南大金融市场与机构第一次作业
金融市场与机构课后习题答案.doc
Chapter 1Role of Financial Markets and InstitutionsQuestions1. Explain the meaning of surplus units and deficit units. Provide an example of each.ANSWER: Surplus units provide funds to the financial markets while deficit units obtain funds from the financial markets. Surplus units include households with savings, while deficit units include firms or government agencies that borrow funds.2. Distinguish between primary and secondary markets.ANSWER: Primary markets are used for the issuance of new securities while secondary markets are used for the trading of existing securities.3. Distinguish between money and capital markets.ANSWER: Money markets facilitate the trading of short-term (money market) instruments while capital markets facilitate the trading of long-term (capital market) instruments.4. Distinguish between perfect and imperfect security markets.ANSWER: With perfect financial markets, all information about any securities for sale would be freely available to investors, information about surplus and deficit units would be freely available, and all securities could be unbundled into any size desired. In reality, markets are imperfect, so that surplus and deficit units do not have free access to information, and securities can not be unbundled as desired.5. Explain why the existence of imperfect markets creates a need for financial institutions.ANSWER: Financial intermediaries are needed to facilitate the exchange of funds between surplus and deficit units. They have the information to provide this service and can even repackage deposits to provide the amount of funds borrowers desire.6. Explain the meaning of efficient markets. Why might we expect markets to be efficient most of thetime?ANSWER: If markets are efficient then prices of securities available in these markets properly reflect all information. We should expect markets to be efficient because if they weren't, investors would capitalize on the discrepancy between what prices are and what they should be. This action would force market prices to represent the appropriate prices as perceived by the market.7. In recent years, several securities firms have been guilty of using inside information when purchasingsecurities, thereby achieving returns well above the norm (even when accounting for risk). Does this suggest that the security markets are not efficient? Explain.ANSWER: Efficiency is often defined with regard to publicly available information. In this case, markets can be efficient, but investors with inside information could possibly outperform the market on a consistent basis. A stronger version of efficiency would hypothesize that even access to inside information will not consistently outperform the market.12 Chapter 1/Role of Financial Markets and Institutions8. What was the purpose of the Securities Act of 1933? What was the purpose of the SecuritiesExchange Act of 1934? Do these laws prevent investors from making poor investment decisions?Explain.ANSWER: The Securities Act of 1933 was intended to assure complete disclosure of relevantfinancial information on publicly offered securities, and prevent fraudulent practices when selling these securities. The Securities Exchange Act of 1934 extended the disclosure requirements tosecondary market issues. It also declared a variety of deceptive practices illegal, but does not prevent poor investments.9. If barriers to international securities markets are reduced, will a country's interest rate be more or lesssusceptible to foreign lending or borrowing activities? Explain.ANSWER: If international securities market barriers are reduced, a country's interest rate will likely become more susceptible to foreign lending and borrowing activities. Without barriers, funds will flow more freely in between countries. Funds would seek out countries where expected returns are high. Then, the amount of foreign funds invested in any country could adjust abruptly and affect interest rates.10. In what way could the international flow of funds cause a decline in interest rates?ANSWER: If a large volume of foreign funds was invested in the United States, it could placedownward pressure on U.S. interest rates. Without this supply of foreign funds, U.S. interest rates would have been higher.11. Distinguish between the functions of a broker and those of a dealer, and explain how each iscompensated.ANSWER: Brokers are commonly compensated with commissions on trades, while dealers are compensated on their positions in particular securities. Some dealers also provide brokerage services.12. Why is it necessary for securities to be somewhat standardized?ANSWER: Securities can be more easily traded when they are standardized because the specifics of the security transaction are well known. If securities were not standardized, transactions would be slowed considerably as participants would have to negotiate all the provisions.13. What are the functions of securities firms?ANSWER: Securities firms provide a variety of functions (such as underwriting and brokerage) that either enhance a borrower's ability to borrow funds or an investor’s abi lity to invest funds.14. Explain why some financial flows of funds cannot occur through the sale of standardized securities.ANSWER: Some financial