課程名稱︰貨幣銀行學
課程性質︰國企大二必修
課程教師︰陳思寬
開課學院：管理學院
開課系所︰國企系
考試時間︰11/14 14:00~17:00
是否需發放獎勵金：Y
試題 :
一，選擇題
1.The risk premium on a bond is:
(a) the difference in interest rate between that bond and a municipal bond.
(b) the difference in interest rate between that bond and a band CD.
(c) the difference in interest rate between that bond and a US govermment
bond.
(d) the difference in interest rates between that bod and a S&P 500 firm
bond .
2.Municipal bonds generally have lower interest rates than U.S. Government
bonds because:
(a) they never mature.
(b) they are more liquid.
(c) they are exempt from Federal taxes.
(d) they have less risk.
3.The liquidity premium theory suggests that yield curve should usually be:
(a) upward sloping
(b) upward sloping through year 1, then flat thereafter.
(c) inverted.
(d) flat.
4.the Segmented Markets theory of term structure suggest that:
(a) Interest rates on long-term bonds strongly influence the demand for
short-term bonds.
(b) Investors have strong preferencesfor bonds of a particular maturity.
(c) Investors have no preferences for short-term bonds over long-term bonds,
or vice versa.
(d) Bonds of different maturities are perfect substitutes for each other.
5.An implication of rational expectation is that:
(a) errors will, on the average, be zero.
(b) errors will always be zero.
(c) some error can be predicted ahead of time.
(d) cahanges in how avariable moves over time will not affect the way
expectation are formed.
6.Based upon unexploited profit opportunities, if RET(OF) > RET(*), then:
(a) people will not buy security, lower its price, and reducing RET(OF).
(b) people will buy security, increasing its price and reducing RET(OF).
(c) people will not buy security, lower its price, and reducing RET(*).
(d) people will buy security, increasing its price and reducing RET(*).
7.Technical analysis:
(a) examines the role of unexpected events in determining stock prices.
(b) ecploits the idea that stocks follow a random walk.
(c) is the study of past stock price data in search of patterns.
(d) generates buy/sell rules that usually outperform the markets as a whole.
8.The generalized dividend model of determining stock prices hypothesizes
that:
(a) The price you are willing to pay for a stock depends upon both the
dividends you expect to receive and the capital gain you expect to get
from owning the stock.
(b) The price tou are willing to pay for a stock depends only on the amount
of the dividends you expect to receive from the stock.
(c) The price you are willing to pay for a stock depends on the present
value of the dividends you expect to receive from the stock.
(d) The price tou are willing to pay for a stock today depends on the price
you expect it to be next year.
9.If your nominal income in 1990 is $50000 and price increase by 50% between
1990 and 2000, then to have the same real income, your nominal income in
2000 must be
(a) $50000
(b) $75000
(c) $100000
(d) $150000
(e) $200000
10.Money has a major impact on
(a) inflation.
(b) the business cycle.
(c) interest rates.
(d)each of the above.
11.The process of indirect finance using financial intermediaries is called
(a) direct lending
(b) financial intermediation.
(c) disintermediation.
(d) financial liquidation.
(e) resource allocation.
12.Federal funds are
(a) funds raise by the federal government in the bond markets.
(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.
(e) none of the above.
13.Which of the following are short- term financial instruments?
(a) A banker's acceptance
(b) A share of Walt Disney Corporation stock
(c) A treasury note with a maturity of four years
(d) Each of the above.
14.It if ture that
(a) income and wealth are both stocks.
(b) money and income are booth stocks.
(c) income is a flow and wealth is a stock.
(d) money and wealth are both flows.
(e) money and income are both flows.
15.Of money's three functions, the one that distinquishes 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.
16.A consol paying $20 annually when the interest rate is 5 percent has a
price of
(a) $100
(b) $200
(c) $400
(d) $800
(e) $1000
17.Which of the following bonds would you prefer to be selling?
(a) A $10000 face-value security with a 6 percent coupon selling for $10000
(b) A $10000 face-value security with a 6 percent coupon selling for $9000
(c) A $10000 face-value security with a 6 percent coupon selling for $11000
(d) A $10000 face-value security with a 7 percent coupon selling for $10000
(e) A $10000 face-value security with a 7 percent coupon selling for $9000
18.The current yield on a $10000, 10 percent coupon bond selling for $5000 is
(a) 30 percent
(b) 33 percent
(c) 60 percent
(d) 20 percent
19.The yield on a discount basis of a 180-day $1000 Treasury bill selling
for $900 is
(a) 10 percent
(b) 20 percent
(c) 25 percent
(d) 40 percent
20.The U-shaped yield curve in Figure 6-2 indicates that
(a) inflation is expected to remain constant in the near-term and fall
later on.
(b) inflation is expected to fall sharply in the near-term and rise later on.
(c) inflation is expected to rise moderately in the near-term and fall
later on.
(d) inflation is expected to remain constant in the near-term and rise
later on.
21.The small-firm effect refers to the
(a) lower than average returns earned by small firms.
(b) fact that small firms earn return equal to large firms.
(c) abnormally high return earned by small firms.
(d) fact that small firms earn low returns after adjusting for risk.
(e) fact that small firms generally earn negative returns.
22.Before periods of recession,
(a) money supply growth rates lend to fall.
(b) money supply growth rates always fall.
(c) money supply growth rates sometimes rise and sometimes fall.
