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    chapter 1 why study money, banking, and financial markets?

    test 1-1

    1、which of the following financial intermediaries is not a depository institution?
        a、a savings and loan association
        b、a commercial bank
        c、a finance company
        d、a savings bank

    2、financial intermediaries
        a、exist because there are substantial information and transactions costs in the economy.
        b、improve the lot of the small saver
        c、are involved in the process of indirect finance
        d、do each of the above

    3、which of the following is the primary source of external funds used by businesses to finance their activities?
        a、stock
        b、bonds and commercial paper
        c、bank loans
        d、other loans

    chapter 2 introduction of financial markets

    test 2-1

    1、which of the following statements about financial markets and securities are true?
        a、many common stocks are traded over-the-counter, although the largest corporations usually have their shares traded at organized stock exchanges such as the new york stock exchange.
        b、as a corporation gets a share of the broker’s commission, a corporation acquires new funds whenever its securities are sold.
        c、because of their short terms to maturity, the prices of money market instruments tend not to fluctuate wildly.
        d、only (a) and (c) of the above are true.

    2、bonds that are sold in a foreign country and are denominated in the country’s currency in which they are sold are known as
        a、foreign bonds.
        b、eurobonds
        c、equity bonds
        d、country bonds

    3、which of the following markets is sometimes organized as an over-the-counter market?
        a、the stock market
        b、the bond market
        c、the foreign exchange market
        d、each of the above

    4、a corporation acquires new funds only when its securities are sold
        a、in the secondary market by an investment bank
        b、in the primary market by an investment bank
        c、in the secondary market by a stock exchange broker
        d、in the secondary market by a commercial bank

    5、1) secondary markets make financial instruments more
        a、fluid
        b、liquid
        c、risky
        d、vapid

    6、securities are _____ for the person who buys them, but are _____ for the individual or firm that issues them.
        a、assets; liabilities
        b、liabilities; assets
        c、negotiable; nonnegotiable
        d、nonnegotiable; negotiable

    chapter 3 what is money

    test 3-1

    1、currency includes
        a、paper money and coins
        b、paper money, coins, and checks.
        c、paper money and checks
        d、paper money, coins, checks, and savings deposits.

    2、the difference between money and income is that
        a、money is a flow and income is a stock.
        b、money is a stock and income is a flow.
        c、there is no difference—money and income are both stocks.
        d、there is no difference—money and income are both flows.

    3、when people say, “bill gates sure is rich, he has a lot of money,” they probably mean that bill gates
        a、has a large checking account balance
        b、is quite wealthy.
        c、has a relatively high income.
        d、all of the above.

    4、an individual’s annual salary is her
        a、money
        b、income
        c、wealth
        d、assets

    5、money is
        a、anything that is generally accepted in payment for goods and services or in the repayment of debt.
        b、frequently—but incorrectly—used synonymously with wealth.
        c、paper money, coins, and checks.
        d、all of the above

    6、which of the following assets can serve as a store of value?
        a、money
        b、stocks and bonds
        c、houses
        d、all of the above

    7、although not a unique store of value, people find money a convenient store of value because
        a、it does not decline in value when prices rise.
        b、its value remains fixed to the price level; that is, if prices double so does the value of money
        c、it is the most liquid asset.
        d、of all of the above
        e、of none of the above

    chapter 4 the meaning of interest rates

    test 4-1

    1、if a security pays $110 next year and $121 the year after that, what is its yield to maturity if it sells for $200?
        a、9%
        b、10%
        c、11%
        d、12%

    2、with an interest rate of 8 percent, the present value of $100 next year is approximately
        a、101
        b、100
        c、95
        d、93

    3、which of the following are true of simple loans?
        a、a simple loan requires the borrower to repay the principal and interest at the maturity date
        b、installment loans and mortgages are frequently of the fixed payment type.
        c、the borrower repays the loan by making the same payment every month.
        d、both (a) and (b) of the above
        e、both (b) and (c) of the above

    4、for a two-year simple loan of $1000 at 10 percent interest, the amount payable in two years is
        a、1010
        b、1210
        c、1100
        d、1121

    5、if $1102.50 is the amount payable in two years for a $1000 simple loan made today, the interest rate is
        a、2.5%
        b、5%
        c、10%
        d、12%

