05宏观经济学曼昆第6版配套习题.docx
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05宏观经济学曼昆第6版配套习题.docx
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05宏观经济学曼昆第6版配套习题
Chapter05
Saving,Investment,andtheFinancialSystem
MULTIPLECHOICE
1.Whenopeningarestaurantyoumayneedtobyovens,freezers,tables,andcashregisters.Economistscalltheseexpenditures
a.capitalinvestment.
b.investmentinhumancapital.
c.businessconsumptionexpenditures.
d.Noneoftheabovearecorrect.
ANSWER:
a.capitalinvestment.
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13.0
2.WhenacountrysavesalargerportionofitsGDP,itwillhave
a.lessinvestment,andsohavemorecapitalandhigherproductivity.
b.lessinvestment,andsohavelesscapitalandhigherproductivity.
c.moreinvestment,andsohavemorecapitalandhigherproductivity.
d.moreinvestment,andsohavelesscapitalandhigherproductivity.
ANSWER:
c.moreinvestment,andsohavemorecapitalandhigherproductivity.
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3.Institutionsintheeconomythathelptomatchoneperson'ssavingwithanotherperson'sinvestmentarecollectivelycalledthe
a.FederalReservesystem.
b.bankingsystem.
c.monetarysystem.
d.financialsystem.
ANSWER:
d.financialsystem.
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4.Alfred’sincomeexceedshisexpenditures.Alfredisa
a.saverwhodemandsmoneyfromthefinancialsystem.
b.saverwhosuppliesmoneytothefinancialsystem.
c.borrowerwhodemandsmoneyfromthefinancialsystem.
d.borrowerwhodemandsmoneyfromthefinancialsystem.
ANSWER:
b.saverwhosuppliesmoneytothefinancialsystem.
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5.Lucywantstostartherownpsychiatricpractice,butherexpendituresexceedherincome.Lucyisa
a.saverwhodemandsmoneyfromthefinancialsystem.
b.saverwhosuppliesmoneytothefinancialsystem.
c.borrowerwhodemandsmoneyfromthefinancialsystem.
d.borrowerwhosuppliesmoneytothefinancialsystem.
ANSWER:
c.borrowerwhodemandsmoneyfromthefinancialsystem.
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6.Abondisa
a.financialintermediary.
b.certificateofindebtedness.
c.certificateofpartialownershipinanenterprise.
d.Noneoftheabovearecorrect.
ANSWER:
b.certificateofindebtedness.
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7.Acertificateofindebtednessthatspecifiestheobligationsoftheborrowertotheholderiscalleda
a.bond.
b.stock.
c.mutualfund.
d.Alloftheabovearecorrect.
ANSWER:
a.bond.
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8.Ifthegovernment’sexpendituresexceededitsreceipts,itwouldlikely
a.lendmoneytoabankorotherfinancialintermediary.
b.borrowmoneyfromabankorotherfinancialintermediary.
c.directlybuybondsfromthepublic.
d.directlysellbondstothepublic.
ANSWER:
d.directlysellbondstothepublic.
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13.1
9.IfMicrosoftsellsabondtheyare
a.borrowingdirectlyfromthepublic.
b.borrowingindirectlyfromthepublic.
c.lendingdirectlytothepublic.
d.lendingindirectlytothepublic.
ANSWER:
a.borrowingdirectlyfromthepublic.
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10.Whichofthefollowingiscorrect?
a.Thematurityofabondreferstotheamounttobepaidback.
b.Theprincipalofthebondreferstothepersonsellingthebond.
c.Abondbuyercannotsellabondbeforeitmatures.
d.Noneoftheabovearecorrect.
ANSWER:
d.Noneoftheabovearecorrect.
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11.WhichofthefollowingisNOTanonsensicalheadline?
a.Britishperpetuitiesabouttomature.
b.Disneyissuesnewbondswithtermof$1,000each.
c.Governmentbondscurrentlypaylessinterestthancorporatebonds.
d.StandardandPoor’sjudgesnewjunkbondtohaveverylowcreditrisk.
ANSWER:
c.Governmentbondscurrentlypaylessinterestthancorporatebonds.
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12.Thelengthoftimeuntilabondmaturesiscalledthe
a.duration.
b.term.
c.maturity.
d.intermediation.
ANSWER:
b.term.
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13.Aperpetuityisdistinguishedfromotherbondsinthatit
a.payscontinuouslycompoundedinterest.
b.paysinterestonlywhenitmatures.
c.nevermatures.
d.willbeusedtopurchaseanotherbondwhenitmaturesunlesstheownerspecifiesotherwise.
ANSWER:
c.nevermatures.
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14.Whichofthefollowingiscorrect?
a.Somebondshavetermsasshortasafewmonths.
b.Becausetheyaresorisky,junkbondspayalowrateofinterest.
c.Corporationsbuybondstoraisefunds.
d.Alloftheabovearecorrect.
ANSWER:
a.Somebondshavetermsasshortasafewmonths.
