The Economics of Money, Banking and Financial Markets (11th 11E - Mishkin - TB chapter 6

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1、EconomicsofMoney,Banking,andFinancialMarkets,11e(Mishkin)Chapter6TheRiskandTermStructureofInterestRates6.1RiskStructureofInterestRates1)TheriskstructureofinterestratesisA)thestructureofhowinterestratesmoveovertime.B)therelationshipamonginterestratesofdifferentbondswiththesamematurity.C)therelat

2、ionshipamongthetermtomaturityofdifferentbonds.D)therelationshipamonginterestratesonbondswithdifferentmaturities.Answer:BAACSB:ReflectiveThinking2)Theriskthatinterestpaymentswillnotbemade,orthatthefacevalueofabondisnotrepaidwhenabondmaturesisA)interestraterisk.B)inflationrisk.C)liquidityrisk.D)d

3、efaultrisk.Answer:DAACSB:ApplicationofKnowledge3)BondswithnodefaultriskarecalledA)flowerbonds.B)no-riskbonds.C)default-freebonds.D)zero-riskbonds.Answer:CAACSB:ApplicationofKnowledge4)Whichofthefollowingbondsareconsideredtobedefault-riskfree?A)municipalbondsB)investment-gradebondsC)U.S.Treasury

4、bondsD)junkbondsAnswer:CAACSB:AnalyticalThinking5)U.S.governmentbondshavenodefaultriskbecauseA)theyareissuedinstrictlylimitedquantities.B)thefederalgovernmentcanincreasetaxesorprintmoneytopayitsobligations.C)theyarebackedwithgoldreserves.D)theycanbeexchangedforsilveratanytime.Answer:BAACSB:Refl

5、ectiveThinking25Copyright©2016PearsonEducation,Inc.6)Thespreadbetweentheinterestratesonbondswithdefaultriskanddefault-freebondsiscalledtheA)riskpremium.B)junkmargin.C)bondmargin.D)defaultpremium.Answer:AAACSB:ApplicationofKnowledge7)Iftheprobabilityofabonddefaultincreasesbecausecorporationsbegi

6、ntosufferlargelosses,thenthedefaultriskoncorporatebondswill________andtheexpectedreturnonthesebondswill________,everythingelseheldconstant.A)decrease;increaseB)decrease;decreaseC)increase;increaseD)increase;decreaseAnswer:DAACSB:ReflectiveThinking8)Abondwithdefaultriskwillalwayshavea________ris

7、kpremiumandanincreaseinitsdefaultriskwill________theriskpremium.A)positive;raiseB)positive;lowerC)negative;raiseD)negative;lowerAnswer:AAACSB:ReflectiveThinking9)Ifacorporationbeginstosufferlargelosses,thenthedefaultriskonthecorpo