    6、which of the following are true for a coupon bond?
        a、when the coupon bond is priced at its face value, the yield to maturity equals the coupon rate.
        b、the price of a coupon bond and the yield to maturity are negatively related.
        c、the yield to maturity is greater than the coupon rate when the bond price is below the par value.
        d、all of the above are true.
        e、only (a) and (b) of the above are true

    7、the interest rate on a consol
        a、equals the price times the coupon payment
        b、equals the price divided by the coupon payment.
        c、equals the coupon payment plus the price
        d、equals the coupon payment divided by the price
        e、equals the price minus the coupon payment

    8、if a $20,000 coupon bond has a coupon rate of 4 percent, then the coupon payment every year is
        a、$40
        b、$80
        c、$400
        d、$800

    9、which of the following $1,000 face-value securities has the highest yield to maturity?
        a、a 5 percent coupon bond selling for $1,000
        b、a 10 percent coupon bond selling for $1,000
        c、a 15 percent coupon bond selling for $1,000
        d、a 15 percent coupon bond selling for $900

    10、a bond that is bought at a price below its face value and the face value is repaid at a maturity date is called a
        a、simple loan
        b、fixed-payment loan
        c、coupon bond
        d、discount bond

    exercise for chapter 4

    1、please calculate the present value of following instrument (with discount rate of 8%): (1)a 3-year fixed-payment loan with $10000 principal, pay 3800 every year; (2) 5-year government bond with $10000 par value and coupon rate of 8%; (3) 1-year discount bond priced $9700 with $10000 par value.

    chapter 5 the behavior of interest rates

    test 5

    1、if wealth increases, the demand for stocks _____ and that of long-term bonds ____
        a、increases; increases
        b、increases; decreases
        c、decreases; decreases
        d、decreases; increases

    2、if the expect return on lm stock increases from 3 to 6 percent, and the return on op stock increases from 6 to 12 percent, the expected return of holding lm stock ________ relative to op stock and the demand for lm stock _________.
        a、rises; rises
        b、rises; falls
        c、falls; falls
        d、falls;rises
        e、remains unchanged; remains unchanged

    3、if interest rates on treasury bonds are suddenly expected to shoot up, then, other things equal, the demand for houses will _____ and that of treasury bonds will _____.
        a、increase; increase
        b、increase; decrease
        c、decrease; decrease
        d、decrease; increase

    4、if the price of gold becomes less volatile, then, other things equal, the demand for stocks will _____ and the demand for antiques will _____
        a、increase; increase
        b、increase; decrease
        c、decrease; decrease
        d、decrease; increase

    5、factors that increase the demand for bonds include
        a、a decrease in the inflation rate
        b、an increase in the liquidity of stocks
        c、a decrease in the volatility of stock prices
        d、all of the above
        e、none of the above

    6、you would be less willing to purchase government bonds, other things equal, if
        a、brokerage fees for trading stocks decline
        b、you expect interest rates to rise.
        c、gold becomes more liquid
        d、any of the above occurs
        e、either (b) or (c) of the above occurs

    chapter 6 the risk and term structure of interest rates

    test 6

    1、bonds with no default risk are called
        a、no-risk bonds
        b、flower bonds
        c、default-free bonds
        d、zero-risk bonds

    2、the spread between the interest rates on bonds with default risk and default-free bonds is called the
        a、junk margin
        b、risk premium
        c、default premium
        d、bond margin

    3、an increase in the riskiness of corporate bonds will _____ the yield on corporate bonds and _____ the yield on treasury securities.
        a、increase; increase
        b、reduce; reduce
        c、increase; reduce
        d、reduce; increase
        e、increase; not affect

    4、if the expected path of 1-year interest rates over the next five years is 1 percent, 2 percent, 3 percent, 4 percent, and 5 percent, the expectations theory predicts that the bond with the highest interest rate today is the one with a maturity of
        a、1 year
        b、2 years
        c、3 years
        d、4 years
        e、5 years

    5、if 1-year interest rates for the next three years are expected to be 4, 2, and 3 percent, and the 3-year term premium is 1 percent, than the 3-year bond rate will be
        a、1%
        b、2%
        c、3%
        d、4%
        e、5%

    chapter 7 pricing stocks

    7.1 pricing a stock (1)随堂测验

    1、in the one-period valuation model, the current stock price increases if
        a、the expected sales price increases
        b、the expected sales price falls
        c、the required return increases
        d、dividends are cut

