投资学题库Chap005

5-1Copyright©2014McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.Chapter05Risk,Return,andtheHistoricalRecordMultipleChoiceQuestions1.Overthepastyearyouearnedanominalrateofinterestof10%onyourmoney.Theinflationratewas5%overthesameperiod.TheexactactualgrowthrateofyourpurchasingpowerwasA.15.5%.B.10.0%.C.5.0%.D.4.8%.E.15.0%.2.Overthepastyearyouearnedanominalrateofinterestof8%onyourmoney.Theinflationratewas4%overthesameperiod.TheexactactualgrowthrateofyourpurchasingpowerwasA.15.5%.B.10.0%.C.3.8%.D.4.8%.E.15.0%.5-2Copyright©2014McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.3.Ayearago,youinvested$1,000inasavingsaccountthatpaysanannualinterestrateof9%.Whatisyourapproximateannualrealrateofreturniftherateofinflationwas4%overtheyear?A.5%B.10%C.7%D.3%4.Ayearago,youinvested$10,000inasavingsaccountthatpaysanannualinterestrateof5%.Whatisyourapproximateannualrealrateofreturniftherateofinflationwas3.5%overtheyear?A.1.5%B.10%C.7%D.3%E.Noneoftheoptions5.Iftheannualrealrateofinterestis5%andtheexpectedinflationrateis4%,thenominalrateofinterestwouldbeapproximatelyA.1%.B.9%.C.20%.D.15%.5-3Copyright©2014McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.6.Iftheannualrealrateofinterestis2.5%andtheexpectedinflationrateis3.7%,thenominalrateofinterestwouldbeapproximatelyA.3.7%.B.6.2%.C.2.5%.D.-1.2%.7.Youpurchasedashareofstockfor$20.Oneyearlateryoureceived$1asadividendandsoldthesharefor$29.Whatwasyourholding-periodreturn?A.45%B.50%C.5%D.40%E.Noneoftheoptions8.Youpurchasedashareofstockfor$68.Oneyearlateryoureceived$3.00asadividendandsoldthesharefor$74.50.Whatwasyourholding-periodreturn?A.12.5%B.14.0%C.13.6%D.11.8%5-4Copyright©2014McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.9.Whichofthefollowingdetermine(s)thelevelofrealinterestrates?I)ThesupplyofsavingsbyhouseholdsandbusinessfirmsII)ThedemandforinvestmentfundsIII)Thegovernment'snetsupplyand/ordemandforfundsA.IonlyB.IIonlyC.IandIIonlyD.I,II,andIII10.Whichofthefollowingstatement(s)is(are)true?I)Therealrateofinterestisdeterminedbythesupplyanddemandforfunds.II)Therealrateofinterestisdeterminedbytheexpectedrateofinflation.III)TherealrateofinterestcanbeaffectedbyactionsoftheFed.IV)Therealrateofinterestisequaltothenominalinterestrateplustheexpectedrateofinflation.A.IandIIonly.B.IandIIIonly.C.IIIandIVonly.D.IIandIIIonly.E.I,II,III,andIVonly.5-5Copyright©2014McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.11.Whichofthefollowingstatement(s)is(are)true?A.Inflationhasnoeffectonthenominalrateofinterest.B.Therealizednominalrateofinterestisalwaysgreaterthantherealrateofinterest.C.Certificatesofdepositofferaguaranteedrealrateofinterest.D.Noneoftheoptionsistrue.12.Otherthingsequal,anincreaseinthegovernmentbudgetdeficitA.drivestheinterestratedown.B.drivestheinterestrateup.C.mightnothaveanyeffectoninterestrates.D.increasesbusinessprospects.13.Ceterisparibus,adecreaseinthedemandforloanablefundsA.drivestheinterestratedown.B.drivestheinterestrateup.C.mightnothaveanyeffectoninterestrates.D.resultsfromanincreaseinbusinessprospectsandadecreaseinthelevelofsavings.5-6Copyright©2014McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.14.Theholding-periodreturn(HPR)onashareofstockisequaltoA.thecapitalgainyieldduringtheperiod,plustheinflationrate.B.thecapitalgainyieldduringtheperiod,plusthedividendyield.C.thecurrentyield,plusthedividendyield.D.thedividendyield,plustheriskpremium.E.thechangeinstockprice.15.Historicalrecordsregardingreturnonstocks,Treasurybonds,andTreasurybillsbetween1926and2012showthatA.stocksofferedinvestorsgreaterratesofreturnthanbondsandbills.B.stockreturnswerelessvolatilethanthoseofbondsandbills.C.bondsofferedinvestorsgreaterratesofreturnthanstocksandbills.D.billsoutperformedstocksandbonds.E.Treasurybillsalwaysofferedarateofreturngreaterthaninflation.16.Iftheinterestratepaidbyborrowersandtheinterestratereceivedbysaversaccuratelyreflecttherealizedrateofinflation,A.borrowersgainandsaverslose.B.saversgainandborrowerslose.C.bothborrowersandsaverslose.D.neitherborrowersnorsaversgainnorlose.E.bothborrowersandsaversgain.5-7Copyright©2014McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.17.Youhavebeengiventhisprobabilitydistributionfortheholding-periodreturnforKMPstock:Whatistheexpectedholding-periodreturnforKMPstock?A.10.40%B.9.32%C.11.63%D.11.54%E.10.88%18.Youhavebeengiventhisprobabilitydistributionfortheholding-periodreturnforKMPstock:WhatistheexpectedstandarddeviationforKMPstock?A.6.91%B.8.13%C.7.79%D.7.25%E.8.85%5-8Copyright©2014McGraw-HillEducation.Allrightsreserved.Noreproductionordistributionwithoutthepriorwritten