2023年學(xué)原理宏觀第五版測試題庫

Cｈaｐter2６Saving,Ｉnvesｔment，andthｅFinaｎｃialＳyｓtemTRＵE/FAＬSＥ1.?Tｈefinaｎｃialsｙｓtｅmcoordinateｓinvｅstｍenｔanｄsaving,whｉchareiｍportantdｅtｅrmiｎanｔsｏflong-runrｅalGＤP．ANS：?T DIF: 1?REＦ：?2６-１NＡT： Ａnalytic LOC:?ThｅSｔｕdyｏfeｃｏnomiｃs,anddefinｉtｉonsofeconomicｓTOP:?Investmenｔ|Ｓavinｇ??MSＣ：?Ｄefinitiｏnaｌ2. Whｅneconomiｓｔsrｅfeｒtoinvｅstmｅnt，ｔheymeanｔhｅpurchasiｎｇofｓtｏｃksandbｏnｄsaｎｄotheｒｔyｐｅsofsavｉng.ANS: F DIF: 1 REF: 26-１ＮAT: Ａnalyｔic LＯC: ThｅSｔudｙoｆecoｎomiｃs，ａndｄefiｎｉtionsｏfｅconomicｓＴO(shè)P: Iｎｖestmeｎt|Ｓａｖinｇ? MSC:?Ｄefinitional3．?Ｂａnｋsａnｄmutuａlｆuｎdｓaｒeexamｐlesｏｆfinanｃiａｌｍarkｅｔｓ.ＡNS： F DＩF:?1 RＥF:?26-1ＮAＴ: Analytic LＯC:?ＴheStudyoｆｅconomiｃs，anddefinｉｔioｎsofeｃｏnｏmｉｃsＴO(shè)P：?Ｆiｎancialiｎｔeｒmｅdｉarｉｅs|Finａnciａlmarketｓ? MSC：?Dｅｆinitionａl4.?Whｅnａfiｒmwantｓtoborroｗdireｃtｌyfromtｈepuｂlicｔｏｆiｎanceｔhepｕrｃhａseofｎewequipment，iｔdｏeｓｓobysｅlliｎgsharesofstock.ＡＮS: F?DIF:?1 ＲEＦ： 26-1NAT:?Aｎaｌyｔic?LOC:?TｈeStｕｄyｏfeｃonomiｃs，anddeｆinitionsofeconｏｍｉｃsＴＯP:?Bonds｜Ｓｔoｃk???MSC:?Deｆｉnitional5. Mｏstenｔrepreｎｅurｓfinaｎｃetheiｒpｕrｃhａseｓofｒeａｌcapitａlusiｎgtheｉｒpaｓtｓavｉｎg．ANS: F ＤIF:?1 REF:?２6-1NAT: Ａnalｙtiｃ?LOC： TheStｕｄyofecoｎｏmics,andｄｅfinitiｏnsofecoｎｏｍicsTOP：?Ｉnｖesｔmeｎt?MSＣ:?Definitｉoｎal6. Otｈeｒthingsthｅsａme,thehigｈertherａt(yī)eofsavｉngaｎｄｉnveｓｔmｅnｔiｎaｃountry，thehｉgherwilｌbetｈestandaｒｄofliving.ＡNS:?T DIF:?1?REF： 26－1NAT:?Anaｌytｉc ＬOC: ＴheSｔuｄyofecｏnomics，andｄefｉｎｉｔｉｏnsoｆeconomｉcsTOP:?Saving|Ｉnvｅstｍｅｎt MSC:?Interpretive7． Lenｄeｒｓseｌlbｏｎｄsaｎdborrowersｂuyｔheｍ．ANS: F DIＦ:?1 REF: 26-1ＮAＴ:?Aｎalyｔic LOC: ＴheStudｙoｆｅconomics,anｄdｅfiｎitionｓｏfeconoｍicsTOP:?Bｏnds?MSC:?Dｅfｉｎiｔional8.?Ｗhｅnafｉrmwantstoborrｏwdirｅctlｙｆrｏmtheｐｕｂliｃｔofinaｎｃethｅｐuｒchasｅofｎｅwｅｑuiｐmenｔ，itdoessobｙsellingbonds.ANS：?T?DIF： １ REF: 26－1ＮＡT:?Anaｌytiｃ LOC：?TheStudyoｆeconoｍics，andｄefinitioｎsofeconomicsTOP:?Ｂｏnds|Stoｃk? ?MSC:?Dｅfｉnitionaｌ９. Ｏtheｒthingｓthｅsame,corpoｒateboｎｄsgenerallyfeaturehigheｒintｅrestratesｔhaｎU.S.govｅｒｎmentbｏｎｄs.ANS:?T?DＩＦ: １ ＲEF:?26-1NAT: Analytiｃ LOＣ：?TｈeStｕdyofeｃonomicｓ,aｎddefｉnitioｎsofｅcｏｎｏmicｓTOＰ:?Bonｄs?MＳＣ:?Defiｎiｔionaｌ10. Ｔhesaleofeｉtheｒstｏｃｋsorｂondstｏrａisemｏneyisknｏwnaｓequiｔｙｆｉnance．ANS: Ｆ?ＤIF： 1?ＲＥＦ: 26-１NAT: Anａlytiｃ?LOC:?TｈeStudyｏfecｏｎｏmics,anddefｉnitｉｏｎsofecｏｎomｉｃsTOP: Ｂonds|Stｏｃk???ＭSC:?Definitioｎal1１． Whenacoｒｐｏｒationexperienｃeｓfinａncialproblems,bondholdersaｒepaidbefｏrｅｓtockholdeｒｓ.ANS: Ｔ?DIF：?1?REＦ： 26-1NＡT: Ａｎalytic LOC：?TheSｔudyｏｆecoｎomｉｃs,ａｎｄdefiｎitionsoｆecｏnomｉcｓTＯP： Bonds|Stock?? MＳC:?Definitｉonal１2. Ｃorpｏrationsreceiｖeｎｏproceｅdsfｒomtheresalｅoftheirstock.AＮＳ: T?DIF： １ REF:?2６-1NAT:?Analｙｔｉｃ?LOC: ＴheＳtｕdyofeconｏｍiｃs,anｄdefｉnitｉoｎｓofeｃoｎomicsTＯP: Stock ＭSC: Definitional13.?Geneｒally,ifpeｏplebｅgintｏexpｅctaｃｏmpanyｔohａvｅhｉgherfuｔureｐrｏfitｓ，thｅpriceoｆthecoｍpany’ｓｓtockwillbeginｔoｄecrease．ANS： Ｆ?DIＦ:?2?RＥF: 26-１NＡＴ：?Analytｉｃ?ＬOＣ： TheStudyｏfecoｎomｉcｓ,ａnddefｉniｔioｎsofeconomicsTＯP： Sｔock?ＭSC:?Ｉnｔｅrpretive14.?IfasharｅｏfstｏcｋinＳｋylightChｉlｉｓellｓfｏr$75,ｔheｒetainedeａrningspersｈareare$5,andｔheｄｉvidｅdpeｒｓｈａrｅis$2,tｈeｎｔｈｅpｒicｅ-eａrｎingｓrａt(yī)iｏiｓ1５.ANＳ:?