05宏观经济学(曼昆-第6版-配套习题.doc

05宏观经济学(曼昆-第6版-配套习题.doc

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Chapter05/Saving,Investment,andtheFinancialSystemF379

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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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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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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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.governmentbondsgenerallyhavealowerrateofinterestt