经济学原理对应练习 Ch 26

Chapter 26

Saving, Investment, and the Financial System

Multiple Choice

1. When opening a restaurant you may need to buy ovens, freezers, tables, and cash registers. Economists call these

expenditures

a. capital investment.

b. investment in human capital.

c. business consumption expenditures.

d. None of the above is correct.

ANS: A PTS: 1 DIF: 1 REF: 26-1

TOP: Investment MSC: Interpretive

2. When a country saves a larger portion of its GDP, it will have

a. more capital and higher productivity.

b. more capital and lower productivity.

c. less capital and higher productivity.

d. less capital and lower productivity.

ANS: A PTS: 1 DIF: 1 REF: 26-1

TOP: Investment MSC: Definitional

3. Institutions in the economy that help to match one person's saving with another person's investment are collectively

called the

a. Federal Reserve system.

b. banking system.

c. monetary system.

d. financial system.

ANS: D PTS: 1 DIF: 1 REF: 26-1

TOP: Financial system MSC: Definitional

4. Lekeisha's income exceeds her expenditures. Lekeisha is a

a. saver who demands money from the financial system.

b. saver who supplies money to the financial system.

c. borrower who demands money from the financial system.

d. borrower who supplies money to the financial system.

ANS: B PTS: 1 DIF: 2 REF: 26-1

TOP: Supply of loanable funds MSC: Definitional

5. Which of the following is not correct?

a. When a country saves more, it has more capital.

b. A supplier of loanable funds borrows money.

c. The interest rate adjusts to balance the quantity supplied of and the quantity demanded of loanable funds.

d. If Mary buys equipment for her factory, Mary is engaging in capital investment.

ANS: B PTS: 1 DIF: 1 REF: 26-1

TOP: Investment | Capital | Market for loanable funds M SC: Definitional

6. Lucy starts her own psychiatric practice, but her expenditures to open the practice exceed her income. Lucy is a

a. saver who demands money from the financial system.

b. saver who supplies money to the financial system.

c. borrower who demands money from the financial system.

d. borrower who supplies money to the financial system.

ANS: C PTS: 1 DIF: 1 REF: 26-1

TOP: Supply of loanable funds MSC: Definitional

1081

1082 Chapter 26/Saving, Investment, and the Financial System

7. A bond is a

a. financial intermediary.

b. certificate of indebtedness.

c. certificate of partial ownership in an enterprise.

d. None of the above is correct.

ANS: B PTS: 1 DIF: 1 REF: 26-1

TOP: Bonds MSC: Definitional

8. Which of the following would be an example of direct finance?

a. A saver buys shares in a mutual fund.

b. A saver deposits money into a credit union.

c. A saver buys a bond a corporation has just issued so it can purchase capital.

d. None of the above is correct.

ANS: C PTS: 1 DIF: 1 REF: 26-1

TOP: Bonds | Direct finance MSC: Interpretive

9. A certificate of indebtedness that specifies the obligations of the borrower to the holder is called a

a. bond.

b. stock.

c. mutual fun

d.

d. All of the above are correct.

ANS: A PTS: 1 DIF: 1 REF: 26-1

TOP: Bonds MSC: Definitional

10. If the government's expenditures exceeded its receipts, it would likely

a. lend money to a bank or other financial intermediary.

b. borrow money from a bank or other financial intermediary.

c. buy bonds directly from the public.

d. sell bonds directly to the public.

ANS: D PTS: 1 DIF: 2 REF: 26-1

TOP: Bonds | Direct finance MSC: Interpretive

11. Megasoft wants to finance the purchase of new equipment for developing security software called Doors, but they

have limited internal funds. Megasoft will likely

a. demand loanable funds by buying bonds.

b. demand loanable funds by selling bonds.

c. supply loanable funds by buying bonds.

d. supply loanable funds by selling bonds.

ANS: B PTS: 1 DIF: 2 REF: 26-1

TOP: Investment | Market for loanable funds MSC: Interpretive

12. Skyline Chili wants to finance the purchase of new equipment for its restaurants, but they have limited internal funds.

Skyline will likely

a. demand loanable funds by buying bonds.

b. demand loanable funds by selling bonds.

c. supply loanable funds by buying bonds.

d. supply loanable funds by selling bonds.

ANS: B PTS: 1 DIF: 2 REF: 26-1

TOP: Investment | Market for loanable funds MSC: Interpretive

13. If Proctor and Gamble sells a bond it is

a. borrowing directly from the public.

b. borrowing indirectly from the publi

c.

c. lending directly to the public.

d. lending indirectly to the public.

ANS: A PTS: 1 DIF: 2 REF: 26-1

TOP: Bonds | Direct finance MSC: Interpretive

Chapter 26/Saving, Investment, and the Financial System 1083

14. Which of the following is correct?

a. The maturity of a bond refers to the amount to be paid back.

b. The principal of the bond refers to the person selling the bond.

c. A bond buyer cannot sell a bond before it matures.

d. None of the above is correct.

ANS: D PTS: 1 DIF: 1 REF: 26-1

TOP: Bonds MSC: Definitional

15. Which of the following is not a nonsensical headline?

a. British perpetuities about to mature.

b. Disney issues new bonds with term of $1,000 each.

c. Government bonds currently pay less interest than corporate bonds.

d. Standard and Poor's judges new junk bond to have very low credit risk.

ANS: C PTS: 1 DIF: 2 REF: 26-1

TOP: Bonds MSC: Interpretive

16. The length of time until a bond matures is called the

a. perpetuity.

b. term.

c. maturity.

d. intermediation.

ANS: B PTS: 1 DIF: 1 REF: 26-1

TOP: Bonds | Term MSC: Definitional

17. A perpetuity is distinguished from other bonds in that it

a. pays continuously compounded interest.

b. pays interest only when it matures.

c. never matures.

d. will be used to purchase another bond when it matures unless the owner specifies otherwis

e.

ANS: C PTS: 1 DIF: 1 REF: 26-1

TOP: Perpetuity MSC: Definitional

18. Which of the following is correct?

a. Some bonds have terms as short as a few months.

b. Because they are so risky, junk bonds pay a low rate of interest.

c. Corporations buy bonds to raise funds.

d. All of the above are correct.

ANS: A PTS: 1 DIF: 1 REF: 26-1

TOP: Bonds MSC: Interpretive

19. Which of the following is not correct?

a. If you buy a bond from a corporation, you can sell the bond to someone else before it matures.

b. Date to maturity refers to the scheduling of periodic interest rate payments on a bond.

c. A bond is an IOU.

d. There are millions of different bonds in the U.S. economy.

ANS: B PTS: 1 DIF: 1 REF: 26-1

TOP: Bonds MSC: Definitional

20. A bond that never matures is known as a

a. perpetuity.

b. an intermediary bond.

c. an indexed bon

d.

d. a junk bond.