(d) money supply growth rates tend to rise.
23.The relationship between real and nominal GDP is that:
(a) both Real and Nominal GDP use base year price.
(b) both Real and Nominal GDP use current price.
(c) Real GDP is evaluated with current prices and nominal GDP use base year
prices.
(d) Real GDP is evaluated with current prices and nominal GDP use
current year prices.
24.With direct finance,
(a) individuals deposit savings directly in bank.
(b) individuals (or firms) borrow directly from the savers.
(c) individuals (or firms) borrow directly from banks.
(d) firms deposit saving directly in banks.
25.Eurodollars are:
(a) Foreign currencies deposited in banks outside Europe.
(b) The new currency of many European Union countries.
(c) Bonds issued by European coutries.
(d) Bank deposits held outside the U.S. but denominated in dollars.
26.The difference between equities and debt securitis is
(a) Equities are short term and debt securities are long term.
(b) Equities represent ownership in a corporation and debt represents a
contractual liability of the corporation.
(c) Equities pay interest and debt securities pay dividends.
(d) Holders of equity securities get paid before holders of debt securities
in the events of a bandrubtcy
27.Which of the following is not a depository financial institution?
(a) Life Insurance Company
(b) Saving and Loan
(c) Commercial bank
(d) Credit Union
28.A corporation working with an investment bank to issue new shares of stock
is engaged in a ______market, _____market transaction.
(a) secondary, money
(b) primary, capital
(c) primary, money
(d) secondary, capital
29.Fiat money is:
(a) coins
(b) checks
(c) credit card
(d) not convertible into precious metals.
30.If Mary moves $100 from her savings account to her checking account, then:
(a) M1 will not change.
(b) M2 will not change.
(c) M1 will fall by $100.
(d) M2 will fall by $100.
31.The liquidityof an asset is:
(a) the ability of an asset to earn interest income.
(b) the amount of an asset sold at discount or premium.
(c) the relative ease with which an asset can be converted into a
common stock.
(d) the relative ease with which an asset can be converted into a medium of
exchange.
32.Which of the following correctly shows the evolution of the payment system?
(a) Fiat money, commodity money, check, electronic money.
(b) Commodity money, fiat money, check, electronic money.
(c) Commodity money, fiat money, electronic money, check.
(d) Commodity money, check, fiat money, electronic money.
33.If a bond sells at a premium, where price exceeds face value, then
we would expect to see:
(a) market interest rate the same as the coupon rate.
(b) market interest rates could be the same, higher, or lower than
the coupon rate.
(c) market interest rates above the coupon rate.
(d) market interest rates below the coupon rate.
34.For a $1000 one year discount bond with a price of $975, the yeild is
(a) ($1000-$975)/($1000)
(b) $1000/$975
(c) $975/$1000
(d) ($1000-$975)/($975)
35.If the interest rate rise one basis point, then it has gone from 4% to
(a) 4.25%
(b) 4.01%
(c) 4.1%
(d) 5%
36.When interest rates fluctuate, which bonds will experience the least price
volatility?
(a) 5-year bonds
(b) 10-year bonds
(c) 1-year bonds
(d) 20-year bonds
37.Which of the following provides the greatest incentive to borrow?
(a) A low nominal interest rate
(b) A high nominal interest rate
(c) A low real interest rate
(d) A high real interest rate
38.Other things remaining equal, which of the following will increase the
demand(shift the demand curve to the right) for bond J
(a) An increase in the level of wealth in the economy.
(b) An increase in the risk level of bond J
(c) An increase in the interest rate on bond K
(d) An increase in the interest rate on bond J
39.Which of the following will increase the supply of bonds(shift the supply
curve to the right)?
(a) A business cycle expansion.
(b) A decrease in the expected inflation rate.
(c) A government budget surplus.
(d) An increase in the bond prices.
40.When the inflation rate is expected to rise, interest rates will___, this
has been termed the___.
(a) fall; Keynes effect
(b) fall; Fisher effect
(c) rise; Pigou effect
(d) rise; Fisher effect
(e) rise; Keynes effect
41.Because Keynes assumed that money and bonds are the only two assets
available, it must be true that
(a) M(d)+M(s) = B(d)-B(s)
(b) M(d)+M(s) = B(d)+B(s)
(c) M(d)-B(d) = M(s)+B(s)
(d) M(d)+B(d) = M(s)+B(s)
42.Generally, which bond has the highest interest rate?
(a) Municipal Bonds
(b) Long-term Governmment Bonds
(c) Corporate Baa Bonds
(d) Corporate Aaa Bonds
二，填充題
1.According to the ______ effect, an increase in the money supply lowers the
interest rate.
2._______ risk is the chance the issuer will be unable to make interest
payments or repay principal.
3.The ______ hypothesis states that prices of securities in financial market
reflect all available information,
4.If bad credit risks are the ones who most actively seek loans and, therefore,
receive them from financial intermediaries, then financial intermediaries
face the problem of ________.
5.In markets for loans, ______ refers to the incentive of borrowers to shift
to more riskly loan projects after their loan contracts are signed.
6.If expectations of inflation rates were typically viewed as being an average
of past inflation rates, then this view of expectation formation can be
called _____ expectations.
7.An ______ bonds link its principal and interest payment to the consumer
price index.
8.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 four goods
in a barter economy, then one needs to know _______ prices in order to
exchange one good to another.
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