課程名稱︰貨幣銀行學甲
課程性質︰必修
課程教師︰陳思寬
開課學院：管理學院
開課系所︰國企系
考試日期（年月日）︰100.11.06
考試時限（分鐘）：180 分鐘
是否需發放獎勵金：是
*[1;33m（如未明確表示，則不予發放）*[m
試題 :
一、選擇題
(1) The collapse of the subprime mortgage market
(A) did not affect the corporate bond market.
(B) increased the perceived riskiness of Treasury securities.
(C) reduced the Baa-Aaa spread.
(D) increased the Baa-Aaa spread.
(2) The view that expectations are formed from past experience as some kind of
weighted average of past observations, known as _______,implies that_____.
(A) optimal statistical forecasting; information is used optimally.
(B) adaptive expectations; expectations tend to change slowly over time.
(C) rational expectations; all relevant information is taken into account.
(D) Extrapolative expectations; forecast errors are sequentially
independent.
(3) If a sudden decrease occurs today(November 9,2011)in the future yield to
maturity that borrowers and lenders expect will hold for bonds in October
of 2012,the (all else remaining equal)one would expect to see _______ in
the demand for bonds today because of __________.
(A) an increase; a higher expected capital gain from today through October
2012.
(B) an increase; a higher expected capital gain from October 2012 to
October 2013.
(C) a decrease; a lower expected capital gain from today through October
2012.
(D) A decrease; a lower expected capital gain from October 2012 to October
2013.
(4) If the annual interest rate is 4 percent, then the present value of a
3-year payment stream ($0,$50,$80) with $0 to be received at the end of the
first year ,$50 at the end of the second year, and $80 at the end of the
third year is given by
(A) $50/〖(1+.04)〗^2+$80/〖(1+.04)〗^3
(B) $50×〖(1+.04)〗^2+$80×〖(1+.04)〗^3
(C) $50/(1+.04)+$80/〖(1+.04)〗^2
(D) ($50+$80)/3
(5) An example of direct finance is _________.
(A) Taiwan central bank sells some of its holdings of U.S. Treasury bonds
in the U.S. government bond market.
(B) You acquire a residential mortgage from the Mega Bank.
(C)“168.com”sells newly issued stock shares in an initial public
offering(IPO).
(D) You buy shares of Intel on the Masdaq stock market.
(6) If the yield curve has a mild upward slope, the liquidity premium theory
(assuming a mild preference for shorter-term bonds) indicates that the
market is predicting
(A) a rise in short-term interest rates in the near future and a decline
further out in the future.
(B) Constant short-term interest rates in the near future and further out
in the future.
(C) A decline in short-term interest rates in the near future and a rise
further out in the future.
(D) A decline in short-term interest rates in the near future and an even
steeper decline further out in the future.
(7) An increase in productivity in a country will cause its currency to _______
because it can produce goods at a _______ price , everything else held
constant.
(A) Depreciate; lower
(B) Appreciate; lower
(C) Depreciate; higher
(D) Appreciate; higher
(8) The (annual)yield to maturity i on a coupon bond with a purchase price $190,
a face value $210, a 2-year coupon payment steam ($30,$30), and a 2-year
maturity is calculated as follows:
(A) i equals the annual rate of interest that, when used to calculate the
present value(PV) of the 2-year payment stream ($30,$30),results in a
PV equal to the face value $210.
(B) i equals the coupon payment $30 divided by the face value $210.
(C) i equals the coupon payment $30 divided by the purchase price $190.
(D) i equals the annual interest rate that, when used to calculate the
present value(PV) of the 2-year payment stream($30,$240),results in a
PV equal to the purchase price $190.
(9) According to Mishkin (Chapter 7),the efficient markets hypothesis for
financial markets is asserts that
(A) Financial investors exhibit perfect foresight.
(B) Financial investors minimize their transactions and informational costs.
(C) Market demand equals market supply.
(D) Investor expectations are equal to optimal forecasts using all
available information.
(10) Suppose the inflation rate in China is 3 percent during 2011,and the
inflation rate in Argentina is 35 percent during 2011. Then the theory of
purchasing power parity(in rates of change form) predicts that,
during 2011, the value of the Chinese currency (yuan) measured in terms of
the Argentina currency (pesos) –i.e., the number E of pesos per yuan –
will_______.