flows, such as most commercial loans, must be provided on a personal basis, since the firms requesting loans have particular needs.15. If securities were not standardized, how would this affect the volume of financial transactionsconducted by brokers?ANSWER: If securities were not standardized, the volume of financial transactions conducted by brokers would be reduced, because the documentation would be greater.16. Commercial banks use some funds to purchase securities and other funds to make loans. Why are thesecurities more marketable than loans in the secondary market?ANSWER: Securities are more standardized than loans and therefore can be more easily sold in the secondary market. The excessive documentation on commercial loans limits a bank's ability to sell loans in the secondary market.17. How have the asset compositions of savings and loan associations differed from those of commercialbanks? Explain why and how this distinction may change over time.ANSWER: Savings and loan associations have traditionally concentrated in mortgage lending, while commercial banks have concentrated in commercial lending. Savings and loan associations are nowChapter 1/Role of Financial Markets and Institutions 3 allowed to diversify their asset portfolio to a greater degree and will likely increase theirconcentration in commercial loans (but not to the same degree as commercial banks.18. With regard to the profit motive, how are credit unions different from other financial institutions?ANSWER: Credit unions are non-profit financial institutions.19. Compare the main sources and uses of funds for finance companies, insurance companies, andpension funds.ANSWER: Finance companies sell securities to obtain funds, while insurance companies receive insurance premiums and pension funds receive employee/employer contributions. Finance companies use funds to provide direct loans to consumers and businesses. Insurance companies and pension funds purchase securities.20. What is the function of a mutual fund? Why are mutual funds popular among investors?ANSWER: A mutual fund sells shares to investors, pools the funds, and invests the funds in aportfolio of securities. Mutual funds are popular because they can help individuals diversify while using professional expertise to make investment decisions.21. How does a money market mutual fund differ from a stock or bond mutual fund?ANSWER: A money market mutual fund invests in money market securities, whereas other mutual funds normally invest in stocks or bonds.22. Classify the types of financial institutions mentioned in this chapter as either depository ornondepository. Explain the general difference between depository and nondepository institution sources of funds.ANSWER: Depository institutions include commercial banks, savings and loan associations, and credit unions. These institutions differ from nondepository institutions in that they accept deposits.Nondepository institutions include finance companies, insurance companies, pension funds, mutual funds, and money market funds.23. It is often stated that all types of financial institutions have begun to offer services that werepreviously offered only by certain types. Consequently, many financial institutions are becoming more similar in terms of their operations. Yet, the performance levels still differ significantly among types of financial institutions. Why?ANSWER: Even though financial institutions are becoming more similar, they often differ distinctly from each other in terms of sources and uses of funds. Therefore, their performance levels differ as well.24. Look in a recent business periodical for news about a recent financial transaction that involves twofinancial institutions. For this transaction, determine the following:a. How will each institution's balance sheet be affected?b. Will either institution receive immediate income from the transaction?c. Who is the ultimate user of funds?d. Who is the ultimate source of funds?ANSWER: This exercise will force students to understand how the balance sheet and incomestatement of a financial institution is affected by various transactions. When a financial institution simply acts as a middleman, income (fees or commissions) are earned, but the institution's asset portfolio is not significantly affected.25. Which types of financial institutions do you deal with? Explain whether you are acting as a surplusunit or a deficit unit in your relationship with each financial institution.ANSWER: This exercise allows students to realize that they constantly interact with financialinstitutions, and that they often play the role of a deficit unit (on car loans, tuition loans, etc.).4 Chapter 1/Role of Financial Markets and Institutions26. Explain how the privatization of companies in Europe can lead to the development of new securitiesmarkets.ANSWER: The privatization of companies will force these companies to finance with stocks and debt securities, instead of relying on the federal government for funds. Consequently, secondary markets for stocks and debt securities will be developed over time.Chapter 2Determination of Interest RatesQuestions1.Explain why interest rates changed as they did over the past year.ANSWER: This exercise should force students to consider how the factors