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1、Financial Markets and Institutions, 7e (Mishkin)Chapter 4 Why Do Interest Rates Change?4.1 Multiple Choice1) As the price of a bond _ and the expected return _, bonds become more attractive to investors and the quantity demanded rises.矚慫润厲钐瘗睞枥庑赖。A) falls; risesB) falls; fallsC) rises; risesD) rises;
2、 fallsAnswer: A2) The supply curve for bonds has the usual upward slope, indicating that as the price _, ceteris paribus, the _ increases.聞創沟燴鐺險爱氇谴净。A) falls; supplyB) falls; quantity suppliedC) rises; supplyD) rises; quantity suppliedAnswer: D3) When the price of a bond is above the equilibrium pri
3、ce, there is excess _ in the bond market and the price will _.残骛楼諍锩瀨濟溆塹籟。A) demand; riseB) demand; fallC) supply; fallD) supply; riseAnswer: C4) When the price of a bond is below the equilibrium price, there is excess _ in the bond market and the price will _.酽锕极額閉镇桧猪訣锥。A) demand; riseB) demand; fal
4、lC) supply; fallD) supply; riseAnswer: A5) When the price of a bond is _ the equilibrium price, there is an excess supply of bonds and the price will _.彈贸摄尔霁毙攬砖卤庑。A) above; riseB) above; fallC) below; fallD) below; riseAnswer: B6) When the price of a bond is _ the equilibrium price, there is an exce
5、ss demand for bonds and the price will _.謀荞抟箧飆鐸怼类蒋薔。A) above; riseB) above; fallC) below; fallD) below; riseAnswer: D7) When the interest rate on a bond is above the equilibrium interest rate, there is excess _ in the bond market and the interest rate will _.厦礴恳蹒骈時盡继價骚。A) demand; riseB) demand; fall
6、C) supply; fallD) supply; riseAnswer: B8) When the interest rate on a bond is below the equilibrium interest rate, there is excess _ in the bond market and the interest rate will _.茕桢广鳓鯡选块网羈泪。A) demand; riseB) demand; fallC) supply; fallD) supply; riseAnswer: D9) When the interest rate on a bond is
7、_ the equilibrium interest rate, there is excess _ in the bond market and the interest rate will _.鹅娅尽損鹌惨歷茏鴛賴。A) above; demand; fallB) above; demand; riseC) below; supply; fallD) above; supply; riseAnswer: A10) When the interest rate on a bond is _ the equilibrium interest rate, there is excess _ in
8、 the bond market and the interest rate will _.籟丛妈羥为贍偾蛏练淨。A) below; demand; riseB) below; demand; fallC) below; supply; riseD) above; supply; fallAnswer: C11) When the demand for bonds _ or the supply of bonds _, interest rates rise.預頌圣鉉儐歲龈讶骅籴。A) increases; increasesB) increases; decreasesC) decrease
9、s; decreasesD) decreases; increasesAnswer: D12) When the demand for bonds _ or the supply of bonds _, interest rates fall.渗釤呛俨匀谔鱉调硯錦。A) increases; increasesB) increases; decreasesC) decreases; decreasesD) decreases; increasesAnswer: B13) When the demand for bonds _ or the supply of bonds _, bond pri
10、ces rise.铙誅卧泻噦圣骋贶頂廡。A) increases; decreasesB) decreases; increasesC) decreases; decreasesD) increases; increasesAnswer: A14) When the demand for bonds _ or the supply of bonds _, bond prices fall.擁締凤袜备訊顎轮烂蔷。A) increases; increasesB) increases; decreasesC) decreases; decreasesD) decreases; increasesA
11、nswer: D15) Factors that determine the demand for an asset include changes in the贓熱俣阃歲匱阊邺镓騷。A) wealth of investors.B) liquidity of bonds relative to alternative assets.坛摶乡囂忏蒌鍥铃氈淚。C) expected returns on bonds relative to alternative assets.蜡變黲癟報伥铉锚鈰赘。D) risk of bonds relative to alternative assets.E)
12、 all of the above.Answer: E16) The demand for an asset rises if _ falls.買鲷鴯譖昙膚遙闫撷凄。A) risk relative to other assetsB) expected return relative to other assetsC) liquidity relative to other assetsD) wealthAnswer: A17) The higher the standard deviation of returns on an asset, the _ the assets _.綾镝鯛駕櫬鹕
13、踪韦辚糴。A) greater; riskB) smaller; riskC) greater; expected returnD) smaller; expected returnAnswer: A18) Diversification benefits an investor byA) increasing wealth.B) increasing expected return.C) reducing risk.D) increasing liquidity.Answer: C19) In a recession when income and wealth are falling, t
14、he demand for bonds _ and the demand curve shifts to the _.驅踬髏彦浃绥譎饴憂锦。A) falls; rightB) falls; leftC) rises; rightD) rises; leftAnswer: B20) During business cycle expansions when income and wealth are rising, the demand for bonds _ and the demand curve shifts to the _.猫虿驢绘燈鮒诛髅貺庑。A) falls; rightB) falls; leftC) rises; rightD) rises; leftAnswer: C21) Higher expected interest rates in the future _ the demand for long-term bonds and shift the demand curve to the _.锹籁饗迳琐筆襖鸥娅薔。
