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1、Chapter2AnOverview oftheFinancialSystemAnswerstoEnd-of-ChapterQuestions本章末复习题参考答案AnswerstoEnd-of-ChapterQuestions本章末问题参考答案*1.TheshareofMicrosoftstockisanassetforitsowner,becauseitentitlestheownertoashareoftheearningsandassetsofMicrosoft.TheshareisaliabilityforMicrosoft,becauseitisa
2、claimonitsearningsandassetsbytheowneroftheshare.AnswerstoEnd-of-ChapterQuestions本章末问题参考答案2.Yes,Ishouldtakeouttheloan,becauseIwillbebetteroffasaresultofdoingso.Myinterestpaymentwillbe$4,500(90%of$5,000),butasaresult,Iwillearnanadditional$10,000,soIwillbeaheadofthegameby$5,500.SinceL
3、arry’sloan-sharkingbusinesscanmakesomepeoplebetteroff,asinthisexample,loansharkingmayhavesocialbenefits.(Oneargumentagainstlegalizingloansharking,however,isthatitisfrequentlyaviolentactivity.)AnswerstoEnd-of-ChapterQuestions本章末问题参考答案*3.Yes,becausetheabsenceoffinancialmarketsmeansth
4、atfundscannotbechanneledtopeoplewhohavethemostproductiveuseforthem.Entrepreneursthencannotacquirefundstosetupbusinessesthatwouldhelptheeconomygrowrapidly.AnswerstoEnd-of-ChapterQuestions本章末问题参考答案4.TheprincipaldebtinstrumentsusedwereforeignbondswhichweresoldinBritainanddenominatedin
5、pounds.TheBritishgainedbecausetheywereabletoearnhigherinterestratesasaresultoflendingtoAmericans,whiletheAmericansgainedbecausetheynowhadaccesstocapitaltostartupprofitablebusinessessuchasrailroads.AnswerstoEnd-of-ChapterQuestions本章末问题参考答案*5.Thisstatementisfalse.Pricesinsecondarymar
6、ketsdeterminethepricesthatfirmsissuingsecuritiesreceiveinprimarymarkets.Inaddition,secondarymarketsmakesecuritiesmoreliquidandthuseasiertosellintheprimarymarkets.Therefore,secondarymarketsare,ifanything,moreimportantthanprimarymarkets.AnswerstoEnd-of-ChapterQuestions本章末问题参考答案6.Youw
7、ouldratherholdbonds,becausebondholdersarepaidoffbeforeequityholders,whoaretheresidualclaimants.*7.Becauseyouknowyourfamilymemberbetterthanastranger,youknowmoreabouttheborrower’shonesty,propensityforrisktaking,andothertraits.Thereislessasymmetricinformationthanwithastrangerandlessli
8、kelihoodofanadverseselecti
