2023年学原理宏观第五版测试题库

Cｈaｐter2６Saving,Ｉnvesｔment，andthｅFinaｎｃialＳyｓtemTRＵE/FAＬSＥ1.ﻩTｈefinaｎｃialsｙｓtｅmcoordinateｓinvｅstｍenｔanｄsaving,whｉchareiｍportantdｅtｅrmiｎanｔsｏflong-runrｅalGＤP．ANS：ﻩT DIF: 1ﻩREＦ：ﻩ2６-１NＡT： Ａnalytic LOC:ﻩThｅSｔｕdyｏfeｃｏnomiｃs,anddefinｉtｉonsofeconomicｓTOP:ﻩInvestmenｔ|ＳavinｇﻩﻩMSＣ：ﻩＤefinitiｏnaｌ2. Whｅneconomiｓｔsrｅfeｒtoinvｅstmｅnt，ｔheymeanｔhｅpurchasiｎｇofｓtｏｃksandbｏnｄsaｎｄotheｒｔyｐｅsofsavｉng.ANS: F DIF: 1 REF: 26-１ＮAT: Ａnalyｔic LＯC: ThｅSｔudｙoｆecoｎomiｃs，ａndｄefiｎｉtionsｏfｅconomicｓＴOP: Iｎｖestmeｎt|Ｓａｖinｇﻩ MSC:ﻩＤefinitional3．ﻩＢａnｋsａnｄmutuａlｆuｎdｓaｒeexamｐlesｏｆfinanｃiａｌｍarkｅｔｓ.ＡNS： F DＩF:ﻩ1 RＥF:ﻩ26-1ＮAＴ: Analytic LＯC:ﻩＴheStudyoｆｅconomiｃs，anddefinｉｔioｎsofeｃｏnｏmｉｃsＴOP：ﻩＦiｎancialiｎｔeｒmｅdｉarｉｅs|Finａnciａlmarketｓﻩ MSC：ﻩDｅｆinitionａl4.ﻩWhｅnａfiｒmwantｓtoborroｗdireｃtｌyfromtｈepuｂlicｔｏｆiｎanceｔhepｕrｃhａseofｎewequipment，iｔdｏeｓｓobysｅlliｎgsharesofstock.ＡＮS: FﻩDIF:ﻩ1 ＲEＦ： 26-1NAT:ﻩAｎaｌyｔicﻩLOC:ﻩTｈeStｕｄyｏfeｃonomiｃs，anddeｆinitionsofeconｏｍｉｃsＴＯP:ﻩBonds｜ＳｔoｃkﻩﻩﻩMSC:ﻩDeｆｉnitional5. Mｏstenｔrepreｎｅurｓfinaｎｃetheiｒpｕrｃhａseｓofｒeａｌcapitａlusiｎgtheｉｒpaｓtｓavｉｎg．ANS: F ＤIF:ﻩ1 REF:ﻩ２6-1NAT: ＡnalｙtiｃﻩLOC： TheStｕｄyofecoｎｏmics,andｄｅfinitiｏnsofecoｎｏｍicsTOP：ﻩＩnｖesｔmeｎtﻩMSＣ:ﻩDefinitｉoｎal6. Otｈeｒthingsthｅsａme,thehigｈertherａteofsavｉngaｎｄｉnveｓｔmｅnｔiｎaｃountry，thehｉgherwilｌbetｈestandaｒｄofliving.ＡNS:ﻩT DIF:ﻩ1ﻩREF： 26－1NAT:ﻩAnaｌytｉc ＬOC: ＴheSｔuｄyofecｏnomics，andｄefｉｎｉｔｉｏnsoｆeconomｉcsTOP:ﻩSaving|Ｉnvｅstｍｅｎt MSC:ﻩInterpretive7． Lenｄeｒｓseｌlbｏｎｄsaｎdborrowersｂuyｔheｍ．ANS: F DIＦ:ﻩ1 REF: 26-1ＮAＴ:ﻩAｎalyｔic LOC: ＴheStudｙoｆｅconomics,anｄdｅfiｎitionｓｏfeconoｍicsTOP:ﻩBｏndsﻩMSC:ﻩDｅfｉｎiｔional8.ﻩＷhｅnafｉrmwantstoborrｏwdirｅctlｙｆrｏmtheｐｕｂliｃｔofinaｎｃethｅｐuｒchasｅofｎｅwｅｑuiｐmenｔ，itdoessobｙsellingbonds.ANS：ﻩTﻩDIF： １ REF: 26－1ＮＡT:ﻩAnaｌytiｃ LOC：ﻩTheStudyoｆeconoｍics，andｄefinitioｎsofeconomicsTOP:ﻩＢｏnds|Stoｃkﻩ ﻩMSC:ﻩDｅfｉnitionaｌ９. Ｏtheｒthingｓthｅsame,corpoｒateboｎｄsgenerallyfeaturehigheｒintｅrestratesｔhaｎU.S.govｅｒｎmentbｏｎｄs.ANS:ﻩTﻩDＩＦ: １ ＲEF:ﻩ26-1NAT: Analytiｃ LOＣ：ﻩTｈeStｕdyofeｃonomicｓ,aｎddefｉnitioｎsofｅcｏｎｏmicｓTOＰ:ﻩBonｄsﻩMＳＣ:ﻩDefiｎiｔionaｌ10. Ｔhesaleofeｉtheｒstｏｃｋsorｂondstｏrａisemｏneyisknｏwnaｓequiｔｙｆｉnance．ANS: ＦﻩＤIF： 1ﻩＲＥＦ: 26-１NAT: AnａlytiｃﻩLOC:ﻩTｈeStudyｏfecｏｎｏmics,anddefｉnitｉｏｎsofecｏｎomｉｃsTOP: Ｂonds|StｏｃkﻩﻩﻩＭSC:ﻩDefinitioｎal1１． Whenacoｒｐｏｒationexperienｃeｓfinａncialproblems,bondholdersaｒepaidbefｏrｅｓtockholdeｒｓ.ANS: ＴﻩDIF：ﻩ1ﻩREＦ： 26-1NＡT: Ａｎalytic LOC：ﻩTheSｔudyｏｆecoｎomｉｃs,ａｎｄdefiｎitionsoｆecｏnomｉcｓTＯP： Bonds|Stockﻩﻩ MＳC:ﻩDefinitｉonal１2. Ｃorpｏrationsreceiｖeｎｏproceｅdsfｒomtheresalｅoftheirstock.AＮＳ: TﻩDIF： １ REF:ﻩ2６-1NAT:ﻩAnalｙｔｉｃﻩLOC: ＴheＳtｕdyofeconｏｍiｃs,anｄdefｉnitｉoｎｓofeｃoｎomicsTＯP: Stock ＭSC: Definitional13.ﻩGeneｒally,ifpeｏplebｅgintｏexpｅctaｃｏmpanyｔohａvｅhｉgherfuｔureｐrｏfitｓ，thｅpriceoｆthecoｍpany’ｓｓtockwillbeginｔoｄecrease．ANS： ＦﻩDIＦ:ﻩ2ﻩRＥF: 26-１NＡＴ：ﻩAnalytｉｃﻩＬOＣ： TheStudyｏfecoｎomｉcｓ,ａnddefｉniｔioｎsofeconomicsTＯP： SｔockﻩＭSC:ﻩＩnｔｅrpretive14.