推 andygenisu :最後一題是 Neutrality 唷~ 11/21 00:20
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
考試日期（年月日）︰2009/11/12
考試時限（分鐘）：180 mins
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（每題2分共90分）
1. 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
2. Prior to all recessions since 1900 in the U.S., there has been a drop in
A) inflation
B) the money supply
C) the growth rate of the money supply
D) interest rates
3. 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 secondary market.
D) People buy shares of common stock in the primary markets.
4. An important financial institution that assists in the initial sale of
securities in the primary market is the ________.
A) investment bank.
B) commercial bank.
C) stock exchange.
D) brokerage house.
5. Equity instruments are traded in the ________ market.
A) money
B) bond
C) capital
D) commodities
6. Bonds issued by state and local governments are called ________ bonds.
A) corporate
B) Treasury
C) municipal
D) commercial
7. If Microsoft sells a bond in London and it is denominated in dollars, the
bond is a ________.
A) Eurobond
B) foreign bond
C) British bond
D) currency bond
8. The primary liabilities of a commercial bank are
A) bonds
B) mortgages
C) deposits
D) commercial paper
9. It is true that
A) income and wealth are both stocks.
B) money and wealth are both flows.
C) money and income are both stocks.
D) income is a flow and wealth is a stock.
10. If merchants in the country Zed choose to close their doors, preferring to
be stuck with rotting merchandise rather than worthless currency, then one
can conclude that Zed is experiencing a
A) superdeflation.
B) hyperdeflation.
C) disinflation.
D) hyperinflation.
11. 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.
12. 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%
B) 10%
C) 11%
D) 12%
13. All of the following are examples of coupon bonds expect
A) Corporate bonds
B) U.S. Treasury bills
C) U.S. Treasury notes
D) U.S. Treasury bonds
14. Which of the following $1000 face-value securities has the highest yield to
maturity?
A) A 5 percent coupon bond with a price of $600
B) A 5 percent coupon bond with a price of $800
C) A 5 percent coupon bond with a price of $1,000
D) A 5 percent coupon bond with a price of $1,200
15. A consol paying $20 annually when the interest rate is 5 percent has a
price of
A) $100
B) $200
C) $400
D) $800
16. The yield on a discount basis of a 180-day $1,000 Treasury bill selling
for $900 is
A) 10%
B) 20%
C) 25%
D) 40%
17. 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.
18. An equal decrease in all bond interest rates
A) increase the price of a 5-year bond more than the price of a 10-year bond.
B) increase the price of a 10-year bond more than the price of a 5-year bond.
C) decrease the price of a 5-year bond more than the price of a 10-year bond.
D) decrease the price of a 10-year bond more than the price of a 5-year bond.
19. 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
20. If brokerage commissions on bond sales decrease, then, other things equal,
the demand for bonds will _______ and the demand for real estate will ______.
A) increase; increase
B) increase; decrease
C) decrease; decrease
D) decrease; increase
21. During business cycle expansions when income and wealth are rising,the
demand for bonds _______ and the demand curve shifts to the ________, everthing
else held constant.
A) falls; right
B) falls; left
C) rises; right
D) rises; left
22. In 1990s Japan had the lowest interest rates in the world due to a
combination of
A) inflation and recession
B) deflation and expansion
C) inflation and expansion
D) deflation and recession
23. In the figure above, the price of bonds would fall from P1 to P2
（橫坐標為Quantity of Bonds,B 縱座標為Price of Bonds）
（supple往右 demand往左 P1→P2 價格下降）
A) inflation is expected to increase in the future.
B) interest rates are ecpected 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.
24. The opportunity cost of holding money is
A) the level of income
B) the price level
C) the interest rate
D) the discount rate
25. When real income _______, the demand curve for money shifts to the ______
and the interest rate_______, everthing else held constant.
A) falls; right; rises
B) rises; right; rises
C) falls; left; rises
D) rises; left; rises
26. If the Fed wants to permanently lower interest rates, then it should raise
the rate of money growth if
A) there is fast adjustment of expected inflation.
B) there is slow adjustment of expected inflation.
