 percentC) 11.54 percentD) 7.78 percentE) 10.66 percent75) A stock had annual returns of 5.3 percent, ?2.7 percent, 16.2 percent, and 13.6 percentover the past four years. Which one of the following best describes the probability that this stock will produce a return of 20 percent or more in a single year?A) Less than 2.5 percent but more than .5 percentB) More than 16 percentC) Less than .5 percentD) Less than 1 percent but more than .5 percentE) Less than 16 percent but more than 2.5 percent76) A stock has an expected rate of return of 9.8 percent and a standard deviation of 15.4 percent. Which one of the following best describes the probability that this stock will lose at leasthalf of its value in any one given year?A) less than 16 percentB) less than .5 percentC) less than 1.0 percentD) less than 2.5 percentE) less than 5.0 percent77) A stock had annual returns of 11.3 percent, 9.8 percent, ?7.3 percent, and 14.6percent for the past four years. Based on this information, what is the 95 percentprobability range of returns for any one given year?A) ?2.4 to 17.5 percentB) ?2.60 to 11.80 percentC) ?12.5 to 26.7 percentD) ?10.4 to 12.3 percentE) ?10.9 to 25.1 percent78) Aimee is the owner of a stock with annual returns of 17.6 percent, ?11.7 percent, 5.6 percent, and 9.7 percent for the past four years. She thinks the stock may achieve a returnof 17 percent again this coming year. What is the probability that your friend is correct?A) Less than .5 percentB) Greater than .5 percent but less than 1 percentC) Greater than 1 percent but less than 2.5 percentD) Greater than 2.5 percent but less than 16 percentE) Greater than 16 percent79) A stock had returns of 3 percent, 12 percent, 26 percent, ?14 percent, and ?1 percent for the past five years. Based on these returns, what is the approximate probability that this stock will return at least 20 percent in any one given year?A) Approximately .1 percentB) Approximately 5 percentC) Approximately 2.5 percentD) Approximately .5 percentE) Approximately 16 percent80) A stock had returns of 14 percent, 13 percent, ?10 percent, and 7 percent for thepast four years. Which one of the following best describes the probability that this stockwill lose no more than 10 percent in any one year?A) Greater than .5 but less than 1.0 percentB) Greater than 1 percent but less than 2.5 percentC) Greater than 2.5 percent but less than 16 percentD) Greater than 84 percent but less than 97.5 percentE) Greater than 95 percent81) Over the past five years, a stock produced returns of 11 percent, 14 percent, 4percent, ?9 percent, and 5 percent. What is the probability that an investor in this stockwill not lose more than 10 percent in any one given year?。
货币金融学(第十二版)英文版题库及答案chapter 4
Economics of Money, Banking, and Financial Markets, 12e (Mishkin)Chapter 4 The Meaning of Interest Rates4.1 Measuring Interest Rates1) The concept of ________ is based on the common-sense notion that a dollar paid to you in the future is less valuable to you than a dollar today.A) present valueB) future valueC) interestD) deflationAnswer: AQues Status: Previous EditionAACSB: Application of Knowledge2) The present value of an expected future payment ________ as the interest rate increases.A) fallsB) risesC) is constantD) is unaffectedAnswer: AQues Status: Previous EditionAACSB: Reflective Thinking3) An increase in the time to the promised future payment ________ the present value of the payment.A) decreasesB) increasesC) has no effect onD) is irrelevant toAnswer: AQues Status: Previous EditionAACSB: Reflective Thinking4) With an interest rate of 6 percent, the present value of $100 to be received next year is approximatelyA) $106.B) $100.C) $94.D) $92.Answer: CQues Status: RevisedAACSB: Analytical Thinking5) What is the present value of $500.00 to be paid in two years if the interest rate is 5 percent?A) $453.51B) $500.00C) $476.25D) $550.00Answer: AQues Status: Previous EditionAACSB: Analytical Thinking6) If a security pays $55 in one year and $133 in three years, its present value is $150 if the interest rate isA) 5 percent.B) 10 percent.C) 12.5 percent.D) 15 percent.Answer: BQues Status: Previous EditionAACSB: Analytical Thinking7) To claim that a lottery winner who is to receive $1 