2012年金融英语考试模拟试题及答案(5)

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　　SECTION ONE (Compulsory) ：Single-choice questions
# f* q- P2 G( k: ~1 y　　from the following four options, select a correct and fill in its labeling the brackets. (A total of 10 points)
　　1. Which belongs to the Tightening of fiscal policy tools? ( )
) b7 ?0 l8 L& O+ T7 h" c: d　　A. Reduce government spending and increase tax revenue
　　B. Reduce government spending and reduce taxes
　　C. Increasing government spending and reducing taxes
　　D. Increase in government expenditure and increase tax revenue
: [0 N$ n9 d- b　　2. What market is the Most in need of the advertising? ( )
+ S5 ?/ q$ T, Y& M" Y6 E2 Q! m" ^　　A. Fully competitive market
5 ^7 h; D9 A3 i8 [　　B. Monopolize market
　　C. Competitive monopoly market
3 G& q0 t3 s) }- e7 n　　D. Oligopoly market
　　3. The value of national output: ( )
　　A. Is the same of the output of all businesses.
5 \& P5 X* O/ L# d　　B. Is the aggregate of output of employed persons.
　　C. Is synonymous with aggregate manufacturing output.
　　D. Utilizes the "added value" concept.
　　4. With C = 10 + 0.7Y and the level of income changing from $70 billion to $80 billion, the increase in consumption and the revised average propensity to consume (ape) respectively would be: ( )
& ?( E* E9 A( B' J) Z　　A. $9 billion and 0.78.
0 ^7 [4 m1 g. g* x; |' s+ [1 M1 W! u7 f　　B. $6 billion and 0.8.
+ M7 y( v' Y% C' @- A1 z　　C. $7 billion and 0.79.
　　D. $7 billion and 0.825.
$ k0 Q  N$ p; c, H2 m# m　　5. Which of the following goods is likely to have the most elastic demand? ( )
8 M& @& {5 ]7 V, m0 J! F　　A. A particular brand of breakfast cereal.
) U9 R" }7 E/ z; I　　B. Breakfast cereals in general.
8 a2 F  P. \, m6 O. N　　C. A very cheap good on which not much is spent (e.g. matches newspaper) .
　　D. An essential good.
　　6. School students paying a lower fare than adults on the MTR trains, or cheaper tickets to the theatre, is an example of: ()
9 B2 R: e7 X5 W0 }! }5 i, z　　A. The suppliers making less profit because some customers pay a lower price.
　　B. Consumers obtaining more consumer surplus.
8 w/ T" I0 E- \　　C. Price discrimination allowing the suppliers to make more profit from charging a higher price to
$ u- _  f) w, S　　customers whose demand is more elastic.
3 n' G5 I# }: G/ y　　D. Price discrimination allowing the suppliers to make more profit from charging a lower price to customers whose demand is more elastic.
　　7. A futures trader goes long one futures contract at $450. The settlement price 1 day before expiration is $500. On expiration day, the future is trading at $505. The least likely way the futures trader will lock in her profits on expiration is: ( )
　　A. Take delivery of the underlying asset and pay $500 to the short.
" p3 Q* n# a7 A) R　　B. Close out the futures position by selling the futures contract at $505.
2 U; X1 s. a, q8 S& ^4 V( _$ W3 [　　C. Take delivery of the underlying asset and pay the expiration settlement price to the short.
; ?5 K8 ?* v; Y  P2 j/ p. Y. d　　D. Cash settle the futures and receive the difference between $500 and the expiration settlement price.
+ `! _6 e$ e( d5 R4 K5 W+ v' }　　8. In the context of break-even analysis, the Margin of Safety for a firm is: ( )
　　A. The difference between the sales revenue achieved and the break-even revenue.
' v  y4 j$ x2 a0 z* n0 ~# q　　B. The difference between planned (or actual) output and the break-even quantity in a particular time period.
& m& W" g0 h/ e4 l5 u8 z3 L　　C. The percentage difference between planned (or actual) output and the break-even quantity.
　　D. The difference between planned (or actual) output and the break-even quantity.
　　9. There is 5-year annuity of $3,000 per year. However, the first payment will not pay until year 3. Assuming the interest rate is 10%, calculate the present value of this annuity. ( )
　　A. $8397.
　　B. $9,399.
/ \5 _. f5 X  z- {% z　　C. $10,258.
7 ]% k  B$ X, Y2 O; D　　D. None of the above.
　　10. Hub Global, Inc. has issued two classes of debt securities to finance its operations, a first mortgage bond and debenture bonds. All else equal, will the default and recovery rates of the debenture likely be higher than the first mortgage bond? ( )