國立中興大學八十八學年度第一學期期中考試
科目:貨幣銀行學
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一、
單選題
(每題1分)
1.
Banks are important to the study of money and the economy because they
(A) provide a channel for linking those who want to save with those who want to
invest. (B) have been a source of
rapid financial innovation that is expanding the alternatives available to those
wanting to invest their money. (C)
play an important role in determining the quantity of money in the economy.
(D) do each of the above. (E)
do only A and B of the above.
2.
A weaker dollar will likely hurt (A) textile producers in South Carolina.
(B) wheat farmers in Montana. (C)
automobile manufacturers in Michigan. (D)
All of the above since their exports will decline.
(E) None of the above since their exports will increase.
3.
Which of the following can be described as involving indirect finance?
(A) A corporation takes out loans from a bank.
(B) People buy shares in a mutual fund.
(C) A corporation issues new shares of stock.
(D) All of the above. (E)
Only A and B of the above.
4.
Which of the following instruments are traded in a capital markets? (A)
U.S. government agency securities
(B) Negotiable bank CDs (C)
Repurchase agreements (D)
Eurodollars (E) None of the above.
5.
The primary assets of commercial banks include (A) mortgages.
(B) consumer and business loans. (C)
U.S. government securities. (D) All
of the above. (E) Only A and B of
the above.
6.
Bonds that are sold in a foreign country and are denominated in the
country’s currency in which they are sold are known as (A) foreign bonds.
(B) Eurobonds. (C) consol.
(D) country bonds. (E) none
of the above.
7.
The problem created by symmetric information before the transaction
occurs is called , while the
problem created after the transaction occurs is called .
(A) adverse selection; moral hazard
(B) moral hazard; adverse selection
(C) costly state verification; free-riding
(D) free-riding; costly state verification
8.
The conversion of a barter economy to one that uses money increases
efficiency by reducing (A) the need to exchange goods.
(B) transactions costs. (C)
the need to employ team production methods.
(D) the need to specialize. (E)
all of the above.
9.
During hyperinflations, (A) the value of money falls rapidly.
(B) money no longer functions as a good store of value and the volume of
barter transactions increase. (C)
debtors benefit as the real value of their debt falls.
(D) all of the above occur. (E)
only A and B of the above occur.
10.
Because it is a unit of account, money (A) reduces transaction costs (B)
reduces the number of prices that need to be calculated.
(C) does not earn interest. (D)
does all of the above. (E) does
only A and B of the above.
11.
Because it is a medium of exchange, money (A) eliminates the requirement
for a double coincidence of wants. (B)
encourages specialization. (C)
reduces transaction costs. (D) does
all of the above. (E) does only A
and B of the above.
12.
During stock market most speculating period, people tend to move money
from a certificate of time deposit account to a demand deposit account.
This will most likely to result in (A) a decrease in M2 and an increase
in M1b. (B) a decrease in M2 and
M1b unchanged. (C) M2 unchanged and
an increase in M1b. (D) M2 and M1b
unchanged. (E) Quantity of M1b and
M2 can not be determined.
13.
With an interest rate of 10%, the present value of a security that pays
$1100 next year and $1460 four years from now is: (A) $1000
(B) $2000 (C) $3000
(D) $2560 (E) None of the
above is correct.
14.
Which of the following $1000 face value securities has the highest yield
to maturity? (A) A 5% coupon bond selling for $1000
(B) A 15% coupon bond selling for $900
(C) A 15% coupon bond selling for $1000
(D) A 10% coupon bond selling for $1000
(E) They are not comparable.
15.
If a security pays $105 next year and $110 the year after that, what is
its yield to maturity if it sells for $200? (A) 4%
(B) 5% (C) 6%
(D) 10% (E) None of the
above is correct.
16.
Economists consider the to
be the most accurate measure of interest rates.
(A) simple interest rate. (B)
discount rate. (C) yield to
maturity. (D) real interest rate.
