曼昆《经济学原理》（宏观）第五版测试题库 (26)

Chapter 26 Chapter 26 Saving, Investment, and the Financial System TRUE/FALSE 1. The financial system coordinates investment and saving, which are important determinants of long-run real GDP. ANS: T DIF: 1 REF: 26-1 NAT: Analytic LOC: The Study of economics, and definitions of economics TOP: Investment | Saving MSC: Definitional 2. When economists refer to investment, they mean the purchasing of stocks and bonds and other types of saving. ANS: F DIF: 1 REF: 26-1 NAT: Analytic LOC: The Study of economics, and definitions of economics TOP: Investment | Saving MSC: Definitional 3. Banks and mutual funds are examples of financial markets. ANS: F DIF: 1 REF: 26-1 NAT: Analytic LOC: The Study of economics, and definitions of economics TOP: Financial intermediaries | Financial markets MSC: Definitional 4. When a firm wants to borrow directly from the public to finance the purchase of new equipment, it does so by selling shares of stock. ANS: F DIF: 1 REF: 26-1 NAT: Analytic LOC: The Study of economics, and definitions of economics TOP: Bonds | Stock MSC: Definitional 5. Most entrepreneurs finance their purchases of real capital using their past saving. ANS: F DIF: 1 REF: 26-1 NAT: Analytic LOC: The Study of economics, and definitions of economics TOP: Investment MSC: Definitional 6. Other things the same, the higher the rate of saving and investment in a country, the higher will be the standard of living. ANS: T DIF: 1 REF: 26-1 NAT: Analytic LOC: The Study of economics, and definitions of economics TOP: Saving | Investment MSC: Interpretive 7. Lenders sell bonds and borrowers buy them. ANS: F DIF: 1 REF: 26-1 NAT: Analytic LOC: The Study of economics, and definitions of economics TOP: Bonds MSC: Definitional 8. When a firm wants to borrow directly from the public to finance the purchase of new equipment, it does so by selling bonds. ANS: T DIF: 1 REF: 26-1 NAT: Analytic LOC: The Study of economics, and definitions of economics TOP: Bonds | Stock MSC: Definitional 9. Other things the same, corporate bonds generally feature higher interest rates than U.S. government bonds. ANS: T DIF: 1 REF: 26-1 NAT: Analytic LOC: The Study of economics, and definitions of economics TOP: Bonds MSC: Definitional 10. The sale of either stocks or bonds to raise money is known as equity finance. ANS: F DIF: 1 REF: 26-1 NAT: Analytic LOC: The Study of economics, and definitions of economics TOP: Bonds | Stock MSC: Definitional 11. When a corporation experiences financial problems, bondholders are paid before stockholders. ANS: T DIF: 1 REF: 26-1 NAT: Analytic LOC: The Study of economics, and definitions of economics TOP: Bonds | Stock MSC: Definitional 12. Corporations receive no proceeds from the resale of their stock. ANS: T DIF: 1 REF: 26-1 NAT: Analytic LOC: The Study of economics, and definitions of economics TOP: Stock MSC: Definitional 13. Generally, if people begin to expect a company to have higher future profits, the price of the company’s stock will begin to decrease. ANS: F DIF: 2 REF: 26-1 NAT: Analytic LOC: The Study of economics, and definitions of economics TOP: Stock MSC: Interpretive 14. If a share of stock in Skylight Chili sells for $75, the retained earnings per share are $5, and the divided per share is $2, then the price-earnings ratio is 15. ANS: F DIF: 2 REF: 26-1 NAT: Analytic LOC: The Study of economics, and definitions of economics TOP: Stock MSC: Applicative 15. If people become less optimistic about the future earnings of Hyde Park Jazz Studio, then the price of the company’s stock will fall. ANS: T DIF: 1 REF: 26-1 NAT: Analytic LOC: The Study of economics, and definitions of economics TOP: Stock. MSC: Interpretive 16. Mutual funds are a type of financial intermediary. ANS: T DIF: 1 REF: 26-1 NAT: Analytic LOC: The Study of economics, and definitions of economics TOP: Mutual funds | Financial intermediaries MSC: Definitional 17. Index funds are usually outperformed by mutual funds that are actively managed by professional money managers. ANS: F DIF: 1 REF: 26-1 NAT: Analytic LOC: The Study of economics, and definitions of economics TOP: Mutual funds MSC: Definitional 18. To state that national saving is equal to investment, for a closed economy, is to state an accounting identity. ANS: T DIF: 1 REF: 26-2 NAT: Analytic LOC: The Study of economics, and definitions of economics TOP: Identities MSC: Interpretive 19. National saving is equal to Y - T - C. ANS: F DIF: 2 REF: 26-2 NAT: Analytic LOC: The Study of economics, and definitions of economics TOP: National saving MSC: Interpretive 20. Public saving is T - G, while private saving is Y - T - C. ANS: T DIF: 1 REF: 26-2 NAT: Analytic LOC: The Study of economics, and definitions of economics TOP: Private saving | Public saving MSC: Interpretive 21. Public saving is equal to national saving minus private saving. ANS: T DIF: 2 REF: 26-2 NAT: Analytic LOC: The Study of economics, and definitions of economics TOP: National saving MSC: Definitional 