投资学第7版Test Bank答案17

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1、Chapter17MacroeconomicandIndustryAnalysisMultipleChoiceQuestions1.Atopdownanalysisofafirmstartswith____________.A)therelativevalueofthefirmB)theabsolutevalueofthefirmC)thedomesticeconomyD)theglobaleconomyE)theindustryoutlookAnswer:DDifficulty:Easy2.Anexampleofahighlycyclicalindustryis

2、________.A)theautomobileindustryB)thetobaccoindustryC)thefoodindustryD)AandBE)BandCAnswer:ADifficulty:EasyRationale:Consumerdurables,suchasautomobiles,arehighlycyclicalaspurchasescanbedelayeduntilgoodtimes.Necessities,low-ticketitems,andaddictiveproductsarepurchasedingoodtimesandbad.3

3、.Demand-sideeconomicsisconcernedwith_______.A)governmentspendingandtaxlevelsB)monetarypolicyC)fiscalpolicyD)AandBE)A,B,andCAnswer:EDifficulty:EasyRationale:Demand-sideeconomicsisconcernedwithmonetaryandfiscalpolicy(governmentspendingandtaxing).417Chapter17MacroeconomicandIndustryAnaly

4、sis4.Themostwidelyusedmonetarytoolis___________.A)alteringthediscountrateB)alteringthereserverequirementsC)openmarketoperationsD)alteringmarginaltaxratesE)noneoftheaboveAnswer:CDifficulty:EasyRationale:TheFederalReserve'sopenmarketoperationsarethemostwidelyusedandmosteffectivemonetary

5、toolforinfluencinginterestrates.5.The"real",orinflation-adjusted,exchangerate,isA)thebalanceoftrade.B)thebudgetdeficit.C)thepurchasingpowerratio.D)unimportanttotheU.Seconomy.E)noneoftheabove.Answer:CDifficulty:EasyRationale:Theratioofonecountry'spurchasingpowertoanother'siscalledthe"r

6、eal",orinflationadjusted,exchangerate,andisanimportantmeasureoftherelativecostsofdomesticversusforeigngoods.6.The"normal"rangeofprice-earningsratiosfortheS&P500IndexisA)between2and10.B)between5and15.C)lessthan8.D)between12and25E)greaterthan20.Answer:DDifficulty:ModerateRationale:Stock

7、pricescommonlytradeatbetween12and25timesearnings.417Chapter17MacroeconomicandIndustryAnalysis7.MonetarypolicyisdeterminedbyA)governmentbudgetdecisions.B)presidentialmandates.C)theboardofGovernorsoftheFederalReserveSystem.D)congressionalactions.E)noneoftheaboveAnswer:CDifficulty:EasyRa

8、tiona