(A) Rise by 38 percent.
(B) Fall by 32 percent.
(C) Rise by 32 percent.
(D) Fall by 38 percent.
(11) Which of the following are secondary markets.
(A) U.S. Treasury bill auctions conducted by the U.S. Treasury
(B) The Nasdaq stock market
(C) GreTai Securities Market（證券櫃檯買賣中心）
(D) Both B and C.
(12) Which of the following securities has the lowest yield to maturity:
Note: In all the statements below, an “x percent coupon bond” refers to
a coupon bond with and x percent coupon rate.（不需要計算）
(A) A 5 percent coupon bond with a $1300 face value and a purchase price
of $1200.
(B) A 5 percent coupon bond with a $900 face value and a purchase price
of $1000.
(C) A 6 percent coupon bond with a $1200 face value and a purchase price
of $1000.
(D) A 7 percent coupon bond with a $2000 face value and a purchase price
of $1600.
(13) According to the segmented markets theory of the term structure
(A) The interest rate on long-term bonds will equal an average of
short-term interest rates that people expect to occur over the life of
the long-term bonds.
(B) Buyers of bonds do not prefer bonds of one maturity over another.
(C) Interest rates on bonds of different maturities do not move together
over time.
(D) Buyers require an additional incentive to hold long-term bonds.
(14) Suppose that the latest Consumer Price Index (CPI) release shows a higher
inflation rate in the U.S. than was expected . Everything else held
constant, the release of the CPI report would immediately cause the demand
for U.S. assets to_______ and the U.S. dollar would_______.
(A) Increase; appreciate
(B) Increase; depreciate
(C) Decrease; appreciate
(D) Decrease; depreciate
(15) 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
(16) Checkable deposit accounts supplied by reputable Taiwan commercial banks
(A) Are legal tender in Taiwan.
(B) Are a generally accepted means of payment for goods and services and
for repayment of debts in Taiwan, by social custom.
(C) Constitute part of M1,a commonly used measure of money in Taiwan.
(D) Both B and C.
(17) If the market for U.S. Treasury bonds is currently in a demand=supply
equilibrium, and suddenly Fed Chairman Ben Bernanke announces that he has
good reason to believe that next year the inflation rate will be lower
than currently anticipated, then the analysis in Mishkin Chapter 5
predicts that (all else equal) the equilibrium price of U.S. Treasury
bonds today will_______ and the equilibrium quantity of these bonds sold
today will _______.
(A) Rise; either rise or fall (effect is theoretically ambiguous)
(B) Either rise or fall (effect is theoretically ambiguous); rise
(C) Fall; fall
(D) Rise; rise
(18) By definition, a commodity money is _______.
(A) Any form of money that is bought and sold.
(B) Any form of money that is bought and sold in the foreign exchange
market as a commodity.
(C) Any commodity that is generally accepted in payment for goods and
services and for the repayment of debts.
(D) Any money that finds use as a medium of exchange for commodity trading.
(19) The key assumption characterizing the rational expectations approach to
expectation formation is that__________.
(A) People make optimal use of whatever information they have when forming
their expectations.
(B) People do not make sudden changes in their expectations.
(C) People do not make use of observations from the past in forming their
expectations because these observations are out-of-date.
(D) People are able to form expectations about future conditions without
error.
(20) All else equal, a depreciation of the HC’s (home country) currency
(A) Lowers the price of imported ROW (rest of the world) goods for HC
citizens.
(B) Lowers the aggregate price level in the HC as measured by the GDP
deflator.
(C) Raises the price of imported ROW goods for HC citizens.
(D) Raises the aggregate price level in the HC as measured by the GDP
deflator.
(21) If an individual withdraws funds from a U.S. checkable deposit account and
deposits them in a (noninstitutional) U.S. money market mutual fund,
then__________
(A) M1 and M2 both increase for the U.S.
(B) M1 and M2 both decrease for the U.S.
(C) M1 decreases and M2 stays the same for the U.S.
(D) M1 increases and M2 decreases for the U.S.
