金融市场与机构 9.docx
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金融市场与机构 9.docx
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金融市场与机构9
1Chapter9
TheMoneyMarkets
1⏹ MultipleChoiceQuestions
1.Activityinmoneymarketsincreasedsignificantlyinthelate1970sandearly1980sbecauseof
(a)risingshort-terminterestrates.
(b)regulationsthatlimitedwhatbankscouldpayfordeposits.
(c)both(a)and(b).
(d)neither(a)nor(b).
Answer:
C
2.Moneymarketsecuritieshaveallthefollowingcharacteristicsexcepttheyarenot
(a)shortterm.
(b)money.
(c)lowrisk.
(d)veryliquid.
Answer:
B
3.Moneymarketinstruments
(a)areusuallysoldinlargedenominations.
(b)havelowdefaultrisk.
(c)matureinoneyearorless.
(d)arecharacterizedbyalloftheabove.
(e)arecharacterizedbyonly(a)and(b)oftheabove.
Answer:
D
4.Thebankingindustry
(a)shouldhaveanefficiencyadvantageingatheringinformationthatwouldeliminatetheneedforthemoneymarkets.
(b)existsprimarilytomediatetheasymmetricinformationproblembetweensaver-lendersandborrower-spenders.
(c)issubjecttomoreregulationsandgovernmentalcoststhanarethemoneymarkets.
(d)alloftheabovearetrue.
(e)only(a)and(b)oftheabovearetrue.
Answer:
D
5.Insituationswhereasymmetricinformationproblemsarenotsevere,
(a)themoneymarketshaveadistinctcostadvantageoverbanksinprovidingshort-termfunds.
(b)themoneymarketshaveadistinctcostadvantageoverbanksinprovidinglong-termfunds.
(c)bankshaveadistinctcostadvantageoverthemoneymarketsinprovidingshort-termfunds.
(d)themoneymarketscannotallocateshort-termfundsasefficientlyasbankscan.
Answer:
A
6.Brokeragefirmsthatofferedmoneymarketsecurityaccountsinthe1970shadacostadvantageoverbanksinattractingfundsbecausethebrokeragefirms
(a)werenotsubjecttodepositreserverequirements.
(b)werenotsubjecttothedepositinterestrateceilings.
(c)werenotlimitedinhowmuchtheycouldborrowfromdepositors.
(d)hadtheadvantageofalltheabove.
(e)hadtheadvantageofonly(a)and(b)oftheabove.
Answer:
E
7.Whichofthefollowingstatementsaboutthemoneymarketaretrue?
(a)Notallcommercialbanksdealfortheircustomersinthesecondarymarket.
(b)Moneymarketsareusedextensivelybybusinessesbothtowarehousesurplusfundsandtoraiseshort-termfunds.
(c)ThesinglemostinfluentialparticipantintheU.S.moneymarketistheU.S.TreasuryDepartment.
(d)Alloftheabovearetrue.
(e)Only(a)and(b)oftheabovearetrue.
Answer:
E
8.Whichofthefollowingstatementsaboutthemoneymarketsaretrue?
(a)Mostmoneymarketsecuritiesdonotpayinterest.Insteadtheinvestorpayslessforthesecuritythanitwillbeworthwhenitmatures.
(b)Pensionfundsinvestaportionoftheirassetsinthemoneymarkettohavesufficientliquiditytomeettheirobligations.
(c)Unlikemostparticipantsinthemoneymarket,theU.S.TreasuryDepartmentisalwaysademanderofmoneymarketfundsandneverasupplier.
(d)Alloftheabovearetrue.
(e)Only(a)and(b)oftheabovearetrue.
Answer:
D
9.Whichofthefollowingaretruestatementsaboutparticipantsinthemoneymarkets?
(a)LargebanksparticipateinthemoneymarketsbysellinglargenegotiableCDs.
(b)TheU.S.governmentandcorporationsborrowinthemoneymarketsbecausecashinflowsandoutflowsarerarelysynchronized.
(c)TheFederalReserveisthesinglemostinfluentialparticipantintheU.S.moneymarket.
(d)Alloftheabovearetrue.
(e)Only(a)and(b)oftheabovearetrue.
Answer:
D
10.Themostinfluentialparticipant(s)intheU.S.moneymarket
(a)istheFederalReserve.
(b)istheU.S.TreasuryDepartment.
(c)arethelargemoneycenterbanks.
(d)aretheinvestmentbanksthatunderwritesecurities.
Answer:
A
11.TheFedisanactiveparticipantinmoneymarketsmainlybecauseofitsresponsibilityto
(a)lowerborrowingcoststoencouragecapitalinvestment.
(b)controlthemoneysupply.
(c)increasetheinterestincomeofretireesholdingmoneymarketinstruments.
(d)assisttheSecuritiesandExchangeCommissioninregulatingthebehaviorothermoneymarketparticipants.
Answer:
B
12.Commercialbanksarelargeholdersof_________andarethemajorissuerof_________.
(a)negotiablecertificatesofdeposit;U.S.governmentsecurities
(b)U.S.governmentsecurities;negotiablecertificatesofdeposit
(c)commercialpaper;Eurodollars
(d)Eurodollars;commercialpaper
Answer:
B
13.Theprimaryfunctionoflargediversifiedbrokeragefirmsinthemoneymarketisto
(a)sellmoneymarketsecuritiestotheFederalReserveforitsopenmarketoperations.
(b)makeamarketformoneymarketsecuritiesbymaintaininganinventoryfromwhichtobuy
orsell.
(c)buymoneymarketsecuritiesfromcorporationsthatneedliquidity.
(d)buyT-billsfromtheU.S.TreasuryDepartment.
