Chapter 3
1. Money is____A____.
A) anything that is generally accepted in payment for goods and services or in the repayment of debt
B) a flow of earnings per unit of time
C) the total collection of pieces of property that are a store of value
D) always based on a precious metal like gold or silver
2. A person's house is part of her ___D_____.
A) money B) income C) liabilities D) wealth
3. The difference between money and income is that____B____.
A) money is a flow and income is a stock B) money is a stock and income is a flow
C) there is no difference, money and income are both stocks
D) there is no difference, money and income are both flows
4. Of money's three functions, the one that distinguishes money from other assets is its function as a
C D
A) store of value B) unit of account
C) standard of deferred payment D) medium of exchange
5. Compared to an economy that uses a medium of exchange, in a barter economy（以货易货经济）___A___
A) transaction costs are higher. B) transaction costs are lower.
C) liquidity costs are higher. D) liquidity costs are lower.
6. For a commodity to function effectively as money it must be___A___.
A) easily standardized, making it easy to ascertain its value
B) difficult to make change C) hard to carry around
D) deteriorate quickly so that its supply does not become too large
7. Ann purchasing concert tickets with her debit card（借记卡）is an example of the __A___ function of money.与借记卡对应的是信用卡
A) medium of exchange B) unit of account C) store of value D) specialization
8.Dennis notices that jackets are on sale for $99. In this case money is functioning as a __B_____.
A) medium of exchange B) unit of account C) store of value D) payments-system ruler
9.As a store of value, money ____D___.
A) does not earn interest B) cannot be a durable asset C) must be currency
D) is a way of saving for future purchases
10. ___C__B_ is the relative ease and speed that an asset can be converted into a medium of exchange.资产转化为货币的速度和容易程度称之为什么
A) Efficiency B) Liquidity C) Deflation D) Specialization
11. Of the following assets, the least liquid is___D____.
A) stocks B) traveler's checks C) checking deposits D) a house
12. A fall in the level of prices___C____.物价与货币价值呈反比关系
A) does not affect the value of money B) has an uncertain effect on the value of money
C) increases the value of money D) reduces the value of money
13. Paper currency that has been declared legal tender but is not convertible into coins or precious metals is called ____B____ money. （fiat money法定货币、名义货币）
A) commodity B) fiat C) electronic D) funny
14.Compared to checks, paper currency and coins have the major drawbacks that they___A____.
A) are easily stolen B) are hard to counterfeit C) are not the most liquid assets
D) must be backed by gold
15. Which of the following is not a form of e-money? A B
金融学是学什么的A) a debit card B) a credit card 不是货币，借银行的，属于负债方
C) a stored-value card D) a smart card ——储值卡
16. An electronic payments system has not completely replaced the paper payments system because of all of the following reasons except___A____.D
A) expensive equipment is necessary to set up the system
B) security concerns C) privacy concerns D) transportation costs.
17. ____B____ is the narrowest monetary aggregate that the Fed reports.美联储
A) M0 B) M1 C) M2 D) M3
18. Which of the following is not included in the M1 but is included in the M2? D
A) Currency B) Traveler's checks C) Demand deposits
D) Small-denomination time deposits
19. Of the following, the largest is___D____.
A) money market deposit accounts B) demand deposits C) M1 D) M2
20. If an individual moves money from currency to a demand deposit account, C
A) M1 decreases and M2 stays the same B) M1 stays the same and M2 increases
C) M1 stays the same and M2 stays the same D) M1 increases and M2 stays the same
Chapter 4
1.The present value of an expected future payment ___B_____ as the interest rate increases.
当利率增加时，现值的未来付款会A
A) falls B) rises C) is constant D) is unaffected
2. With an interest rate of 6 percent, the present value of $100 next year is approximately__A___. 利率为6%时，现值为100元，明年时大约有C PV=CF/利率=100/1+0.06 现值一般小于未来值
A) $106 B) $100 C) $94 D) $92
3. A credit market instrument that requires the borrower to make the same payment every period until the maturity date is known as a___B__.
信用市场工具要求借贷者每段时间支付相同的钱直到到期是
A) simple loan B) fixed-payment loan C) coupon bond D) discount bond
4. A ___C_____ pays the owner a fixed coupon payment every year until the maturity date, when the ________ value is repaid.
