投资学题库

Chapter17MacroeconomicandindustryAnalysis1.Atopdownanalysisofafirmstartswith____________.D.theglobaleconomy2.Anexampleofahighlycyclicalindustryis________.A.theautomobileindustry3.Demand-sideeconomicsisconcernedwith_______.A.governmentspendingandtaxlevelsB.monetarypolicyC.fiscalpolicyE.A,B,andC4.Themostwidelyusedmonetarytoolis___________.C.openmarketoperations5.Thereal,orinflation-adjusted,exchangerate,isC.thepurchasingpowerratio.6.Thenormalrangeofprice-earningsratiosfortheS&P500IndexisD.between12and257.MonetarypolicyisdeterminedbyC.theboardofGovernorsoftheFederalReserveSystem.8.Atroughis________.B.atransitionfromacontractioninthebusinesscycletothestartofanexpansion9.Apeakis________.A.atransitionfromanexpansioninthebusinesscycletothestartofacontraction10.Iftheeconomyisgrowing,firmswithhighoperatingleveragewillexperience__________.A.higherincreasesinprofitsthanfirmswithlowoperatingleverage.11.Iftheeconomyisshrinking,firmswithhighoperatingleveragewillexperience__________.A.higherdecreasesinprofitsthanfirmswithlowoperatingleverage.12.Iftheeconomyisgrowing,firmswithlowoperatingleveragewillexperience__________.C.smallerincreasesinprofitsthanfirmswithhighoperatingleverage.13.Iftheeconomyisshrinking,firmswithlowoperatingleveragewillexperience__________.C.smallerdecreasesinprofitsthanfirmswithhighoperatingleverage.14.Industrialproductionrefersto_________.C.thetotalmanufacturingoutputintheeconomy.15.GDPrefersto_________.D.thetotalproductionofgoodsandservicesintheeconomy16.ArapidlygrowingGDPindicatesa(n)______economywith______opportunityforafirmtoincreasesales.D.expanding;ample17.AdecliningGDPindicatesa(n)______economywith______opportunityforafirmtoincreasesales.A.stagnant;little18.Theaveragedurationofunemploymentandchangesintheconsumerpriceindexforservicesare_________.C.laggingeconomicindicators19.Afirminanindustrythatisverysensitivetothebusinesscyclewilllikelyhaveastockbeta___________.A.greaterthan20.Iftheeconomyweregoingintoarecession,anattractiveindustrytoinvestinwouldbethe________industry.B.medicalservices21.ThestockpriceindexandcontractsandnewordersfornondefensecapitalgoodsareA.leadingeconomicindicators.22.Afirmintheearlystagesoftheindustrylifecyclewilllikelyhave________.B.highrisk.C.rapidgrowthE.BandC23.Assumethe.governmentwastodecidetoincreasethebudgetdeficit.Thisactionwillmostlikelycause__________toincreaseA.interestratesB.governmentborrowingD.bothAandB24.Assumethe.governmentwastodecidetodecreasethebudgetdeficit.Thisactionwillmostlikelycause__________todecreaseA.interestratesB.governmentborrowingD.bothAandB25.AssumethattheFederalReservedecreasesthemoneysupply.Thisactionwillcause________todecrease.C.investmentintheeconomy26.Ifthecurrencyofyourcountryisdepreciating,theresultshouldbeto______exportsandto_______imports.B.stimulate,discourage27.Ifthecurrencyofyourcountryisappreciating,theresultshouldbeto______exportsandto_______imports.C.discourage,stimulate28.Increasesinthemoneysupplywillcausedemandforinvestmentandconsumptiongoodsto_______intheshortrunandcausepricesto________inthelongrun.A.increase,increase29.TheNorthAmericanIndustryClassificationSystem(NAICS)A.areforfirmsthatoperateintheNAFTAregion.B.groupfirmsbyindustry.D.AandB.30.Ifinterestratesincrease,businessinvestmentexpendituresarelikelyto______andconsumerdurableexpendituresarelikelyto_________.D.decrease,decrease31.Fiscalpolicygenerallyhasa_______directimpactthanmonetarypolicyontheeconomy,andtheformulationandimplementationoffiscalpolicyis______thanthatofmonetarypolicy.B.more,slower32.FiscalpolicyisdifficulttoimplementquicklybecauseA.itrequirespoliticalnegotiations.B.muchofgovernmentspendingisnondiscretionaryandcannotbechanged.D.AandB.33.InflationA.istherateatwhichthegenerallevelofpricesisincreasing.B.ratesarehighwhentheeconomyisconsideredtobeoverheated.D.AandB.Twofirms,AandB,bothproducewidgets.Thepriceofwidgetsis$1each.FirmAhastotalfixedcostsof$500,000andvariablecostsof50centsperwidget.FirmBhastotalfixedcostsof$240,000andvariablecostsof75centsperwidget.Thecorporatetaxrateis40%.Iftheeconomyisstrong,eachfirmwillsell1,200,000widgets.Iftheeconomyentersarecession,eachfirmwillsell1,100,000widgets.34.Iftheeconomyentersarecession,theafter-taxprofitofFirmAwillbe________.C.$30,00035.Iftheeconomyentersarecession,theafter-taxprofitofFirmBwillbe_______.E.noneoftheabove36.Iftheeconomyisstrong,theafter-taxprofitofFirmAwillbe_______.D.$60,00037.Iftheeconomyisstrong,theafter-taxprofitofFirmBwillbe__________.C.$36,00038.CalculatefirmA'sdegreeofoperatingleverage.A.39.CalculatefirmB'sdegreeofoperatingleverage.C.40.Classifyingfirmsintogroups,suchas_________providesanalternativetotheindustrylifecycle.A.slow-growersB.stalwartsD.AandB41.Supply-sideeconomistswishingtostimulatetheeconomyaremostlikelytorecommendD.adecreaseinthetaxrate.42.Whichofthefollowingarenotexamplesofdefensiveindustries?B.durablegoodsproducers.43.Whichofthefollowingareexamplesofdefensiveindustries?A.foodproducers.C.pharmaceuticalfirms.D.publicutilitiesE.A,CandD44.________isapropositionthatastrongproponentofsup