(22) If bad credit risks are the ones that most actively seek out and receive
loans from a financial intermediary due to its loan contract provisions,
then the financial intermediary is said to have__________.
(A) An adverse selection problem
(B) A free-riding problem
(C) A moral hazard problem
(D) A direct finance problem
(23) According to Mishkin (Chapter 1), a government is currently running a
budget deficit when ________.
(A) Current government expenditures exceed the debt ceiling.
(B) Current government tax revenues exceed current government expenditures.
(C) Current government expenditures exceed current government tax revenues.
(D) Bonds previously issued by the government are held by private-sector
nationals or by foreign nationals.
(24) Examples of over-the-counter markets include___________.
(A) The foreign exchange market.
(B) The Taiwan Stock Exchange.
(C) The New York Stock Exchange.
(D) All of the above.
(25) According to Mishkin Chapter 5, when the price of bonds EXCEEDS the bond
market equilibrium price level, then there is an_____ bonds and the price
of bonds can be expected to _________.
(A) Excess demand for; rise
(B) Excess demand for; fall
(C) Excess supply of; fall
(D) Excess supply of; rise
(26) The Gordon growth model simplifies the generalized dividend model by
assuming ____________.
(A) A constant dividend growth rate.
(B) A constant money growth rate.
(C) A constant required return on equity investment.
(D) A constant share price.
(27) Assume the annual dividend paid per share is Div; the expected share price
at the end of next year is PNext; and the requires return on equity
investment is k. Let “*” denote multiplication, and let PNow denote the
current share price. According to the one-period stock valuation model,
PNow should satisfy the formula_______
(A) PNow=(Div+PNext)*(1+k)
(B) PNext-PNow=Div/(1+k)
(C) PNext=(PNow+Div)*k
(D) PNow=(Div+PNext)/(1+k)
(28) If a market participant believes that a stock price is irrationally high,
they may try to borrow stock from brokers to sell in the market and then
make a profit by buying the stock back again after the stock falls in
price. This practice is called
(A) Short selling.
(B) Double selling.
(C) Undermining.
(D) Long marketing.
(29) According to Mishkin (Chapter 1), a business cycle is a record of the ___.
(A) Duration of a company from its founding date to its dissolution date.
(B) Currently hottest trends in business product innovation.
(C) Average duration of product cycles, from introduction to obsolescence.
(D) Recurrent fluctuations that occur in time series data for macro
variables such as aggregate output.
(30) According to Mishkin (Chapter 5), key factors that are likely to cause the
supply curve for bonds to shift to the left include
(A) A higher government budget deficit.
(B) A decrease in the expected inflation rate.
(C) An increase in the expected profitability of capital investment.
(D) All of the above.
(31) According to the law of one price, if Malaysian coffee is 4 ringitts per
pound and Slovakian coffee is 44 korunas per pound, the coffees are of
equal quality, and transport costs are zero, then the exchange rate
between the Malaysian ringitt and the Slovakian koruna should
approximately be
(A) 0.09 rignitts per 1 koruna
(B) 11 rignitts per 1 koruna
(C) 1 ringitt per 1 koruna
(D) 4 ringitts per 1 koruna
(32) If there currently is an excess supply of Chicago municipal nods, then the
theory in Mishkin Chapter 5 predicts that (all else equal) the current
price of these bonds is________ the equilibrium price level and hence
will_____.
(A) Above; be bid upwards until demand equals supply.
(B) Above; be bid downwards until demand equals supply.
(C) Below; be bid upwards until demand equals supply.
(D) Below; be bid downwards until demand equals supply.
(33) An important implication of the efficient market hypothesis presented in
Mishkin Chapter 7 is that stock market investors
(A) Should act quickly to take advantage of “hot tips” in published
reports by investment advisors.
(B) Should follow a “buy and hold” strategy.
(C) Should pay close attention to trends and patterns in past stock price
data.
(D) Should never buy into a mutual fund, because such funds cannot
consistently outperform the market.
(34) In the generalize stock valuation model, the current price of a stock
share is assumed to equal the discounted value of
(A) All future dividend payments to the shareholder.
(B) Next period’s dividend payment discounted by the required return on
equity net of the dividend growth rate.
(C) The future revenues of the issuing corporation.