ﻩIfasharｅｏfstｏcｋinＳｋylightChｉlｉｓellｓfｏr$75,ｔheｒetainedeａrningspersｈareare$5,andｔheｄｉvidｅdpeｒｓｈａrｅis$2,tｈeｎｔｈｅpｒicｅ-eａrｎingｓrａtiｏiｓ1５.ANＳ:ﻩＦ DIF: 2 ＲＥＦ: 26-1ＮＡＴ: Anaｌytiｃ LOC:ﻩTheStudyｏfｅｃoｎomｉcｓ,ａｎｄdefiｎitionsｏfｅconｏｍｉcsTOP： Stock MSC： Ａpplicative15. IｆpeｏplｅbeｃｏmｅlesｓoptimisticａboutthefuｔurｅearnｉngsofＨydeParkJazzSｔudio，thenthｅpricｅｏｆｔhecｏｍpａny’sstockwｉllfaｌl.ＡNS: Ｔ DIF： １ﻩREF:ﻩ２6-1NAT:ﻩAnalｙtｉc ＬOC:ﻩTheSｔｕｄyofeｃonｏmｉcs,ａｎddefiｎitionsoｆecｏnｏmicsTOP： Stock. MSC: Inｔerpretive16. Ｍutｕalfｕｎｄsarｅａtｙpｅoffiｎanciaｌｉntｅｒmediａrｙ．AＮS:ﻩT ＤＩF:ﻩ１ RＥＦ:ﻩ26-１NAT:ﻩAnａlyｔicﻩLOＣ:ﻩＴheSｔudyofeｃｏnomics,aｎｄdefｉnitionsofeconｏmicsTＯP：ﻩMutuaｌfunds|Ｆiｎancialｉnｔeｒmeｄiarieｓ ﻩＭＳＣ： Ｄefinitiｏnaｌ1７.ﻩIndexfundｓａreusｕalｌyouｔｐerfｏｒmedbymutuaｌfｕndsｔｈatareactivelｙmanagedbｙｐrofeｓsioｎalmｏneymanａgers.ＡNS:ﻩFﻩDIF： １ REＦ：ﻩ２６-1NＡＴ: AnａlyｔicﻩLOC： ＴheSｔuｄyofeconomｉcs,ａnｄｄｅfｉniｔionｓofecｏnｏmｉcsTOP: Mｕｔualfｕndsﻩ ﻩMSＣ: Definitｉonａｌ１８.ﻩTosｔateｔhaｔnatｉoｎａlsａviｎgｉｓequaｌtoｉnvestmenｔ,fｏraclosedｅcoｎomy,istosｔaｔｅanaccounｔｉnｇidentｉty．AＮＳ:ﻩTﻩDIF： 1 REF: 2６-2ＮAT： Analyｔic LＯC:ﻩTheSｔｕdyofecoｎomicｓ,andｄefiniｔｉonsofeconｏmicsTOＰ:ﻩIｄentｉtiｅｓﻩMＳC:ﻩIntｅｒｐｒetiｖｅ19.ﻩNaｔｉonaｌｓａvingisequaｌtｏY－T-Ｃ.ＡＮS:ﻩFﻩDＩF: 2 ＲＥF: 26－2ＮAT：ﻩAnalyticﻩＬOＣ:ﻩTheStｕdｙofｅcｏｎomicｓ,anｄｄｅfinitionsofecｏnｏmｉcｓTOP:ﻩNaｔionaｌsａviｎg MSC：ﻩＩnterpｒｅtive2０. PuｂｌｉcsavｉngisＴ－Ｇ，whilepｒｉvateｓavｉngｉsＹ-T－Ｃ.ANS：ﻩTﻩＤIF:ﻩ1 REF： 26-２ＮAT:ﻩＡｎalｙｔｉc LOC: TheＳｔudyｏfeｃｏnoｍics,anｄdefinitｉonsofeconｏmicsTOP: Privatesａving|Publiｃsavｉng MSC: Interｐｒeｔive21.ﻩＰｕblicsavｉngiｓeｑuａｌtonａtionalsavinｇminusｐrivatesaving.ANＳ: T ＤＩＦ: 2ﻩREＦ: 26-2NAＴ：ﻩＡnａlyｔic LOC: ThｅStudｙofｅconｏｍics,andｄefinitionsofｅcoｎomicsＴOP:ﻩＮatｉｏnalｓａviｎｇﻩﻩＭSC： Ｄefinitional22.ﻩTosｔatethatpublicｓaviｎgisequａltoiｎvestmenｔ,foracｌosedeconｏmy,istostateanacｃountingｉｄeｎtity．AＮS: FﻩDIF: １ﻩREＦ:ﻩ26-2NＡT:ﻩAnaｌytiｃﻩＬOＣ： TheStuｄyofeconomicｓ,anddefinitioｎｓｏfｅconｏmicsＴOP：ﻩＩｄeｎｔｉtieｓ MSC:ﻩＩｎtｅrpreｔive２3.ﻩInacloｓｅdeconｏmy,inｖｅstmenｔmustbeequaltｏｐrｉvatesaviｎg.ANS：ﻩＦ DIＦ:ﻩ２ﻩＲEF： 2６-2NAT：ﻩAnaｌytic LOＣ: TheStｕdyoｆeｃonomics,ａnddｅｆinitionｓoｆeconomicsＴOＰ: Ｐrｉvaｔesaｖinｇ|IｎveｓtmentﻩＭSC: Definitioｎal24. If,foｒaｎimaginaryｃlｏｓeｄｅｃoｎomｙ,invesｔmeｎtａmouｎtsto$1０,000andtｈeｇoverｎmenｔｉsrｕｎnｉnｇa$２，500ｄeficiｔ，theｎprｉvatesａvingmｕｓｔａｍouｎttｏ$1２，5０0.ＡNS: TﻩDIF: 2 RＥF： ２6-2NAT: Ａnalyｔic LＯC：ﻩTheSｔuｄyｏｆeconｏmics,ａnddefinitｉonsofeconomicｓTOＰ：ﻩIdeｎｔities|Pｒｉvａtesａviｎg｜IｎvｅｓtmentﻩﻩMＳC:ﻩＡpplｉcative25. If,foranｉmaginaryclosedeconomy,investmｅｎｔａｍｏunｔｓto$12,０00ａnｄthｅgovｅｒnmentｉsｒｕnnｉnga$2,０00ｄeｆiciｔ,ｔｈenｐrｉvateｓａvｉngmuｓtａｍouｎｔto$10,00０.ANS:ﻩF DＩF:ﻩ2 ＲEF:ﻩ26-２NAT:ﻩＡnalｙｔicﻩＬOC:ﻩＴｈｅStｕｄｙofeｃoｎｏｍics,ａnｄｄｅｆinitｉｏnsｏfeconomicsTOＰ: Ideｎtities|Priｖatesavinｇ|InvesｔｍｅntﻩﻩMSＣ: Ａｐplicativｅ26.ﻩSuppoｓeasmaｌlclｏsedecｏnomyhasGDPoｆ$5billion,consｕmｐｔionof$3biｌｌioｎ,andgovernｍeｎｔexｐenditｕｒesｏf＄1biｌｌioｎ.Theniｎvesｔmｅnｔaｎdｎatｉｏnalsavｉngａｒeboth$1bilｌion.ＡNＳ：ﻩＴ DIF:ﻩ2ﻩREF：ﻩ26-2NＡT：ﻩＡnalytｉc LOC: ＴｈｅSｔｕdyｏfｅcoｎomicｓ,anddefinｉｔionsｏfｅｃonｏmicsＴOP: Nａtiｏnａlｓａviｎg|Inｖｅｓtmeｎｔ MSC:ﻩAppｌicatｉve2７.ﻩJoanｕsessｏｍeofherincｏｍｅtｏｂｕymutualfunｄshareｓ．AmａcroeconｏmｉｓtreｆｅｒｓtoＪoａn'ｓpuｒcｈaｓeasinvestmｅnt.ANS:ﻩF DＩF:ﻩ1ﻩＲEＦ： 26－2NAT: Aｎaｌytｉc ＬOＣ:ﻩTｈeStｕｄyofecoｎomｉcs，aｎｄdｅｆinitｉｏnsofeｃonoｍiｃｓＴOＰ: Savinｇ|Investmeｎt ﻩMSC:ﻩInteｒｐreｔive28.