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）economywithopportunity

forafirmtoincreasesales.

D.expanding;ample

17.AdecliningGDPindicatesa（n）economywithopportunityfor

afirmtoincreasesales.

A.stagnant;little

18.Theaveragedurationofunemploymentandchangesintheconsumerpriceindexforservicesare.

C.laggingeconomicindicators

19.Afirminanindustrythatisverysensitivetothebusinesscyclewilllikelyhaveastockbeta.

A.greaterthan

20.Iftheeconomyweregoingintoarecession,anattractiveindustrytoinvestinwouldbetheindustry.

B.medicalservices

21.Thestockpriceindexandcontractsandnewordersfornondefensecapitalgoodsare

A.leadingeconomicindicators.

22.Afirmintheearlystagesoftheindustrylifecyclewilllikelyhave

B.highrisk.

C.rapidgrowth

E.BandC

23.Assumethe.governmentwastodecidetoincreasethebudgetdeficit.This

actionwillmostlikelycausetoincrease

A.interestrates

B.governmentborrowing

D.bothAandB

24.Assumethe.governmentwastodecidetodecreasethebudgetdeficit.This

actionwillmostlikelycausetodecrease

A.interestrates

B.governmentborrowing

D.bothAandB

25.AssumethattheFederalReservedecreasesthemoneysupply.Thisactionwillcausetodecrease.

C.investmentintheeconomy

26.Ifthecurrencyofyourcountryisdepreciating,theresultshouldbeto

exportsandtoimports.

B.stimulate,discourage

27.Ifthecurrencyofyourcountryisappreciating,theresultshouldbetoexportsandtoimports.

C.discourage,stimulate

28.Increasesinthemoneysupplywillcausedemandforinvestmentandconsumptiongoodstointheshortrunandcausepricestoin

thelongrun.

A.increase,increase

29.TheNorthAmericanIndustryClassificationSystem（NAICS）

A.areforfirmsthatoperateintheNAFTAregion.

B.groupfirmsbyindustry.

D.AandB.

30.Ifinterestratesincrease,businessinvestmentexpendituresarelikelytoandconsumerdurableexpendituresarelikelyto.

D.decrease,decrease

31.Fiscalpolicygenerallyhasadirectimpactthanmonetarypolicy

ontheeconomy,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,eachfirmwillsell

1,200,000widgets.Iftheeconomyentersarecession,eachfirmwillsell

1,100,000widgets.

34.Iftheeconomyentersarecession,theafter-taxprofitofFirmAwillbe

C.$30,000

35.Iftheeconomyentersarecession,theafter-taxprofitofFirmBwillbe

E.noneoftheabove

36.Iftheeconomyisstrong,theafter-taxprofitofFirmAwillbe

D.$60,000

37.Iftheeconomyisstrong,theafter-taxprofitofFirmBwillbe

38.CalculatefirmA'sdegreeofoperatingleverage.

A.

39.CalculatefirmB'sdegreeofoperatingleverage.

C.

40.Classifyingfirmsintogroups,suchasprovidesanalternative

totheindustrylifecycle.

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.isapropositionthatastrongproponentofsupplysideeconomics

wouldmostlikelystress.

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.TheemergingmarketexhibitingthehighestgrowthinrealGDPin2007wasA.China

53.Theemergingstockmarketexhibitingthehighest.dollarreturnin2007was

A.China

54.ThelifecyclestageinwhichindustryleadersarelikelytoemergeistheC.consolidationstage.

55.InvestmentmanagerPeterLynchreferstofirmsthatareinbankruptcyorsoonmightbeasE.turnarounds.

56.Atop-downanalysisofafirm'sprospectsstartswith

D.anassessmentofthebroadeconomicenvironment.

57.Overtheperiod1999-2006,whichofthefollowingcountrieshadachangeinitsrealexchangeratethatwasfavorablefor.consumerswhowanttobuyitsgoods?

E.Japan

58.Overtheperiod1999-2006,whichofthefollowingcountrieshadachangeinitsrealexchangeratethatwasmostunfavorablefor.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.Investorscaninvestinanindustrywiththehighestexpectedreturn

bypurchasing.

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.isshiftingtheportfoliomoreheavilytowardanindustryorsectorthat

isexpectedtoperformwellinthefuture.

72.AccordingtoMichaelPorter,therearefivedeterminantsofcompetition.

Anexampleofiswhennewentrantstoanindustryourpressureonprices

andprofits.

A.ThreatofEntry

73.AccordingtoMichaelPorter,therearefivedeterminantsofcompetition.Anexampleofiswhencompetitorsseektoexpandtheirshareofthe

market.

B.RivalrybetweenExistingCompetitors

74.AccordingtoMichaelPorter,therearefivedeterminantsofcompetition.

Anexampleofiswhentheavailabilitylimitsthepricesthatcanb