05宏觀經(jīng)濟(jì)學(xué)曼昆第6版配套習(xí)題

1、Chapter 05Saving, Investment, and the Financial SystemMULTIPLE CHOICE1.When opening a restaurant you may need to by ovens, freezers, tables, and cash registers. Economists call these expendituresa.capital investment.b.investment in human capital.c.business consumption expenditures.d.None of the abov

2、e are correct.ANSWER: a.capital investment.TYPE: M DIFFICULTY: 1 SECTION: 13.02.When a country saves a larger portion of its GDP, it will havea.less investment, and so have more capital and higher productivity.b.less investment, and so have less capital and higher productivity.c.more investment, and

3、 so have more capital and higher productivity.d.more investment, and so have less capital and higher productivity.ANSWER: c.more investment, and so have more capital and higher productivity.TYPE: M DIFFICULTY: 1 SECTION: 13.03.Institutions in the economy that help to match one person's saving wi

4、th another person's investment are collectively called thea.Federal Reserve system.b.banking system.c.monetary system.d.financial system.ANSWER: d.financial system.TYPE: M DIFFICULTY: 1 SECTION: 13.04.Alfreds income exceeds his expenditures. Alfred is aa.saver who demands money from the financia

5、l system.b.saver who supplies money to the financial system.c.borrower who demands money from the financial system.d.borrower who demands money from the financial system.ANSWER: b.saver who supplies money to the financial system.TYPE: M DIFFICULTY: 1 SECTION: 13.15.Lucy wants to start her own psychi

6、atric practice, but her expenditures exceed her income. Lucy is aa.saver who demands money from the financial system.b.saver who supplies money to the financial system.c.borrower who demands money from the financial system.d.borrower who supplies money to the financial system.ANSWER: c.borrower who

7、demands money from the financial system.TYPE: M DIFFICULTY: 1 SECTION: 13.16.A bond is aa.financial intermediary.b.certificate of indebtedness.c.certificate of partial ownership in an enterprise.d.None of the above are correct.ANSWER: b.certificate of indebtedness.TYPE: M DIFFICULTY: 1 SECTION: 13.1

8、7.A certificate of indebtedness that specifies the obligations of the borrower to the holder is called aa.bond.b.stock.c.mutual fund.d.All of the above are correct.ANSWER: a.bond.TYPE: M DIFFICULTY: 1 SECTION: 13.18.If the governments expenditures exceeded its receipts, it would likelya.lend money t

9、o a bank or other financial intermediary.b.borrow money from a bank or other financial intermediary.c.directly buy bonds from the public.d.directly sell bonds to the public.ANSWER: d.directly sell bonds to the public.TYPE: M DIFFICULTY: 2 SECTION: 13.19.If Microsoft sells a bond they area.borrowing

10、directly from the public.b.borrowing indirectly from the public.c.lending directly to the public.d.lending indirectly to the public.ANSWER: a.borrowing directly from the public.TYPE: M DIFFICULTY: 2 SECTION: 13.110.Which of the following is correct?a.The maturity of a bond refers to the amount to be

11、 paid back.b.The principal of the bond refers to the person selling the bond.c.A bond buyer cannot sell a bond before it matures.d.None of the above are correct.ANSWER: d.None of the above are correct.TYPE: M DIFFICULTY: 1 SECTION: 13.111.Which of the following is NOT a nonsensical headline?a.Britis

12、h perpetuities about to mature.b.Disney issues new bonds with term of $1,000 each.c.Government bonds currently pay less interest than corporate bonds.d.Standard and Poors judges new junk bond to have very low credit risk.ANSWER: c.Government bonds currently pay less interest than corporate bonds.TYP

13、E: M DIFFICULTY: 2 SECTION: 13.112.The length of time until a bond matures is called ermediation.ANSWER: b.term.TYPE: M DIFFICULTY: 1 SECTION: 13.113.A perpetuity is distinguished from other bonds in that ita.pays continuously compounded interest.b.pays interest

14、only when it matures.c.never matures.d.will be used to purchase another bond when it matures unless the owner specifies otherwise.ANSWER: c.never matures.TYPE: M DIFFICULTY: 1 SECTION: 13.114.Which of the following is correct?a.Some bonds have terms as short as a few months.b.Because they are so ris

