曼昆《经济学原理》宏观第五版测试题库 27.docx

曼昆《经济学原理》宏观第五版测试题库 27.docx

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曼昆《经济学原理》宏观第五版测试题库27

Chapter27

TheBasicToolsofFinance

TRUE/FALSE

1.Iftheinterestrateis8percent,thenthepresentvalueof$1,000tobereceivedin4yearsis$735.03.

ANS:

TDIF:

2REF:

27-1

NAT:

AnalyticLOC:

TheStudyofeconomics,anddefinitionsofeconomics

TOP:

PresentvalueMSC:

Applicative

2.Ifasavingsaccountpays5percentannualinterest,thentheruleof70tellsusthattheaccountvaluewilldoubleinapproximately14years.

ANS:

TDIF:

2REF:

27-1

NAT:

AnalyticLOC:

TheStudyofeconomics,anddefinitionsofeconomics

TOP:

CompoundingMSC:

Applicative

3.Thepresentvalueof$100tobepaidintwoyearsislessthanthepresentvalueof$100tobepaidinthreeyears.

ANS:

FDIF:

1REF:

27-1

NAT:

AnalyticLOC:

TheStudyofeconomics,anddefinitionsofeconomics

TOP:

PresentvalueMSC:

Analytic

4.Thefuturevalueof$1savedtodayis$1/（1+r）.

ANS:

FDIF:

1REF:

27-1

NAT:

AnalyticLOC:

TheStudyofeconomics,anddefinitionsofeconomics

TOP:

PresentvalueMSC:

Analytical

5.Thepresentvalueofanyfuturesumofmoneyistheamountthatwouldbeneededtoday,atcurrentinterestrates,toproducethatfuturesum.

ANS:

TDIF:

1REF:

27-1

NAT:

AnalyticLOC:

TheStudyofeconomics,anddefinitionsofeconomics

TOP:

PresentvalueMSC:

Interpretive

6.Thesoonerapaymentisreceivedandthehighertheinterestrate,thegreaterthepresentvalueofafuturepayment.

ANS:

FDIF:

1REF:

27-1

NAT:

AnalyticLOC:

TheStudyofeconomics,anddefinitionsofeconomics

TOP:

PresentvalueMSC:

Analytical

7.Acompanythatcanbuildaprojectthatwillcost$50,000,butreturns$52,000inoneyearwouldmakeagooddecisionbyturningthisprojectdowniftheinterestratewere3percent.

ANS:

FDIF:

1REF:

27-1

NAT:

AnalyticLOC:

TheStudyofeconomics,anddefinitionsofeconomics

TOP:

Investment|PresentvalueMSC:

Analytical

8.Astheinterestrateincreases,thepresentvalueoffuturesumsdecreases,sofirmswillfindfewerinvestmentprojectsprofitable.

ANS:

TDIF:

1REF:

27-1

NAT:

AnalyticLOC:

TheStudyofeconomics,anddefinitionsofeconomics

TOP:

Investment|PresentvalueMSC:

Analytical

9.Accordingtotheruleof70,ifyouearnaninterestrateof3.5percent,yoursavingswilldoubleaboutevery20years.

ANS:

TDIF:

1REF:

27-1

NAT:

AnalyticLOC:

TheStudyofeconomics,anddefinitionsofeconomics

TOP:

Ruleof70MSC:

Definitional

10.Ifyouarefacedwiththechoiceofreceiving$500todayor$8006yearsfromtoday,youwillbeindifferentbetweenthetwopossibilitiesiftheinterestrateis8.148percent.

ANS:

TDIF:

2REF:

27-1

NAT:

AnalyticLOC:

TheStudyofeconomics,anddefinitionsofeconomics

TOP:

PresentvalueMSC:

Applicative

11.Riskaversionsimplymeansthatpeopledislikebadthingstohappen.

ANS:

FDIF:

1REF:

27-2

NAT:

AnalyticLOC:

Thestudyofeconomics,anddefinitionsofeconomics

TOP:

RiskMSC:

Interpretive

12.Risk-averseindividualslikegoodthingsmorethantheydislikecomparablebadthings.

ANS:

FDIF:

2REF:

27-2

NAT:

AnalyticLOC:

TheStudyofeconomics,anddefinitionsofeconomics

TOP:

RiskMSC:

Interpretive

13.Peoplewhoareriskaversedislikebadoutcomesmorethantheylikecomparablegoodoutcomes.

