第5单元 金融考试题 西南财经大学天府学院.docx
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第5单元金融考试题西南财经大学天府学院
FinancialMarketsandInstitutions,7e（Mishkin）
Chapter5HowDoRiskandTermStructureAffectInterestRates?
5.1MultipleChoice
1）Thetermstructureofinterestratesis
A）therelationshipamonginterestratesofdifferentbondswiththesameriskandmaturity.
B）thestructureofhowinterestratesmoveovertime.
C）therelationshipamongthetermstomaturityofdifferentbondsfromdifferentissuers.
D）therelationshipamonginterestratesonbondswithdifferentmaturitiesbutsimilarrisk.
Answer:
D
2）Theriskstructureofinterestratesis
A）thestructureofhowinterestratesmoveovertime.
B）therelationshipamonginterestratesofdifferentbondswiththesamematurity.
C）therelationshipamongthetermstomaturityofdifferentbonds.
D）therelationshipamonginterestratesonbondswithdifferentmaturities.
Answer:
B
3）Whichofthefollowinglong-termbondsshouldhavethelowestinterestrate?
A）CorporateBaabonds
B）U.S.Treasurybonds
C）CorporateAaabonds
D）Municipalbonds
Answer:
D
4）Whichofthefollowinglong-termbondsshouldhavethehighestinterestrate?
A）CorporateBaabonds
B）U.S.Treasurybonds
C）CorporateAaabonds
D）Municipalbonds
Answer:
A
5）Theriskpremiumoncorporatebondsbecomessmallerif
A）theriskinessofcorporatebondsincreases.
B）theliquidityofcorporatebondsincreases.
C）theliquidityofcorporatebondsdecreases.
D）theriskinessofcorporatebondsdecreases.
E）eitherBorDoftheaboveoccur.
Answer:
E
6）Bondswithrelativelylowriskofdefaultarecalled
A）zerocouponbonds.
B）junkbonds.
C）investment-gradebonds.
D）noneoftheabove.
Answer:
C
7）Bondswithrelativelyhighriskofdefaultarecalled
A）Bradybonds.
B）junkbonds.
C）zerocouponbonds.
D）investment-gradebonds.
Answer:
B
8）Acorporationsufferingbiglossesmightbemorelikelytosuspendinterestpaymentsonitsbonds,thereby
A）raisingthedefaultriskandcausingthedemandforitsbondstorise.
B）raisingthedefaultriskandcausingthedemandforitsbondstofall.
C）loweringthedefaultriskandcausingthedemandforitsbondstorise.
D）loweringthedefaultriskandcausingthedemandforitsbondstofall.
Answer:
B
9）（I）Ifacorporationsuffersbiglosses,thedemandforitsbondswillrisebecauseofthehigherinterestratesthefirmmustpay.
（II）Thespreadbetweentheinterestratesonbondswithdefaultriskanddefault-freebondsiscalledtheriskpremium.
A）（I）istrue,（II）false.
B）（I）isfalse,（II）true.
C）Botharetrue.
D）Botharefalse.
Answer:
B
10）Holdingeverythingelseconstant,ifacorporationbeginstosufferlargelosses,thenthedefaultriskonitsbondswill________andtheexpectedreturnonthosebondswill________.
A）increase:
increase
B）decrease;increase
C）increase;decrease
D）decrease;decrease
Answer:
C
11）Holdingeverythingelsethesame,ifacorporation'searningsrise,thenthedefaultriskonitsbondswill________andtheexpectedreturnonthosebondswill________.
A）increase;decrease
B）decrease;decrease
C）increase;increase
D）decrease;increase
Answer:
D
12）Ifacorporationbeginstosufferlargelosses,thenthedefaultriskonitsbondswill________andtheequilibriuminterestrateonthesebondswill________.
A）increase;decrease
B）decrease;increase
C）increase;increase
D）decrease;decrease
Answer:
C
13）Ifacorporation'searningsrise,thenthedefaultriskonitsbondswill________andtheequilibriuminterestrateonthesebondswill________.
A）increase;decrease
B）decrease;decrease
C）increase;increase
D）decrease;increase
Answer:
B
14）Whenthedefaultriskoncorporatebondsdecreases,otherthingsequal,thedemandcurveforcorporatebondsshiftstothe________andthedemandcurveforTreasurybondsshiftstothe________.
A）right;right
B）right;left
C）left;left
D）left;right
Answer:
B
15）（I）Anincreaseindefaultriskoncorporatebondsshiftsthedemandcurveforcorporatebondstotheright.
（II）AnincreaseindefaultriskoncorporatebondsshiftsthedemandcurveforTreasurybondstotheleft.
A）（I）istrue,（II）false.
B）（I）isfalse,（II）true.
C）Botharetrue.
D）Botharefalse.
Answer:
D
16）（I）Anincreaseindefaultriskoncorporatebondsshiftsthedemandcurveforcorporatebondstotheleft.
（II）AnincreaseindefaultriskoncorporatebondsshiftsthedemandcurveforTreasurybondstotheright.
A）（I）istrue,（II）false.
B）（I）isfalse,（II）true.
C）Botharetrue.
D）Botharefalse.
Answer:
C
17）Thespreadbetweeninterestratesonlow-qualitycorporatebondsandU.S.governmentbonds________duringtheGreatDepression.