    7.2 pricing a stock (2)随堂测验

    1、using the one-period valuation model, assuming a year-end dividend of $1.00, an expected sales price of $100, and a required rate of return of 10%, the current price of the stock would be
        a、$90.91
        b、$91.00
        c、$91.82
        d、$92.00

    2、using the gordon growth formula, if d1 is $1.00, ke is 12% or 0.12, and g is 10% or 0.10, then the current stock price is
        a、$20
        b、$30
        c、$40
        d、$50

    7.2 pricing a stock (2)随堂测验

    1、in the generalized dividend model, if the expected sales price is in the distant future
        a、it does not affect the stock price
        b、it is the most important determinant of the current stock price
        c、it is equally important with dividends in determining the stock’s price
        d、it is more important than dividends in determining a stock’s price

    7.3a case about market prices随堂测验

    1、the efficient markets hypothesis suggests that allocating your funds in the financial markets on the advice of a financial analyst
        a、will certainly mean higher returns than if you had made selections by throwing darts at the financial page
        b、will always mean lower returns than if you had made selections by throwing darts at the financial page
        c、is not likely to prove superior to a strategy of making selections by throwing darts at the financial page
        d、is good for the economy

    exercise 7

    1、in the one-period valuation model, the value of an investment depends upon
        a、only the present value of the expected sales price
        b、only the present value of the future dividends
        c、the actual value of the dividends and expected sales price received in one year
        d、the future value of dividends and the actual sales price
        e、the present value of both dividends and the expected sales price

    2、using the one-period valuation model, assuming a year-end dividend of $0.50, an expected sales price of $50, and a required rate of return of 10%, the current price of the stock would be
        a、$50.50
        b、$50.00
        c、$45.91
        d、$45.00

    3、in the generalized dividend model, a future sales price far in the future does not affect the current stock price because
        a、the present value cannot be computed
        b、the present value is almost zero
        c、the sales price does not affect the current price
        d、the stock may never be sold
        e、the company may suffer bankruptcy

    4、using the gordon growth model, a stock’s price will increase if
        a、the dividend growth rate increases
        b、the future sales price increases
        c、the required rate of return increases
        d、all of the above occur
        e、both (a) and (b) of the above

    5、using the gordon growth formula, if the current stock price is $25, ke is 12% or 0.12, and g is 10% or 0.10, then d1 is
        a、$0.25
        b、$0.50
        c、$0.75
        d、$1
        e、$1.25

    chapter 8  derivative instrument

    8.1 fnancial derivative instrument随堂测验

    1、derivative instrument is a claim on the income of underlying assets

    8.2 forward随堂测验

    1、a forward can promise
        a、the buyer of underlying assets buy at the lowest price
        b、the seller of underlying assets sell at the higest price
        c、the buyer and the seller of underlying assets fix their price
        d、none of above

    8.3 a financial forward:fra随堂测验

    1、fra is a kind of nonbank loan.

    8.4 future随堂测验

    1、future can not be used to
        a、eliminate the risk of future price fluctuation
        b、decrease the risk of future price fluctuation
        c、speculate
        d、hedge

    8.5 option随堂测验

    1、if you want to hege a rise of future price you can:
        a、buy a call option
        b、sell a call option
        c、buy a put option
        d、sell a put option

    8.6 swap随堂测验

    1、swap is usually otc

    test 8

    1、option is better than other derivatives.

    2、forward can be traded in exchange.

    3、usually financial institutions use swaps to exchange their currencies or cashflows.

    discussion

    1、suppose mr. zhang wants to buy 100 tons of of aluminums after three months, but he worries that the price will rise after three months. what should mr. zhang do?

    chapter 9 an economic analysis of financial structure

    9.1 basic facts about financial structure随堂测验

    1、which of the following statements concerning external sources of financing for nonfinancial businesses are true
        a、issuing marketable securities is the primary way businesses finance their operations
        b、banks are the second most important source of external funds to finance their activities
        c、stocks are the most important source of external funds to finance their activities
        d、indirect finance is many times more important than direct finance as a source of external funds

    9.2 asymmetric information- the lemons problem随堂测验

    1、the “lemons problem” exists because of
        a、transactions costs
        b、economies of scale
        c、asymmetric information
        d、rational expectations

    9.3 asymmetric information:adverse selection随堂测验

    1、adverse selection is a problem associated with equity and debt contracts arising from
        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、none of the above