ﻩＡlｂｅｒtabｕｙsapaintsprayeｒandaliｆtfｏrhｅrcaｒcｕstomizingshｏｐ．Amacroeconｏmｉｓtwｏuldrｅfertｏｔhesｅｐuｒｃhaseｓasiｎvesｔmｅnｔ.ANS： TﻩDIF:ﻩ1 ＲEF:ﻩ26-2NAT: AnaｌyticﻩLＯC: TheStｕdyofｅｃｏnomiｃｓ,ａndｄefinitionsoｆｅconoｍicsTOＰ:ﻩInｖestmｅnｔ MSC：ﻩInterpｒｅｔｉve2９. Thｅｄemandforｌoａnablefuｎｄscｏmesfrｏmsaviｎganｄｔhesupplyoflｏanabｌefundsｃoｍeｓｆroｍinvestment.ANS:ﻩFﻩDＩF:ﻩ1ﻩＲＥF: ２6-3NAＴ：ﻩＡnalｙｔｉc LOC:ﻩTｈｅStｕdyofeｃonomicｓ，ａｎｄｄefｉnitｉonsｏｆｅｃｏｎomicsＴOP: Mａrketfｏrlｏanabｌefuｎds ＭSC: Dｅfinｉｔionａl30．ﻩＡdecｒeaｓeintaxesoniｎterｅsｔiｎcｏmewoｕｌdｉncreaｓethｅintｅrｅｓtrａte．AＮS：ﻩFﻩＤIF:ﻩ２ﻩＲEＦ:ﻩ26－3ＮＡT： Anａlｙｔic LＯC：ﻩTｈeStｕdyoｆｅconomｉｃs,anddefiniｔｉｏnｓofｅcｏnoｍicｓTOP： Ｓavinｇ｜Marketforloanableｆuｎds ＭSＣ： Appｌicatiｖe3１. ＩfCｏｎgressinstｉtutｅdａｎiｎvｅｓtmｅnttaxcrｅdiｔ,thedeｍanｄｆｏrlｏａnaｂlｅfundsｗｏuldshiｆtｒightward.ANS: TﻩDＩF：ﻩ２ REF: ２6-3NAＴ:ﻩAnalytiｃﻩLＯC:ﻩTｈeＳtudyoｆecｏnomics，ａndｄｅｆiｎｉｔｉonｓoｆecoｎｏmicsTＯＰ:ﻩInvｅsｔment MＳC: Applｉcａｔｉve32. Wｈenthegoverｎmeｎｔｂudｇetdeficitｒｉsｅs,natiｏnaｌｓavingisｒeduceｄ,ｉnterestrａtesrｉｓe,andinｖeｓtmentfalls．ANS:ﻩT DIF: 2ﻩＲEF:ﻩ2６－3ＮＡT:ﻩAｎaｌyｔｉｃ ＬOC: TｈeSｔudyoｆeｃonoｍｉcs,aｎdｄeｆinitiｏｎsofeｃonoｍicｓTOP:ﻩBudｇetdeｆicits ＭＳC:ﻩＡpｐlicａtive33． Thetermcｒｏwdinｇoutｒeferstｏdecreaｓesintheiｎterestｒatecauｓedbygovｅrｎmentbuｄgeｔsurplｕses.ＡＮS:ﻩF DIF： 2ﻩREF:ﻩ26-３NAＴ:ﻩAnalyticﻩLOC: ThｅStudｙofｅcｏnomiｃｓ,andｄefinitionsofecｏnｏｍicsTOＰ:ﻩCrowdｉｎgout ﻩ MSC: Definiｔionａl3４．ﻩWｈeｎtheU．S.gｏｖernｍentiｓｉndebtduringagivenyｅａr,ｉtｆolｌowsthatｉｔsbudｇｅtisｉndefiｃitｆｏrｔhatyｅar.ANS：ﻩF DＩF: １ REF：ﻩ26-3NAT: Ａnaｌyｔｉc ＬOC: TheStｕdyofeconｏｍiｃs,ａnddｅfinｉtioｎsofecoｎomicsTＯP:ﻩGovernmeｎtdebｔ｜Buｄgetdｅｆｉｃits ＭSC: Iｎtｅrpreｔive35.ﻩThｅｒatioｏfgovernmｅnｔｄebttoGDPwaｓhigherduｒingｔheRｅaｇanprｅsidencｙｔhaｎataｎypｒevioｕsｔｉmeinU．Ｓ.ｈistory.ANS: FﻩDIＦ:ﻩ1ﻩREF：ﻩ26－3ＮＡT:ﻩＡnaｌyｔicﻩLOC:ﻩTheＳtuｄｙofｅconomics,anｄdefinitionｓofｅconomicｓTOP:ﻩＧovｅｒnmeｎtｄeｂt ﻩＭSC: Definitional3６． Aninｃｒｅaseintheｄemandforｌｏaｎａｂｌeｆundｓincｒeasestｈeeqｕilibriumｉnterestrａteａnｄｉｎcｒeａsestheequiｌibriumlｅvelofｓaving．ＡＮＳ: Ｔ DIＦ: ２ RＥF： 26-３NＡT: Ａnａlytic LOＣ:ﻩＵndeｒsｔandinｇａｎdaｐplyinｇｅcｏnomiｃmｏdeｌsTＯP: Markｅtｆｏrｌｏanａbleｆunds MSC： Aｐpｌicaｔive３7.ﻩＡnincreaseinthｅｄemanｄforlｏａnabｌefundｓincreａsesthｅequｉlｉｂriｕｍintｅrestｒａtｅaｎddecｒｅaseｓthｅeqｕilibrｉumｌevelofsavｉｎｇ.AＮS： FﻩDIF: ２ REＦ： 2６-3NAT：ﻩAnalｙtｉcﻩLＯＣ: UｎdeｒstanｄｉngandaｐｐlyingeconomiｃmoｄeｌｓTOＰ:ﻩMarketfoｒlｏaｎａｂleｆundｓﻩMSC:ﻩApｐlicative38． Ｔhｅtermloaｎablefuｎdsrefｅｒstoaｌlincｏmethatｉsnotｕｓedfoｒconｓumｐtion.AＮS: F DIF:ﻩ2 REF: ２6-3NAT: Anaｌｙtｉc ＬOC： TｈeSｔudｙoｆｅｃｏnｏmics,aｎddeｆinitionｓｏfeconｏmicsTOP: Markｅtforloaｎablｅfunds MSC：ﻩDｅfinitｉｏｎａl39． Thetｅrmｌoanａｂlｅｆuｎｄsreｆersｔoallｉｎcoｍetｈaｔｉsｎotｕsedfoｒｃonsumｐtionorgｏvernｍｅntexｐenｄiｔｕｒes.ＡNS： TﻩDIF：ﻩ2 ＲEF: 26-3NＡT：ﻩAnalｙticﻩＬOC： TheStudyｏfeconｏmicｓ,anddefiｎitiｏｎsoｆecoｎomｉcsTOP:ﻩMarkｅtfoｒloanablefunds ＭSＣ: Ｄefｉniｔionａｌ40. Weinterprettheteｒｍloａnａbleｆｕndstｏmｅaｎthefloｗofrｅｓourcesaｖaｉlabletoｆｕndｐrｉvａteｉｎvesｔment.ANS:ﻩＴﻩＤIF： 2 REF:ﻩ26－3ＮAT: ＡnａlyｔiｃﻩLOC:ﻩTｈeStｕdyofｅｃonｏｍiｃs,ａndｄｅfiｎitionsofｅｃonomicsTOP:ﻩMarketforｌｏaｎaｂｌefunds MSC: Intｅｒpretivｅ４1． Aｎincreaｓeinthebudgetdｅficiｔshｉｆｔsｔhedeｍanｄforｌｏａnableｆunｄstoｔhｅｒight．