2022年2022年金融考试题西南财经大学天府学院 .pdf

《2022年2022年金融考试题西南财经大学天府学院 .pdf》由会员分享，可在线阅读，更多相关《2022年2022年金融考试题西南财经大学天府学院 .pdf（19页珍藏版）》请在淘文阁 - 分享文档赚钱的网站上搜索。

1、1 Copyright ? 2012 Pearson Education, Inc. Financial Markets and Institutions, 7e (Mishkin) Chapter 4 Why Do Interest Rates Change? 4.1 Multiple Choice 1) As the price of a bond _ and the expected return _, bonds become more attractive to investors and the quantity demanded rises. A) falls; rises B)

2、 falls; falls C) rises; rises D) rises; falls Answer: A 2) The supply curve for bonds has the usual upward slope, indicating that as the price _, ceteris paribus, the _ increases. A) falls; supply B) falls; quantity supplied C) rises; supply D) rises; quantity supplied Answer: D 3) When the price of

3、 a bond is above the equilibrium price, there is excess _ in the bond market and the price will _. A) demand; rise B) demand; fall C) supply; fall D) supply; rise Answer: C 4) When the price of a bond is below the equilibrium price, there is excess _ in the bond market and the price will _. A) deman

4、d; rise B) demand; fall C) supply; fall D) supply; rise Answer: A 5) When the price of a bond is _ the equilibrium price, there is an excess supply of bonds and the price will _. A) above; rise B) above; fall C) below; fall D) below; rise Answer: B 名师资料总结 - - -精品资料欢迎下载 - - - - - - - - - - - - - - -

5、- - - 名师精心整理 - - - - - - - 第 1 页，共 19 页 - - - - - - - - - 2 Copyright ? 2012 Pearson Education, Inc. 6) When the price of a bond is _ the equilibrium price, there is an excess demand for bonds and the price will _. A) above; rise B) above; fall C) below; fall D) below; rise Answer: D 7) When the int

6、erest rate on a bond is above the equilibrium interest rate, there is excess _ in the bond market and the interest rate will _. A) demand; rise B) demand; fall C) supply; fall D) supply; rise Answer: B 8) When the interest rate on a bond is below the equilibrium interest rate, there is excess _ in t

7、he bond market and the interest rate will _. A) demand; rise B) demand; fall C) supply; fall D) supply; rise Answer: D 9) When the interest rate on a bond is _ the equilibrium interest rate, there is excess _ in the bond market and the interest rate will _. A) above; demand; fall B) above; demand; r

8、ise C) below; supply; fall D) above; supply; rise Answer: A 10) When the interest rate on a bond is _ the equilibrium interest rate, there is excess _ in the bond market and the interest rate will _. A) below; demand; rise B) below; demand; fall C) below; supply; rise D) above; supply; fall Answer:

9、C 名师资料总结 - - -精品资料欢迎下载 - - - - - - - - - - - - - - - - - - 名师精心整理 - - - - - - - 第 2 页，共 19 页 - - - - - - - - - 3 Copyright ? 2012 Pearson Education, Inc. 11) When the demand for bonds _ or the supply of bonds _, interest rates rise. A) increases; increases B) increases; decreases C) decreases; decre

10、ases D) decreases; increases Answer: D 12) When the demand for bonds _ or the supply of bonds _, interest rates fall. A) increases; increases B) increases; decreases C) decreases; decreases D) decreases; increases Answer: B 13) When the demand for bonds _ or the supply of bonds _, bond prices rise.

