曼昆《經(jīng)濟(jì)學(xué)原理》（宏觀）第五版測試題庫 (27)

1、Chapter 27The Basic Tools of FinanceTRUE/FALSE1.If the interest rate is 8 percent, then the present value of $1,000 to be received in 4 years is $735.03.ANS:TDIF:2REF:27-1NAT:AnalyticLOC:The Study of economics, and definitions of economicsTOP:Present valueMSC:Applicative2.If a savings account pays 5

2、 percent annual interest, then the rule of 70 tells us that the account value will double in approximately 14 years.ANS:TDIF:2REF:27-1NAT:AnalyticLOC:The Study of economics, and definitions of economicsTOP:CompoundingMSC:Applicative3.The present value of $100 to be paid in two years is less than the

3、 present value of $100 to be paid in three years.ANS:FDIF:1REF:27-1NAT:AnalyticLOC:The Study of economics, and definitions of economicsTOP:Present valueMSC:Analytic4.The future value of $1 saved today is $1/(1 + r).ANS:FDIF:1REF:27-1NAT:AnalyticLOC:The Study of economics, and definitions of economic

4、sTOP:Present valueMSC:Analytical5.The present value of any future sum of money is the amount that would be needed today, at current interest rates, to produce that future sum.ANS:TDIF:1REF:27-1NAT:AnalyticLOC:The Study of economics, and definitions of economicsTOP:Present valueMSC:Interpretive6.The

5、sooner a payment is received and the higher the interest rate, the greater the present value of a future payment.ANS:FDIF:1REF:27-1NAT:AnalyticLOC:The Study of economics, and definitions of economicsTOP:Present valueMSC:Analytical7.A company that can build a project that will cost $50,000, but retur

6、ns $52,000 in one year would make a good decision by turning this project down if the interest rate were 3 percent.ANS:FDIF:1REF:27-1NAT:AnalyticLOC:The Study of economics, and definitions of economicsTOP:Investment | Present valueMSC:Analytical8.As the interest rate increases, the present value of

7、future sums decreases, so firms will find fewer investment projects profitable.ANS:TDIF:1REF:27-1NAT:AnalyticLOC:The Study of economics, and definitions of economicsTOP:Investment | Present valueMSC:Analytical9.According to the rule of 70, if you earn an interest rate of 3.5 percent, your savings wi

8、ll double about every 20 years.ANS:TDIF:1REF:27-1NAT:AnalyticLOC:The Study of economics, and definitions of economicsTOP:Rule of 70MSC:Definitional10.If you are faced with the choice of receiving $500 today or $800 6 years from today, you will be indifferent between the two possibilities if the inte

9、rest rate is 8.148 percent.ANS:TDIF:2REF:27-1NAT:AnalyticLOC:The Study of economics, and definitions of economicsTOP:Present valueMSC:Applicative11.Risk aversion simply means that people dislike bad things to happen.ANS:FDIF:1REF:27-2NAT:AnalyticLOC:The study of economics, and definitions of economi

10、csTOP:RiskMSC:Interpretive12.Risk-averse individuals like good things more than they dislike comparable bad things.ANS:FDIF:2REF:27-2NAT:AnalyticLOC:The Study of economics, and definitions of economicsTOP:RiskMSC:Interpretive13.People who are risk averse dislike bad outcomes more than they like comp

11、arable good outcomes.ANS:TDIF:2REF:27-2NAT:AnalyticLOC:Utility and consumer choiceTOP:RiskMSC:Interpretive14.The market for insurance is an example of diversification.ANS:TDIF:1REF:27-2NAT:AnalyticLOC:The Study of economics, and definitions of economicsTOP:DiversificationMSC:Interpretive15.A persons

12、 subjective measure of well-being or satisfaction is called aversion.ANS:FDIF:2REF:27-2NAT:AnalyticLOC:The Study of economics, and definitions of economicsTOP:UtilityMSC:Definitional16.Historically, stocks have offered higher rates of return than bonds.ANS:TDIF:1REF:27-2NAT:AnalyticLOC:The Study of