22. To state that public saving is equal to investment, for a closed economy, is to state an accounting identity. ANS: F DIF: 1 REF: 26-2 NAT: Analytic LOC: The Study of economics, and definitions of economics TOP: Identities MSC: Interpretive 23. In a closed economy, investment must be equal to private saving. ANS: F DIF: 2 REF: 26-2 NAT: Analytic LOC: The Study of economics, and definitions of economics TOP: Private saving | Investment MSC: Definitional 24. If, for an imaginary closed economy, investment amounts to $10,000 and the government is running a $2,500 deficit, then private saving must amount to $12,500. ANS: T DIF: 2 REF: 26-2 NAT: Analytic LOC: The Study of economics, and definitions of economics TOP: Identities | Private saving | Investment MSC: Applicative 25. If, for an imaginary closed economy, investment amounts to $12,000 and the government is running a $2,000 deficit, then private saving must amount to $10,000. ANS: F DIF: 2 REF: 26-2 NAT: Analytic LOC: The Study of economics, and definitions of economics TOP: Identities | Private saving | Investment MSC: Applicative 26. Suppose a small closed economy has GDP of $5 billion, consumption of $3 billion, and government expenditures of $1 billion. Then investment and national saving are both $1 billion. ANS: T DIF: 2 REF: 26-2 NAT: Analytic LOC: The Study of economics, and definitions of economics TOP: National saving | Investment MSC: Applicative 27. Joan uses some of her income to buy mutual fund shares. A macroeconomist refers to Joan's purchase as investment. ANS: F DIF: 1 REF: 26-2 NAT: Analytic LOC: The Study of economics, and definitions of economics TOP: Saving | Investment MSC: Interpretive 28. Alberta buys a paint sprayer and a lift for her car customizing shop. A macroeconomist would refer to these purchases as investment. ANS: T DIF: 1 REF: 26-2 NAT: Analytic LOC: The Study of economics, and definitions of economics TOP: Investment MSC: Interpretive 29. The demand for loanable funds comes from saving and the supply of loanable funds comes from investment. ANS: F DIF: 1 REF: 26-3 NAT: Analytic LOC: The Study of economics, and definitions of economics TOP: Market for loanable funds MSC: Definitional 30. A decrease in taxes on interest income would increase the interest rate. ANS: F DIF: 2 REF: 26-3 NAT: Analytic LOC: The Study of economics, and definitions of economics TOP: Saving | Market for loanable funds MSC: Applicative 31. If Congress instituted an investment tax credit, the demand for loanable funds would shift rightward. ANS: T DIF: 2 REF: 26-3 NAT: Analytic LOC: The Study of economics, and definitions of economics TOP: Investment MSC: Applicative 32. When the government budget deficit rises, national saving is reduced, interest rates rise, and investment falls. ANS: T DIF: 2 REF: 26-3 NAT: Analytic LOC: The Study of economics, and definitions of economics TOP: Budget deficits MSC: Applicative 33. The term crowding out refers to decreases in the interest rate caused by government budget surpluses. ANS: F DIF: 2 REF: 26-3 NAT: Analytic LOC: The Study of economics, and definitions of economics TOP: Crowding out MSC: Definitional 34. When the U.S. government is in debt during a given year, it follows that its budget is in deficit for that year. ANS: F DIF: 1 REF: 26-3 NAT: Analytic LOC: The Study of economics, and definitions of economics TOP: Government debt | Budget deficits MSC: Interpretive 35. The ratio of government debt to GDP was higher during the Reagan presidency than at any previous time in U.S. history. ANS: F DIF: 1 REF: 26-3 NAT: Analytic LOC: The Study of economics, and definitions of economics TOP: Government debt MSC: Definitional 36. An increase in the demand for loanable funds increases the equilibrium interest rate and increases the equilibrium level of saving. ANS: T DIF: 2 REF: 26-3 NAT: Analytic LOC: Understanding and applying economic models TOP: Market for loanable funds MSC: Applicative 37. An increase in the demand for loanable funds increases the equilibrium interest rate and decreases the equilibrium level of saving. ANS: F DIF: 2 REF: 26-3 NAT: Analytic LOC: Understanding and applying economic models TOP: Market for loanable funds MSC: Applicative 38. The term loanable funds refers to all income that is not used for consumption. ANS: F DIF: 2 REF: 26-3 NAT: Analytic LOC: The Study of economics, and definitions of economics TOP: Market for loanable funds MSC: Definitional 39. The term loanable funds refers to all income that is not used for consumption or government expenditures. ANS: T DIF: 2 REF: 26-3 NAT: Analytic LOC: The Study of economics, and definitions of economics TOP: Market for loanable funds MSC: Definitional 40. We interpret the term loanable funds to mean the flow of resources available to fund private investment. ANS: T DIF: 2 REF: 26-3 NAT: Analytic LOC: The Study of economics, and definitions of economics TOP: Market for loanable funds MSC: Interpretive 41. An increase in the budget