課程名稱︰貨幣銀行學
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）︰2012.11.21
考試時限（分鐘）：120
是否需發放獎勵金：是
（如未明確表示，則不予發放）
試題 :
一、選擇題(1題2分，共92分)
(1)When I purchase a corporate ______, I am lending the corporation funds for
a secific time. When I purchase a corporation's ______, I become an owner in
the corporation.
(A)bond;stock
(B)stock;bond
(C)stock;debt security
(D)bond;debt security
(2)Prior to almost all 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
(3)If your nominal income in 1998 is $50,000, and prices increase by 50%
between 1998 and 2011, then to have the same real income, your nominal
income in 2011 must be
(A)$50,000
(B)$75,000
(C)$100,000
(D)$150,000
(4)A sharp increase in the growth of the money supply is likely followed by
(A)a recession
(B)a depression
(C)an increase in the inflation rate
(D)no change in the economy
(5)In a(n) ______ market, dealers in different locations buy and sell
securities to anyone who comes to them and is willing to accept their prices
(A)exchange
(B)over-the-counter
(C)common
(D)barter
(6)Because these securities are more liquid and generally have smaller price
fluctuaions, corporations and banks use the ______ securities to earn
interest on temporary surplus funds.
(A)money market
(B)capital market
(C)bond market
(D)stock market
(7)Which of the following can be descreibed as involving indirect finance?
(A)You make a loan to your neighbor
(B)You buy shares in a mutual fund
(C)You buy a U.S. Treasury bill from the U.S. Treasury
(D)A corporation buys short-term security issued by another corporation in
the primary market
(8)Which of the following is not a secondary market?
(A)foreign exchange market
(B)futures market
(C)options market
(D)IPO market
(9)Federal funds are
(A)funds raised by the federal government in the bond market
(B)loans made by the Federal Reserve System to bands
(C)loans made by banks to the Federal Reserve System
(D)loans made by banks to each other
(10)Bonds issued by state and local governments are called ______ bonds
(A)corporate
(B)Treasury
(C)municipal
(D)commercial
(11)A disadvantage of ______ made form precious metals is that it is very heavy
and hard to transport form one place to another
(A)commodity money
(B)flat money
(C)electronic money
(D)paper money
(12)Although ______ currency is lighter than coins made of metals, a
disadvantage arising from modern technology is the ease of ______.
(A)paper;transport
(B)commodity;counterfeiting
(C)flat;transport
(D) paper;counterfeiting
(13)If an individual uses money from a demand deposit account to purchase a
U.S. savings bond,
(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 decreases and M2 decreases
(14)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
(15)Kevin purchasing concert tickets with his debit card is an example of the
______ function of money
(A)medium of exchange
(B)unit of account
(C)store of value
(D)specialization
(16)Because inflation in Germany after World War I sometimes exceeded 1,000%
per month, one can conclude that the German economy suffered from
(A)deflation
(B)disinflation
(C)hyperinflation
(D)superdeflation
(17)What is the present value of $500.00 to be paid in two years if the
interest rate is 5 percent?
(A)$453.51
(B)$550.00
(C)$476.25
(D)$550.00
(18)The ______ of a coupon bond and the yield to maturity are inversely related
(A)price
(B)par value
(C)maturity date
(D)term
(19)The ______ is below the coupon rate when the bond price is ______ its par
value.
(A)yield to maturity;above
(B)yield to maturity;below
(C)discount rate;above
(D)discount rate;below
(20)When I purchase a 10 percent coupon bond, I calculate a yield to maturity
of 8 percent. If I hold this bond to maturity, then my return on this asset
is
(A)10%
(B)8%
(C)12%
(D)there is not enough information to determine the return.
(21)In the United States during the late 1970s, the nominal interest rates were
quite high, but the real interest rates were negative. From the Fisher
equation, we can conclude that expected inflation in the United States
during this period was
(A)irrelevant
(B)low
(C)negative
(D)high
(22)The interest rate on Treasury Inflation Proteced 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
(23)Prices and returns for ______ bonds are more volatile than those for ______
bonds, everything else held constant.
(A)long-term;long-term
(B)long-term;short-term
(C)short-term;long-term
(D)short-term;short-term
(24)If the interest rate on a bond is below the equilibrium interest rate,
there is an excess _____ of bonds and the bond pirce will ______.
(A)demand;rise
(B)demand;fall
(C)supply;rise
(D)supply;fall
(25)If real estate prices are expected to drop, all else equal, the demand for
bonds ______ and the interest rate ______.
(A)increases;rises
(B)increases;falls
(C)decreases;rises
(D)decreases;falls
figure:bond的supply下降,demand下降,均衡價格下降
(26)In the figure above, the price of bonds would fall from P1 to P2 when
(A)inflation is expected to increase in the future
(B)interest rates are expected to fall in the future
(C)the expected return on bonds relative to other assets is expected to
increase in the future
(D)the riskiness of bonds falls relative to other assets
(27)In Keynes's liquidity preference framework, if there is excess demand for
money, there is
(A)an excess demand for bonds
(B)equilibrium in the bond market
(C)an excess supply of bonds
(D)too much money
(28)If there is an demand for money, individuals ______ bonds, causing
interest rates to ______.
