完整word版投资学题库17.docx
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完整word版投资学题库17.docx
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完整word版投资学题库17
Chapter17
MacroeconomicandindustryAnalysis
1. Atopdownanalysisofafirmstartswith____________.
D. theglobaleconomy
2. Anexampleofahighlycyclicalindustryis________.
A. theautomobileindustry
3. Demand-sideeconomicsisconcernedwith_______.
A. governmentspendingandtaxlevels
B. monetarypolicy
C. fiscalpolicy
E. A,B,andC
4. Themostwidelyusedmonetarytoolis___________.
C. openmarketoperations
5. The"real",orinflation-adjusted,exchangerate,is
C. thepurchasingpowerratio.
6. The"normal"rangeofprice-earningsratiosfortheS&P500Indexis
D. between12and25
7. Monetarypolicyisdeterminedby
C. theboardofGovernorsoftheFederalReserveSystem.
8. Atroughis________.
B. atransitionfromacontractioninthebusinesscycletothestartofanexpansion
9. Apeakis________.
A. atransitionfromanexpansioninthebusinesscycletothestartofacontraction
10. Iftheeconomyisgrowing,firmswithhighoperatingleveragewillexperience__________.
A. higherincreasesinprofitsthanfirmswithlowoperatingleverage.
11. Iftheeconomyisshrinking,firmswithhighoperatingleveragewillexperience__________.
A. higherdecreasesinprofitsthanfirmswithlowoperatingleverage.
12. Iftheeconomyisgrowing,firmswithlowoperatingleveragewillexperience__________.
C. smallerincreasesinprofitsthanfirmswithhighoperatingleverage.
13. Iftheeconomyisshrinking,firmswithlowoperatingleveragewillexperience__________.
C. smallerdecreasesinprofitsthanfirmswithhighoperatingleverage.
14. Industrialproductionrefersto_________.
C. thetotalmanufacturingoutputintheeconomy.
15. GDPrefersto_________.
D. thetotalproductionofgoodsandservicesintheeconomy
16. ArapidlygrowingGDPindicatesa(n)______economywith______opportunityforafirmtoincreasesales.
D. expanding;ample
17. AdecliningGDPindicatesa(n)______economywith______opportunityforafirmtoincreasesales.
A. stagnant;little
18. Theaveragedurationofunemploymentandchangesintheconsumerpriceindexforservicesare_________.
C. laggingeconomicindicators
19. Afirminanindustrythatisverysensitivetothebusinesscyclewilllikelyhaveastockbeta___________.
A. greaterthan1.0
20. Iftheeconomyweregoingintoarecession,anattractiveindustrytoinvestinwouldbethe________industry.
B. medicalservices
21. Thestockpriceindexandcontractsandnewordersfornondefensecapitalgoodsare
A. leadingeconomicindicators.
22. Afirmintheearlystagesoftheindustrylifecyclewilllikelyhave________.
B. highrisk.
C. rapidgrowth
E. BandC
23. AssumetheU.S.governmentwastodecidetoincreasethebudgetdeficit.Thisactionwillmostlikelycause__________toincrease
A. interestrates
B. governmentborrowing
D. bothAandB
24. AssumetheU.S.governmentwastodecidetodecreasethebudgetdeficit.Thisactionwillmostlikelycause__________todecrease
A. interestrates
B. governmentborrowing
D. bothAandB
25. AssumethattheFederalReservedecreasesthemoneysupply.Thisactionwillcause________todecrease.
C. investmentintheeconomy
26. Ifthecurrencyofyourcountryisdepreciating,theresultshouldbeto______exportsandto_______imports.
B. stimulate,discourage
27. Ifthecurrencyofyourcountryisappreciating,theresultshouldbeto______exportsandto_______imports.
C. discourage,stimulate
28. Increasesinthemoneysupplywillcausedemandforinvestmentandconsumptiongoodsto_______intheshortrunandcausepricesto________inthelongrun.
A. increase,increase
29. TheNorthAmericanIndustryClassificationSystem(NAICS)
A. areforfirmsthatoperateintheNAFTAregion.
B. groupfirmsbyindustry.
D. AandB.
30. Ifinterestratesincrease,businessinvestmentexpendituresarelikelyto______andconsumerdurableexpendituresarelikelyto_________.
D. decrease,decrease
31. Fiscalpolicygenerallyhasa_______directimpactthanmonetarypolicyontheeconomy,andtheformulationandimplementationoffiscalpolicyis______thanthatofmonetarypolicy.
B. more,slower
32. Fiscalpolicyisdifficulttoimplementquicklybecause
A. itrequirespoliticalnegotiations.
B. muchofgovernmentspendingisnondiscretionaryandcannotbechanged.
D. AandB.
33. Inflation
A. istherateatwhichthegenerallevelofpricesisincreasing.
B. ratesarehighwhentheeconomyisconsideredtobe"overheated".
D. AandB.
Twofirms,AandB,bothproducewidgets.Thepriceofwidgetsis$1each.FirmAhastotalfixedcostsof$500,000andvariablecostsof50centsperwidget.FirmBhastotalfixedcostsof$240,000andvariablecostsof75centsperwidget.Thecorporatetaxrateis40%.Iftheeconomyisstrong,eachfirmwillsell1,200,000widgets.Iftheeconomyentersarecession,eachfirmwillsell1,100,000widgets.
