课程名称︰货币银行学甲
课程性质︰必修
课程教师︰陈思宽
开课学院：管理学院
开课系所︰国际企业学系
考试日期（年月日）︰2014年11月25日
考试时限（分钟）：180分钟
试题 :
一、选择题（每题2分共94分）
1)Compared to interest rates on long-term U.S. government bonds,interest rates
on three-month Treasury bills fluctuate ＿＿＿＿ and are ＿＿＿＿ on average.
A)more;lower
B)less;lower
C)more;higher
D)less;higher
2)Everything else held constant,a decline in interest rates will cause spending
on housing to
A)fall.
B)remain unchanged.
C)either rise,fall,or remain the same.
D)rise.
3)The upward and downward movement of aggregate output produced in the economy
is referred to as the
A)roller coaster.
B)see saw.
C)business cycle.
D)shock wave.
4)Prior to almost recessions since 1900,there has been a drop in
A)inflation.
B)the money stock.
C)the growth rate of the money stock.
D)interest rates.
5)A budget ＿＿＿＿ occurs when government expenditures exceed tax revenues for
a particular time period.
A)deficit
B)surplus
C)surge
D)surfeit
6)Which of the following can be described as direct finance?
A)You take out a mortgage from your local bank.
B)You borrow $2,500 from a friend.
C)You buy shares of common stock in the secondary market.
D)You buy shares in a mutual fund.
7)Which of the following statements about the characteristics of debt and
equities is true?
A)They can both be long-term financial instruments.
B)Bond holders are residual claimants.
C)The income from bonds is typically more variable than that from equities.
D)Bonds pay dividends.
8)Which of the following are not traded in a capital market?
A)U.S. government agency securities
B)State and local government bonds
C)Repurchase agreements
D)Corporate bonds
9)Federal funds are
A)funds raised by the federal government in the bond market.
B)loans made by the Federal Reserve System to banks.
C)loans made by banks to the Federal Reserve System.
D)loans made by banks to each other.
10)Increasing the amount of information available to investors helps to reduce
the problems of ＿＿＿＿ and ＿＿＿＿ in the financial markets.
A)adverse selection;moral hazard
B)adverse selection;risk sharing
C)moral hazard;transaction costs
D)adverse selection;economies of scale
11)＿＿＿＿ is a flow of earnings per unit of time.
A)Income
B)Money
C)Wealth
D)Currency
12)Of money's three functions,the one that distinguishes money from other
assets is its function as a
A)store of value.
B)unit of account.
C)standard of deferred payment.
D)medium of exchange.
13)In a barter economy the number of prices in an economy with N goods is
A)[N(N-1)]/2.
B)N(N/2).
C)2N.
D)N(N/2)-1.
14)Increasing transactions costs of selling an asset make the asset
A)more valuable.
B)more liquid.
C)less liquid.
D)more moneylike.
15)If an individual moves money from a savings deposit account to a money
market deposit account,
A)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.
16)An increase in the time to the promised future payment ＿＿＿＿ the present
value of the payment.
A)decreases
B)increases
C)has no effect on
D)is irrelevant to
17)If a security pays $55 in one year and $133 in three years,its present value
is $150 if the interest rate is
A)5 percent.
B)10 percent.
C)12.5 percent.
D)15 percent.
18)If a $1,000 face value coupon bond has a coupon rate of 3.75 percent,then
the coupon payment every year is
A)$37.50.
B)$3.75.
C)$375.00.
D)$13.75.
19)A ＿＿＿＿ is bought at a price below its face value,and the ＿＿＿＿ value
is repaid at the maturity date.
A)coupon bond;discount
B)discount bond;discount
C)coupon bond;face
D)discount bond;face
20)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 percent
B)10 percent
C)11 percent
D)12 percent
21)Whic of the following bonds would you prefer to be buying?
A)A $10,000 face-value security with a 10 percent coupon selling for $9,000
B)A $10,000 face-value security with a 7 percent coupon selling for $10,000
C)A $10,000 face-value security with a 9 percent coupon selling for $10,000
D)A $10,000 face-value security with a 10 percent coupon selling for $10,000
22)If a perpetuity has a price of $500 and an annual interest payment of $25,
the interest rate is
A)2.5 percent.
