投资学第7版Test
Bank答案05
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Multiple Choice Questions
1. Over the past year you earned a nominal rate of interest of 10 percent on your
money. The inflation rate was 5 percent over the same period. The exact actual growth rate of your purchasing power was A) %. B) %. C) %. D) %. E) %
Answer: D Difficulty: Moderate Rationale: r = (1+R) / (1+I) - 1; % / % - 1 = %.
2. A year ago, you invested $1,000 in a savings account that pays an annual interest rate
of 7%. What is your approximate annual real rate of return if the rate of inflation was 3% over the year A) 4%. B) 10%. C) 7%. D) 3%. E) none of the above.
Answer: A Difficulty: Easy Rationale: 7% - 3% = 4%.
3. If the annual real rate of interest is 5% and the expected inflation rate is 4%, the
nominal rate of interest would be approximately A) 1%. B) 9%. C) 20%. D) 15%. E) none of the above.
Answer: B Difficulty: Easy Rationale: 5% + 4% = 9%.
4. You purchased a share of stock for $20. One year later you received $1 as dividend and sold the share for $29. What was your holding period return A) 45% B) 50% C) 5% D) 40%
E) none of the above Answer: B Difficulty: Moderate
Rationale: ($1 + $29 - $20)/$20 = , or 50%.
5. Which of the following determine(s) the level of real interest rates
I) the supply of savings by households and business firms II) the demand for investment funds
III) the government's net supply and/or demand for funds A) B) C) D) E)
I only II only
I and II only I, II, and III
none of the above
Answer: D Difficulty: Moderate
Rationale: The value of savings by households is the major supply of funds; the demand for investment funds is a portion of the total demand for funds; the
government's position can be one of either net supplier, or net demander of funds. The above factors constitute the total supply and demand for funds, which determine real interest rates.
投资学第7版testbank答案05