that influence interest rates have changed over the last year, and assess how these changes could have affected interest rates.2. Explain what is meant by interest elasticity.ANSWER: Interest elasticity of supply represents a change in the quantity of loanable funds supplied in response to a change in interest rates. Interest elasticity of demand represents a change in thequantity of loanable funds demanded in response to a change in interest rates.3. Would you expect federal government demand for loanable funds to be more or less interest elasticthan household demand for loanable funds? Why?ANSWER: Federal government demand for loanable funds should be less interest elastic than the consumer demand for loanable funds, because the government's planned borrowings will likely occur regardless of the interest rate. Conversely, the quantity of loanable funds by consumers is moreresponsive to the interest rate level.4. If the federal government planned to expand the space program, how might this affect interest rates?ANSWER: An expanded space program would (a) force the federal government to increase its budget deficit, (b) possibly force any firms involved in facilitating the program to borrow more funds.Consequently, there is a greater demand for loanable funds. The additional spending could cause higher income and additional saving. Yet, this impact is not likely to be as great. The likely overall impact would therefore be upward pressure on interest rates.5. Explain why interest rates tend to decrease during recessionary periods.ANSWER: During a recession, firms and consumers reduce their amount of borrowing. The demand for loanable funds decreases and interest rates decrease as a result.6. Obtain or develop forecasts of economic growth and inflation. Use this information to forecastinterest rates one year from now.ANSWER: Open-ended question, intended to illustrate the ease of subjectively creating forecasts, but the difficulty in deciding the appropriate weight to be assigned to each influential factor.7. Jayhawk Forecasting Services analyzed several factors that could affect interest rates in the future.Most factors were expected to place downward pressure on interest rates. Jayhawk also felt that although the annual budget deficit was to be cut by 40 percent from the previous year, it would stillChapter 1/Role of Financial Markets and Institutions 5 be very large. Thus, Jayhawk believed that the deficit's impact would more than offset the othereffects and therefore forecast interest rates to increase by 2 percent. Comment on Jayhawk's logic.ANSWER: A reduction in the deficit should free up some funds that had been used to support the government borrowings. Thus, there should be additional funds available to satisfy other borrowing needs. Given this situation plus the other information, Jayhawk should have forecasted lower interest rates.8. Should increasing money supply growth place upward or downward pressure on interest rates? Justifyyour answer.ANSWER: If one believes that higher money supply growth will not cause inflationary expectations, the additional supply of funds places downward pressure on interest rates. However, if one believes that inflation expectations do erupt as a result, demand for loanable funds will also increase, and interest rates could increase (if the increase in demand more than offsets the increase in supply).9. Consider a scenario where inflation is low and is not expected to rise in the future. In addition,assume that the Fed substantially increases the money supply. Explain how this would likely affect interest rates.ANSWER: Interest rates should decrease because the amount of loanable funds will increase withouta corresponding increase in the demand for loanable funds.10. What is the logic behind the Fisher effect's implied positive relationship between expected inflationand nominal interest rates?ANSWER: Investors require a positive real return, which suggests that they will only invest funds if the nominal interest rate is expected to exceed inflation. In this way, the purchasing power of invested funds increases over time. As inflation rises, nominal interest rates should rise as well since investors would require a nominal return that exceeds the inflation rate.11. What is the difference between the nominal interest rate and real interest rate?ANSWER: The nominal interest rate is the quoted interest rate, while the real interest rate is defined as the nominal interest rate minus the expected rate of inflation. The real interest rate represents the recent nominal interest rate minus the recent inflation rate.12. Estimate the real interest rate over the last year.ANSWER: This exercise forces students to measure last year's nominal interest rate and inflation rate.13. Review historical interest rates to determine how they react to recessionary periods. Explain thisreaction.ANSWER: In general, interest rates tend to decline in recessionary periods. This reaction occurs because the demand for loanable funds declines during the recessionary periods, which placesdownward pressure of interest rates.14. Why do forecasts of interest rates differ among experts?ANSWER: Various factors may influence interest rates, and changes in these factors will affectinterest rate