ANS: A PTS: 1 DIF: 1 REF: 26-1

TOP: Perpetuity MSC: Definitional

1084 Chapter 26/Saving, Investment, and the Financial System

21. Which of the following is correct?

a. Lenders sell bonds and borrowers buy them.

b. Long-term bonds usually pay a lower interest rate than do short-term bonds because long-term bonds are riskier.

c. Junk bonds refer to bonds that have been resold many times.

d. None of the above is correct.

ANS: D PTS: 1 DIF: 1 REF: 26-1

TOP: Bonds MSC: Definitional

22. Long-term bonds are generally

a. less risky than short-term bonds and so pay higher interest.

b. less risky than short-term bonds and so pay lower interest.

c. more risky than short-term bonds and so pay higher interest.

d. more risky than short-term bonds and so pay lower interest.

ANS: C PTS: 1 DIF: 1 REF: 26-1

TOP: Bonds and risk MSC: Definitional

23. Compared to long-term bonds, other things the same, short-term bonds generally have

a. more risk and so pay higher interest.

b. less risk and so pay lower interest.

c. less risk and so pay higher interest.

d. about the same risk and so pay about the same interest.

ANS: B PTS: 1 DIF: 1 REF: 26-1

TOP: Bonds and risk MSC: Definitional

24. On which bond is default most likely?

a. a junk bond

b. a municipal bond

c. a U.S. government bond

d. a corporate bond issued by Proctor and Gambl

e.

ANS: A PTS: 1 DIF: 1 REF: 26-1

TOP: Bonds and risk MSC: Definitional

25. Assuming that the bonds below have the same term and principal and that the state or local government which issues

the municipal bond has a good credit rating, which list has bonds ordered from the one that pays the most interest to the one that pays the least interest?

a. corporate bond, municipal bond, U.S. government bond

b. corporate bond, U.S. government bond, municipal bond

c. municipal bond, U.S. government bond, corporate bond

d. U.S. government bond, municipal bond, corporate bond

ANS: B PTS: 1 DIF: 2 REF: 26-1

TOP: Bonds and risk MSC: Interpretive

26. Other things the same, as the maturity of a bond becomes longer, the bond will pay

a. less interest because it has less risk.

b. less interest because it has more risk.

c. more interest because it has more risk

d. There is no relation between term to maturity and risk.

ANS: C PTS: 1 DIF: 2 REF: 26-1

TOP: Bonds and risk MSC: Interpretive

27. Suppose the city of Cincinnati has a high credit rating.

a. The high credit rating and the tax status of municipal bonds should both make the interest rate lower than

otherwise.

b. The high credit rating and the tax status of municipal bonds should both make the interest rate higher than

otherwise.

c. The high credit rating should make the interest rate higher than otherwise. The tax status of municipal bonds

should make the interest rate lower than otherwise.

d. The high credit rating should make the interest rate lower than otherwis

e. The tax status of municipal bonds

should make the interest rate higher than otherwise.

ANS: A PTS: 1 DIF: 2 REF: 26-1

TOP: Interest on bonds MSC: Applicative

Chapter 26/Saving, Investment, and the Financial System 1085

28. Municipal bonds pay a relatively

a. low rate of interest because of their high-default risk and because the interest they pay is subject to federal income

tax.

b. low rate of interest because of their low-default risk and because the interest they pay is not subject to federal

income tax.

c. high rate of interest because of their high-default risk and because federal taxes must be paid on the interest they

pay.

d. high rate of interest because of their low-default risk and because the interest they pay is not subject to federal

income tax.

ANS: B PTS: 1 DIF: 2 REF: 26-1

TOP: Interest on bonds MSC: Definitional

29. Which of the following bond buyers did not buy the bond that best met their objective?

a. Mia wanted a bond with a high interest rate and was willing to take a lot of risk. She purchased a junk bond.

b. Anna wanted a bond that would let her best avoid federal income taxes. She purchased a municipal bond.

c. Bill wanted to purchase a bond that was unlikely to have default. He purchased a bond that Standards and Poor's

rated a low credit risk.

d. Toby held long-term bonds rather than short-term ones to avoid risk.

ANS: D PTS: 1 DIF: 1 REF: 26-1

TOP: Bonds MSC: Applicative

30. Interest on bonds issued by state and local governments with good credit ratings

a. is not subject to federal income tax and so these bonds have a higher interest rate than otherwise comparable

bonds issued by the U.S. government.

b. is not subject to federal income tax and so these bonds have a lower interest rate than otherwise comparable

bonds issued by the U.S. government.

c. is subject to federal income tax and so these bonds have a higher interest rate than otherwise comparable bond

issued by the U.S. government.

d. is subject to federal income tax and so these bonds have a lower interest rate than otherwise comparable bond

issued by the U.S. government.

ANS: B PTS: 1 DIF: 2 REF: 26-1

TOP: Interest on bonds MSC: Definitional

31. Other things the same, bonds are likely to have higher interest rates if they have

a. tax exemptions and short terms.

b. tax exemptions and long terms.

c. no tax exemptions and short terms.

d. no tax exemptions and long terms.

ANS: D PTS: 1 DIF: 1 REF: 26-1

TOP: Interest on bonds MSC: Definitional

32. Other things the same, which bond would you expect to pay the highest interest rate?

a. a bond issued by the U.S. government

b. a bond issued by IBM

c. a bond issued by New York State

d. a bond issued by a new restaurant chain

ANS: D PTS: 1 DIF: 1 REF: 26-1

TOP: Interest on bonds MSC: Applicative

33. Other things the same, which bond would you expect to pay the lowest interest rate?

a. a bond issued by a state with a very good credit rating

b. a bond issued by the U.S. government

c. a bond issued by a fairly new company doing genetic research

d. a bond issued by Nabisco

ANS: A PTS: 1 DIF: 2 REF: 26-1

TOP: Interest on bonds MSC: Applicative

1086 Chapter 26/Saving, Investment, and the Financial System

34. You are thinking of buying a bond from Knight Corporation. You know that this bond is long term and you know that

Knight’s business ventures are risky and uncertain. You then consider another bond with a shorter term to maturity issued by a company with good prospects and an established reputation. Which of the following is correct?

a. The longer term would tend to make the interest rate on the bond issued by Knight higher, while the higher risk

would tend to make the interest rate lower.

b. The longer term would tend to make the interest rate on the bond issued by Knight lower, while the higher risk

would tend to make the interest rate higher.

c. Both the longer term and the higher risk would tend to make the interest rate lower on the bond issued by Knight.

d. Both the longer term and the higher risk would tend to make the interest rate higher on the bond issued by Knight. ANS: D PTS: 1 DIF: 2 REF: 26-1

TOP: Interest on bonds MSC: Applicative

35. Jerry has the choice of two bonds, one that pays 3 percent interest and one that pays 6 percent interest. Which of the

following is most likely?

a. The 6 percent bond is less risky than the 3 percent bond.

b. The 6 percent bond is a U.S. government bond, and the 3 percent bond is a junk bond.

c. The 6 percent bond has a longer term than the 3 percent bon

d.

d. The 6 percent bond is a municipal bond, and the 3 percent bond is a U.S. government bond.