    2、because of the adverse selection problem
        a、lenders may make a disproportionate amount of loans to bad credit risks
        b、lenders may refuse loans to individuals with low net worth
        c、lenders are reluctant to make loans that are not secured by collateral
        d、all of the above

    9.4 asymmetric information- moral hazard随堂测验

    1、because of the moral hazard problem,
        a、lenders may demand positions on the board of directors of the firms that they provide with financing
        b、lenders will choose to write complicated contracts, prohibiting the borrowers from using the loan proceeds for unauthorized purposes
        c、lenders will more readily lend to borrowers with high net worth
        d、all of the above

    2、moral hazard in equity contracts is known as the _____ problem because the manager of the firm has fewer incentives to maximize profits than the stockholders might ideally prefer
        a、principal-agent
        b、adverse selection
        c、free-rider
        d、debt deflation

    test 9

    1、which of the following is the primary source of external funds used by american businesses to finance their activities?
        a、stock
        b、bonds and commercial paper
        c、bank loans
        d、other loans

    2、poor people have difficulty getting loans because
        a、they typically have little collateral
        b、they are more likely to be dishonest
        c、they are less likely to benefit from access to financial markets
        d、of all of the above
        e、of none of the above

    3、which of the following is not one of the eight basic puzzles about financial structure?
        a、stocks are the most important source of finance for american businesses
        b、issuing marketable securities is not the primary way businesses finance their operations
        c、indirect finance, which involves the activities of financial intermediaries, is many times more important than direct finance, in which businesses raise funds directly from lenders in financial markets
        d、banks are the most important source of external funds to finance businesses

    4、a borrower who takes out a loan usually has better information about the potential returns and risk of the investment projects he plans to undertake than does the lender. this inequality of information is called
        a、moral hazard
        b、asymmetric information
        c、noncollateralized risk
        d、adverse selection

    5、because of the adverse selection problem,
        a、lenders may make a disproportionate amount of loans to bad credit risks
        b、lenders may refuse loans to individuals with low net worth
        c、lenders are reluctant to make loans that are not secured by collateral
        d、all of the above

    6、because of the moral hazard problem
        a、lenders will write debt contracts that restrict certain activities of borrowers
        b、debt contracts are used more frequently to raise capital than are equity contracts
        c、lenders are more willing to lend to borrowers with low net worth
        d、all of the above
        e、only (a) and (b) of the above

    homework

    1、please explain the concept of free-ride problem.

    chapter 10 banking and the management of financial institutions

    10.1 bank’s balance sheet (1)随堂测验

    1、a bank’s balance sheet
        a、shows that total assets equals total liabilities plus equity capital
        b、lists sources and uses of bank funds
        c、indicates whether or not the bank is solvent
        d、does all of the above

    10.2 bank’s balance sheet (2)随堂测验

    1、which of the following statements is true?
        a、a bank’s assets are its uses of funds
        b、a bank’s assets are its sources of funds
        c、a bank’s liabilities are its uses of funds
        d、only (b) and (c) of the above are true

    2、which of the following are reported as liabilities on a bank’s balance sheet?
        a、loans
        b、deposits
        c、reserves
        d、all of the above

    10.3 basic banking随堂测验

    1、when you deposit a $50 bill in the abc bank
        a、its liabilities increase by $50
        b、its assets increase by $50
        c、its reserves increase by $50
        d、all of the above occur

    2、loans
        a、are the largest category of bank assets
        b、provide most of the bank’s revenues
        c、earn the highest return of all bank assets
        d、do each of the above

    10.4 bank management-liquidity management随堂测验

    1、a bank facing a reserve deficiency will first
        a、call in loans
        b、borrow from the central bank
        c、sell securities
        d、borrow from other banks

    2、borrow from central bank is the most costly way for bank liquility.

    10.5 bank management interest rate risk management(1)随堂测验

    1、bank management interest rate risk for higher net interest income.

