货币银行学-期中考试.doc

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中山大学管理学院
2009
学年度第
一
学期
《货币银行学》
期中考试试题
A
卷

考试日期：
2009 年11月27 日
晚上
19：00-21：00
考试时间：
120分钟
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中山大学管理学院
2009
学年度第
一
学期
《货币银行学》
期中考试试题
A
卷

考试日期：
2009 年11月27 日
晚上
19：00-21：00
考试时间：
120分钟
考试形式：
闭卷

班级： 姓名： 学号：

要求：将答案写在答题纸上，试卷与答题纸一起交上来！
警示
《中山大学授予学士学位工作细则》第六条：“考试作弊不授予学士学位。”

1) Financial markets have the basic function of A
A) getting people with funds to lend together with people who want to borrow funds.
B) assuring that the swings in the business cycle are less pronounced.
C) assuring that governments need never resort to printing money.
D) providing a risk-free repository of spending power.
2) Financial markets improve economic welfare because B
A) they channel funds from investors to savers.
B) they allow consumers to time their purchase better.
C) they weed out inefficient firms.
D) eliminate the need for indirect finance.
3) Secondary markets make financial instruments more C
A) solid.
B) vapid.
C) liquid.
D) risky.
4) An important financial institution that assists in the initial sale of securities in the primary A
market is the
A) investment bank.
B) commercial bank.
C) stock exchange.
D) brokerage house.
5) Which of the following instruments are traded in a money market? B
A) State and local government bonds.
B) U.S. Treasury bills.
C) Corporate bonds.
D) U.S. government agency securities.
6) Bonds that are sold in a foreign country and are denominated in the countryʹs currency in A
which they are sold are known as
A) foreign bonds.
B) Eurobonds.
C) equity bonds.
D) country bonds.
7) Adverse selection is a problem associated with equity and debt contracts arising from A
A) the lender’s relative lack of information about the borrower’s potential returns and risks
of his investment activities.
B) the lender’s inability to legally require sufficient collateral to cover a 100% loss if the
borrower defaults.
C) the borrower’s lack of incentive to seek a loan for highly risky investments.
D) the borrower’s lack of good options for obtaining funds.
8) Which of the following are not contractual savings institutions? B
A) Life insurance companies
B) Credit unions
C) Pension funds
D) State and local government retirement funds
9) The purpose of the disclosure requirements of the Securities and Exchange Commission is to A
A) increase the information available to investors.
B) prevent bank panics.
C) improve monetary control.
D) protect investors against financial losses.
10) Economists find no completely satisfactory way to measure money because C
A) money supply statistics are a state secret.
B) the Federal Reserve does not employ or report different measures of the money supply.
C) the moneyness or liquidity of an asset is a matter of degree.
D) economists find disagreement interesting and refuse to agree for ideological reasons.
11) Currency includes A
A) paper money and coins.
B) paper money, coins, and checks.
C) paper money and checks.
D) paper money, coins, checks, and savings deposits.
12) Money is A
A) anything that is generally accepted in payment for goods and services or in the
repayment of debt.
B) a flow of earnings per unit of time.
C) the total collection of pieces of property that are a store of value.
D) always based on a precious metal like gold or silver.
13) Which of the following statements uses the economistsʹ definition of money? C
A) I plan to earn a lot of money over the summer.
B) Betsy is rich she has a lot of money.
C) I hope that I have enough money to buy my lunch today.
D) The job with New Company gave me the opportunity to earn more money.
14) Of money’s three functions, the one that distinguishes money from other assets is its function
as a D
A) store of value.
B) unit of account.
C) standard of deferred payment.
D) medium of exchange.
15) The conversion of a barter economy to one that uses money C
A) increases efficiency by reducing the need to exchange goods and services.
B) increases efficiency by reducing the need to specialize.
C) increases efficiency by reducing transactions costs.
D) does not increase economic efficiency.
16) When money prices are used to facilitate comparisons of value, money is said to function as a A
A) unit of account.
B) medium of exchange.
C) store of value.
D) payments-system ruler.
17) In a barter economy the number of prices in an economy with N goods is A
A) [N(N - 1)]/2.
B) N(N/2).
C) 2N.
D) N(N/2) - 1.
18) Increasing transactions costs of selling an asset make the asset C
A) more valuable.
B) more liquid.
C) less liquid.
D) more moneylike.