(D) The future profits of the issuing corporation.
(35) The current yield on a coupon bond with a $6,000 face value, a coupon rate
equal to .08 (8 percent), and a current purchase price of $9,600 is
(A) 5 percent
(B) 8 percent
(C) 10 percent
(D) 20 percent
(36) Letting I denote the current nominal market interest rate (yield to
maturity), in which of the following situations should a rational investor
prefer to be a lender;
(A) I= 4 percent and the expected inflation rate= 3 percent
(B) I=5 percent and the expected inflation rate= -1 percent
(C) I= 13 percent and the expected inflation rate=11 percent
(D) I= 25 percent and the expected inflation rate= 20 percent
(37) If the expected path of 1-year interest rates over the next five years is
1 percent, 2 percent, 3 percent, 4 percent, and 5 percent, the expectations
theory predicts that the bond with the highest interest rate today is the
one with a maturity of
(A) Two years.
(B) Three years.
(C) Four years.
(D) Five years.
(38) Other things being equal, an increase in the default risk of corporate
bonds shifts the demand curve for corporate bonds to the _______ and the
demand curve for Treasury bonds to the _______.
(A) Right; right
(B) Right; left
(C) Left; right
(D) Left; left
(39) Which of the statements A through C below are true for coupon bonds?
(A) The issuer is required to make a fixed coupon payment in every payment
period during the life of the bond, plus a face value payment at
maturity.
(B) The issuer is required to make a fixed coupon payment period during
the life of the bond, where the present values of these cumulated
payment is required to equal the face value of the bond.
(C) Corporate bonds often take the form of coupon bonds.
(D) Only A and C are true.
(40) The subprime 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) A plot of the interest rates on default-free government bonds with
different terms to maturity is called
(A) A risk-structure curve.
(B) A default-free curve.
(C) A yield curve.
(D) An interest-rate curve.
(42) Which of the statements A through C below are false for fixed payment
loans?
(A) Mortgages are frequently of the fixed payment type.
(B) The borrower repays the loan by making the same fixed payment in every
payment period.
(C) The borrower is always required to make all principal plus interest
payments in one fixed payment occurring at the maturity date.
(D) Both A and B are false.
(43) Treasury Inflation Protection Securities (TIPS) generate useful
information for monetary policy makers because
(A) The interest rate on TIPS always closely tracks the Federal Funds Rate.
(B) The interest and principal payments on TIPS are adjusted for changed
in the price level, hence the interest rate on TIPS provides a
measure of the nominal interest rate.
(C) The difference between the current market interest rate and the TIPS
interest rate provides a measure of expected inflation.
(D) Both B and C.
(44) Smart investors need to understand the distinction between the yield to
maturity on financial asset and its return rate because
(A) Many investors end up having to sell financial assets prior to their
maturity.
(B) The yield to maturity assumes the assets will be held to maturity,
whereas the return rate can be calculated for any holding period.
(C) The yield to maturity ignores capital gain or loss that might accrue
to an investor who sells a financial asset prior to maturity.
(D) All of the above.
(45) The spread between the interest rates on bonds with default risk and
default-free bonds is called the
(A) Risk premium.
(B) Junk premium.
(C) Bond margin.
(D) Default premium.
(46) For an economy with exactly 9 distinct types of goods,______
goods-for-goods prices are needed to fully support exchange under a barter
payment system while _______ money-for-goods prices are needed to fully
support exchange under a monetary payment system.
(A) 36; 18
(B) 18; 9
(C) 72; 18
(D) 36; 9
二、 填充題（請用英文回答，否則不計分）
(1) Milton Friedman called the response of lower interest rates resulting
from an increase in the money supply the ___________ effect.
(2) An __________ yield curve slopes down.
(3) The _________ equation states that the nominal interest rate equals
the real interest rate plus the expected rate of inflation.
(4) A perpetual bond with no maturity date and no repayment of principal
which makes fixed coupon payments forever is called a __________or
perpetuity.
ANS.
1.DBAAC 6. BBDDC 11. DBCDC 16. DACAC 21. CACAC 26. ADADB 31. ABBAA
36. BDCDA 41.CCCDA 46.D
1. liquidity
2. inverted
3. Fisher
4. consol
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