《货币银行学习题章节8》由会员分享，可在线阅读，更多相关《货币银行学习题章节8（20页珍藏版）》请在金锄头文库上搜索。
1、80 Chapter 8 Money and Capital Markets D1 Interpretive 1.The _ serves as a practical reference point for all other securities markets. A) commercial paper market B) New York Stock Exchange C) over-the-counter market D) U.S. government securities market Answer: D D1 Factual 2.Which of the following U
2、.S. government securities are nonmarketable? A) Treasury bills B) Treasury notes C) Treasury bonds D) Savings bonds Answer: D D1 Factual 3.Marketable government securities consists of Treasury bills, A) Treasury notes, and U.S. savings bonds. B) Treasury notes, and Treasury bonds. C) Treasury bonds,
3、 and federal funds. D) U.S. saving bonds, and federal funds. Answer: B D1 Factual 4._ are issued with an original maturity of between one and ten years. A) Treasury bills B) Treasury notes C) Treasury bonds D) None of the above Answer: B Chapter 8 Money and Capital Markets ? 81 D2 Factual 5.Among ma
4、rketable government securities, the largest dollar volume is in the form of A) Treasury bonds. B) Treasury notes. C) Treasury bills. D) federal funds. Answer: B D2 Interpretive 6.A good purchase for an investor seeking a high degree of liquidity with minimal market risk would be a U.S. A) Treasury b
5、ill. B) Treasury bond. C) Treasury note. D) savings bond. Answer: A D2 Factual 7.The original maturity on U.S. Treasury notes is between A) three months and one year. B) one and ten years. C) six months and three years. D) ten and thirty years. Answer: B D2 Factual 8.The original maturity on U.S. Tr
6、easury bills is between A) three months and six months. B) one and ten years. C) six months and three years. D) ten and thirty years. Answer: A D2 Interpretive 9.Which of the following statements is incorrect? A) Government securities dealers often convert newly issued Treasury notes to zero- coupon
7、 form. B) Marketable U.S. government securities are widely held throughout the world. C) A newly issued 5-year Treasury note can be stripped into ten separate zero-coupon securities. D) The Federal Reserve owns some government securities as a result of open market operations. Answer: C 82 ? Ritter/S
8、ilber/Udell Money, Banking, and Financial Markets, Eleventh Edition D2 Factual 10.Virtually all Federal Reserve open-market purchases and sales are conducted with government securities, mostly A) Treasury bills. B) Treasury notes. C) Treasury bonds. D) savings bonds. Answer: A D3 Interpretive 11.An
9、investor wishing to minimize the risk of capital losses as a result of changing interest rates should avoid A) U.S. savings bonds. B) U.S. Treasury notes. C) U.S. Treasury bills. D) U.S. Treasury bonds. Answer: D D2 Factual 12.About what percentage of marketable U.S. government debt is held by forei
10、gners? A) 5 percent B) 17 percent C) 27 percent D) 37 percent Answer: D D2 Interpretive 13.Recent U.S. budget deficits have arguably been financed by foreigners; if it were not for foreign _ of Treasury securities, U.S. interest rate would be much . A) sales; higher B) sales; lower C) purchases; hig
11、her D) purchases; lower Answer: C D2 Factual 14.Which type of U.S. government security is a kind of zero-coupon security? A) Federal funds note B) U.S. Treasury note C) U.S. Treasury bill D) U.S. Treasury bond Answer: C Chapter 8 Money and Capital Markets ? 83 D2 Factual 15.Most government securitie
12、s transactions take place in the A) futures market. B) commodities market. C) over-the-counter dealer market. D) New York securities market. Answer: C D2 Factual 16.Dealers get much of their government securities inventories A) through direct transfers from the Treasury. B) through direct transfers
13、from the Federal Reserve. C) bidding at competitive auctions. D) through purchases from commercial banks. Answer: C D2 Interpretive 17.Which of the following statements is incorrect? A) Trading in government securities averages more than twenty times a typical days trading on the New York Stock Exch
14、ange. B) All marketable government securities are initially issued at auctions held by the Federal Reserve. C) Government security auction participants include government securities dealers and large banks. D) U.S. government securities are increasingly traded around the clock on virtually a nonstop
15、 basis. Answer: B D2 Applied 18.A one-year Treasury bill with a face value of $1,000 and a yield to maturity of 5 percent sells for approximately A) $1,005. B) $995. C) $952. D) $948. Answer: C D2 Applied 19.A one-year Treasury bill with a yield to maturity of 10 percent and a price of $909.09 has a
16、 face value of A) $900. B) $1,000. C) $980. D) $1,020. Answer: B 84 ? Ritter/Silber/Udell Money, Banking, and Financial Markets, Eleventh Edition D2 Applied 20.A one-year Treasury bill that sells for $943.40 and has a face value of $1,000 has a yield to maturity of A) 8 percent. B) 7 percent. C) 6 percent. D) 5 percent. Answer: C D2 Applied 21.A one-year Treasury bill that sells for $952.38 and has a face value of $1,000 has a yield to maturity