13、economics, and definitions of economicsTOP:ReturnsMSC:Definitional17.Historically the return on stocks has been higher than the return on bonds. In part this reflects the higher risk from holding stock.ANS:TDIF:2REF:27-2NAT:AnalyticLOC:The study of economics, and definitions of economicsTOP:Risk | R

14、eturnsMSC:Definitional18.Risk-averse persons will take no risks.ANS:FDIF:1REF:27-2NAT:AnalyticLOC:The Study of economics, and definitions of economicsTOP:RiskMSC:Interpretive19.The market for insurance is one example of reducing risk by using diversification.ANS:TDIF:1REF:27-2NAT:AnalyticLOC:The Stu

15、dy of economics, and definitions of economicsTOP:Diversification | InsuranceMSC:Definitional20.A person with diminishing marginal utility of wealth is risk averse.ANS:TDIF:1REF:27-2NAT:AnalyticLOC:The Study of economics, and definitions of economicsTOP:RiskMSC:Definitional21.Adverse selection is ill

16、ustrated by people who take greater risks after they purchase insurance.ANS:FDIF:1REF:27-2NAT:AnalyticLOC:The Study of economics, and definitions of economicsTOP:Adverse selectionMSC:Interpretive22.Increasing the number of corporations whose stocks are in your portfolio reduces market risk.ANS:FDIF:

17、1REF:27-2NAT:AnalyticLOC:The Study of economics, and definitions of economicsTOP:Diversification | RiskMSC:Applicative23.Diversification can reduce firm-specific risk.ANS:TDIF:1REF:27-2NAT:AnalyticLOC:The Study of economics, and definitions of economicsTOP:DiversificationMSC:Applicative24.According

18、to fundamental analysis, when choosing stocks for your portfolio, you should prefer undervalued stocks.ANS:TDIF:1REF:27-3NAT:AnalyticLOC:The Study of economics, and definitions of economicsTOP:Fundamental analysisMSC:Applicative25.The value of a stock depends on the ability of the company to generat

19、e dividends and the expected price of the stock when the stockholder sells her shares.ANS:TDIF:1REF:27-3NAT:AnalyticLOC:The Study of economics, and definitions of economicsTOP:Fundamental analysisMSC:Definitional26.According to the efficient markets hypothesis, at any moment in time, the market pric

20、e is the best estimate of the company's value based on publicly available information.ANS:TDIF:1REF:27-3NAT:AnalyticLOC:The Study of economics, and definitions of economicsTOP:Efficient markets hypothesisMSC:Definitional27.According to the efficient markets hypothesis, stocks follow a random wal

21、k so that stocks that increase in price one year are more likely to increase than decrease in the next year.ANS:FDIF:1REF:27-3NAT:AnalyticLOC:The Study of economics, and definitions of economicsTOP:Random walkMSC:Definitional28.According to the efficient markets hypothesis, the number of people who

22、think a stock is overvalued exactly balances the number of people who think a stock is undervalued.ANS:TDIF:2REF:27-3NAT:AnalyticLOC:The study of economics, and definitions of economicsTOP:Efficient markets hypothesisMSC:Definitional29.Studies find that mutual fund managers who do well in one year,

23、are likely to do well the next year.ANS:FDIF:2REF:27-3NAT:AnalyticLOC:The study of economics, and definitions of economicsTOP:Efficient markets hypothesisMSC:Definitional30.Managed mutual funds usually outperform mutual funds that are supposed to follow some stock index.ANS:FDIF:1REF:27-3NAT:Analyti

24、cLOC:The Study of economics, and definitions of economicsTOP:Index funds | Mutual fundsMSC:Definitional31.Speculative bubbles may arise in part because the value of the stock to a stockholder depends on the final sale price.ANS:TDIF:1REF:27-3NAT:AnalyticLOC:The Study of economics, and definitions of

25、 economicsTOP:Asset valuationMSC:Interpretive32.Available evidence indicates that stock prices, even if not exactly a random walk, are very close to a random walk.ANS:TDIF:2REF:27-3NAT:AnalyticLOC:The Study of economics, and definitions of economicsTOP:Random walkMSC:Interpretive33.If you wish to re