ANS: C PTS: 1 DIF: 2 REF: 26-1

TOP: Interest on bonds MSC: Applicative

36. Lacey, a financial advisor has told her clients the following things. Which of her statements is not correct?

a. "U.S. government bonds generally have a higher rate of interest than municipal bonds."

b. "The interest received on corporate bonds is taxable."

c. "U.S. government bonds have the lowest default risk."

d. "If you purchase a bond, you must hold it until it matures."

ANS: D PTS: 1 DIF: 2 REF: 26-1

TOP: Bonds MSC: Applicative

37. The sale of stocks

a. and bonds to raise money is called debt finance.

b. and bonds to raise money is called equity finance.

c. to raise money is called debt finance, while the sale of bonds to raise funds is called equity finance.

d. to raise money is called equity finance, while the sale of bonds to raise funds is called debt financ

e.

ANS: D PTS: 1 DIF: 1 REF: 26-1

TOP: Debt financing | Equity financing MSC: Definitional

38. Fred sells newly issued bonds. Ethel sells newly issued stocks. Who uses direct finance?

a. Only Fred.

b. Only Ethel.

c. Both Fred and Ethel.

d. Neither Fred nor Ethel.

ANS: C PTS: 1 DIF: 1 REF: 26-1

TOP: Direct finance | Indirect finance MSC: Definitional

39. Papa Mario's Pizza Company sells common stock.

a. They are using equity financing and the return shareholders earn is fixed.

b. They are using equity financing and the return shareholders earn depends on how profitable the company is.

c. They are using debt financing and the return shareholders earn is fixe

d.

d. They are using debt financing and the return shareholders earn depends on how profitable the company is. ANS: B PTS: 1 DIF: 1 REF: 26-1

TOP: Stocks MSC: Definitional

40. Stock represents

a. a claim to a share of the profits of a firm.

b. ownership in a firm.

c. equity finance.

d. All of the above are correct

ANS: D PTS: 1 DIF: 1 REF: 26-1

TOP: Stocks MSC: Definitional

Chapter 26/Saving, Investment, and the Financial System 1087

41. People who buy newly issued stock in a corporation such as Crate and Barrel provide

a. debt finance and so become part owners of Crate and Barrel.

b. debt finance and so become creditors of Crate and Barrel.

c. equity finance and so become part owners of Crate and Barrel.

d. equity finance and so become creditors of Crate and Barrel.

ANS: C PTS: 1 DIF: 1 REF: 26-1

TOP: Stocks MSC: Definitional

42. People who buy stock in a corporation such as General Electric become

a. creditors of General Electric, so the benefits of holding the stock depend on General Electric's profits.

b. creditors of General Electric, but the benefits of holding the stock do not depend on General Electric's profits.

c. part owners of General Electric, so the benefits of holding the stock depend on General Electric's profits.

d. part owners of General Electric, but the benefits of holding the stock do not depend on General Electric's profits. ANS: C PTS: 1 DIF: 1 REF: 26-1

TOP: Stocks MSC: Definitional

43. If Huedepool Beer runs into financial difficulty, the stockholders as

a. part owners of Huedepool are paid before bondholders get paid anything at all.

b. part owners of Huedepool are paid after bondholders get paid.

c. creditors of Huedepool are paid before bondholders get paid anything at all.

d. creditors of Huedepool are paid after bondholders get paid.

ANS: B PTS: 1 DIF: 1 REF: 26-1

TOP: Stocks MSC: Definitional

44. As chief financial officer you sell newly issued bonds on behalf of your firm. Your firm is

a. borrowing directly.

b. borrowing indirectly.

c. lending directly.

d. lending indirectly.

ANS: A PTS: 1 DIF: 1 REF: 26-1

TOP: Direct finance MSC: Definitional

45. Which of the following people purchased the correct asset to meet their objective?

a. Michelle wanted to be a part owner of Mamma Rosa's Pizza, so she purchased a bond issued by Mamma Rosa's

Pizza.

b. Tim wanted a high return, even if it meant taking some risk, so he purchased stock issued by Specific Electric

instead of bonds issued by Specific Electric.

c. Jennifer wanted to buy equity in Honda, so she purchased bonds sold by Honda.

d. All of the above are correct.

ANS: B PTS: 1 DIF: 1 REF: 26-1

TOP: Stocks versus bonds MSC: Interpretive

46. The prices of stock traded on exchanges are determined by

a. the Corporate Stock Administration.

b. the administrators of NASDAQ.

c. the supply and demand for the stock.

d. All of the above are correct.

ANS: C PTS: 1 DIF: 1 REF: 26-1

TOP: Stock prices MSC: Definitional

47. Which of the following is not an important stock exchange in the United States?

a. New York Stock Exchange

b. American Stock Exchange

c. Chicago Mercantile Exchange

d. NASDAQ

ANS: C PTS: 1 DIF: 1 REF: 26-1

TOP: Stock exchanges MSC: Definitional

1088 Chapter 26/Saving, Investment, and the Financial System

48. All else equal, when people become more optimistic about a company's future, the

a. supply of the stock and the price will both rise.

b. supply of the stock and the price will both fall.

c. demand for the stock and the price will both rise.

d. demand for the stock and the price will both fall.

ANS: C PTS: 1 DIF: 2 REF: 26-1

TOP: Stock prices MSC: Analytical

49. Suppose that the government finds a major defect in one of a company's products and demands that it take it off the

market. We would expect that the

a. supply of existing shares of the stock and the price will both rise.

b. supply of existing shares of the stock and the price will both fall.

c. demand for existing shares of the stock and the price will both rise.

d. demand for existing shares of the stock and the price will both fall.

ANS: D PTS: 1 DIF: 2 REF: 26-1

TOP: Stock prices MSC: Analytical

50. World Wide Delivery Service Corporation develops a way to speed up its deliveries and reduce its costs. We would

expect that this would

a. raise the demand for existing shares of the stock, causing the price to rise.

b. decrease the demand for existing shares of the stock, causing the price to fall.

c. raise the supply of the existing shares of stock, causing the price to rise.

d. raise the supply of the existing shares of stock, causing the price to fall.

