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1、Mltipe Choce Questons1.The trm stru f interes tes is: A)e elationshipbten the rates of interet n all securities. B)Treltionshp betwee he ineres rateo eurityand itime atit. )The reaionshp bten e ield n a bond and its defut rte.D)Allofte bove. )Non of thebove.nswer: B Diffcult: Esy Ratioale: Tete trct
2、e of nterest rtesis e relatonship betwet vble, yarsandyield to maurity (oldng all else onsan).2.Th yiedcurows at anyin in me:A)Thereltiohip betwe te yieldona bonan the duraion f th bn. B)The relatioship betwenhecon rat ona bond m o tury te bnd.)The ratisipbetween yild o bod andte timo mtuit onthe nd
3、 D)Alofte above. E)Nneof t abveAnswr: C Difficty: Ey 3.An nvetedield curve imples tat: A)og-termitrst ateae lowethan sor-term inteet ates.B)og-t interetates ehiher than shorterm interes rts.C)ong-t tees ate re thesame s shor-etetae. D)Inerate te inteest rates re hih an ither shr- rong-trm ierstrates
4、. E)one of the bove Answ: Dficuly: Esy Rationae: he ived,o ownwrd loping, yie cuv s onei which short-temraes are hgherh ong-term rats. Th inverte yield uvehas een observed reuently,lthughots equently as te upward slping, ornrml,yeld cuv.An pwad sli yieldcure ia(n) _yield crve. A)nora )hud)invt. D)fl
5、at. E)one of te abve. Anser: A ficulty: Eay Raioe: Theupward soping yield cre i ferred to as te nrmal yield curve, probablbcus, isoricaly,he pard loin yiel crve e shapetht hs ben observe ot frequn.5.Accordno te expectains pothesis,a noralyil curv iplishat )ineret aes ar expeed to remain stabeinte uu
6、re. B)iterestaesare expeted to declinei heuture. C)tere rates ae excteo ncrse i the uture. D)itrt rats are expctd todele rt,thn icres)itrst res are xpete o icrase fir,hendecrease. nswe: C Difiuly: s tionale: An uwar slopingyield curve isase te exetton tha hort-tr ieres rte willincrease6.Whicof thfol
7、lwing i t ropose as a expnaion frthe ermstrutre ofinerestes?A)The expettns heor. B)Theliquidity refere theoy. C)Tmarke egmentatin theory. D)oden prtolo theory ), B, and. Answer: D Dificulty:Easy Rtnale:A, B, nd C are l theoriesatae been proposed o explin term tructure.7.Teexctato thry ohe term struc
8、ture f itertrate tatetat A)fowrdrate aredeterineby ivestorsexpectatinsoffuture intrests. )fowarrates exce hexpect utu ieresrte. C)elsonlong- nd hor-matuit bds ar detrmined bye uppl nd demand fo th seriie D)allo he abv.)nonef thebve. Aswe: A Diffcuty: E Ratinae: Thoward ateequlsthe aket consensusexpe
9、ctationof futureshort nerestrae.8.Whicho the oloing theors tt hat h hapeof theel curve is esentialy deermie by te spy an dands orlogadhortmturity bnd?A)Liuidi preference theoy. B)xpectation teoy. C)akt egmentaton teory. )All oft v E)Nneof the abov. Anser:C Diffcult:Easy Ration: akesegmenaton theoy a
10、te hat temars fo dfferentaturities are sepaate mare, andht interet rates aheifertaurities ae eterminedt ntestion f terspectie spply and dmand curves.9Acordigo t lidty preference thery of t tertrucur o nteres res,the yield crve suly shou be: )inveted. B)noral C)upwad sopingD)A aB E)B and C. Aner: cuy
11、: y Ratioale:ccordingtthluidiy preferecethery,invors ldrfer to b liqui thr thaniliuid. I orr to accet aore iliqid ivestmn,invstoequie alqidit re an te nrmal, rupwrdslopng, yeldcurve results.Usethe fllin toaswer ustios 1013:uppoe that llinvestorsxpe that itrtrats or he 4 earil be as fols:1.at is teprceof 3-year zer cuon bondwia pavalue of $1,0?A)$863.83 B)86.58 )$772.18 D)7655 E)nonofheabveser: B Difcul: Mdeat Ratnal:1,00/(15)(107)(.0) =$816.51.I