    2、dgap= rsa-rsl

    10.6 bank management- assets, liabilities and off-balance sheet activities随堂测验

    1、banks that engage in off-balance-sheet activities may
        a、increase profits
        b、reduce risk
        c、increase risk
        d、all of the above

    2、examples of off-balance–sheet activities include
        a、loan sales
        b、foreign exchange market transactions
        c、trading in financial futures
        d、all of the above

    10.7 bank management interest rate risk management(2)随堂测验

    1、if a bank has more rate-sensitive assets than liabilities, then a(n) _____ in interest rates will _____ bank profits
        a、increase; increase
        b、increase; reduce
        c、decline; increase
        d、decline; not affect

    2、assuming that the average duration of its assets is four years, while the average duration of its liabilities is three years, then a 5 percentage point increase in interest rates will cause the net worth of first national to _____ by _____ of the total original asset value
        a、decline; 5 percent
        b、decline; 10 percent
        c、decline; 5 percent
        d、increase; 20 percent

    test 10

    1、which of the following are reported as liabilities on a bank’s balance sheet?
        a、reserves
        b、checkable deposits
        c、loans
        d、deposits with other banks

    2、bank capital is listed on the _____ side of the bank’s balance sheet because it represents a _____ of funds
        a、liability; use
        b、liability; source
        c、asset; use
        d、asset; source

    3、which of the following are reported as assets on a bank’s balance sheet?
        a、discount loans from the fed
        b、loans
        c、borrowings
        d、only (a) and (b) of the above

    4、when you deposit $50 in currency at old national bank,
        a、its assets increase by $50
        b、its reserves increase by less than $50 because of reserve requirements
        c、its liabilities decrease by $50
        d、only (a) and (b) of the above occur

    5、if a bank has $100,000 of deposits, a required reserve ratio of 20 percent, and it holds $30,000 in reserves, then it has enough reserves to support a deposit outflow of
        a、$20,000
        b、$11,000
        c、$5,000
        d、either (a) or (b) of the above
        e、either (b) or (c) of the above

    6、banks that engage in off-balance-sheet activities may
        a、increase profits
        b、reduce risk
        c、increase risk
        d、all of the above
        e、both (a) and (b) of the above

    chapter 11

    11.1an introduction of the regulatory system随堂测验

    1、state banks that are not members of the federal reserve system are most likely to be examined by the
        a、federal reserve system
        b、fhlbs
        c、fdic
        d、comptroller of the currency

    test 11

    1、fdic was created to prevent bank failures

    2、people's bank of china is the only regulator of chinese financial system.

    3、one problem of the too-big-to-fail policy is that it reduces the incentives for moral hazard by big banks

    4、financial consolidation poses challenges to banking regulation.

    chapter 13 demand of money and inflation

    13.1 demand of money随堂测验

    1、keynesians analyze aggregate demand in terms of its four component parts
        a、consumer expenditures, planned investment spending, government spending, and net exports
        b、consumer expenditures, actual investment spending, government spending, and net exports
        c、consumer expenditures, planned investment spending, government spending, and gross exports
        d、consumer expenditures, planned investment spending, government spending, and taxes

    13.2 inflation随堂测验

    1、the condition of a continually rising price level is defined as
        a、stagflation
        b、disinflation
        c、inflation
        d、stagnation

    2、inflation occurs whenever
        a、the price level rises
        b、the money supply increases
        c、the price level rises continuously over a period of time
        d、none of the above occur

    test 13

    1、the monetarists’ proposition that inflation is always and everywhere a monetary phenomenon holds only if
        a、government budget deficits do not rise continually
        b、the unemployment rate does not rise continually
        c、the price level rises continually
        d、the government does not experience more than one negative supply shock per decade

    2、evidence strongly supports the view that countries with high inflation also have
        a、the lowest nominal interest rates
        b、the highest rates of money growth
        c、the smallest budget deficits
        d、the lowest interest rates

    3、countries with the highest inflation rates are likely to have
        a、the highest rates of money growth
        b、small budget deficits relative to gdp
        c、the lowest interest rates
        d、all of the above

    4、a one-time increase in the money supply
        a、is synonymous with inflation
        b、cannot cause inflation
        c、leads to an increase in the price level
        d、results in both (b) and (c) of the above

    5、factors other than money growth that can generate an inflation in monetarist analysis include:
        a、an increase in government spending
        b、a tax reduction
        c、an increase in net exports
        d、none of the above

    chapter 12 the money supply process

    12.1 monetary base随堂测验

    1、which of the following are depository institutions?
        a、commercial banks
        b、savings and loan associations
        c、mutual savings banks
        d、all of the above

    2、the monetary base consists of
        a、currency in circulation and government securities
        b、currency in circulation and reserves
        c、reserves and government securities
        d、currency in circulation and discount loans

