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一 单项选择题
试题1
满分值：1.0分 状态：已答 实际得分：1.0分
An asset’s interest rate risk ________ as the duration of the asset ________.
increases; decreases decreases; decreases decreases; increases remains constant; increases[参考答案] decreases; decreases[我的答案] decreases; decreases试题2
满分值：1.0分 状态：已答 实际得分：1.0分
All else equal, the ________ the coupon rate on a bond, the ________ the bond\\’s duration.
higher; longer higher; shorter lower; shorter greater; longer[参考答案] higher; shorter[我的答案] higher; shorter试题3
满分值：1.0分 状态：已答 实际得分：1.0分
The duration of a coupon bond increases
the longer is the bond\\'s term to maturity. when interest rates increase.
the higher the coupon rate on the bond. the higher the bond price.
[参考答案] the longer is the bond\\'s term to maturity.[我的答案] the longer is the bond\\'s term to maturity.试题4
满分值：1.0分 状态：已答 实际得分：0.0分
Duration is
an asset\\'s term to maturity.
the time until the next interest payment for a coupon bond. the average lifetime of a debt security\\'s stream of payments.
the time between interest payments for a coupon bond.
[参考答案] the average lifetime of a debt security\\'s stream of payments.[我的答案] an asset\\'s term to maturity.试题5
满分值：1.0分 状态：已答 实际得分：1.0分
Assuming the same coupon rate and maturity length, the difference between the yield on a Treasury Inflation ProtectedSecurity and the yield on a nonindexed Treasury security provides insight into
the nominal interest rate. the real interest rate. the nominal exchange rate. the expected inflation rate.[参考答案] the expected inflation rate.[我的答案] the expected inflation rate.试题6
满分值：1.0分 状态：已答 实际得分：1.0分
If you expect the inflation rate to be 4 percent next year and a one year bond has a yield to maturity of 7 percent, then thereal interest rate on this bond is
-3 percent. -2 percent. 3 percent. 7 percent.[参考答案] 3 percent.[我的答案] 3 percent.试题7
满分值：1.0分 状态：已答 实际得分：1.0分
If you expect the inflation rate to be 15 percent next year and a one-year bond has a yield to maturity of 7 percent, thenthe real interest rate on this bond is
7 percent. 22 percent. -15 percent. -8 percent.[参考答案] -8 percent.[我的答案] -8 percent.试题8
满分值：1.0分 状态：已答 实际得分：1.0分
In which of the following situations would you prefer to be the lender?
The interest rate is 9 percent and the expected inflation rate is 7 percent. The interest rate is 4 percent and the expected inflation rate is 1 percent. The interest rate is 13 percent and the expected inflation rate is 15 percent. The interest rate is 25 percent and the expected inflation rate is 50 percent.[参考答案] The interest rate is 4 percent and the expected inflation rate is 1 percent.[我的答案] The interest rate is 4 percent and the expected inflation rate is 1 percent.试题9
满分值：1.0分 状态：已答 实际得分：1.0分
The ________ states that the nominal interest rate equals the real interest rate plus the expected rate of inflation.
Fisher equation Keynesian equation Monetarist equation Marshall equation[参考答案] Fisher equation[我的答案] Fisher equation试题10
满分值：1.0分 状态：已答 实际得分：1.0分
When the ________ interest rate is low, there are greater incentives to ________ and fewer incentives to ________.
nominal; lend; borrow real; lend; borrow real; borrow; lend market; lend; borrow[参考答案] real; borrow; lend[我的答案] real; borrow; lend试题11
满分值：1.0分 状态：已答 实际得分：1.0分
The ________ interest rate more accurately reflects the true cost of borrowing.
nominal real discount market[参考答案] real[我的答案] real试题12
满分值：1.0分 状态：已答 实际得分：1.0分
There is ________ for any bond whose time to maturity matches the holding period.
no interest-rate risk a large interest-rate risk rate-of-return risk yield-to-maturity risk[参考答案] no interest-rate risk[我的答案] no interest-rate risk试题13
满分值：1.0分 状态：已答 实际得分：1.0分
Interest-rate risk is the riskiness of an asset’s returns due to
interest-rate changes. changes in the coupon rate. default of the borrower. changes in the asset's maturity.[参考答案] interest-rate changes.[我的答案] interest-rate changes.
试题14满分值：1.0分 状态：已答 实际得分：1.0分
Which of the following are generally true of all bonds?
The longer a bond\\'s maturity, the greater is the rate of return that occurs as a result of the increase in the interest rate. Even though a bond has a substantial initial interest rate, its return can turn out to be negative if interest rates rise. Prices and returns for short-term bonds are more volatile than those for longer term bonds.
