第4单元金融考试题西南财经大学天府学院

实用标准文案精彩文档FinancialMarketsandInstitutions,7e(Mishkin)Chapter4WhyDoInterestRatesChange?MultipleChoiceAsthepriceofabondandtheexpectedreturn,bondsbecomemoreattractivetoinvestorsandthequantitydemandedrises.falls;risesfalls;fallsrises;risesrises;fallsAnswer:AThesupplycurveforbondshastheusualupwardslope,indicatingthatasthepricec_e,terisparibus,theincreases.falls;supplyfalls;quantitysuppliedrises;supplyrises;quantitysuppliedAnswer:DWhenthepriceofabondisabovetheequilibriumprice,thereisexcessinthebondmarketandthepricewill.demand;risedemand;fallsupply;fallsupply;riseAnswer:CWhenthepriceofabondisbelowtheequilibriumprice,thereisexcessinthebondmarketandthepricewill.demand;risedemand;fallsupply;fallsupply;riseAnswer:AWhenthepriceofabondistheequilibriumprice,thereisanexcesssupplyofbondsandthepricewill.above;riseabove;fallbelow;fallbelow;riseAnswer:BWhenthepriceofabondistheequilibriumprice,thereisanexcessdemandforbondsandthepricewill.above;riseabove;fallbelow;fallbelow;riseAnswer:DWhentheinterestrateonabondisabovetheequilibriuminterestrate,thereisexcessinthebondmarketandtheinterestratewill.demand;risedemand;fallsupply;fallsupply;riseAnswer:BWhentheinterestrateonabondisbelowtheequilibriuminterestrate,thereisexcessinthebondmarketandtheinterestratewill.demand;risedemand;fallsupply;fallsupply;riseAnswer:DWhentheinterestrateonabondistheequilibriuminterestrate,thereisexcessinthebondmarketandtheinterestratewill.above;demand;fallabove;demand;risebelow;supply;fallabove;supply;riseAnswer:AWhentheinterestrateonabondistheequilibriuminterestrate,thereisexcessinthebondmarketandtheinterestratewill.below;demand;risebelow;demand;fallbelow;supply;riseabove;supply;fallAnswer:CWhenthedemandforbondsorthesupplyofbonds,interestratesrise.increases;increasesincreases;decreasesdecreases;decreasesdecreases;increasesAnswer:DWhenthedemandforbondsorthesupplyofbonds,interestratesfall.increases;increasesincreases;decreasesdecreases;decreasesdecreases;increasesAnswer:BWhenthedemandforbondsorthesupplyofbonds,bondpricesrise.increases;decreasesdecreases;increasesdecreases;decreasesincreases;increasesAnswer:AWhenthedemandforbondsorthesupplyofbonds,bondpricesfall.increases;increasesincreases;decreasesdecreases;decreasesdecreases;increasesAnswer:DFactorsthatdeterminethedemandforanassetincludechangesinthewealthofinvestors.liquidityofbondsrelativetoalternativeassets.expectedreturnsonbondsrelativetoalternativeassets.riskofbondsrelativetoalternativeassets.alloftheabove.Answer:EThedemandforanassetrisesiffalls.riskrelativetootherassetsexpectedreturnrelativetootherassetsliquidityrelativetootherassetswealthAnswer:AThehigherthestandarddeviationofreturnsonanasset,thetheasset'sgreater;risksmaller;riskgreater;expectedreturnsmaller;expectedreturnAnswer:ADiversificationbenefitsaninvestorbyincreasingwealth.increasingexpectedreturn.reducingrisk.increasingliquidity.Answer:CInarecessionwhenincomeandwealtharefalling,thedemandforbondsandthedemandcurveshiftstothe.falls;rightfalls;leftrises;rightrises;leftAnswer:BDuringbusinesscycleexpansionswhenincomeandwealtharerising,thedemandforbondsandthedemandcurveshiftstothe.falls;rightfalls;leftrises;rightrises;leftAnswer:CHigherexpectedinterestratesinthefuturethedemandforlong-termbondsandshiftthedemandcurvetothe.increase;leftincrease;rightdecrease;leftdecrease;rightAnswer:CLowerexpectedinterestratesinthefuturethedemandforlong-termbondsandshiftthedemandcurvetotheincrease;left.increase;right.decrease;left.decrease;right.Answer:BWhenpeoplebegintoexpectalargestockmarketdecline,thedemandcurveforbondsshiftstotheandtheinterestrate.right;fallsright;risesleft;fallsleft;risesAnswer:AWhenpeoplebegintoexpectalargerunupinstockprices,thedemandcurveforbondsshiftstotheandtheinterestrate.right;risesright;fallsleft;fallsleft;risesAnswer:DAnincreaseintheexpectedrateofinflationwilltheexpectedreturnonbondsrelativetothatonassets,andshiftthecurvetotheleft.reduce;financial;demandreduce;real;demandraise;financial;supplyraise;real;supplyAnswer:BAdecreaseintheexpectedrateofinflationwilltheexpectedreturnonbondsrelativetothatonassets.reduce;financialreduce;realraise;financialraise;realAnswer:DWhentheexpectedinflationrateincreases,thedemandforbonds,thesupplyofbonds,andtheinterestrate.increases;increases;risesdecreases;decreases;fallsincreases;decreases;fallsdecreases;increases;risesAnswer:DWhentheexpectedinflationratedecreases,thedemandforbonds,thesupplyofbonds,andtheinterestrate.increases;increases;risesdecreases;decreases;fallsincreases;decreases;fallsdecreases;increases;risesAnswer:CWhenbondpricesbecomemorevolatile,thedemandforbondsandtheinterestrateincreases;risesincreases;fallsdecreases;fallsdecreases;risesAnswer:DWhenbondpricesbecomelessvolatile,thedemandforbondsandtheinterestrateincreases;risesincreases;fallsdecreases;fallsdecreases;risesAnswer:BWhenpricesinthestockmarketbecomemoreuncertain,thedemandcurveforbondsshiftstotheandtheinterestrate.right;risesright;fallsleft;fallsleft;risesAnswer:BWhenstockpricesbecomelessvolatile,thedemandcurveforbondsshiftstotheandtheinterestrate.right;risesright;fallsleft;fallsleft;risesAnswer:DWhenbondsbecomemorewidelytraded,andasaconsequencethemarketbecomesmoreliquid,thedemandcurveforbondsshiftstotheandtheinterestrate.right;risesright;fallsleft;fallsleft;risesAnswer:BWhenbondsbecomelesswidelytraded,andasaconsequencethemarketbecomeslessliquid,thedemandcurveforbondsshiftstotheandtheinterestrate.right;risesright;fallsleft;fallsleft;risesAnswer:DFactorsthatcausethedemandcurveforbondstoshifttotheleftincludeA)anincreaseintheinflationrate.anincreaseintheliquidityofstocks.adecreaseinthevolatilityofstockprices.alloftheabove.noneoftheabove.Answer:DFactorsthatcausethedemandcurveforbondstoshifttotheleftincludeA)adecreaseintheinflationrate.anincreaseinthevolatilityofstockprices.anincreaseintheliquidityofstocks.alloftheabove.onlyAandBoftheabove.Answer:CDuringaneconomicexpansion,thesupplyofbondsandthesupplycurveshiftstotheA)increases,leftB)increases,rightC)decreases,leftD)decreases,rightAnswer:BDuringarecession,thesupplyofbondsandthesupplycurveshiftstotheincreases,leftincreases,rightdecreases,leftdecreases,rightAnswer:CAnincreaseinexpectedinflationcausesthesupplyofbondstoandthesupplycurvetoshifttothe.increase,leftincrease,rightdecrease,leftdecrease,rightAnswer:BWhenthefederalgovernment'sbudgetdeficitincreases,thecurveforbondsshiftstotheA)demand;rightB)demand;leftC)supply;leftD)supply;rightAnswer:DWhenthefederalgovernment'sbudgetdeficitdecreases,thecurveforbondsshiftstotheA)demand;rightB)demand;leftC)supply;leftD)supply;rightAnswer:CWhentheinflationrateisexpectedtoincrease,theexpectedreturnonbondsrelativetorealassetsfallsforanygiveninterestrate;asaresult,thebondsfallsandthecurveshiftstotheleft.demandfor;demanddemandfor;supplysupplyof;demandsupplyof;supplyAnswer:AWhentheinflationrateisexpectedtoincrease,therealcostofborrowingdeclinesatanygiveninterestrate;asaresult,thebondsincreasesandthecurveshiftstotheright.demandfor;demanddemandfor;supplysupplyof;demandsupplyof;supplyAnswer:DFigure4.1InFigure4.1,themostlikelycauseoftheincreaseintheequilibriuminterestratefrom1itoi2isanincreaseinthepriceofbonds.abusinesscycleboom.anincreaseintheexpectedinflationrate.adecreaseintheexpectedinflationrate.Answer:CInFigure4.1,themostlikelycauseoftheincreaseintheequilibriuminterestratefrom1itoi2isa(n)inthe.increase;expectedinflationratedecrease;expectedinflationrateincrease;governmentbudgetdeficitdecrease;governmentbudgetdeficitAnswer:AInFigure4.1,themostlikelycauseofadecreaseintheequilibriuminterestratefrom2itoi1isanincreaseintheexpectedinflationrate.adecreaseintheexpectedinflationrate.abusinesscycleexpansion.acombinationofbothAandCoftheabove.Answer:BFactorsthatcancausethesupplycurveforbondstoshifttotherightincludeanexpansioninoveralleconomicactivity.adecreaseinexpectedinflation.adecreaseingovernmentdeficits.alloftheabove.onlyAandBoftheabove.Answer:AFactorsthatcancausethesupplycurveforbondstoshifttotheleftincludeanexpansioninoveralleconomicactivity.adecreaseinexpectedinflation.anincreaseingovernmentdeficits.onlyAandCoftheabove.Answer:BTheeconomistIrvingFisher,afterwhomtheFishereffectisnamed,explainedwhyinterestratesastheexpectedrateofinflation.rise;increasesrise;stabilizesrise;decreasesfall;increasesfall;stabilizesAnswer:AAnincreaseintheexpectedrateofinflationcausesthedemandforbondstoandthesupplyforbondsto.fall;fallfall;riserise;fallrise;riseAnswer:BAdecreaseintheexpectedrateofinflationcausesthedemandforbondstoandthesupplyofbondsto.fall;fallfall;riserise;fallrise;riseAnswer:CWhentheeconomyslipsintoarecession,normallythedemandforbonds,thesupplyofbonds,andtheinterestrate.increases;increases;risesdecreases;decreases;fallsincreases;decreases;fallsdecreases;increases;risesAnswer:BWhentheeconomyentersintoaboom,normallythedemandforbonds,thesupplyofbonds,andtheinterestrate.increases;increases;risesdecreases;decreases;fallsincreases;decreases;risesdecreases;increases;risesAnswer:A实用标准文案Figure4.2InFigure4.2,onepossibleexplanationfortheincreaseintheinterestratefrom1itoi2isa(n)in.increase;theexpectedinflationratedecrease;theexpectedinflationrateincrease;economicgrowthdecrease;economicgrowthAnswer:CInFigure4.2,onepossibleexplanationfortheincreaseintheinterestratefrom1itoi2isanincreaseineconomicgrowth.anincreaseingovernmentbudgetdeficits.adecreaseingovernmentbudgetdeficits.adecreaseineconomicgrowth.adecreaseintheriskinessofbondsrelativetootherinvestments.Answer:AInFigure4.2,onepossibleexplanationforadecreaseintheinterestratefrom2tioi1isanincreaseingovernmentbudgetdeficits.anincreaseinexpectedinflation.adecreaseineconomicgrowth.adecreaseintheriskinessofbondsrelativetootherinvestments.Answer:CInKeynes'sliquiditypreferenceframework,individualsareassumedtoholdtheirwealthintwoforms:realassetsandfinancialassets.stocksandbonds.moneyandbonds.moneyandgold.Answer:C精彩文档实用标准文案精彩文档Inhisliquiditypreferenceframework,Keynesassumedthatmoneyhasazerorateofreturn;thus,wheninterestratestheexpectedreturnonmoneyfallsrelativetotheexpectedreturnonbonds,causingthedemandformoneyto.A)rise;fallB)rise;riseC)fall;fallD)fall;riseAnswer:ATheloanablefundsframeworkiseasiertousewhenanalyzingtheeffectsofchangesinwhiletheliquiditypreferenceframeworkprovidesasimpleranalysisoftheeffectsfromchangesinincome,thepricelevel,andthesupplyofexpectedinflation;bonds.expectedinflation;money.governmentbudgetdeficits;bonds.thesupplyofmoney;bonds.Answer:BWhencomparingtheloanablefundsandliquiditypreferenceframeworksofinterestratedetermination,whichofthefollowingistrue?Theliquiditypreferenceframeworkiseasiertousewhenanalyzingtheeffectsofchangesinexpectedinflation.Theloanablefundsframeworkprovidesasimpleranalysisoftheeffectsofchangesinincome,thepricelevel,andthesupplyofmoney.Inmostinstances,thetwoapproachestointerestratedeterminationyieldthesamepredictions.Alloftheabovearetrue.OnlyAandBoftheabovearetrue.Answer:CAhigherlevelofincomecausesthedemandformoneytoandtheinterestratetodecrease;decrease.decrease;increase.increase;decrease.increase;increase.Answer:DAlowerlevelofincomecausesthedemandformoneytoandtheinterestratetodecrease;decrease.decrease;increase.increase;decrease.increase;increase.Answer:AAriseinthepricelevelcausesthedemandformoneytoandthedemandcurvetoshifttothedecrease;right.decrease;left.increase;right.increase;left.Answer:CAdeclineinthepricelevelcausesthedemandformoneytoandthedemandcurvetoshifttothedecrease;right.decrease;left.increase;right.increase;left.Answer:BAdeclineintheexpectedinflationratecausesthedemandformoneytoandthedemandcurvetoshifttothedecrease;right.decrease;left.increase;right.increase;left.Answer:BHoldingeverythingelseconstant,anincreaseinthemoneysupplycausesA)interestratestodeclineinitially.interestratestoincreaseinitially.bondpricestodeclineinitially.bothAandCoftheabove.bothBandCoftheabove.Answer:AHoldingeverythingelseconstant,adecreaseinthemoneysupplycausesA)interestratestodeclineinitially.interestratestoincreaseinitially.bondpricestoincreaseinitially.bothAandCoftheabove.bothBandCoftheabove.Answer:BFigure4.3InFigure4.3,thefactorresponsibleforthedeclineintheinterestrateisadeclineinthepricelevel.adeclineinincome.anincreaseinthemoneysupply.adeclineintheexpectedinflationrate.Answer:CInFigure4.3,thedecreaseintheinterestratefrom1itoi2canbeexplainedbyadecreaseinmoneygrowth.anincreaseinmoneygrowth.adeclineintheexpectedpricelevel.onlyAandBoftheabove.Answer:BInFigure4.3,anincreaseintheinterestratefrom2itoi1canbeexplainedbyadecreaseinmoneygrowth.anincreaseinmoneygrowth.adeclineinthepricelevel.anincreaseintheexpectedpricelevel.Answer:AIftheliquidityeffectissmallerthantheothereffects,andtheadjustmentofexpectedinflationisslow,thentheinterestratewillfall.interestratewillrise.interestratewillinitiallyfallbuteventuallyclimbabovetheinitiallevelinresponsetoanincreaseinmoneygrowth.interestratewillinitiallyrisebuteventuallyfallbelowtheinitiallevelinresponsetoanincreaseinmoneygrowth.Answer:CWhenthegrowthrateofthemoneysupplyincreases,interestratesendupbeingpermanentlyloweriftheliquidityeffectislargerthantheothereffects.thereisfastadjustmentofexpectedinflation.thereisslowadjustmentofexpectedinflation.theexpectedinflationeffectislargerthantheliquidityeffect.Answer:AWhenthegrowthrateofthemoneysupplydecreases,interestratesendupbeingpermanentlyloweriftheliquidityeffectislargerthantheothereffects.thereisfastadjustmentofexpectedinflation.thereisslowadjustmentofexpectedinflation.theexpectedinflationeffectislargerthantheliquidityeffect.Answer:DWhenthegrowthrateofthemoneysupplyisdecreased,interestrateswillriseimmediatelyiftheliquidityeffectisthantheothereffectsandifthereisadjustmentofexpectedinflation.larger;rapidlarger;slowsmaller;slowsmaller;rapidAnswer:BWhenthegrowthrateofthemoneysupplyisincreased,interestrateswillriseimmediatelyiftheliquidityeffectisthantheothereffectsandifthereisadjustmentofexpectedinflation.larger;rapidlarger;slowsmaller;slowsmaller;rapidAnswer:DIftheFedwantstopermanentlylowerinterestrates,thenitshouldlowertherateofmoneygrowthifA)thereisfastadjustmentofexpectedinflation.thereisslowadjustmentofexpectedinflation.theliquidityeffectissmallerthantheexpectedinflationeffect.theliquidityeffectislargerthantheothereffects.Answer:CIftheFedwantstopermanentlylowerinterestrates,thenitshouldraisetherateofmoneygrowthifA)thereisfastadjustmentofexpectedinflation.thereisslowadjustmentofexpectedinflation.theliquidityeffectissmallerthantheexpectedinflationeffect.theliquidityeffectislargerthantheothereffects.Answer:DMiltonFriedmancontendsthatitisentirelypossiblethatwhenthemoneysupplyrises,interestratesmayiftheeffectismorethanoffsetbychangesinincome,thepricelevel,andexpectedinflation.fall;liquidityfall;riskrise;liquidityrise;riskAnswer:CFigure4.4Figure4.4illustratestheeffectofanincreasedrateofmoneysupplygrowth.Fromthefigure,onecanconcludethattheliquidityeffectisthantheexpectedinflationeffectandinterestratesadjusttochangesinexpectedinflation.smaller;quicklylarger;quicklylarger;slowlysmaller;slowlyAnswer:CFigure4.4illustratestheeffectofanincreasedrateofmoneysupplygrowth.Fromthefigure,onecanconcludethattheFishereffectisdominatedbytheliquidityeffectandinterestratesadjustslowlytochangesinexpectedinflation.liquidityeffectisdominatedbytheFishereffectandinterestratesadjustslowlytochangesinexpectedinflation.liquidityeffectisdominatedbytheFishereffectandinterestratesadjustquicklytochangesinexpectedinflation.Fishereffectissmallerthantheexpectedinflationeffectandinterestratesadjustquicklytochangesinexpectedinflation.Answer:Aisthetotalresourcesownedbyanindividual,includingallassets.ExpectedreturnWealthLiquidityRiskAnswer:BAprefersstockinalessriskyassetthaninariskierasset.riskpreferrerrisk-aversepersonriskloverrisk-favorablepersonAnswer:BWhenthequantityofbondsdemandedequalsthequantityofbondssupplied,thereisA)excesssupply.excessdemand.amarketequilibrium.anassetmarketapproach.Answer:CDeterminingassetpricesusingstocksofassetsratherthanflowiscalledA)assettransformation.expectedreturn.assetmarketapproach.marketequilibrium.Answer:CWhatisthemodelwhoseequationsareestimatedusingstatisticalproceduresusedinforecastinginterestratescalled?econometricmodelliquiditypreferenceframeworkmarketequilibriumFishereffectAnswer:A