第5單元 金融考試題 西南財(cái)經(jīng)大學(xué)天府學(xué)院

第5單元金融考試題西南財(cái)經(jīng)大學(xué)天府學(xué)院第5單元金融考試題西南財(cái)經(jīng)大學(xué)天府學(xué)院第5單元金融考試題西南財(cái)經(jīng)大學(xué)天府學(xué)院資料僅供參考文件編號(hào)：2022年4月第5單元金融考試題西南財(cái)經(jīng)大學(xué)天府學(xué)院版本號(hào)：A修改號(hào)：1頁(yè)次：1.0審核：批準(zhǔn):發(fā)布日期：FinancialMarketsandInstitutions,7e(Mishkin)Chapter5HowDoRiskandTermStructureAffectInterestRatesMultipleChoice1)ThetermstructureofinterestratesisA)therelationshipamonginterestratesofdifferentbondswiththesameriskandmaturity.B)thestructureofhowinterestratesmoveovertime.C)therelationshipamongthetermstomaturityofdifferentbondsfromdifferentissuers.D)therelationshipamonginterestratesonbondswithdifferentmaturitiesbutsimilarrisk.Answer:D2)TheriskstructureofinterestratesisA)thestructureofhowinterestratesmoveovertime.B)therelationshipamonginterestratesofdifferentbondswiththesamematurity.C)therelationshipamongthetermstomaturityofdifferentbonds.D)therelationshipamonginterestratesonbondswithdifferentmaturities.Answer:B3)Whichofthefollowinglong-termbondsshouldhavethelowestinterestrateA)CorporateBaabondsB).TreasurybondsC)CorporateAaabondsD)MunicipalbondsAnswer:D4)Whichofthefollowinglong-termbondsshouldhavethehighestinterestrateA)CorporateBaabondsB).TreasurybondsC)CorporateAaabondsD)MunicipalbondsAnswer:A5)TheriskpremiumoncorporatebondsbecomessmallerifA)theriskinessofcorporatebondsincreases.B)theliquidityofcorporatebondsincreases.C)theliquidityofcorporatebondsdecreases.D)theriskinessofcorporatebondsdecreases.E)eitherBorDoftheaboveoccur.Answer:E

6)BondswithrelativelylowriskofdefaultarecalledA)zerocouponbonds.B)junkbonds.C)investment-gradebonds.D)noneoftheabove.Answer:C7)BondswithrelativelyhighriskofdefaultarecalledA)Bradybonds.B)junkbonds.C)zerocouponbonds.D)investment-gradebonds.Answer:B8)Acorporationsufferingbiglossesmightbemorelikelytosuspendinterestpaymentsonitsbonds,therebyA)raisingthedefaultriskandcausingthedemandforitsbondstorise.B)raisingthedefaultriskandcausingthedemandforitsbondstofall.C)loweringthedefaultriskandcausingthedemandforitsbondstorise.D)loweringthedefaultriskandcausingthedemandforitsbondstofall.Answer:B9)(I)Ifacorporationsuffersbiglosses,thedemandforitsbondswillrisebecauseofthehigherinterestratesthefirmmustpay.(II)Thespreadbetweentheinterestratesonbondswithdefaultriskanddefault-freebondsiscalledtheriskpremium.A)(I)istrue,(II)false.B)(I)isfalse,(II)true.C)Botharetrue.D)Botharefalse.Answer:B10)Holdingeverythingelseconstant,ifacorporationbeginstosufferlargelosses,thenthedefaultriskonitsbondswill________andtheexpectedreturnonthosebondswill________.A)increase:increaseB)decrease;increaseC)increase;decreaseD)decrease;decreaseAnswer:C

11)Holdingeverythingelsethesame,ifacorporation'searningsrise,thenthedefaultriskonitsbondswill________andtheexpectedreturnonthosebondswill________.A)increase;decreaseB)decrease;decreaseC)increase;increaseD)decrease;increaseAnswer:D12)Ifacorporationbeginstosufferlargelosses,thenthedefaultriskonitsbondswill________andtheequilibriuminterestrateonthesebondswill________.A)increase;decreaseB)decrease;increaseC)increase;increaseD)decrease;decreaseAnswer:C13)Ifacorporation'searningsrise,thenthedefaultriskonitsbondswill________andtheequilibriuminterestrateonthesebondswill________.A)increase;decreaseB)decrease;decreaseC)increase;increaseD)decrease;increaseAnswer:B14)Whenthedefaultriskoncorporatebondsdecreases,otherthingsequal,thedemandcurveforcorporatebondsshiftstothe________andthedemandcurveforTreasurybondsshiftstothe________.A)right;rightB)right;leftC)left;leftD)left;rightAnswer:B15)(I)Anincreaseindefaultriskoncorporatebondsshiftsthedemandcurveforcorporatebondstotheright.(II)AnincreaseindefaultriskoncorporatebondsshiftsthedemandcurveforTreasurybondstotheleft.A)(I)istrue,(II)false.B)(I)isfalse,(II)true.C)Botharetrue.D)Botharefalse.Answer:D

