課程名稱： 貨幣銀行學 課程性質： 必修 課程範圍： Mishkin, 9th Edition, chapter 1 - 6 開課教師： 林馨怡 開課學院： 社會科學院 開課系級： 經濟系 考試日期(年月日)： 2010/11/25 考試時限(Mins)： 3小時 試題本文： National Chengchi University 　　Mid-term Exam Money and Banking I 　　2010/11/25 ＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿ I. Multiple Choice(單一選擇題)(45%) 1.A problem with barter exchange when there are many goods is that in a 　 barter system A) transaction costs are minimized. B) there exists a multiple number of prices for each good. C) there is only one store of value. D) exchange of services is impossible. 2.Deflation causes the demand for bonds to ＿＿＿＿＿, the supply of bonds 　 to＿＿＿＿＿, and bond prices to ＿＿＿＿＿, everything else held constant. A) increase; increase; increase B) increase; decrease; increase C) decrease; increase; increase D) decrease; decrease; increase 3.An important financial institution that assists in the initial sale of securities in the primary market is the A) investment bank. B) commercial bank. C) stock exchange. D) brokerage house. 4.If the liquidity effect is smaller than the other effects, and the adjustment to expected inflation is slow, then the A) interest rate will fall. B) interest rate will rise. C) interest rate will initially fall but eventually climb above the initial level in response to an increase in money growth. D) interest rate will initially rise but eventually fall below the initial level in response to an increase in money growth. 5.Which of the following sequences accurately describes the evolution of the payments system? A) Barter, coins made of precious metals, paper currency, checks, electronic funds transfers B) Barter, coins made of precious metals, checks, paper currency, electronic funds transfers C) Barter, checks, paper currency, coins made of precious metals, electronic funds transfers D) Barter, checks, paper currency, electronic funds transfers 6.Which of the following is not included in the measure of M1 in the U.S.? A) NOW accounts. B) Demand deposits. C) Currency. D) Savings deposits. 7.Which of the following $1,000 face-value securities has the highest yield to maturity? A) A 5 percent coupon bond selling for $1,000 B) A 10 percent coupon bond selling for $1,000 C) A 12 percent coupon bond selling for $1,000 D) A 12 percent coupon bond selling for $1,100 8.In his Liquidity Preference Framework, Keynes assumed that money has a zero rate of return; thus, A) when interest rates rise, the expected return on money falls relative to the expected return on bonds, causing the demand for money to fall. B) when interest rates rise, the expected return on money falls relative to the expected return on bonds, causing the demand for money to rise. C) when interest rates fall, the expected return on money falls relative to the expected return on bonds, causing the demand for money to fall. D) when interest rates fall, the expected return on money falls relative to the expected return on bonds, causing the demand for money to rise. 9.Which of the following instruments are traded in a money market? A) Bank commercial loans. B) Commercial paper. C) State and local government bonds. D) Residential mortgages. 10.The spread between interest rates on low quality corporate bonds and U.S. government bonds A) widened significantly during the Great Depression. B) narrowed significantly during the Great Depression. C) narrowed moderately during the Great Depression. D) did not change during the Great Depression. 11.If the nominal rate of interest is 2 percent, and the expected inflation rate is -10 percent, the real rate of interest is A) 2 percent. B) 8 percent. C) 10 percent. D) 12 percent. 12.When yield curves are downward sloping, A) long-term interest rates are above short-term interest rates. B) short-term interest rates are above long-term interest rates. C) short-term interest rates are about the same as long-term interest rates. D) medium-term interest rates are above both short-term and long-term interest rates. 13.According to the segmented markets theory of the term structure A) the interest rate on long-term bonds will equal an average of short-term interest rates that people expect to occur over the life of the long-term bonds. B) buyers of bonds do not prefer bonds of one maturity over another. C) interest rates on bonds of different maturities do not move together over time. D) buyers require an additional incentive to hold long-term bonds. 14.If a perpetuity has a price of $500 and an annual interest payment of $25, the interest rate is A) 2.5 percent. B) 5 percent. C) 7.5 percent. D) 10 percent. 15.Adverse selection is a problem associated with equity and debt contracts arising from A) the leader's relative lack of information about the borrower's potential returns and risks of his investment activities. B) the lender's inability to legally require sufficient collateral to cover a 100% loss if the borrower defaults. C) the borrower's lack of incentive to seek a loan for highly risky investments. D) the borrower's lack of good options for obtaining funds. II.Essay Questions(55%) 1.How does an increase in the value of the pound sterling affect American consumers? 2.Write down the formula that is used to calculate the yield to maturiity on a fifteen-year 10% coupon bond with $1,000 face value that sell for $3,000. 3.In Brazil, a country that underwent a rapid inflation before 1994, many transactions were conducted in dollars rather than in reals, the domestic currency.Why? 4.Assuming that expectations theory is the correct theory of the term structure, calculate the interest rates in the term structure for maturities of one to five years, and plot the resulting yield curves for the following paths of one-year interest rates over the next five years: (a) 4%, 5%, 6%, 6%, 7% (b) 5%, 4%, 3%, 4%, 3% How would your yield curves change if people preferred shorter-term bonds over longer-term bonds? 5.Risk premiums on corporate bonds are usually anticyclical; that is, they decrease during business cycle expansions and increase during recession. Why is this so? 6.Which $1,000 bond has the higher yield to maturity, a twenty-year bond selling for $800 with a current yield of 20% or a one year bond selling for $800 with a current yield of 5%? 7."Because corporation do not actually raise any funds in secondary market, they are less important to the economy than primary markets." Comment the statement. 8.Write down one example of "adverse selection" and "moral hazzard". 9.Please answer each question by drawing the appropriate supply and demand diagram.(10%) (a) Using both the supply and demand for bonds and the liquidity preference theory(the supply and demand for money) to determine the impact of the interest rate if the Central bank decreases money supply by selling bonds to the republic. (b) Using the liquidity preference theory to determine the impact of the interest rate when the price level falls and the nominal money supply is fixed. 10.Explain the following description is true, false or uncertain (a) Checking account deposits is more liquid than common stock. (b) Wealth is a kind of money. (c) Foreign deposit is included in both the M1 and M2 in Taiwan. --

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