ANS: A PTS: 1 DIF: 2 REF: 26-1

TOP: Stock prices MSC: Analytical

51. In the late summer of 2005 some regions of the country were suffering from drought. What effect would we expect

this to have on the stock of companies like John Deere that manufacture farm equipment?

a. raise the demand for existing shares of the stock, causing the price to rise

b. decrease the demand for existing shares of the stock, causing the price to fall

c. raise the supply of the existing shares of stock, causing the price to rise

d. raise the supply of the existing shares of stock, causing the price to fall

ANS: B PTS: 1 DIF: 2 REF: 26-1

TOP: Stock prices MSC: Analytical

52. In the Coen Brothers’ movie The Hudsucker Proxy the board of directors picks someone to run the company that they

believe will make poor decisions. If things turn out as they plan

a. The price of a share of stock in the Hudsucker corporation should decline as the demand for shares falls.

b. The price of a share of stock in the Hudsucker corporation should rise as the demand for shares rises.

c. The price of a share of stock in the Hudsucker corporation should decline as the supply of existing shares falls.

d. The price of a share of stock in the Hudsucker corporation should rise as the supply of existing shares rises. ANS: A PTS: 1 DIF: 2 REF: 26-1

TOP: Stock prices MSC: Analytical

53. Suppose that the tires of a certain tire manufacturer are discovered to be defective. Other things the same, this news

would make

a. the demand for stock of this company decrease, so the price would rise.

b. the demand for stock of this company decrease, so the price would fall.

c. the supply of stock of this company decrease and the price would fall.

d. the supply of stock of this company decrease and the price would ris

e.

ANS: B PTS: 1 DIF: 2 REF: 26-1

TOP: Stock prices MSC: Analytical

54. Nastech Pharmaceuticals announced they have developed a nasal spray that would reduce hunger cravings. Other

things the same we’d expect

a. the demand for existing shares of stock in this company decreased, so the price fell.

b. the demand for existing shares of stock in this company increased, so the price rose.

c. the supply of stock of existing shares of stock in this company decreased, so the price fell.

d. the supply of stock of existing shares of stock in this company increased, so the price ros

e.

ANS: B PTS: 1 DIF: 2 REF: 26-1

TOP: Stock prices MSC: Applicative

Chapter 26/Saving, Investment, and the Financial System 1089

55. Other things being constant, when a business issues more stock, the

a. supply of the stock is greater and thus the price will fall.

b. supply of the stock is less and thus the price will rise.

c. demand for the stock is greater and thus the price will rise.

d. demand for the stock is less and thus the price will fall.

ANS: A PTS: 1 DIF: 2 REF: 26-1

TOP: Stock prices MSC: Analytical

56. Which of the following statements is correct?

a. A general, persistent decline in stock prices may signal that the economy is about to enter a boom period because

people will be able to buy stock for less money.

b. A general, persistent decline in stock prices may signal that the economy is about to enter a recession because low

stock prices may mean that people are expecting low corporate profits.

c. A general, persistent decline in stock prices may signal that the economy is about to enter a recession because low

stock prices mean that corporations have had low profits in the past.

d. Expectations about the business cycle have no impact on stock prices.

ANS: B PTS: 1 DIF: 2 REF: 26-1

TOP: Stock prices MSC: Analytical

57. Stock indexes are

a. the average of a group of stock prices.

b. the average of a group of stock yields.

c. reports in the newspaper that report on the price of the stock and earnings of the corporation.

d. measures of the risk relative to the profitability of corporations.

ANS: A PTS: 1 DIF: 1 REF: 26-1

TOP: Stock indexes MSC: Definitional

58. The Dow Jones Industrial Average has been computed regularly since

a. 1976.

b. 1948.

c. 1913.

d. 1896.

ANS: D PTS: 1 DIF: 1 REF: 26-1

TOP: Stock indexes MSC: Definitional

59. The Dow Jones Industrial Average is now based on the prices of the stocks of

a. 30 major U.S. corporations.

b. 100 major U.S. corporations.

c. 500 representative U.S. corporations.

d. 1000 representative U.S. corporations.

ANS: A PTS: 1 DIF: 1 REF: 26-1

TOP: Stock indexes MSC: Definitional

60. The single most important piece of information about a stock is the

a. amount of earnings the firm retains.

b. dividend.

c. volume

d. pric

e.

ANS: D PTS: 1 DIF: 1 REF: 26-1

TOP: Stock prices MSC: Definitional

61. Volume, as reported in stock tables refers to the

a. number of shares traded.

b. percentage of shares outstanding traded.

c. number of shares traded times the price they sold at.

d. number of shares of a company traded divided by the shares of all companies traded.

ANS: A PTS: 1 DIF: 1 REF: 26-1

TOP: Volume MSC: Definitional

1090 Chapter 26/Saving, Investment, and the Financial System

62. Profits paid out to stockholders are

a. retained earnings.

b. dividends.

c. the denominator in the price-earnings ratio.

d. All of the above are correct.

ANS: B PTS: 1 DIF: 1 REF: 26-1

TOP: Dividends MSC: Definitional

63. Profits not paid out to stockholders are

a. retained earnings.

b. known as dividends.

c. the denominator in the price-earnings ratio.

d. All of the above are correct.

ANS: A PTS: 1 DIF: 1 REF: 26-1

TOP: Dividends MSC: Definitional

64. A dividend yield is the

a. dividend as a percentage of the price per share.

b. stock price as a percentage of the dividend.

c. dividend as a percentage of the retained earnings per share.

d. retained earnings per share as the percentage of the dividend.

ANS: A PTS: 1 DIF: 1 REF: 26-1

TOP: Dividend yield MSC: Definitional

65. Mount Adams Jazz Corporation has a price of $100, a dividend of $0.80, and retained earnings of $2.00 per share.

The dividend yield on this stock is

a. 2.8 percent.

b. 2 percent.

c. 1.2 percent.

d. .8 percent.

ANS: D PTS: 1 DIF: 1 REF: 26-1

TOP: Dividend yield MSC: Applicative

66. Queen City Sausage stock is selling at $40 per share, it has retained earnings of $2.00 per share and dividends of $.50

per share. What is the price-earnings ratio and what is the dividend yield?

a. 20, 1.25 percent

b. 20, 6.25 percent

c. 16, 1.25 percent

d. None of the above is correct.

ANS: C PTS: 1 DIF: 3 REF: 26-1

TOP: Dividend yield MSC: Analytical

67. Stock in Precision Instruments is selling at $25 per share. It had earnings of $5 a share and a dividend yield of 5

percent. What is the dividend and the price-earnings ratio?

a. $.25, 5

b. $.25, 6.7

c. $1.25, 5

d. $1.25, 6.7

ANS: C PTS: 1 DIF: 2 REF: 26-1

TOP: Dividend yield | PE ratio MSC: Analytical

68. Buskin’s Corporation has issued 2 million shares of stocks. Its earnings were $10 million dollars of which it retained

$6 million. What was the dividend per share?

a. $2.

b. $3.

c. $5

d. None of the above is correct.

ANS: A PTS: 1 DIF: 2 REF: 26-1

TOP: Dividends MSC: Analytical

Chapter 26/Saving, Investment, and the Financial System 1091 69. Over-the-Rhine Cheese Corporation had a PE ratio of 20, retained earnings of $1.5 per share and a dividend of $.50.