Ｆ DIF: 2 ＲＥＦ: 26-1ＮＡＴ: Anaｌytiｃ LOC:?TheStudyｏfｅｃoｎomｉcｓ,ａｎｄdefiｎitionsｏfｅconｏｍｉcsTOP： Stock MSC： Ａpplicative15. Iｆpeｏplｅbeｃｏmｅlesｓoptimisticａboutthefuｔurｅe(cuò)arnｉngsofＨydeParkJazzSｔudio，thenthｅpricｅｏｆｔhecｏｍpａny’sstockwｉllfaｌl.ＡNS: Ｔ DIF： １?REF:?２6-1NAT:?Analｙtｉc ＬOC:?TheSｔｕｄyofeｃonｏmｉcs,ａｎddefiｎitionsoｆecｏnｏmicsTOP： Stock. MSC: Inｔerpretive16. Ｍutｕalfｕｎｄsarｅａt(yī)ｙpｅoffiｎanciaｌｉntｅｒmediａrｙ．AＮS:?T ＤＩF:?１ RＥＦ:?26-１NAT:?Anａlyｔic?LOＣ:?ＴheSｔudyofeｃｏnomics,aｎｄdefｉnitionsofeconｏmicsTＯP：?Mutuaｌfunds|Ｆiｎancialｉnｔeｒmeｄiarieｓ ?ＭＳＣ： Ｄefinitiｏnaｌ1７.?Indexfundｓａreusｕalｌyouｔｐerfｏｒmedbymutuaｌfｕndsｔｈatareactivelｙmanagedbｙｐrofeｓsioｎalmｏneymanａgers.ＡNS:?F?DIF： １ REＦ：?２６-1NＡＴ: Anａlyｔic?LOC： ＴheSｔuｄyofeconomｉcs,ａnｄｄｅfｉniｔionｓofecｏnｏmｉcsTOP: Mｕｔualfｕnds? ?MSＣ: Definitｉonａｌ１８.?Tosｔateｔhaｔnatｉoｎａlsａviｎgｉｓequaｌtoｉnvestmenｔ,fｏraclosedｅcoｎomy,istosｔaｔｅanaccounｔｉnｇidentｉty．AＮＳ:?T?DIF： 1 REF: 2６-2ＮAT： Analyｔic LＯC:?TheSｔｕdyofecoｎomicｓ,andｄefiniｔｉonsofeconｏmicsTOＰ:?Iｄentｉtiｅｓ?MＳC:?Intｅｒｐｒetiｖｅ19.?NaｔｉonaｌｓａvingisequaｌtｏY－T-Ｃ.ＡＮS:?F?DＩF: 2 ＲＥF: 26－2ＮAT：?Analytic?ＬOＣ:?TheStｕdｙofｅcｏｎomicｓ,anｄｄｅfinitionsofecｏnｏmｉcｓTOP:?Naｔionaｌsａviｎg MSC：?Ｉnterpｒｅtive2０. PuｂｌｉcsavｉngisＴ－Ｇ，whilepｒｉvateｓavｉngｉsＹ-T－Ｃ.ANS：?T?ＤIF:?1 REF： 26-２ＮAT:?Ａｎalｙｔｉc LOC: TheＳｔudyｏfeｃｏnoｍics,anｄdefinitｉonsofeconｏmicsTOP: Privatesａving|Publiｃsavｉng MSC: Interｐｒeｔive21.?Ｐｕblicsavｉngiｓeｑuａｌtonａt(yī)ionalsavinｇminusｐrivatesaving.ANＳ: T ＤＩＦ: 2?REＦ: 26-2NAＴ：?Ａnａlyｔic LOC: ThｅStudｙofｅconｏｍics,andｄefinitionsofｅcoｎomicsＴO(shè)P:?Ｎatｉｏnalｓａviｎｇ??ＭSC： Ｄefinitional22.?Tosｔatethatpublicｓaviｎgisequａltoiｎvestmenｔ,foracｌosedeconｏmy,istostateanacｃountingｉｄeｎtity．AＮS: F?DIF: １?REＦ:?26-2NＡT:?Anaｌytiｃ?ＬOＣ： TheStuｄyofeconomicｓ,anddefinitioｎｓｏfｅconｏmicsＴO(shè)P：?Ｉｄeｎｔｉtieｓ MSC:?Ｉｎtｅrpreｔive２3.?Inacloｓｅdeconｏmy,inｖｅstmenｔmustbeequaltｏｐrｉvatesaviｎg.ANS：?Ｆ DIＦ:?２?ＲEF： 2６-2NAT：?Anaｌytic LOＣ: TheStｕdyoｆeｃonomics,ａnddｅｆinitionｓoｆeconomicsＴO(shè)Ｐ: Ｐrｉvaｔesaｖinｇ|Iｎveｓtment?ＭSC: Definitioｎal24. If,foｒaｎimaginaryｃlｏｓeｄｅｃoｎomｙ,invesｔmeｎtａmouｎtsto$1０,000andtｈeｇoverｎmenｔｉsrｕｎnｉnｇa$２，500ｄeficiｔ，theｎprｉvatesａvingmｕｓｔａｍouｎttｏ$1２，5０0.ＡNS: T?DIF: 2 RＥF： ２6-2NAT: Ａnalyｔic LＯC：?TheSｔuｄyｏｆeconｏmics,ａnddefinitｉonsofeconomicｓTOＰ：?Ideｎｔities|Pｒｉvａt(yī)esａviｎg｜Iｎvｅｓtment??MＳC:?Ａpplｉcative25. If,foranｉmaginaryclosedeconomy,investmｅｎｔａｍｏunｔｓto$12,０00ａnｄthｅgovｅｒnmentｉsｒｕnnｉnga$2,０00ｄeｆiciｔ,ｔｈenｐrｉvateｓａvｉngmuｓtａｍouｎｔto$10,00０.ANS:?F DＩF:?2 ＲEF:?26-２NAT:?Ａnalｙｔic?ＬOC:?ＴｈｅStｕｄｙofeｃoｎｏｍics,ａnｄｄｅｆinitｉｏnsｏfeconomicsTOＰ: Ideｎtities|Priｖatesavinｇ|Invesｔｍｅnt??MSＣ: Ａｐplicativｅ26.?SuppoｓeasmaｌlclｏsedecｏnomyhasGDPoｆ$5billion,consｕmｐｔionof$3biｌｌioｎ,andgovernｍeｎｔexｐenditｕｒesｏf＄1biｌｌioｎ.Theniｎvesｔmｅnｔaｎdｎatｉｏnalsavｉngａｒeboth$1bilｌion.ＡNＳ：?Ｔ DIF:?2?REF：?26-2NＡT：?Ａnalytｉc LOC: ＴｈｅSｔｕdyｏfｅcoｎomicｓ,anddefinｉｔionsｏfｅｃonｏmicsＴO(shè)P: Nａt(yī)iｏnａlｓａviｎg|Inｖｅｓtmeｎｔ MSC:?Appｌicatｉve2７.?Joanｕsessｏｍeofherincｏｍｅtｏｂｕymutualfunｄshareｓ．AmａcroeconｏmｉｓtreｆｅｒｓtoＪoａn'ｓpuｒcｈaｓeasinvestmｅnt.ANS:?F DＩF:?1?ＲEＦ： 26－2NAT: Aｎaｌytｉc ＬOＣ:?TｈeStｕｄyofecoｎomｉcs，aｎｄdｅｆinitｉｏnsofeｃonoｍiｃｓＴO(shè)Ｐ: Savinｇ|Investmeｎt ?MSC:?Inteｒｐreｔive28.?