million per year for twenty years has won $20 million ignores the process ofA) face value.B) par value.C) deflation.D) discounting the future.Answer: DQues Status: Previous EditionAACSB: Analytical Thinking8) A credit market instrument that provides the borrower with an amount of funds that must be repaid at the maturity date along with an interest payment is known as aA) simple loan.B) fixed-payment loan.C) coupon bond.D) discount bond.Answer: AQues Status: Previous EditionAACSB: Application of Knowledge9) A credit market instrument that requires the borrower to make the same payment every period until the maturity date is known as aA) simple loan.B) fixed-payment loan.C) coupon bond.D) discount bond.Answer: BQues Status: Previous EditionAACSB: Application of Knowledge10) Which of the following are TRUE of fixed payment loans?A) The borrower repays both the principal and interest at the maturity date.B) Installment loans and mortgages are frequently of the fixed payment type.C) The borrower pays interest periodically and the principal at the maturity date.D) Commercial loans to businesses are often of this type.Answer: BQues Status: Previous EditionAACSB: Reflective Thinking11) A fully amortized loan is another name forA) a simple loan.B) a fixed-payment loan.C) a commercial loan.D) an unsecured loan.Answer: BQues Status: Previous EditionAACSB: Application of Knowledge12) A credit market instrument that pays the owner a fixed coupon payment every year until the maturity date and then repays the face value is called aA) simple loan.B) fixed-payment loan.C) coupon bond.D) discount bond.Answer: CQues Status: Previous EditionAACSB: Application of Knowledge13) A ________ pays the owner a fixed coupon payment every year until the maturity date, when the ________ value is repaid.A) coupon bond; discountB) discount bond; discountC) coupon bond; faceD) discount bond; faceAnswer: CQues Status: Previous EditionAACSB: Analytical Thinking14) The ________ is the final amount that will be paid to the holder of a coupon bond.A) discount valueB) coupon valueC) face valueD) present valueAnswer: CQues Status: Previous EditionAACSB: Application of Knowledge15) When talking about a coupon bond, face value and ________ mean the same thing.A) par valueB) coupon valueC) amortized valueD) discount valueAnswer: AQues Status: Previous EditionAACSB: Application of Knowledge16) The dollar amount of the yearly coupon payment expressed as a percentage of the face value of the bond is called the bond'sA) coupon rate.B) maturity rate.C) face value rate.D) payment rate.Answer: AQues Status: Previous EditionAACSB: Application of Knowledge17) The ________ is calculated by multiplying the coupon rate times the par value of the bond.A) present valueB) face valueC) coupon paymentD) maturity paymentAnswer: CQues Status: Previous EditionAACSB: Analytical Thinking18) If a $1,000 face value coupon bond has a coupon rate of 3.75 percent, then the coupon payment every year isA) $37.50.B) $3.75.C) $375.00.D) $13.75Answer: AQues Status: Previous EditionAACSB: Analytical Thinking19) If a $5,000 coupon bond has a coupon rate of 13 percent, then the coupon payment every year isA) $650.B) $1,300.C) $130.D) $13.Answer: AQues Status: Previous EditionAACSB: Analytical Thinking20) An $8,000 coupon bond with a $400 coupon payment every year has a coupon rate ofA) 5 percent.B) 8 percent.C) 10 percent.D) 40 percent.Answer: AQues Status: Previous EditionAACSB: Analytical Thinking21) A $1,000 face value coupon bond with a $60 coupon payment every year has a coupon rate ofA) .6 percent.B) 5 percent.C) 6 percent.D) 10 percent.Answer: CQues Status: Previous EditionAACSB: Analytical Thinking22) All of the following are examples of coupon bonds EXCEPTA) corporate bonds.B) U.S. Treasury bills.C) U.S. Treasury notes.D) U.S. Treasury bonds.Answer: BQues Status: Previous EditionAACSB: Analytical Thinking23) A bond that is bought at a price below its face value and the face value is repaid at a maturity date is called aA) simple loan.B) fixed-payment loan.C) coupon bond.D) discount bond.Answer: DQues Status: Previous EditionAACSB: Application of Knowledge24) A ________ is bought at a price below its face value, and the ________ value is repaid at the