19) If the price level doubles, the value of money D
A) doubles.
B) more than doubles, due to scale economies.
C) rises but does not double, due to diminishing returns.
D) falls by 50 percent.
20) When paper currency is decreed by governments as legal tender, legally it must be ______C__.
A) paper currency backed by gold
B) a precious metal such as gold or silver
C) accepted as payment for debts
D) convertible into an electronic payment
21) Which of the following sequences accurately describes the evolution of the payments system? A
A) Barter, coins made of precious metals, paper currency, checks, electronic funds transfers
B) Barter, coins made of precious metals, checks, paper currency, electronic funds transfers
C) Barter, checks, paper currency, coins made of precious metals, electronic funds transfers
D) Barter, checks, paper currency, electronic funds transfers
22) Recent financial innovation makes the Federal Reserve’s job of conducting monetary policy D
A) easier, since the Fed now knows what to consider money.
B) more difficult, since the Fed now knows what to consider money.
C) easier, since the Fed no longer knows what to consider money.
D) more difficult, since the Fed no longer knows what to consider money.
23) Of the following, the largest is D
A) money market deposit accounts.
B) demand deposits.
C) M1.
D) M2.
24) If an individual moves money from a demand deposit account to a money market deposit
account, A
A) M1 decreases and M2 stays the same.
B) M1 stays the same and M2 increases.
C) M1 stays the same and M2 stays the same.
D) M1 increases and M2 decreases.
25) To claim that a lottery winner who is to receive $1 million per year for twenty years has won
$20 million ignores the concept of D
A) face value.
B) par value.
C) deflation.
D) discounting the future.
26) Economists consider the ________ to be the most accurate measure of interest rates. C
A) simple interest rate.
B) current yield.
C) yield to maturity.
D) real interest rate.
27) If a security pays $110 next year and $121 the year after that, what is its yield to maturity if it
sells for $200? B
A) 9 percent
B) 10 percent
C) 11 percent
D) 12 percent
28) A fully amortized loan is another name for B
A) a simple loan.
B) a fixed-payment loan.
C) a commercial loan.
D) an unsecured loan.
29) A ________ pays the owner a fixed coupon payment every year until the maturity date, when
the ________ value is repaid. C
A) coupon bond; discount
B) discount bond; discount
C) coupon bond; face
D) discount bond; face
30) The price of a coupon bond and the yield to maturity are ________ related; that is, as the yield
to maturity ________, the price of the bond ________. D
A) positively; rises; rises
B) negatively; falls; falls
C) positively; rises; falls
D) negatively; rises; falls
31) Which of the following are true for discount bonds? B
A) A discount bond is bought at par.
B) The purchaser receives the face value of the bond at the maturity date.
C) U.S. Treasury bonds and notes are examples of discount bonds.
D) The purchaser receives the par value at maturity plus any capital gains.
32) What is the return on a 5 percent coupon bond that initially sells for $1,000 and sells for $900
next year? D
A) 5 percent
B) 10 percent
C) -5 percent
D) -10 percent
33) Which of the following are true concerning the distinction between interest rates and returns?A
A) The rate of return on a bond will not necessarily equal the interest rate on that bond.
B) The return can be expressed as the difference between the current yield and the rate of
capital gains.
C) The rate of return will be greater than the interest rate when the price of the bond falls
between time t and time t + 1.
D) The return can be expressed as the sum of the discount yield and the rate of capital gains.
34) The nominal interest rate minus the expected rate of inflation A
A) defines the real interest rate.
B) is a less accurate measure of the incentives to borrow and lend than is the nominal
interest rate.
C) is a less accurate indicator of the tightness of credit market conditions than is the nominal
interest rate.
D) defines the discount rate.
35) In which of the following situations would you prefer to be borrowing? D
A) The interest rate is 9 percent and the expected inflation rate is 7 percent.
B) The interest rate is 4 percent and the expected inflation rate is 1 percent.
C) The interest rate is 13 percent and the expected inflation rate is 15 percent.
D) The interest rate is 25 percent and the expected inflation rate is 50 percent.
36) Everything else held constant, if the expected return on U.S. Treasury bonds falls from 8 to 7
