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1、Financial Markets and Institutions, 6e (Mishkin/Eakins)Chapter 18 Commercial Banking Industry: Structure and Competition18.1 Multiple Choice1) The modern commercial banking system began in America when theA) Bank of the United States was chartered in New York in 1801.B) Bank of North America was cha
2、rtered in Philadelphia in 1782.C) Bank of the United States was chartered in Philadelphia in 1801.D) Bank of North America was chartered in New York in 1782.Answer: BQuestion Status: Previous Edi I ion2) A major controversy involving the U.S. banking industry in its early years wasA) whether banks s
3、hould both accept deposits and make loans or whether these functions should be separated into different institutions.B) whether the federal government or the states should charter banks.C) what percent of deposits banks should hold as fractional reserves.D) whether banks should be allowed to issue t
4、heir own bank notes.Answer: BQuestion Sial us: Previous Edition3) The government institution that has responsibility for the amount of money and credit supplied in the economy as a whole is theA) central bank.B) commercial bank.C) bank of settlement.D) Treasury Department.Answer: AQuestion Status: P
5、revious Edition4) Because of the abuses by state banks and the clear need for a central bank to help the federal government raise funds during the War of 1812, Congress created theA) First Bank of the United States in 1812.B) Bank of North America in 1814.C) Second Bank of the United States in 1816.
6、D) Federal Reserve System in 1813.Answer: CQuestion Status: Previous Edition5) The Second Bank of the United States was denied a new charter byA) President Andrew Jackson.B) Vice-President John Calhoun.C) President Benjamin Harrison.D) President John Q. Adams.Answer: AQuestion Status: Previous Editi
7、on47) The practice of creating marketable debt instruments that are backed by otherwise illiquid assets is known asA) standardization.B) homogenization.C) securitization.D) adverse selection.Answer: CQuestion Status: Previous Edition48) The driving force behind the securitization of mortgages and au
8、tomobile loans has beenA) the rising regulatory constraints on substitute financial instruments.B) the desire of mortgage and auto lenders to exit this field of lending.C) the improvement in computer technology.D) the relaxation of regulatory restrictions on credit card operations.Answer: CQuestion
9、Status: Previous Edition49) The bundling of GNMA-guaranteed mortgages into a saleable security (usually for large institutional investors) is calledA) disintermediation.B) quasi-intermediation.C) futures bundling.D) hedge optioning.E) securitization.Answer: EQuestion Status: Previous Edition50) Of a
10、ll residential mortgages, approximately are now securitized.A) one-fourthB) two-fifthsC) one-halfD) two-thirdsE) three-fourthsAnswer: DQuestion Status: Previous Edition51) In the usual GNMA pass-through security, the has direct ownership of a pro-ratashare of the portfolio of mortgage loans.A) selle
11、rB) buyerC) financial institution issuing the mortgage loanD) financial institution securitizing the mortgage loanAnswer: BQuestion Status: Previous Edition52) Bank managers look on reserve requirements as aA) tax on deposits.B) subsidy on deposits.C) subsidy on loans.D) tax on loans.Answer: AQuesti
12、on Status: Previous Edition53) Checking accounts that earn interest (such as NOW accounts) were not available untilA) 1962.B) 1972.C) 1982.D) 1992.Answer: BQuestion Status: Previous Edi I ion54) Burdensome regulations, along with inflation and rising interest rates, help to explainA) the rapid pace
13、of financial innovations in banking in the 1960s and 1970s.B) the low rate of bank failures in the 1980s.C) both A and B of the above.D) neither A nor B of the above.Answer: AQuestion Status: Previous Edition55) The Federal Reserves Regulation QA) set maximum interest rates banks could pay on deposi
14、ts.B) set minimum interest rates banks could pay on deposits.C) set maximum interest rates banks could charge on loans.D) discouraged disintermediation.Answer: AQuestion Status: Previous Edition56) When disintermediation occurs the banking system deposits and bank lendingA) gains; increasesB) gains;
15、 decreasesC) loses; increasesD) loses; decreasesAnswer: DQuestion Sial us: Previous Edition57) Which of the following is not a reason for the disappointing revenue growth and profits of Internet-only banks?A) high cost per transactionB) security concernsC) customer preferencesD) technical problemsAn
16、swer: AQuestion Status: Previous Edition58) It now appears that the predominant delivery system for banking services in the future will beA) Internet-only banks.B) traditional banks.C) traditional banks supplemented with online services.D) none of the above.Answer: CQuestion Status: Previous Edition
17、59) The growing use and proliferation of ATMs has been stimulated byA) lower transaction costs.B) greater customer convenience.C) declining cost of the ATM equipment.D) all of the above.Answer: DQuestion Status: Previous Edition60) Since 1974, commercial banks importance as a source of funds for bor
18、rowers has shrunk dramatically, from around percent of total credit advanced to nearpercent by 2004.A) 60; 30B) 35; 25C) 25; 20D) 30; 15Answer: BQuestion Status: Previous Edition61) Thrift institutions importance as a source of funds for borrowersA) has shrunk from around 40 percent of total credit
19、advanced in the late 1970s to below 30 percent today.B) has shrunk from over 20 percent of total credit advanced in the late 1970s to below 10 percent today.C) has expanded dramatically, from around 15 percent of total credit advanced in the late 1970s to above 25 percent today.D) has expanded drama