maturity date.A) coupon bond; discountB) discount bond; discountC) coupon bond; faceD) discount bond; faceAnswer: DQues Status: Previous EditionAACSB: Analytical Thinking25) A discount bondA) pays the bondholder a fixed amount every period and the face value at maturity.B) pays the bondholder the face value at maturity.C) pays all interest and the face value at maturity.D) pays the face value at maturity plus any capital gain.Answer: BQues Status: Previous EditionAACSB: Reflective Thinking26) Examples of discount bonds includeA) U.S. Treasury bills.B) corporate bonds.C) U.S. Treasury notes.D) municipal bonds.Answer: AQues Status: Previous EditionAACSB: Analytical Thinking27) Which of the following are TRUE for discount bonds?A) A discount bond is bought at par.B) The purchaser receives the face value of the bond at the maturity date.C) U.S. Treasury bonds and notes are examples of discount bonds.D) The purchaser receives the par value at maturity plus any capital gains.Answer: BQues Status: Previous EditionAACSB: Reflective Thinking28) The interest rate that equates the present value of payments received from a debt instrument with its value today is theA) simple interest rate.B) current yield.C) yield to maturity.D) real interest rate.Answer: CQues Status: Previous EditionAACSB: Application of Knowledge29) Economists consider the ________ to be the most accurate measure of interest rates.A) simple interest rate.B) current yield.C) yield to maturity.D) nominal interest rate.Answer: CQues Status: Previous EditionAACSB: Reflective Thinking30) For simple loans, the simple interest rate is ________ the yield to maturity.A) greater thanB) less thanC) equal toD) not comparable toAnswer: CQues Status: Previous EditionAACSB: Application of Knowledge31) If the amount payable in two years is $2,420 for a simple loan at 10 percent interest, the loan amount isA) $1,000.B) $1,210.C) $2,000.D) $2,200.Answer: CQues Status: Previous EditionAACSB: Analytical Thinking32) For a 3-year simple loan of $10,000 at 10 percent, the amount to be repaid isA) $10,030.B) $10,300.C) $13,000.D) $13,310.Answer: DQues Status: Previous EditionAACSB: Analytical Thinking33) If $22,050 is the amount payable in two years for a $20,000 simple loan made today, the interest rate isA) 5 percent.B) 10 percent.C) 22 percent.D) 25 percent.Answer: AQues Status: Previous EditionAACSB: Analytical Thinking34) If a security pays $110 next year and $121 the year after that, what is its yield to maturity if it sells for $200?A) 9 percentB) 10 percentC) 11 percentD) 12 percentAnswer: BQues Status: Previous EditionAACSB: Analytical Thinking35) The present value of a fixed-payment loan is calculated as the ________ of the present value of all cash flow payments.A) sumB) differenceC) multipleD) logAnswer: AQues Status: Previous EditionAACSB: Analytical Thinking36) Which of the following are TRUE for a coupon bond?A) When the coupon bond is priced at its face value, the yield to maturity equals the coupon rate.B) The price of a coupon bond and the yield to maturity are positively related.C) The yield to maturity is greater than the coupon rate when the bond price is above the par value.D) The yield is less than the coupon rate when the bond price is below the par value. Answer: AQues Status: Previous EditionAACSB: Reflective Thinking37) The ________ of a coupon bond and the yield to maturity are inversely related.A) priceB) par valueC) maturity dateD) termAnswer: AQues Status: Previous EditionAACSB: Reflective Thinking38) The price of a coupon bond and the yield to maturity are ________ related; that is, as the yield to maturity ________, the price of the bond ________.A) positively; rises; risesB) negatively; falls; fallsC) positively; rises; fallsD) negatively; rises; fallsAnswer: DQues Status: Previous EditionAACSB: Reflective Thinking39) The yield to maturity is ________ than the ________ rate when the bond price is ________ its face value.A) greater; coupon; aboveB) greater; coupon; belowC) greater; perpetuity; aboveD) less; perpetuity; belowAnswer: BQues Status: Previous EditionAACSB: Reflective Thinking40) The ________ is below the coupon rate when the bond price is ________ its par value.A) yield to maturity; aboveB) yield to