练习：ChoosetheBestAnswer[4]

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　　1. Commercial paper ______.
　　A. is issued mainly by commercial banks
　　B.can be either short or long-term debt
4 a" h- Y- e  ]　　C. is most typically issued in very short maturities, such as one or two months
　　D. ought to be considered a capital market instrument
2 d  t# I( B* d$ I' ]' N　　2. The expectations hypothesis assumes that investors regard bonds of different maturities .
　　A. as perfect substitutes
% R& h! ]+ o! s5 a; ~& o) L4 |8 w　　B. as not substitutes at all
& X. B  @; E! T$ |3 b　　C. as substitutes, but not perfect substitutes
　　D. none of the above
　　3. If the yield on Treasury bills falls from 5.27% to 5.22%, then the yield will decrease by ______ basis points.
　　A. 0.05
: E$ g, H5 V) ]+ |　　B. 0.5
　　C. 5
1 ^3 p, S1 {- W5 B" M! d# Q　　D. 50
　　4. Liquidity of a business is measured by ______.
　　A. the rate of return on owner equity
" b; f' H) k, N. _& F　　B. the ratio of total revenue to total expenses incurred
6 Z) {8 v) V* U! J* ?$ ]' T　　C. the ratio of current assets to current liabilities
8 z2 {0 z; T; Y　　D. the ratio of income to costs
8 }; A3 M) M8 e: B& E　　5. Which of the following is an example of an automatic stabilizer______.
　　A. A change in interest rates
　　B. An increase in government spending
　　C. Lowering income taxes
　　D. Unemployment insurance
" A; r+ t) A/ F! D: `* G2 X4 p　　6. Which of the following definitions fits depreciation.
　　A. Allocation of the asset's market value to expense over its useful life
　　B. Allocation of the asset's cost to expense over its useful life
( D, Y2 D" O$ D3 V/ B7 E) G　　C. Decreases in the asset's market value over its useful life
　　D. Increases in the fund set aside to replace the asset when it is worn out
1 ~$ l1 e  C; ?1 s　　7. In the balance of payments accounts, ______ are unilateral transfers.
　　A. direct investments in another nation's businesses
6 G7 L4 R4 ^6 H6 ^( ?4 X; C　　B. international transactions in securities with maturities greater than one year
# P: I& k) V+ t9 b6 @$ r　　C. international transactions of securities with maturities of less than one year
　　D. gifts and grants
　　8. A self-employed person who wishes to make provisions for retirement and reduce current tax liabilities should invest in .
2 J# c# v" }: X7 Y　　A. a money market mutual fund
　　B. a time deposit
　　C. Keogh Plan
　　D. a money market deposit account
) z) [4 q  m3 w/ j* ^3 q- ]　　9. The central problem in economics is that of______.
8 p4 W3 ^8 g: G; e　　A. comparing the success of command versus market economies
　　B. guaranteeing that production occurs in the most efficient manner
　　C. guaranteeing a minimum level of income for every citizen
　　D. allocating scarce resources in such a manner that society's unlimited needs or wants are satisfied as well as possible
9 q5 [* Z- ]+ I9 p/ u- q. A0 a　　10. Which of the following is the most accurate measure of a bond's interest rates______.
　　A. Coupon rate
　　B. Yield to maturity
/ f( G' h4 y# ~+ Y) I8 W　　C. Current yield
+ o& V( _% B  i5 N6 u7 Z　　D. Discount yield
　　11. Which of the following is a determinant of asset demand______.
　　A. Expected return
　　B. Risk
# n' V& o9 p: L3 @: ^7 A　　C. Liquidity
  V' m& x- F! s5 d* R, _　　D. All of the above
9 _3 i& O( K/ J% V　　12. Which of the following items are reported as a current liability on the balance sheet____.
7 s  s- |7 H1 Y* _9 B. O　　A. Short-term notes payable
　　B. Accrued payroll taxes
& _7 l- c0 t: @0 l( P　　C. Estimated warranties
2 {9 o# ?2 F9 x　　D. All of the above
　　13. Which of the following is not true of fiscal policy______.
　　A. Time lags occur with fiscal policy.
　　B. Automatic stabilizers help the economy.
　　C. "Crowding out" is not a problem of fiscal policy.
/ f: t6 A* q) J- X　　D. None of the above.
  a* s, F" f  M, m. L7 N7 d8 J　　14. What distinguishes the mortgage markets from other capital markets______.
: V0 N7 w( |: b4 C* z2 ?　　A. Securities in the mortgage markets are collateralized by real estate
　　B. The mortgage markets usually involve long-term funds
　　C. Borrowers in the mortgage markets include individuals and businesses
3 K) e3 U4 M  T0 g: |　　D. All of the above
　　15. The process of closing the business, selling the assets, paying the liabilities, and disbursing remaining cash to the owners is called ______.
/ C* r. x* X: D" m　　A. withdrawal
% _6 M9 }# _) n' n; x　　B. liquidation
. Q" D* E9 r4 E　　C. acquisition
　　D. dissolution
　　16. When an investor is buying stock as an investment, the value of most direct concern is .
　　A. par value
. n% j( S  O! |　　B. liquidation value
　　C. market value
　　D. book value
0 W0 U% j; p* _; m　　17. Autonomous transactions are ______.
　　A. transactions undertaken by governments to enforce a price (exchange rate ) in the foreign exchange market
　　B. transactions that are not undertaken in the pursuit of commercial profit

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　　C. transactions undertaken for normal commercial motives
　　D. none of the above
　　18. If taxes decrease, which of the following correctly describes the effectsDisposable income______ consumption ______, and savings .
- \& w5 @1 r7 A2 L; q　　A. increases... decreases... decreases
　　B. increases... increases... increases
　　C. decreases... increases... increases
　　D. decreases... decreases... decreases
% y3 t3 K( o) x3 x+ w% Q1 L　　19. A successful company's major source of cash should be ______.
* p/ i: k6 u! U# E- u　　A. operating activities
　　B. financing activities
4 m0 `% E3 [$ d　　C. investing activities
　　D. a combination of the above
　　20.The price index in 2002 was 160, and in 2003 the price index was 168. What was the inflation rate______.
　　A. 68%
　　B. 8%
　　C. 5%
　　D. indeterminable without knowing the base year