B)5 percent.
C)7.5 percent.
D)10 percent.
23)The interest rate on Treasury Inflation Protected Securities is a direct
measure of
A)the real interest rate.
B)the nominal interest rate.
C)the rate of inflation.
D)the rate of deflation.
24)If wealth increases,the demand for stocks ＿＿＿＿ and that of long-term
bonds ＿＿＿＿,everything else held constant.
A)increases;increases
B)increases;decreases
C)decreases;decreases
D)decreases;increases
25)If stock prices are expected to drop dramatically,then,other things equal,
the demand for stocks will ＿＿＿＿ and that of Treasury bills will ＿＿＿＿.
A)increase;increase
B)increase;decrease
C)decrease;decrease
D)decrease;increase
26)When the economy slips into a recession,normally the demand for bonds
＿＿＿＿,the supply of bonds ＿＿＿＿,and the interest rate ＿＿＿＿,everything
else held constant.
A)increases;increases;rises
B)decreases;decreases;falls
C)increases;decreases;falls
D)decreases;increases;rises
Price of∣
Bonds ∣ B1s
∣╲ ╲ ╱
∣ ╲ ╲ ╱
∣ ╲ ╱
P2∣¯¯¯╳ ╲¯¯¯¯¯¯¯B2s
∣ ╱ ╲ ╲ ╱
∣ ╱ ╲ ╲ ╱
∣╱ ╲ ╲ ╱
P1∣¯¯¯ ¯¯¯ ╲¯ ╳¯¯¯¯¯
∣ ╱ ╲
∣ ╱ ╲ ╲
∣ ╱ ╲ ╲
∣ ╱ ╲ ╲ B2d
∣ B1d
∣＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿
Quantity of Bonds,B
27)in the figure above,a factor that could cause the supply of bonds to
increase(shift to the right)is:
A)a decrease in government budget deficits.
B)a decrease in expected inflation.
C)expectations of more profitable investment opportunities.
D)a business cycle recession.
28)In Keynes's liquidity preference framework,as the expected return on bonds
increases(holding everything else unchanged),the expected return on money
＿＿＿＿,causing the demand for ＿＿＿＿ to fall.
A)falls;bonds
B)falls;money
C)rises;bonds
D)rises;money
29)If the liquidity effect is smaller than the other effects,and the adjustment
to expected inflation is slow,then the
A)interest rate will fall.
B)interest rate will rise.
C)interest rate will initially fall but eventually climb above the initial
level in responce to an increase in money growth.
D)interest rate will initially rise but eventually fall below the initial level
in response to an increase in money growth.
30)Which of the following bonds are considered to be default-risk free?
A)Municipal bonds
B)Investment-grade bonds
C)U.S. Treasury bonds
D)Junk bonds
31)Bonds with relatively low risk of default are called ＿＿＿＿ securities and
have a rating of Baa (or BBB) and above;with ratings below Baa (or BBB) have a
higher default risk and are called ＿＿＿＿.
A)investment grade;lower grade
B_investment grade;junk bonds
C)high quality;lower grade
D)high quality;junk bonds
32)During a "flight to quality"
A)the spread between Treasury bonds and Baa bonds increases.
B)the spread between Treasury bonds and Baa bonds decreases.
C)the spread between Treasury bonds and Baa bonds is not affected.
D)the change in the spread between Treasury bonds and Baa bonds cannot be
predicted.
33)A decrease in the liquidity of corporate bonds will ＿＿＿＿ the price of
corporate bonds and ＿＿＿＿ the yield of Treasury bonds,everything else held
constant.
A)increase;increase
B)decrease;decrease
C)increase;decrease
D)decrease;increase
34)An inverted yield curve
A)slopes up.
B)is flat.
C)slopes down.
D)has a U shape.
35)If the expected path of one-year interest rates over the next five years is
4 percent,5 percent,7 percent,8 percent,and 6 percent,then the expectations
theory predicts that today's interest rate on the five-year bond is
A)4 percent.
B)5 percent.
C)6 percent.
D)7 percent.
36)The segmented markets theory can explain
A)why yield curves usually tend to slope upward.