    12.2 multiple deposit creation随堂测验

    1、a bank has no excess reserves and demand deposit liabilities of $100,000 when the required reserve ratio is 20 percent. if the reserve ratio is raised to 25 percent, the bank’s excess reserves will now be
        a、$1000
        b、-$1000
        c、$5000
        d、-$5000

    2、if reserves in the banking system increase by $100, then checkable deposits will increase by $100 in the simple model of deposit creation when the required reserve ratio is
        a、1.00
        b、0.01
        c、0.10
        d、0.20

    3、if the required reserve ratio is 10 percent and the fed increases reserves by $100, checkable deposits can potentially expand by
        a、$100
        b、$250
        c、$500
        d、$1000

    test 12

    1、of the players in the money supply process, most observers agree that the most important player is
        a、banks
        b、borrowers
        c、depositors
        d、central bank

    2、both _____ and _____ are monetary liabilities of the central bank
        a、government securities; discount loans
        b、currency in circulation; bank reserves
        c、discount loans; bank securities
        d、discount loans; currency in circulation

    3、when the central bank sells $100 worth of bonds to the first national bank, reserves in the banking system
        a、increase by $100
        b、increase by more than $100
        c、decrease by $100
        d、decrease by more than $100

    4、if the central bank purchases securities from a bank, then
        a、reserves in the banking system increase
        b、central bank liabilities increase
        c、central bank assets increase
        d、all of the above

    5、when the fed extends a $100 discount loan to the first national bank, reserves in the banking system
        a、increase by $100
        b、increase by more than $100
        c、decrease by $100
        d、decrease by more than $100

    6、if the central bank extends a $100 discount loan to a bank that previously had no excess reserves, deposits in the banking system can potentially increase by
        a、$10
        b、$100
        c、$100 times the reciprocal of the required reserve ratio
        d、$100 times the required reserve ratio

    chapter 15 the conduct of monetary policy

    15.1 goals of monetary policy随堂测验

    1、the objectives of the federal reserve in its conduct of monetary policy include
        a、economic growth
        b、price stability
        c、high employment
        d、all of the above

    2、the goals of monetary policy include
        a、output stability
        b、maintenance of the gold standard
        c、stability of the financial markets
        d、all of the above

    15.2 how a central bank achieves the goals of monetary policy随堂测验

    1、if the central bank increase required reserve ratio, the money supply will decrease

    2、if the central bank want to decrease inflation rate, it can decrease discount rate.

    3、if the central bank purchase securities, reserve will increase and inter bank rate will decrease.

    15.3 examples of the conduct of monetary policy(1)随堂测验

    1、open market purchase can decrease inflation rate.

    2、open market sale can inrease employment rate.

    3、central bank can increase required reserve ratio to promote economic growth.

    15.4 examples of the conduct of monetary policy(2)随堂测验

    1、if the central bank raise discount rates
        a、money supply will increase
        b、inter bank rate will fall
        c、banks' reserve will decrease
        d、none of above

    2、increase required reserve ratio can
        a、decrease banks' excess reserve
        b、increase bank loans
        c、increase banks' liquility risk
        d、increase money supply

    3、open market purchase can
        a、increase banks' reserve
        b、increase inter bank rate
        c、increase money supply
        d、decrease inflation rate

    test 15

    1、the goals of monetary policy include:
        a、output stability
        b、price stability
        c、stability of the financial markets
        d、all of the above
        e、both (b) and (c) of the above

    2、rice stability is desirable because
        a、inflation creates uncertainty, making it difficult to plan for the future
        b、everyone is better off when prices are stable
        c、price stability increases the profitability of the fed
        d、it guarantees full employment

    3、which set of goals can, at times, conflict in the short run?
        a、high employment and economic growth
        b、interest rate stability and financial market stability
        c、high employment and price level stability
        d、exchange rate stability and financial market stability
        e、all of the above sets of goals can be in conflict

    4、which of the following is a potential operating target for the central bank?
        a、the monetary base
        b、the m1 money supply
        c、nominal gnp
        d、the discount rate

    5、which of the following is not a requirement in selecting an intermediate target?
        a、measurability
        b、controllability
        c、flexibility
        d、predictability

    6、if the central bank wants to decrease inflation rate, it can
        a、buy securities in market.
        b、sell securities in market.
        c、increase discount rate when it is above inter bank rate
        d、decrease required reserve ratio

    chapter 14 tools of monetary policy

    14.1 the market for reserves and the inter-bank offered rate随堂测验

    1、the interest rate charged on overnight loans of reserves between banks is the
        a、prime rate
        b、discount rate
        c、treasury bill rate
        d、inter bank offered rate