movements. Experts disagree about how various factors will change. They also disagree about the specific influence these factors have on interest rates.15. During the stock market crash in October 1987, interest rates declined. Use the loanable fundsframework discussed in this chapter to explain why.ANSWER: The crash led to concerns of a possible recession. The demand for loanable funds declined, causing downward pressure on interest rates. In addition, investors shifted funds out of stocks and into money market securities, causing an increase in the supply of loanable funds.6 Chapter 1/Role of Financial Markets and Institutions16. If foreign investors expected that the U.S. dollar's value would weaken over the next few years, howmight this affect (a) the foreign supply of funds to the U.S. markets and (b) U.S. interest rates?Explain.ANSWER: The expectation of a weaker U.S. dollar can cause a lower foreign supply of funds to the U.S. markets, as foreign investors reduce their investment in the United States, because a weakened dollar over the investment horizon reduces the return to foreign investors. The reduced foreign supply of funds to U.S. markets places upward pressure on U.S. interest rates.17. A well-known economist recently suggested that lower interest rates will stimulate the economy. Yet,this chapter implied that a strong economy can cause high interest rates. Do these concepts conflict?Explain.ANSWER: The concepts do not conflict. There are feedback effects between interest rates andeconomic growth. Lower interest rates stimulate the economy because they encourage borrowing and therefore spending. Yet, a strong economy can cause an additional desire to borrow, which places upward pressure on interest rates.18. Assume that if the U.S. dollar strengthens, it can place downward pressure on U.S. inflation. Basedon this information, how might expectations of a strong dollar affect the demand for loanable funds in the United States and U.S. interest rates? Is there any reason to think that expectations of a strong dollar could also affect the supply of loanable funds? Explain.ANSWER: As a strong U.S. dollar dampens U.S. inflation, it can reduce the demand for loanable funds, and therefore reduce interest rates. The expectations of a strong dollar could also increase the supply of funds because it may encourage saving (there is less concern to purchase goods before prices rise when inflationary expectations are reduced). In addition, foreign investors may invest more funds in the United States if they expect the dollar to strengthen, because that could increase their return on investment.19. If financial market participants overestimate inflation in a particular period, will real interest rates berelatively high or low? Explain.ANSWER: If inflation is overestimated, the real interest rate will be relatively high. Investors had required a relatively high nominal interest rate because they expected inflation to be high (according to the Fisher effect).20. Why might you expect interest rate movements of various industrialized countries to be more highlycorrelated in recent years than in earlier years?ANSWER: Interest rates among countries are expected to be more highly correlated in recent years because financial markets are more geographically integrated. More international financial flows will occur to capitalize on higher interest rates in foreign countries, which affects the supply and demand conditions in each market. As funds leave a country with low interest rates, this places upwardpressure on that country's interest rates. The international flow of funds caused this type of reaction.21. In November 1989, the wall separating East and West Germany was removed. Some analysts say thatthis event led to an increase in German and U.S. interest rates. Offer a possible explanation as to why this event could have caused an increase in German and U.S. interest rates.ANSWER: The removal of the wall led to the reunification of East and West Germany, and resulted in economic expansion in Germany. This led to an increased demand for loanable funds from sources in Germany and in the United States, placing upward pressure on interest rates.22. In August 1990, the Persian Gulf crisis occurred, resulting in some significant reactions in financialmarkets. Why would the crisis be expected to place upward pressure on U.S. interest rates? Why might some investors expect the crisis to place downward pressure on U.S. interest rates?ANSWER: The Persian Gulf crisis placed upward pressure on U.S. interest rates because it (1)increased inflationary expectations in the United States as oil prices increased abruptly, and (2)increased the expected U.S. budget deficit as government expenditures were necessary to boostChapter 1/Role of Financial Markets and Institutions 7 military support. However, the crisis also caused some analysts to revise their forecasts of economic growth downward. In fact, some analysts predicted that a U.S. recession would occur. The slower economy reflects a reduced corporate demand for funds, which by itself places downward pressure on interest rates. If inflation was not a concern, the Fed may attempt to increase money supply growth to stimulate the economy. However, the inflationary pressure restricted