Ａlｂｅｒtabｕｙsapaintsprayeｒandaliｆtfｏrhｅrcaｒcｕstomizingshｏｐ．Amacroeconｏmｉｓtwｏuldrｅfertｏｔhesｅｐuｒｃhaseｓasiｎvesｔmｅnｔ.ANS： T?DIF:?1 ＲEF:?26-2NAT: Anaｌytic?LＯC: TheStｕdyofｅｃｏnomiｃｓ,ａndｄefinitionsoｆｅconoｍicsTOＰ:?Inｖestmｅnｔ MSC：?Interpｒｅｔｉve2９. Thｅｄemandforｌoａnablefuｎｄscｏmesfrｏmsaviｎganｄｔhesupplyoflｏanabｌefundsｃoｍeｓｆroｍinvestment.ANS:?F?DＩF:?1?ＲＥF: ２6-3NAＴ：?Ａnalｙｔｉc LOC:?TｈｅStｕdyofeｃonomicｓ，ａｎｄｄefｉnitｉonsｏｆｅｃｏｎomicsＴO(shè)P: Mａrketfｏrlｏanabｌefuｎds ＭSC: Dｅfinｉｔionａl30．?Ａdecｒeaｓeintaxesoniｎterｅsｔiｎcｏmewoｕｌdｉncreaｓethｅintｅrｅｓtrａt(yī)e．AＮS：?F?ＤIF:?２?ＲEＦ:?26－3ＮＡT： Anａlｙｔic LＯC：?TｈeStｕdyoｆｅconomｉｃs,anddefiniｔｉｏnｓofｅcｏnoｍicｓTOP： Ｓavinｇ｜Marketforloanableｆuｎds ＭSＣ： Appｌicatiｖe3１. ＩfCｏｎgressinstｉtutｅdａｎiｎvｅｓtmｅnttaxcrｅdiｔ,thedeｍanｄｆｏrlｏａnaｂlｅfundsｗｏuldshiｆtｒightward.ANS: T?DＩF：?２ REF: ２6-3NAＴ:?Analytiｃ?LＯC:?TｈeＳtudyoｆecｏnomics，ａndｄｅｆiｎｉｔｉonｓoｆecoｎｏmicsTＯＰ:?Invｅsｔment MＳC: Applｉcａｔｉve32. Wｈenthegoverｎmeｎｔｂudｇetdeficitｒｉsｅs,natiｏnaｌｓavingisｒeduceｄ,ｉnterestrａt(yī)esrｉｓe,andinｖeｓtmentfalls．ANS:?T DIF: 2?ＲEF:?2６－3ＮＡT:?Aｎaｌyｔｉｃ ＬOC: TｈeSｔudyoｆeｃonoｍｉcs,aｎdｄeｆinitiｏｎsofeｃonoｍicｓTOP:?Budｇetdeｆicits ＭＳC:?Ａpｐlicａt(yī)ive33． Thetermcｒｏwdinｇoutｒeferstｏdecreaｓesintheiｎterestｒatecauｓedbygovｅrｎmentbuｄgeｔsurplｕses.ＡＮS:?F DIF： 2?REF:?26-３NAＴ:?Analytic?LOC: ThｅStudｙofｅcｏnomiｃｓ,andｄefinitionsofecｏnｏｍicsTOＰ:?Crowdｉｎgout ? MSC: Definiｔionａl3４．?WｈeｎtheU．S.gｏｖernｍentiｓｉndebtduringagivenyｅａr,ｉtｆolｌowsthatｉｔsbudｇｅtisｉndefiｃitｆｏrｔhatyｅar.ANS：?F DＩF: １ REF：?26-3NAT: Ａnaｌyｔｉc ＬOC: TheStｕdyofeconｏｍiｃs,ａnddｅfinｉtioｎsofecoｎomicsTＯP:?Governmeｎtdebｔ｜Buｄgetdｅｆｉｃits ＭSC: Iｎtｅrpreｔive35.?ThｅｒatioｏfgovernmｅnｔｄebttoGDPwaｓhigherduｒingｔheRｅaｇanprｅsidencｙｔhaｎataｎypｒevioｕsｔｉmeinU．Ｓ.ｈistory.ANS: F?DIＦ:?1?REF：?26－3ＮＡT:?Ａnaｌyｔic?LOC:?TheＳtuｄｙofｅconomics,anｄdefinitionｓofｅconomicｓTOP:?Ｇovｅｒnmeｎtｄeｂt ?ＭSC: Definitional3６． Aninｃｒｅaseintheｄemandforｌｏaｎａｂｌeｆundｓincｒeasestｈeeqｕilibriumｉnterestrａt(yī)eａnｄｉｎcｒeａsestheequiｌibriumlｅvelofｓaving．ＡＮＳ: Ｔ DIＦ: ２ RＥF： 26-３NＡT: Ａnａlytic LOＣ:?ＵndeｒsｔandinｇａｎdaｐplyinｇｅcｏnomiｃmｏdeｌsTＯP: Markｅtｆｏrｌｏanａbleｆunds MSC： Aｐpｌicaｔive３7.?Ａnincreaseinthｅｄemanｄforlｏａnabｌefundｓincreａsesthｅe(cuò)quｉlｉｂriｕｍintｅrestｒａt(yī)ｅaｎddecｒｅaseｓthｅe(cuò)qｕilibrｉumｌevelofsavｉｎｇ.AＮS： F?DIF: ２ REＦ： 2６-3NAT：?Analｙtｉc?LＯＣ: UｎdeｒstanｄｉngandaｐｐlyingeconomiｃmoｄeｌｓTOＰ:?Marketfoｒlｏaｎａｂleｆundｓ?MSC:?Apｐlicative38． Ｔhｅtermloaｎablefuｎdsrefｅｒstoaｌlincｏmethatｉsnotｕｓedfoｒconｓumｐtion.AＮS: F DIF:?2 REF: ２6-3NAT: Anaｌｙtｉc ＬOC： TｈeSｔudｙoｆｅｃｏnｏmics,aｎddeｆinitionｓｏfeconｏmicsTOP: Markｅtforloaｎablｅfunds MSC：?Dｅfinitｉｏｎａl39． Thetｅrmｌoanａｂlｅｆuｎｄsreｆersｔoallｉｎcoｍetｈaｔｉsｎotｕsedfoｒｃonsumｐtionorgｏvernｍｅntexｐenｄiｔｕｒes.ＡNS： T?DIF：?2 ＲEF: 26-3NＡT：?Analｙtic?ＬOC： TheStudyｏfeconｏmicｓ,anddefiｎitiｏｎsoｆecoｎomｉcsTOP:?Markｅtfoｒloanablefunds ＭSＣ: Ｄefｉniｔionａｌ40. Weinterprettheteｒｍloａnａbleｆｕndstｏmｅaｎthefloｗofrｅｓourcesaｖaｉlabletoｆｕndｐrｉvａt(yī)eｉｎvesｔment.ANS:?Ｔ?ＤIF： 2 REF:?26－3ＮAT: Ａnａlyｔiｃ?LOC:?TｈeStｕdyofｅｃonｏｍiｃs,ａndｄｅfiｎitionsofｅｃonomicsTOP:?Marketforｌｏaｎaｂｌefunds MSC: Intｅｒpretivｅ４1． Aｎincreaｓeinthebudgetdｅficiｔshｉｆｔsｔhedeｍanｄforｌｏａnableｆunｄstoｔhｅｒight．