A）wasreversed
B）narrowedsignificantly
C）widenedsignificantly
D）didnotchange
Answer:
C
18）Asaresultofthesubprimecollapse,thedemandforlow-qualitycorporatebonds________,thedemandforhigh-qualityTreasurybonds________,andtheriskspread________.
A）increased;decreased;wasunchanged
B）decreased;increased;increased
C）increased;decreased;decreased
D）decreased;increased;wasunchanged
Answer:
B
19）Moody'sandStandardandPoor'sareagenciesthat
A）helpinvestorscollectwhencorporationsdefaultontheirbonds.
B）advisemunicipalbondissuersonthetaxexemptstatusoftheirbonds.
C）produceinformationabouttheprobabilityofdefaultoncorporatebonds.
D）maintainliquidmarketsforcorporatebonds.
Answer:
C
20）IfMoody'sorStandardandPoor'sdowngradesitsratingonacorporatebond,thedemandforthebond________anditsyield________.
A）increases;decreases
B）decreases;increases
C）increases;increases
D）decreases;decreases
Answer:
B
21）Corporatebondsarenotasliquidasgovernmentbondsbecause
A）fewerbondsforanyonecorporationaretraded,makingthemmorecostlytosell.
B）thecorporatebondratingmustbecalculatedeachtimetheyaretraded.
C）corporatebondsarenotcallable.
D）alloftheabove.
E）onlyAandBoftheabove.
Answer:
A
22）（I）Theriskpremiumwidensasthedefaultriskoncorporatebondsincreases.
（II）Theriskpremiumwidensascorporatebondsbecomelessliquid.
A）（I）istrue,（II）false.
B）（I）isfalse,（II）true.
C）Botharetrue.
D）Botharefalse.
Answer:
C
23）Whenthecorporatebondmarketbecomeslessliquid,otherthingsequal,thedemandcurveforcorporatebondsshiftstothe________andthedemandcurveforTreasurybondsshiftstothe________.
A）right;right
B）right;left
C）left;left
D）left;right
Answer:
D
24）Whenthecorporatebondmarketbecomesmoreliquid,otherthingsequal,thedemandcurveforcorporatebondsshiftstothe________andthedemandcurveforTreasurybondsshiftstothe________.
A）right;right
B）right;left
C）left;left
D）left;right
Answer:
B
25）（I）Ifacorporatebondbecomeslessliquid,thedemandforthebondwillfall,causingtheinterestratetorise.
（II）Ifacorporatebondbecomeslessliquid,thedemandforTreasurybondsdoesnotchange.
A）（I）istrue,（II）false.
B）（I）isfalse,（II）true.
C）Botharetrue.
D）Botharefalse.
Answer:
A
26）（I）Ifacorporatebondbecomeslessliquid,theinterestrateonthebondwillfall.
（II）Ifacorporatebondbecomeslessliquid,theinterestrateonTreasurybondswillfall.
A）（I）istrue,（II）false.
B）（I）isfalse,（II）true.
C）Botharetrue.
D）Botharefalse.
Answer:
B
27）Ifincometaxrateswerelowered,then
A）theinterestrateonmunicipalbondswouldfall.
B）theinterestrateonTreasurybondswouldrise.
C）theinterestrateonmunicipalbondswouldrise.
D）thepriceofTreasurybondswouldfall.
Answer:
C
28）Ifincometaxratesrise,then
A）thepricesofmunicipalbondswillfall.
B）thepricesofTreasurybondswillrise.
C）theinterestrateonTreasurybondswillrise.
D）theinterestrateonmunicipalbondswillrise.
Answer:
C
29）Anincreaseinmarginaltaxrateswouldlikelyhavetheeffectof________thedemandformunicipalbondsand________thedemandforU.S.governmentbonds.
A）increasing;increasing
B）increasing;decreasing
C）decreasing;increasing
D）decreasing;decreasing
Answer:
B
30）Adecreaseinmarginaltaxrateswouldlikelyhavetheeffectof________thedemandformunicipalbondsand________thedemandforU.S.governmentbonds.
A）increasing;increasing
B）increasing;decreasing
C）decreasing;increasing
D）decreasing;decreasing
Answer:
C
31）Whichofthefollowingstatementsaretrue?
A）Becausecouponpaymentsonmunicipalbondsareexemptfromfederalincometax,theexpectedafter-taxreturnonthemwillbehigherforindividualsinhigherincometaxbrackets.
B）Anincreaseintaxrateswillincreasethedemandformunicipalbonds,loweringtheirinterestrates.
C）Interestratesonmunicipalbondswillbelowerthanoncomparablebondswithoutthetaxexemption.
D）Alloftheabovearetruestatements.
E）OnlyAandBaretruestatements.
Answer:
D
32）Whichofthefollowingstatementsaretrue?
A）Becausecouponpaymentsonmunicipalbondsareexemptfromfederalincometax,theexpectedafter-taxreturnonthemwillbehigherforindividualsinhigherincometaxbrackets.
B）AnincreaseintaxrateswillincreasethedemandforTreasurybonds,loweringtheirinterestrates.
C）Interestratesonmunicipalbondswillbehigherthanoncomparablebondswithoutthetaxexemption.
D）OnlyAandBaretruestatements.
Answer:
A
33）Whenamunicipalbondisgiventax-freestatus,thedemandformunicipalbondsshifts________,causingtheinterestrateonthebondto________.
A）leftward;rise
B）leftward;fall
C）rightward;rise
D
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