金融市场与机构15解析Word文档下载推荐.docx
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金融市场与机构15解析Word文档下载推荐.docx
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3.OfthesourcesofexternalfundsfornonfinancialbusinessesintheUnitedStates,bondsaccountforapproximately_________ofthetotal.
(a)10percent
(b)20percent
(c)30percent
(d)50percent
C
4.OfthesourcesofexternalfundsfornonfinancialbusinessesintheUnitedStates,stocksaccountforapproximately_________ofthetotal.
(d)40percent
A
5.WithregardtoexternalsourcesoffinancingfornonfinancialbusinessesintheUnitedStates,whichofthefollowingareaccuratestatements?
(a)MarketablesecuritiesaccountforalargershareofexternalbusinessfinancingintheUnitedStatesthaninmostothercountries.
(b)Since1970,lessthan5percentofnewlyissuedcorporatebondsandcommercialpaperhavebeensolddirectlytoAmericanhouseholds.
(c)ThestockmarketaccountedforthelargestshareofthefinancingofAmericanbusinessesinthe1970–2000period.
(d)Alloftheabove.
(e)Only(a)and(b)oftheabove.
E
6.WithregardtoexternalsourcesoffinancingfornonfinancialbusinessesintheUnitedStates,whichofthefollowingareaccuratestatements?
(a)Directfinanceisusedinlessthan5percentoftheexternalfinancingofAmericanbusinesses.
(b)Onlylarge,well-establishedcorporationshaveaccesstosecuritiesmarketstofinancetheiractivities.
(c)LoansfrombanksandotherfinancialintermediariesintheUnitedStatesprovidefivetimesmorefinancingofcorporateactivitiesthandostockmarkets.
7.(I)IntheUnitedStatesnonbankloansarethemostimportantsourceofexternalfundsfornonfinancialbusinesses.(II)InGermanyandJapan,issuingstocksandbondsisthemostimportantsourceofexternalfornonfinancialbusinesses.
(a)(I)istrue,(II)false.
(b)(I)isfalse,(II)true.
(c)Botharetrue.
(d)Botharefalse.
8.Whichofthefollowingisnotoneoftheeightbasicfactsaboutfinancialstructure?
(a)Debtcontractsaretypicallyextremelycomplicatedlegaldocumentsthatplacesubstantialrestrictionsonthebehavioroftheborrower.
(b)Indirectfinance,whichinvolvestheactivitiesoffinancialintermediaries,ismanytimesmoreimportantthandirectfinance,inwhichbusinessesraisefundsdirectlyfromlendersinfinancialmarkets.
(c)Collateralisaprevalentfeatureofdebtcontractsforbothhouseholdsandbusiness.
(d)Newsecurityissuesarethemostimportantsourceofexternalfundstofinancebusinesses.
9.Whichofthefollowingisnotoneoftheeightbasicfactsaboutfinancialstructure?
(a)Thefinancialsystemisamongthemostheavilyregulatedsectorsoftheeconomy.
(b)Issuingmarketablesecuritiesistheprimarywaybusinessesfinancetheiroperations.
(c)Indirectfinance,whichinvolvestheactivitiesoffinancialintermediaries,ismanytimesmoreimportantthandirectfinance,inwhichbusinessesraisefundsdirectlyfromlendersinfinancialmarkets.
(d)Financialintermediariesarethemostimportantsourceofexternalfundstofinancebusinesses.
10.Becauseinformationisscarce,
(a)equitycontractsareusedmuchmorefrequentlytoraisecapitalthanaredebtcontracts.
(b)monitoringmanagersgivesrisetocostlystateverification.
(c)governmentregulations,suchasstandardaccountingprinciples,canhelpreducemoralhazard.
(d)alloftheabovearetrue.
(e)only(b)and(c)oftheabovearetrue.
11.Whichofthefollowingbestexplainstherecentdeclineintheroleoffinancialintermediaries?
(a)Privateproductionandsaleofinformation
(b)Governmentregulationtoincreaseinformation
(c)Improvementsininformationtechnology
(d)Noneoftheabovecanexplaintherecentdecline
12.(I)Thetotalcostofcarryingoutatransactioninfinancialmarketsincreasesproportionallywiththesizeofthetransaction.(II)Financialintermediariesfacilitatediversificationwhenaninvestorhasonlyasmallsumtoinvest.
(a)(I)istrue;
(II)isfalse
(b)(I)isfalse;
(II)istrue
(c)Both(I)and(II)aretrue
(d)Both(I)and(II)arefalse
13.Ifbadcreditrisksaretheoneswhomostactivelyseekloansand,therefore,receivethemfromfinancialintermediaries,thenfinancialintermediariesfacetheproblemof
(a)moralhazard.
(b)adverseselection.
(c)free-riding.
(d)costlystateverification.
14.Ifborrowerstakeonbigrisksafterobtainingaloan,thenlendersfacetheproblemof
(a)free-riding.
(c)moralhazard.
15.Becauseofthelemonsproblemintheusedcarmarket,theaveragequalityoftheusedcarsofferedforsalewillbe_________,whichgivesrisetotheproblemof_________.
(a)low;
moralhazard
(b)low;
adverseselection
(c)high;
(d)high;
16.Intheusedcarmarket,asymmetricinformationleadstothelemonsproblembecausethepricethatbuyersarewillingtopaywill
(a)reflectthehighestqualityofusedcarsinthemarket.
(b)reflectthelowestqualityofusedcarsinthemarket.
(c)reflecttheaveragequalityofusedcarsinthemarket.
(d)noneoftheabove.
17.Theproblemcreatedbyasymmetricinformationbeforethetransactionoccursiscalled_________,whiletheproblemcreatedafterthetransactionoccursiscalled_________
(a)adverseselection;
moralhazard.
(b)moralhazard;
adverseselection.
(c)costlystateverification;
free-riding.
(d)free-riding;
costlystateverification.
18.Aborrowerwhotakesoutaloanusuallyhasbetterinformationaboutthepotentialreturnsandriskoftheinvestmentprojectsheplanstoundertakethandoesthelender.Thisinequalityofinformationiscalled
(b)asymmetricinformation.
(c)noncollateralizedrisk.
(d)adverseselection.
19.Adverseselectionisaproblemassociatedwithequityanddebtcontractsarisingfrom
(a)thelender’srelativelackofinformationabouttheborrower’spotentialreturnsandrisksofhisinvestmentactivities.
(b)thelender’sinabilitytolegallyrequiresufficientcollateraltocovera100percentlossiftheborrowerdefaults.
(c)theborrower’slackofincentivetoseekaloanforhighlyriskyinvestments.
20.Moralhazardisaproblemassociatedwithdebtandequitycontractsarisingfrom
(a)theborrower’sincentivetoundertakehighlyriskyinvestments.
(b)theowners’inabilitytoensurethatmanagerswillactintheowners’interest.
(c)thedifficultylendershaveinsortingoutgoodcreditrisksfrombadcreditrisks.
(d)alloftheabove.
(e)only(a)and(b)oftheabove.
21.Becauseoftheadverseselectionproblem,
(a)lendersmaymakeadisproportionateamountofloanstobadcreditrisks.
(b)lendersmayrefuseloanstoindividualswithlownetworth.
(c)lendersarereluctanttomakeloansthatarenotsecuredbycollateral.
22.Becauseoftheadverseselectionproblem,
(a)goodcreditrisksaremorelikelytoseekloans,causinglenderstomakeadisproportionateamountofloanstogoodcreditrisks.
(b)lendersmayrefuseloanstoindividualswithhighnetworth,becauseoftheirgreaterproclivityto“skiptown.”
23.Theproblemofadverseselectionhelpstoexplain
(a)whybanksprefertomakeloanssecuredbycollateral.
(b)whybankshaveacomparativeadvantageinraisingfundsforAmericanbusinesses.
(c)whyborrowersarewillingtooffercollateraltosecuretheirpromisestorepayloans.
24.Theproblemofadverseselectionhelpstoexplain
(a)whichfirmsaremorelikelytoobtainfundsfrombanksandotherfinancialintermediaries,ratherthanfromsecuritiesmarkets.
(b)whycollateralisanimportantfeatureofconsumer,butnotbusiness,debtcontracts.
(c)whydirectfinanceismoreimportantthanindirectfinanceasasourceofbusinessfinance.
(d)only(a)and(b)oftheabove.
25.Theconceptofadverseselectionhelpstoexplain
(a)whycollateralisnotacommonfeatureofmanydebtcontracts.
(b)whylarge,well-establishedcorporationsfinditsodifficulttoborrowfundsinsecuritiesmarkets.
(c)whyfinancialmarketsareamongthemostheavilyregulatedsectorsoftheeconomy.
26.Thatmostusedcarsaresoldbyintermediaries(i.e.,usedcardealers)providesevidencethattheseintermediaries
(a)havebeenaffordedspecialgovernmenttreatment,sinceusedcardealersdonotprovideinformationthatisvaluedbyconsumersofusedcars.
(b)areabletopreventpotentialcompetitorsfromfree-ridingofftheinformationthattheyprovide.
(c)havefailedtosolveadverseselectionproblemsinthismarketbecause“lemons”continuetobetraded.
(d)doalloftheabove.
27.Thatmostusedcarsaresoldbyintermediaries(i.e.,usedcardealers)providesevidencethattheseintermediaries
(a)provideinformationthatisvaluedbyconsu
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