投资学第7版Test-Bank答案15.doc

MultipleChoiceQuestions 1. Thetermstructureofinterestratesis: A) Therelationshipbetweentheratesofinterestonallsecurities. B) Therelationshipbetweentheinterestrateonasecurityanditstimetomaturity. C) Therelationshipbetweentheyieldonabondanditsdefaultrate. D) Alloftheabove. E) :BDifficulty:Easy Rationale:Thetermstructureofinterestratesistherelationshipbetweentwovariables,yearsandyieldtomaturity(holdingallelseconstant). 2. Theyieldcurveshowsatanypointintime: A) Therelationshipbetweentheyieldonabondandthedurationofthebond. B) Therelationshipbetweenthecouponrateonabondandtimetomaturityofthebond. C) Therelationshipbetweenyieldonabondandthetimetomaturityonthebond. D) Alloftheabove. E) :CDifficulty:Easy 3. Aninvertedyieldcurveimpliesthat: A) Long-terminterestratesarelowerthanshort-terminterestrates. B) Long-terminterestratesarehigherthanshort-terminterestrates. C) Long-terminterestratesarethesameasshort-terminterestrates. D) Intermediateterminterestratesarehigherthaneithershort-orlong-terminterestrates. E) :ADifficulty:Easy Rationale:Theinverted,ordownwardsloping,yieldcurveisoneinwhichshort-termratesarehigherthanlong-,althoughnotasfrequentlyastheupwardsloping,ornormal,yieldcurve. 4. Anupwardslopingyieldcurveisa(n)_______yieldcurve. A) normal. B) humped. C) inverted. D) flat. E) :ADifficulty:Easy Rationale:Theupwardslopingyieldcurveisreferredtoasthenormalyieldcurve,probablybecause,historically,theupwardslopingyieldcurveistheshapethathasbeenobservedmostfrequently. 5. Accordingtotheexpectationshypothesis,anormalyieldcurveimpliesthat A) interestratesareexpectedtoremainstableinthefuture. B) interestratesareexpectedtodeclineinthefuture. C) interestratesareexpectedtoincreaseinthefuture. D) interestratesareexpectedtodeclinefirst,thenincrease. E) interestratesareexpectedtoincreasefirst,:CDifficulty:Easy Rationale:Anupwardslopin