(A)sell;rise
(B)sell;fall
(C)buy;rise
(D)buy;fall
(29)In the figure above, illustrates the effect of an increased rate of money
supply growth at time period 0. From the figure, one can conclude that the
(A)liquidity effect is smaller than the expected inflation effect and
interest rates adjust quickly to changes in expected inflation
(B)liquidity effect is larger than the expected inflation effect and
interest rates adjust quickly th changes in expected inflation
(C)liquidity effect is larger than the expected inflation effect and
interest rates adjust slowly to changes in expected inflation
(D)liquidity effect is smaller than the expected inflation effect and
interest rates adjust slowly to changes in expected inflation
(30)Other things being equal, a decrease 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
(31)A decrease in the riskiness of corporate bonds will ______ the price of
corporate bonds and ______ the price of Treasury bonds, everything else
held constant.
(A)increase;increase
(B)reduce;reduce
(C)reduce;increase
(D)increase;reduce
(32)Which of the following statements is true?
(A)A liquid asset is one that can be quickly and cheaply converted into cash
(B)The demand for a bond declines when it becomes lee liquid, decreasing the
interest rate spread between it and relatively more liquid bonds
(C)The differences in bond interest rates reflect differences in default
risk only
(D)The corporate bond market is the most liquid bond market
(33)Everything else held constant, a decrease in marginal tax rates would
likely have the effect of ______ the demand for municipal bonds, and ______
the demand for U.S government bonds
(A)increasing;increasing
(B)increasing;decreasing
(C)decreasing;increasing
(D)decreasing;decreasing
(34)Typically, yield curves are
(A)gently upward sloping
(B)mound shaped
(C)flat
(D)bowl shaped
(35)Over the next three years, the expected path of 1-year interest rates is
4,1,and 1%. The expectations theory of the term structure predicts that the
current interest rate on 3-year bond is
(A)1%
(B)2%
(C)3%
(D)4%
(36)A key assumption in the segmented markets theory is that bonds of different
maturities
(A)are not substitutes at all
(B)are perfect substitutes
(C)are substitutes only if the investor is given a premium incentive
(D)are substitutes but not perfect substitutes
(37)The steeply upward sloping yield curve indicates that
(A)short-term interest rates are expected to rise in the future
(B)short-term interest rates are expected to fall moderately in the future
(C)short-term interest rates are expected to fall sharply in the future
(D)short-term interest rates are expected to remain unchanged in the future
(38)In a one-period valuation model, a decrease in the reqauired return on
inverstments in equity causes a(n) ______ in the ______ price of a stock.
(A)increase;current
(B)increase;expected sales
(C)decrease;current
(D)decrease;expected sales
(39)Using the Gordon growth model, if D1 is $.50,ke is 7%, and g is 5%, then
the present value of the stock is
(A)$2.50
(B)$25
(C)$50
(D)$46.73
(40)Increased uncertainty resulting from the global financial crisis ______
the required return on investment in equity.
(A)raised
(B)lowered
(C)had no impact on
(D)decreased
(41)If expectations are formed rationally, then individuals
(A)will have a forecast that is 100% accurate all of the time
(B)change their forecast when faced with new information
(C)use only the information from past data on a single variable to form
their forecast
(D)have forecast errors that are persistently low
(42)The efficient markets hypothesis implies that prices in the stock market
(A)follow a definite pattern
(B)are more likely to go up than down
(C)always undervalue the true assets of a corporation
(D)are unpredictable
(43)In an agreement to exchange dollars for euros in three months at a price
of $0.90 per euro, the price is the
(A)spot exchange rate
(B)money exchange rate
(C)forward exchange rate
(D)fixed exchange rate
(44)Everything else held constant, if a factor increases the demand for ______
goods relative to ______ goods, the domestic currency will appreciate.
(A)foreign;domestic
(B)foreign;foreign
(C)domestic;domestic
(D)domestic;foreign
(45)During the beginning on the global financial crisis in the United States
when the effects of the crisis were mostly confined within the United
States, the U.S. dollar _______because demand for U.S. assets ______.
(A)appreciated;increased
(B)deprecitated;increased
(C)appreciated;decreased
(D)depreciated;decreased
(46)In a world with few impediments to capital mobility, the domestic interest
rate equals the sum of the foreign interest rate and the expected
depreciation of the domestic currency, a situation known as the
(A)interest parity condition
(B)purchasing power parity condition
(C)exchange rate parity condition
(D)foreign asset parity condition
二、填充題
1.The upward and downward movement of aggregate output produced in the economy
is ______.
2.The additional incentive that the purchaser of a Treasury security requires
to buy a long-term security rather than a short-term security is called the
______.
3.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 ______.
4.A perpetual bond with no maturity date and no repayment of principal which
makes fixed coupon payments forever is called a ______ or perpetuity.
解答
ACBCBABDDC ADDCACAAAB DABDBACAAB DACABAAABA BDCDDA
business cycle
term premium
short selling
consol
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