deficit shifts the demand for loanable funds to the right. ANS: F DIF: 2 REF: 26-3 NAT: Analytic LOC: The Study of economics, and definitions of economics TOP: Budget deficits MSC: Applicative 42. A government may use deficit financing to smooth tax rates over time. ANS: T DIF: 2 REF: 26-3 NAT: Analytic LOC: The Study of economics, and definitions of economics TOP: Budget deficits MSC: Analytic SHORT ANSWER 1. What are the basic differences between bonds and stocks? ANS: A bond is a certificate of indebtedness that specifies the obligations of the borrower to the holder of the bond, while stock represents a share of ownership in a firm and is, therefore, a claim on the profits that the firm makes. The sale of bonds to raise money is called debt finance, while the sale of stock is called equity finance. Whereas the owner of shares of stock in a company share in the profits of a company, the owner of bonds receives a fixed interest rate. Compared to bonds, stocks offer the holder both higher risk and a potentially higher return. DIF: 2 REF: 26-1 NAT: Analytic LOC: The Study of economics, and definitions of economics TOP: Stock | Bonds MSC: Interpretive 2. Which of the two bonds in each example would you expect to generally pay the higher interest rate? Explain why. a. a U.S. government bond or a Brazilian government bond b. a U.S. government bond or a municipal bond with the same term and issued by a creditworthy municipality. c. a 6-month Treasury bill or a 20-year Treasury bond d. a Microsoft bond or a bond issued by a new recording company ANS: a. The Brazilian government bond would likely pay a higher interest rate because the market perceives a higher level of risk for the Brazilian bond relative to the U.S. bond. b. Because of the tax advantages of municipal bonds, the U.S. government bond would likely pay the higher interest rate. c. The 20-year bond would likely pay a higher interest rate than would the 6-month bill. The future is uncertain and therefore more risky for a 20-year bond than for a 6-month bill. d. Since Microsoft is less likely to default than a new and unknown company, the interest on the bond of the new company is likely to be higher. DIF: 2 REF: 26-1 NAT: Analytic LOC: The Study of economics, and definitions of economics TOP: Bonds MSC: Applicative 3. Suppose that you are a broker and people tell you the following about themselves. What sort of bond would you recommend to each? Defend your choices. a. "I am in a high federal income tax bracket and I don't want to take very much risk." b. "I want a high return and I am willing to take a lot of risk to get it." c. "I want a decent return and I have enough deductions that I don't value tax breaks highly." ANS: a. A municipal bond. Municipal bonds generally have low credit risk and are not subject to federal income tax. b. A junk bond. Junks bonds have a high return because they have high risk. c. A corporate bond that isn't a junk bond. Corporate bonds have more risk than government bonds but have no special tax treatment, so they pay moderate rates of return. DIF: 2 REF: 26-1 NAT: Analytic LOC: The Study of economics, and definitions of economics TOP: Bonds MSC: Analytical 4. Your brother-in-law wants to buy either stock or bonds in Cedar Valley Furniture, which manufactures wooden furniture. He wants your advice on whether to buy stock or bonds. Explain how each of his quotes below should affect his choice between the stock and the bond. a. "I have reason to believe that people are soon going to find rocking chairs have health benefits." b. "I would like to tell people I am part owner of Cedar Valley Furniture." c. "I do not want to take on much risk." ANS: a. Presumably, when this happens, unless everyone else has anticipated it, dividends, the price of the stock, or both will increase. The interest rate on bonds will not change as profits increase, so this quote suggests buying stock would better suit your brother-in law's purposes. b. Bondholders are simply creditors, while stockholders are part owners. So this quote indicates your brother-in-law would prefer to buy stock. c. In case of financial difficulties stockholders get paid after bondholders, so the stock is somewhat more risky. So, your brother-in-law may prefer the bond. DIF: 2 REF: 26-1 NAT: Analytic LOC: The Study of economics, and definitions of economics TOP: Stock | Bonds MSC: Interpretive 5. Suppose the Move It! exercise chain has revenues of $45 million, accounting costs of $15 million, and currently has issued 10 million shares of stocks selling at $90 each. Compute the price-earning ratio. Show your work. Is this ratio relatively high or low? What might an increase in the price-earnings ratio indicate? ANS: The earnings per share is ($45 million - $15 million)/10 million = $3. So, the price-earnings ratio is $90/$3 = 30. This is a high P/E ratio, as the historical average for the market is about 15. An increase in the PE ratio may indicate the people expect the firm to