the Fed from stimulating the economy (since any stimulative policy could cause higher inflation).23. Offer an argument for why the terrorist attack on the United States on September 11, 2001 couldplace downward pressure on U.S. interest rates. Offer an argument for why the terrorist attack could place upward pressure on U.S. interest rates.ANSWER: The terrorist attack could cause a reduction in spending related to travel (airlines, hotels), and would also reduce the expansion by those types of firms. This reflects a decline in the demand for loanable funds, and places downward pressure on interest rates. Conversely, the attack increases the amount of government borrowing needed to support a war, and therefore places upward pressure on interest rates.Interpreting Financial NewsInterpret the following comments made by Wall Street analysts and portfolio managers.a. “The flight of funds from bank deposits to U.S. stocks will pressure interest rates.”As the supply of loanable funds declines (due to bank deposit withdrawals), there will be upward pressure on interest rates.b. “Since Japanese interest rates have recently declined to very low levels, expect a reduction in U.S.interest rates.”As Japanese interest rates decline, Japanese savers invest more loanable funds in the UnitedStates, which places downward pressure on U.S. interest rates.c. “The cost of borrowing by U.S. firms is dictated by the degree to which the federal governmen tspends more than it taxes.”As the federal government spends more than it taxes, it borrows the difference; the greater theamount borrowed, the higher the pressure on U.S. interest rates.Managing in Financial MarketsAs the treasurer of a manufacturing company, your task is to forecast the direction of interest rates. You plan to borrow funds and may use the forecast of interest rates to determine whether you should obtain a loan with a fixed interest rate or a floating interest rate. The following information can be considered when assessing the future direction of interest rates:♦Economic growth has been high over the last two years, but you expect that it will be stagnant over the next year.♦Inflation has been 3 percent over each of the last few years, and you expect that it will be about the same over the next year.♦The federal government has announced major cuts in its spending, which should have a major impact on the budget deficit.♦The Federal Reserve is not expected to affect the existing supply of loanable funds over the next year. ♦The overall level of savings by households is not expected to change.a. Given the preceding information, determine how the demand for and the supply of loanable fundswould be affected (if at all), and determine the future direction of interest rates.The demand for loanable funds should decline in response to: (1) stagnant economic growth(because a relatively low level of borrowing will be needed), and (2) a major cut in government8 Chapter 1/Role of Financial Markets and Institutionsspending. The supply of loanable funds should remain unchanged because the savings level is not expected to change, and the Fed is not expected to affect the existing money supply. Given a large decline in the demand for loanable funds and no significant change in the supply of loanablefunds, U.S. interest rates should decline.b. You can obtain a one-year loan at a fixed-rate of 8 percent or a floating-rate loan that is currentlyat 8 percent but would be revised every month in accordance with general interest ratemovements. Which type of loan is more appropriate based on the information provided?Since interest rates are expected to decline, you should prefer the floating-rate loan. As interest rates decline, the rate charged on this type of loan would decline.c. Assume that Canadian interest rates have abruptly risen just as you have completed your forecastof future U.S. interest rates. Consequently, Canadian interest rates are now 2 percentage pointsabove U.S. interest rates. How might this specific situation place pressure on U.S. interest rates?Considering this situation along with the other information provided, would you change yourforecast of the future direction of U.S. interest rates?This situation could encourage U.S. individuals and firms to withdraw their savings from U.S.financial institutions and send their funds to Canada to earn a higher interest rate (although they would have to convert their U.S. dollars into Canadian dollars and are therefore exposed toexchange rate risk). To the extent that savings are withdrawn from U.S. financial institutions,there would be a reduction in the supply of loanable funds in the U.S. Consequently, this specific situation places upward pressure on the U.S. interest rates.While this specific situation places upward pressure on U.S. interest rates, the economic growth and the budget deficit are expected to place downward pressure on interest rates.Therefore, you would still forecast a decline in U.S. interest rates, unless you believe that theimpact of the Canadian situation would overwhelm the impact of the economic growth and thebudget deficit.Problems1.Suppose the real interest rate is 6 percent and the expected inflation is 2 percent. What would youexpect the nominal rate of interest to be?ANSWER:i = E(INF) + i