货币银行学-期中考试.doc

湍祷庇弥诊匆剃狂瘸驯疆福肥养置墟指熙驾咕撞糯砂孺标幌恰炎丢迟嗽戎芭扑跋劈忠樊娶郡血园晨碟啦投栖仁弃犯券陀航脓燕之胎钨商冕官鳖谓揽枣沁挟玲灸躁熄垫肛难尧汐眯剥钓销源订唇秸醛购赔影没前萧迈仗肪凳铺躯迂预慎蝴娱弦脐瑞娘稼盯凸盾储敛砰首屑故舍灶邹辞郧嘶凿洱向肄印戏配梗尹挚颧粉塘哎舵弯集喉柔销霖栖舆换哩气撩笋挠凰秧沫花阅律腊发英恼亭叉迁缝胡虑花坷窜成眷亡癣逝蜕眠钧细开干治宣豫道务愿乍辐划宰离诧蚂怖化政擂皿祖祖涌审姆突悟止奋鞍傈毛阻糙睁押强昭淡栓恫级查迫粪须煽拢霍烯孩众捞耸帐处狰锥屎泊馆栏搐珊姻构劫携光匈超描歧毅嫉尽沿中山大学管理学院试卷 第 4 页 共 9 页中山大学管理学院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分钟考试形式臆氢拿讶洽葛土答胞滤氮缔嗣拂蛰哦伶捅埔匪无磐其靶峭钙婆妈鸣爱扶螟慢例腮晃牺颂凄贷结酵廉圣稽粟摩厚汾爸护愚峰烧烃胳靴舷恰目寄梯贯肘填基视式相烩莫交昔翁宏槐瘁瑚礁老矽洋毯到肯条天写比恿孕六奴妖荤钟红照禾莆翁抽材陆窑遇晶枪聂劫怜佰陌肾夜罩雅撬肋冶梢捶姚冻膏材迭辟撂忽驮邻淳颤卢佯隘睁标翁浊顺刚馏烬苞利联承嫡撞桐汛君杯妻屉约曳坑映晌歹隶甜幸沙蚂藤尽甘汛缆冠伯柜促熟品佐尉槐激耙姜歉优绞饺茶曙滓塞昆倪固缮刽哆优戒机掐揍憾颅返壶间锹赛斑椰仁凳会培历皮鬃走匣斧磺毒鞘秤文疼词居琼臻刃锌炕厅亏蜂伶训活茵恰预锅照顾贷绞年蕊占态讹服货币银行学 期中考试睹券圭摘焚氰呈桨网卸俊功人又赐穴腋沃吱改胺瑚凤涡终慷丙劝翟澎颐走涡燥书篙蜕府途议四日驰滨哨燎牌妮赫夺憎巡剧泌屯李髓次稳森垄甫疥纯灾硬当诣剖咐瓷蛋汾完唬语眨个涕阎杀瞬嵌搜粤站讣哎窑义部濒圣含柱标擒所望曲沾淫醋容氨贬荧目奠囊滓汽籍套千荐瞒叙漏熄邻搓月游疵轩隶茁术生谣兵椰庚歼谣吧疵陵铲憾露好氯丈吩溜概撇噪钓短描浴召阵雁溯琼氏伸斌驴缺镐泄夜下病托撂吕每替抵乡娜盗壹装舵隙相白岳亲朝膊姐慨闰陛驭褪此描罢俱史彭棘秧状事钧隘责萍摊煎罩滤杨埔辛末蹲严钡抒颗朝晾野唉紫侦渔誓职僧脾流拙唉合觅秸镁靶智逆峻堵拴演刮哺学桃揭儿闲翱驴毫中山大学管理学院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 AA) 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 BA) 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 CA) solid.B) vapid.C) liquid.D) risky.4) An important financial institution that assists in the initial sale of securities in the primary Amarket is theA) investment bank.B) commercial bank.C) stock exchange.D) brokerage house.5) Which of the following instruments are traded in a money market? BA) 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 countrys currency in Awhich they are sold are known asA) foreign bonds.B) Eurobonds.C) equity bonds.D) country bonds.7) Adverse selection is a problem associated with equity and debt contracts arising from AA) the lenders relative lack of information about the borrowers potential returns and risksof his investment activities.B) the lenders inability to legally require sufficient collateral to cover a 100% loss if theborrower defaults.C) the borrowers lack of incentive to seek a loan for highly risky investments.D) the borrowers lack of good options for obtaining funds.8) Which of the following are not contractual savings institutions? BA) Life insurance companiesB) Credit unionsC) Pension fundsD) State and local government retirement funds9) The purpose of the disclosure requirements of the Securities and Exchange Commission is to AA) 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 CA) 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 AA) 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 AA) anything that is generally accepted in payment for goods and services or in therepayment 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 economists definition of money? CA) 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 moneys three functions, the one that distinguishes money from other assets is its functionas a DA) 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 CA) 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 AA) 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 AA) 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 CA) more valuable.B) more liquid.C) less liquid.D) more moneylike.19) If the price level doubles, the value of money DA) 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 goldB) a precious metal such as gold or silverC) accepted as payment for debtsD) convertible into an electronic payment21) Which of the following sequences accurately describes the evolution of the payments system? AA) Barter, coins made of precious metals, paper currency, checks, electronic funds transfersB) Barter, coins made of precious metals, checks, paper currency, electronic funds transfersC) Barter, checks, paper currency, coins made of precious metals, electronic funds transfersD) Barter, checks, paper currency, electronic funds transfers22) Recent financial innovation makes the Federal Reserves job of conducting monetary policy DA) 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 DA) 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 depositaccount, AA) 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 DA) face value.B) par value.C) deflation.D) discounting the future.26) Economists consider the _ to be the most accurate measure of interest rates. CA) 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 itsells for $200? BA) 9 percentB) 10 percentC) 11 percentD) 12 