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
　　from the following four options, select a correct and fill in its labeling the brackets. (A total of 10 points)
2 |# [' n9 X, O, z. A, ]3 q7 B　　1. Which belongs to the Tightening of fiscal policy tools? ( )
　　A. Reduce government spending and increase tax revenue
+ y6 e1 l& s" o  b& G+ A' @　　B. Reduce government spending and reduce taxes
- t, Q) V: ~" q% J+ T- L3 z2 |　　C. Increasing government spending and reducing taxes
& `) o: q5 p8 s0 C1 P' f0 p* K9 Y　　D. Increase in government expenditure and increase tax revenue
1 H# z4 t+ N& O: r; H　　2. What market is the Most in need of the advertising? ( )
　　A. Fully competitive market
　　B. Monopolize market
　　C. Competitive monopoly market
　　D. Oligopoly market
　　3. The value of national output: ( )
; m- t4 B2 P# k, p5 K: ]　　A. Is the same of the output of all businesses.
7 V+ y, Y7 d$ q) i9 d" E: y+ n5 l0 E. n　　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: ( )
　　A. $9 billion and 0.78.
# A6 F0 S' S9 \* e　　B. $6 billion and 0.8.
　　C. $7 billion and 0.79.
2 u3 |  B8 h6 O5 z* Z  p' u　　D. $7 billion and 0.825.
: \/ z0 |% f# C( D　　5. Which of the following goods is likely to have the most elastic demand? ( )
" k# E' N" b, {+ u' q　　A. A particular brand of breakfast cereal.
! C7 _4 f7 t" R/ x* Q　　B. Breakfast cereals in general.
. h! |3 k5 H1 i% J9 @　　C. A very cheap good on which not much is spent (e.g. matches newspaper) .
　　D. An essential good.
* x" q7 K1 Q& ~; H# p3 `. d　　6. School students paying a lower fare than adults on the MTR trains, or cheaper tickets to the theatre, is an example of: ()
8 n5 j9 Z: Y  m6 _8 N1 [; A; W* ]( ?　　A. The suppliers making less profit because some customers pay a lower price.
　　B. Consumers obtaining more consumer surplus.
2 i3 j! f" ]$ y$ p. f8 N5 c5 t　　C. Price discrimination allowing the suppliers to make more profit from charging a higher price to
　　customers whose demand is more elastic.
* @9 i6 n: q1 ]% v" q　　D. Price discrimination allowing the suppliers to make more profit from charging a lower price to customers whose demand is more elastic.
! A' n& S/ t* J* W. }　　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: ( )
6 m5 K0 f! o; \4 E0 Z: C　　A. Take delivery of the underlying asset and pay $500 to the short.
+ r! V. j. @1 ]$ S# N　　B. Close out the futures position by selling the futures contract at $505.
2 C, R4 D3 x% l　　C. Take delivery of the underlying asset and pay the expiration settlement price to the short.
0 {# k" }6 B2 h. |　　D. Cash settle the futures and receive the difference between $500 and the expiration settlement price.
; U; w& ]8 I9 H" `8 m　　8. In the context of break-even analysis, the Margin of Safety for a firm is: ( )
% }; y3 }9 s! a4 ^5 Q8 O2 \; X' X　　A. The difference between the sales revenue achieved and the break-even revenue.
! z5 \# }2 i5 K8 @* K. B2 U　　B. The difference between planned (or actual) output and the break-even quantity in a particular time period.
  S, T5 }+ F. `0 g) ~9 [3 g　　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.
% N& C! w; X3 [　　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.
: s; Z9 }( c& Q  ~3 ^6 J　　B. $9,399.
* l" [0 ]# h2 `) \　　C. $10,258.
5 g3 t4 r9 U8 k5 r# g: s　　D. None of the above.
: V% Z7 I! z9 @$ c+ X! J/ D　　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? ( )