投资学题库.docx

投资学题库.docx

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投资学题库

Chapter17

MacroeconomicandindustryAnalysis

1. Atopdownanalysisofafirmstartswith____________. 

D. theglobaleconomy

2. Anexampleofahighlycyclicalindustryis________. 

A. theautomobileindustry

3. Demand-sideeconomicsisconcernedwith_______. 

A. governmentspendingandtaxlevels

B. monetarypolicy

C. fiscalpolicy

E. A,B,andC

4. Themostwidelyusedmonetarytoolis___________. 

C. openmarketoperations

5. The"real",orinflation-adjusted,exchangerate,is 

C. thepurchasingpowerratio.

6. The"normal"rangeofprice-earningsratiosfortheS&P500Indexis 

D. between12and25

7. Monetarypolicyisdeterminedby 

C. theboardofGovernorsoftheFederalReserveSystem.

8. Atroughis________. 

B. atransitionfromacontractioninthebusinesscycletothestartofanexpansion

9. Apeakis________. 

A. atransitionfromanexpansioninthebusinesscycletothestartofacontraction

10. Iftheeconomyisgrowing,firmswithhighoperatingleveragewillexperience__________. 

A. higherincreasesinprofitsthanfirmswithlowoperatingleverage.

11. Iftheeconomyisshrinking,firmswithhighoperatingleveragewillexperience__________. 

A. higherdecreasesinprofitsthanfirmswithlowoperatingleverage.

12. Iftheeconomyisgrowing,firmswithlowoperatingleveragewillexperience__________. 

C. smallerincreasesinprofitsthanfirmswithhighoperatingleverage.

13. Iftheeconomyisshrinking,firmswithlowoperatingleveragewillexperience__________. 

C. smallerdecreasesinprofitsthanfirmswithhighoperatingleverage.

14. Industrialproductionrefersto_________. 

C. thetotalmanufacturingoutputintheeconomy.

15. GDPrefersto_________. 

D. thetotalproductionofgoodsandservicesintheeconomy

16. ArapidlygrowingGDPindicatesa（n）______economywith______opportunityforafirmtoincreasesales. 

D. expanding;ample

17. AdecliningGDPindicatesa（n）______economywith______opportunityforafirmtoincreasesales. 

A. stagnant;little

18. Theaveragedurationofunemploymentandchangesintheconsumerpriceindexforservicesare_________. 

C. laggingeconomicindicators

19. Afirminanindustrythatisverysensitivetothebusinesscyclewilllikelyhaveastockbeta___________. 

A. greaterthan1.0

20. Iftheeconomyweregoingintoarecession,anattractiveindustrytoinvestinwouldbethe________industry. 

B. medicalservices

21. Thestockpriceindexandcontractsandnewordersfornondefensecapitalgoodsare 

A. leadingeconomicindicators.

22. Afirmintheearlystagesoftheindustrylifecyclewilllikelyhave________. 

B. highrisk.

C. rapidgrowth

E. BandC

23. AssumetheU.S.governmentwastodecidetoincreasethebudgetdeficit.Thisactionwillmostlikelycause__________toincrease 

A. interestrates

B. governmentborrowing

D. bothAandB

24. AssumetheU.S.governmentwastodecidetodecreasethebudgetdeficit.Thisactionwillmostlikelycause__________todecrease 

A. interestrates

B. governmentborrowing

D. bothAandB

25. AssumethattheFederalReservedecreasesthemoneysupply.Thisactionwillcause________todecrease. 

C. investmentintheeconomy

26. Ifthecurrencyofyourcountryisdepreciating,theresultshouldbeto______exportsandto_______imports. 

B. stimulate,discourage

27. Ifthecurrencyofyourcountryisappreciating,theresultshouldbeto______exportsandto_______imports. 

C. discourage,stimulate

28. Increasesinthemoneysupplywillcausedemandforinvestmentandconsumptiongoodsto_______intheshortrunandcausepricesto________inthelongrun. 

A. increase,increase

29. TheNorthAmericanIndustryClassificationSystem（NAICS） 

A. areforfirmsthatoperateintheNAFTAregion.

B. groupfirmsbyindustry.

D. AandB.

30. Ifinterestratesincrease,businessinvestmentexpendituresarelikelyto______andconsumerdurableexpendituresarelikelyto_________. 

D. decrease,decrease

31. Fiscalpolicygenerallyhasa_______directimpactthanmonetarypolicyontheeconomy,andtheformulationandimplementationoffiscalpolicyis______thanthatofmonetarypolicy. 

B. more,slower

32. Fiscalpolicyisdifficulttoimplementquicklybecause 

A. itrequirespoliticalnegotiations.

B. muchofgovernmentspendingisnondiscretionaryandcannotbechanged.

D. AandB.

33. Inflation 

A. istherateatwhichthegenerallevelofpricesisincreasing.

B. ratesarehighwhentheeconomyisconsideredtobe"overheated".

D. AandB.

 Twofirms,AandB,bothproducewidgets.Thepriceofwidgetsis$1each.FirmAhastotalfixedcostsof$500,000andvariablecostsof50centsperwidget.FirmBhastotalfixedcostsof$240,000andvariablecostsof75centsperwidget.Thecorporatetaxrateis40%.Iftheeconomyisstrong,eachfirmwillsell1,200,000widgets.Iftheeconomyentersarecession,eachfirmwillsell1,100,000widgets.