ANS: F DＩＦ:?２ RＥF： ２６－３ＮＡＴ: Ａnalｙtic ＬOＣ: ThｅＳtudyofeconｏmｉcs,andｄｅfiniｔｉonsofecoｎomiｃsTOP: Bｕdgetｄｅficｉｔs? MSC: Aｐplicaｔiｖe42． Aｇoverｎmｅntｍａｙuｓedｅｆiciｔfinaｎcｉngtosmｏothtaxraｔesovｅrtiｍe.ANS:?Ｔ DIF:?２ RＥＦ:?26-３ＮAT:?Aｎａlytic LOC：?TheStudyofecoｎomics,anddｅfinitiｏnsofｅcｏnomicsTＯP:?Budgｅｔdｅficits ?MSC: ＡｎalytiｃSHORTAＮSWER1．?Ｗhataｒｅthebａsｉcdifferｅncesｂetwｅe(cuò)nbondsandsｔocks?ＡNS: Abonｄisacｅrtificatｅofindebteｄｎesｓthatspecifieｓｔheobliｇａt(yī)ｉonsoｆthｅboｒrowertotheholderoftｈｅbｏnd,whｉｌesｔocｋreｐreｓentsａsｈaｒeofownｅｒｓhipinａfｉrmａｎｄis,ｔherefoｒe,aclａiｍoｎtheprofitsthatthｅfirmｍakｅs.Thesａleofbonｄstoraisemoneyisｃａｌleｄdｅｂtｆinａnce，whilｅthｅｓalｅoｆstockiscａｌledｅｑuｉtyfiｎaｎce.Wｈeｒｅasthｅowｎeroｆshａresｏfstｏckinacｏｍｐanyｓhａreinｔheｐｒofiｔsｏfacｏmpａny，theｏｗnｅｒofbｏnｄsrｅｃｅiveｓａｆixeｄiｎtereｓtｒaｔe.Compaｒeｄtobonｄs,stｏcksｏffｅrthｅholderbothhigherriskandａpoｔｅntiaｌlyhigherｒeturｎ.DＩF: 2 REＦ:?２6-1 NAＴ： AnａｌyｔｉｃLOC：?TｈeStｕdyｏfeｃｏｎｏmｉcs，ａnddefiｎitｉonｓofecoｎomｉｃs?ＴＯP：?Sｔock|BonｄsＭSC:?Interpｒｅｔive2. Ｗhｉcｈｏfｔｈetｗoboｎdsiｎeachexamｐｌewoｕldyouｅxpecｔtogenｅraｌlyｐaythｅｈigheｒinteｒestrate?Exｐｌainwｈｙ.a．a(chǎn)Ｕ.S.gｏｖerｎｍentbｏndｏraBｒazｉｌiaｎgoverｎmｅnｔboｎdｂ.aU．S.goverｎｍentbondｏraｍunicipaｌbonｄwｉththｅｓaｍetermandissuｅdbｙａｃreｄiｔwｏrthｙmｕnicipality．c.a６-ｍｏnthTreａsurｙbilｌoｒa20-ｙeaｒTreasuｒyｂoｎdｄ.ａMicrｏｓｏftbｏｎdｏrabondisｓuedbyanｅｗrｅｃｏrｄｉngcｏmpａnyＡNS: a.ＴheBrａｚiｌiaｎｇｏvernmeｎｔbｏnｄｗoulｄlｉkｅlypａｙahiｇhｅrintｅrestrａｔｅbecauseｔhｅmａrkｅtｐｅｒceｉｖesａhigherlｅｖeｌｏｆriskfoｒthｅBrazilianｂｏｎdreｌatｉvetotｈｅＵ.Ｓ.boｎd.b．Bｅcauseoftｈｅtａxadvａｎtａｇesoｆmunicｉｐａlｂonds,tｈｅＵ.S．gｏｖerｎｍenｔbondwouldliｋelyｐａｙtheｈｉghｅrｉnterestrate.c.Ｔhｅ20－ｙearｂondwoulｄlｉkｅｌypaｙａｈｉｇｈerｉnｔerestratetｈanwouldthe6-monｔｈｂｉll．Thefutuｒeisｕnceｒtａinaｎｄｔhereforｅｍｏreriskyfora2０-yearbonｄthanforａ6-monthbｉｌｌ.d.ＳinceMｉcrosｏftislesslikelｙtodeｆaulｔthａｎaｎewanduｎknowｎcompaｎy,tｈeintｅresｔｏnthebonｄofｔｈeｎewcompａnｙislikｅｌytobehigher.ＤIF：?2?REF： 26-1?NＡT： AｎａｌｙticLOC:?TheＳtudyｏfeconomics,ａnｄdefinitｉonsofecoｎｏmiｃｓ?TOＰ： BｏndｓＭＳC: Appｌiｃatｉｖe３.?Suｐpｏsｅthatyｏｕａreabｒokeranｄpｅｏｐｌetellyｏutｈefollｏwiｎｇabｏutｔｈemｓｅlvｅs.Wｈａt(yī)sortofｂoｎｄwoｕlｄyｏuｒecommｅndｔoeａch?Deｆendyourｃｈｏicｅｓ.ａ."IａmｉｎaｈｉgｈｆｅdｅralincomeｔaxbracｋeｔandIｄon＇twａnttotakevｅrymucｈrｉsk．＂b."IwantaｈiｇhｒｅturnandＩａmｗillingtotａkeaｌoｔｏfrisktｏｇeｔit.＂c.＂ＩｗaｎtadecentｒetｕrnandIｈａveeｎoughdeｄuｃtｉonｓthａt(yī)Idｏn'tｖaｌuetａxbreakshighｌy.＂ＡNS:?a.Ａmuniciｐalboｎd.Muｎiciｐalｂondsgenerallyhavｅlowcreditｒiｓkandareｎotsubjectｔoｆederalincoｍetaｘ.b.Ａｊuｎkbond.Junksｂondsｈaveahｉghreｔurnｂeｃaｕsｅtheyhａvehｉｇｈｒisk．c.Acorｐoｒatｅbondthａt(yī)isn＇tajｕnｋbond．Ｃorporateboｎdsｈavemoreriskｔhangovernmｅntｂｏｎdsbuｔhavenosｐｅcｉaltaxtreatment,sothｅypaｙmoderaterａｔesｏｆreｔuｒｎ．DＩF： 2?RＥF：?２6-1 ＮAT:?ＡnalytｉcLOC:?ThｅStudｙofecｏnoｍiｃｓ，ａnddｅfｉｎitionsofｅconoｍiｃｓ TＯP:?BｏnｄsMＳＣ： Aｎａlytｉcａl4. Yoｕrbroｔheｒ-iｎ-lａｗwantstobuyeitherstoｃkorbｏｎｄsinCｅdarＶaｌｌeyFurnｉturｅ,whicｈｍanuｆactｕreｓwoodenfurnitｕre.Hｅwantｓｙｏuradｖｉceoｎwhetheｒｔobuｙｓｔoｃkoｒbｏnds.Explainhoｗeachofｈisquoteｓbelowｓhｏuldaｆfecｔhiｓchoｉcｅbetｗeｅｎtheｓtｏckandthebonｄ.a．＂Ihａverｅaｓontobeｌieｖethａt(yī)peｏpｌｅaｒesoongoｉngtoｆinｄｒoｃkingchａｉｒshavehｅalthbeｎｅfｉts．"ｂ.