What was its dividend yield?

a. 1.25%

b. 1.67%

c. 3.33%

d. 7.50%

ANS: A PTS: 1 DIF: 2 REF: 26-1

TOP: Dividend yield | Earnings | PE ratio MSC: Analytical

70. Dependable Appliances had a PE ratio of 25, earnings per share of $4, and retained earnings per share of $3. What

was its dividend yield?

a. 4%

b. 3%

c. 1%

d. None of the above is correct.

ANS: C PTS: 1 DIF: 2 REF: 26-1

TOP: Dividend yield | PE ratio MSC: Analytical

71. ACME Pumps had a price to earnings ratio of 15, paid a dividend of $1, and retained earnings of $2 a share. What

was the price of a share of its stock?

a. $15

b. $30

c. $45

d. None of the above is correct.

ANS: C PTS: 1 DIF: 1 REF: 26-1

TOP: PE ratio MSC: Applicative

72. Thomas Publishing has a share price of $30, retained earnings of $1 per share, and a dividend yield of 5%. What is its

PE ratio?

a. 30

b. 20

c. 15

d. 12

ANS: D PTS: 1 DIF: 2 REF: 26-1

TOP: Dividend yield | PE ratio MSC: Analytical

73. A corporation's earnings are

a. the amount of revenue it receives for the sale of its products minus its costs of production as measured by its

accountants minus the dividends paid out.

b. the amount of revenue it receives for the sale of its products minus its direct and indirect costs of production as

measured by its economists minus the dividends paid out.

c. the amount of revenue it receives for the sale of its products minus its costs of production as measured by its

accountants.

d. the amount of revenue it receives for the sale of its products minus its direct and indirect costs of production as

measured by its economists.

ANS: C PTS: 1 DIF: 2 REF: 26-1

TOP: Earnings MSC: Definitional

74. Retained earnings are

a. paid out as dividends.

b. the amount of revenues a corporation receives for the sale of its products minus its costs of production as

measured by its accountants.

c. the single most important piece of information about a stock.

d. None of the above is correct.

ANS: D PTS: 1 DIF: 1 REF: 26-1

TOP: Earnings MSC: Definitional

1092 Chapter 26/Saving, Investment, and the Financial System

75. The amount of revenue a firm receives for the sale of its products minus its costs of production as measured by its

accountants is the firm's

a. earnings.

b. retained earnings.

c. economic, or real, profit.

d. dividend.

ANS: A PTS: 1 DIF: 1 REF: 26-1

TOP: Earnings MSC: Definitional

76. Historically, the typical price-earnings ratio is about

a. 3

b. 8

c. 15

d. 26

ANS: C PTS: 1 DIF: 1 REF: 26-1

TOP: PE ratio MSC: Definitional

77. A high price-earnings ratio indicates that either the stock is

a. undervalued or people are relatively optimistic about the corporation's prospects.

b. overvalued or people are relatively optimistic about the corporation's prospects.

c. overvalued or people are relatively pessimistic about the corporation's prospects.

d. undervalued or people are relatively pessimistic about the corporation's prospects.

ANS: B PTS: 1 DIF: 1 REF: 26-1

TOP: PE ratio MSC: Interpretive

78. A low price-earnings ratio indicates that either the stock is

a. undervalued or people are relatively optimistic about the corporation's prospects.

b. overvalued or people are relatively optimistic about the corporation's prospects.

c. overvalued or people are relatively pessimistic about the corporation's prospects.

d. undervalued or people are relatively pessimistic about the corporation's prospects.

ANS: D PTS: 1 DIF: 1 REF: 26-1

TOP: PE ratio MSC: Interpretive

79. PacknCamp Corporation has a stock price of $50, has issued 2,000,000 shares of stock, has retained earnings of $4

million dollars, and a dividend yield of 4 percent. The price-earnings ratio of PacknCamp is

a. 25, which is high compared to historical standards of the market.

b. 25, which is low compared to historical standards of the market.

c. 12.5, which is low compared to historical standards of the market.

d. 12.5, which is high compared to historical standards of the market.

ANS: C PTS: 1 DIF: 3 REF: 26-1

TOP: PE ratio | Dividend yield MSC: Analytical

80. Thomas Publishing has a price of $20 a share, outstanding shares of 2.5 million, retained earnings of $1 million

dollars, and a dividend yield of 2 percent. It has a price to earnings ratio of

a. 50, which is high by historical standards.

b. 50, which is low by historical standards.

c. 25, which is high by historical standards.

d. 25, which is low by historical standards.

ANS: C PTS: 1 DIF: 3 REF: 26-1

TOP: PE ratio | Dividend yield MSC: Analytical

81. Thomas Publishing has a price of $20 a share, outstanding shares of 2.5 million, retained earnings of $1 million

dollars, and a dividend yield of 1 percent. It has a price to earnings ratio which is

a. high, perhaps indicating that people expect future earnings to rise.

b. high, perhaps indicating that people expect future earnings to fall.

c. low, perhaps indicating that people expect future earnings to rise.

d. low, perhaps indicating that people expect future earnings to fall.

ANS: A PTS: 1 DIF: 3 REF: 26-1

TOP: PE ratio | Dividend yield MSC: Analytical

Chapter 26/Saving, Investment, and the Financial System 1093

82. A low P/E for a stock indicates that

a. people may expect earnings to fall in the future, perhaps because the firm will be faced with increased

competition.

b. its dividends have been low so that no one is willing to pay very much for it.

c. the corporation is possibly overvalue

d.

d. All of the above are correct.

ANS: A PTS: 1 DIF: 1 REF: 26-1

TOP: PE ratio MSC: Interpretive

83. Suppose Sarah Lee Corporation stock has a P/E ratio of 8. This P/E ratio is relatively

a. low, indicating that buyers may expect earnings to rise.

b. low, indicating that buyers may expect earnings to fall.

c. high, indicating that buyers may expect earnings to rise.

d. high, indicating that buyers may expect earnings to fall.

ANS: B PTS: 1 DIF: 2 REF: 26-1

TOP: PE ratio MSC: Analytical

84. Which of the following is correct?

a. Joan takes some of her income and buys mutual fund shares. Joan’s purchase will be included in the investment

category of GDP.

b. If a share of stock in Virtual Pizza Corporation sells for $77, the earnings per share are $5, and the dividend per

share is $2, then the P/E ratio is 11.

c. In order to use equity finance, a firm must sell about equal values of stocks and bonds.

d. None of the above is correct.

ANS: D PTS: 1 DIF: 2 REF: 26-1

TOP: Stocks MSC: Applicative

Use the following table to answer the following questions.