16)(I)Anincreaseindefaultriskoncorporatebondsshiftsthedemandcurveforcorporatebondstotheleft.(II)AnincreaseindefaultriskoncorporatebondsshiftsthedemandcurveforTreasurybondstotheright.A)(I)istrue,(II)false.B)(I)isfalse,(II)true.C)Botharetrue.D)Botharefalse.Answer:C17)Ternmentbonds________duringtheGreatDepression.A)wasreversedB)narrowedsignificantlyC)widenedsignificantlyD)didnotchangeAnswer:C18)Asaresultofthesubprimecollapse,thedemandforlow-qualitycorporatebonds________,thedemandforhigh-qualityTreasurybonds________,andtheriskspread________.A)increased;decreased;wasunchangedB)decreased;increased;increasedC)increased;decreased;decreasedD)decreased;increased;wasunchangedAnswer:B19)Moody'sandStandardandPoor'sareagenciesthatA)helpinvestorscollectwhencorporationsdefaultontheirbonds.B)advisemunicipalbondissuersonthetaxexemptstatusoftheirbonds.C)produceinformationabouttheprobabilityofdefaultoncorporatebonds.D)maintainliquidmarketsforcorporatebonds.Answer:C20)IfMoody'sorStandardandPoor'sdowngradesitsratingonacorporatebond,thedemandforthebond________anditsyield________.A)increases;decreasesB)decreases;increasesC)increases;increasesD)decreases;decreasesAnswer:B

21)CorporatebondsarenotasliquidasgovernmentbondsbecauseA)fewerbondsforanyonecorporationaretraded,makingthemmorecostlytosell.B)thecorporatebondratingmustbecalculatedeachtimetheyaretraded.C)corporatebondsarenotcallable.D)alloftheabove.E)onlyAandBoftheabove.Answer:A22)(I)Theriskpremiumwidensasthedefaultriskoncorporatebondsincreases.(II)Theriskpremiumwidensascorporatebondsbecomelessliquid.A)(I)istrue,(II)false.B)(I)isfalse,(II)true.C)Botharetrue.D)Botharefalse.Answer:C23)Whenthecorporatebondmarketbecomeslessliquid,otherthingsequal,thedemandcurveforcorporatebondsshiftstothe________andthedemandcurveforTreasurybondsshiftstothe________.A)right;rightB)right;leftC)left;leftD)left;rightAnswer:D24)Whenthecorporatebondmarketbecomesmoreliquid,otherthingsequal,thedemandcurveforcorporatebondsshiftstothe________andthedemandcurveforTreasurybondsshiftstothe________.A)right;rightB)right;leftC)left;leftD)left;rightAnswer:B25)(I)Ifacorporatebondbecomeslessliquid,thedemandforthebondwillfall,causingtheinterestratetorise.(II)Ifacorporatebondbecomeslessliquid,thedemandforTreasurybondsdoesnotchange.A)(I)istrue,(II)false.B)(I)isfalse,(II)true.C)Botharetrue.D)Botharefalse.Answer:A

26)(I)Ifacorporatebondbecomeslessliquid,theinterestrateonthebondwillfall.(II)Ifacorporatebondbecomeslessliquid,theinterestrateonTreasurybondswillfall.A)(I)istrue,(II)false.B)(I)isfalse,(II)true.C)Botharetrue.D)Botharefalse.Answer:B27)Ifincometaxrateswerelowered,thenA)theinterestrateonmunicipalbondswouldfall.B)theinterestrateonTreasurybondswouldrise.C)theinterestrateonmunicipalbondswouldrise.D)thepriceofTreasurybondswouldfall.Answer:C28)Ifincometaxratesrise,thenA)thepricesofmunicipalbondswillfall.B)thepricesofTreasurybondswillrise.C)theinterestrateonTreasurybondswillrise.D)theinterestrateonmunicipalbondswillrise.Answer:C29)Anincreaseinmarginaltaxrateswouldlikelyhavetheeffectof________thedemandformunicipalbondsand________ernmentbonds.A)increasing;increasingB)increasing;decreasingC)decreasing;increasingD)decreasing;decreasingAnswer:B30)Adecreaseinmarginaltaxrateswouldlikelyhavetheeffectof________thedemandformunicipalbondsand________ernmentbonds.A)increasing;increasingB)increasing;decreasingC)decreasing;increasingD)decreasing;decreasingAnswer:C