A fall in interest rates results in capital losses for bonds whose terms to maturity are longer than the holding period.[参考答案] Even though a bond has a substantial initial interest rate, its return can turn out to be negative if interest rates rise.[我的答案] Even though a bond has a substantial initial interest rate, its return can turn out to be negative if interest rates rise.试题15
满分值：1.0分 状态：已答 实际得分：1.0分
An equal increase in all bond interest rates
increases the return to all bond maturities by an equal amount. decreases the return to all bond maturities by an equal amount. has no effect on the returns to bonds.
decreases long-term bond returns more than short-term bond returns.[参考答案] decreases long-term bond returns more than short-term bond returns.[我的答案] decreases long-term bond returns more than short-term bond returns.试题16
满分值：1.0分 状态：已答 实际得分：1.0分
If the interest rates on all bonds rise from 5 to 6 percent over the course of the year, which bond would you prefer to havebeen holding?
A bond with one year to maturity A bond with five years to maturity A bond with ten years to maturity A bond with twenty years to maturity[参考答案] A bond with one year to maturity[我的答案] A bond with one year to maturity试题17
满分值：1.0分 状态：已答 实际得分：1.0分
The return on a 5 percent coupon bond that initially sells for $1,000 and sells for $950 next year is
-10 percent. -5 percent. 0 percent. 5 percent.[参考答案] 0 percent.[我的答案] 0 percent.试题18
满分值：1.0分 状态：已答 实际得分：1.0分
What is the return on a 5 percent coupon bond that initially sells for $1,000 and sells for $1,200 next year?
5 percent 10 percent -5 percent 25 percent
[参考答案] 25 percent[我的答案] 25 percent试题19
满分值：1.0分 状态：已答 实际得分：1.0分
Which of the following are true concerning the distinction between interest rates and returns?
The rate of return on a bond will not necessarily equal the interest rate on that bond.
The return can be expressed as the difference between the current yield and the rate of capital gains.
The rate of return will be greater than the interest rate when the price of the bond falls between time t and time t + 1. The return can be expressed as the sum of the discount yield and the rate of capital gains.[参考答案] The rate of return on a bond will not necessarily equal the interest rate on that bond.[我的答案] The rate of return on a bond will not necessarily equal the interest rate on that bond.试题20
满分值：1.0分 状态：已答 实际得分：1.0分
In Japan in 1998 and in the U.S. in 2008, interest rates were negative for a short period of time because investors found itconvenient to hold six-month bills as a store of value because
of the high inflation rate.
these bills sold at a discount from face value.
the bills were denominated in small amounts and could be stored electronically. the bills were denominated in large amounts and could be stored electronically.[参考答案] the bills were denominated in large amounts and could be stored electronically.[我的答案] the bills were denominated in large amounts and could be stored electronically.试题21
满分值：1.0分 状态：已答 实际得分：1.0分
A discount bond selling for $15,000 with a face value of $20,000 in one year has a yield to maturity of
3 percent. 20 percent. 25 percent. 33.3 percent.[参考答案] 33.3 percent.[我的答案] 33.3 percent.试题22
满分值：1.0分 状态：已答 实际得分：1.0分
If a $10,000 face-value discount bond maturing in one year is selling for $5,000, then its yield to maturity is
5 percent. 10 percent. 50 percent. 100 percent.[参考答案] 100 percent.[我的答案] 100 percent.试题23
满分值：1.0分 状态：已答 实际得分：1.0分
The yield to maturity for a perpetuity is a useful approximation for the yield to maturity on long-term coupon bonds. It iscalled the ________ when approximating the yield for a coupon bond.
current yield
discount yield future yield star yield
[参考答案] current yield[我的答案] current yield试题24
满分值：1.0分 状态：已答 实际得分：1.0分
A consol paying $20 annually when the interest rate is 5 percent has a price of
100 200 400 800[参考答案] 400[我的答案] 400试题25
满分值：1.0分 状态：已答 实际得分：1.0分
The price of a consol equals the coupon payment
times the interest rate. plus the interest rate. minus the interest rate. divided by the interest rate.[参考答案] divided by the interest rate.[我的答案] divided by the interest rate.试题26
满分值：1.0分 状态：已答 实际得分：1.0分
Which of the following bonds would you prefer to be buying?
A $10,000 face-value security with a 10 percent coupon selling for $9,000 A $10,000 face-value security with a 7 percent coupon selling for $10,000 A $10,000 face-value security with a 9 percent coupon selling for $10,000 A $10,000 face-value security with a 10 percent coupon selling for $10,000[参考答案] A $10,000 face-value security with a 10 percent coupon selling for $9,000[我的答案] A $10,000 face-value security with a 10 percent coupon selling for $9,000试题27
满分值：1.0分 状态：已答 实际得分：0.0分
Which of the following $1,000 face-value securities has the highest yield to maturity?
A 5 percent coupon bond with a price of $600 A 5 percent coupon bond with a price of $800 A 5 percent coupon bond with a price of $1,000 A 5 percent coupon bond with a price of $1,200[参考答案] A 5 percent coupon bond with a price of $600[我的答案] A 5 percent coupon bond with a price of $1,200试题28
满分值：1.0分 状态：已答 实际得分：0.0分
Which of the following $1,000 face-value securities has the highest yield to maturity?