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15.Whichofthefollowingiscorrect?
a.Lenderssellbondsandborrowersbuythem.
b.Long-termbondsusuallypayalowerinterestratethandoshort-termbondsbecauselong-termbondsareriskier.
c.Junkbondsrefertobondsthathavebeenresoldmanytimes.
d.Noneoftheabovearecorrect.
ANSWER:
d.Noneoftheabovearecorrect.
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16.Long-termbondsaregenerally
a.lessriskythanshort-termbondsandsopayhigherinterest.
b.lessriskythanshort-termbondsandsopaylowerinterest.
c.moreriskythanshort-termbondsandsopayhigherinterest.
d.moreriskythanshort-termbondsandsopaylowerinterest.
ANSWER:
c.moreriskythanshort-termbondsandsopayhigherinterest.
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17.Comparedtolong-termbonds,otherthingsthesame,short-termbondsgenerallyhave
a.moreriskandsopayhigherinterest.
b.lessriskandsopaylowerinterest.
c.lessriskandsopayhigherinterest.
d.aboutthesameriskandsopayaboutthesameinterest.
ANSWER:
b.lessriskandsopaylowerinterest.
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18.Onwhichbondisdefaultmostlikely?
a.ajunkbond
b.amunicipalbond
c.aU.S.governmentbond
d.acorporatebondissuedbyProctorandGamble.
ANSWER:
a.ajunkbond
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19.Assumingthatthebondsbelowhavethesametermandprincipalandthatthestateorlocalgovernmentwhichissuesthemunicipalbondhasagoodcreditrating,whichlisthasbondsorderedfromtheonethatpaysthemostinteresttotheonethatpaystheleastinterest?
a.corporatebond,municipalbond,U.S.governmentbond
b.corporatebond,U.S.governmentbond,municipalbond
c.municipalbond,U.S.governmentbond,corporatebond
d.U.S.governmentbond,municipalbond,corporatebond
ANSWER:
b.corporatebond,U.S.governmentbond,municipalbond
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20.Otherthingsthesame,asthematurityofabondbecomeslonger,thebondwillpay
a.lessinterestbecauseithaslessrisk.
b.lessinterestbecauseithasmorerisk.
c.moreinterestbecauseithasmorerisk
d.Thereisnorelationbetweentermtomaturityandrisk.
ANSWER:
c.moreinterestbecauseithasmorerisk
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21.WhichofthefollowingbondbuyersdidNOTbuythebondthatbestmettheirobjective?
a.Miawantedabondwithahighinterestrate,regardlessoftherisk.Shepurchasedajunkbond.
b.Annawantedabondthatwouldletherbestavoidtaxes.Shepurchasedamunicipalbond.
c.Billwantedtopurchaseabondthatwasunlikelytohavedefault.HepurchasedabondthatStandardsandPoor’sratedalowcreditrisk.
d.Toreducerisk,Tobypurchasedalong-termbondratherthanashort-termone.
ANSWER:
d.Toreducerisk,Tobypurchasedalong-termbondratherthanashort-termone.
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22.Stephanieisinterestedonlyintherateofinterestandiswillingtotakeagreatdealofriskinexchangeforahighreturn.Sheshouldlookforbondswith
a.taxexemptionsandshortterms.
b.taxexemptionsandlongterms.
c.notaxexemptionsandshortterms.
d.notaxexemptionsandlongterms.
ANSWER:
d.notaxexemptionsandlongterms.
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23.Municipalbondspaya
a.lowrateofinterestbecauseoftheirhigh-defaultriskandbecausetheinteresttheypayissubjecttofederalincometax.
b.lowrateofinterestbecauseoftheirlow-defaultriskandbecausetheinteresttheypayisnotsubjecttofederalincometax.
c.highrateofinterestbecauseoftheirhigh-defaultriskandbecausefederaltaxesmustbepaidontheinteresttheypay.
d.highrateofinterestbecauseoftheirlow-defaultriskandbecausetheinteresttheypayisnotsubjecttofederalincometax.
ANSWER:
b.lowrateofinterestbecauseoftheirlow-defaultriskandbecausetheinteresttheypayisnotsubjecttofederalincometax.
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13.1
24.Whichbondwouldyouexpecttopaythehighestinterestrate?
a.abondissuedbytheU.S.government
b.abondissuedbyGeneralMotors
c.abondissuedbyNewYorkState
d.abondissuedbyanewrestaurantchain
ANSWER:
d.abondissuedbyanewrestaurantchain
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25.Jerryhasthechoiceoftwobonds,onethatpays3percentinterestandonethatpays6percentinterest.Whichofthefollowingismostlikely?
a.The6percentbondislessriskythanthe3percentbond.
b.The6percentbondisaU.S.governmentbond,andthe3percentbondisajunkbond.
c.The6percentbondhasalongertermthanthe3percentbond.
d.The6percentbondisamunicipalbond,andthe3percentbondisaU.S.governmentbond.
ANSWER:
c.The6percentbondhasalongertermthanthe3percentbond.
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26.Lacey,afinancialadvisorhastoldherclientsthefollowingthings.Whichofherstatementsisincorrect?
a.“U.S.governmentbondsgenerallyhavealowerrateofinterestthanmunicipalbonds.”
b.“Theinterestrece
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