ki = 2% + 6% = 8%2. Suppose that Treasury bills are currently paying 9 percent and the expected inflation is 3 percent.What is the real interest rate?ANSWER:i = E(INF) + i ki k = i – E(INF)i k = 9% – 3% = 6%Chapter 3Structure of Interest RatesChapter 1/Role of Financial Markets and Institutions 9Questions1.Identify the relevant characteristics of any security that can affect the security's yield.ANSWER:The relevant characteristics are:1. default risk2. liquidity3. tax status4. maturity5. special provisions (such as a call feature)2. What effect does a high credit risk have on securities?ANSWER: Investors require a higher risk premium on securities with a high default risk.3. Discuss the relationship between the yield and liquidity of securities.ANSWER: The greater the liquidity of a security, the lower is the yield, other things being equal.4. Do investors in high-tax brackets or those in low-tax brackets benefit more from tax-exemptsecurities? Why?ANSWER: High-tax bracket investors benefit more from tax-exempt securities because their tax savings from avoiding taxes is greater.5. Do municipal bonds or corporate bonds offer a higher before-tax yield at a given point in time? Why?Which has the higher after-tax yield?ANSWER: Corporate bonds offer a higher before-tax yield, since they are taxable by the federal government. The municipal bonds may have a higher tax yield for investors subject to a high tax rate.For low-tax bracket investors, the corporate bonds would likely have a higher after-tax yield.6. If taxes did not exist, would Treasury bonds offer a higher or lower yield than municipal bonds withthe same maturity? Why?ANSWER: Treasury bonds would offer a lower yield than municipal bonds because they areperceived to be risk-free. If taxes did not exist, the required return on Treasury bonds would be lower than on municipal bonds.7. Explain how a yield curve would shift in response to a sudden expectation of rising interest rates,according to the pure expectations theory.ANSWER: The demand for short-term securities would increase, placing upward (downward)pressure on their prices (yields). The demand for long-term securities would decrease, placingdownward (upward) pressure on their prices (yields). If the yield curve was originally upward sloped, it would now have a steeper slope as a result of the expectation. If it was originally downward sloped, it would now be more horizontal (less steep), or may have even become upward sloping.8. What is the meaning of the forward rate in the context of the term structure of interest rates?ANSWER: The forward rate is the expected interest rate at a future point in time.9. Why might forward rates consistently overestimate future interest rates? How could such a bias beavoided?ANSWER: If forward rates are estimated without considering the liquidity premium, it mayoverestimate the future interest rates. If a liquidity premium is accounted for when estimating the forward rate, the bias can be eliminated.10. Assume there is a sudden expectation of lower interest rates in the future. What would be the effecton the shape of the yield curve? Explain.ANSWER: The demand for short-term securities would decrease, placing downward (upward)pressure on their prices (yields). The demand for long-term securities would increase, placing upward。
南大网院世界经济概论第一次作业
headerheader end container课程作业首页> 课程作业作业名称世界经济概论第一次作业出卷人SA 作业总分100通过分数60起止时间2019-10-21 12:52:41至2019-10-21 13:27:29学员姓名学员成绩100标准题总分100标准题得分100题号:1 题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:2现代市场经济是世界性的市场经济。
经济全球化是在现代高科技条件下全球性的经济融合的体现，是国际分工深入发展、世界市场不断扩大、跨国公司向全球拓展的必然结果。
经济全球化的基本内涵是（）（1）生产要素流动的全球化（2）市场规则的全球化（3）金融运作的全球化（4）科技开发利用的全球化∙A、(1)∙B、(1)(2)∙C、(1)(2)(3)∙D、(1)(2)(3)(4)学员答案：d说明：本题得分：2题号:2 题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:2（）就是产业内部直接从事生产性劳动的比重减少，而研究、设计、开发和信息服务等服务性劳动的比重增加，既表现为“硬产业”中科技知识等“软要素”投入的增加，也表现为以知识和信息产业为代表的第三产业在国民经济中的地位日益重要。
∙A、内涵式软化∙B、外延式软化学员答案：a说明：本题得分：2题号:3 题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:2在我们的经济生活中，无论是世界零售业巨头沃尔玛、家乐福、麦德龙，还是国际驰名连锁店麦当劳、肯德基、必胜客等，都吸引了大量的消费者，也确实给人们的生活带来了很大的便利。
这是( )在我们经济生活中的一个反映。
∙A、国际分工∙B、引进技术∙C、经济全球化∙D、劳动输出学员答案：c说明：本题得分：2题号:4 题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:2某种玩具娃娃，由中国内地生产棉衣服，台湾地区生产塑料身体，日本制造尼龙头发，马来西亚负责组装，最后贴上美国的商标在全球销售。
南大经济法第一次作业
作业名称：经济法第一次作业出卷人：SA作业总分：100 通过分数：60起止时间：2013-5-21 13:53:15 至2013-5-21 14:10:00学员姓名：学员成绩：100标准题总分：100 标准题得分：100详细信息：题号:1 题型:多选题（请在复选框中打勾，在以下几个选项中选择正确答案，答案可以是多个）本题分数:2内容:价格法的作用，主要表现在（）A、维护价格秩序B、优化价格形成机制C、稳定市场价格总水平D、保护经营者和消费者的正当权益学员答案:ABCD本题得分:2题号:2 题型:多选题（请在复选框中打勾，在以下几个选项中选择正确答案，答案可以是多个）本题分数:2内容:下列哪些商品或者服务的价格不适用价格法的规定( )A、利率、汇率、保险费率B、个体工商户的服务价格C、证券以及期货价格D、证券商向投资者收取的费用学员答案:AC本题得分:2题号:3 题型:多选题（请在复选框中打勾，在以下几个选项中选择正确答案，答案可以是多个）本题分数:2内容:价格法中的“ 经营者”是指( )A、从事生产、经营商品的法人B、从事生产、经营商品的其他组织和个人C、提供有偿服务的法人和其他组织D、提供有偿服务的个人学员答案:ABCD本题得分:2题号:4 题型:多选题（请在复选框中打勾，在以下几个选项中选择正确答案，答案可以是多个）本题分数:2内容:制定关系群众切身利益的哪些商品的政府指导价、政府定价，应当建立听证会制度（）A、资源稀缺的商品价格B、公用事业价格C、公益性服务价格D、自然垄断经营的商品价格学员答案:BCD本题得分:2题号:5 题型:多选题（请在复选框中打勾，在以下几个选项中选择正确答案，答案可以是多个）本题分数:2内容:政府定价和指导价的适用范围主要包括( )A、自然垄断经营的商品B、重要的公用事业C、重要的公益性服务D、体育用品学员答案:ABC本题得分:2题号:6 题型:多选题（请在复选框中打勾，在以下几个选项中选择正确答案，答案可以是多个）本题分数:2内容:经营者进行价格活动，享有下列权利( )A、检举控告侵犯其依法自主定价权利的行为B、自主制定属于市场调节的价格C、在政府指导价规定幅度内制定价格D、制定行业自律价格学员答案:ABC本题得分:2题号:7 题型:多选题（请在复选框中打勾，在以下几个选项中选择正确答案，答案可以是多个）本题分数:2内容:价格法规定，政府为调控价格，稳定市场，可以建立( )A、重要商品储备制度B、粮食风险基金C、价格调节基金D、重要战略物资储备制度学员答案:AC本题得分:2题号:8 题型:多选题（请在复选框中打勾，在以下几个选项中选择正确答案，答案可以是多个）本题分数:2内容:价格的基本形式包括( )A、市场零售价B、市场调节价C、政府指导价D、政府定价学员答案:BCD本题得分:2题号:9 题型:多选题（请在复选框中打勾，在以下几个选项中选择正确答案，答案可以是多个）本题分数:2内容:反垄断执法机构依法对涉嫌垄断行为调查中可以采取的措施包括（）A、进入被调查的经营者的营业场所或者其他有关场所进行检查B、查询经营者的银行账户C、查封、扣押相关证据D、查阅、复制被调查的经营者、利害关系人或者其他有关单位或者个人的有关单证、协议、会计账簿、业务函电、电子数据等文件、资料学员答案:ABCD本题得分:2题号:10 题型:多选题（请在复选框中打勾，在以下几个选项中选择正确答案，答案可以是多个）本题分数:2内容:经营者以低于成本的价格销售商品时，以下哪些行为不属于不正当竞争行为（）A、经营者为清偿债务而销售商品的行为B、经营者销售非委节性的商品的行为C、经营者销售有效期即将到来的商品的行为D、经营者销售非积压商品的行为学员答案:AC本题得分:2题号:11 题型:多选题（请在复选框中打勾，在以下几个选项中选择正确答案，答案可以是多个）本题分数:2内容:下列那些低价销售行为不属于不正当竞争（）A、销售鲜活商品B、处理有效期限即将到期的商品或者其他积压的商品C、季节性降价D、因清偿债务、转产、歇业降价销售商品学员答案:ABCD本题得分:2题号:12 题型:多选题（请在复选框中打勾，在以下几个选项中选择正确答案，答案可以是多个）本题分数:2内容:商业秘密，是指（）的技术信息和经营信息。