15、ky, junk bonds pay a low rate of interest.c.Corporations buy bonds to raise funds.d.All of the above are correct.ANSWER: a.Some bonds have terms as short as a few months.TYPE: M DIFFICULTY: 1 SECTION: 13.115.Which of the following is correct?a.Lenders sell bonds and borrowers buy them.b.Long-term bo

16、nds usually pay a lower interest rate than do short-term bonds because long-term bonds are riskier.c.Junk bonds refer to bonds that have been resold many times.d.None of the above are correct.ANSWER: d.None of the above are correct.TYPE: M DIFFICULTY: 1 SECTION: 13.116.Long-term bonds are generallya

17、.less risky than short-term bonds and so pay higher interest.b.less risky than short-term bonds and so pay lower interest.c.more risky than short-term bonds and so pay higher interest.d.more risky than short-term bonds and so pay lower interest.ANSWER: c.more risky than short-term bonds and so pay h

18、igher interest.TYPE: M DIFFICULTY: 1 SECTION: 13.117.Compared to long-term bonds, other things the same, short-term bonds generally havea.more risk and so pay higher interest.b.less risk and so pay lower interest.c.less risk and so pay higher interest.d.about the same risk and so pay about the same

19、interest.ANSWER: b.less risk and so pay lower interest.TYPE: M DIFFICULTY: 1 SECTION: 13.118.On which bond is default most likely?a.a junk bondb.a municipal bondc.a U.S. government bondd.a corporate bond issued by Proctor and Gamble.ANSWER: a.a junk bondTYPE: M DIFFICULTY: 1 SECTION: 13.119.Assuming

20、 that the bonds below have the same term and principal and that the state or local government which issues the municipal bond has a good credit rating, which list has bonds ordered from the one that pays the most interest to the one that pays the least interest?a.corporate bond, municipal bond, U.S.

21、 government bondb.corporate bond, U.S. government bond, municipal bondc.municipal bond, U.S. government bond, corporate bondd.U.S. government bond, municipal bond, corporate bondANSWER: b.corporate bond, U.S. government bond, municipal bondTYPE: M DIFFICULTY: 2 SECTION: 13.120.Other things the same,

22、 as the maturity of a bond becomes longer, the bond will paya.less interest because it has less risk.b.less interest because it has more risk.c.more interest because it has more riskd.There is no relation between term to maturity and risk.ANSWER: c.more interest because it has more riskTYPE: M DIFFI

23、CULTY: 2 SECTION: 13.121.Which of the following bond buyers did NOT buy the bond that best met their objective?a.Mia wanted a bond with a high interest rate, regardless of the risk. She purchased a junk bond.b.Anna wanted a bond that would let her best avoid taxes. She purchased a municipal bond.c.B

24、ill wanted to purchase a bond that was unlikely to have default. He purchased a bond that Standards and Poors rated a low credit risk.d.To reduce risk, Toby purchased a long-term bond rather than a short-term one.ANSWER: d.To reduce risk, Toby purchased a long-term bond rather than a short-term one.

25、TYPE: M DIFFICULTY: 1 SECTION: 13.122.Stephanie is interested only in the rate of interest and is willing to take a great deal of risk in exchange for a high return. She should look for bonds witha.tax exemptions and short terms.b.tax exemptions and long terms.c.no tax exemptions and short terms.d.n

26、o tax exemptions and long terms.ANSWER: d.no tax exemptions and long terms.TYPE: M DIFFICULTY: 1 SECTION: 13.123.Municipal bonds pay aa.low rate of interest because of their high-default risk and because the interest they pay is subject to federal income tax.b.low rate of interest because of their l

27、ow-default risk and because the interest they pay is not subject to federal income tax.c.high rate of interest because of their high-default risk and because federal taxes must be paid on the interest they pay.d.high rate of interest because of their low-default risk and because the interest they pa

28、y is not subject to federal income tax.ANSWER: b.low rate of interest because of their low-default risk and because the interest they pay is not subject to federal income tax.TYPE: M DIFFICULTY: 2 SECTION: 13.124.Which bond would you expect to pay the highest interest rate?a.a bond issued by the U.S