85. Refer to Table 26-1. In dollar terms, which company paid the highest dividend per share?

a. GenMills

b. Gillette

c. Graco

d. Hershey

ANS: D PTS: 1 DIF: 3 REF: 26-1

TOP: Stock tables | Dividend yield MSC: Applicative

86. Refer to Table 26-1. What was Hershey's earnings per share?

a. $38

b. $1.64

c. $1.31

d. $0.61

ANS: B PTS: 1 DIF: 3 REF: 26-1

TOP: Stock tables | PE ratio MSC: Applicative

1094 Chapter 26/Saving, Investment, and the Financial System

87. Refer to Table 26-1. Assume that the closing price was also the average price at which each stock transaction took

place. What was the total dollar volume of Gillette stock traded that day?

a. $912,840,000

b. $91,284,000

c. $9,128,400

d. $912,840

ANS: B PTS: 1 DIF: 2 REF: 26-1

TOP: Stock tables | Volume MSC: Applicative

88. Refer to Table 26-1. Which firm had the PE ratio that was closest the to the historically typical PE ratio?

a. GenMills

b. Gillette

c. Graco

d. Hershey

ANS: C PTS: 1 DIF: 2 REF: 26-1

TOP: Stock tables | PE ratio MSC: Definitional

Use the following table to answer the following questions.

89. Refer to Table 26-2. Which company had the highest dollar dividend?

a. Boeing Co.

b. Eli Lilly and Co.

c. H. J. Heinz and Co.

d. Kellog Co.

ANS: B PTS: 1 DIF: 2 REF: 26-1

TOP: Stock tables | Dividend yield MSC: Analytical

90. Refer to Table 26-2. Which company had the lowest dollar dividend?

a. Boeing Co.

b. Eli Lilly and Co.

c. H. J. Heinz and Co.

d. Kellog Co.

ANS: A PTS: 1 DIF: 2 REF: 26-1

TOP: Stock tables | Dividend yield MSC: Analytical

91. Refer to Table 26-2. Which company had the highest earnings per share?

a. Boeing Co.

b. Eli Lilly and Co.

c. H. J. Heinz and Co.

d. Kellog Co.

ANS: C PTS: 1 DIF: 3 REF: 26-1

TOP: Stock tables | PE ratio MSC: Analytical

92. Refer to Table 26-2. Which company had the lowest earnings per share?

a. Boeing Co.

b. Eli Lilly and Co.

c. H. J. Heinz and Co.

d. Kellog Co.

ANS: B PTS: 1 DIF: 3 REF: 26-1

TOP: Stock tables | PE ratio MSC: Applicative

Chapter 26/Saving, Investment, and the Financial System 1095

93. Refer to Table 26-2. Which company had the PE ratio closest to what is historically typical?

a. Boeing Co.

b. Eli Lilly and Co.

c. H. J. Heinz and Co.

d. Kellog Co.

ANS: C PTS: 1 DIF: 2 REF: 26-1

TOP: Stock tables | PE ratio MSC: Applicative

94. Financial intermediaries are

a. the same as financial markets.

b. individuals who make profits by buying a stock low and selling it high.

c. a more general name for financial assets such as stocks, bonds, and checking accounts.

d. financial institutions through which savers can indirectly provide funds to borrowers.

ANS: D PTS: 1 DIF: 1 REF: 26-1

TOP: Financial intermediaries MSC: Definitional

95. Which of the following is correct?

a. Stocks, bonds, and deposits are all similar in that each provides a common medium of exchange.

b. Most buyers of stocks and bonds prefer those issued by large and familiar companies.

c. Banks charge borrowers a slightly lower interest rate than they pay to depositors.

d. None of the above is correct.

ANS: B PTS: 1 DIF: 1 REF: 26-1

TOP: Banks MSC: Definitional

96. Which of the following is a financial intermediary?

a. a mutual fund

b. the stock market

c. a U.S. government bond

d. None of the above is correct.

ANS: A PTS: 1 DIF: 1 REF: 26-1

TOP: Financial intermediaries MSC: Definitional

97. Which of the following are financial intermediaries?

a. both banks and mutual funds

b. banks but not mutual funds

c. mutual funds but not banks

d. neither banks or mutual funds

ANS: A PTS: 1 DIF: 1 REF: 26-1

TOP: Financial intermediaries MSC: Definitional

98. Which of the following is correct?

a. A large, well-known corporation like Proctor and Gamble would generally use financial intermediation to

finance expansion of its factories.

b. On average, indexed funds outperform managed funds.

c. Unlike corporate bonds and stocks, checking accounts are a store of value.

d. Financial intermediaries are institutions through which savers can directly provide funds to borrowers.

ANS: B PTS: 1 DIF: 1 REF: 26-1

TOP: Financial intermediaries MSC: Interpretive

99. Which of the following is both a store of value and a common medium of exchange?

a. corporate bonds

b. mutual funds

c. checking account balances

d. All of the above are correct.

ANS: C PTS: 1 DIF: 1 REF: 26-1

TOP: Store of value | Medium of exchange MSC: Interpretive

1096 Chapter 26/Saving, Investment, and the Financial System

100. A checking deposit functions as

a. a medium of exchange and a store of value.

b. a medium of exchange, but not a store of value.

c. a store of value, but not a medium of exchange.

d. neither a medium of exchange nor a store of valu

e.

ANS: A PTS: 1 DIF: 1 REF: 26-1

TOP: Store of value | Medium of exchange MSC: Interpretive

101. A U.S. Treasury bond is a

a. store of value and common medium of exchange.

b. store of value, but not a common medium of exchange.

c. a common medium of exchange, but not a store of value.

d. neither a store of value nor a common medium of exchang

e.

ANS: B PTS: 1 DIF: 1 REF: 26-1

TOP: Store of value | Medium of exchange MSC: Definitional

102. A mutual fund

a. is a financial market where small firms mutually agree to sell stocks and bonds to raise funds.

b. is funds set aside by local governments to lend to small firms who want to invest in projects that are mutually

beneficial to the firm and community.

c. sells stocks and bonds on behalf of small and less known firms who would otherwise have to pay high interest to

obtain credit.

d. is an institution that sells shares to the public and uses the proceeds to buy a selection of various types of stocks,

bonds, or both stocks and bonds.

ANS: D PTS: 1 DIF: 1 REF: 26-1

TOP: Mutual funds MSC: Definitional

103. It is claimed that mutual funds have two advantages. The first is that mutual funds allow people with small amounts of money to diversify. The second is that mutual funds provide the skills of professional money managers who buy stocks they believe will be the most profitable and thereby increase the return that mutual fund depositors earn on their savings.

a. Economists strongly agree with both claims.

b. Economists are skeptical of both claims.

c. Economists are skeptical of the first claim, but strongly agree with the secon

d.

d. Economists strongly agree with the first claim, but are skeptical of the second.

ANS: D PTS: 1 DIF: 1 REF: 26-1

TOP: Mutual funds MSC: Interpretive

104. The primary advantage of mutual funds is that they

a. always make a return that "beats the market."

b. allow people with small amounts of money to diversify.

c. provide customers with a medium of exchange.

d. All of the above are correct.