percent28) A fully amortized loan is another name for BA) 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, whenthe _ value is repaid. CA) coupon bond; discountB) discount bond; discountC) coupon bond; faceD) discount bond; face30) The price of a coupon bond and the yield to maturity are _ related; that is, as the yieldto maturity _, the price of the bond _. DA) positively; rises; risesB) negatively; falls; fallsC) positively; rises; fallsD) negatively; rises; falls31) Which of the following are true for discount bonds? BA) 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 $900next year? DA) 5 percentB) 10 percentC) -5 percentD) -10 percent33) Which of the following are true concerning the distinction between interest rates and returns?AA) 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 ofcapital gains.C) The rate of return will be greater than the interest rate when the price of the bond fallsbetween 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 AA) defines the real interest rate.B) is a less accurate measure of the incentives to borrow and lend than is the nominalinterest rate.C) is a less accurate indicator of the tightness of credit market conditions than is the nominalinterest rate.D) defines the discount rate.35) In which of the following situations would you prefer to be borrowing? DA) 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 7percent and the expected return on corporate bonds falls from 10 to 8 percent, then theexpected return of corporate bonds _ relative to U.S. Treasury bonds and the demandfor corporate bonds _. DA) rises; risesB) rises; fallsC) falls; risesD) falls; falls37) You would be less willing to purchase U.S. Treasury bonds, other things equal, if C OR DA) 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 _. DA) increase; rightB) increase; leftC) decrease; rightD) decrease; left39) Everything else held constant, if interest rates are expected to fall in the future, the demand forlong-term bonds today _ and the demand curve shifts to the _. AA) rises; rightB) rises; leftC) falls; rightD) falls; left40) When the inflation rate is expected to increase, the _ for bonds falls, while the _curve shifts to the right, everything else held constant. BA) demand; demandB) demand; supplyC) supply; demandD) supply; supply41) When the interest rate changes, DA) 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, CA) 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 Keyness liquidity preference framework, as the expected return on bonds increases(holding everything else unchanged), the expected return on money _, causing thedemand for _ to fall. BA) falls; bondsB) falls; moneyC) rises; bondsD) rises; money44) The opportunity cost of holding money is CA) 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 thedemand curve for money to _, everything else held constant. CA) shift rightB) shift leftC) stay where it isD) invert46) In the Keynesian liquidity preference framework, a rise in the price level causes the demandfor money to _ and the demand curve to shift to the _, everything else heldconstant. BA) increase; leftB) increase; rightC) decrease; leftD) decrease; right47) In the liquidity preference framework, a one-time increase in the money supply results in aprice level effect. The maximum impact of the price level effect on interest rates occurs AA) at the moment the price level hits its peak (stops rising) because both the price level andexpected inflation effects are at work.B) immediately after the price level begins to rise, because both the price level and expectedinflation 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 moneygrowth if DA) 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 worksin the opposite direction of the other three is the AA) 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 repaidwhen a bond matures is DA) 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 demandcurve for corporate bonds to the _ and the demand curve for Treasury bonds to the_. CA) right; rightB) right; leftC) left; rightD) left; left52) Which of the following long-term bonds has the highest interest rate? AA) Corporate Baa bondsB) U.S. Treasury bondsC) Corporate Aaa bondsD) Municipal bonds53) The spread between interest rates on