26、ly on fundamental analysis to choose a portfolio of stocks, then you have no choice but to do all the necessary research yourself.ANS:FDIF:2REF:27-3NAT:AnalyticLOC:The Study of economics, and definitions of economicsTOP:Fundamental analysisMSC:Interpretive34.If you believe the stock market is inform

27、ationally efficient, then it is a waste of time to engage in fundamental analysis.ANS:TDIF:2REF:27-3NAT:AnalyticLOC:The Study of economics, and definitions of economicsTOP:Efficient markets hypothesis | Fundamental analysisMSC:InterpretiveSHORT ANSWER1.Demonstrate that whether you would prefer to ha

28、ve $225 today or wait five years for $300 depends on the interest rate. Show your work.ANS:For example at 3 percent the present value of $300 in five years is $300/(1.03)5 = $258.78 but at 7 percent the present value of $300 in five years is $300/(1.07)5 = $213.90.DIF:2REF:27-1NAT:AnalyticLOC:The St

29、udy of economics, and definitions of economicsTOP:Present valueMSC:Analytical2.As the interest rate increases, what happens to the present value of a future payment? Explain why changes in the interest rate will lead to changes in the quantity of loanable funds demanded and investment spending.ANS:A

30、n increase in the interest rate reduces the present value of future payments. Investment spending is the purchasing of capital goods that are expected to raise future revenues. When interest rates rise, the present value of these future revenues decline so that fewer capital expenditures are likely

31、to generate enough revenue to justify their price. Consequently firms will want to buy fewer capital goods and will demand a lower quantity of loanable funds.DIF:2REF:27-1NAT:AnalyticLOC:The Study of economics, and definitions of economicsTOP:Present valueMSC:Analytical3.Write the rule of 70. Suppos

32、e that your great-great-grandmother put $50 in a savings account 100 years ago and the account is now worth $1,600. Use the rule of 70 to determine about what interest rate she earned.ANS:$1,600/$50 = 32. The rule of 70 says that if X is the growth rate of a variable, then the variable doubles every

33、 70/X years. This implies the value of the stock doubled five times. Since it doubled 5 times in 100 years, it doubled every 20 years. According to the rule of 70, the value of an asset doubles every 70/X years. So, we need 70/X = 20, which means that X is 3.5 percent.DIF:3REF:27-1NAT:AnalyticLOC:Th

34、e Study of economics, and definitions of economicsTOP:Rule of 70MSC:Analytical4.Give an example of adverse selection and an example of moral hazard using homeowners insurance.ANS:An example of adverse selection is that someone whose home is in a location prone to theft is more likely to apply for ho

35、meowners insurance. An example of moral hazard is that once someone has insurance, he might keep fewer fire extinguishers in the house.DIF:1REF:27-2NAT:AnalyticLOC:The Study of economics, and definitions of economicsTOP:Adverse selection | Moral hazardMSC:Interpretive5.What's the difference betw

36、een firm-specific risk and market risk? Will diversification eliminate one or both? Explain.ANS:Market risk refers to economywide risk created by variations in output. Firms in general have lower sales and profits when output falls. Because all firms are likely to suffer through the downturn, market

37、 risk cannot be eliminated by diversification. Firm specific risk is specific to firms or industries and not the entire economy. Since some changes will be good for one industry and bad for another, diversification can reduce firm-specific risk but not market risk.DIF:2REF:27-2NAT:AnalyticLOC:The St

38、udy of economics, and definitions of economicsTOP:RiskMSC:Definitional6.List three different ways that a risk-averse person can reduce financial risk.ANS:A risk-averse person can reduce risk by buying insurance, by diversifying her stock portfolio, and by holding a larger percentage of her assets as

39、 low risk and low return assets such as government securities.DIF:2REF:27-2NAT:AnalyticLOC:The Study of economics, and definitions of economicsTOP:RiskMSC:Interpretive7.Discuss the statistical evidence concerning the efficient markets hypothesis.ANS:The evidence indicates that stock prices may not f

40、ollow a random walk exactly, but they are pretty close. The correlation between how well a stock does one year and how well it does the next is close to zero. Indexed funds tend to perform better than most managed funds. However, there is some evidence that people may become overconfident in their a