B)why interest rates on bonds of different maturities tend to move together.
C)why yield curves tend to slope upward when short-term interest rates are low
and to be inverted when short-term interest rates are high.
D)why yield curves have been used to forecast business cycles.
37)According to the liquidity premium theory of the term structure,a steeply
upward sloping yield curve indicates that short-term interest rates are
expected to
A)rise in the future.
B)remain unchanged in the future.
C)decline moderately in the future.
D)decline sharply in the future.
38)In the one-period valuation model,an increase in the required return on
investments in equity
A)increases the expected sales of a stock.
B)increases the current price of a stock.
C)reduces the expected sales price of a stock.
D)reduces the current price of a stock.
39)Using the Gordon growth formula,if D1 is $2.00,Ke is 12% or 0.12,and g is
10% or 0.10,then the current stock price is
A)$20.
B)$50.
C)$100.
D)$150.
40)The global financial crisis lead to a decline in stock prices because
A)of a lowered expected dividend growth rate.
B)of a lowered required return on investment in equity.
C)higher expected future stock prices.
D)higher current dividends.
41)Another way to state the efficient markets condition is:in an efficient
market,
A)unexploited profit opportunities will be quickly eliminated.
B)unexploited profet opportunities will never exist.
C)arbitragers guarantee that unexploited profit opportunities never exist.
D)every financial market participant must be well informed about securities.
42)＿＿＿＿ and ＿＿＿＿ may provide an explanation for stock market bubbles.
A)Overconfidence;social contagion
B)Underconfidence;social contagion
C)Overconfidence;social isolationism
D)Underconfidence;social isolationism
43)Although foreign exchange market trades are said to involve the buying and
selling of currencies,most trades involve the buying and selling of
A)bank deposits denominated in different currencies.
B)SDRs.
C)gold.
D)ECUs.
44)Assume that the following are the predicted inflation rates in these
countries for the year:2% for the United States,3% for Canada;4% for Mexico;5%
for Brazil.According to the purchasing power parity and everything else held
constant,which of the following would we expected to happen?
A)The Brazilian real will depreciate against the U.S. dollar.
B)The Mexican peso will depreciate against the Brazilian real.
C)The Canadian dollar will depreciate against the Mexican peso.
D)the U.S. dollar will depreciate against the Canadian dollar.
45)If the U.S. Congress imposes a quota on imports of Japanese cars due to
claims of "unfair" trade practices,and Japanese demand for American exports
increases at the same time,in the long run ＿＿＿＿,everything else held
constant.
A)the Japanese yen will appreciate relative to the U.S. dollar
B)the Japanese yen will depreciate relative to the U.S. dollar
C)the Japanese yen will either appreciate,depreciate or remain constant against
the U.S. dollar
D)there will be no effect on the Japanese yen relative to the U.S. dollar
46)A decrease in the domestic interest rate causes the demand for domestic
assets to ＿＿＿＿ and the domestic currency to ＿＿＿＿,everything else held
constant.
A)increase;appreciate
B)increase;depreciate
C)decrease;appreciate
D)decrease;depreciate
47)Suppose a report was released today that showed the Euro-Zone inflation rate
is running above the European Central Bank's inflation rate target.This leads
people to expect that the European Central Bank will enact contractionary
policy in the near future.Everything else held constant,the release of this
report would immediately cause the demand for U.S. assets to ＿＿＿＿ and the
U.S. dollar will ＿＿＿＿.
A)increase;appreciate
B)increase;depreciate
C)decrease;appreciate
D)decrease;depreciate
二、填充题（每格2分共6分）（请用英文回答，否则不记分）
1.Because inflation in Germany after World War I sometimes exceeded 1,000% per
month,one can conclude that the German economy suffered from ＿＿＿＿.
2.Everything else held constant,when the inflation rate is expected to rise,
interest rates will rise;this result has been termed the ＿＿＿＿ effect.
3.The view that expectations change relatively slowly over time in response to
new information is known in economics as ＿＿＿＿ expectations.
ADCCA BACDA ADACC ABADB ABAAD BCBCC BABCC AADCA AAAAB DD
hyperinflation;Fisher;adaptive