Answer:
B
14.Financecompaniesraisefundsinthemoneymarketbyselling
(a)commercialpaper.
(b)federalfunds.
(c)negotiablecertificatesofdeposit.
(d)Eurodollars.
Answer:
A
15.Financecompaniesplayauniqueroleinmoneymarketsby
(a)givingconsumersindirectaccesstomoneymarkets.
(b)combiningconsumers’investmentstopurchasemoneymarketsecuritiesontheirbehalf.
(c)borrowingincapitalmarketstofinancepurchasesofmoneymarketsecurities.
(d)assistingthegovernmentinitssalesofU.S.Treasurysecurities.
Answer:
A
16.Wheninflationroseinthelate1970s,
(a)consumersmovedmoneyoutofmoneymarketmutualfundsbecausetheirreturnsdidnotkeeppacewithinflation.
(b)bankssolidifiedtheiradvantageovermoneymarketsbyofferinghigherdepositrates.
(c)brokeragehousesintroducedhighlypopularmoneymarketmutualfunds,whichdrewsignificantamountsofmoneyoutofbankdeposits.
(d)consumerswereunabletotakeadvantageofhigherratesinmoneymarketsbecauseoftherequirementoflargetransactionsizes.
Answer:
C
17.Whichofthefollowingisthelargestborrowerinthemoneymarkets?
(a)commercialbanks
(b)largecorporations
(c)theU.S.Treasury
(d)U.S.firmsengagedinforeigntrade
Answer:
C
18.MoneymarketinstrumentsissuedbytheU.S.Treasuryarecalled
(a)Treasurybills.
(b)Treasurynotes.
(c)Treasurybonds.
(d)Treasurystrips.
Answer:
A
19.TheTreasuryauctions91-dayand182-dayTreasurybillsonceaweek.Itauctions52-weekbills
(a)onceamonth.
(b)onceevery13weeks.
(c)onceayear.
(d)everytwoweeks.
Answer:
A
20.WhichofthefollowingstatementsaretrueofTreasurybills?
(a)ThemarketforTreasurybillsisextremelydeepandliquid.
(b)Occasionally,investorsfindthatearningsonT-billsdonotcompensatethemforchangesinpurchasingpowerduetoinflation.
(c)Byvolume,mostTreasurybillsaresoldtoindividualswhosubmitnoncompetitivebids.
(d)Alloftheabovearetrue.
(e)Only(a)and(b)oftheabovearetrue.
Answer:
E
21.Supposethatyoupurchasea91-dayTreasurybillfor$9,850thatisworth$10,000whenitmatures.Thesecurity’sannualizedyieldifheldtomaturityisabout
(a)4percent.
(b)5percent.
(c)6percent.
(d)7percent.
Answer:
C
22.Supposethatyoupurchasea182-dayTreasurybillfor$9,850thatisworth$10,000whenitmatures.Thesecurity’sannualizedyieldifheldtomaturityisabout
(a)1.5%
(b)2%
(c)3%
(d)6%
Answer:
C
23.Treasurybillsdonot
(a)payinterest.
(b)haveamaturitydate.
(c)haveafaceamount.
(d)haveanactivesecondarymarket.
Answer:
A
24.IfyourcompetitivebidforaTreasurybillissuccessful,thenyouwill
(a)certainlypaylessthanifyouhadsubmittedanoncompetitivebid.
(b)probablypaymorethanifyouhadsubmittedanoncompetitivebid.
(c)paytheaverageofpricesofferedinothersuccessfulcompetitivebids.
(d)paythesameasothersuccessfulcompetitivebidders.
Answer:
B
25.IfyournoncompetitivebidforaTreasurybillissuccessful,thenyouwill
(a)certainlypaylessthanifyouhadsubmittedacompetitivebid.
(b)certainlypaymorethanifyouhadsubmittedacompetitivebid.
(c)paytheaverageofpricesofferedinothernoncompetitivebids.
(d)paythesameasothersuccessfulnoncompetitivebidders.
Answer:
D
26.Federalfunds
(a)areshort-termfundstransferredbetweenfinancialinstitutions,usuallyforaperiodofoneday.
(b)actuallyhavenothingtodowiththefederalgovernment.
(c)providebankswithanimmediateinfusionofreserves.
(d)arealloftheabove.
(e)areonly(a)and(b)oftheabove.
Answer:
D
27.Federalfundsare
(a)usuallyovernightinvestments.
(b)borrowedbybanksthathaveadeficitofreserves.
(c)lentbybanksthathaveanexcessofreserves.
(d)alloftheabove.
(e)only(a)and(b)oftheabove.
Answer:
D
28.TheFedcaninfluencethefederalfundsinterestratebyadjustingthelevelofreservesavailabletobanks.TheFedcan
(a)lowerthefederalfundsinterestratebyaddingreserves.
(b)raisethefederalfundsinterestratebyremovingreserves.
(c)removereservesbysellingsecurities.
(d)doalloftheabove.
(e)doonly(a)and(b)oftheabove.
Answer:
D
29.TheFederalReservecaninfluencethefederalfundsinterestratebybuyingsecurities,which_________reserves,thereby_________thefederalfundsrate.
(a)adds;raising
(b)removes;lowering
(c)adds;lowering
(d)removes;raising
Answer:
C
30.TheFedcanlowerthefederalfundsinterestrateby_________securities,thereby_________reserves.
(a)selling;adding
(b)selling;lowering
(c)buying;adding
(d)buying;lowering
Answer:
C
31.IftheFedwantstolowerthefederalfundsinterestrate,itwill_________thebankingsystemby_________securities.
(a)addreservesto;selling
(b)addreservesto;buying
(c)removereservesfrom;selling
(d)remover
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