货币银行学双语复习题

1 复习题复习题 一 英译汉一 英译汉 1 Interest rate 2 Stock 3 bond 4 bank 5 Capital market 6 Primary market 7 coupon bond 8 preset value 9 wealth 10 supply curve 11 Eurodollars 12 Transaction costs 13 Yield to maturity 14 Default free bonds 15 Interest rate risk 16 Security 17 Asymmetric information 18 Fiat money 19 Medium of exchange 20 Liquidity preference framework 一 英译汉答案一 英译汉答案 1 利率 2 股票 3 债券 4 银行 5 资本市场 6 初级 一级 市场 7 息票债券 8 现值 9 财富 10 供给曲线 11 欧洲美元 12 交易成本 13 到期收益率 14 无违约风险债券 15 利率风险 16 证券 金融工具 17 信息不对称 18 不兑现货币 19 交易媒介 20 流动性偏好理论 二 单项选择题二 单项选择题 1 A decrease in wealth a has no effect on bond demand b increases the demand for bonds c increases the demand for housing d reduces the demand for housing e increases the demand for stocks 2 The four determinants of asset demand include all but which factor 2 Which factor is not a determinant of asset demand a expected returns b wealth c liquidity d risk e expected inflation 3 Moral hazard refers to a a problem created by asymmetric information after the transaction occurs b a problem created by asymmetric information before the transaction occurs c risk that the borrower might engage in activities undesirable from the lender s point of view d B left b right right c left left d left right 12 The problem helps to explain why the private production and sale of information cannot eliminate a principal agent moral hazard b free rider moral hazard c free rider adverse selection d principal agent adverse selection 13 Analysis of adverse selection indicates that financial intermediaries especially banks 4 a do a rather good job of overcoming adverse selection problems helping to explain why indirect finance is a more important source of business finance than is direct finance b provide better known and larger corporations a higher percentage of their external funds than they do to newer and smaller corporations which rely to a greater extent on the new issues market for funds c do a rather poor job of overcoming adverse selection problems helping to explain why direct finance is a more important source of business finance than is indirect finance d do only A and C of the above 14 Moral hazard in equity contracts is known as the problem because the manager of the firm has fewer incentives to maximize profits than the stockholders might ideally prefer a adverse selection b free rider c debt deflation d principal agent 15 Which of the following is not an example of adverse selection a Job applicants seeking employment being those who are less qualified b Using a loan for a different purpose c Rich people worrying about others seeking to marry them for money d Bad credit risk seeking a loan 16 Since depositors like any lender only receive fixed payments while the bank keeps any surplus profits they face the problem that banks may take on too risk a adverse selection much b adverse selection little c moral hazard little d moral hazard much 17 Asymmetric information problem includes a adverse selection b moral hazard c both A and B d none of above 18 The lemons problem can explain a adverse selection b moral hazard c transaction cost d both A and B 5 二 单项选择题答案二 单项选择题答案 1 d 2 e 3 e 4 d 5 b 6 d 7 d 8 c 9 e 10 C 11 d 12 c 13 a 14 d 15 b 16 d 17 c 18 a 三 三 判断题判断题 1 The return equals the yield to maturity only if the holding period equals the time to maturity 2 The more distant a bond s maturity the smaller the size of the percentage price change associated with an interest rate change 3 Even if a bond has a substantial initial interest rate its return can be negative if interest rates rise 4 There is interest rate risk for any bond whose time to maturity matches the holding period 5 Real interest rate is adjusted for changes in price level so it more accurately reflects the cost of borrowing 6 At lower prices ceteris paribus the quantity supplied of bonds is lower a positive relationship 7 An increase in the expected rate of inflations lowers the expected return for bonds causing the demand curve to shift to the left 8 An increase in the money supply will lower interest rates by the liquidity effect and upper interest rates by income effect Price Level effect and Expected Inflation effect 9 Increased budget deficits shift the supply curve of bonds to the left 10 The price of a coupon bond and the yield to maturity are negatively related 11 Market is where funds are transferred from people who have a shortage of funds to people who have an excess of available funds 6 12 There are three financial markets the bond market the stock market and the foreign exchange market 13 Money markets deal in longer term debt and equity instruments 14 A rise in the price level causes the demand for money at each interest rate to increase and the demand curve to shift to the left this is called Price Level Effect 15 Financial intermediaries can lower transaction costs increase the exposure of investors to risk and deal with asymmetric information problems 16 The aim of regulation of the financial system is to increase the information available to investors to increase adverse selection and moral hazard problems and increase insider trading 17 Wealth is the total collection of pieces of property that serve to store value 18 Store of value one of the functions of money can be used to save purchasing power over time but loses value during inflation 19