米什金货币金融学英文版习题答案chapter1英文习题.docx
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米什金货币金融学英文版习题答案chapter1英文习题.docx
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米什金货币金融学英文版习题答案chapter1英文习题
EconomicsofMoney,Banking,andFinancialMarkets,11e,GlobalEdition(Mishkin)
Chapter1WhyStudyMoney,Banking,andFinancialMarkets?
1.1WhyStudyFinancialMarkets?
1)Financialmarketspromoteeconomicefficiencyby
A)channelingfundsfrominvestorstosavers.
B)creatinginflation.
C)channelingfundsfromsaverstoinvestors.
D)reducinginvestment.
Answer:
C
AACSB:
ReflectiveThinking
2)Financialmarketspromotegreatereconomicefficiencybychannelingfundsfrom
to.
A)investors;savers
B)borrowers;savers
C)savers;borrowers
D)savers;lenders
Answer:
C
AACSB:
ReflectiveThinking
3)Well-functioningfinancialmarketspromote
A)inflation.
B)deflation.
C)unemployment.
D)growth.
Answer:
D
AACSB:
ReflectiveThinking
4)Akeyfactorinproducinghigheconomicgrowthis
A)eliminatingforeigntrade.
B)well-functioningfinancialmarkets.
C)highinterestrates.
D)stockmarketvolatility.
Answer:
B
AACSB:
ReflectiveThinking
5)Marketsinwhichfundsaretransferredfromthosewhohaveexcessfundsavailabletothosewhohaveashortageofavailablefundsarecalled
A)commoditymarkets.
B)fund-availablemarkets.
C)derivativeexchangemarkets.
D)financialmarkets.
Answer:
D
AACSB:
ApplicationofKnowledge
6)marketstransferfundsfrompeoplewhohaveanexcessofavailablefundstopeople
whohaveashortage.
A)Commodity
B)Fund-available
C)Financial
D)Derivativeexchange
Answer:
C
AACSB:
ApplicationofKnowledge
7)Poorlyperformingfinancialmarketscanbethecauseof
A)wealth.
B)poverty.
C)financialstability.
D)financialexpansion.
Answer:
B
AACSB:
ReflectiveThinking
8)Thebondmarketsareimportantbecausetheyare
A)easilythemostwidelyfollowedfinancialmarketsintheUnitedStates.
B)themarketswhereforeignexchangeratesaredetermined.
C)themarketswhereinterestratesaredetermined.
D)themarketswhereallborrowersgettheirfunds.
Answer:
C
AACSB:
ReflectiveThinking
9)Thepricepaidfortherentalofborrowedfunds(usuallyexpressedasapercentageoftherentalof$100peryear)iscommonlyreferredtoasthe
A)inflationrate.
B)exchangerate.
C)interestrate.
D)aggregatepricelevel.
Answer:
C
AACSB:
ApplicationofKnowledge
10)Comparedtointerestratesonlong-termU.S.governmentbonds,interestratesonthree-monthTreasurybillsfluctuateandareonaverage.
A)more;lower
B)less;lower
C)more;higher
D)less;higher
Answer:
A
AACSB:
ReflectiveThinking
11)TheinterestrateonBaacorporatebondsis,onaverage,thaninterestrateson
Treasuries,andthespreadbetweentheseratesbecameinthe1970s.
A)lower;smaller
B)lower;larger
C)higher;smaller
D)higher;larger
Answer:
D
AACSB:
ReflectiveThinking
12)Everythingelseheldconstant,adeclineininterestrateswillcausespendingonhousingto
A)fall.
B)remainunchanged.
C)eitherrise,fall,orremainthesame.
D)rise.Answer:
DAACSB:
AnalyticalThinking
13)Highinterestratesmightpurchasingahouseorcarbutatthesametimehigh
interestratesmightsaving.
A)discourage;encourage
B)discourage;discourage
C)encourage;encourage
D)encourage;discourage
Answer:
A
AACSB:
AnalyticalThinking
14)Anincreaseininterestratesmightsavingbecausemorecanbeearnedininterest
income.
A)encourage
B)discourage
C)disallow
D)invalidate
Answer:
A
AACSB:
AnalyticalThinking
15)Everythingelseheldconstant,anincreaseininterestratesonstudentloans
A)increasesthecostofacollegeeducation.
B)reducesthecostofacollegeeducation.
C)hasnoeffectoneducationalcosts.
D)increasescostsforstudentswithnoloans.Answer:
A
AACSB:
AnalyticalThinking
16)Highinterestratesmightcauseacorporationtobuildinganewplantthatwould
providemorejobs.
A)complete
B)consider
C)postpone
D)contemplateAnswer:
CAACSB:
AnalyticalThinking
17)Thestockmarketis
A)whereinterestratesaredetermined.
B)themostwidelyfollowedfinancialmarketintheUnitedStates.
C)whereforeignexchangeratesaredetermined.
D)themarketwheremostborrowersgettheirfunds.Answer:
B
AACSB:
ReflectiveThinking
18)Stockpricesare
A)relativelystabletrendingupwardatasteadypace.
B)relativelystabletrendingdownwardatamoderaterate.
C)extremelyvolatile.
D)unstabletrendingdownwardatamoderaterate.Answer:
C
AACSB:
ReflectiveThinking
19)Arisingstockmarketindexduetohighershareprices
A)increasespeople'swealth,butisunlikelytoincreasetheirwillingnesstospend.
B)increasespeople'swealthandasaresultmayincreasetheirwillingnesstospend.
C)decreasestheamountoffundsthatbusinessfirmscanraisebysellingnewly-issuedstock.
D)decreasespeople'swealth,butisunlikelytoincreasetheirwillingnesstospend.Answer:
B
AACSB:
AnalyticalThinking
20)Whenstockpricesfall
A)anindividual'swealthisnotaffectednoristheirwillingnesstospend.