ANS: F DＩＦ:ﻩ２ RＥF： ２６－３ＮＡＴ: Ａnalｙtic ＬOＣ: ThｅＳtudyofeconｏmｉcs,andｄｅfiniｔｉonsofecoｎomiｃsTOP: Bｕdgetｄｅficｉｔsﻩ MSC: Aｐplicaｔiｖe42． Aｇoverｎmｅntｍａｙuｓedｅｆiciｔfinaｎcｉngtosmｏothtaxraｔesovｅrtiｍe.ANS:ﻩＴ DIF:ﻩ２ RＥＦ:ﻩ26-３ＮAT:ﻩAｎａlytic LOC：ﻩTheStudyofecoｎomics,anddｅfinitiｏnsofｅcｏnomicsTＯP:ﻩBudgｅｔdｅficits ﻩMSC: ＡｎalytiｃSHORTAＮSWER1．ﻩＷhataｒｅthebａsｉcdifferｅncesｂetwｅenbondsandsｔocks?ＡNS: Abonｄisacｅrtificatｅofindebteｄｎesｓthatspecifieｓｔheobliｇａtｉonsoｆthｅboｒrowertotheholderoftｈｅbｏnd,whｉｌesｔocｋreｐreｓentsａsｈaｒeofownｅｒｓhipinａfｉrmａｎｄis,ｔherefoｒe,aclａiｍoｎtheprofitsthatthｅfirmｍakｅs.Thesａleofbonｄstoraisemoneyisｃａｌleｄdｅｂtｆinａnce，whilｅthｅｓalｅoｆstockiscａｌledｅｑuｉtyfiｎaｎce.Wｈeｒｅasthｅowｎeroｆshａresｏfstｏckinacｏｍｐanyｓhａreinｔheｐｒofiｔsｏfacｏmpａny，theｏｗnｅｒofbｏnｄsrｅｃｅiveｓａｆixeｄiｎtereｓtｒaｔe.Compaｒeｄtobonｄs,stｏcksｏffｅrthｅholderbothhigherriskandａpoｔｅntiaｌlyhigherｒeturｎ.DＩF: 2 REＦ:ﻩ２6-1 NAＴ： AnａｌyｔｉｃLOC：ﻩTｈeStｕdyｏfeｃｏｎｏmｉcs，ａnddefiｎitｉonｓofecoｎomｉｃsﻩＴＯP：ﻩSｔock|BonｄsＭSC:ﻩInterpｒｅｔive2. Ｗhｉcｈｏfｔｈetｗoboｎdsiｎeachexamｐｌewoｕldyouｅxpecｔtogenｅraｌlyｐaythｅｈigheｒinteｒestrate?Exｐｌainwｈｙ.a．aＵ.S.gｏｖerｎｍentbｏndｏraBｒazｉｌiaｎgoverｎmｅnｔboｎdｂ.aU．S.goverｎｍentbondｏraｍunicipaｌbonｄwｉththｅｓaｍetermandissuｅdbｙａｃreｄiｔwｏrthｙmｕnicipality．c.a６-ｍｏnthTreａsurｙbilｌoｒa20-ｙeaｒTreasuｒyｂoｎdｄ.ａMicrｏｓｏftbｏｎdｏrabondisｓuedbyanｅｗrｅｃｏrｄｉngcｏmpａnyＡNS: a.ＴheBrａｚiｌiaｎｇｏvernmeｎｔbｏnｄｗoulｄlｉkｅlypａｙahiｇhｅrintｅrestrａｔｅbecauseｔhｅmａrkｅtｐｅｒceｉｖesａhigherlｅｖeｌｏｆriskfoｒthｅBrazilianｂｏｎdreｌatｉvetotｈｅＵ.Ｓ.boｎd.b．Bｅcauseoftｈｅtａxadvａｎtａｇesoｆmunicｉｐａlｂonds,tｈｅＵ.S．gｏｖerｎｍenｔbondwouldliｋelyｐａｙtheｈｉghｅrｉnterestrate.c.Ｔhｅ20－ｙearｂondwoulｄlｉkｅｌypaｙａｈｉｇｈerｉnｔerestratetｈanwouldthe6-monｔｈｂｉll．Thefutuｒeisｕnceｒtａinaｎｄｔhereforｅｍｏreriskyfora2０-yearbonｄthanforａ6-monthbｉｌｌ.d.ＳinceMｉcrosｏftislesslikelｙtodeｆaulｔthａｎaｎewanduｎknowｎcompaｎy,tｈeintｅresｔｏnthebonｄofｔｈeｎewcompａnｙislikｅｌytobehigher.ＤIF：ﻩ2ﻩREF： 26-1ﻩNＡT： AｎａｌｙticLOC:ﻩTheＳtudyｏfeconomics,ａnｄdefinitｉonsofecoｎｏmiｃｓﻩTOＰ： BｏndｓＭＳC: Appｌiｃatｉｖe３.ﻩSuｐpｏsｅthatyｏｕａreabｒokeranｄpｅｏｐｌetellyｏutｈefollｏwiｎｇabｏutｔｈemｓｅlvｅs.Wｈａtsortofｂoｎｄwoｕlｄyｏuｒecommｅndｔoeａch?Deｆendyourｃｈｏicｅｓ.ａ."IａmｉｎaｈｉgｈｆｅdｅralincomeｔaxbracｋeｔandIｄon＇twａnttotakevｅrymucｈrｉsk．＂b."IwantaｈiｇhｒｅturnandＩａmｗillingtotａkeaｌoｔｏfrisktｏｇeｔit.＂c.＂ＩｗaｎtadecentｒetｕrnandIｈａveeｎoughdeｄuｃtｉonｓthａtIdｏn'tｖaｌuetａxbreakshighｌy.＂ＡNS:ﻩa.Ａmuniciｐalboｎd.Muｎiciｐalｂondsgenerallyhavｅlowcreditｒiｓkandareｎotsubjectｔoｆederalincoｍetaｘ.b.Ａｊuｎkbond.Junksｂondsｈaveahｉghreｔurnｂeｃaｕsｅtheyhａvehｉｇｈｒisk．c.Acorｐoｒatｅbondthａtisn＇tajｕnｋbond．Ｃorporateboｎdsｈavemoreriskｔhangovernmｅntｂｏｎdsbuｔhavenosｐｅcｉaltaxtreatment,sothｅypaｙmoderaterａｔesｏｆreｔuｒｎ．DＩF： 2ﻩRＥF：ﻩ２6-1 ＮAT:ﻩＡnalytｉcLOC:ﻩThｅStudｙofecｏnoｍiｃｓ，ａnddｅfｉｎitionsofｅconoｍiｃｓ TＯP:ﻩBｏnｄsMＳＣ： Aｎａlytｉcａl4. Yoｕrbroｔheｒ-iｎ-lａｗwantstobuyeitherstoｃkorbｏｎｄsinCｅdarＶaｌｌeyFurnｉturｅ,whicｈｍanuｆactｕreｓwoodenfurnitｕre.Hｅwantｓｙｏuradｖｉceoｎwhetheｒｔobuｙｓｔoｃkoｒbｏnds.Explainhoｗeachofｈisquoteｓbelowｓhｏuldaｆfecｔhiｓchoｉcｅbetｗeｅｎtheｓtｏckandthebonｄ.a．＂Ihａverｅaｓontobeｌieｖethａtpeｏpｌｅaｒesoongoｉngtoｆinｄｒoｃkingchａｉｒshavehｅalthbeｎｅfｉts．"ｂ.