The Economics of Money, Banking and Financial Markets (11th 11E - Mishkin - TB chapter 7

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1、EconomicsofMoney,Banking,andFinancialMarkets,11e(Mishkin)Chapter7TheStockMarket,theTheoryofRationalExpectations,andtheEfficientMarketHypothesis7.1ComputingthePriceofCommonStock1)Astockholder'sownershipofacompany'sstockgiveshertherighttoA)voteandbetheprimaryclai

2、mantofallcashflows.B)voteandbetheresidualclaimantofallcashflows.C)manageandassumeresponsibilityforallliabilities.D)voteandassumeresponsibilityforallliabilities.Answer:BAACSB:AnalyticalThinking2)Stockholdersareresidualclaimants,meaningthattheyA)havethefirstprior

3、ityclaimonallofacompany'sassets.B)areliableforallofacompany'sdebts.C)willnevershareinacompany'sprofits.D)receivetheremainingcashflowafterallotherclaimsarepaid.Answer:DAACSB:AnalyticalThinking3)PeriodicpaymentsofnetearningstoshareholdersareknownasA)capitalgains.

4、B)dividends.C)profits.D)interest.Answer:BAACSB:AnalyticalThinking4)ThevalueofanyinvestmentisfoundbycomputingtheA)presentvalueofallfuturesales.B)presentvalueofallfutureliabilities.C)futurevalueofallfutureexpenses.D)presentvalueofallfuturecashflows.Answer:DAACSB:

5、AnalyticalThinking5)Intheone-periodvaluationmodel,thevalueofashareofstocktodaydependsuponA)thepresentvalueofboththedividendsandtheexpectedsalesprice.B)onlythepresentvalueofthefuturedividends.C)theactualvalueofthedividendsandexpectedsalespricereceivedinoneyear.D

6、)thefuturevalueofdividendsandtheactualsalesprice.Answer:AAACSB:AnalyticalThinking20Copyright©2016PearsonEducation,Inc.6)Intheone-periodvaluationmodel,thecurrentstockpriceincreasesifA)theexpectedsalespriceincreases.B)theexpectedsalespricefalls.C)therequiredretur

7、nincreases.D)dividendsarecut.Answer:AAACSB:ReflectiveThinking7)Intheone-periodvaluationmodel,anincreaseintherequiredreturnoninvestmentsinequityA)increasestheexpectedsalespriceofastock.B)increasesthecurrentpriceofastock.C)reducestheexpectedsalespriceofastock.D)r

8、educesthecurrentpriceofastock.Answer:DAACSB:ReflectiveThinking8)Inaone-periodvaluationmodel,adecreaseintherequiredreturnoninvestmentsinequitycausesa(n)________inthe________p