(E) current yield.
17.
For a consol, the current yield is an of
the yield to maturity. (A)
underestimate (B) overestimate
(C) exact measure (D)
approximate measure
18.
If interest rates become more stable, then, other things equal, the
demand for common stocks
and
that of long term bonds .
(A) increases; increases (B)
increases; decreases (C) decreases; increases
(D) decreases; decreases
19.
When an asset has a beta,
it has a amount of
systematic risk; thus, one would predict that the assets expected return would
be .
(A) low; low; low (B) high;
low; high (C) high; high; low
(D) high; low; low (E) low;
low; high
20.
The arbitrage pricing theory (A) holds that an asset with higher
systematic risk will have a higher risk premium.
(B) holds that there are several sources of risk that cannot be
eliminates by diversification. (C)
assumes that there is more than one source of systematic risk.
(D) all of the above. (E)
only A and B of the above.
二、
複選題(每題3分)
1.
Which of the following are true statements? (A) Direct finance does not
involve the activities of financial intermediaries.
(B) The difference between a primary and a secondary market is that in a
primary market new issues of a security are sold, while in a secondary market
previously issued securities are sold. (C)
An over-the-counter market has the characteristic that dealers in securities
conduct their trades in one central location.
(D) Financial intermediaries only exist because there are substantial
information and transactions costs in the economy.
2.
Which of the following are true statements? (A) The condition of a
continually rising price level is known as a recession.
(B) There is a strong negative association between inflation and the
growth rate of money. (C)
Economists frequently talk about "the interest rate" because most
interest rates move up and down together. (D)
Monetary policy is defined as the management of money and interest rate.
3.
Which of the following are true statements? (A) Since checks are accepted
as payment for purchases of goods and services, economists consider checking
account deposits as money. (B) Of
its three functions, it is a unit of account that distinguishes money from other
assets. (C) Money can be
traded for other goods quickly and easily compared to all other assets.
Thus money is said to be liquid. (D)
Money proves to be a good store of value during inflationary episodes, since the
value of money is positively related to the price level.
4.
Which of the following are wrong statements? (A) You would prefer to own
a security that pays you $1000 at the end of 10 years than a security that pays
you $100 every year for 10 years. (B)
When interest rates rise from 4 to 5%, bondholders are made better off.
(C) You would prefer to hold a 1-year Treasury bond with a yield on a
discount basis of 10% to a 1-year Treasury bond with a yield to maturity of
9.9%. (D) A 5-year $1000 coupon
bond selling for $1008 with a 9% current yield has a higher yield to maturity
than a 1-year discount bond with a yield on a discount basis of 8.9%.
5.
Which of the following are wrong statements? (A) An asset with a wealth
elasticity of 2.5 is called a necessity. (B)
Everything else equal, when the expected return on an asset falls, the quantity
demanded rises. (C) The less
returns on two securities move together (everything else equal), the more likely
it is that investors will want to hold both.
(D) Diversification is always beneficial if people are risk-averse.
三、
申論與計算題(請將答案寫於試卷背面空白處)
1、試分別說明理論的與實證的貨幣定義之內容及其間之爭論。（16分）
2、請說明息票利率(Coupon
Rate)、當期收益率(Current Rate)以及到期收益率(Yield to Maturity)等概念。倘若某債券是溢價發行，則上述三種利率的關係為何？（18分）
3、假設A資產及B資產各有1/2的機會有報酬率15％及5％，單獨持有A（或B）資產之預期報酬及風險各為多少？若分散持有A及B資產各1/2，則此資產組合之預期報酬及風險各是多少？持有1/5的A及4/5的B之資產組合其風險應該會比持有1/2的A與1/2的B者為高，為什麼？（18分）
4、921集集大地震造成台灣地區慘重的傷亡與損失，試分析921震災及災後的重建工作對台灣地區的金融機構及金融市場所可能造成的影響為何？（12分）