＂ＩwoｕｌｄlikｅｔotｅllｐeｏpleＩaｍpａrtowneｒofＣedａrＶalleyＦｕｒnｉtｕｒｅ."ｃ."Idoｎｏtｗanｔｔotａkeonmuｃhrisk."ＡNS： ａ.Ｐｒｅsumaｂlｙ,ｗhｅnthｉshappenｓ,uｎlesseverｙoneeｌsehasanｔicipatｅｄｉt，ｄivｉdenｄs，ｔheｐrｉｃeofthｅstｏcｋ,ｏｒｂotｈwilｌincreaｓe.Theinterestratｅｏｎｂoｎdsｗillnoｔｃhangeasprｏｆitsｉnｃｒeａｓe，ｓｏｔhisquotesuggestｓｂuyinｇｓtｏｃkｗouｌdbeｔtersuｉｔｙoｕrｂroｔhｅr－inlaw'spurpoｓes．b.Ｂｏndholdersａｒesimpｌyｃreditors，whilｅstocｋholderｓａrepartoｗners．Soｔhiｓｑuotｅindicaｔeｓyｏurbｒoｔhｅr-iｎ-lａwwoulｄpreferｔobuｙｓｔock.ｃ.Iｎcaseoｆfｉｎaｎcｉaｌdiffiｃｕltiesstｏｃkholdｅrsgetpaｉdafｔerboｎdhｏlｄers,sｏtｈesｔockｉssomeｗhatmoｒerisky.Ｓo,yourbrother-ｉn-lawｍaypreferthebｏnｄ.ＤIF:?2?ＲEF: ２６-1 NＡT: AｎalyticLOC:?ThｅＳtudyofｅconomｉcｓ,ａnddｅfinitｉoｎsｏｆeconomｉｃs?ＴO(shè)P: Sｔock｜BｏndsＭSC:?Ｉntｅｒｐrｅtivｅ5. SuppoｓetheＭovｅIｔ!exercisechaiｎhaｓｒｅvenueｓｏf＄45million,accountingcｏstsｏｆ$15millｉon,anｄcurrenｔlyhａsissued10miｌlｉｏnｓhaｒesoｆstｏckｓseｌlingaｔ$90ｅach．Coｍｐｕｔetheｐrice-ｅarnｉngrａt(yī)ｉo.Showyourwork.Isthisｒａt(yī)iorelatｉvｅlyhigｈｏrlow？Ｗhaｔｍｉgｈtａnincreasｅinthepｒｉce-earnｉngsrａt(yī)iｏｉｎdｉcａt(yī)ｅ?ANS:?Ｔheeａrninｇspｅｒshａｒeis($45ｍillｉｏn-＄１5mｉllion)/１0ｍilliｏn=$3.So,theｐriｃe-ｅａrnｉngsraｔｉois＄90/＄３=30.TｈisｉsahiｇｈＰ/Eｒａt(yī)ｉo，asｔｈｅhistoriｃalａｖeｒageforthemarkｅtｉｓaｂouｔ1５.ＡnincreaseintｈePEratiomayiｎdｉｃatethepeopｌeexｐectｔhefirmtｏhavehｉgherｅaｒｎiｎgsinthefuｔureorｔｈａｔｔhｅstockhａｓｂｅｃｏmeovｅｒvalｕed.ＤIＦ:?2?ＲEF: ２6－1?NAＴ:?AnalyticLOＣ： ＴhｅStｕdyoｆeconomicｓ,anddeｆiniｔiｏｎsoｆecｏｎoｍics?TOＰ:?SｔｏckＭSC: Ａｎaｌytical6． Inｔhｅｎatｉonaliｎcoｍeaｃcoｕｎtingｉdeｎtityshowｉｎgtｈeｅｑualｉtyｂetweeｎｎatiｏnalsavｉnｇanｄinveｓtmenｔ,whａｔaｒｅtｈeaｌｇeｂraiｃeｘpreｓｓionsｆorpriｖatesavingaｎdpuｂlicsａving？ANＳ: PrivaｔｅsavｉｎgｉsY－C－Ｔ,PuｂliｃSａvinｇisT-GDＩＦ: 2 REＦ:?26-２?ＮAT：?AnａｌｙｔicＬＯC： ＴｈｅSｔuｄyofｅcoｎomｉｃs,ａnｄdefｉｎｉtioｎsｏｆeconｏmics TOP： Ｐrivatesaving|Publiｃsaｖing MSC:?Inｔｅrｐretivｅ７. Identifyｅａchofthefollowｉngacｔｓaｓｒepreｓentingｅiｔｈersavｉｎgoriｎｖestmｅｎt．a(chǎn).Fredｕseｓsｏmｅofhｉｓｉncomeｔobｕyｇoｖｅrnmenｔbondｓ.b.Jｕliｅtaｋessomeofherincｏmeａndbuyｓmutualfunds．c.Alexｐurchaｓesanewtrｕｃｋfｏrhｉsdｅliｖｅrｙｂｕsinessusiｎgｂorroｗｅdfｕndｓ.d．Elａｉｎeｕｓessomeｏfherｉnｃｏｍetoｂuｙstockinamajｏrｃorpoｒａt(yī)ｉon.e.Ｈenrieｔtahｉresabuildeｒｔoｃonstｒuctaｎｅwｂuildinｇfoｒherｂｉcyｃlｅsｈop.ANS: ａ.Frｅdissaving.ｂ．Ｊulｉｅissaving.c.Alexisinｖesｔｉｎg．d.Elaineisｓａｖing.e.Henｒiettaisiｎveｓｔｉng.DIF：?1?ＲＥF：?２6-２ NAT： AnaｌytiｃLＯC： ThｅStudyofeconomｉcｓ,aｎｄdefiniｔionsofecoｎomics TOＰ：?Savinｇ|ＩnvｅstmentMSC:?Iｎterpｒeｔive8．?Drawandlabelaｇraphshowｉｎgequiｌibｒiuminｔｈemarketforloanablｅfｕnds.ＡNS:?ＭａｒｋｅtｆorLoaｎableＦundｓDＩＦ: 1 ＲEF: 26-3 NAＴ： AnalytiｃLＯC: ＵnderstandingandAｐｐｌｙingEcoｎomicModeｌｓ?TOＰ: MarketforｌoanableｆunｄsMSC:?Ｉｎterｐｒetｉve9. Ｅxplainwｈyｔｈｅdeｍａｎｄforｌoanableｆundｓslｏｐｅｓｄownwａｒdａnｄwhyｔhesｕppｌｙofloanablefuｎdsｓlｏpesuｐwａｒd.ANＳ:?Wheｎtheｉｎtｅｒｅstraterisesｉｎvｅｓｔmｅntｓｐeｎｄiｎｇbecｏｍesmoｒｅe(cuò)ｘpensive,sopeopｌｅｉnveｓｔless．Aｓｔheinteresｔraｔeriｓeｓsaviｎgｂecomeｓｍｏreｒｅｗarding,ｓopｅｏpｌewａｎttｏsａvemoｒe.Thｅｉｎversｅrelaｔioｎbｅtｗeｅninｔerestandｂorrowingisreflectedinｔhedownwａrdｓlｏpeoｆtｈedemandfｏrloaｎａbｌefｕndscuｒve.Theｐositiveｒelationbetweeninterestａndｓａvinｇｉsｒefleｃｔedｉntｈｅupwaｒｄslopeoｆtheｓupｐlyofloaｎableｆundｓcuｒve.DIF: 2?REF： 26-3?NAT:?AnalｙtｉｃＬOC:?UnderstａndingandAｐplyiｎgEｃonoｍicModels ＴＯP: MａrkｅtｆoｒloanableｆundsMＳＣ:?Inｔerpretive１0.?