31)WhichofthefollowingstatementsaretrueA)Becausecouponpaymentsonmunicipalbondsareexemptfromfederalincometax,theexpectedafter-taxreturnonthemwillbehigherforindividualsinhigherincometaxbrackets.B)Anincreaseintaxrateswillincreasethedemandformunicipalbonds,loweringtheirinterestrates.C)Interestratesonmunicipalbondswillbelowerthanoncomparablebondswithoutthetaxexemption.D)Alloftheabovearetruestatements.E)OnlyAandBaretruestatements.Answer:D32)WhichofthefollowingstatementsaretrueA)Becausecouponpaymentsonmunicipalbondsareexemptfromfederalincometax,theexpectedafter-taxreturnonthemwillbehigherforindividualsinhigherincometaxbrackets.B)AnincreaseintaxrateswillincreasethedemandforTreasurybonds,loweringtheirinterestrates.C)Interestratesonmunicipalbondswillbehigherthanoncomparablebondswithoutthetaxexemption.D)OnlyAandBaretruestatements.Answer:A33)Whenamunicipalbondisgiventax-freestatus,thedemandformunicipalbondsshifts________,causingtheinterestrateonthebondto________.A)leftward;riseB)leftward;fallC)rightward;riseD)rightward;fallAnswer:D34)Whenamunicipalbondisgiventax-freestatus,thedemandforTreasurybondsshifts________,andtheinterestrateonTreasurybonds________.A)leftward;risesB)leftward;fallsC)rightward;risesD)rightward;fallsAnswer:A35)Ifmunicipalbondsweretolosetheirtax-freestatus,thenthedemandforTreasurybondswouldshift________,andtheinterestrateonTreasurybondswould________.A)rightward;fallB)rightward;riseC)leftward;fallD)leftward;riseAnswer:A

36)TheBushtaxcutpassedin2001reducesthetopincometaxbracketfrom39percentto35percentoverthenexttenyears.Asaresultofthistaxcut,thedemandformunicipalbondsshouldshifttothe________andtheinterestrateonmunicipalbondsshould________.A)right;declineB)right;increaseC)left;declineD)left;increaseAnswer:D37)TherelationshipamonginterestratesonbondswithidenticaldefaultriskbutdifferentmaturitiesiscalledtheA)time-riskstructureofinterestrates.B)liquiditystructureofinterestrates.C)yieldcurve.D)bonddemandcurve.Answer:C38)YieldcurvescanbeclassifiedasA)upward-sloping.B)downward-sloping.C)flat.D)alloftheabove.E)onlyAandBoftheabove.Answer:D39)Typically,yieldcurvesareA)gentlyupward-sloping.B)gentlydownward-sloping.C)flat.D)bowlshaped.E)moundshaped.Answer:A40)Whenyieldcurvesaresteeplyupward-sloping,A)long-terminterestratesareaboveshort-terminterestrates.B)short-terminterestratesareabovelong-terminterestrates.C)short-terminterestratesareaboutthesameaslong-terminterestrates.D)medium-terminterestratesareabovebothshort-termandlong-terminterestrates.E)medium-terminterestratesarebelowbothshort-termandlong-terminterestrates.Answer:A

