課程名稱︰貨幣銀行學甲上
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）︰2007/11/8
考試時限（分鐘）：120
是否需發放獎勵金：是
試題 :
一、選擇題
1)Values meansured using current prices are called ______ values.
(a) nominal
(b) real
(c) inflated
(d) aggregate
2)Compared to interest rates on long-terms 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
3)Channeling funds from individuals with surplus funds to those desiring funds
when the saver does not purchase the borrower's security is known as
(a) barter.
(b) redistribution.
(c) financial intermediation.
(d) taxation.
4)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
5)A sharp increase in the growth of the money supply is likely followed by
(a) a recession.
(b) an increase in the inflation rate.
(c) a depression.
(d) no change in the economy.
6)Which of the following can be described as involving direct finance?
(a) A corporation takes out loans from a bank.
(b) People buy shares in a mutual fund.
(c) A corporation buys a short-term corporate security in a secandary market.
(d) People buy shares of common stock in the primary markets.
7)Equity instruments are traded in the_______market.
(a) money
(b) bond
(c) capital
(d) commodities
8)An important financial institution that assists in the initial sale of
security in the primary market is the
(a) investment bank.
(b) commercial bank.
(c) stock exchange.
(d) brokerage house.
9) The money market instruments that were created to assist in carrying out
international trade are called _______.
(a) negotiable CDs
(b) banker's acceptance
(c) repurchase aggrement
(d) federal funds
10)U.S. Treasury bills pay no interest but are sold at a ________. That is, you
will pay a lower purchase price than the amount you receive at maturity.
(a) premium
(b) collateral
(c) default
(d) discount
11)Which of the following instrument is not trade in a money market?
(a) Residential mortgages.
(b) U.S.Treasury Bills.
(c) Eurodollars.
(d) commercial paper.
12)If Microsoft sells a bond in London and it is donminated in dollars, the
bond is a _______.
(a) Eurobond
(b) foreign bond
(c) British bond
(d) currency bond
13)The primary liabilities of a commercial bank are
(a) bonds.
(b) mortgages.
(c) deposits.
(d) commercial paper.
14)If an individual moves money from a money market deposit account to
currency.
(a) 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.
15)Kevin purchasing concert tickets with his debit card is an example of the
_______ fuction of money.
(a) medium of exchange
(b) unit of account
(c) store of value
(d) specialization
16)It is true that
(a) income and wealth are both stocks.
(b) money and income are both stocks.
(c) money and wealth are both flows.
(d) income is a flow and wealth is stocks.
17)Assuming the same coupon rate and maturity length, when the interest rate on
a Treasury Inflation Protected Security is percent, and the yield on a
nonindexed Treasury bond is 8 percend, the expected rate of inflation is
(a) 3 percend.
(b) 5 percend.
(c) 8 percend.
(d) 11 percend.
18)An equal decrease in all bond interest rates
(a) 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) decrease the price of a five-year bond more than the price of a ten-year
bond.
(d) decrease the price of a ten-year bond more than the price of a five-year
bond.
19)What is the return on a 5 percent coupon bond that initially sells for
$1,000 and sells for $900 next year?
(a) 5 percent
(b) 10 percent
(c) -5 percent
(d) -10 percent
20)Dealers in T-bills make profits by sells T-bills at a _______ price than
they pay for them, thus, the ______ discount yield should be lower than the
_______ discount yield.
(a) higher; bid; asked
(b) higher; asked; bid
(c) lower; bid; asked
(d) lower; asked; bid
21)The yield on a discount basis of s 90-day, $1,000 Treasury bill selling for
$950 is
(a) 5 percent
(b) 10 percent
(c) 15 percent
(d) 20 percent
22)If the yield on Treasury bills increases from 6.34 percent to 6.44 percent,
the yield has
(a) increased by 0.01 basis point.
(b) increased by 0.1 basis point.
(c) increased by 1 basis point.
(d) increased by 10 basis point.
23)To claim that a lottery winner who is to receive $1 million per year for
twenty years has won $20 million ignores the concept of
(a) discounting the future.
(b) face value.
(c) par value.
(d) Deflation.
24)The _____ is the final amount that will be paid to the holder of a coupon
bond.
(a) discount value
(b) coupon value
(c) face value
(d) present value
25)All of the following are examples of coupon bonds except
(a) Corporate bond
(b) U.S. Treasury bills
(c) U.S. Treasury notes
(d) U.S. Treasury bonds
26)Which of the following $5,000 face-value securities has the highest to
maturity?
