貨幣銀行學題庫-國際商學經(jīng)濟學(1)

1、貨幣銀行學第五章紙質(zhì)練習Multiple Choice請注意，請將選擇題答案寫到下面的方框，否則被判為0分1) If wealth in creases, the dema nd for stocksand that of Ion g-term bonds.(a) in creases; in creases(b) in creases; decreases(c) decreases; decreases(d) decreases; in creases2) If the expected return on ABC stock rises from 5 to 10 percent and t

2、he expected returnon CBS stock is un cha nged, the n the expected retur n of holdi ng CBS stockrelative to ABC stock and the dema nd for CBS stock.(a) rises; rises(b) rises; falls(c) falls; rises(d) falls; falls3) If housing prices are suddenly expected to shoot up, then, other things equal, thedema

3、 nd for houses willand that of Treasury bills will.(a) in crease; in crease(b) in crease; decrease(c) decrease; decrease(d) decrease; in crease4) If stock prices are expected to drop dramatically, the n, other thi ngs equal, the dema ndfor stocks willand that of Treasury bills will.(a) in crease; in

4、 crease(b) in crease; decrease(c) decrease; decrease(d) decrease; in crease5) Whe n people begi n to expect a large stock market decli ne, the dema nd curve for bondsshifts to theand the in terest rate.(a) right; rises(b) right; falls(c) left; falls(d) left; rises6) If interest rates are expected to

5、 rise in the future, the demand for long-term bonds and the demand curve shifts to the .(a) rises; right(b) rises; left(c) falls; right(d) falls; left7) All else the same, an increase in the volatility of the stock market causes the demand for bonds to and the demand curve to shift to the .(a) fall;

6、 right(b) fall; left(c) rise; right(d) rise; left8) All else the same, an increase in the volatility of the stock market causes the demand for bonds to and the demand curve to shift to the .(a) fall; right(b) fall; left(c) rise; right(d) rise; left9) An increase in the riskiness of bonds relative to

7、 alternative assets causes the demand for bonds to and the demand curve to shift to the .(a) rise; right(b) rise; left(c) fall; right(d) fall; left10) All else the same, an increase in the volatility of the stock market causes the demand for bonds to and the demand curve to shift to the .(a) fall; r

8、ight(b) fall; left(c) rise; right(d) rise; left11) An increase in the riskiness of bonds relative to alternative assets causes the demand for bonds to and the demand curve to shift to the .(a) rise; right(b) rise; left(c) fall; right(d) fall; left12) Increased liquidity of alternative assets the dem

9、and for bonds and shifts thedemand curve to the .(a) lowers; right(b) lowers; left(c) raises; right(d) raises; left13) An increase in the expected rate of inflation will the expected return on bondsrelative to the that on assets.(a) reduce; financial(b) reduce; real(c) raise; financial(d) raise; rea

10、l14) The demand curve for bonds has the usual downward slope, indicating that at prices of the bond, everything else equal, the is higher.(a) higher; demand(b) higher; quantity demanded(c) lower; demand(d) lower; quantity demanded15) Factors that increase the demand for bonds include(a) an increase

11、in the inflation rate.(b) an increase in the liquidity of common stocks.(c) a decrease in the volatility of stock prices.(d) all of the above.(e) none of the above.16) Factors that decrease the demand for bonds include(a) an increase in the volatility of stock prices.(b) an increase in the expected

12、returns on stocks.(c) a decrease in the inflation rate.(d) all of the above.17) Holding everything else constant,(a) if asset A 's risk rises relative to that of alternative assets, the demand for asset A will fall.(b) the more liquid asset A, relative to alternative assets, the greater will be

13、the demand for asset A.(c) the lower the expected return to asset A relative to alternative assets, the greater will be the demand for asset A.(d) all of the above.(e) only (a) and (b) of the above.18) Holding everything else constant,(a) if asset A's risk rises relative to that of alternativaes

14、sets, the demand for asset Awill fall.(b) the more liquid asset A, relative to alternative assets, the greater will be the demand for asset A.(c) the lower the expected return to asset A relative to alternative assets, the greater will be the demand for asset A.(d) all of the above.(e) only (a) and

15、(b) of the above.19) The theory of asset demand provides a framework for deciding what factors cause the demand curve for bonds shift. These factors include changes in the(a) wealth of investors.(b) liquidity of bonds relative to alternative assets.(c) expected returns on bonds relative to alternati

16、ve assets.(d) risk of bonds relative to alternative assets.(e) all of the above.20) During business cycle expansions when income and wealth are rising, the demand for bonds and the demand curve shifts to the .(a) falls; right(b) falls; left(c) rises; right(d) rises; left21) Factors that can cause th