34. Iftheeconomyentersarecession,theafter-taxprofitofFirmAwillbe________.
C. $30,000
35. Iftheeconomyentersarecession,theafter-taxprofitofFirmBwillbe_______.
E. noneoftheabove
36. Iftheeconomyisstrong,theafter-taxprofitofFirmAwillbe_______.
D. $60,000
37. Iftheeconomyisstrong,theafter-taxprofitofFirmBwillbe__________.
C. $36,000
38. CalculatefirmA'sdegreeofoperatingleverage.
A. 11.0
39. CalculatefirmB'sdegreeofoperatingleverage.
C. 29.86
40. Classifyingfirmsintogroups,suchas_________providesanalternativetotheindustrylifecycle.
A. slow-growers
B. stalwarts
D. AandB
41. Supply-sideeconomistswishingtostimulatetheeconomyaremostlikelytorecommend
D. adecreaseinthetaxrate.
42. Whichofthefollowingarenotexamplesofdefensiveindustries?
B. durablegoodsproducers.
43. Whichofthefollowingareexamplesofdefensiveindustries?
A. foodproducers.
C. pharmaceuticalfirms.
D. publicutilities
E. A,CandD
44. ________isapropositionthatastrongproponentofsupplysideeconomicswouldmostlikelystress.
B. Highermarginaltaxratespromoteeconomicinefficiencyandtherebyretardaggregateoutputastheyencourageinvestorstoundertakelowproductivityprojectswithsubstantialtaxshelterbenefits
45. Theindustrylifecycleisdescribedbywhichofthefollowingstage(s)?
A. start-up.
B. consolidation.
D. AandB.
46. Inthestart-upstageoftheindustrylifecycle
A. itisdifficulttopredictwhichfirmswillsucceedandwhichfirmswillfail.
B. industrygrowthisveryrapid.
D. AandB.
47. Intheconsolidationstageoftheindustrylife-cycle
C. theperformanceoffirmswillmorecloselytracktheperformanceoftheoverallindustry.
48. Inthematuritystageoftheindustrylifecycle
A. theproducthasreachedfullpotential.
B. profitmarginsarenarrower.
C. producersareforcedtocompeteonpricetoagreaterextent.
E. A,B,andC.
49. Inthedeclinestageoftheindustrylifecycle
A. theproductmayhavereachedobsolescence.
B. theindustrywillgrowataratelessthantheoveralleconomy.
C. theindustrymayexperiencenegativegrowth.
E. A,B,andC.
50. Avarietyoffactorsrelatingtoindustrystructureaffecttheperformanceofthefirm,including
A. threatofentry.
B. rivalrybetweenexistingcompetitors.
E. AandB.
51. Theprocessofestimatingthedividendsandearningsthatcanbeexpectedfromthefirmbasedondeterminantsofvalueiscalled
D. fundamentalanalysis.
52. TheemergingmarketexhibitingthehighestgrowthinrealGDPin2007was
A. China
53. TheemergingstockmarketexhibitingthehighestU.S.dollarreturnin2007was
A. China
54. Thelifecyclestageinwhichindustryleadersarelikelytoemergeisthe
C. consolidationstage.
55. InvestmentmanagerPeterLynchreferstofirmsthatareinbankruptcyorsoonmightbeas
E. turnarounds.
56. Atop-downanalysisofafirm'sprospectsstartswith
D. anassessmentofthebroadeconomicenvironment.
57. Overtheperiod1999-2006,whichofthefollowingcountrieshadachangeinitsrealexchangeratethatwasfavorableforU.S.consumerswhowanttobuyitsgoods?
E. Japan
58. Overtheperiod1999-2006,whichofthefollowingcountrieshadachangeinitsrealexchangeratethatwasmostunfavorableforU.S.consumerswhowanttobuyitsgoods?
A. Canada
59. Inrecentyears,P/Emultipleshave
B. risendramatically.
60. Inrecentyears,P/EmultiplesforS&P500companieshave
D. rangedfrom12to25.
61. TheindustrywiththehighestROEin2007was
D. iron/steel.
62. TheindustrywiththelowestROEin2007was
E. airlines.
63. Theindustrywiththelowestreturnin2007was
A. homeconstruction.
64. Theindustrywiththehighestreturnin2007was
B. oilequipment.
65. Investorscan______investinanindustrywiththehighestexpectedreturnbypurchasing______.
B. not;industry-specificiShares
66. Whichofthefollowingarekeyeconomicstatisticsthatareusedtodescribethestateofthemacroeconomy?
I)grossdomesticproduct
II)theunemploymentrate
III)inflation
IV)consumersentiment
V)thebudgetdeficit
E. I,II,III,IV,andV
67. Anexampleofapositivedemandshockis
E. adecreaseintaxrates.
68. Anexampleofanegativedemandshockis
A. adecreaseinthemoneysupply.
B. adecreaseingovernmentspending.
E. AandB.
69. Duringwhichstageoftheindustrylifecyclewouldafirmexperiencestablegrowthinsales?
A. Consolidation
70. Theemergingstockmarketexhibitingthehighestlocalcurrencyreturnin2007was
B. China
E. China
71. Sectorrotation
C. isshiftingtheportfoliomoreheavilytowardanindustryorsectorthatisexpectedtoperform
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