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《金融市场学》复习题1.Commonstockisanexampleofa(n)______.A)debtsecurity.B)moneymarketsecurity.C)equitysecurity.D)aandb2.Therequiredreturntoimplementagivenbusinessprojectwillbe______ifinterestratesarelower.Thisimpliesthatbusinesseswilldemanda______quantityofloanablefundswheninterestratesarelower.A)greater;lowerB)lower;greaterC)lower;lowerD)greater;greater3.Thefederalgovernmentdemandforloanablefundsis__________.Ifthebudgetdeficitwasexpectedtoincrease,thefederalgovernmentdemandforloanablefundswould________.A)interestelastic;decreaseB)interestelastic;increaseC)interestinelastic;increaseD)interestinelastic;decrease4.Iftherealinterestratewasnegativeforaperiodoftime,thenA)inflationisexpectedtoexceedthenominalinterestrateinthefuture.B)inflationisexpectedtobelessthanthenominalinterestrateinthefuture.C)actualinflationwaslessthanthenominalinterestrate.D)actualinflationwasgreaterthanthenominalinterestrate.5.IfinflationturnsouttobelowerthanexpectedA)saversbenefit.B)borrowersbenefitwhilesaversarenotaffected.C)saversandborrowersareequallyaffected.D)saversareadverselyaffectedbutborrowersbenefit.6.AssumethatforeigninvestorswhohaveinvestedinU.S.securitiesdecidetoincreasetheirholdingsofU.S.securities.ThisshouldcausethesupplyofloanablefundsintheUnitedStatesto_____andshouldplace______pressureonU.S.interestrates.A)decrease;upwardB)decrease;downwardC)increase;downwardD)increase;upward7.Ifeconomicexpansionisexpectedtodecrease,thedemandforloanablefundsshould______andinterestratesshould______.A)increase;increaseB)increase;decreaseC)decrease;decreaseD)decrease;increase8.WhenJapaneseinterestratesrise,andifexchangerateexpectationsremainunchanged,themostlikelyeffectisthatthesupplyofloanablefundsprovidedbyJapaneseinvestorstotheUnitedStateswill______,andtheU.S.interestrateswill_______.A)increase;increaseB)increase;decreaseC)decrease;decreaseD)decrease;increase9.Assumethatannualizedyieldsofshort-termandlong-termsecuritiesareequal.Ifinvestorssuddenlybelieveinterestrateswillincrease,theiractionsmaycausetheyieldcurvetoA)becomeinverted.B)becomeflat.C)becomeupwardsloping.D)beunaffected.10.Iftheliquiditypremiumexists,aflatyieldcurvewouldbeinterpretedasthemarketexpecting______ininterestrates.A)nochangesB)aslightdecreaseC)aslightincreaseD)alargeincrease11.Accordingtothesegmentedmarketstheory,ifmostinvestorssuddenlypreferredtoinvestinshort-termsecuritiesandmostborrowerssuddenlypreferredtoissuelong-termsecuritiestherewouldbeA)upwardpressureonthepriceoflong-termsecurities.B)upwardpressureonthepriceofshort-termsecurities.C)downwardpressureontheyieldoflong-termsecurities.D)aandc12.Otherthingsequal,theyieldrequiredonnon-callablebondsshouldbe______theyieldrequiredoncallablebondswhoseothercharacteristicsareexactlythesame.A)greaterthanB)equaltoC)lessthanD)Alloftheabovearepossible,dependingonthesizeofthecallpremium.13.Accordingtoexpectationstheory,thesuddenexpectationoflowerinterestratesinthefuturewillcausea______supplyofshort-termfundsprovidedbyinvestors,anda______supplyoflong-termfunds.A)large;largeB)large;smallC)small;smallD)small;large14.AssumethattheTreasuryexperiencesalargedecreaseinthebudgetdeficitandpurchasesalargenumberofT-bills.Thisactionwill_________________thesupplyofT-billsinthemarketandplaces__________________pressureontheyieldofT-bills.A)decrease;downwardB)decrease;upwardC)increase;upwardD)increase;downward15.Afirmplanstoissue30-daycommercialpaperfor$9,900,000.Parvalueis$10,000,000.Whatisthefirm’scostofborrowing?A)12.12%B)11.11%C)13.00%D)14.08%E)15.25%16.Arepurchaseagreementcallsforaninvestortobuysecuritiesfor$4,925,000andsellthembackin60daysfor$5,000,000.Whatistheyield?A)9.43%B)9.28%C)9.14%D)9.00%17.RobbinsCorp.frequentlyinvestsexcessfundsintheMexicanmoneymarket.Oneyearago,Robbinsinvestedinaone-yearMexicanmoneymarketsecuritythatprovidedayieldof25%.Attheendoftheyear,whenRobbinsconvertedtheMexicanpesostodollars,thepesohaddepreciatedfrom$.12to$.11.WhatistheeffectiveyieldearnedbyRobbins?A)25.00%B)35.41%C)14.59%D)noneoftheabove18.BullockCorp.purchasescertainsecuritiesfor$4,921,349,withanagreementtosellthembackatapriceof$4,950,000attheendofa30-dayperiod.Thereporateis________%.A)7.08B)6.95C)6.99D)7.04E)noneoftheabove19.AssumeU.S.interestratesaresignificantlyhigherthanGermanrates.AU.S.firmwantingtoissuebondscouldachievealowerfinancingrate,withoutexchangerateriskbydenominatingthebondsinA)dollars.B)marks（德国马克）andmakingpaymentsfromU.S.headquarters.C)marksandmakingpaymentsfromaGermansubsidiary.D)dollarsandmakingpaymentsfromaGermansubsidiary.20.Ifinterestratessuddenly____________,thoseexistingbondsthathaveacallfeatureare__________likelytobecalled.A)decline;moreB)decline;lessC)increase;moreD)noneoftheabove21.Whenfinancialinstitutionsexpectinterestratesto______,theymay______.A)increase;sellbondsandbuyshorttermsecuritiesB)increase;sellshorttermsecuritiesandbuybondsC)decrease;sellbondsandbuyshorttermsecuritiesD)BandC22.Ifthecouponrate______therequiredrateofreturn,thepriceofabond_____parvalue.A)equals;equalsB)exceeds;islessthanC)islessthan;isgreaterthanD)BandCE)noneoft