2021年海南金融英语考试模拟卷.docx

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1、2021年海南金融英语考试模拟卷本卷共分为1大题50小题，作答时间为180分钟，总分100分，60分及格。一、单项选择题（共50题，每题2分。每题的备选项中，只有一个最符合题意） 1.It is April 15, and a trader is entered into a short position in two soybean meal futures contracts. The contracts expire on August 15, and call for the delivery of 100 tons of soybean meal each. Further, bec

2、ause this is a futures position, it requires the posting of a $3000 initial margin and a $1500 maintenance margin per contract. For simplicity, however, assume that the account is marked to market on a monthly basis. Assume the following represent the contract delivery prices (in dollars per ton) th

3、at prevail on each settlement date:April 15 (initiation)May 15June 15July 15August 15 (delivery)173.00179.75189.00182.50174.25What is the equity value of the margin account on the May 15 settlement date, including any additional equity that is required to meet a margin callAA. $4650.BB. $2300.CC. $2

4、700. 2.A Swiss firm can borrow in Switzerland at 10 percent and in the U. S. at 8.5 percent. A U. S. firm can borrow in Switzerland at 10.5 percent and in the U. S. at 8.5 percent. Which firm has a comparative advantage in which currency The:()A. Swiss firm has a comparative advantage borrowing in t

5、he U. S.B. Swiss firm has a comparative advantage borrowing in Switzerland.C. U.S. firm has a comparative advantage in borrowing in the U. S.3.Which of the following statements most accurately describes the difference between LIBOR and Euribor()A. LIBOR is a lending rate, while Euribor is a borrowin

6、g rate.B. LIBOR is a representative borrowing rate on U. S. dollars, while Euribor is a representative borrowing rate on euros.C. LIBOR is a global risk-free rate, while Euribor is a European risk-free rate.4.In October, James Knight owned stock in Valerio, Inc. , that was valued at $45 per share. A

7、t that time, Knight sold a call option on Valerio with an exercise price of $60 for $1.45. In December, at expiration, the stock is trading at $32. What is Knights profit (or loss) from his covered call strategy Knight:AA. gained $11.55.BB. lost $13.00.CC. lost $11.55. 5.Which of the following state

8、ments regarding a LIBOR-based FRA is TRUE()A. If LIBOR increases unexpectedly over the contract term, the long will be required to make a cash payment at settlement.B. FRAs can be based on interest rates for 30, 60, or 90-day periods.C. The contract rate will change with LIBOR over the term of the a

9、greement.6.Which of the following statements regarding call options is most accurate The:()A. breakeven point for the seller is the strike price minus the option premium.B. call holder will exercise (at expiration) whenever the strike price exceeds the stock price.C. breakeven point for the buyer is

10、 the strike price plus the option premium.7.Which of the following statements is true of futures contracts()A. All futures contracts are bought and sold on organized exchanges and the terms of futures contracts are determined by the buyers and sellers themselves.B. The Clearinghouse serves to guaran

11、tee the performance of all parties to futures contracts.C. Both are true.8.Do options and futures, respectively, most directly reveal the prices or the volatility of their underlying assets Options Futures A. Prices Prices B. Volatility Volatility C. Volatility PricesAA. BB. CC. 9.When a party to a

12、forward contract terminates the contract prior to the original expiration date by entering into a perfectly offsetting forward contract with a second counterparty:()A. the party terminating the forward contract has no default risk, but both counterparties face default risk.B. there is no future liab

13、ility, but default risk remains for all parties until the original contract settlement date.C. the party terminating the contract is exposed to default risk, but has no further asset price risk.10.Which of the following statements regarding the mark to market of a futures account is FALSE Marking to

14、 market of a futures account:()A. may result in a margin balance above the initial margin amount and may be done more often than daily.B. is only done when the settlement price is below the maintenance price.C. effectively adjusts the price of the future to the new equilibrium level.11.Which of the

15、following combinations of options and underlying investments have similarly shaped profit/loss diagrams()A. Long call option/short put option and long stock position.B. Covered call and short stock/long call.C. Short put option/long call option and protective put.12.A put on Stock X with a strike pr

16、ice of $40 is priced at $3.00 per share ; while a call with a strike price of $40 is priced at $4.50. What is the maximum per share loss to the writer of the uncovered put and the maximum per share gain to the writer of the uncovered call the maximum per share loss the maximum per share gain A. $37.

