1) The price paid for the rental of borrowed funds (usually expresd as a percentage of
the rental of $100 per year) is commonly referred to as the
A) inflation rate.
B) exchange rate.
C) interest rate.
D) aggregate price level.
Answer: C
2) Financial markets and institutions
A) involve the movement of huge quantities of money.
B) affect the profits of business.
C) affect the types of goods and rvices produced in an economy.
D) do all of the above.
E) do only (A) and (B) of the above.
Answer: D
3) Which of the following can be described as involving direct finance?
A) A corporationʹs stock is traded in an over-the-counter market.
B) People buy shares in a mutual fund.
C) A pension fund manager buys commercial paper in the condary market.
D) An insurance company buys shares of common stock in the over-the-counter markets.
E) None of the above.
Answer: E
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4) The purpo of diversification is to
A) reduce the volatility of a portfolioʹs return.
B) rai the volatility of a portfolioʹs return.
C) reduce the average return on a portfolio.
D) rai the average return on a portfolio.
Answer: A
5) When the interest rate on a bond is _________ the equilibrium interest rate, there is excess_________ in the bond market and the interest rate will _________.
A) below; demand; ri
B) below; demand; fall
C) below; supply; ri
D) above; supply; fall
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Answer: C
6) In a recession when income and wealth are falling, the demand for bonds _________ and the
demand curve shifts to the _________.
A) falls; right
B) falls; left
C) ris; right
D) ris; left
Answer: B
7) When people begin to expect a large stock market decline, the demand curve for bonds shifts to the _________ and the interest rate _________.
A) right; falls
B) right; ris
C) left; falls
D) left; ris
Answer: A
8) The spread between interest rates on low quality corporate bonds and U.S. government bonds
_________ during the Great Depression.
A) was reverd
B) narrowed significantly
C) widened significantly
D) did not change
Answer: C
9) If income tax rates were lowered, then
A) the interest rate on municipal bonds would fall.
爱国的成语B) the interest rate on Treasury bonds would ri.
C) the interest rate on municipal bonds would ri.
D) the price of Treasury bonds would fall.
Answer: C
10) According to the expectations theory of the term structure,
A) yield curves should be equally likely to slope downward as to slope upward.
B) when the yield curve is steeply upward-sloping, short-term interest rates are expected to蛇开头的四字成语
ri in the future.
C) when the yield curve is downward-sloping, short-term interest rates are expected to
remain relatively stable in the future.
D) all of the above.
E) only A and B of the above.
Answer:E
11) According to the efficient market hypothesis
A) one cannot expect to earn an abnormally high return by purchasing a curity.
B) information in newspapers and in the published reports of financial analysts is already
reflected in market prices.
C) unexploited profit opportunities abound, thereby explaining why so many people get
rich by trading curities.
何益D) all of the above are true.
E) only A and B of the above are true.
Answer: E
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12) To say that stock prices follow a ʺrandom walkʺ is to argue that
A) stock prices ri, then fall.
B) stock prices ri, then fall in a predictable fashion.
C) stock prices tend to follow trends.
D) stock prices are, for all practical purpos, unpredictable.
Answer:D
13) The efficient market hypothesis suggests that
A) investors should purcha no-load mutual funds which have low management fees.
B) investors can u the advice of technical analysts to outperform the market.
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C) investors let too many unexploited profit opportunities go by if they adopt a ʺ血液的组成成分buy and
holdʺ strategy.
D) only A and B of the above are nsible strategies.
Answer: A
14) Which of the following is empirical evidence indicating that the efficient market hypothesis
may not always be generally applicable?
A) Small-firm effect
B) January effect
C) Market Overreaction
D) All of the above
Answer: D
15) An open market purcha of curities by the Fed will
A) increa asts of the nonbank public and increa asts of the banking system.
B) decrea asts of the nonbank public and increa asts of the Fed.
C) decrea asts of the banking system and increa asts of the Fed.