29、. governmentb.a bond issued by General Motorsc.a bond issued by New York Stated.a bond issued by a new restaurant chainANSWER: d.a bond issued by a new restaurant chainTYPE: M DIFFICULTY: 1 SECTON: 26.125.Jerry has the choice of two bonds, one that pays 3 percent interest and one that pays 6 percent

30、 interest. Which of the following is most likely?a.The 6 percent bond is less risky than the 3 percent bond.b.The 6 percent bond is a U.S. government bond, and the 3 percent bond is a junk bond.c.The 6 percent bond has a longer term than the 3 percent bond.d.The 6 percent bond is a municipal bond, a

31、nd the 3 percent bond is a U.S. government bond.ANSWER: c.The 6 percent bond has a longer term than the 3 percent bond.TYPE: M DIFFICULTY: 2 SECTION: 13.126.Lacey, a financial advisor has told her clients the following things. Which of her statements is incorrect?a.“U.S. government bonds generally h

32、ave a lower rate of interest than municipal bonds.”b.“The interest received on most bonds is taxable.”c.“U.S. government bonds have the lowest default risk.”d.“If you purchase a bond, you dont have to hold it until it matures.”ANSWER: a.“U.S. government bonds generally have a lower rate of interest

33、than municipal bonds.”TYPE: M DIFFICULTY: 2 SECTION: 13.127.The sale of stocksa.and bonds to raise money is called debt finance.b.and bonds to raise money is called equity finance.c.to raise money is called debt finance, while the sale of bonds to raise funds is called equity finance.d.to raise mone

34、y is called equity finance, while the sale of bonds to raise funds is called debt finance.ANSWER: d.to raise money is called equity finance, while the sale of bonds to raise funds is called debt finance.TYPE: M DIFFICULTY: 1 SECTION: 13.128.Papa Mario's Pizza Company sells common stock.a.They ar

35、e using equity financing and the return shareholders earn is fixed.b.They are using equity financing and the return shareholders earn depends on how profitable the company is.c.They are using debt financing and the return shareholders earn is fixed.d.They are using debt financing and the return shar

36、eholders earn depends on how profitable the company is.ANSWER: b.They are using equity financing and the return shareholders earn depends on how profitable the company is.TYPE: M DIFFICULTY: 1 SECTION: 13.129.Stock representsa.a claim to the profits of a firm.b.ownership in a firm.c.equity finance.d

37、.All of the above are correctANSWER: d.All of the above are correctTYPE: M DIFFICULTY: 1 SECTION: 13.130.People who buy newly issued stock in a corporation such as Rockwood Pottery providea.debt finance and so become part owners of Rockwood.b.debt finance and so become creditors of Rockwood.c.equity

38、 finance and so become part owners of Rockwood.d.equity finance and so become creditors of Rockwood.ANSWER: c.equity finance and so become part owners of Rockwood.TYPE: M DIFFICULTY: 1 SECTION: 13.131.If Huedepool Beer runs into financial difficulty, the stockholders asa.part owners of Huedepool are

39、 paid before bondholders get paid anything at all.b.part owners of Huedepool are paid after bondholders get paid.c.creditors of Huedepool are paid before bondholders get paid anything at all.d.creditors of Huedepool are paid after bondholders get paid.ANSWER: b.part owners of Huedepool are paid afte

40、r bondholders get paid.TYPE: M DIFFICULTY: 1 SECTION: 13.132.People who buy stock in a corporation such as General Electric becomea.creditors of General Electric, so the benefits of holding the stock depend on General Electrics profits.b.creditors of General Electric, but the benefits of holding the

41、 stock do not depend on General Electrics profits.c.part owners of General Electric, so the benefits of holding the stock depend on General Electrics profits.d.part owners of General Electric, but the benefits of holding the stock do not depend on General Electrics profits.ANSWER: c.part owners of G

42、eneral Electric, so the benefits of holding the stock depend on General Electrics profits.TYPE: M DIFFICULTY: 1 SECTION: 13.133.Which of the following people purchased the correct asset to meet their objective?a.Michelle wanted to be a part owner of Mamma Rosas Pizza, so she purchased a bond issued