17、00 $4.50 B. $37.00 $37.00 C. $4.50 $4.50AA. BB. CC. 13.The term (maturity) of a forward rate agreement is 90 days and the underlying rate is 180 - day LIBOR. If 180-day LIBOR increases over the term (life) of the contract, which of the following best describes the descriptive notation for the contra

18、ct and the party receiving payment at expiration, respectively Descriptive notation Party receiving payment at expiration A. 3 6 Long B. 3 9 Long C. 3 6 ShortAA. BB. CC. 14.An investor writes a July 20 call on a stock trading at 23 for premium of $4. The breakeven price on the trade and the maximum

19、gain on the trade are, respectively: Breakeven Price Maximum Gain A. $24 $4 B. $24 $3 C. $27 unlimitedAA. BB. CC. 15.A put with a strike price of $75 sells for $10. Which of the following statements is FALSE The greatest :()A. profit the writer of the put option can make is $10.B. profit the buyer o

20、f a put option can make is $65.C. loss the writer of a put option can make is $75.16.Assume the following information relating to a fixed-for-fixed currency swap between Party C and D who hold German marks and U. S. dollars respectively. The spot exchange rate between German marks and U. S. dollars

21、is 2.5 marks per dollar. The U. S. interest rate is 10% and the German interest rate is 8%. Party C holds 25 million marks and wants dollars. In return for the marks, Party D would pay:()A. DM 25 million to Party C at the initiation of the swap.B. $10000000 to Party C at the initiation of the swap.C

22、. $10000000 to Party C at the initiation of the swap.17.In a discussion about the factors that determine a firms demand for labor, Kathleen Jorgensen asserts the following: Statement 1: A firms marginal revenue curve is equivalent to its short-run labor demand curve. Statement 2: A decrease in the e

23、quilibrium market price of a firms product will increase the firms demand for labor because the firm will sell more units of the product. Are Jorgensens statements correct Statement 1 Statement 2（）A. Correct Correct B. Correct Incorrect C. Incorrect IncorrectA. B. C. 18.An increase in the expected r

24、ate of inflation is most likely to cause aggregate demand and short-run aggregate supply to: Aggregate demand Short-run aggregate supply（）A. Increase Increase B. Increase Decrease C. Decrease IncreaseA. B. C. 19.Bradley works a 14-hour-per-week job as a bartender at McQuigleys Pub. Maddeline left he

25、r position at a commercial bank to raise her two-year old daughter. How would these individuals be classified from the viewpoint of employment statistics Bradley Maddeline（） A. Not in labor force Not in labor force B. Employed Not in labor force C. Employed EmployedA. B. C. 20.Patch Grove Analytics

26、is evaluating candidates for an economic analyst internship. To demonstrate his grasp of the effects of consumer behavior on aggregate demand, a candidate makes the following statements during his interview: Statement 1: The wealth effect occurs when consumers feel wealthier at higher price levels b

27、ecause their wages will also increase, and spend more in the current period as a result. Statement 2: Intertemporal substitution accounts for consumers tendency to increase their planned purchases in the current period and decrease planned future purchases when interest rates increase. Are these two

28、 statements correct Statement 1 Statement 2（）A. Incorrect Incorrect B. Incorrect Correct C. Correct IncorrectA. B. C. 21.Which of the following is least accurate regarding product development and marketing for firms under monopolistic competition（）A. Firms that bring new and innovative products to t

29、he market face relatively more elastic demand curves than their competitors.B. Relative to other types of competition, product innovation is critical to the pursuit of economic profits.C. Advertising is necessary to communicate the uniqueness of the firm’s products relative to its competitors.