41)Economists'attemptstoexplainthetermstructureofinterestratesA)illustratehoweconomistsmodifytheoriestoimprovethemwhentheyareinconsistentwiththeempiricalevidence.B)illustratehoweconomistscontinuetoaccepttheoriesthatfailtoexplainobservedbehaviorofinterestratemovements.C)provethattherealworldisaspecialcasethattendstogetshortshriftintheoreticalmodels.D)haveprovedentirelyunsatisfactorytodate.Answer:A42)Accordingtotheexpectationstheoryofthetermstructure,A)theinterestrateonlong-termbondswillexceedtheaverageofexpectedfutureshort-terminterestrates.B)interestratesonbondsofdifferentmaturitiesmovetogetherovertime.C)buyersofbondsprefershort-termtolong-termbonds.D)alloftheabove.E)onlyAandBoftheabove.Answer:B43)Accordingtotheexpectationstheoryofthetermstructure,A)whentheyieldcurveissteeplyupward-sloping,short-terminterestratesareexpectedtoriseinthefuture.B)whentheyieldcurveisdownward-sloping,short-terminterestratesareexpectedtodeclineinthefuture.C)buyersofbondsprefershort-termtolong-termbonds.D)alloftheabove.E)onlyAandBoftheabove.Answer:E44)Accordingtotheexpectationstheoryofthetermstructure,A)whentheyieldcurveissteeplyupward-sloping,short-terminterestratesareexpectedtoriseinthefuture.B)whentheyieldcurveisdownward-sloping,short-terminterestratesareexpectedtoremainrelativelystableinthefuture.C)investorshavestrongpreferencesforshort-termrelativetolong-termbonds,explainingwhyyieldcurvestypicallyslopeupward.D)alloftheabove.E)onlyAandBoftheabove.Answer:A

45)Accordingtotheexpectationstheoryofthetermstructure,A)yieldcurvesshouldbeequallylikelytoslopedownwardastoslopeupward.B)whentheyieldcurveissteeplyupward-sloping,short-terminterestratesareexpectedtoriseinthefuture.C)whentheyieldcurveisdownward-sloping,short-terminterestratesareexpectedtoremainrelativelystableinthefuture.D)alloftheabove.E)onlyAandBoftheabove.Answer:E46)Iftheexpectedpathofone-yearinterestratesoverthenextfouryearsis5percent,4percent,2percent,and1percent,thenthepureexpectationstheorypredictsthattoday'sinterestrateonthefour-yearbondisA)1percent.B)2percent.C)4percent.D)noneoftheabove.Answer:D47)Iftheexpectedpathofone-yearinterestratesoverthenextfiveyearsis1percent,2percent,3percent,4percent,and5percent,thenthepureexpectationstheorypredictsthatthebondwiththehighestinterestratetodayistheonewithamaturityofA)oneyear.B)twoyears.C)threeyears.D)fouryears.E)fiveyears.Answer:E48)Iftheexpectedpathofone-yearinterestratesoverthenextfiveyearsis2percent,4percent,1percent,4percent,and3percent,thenthepureexpectationstheorypredictsthatthebondwiththelowestinterestratetodayistheonewithamaturityofA)oneyear.B)twoyears.C)threeyears.D)fouryears.Answer:A

49)Accordingtothemarketsegmentationtheoryofthetermstructure,A)theinterestrateforbondsofonematurityisdeterminedbythesupplyanddemandforbondsofthatmaturity.B)bondsofonematurityarenotsubstitutesforbondsofothermaturities;therefore,interestratesonbondsofdifferentmaturitiesdonotmovetogetherovertime.C)investors'strongpreferenceforshort-termrelativetolong-termbondsexplainswhyyieldcurvestypicallyslopeupward.D)alloftheabove.E)noneoftheabove.Answer:D50)Accordingtothemarketsegmentationtheoryofthetermstructure,A)theinterestrateforbondsofonematurityisdeterminedbythesupplyanddemandforbondsofthatmaturity.B)bondsofonematurityarenotsubstitutesforbondsofothermaturities;therefore,interestratesonbondsofdifferentmaturitiesdonotmovetogetherovertime.C)investors'strongpreferenceforshort-termrelativetolong-termbondsexplainswhyyieldcurvestypicallyslopedownward.D)onlyAandBoftheabove.Answer:D51)TheliquiditypremiumtheoryofthetermstructureA)indicatesthattoday'slong-terminterestrateequalstheaverageofshort-terminterestratesthatpeopleexpecttooccuroverthelifeofthelong-termbond.B)assumesthatbondsofdifferentmaturitiesareperfectsubstitutes.C)suggeststhatmarketsforbondsofdifferentmaturitiesarecompletelyseparatebecausepeoplehavedifferentpreferences.D)doesnoneoftheabove.Answer:D52)TheliquiditypremiumtheoryofthetermstructureA)assumesinvestorstendtoprefershort-termbondsbecausetheyhavelessinterest-raterisk.B)assumesthatinterestratesonthelong-termbondrespondtodemandandsupplyconditionsforthatbond.C)assumesthatanaverageofexpectedshort-termratesisanimportantcomponentofinterestratesonlong-termbonds.D)assumesalloftheabove.E)assumesnoneoftheabove.Answer:D