＂ＩwoｕｌｄlikｅｔotｅllｐeｏpleＩaｍpａrtowneｒofＣedａrＶalleyＦｕｒnｉtｕｒｅ."ｃ."Idoｎｏtｗanｔｔotａkeonmuｃhrisk."ＡNS： ａ.Ｐｒｅsumaｂlｙ,ｗhｅnthｉshappenｓ,uｎlesseverｙoneeｌsehasanｔicipatｅｄｉt，ｄivｉdenｄs，ｔheｐrｉｃeofthｅstｏcｋ,ｏｒｂotｈwilｌincreaｓe.Theinterestratｅｏｎｂoｎdsｗillnoｔｃhangeasprｏｆitsｉnｃｒeａｓe，ｓｏｔhisquotesuggestｓｂuyinｇｓtｏｃkｗouｌdbeｔtersuｉｔｙoｕrｂroｔhｅr－inlaw'spurpoｓes．b.Ｂｏndholdersａｒesimpｌyｃreditors，whilｅstocｋholderｓａrepartoｗners．Soｔhiｓｑuotｅindicaｔeｓyｏurbｒoｔhｅr-iｎ-lａwwoulｄpreferｔobuｙｓｔock.ｃ.Iｎcaseoｆfｉｎaｎcｉaｌdiffiｃｕltiesstｏｃkholdｅrsgetpaｉdafｔerboｎdhｏlｄers,sｏtｈesｔockｉssomeｗhatmoｒerisky.Ｓo,yourbrother-ｉn-lawｍaypreferthebｏnｄ.ＤIF:ﻩ2ﻩＲEF: ２６-1 NＡT: AｎalyticLOC:ﻩThｅＳtudyofｅconomｉcｓ,ａnddｅfinitｉoｎsｏｆeconomｉｃsﻩＴOP: Sｔock｜BｏndsＭSC:ﻩＩntｅｒｐrｅtivｅ5. SuppoｓetheＭovｅIｔ!exercisechaiｎhaｓｒｅvenueｓｏf＄45million,accountingcｏstsｏｆ$15millｉon,anｄcurrenｔlyhａsissued10miｌlｉｏnｓhaｒesoｆstｏckｓseｌlingaｔ$90ｅach．Coｍｐｕｔetheｐrice-ｅarnｉngrａtｉo.Showyourwork.Isthisｒａtiorelatｉvｅlyhigｈｏrlow？Ｗhaｔｍｉgｈtａnincreasｅinthepｒｉce-earnｉngsrａtiｏｉｎdｉcａtｅ?ANS:ﻩＴheeａrninｇspｅｒshａｒeis($45ｍillｉｏn-＄１5mｉllion)/１0ｍilliｏn=$3.So,theｐriｃe-ｅａrnｉngsraｔｉois＄90/＄３=30.TｈisｉsahiｇｈＰ/Eｒａtｉo，asｔｈｅhistoriｃalａｖeｒageforthemarkｅtｉｓaｂouｔ1５.ＡnincreaseintｈePEratiomayiｎdｉｃatethepeopｌeexｐectｔhefirmtｏhavehｉgherｅaｒｎiｎgsinthefuｔureorｔｈａｔｔhｅstockhａｓｂｅｃｏmeovｅｒvalｕed.ＤIＦ:ﻩ2ﻩＲEF: ２6－1ﻩNAＴ:ﻩAnalyticLOＣ： ＴhｅStｕdyoｆeconomicｓ,anddeｆiniｔiｏｎsoｆecｏｎoｍicsﻩTOＰ:ﻩSｔｏckＭSC: Ａｎaｌytical6． Inｔhｅｎatｉonaliｎcoｍeaｃcoｕｎtingｉdeｎtityshowｉｎgtｈeｅｑualｉtyｂetweeｎｎatiｏnalsavｉnｇanｄinveｓtmenｔ,whａｔaｒｅtｈeaｌｇeｂraiｃeｘpreｓｓionsｆorpriｖatesavingaｎdpuｂlicsａving？ANＳ: PrivaｔｅsavｉｎgｉsY－C－Ｔ,PuｂliｃSａvinｇisT-GDＩＦ: 2 REＦ:ﻩ26-２ﻩＮAT：ﻩAnａｌｙｔicＬＯC： ＴｈｅSｔuｄyofｅcoｎomｉｃs,ａnｄdefｉｎｉtioｎsｏｆeconｏmics TOP： Ｐrivatesaving|Publiｃsaｖing MSC:ﻩInｔｅrｐretivｅ７. Identifyｅａchofthefollowｉngacｔｓaｓｒepreｓentingｅiｔｈersavｉｎgoriｎｖestmｅｎt．a.Fredｕseｓsｏmｅofhｉｓｉncomeｔobｕyｇoｖｅrnmenｔbondｓ.b.Jｕliｅtaｋessomeofherincｏmeａndbuyｓmutualfunds．c.Alexｐurchaｓesanewtrｕｃｋfｏrhｉsdｅliｖｅrｙｂｕsinessusiｎgｂorroｗｅdfｕndｓ.d．Elａｉｎeｕｓessomeｏfherｉnｃｏｍetoｂuｙstockinamajｏrｃorpoｒａtｉon.e.Ｈenrieｔtahｉresabuildeｒｔoｃonstｒuctaｎｅwｂuildinｇfoｒherｂｉcyｃlｅsｈop.ANS: ａ.Frｅdissaving.ｂ．Ｊulｉｅissaving.c.Alexisinｖesｔｉｎg．d.Elaineisｓａｖing.e.Henｒiettaisiｎveｓｔｉng.DIF：ﻩ1ﻩＲＥF：ﻩ２6-２ NAT： AnaｌytiｃLＯC： ThｅStudyofeconomｉcｓ,aｎｄdefiniｔionsofecoｎomics TOＰ：ﻩSavinｇ|ＩnvｅstmentMSC:ﻩIｎterpｒeｔive8．ﻩDrawandlabelaｇraphshowｉｎgequiｌibｒiuminｔｈemarketforloanablｅfｕnds.ＡNS:ﻩＭａｒｋｅtｆorLoaｎableＦundｓDＩＦ: 1 ＲEF: 26-3 NAＴ： AnalytiｃLＯC: ＵnderstandingandAｐｐｌｙingEcoｎomicModeｌｓﻩTOＰ: MarketforｌoanableｆunｄsMSC:ﻩＩｎterｐｒetｉve9. Ｅxplainwｈyｔｈｅdeｍａｎｄforｌoanableｆundｓslｏｐｅｓｄownwａｒdａnｄwhyｔhesｕppｌｙofloanablefuｎdsｓlｏpesuｐwａｒd.ANＳ:ﻩWheｎtheｉｎtｅｒｅstraterisesｉｎvｅｓｔmｅntｓｐeｎｄiｎｇbecｏｍesmoｒｅeｘpensive,sopeopｌｅｉnveｓｔless．Aｓｔheinteresｔraｔeriｓeｓsaviｎgｂecomeｓｍｏreｒｅｗarding,ｓopｅｏpｌewａｎttｏsａvemoｒe.Thｅｉｎversｅrelaｔioｎbｅtｗeｅninｔerestandｂorrowingisreflectedinｔhedownwａrdｓlｏpeoｆtｈedemandfｏrloaｎａbｌefｕndscuｒve.Theｐositiveｒelationbetweeninterestａndｓａvinｇｉsｒefleｃｔedｉntｈｅupwaｒｄslopeoｆtheｓupｐlyofloaｎableｆundｓcuｒve.DIF: 2ﻩREF： 26-3ﻩNAT:ﻩAnalｙtｉｃＬOC:ﻩUnderstａndingandAｐplyiｎgEｃonoｍicModels ＴＯP: MａrkｅtｆoｒloanableｆundsMＳＣ:ﻩInｔerpretive１0.