A 5 percent coupon bond selling for $1,000 A 10 percent coupon bond selling for $1,000 A 12 percent coupon bond selling for $1,000 A 12 percent coupon bond selling for $1,100[参考答案] A 12 percent coupon bond selling for $1,000[我的答案] A 12 percent coupon bond selling for $1,100试题29
满分值：1.0分 状态：已答 实际得分：1.0分
The yield to maturity is ________ than the ________ rate when the bond price is ________ its face value.
greater; coupon; above greater; coupon; below greater; perpetuity; above less; perpetuity; below
[参考答案] greater; coupon; below[我的答案] greater; coupon; below试题30
满分值：1.0分 状态：已答 实际得分：1.0分
Which of the following are true for a coupon bond?
When the coupon bond is priced at its face value, the yield to maturity equals the coupon rate. The price of a coupon bond and the yield to maturity are positively related.
The yield to maturity is greater than the coupon rate when the bond price is above the par value. The yield is less than the coupon rate when the bond price is below the par value.
[参考答案] When the coupon bond is priced at its face value, the yield to maturity equals the coupon rate.[我的答案] When the coupon bond is priced at its face value, the yield to maturity equals the coupon rate.试题31
满分值：1.0分 状态：已答 实际得分：1.0分
If a security pays $110 next year and $121 the year after that, what is its yield to maturity if it sells for $200?
9 percent 10 percent 11 percent 12 percent[参考答案] 10 percent[我的答案] 10 percent试题32
满分值：1.0分 状态：已答 实际得分：1.0分
For a 3-year simple loan of $10,000 at 10 percent, the amount to be repaid is
10030 10300 13000 13310[参考答案] 13310[我的答案] 13310
试题33满分值：1.0分 状态：已答 实际得分：1.0分
For simple loans, the simple interest rate is ________ the yield to maturity.
greater than less than equal to not comparable to[参考答案] equal to[我的答案] equal to试题34
满分值：1.0分 状态：已答 实际得分：1.0分
The interest rate that equates the present value of payments received from a debt instrument with its value today is the
simple interest rate. current yield. yield to maturity. real interest rate.[参考答案] yield to maturity.[我的答案] yield to maturity.试题35
满分值：1.0分 状态：已答 实际得分：1.0分
Examples of discount bonds include
U.S. Treasury bills. corporate bonds. U.S. Treasury notes. municipal bonds.
[参考答案] U.S. Treasury bills.[我的答案] U.S. Treasury bills.试题36
满分值：1.0分 状态：已答 实际得分：1.0分
A ________ is bought at a price below its face value, and the ________ value is repaid at the maturity date.
coupon bond; discount discount bond; discount coupon bond; face discount bond; face[参考答案] discount bond; face[我的答案] discount bond; face试题37
满分值：1.0分 状态：未答 实际得分：0.0分
All of the following are examples of coupon bonds except
Corporate bonds U.S. Treasury bills U.S. Treasury notes U.S. Treasury bonds[参考答案] U.S. Treasury bills
[我的答案]试题38
满分值：1.0分 状态：已答 实际得分：1.0分
If a $5,000 coupon bond has a coupon rate of 13 percent, then the coupon payment every year is
650 1300 130 13
[参考答案] 650[我的答案] 650试题39
满分值：1.0分 状态：已答 实际得分：1.0分
The ________ is the final amount that will be paid to the holder of a coupon bond.
discount value coupon value face value present value[参考答案] face value[我的答案] face value试题40
满分值：1.0分 状态：已答 实际得分：1.0分
A credit market instrument that pays the owner a fixed coupon payment every year until the maturity date and then repaysthe face value is called a
simple loan. fixed-payment loan. coupon bond. discount bond.[参考答案] coupon bond.[我的答案] coupon bond.试题41
满分值：1.0分 状态：已答 实际得分：1.0分
Which of the following are true of fixed payment loans?
The borrower repays both the principal and interest at the maturity date. Installment loans and mortgages are frequently of the fixed payment type. The borrower pays interest periodically and the principal at the maturity date. Commercial loans to businesses are often of this type.
[参考答案] Installment loans and mortgages are frequently of the fixed payment type.[我的答案] Installment loans and mortgages are frequently of the fixed payment type.试题42
满分值：1.0分 状态：已答 实际得分：1.0分
A credit market instrument that provides the borrower with an amount of funds that must be repaid at the maturity datealong with an interest payment is known as a
simple loan. fixed-payment loan.
coupon bond. discount bond.[参考答案] simple loan.[我的答案] simple loan.试题43
满分值：1.0分 状态：已答 实际得分：1.0分
If a security pays $55 in one year and $133 in three years, its present value is $150 if the interest rate is
5 percent. 10 percent. 12.5 percent. 15 percent.[参考答案] 10 percent.[我的答案] 10 percent.试题44
满分值：1.0分 状态：已答 实际得分：1.0分
An increase in the time to the promised future payment ________ the present value of the payment.
decreases increases has no effect on is irrelevant to[参考答案] decreases[我的答案] decreases试题45
满分值：1.0分 状态：已答 实际得分：1.0分
The concept of ________ is based on the common-sense notion that a dollar paid to you in the future is less valuable toyou than a dollar today.
present value future value interest deflation
[参考答案] present value[我的答案] present value
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