percent and the expected return on corporate bonds falls from 10 to 8 percent, then the
expected return of corporate bonds ________ relative to U.S. Treasury bonds and the demand
for corporate bonds ________. D
A) rises; rises
B) rises; falls
C) falls; rises
D) falls; falls
37) You would be less willing to purchase U.S. Treasury bonds, other things equal, if C OR D
A) you inherit $1 million from your Uncle Harry.
B) you expect interest rates to fall.
C) gold becomes more liquid.
D) stocks become easier to sell.
38) Everything else held constant, when households save less, wealth and the demand for bonds
________ and the bond demand curve shifts ________. D
A) increase; right
B) increase; left
C) decrease; right
D) decrease; left
39) Everything else held constant, if interest rates are expected to fall in the future, the demand for
long-term bonds today ________ and the demand curve shifts to the ________. A
A) rises; right
B) rises; left
C) falls; right
D) falls; left
40) When the inflation rate is expected to increase, the ________ for bonds falls, while the ________
curve shifts to the right, everything else held constant. B
A) demand; demand
B) demand; supply
C) supply; demand
D) supply; supply
41) When the interest rate changes, D
A) the demand curve for bonds shifts to the right.
B) the demand curve for bonds shifts to the left.
C) the supply curve for bonds shifts to the right.
D) it is because either the demand or the supply curve has shifted.
42) Everything else held constant, when prices in the art market become more uncertain, C
A) the demand curve for bonds shifts to the left and the interest rate rises.
B) the demand curve for bonds shifts to the left and the interest rate falls.
C) the demand curve for bonds shifts to the right and the interest rate falls.
D) the supply curve for bonds shifts to the right and the interest rate falls.
43) In Keynes’s liquidity preference framework, as the expected return on bonds increases
(holding everything else unchanged), the expected return on money ________, causing the
demand for ________ to fall. B
A) falls; bonds
B) falls; money
C) rises; bonds
D) rises; money
44) The opportunity cost of holding money is C
A) the level of income.
B) the price level.
C) the interest rate.
D) the discount rate.
45) In the Keynesian liquidity preference framework, an increase in the interest rate causes the
demand curve for money to ________, everything else held constant. C
A) shift right
B) shift left
C) stay where it is
D) invert
46) In the Keynesian liquidity preference framework, a rise in the price level causes the demand
for money to ________ and the demand curve to shift to the ________, everything else held
constant. B
A) increase; left
B) increase; right
C) decrease; left
D) decrease; right
47) In the liquidity preference framework, a one-time increase in the money supply results in a
price level effect. The maximum impact of the price level effect on interest rates occurs A
A) at the moment the price level hits its peak (stops rising) because both the price level and
expected inflation effects are at work.
B) immediately after the price level begins to rise, because both the price level and expected
inflation effects are at work.
C) at the moment the expected inflation rate hits its peak.
D) at the moment the inflation rate hits it peak.
48) If the Fed wants to permanently lower interest rates, then it should raise the rate of money
growth if D
A) there is fast adjustment of expected inflation.
B) there is slow adjustment of expected inflation.
C) the liquidity effect is smaller than the expected inflation effect.
D) the liquidity effect is larger than the other effects.
49) Of the four effects on interest rates from an increase in the money supply, the one that works
in the opposite direction of the other three is the A
A) liquidity effect.
B) income effect.
C) price level effect.
D) expected inflation effect.
50) The risk that interest payments will not be made, or that the face value of a bond is not repaid
when a bond matures is D
A) interest rate risk.
B) inflation risk.
C) moral hazard.
D) default risk.
51) Other things being equal, an increase in the default risk of corporate bonds shifts the demand
curve for corporate bonds to the ________ and the demand curve for Treasury bonds to the
________. C
A) right; right
B) right; left
C) left; right
D) left; left
52) Which of the following long-term bonds has the highest interest rate? A
A) Corporate Baa bonds
B) U.S. Treasury bonds
C) Corporate Aaa bonds
D) Municipal bonds
53) The spread between interest rates on