ANS:

TDIF:

2REF:

27-2

NAT:

AnalyticLOC:

UtilityandconsumerchoiceTOP:

Risk

MSC:

Interpretive

14.Themarketforinsuranceisanexampleofdiversification.

ANS:

TDIF:

1REF:

27-2

NAT:

AnalyticLOC:

TheStudyofeconomics,anddefinitionsofeconomics

TOP:

DiversificationMSC:

Interpretive

15.Aperson’ssubjectivemeasureofwell-beingorsatisfactioniscalledaversion.

ANS:

FDIF:

2REF:

27-2

NAT:

AnalyticLOC:

TheStudyofeconomics,anddefinitionsofeconomics

TOP:

UtilityMSC:

Definitional

16.Historically,stockshaveofferedhigherratesofreturnthanbonds.

ANS:

TDIF:

1REF:

27-2

NAT:

AnalyticLOC:

TheStudyofeconomics,anddefinitionsofeconomics

TOP:

ReturnsMSC:

Definitional

17.Historicallythereturnonstockshasbeenhigherthanthereturnonbonds.Inpartthisreflectsthehigherriskfromholdingstock.

ANS:

TDIF:

2REF:

27-2

NAT:

AnalyticLOC:

Thestudyofeconomics,anddefinitionsofeconomics

TOP:

Risk|ReturnsMSC:

Definitional

18.Risk-aversepersonswilltakenorisks.

ANS:

FDIF:

1REF:

27-2

NAT:

AnalyticLOC:

TheStudyofeconomics,anddefinitionsofeconomics

TOP:

RiskMSC:

Interpretive

19.Themarketforinsuranceisoneexampleofreducingriskbyusingdiversification.

ANS:

TDIF:

1REF:

27-2

NAT:

AnalyticLOC:

TheStudyofeconomics,anddefinitionsofeconomics

TOP:

Diversification|InsuranceMSC:

Definitional

20.Apersonwithdiminishingmarginalutilityofwealthisriskaverse.

ANS:

TDIF:

1REF:

27-2

NAT:

AnalyticLOC:

TheStudyofeconomics,anddefinitionsofeconomics

TOP:

RiskMSC:

Definitional

21.Adverseselectionisillustratedbypeoplewhotakegreaterrisksaftertheypurchaseinsurance.

ANS:

FDIF:

1REF:

27-2

NAT:

AnalyticLOC:

TheStudyofeconomics,anddefinitionsofeconomics

TOP:

AdverseselectionMSC:

Interpretive

22.Increasingthenumberofcorporationswhosestocksareinyourportfolioreducesmarketrisk.

ANS:

FDIF:

1REF:

27-2

NAT:

AnalyticLOC:

TheStudyofeconomics,anddefinitionsofeconomics

TOP:

Diversification|RiskMSC:

Applicative

23.Diversificationcanreducefirm-specificrisk.

ANS:

TDIF:

1REF:

27-2

NAT:

AnalyticLOC:

TheStudyofeconomics,anddefinitionsofeconomics

TOP:

DiversificationMSC:

Applicative

24.Accordingtofundamentalanalysis,whenchoosingstocksforyourportfolio,youshouldpreferundervaluedstocks.

ANS:

TDIF:

1REF:

27-3

NAT:

AnalyticLOC:

TheStudyofeconomics,anddefinitionsofeconomics

TOP:

FundamentalanalysisMSC:

Applicative

25.Thevalueofastockdependsontheabilityofthecompanytogeneratedividendsandtheexpectedpriceofthestockwhenthestockholdersellshershares.

ANS:

TDIF:

1REF:

27-3

NAT:

AnalyticLOC:

TheStudyofeconomics,anddefinitionsofeconomics

TOP:

FundamentalanalysisMSC:

Definitional

26.Accordingtotheefficientmarketshypothesis,atanymomentintime,themarketpriceisthebestestimateofthecompany'svaluebasedonpubliclyavailableinformation.