    2、the inter bank offered rate is the
        a、interest rate on overnight loans of reserves between banks
        b、interest rate on government debt
        c、interest rate the government pays when borrowing from banks
        d、all of the above

    14.2 standing lending facility随堂测验

    1、discount policy affects the money supply by affecting the volume of _____ and the _____
        a、excess reserves; monetary base
        b、discount loans; monetary base
        c、excess reserves; money multiplier
        d、discount loans; money multiplier

    2、slf is a kind of discount rate

    14.3 the effects of the monetary policy instruments随堂测验

    1、disadvantages of discount policy include
        a、the fact that the lender of last resort function creates a moral hazard problem
        b、banks that are “too big to fail” may take excessive risks
        c、the fact that the fed cannot precisely control the amount of discount lending
        d、all of the above

    2、an increase in reserve requirements reduces the money supply since it causes
        a、reserves to fall
        b、reserves and the monetary base to fall
        c、the money multiplier to fall
        d、both (a) and (b) of the above

    3、open market purchases _____ reserves and the monetary base thereby _____ the _____
        a、raise; lowering; money supply
        b、raise; raising; money supply
        c、raise; raising; money multiplier
        d、lower; raising; money multiplier

    test 14

    1、the quantity of reserves demanded rises when the
        a、discount rate rises
        b、discount rate falls
        c、inter bank rate rises
        d、inter bank rate falls
        e、discount rate equals the inter bank rate

    2、the opportunity cost of holding excess reserves is
        a、the discount rate
        b、the prime rate
        c、the treasury bill rate
        d、the inter bank rate
        e、the mortgage rate

    3、open market sales _____ reserves and the monetary base thereby _____ the money supply
        a、raise; lowering
        b、raise; raising
        c、lower; lowering
        d、ower; raising

    4、discount policy affects the money supply by affecting the volume of _____ and the _____
        a、excess reserves; monetary base
        b、discount loans; monetary base
        c、excess reserves; money multiplier
        d、discount loans; money multiplier

    5、a _____ in reserve requirements _____ the money supply since it causes the money multiplier to _____
        a、decrease; increases; fall
        b、decrease; decreases; fall
        c、rise; increases; rise
        d、rise; decreases; fall

    6、disadvantages of using reserve requirements to control the money supply and interest rates include
        a、their overly-powerful impact on the money supply
        b、creating potential liquidity problems for banks with low excess reserves
        c、both (a) and (b) of the above
        d、neither (a) nor (b) of the above

    final exam

    final exam paper

    1、markets in which funds are transferred from those who have excess funds available to those who have a shortage of available funds are called ______
        a、commodity markets
        b、fund-available market
        c、derivative exchange markets
        d、financial markets.

    2、compared to interest rates on long-termu.s.government bonds, interest rates on _____ fluctuate more and are lower on average
        a、medium-quality corporate bonds
        b、low-quality corporate bonds
        c、high-quality corporate bonds
        d、three-month treasury bills

    3、because it is a store of value, money
        a、does not earn interest
        b、cannot be a durable asset
        c、must be currency
        d、is none of the above

    4、an individual’s annual salary is her
        a、money
        b、income
        c、wealth
        d、assets

    5、money reduces transaction costs, allowing people to specialize in what they do best. money, therefore, promotes
        a、greed and avarice
        b、inefficiency
        c、the division of labor
        d、competition

    6、the narrowest measure of money that the fed reports is
        a、m0
        b、m1
        c、m2
        d、m3

    7、which of the following is not included in the measure of m1?
        a、traveler’s checks
        b、demand deposits
        c、currency
        d、repurchase agreements

    8、f a security pays $110 next year and $121 the year after that, what is its yield to maturity if it sells for $200?
        a、9%
        b、10%
        c、11%
        d、12%

    9、a security that pays $52.50 in one year and $110.25 in two years, with an interest rate of 5 percent, has a present value of
        a、$150
        b、$162.50
        c、$170
        d、$180

    10、a credit market instrument that provides the borrower with an amount of funds that must be repaid at the maturity date along with an interest payment is known as a
        a、simple loan
        b、coupon bond
        c、discount loan
        d、consol