41、bilities and this may lead to the overvaluation of stocks.DIF:3REF:27-3NAT:AnalyticLOC:The Study of economics, and definitions of economicsTOP:Efficient markets hypothesisMSC:Definitional8.In the 1990s, several stocks had very, very high price to earnings ratios. These stocks appeared overvalued to

42、many observers. What might the people who bought them have been thinking?ANS:There are several possibilities. The first is that they had very high expectations for corporations that weren't doing well at the time to do very well in the future. The second is that in evaluating the value of stocks

43、 they took into account what others might be willing to pay for them in the future. Even if they thought that the corporation might never be profitable, they might have believed that other people would be willing to pay a lot for it in the future. Another possibility is that people became overconfid

44、ent in their ability to pick stocks in a rising stock market. This overconfidence may have led buyers to bid up prices.DIF:3REF:27-3NAT:AnalyticLOC:The Study of economics, and definitions of economicsTOP:Asset valuationMSC:Analytical9.Give two conditions that are important to the efficient market th

45、eory. List one implication of the efficient market theory.ANS:Efficient market theory says that it should be very difficult to beat the market by finding undervalued stocks. The first condition is that lots of people are following the stock exchange closely, so that any new information will be quick

46、ly reflected in a change in the stock price. The second condition is that supply and demand determine the price. Thus, the market will balance the number of people who think the stock is overvalued with those who think it is undervalued. Consequently, it should be difficult to consistently beat the

47、market.DIF:2REF:27-3NAT:AnalyticLOC:The Study of economics, and definitions of economicsTOP:Efficient markets hypothesisMSC:Definitional10.Draw graphs showing the following three relationships.1. The relation between utility and wealth for a risk averse consumer.2. The relation between standard devi

48、ation and the number of stocks in a portfolio.3. The relation between return and risk.ANS:DIF:2REF:27-1 | 27-2 | 27-3NAT:AnalyticLOC:The Study of economics, and definitions of economicsTOP:RiskMSC:AnalyticalSec00 - The Basic Tools of FinanceMULTIPLE CHOICE1.Most financial decisions involve two relat

49、ed elements: a.advice and consent.b.investment and taxes.c.time and risk.d.saving and consumption.ANS:CDIF:1REF:27-0NAT:AnalyticLOC:The Study of economics, and definitions of economicsTOP:Time horizon | RiskMSC:Interpretive2.The field of finance primarily studies a.how society manages its scarce res

50、ources.b.the implications of time and risk for allocating resources over time.c.firms decisions concerning how much to produce and what price to charge.d.how society can reduce market risk.ANS:BDIF:1REF:27-0NAT:AnalyticLOC:The Study of economics, and definitions of economicsTOP:Risk | Time horizonMS

51、C:Definitional3.The financial systema.involves bank accounts, mortgages, stock prices, and many other items.b.involves decisions and actions undertaken by people at a point in time that affect their lives in the future.c.coordinates the economys saving and investment.d.All of the above are correct.A

52、NS:DDIF:1REF:27-0NAT:AnalyticLOC:The Study of economics, and definitions of economicsTOP:Financial systemMSC:Interpretive4.Which of the following statements best describes the economists view of finance and the financial system?a.The financial system is very important to the functioning of the econo

53、my, and the tools of finance are often helpful to us as individuals when we find ourselves making certain decisions.b.The financial system, while interesting, is not very important to the functioning of the economy; however, the tools of finance are often helpful to us as individuals when we find ou

54、rselves making certain decisions.c.The financial system is very important to the functioning of the economy; however, the tools of finance are not particularly helpful to us as individuals since we seldom make decisions for which those tools are useful .d.The field of finance is intimately concerned

55、 with the financial system and the tools of finance, and financial economists see great importance in them; however, the “mainstream” economist sees little value in studying financial markets or the tools of finance.ANS:ADIF:1REF:27-0NAT:AnalyticLOC:The Study of economics, and definitions of economi

56、csTOP:Financial systemMSC:InterpretiveSec01 - The Basic Tools of Finance - Present Value: Measuring the Time Value of MoneyMULTIPLE CHOICE1.Suppose you put $350 into a bank account today. Interest is paid annually and the annual interest rate is 6 percent. The future value of the $350 after 4 years isa.$414.09.b.$4