53)Accordingtotheliquiditypremiumtheoryofthetermstructure,A)theinterestrateonlong-termbondswillequalanaverageofshort-terminterestratesthatpeopleexpecttooccuroverthelifeofthelong-termbondsplusaliquiditypremium.B)buyersofbondsmaypreferbondsofonematurityoveranother,yetinterestratesonbondsofdifferentmaturitiesmovetogetherovertime.C)evenwithapositiveliquiditypremium,iffutureshort-terminterestratesareexpectedtofallsignificantly,thentheyieldcurvewillbedownward-sloping.D)alloftheabove.E)onlyAandBoftheabove.Answer:D54)Accordingtotheliquiditypremiumtheoryofthetermstructure,A)becausebuyersofbondsmaypreferbondsofonematurityoveranother,interestratesonbondsofdifferentmaturitiesdonotmovetogetherovertime.B)theinterestrateonlong-termbondswillequalanaverageofshort-terminterestratesthatpeopleexpecttooccuroverthelifeofthelong-termbondsplusatermpremium.C)becauseofthepositivetermpremium,theyieldcurvecannotbedownward-sloping.D)alloftheabove.E)onlyAandBoftheabove.Answer:B55)Iftheyieldcurveslopeisflat,theliquiditypremiumtheoryindicatesthatthemarketispredictingA)amildriseinshort-terminterestratesinthenearfutureandamilddeclinefurtheroutinthefuture.B)constantshort-terminterestratesinthenearfutureandfurtheroutinthefuture.C)amilddeclineinshort-terminterestratesinthenearfutureandacontinuingmilddeclinefurtheroutinthefuture.D)constantshort-terminterestratesinthenearfutureandamilddeclinefurtheroutinthefuture.Answer:C56)Iftheyieldcurvehasamildupwardslope,theliquiditypremiumtheoryindicatesthatthemarketispredictingA)ariseinshort-terminterestratesinthenearfutureandadeclinefurtheroutinthefuture.B)constantshort-terminterestratesinthenearfutureandfurtheroutinthefuture.C)adeclineinshort-terminterestratesinthenearfutureandarisefurtheroutinthefuture.D)adeclineinshort-terminterestratesinthenearfutureandanevensteeperdeclinefurtheroutinthefuture.Answer:B57)Accordingtotheliquiditypremiumtheoryofthetermstructure,adownward-slopingyieldcurveindicatesthatshort-terminterestratesareexpectedtoA)riseinthefuture.B)remainunchangedinthefuture.C)declinemoderatelyinthefuture.D)declinesharplyinthefuture.Answer:D58)Accordingtotheliquiditypremiumtheoryofthetermstructure,whentheyieldcurvehasitsusualslope,themarketexpectsA)short-terminterestratestorisesharply.B)short-terminterestratestodropsharply.C)short-terminterestratestostayneartheircurrentlevels.D)noneoftheabove.Answer:C59)Inactualpractice,short-terminterestratesarejustaslikelytofallastorise;thisisthemajorshortcomingoftheA)marketsegmentationtheory.B)expectationstheory.C)liquiditypremiumtheory.D)separablemarketstheory.Answer:B60)WhichtheoryofthetermstructureproposesthatbondsofdifferentmaturitiesarenotsubstitutesforoneanotherA)marketsegmentationtheoryB)expectationstheoryC)liquiditypremiumtheoryD)separablemarketstheoryAnswer:A61)Sinceyieldcurvesareusuallyupwardsloping,the________indicatesthat,onaverage,peopletendtopreferholdingshort-termbondstolong-termbonds.A)marketsegmentationtheoryB)expectationstheoryC)liquiditypremiumtheoryD)bothAandBoftheaboveE)bothAandCoftheaboveAnswer:E62)________cannotexplaintheempiricalfactthatinterestratesonbondsofdifferentmaturitiestendtomovetogether.A)ThemarketsegmentationtheoryB)TheexpectationstheoryC)TheliquiditypremiumtheoryD)BothAandBoftheaboveE)BothAandCoftheaboveAnswer:A

63)Ofthefourtheoriesthatexplainhowinterestratesonbondswithdifferenttermstomaturityarerelated,theonethatviewslong-terminterestratesasequalingtheaverageoffutureshort-termratesexpectedtooccuroverthelifeofthebondistheA)pureexpectationstheory.B)preferredhabitattheory.C)liqu