金融市场试卷(2)金融考试题西南财经大学天府学院解析

1)Thepricepaidfortherentalofborrowedfunds(usuallyexpressedasapercentageoftherentalof$100peryear)iscommonlyreferredtoastheA)inflationrate.B)exchangerate.C)interestrate.D)aggregatepricelevel.Answer:C2)FinancialmarketsandinstitutionsA)involvethemovementofhugequantitiesofmoney.B)affecttheprofitsofbusinesses.C)affectthetypesofgoodsandservicesproducedinaneconomy.D)doalloftheabove.E)doonly(A)and(B)oftheabove.Answer:D3)Whichofthefollowingcanbedescribedasinvolvingdirectfinance?A)Acorporationʹsstockistradedinanover-the-countermarket.B)Peoplebuysharesinamutualfund.C)Apensionfundmanagerbuyscommercialpaperinthesecondarymarket.D)Aninsurancecompanybuyssharesofcommonstockintheover-the-countermarkets.E)Noneoftheabove.Answer:E4)ThepurposeofdiversificationistoA)reducethevolatilityofaportfolioʹsreturn.B)raisethevolatilityofaportfolioʹsreturn.C)reducetheaveragereturnonaportfolio.D)raisetheaveragereturnonaportfolio.Answer:A5)Whentheinterestrateonabondis_________theequilibriuminterestrate,thereisexcess_________inthebondmarketandtheinterestratewill_________.A)below;demand;riseB)below;demand;fallC)below;supply;riseD)above;supply;fallAnswer:C6)Inarecessionwhenincomeandwealtharefalling,thedemandforbonds_________andthedemandcurveshiftstothe_________.A)falls;rightB)falls;leftC)rises;rightD)rises;leftAnswer:B7)Whenpeoplebegintoexpectalargestockmarketdecline,thedemandcurveforbondsshiftstothe_________andtheinterestrate_________.A)right;fallsB)right;risesC)left;fallsD)left;risesAnswer:A8)ThespreadbetweeninterestratesonlowqualitycorporatebondsandU.S.governmentbonds_________duringtheGreatDepression.A)wasreversedB)narrowedsignificantlyC)widenedsignificantlyD)didnotchangeAnswer:C9)Ifincometaxrateswerelowered,thenA)theinterestrateonmunicipalbondswouldfall.B)theinterestrateonTreasurybondswouldrise.C)theinterestrateonmunicipalbondswouldrise.D)thepriceofTreasurybondswouldfall.Answer:C10)Accordingtotheexpectationstheoryofthetermstructure,A)yieldcurvesshouldbeequallylikelytoslopedownwardastoslopeupward.B)whentheyieldcurveissteeplyupward-sloping,short-terminterestratesareexpectedtoriseinthefuture.C)whentheyieldcurveisdownward-sloping,short-terminterestratesareexpectedtoremainrelativelystableinthefuture.D)alloftheabove.E)onlyAandBoftheabove.Answer:E11)AccordingtotheefficientmarkethypothesisA)onecannotexpecttoearnanabnormallyhighreturnbypurchasingasecurity.B)informationinnewspapersandinthepublishedreportsoffinancialanalystsisalreadyreflectedinmarketprices.C)unexploitedprofitopportunitiesabound,therebyexplainingwhysomanypeoplegetrichbytradingsecurities.D)alloftheabovearetrue.E)onlyAandBoftheabovearetrue.Answer:E12)TosaythatstockpricesfollowaʺrandomwalkʺistoarguethatA)stockpricesrise,thenfall.B)stockpricesrise,thenfallinapredictablefashion.C)stockpricestendtofollowtrends.D)stockpricesare,forallpracticalpurposes,unpredictable.Answer:D13)TheefficientmarkethypothesissuggeststhatA)investorsshouldpurchaseno-loadmutualfundswhichhavelowmanagementfees.B)investorscanusetheadviceoftechnicalanalyststooutperformthemarket.C)investorslettoomanyunexploitedprofitopportunitiesgobyiftheyadoptaʺbuyandholdʺstrategy.D)onlyAandBoftheabovearesensiblestrategies.Answer:A14)Whichofthefollowingisempiricalevidenceindicatingthattheefficientmarkethypothesismaynotalwaysbegenerallyapplicable?A)Small-firmeffectB)JanuaryeffectC)MarketOverreactionD)AlloftheaboveAnswer:D15)AnopenmarketpurchaseofsecuritiesbytheFedwillA)increaseassetsofthenonbankpublicandincreaseassetsofthebankingsystem.B)decreaseassetsofthenonbankpublicandincreaseassetsoftheFed.C)decreaseassetsofthebankingsystemandincreaseassetsoftheFed.D)havenoeffectonassetsofthenonbankpublicbutincreaseassetsoftheFed.E)increaseassetsofthebankingsystemanddecreaseassetsoftheFed.Answer:D16)Underusualcircumstances,anincreaseinthediscountratecausesA)thefederalfundsratetofall.B)thefederalfundsratetorise.C)nochangeinthefederalfundsrate.D)thesupplyofreservestoincrease.E)thesupplyofreservestodecrease.Answer:C17)Whichofthefollowingisnotanoperatingtarget?A)NonborrowedreservesB)MonetarybaseC)FederalfundsinterestrateD)DiscountrateE)Allareoperatingtargets.Answer:D18)MoneymarketinstrumentsA)areusuallysoldinlargedenominations.B)havelowdefaultrisk.C)matureinoneyearorless.D)arecharacterizedbyalloftheabove.E)arecharacterizedbyonlyAandBoftheabove.Answer:D19)IftheFedwantstolowerthefederalfundsinterestrate,itwill_________thebankingsystemby_________securities.A)addreservesto;sellingB)addreservesto;buyingC)removereservesfrom;sellingD)removereservesfrom;buyingAnswer:B20)MoneymarkettransactionsA)donottakeplaceinanyoneparticularlocationorbuilding.B)areusuallyarrangedpurchasesandsalesbetweenparticipantsoverthephonebytradersandcompletedelectronically.C)both(a)and(b).D)nonethetheabove.Answer:C21)Theprimaryreasonthatindividualsandfirmschoosetoborrowlong-termistoreducetheriskthatinterestrateswillfallbeforetheypayofftheirdebt.Answer：False22)Typically,theinterestrateoncorporatebondswillbehigherthemorerestrictionsareplacedonmanagementthroughrestrictivecovenants,becausethebo