ANS: B PTS: 1 DIF: 1 REF: 26-1

TOP: Mutual funds MSC: Definitional

105. As a money management fee, mutual funds usually charge their customers

a. between 0.5 and 2.0 percent of assets each year.

b. between 1.5 and 3.0 percent of assets each year.

c. nothing, because they receive commissions from the firms whose stock they buy.

d. a flat fee of about $50.

ANS: A PTS: 1 DIF: 1 REF: 26-1

TOP: Mutual fund fees MSC: Definitional

106. It is claimed that a secondary advantage of mutual funds is that

a. an investor can avoid investment charges and fees.

b. they give ordinary people access to loanable funds for investing.

c. they usually outperform stock market indexes.

d. they give ordinary people access to the skills of professional money managers.

ANS: D PTS: 1 DIF: 1 REF: 26-1

TOP: Mutual funds MSC: Definitional

Chapter 26/Saving, Investment, and the Financial System 1097 107. Index funds

a. typically have a higher rate of return and higher costs than managed mutual funds.

b. typically have a higher rate of return and lower costs than managed mutual funds.

c. typically have a lower rate of return and higher costs than managed mutual funds.

d. typically have a lower rate of return and lower costs than managed mutual funds.

ANS: B PTS: 1 DIF: 1 REF: 26-1

TOP: Mutual funds | Index funds MSC: Definitional

108. Index funds

a. buy all the stocks in a given stock index.

b. promise to beat the market by a certain percentage known as an index.

c. provide a return that is adjusted for changes in the consumer price index.

d. buy industries within a particular category of the North American Industry Classification System.

ANS: A PTS: 1 DIF: 1 REF: 26-1

TOP: Mutual funds | Index funds MSC: Definitional

109. Managed funds

a. typically have a higher rate of return and higher costs than index funds.

b. typically have a higher rate of return and lower costs than index funds.

c. typically have a lower rate of return and higher costs than index funds.

d. typically have a lower rate of return and lower costs than index funds.

ANS: C PTS: 1 DIF: 1 REF: 26-1

TOP: Mutual funds | Index funds MSC: Definitional

110. The identity that shows that GDP is both total income and total expenditure is represented by

a. GDP = Y.

b. Y = DI + T + NX.

c. GDP = GNP - NX.

d. Y = C + I + G + NX.

ANS: D PTS: 1 DIF: 1 REF: 26-2

TOP: GDP MSC: Definitional

111. Which of the following correctly includes the four expenditure categories of GDP?

a. consumption, government purchases, investment, net-exports

b. consumption, investment, depreciation, net-exports

c. consumption, saving, investment, depreciation,

d. consumption, government purchases, investment, savings

ANS: A PTS: 1 DIF: 1 REF: 26-2

TOP: GDP MSC: Definitional

112. Y = C + I + G + NX is an identity because

a. each symbol identifies a variable.

b. the right-hand and left-hand sides are equal.

c. the equality holds due to the way the variables are define

d.

d. None of the above is correct.

ANS: C PTS: 1 DIF: 1 REF: 26-2

TOP: Identities | GDP MSC: Definitional

113. A closed economy does not

a. trade with other economies.

b. have free markets.

c. allow financial intermediation.

d. All of the above are correct.

ANS: A PTS: 1 DIF: 1 REF: 26-2

TOP: Closed economy MSC: Definitional

1098 Chapter 26/Saving, Investment, and the Financial System

114. Which of the following equations will always represent GDP in an open economy?

a. S = I - G

b. I = Y - C + G

c. Y = C + I + G

d. Y = C + I + G + NX

ANS: D PTS: 1 DIF: 1 REF: 26-2

TOP: GDP MSC: Interpretive

115. Which of the following equations most simply represents GDP in a closed economy?

a. Y = C + I + G + NX

b. S = I - G

c. I = Y - C + G

d. Y = C + I + G

ANS: D PTS: 1 DIF: 1 REF: 26-2

TOP: GDP MSC: Interpretive

116. Which of the following equations represents national saving in a closed economy?

a. Y - I - G - NX

b. Y - C - G

c. Y - I - C

d. G + C - Y

ANS: B PTS: 1 DIF: 1 REF: 26-2

TOP: National saving MSC: Interpretive

117. In a closed economy, national saving equals

a. investment.

b. income minus the sum of consumption and government purchases.

c. private saving plus public saving.

d. All of the above are correct.

ANS: D PTS: 1 DIF: 2 REF: 26-2

TOP: National saving MSC: Interpretive

118. In a closed economy, national saving is

a. usually greater than investment.

b. equal to investment.

c. usually less than investment because of the leakage of taxes.

d. always less than investment.

ANS: B PTS: 1 DIF: 1 REF: 26-2

TOP: National saving MSC: Definitional

119. In a small closed economy investment is $20 billion and private saving is $22 billion. What is public saving and national saving?

a. $24 billion and $2 billion

b. $20 billion and -$2 billion

c. $2 billion and $24 billion

d. -$2 billion and $20 billion

ANS: D PTS: 1 DIF: 1 REF: 26-2

TOP: National saving | Public saving MSC: Definitional

120. Suppose a closed economy had public saving of $3 trillion and private saving of $2 trillion. What is national saving and investment in this country?

a. $5 trillion, $5 trillion

b. $5 trillion, $2 trillion

c. $1 trillion, $5 trillion

d. $1 trillion, $2 trillion

ANS: A PTS: 1 DIF: 1 REF: 26-2

TOP: National saving MSC: Definitional

Chapter 26/Saving, Investment, and the Financial System 1099 121. In a closed economy, what remains after paying for consumption and government purchases is

a. national disposable income.

b. national saving.

c. public saving.

d. private saving.

ANS: B PTS: 1 DIF: 1 REF: 26-2

TOP: National saving MSC: Definitional

122. In a closed economy, what does (T - G) represent?

a. national saving

b. investment

c. private saving

d. public saving

ANS: D PTS: 1 DIF: 1 REF: 26-2

TOP: Public saving MSC: Definitional

123. In a closed economy, what does (Y - T - C) represent?

a. national saving

b. government tax revenue

c. public saving

d. private saving

ANS: D PTS: 1 DIF: 1 REF: 26-2

TOP: Private saving MSC: Definitional

124. Consider T-G and Y-T-C.

a. Each one of these is equal to national saving.

b. Each one of these is equal to public saving.

c. The first of these is private saving, the second one is public saving.

d. The first of these is public saving, the second one is private saving.

ANS: D PTS: 1 DIF: 1 REF: 26-2

TOP: Public saving | Private saving MSC: Definitional

125. According to the definitions of private and public saving, if Y, C, and G remained the same, an increase in taxes would

a. raise both private and public saving.

b. raise private saving and lower public saving.

c. lower private saving and raise public saving.

d. lower private and public saving.