ﻩＴhemodelofｔheｍaｒketforloanａbleｆundssｈowsｔhａtaninveｓｔｍenttaxｃrｅｄiｔwillcausｅinteｒｅｓtｒａｔestorisｅandiｎvｅstmeｎttorｉse．Yetｗealｓosｕｐｐoseｔhathｉgherinterestraｔeｓleａdｔolowerinvesｔment．Howcaｎtheseｔwoｃｏncｌusionｓｂeｒeconcｉled?AＮS: Tｈeclaimthataninｃreａseｉntheinterｅstrａtedecｒeａｓesｉnvestmｅｎtsｕppoｓesthatonlytｈeinterｅstratｅchanｇeｓandeverythingelseisconstaｎt.Theｉnvｅstmentｔaxcrｅｄitcausesinｖestｍｅnttoｒiｓeateａcｈiｎteｒestraｔe.Aｓfiｒmswaｎttoborrｏｗmoretｈｅiｎteresｔｒａtewillｒise.Therisｅｉｎｉｎteｒesｔrateｓdoｅsmakeiｎｖestmｅntleｓsｔhanitwouldotherｗisebe,butunlｅssthｅｓuｐｐlｙofｌｏaｎablefｕｎdsisvertｉｃaｌ,ｔｈeincreaseinｉnｖestmentdemanｄfｒomthｅｔaxｃrediｔisｌargｅrthanthedecreａseiｎinvestｍｅｎtｄemａｎdfｒomtherｉsingｉｎｔerestｒａte.DIＦ: 3 ＲEF:ﻩ26-3 NAT:ﻩAnalyｔiｃLOC：ﻩUｎderｓｔandｉｎganｄApplyｉｎgＥconomicＭodelｓ TＯＰ： IｎvestmentＭSＣ: Ａｎａlyticａl1１． Ｕsingａgrａｐhｒｅprｅsｅnｔingthｅmａｒketforloａｎaｂlｅｆunds,showandexｐlainwｈaｔｈaｐｐenstｏinｔerestｒaｔeｓａndｉnveｓtmentifthegoveｒnmenｔｂｕdgetgoｅｓfromadｅfｉcittoａｓurpｌus.ANS: Ａsshｏｗninｔhegｒaphbeloｗ,theeconomystarｔｓineｑuiliｂｒiumaｔpoinｔE0wｉthｉnｔeresｔrater0ａｎdequilｉbriumquantityofsａｖiｎｇandｉnvestmentatq0.Iｆthegoｖernmeｎtsuccｅedsｉnobtainingasuｒplus,thereｗilｌｂemoreｐubliｃsavingintheeconｏmyaｎdｓomoreｎatioｎalsavｉngatｅａchinterestｒａｔe,aｎdｔｈｅsuｐplyofｌoanablｅfundscurveｗiｌlｓｈｉfｔfroｍS0toS１．TｈｅnｅｗｅquilibriuｍwilｌbeａtＥ１,witｈａlｏwerintereｓｔraｔe,r１aｎdahｉｇherquanｔｉtｙofsaｖingａｎdｉnvestmenｔ,ｑ1.Hｅnｃｅ,ifthｅｆｅｄerａlgｏvernｍentsｕcceeｄsｉnhａｖingasurplus，interesｔraｔeswillｆalｌandｉｎveｓtmeｎtｗillｉncreaｓe.ＭarｋeｔfｏrLoanableFｕｎｄsDIF: ２ﻩRＥF:ﻩ26-３ NAT: ＡnａlyｔiｃLOＣ: ＵnderstandingａndAppｌyｉnｇＥconｏmiｃMｏｄelsﻩＴOP： Budgｅtdefiｃｉts|Budgetsｕrplｕｓes ＭSC: ApｐliｃatｉveSｅc０0-Saving，Ｉｎvesｔmｅnt，andthｅFinancialSysteｍＭUＬTIPLECHＯＩＣE1. Wｈenopeｎingaprｉntｓhｏpｙouneedtｏbuyprｉntｅｒs，cｏmｐuterｓ,furｎiture,ａnｄsimilaritems.Ｅｃonoｍistｓcallthｅseｅxpenditｕｒesa.caｐｉtａliｎvesｔment.b.ｉnveｓtmentiｎhuｍaｎcapital．c.busineｓｓconsumｐtioneｘpendｉtuｒes.d．ｐeｒsonａlsaving.ANＳ:ﻩAﻩＤＩＦ: １ REＦ: 26-0NAT:ﻩＡnalyｔic LOC: ＴheStｕdyofeconomｉcs,aｎddefinitionsoｆecｏnomｉｃsＴOP: Inｖｅstmｅｎt MSC：ﻩDｅfinitional2.ﻩＩfyｏｕweｒｅtoｓｔaｒtａbusinessdeｌｉveｒｉngdocumeｎｔs，yｏumｉｇhtneedtopｕrｃhasecelｌphoｎｅs,bｉcyｃles,deｓｋｓ,anｄcｈａirｓ.a．Thesｅpurｃhasｅｓａrecａllｅdcapitalinvestment.Ifyoｕrａｉｓｅthefundsfroｍoｔherｓtopurchasｅtheｍyouareasaver.b.Thesepurchasesareｃalleｄcaｐitaliｎvestｍenｔ.Ifyoｕｒaisｅｔhｅfundsfroｍotherstｏpurｃhａｓｅｔhemyouareaborrｏwer.c.Tｈｅsepｕｒchasesaｒecaｌledconsuｍption.Ifyouraisetheｆundsｆroｍotｈeｒstｏpurcｈasｅthｅmyｏuａreasａveｒ．ｄ.Theｓepuｒchaseｓarecalｌeｄｃｏnsuｍｐtｉon.Ｉｆyｏuraisｅthefuｎdsfromotｈerｓtoｐurchaｓｅtheｍyｏｕaｒeaborrｏｗer.ＡNS: BﻩDＩF: ２ﻩREF:ﻩ２6-0NAT: ＡnalｙtｉcﻩLＯC:ﻩThestudｙｏfeｃoｎｏmics,aｎddefｉnｉｔioｎsｏfeconomｉcsTOP: InvestmｅnｔﻩＭＳC：ﻩInterｐretiｖe3. WhｅnａｃoｕntｒysavesａlargｅｒｐorｔｉｏnoｆｉtsGＤPｔhanｉtdidbeｆoｒe，ｉtwillhaveａ．ｍorｅcapｉtaｌanｄhigherproducｔｉviｔy.b．moreｃapｉtａlanｄlｏwerｐroｄｕcｔｉvity.c.leｓscapitalaｎdhighｅrproducｔiｖity．d.lｅsscapitalandlowerpｒoduｃtivitｙ．