投资学第7版Test Bank答案05

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1、Chapter5LearningAboutRiskandReturnFromtheHistoricalRecordMultipleChoiceQuestions1.Overthepastyearyouearnedanominalrateofinterestof10percentonyourmoney.Theinflationratewas5percentoverthesameperiod.TheexactactualgrowthrateofyourpurchasingpowerwasA)15.5%.B)10.0%.C)5.0%.D)4.8%.

2、E)15.0%Answer:DDifficulty:ModerateRationale:r=(1+R)/(1+I)-1;1.10%/1.5%-1=4.8%.2.Ayearago,youinvested$1,000inasavingsaccountthatpaysanannualinterestrateof7%.Whatisyourapproximateannualrealrateofreturniftherateofinflationwas3%overtheyear?A)4%.B)10%.C)7%.D)3%.E)noneoftheabove.

3、Answer:ADifficulty:EasyRationale:7%-3%=4%.3.Iftheannualrealrateofinterestis5%andtheexpectedinflationrateis4%,thenominalrateofinterestwouldbeapproximatelyA)1%.B)9%.C)20%.D)15%.E)noneoftheabove.Answer:BDifficulty:EasyRationale:5%+4%=9%.111Chapter5LearningAboutRiskandReturnFro

4、mtheHistoricalRecord4.Youpurchasedashareofstockfor$20.Oneyearlateryoureceived$1asdividendandsoldthesharefor$29.Whatwasyourholdingperiodreturn?A)45%B)50%C)5%D)40%E)noneoftheaboveAnswer:BDifficulty:ModerateRationale:($1+$29-$20)/$20=0.5000,or50%.5.Whichofthefollowingdetermine

5、(s)thelevelofrealinterestrates?I)thesupplyofsavingsbyhouseholdsandbusinessfirmsII)thedemandforinvestmentfundsIII)thegovernment'snetsupplyand/ordemandforfundsA)IonlyB)IIonlyC)IandIIonlyD)I,II,andIIIE)noneoftheaboveAnswer:DDifficulty:ModerateRationale:Thevalueofsavingsbyhouse

6、holdsisthemajorsupplyoffunds;thedemandforinvestmentfundsisaportionofthetotaldemandforfunds;thegovernment'spositioncanbeoneofeithernetsupplier,ornetdemanderoffunds.Theabovefactorsconstitutethetotalsupplyanddemandforfunds,whichdeterminerealinterestrates.111Chapter5LearningAbo

7、utRiskandReturnFromtheHistoricalRecord6.Whichofthefollowingstatement(s)is(are)true?I)Therealrateofinterestisdeterminedbythesupplyanddemandforfunds.II)Therealrateofinterestisdeterminedbytheexpectedrateofinflation.III)TherealrateofinterestcanbeaffectedbyactionsoftheFed.IV)The

8、realrateofinterestisequaltothenominalinterestrateplustheexpectedrateofinflation.A)