Ｔhemodelofｔheｍaｒketforloanａbleｆundssｈowsｔhａt(yī)aninveｓｔｍenttaxｃrｅｄiｔwillcausｅinteｒｅｓtｒａｔestorisｅandiｎvｅstmeｎttorｉse．Yetｗealｓosｕｐｐoseｔhathｉgherinterestraｔeｓleａdｔolowerinvesｔment．Howcaｎtheseｔwoｃｏncｌusionｓｂeｒeconcｉled?AＮS: Tｈeclaimthataninｃreａseｉntheinterｅstrａt(yī)edecｒeａｓesｉnvestmｅｎtsｕppoｓesthatonlytｈeinterｅstratｅchanｇeｓandeverythingelseisconstaｎt.Theｉnvｅstmentｔaxcrｅｄitcausesinｖestｍｅnttoｒiｓeateａcｈiｎteｒestraｔe.Aｓfiｒmswaｎttoborrｏｗmoretｈｅiｎteresｔｒａt(yī)ewillｒise.Therisｅｉｎｉｎteｒesｔrateｓdoｅsmakeiｎｖestmｅntleｓsｔhanitwouldotherｗisebe,butunlｅssthｅｓuｐｐlｙofｌｏaｎablefｕｎdsisvertｉｃaｌ,ｔｈeincreaseinｉnｖestmentdemanｄfｒomthｅｔaxｃrediｔisｌargｅrthanthedecreａseiｎinvestｍｅｎtｄemａｎdfｒomtherｉsingｉｎｔerestｒａt(yī)e.DIＦ: 3 ＲEF:?26-3 NAT:?AnalyｔiｃLOC：?UｎderｓｔandｉｎganｄApplyｉｎgＥconomicＭodelｓ TＯＰ： IｎvestmentＭSＣ: Ａｎａlyticａl1１． Ｕsingａgrａｐhｒｅprｅsｅnｔingthｅmａｒketforloａｎaｂlｅｆunds,showandexｐlainwｈaｔｈaｐｐenstｏinｔerestｒaｔeｓａndｉnveｓtmentifthegoveｒnmenｔｂｕdgetgoｅｓfromadｅfｉcittoａｓurpｌus.ANS: Ａsshｏｗninｔhegｒaphbeloｗ,theeconomystarｔｓineｑuiliｂｒiumaｔpoinｔE0wｉthｉnｔeresｔrater0ａｎdequilｉbriumquantityofsａｖiｎｇandｉnvestmentatq0.Iｆthegoｖernmeｎtsuccｅe(cuò)dsｉnobtainingasuｒplus,thereｗilｌｂemoreｐubliｃsavingintheeconｏmyaｎdｓomoreｎatioｎalsavｉngatｅａchinterestｒａｔe,aｎdｔｈｅsuｐplyofｌoanablｅfundscurveｗiｌlｓｈｉfｔfroｍS0toS１．Tｈｅnｅｗｅquilibriuｍwilｌbeａt(yī)Ｅ１,witｈａlｏwerintereｓｔraｔe,r１aｎdahｉｇherquanｔｉtｙofsaｖingａｎdｉnvestmenｔ,ｑ1.Hｅnｃｅ,ifthｅｆｅｄerａlgｏvernｍentsｕcceeｄsｉnhａｖingasurplus，interesｔraｔeswillｆalｌandｉｎveｓtmeｎtｗillｉncreaｓe.ＭarｋeｔfｏrLoanableFｕｎｄsDIF: ２?RＥF:?26-３ NAT: ＡnａlyｔiｃLOＣ: ＵnderstandingａndAppｌyｉnｇＥconｏmiｃMｏｄels?ＴO(shè)P： Budgｅtdefiｃｉts|Budgetsｕrplｕｓes ＭSC: ApｐliｃatｉveSｅc０0-Saving，Ｉｎvesｔmｅnt，andthｅFinancialSysteｍＭUＬTIPLECHＯＩＣE1. Wｈenopeｎingaprｉntｓhｏpｙouneedtｏbuyprｉntｅｒs，cｏmｐuterｓ,furｎiture,ａnｄsimilaritems.Ｅｃonoｍistｓcallthｅseｅxpenditｕｒesa.caｐｉtａliｎvesｔment.b.ｉnveｓtmentiｎhuｍaｎcapital．c.busineｓｓconsumｐtioneｘpendｉtuｒes.d．ｐeｒsonａlsaving.ANＳ:?A?ＤＩＦ: １ REＦ: 26-0NAT:?Ａnalyｔic LOC: ＴheStｕdyofeconomｉcs,aｎddefinitionsoｆecｏnomｉｃsＴO(shè)P: Inｖｅstmｅｎt MSC：?Dｅfinitional2.?Ｉfyｏｕweｒｅtoｓｔaｒtａbusinessdeｌｉveｒｉngdocumeｎｔs，yｏumｉｇhtneedtopｕrｃhasecelｌphoｎｅs,bｉcyｃles,deｓｋｓ,anｄcｈａirｓ.a．Thesｅpurｃhasｅｓａrecａllｅdcapitalinvestment.Ifyoｕrａｉｓｅthefundsfroｍoｔherｓtopurchasｅtheｍyouareasaver.b.Thesepurchasesareｃalleｄcaｐitaliｎvestｍenｔ.Ifyoｕｒaisｅｔhｅfundsfroｍotherstｏpurｃhａｓｅｔhemyouareaborrｏwer.c.Tｈｅsepｕｒchasesaｒecaｌledconsuｍption.Ifyouraisetheｆundsｆroｍotｈeｒstｏpurcｈasｅthｅmyｏuａreasａveｒ．ｄ.Theｓepuｒchaseｓarecalｌeｄｃｏnsuｍｐtｉon.Ｉｆyｏuraisｅthefuｎdsfromotｈerｓtoｐurchaｓｅtheｍyｏｕaｒeaborrｏｗer.ＡNS: B?DＩF: ２?REF:?２6-0NAT: Ａnalｙtｉc?LＯC:?Thestudｙｏfeｃoｎｏmics,aｎddefｉnｉｔioｎsｏfeconomｉcsTOP: Investmｅnｔ?ＭＳC：?Interｐretiｖe3. WhｅnａｃoｕntｒysavesａlargｅｒｐorｔｉｏnoｆｉtsGＤPｔhanｉtdidbeｆoｒe，ｉtwillhaveａ．ｍorｅcapｉtaｌanｄhigherproducｔｉviｔy.b．moreｃapｉtａlanｄlｏwerｐroｄｕcｔｉvity.c.leｓscapitalaｎdhighｅrproducｔiｖity．d.lｅsscapitalandlowerpｒoduｃtivitｙ．ANS: A DIF: 1 REF: ２６-０NＡT: Anａｌｙtｉc?LＯC:?ThｅStuｄyoｆecｏｎｏmｉcs,ａndｄｅｆinｉtionsｏｆecｏnoｍiｃｓTOＰ:?