ANS: A DIF: 1 REF: ２６-０NＡT: AnａｌｙtｉcﻩLＯC:ﻩThｅStuｄyoｆecｏｎｏmｉcs,ａndｄｅｆinｉtionsｏｆecｏnoｍiｃｓTOＰ:ﻩＳaｖｉnｇ|Investmentﻩ MSC：ﻩInｔeｒprｅtive4. Ｉnstitutiｏnsｔhatheｌptｏmａtchｏｎeｐeｒsoｎ'sｓａvingｗiｔhａｎotherperｓon'siｎvestｍｅntaｒｅcolｌectivelycallｅdtheａ.FedｅralReｓｅrvesｙsｔem.ｂ．bａnkｉｎgｓｙstｅm.ｃ．ｍｏneｔarｙsystｅm.d．ｆiｎａｎcialsyｓtｅｍ.AＮS: DﻩDIF:ﻩ1 ＲEF：ﻩ26-0ＮＡT:ﻩAnalytｉc LOC:ﻩＴｈeStudyofｅconomiｃｓ,andｄefiｎitｉonsofecoｎomｉｃｓTOP：ﻩFinaｎｃｉalｓysteｍ ﻩＭSC：ﻩDefｉｎｉtiｏｎal5. Thｅpriｍaｒyeconｏｍicfuｎctiｏnoftｈefiｎaｎｃiａlsyｓｔemistoａ.keｅpinteｒeｓtｒateｓlow.b.pｒovｉdｅｅxｐerｔadvicetoｓaverｓaｎｄinvestoｒｓ．c．ｍatchonepeｒsｏn’ｓconsumpｔｉoｎeｘｐenｄiturｅswithaｎotｈerpｅrsｏn’scaｐitａlexpｅndiｔｕres.d．mａtchｏneｐeｒｓon’ssavｉngwithａｎothｅｒpｅrsoｎ’siｎveｓtmeｎｔ.ANS:ﻩDﻩDIF:ﻩ2ﻩＲEＦ：ﻩ２６-0NＡT:ﻩＡnaｌyｔic LOＣ: TｈｅStudyofeconｏmics,anddefinｉtｉｏｎsofecoｎｏｍｉcsＴOP: Ｆｉnａｎciaｌsystｅm ﻩMSＣ: Inteｒｐrｅｔiｖe6. ＧiveｎthatＬekeiｓha'sincomeexｃｅeｄsherexpeｎｄiｔures，Ｌekeiｓhaｉｓbestdescｒｉbｅdasaａ．ｓaverｏrasasupｐｌiｅroｆfｕｎds．b.ｓaverorasademanderｏｆfｕnds.c．boｒrｏｗeｒorasａsuｐplierｏffuｎds.d.boｒrowerorasaｄemａndｅrｏffuｎds.AＮS：ﻩA DＩF：ﻩ1ﻩＲEF: 26-0ＮAT:ﻩAnalｙｔicﻩLOC:ﻩＴheＳtudyｏfecｏnｏmics,ａｎｄdefinｉtiｏnsoｆecｏnomicsTOP: SaｖiｎｇﻩMＳＣ: Inｔerpretive７．ﻩAlyｓsａｉsoｐeｎinｇabiｃｙclｅsｈop,andｈermoｎthlyｅxpenｄｉtuｒestogetthesｈopupａndrｕnnｉnｇexceedhermonthlyiｎcｏｍｅ.Alyｓsaｉsbestdescｒibedaｓaa.savｅｒoｒasasupplieｒofｆunｄs.b.ｓaverｏrａsaｄemanderoｆfｕｎdｓ.c.borroｗｅrorasaｓupplieｒoffunds．d.ｂorroｗerorasademanderoffunds.ANS: ＤﻩＤIF: 1 REF： 26－0ＮＡＴ:ﻩＡnalyticﻩLOC：ﻩThｅStｕdyofecoｎomics,aｎddefｉnitionsｏfeconomicsTOP：ﻩInvestmｅｎｔ MＳC:ﻩIｎtｅｒpretｉvｅ８.ﻩMostentreprｅｎｅurｓdoｎotｈaveeｎｏuｇhmonｅyｏftheｉrowｎtosｔaｒttｈeiｒｂusiｎｅssｅs.Wｈentheyaｃｑuiｒethenecessaryfundsfrｏmsomeoneｅlｓe,a.ｔhｅiｒｃｏnｓｕmpｔionｅxpendiｔuresａreｂeiｎｇｆinanceｄbysomeoｎｅeｌse’ssavinｇ.b.tｈeirconsuｍｐｔionexpenｄiｔｕｒesarebｅiｎgfiｎancｅｄｂyｓomeoｎｅelse’sｉnvesｔｍeｎt．ｃ.tｈｅｉｒｉｎvestmentsaｒeｂｅingfｉnaｎcedbysoｍｅonｅelse’ｓsａｖinｇ．ｄ.ｔｈeirsavingisbeiｎgfinaｎcｅdｂysoｍｅｏneelse’siｎvestmｅnｔ.ＡＮS: Ｃ DIF： 2 REF: ２6-０ＮＡT: AnａｌyticﻩＬOC:ﻩＴheStudyｏｆｅconomics，andｄefiｎｉtionｓoｆｅｃoｎoｍicsTＯP:ﻩＩnvｅstmeｎt｜Sａｖing ﻩMSC:ﻩＩnｔerpretiｖeＳec01-Ｓaｖing,Inveｓtment,aｎｄtｈeＦiｎanｃialSyｓｔｅm-FinaｎciａlIｎstiｔｕtionsｉnｔｈｅU.Ｓ.EcoｎomyＭULTIPＬEＣHＯICＥ１.ﻩAtthｅｂroadestｌevel，ｔｈｅｆiｎanciaｌｓystemmovestheeconomy’sｓcarceｒesourcesfroma.ｔｈericｈｔｏtheｐoor.b.financialinsｔiｔutionsｔｏｂuｓineｓｓｆirmsandgoｖernment.c.househｏｌｄstofinａncialｉnstitｕｔions.d.ｓａveｒstｏborroweｒs.ANＳ: DﻩDIＦ:ﻩ1ﻩREF： 26-1NＡT:ﻩAｎalyticﻩLOＣ: TheSｔudyofecｏｎomiｃｓ,ａnddefiniｔｉonｓofｅconomicsTOP:ﻩFｉnancialｓｙstem ﻩMＳC：ﻩInteｒpretｉve2.ﻩTｈeｆactthａｔｂoｒrowｅｒssometimｅsdefaultonｔｈｅirloansbydeclariｎgbanｋｒupｔcyisdirectlyrelatedtothecharactｅｒistiｃofａbondcaｌlｅda.creditrisk.b．ｉｎtｅrｅsｔｒisｋ.c．terｍrisk.d.privaterｉsk.AＮS:ﻩAﻩDIF： 1 REF： ２6-1NAT: Anaｌyｔiｃ ＬＯC: ＴheStｕdyofeconomｉｃｓ,ａnddｅfiniｔionsｏfecｏnｏmｉcsTOP:ﻩBonｄsﻩMSC: Definiｔional３． Whｅnaｌargｅ,well-knowｎcorporaｔioｎwishestoborrowdirectlyfｒomthepubliｃ,itcanａ.seｌｌbｏｎｄs.ｂ.ｓｅllshａｒesoｆstock.c.gｏｔoａbaｎkｆｏraloan.d.Alloftheaｂovearecｏrｒect.ANS:ﻩＡ DIＦ: １ﻩREF: 26-1NAT: AnａｌytiｃﻩLOC:ﻩTheStudyofecoｎｏｍiｃs，anｄdefinitiｏnsｏfｅconｏmiｃsＴOP:ﻩBondsﻩＭSＣ:ﻩIｎteｒpreｔｉve4． Wｈiｃhｏfthefｏllowingstatemeｎtsaboutthｅtｅｒmｏfabondisｃｏrｒｅct?a．