have higher earnings in the future or that the stock has become overvalued. DIF: 2 REF: 26-1 NAT: Analytic LOC: The Study of economics, and definitions of economics TOP: Stock MSC: Analytical 6. In the national income accounting identity showing the equality between national saving and investment, what are the algebraic expressions for private saving and public saving? ANS: Private saving is Y - C - T, Public Saving is T - G DIF: 2 REF: 26-2 NAT: Analytic LOC: The Study of economics, and definitions of economics TOP: Private saving | Public saving MSC: Interpretive 7. Identify each of the following acts as representing either saving or investment. a. Fred uses some of his income to buy government bonds. b. Julie takes some of her income and buys mutual funds. c. Alex purchases a new truck for his delivery business using borrowed funds. d. Elaine uses some of her income to buy stock in a major corporation. e. Henrietta hires a builder to construct a new building for her bicycle shop. ANS: a. Fred is saving. b. Julie is saving. c. Alex is investing. d. Elaine is saving. e. Henrietta is investing. DIF: 1 REF: 26-2 NAT: Analytic LOC: The Study of economics, and definitions of economics TOP: Saving | Investment MSC: Interpretive 8. Draw and label a graph showing equilibrium in the market for loanable funds. ANS: Market for Loanable Funds DIF: 1 REF: 26-3 NAT: Analytic LOC: Understanding and Applying Economic Models TOP: Market for loanable funds MSC: Interpretive 9. Explain why the demand for loanable funds slopes downward and why the supply of loanable funds slopes upward. ANS: When the interest rate rises investment spending becomes more expensive, so people invest less. As the interest rate rises saving becomes more rewarding, so people want to save more. The inverse relation between interest and borrowing is reflected in the downward slope of the demand for loanable funds curve. The positive relation between interest and saving is reflected in the upward slope of the supply of loanable funds curve. DIF: 2 REF: 26-3 NAT: Analytic LOC: Understanding and Applying Economic Models TOP: Market for loanable funds MSC: Interpretive 10. The model of the market for loanable funds shows that an investment tax credit will cause interest rates to rise and investment to rise. Yet we also suppose that higher interest rates lead to lower investment. How can these two conclusions be reconciled? ANS: The claim that an increase in the interest rate decreases investment supposes that only the interest rate changes and everything else is constant. The investment tax credit causes investment to rise at each interest rate. As firms want to borrow more the interest rate will rise. The rise in interest rates does make investment less than it would otherwise be, but unless the supply of loanable funds is vertical, the increase in investment demand from the tax credit is larger than the decrease in investment demand from the rising interest rate. DIF: 3 REF: 26-3 NAT: Analytic LOC: Understanding and Applying Economic Models TOP: Investment MSC: Analytical 11. Using a graph representing the market for loanable funds, show and explain what happens to interest rates and investment if the government budget goes from a deficit to a surplus. ANS: As shown in the graph below, the economy starts in equilibrium at point E0 with interest rate r0 and equilibrium quantity of saving and investment at q0. If the government succeeds in obtaining a surplus, there will be more public saving in the economy and so more national saving at each interest rate, and the supply of loanable funds curve will shift from S0 to S1. The new equilibrium will be at E1, with a lower interest rate, r1 and a higher quantity of saving and investment, q1. Hence, if the federal government succeeds in having a surplus, interest rates will fall and investment will increase. Market for Loanable Funds DIF: 2 REF: 26-3 NAT: Analytic LOC: Understanding and Applying Economic Models TOP: Budget deficits | Budget surpluses MSC: Applicative Sec00 - Saving, Investment, and the Financial System MULTIPLE CHOICE 1. When opening a print shop you need to buy printers, computers, furniture, and similar items. Economists call these expenditures a. capital investment. b. investment in human capital. c. business consumption expenditures. d. personal saving. ANS: A DIF: 1 REF: 26-0 NAT: Analytic LOC: The Study of economics, and definitions of economics TOP: Investment MSC: Definitional 2. If you were to start a business delivering documents, you might need to purchase cell phones, bicycles, desks, and chairs. a. These purchases are called capital investment. If you raise the funds from others to purchase them you are a saver. b. These purchases are called capital investment. If you raise the funds from others to purchase them you are a borrower. c. These purchases are called consumption. If you raise the funds from others to purchase them you are a saver. d. These purchases are called consumption. If