34. Iftheeconomyentersarecession,theafter-taxprofitofFirmAwillbe________. 

C. $30,000

35. Iftheeconomyentersarecession,theafter-taxprofitofFirmBwillbe_______. 

E. noneoftheabove

36. Iftheeconomyisstrong,theafter-taxprofitofFirmAwillbe_______. 

D. $60,000

37. Iftheeconomyisstrong,theafter-taxprofitofFirmBwillbe__________. 

C. $36,000

38. CalculatefirmA'sdegreeofoperatingleverage. 

A. 11.0

39. CalculatefirmB'sdegreeofoperatingleverage. 

C. 29.86

40. Classifyingfirmsintogroups,suchas_________providesanalternativetotheindustrylifecycle. 

A. slow-growers

B. stalwarts

D. AandB

41. Supply-sideeconomistswishingtostimulatetheeconomyaremostlikelytorecommend 

D. adecreaseinthetaxrate.

42. Whichofthefollowingarenotexamplesofdefensiveindustries?

B. durablegoodsproducers.

43. Whichofthefollowingareexamplesofdefensiveindustries?

A. foodproducers.

C. pharmaceuticalfirms.

D. publicutilities

E. A,CandD

44. ________isapropositionthatastrongproponentofsupplysideeconomicswouldmostlikelystress. 

B. Highermarginaltaxratespromoteeconomicinefficiencyandtherebyretardaggregateoutputastheyencourageinvestorstoundertakelowproductivityprojectswithsubstantialtaxshelterbenefits

45. Theindustrylifecycleisdescribedbywhichofthefollowingstage（s）?

A. start-up.

B. consolidation.

D. AandB.

46. Inthestart-upstageoftheindustrylifecycle 

A. itisdifficulttopredictwhichfirmswillsucceedandwhichfirmswillfail.

B. industrygrowthisveryrapid.

D. AandB.

47. Intheconsolidationstageoftheindustrylife-cycle 

C. theperformanceoffirmswillmorecloselytracktheperformanceoftheoverallindustry.

48. Inthematuritystageoftheindustrylifecycle 

A. theproducthasreachedfullpotential.

B. profitmarginsarenarrower.

C. producersareforcedtocompeteonpricetoagreaterextent.

E. A,B,andC.

49. Inthedeclinestageoftheindustrylifecycle 

A. theproductmayhavereachedobsolescence.

B. theindustrywillgrowataratelessthantheoveralleconomy.

C. theindustrymayexperiencenegativegrowth.

E. A,B,andC.

50. Avarietyoffactorsrelatingtoindustrystructureaffecttheperformanceofthefirm,including 

A. threatofentry.

B. rivalrybetweenexistingcompetitors.

E. AandB.

51. Theprocessofestimatingthedividendsandearningsthatcanbeexpectedfromthefirmbasedondeterminantsofvalueiscalled 

D. fundamentalanalysis.

52. TheemergingmarketexhibitingthehighestgrowthinrealGDPin2007was 

A. China

53. TheemergingstockmarketexhibitingthehighestU.S.dollarreturnin2007was 

A. China

54. Thelifecyclestageinwhichindustryleadersarelikelytoemergeisthe 

C. consolidationstage.

55. InvestmentmanagerPeterLynchreferstofirmsthatareinbankruptcyorsoonmightbeas 

E. turnarounds.

56. Atop-downanalysisofafirm'sprospectsstartswith 

D. anassessmentofthebroadeconomicenvironment.

57. Overtheperiod1999-2006,whichofthefollowingcountrieshadachangeinitsrealexchangeratethatwasfavorableforU.S.consumerswhowanttobuyitsgoods?

E. Japan

58. Overtheperiod1999-2006,whichofthefollowingcountrieshadachangeinitsrealexchangeratethatwasmostunfavorableforU.S.consumerswhowanttobuyitsgoods?

A. Canada

59. Inrecentyears,P/Emultipleshave 

B. risendramatically.

60. Inrecentyears,P/EmultiplesforS&P500companieshave 

D. rangedfrom12to25.

61. TheindustrywiththehighestROEin2007was 

D. iron/steel.

62. TheindustrywiththelowestROEin2007was 

E. airlines.

63. Theindustrywiththelowestreturnin2007was 

A. homeconstruction.

64. Theindustrywiththehighestreturnin2007was 

B. oilequipment.

65. Investorscan______investinanindustrywiththehighestexpectedreturnbypurchasing______. 

B. not;industry-specificiShares

66. Whichofthefollowingarekeyeconomicstatisticsthatareusedtodescribethestateofthemacroeconomy?

I）grossdomesticproduct

II）theunemploymentrate

III）inflation

IV）consumersentiment

V）thebudgetdeficit 

E. I,II,III,IV,andV

67. Anexampleofapositivedemandshockis 

E. adecreaseintaxrates.

68. Anexampleofanegativedemandshockis 

A. adecreaseinthemoneysupply.

B. adecreaseingovernmentspending.

E. AandB.

69. Duringwhichstageoftheindustrylifecyclewouldafirmexperiencestablegrowthinsales?

A. Consolidation

70. Theemergingstockmarketexhibitingthehighestlocalcurrencyreturnin2007was 

B. China

E. China

71. Sectorrotation 

C. isshiftingtheportfoliomoreheavilytowardanindustryorsectorthatisexpectedtoperformwellin