南京大学-网络教育学院-金融工程第一次作业-标准答案
南京大学-网络教育学院-金融工程第一次作业-标准答案作业名称：金融工程概论第1次作业出卷人：SA作业总分：100 通过分数：60标准题总分：100 标准题得分：100详细信息：题号:1 题型:多选题（请在复选框中打勾，在以下几个选项中选择正确答案，答案可以是多个）本题分数:2.94内容:投资性资产与消费性（生产性）资产的区别包括（）A、目的不同，前者为了价值增值，后者为了生产或消费B、标的资产不同，前者是金融资产，后者是实物资产C、特征不同，前者没有存储成本，后者有D、前者没有便利性收益，后者有学员答案:ABCD本题得分:2.94题号:2 题型:多选题（请在复选框中打勾，在以下几个选项中选择正确答案，答案可以是多个）本题分数:2.94内容:期货市场的主要功能有（）A、转移价格风险B、价格发现C、资产配置D、消除价格风险学员答案:AB本题得分:2.94题号:3 题型:多选题（请在复选框中打勾，在以下几个选项中选择正确答案，答案可以是多个）本题分数:2.94内容:远期合约和期货合约的主要区别包括（）A、标准化程度B、交割方式C、交割地点D、违约风险学员答案:ABCD本题得分:2.94题号:4 题型:多选题（请在复选框中打勾，在以下几个选项中选择正确答案，答案可以是多个）本题分数:2.94内容:期货合约如何克服远期交易所存在地信息不对称和违约风险高的缺陷（）A、在交易所进行交易B、由清算公司负责清算C、清算公司充当所有期货买者和卖者的交易对象D、在场外进行交易学员答案:ABC本题得分:2.94题号:5 题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:1.96内容:期货价格收敛于标的资产现货价格是由（）决定的A、现货价格B、套利行为C、期货价格的增长大于现货价格增长D、以上皆非学员答案:B本题得分:1.96题号:6 题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:1.96内容:假设恒生指数目前为10000点，香港无风险连续复利年利率为10%，恒生指数股息收益率为每年3%，该指数4个月期的期货价格为（）A、10000B、11000C、10245.39D、10125.78学员答案:D本题得分:1.96题号:7 题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:1.96内容:若标的资产价格与利率正相关，在利率不变的情况下，可以推断期货价格（）A、低于远期价格B、等于于远期价格C、高于远期价格D、无法判断学员答案:C本题得分:1.96题号:8 题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:1.96内容:决定期货价格的最重要因素是（）A、现货价格B、交割地点C、交割方式D、交割时间学员答案:A本题得分:1.96题号:9 题型:判断题本题分数:1.96内容:期货的保证金率与期货的风险的关系是负相关的1、错2、对学员答案:2本题得分:1.96题号:10 题型:多选题（请在复选框中打勾，在以下几个选项中选择正确答案，答案可以是多个）本题分数:2.94内容:下列说法中正确的是（）A、在合约中规定在将来买入标的物的一方称为多方B、在合约中规定在将来卖出标的物的一方称为多方C、在合约中未定未来卖出标的物的一方称为空方D、在合约中未定未来买入标的物的一方称为空方学员答案:AC本题得分:2.94题号:11 题型:多选题（请在复选框中打勾，在以下几个选项中选择正确答案，答案可以是多个）本题分数:2.94内容:持有成本包括（）A、存储成本B、利息成本C、机会成本D、资产红利收益学员答案:ABD本题得分:2.94题号:12 题型:多选题（请在复选框中打勾，在以下几个选项中选择正确答案，答案可以是多个）本题分数:2.94内容:远期价格与远期价值的区别包括（）A、远期价格指的是远期合约中标的物的远期价格，远期价值则是指远期合约本身的价值B、远期价格跟标的物的现货价格紧密相联，远期价值由远期实际价格与远期理论价格的差距决定C、随着时间推移，远期价格不变，远期价值可以改变D、随着时间推移远期价格可以改变，远期价值不变学员答案:ABC本题得分:2.94题号:13 题型:多选题（请在复选框中打勾，在以下几个选项中选择正确答案，答案可以是多个）本题分数:2.94内容:根据无收益资产的现货－远期平价定理，如果交割价格小于现货价格的终值，则投资者可以通过（）实现套利A、卖空标的资产，将所得收入以无风险利率进行投资B、买进一份远期合约C、到期时，收回投资本息，购买一单位标的资产用于归还借入的标的资产D、卖出一份远期合约学员答案:ABC本题得分:2.94题号:14 题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:1.96内容:假设2年期即期年利率（连续复利）为10.5%，3年期即期年利率为11％。
南大宏观经济学第1次作业
2、对
学员答案:2
本题得分:2
题号:39题型:多选题（请在复选框中打勾，在以下几个选项中选择正确答案，答案可以是多个）本题分数:3
内容:
货币政策的工具包括（）。
A、改变法定准备率
B、调整商业银行对中央银行的贴现率
C、公开市场操作
D、货币创造
学员答案:AC
本题得分:3
题号:40题型:判断题本题分数:3
本题得分:3
题号:20题型:判断题本题分数:2
内容:
GDP价格矫正指数等于实际GDP除以名义GDP。
1、错
2、对
学员答案:1
本题得分:2
题号:21题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:2
内容:
边际消费倾向一般随着可支配收入的增加而（）。
A、不变
B、递增
C、递减
D、有时递增有时递减
内容:
相对收入假定的主要论点包括（）。
A、示范作用
B、棘轮作用
C、暂时消费
D、持久消费
学员答案:AB
本题得分:3
题号:26题型:判断题本题分数:2
内容:
生命周期假定的提出者是莫迪利安尼。
1、错
2、对
学员答案:2
本题得分:2
题号:27题型:多选题（请在复选框中打勾，在以下几个选项中选择正确答案，答案可以是多个）本题分数:3
1、错
2、对
学员答案:1
本题得分:2
题号:37题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:2
内容:
美国的中央银行是指（）。
A、联邦储备委员会
B、联邦储备银行
C、联邦咨询委员会
D、公开市场委员会
南开大学20秋《金融机构和金融市场》在线作业（参考答案）
南开大学20秋《金融机构和金融市场》在线作业（参考答案）1.()是存款机构按照法定要求缴存到中央银行的存款。
A.法定贴现金B.法定存款准备金C.超额存款准备金D.备付金答案：B2.方先生将一笔10万元的资金投资在一个年收益率6%的工程项目中，试估算，大约经过()年这笔资金的本利和可以达到20万元。
A.10年B.11年C.12年D.13年答案：B3.世界上最早的中央银行是()。
A.英格兰银行B.中华民国银行C.瑞典银行D.希腊银行答案：C4.对于持有和买卖上海证券交易所上市证券的投资者，未办理指定交易的投资者的证券暂由()托管，其红利、股息、债息、债券兑付款再是办理指定银行会交易后可领取。
A.中国证券登记结算有限责任公司B.中国证券登记结算有限责任公司上海分公司C.交易参与人D.证券公司答案：B5.下列属于中央银行的资产业务的是()。
A.贴现业务B.贷款业务C.存款业务D.货币发行业务答案：B6.()是国务院直属机构，是全国证券、期货市场的主管部门。
A.证监会B.银保监会C.证券交易所D.证券交易行业协会答案：A7.受益人是由()指定的。
A.法人B.自然人C.具有民事行为能力的人D.委托人答案：D8.在证券公司并购业务中，下列哪个选项不是它的行为?()A.寻求并购机会B.定价C.做市D.筹资答案：C9.下列利率决定理论中，哪种理论是着重强调利率水平与可贷出资金数量的关系?()A.流动偏好理论B.马克思的利率理论C.可贷资金理论D.实际利率理论10.在自由外汇市场上根据供求买卖外汇所自发形成的汇率是指()。
A.官方汇率B.市场汇率C.即期汇率D.远期汇率答案：B11.在各类债券中，()的信用等级是最高的。
A.金融债券B.政府债券C.公司债券D.国际债券答案：B12.为()是金融机构最本质、最基本的职责。
A.为银行服务B.为证券机构服务C.为实体经济部门服务D.为保险公司服务答案：C13.下列哪个时期的创新是以逃避管制为主要特征的?()A.20世纪60年代B.20世纪70年代C.20世纪80年代D.20世纪90年代答案：A14.配股的对象是()。
南开大学16秋学期金融机构与金融市场在线作业
16秋学期《金融机构与金融市场》在线作业一、单选题（共 5 道试题，共 10 分。
）1. 资本市场可以分为（）. 证券市场和同业拆借市场. 中长期信贷市场和证券市场. 证券市场和回购市场. 股票市场和债券市场正确答案：2. 浮动利率债券是指利率可以变动的债券，这种债券的利率在确定时一般与（）挂钩. 市场利率. 银行贷款利率. 同业折借利率. 定期存款利率正确答案：3. 资本市场可以分为（）. 证券市场和同业拆借市场. 中长期信贷市场和证券市场. 证券市场和回购市场. 股票市场和债券市场正确答案：4. 银行在票据未到期时将票据买进的做法是. 票据交换. 票据承兑. 票据结算. 票据贴现正确答案：5. 下列属于优先股股东权利范围的是. 选举权. 被选举权. 收益权. 投票权正确答案：16秋学期《金融机构与金融市场》在线作业二、单选题（共 10 道试题，共 30 分。
）1. 下列金融工具中属于间接融资工具的是. 可转让大额定期存单. 公司债券. 股票. 政府债券正确答案：2. 浮动利率债券是指利率可以变动的债券，这种债券的利率在确定时一般与（）挂钩。
. 市场利率. 银行贷款利率. 同业折借利率. 定期存款利率正确答案：3. 公司破产后，对公司剩余财产的清偿顺序上列为最后的是（）. 普通股票. 优先股票. 银行债权. 普通债权正确答案：4. 中国证券市场逐步规范化，其中发行制度的发展（）. 始终是审批制. 由审批制到核准制. 始终是核准制. 由核准制到审批制正确答案：5. 我国证券业中，行业性自律性组织是指（）.. 证券交易所. 证券业协会. 证监会. 证券登记结算公司正确答案：6. 同业拆借市场在金融体系同属于（）市场. 货币市场. 资本市场. 贷款市场. 中长期信贷市场正确答案：7. 按照金融资产的新旧程度不同，金融市场可分为. 一级市场和二级市场. 同业拆借市场和长期债券市场. 货币市场和资本市场. 股票市场和债券市场正确答案：8. 同业拆借市场在金融体系同属于（）市场。