ANS: C PTS: 1 DIF: 2 REF: 26-2

TOP: Private saving | Public saving MSC: Interpretive

126. According to the definitions of national saving and private saving, if Y, C, and G remained the same, an increase in taxes would

a. raise national saving and private saving.

b. raise national saving and reduce private saving.

c. leave national saving and private saving unchange

d.

d. leave national saving unchanged and reduce private saving.

ANS: D PTS: 1 DIF: 2 REF: 26-2

TOP: National saving | Private saving MSC: Interpretive

127. According to the definitions of national saving and public saving, if Y, C, and G remained the same, an increase in taxes would

a. raise national saving and public saving.

b. raise national saving and raise public saving.

c. leave national saving and public saving unchange

d.

d. leave national saving unchanged and raise public saving.

ANS: D PTS: 1 DIF: 2 REF: 26-2

TOP: National saving | Public saving MSC: Interpretive

1100 Chapter 26/Saving, Investment, and the Financial System

128. Suppose that in a closed economy GDP is equal to 11,000, Taxes are equal to 1,500, Consumption equals 7,500, and Government purchases equal 2,000. What is national saving?

a. -500

b. 0

c. 1500

d. None of the above is correct.

ANS: C PTS: 1 DIF: 2 REF: 26-2

TOP: National saving MSC: Applicative

129. Suppose that in a closed economy GDP is equal to 11,000, Taxes are equal to 2,500, Consumption equals 7,000, and Government purchases equal 3,000. What are private saving and public saving?

a. 1500 and -500

b. 1500 and 500

c. 1000 and -500

d. 1000 and 500

ANS: A PTS: 1 DIF: 2 REF: 26-2

TOP: Public saving | Private saving | National saving MSC: Applicative

130. Suppose that in a closed economy GDP is equal to 11,000, taxes are equal to 2,500 Consumption equals 7,500 and Government purchases equal 2,000. What are private saving, public saving, and national saving?

a. 1500, 1000, 500

b. 1000, 500, 1500

c. 500, 1500, 1000

d. None of the above is correct.

ANS: B PTS: 1 DIF: 3 REF: 26-2

TOP: Private saving | Public saving | National saving MSC: Applicative

131. Suppose that in a closed economy GDP is 11,000, consumption is 7,500, and taxes are 2,000. What value of Government purchases would make national savings equal to 1000 and at that value would the government have a deficit or surplus?

a. 2,500, deficit

b. 2,500, surplus

c. 1,000, deficit

d. 1,000, surplus

ANS: A PTS: 1 DIF: 2 REF: 26-2

TOP: National saving | Budget deficit MSC: Applicative

132. Suppose the economy is closed and that national saving is $2 trillion, that consumption is $7 trillion, and that government purchases are $1 trillion. What is GDP?

a. $8 trillion

b. $9 trillion

c. $10 trillion

d. $11 trillion

ANS: C PTS: 1 DIF: 1 REF: 26-2

TOP: National saving MSC: Applicative

133. Suppose the economy is closed and consumption is 6,500 taxes are 1,500 and government purchases are 2,000. If national savings are 1,000 and the economy is closed then, what is GDP?

a. 9,500

b. 10,000

c. 10,500

d. None of the above is correct.

ANS: A PTS: 1 DIF: 2 REF: 26-2

TOP: GDP MSC: Applicative

经济学原理对应练习 21

Chapter 21 The Theory of Consumer Choice Multiple Choice 1. The theory of consumer choice provides the foundation for understanding a. the structure of a firm. b. the profitability of a firm. c. a firm's product deman d. d. a firm's product supply. ANS: C PTS: 1 DIF: 1 REF: 21-0 TOP: Consumer choice MSC: Definitional 2. The theory of consumer choice examines a. the determination of output in competitive markets. b. the tradeoffs inherent in decisions made by consumers. c. how consumers select inputs into manufacturing production processes. d. the determination of prices in competitive markets. ANS: B PTS: 1 DIF: 1 REF: 21-0 TOP: Consumer choice MSC: Definitional 3. Consider two goods, books and hamburgers. The slope of the consumer's budget constraint is measured by the a. consumer's income divided by the price of hamburgers. b. relative price of books and hamburgers. c. consumer's marginal rate of substitution. d. number of books purchased divided by the number of hamburgers purchased. ANS: B PTS: 1 DIF: 2 REF: 21-1 TOP: Budget constraint MSC: Interpretive 4. If a consumer's income decreases, the budget constraint for CDs and DVDs will a. shift outward, parallel to the original budget constraint. b. shift inward, parallel to the original budget constraint. c. rotate outward along the CD axis because we can afford more CDs. d. rotate outward along the DVD axis because we can afford more DVDs. ANS: B PTS: 1 DIF: 2 REF: 21-1 TOP: Budget constraint MSC: Analytical 5. If the relative price of a concert ticket is 3 times the price of a meal at a good restaurant, then the opportunity cost of a concert ticket can be measured by the a. slope of the budget constraint. b. slope of an indifference curve. c. marginal rate of substitution. d. income effect. ANS: A PTS: 1 DIF: 2 REF: 21-1 TOP: Budget constraint MSC: Analytical 6. When the price of a shirt falls, the a. quantity of shirts demanded falls. b. quantity of shirts demanded rises. c. quantity of shirts supplied rises. d. demand for shirts falls. ANS: B PTS: 1 DIF: 1 REF: 21-1 TOP: Demand MSC: Analytical 898

政治经济学原理试题和答案

第一部分选择题（共50分） 一、单项选择题（本大题共30小题，每小题1分，共30分）在每个小题列出的四个备选项中只有一个是符合题目要求的，请将其选出并将其号码填在题干后的括号内。 1. 马克思主义政治经济学的研究任务是（B ） A. 研究生产力及其发展规律 B. 揭示客观经济规律 C. 揭示资本主义剥削的实质 D. 研究社会经济运行状况 2. 衡量社会生产力发展水平的主要标志是（C ） A. 劳动资料 B. 劳动对象 C. 生产工具 D. 生产的产品 3. 商品的社会属性是指（ B ） A. 使用价值（自然属性） B. 价值 C. 交换价值 D. 抽象劳动 4. 决定商品价值量的是（ D ） A. 简单劳动 B. 商品的使用价值 C. 价格标准 D. 社会必要劳动时间 5. 1只绵羊＝2把石斧表示的是（D ） A. 一般的价值形式 B. 总和的或扩大的价值形式 C. 货币形式 D. 简单的或偶然的价值形式 6. 在商品供求关系平衡的条件下，商品价格（ A ） A. 与商品价值成正比，与货币价值成反比 B. 与商品价值成正比，与货币价值成正比 C. 与商品价值成反比，与货币价值成反比 D. 与商品价值成反比，与货币价值成正比

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