43、by Mamma Rosas Pizza.b.Tim wanted a high return, even if it meant taking some risk, so he purchased stock issued by Specific Electric instead of bonds issued by Specific Electric.c.Jennifer wanted to buy equity in Honda, so she purchased bonds sold by Honda.d.All of the above are correct.ANSWER: b.T

44、im wanted a high return, even if it meant taking some risk, so he purchased stock issued by Specific Electric instead of bonds issued by Specific Electric.TYPE: M DIFFICULTY: 1 SECTION: 13.134.Compared to bonds, stocks offer the holdera.lower risk.b.partial ownership.c.the likelihood of a lower retu

45、rn.d.All of the above are correct.ANSWER: b.partial ownership.TYPE: M DIFFICULTY: 1 SECTION: 13.135.The price of stock traded on exchanges are determined bya.the Corporate Stock Administration.b.NASDAQ.c.the supply and demand for the stock.d.All of the above are correct.ANSWER: c.the supply and dema

46、nd for the stock.TYPE: M DIFFICULTY: 1 SECTION: 13.136.Which of the following is not an important stock exchange in the United States?a.New York Stock Exchangeb.American Stock Exchangec.Chicago Mercantile Exchanged.NASDAQANSWER: c.Chicago Mercantile ExchangeTYPE: M DIFFICULTY: 1 SECTION: 13.137.All

47、else equal, when people become more optimistic about a company's future, thea.supply of the stock and the price will both rise.b.supply of the stock and the price will both fall.c.demand for the stock and the price will both rise.d.demand for the stock and the price will both fall.ANSWER: c.dema

48、nd for the stock and the price will both rise.TYPE: M DIFFICULTY: 2 SECTION: 13.138.Suppose that the government finds a major defect in one of a companys products and demands that they take it off the market. We would expect that thea. supply of the stock and the price will both rise.b. supply of th

49、e stock and the price will both fall.c. demand for the stock and the price will both rise.d. demand for the stock and the price will both fall.ANSWER: d.demand for the stock and the price will both fall.TYPE: M DIFFICULTY: 2 SECTION: 13.139.World Wide Delivery Service Corporation develops a way to s

50、peed up their deliveries and reduce their costs. We would expect that this woulda.raise the demand for existing shares of the stock, causing its price to rise.b.decrease the demand for existing shares of the stock, causing its price to fall.c.raise the supply of the existing shares of stock, causing

51、 its price to rise.d.raise the supply of the existing shares of stock, causing its price to fall.ANSWER: a.raise the demand for existing shares of the stock, causing its price to rise.TYPE: M DIFFICULTY: 2 SECTION: 13.140.Other things being constant, when a business issues more stock, thea.supply of

52、 the stock is greater and thus the price will fall.b.supply of the stock is less and thus the price will rise.c.demand for the stock is greater and thus the price will rise.d.demand for the stock is less and thus the price will fall.ANSWER: a.supply of the stock is greater and thus the price will fa

53、ll.TYPE: M DIFFICULTY: 2 SECTION: 13.141.Which of the following statements is most likely to be correct?a.A general, persistent decline in stock prices is a signal that the economy is about to enter a boom period because people will be able to buy stock for less money.b.A general, persistent decline

54、 in stock prices is a signal that the economy is about to enter a recession because low stock prices may mean that people are expecting low corporate profits.c.A general, persistent decline in stock prices does not tell us anything about the business cycle because stock prices can fall for many reas

55、ons.d.A general, persistent decline in stock prices is a signal that the economy is about to enter a recession because low stock prices mean that corporations have had low profits in the past.ANSWER: b.A general, persistent decline in stock prices is a signal that the economy is about to enter a rec

56、ession because low stock prices may mean that people are expecting low corporate profits.TYPE: M DIFFICULTY: 2 SECTION 26.142.Stock indexes area.the average of a group of stock prices.b.the average of a group of stock yields.c.reports in the newspaper that report on the price of the stock and earnings of the corporation.d.measures of the risk relative to the profitability of corporations.ANSWER: a.the average of a group of stock price