11、A) increases; decreases B) decreases; increases C) decreases; decreases D) increases; increases Answer: A 14) When the demand for bonds _ or the supply of bonds _, bond prices fall. A) increases; increases B) increases; decreases C) decreases; decreases D) decreases; increases Answer: D 15) Factors

12、that determine the demand for an asset include changes in the A) wealth of investors. B) liquidity of bonds relative to alternative assets. C) expected returns on bonds relative to alternative assets. D) risk of bonds relative to alternative assets. E) all of the above. Answer: E 16) The demand for

13、an asset rises if _ falls. A) risk relative to other assets B) expected return relative to other assets C) liquidity relative to other assets D) wealth Answer: A 名师资料总结 - - -精品资料欢迎下载 - - - - - - - - - - - - - - - - - - 名师精心整理 - - - - - - - 第 3 页，共 19 页 - - - - - - - - - 4 Copyright ? 2012 Pearson Ed

14、ucation, Inc. 17) The higher the standard deviation of returns on an asset, the _ the assets _. A) greater; risk B) smaller; risk C) greater; expected return D) smaller; expected return Answer: A 18) Diversification benefits an investor by A) increasing wealth. B) increasing expected return. C) redu

15、cing risk. D) increasing liquidity. Answer: C 19) In a recession when income and wealth are falling, the demand for bonds _ and the demand curve shifts to the _. A) falls; right B) falls; left C) rises; right D) rises; left Answer: B 20) During business cycle expansions when income and wealth are ri

16、sing, the demand for bonds _ and the demand curve shifts to the _. A) falls; right B) falls; left C) rises; right D) rises; left Answer: C 21) Higher expected interest rates in the future _ the demand for long-term bonds and shift the demand curve to the _. A) increase; left B) increase; right C) de

17、crease; left D) decrease; right Answer: C 名师资料总结 - - -精品资料欢迎下载 - - - - - - - - - - - - - - - - - - 名师精心整理 - - - - - - - 第 4 页，共 19 页 - - - - - - - - - 5 Copyright ? 2012 Pearson Education, Inc. 22) Lower expected interest rates in the future _ the demand for long-term bonds and shift the demand curv

18、e to the _ A) increase; left. B) increase; right. C) decrease; left. D) decrease; right. Answer: B 23) When people begin to expect a large stock market decline, the demand curve for bonds shifts to the _ and the interest rate _. A) right; falls B) right; rises C) left; falls D) left; rises Answer: A

19、 24) When people begin to expect a large run up in stock prices, the demand curve for bonds shifts to the _ and the interest rate _. A) right; rises B) right; falls C) left; falls D) left; rises Answer: D 25) An increase in the expected rate of inflation will _ the expected return on bonds relative

20、to that on _ assets, and shift the _ curve to the left. A) reduce; financial; demand B) reduce; real; demand C) raise; financial; supply D) raise; real; supply Answer: B 26) A decrease in the expected rate of inflation will _ the expected return on bonds relative to that on _ assets. A) reduce; fina

21、ncial B) reduce; real C) raise; financial D) raise; real Answer: D 名师资料总结 - - -精品资料欢迎下载 - - - - - - - - - - - - - - - - - - 名师精心整理 - - - - - - - 第 5 页，共 19 页 - - - - - - - - - 6 Copyright ? 2012 Pearson Education, Inc. 27) When the expected inflation rate increases, the demand for bonds _, the suppl

22、y of bonds _, and the interest rate _. A) increases; increases; rises B) decreases; decreases; falls C) increases; decreases; falls D) decreases; increases; rises Answer: D 28) When the expected inflation rate decreases, the demand for bonds _, the supply of bonds _, and the interest rate _. A) incr

23、eases; increases; rises B) decreases; decreases; falls C) increases; decreases; falls D) decreases; increases; rises Answer: C 29) When bond prices become more volatile, the demand for bonds _ and the interest rate _. A) increases; rises B) increases; falls C) decreases; falls D) decreases; rises An

24、swer: D 30) When bond prices become less volatile, the demand for bonds _ and the interest rate _. A) increases; rises B) increases; falls C) decreases; falls D) decreases; rises Answer: B 31) When prices in the stock market become more uncertain, the demand curve for bonds shifts to the _ and the i

