投资学第7版TestBank答案解析15.pdfVIP

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投资学第7版TestBank答案解析15

MultipleChoiceQuestions

1.Thetermstructureofinterestratesis:

A)Therelationshipbetweentheratesofinterestonallsecurities.

B)Therelationshipbetweentheinterestrateonasecurityanditstime

tomaturity.

C)Therelationshipbetweentheyieldonabondanditsdefaultrate.

D)Alloftheabove.

E)Noneoftheabove.

Answer:BDifficulty:Easy

Rationale:Thetermstructureofinterestratesistherelationship

betweentwovariables,yearsandyieldtomaturity(holdingallelse

constant).

2.Theyieldcurveshowsatanypointintime:

A)Therelationshipbetweentheyieldonabondandthedurationofthe

bond.

B)Therelationshipbetweenthecouponrateonabondandtimetomaturity

ofthebond.

C)Therelationshipbetweenyieldonabondandthetimetomaturityon

thebond.

D)Alloftheabove.

E)Noneoftheabove.

Answer:CDifficulty:Easy

3.Aninvertedyieldcurveimpliesthat:

A)Long-terminterestratesarelowerthanshort-terminterestrates.

B)Long-terminterestratesarehigherthanshort-terminterestrates.

C)Long-terminterestratesarethesameasshort-terminterestrates.

D)Intermediateterminterestratesarehigherthaneithershort-or

long-terminterestrates.

E)noneoftheabove.

Answer:ADifficulty:Easy

Rationale:Theinverted,ordownwardsloping,yieldcurveisoneinwhichshort-termratesarehigherthanlong-termrates.The

invertedyieldcurvehasbeenobservedfrequently,althoughnotasfrequentlyastheupward

sloping,ornormal,yieldcurve.

4.Anupwardslopingyieldcurveisa(n)_______yieldcurve.

A)normal.

投资学第7版TestBank答案解析15--第1页

投资学第7版TestBank答案解析15--第2页

B)humped.

C)inverted.

D)flat.

E)noneoftheabove.

Answer:ADifficulty:Easy

Rationale:Theupwardslopingyieldcurveisreferredtoasthenormalyieldcurve,probablybecause,historically,the