Ｓaｖｉnｇ|Investment? MSC：?Inｔeｒprｅtive4. Ｉnstitutiｏnsｔhatheｌptｏmａt(yī)chｏｎeｐeｒsoｎ'sｓａvingｗiｔhａｎotherperｓon'siｎvestｍｅntaｒｅcolｌectivelycallｅdtheａ.FedｅralReｓｅrvesｙsｔem.ｂ．bａnkｉｎgｓｙstｅm.ｃ．ｍｏneｔarｙsystｅm.d．ｆiｎａｎcialsyｓtｅｍ.AＮS: D?DIF:?1 ＲEF：?26-0ＮＡT:?Analytｉc LOC:?ＴｈeStudyofｅconomiｃｓ,andｄefiｎitｉonsofecoｎomｉｃｓTOP：?Finaｎｃｉalｓysteｍ ?ＭSC：?Defｉｎｉtiｏｎal5. Thｅpriｍaｒyeconｏｍicfuｎctiｏnoftｈefiｎaｎｃiａlsyｓｔemistoａ.keｅpinteｒeｓtｒateｓlow.b.pｒovｉdｅｅxｐerｔadvicetoｓaverｓaｎｄinvestoｒｓ．c．ｍatchonepeｒsｏn’ｓconsumpｔｉoｎeｘｐenｄiturｅswithaｎotｈerpｅrsｏn’scaｐitａlexpｅndiｔｕres.d．mａt(yī)chｏneｐeｒｓon’ssavｉngwithａｎothｅｒpｅrsoｎ’siｎveｓtmeｎｔ.ANS:?D?DIF:?2?ＲEＦ：?２６-0NＡT:?Ａnaｌyｔic LOＣ: TｈｅStudyofeconｏmics,anddefinｉtｉｏｎsofecoｎｏｍｉcsＴO(shè)P: Ｆｉnａｎciaｌsystｅm ?MSＣ: Inteｒｐrｅｔiｖe6. ＧiveｎthatＬekeiｓha'sincomeexｃｅe(cuò)ｄsherexpeｎｄiｔures，Ｌekeiｓhaｉｓbestdescｒｉbｅdasaａ．ｓaverｏrasasupｐｌiｅroｆfｕｎds．b.ｓaverorasademanderｏｆfｕnds.c．boｒrｏｗeｒorasａsuｐplierｏffuｎds.d.boｒrowerorasaｄemａndｅrｏffuｎds.AＮS：?A DＩF：?1?ＲEF: 26-0ＮAT:?Analｙｔic?LOC:?ＴheＳtudyｏfecｏnｏmics,ａｎｄdefinｉtiｏnsoｆecｏnomicsTOP: Saｖiｎｇ?MＳＣ: Inｔerpretive７．?Alyｓsａｉsoｐeｎinｇabiｃｙclｅsｈop,andｈermoｎthlyｅxpenｄｉtuｒestogetthesｈopupａndrｕnnｉnｇexceedhermonthlyiｎcｏｍｅ.Alyｓsaｉsbestdescｒibedaｓaa.savｅｒoｒasasupplieｒofｆunｄs.b.ｓaverｏrａsaｄemanderoｆfｕｎdｓ.c.borroｗｅrorasaｓupplieｒoffunds．d.ｂorroｗerorasademanderoffunds.ANS: Ｄ?ＤIF: 1 REF： 26－0ＮＡＴ:?Ａnalytic?LOC：?ThｅStｕdyofecoｎomics,aｎddefｉnitionsｏfeconomicsTOP：?Investmｅｎｔ MＳC:?Iｎtｅｒpretｉvｅ８.?Mostentreprｅｎｅurｓdoｎotｈaveeｎｏuｇhmonｅyｏftheｉrowｎtosｔaｒttｈeiｒｂusiｎｅssｅs.Wｈentheyaｃｑuiｒethenecessaryfundsfrｏmsomeoneｅlｓe,a.ｔhｅiｒｃｏnｓｕmpｔionｅxpendiｔuresａreｂeiｎｇｆinanceｄbysomeoｎｅe(cuò)ｌse’ssavinｇ.b.tｈeirconsuｍｐｔionexpenｄiｔｕｒesarebｅiｎgfiｎancｅｄｂyｓomeoｎｅe(cuò)lse’sｉnvesｔｍeｎt．ｃ.tｈｅｉｒｉｎvestmentsaｒeｂｅingfｉnaｎcedbysoｍｅonｅe(cuò)lse’ｓsａｖinｇ．ｄ.ｔｈeirsavingisbeiｎgfinaｎcｅdｂysoｍｅｏneelse’siｎvestmｅnｔ.ＡＮS: Ｃ DIF： 2 REF: ２6-０ＮＡT: Anａｌytic?ＬOC:?ＴheStudyｏｆｅconomics，andｄefiｎｉtionｓoｆｅｃoｎoｍicsTＯP:?Ｉnvｅstmeｎt｜Sａｖing ?MSC:?ＩnｔerpretiｖeＳec01-Ｓaｖing,Inveｓtment,aｎｄtｈeＦiｎanｃialSyｓｔｅm-FinaｎciａlIｎstiｔｕtionsｉnｔｈｅU.Ｓ.EcoｎomyＭULTIPＬEＣHＯICＥ１.?Atthｅｂroadestｌevel，ｔｈｅｆiｎanciaｌｓystemmovestheeconomy’sｓcarceｒesourcesfroma.ｔｈericｈｔｏtheｐoor.b.financialinsｔiｔutionsｔｏｂuｓineｓｓｆirmsandgoｖernment.c.househｏｌｄstofinａncialｉnstitｕｔions.d.ｓａveｒstｏborroweｒs.ANＳ: D?DIＦ:?1?REF： 26-1NＡT:?Aｎalytic?LOＣ: TheSｔudyofecｏｎomiｃｓ,ａnddefiniｔｉonｓofｅconomicsTOP:?Fｉnancialｓｙstem ?MＳC：?Inteｒpretｉve2.?Tｈeｆactthａｔｂoｒrowｅｒssometimｅsdefaultonｔｈｅirloansbydeclariｎgbanｋｒupｔcyisdirectlyrelatedtothecharactｅｒistiｃofａbondcaｌlｅda.creditrisk.b．ｉｎtｅrｅsｔｒisｋ.c．terｍrisk.d.privaterｉsk.AＮS:?A?DIF： 1 REF： ２6-1NAT: Anaｌyｔiｃ ＬＯC: ＴheStｕdyofeconomｉｃｓ,ａnddｅfiniｔionsｏfecｏnｏmｉcsTOP:?Bonｄs?MSC: Definiｔional３． Whｅnaｌargｅ,well-knowｎcorporaｔioｎwishestoborrowdirectlyfｒomthepubliｃ,itcanａ.seｌｌbｏｎｄs.ｂ.ｓｅllshａｒesoｆstock.c.gｏｔoａbaｎkｆｏraloan.d.Alloftheaｂovearecｏrｒect.ANS:?Ａ DIＦ: １?REF: 26-1NAT: Anａｌytiｃ?LOC:?TheStudyofecoｎｏｍiｃs，anｄdefinitiｏnsｏfｅconｏmiｃsＴO(shè)P:?Bonds?ＭSＣ:?Iｎteｒpreｔｉve4． Wｈiｃhｏfthefｏllowingstatemeｎtsaboutthｅtｅｒmｏfabondisｃｏrｒｅct?a．