30、22.Which of the following statements about a monopolist is least accurate（）A. A profit-maximizing monopolist will expand output until marginal revenue equals marginal cost.B. A profit-maximizing monopolist will supply less of his product than the amount consistent with the conditions of ideal static

31、 efficiency for an economy.C. A monopolist will always be able to earn economic profit.23.In a natural monopoly:（）A. one firm controls all natural resources.B. the government reserves the industry sector dealing with natural resources for a few firms only.C. the average total cost of production cont

32、inually declines with increased output.24.An oligopolistic firm:（）A. will consider the potential response of its rivals when making business decisions.B. is likely to be formed when the minimum-cost output is only a small portion of the market output.C. is likely to be formed when barriers to entry

33、are low.25.Monopolistic competition differs from pure monopoly in that:（）A. barriers to entry are high under monopoly, but low under monopolistic competition.B. monopolistic competitors are price takers, monopolists are not.C. monopolistic competitors face downward sloping demand curves, monopolists

34、 do not.26.When economists are speaking of the labor-force participation rate, they are referring to which of the following The labor-force participation rate is the percentage of the:（）A. labor force who are new entrants ( less than one year of work experience).B. working-age population who are not

35、 working but are actively looking for work.C. working-age population who are either working or actively looking for work.27.Which of the following changes would most likely decrease a firms demand for labor （）A. Technological improvement in the firm’s production process.B. Decrease in the pric

36、e of the firm’s product.C. Increase in the price of a productive input that is a substitute for labor.28.Which of the following statements is most accurate regarding monetarists Monetarists believe that: （）A. discretionary monetary policy is the best way to moderate fluctuations in prices and

37、output.B. steady, predictable money growth is the best monetary policy.C. the Federal Reserve has very little power with the tools at their disposal.29.According to the new classical model, a reduction in current taxes that is financed by government borrowing will most likely increase:（）A. household

38、 saving but not real interest rates.B. real interest but not household saving.C. both household saving and real interest rates.30.An economy has been producing at its full-employment level of output and the price level has been stable. Businesses then begin experiencing unintended decreases in their

39、 inventory levels. What does this most likely imply about the short-run outlook for economic growth and inflation Economic growth Inflation （）A. Increasing Decreasing B. Decreasing Increasing C. Increasing IncreasingA. B. C. 31.Which of the following is NOT a characteristic of the long-run industry

40、supply curve（）A. The long-run supply curve is less elastic than the short run supply curve.B. The long-run supply curve is flatter than the short-run supply curve.C. In the long run, there will be a greater change of quantity supplied for a given price change, than in the short run.32.Which of the f

41、ollowing statements about a monopolist is most accurate A monopolist will:（）A. earn economic profits in all situations.B. maximize the average profit per unit sold.C. sell at the output level where marginal revenue equals marginal cost.33.All else being equal, will the joint profit of an oligopolist

42、ic industry most likely be maximized if the: number of firms demand for the in the industry decrease industrys products is stable（）A. No No B. No Yes C. Yes YesA. B. C. 34.The effects on the aggregate demand curve of an increase in expected future incomes and of an increase in the money supply, resp

43、ectively are most likely: Increase in expected incomes Increase in money supply（）A. Increase Increase B. Increase Decrease C. Decrease IncreaseA. B. C. 35.Consider the following statements: Statement 1: The sum of consumer and producer surpluses is maximized under both monopoly and perfect competiti

44、on. Statement 2: All else being equal, a monopolist that practices price discrimination will be more allocatively efficient than a single-price monopolist. Which of the following best describes the accuracy of these statements Statement 1 Statement 2 （）A. Incorrect Correct B. Correct Correct C. Corr

45、ect IncorrectA. B. C. 36.When a firm is earning positive economic profits in a monopolistic competitive market, what will most likely occur（）A. New firms will enter driving down the economic profits to zero.B. Losses will occur in the short run.C. Price takers will be over run by price searchers.37.Are a firms demand for labor and a firms demand for physical capital more elastic in the long run or in the short run Demand for labor more elastic in the: Demand for physical capital more elastic in the:（）A. short run short run B. long run long run C. short run long run