C) the liquidity effect is smaller than the expected inflation effect.
D) the liquidity effect is larger than the other effects.
27. A bond with default risk will always have a ________ risk premium and an
increase in its default risk will ______ the risk premium.
A) positive; raise
B) positive; lower
C) negative; raise
D) negative; lower
28. Everything else held constant, if income tax rates were lowered, then
A) the interest rate in municipal bonds would fall.
B) the interest rate on Treasury bonds would rise.
C) the interest rate on municipal bonds would rise.
D) the price of Treasury bonds would fall.
29. An inverted yield curve
A) slopes up
B) is flat
C) slopes down
D) has a U shape
30. If the expected path of 1-year interest rates over the next five years is
2%, 4%, 1%, 4%, and 3%, the expectations theory predicts that the bond with the
lowest interest rate today is the one with a maturity of
A) one year
B) two years
C) three years
D) four years
31. 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 expectations of bond purchasers.
32. 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) expectation theory.
C) liquidity premium theory.
D) separable markets theory.
33. Using the one-period valuation model, assuming a year-end dividend of
$1.00, an expected sales price of $100, and a required rate of return 5%, the
current price of the stock would be
A) $110.00.
B) $101.00.
C) $100.00.
D) $96.19.
34. Using the Gordon growth model, a stock's price will increase if
A) the dividend growth rate increases.
B) the growth rate of dividends falls.
C) the required rate of return rises.
D) the expected sales price rises.
35. A stock's price will fall if there is
A) a decrease in perceived risk.
B) an increase in the required rate of return.
C) an increase in the future sales price.
D) curent dividends are high.
36. If a forecast made using all available information is not perfectly
accurate, then it is
A) still a rational expectation
B) not a rational expectation
C) an adaptive expectation
D) a second-best expectation
37. 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 Januray effect
B) mean reversion
C) market overreaction
D) the small-firm effect
38. _________ 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
39. An agreement to exchange dollar bank deposits for euro bank deposits in
one month is a
A) spot transaction
B) future transaction
C) forward transaction
D) deposit transaction
40. The theory of PPP suggests that if one country's price level rises
relative to another's, its currency should
A) depreciate
B) appreciate
C) float
D) do none of the above
41. An increase in productivity in a country will cause its currency to ______
because it and produce goods at ________ price, everything else held constant.
A) depreciate; lower
B) appreciate; lower
C) depreciate; higher
D) appreciate; higher
42. If the U.S. Congress imposes a quota on imports of Japanese cars due to
claim of "unfair" trade practices, and Japanese demand for American exports
increases at the same time, then, 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
43. If the interest rate on euro-denominated assets is 13% and it is 15% on
peso-denominated assets, and if the euro is expected to appreciate at a 4%
rate, for Manuel the Mexican the expected rate of return on euro-denominated
assets is
A) 11%
B) 13%
C) 17%
D) 19%
44. An increase in the expected future domestic exchange rate causes the
demand for domestic assets to shift to the _______ and the domestic currency
to ________, everything else held constant.
A) right; appreciate
B) right; depreciate
C) left; appreciate
D) left; depreciate
45. Evidence from the United States during the period 1973-2002 indicates that
the value of the dollar and the measure of the _______ interest rate and fell
together.
A) real
B) nominal
C) expected
D) actual
二、填充題（每格2分共10分）（請用英文回答否則不計分）
1. U.S. Treasury bills are considered the safest of all money market
instruments because there is no risk of ________.
2. 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 ________.
(one problem created by asymmetric information)
3. Of money's three functions, the one that distinguishes money from other
assets is its function as ________.
4. The _________ equation states that the nominal interest rate equals the real
interest rate plus the expected rate of inflation.
5. In the long run, a one-time percentage increase in the money supply is
matched by the same one-time percentage rise in the price level, leaving
unchanged the real money supply and other economic variables such as interest
rates. This proposition is called money ____________.
Answer
CCDAC, CACDD, ABBAC, BDBAB, CDACB, DACCA, CADAB, ACBCA, BBCAA
Default, Adverse Selection, medium of exchange, Fisher's, Nentrality
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