maturity; belowC) discount rate; aboveD) discount rate; belowAnswer: AQues Status: Previous EditionAACSB: Reflective Thinking41) A $10,000 8 percent coupon bond that sells for $10,000 has a yield to maturity ofA) 8 percent.B) 10 percent.C) 12 percent.D) 14 percent.Answer: AQues Status: Previous EditionAACSB: Analytical Thinking42) Which of the following $1,000 face-value securities has the highest yield to maturity?A) a 5 percent coupon bond selling for $1,000B) a 10 percent coupon bond selling for $1,000C) a 12 percent coupon bond selling for $1,000D) a 12 percent coupon bond selling for $1,100Answer: CQues Status: Previous EditionAACSB: Analytical Thinking43) Which of the following $5,000 face-value securities has the highest yield to maturity?A) a 6 percent coupon bond selling for $5,000B) a 6 percent coupon bond selling for $5,500C) a 10 percent coupon bond selling for $5,000D) a 12 percent coupon bond selling for $4,500Answer: DQues Status: Previous EditionAACSB: Analytical Thinking44) Which of the following $1,000 face-value securities has the highest yield to maturity?A) a 5 percent coupon bond with a price of $600B) a 5 percent coupon bond with a price of $800C) a 5 percent coupon bond with a price of $1,000D) a 5 percent coupon bond with a price of $1,200Answer: AQues Status: Previous EditionAACSB: Analytical Thinking45) Which of the following $1,000 face-value securities has the lowest yield to maturity?A) a 5 percent coupon bond selling for $1,000B) a 10 percent coupon bond selling for $1,000C) a 15 percent coupon bond selling for $1,000D) a 15 percent coupon bond selling for $900Answer: AQues Status: Previous EditionAACSB: Analytical Thinking46) Which of the following bonds would you prefer to be buying?A) a $10,000 face-value security with a 10 percent coupon selling for $9,000B) a $10,000 face-value security with a 7 percent coupon selling for $10,000C) a $10,000 face-value security with a 9 percent coupon selling for $10,000D) a $10,000 face-value security with a 10 percent coupon selling for $10,000 Answer: AQues Status: Previous EditionAACSB: Analytical Thinking47) A coupon bond that has no maturity date and no repayment of principal is called aA) consol.B) cabinet.C) Treasury bill.D) Treasury note.Answer: AQues Status: Previous EditionAACSB: Application of Knowledge48) The price of a consol equals the coupon paymentA) times the interest rate.B) plus the interest rate.C) minus the interest rate.D) divided by the interest rate.Answer: DQues Status: Previous EditionAACSB: Analytical Thinking49) The interest rate on a consol equals theA) price times the coupon payment.B) price divided by the coupon payment.C) coupon payment plus the price.D) coupon payment divided by the price.Answer: DQues Status: Previous EditionAACSB: Analytical Thinking50) A consol paying $20 annually when the interest rate is 5 percent has a price ofA) $100.B) $200.C) $400.D) $800.Answer: CQues Status: Previous EditionAACSB: Analytical Thinking51) If a perpetuity has a price of $500 and an annual interest payment of $25, the interest rate isA) 2.5 percent.B) 5 percent.C) 7.5 percent.D) 10 percent.Answer: BQues Status: Previous EditionAACSB: Analytical Thinking52) The yield to maturity for a perpetuity is a useful approximation for the yield to maturity on long-term coupon bonds. It is called the ________ when approximating the yield for a coupon bond.A) current yieldB) discount yieldC) future yieldD) star yieldAnswer: AQues Status: Previous EditionAACSB: Reflective Thinking53) The yield to maturity for a one-year discount bond equals the increase in price over the year, divided by theA) initial price.B) face value.C) interest rate.D) coupon rate.Answer: AQues Status: Previous EditionAACSB: Analytical Thinking54) If a $10,000 face-value discount bond maturing in one year is selling for $5,000, then its yield to maturity isA) 5 percent.B) 10 percent.C) 50 percent.D) 100 percent.Answer: DQues Status: Previous EditionAACSB: Analytical Thinking55) If a $5,000 face-value discount bond maturing in one year is selling for $5,000, then its yield to maturity isA) 0 percent.B) 5 percent.C) 10 percent.D) 20 percent.Answer: AQues Status: Previous EditionAACSB: Analytical Thinking56) A discount bond selling for $15,000 with a face value of $20,000 in one year has a yield to maturity ofA) 3 percent.B) 20 percent.C) 25 percent.D) 33.3 percent.Answer: DQues Status: Previous EditionAACSB: Analytical Thinking57) The yield to maturity for a discount bond is ________ related to the current bond price.A) negativelyB) positivelyC) notD) directlyAnswer: AQues Status: Previous EditionAACSB: Reflective Thinking58) A discount bond is also called a ________ because the owner does not receive periodic payments.A) zero-coupon bondB) municipal bondC) corporate bondD) consolAnswer: AQues Status: Previous EditionAACSB: Application of Knowledge59) Another name for a consol is a ________ because it is a bond with no maturity date. The owner receives fixed coupon payments forever.A) perpetuityB) discount bondC) municipalityD) high-yield bondAnswer: AQues Status: Previous EditionAACSB: Application of Knowledge60) Negative yields to maturity imply that bond purchasers are better off to hold cash. Acceptance of slightly negative yields by purchasers in recent times suggest that theA) convenience of storing large sums is also important to decisions.B) inflation rate is positive.C) governments have issued too many bonds.D) decision makers are only concerned with yields.Answer: AQues Status: NewAACSB: Reflective Thinking61) If the interest rate is 5%, what is the present value of a security that pays you $1, 050 next year and $1,102.50 two years from now? If this security sold for $2,200, is the yield to maturity greater or less than 5%? Why?Answer: PV = $1,050/(1. +.05) + $1,102.50/(1 + 0.5)2PV = $2,000If this security sold for $2,200, the yield to maturity is less than 5%. The lower the interest rate the higher the present value.Ques Status: Previous EditionAACSB: Analytical Thinking4.2 The Distinction Between Interest Rates and Returns1) The ________ is defined as the payments to the owner plus the change in a security's value expressed as a fraction of the security's purchase price.A) yield to maturityB) current yieldC) rate of returnD) yield rateAnswer: CQues Status: Previous EditionAACSB: Application of Knowledge2) Which of the following are TRUE concerning the distinction between interest rates and returns?A) The rate of return on a bond will not necessarily equal the interest rate on that bond.B) The return can be expressed as the difference between the current yield and the rate of capital gains.C) The rate of return will be greater than the interest rate when the price of the bond falls during the holding period.D) The return can be expressed as the sum of the discount yield and the rate of capital gains. Answer: AQues Status: Previous EditionAACSB: Reflective Thinking3) The sum of the current yield and the rate of capital gain is called theA) rate of return.B) discount yield.C) perpetuity yield.D) par value.Answer: AQues Status: Previous EditionAACSB: Analytical Thinking4) What is the return on a 5 percent coupon bond that initially sells for $1,000 and sells for $1,200 next year?A) 5 percentB) 10 percentC) -5 percentD) 25 percentAnswer: DQues Status: Previous EditionAACSB: Analytical Thinking5) What is the return on a 5 percent coupon bond that initially sells for $1,000 and sells for $900 next year?A) 5 percentB) 10 percentC) -5 percentD) -10 percentAnswer: CQues Status: Previous EditionAACSB: Analytical Thinking6) The return on a 5 percent coupon bond that initially sells for $1,000 and sells for $950 next year isA) -10 percent.B) -5 percent.C) 0 percent.D) 5 percent.Answer: CQues Status: Previous EditionAACSB: Analytical Thinking7) Suppose you are holding a 5 percent coupon bond maturing in one year with a yield to maturity of 15 percent. If the interest rate on one-year bonds rises from 15 percent to 20 percent over the course of the year, what is the yearly return on the bond you are holding?A) 5 percentB) 10 percentC) 15 percentD) 20 percentAnswer: CQues Status: Previous EditionAACSB: Analytical Thinking8) I purchase a 10 percent coupon bond. Based on my purchase price, I calculate a yield to maturity of 8 percent. If I hold this bond to maturity, then my return on this asset isA) 10 percent.B) 8 percent.C) 12 percent.D) there is not enough information to determine the return.Answer: BQues Status: Previous EditionAACSB: Analytical Thinking9) If the interest rates on all bonds rise from 5 to 6 percent over the course of the year, which bond would you prefer to have been holding?A) a bond with one year to maturityB) a bond with five years to maturityC) a bond with ten years to maturityD) a bond with twenty years to maturityAnswer: AQues Status: Previous EditionAACSB: Analytical Thinking10) An equal decrease in all bond interest ratesA) increases the price of a five-year bond more than the price of a ten-year bond.B) increases the price of a ten-year bond more than the price of a five-year bond.C) decreases the price of a five-year bond more than the price of a ten-year bond.D) decreases the price of a ten-year bond more than the price of a five-year bond. Answer: BQues Status: Previous EditionAACSB: Analytical Thinking11) An equal increase in all bond interest ratesA) increases the return to all bond maturities by an equal amount.B) decreases the return to all bond maturities by an equal amount.C) has no effect on the returns to bonds.D) decreases long-term bond returns more than short-term bond returns.Answer: DQues Status: Previous EditionAACSB: Analytical Thinking12) Which of the following are generally TRUE of bonds?A) A bond's return equals the yield to maturity when the time to maturity is the same as the holding period.B) A rise in interest rates is associated with a fall in bond prices, resulting in capital gains on bonds whose terms to maturity are longer than the holding periods.C) The longer a bond's maturity, the smaller is the size of the price change associated with an interest rate change.D) Prices and returns for short-term bonds are more volatile than those for longer-term bonds. Answer: AQues Status: Previous EditionAACSB: Reflective Thinking13) Which of the following are generally TRUE of all bonds?A) The longer a bond's maturity, the greater is the rate of return that occurs as a result of the increase in the interest rate.B) Even though a bond has a substantial initial interest rate, its return can turn out to be negative if interest rates rise.C) Prices and returns for short-term bonds are more volatile than those for longer term bonds.D) A fall in interest rates results in capital losses for bonds whose terms to maturity are longer than the holding period.Answer: BQues Status: Previous EditionAACSB: Reflective Thinking14) The riskiness of an asset's returns due to changes in interest rates isA) exchange-rate risk.B) price risk.C) asset risk.D) interest-rate risk.Answer: DQues Status: Previous EditionAACSB: Application of Knowledge15) Interest-rate risk is the riskiness of an asset's returns due toA) interest-rate changes.B) changes in the coupon rate.C) default of the borrower.D) changes in the asset's maturity.Answer: AQues Status: Previous EditionAACSB: Application of Knowledge16) Prices and returns for ________ bonds are more volatile than those for ________ bonds, everything else held constant.A) long-term; long-termB) long-term; short-termC) short-term; long-termD) short-term; short-termAnswer: BQues Status: Previous EditionAACSB: Reflective Thinking17) There is ________ for any bond whose time to maturity matches the holding period.A) no interest-rate riskB) a large interest-rate riskC) rate-of-return riskD) yield-to-maturity riskAnswer: AQues Status: Previous EditionAACSB: Analytical Thinking18) All bonds that will not be held to maturity have interest rate risk which occurs because of the change in the price of the bond as a result ofA) interest-rate changes.B) changes in the coupon rate.C) default of the borrower.D) changes in the asset's maturity date.Answer: AQues Status: Previous EditionAACSB: Application of Knowledge19) Short-term bonds are subject to ________ risk because proceeds must be put into some future asset at an unknown interest rate.A) reinvestmentB) termC) liquidityD) defaultAnswer: AQues Status: NewAACSB: Reflective Thinking20) Your favorite uncle advises you to purchase long-term bonds because their interest rate is 10%. Should you follow his advice?Answer: It depends on where you think interest rates are headed in the future. If you think interest rates will be going up, you should not follow your uncle's advice because you would