第四章 利率为何会变动（英文习题及答案）

Chapter 4 Why Do Interest Rates Change?

4.1 Single Choice

1) As the price of a bond _________ and the expected return _________, bonds become more attractive to investors and the quantity demanded rises. A) falls; rises B) falls; falls C) rises; rises D) rises; falls

2) The supply curve for bonds has the usual upward slope, indicating that as the price _________, ceteris paribus, the _________ increases. A) falls; supply

B) falls; quantity supplied C) rises; supply

D) rises; quantity supplied

3) When the price of a bond is above the equilibrium price, there is excess _________ in the bond market and the price will _________. A) demand; rise B) demand; fall C) supply; fall D) supply; rise

4) When the price of a bond is below the equilibrium price, there is excess _________ in the bond market and the price will _________. A) demand; rise B) demand; fall C) supply; fall D) supply; rise

5) When the price of a bond is _________ the equilibrium price, there is an excess supply of bonds and the price will _________. A) above; rise B) above; fall C) below; fall D) below; rise

6) When the price of a bond is _________ the equilibrium price, there is an excess demand for bonds and the price will _________. A) above; rise B) above; fall C) below; fall

D) below; rise

7) 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 _________. A) demand; rise B) demand; fall C) supply; fall D) supply; rise

8) 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 _________. A) demand; rise B) demand; fall C) supply; fall D) supply; rise

9) When the interest rate on a bond is _________ the equilibrium interest rate, there is excess _________ in the bond market and the interest rate will _________. A) above; demand; fall B) above; demand; rise C) below; supply; fall D) above; supply; rise

10) When the interest rate on a bond is _________ the equilibrium interest rate, there is excess _________ in the bond market and the interest rate will _________. A) below; demand; rise B) below; demand; fall C) below; supply; rise D) above; supply; fall

11) When the demand for bonds _________ or the supply of bonds _________, interest rate rise. A) increases; increases B) increases; decreases C) decreases; decreases D) decreases; increases

12) When the demand for bonds _________ or the supply of bonds _________, interest rates fall. A) increases; increases B) increases; decreases C) decreases; decreases D) decreases; increases

13) When the demand for bonds _________ or the supply of bonds _________, bond prices rise. A) increases; decreases

B) decreases; increases C) decreases; decreases D) increases; increases

14) When the demand for bonds _________ or the supply of bonds _________, bond prices fall. A) increases; increases B) increases; decreases C) decreases; decreases D) decreases; increases

15) Factors that determine the demand for an asset include changes in the A) wealth of investors.

B) liquidity of bonds relative to alternative assets.

C) expected returns on bonds relative to alternative assets. D) risk of bonds relative to alternative assets. E) all of the above.

16) The demand for an asset rises if _________ falls. A) risk relative to other assets

B) expected return relative to other assets C) liquidity relative to other assets D) wealth

17) The higher the standard deviation of returns on an asset, the _________ is the asset's _________. A) greater; risk B) smaller; risk

C) greater; expected return D) smaller; expected return

18) Diversification benefits an investor by A) increasing wealth.

B) increasing expected return. C) reducing risk.

D) increasing liquidity.

19) In a recession when income and wealth are falling, the demand for bonds _________ and the demand curve shifts to the _________. A) falls; right B) falls; left C) rises; right D) rises; left

20) During business cycle expansions when income and wealth are rising, the demand for bonds

_________ and the demand curve shifts to the _________. A) falls; right B) falls; left C) rises; right D) rises; left

答案：

1-5：ADCAB 6-10:DBDAC 11-15:DBADE 16-20:AACBC

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