Tｅrmｒｅfersｔothevaｒiousｃharａcteriｓticsｏfabｏnd,iｎcludingｉtsintｅrｅstrａt(yī)eaｎｄｔaxｔreatment.b.Tｈeteｒmoｆａboｎdisdeｔｅrminｅdｅntirｅlybyｉtｓcreｄitｒisｋ.c．Ｔhetermofａbｏnｄiｓdeteｒｍinｅdeｎtiｒelybyhowｍｕｃhｓalesｃhａｒｇetheｂuyeroftheboｎdｐaysｗhｅnheorsｈｅｐurchasesthｅbond.d.Ｉｎteresｔratesoｎlong-termbｏndsarｅｕsｕallyhigherthaｎinterｅｓtｒatesonshｏrt－teｒmboｎdｓ.ANS： D DIF： 2?RＥF：?26-1NＡT: Anaｌytｉｃ LＯC: TheStudyofeconoｍics,ａｎｄdefinitiｏｎsofecoｎｏmicsTOＰ：?Bonｄs MSC:?Ｉnteｒpretive5. WｅwoｕldexpectｔheinterestratｅonBonｄAtobｅhigheｒtｈaｎｔhｅinterｅstraｔeonBondBifthetwｏbｏndsｈaveｉdenticalchａracｔerｉsｔicｓｅxceptthata.ｔｈeｃredｉtriskaｓsociaｔeｄwｉｔhBondAislowerｔhantｈeｃrediｔriskasｓｏciatedwｉthＢondB.b.ＢonｄＡwａsｉssuedｂyｔhestａt(yī)eｏfNewYｏｒkａndBoｎdBwasissuedｂyｔｈeExxonMobilCorpoｒaｔiｏn．c．BonｄAhａｓaterｍof２０yearｓanｄＢondBhasａｔeｒmｏｆ2years.d.Alloftｈeabovｅarecｏrrect．AＮＳ: C?ＤIF： 2 REF: 2６－1NAT：?Anａlytｉｃ LＯＣ:?TheStｕdyofｅconoｍics,ａｎddeｆｉnｉtｉoｎsｏｆｅconomicsTOＰ:?Bｏnｄｓ?ＭSC:?Aｐplｉcaｔiｖe6． WｅwoｕldeｘpｅcttｈｅinterestraｔｅｏｎBoｎdAtoｂehighｅrtｈａｎｔhｅｉnteｒｅstrａt(yī)eonＢｏndBifｔheｔwobondshaveideｎticalｃharacterisｔicsexceptｔhａt(yī)ａ．ＢondAwasiｓsuedbyafｉnancｉaｌlyweakcｏrpｏratioｎandＢondBwasisｓuｅdbyafｉnaｎｃiallystｒongcorpｏrａｔion.b.ＢondAｗasissｕｅｄbｙtheGｅneralElectricCorporationａndBｏndＢwaｓiｓsuedbythestaｔeofCaｌｉfornia.c.ＢondAhaｓaｔermof20yｅａrｓaｎｄBondBhasaｔｅrmof1yｅar.ｄ.Ａlｌoftheaｂoveareｃorreｃt.ANS: D?ＤIＦ: 2 ＲEＦ: 26-1NAT:?Anａlｙtic?ＬOC:?ＴheStｕｄyofｅconomiｃs,anddefｉｎitionｓoｆeconomｉcsTＯP:?Ｂｏnds?MSC: Applｉｃaｔive7. Asａnａｌteｒnａt(yī)iｖetoselｌｉngsharesofstoｃkａsameａnsofraisｉngfｕnｄs,alａrｇecoｍｐaｎycouｌd,inｓtead,a．iｎｖｅstｉnphysｉｃａlｃapitａl．ｂ．useequityfinance.c.selｌbｏｎｄｓ.d.ｐurｃhａseboｎds.ANS: C?DＩF:?１ REF:?26－1NAT:?Anaｌytｉｃ?LOC： TheSｔudyofｅｃonomiｃs，anddefiｎitｉonsofeｃoｎomｉcsTOP: Ｓtｏｃk｜Bｏｎds? MSＣ: Ｉｎｔeｒprｅｔive8.?Whicｈｏfthefｏlloｗingsｔａt(yī)emｅnｔsｉscoｒreｃｔ?a．Theexｐecｔedfutureｐrofitａbilityofaｃorｐoraｔｉｏｎｉｎｆlueｎcesthedｅｍanｄforthatcｏrporatｉon’ｓsｔｏck.b.Whenacorporatｉonｓｅllsstoｃｋasamｅａnｓｏfraiｓｉngfｕｎdｓitisｅngａｇingindebｔfinance.c.TheoｗnersｏfbondssｏldbｙｔheMiｃｒosｏfｔCoｒpｏraｔionａreparｔｏｗneｒsofthatcorporａt(yī)ｉon.ｄ.Alｌbｏndsare,ｂydefiｎitiｏn,perpetｕities.ＡNＳ： A?ＤIF:?２ REF：?26－1NAT:?Ａnalｙtiｃ LOC:?ＴhｅSｔudｙｏｆecoｎｏmicｓ，ａndｄefinitionsoｆｅｃonomiｃsTOP:?Sｔoｃｋ|Boｎdｓ ??MSC:?Interpreｔive9.?Ｗhichofthefolｌowingstatｅmｅnｔsiscorrｅｃt？a.Acorｐorａt(yī)ionｒｅceiｖeｓamoｎetａrｙpaymenteveｒytｉmｅitｓｓhａresofｓtoｃkａｒetrａdeｄbystockｈoｌｄerｓonorｇaniｚｅｄｓｔoｃkeｘchａngｅs.b.Whｅnacorpｏratｉonsellsbondsasamｅansoｆraiｓinｇfundsitｉsengａgｉngｉｎdebｔfinａnce.c.AshareｏfstocｋｉsanＩOU.d.Thｅtｗoｍoｓtｉｍpｏrtantfiｎａnｃialｍaｒｋetsinｔｈeeconoｍｙaretｈeｓtockmarｋetａｎdfinaｎciａlintｅrｍediaries.ＡNS： B DIF: 2 REＦ:?26－1ＮＡT:?Ａnalｙtic?LＯC:?TｈeStudｙｏfecoｎｏmiｃs，anｄdefｉnitiｏnsofecｏnomicｓＴＯＰ:?Ｓtocｋ|Bonｄs MSC: Inteｒpｒｅｔiｖｅ10. Theｅconomy’stｗomｏsｔｉmｐｏrtantｆinancialmarketｓaｒｅa．tｈeinvesｔmenｔｍaｒkｅtaｎdthesaviｎgmaｒｋet．b.theboｎdmarkｅtandtｈestocｋmarｋet.c.ｂanksandtｈesｔｏcｋmarkeｔ.ｄ．fｉｎａncｉaｌmarｋetsandｆiｎancｉaliｎstitutｉoｎs．ANS：?B?ＤIF: 1 REF: 26-1ＮAT：?Anａlytic LOC： TｈeＳｔudyofｅｃonomiｃs,aｎddefinitiｏnsofeconoｍicｓTOP: Ｆiｎancｉａlmarkets MSＣ: Ｉnterpretive11．?Ｔｗoｏfｔｈｅe(cuò)ｃonomy’sｍoｓｔiｍportaｎｔfinａnciａlintermedi