向持有者支付每年固定付款贷款，直到到期，当价值被支付
A) coupon bond; discount B) discount bond; discount
C) coupon bond; face D) discount bond; face
5. When talking about a coupon bond, face value and ___B_____ mean the same thing.
A) par value B) coupon value C) amortized value D) discount value.
6. All of the following are examples of coupon bonds (付息债权）except__D___.
以下例子中除了，都是付息债券的例子 B
A) Corporate bonds 长期B) U.S. Treasury bills 短期债
C) U.S. Treasury notes 中期（两年以上）D) U.S. Treasury bonds长期（十年以上）
7. If the amount payable in two years is $2420 for a simple loan at 10 percent interest, the loan amount is___C__.
如果一个简单贷款两年的应付款为以10%的利率支付2420，则贷款金额为
A) $1000 B) $1210 C) $2000 D) $2200
8.The yield to maturity is __A____ than the ______ rate when the bond price is _____ its face value. B
到期收益率比的利率时，此时，市场价值它的面值
面值由公司决定为1000，市场发售时为900，低于面值，而价格与到期收益率呈反比
A) greater; coupon; above B) greater; coupon; below
C) greater; perpetuity; above D) less; perpetuity（永续债，不受市场影响，）; below
9.Which of the following $5,000 face-value securities has the highest yield to maturity? B
以下5000元面值的证券到期收益率最高的是 D
A) A 6 percent coupon bond selling for $5,000
B) A 6 percent coupon bond selling for $5,500
C) A 10 percent coupon bond selling for $5,000
D) A 12 percent coupon bond selling for $4,500
10. The interest rate on a consol equals the __D___.
债务的利率与相同
A) price times the coupon payment B) price divided by the coupon payment
C) coupon payment plus the price D) coupon payment divided by the price
11. The sum of the current yield and the rate of capital gain（资本利得=收益/本金）is called the _A____.
当前的总收益和资本收益率被称为
A) rate of return B) discount yield C) perpetuity yield D) par value.
12. The return on a 5 percent coupon bond that initially sells for $1,000 and sells for $950 next year is __A___. C 资本利得=-5% 利息=5% 回报率=两者相加=0
5%的零息债券最初售价为1000元，下一年售价为950的回报率为
A) -10 percent B) -5 percent C) 0 percent D) 5 percent
13. Interest-rate risk is the riskiness of an asset's returns due to__B___.
利率风险是资产由于的风险 A
A) interest-rate changes (利率改变）B) changes in the coupon rate（）
C) default of the borrower( credit risk信用风险) D) changes in the asset's maturity
14. An equal decrease in all bond interest rates___A__.
所有债权利率下降同样多会B
A) increases the price of a five-year bond more than the price of a ten-year bond
B) increases the price of a ten-year bond more than the price of a five-year bond
C) decreases the price of a five-year bond more than the price of a ten-year bond
D) decreases the price of a ten-year bond more than the price of a five-year bond
15. The ____B____ interest rate more accurately reflects the true cost of borrowing.
的利率会更准确的反映到对借贷的实际支付
A) nominal B) real C) discount D) market
16. When the ____C____ interest rate is low, there are greater incentives to ________ and fewer incentives to ________.
当的利率降低，的让利会增大，的让利会降低
A) nominal; lend; borrow B) real; lend; borrow
C) real; borrow; lend D) market; lend; borrow
17.The ___A_____ states that the nominal interest rate equals the real interest rate plus the expected rate of inflation.
表明名义利率等于实际利率加上通货膨胀的预期利率
A) Fisher equation B) Keynesian equation C) Monetarist equation D) Marshall equation
18. If you expect the inflation rate to be 4 percent next year and a one year bond has a yield to maturity of 7 percent, then the real interest rate on this bond is ___C_____.
如果你希望明年的通货膨胀率为4%，一年期债券的到期收益率达到7%，则这种债券的实际利率为
A) -3 percent B) -2 percent C) 3 percent D) 7 percent
19. The yield to maturity for a discount bond is ____A____ related to the current bond price.
贴现债券的到期收益率与债券的现值的关系为
A) negatively B) positively C) not D) directly
20. The yield to maturity for a one-year discount bond equals the increase in price over the year, divided by the___A_____.
一年期的贴现债券的到期收益率等于一年来价格的上涨除以
A)initial price B) face value C) interest rate D) coupon rate
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