17、e supply curve for bonds to shift to the right include(a) an expansion in overall economic activity.(b) an increase in expected inflation.(c) an increase in government deficits.(d) all of the above.(e) only (a) and (b) of the above.22) Higher government deficits the supply of bonds and shift the sup

18、ply curve to the(a) increase; left(b) increase; right(c) decrease; left(d) decrease; right23) A decrease in expected inflation shifts the demand for bonds to the , thesupply of bonds to the , and the interest rate .(a) right; right; rises(b) right; left; rises(c) right; left; falls(d) left; left; fa

19、lls(e) left; right; rises24) The econo mist Irvi ng Fisher, after whom the Fisher effect is n amed, expla ined whyin terest ratesas the expected rate of in flati on.(a) rise; in creases(b) rise; stabilizes(c) rise; decreases(d) fall; in creases(e) fall; stabilizes25) During a bus in ess cycle con tr

20、act ion, the supply of bonds shifts to theasbus in esses perceive fewer profitable in vestme nt opport un ities, while the dema nd forbonds shifts to theas a result of the decrease in wealth.(a) right; left(b) right; right(c) left; left(d) left; right26) Whe n the price of a bond isthe equilibrium p

21、rice, there is an excess dema ndof bonds and price will.(a) above; rise(b) above; fall(c) below; fall(d) below; rise27) A situation in which the quantity of bonds supplied exceeds the quantity of bondsdema nded is called a con diti on of excess supply; because people want to sellbonds tha n others w

22、ant to buy, the price of bonds will.(a) fewer; fall(b) fewer; rise(c) more; fall(d) more; rise28) Deflati on causes the dema nd for bonds to, the supply of bonds to, andbond prices to.(a) in crease; in crease; in crease(b) in crease; decrease; in crease(c) decrease; in crease; in crease(d) decrease;

23、 decrease; in crease(e) decrease; decrease; decreaseInterest Rale iQuantity of Bonds, BFigure 5-129) In Figure 5-1, the most likely cause of the increase in the equilibrium interest rate from i1 to i2 is(a) an increase in the price of bonds.(b) a decline in the price of bonds.(c) an increase in the

24、expected inflation rate.(d) a decrease in the expected inflation rate.30) In Figure 5-1, one factor that would not have caused the demand for bonds to decrease (shift to the left) is(a) an increase in the expected return on bonds relative to other assets.(b) a decrease in the expected return on bond

25、s relative to other assets.(c) a decrease in wealth.(d) an increase in the riskiness of bonds relative to other assets.31) In his Liquidity Preference Framework, Keynes assumed that money has a zero rate of return; thus,(a) when interest rates rise, the expected return on money falls relative to the

26、 expected return on bonds, causing the demand for money to fall.(b) when interest rates rise, the expected return on money falls relative to the expected return on bonds, causing the demand for money to rise.(c) when interest rates fall, the expected return on money falls relative to the expected re

27、turn on bonds, causing the demand for money to fall.(d) when interest rates fall, the expected return on money falls relative to the expected return on bonds, causing the demand for money to rise.32) The opportunity cost of holding money is(a) the level of income.(b) the price level.(c) the interest

28、 rate.(d) all of the above.(e) only (a) and (b) of the above.33) When real income falls, the demand curve for money shifts to the and the interestrate .(a) right; rises(b) right; fall(c) left; falls(d) left; rises34) When the price level , the demand curve for money shifts to the and the interest ra

29、te(a) falls; left; falls(b) falls; right; falls(c) falls; left; rises(d) rises; right; rises(e) rises; right; falls35) In the liquidity prefere nee framework, a on e-time in crease in the money supply results in a price level effect. The maximum impact of the price level effect on in terest rates oc

30、curs(a) at the moment the price level hits its peak (stops rising) because both the price level and expected in flati on effects are at work.(b) immediately after the price level begins to rise, because both the price level and expected in flati on effects are at work.(c) at the moment the expected

31、inflation rate hits its peak.(d) at the moment the inflation rate hits it peak.(e) at the mome nt in flati on begi ns to in crease.36) Holdi ng everythi ng else equal, an in crease in the money supply causes(a) interest rates to decline initially.(b) in terest rates to in crease in itially.(c) bond

32、prices to decline initially.(d) both (a) and (c) of the above.(e) both (b) and (c) of the above.37) In Figure 5-2, one factor not responsible for the decline in the interest rate is(a) a decline the price level.(b) an in crease in the money supply.(c) a decli ne in in come.(d) a decline in the expec

33、ted inflation rate.38) Of the four effects on in terest rates from an in crease in the money supply, the one that works in the opposite directi on of the other three is the(a) liquidity effect.(b) in come effect.(c) price level effect.(d) expected inflation effect.39) Figure 5-3 illustrates the effect of an in creased rate of money supply growth. From the figure, one can con clude that the(a) liquidity effect is smaller than the expected inflation effect and interest rates adjust quickly to