金融市场与金融机构基础-Fabozzi-Chapter10

1Copyright©2010PearsonEducationInc.PublishingasPrenticeHallFoundationsofFinancialMarketsandInstitutions,4e(Fabozzi/Modigliani/Jones)Chapter10TheLevelandStructureofInterestRatesMultipleChoiceQuestions1TheTheoryofInterestRates1)Aninterestrateisthepricepaidbya________toa________fortheuseofresourcesduringsomeinterval.A)borrower;debtorB)lender;creditorC)borrower;lenderD)lender;borrowerAnswer:CComment:Aninterestrateisthepricepaidbyaborrower(ordebtor)toalender(orcreditor)fortheuseofresourcesduringsomeinterval.Diff:2Topic:10.1TheTheoryofInterestRatesObjective:10.1Fisher'sclassicalapproachtoexplainingtheleveloftheinterestrate2)Bythe________,wemeantherateonaloanwhoseborrowerwillnotdefaultonanyobligation.A)risk-freerateB)shorttermC)realrateD)longtermAnswer:AComment:Theinterestratethatprovidestheanchorforotherratesistheshort-termrate:risk-freeplusrealrate.Byshortterm,wemeantherateonaloanthathasoneyeartomaturity.(Allotherinterestratesdifferfromthisrateaccordingtoparticularaspectsoftheloan,suchasitsmaturityorriskofdefault,orbecauseofthepresenceofinflation.)Bytherisk-freerate,wemeantherateonaloanwhoseborrowerwillnotdefaultonanyobligation.Bytherealrate,wemeantheratethatwouldprevailintheeconomyiftheaveragepricesforgoodsandserviceswereexpectedtoremainconstantduringtheloan’slife.Diff:1Topic:10.1TheTheoryofInterestRatesObjective:10.4thestructureofFisher'sLaw,whichstatesthatthenominalandobservableinterestrateiscomposedoftwounobservablevariables;therealrateofinterestandthepremiumforexpectedinflation2Copyright©2010PearsonEducationInc.PublishingasPrenticeHall3)Bythe________,wemeantheratethatwouldprevailintheeconomyiftheaveragepricesforgoodsandserviceswereexpectedtoremainconstantduringtheloan'slife.A)risk-freerateB)shorttermC)realrateD)longtermAnswer:CComment:Theinterestratethatprovidestheanchorforotherratesistheshort-termrate:risk-freeplusrealrate.Byshortterm,wemeantherateonaloanthathasoneyeartomaturity.(Allotherinterestratesdifferfromthisrateaccordingtoparticularaspectsoftheloan,suchasitsmaturityorriskofdefault,orbecauseofthepresenceofinflation.)Bytherisk-freerate,wemeantherateonaloanwhoseborrowerwillnotdefaultonanyobligation.Bytherealrate,wemeantheratethatwouldprevailintheeconomyiftheaveragepricesforgoodsandserviceswereexpectedtoremainconstantduringtheloan’slife.Diff:1Topic:10.1TheTheoryofInterestRatesObjective:10.4thestructureofFisher'sLaw,whichstatesthatthenominalandobservableinterestrateiscomposedoftwounobservablevariables;therealrateofinterestandthepremiumforexpectedinflation4)Bythe________,wemeantherateonaloanthathasoneyeartomaturity.A)risk-freerateB)shorttermC)realrateD)longtermAnswer:BComment:Theinterestratethatprovidestheanchorforotherratesistheshort-termrate:risk-freeplusrealrate.Byshortterm,wemeantherateonaloanthathasoneyeartomaturity.(Allotherinterestratesdifferfromthisrateaccordingtoparticularaspectsoftheloan,suchasitsmaturityorriskofdefault,orbecauseofthepresenceofinflation.)Bytherisk-freerate,wemeantherateonaloanwhoseborrowerwillnotdefaultonanyobligation.Bytherealrate,wemeantheratethatwouldprevailintheeconomyiftheaveragepricesforgoodsandserviceswereexpectedtoremainconstantduringtheloan’slife.Diff:2Topic:10.1TheTheoryofInterestRatesObjective:10.1Fisher'sclassicalapproachtoexplainingtheleveloftheinterestrate3Copyright©2010PearsonEducationInc.PublishingasPrenticeHall5)WhichofthebelowstatementsaboutconsumptionsandsavingsisFALSE?A)Achiefinfluenceonthesavingdecisionistheindividual'smarginalrateoftimepreference,whichisthewillingnesstotradesomeconsumptionnowformorefutureconsumption.B)Generally,highercurrentincomemeansthepersonwillsavemore,althoughpeoplewiththesameincomemayhavedifferenttimepreferences.C)Avariableaffectingsavingsistherewardforsaving,ortherateofinterestonloansthatsaversmakewiththeirunconsumedincome.D)Thetotalsavings(orthetotalsupplyofloans)availableatanytimeisthesumofeverybody'ssavingsandanegativefunctionoftheinterestrate.Answer:DComment:Thetotalsavings(orthetotalsupplyofloans)availableatanytimeisthesumofeverybody’ssavingsandapositivefunctionoftheinterestrate.Diff:2Topic:10.1TheTheoryofInterestRatesObjective:10.2theroleinFisher'stheoryofthesaver'stimepreferenceandtheborrowingfirm'sproductivityofcapital6)WhichofthebelowstatementsabouttherateofinterestandcostofcapitalisFALSE?A)Themaximumthatafirmwillinvestdependsontherateofinterest,whichisthecostofloans;thefirmwillinvestonlyaslongasthemarginalproductivityofcapitalexceedsorequalstherateofinterest.B)Firmswillrejectonlyprojectswhosegainisnotlessthantheircostoffinancing.C)Thefirm'sdemandforborrowingisnegativelyrelatedtotheinterestrate;iftherateishigh,onlylimitedborrowingandinvestmentmakesense.D)Atalowrateofinterest,moreprojectsofferaprofit,andthefirmwantstoborrowmore;hisnegativerelationshipexistsforeachandallfirmsintheeconomy.Answer:BComment:Themaximumthatafirmwillinvestdependsontherateofinterest,whichisthecostofloans.Thefirmwillinvestonlyaslongasthemarginalproductivityofcapitalexceedsorequalstherateofinterest.Inotherwords,firmswillacceptonlyprojectswhosegainisnotl