B)abusinessfirmwillbemorelikelytosellstocktofinanceinvestmentspending.
C)anindividual'swealthmaydecreasebuttheirwillingnesstospendisnotaffected.
D)anindividual'swealthmaydecreaseandtheirwillingnesstospendmaydecrease.Answer:
D
AACSB:
AnalyticalThinking
21)Changesinstockprices
A)donotaffectpeople'swealthandtheirwillingnesstospend.
B)affectfirms'decisionstosellstocktofinanceinvestmentspending.
C)occurinregularpatterns.
D)areunimportanttodecisionmakers.
Answer:
B
AACSB:
ReflectiveThinking
22)Anincreaseinstockpricesthesizeofpeople'swealthandmaytheir
willingnesstospend,everythingelseheldconstant.
A)increases;increase
B)increases;decrease
C)decreases;increase
D)decreases;decrease
Answer:
A
AACSB:
AnalyticalThinking
23)Lowstockmarketpricesmightconsumers'willingnesstospendandmight
businesseswillingnesstoundertakeinvestmentprojects.
A)increase;increase
B)increase;decrease
C)decrease;decrease
D)decrease;increase
Answer:
C
AACSB:
AnalyticalThinking
24)Fearofamajorrecessioncausesstockpricestofall,everythingelseheldconstant,whichinturncausesconsumerspendingto
A)increase.
B)remainunchanged.
C)decrease.
D)cannotbedetermined.
Answer:
C
AACSB:
ReflectiveThinking
25)Ashareofcommonstockisaclaimonacorporation's
A)debt.
B)liabilities.
C)expenses.
D)earningsandassets.
Answer:
D
AACSB:
ApplicationofKnowledge
26)On,October19,1987,thestockmarketexperienceditsworstone-daydropinits
entirehistorywiththeDJIAfallingby22%.
A)"TerribleTuesday"
B)"WoefulWednesday"
C)"FreakyFriday"
D)"BlackMonday"
Answer:
D
AACSB:
ApplicationofKnowledge
27)Thedeclineinstockpricesfrom2000through2002
A)increasedindividuals'willingnesstospend.
B)hadnoeffectonindividualspending.
C)reducedindividuals'willingnesstospend.
D)increasedindividualwealth.
Answer:
C
AACSB:
AnalyticalThinking
28)TheDowreachedapeakofover11,000beforethecollapseofthebubblein2000.
A)housing
B)manufacturing
C)high-tech
D)banking
Answer:
C
AACSB:
ApplicationofKnowledge
29)WhenIpurchaseacorporate,Iamlendingthecorporationfundsforaspecific
time.WhenIpurchaseacorporation's,Ibecomeanownerinthecorporation.
A)bond;stock
B)stock;bond
C)stock;debtsecurity
D)bond;debtsecurity
Answer:
A
AACSB:
ApplicationofKnowledge
30)Whatisastock?
Howdostocksaffecttheeconomy?
Answer:
Astockrepresentsashareofownershipofacorporation,oraclaimonafirm'searnings/assets.Stocksarepartofwealth,andchangesintheirvalueaffectpeople'swillingnesstospend.Changesinstockpricesaffectafirm'sabilitytoraisefunds,andthustheirinvestment.AACSB:
ApplicationofKnowledge
31)Whyisitimportanttounderstandthebondmarket?
Answer:
Thebondmarketsupportseconomicactivitybyenablingthegovernmentandcorporationstoborrowtoundertaketheirprojectsanditisthemarketwhereinterestratesaredetermined.
AACSB:
ApplicationofKnowledge
1.2WhyStudyFinancialInstitutionsandBanking?
1)Channelingfundsfromindividualswithsurplusfundstothosedesiringfundswhenthesaverdoesnotpurchasetheborrower'ssecurityisknownas
A)barter.
B)redistribution.
C)financialintermediation.
D)taxation.
Answer:
C
AACSB:
ApplicationofKnowledge
2)Afinancialcrisisis
A)notpossibleinthemodernfinancialenvironment.
B)amajordisruptioninthefinancialmarkets.
C)afeatureofdevelopingeconomiesonly.
D)typicallyfollowedbyaneconomicboom.
Answer:
B
AACSB:
ApplicationofKnowledge
3)Banksareimportanttothestudyofmoneyandtheeconomybecausethey
A)channelfundsfrominvestorstosavers.
B)havebeenasourceofrapidfinancialinnovation.
C)aretheonlyimportantfinancialinstitutionintheU.S.economy.
D)createinflation.
Answer:
B
AACSB:
ReflectiveThinking
4)Banks
A)provideachannelforlinkingthosewhowanttosavewiththosewhowanttoinvest.
B)producenothingofvalueandarethereforeadrainonsociety'sresources.
C)aretheonlyfinancialinstitutionsallowedtogiveloans.
D)holdverylittleoftheaverageAmerican'swealth.
Answer:
A
AACSB:
ReflectiveThinking
5)Banks,savingsandloanassociations,mutualsavingsbanks,andcreditunions
A)arenolongerimportantplayersinfinancialintermediation.
B)sincederegulationnowprovideservicesonlytosmalldepositors.
C)havebeenadeptatinnovatinginresponsetochangesintheregulatoryenvironment.
D)producenothingofvalueandarethereforeadrainonsociety'sresources.Answer:
C
AACSB:
ReflectiveThinking
6)Financialinstitutionssearchforhasresultedinmanyfinancialinnovations.
A)higherprofits
B)regulations
C)respect
D)higherrisk
Answer:
A
AACSB:
ApplicationofKnowledge
7)Banksandotherfinancialinstitutionseng
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