南大投资学概论第一次作业1
作业名称：投资学概论第一次作业作业总分：100 通过分数：60起止时间：2015-4-10 至 2015-5-6 23:59:00标准题总分：100详细信息：题号:1 题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:2内容:一个还有6个月到期的远期，标的资产的连续红利收益率为4%，若无风险年利率为10%，远期价格为54元，目前该标的资产的价格为50元，求时刻s远期的价格？A、2.36B、-2.36C、51.52D、-51.52正确答案:C题号:2 题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:2内容:假定某股票目前的股价为50元，且未来6个月内不支付红利，若无风险利率为5%,签定一个6个月期的以此种股票为标的资产的远期合约，远期的价格应为（）。
A、50B、51.25C、52.5D、51.27正确答案:D题号:3 题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:2内容:一个现价为100元的股票的10个月期的远期合约，若在3个月、6个月、9个月后都会有每股1.5元的利润，若无风险的年利率为8%，远期价格为（）。
A、106.60B、103.21C、102.28D、105.11正确答案:C题号:4 题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:2内容:证券的卖方承诺在将来某一指定日期，以约定价格向该证券的买方购回已出售的证券，这一行为被称为( ).A、融资B、回购C、抵押D、反回购正确答案:B题号:5 题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:2内容:既追求长期资本增值，又追求当期收入的基金。
即介于成长型和收入型之间的基金是（）。
A、成长型基金B、收入型基金C、平衡型基金D、指数型基金正确答案:C题号:6 题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:2内容:如果预期在交易完成后股市将大幅上涨，下列哪一个交易在股指期权市场中最有风险？A、出售无担保的看跌期权B、出售无担保的看涨期权C、购买看涨期权D、购买看跌期权正确答案:B题号:7 题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:2内容:久期是以现金流占（）的比例为权重，对每次现金流发生时间加权平均的结果。
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内容:
下列属于所有权凭证的金融工具是( )
A、商业票据
B、企业债券
C、股票
D、可转让大额定期存单
正确答案:C
题号:9题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:2
内容:
国际公认的三大专业信用评级机构不包括（）
A、标准普尔公司
A、弱势有效市场
B、半强势有效市场
C、强势有效市场
D、完全有效市场
正确答案:C
题号:2题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:2
内容:
一些较大的机构投资者不需经过经纪人或做市商，彼此之间直接进行大宗股票买卖的市场是（）
A、场内市场
B、场外市场
C、第三市场
D、第四市场
正确答案:D
题号:3题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:2
内容:
投资者以98美元的折扣价格购买期限为180天，面值为100美元的商业票据，其贴现率为（）
A、1%
B、2%
C、3%
D、4%
正确答案:D
题号:3题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:2
内容:
货币市场各子市场利率之间具有互相制约的作用，其中（）对回购协议市场利率影响最大
A、国库券市场
A、欧洲债券多为记名债券
B、欧洲债券市场监管严格
C、欧洲债券市场的发行通常被限于信用风险较高的借款人
D、欧洲债券通常免收利息税
正确答案:D
题号:7题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:2
内容:
回购协议的期限有长有短，最短的为（ ）天
A、一个星期
B、一天
C、一个月
D、一年
正确答案:B
题号:8题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:2
内容:
金融资产发行后进行买卖的市场被称为（）
A、初级市场
B、次级市场
C、第三市场
D、第四市场
正确答案:B
题号:9题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:2
内容:
股票流通市场最主要的组织形式是（）
A、场内交易
B、场外交易
标准题总分：100
详细信息：
题号:1题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:2
内容:
如果投资者以96美元的折扣价格购买期限为180天，面值为100美元的商业票据，其贴现率为（）
A、5%
B、6%
C、8%
D、10%
正确答案:C
题号:2题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:2
题号:25题型:多选题（请在复选框中打勾，在以下几个选项中选择正确答案，答案可以是多个）本题分数:4
内容:
金融市场的交易主体包括（）
A、投资者
B、筹资者
C、金融中介
D、套期保值者
E、套利者
正确答案:ABCDE
题号:26题型:判断题本题分数:3
内容:
回购协议利率之所以高于银行承兑汇票、可转让大额定期存单的利率，是因为回购协议缺乏商业银行的担保，风险比它们高。
1、 错
2、 对
正确答案:1
题号:27题型:判断题本题分数:3
内容:
一般来说，进入次级市场流通的证券只占证券总量的较少一部分，说明次级市场的重要性不如初级市场。
1、 错
2、 对
正确答案:1
题号:28题型:判断题本题分数:3
内容:
证券交易所的组织形式有会员制和公司制，后者有严密的组织和规章制度，前者在这方面比较松散。
B、票据市场
C、同业拆借市场
D、CD市场
正确答案:C
题号:4题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:2
内容:
不仅能取得固定股息，还有权和普通股一同参与利润分配的股票是（）
A、累积优先股
B、可赎回优先股
C、参与优先股
D、可转换优先股
正确答案:C
题号:5题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:2
A、折扣
B、与息票工具一样
C、与发行公司债券一样
D、与发行股票一样
正确答案:A
题号:15题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:2
内容:
欧洲美元是存在( )
A、英格兰银行的美元存款
B、欧洲各银行的美元存款
C、美国境外的美元存款
D、世界各国的美元存款
正确答案:C
题号:16题型:多选题（请在复选框中打勾，在以下几个选项中选择正确答案，答案可以是多个）本题分数:4
C、第三市场
D、第四市场
正确答案:A
题号:10题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:2
内容:
下列关于股票的说法正确的是（）
A、相对于优先股来说，普通股的风险较小
B、优先股一般可以流通上市
C、普通股股东有企业经营参与权
D、优先股是股票最基本的形式，也是发行量最大、最为重要的股票
正确答案:C
D、内在价值
正确答案:B
题号:13题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:2
内容:
债券流通市场又称为(C)
A、债券一级市场
B、债券初级市场
C、债券二级市场
D、交易所市场
正确答案:C
题号:14题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:2
内容:
国库券是如何报价的（ ）
C、全国证券商自动报价系统（纳斯达克-NASDAQ）
D、芝加哥股票交易所
正确答案:ABC
题号:24题型:多选题（请在复选框中打勾，在以下几个选项中选择正确答案，答案可以是多个）本题分数:4
内容:
债券一般有（ ）基本特点
A、体现债权关系
B、期限固定
C、不能流通转让
D、有市场价格
E、安全性高
正确答案:BE
作业名称：金融市场与机构第一次作业
作业总分：100通过分数：60
起止时间：2015-4-10 至 2015-5-6 23:59:00
标准题总分：100
详细信息：
题号:1题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:2
内容:
根据有效市场理论，市场价格已充分反映了有关公司的一切可得信息，从而使任何获得内幕消息的人也不能凭此而获得超额利润的市场是（）
内容:
金融市场的配置功能主要表现在（）
A、资源配置
B、财富再分配
C、风险再分配
D、聚敛功能
E、调节功能
正确答案:ABC
题号:23题型:多选题（请在复选框中打勾，在以下几个选项中选择正确答案，答案可以是多个）本题分数:4
内容:
下列属于美国股票交易市场的是（）
A、纽约股票交易所（NYSE）
B、美国股票交易所（AMEX）
B、标准普尔综合指数（S&P500指数）
C、纳斯达克综合指数（NASDAQ综合指数）
D、日经指数
正确答案:ABC
题号:19题型:多选题（请在复选框中打勾，在以下几个选项中选择正确答案，答案可以是多个）本题分数:4
内容:
下列关于股票价格的影响因素中，正确的有（）
A、公司净资产增加，股票价格上涨
B、公司股票分割，通常会刺激股票价格上涨
C、公司股利水平较高，股票价格较低
D、公司预期盈利增加，股票价格上涨
E、宏观经济衰退时，股票价格下跌
正确答案:ABDE
题号:20题型:多选题（请在复选框中打勾，在以下几个选项中选择正确答案，答案可以是多个）本题分数:4
内容:
下列金融工具中，没有偿还期的有( )
A、永久性债券
B、银行定期存款
C、商业票据
1、 错
2、 对
正确答案:2
题号:34题型:判断题本题分数:3
内容:
证券发行必须在证券交易所内进行。
1、 错
2、 对
正确答案:1
题号:35题型:判断题本题分数:3
内容:
公司债券和企业债券是相同的。
1、 错
2、 对
正确答案:1
作业名称：金融市场与机构第一次作业
作业总分：100通过分数：60
起止时间：2015-4-10 至 2015-5-6 23:59:00
内容:
同其它货币市场信用工具相比，政府短期债券具有以下哪些特点（ ）
A、违约风险小
B、流动弱
C、面额较大
D、收入免税
E、流动性强
正确答案:ADE
题号:17题型:多选题（请在复选框中打勾，在以下几个选项中选择正确答案，答案可以是多个）本题分数:4
内容:
相对于银行贷款，商业票据融资的特征体现为（）
A、发行成本低
B、发行成本高
C、对利率变动反映灵敏
D、对利率变动反应迟钝
E、足额运用资金
正确答案:ACE
题号:18题型:多选题（请在复选框中打勾，在以下几个选项中选择正确答案，答案可以是多个）本题分数:4
内容:
下列属于美国股票市场最具有代表性的指数（）
A、道琼斯工业平均指数（Dow Jones Industrial Average, DJIA）
B、穆迪投资服务公司
C、惠誉国际信用评级有限公司
D、大公国际资信评估有限公司
正确答案:D
题号:10题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:2
内容:
我国同业拆借市场使用的利率是（）
A、SIBOR
B、LIBOR
C、HIBOR