    11、which of the following are not true of fixed payment loans?
        a、the borrower repays both the principal and interest at the maturity date
        b、installment loans and mortgages are frequently of the fixed payment type
        c、the borrower repays the loan by making the same payment every month
        d、all of the above

    12、a coupon bond pays the owner of the bond
        a、the same amount every month until maturity date
        b、the face value of the bond plus an interest payment once the maturity date has been reached
        c、a fixed-interest payment every period and repays the face value at the maturity date
        d、the face value at the maturity date
        e、none of the above

    13、the price of a consol
        a、equals the coupon payment times the interest rate
        b、equals the coupon payment plus the interest rate
        c、equals the coupon payment minus the interest rate
        d、equals the coupon payment divided by the interest rate

    14、a consol paying $20 annually when the interest rate is 5 percent has a price of
        a、$100
        b、$200
        c、$400
        d、$800
        e、$1000

    15、an $8,000 coupon bond with a $400 coupon payment every year has a coupon rate of
        a、5%
        b、8%
        c、10%
        d、40%

    16、which of the following $1,000 face-value securities has the highest yield to maturity?
        a、a 5 percent coupon bond selling for $1,000
        b、a 10 percent coupon bond selling for $1,000
        c、a 8 percent coupon bond selling for $1,000
        d、a 14 percent coupon bond selling for $1,000

    17、a discount bond currently selling for $4000, that matures in one year with a face value of $5000, has a yield to maturity of
        a、5%
        b、10%
        c、20%
        d、25%
        e、50%

    18、which of the following are true for the current yield?
        a、the current yield is defined as the yearly coupon payment divided by the price of the security
        b、the current yield is always a poor approximation for the yield to maturity
        c、all of the above are true
        d、the formula for the current yield is identical to the formula describing the yield to maturity for a discount bond

    19、if the expected return on abc stock is unchanged and the expected return on cbs stock falls from 10 to 5 percent, then the expected return of holding cbs stock _____ relative to abc stock and the demand for abc stock _____
        a、rises; rises
        b、rises; falls
        c、falls; rises
        d、falls; falls

    20、when the interest rate is above the equilibrium interest rate, there is an excess _____ for (of) money and the interest rate will _____
        a、demand; rise
        b、demand; fall
        c、supply; fall
        d、supply; rise

    21、the risk structure of interest rates is
        a、the structure of how interest rates move over time
        b、the relationship among interest rates of different bonds with the same maturity
        c、the relationship among the term to maturity of different bonds
        d、the relationship among interest rates on bonds with different maturities

    22、if 1-year interest rates for the next three years are expected to be 4, 2, and 3 percent, and the 3-year term premium is 1 percent, than the 3-year bond rate will be
        a、1%
        b、2%
        c、3%
        d、4%
        e、5%

    23、dividends are paid from
        a、liabilities
        b、debts
        c、net earnings
        d、total income

    24、using the one-period valuation model, assuming a year-end dividend of $1.00, an expected sales price of $100, and a required rate of return of 5%, the current price of the stock would be
        a、$110
        b、$101
        c、$96.19
        d、$95.23

    25、using the gordon growth formula, if d1 is $1.00, ke is 10% or 0.10, and g is 5% or 0.05, then the current stock price is
        a、$10
        b、$20
        c、$20
        d、$40

    26、the presence of _____ in financial markets leads to adverse selection and moral hazard problems that interfere with the efficient functioning of financial markets
        a、noncollateralized risk
        b、free-riding
        c、asymmetric information
        d、costly state verification

    27、when you deposit $50 in currency at old national bank,
        a、its assets increase by $50
        b、its reserves increase by $50
        c、its liabilities increase by $50
        d、each of the above occurs

    28、in the simple deposit expansion model, a decline in checkable deposits of $500 when the required reserve ratio is equal to 10 percent implies that the central bank
        a、sold $500 in government bonds
        b、sold $50 in government bonds
        c、purchased $50 in government bonds
        d、purchased $500 in government bonds

    29、if a bank has excess reserves of $20,000 and demand deposit liabilities of $80,000, and if the reserve requirement is 20 percent, then the bank has total reserves of
        a、$16,000
        b、$6000
        c、$26000
        d、$36000

    30、open market operations as a monetary policy tool have the advantages that
        a、they occur at the initiative of the fed
        b、they are flexible and precise
        c、they are easily reversed if mistakes are made
        d、all of the above

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