Tｅrmｒｅfersｔothevaｒiousｃharａcteriｓticsｏfabｏnd,iｎcludingｉtsintｅrｅstrａteaｎｄｔaxｔreatment.b.Tｈeteｒmoｆａboｎdisdeｔｅrminｅdｅntirｅlybyｉtｓcreｄitｒisｋ.c．Ｔhetermofａbｏnｄiｓdeteｒｍinｅdeｎtiｒelybyhowｍｕｃhｓalesｃhａｒｇetheｂuyeroftheboｎdｐaysｗhｅnheorsｈｅｐurchasesthｅbond.d.Ｉｎteresｔratesoｎlong-termbｏndsarｅｕsｕallyhigherthaｎinterｅｓtｒatesonshｏrt－teｒmboｎdｓ.ANS： D DIF： 2ﻩRＥF：ﻩ26-1NＡT: Anaｌytｉｃ LＯC: TheStudyofeconoｍics,ａｎｄdefinitiｏｎsofecoｎｏmicsTOＰ：ﻩBonｄs MSC:ﻩＩnteｒpretive5. WｅwoｕldexpectｔheinterestratｅonBonｄAtobｅhigheｒtｈaｎｔhｅinterｅstraｔeonBondBifthetwｏbｏndsｈaveｉdenticalchａracｔerｉsｔicｓｅxceptthata.ｔｈeｃredｉtriskaｓsociaｔeｄwｉｔhBondAislowerｔhantｈeｃrediｔriskasｓｏciatedwｉthＢondB.b.ＢonｄＡwａsｉssuedｂyｔhestａteｏfNewYｏｒkａndBoｎdBwasissuedｂyｔｈeExxonMobilCorpoｒaｔiｏn．c．BonｄAhａｓaterｍof２０yearｓanｄＢondBhasａｔeｒmｏｆ2years.d.Alloftｈeabovｅarecｏrrect．AＮＳ: CﻩＤIF： 2 REF: 2６－1NAT：ﻩAnａlytｉｃ LＯＣ:ﻩTheStｕdyofｅconoｍics,ａｎddeｆｉnｉtｉoｎsｏｆｅconomicsTOＰ:ﻩBｏnｄｓﻩＭSC:ﻩAｐplｉcaｔiｖe6． WｅwoｕldeｘpｅcttｈｅinterestraｔｅｏｎBoｎdAtoｂehighｅrtｈａｎｔhｅｉnteｒｅstrａteonＢｏndBifｔheｔwobondshaveideｎticalｃharacterisｔicsexceptｔhａtａ．ＢondAwasiｓsuedbyafｉnancｉaｌlyweakcｏrpｏratioｎandＢondBwasisｓuｅdbyafｉnaｎｃiallystｒongcorpｏrａｔion.b.ＢondAｗasissｕｅｄbｙtheGｅneralElectricCorporationａndBｏndＢwaｓiｓsuedbythestaｔeofCaｌｉfornia.c.ＢondAhaｓaｔermof20yｅａrｓaｎｄBondBhasaｔｅrmof1yｅar.ｄ.Ａlｌoftheaｂoveareｃorreｃt.ANS: DﻩＤIＦ: 2 ＲEＦ: 26-1NAT:ﻩAnａlｙticﻩＬOC:ﻩＴheStｕｄyofｅconomiｃs,anddefｉｎitionｓoｆeconomｉcsTＯP:ﻩＢｏndsﻩMSC: Applｉｃaｔive7. Asａnａｌteｒnａtiｖetoselｌｉngsharesofstoｃkａsameａnsofraisｉngfｕnｄs,alａrｇecoｍｐaｎycouｌd,inｓtead,a．iｎｖｅstｉnphysｉｃａlｃapitａl．ｂ．useequityfinance.c.selｌbｏｎｄｓ.d.ｐurｃhａseboｎds.ANS: CﻩDＩF:ﻩ１ REF:ﻩ26－1NAT:ﻩAnaｌytｉｃﻩLOC： TheSｔudyofｅｃonomiｃs，anddefiｎitｉonsofeｃoｎomｉcsTOP: Ｓtｏｃk｜Bｏｎdsﻩ MSＣ: Ｉｎｔeｒprｅｔive8.ﻩWhicｈｏfthefｏlloｗingsｔａtemｅnｔsｉscoｒreｃｔ?a．Theexｐecｔedfutureｐrofitａbilityofaｃorｐoraｔｉｏｎｉｎｆlueｎcesthedｅｍanｄforthatcｏrporatｉon’ｓsｔｏck.b.Whenacorporatｉonｓｅllsstoｃｋasamｅａnｓｏfraiｓｉngfｕｎdｓitisｅngａｇingindebｔfinance.c.TheoｗnersｏfbondssｏldbｙｔheMiｃｒosｏfｔCoｒpｏraｔionａreparｔｏｗneｒsofthatcorporａtｉon.ｄ.Alｌbｏndsare,ｂydefiｎitiｏn,perpetｕities.ＡNＳ： AﻩＤIF:ﻩ２ REF：ﻩ26－1NAT:ﻩＡnalｙtiｃ LOC:ﻩＴhｅSｔudｙｏｆecoｎｏmicｓ，ａndｄefinitionsoｆｅｃonomiｃsTOP:ﻩSｔoｃｋ|Boｎdｓ ﻩﻩMSC:ﻩInterpreｔive9.ﻩＷhichofthefolｌowingstatｅmｅnｔsiscorrｅｃt？a.Acorｐorａtionｒｅceiｖeｓamoｎetａrｙpaymenteveｒytｉmｅitｓｓhａresofｓtoｃkａｒetrａdeｄbystockｈoｌｄerｓonorｇaniｚｅｄｓｔoｃkeｘchａngｅs.b.Whｅnacorpｏratｉonsellsbondsasamｅansoｆraiｓinｇfundsitｉsengａgｉngｉｎdebｔfinａnce.c.AshareｏfstocｋｉsanＩOU.d.Thｅtｗoｍoｓtｉｍpｏrtantfiｎａnｃialｍaｒｋetsinｔｈeeconoｍｙaretｈeｓtockmarｋetａｎdfinaｎciａlintｅrｍediaries.ＡNS： B DIF: 2 REＦ:ﻩ26－1ＮＡT:ﻩＡnalｙticﻩLＯC:ﻩTｈeStudｙｏfecoｎｏmiｃs，anｄdefｉnitiｏnsofecｏnomicｓＴＯＰ:ﻩＳtocｋ|Bonｄs MSC: Inteｒpｒｅｔiｖｅ10. Theｅconomy’stｗomｏsｔｉmｐｏrtantｆinancialmarketｓaｒｅa．tｈeinvesｔmenｔｍaｒkｅtaｎdthesaviｎgmaｒｋet．b.theboｎdmarkｅtandtｈestocｋmarｋet.c.ｂanksandtｈesｔｏcｋmarkeｔ.ｄ．fｉｎａncｉaｌmarｋetsandｆiｎancｉaliｎstitutｉoｎs．ANS：ﻩBﻩＤIF: 1 REF: 26-1ＮAT：ﻩAnａlytic LOC： TｈeＳｔudyofｅｃonomiｃs,aｎddefinitiｏnsofeconoｍicｓTOP: Ｆiｎancｉａlmarkets MSＣ: Ｉnterpretive11．ﻩＴｗoｏfｔｈｅeｃonomy’sｍoｓｔiｍportaｎｔfinａnciａlintermedi