then have to discount your bond if you needed to sell it before the maturity date. Long-term bonds have a greater interest-rate risk.Ques Status: Previous EditionAACSB: Reflective Thinking4.3 The Distinction Between Real and Nominal Interest Rates1) The ________ interest rate is adjusted for expected changes in the price level.A) ex ante realB) ex post realC) ex post nominalD) ex ante nominalAnswer: AQues Status: Previous EditionAACSB: Application of Knowledge2) The ________ interest rate more accurately reflects the true cost of borrowing.A) nominalB) realC) discountD) marketAnswer: BQues Status: Previous EditionAACSB: Analytical Thinking3) The nominal interest rate minus the expected rate of inflationA) defines the real interest rate.B) is a less accurate measure of the incentives to borrow and lend than is the nominal interest rate.C) is a less accurate indicator of the tightness of credit market conditions than is the nominal interest rate.D) defines the discount rate.Answer: AQues Status: Previous EditionAACSB: Analytical Thinking4) When the ________ interest rate is low, there are greater incentives to ________ and fewer incentives to ________.A) nominal; lend; borrowB) real; lend; borrowC) real; borrow; lendD) market; lend; borrowAnswer: CQues Status: Previous EditionAACSB: Reflective Thinking5) The interest rate that describes how well a lender has done in real terms after the fact is called theA) ex post real interest rate.B) ex ante real interest rate.C) ex post nominal interest rate.D) ex ante nominal interest rate.Answer: AQues Status: Previous EditionAACSB: Analytical Thinking6) The ________ states that the nominal interest rate equals the real interest rate plus the expected rate of inflation.A) Fisher equationB) Keynesian equationC) Monetarist equationD) Marshall equationAnswer: AQues Status: Previous EditionAACSB: Application of Knowledge7) If the nominal rate of interest is 2 percent, and the expected inflation rate is -10 percent, the real rate of interest isA) 2 percent.B) 8 percent.C) 10 percent.D) 12 percent.Answer: DQues Status: Previous EditionAACSB: Analytical Thinking8) In which of the following situations would you prefer to be the lender?A) The interest rate is 9 percent and the expected inflation rate is 7 percent.B) The interest rate is 4 percent and the expected inflation rate is 1 percent.C) The interest rate is 13 percent and the expected inflation rate is 15 percent.D) The interest rate is 25 percent and the expected inflation rate is 50 percent.Answer: BQues Status: Previous EditionAACSB: Analytical Thinking9) In which of the following situations would you prefer to be the borrower?A) The interest rate is 9 percent and the expected inflation rate is 7 percent.B) The interest rate is 4 percent and the expected inflation rate is 1 percent.C) The interest rate is 13 percent and the expected inflation rate is 15 percent.D) The interest rate is 25 percent and the expected inflation rate is 50 percent.Answer: DQues Status: Previous EditionAACSB: Analytical Thinking。
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货币金融学第十二版课后题答案
货币金融学第十二版课后题答案
第一章经济学和货币金融学
1. 什么是货币金融学?
货币金融学是经济学中的一个分支领域,研究货币和金融市场的运作及其对经济总量、价格水平和就业率等方面的影响。
2. 描述货币的组成部分。
货币主要由现金和存款两部分组成。
现金包括纸币和硬币,存款包括支票存款、储蓄存款、时间存款、银行间市场存款等。
3. 描述货币的职能。
货币具有交易媒介、价值尺度、价值储藏和债务履行手段等职能。
4. 描述货币增发的影响。
货币增发可能导致通货膨胀、货币贬值、利率上升、经济不稳定等后果。
第二章货币市场
1. 描述货币市场的特征。
货币市场是指短期债券和货币市场基金等金融工具在交易的市场,具
有低风险、低收益、高流动性和高度竞争等特征。
2. 描述央行在货币市场中的作用。
央行通过货币政策、公开市场操作等手段影响货币市场利率和流动性,维护货币市场的稳定运转。
3. 描述国库券的特点。
国库券是一种以政府信用为担保和支付利息的短期国债,具有零风险、流动性好、购买门槛低等特点。
第三章利率
1. 描述名义利率和实际利率的区别。
名义利率是指借贷协议中的利率,实际利率则考虑通货膨胀等因素后
的利率。
2. 描述实际利率对投资的影响。
实际利率越高,对投资的机会成本就越高,从而会减少投资的数量和
规模。
3. 描述利率曲线的形态及含义。
利率曲线表现出各种期限的借贷利率之间的关系,常见的包括正常型、倒挂型、平坦型等。
利率曲线的形状反映市场对未来经济情况的预期。
第四章中央银行和货币政策
1. 描述中央银行的职能。
中央银行的职能包括银行监管、货币政策、支付系统稳定、国际储备等。
2. 描述开放市场操作的作用。
开放市场操作是央行通过购买或卖出政府债券等金融工具来影响货币
市场流动性和利率的工具。
3. 描述货币多重生成过程。
货币多重生成过程指的是银行通过贷款来创造存款,从而进一步带动
其他银行贷款和存款的生成的过程。
第五章货币政策的框架
1. 描述主要通胀预期测量指标。
主要通胀预期测量指标包括消费者价格指数、生产者价格指数、工资指数、股票价格和外汇市场等。
2. 描述货币政策的中长期目标和短期操作目标。
货币政策的中长期目标包括维持价格稳定、促进经济增长和就业,短期操作目标则是调节货币市场利率、维护金融体系稳定等。
3. 描述政策利率与市场利率的关系。
政策利率是央行对货币市场利率的引导目标,而市场利率则是交易市场上实际形成的利率水平,两者之间存在着一定的联系和影响关系。
以上就是货币金融学第十二版课后题的答案。
货币金融学作为经济学的一个重要领域,对于我们了解国民经济的发展变化以及制定合理的投资和金融决策都具有重要的参考价值。