25、nterest rate _. A) right; rises B) right; falls C) left; falls D) left; rises Answer: B 名师资料总结 - - -精品资料欢迎下载 - - - - - - - - - - - - - - - - - - 名师精心整理 - - - - - - - 第 6 页，共 19 页 - - - - - - - - - 7 Copyright ? 2012 Pearson Education, Inc. 32) When stock prices become less volatile, the demand curve

26、 for bonds shifts to the _ and the interest rate _. A) right; rises B) right; falls C) left; falls D) left; rises Answer: D 33) When bonds become more widely traded, and as a consequence the market becomes more liquid, the demand curve for bonds shifts to the _ and the interest rate _. A) right; ris

27、es B) right; falls C) left; falls D) left; rises Answer: B 34) When bonds become less widely traded, and as a consequence the market becomes less liquid, the demand curve for bonds shifts to the _ and the interest rate _. A) right; rises B) right; falls C) left; falls D) left; rises Answer: D 35) Fa

28、ctors that cause the demand curve for bonds to shift to the left include A) an increase in the inflation rate. B) an increase in the liquidity of stocks. C) a decrease in the volatility of stock prices. D) all of the above. E) none of the above. Answer: D 36) Factors that cause the demand curve for

29、bonds to shift to the left include A) a decrease in the inflation rate. B) an increase in the volatility of stock prices. C) an increase in the liquidity of stocks. D) all of the above. E) only A and B of the above. Answer: C 名师资料总结 - - -精品资料欢迎下载 - - - - - - - - - - - - - - - - - - 名师精心整理 - - - - -

30、- - 第 7 页，共 19 页 - - - - - - - - - 8 Copyright ? 2012 Pearson Education, Inc. 37) During an economic expansion, the supply of bonds _ and the supply curve shifts to the _. A) increases, left B) increases, right C) decreases, left D) decreases, right Answer: B 38) During a recession, the supply of bo

31、nds _ and the supply curve shifts to the _. A) increases, left B) increases, right C) decreases, left D) decreases, right Answer: C 39) An increase in expected inflation causes the supply of bonds to _ and the supply curve to shift to the _. A) increase, left B) increase, right C) decrease, left D)

32、decrease, right Answer: B 40) When the federal governments budget deficit increases, the _ curve for bonds shifts to the _. A) demand; right B) demand; left C) supply; left D) supply; right Answer: D 41) When the federal governments budget deficit decreases, the _ curve for bonds shifts to the _. A)

33、 demand; right B) demand; left C) supply; left D) supply; right Answer: C 名师资料总结 - - -精品资料欢迎下载 - - - - - - - - - - - - - - - - - - 名师精心整理 - - - - - - - 第 8 页，共 19 页 - - - - - - - - - 9 Copyright ? 2012 Pearson Education, Inc. 42) When the inflation rate is expected to increase, the expected return o

34、n bonds relative to real assets falls for any given interest rate; as a result, the _ bonds falls and the _ curve shifts to the left. A) demand for; demand B) demand for; supply C) supply of; demand D) supply of; supply Answer: A 43) When the inflation rate is expected to increase, the real cost of

35、borrowing declines at any given interest rate; as a result, the _ bonds increases and the _ curve shifts to the right. A) demand for; demand B) demand for; supply C) supply of; demand D) supply of; supply Answer: D Figure 4.144) In Figure 4.1, the most likely cause of the increase in the equilibrium

36、 interest rate from i1 to i2 is A) an increase in the price of bonds. B) a business cycle boom. C) an increase in the expected inflation rate. D) a decrease in the expected inflation rate. Answer: C 45) In Figure 4.1, the most likely cause of the increase in the equilibrium interest rate from i1 to

37、i2 is a(n) _ in the _. A) increase; expected inflation rate B) decrease; expected inflation rate C) increase; government budget deficit D) decrease; government budget deficit Answer: A 名师资料总结 - - -精品资料欢迎下载 - - - - - - - - - - - - - - - - - - 名师精心整理 - - - - - - - 第 9 页，共 19 页 - - - - - - - - - 10 Cop