(a) A 6 percent coupon bond selling for $5,000
(b) A 6 percent coupon bond selling for $5,500
(c) A 10 percent coupon bond selling for $5,000
(d) A 12 percent coupon bond selling for $4,500
27)A consol paying $20 annually when the interest rate is 5 percent has a price
of
(a) $100.
(b) $200.
(c) $400.
(d) $800.
28)A business cycle expansion increases income, causing money demand to ______
and interest rates to ______,everything else held constant.
(a) increase; increase
(b) increase; decrease
(c) decrease; decrease
(d) decrease; increase
圖畫不出來
29)The figure above illustrates the effect of an increased of money supply
growth at time period T0. 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 to 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)An increase in the expected rate of inflation will ______ the expected
return on bonds relative to the that on ____ assets, everything else held
constant.
(a) reduce; financial
(b) reduce; real
(c) raise; financial
(d) raise; real
31)Everything else held constant, when households save less, wealth and the
demand for bonds _____ and the bond demand curve shifts ______.
(a) increase; right
(b) increase; left
(c) decrease; right
(d) decrease; left
32)When the government has a surplus, as occured in the late 1990s in the U.S.,
the _____ curve of bonds shifts to the _____, everything else held constant.
(a) supply; right
(b) supply; left
(c) demand; right
(d) demand; left
33)In the figure above, the price of bonds would fall from P2 to P1 if
(a) S there is a business cycle recession.
(b) there is a business cycle expansion.
(c) inflation is expected to increase in the future.
(d) inflation is expected to decrease in the future.
34)If investors expect interest rates to fall significantly in the future, the
yield curve will be inverted. This means that the yield curve has a____slope.
(a) steep upward
(b) slight upward
(c) flat
(d) downward
35)According to the liquidity premium theory, a yield curve that is flat means
that
(a) bond purchasers expect interest rates to rise in the future.
(b) bond purchasers expect interest rates to stay the same.
(c) bond purchasers expect interest rates to fall in the future.
(d) the yield curve has nothing to do with expections of bond purchasers.
36)In actual practice, short-term interest rates and long-term interest rates
usually move together; this is the major shortcoming of the
(a) segmented markets theory.
(b) expectations theory.
(c) liquidity premium theory.
(d) separable markets theory.
37)The additional incentive that the purchaser of a Treasury security requires
to buy a long-term security is called the
(a) risk premium.
(b) term premium.
(c) tax premium.
(d) market premium.
38)Which of the follwing bonds would have the highest default risk?
(a) Municipal bonds
(b) Investment-grade bonds
(c) U.S. Treasury bonds
(d) Junk bonds
39)Everything else held constant, if income tax rates were lowered, then
(a) the interest rate on municipal bonds would fall.
(b) the interest on Treasury bonds would rise.
(c) the interest rate on municipal bonds would rise.
(d) the price of Treasury bonds would fall.
40)During the Great Depression years 1930-1933 there was a very high rate of
business failures and defaults, we would expect the risk permium for ______
bonds to be very high.
(a) U.S.Treasury
(b) corporate Aaa
(c) municipal
(d) corporate Baa
41)______occurs when people are more unhappy when they suffer losses than they
are happy when they achieve gains.
(a) Loss fundamentals
(b) Loss aversion
(c) Loss leader
(d) Loss cycle
42)When a corporation announces a major decline in earnings,the stock price may
initially decline significantly and then rise back to normal levels over the
next few weeks. This impact is called ______.
(a) the January effect
(b) mean reversion
(c) market overreaction
(d) the small-firm effect
43)Evidence in support of the efficient markets hypothesis includes
(a) the failure of technical analysis to outperform the market.
(b) the small-firm effect.
(c) the January effect.
(d) excessive volatility.
44)If expectations of the future inflation rate are formed solely on the basis
of a weighted average of past inflation rates, then economics would say that
expectation formation is
(a) irrational.
(b) rational.
(c) adaptive.
(d) reasonable.
45)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.
46)The value of any investment is found by computing the
(a) present value of all future sales.
(b) present value of all future liabilities.
(c) future value of all future expenses.
(d) present value of all future cash flows.
二、填充題 (每格2分共8分)
1. U.S. Treasury bills are condidered the safest of all money market instruments
because there is no risk of (1)
2. (2) are loans made by banks to each other.
3. 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 (3) . (one problem created by asymmetric
information)
4. Paper currency that has been declared legal tender but is not convertible
into coins or precious metals is called (4) money.
答案：
一、選擇
1~10 11~20 21~30 31~40 41~46
abccb dcabd aacaa dbbcb ddacb dcacb dbbdc abdcd bcacc d
二、填充
(1) default
(2) federal funds
(3) adverse selection
(4) fiat
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