样卷二（答案）
一、单项选择题（本大题共15小题，每小题2分，共 30分）
1. Which is not included in indirect finance of following items? ( C )
A. you get a mortgage from local bank
B. insurance company lend to some company
C. you borrow ﹩1000 from your friend
D. you buy some share of mutual funds
2. Suppose you are planning to get into a investment which maturity is longer than 1 year, which market you are more likely to get in?( B )
A. primary market
B. capital market
C. money market
D. outside market
3. Which is not included in fiat money of following items? ( B )
A. cigarette in the concentration camp
B. US dollar paper currency which can not be transferred to gold
C. US dollar paper currency which can be transferred to gold
D. silver coin
4. Which is not the disadvantage feature of money? ( B )
A. money is hard to forge
B. money is hard to carry
C. money will not deteriorate quickly
D. money is widely accepted
5.If the present value of security is $150 which interest payment is $55 next year and you will get $133 in the end of third year, the interest rate is ( A )
A. 10%
B. 5%
C. 15%
D. 20%
6. Which has the lowest yield to maturity of the following face value $1000’s bond? ( B )
A. p=$1000, coupon rate=5%
B. p=$1200, coupon rate=5%
C. p=$900, coupon rate=5%
D. p=$1000, coupon rate=10%
7. If price decline, the demand curve of money will shift to____, interest rates will ______ ( D )
A. right; increase
B. right; decline
C. left; increase
D. left; decline
8. If expected interest rate increases in the future, the ____of bond will
_____ ( A )
A. demand; decline
B. supply; decline
C. demand; increase
D. supply; increase
9. Suppose one bank have $1000,000 deposits and 100,000 reserves,( D ) deposit outflow occurs , it will rearrange its balance sheet.(rr=5%)
A. $51,000
B. $20,000
C. $30,000
D. none is right on the above
10. A bank’s gap is +$20 million, profit of the bank will ( A ) if the interest rate increase 5%.
A. increase $1 million
B. decrease $1 million
C. increase $10 million
D. decrease $10 million
11. The total of reserves, cash items in the process of collection and borrowings from other banks are called ( A )
A. secondary reserves
B. currency items
C. liquid items
D. compensating balances
12. If the central bank plans to decrease reserves of banking system, it can ( D )
A. buy government bonds
B. increase discount loan to banks
C. print more money
D. sells government bonds
13. Which one of the following items is liability of central bank?( B )
A. discount loan
B. reserves
C. government bonds
D. all the above are right
14. Which is referred to high-powered money（ D ）
A. discount loans
B. reserves
C. currency in circulation
D. monetary base
15.The first national bank has $150 excess reserves. If the required reserve rate is 10%, the amount of loan of the first national bank can increase is ( C )
A. $1500
B. $750
C. $150
D. $0
二、判断题(下列每小题说法中正确的在题目后的括号内打“√”，错误的在题目后的括号内打“×”。本大题共10小题，每小题2分,共20分。本题只需指出正
确与错误,不需要修改)
1. a discount bond is bought at a price below its face value and the face
value is repaid at the maturity date. （√）
2. coupon bond: if p lower than F, yield to maturity lower than coupon
rate. (ⅹ)
3. we can calculate the yield to maturity if we have known coupon rate
and price of bond. (ⅹ)
4.current yield is the most accurate index of interest rate, when
economist talk about interest rate, they refer to current yield. (ⅹ)
5. if interest rate raise from 4%to 5%, the bond holder will be benefit.
(ⅹ)
6.A fixed-payment loan pays the owner of the bond a fixed interest payment
every year until the maturity date, when a specified final amount is
repaid. (√) 7.The effect of open market operations on the monetary base is less certain
than the effect on reserves. (ⅹ)
8. if all kinds of bond’s interest rate decrease from8% to 6% in one year’
s time, you prefer bonds with longer maturities. (√)
https://www.doczj.com/doc/9515744159.html,pared to the situation in which interest rate is 15% and expected
inflation rate is 14%, companies are more willing to borrow funds in
the situation in which price is stable and interest rate is 2%.(ⅹ)
https://www.doczj.com/doc/9515744159.html,pared to 1-year government bond which yield to maturity is 9.9%,
you are more willing to hold 1-year government bond which discount
yield is 10%. (√)
三、计算题（本大题共2小题，第一小题5分，第二和第三小题10分，共25
分。）
1、After careful analysis, you have determined that a firm’s dividends
should grow at 7% on average in the foreseeable future. Its last dividend
was ＄3. Compute the current price of this stock, assuming the required
return is 18%.
3·1.07/(0.18-0.07)=29.18
2.Which ＄1500bond has the higher yield to maturity, a 30-year bond
selling for ＄1000 with a current yield of 12% or a one-year coupon bond
selling for ＄1300 with a current yield of 6%?
(1)one-year coupon bond
(2)i1=12%
(3)(78+1500)/1+i=1300, i2=21.3%
3. If we know r=0.10, C=280 billion, D=800 billion, ER=40 billion, please calculate
(1)c, e , m, RR, R and MB;
(2) If central bank reduce the required reserve rate of the checkable deposit to 0.08, monetary base remain constantly, please calculate m, M, D, C, RR and ER.
(1)c=280/800=0.35 e=40/800=0.05
m=1.35/0.5=2.7 RR=r*D=0.1*800=80 b
R=RR+ER=120b MB=C+R=280+120=400b
(2)m=1.35/0.48=2.8125 M=400/2.8125=1125b
M=C+D=c*D+D=(1+c)*D=1.35D D=1125/1.35=833.33b
C=c*D=0.35*833.33=291.67b RR=0.08*833.33=66.67b
ER=120-66.67=53.33b
四、简答题（本大题共2小题，每题5分，共10分）
1.What happens to reserves at the First National Bank if one person withdraws ＄1000 of cash and another person deposits ＄500 of cash? Use T-accounts to explain your answer.
Reserves drop by $500.The T-account for the First National Bank is as follow:
2. Try to explain “The Lemons Problem”.
A potential buyer of securities such as common stock, can’t distinguish between good firms with high expected profits and low risk and bad firms with low expected profits and high risk.
He will be willing to pay only a price that reflects the average quality of firms issuing securities----a price that lies between the value of securities from bad firms and the value of those from good firms. If the owners or managers of a good firm have better information than him and will not want to sell them to him at the price he is willing to pay.
The only firms willing to sell him securities will be bad firms. But the buyer is not stupid, he does not want to hold securities in bad firms, and hence he will decide not to purchase securities in the market, this securities market will not work very well.
五、论述题（本大题共1小题，每小题15分，本大题满分共15分。）
Analysis the reason of this financial crisis using the knowledge of asymmetric information.
1、Deterioration in bank’s balance sheets
2、Increase in interest rates
3、Stock market decline
4、Increase in uncertainty
5、Something else