38、yright ? 2012 Pearson Education, Inc. 46) In Figure 4.1, the most likely cause of a decrease in the equilibrium interest rate from i2 to i1 is A) an increase in the expected inflation rate. B) a decrease in the expected inflation rate. C) a business cycle expansion. D) a combination of both A and C

39、of the above. Answer: B 47) Factors that can cause the supply curve for bonds to shift to the right include A) an expansion in overall economic activity. B) a decrease in expected inflation. C) a decrease in government deficits. D) all of the above. E) only A and B of the above. Answer: A 48) Factor

40、s that can cause the supply curve for bonds to shift to the left include A) an expansion in overall economic activity. B) a decrease in expected inflation. C) an increase in government deficits. D) only A and C of the above. Answer: B 49) The economist Irving Fisher, after whom the Fisher effect is

41、named, explained why interest rates _ as the expected rate of inflation _. A) rise; increases B) rise; stabilizes C) rise; decreases D) fall; increases E) fall; stabilizes Answer: A 50) An increase in the expected rate of inflation causes the demand for bonds to _ and the supply for bonds to _. A) f

42、all; fall B) fall; rise C) rise; fall D) rise; rise Answer: B 名师资料总结 - - -精品资料欢迎下载 - - - - - - - - - - - - - - - - - - 名师精心整理 - - - - - - - 第 10 页，共 19 页 - - - - - - - - - 11 Copyright ? 2012 Pearson Education, Inc. 51) A decrease in the expected rate of inflation causes the demand for bonds to _ an

43、d the supply of bonds to _. A) fall; fall B) fall; rise C) rise; fall D) rise; rise Answer: C 52) When the economy slips into a recession, normally the demand for bonds _, the supply of bonds _, and the interest rate _. A) increases; increases; rises B) decreases; decreases; falls C) increases; decr

44、eases; falls D) decreases; increases; rises Answer: B 53) When the economy enters into a boom, normally the demand for bonds _, the supply of bonds _, and the interest rate _. A) increases; increases; rises B) decreases; decreases; falls C) increases; decreases; rises D) decreases; increases; rises

45、Answer: A 名师资料总结 - - -精品资料欢迎下载 - - - - - - - - - - - - - - - - - - 名师精心整理 - - - - - - - 第 11 页，共 19 页 - - - - - - - - - 12 Copyright ? 2012 Pearson Education, Inc. Figure 4.254) In Figure 4.2, one possible explanation for the increase in the interest rate from i1 to i2 is a(n) _ in _. A) increase; t

46、he expected inflation rate B) decrease; the expected inflation rate C) increase; economic growth D) decrease; economic growth Answer: C 55) In Figure 4.2, one possible explanation for the increase in the interest rate from i1 to i2 is A) an increase in economic growth. B) an increase in government b

47、udget deficits. C) a decrease in government budget deficits. D) a decrease in economic growth. E) a decrease in the riskiness of bonds relative to other investments. Answer: A 56) In Figure 4.2, one possible explanation for a decrease in the interest rate from i2 to i1 is A) an increase in governmen

48、t budget deficits. B) an increase in expected inflation. C) a decrease in economic growth. D) a decrease in the riskiness of bonds relative to other investments. Answer: C 57) In Keyness liquidity preference framework, individuals are assumed to hold their wealth in two forms: A) real assets and fin

49、ancial assets. B) stocks and bonds. C) money and bonds. D) money and gold. Answer: C 名师资料总结 - - -精品资料欢迎下载 - - - - - - - - - - - - - - - - - - 名师精心整理 - - - - - - - 第 12 页，共 19 页 - - - - - - - - - 13 Copyright ? 2012 Pearson Education, Inc. 58) In his liquidity preference framework, Keynes assumed tha

50、t money has a zero rate of return; thus, when interest rates _ the expected return on money falls relative to the expected return on bonds, causing the demand for money to _. A) rise; fall B) rise; rise C) fall; fall D) fall; rise Answer: A 59) The loanable funds framework is easier to use when anal