ANS:

TDIF:

1REF:

27-3

NAT:

AnalyticLOC:

TheStudyofeconomics,anddefinitionsofeconomics

TOP:

EfficientmarketshypothesisMSC:

Definitional

27.Accordingtotheefficientmarketshypothesis,stocksfollowarandomwalksothatstocksthatincreaseinpriceoneyeararemorelikelytoincreasethandecreaseinthenextyear.

ANS:

FDIF:

1REF:

27-3

NAT:

AnalyticLOC:

TheStudyofeconomics,anddefinitionsofeconomics

TOP:

RandomwalkMSC:

Definitional

28.Accordingtotheefficientmarketshypothesis,thenumberofpeoplewhothinkastockisovervaluedexactlybalancesthenumberofpeoplewhothinkastockisundervalued.

ANS:

TDIF:

2REF:

27-3

NAT:

AnalyticLOC:

Thestudyofeconomics,anddefinitionsofeconomics

TOP:

EfficientmarketshypothesisMSC:

Definitional

29.Studiesfindthatmutualfundmanagerswhodowellinoneyear,arelikelytodowellthenextyear.

ANS:

FDIF:

2REF:

27-3

NAT:

AnalyticLOC:

Thestudyofeconomics,anddefinitionsofeconomics

TOP:

EfficientmarketshypothesisMSC:

Definitional

30.Managedmutualfundsusuallyoutperformmutualfundsthataresupposedtofollowsomestockindex.

ANS:

FDIF:

1REF:

27-3

NAT:

AnalyticLOC:

TheStudyofeconomics,anddefinitionsofeconomics

TOP:

Indexfunds|MutualfundsMSC:

Definitional

31.Speculativebubblesmayariseinpartbecausethevalueofthestocktoastockholderdependsonthefinalsaleprice.

ANS:

TDIF:

1REF:

27-3

NAT:

AnalyticLOC:

TheStudyofeconomics,anddefinitionsofeconomics

TOP:

AssetvaluationMSC:

Interpretive

32.Availableevidenceindicatesthatstockprices,evenifnotexactlyarandomwalk,areveryclosetoarandomwalk.

ANS:

TDIF:

2REF:

27-3

NAT:

AnalyticLOC:

TheStudyofeconomics,anddefinitionsofeconomics

TOP:

RandomwalkMSC:

Interpretive

33.Ifyouwishtorelyonfundamentalanalysistochooseaportfolioofstocks,thenyouhavenochoicebuttodoallthenecessaryresearchyourself.

ANS:

FDIF:

2REF:

27-3

NAT:

AnalyticLOC:

TheStudyofeconomics,anddefinitionsofeconomics

TOP:

FundamentalanalysisMSC:

Interpretive

34.Ifyoubelievethestockmarketisinformationallyefficient,thenitisawasteoftimetoengageinfundamentalanalysis.

ANS:

TDIF:

2REF:

27-3

NAT:

AnalyticLOC:

TheStudyofeconomics,anddefinitionsofeconomics

TOP:

Efficientmarketshypothesis|FundamentalanalysisMSC:

Interpretive

SHORTANSWER

1.Demonstratethatwhetheryouwouldprefertohave$225todayorwaitfiveyearsfor$300dependsontheinterestrate.Showyourwork.

ANS:

Forexampleat3percentthepresentvalueof$300infiveyearsis$300/（1.03）5=$258.78butat7percentthepresentvalueof$300infiveyearsis$300/（1.07）5=$213.90.

DIF:

2REF:

27-1NAT:

Analytic

LOC:

TheStudyofeconomics,anddefinitionsofeconomicsTOP:

Presentvalue

MSC:

Analytical

2.Astheinterestrateincreases,whathappenstothepresentvalueofafuturepayment?

Explainwhychangesintheinterestratewillleadtochangesinthequantityofloanablefundsdemandedandinvestmentspending.

ANS:

Anincreaseintheinterestratereducesthepresentvalueoffuturepayments.Investmentspendingisthepurchasingofcapitalgoodsthatareexpectedtoraisefuturerevenues.Wheninterestratesrise,thepresentvalueofthesefuturerevenuesdeclinesothatfewercapitalexpendituresarelikelytogenerateenoughrevenuetojustifytheirprice.Consequentlyfirmswillwanttobuyfewercapitalgoodsandwilldemandalowerquantityofloanablefunds.

DIF:

2REF:

27-1NAT:

Analytic

LOC:

TheStudyofeconomics,anddefiniti