20、tically, from around 15 percent of total credit advanced in the late 1970s to above 30 percent today.Answer: BQuestion Status: Previous Edition62) Since the late 1970s, thrift institutions importance as a source of funds for borrowers has shrunk markedly, from above percent of total credit advanced
21、to belowpercent today.A) 30; 20B) 30; 15C) 40; 5D) 20; 10Answer: DQuestion Stains: Previous Edition63) Bank failures and mergers have caused the number of commercial banks in the U.S. to decline from around in the 1970s to below today.A) 25,000; 10,000B) 15,000; 10,000C) 25,000; 20,000D) 15,000; 5,0
22、00Answer: BQuestion Status: Previous Edition64) The traditional financial intermediation role of banking has been to make-term loans and to fund them with-term deposits.A) short; longB) long; shortC) short; shortD) long; longAnswer: BQuestion Status: Previous Edition65) The process in which people s
23、eeking higher interest rates take their money out of financial institutions is calledA) capital mobility.B) loophole mining.C) disintermediation.D) deposit jumping.Answer: CQuestion Status: Previous Edition66) One factor contributing to the decline in cost advantages that banks once had is the decli
24、ne in the importance of checkable deposits from over percent of banks source offunds to percent today.A) 70; 30B) 60; 10C) 50; 20D) 40; 15Answer: BQuestion Status: Previous Edition67) The most important developments that have reduced banks cost advantages in the past twenty years includeA) the elimi
25、nation of Regulation Q ceilings.B) the competition from money market mutual funds.C) the growth of securitization.D) all of the above.E) only A and B of the above.Answer: EQuestion Status: Previous Edition68) The most important developments that have reduced banks cost advantages in the past twenty
26、years includeA) the growth of the junk bond market.B) the competition from money market mutual funds.C) the growth of securitization.D) all of the above.E) only A and B of the above.Answer: BQuestion Status: Previous Edition69) The most important developments that have reduced banks income advantage
27、s in the past twenty years includeA) the growth of the commercial paper market.B) the growth of the junk bond market.C) the growth of securitization.D) all of the above.E) only A and B of the above.Answer: DQuestion Status: Previous Edition70) The most important developments that have reduced banks
28、income advantages in the past twenty years includeA) the growth of the commercial paper market.B) the growth of the junk bond market.C) the elimination of Regulation Q ceilings.D) all of the above.E) only A and B of the above.Answer: EQuestion Status: Previous Edition71) One factor contributing to t
29、he decline in income advantages that banks once had is the increased competition from the commercial paper market, which has grown from percent of commercial and industrial bank loans to over percent today.A) 10; 20B) 5; 20C) 10; 40D) 5; 40Answer: BQuestion Status: Previous Edition72) Rising market
30、interest rates in the 1960s and the 1970s, combined with regulated deposit rate ceilings,A) worked in the short-run to give mortgage-issuing institutions a source of low-costfunds.B) led eventually to an outflow of deposits from depository institutions.C) led to financial innovations that worked to
31、avoid these regulations.D) did all of the above.E) did only A and C of the above.Answer: DQuestion Status: Previous Edition73) The presence of so many commercial banks in the United States is most likely the result of A) consumers strong preference for dealing with only local banks.B) adverse select
32、ion and moral hazard problems that give local banks a competitive advantage over larger banks.C) regulations that restrict the ability of banks to open branches.D) all of the above.Answer: CQuestion Status: Previous Edition74) The large number of banks in the United States is an indication thatA) th
33、ere is vigorous competition within the banking industry.B) there is a lack of competition within the banking industry.C) only efficient banks are operating within the United States.D) none of the above.Answer: BQuestion Status: Previous Edition75) The McFadden Act of 1927A) effectively prohibited ba
34、nks from branching across state lines.B) required that banks maintain bank capital equal to at least 6 percent of their assets.C) effectively required that banks maintain a correspondent relationship with large money center banks.D) did all of the above.Answer: AQuestion Status: Previous Edition76)
35、The legislation that effectively prohibited banks from branching across state lines and forced all national banks to conform to the branching regulations of the state in which they reside is theA) McFadden Act.B) National Banking Act.C) Glass-Steagall Act.D) Gam-St. Germain Act.Answer: AQuestion Sta
36、tus: Previous Edition77) Which of the following is an advantage of forming a bank holding company?A) It allows ownership of several banks where branching is prohibited.B) It allows owners to engage in activities related to banking that are prohibited to banks.C) Both A and B.D) None of the above.Ans
37、wer: CQuestion Status: Previous Edition78) Which of the following are true statements concerning bank holding companies?A) Bank holding companies own almost all large banks.B) Bank holding companies have experienced dramatic growth in the past twenty-five years.C) Through a loophole in the McFadden
38、Act, bank holding companies have successfully evaded interstate branching restrictions.D) All of the above are true.E) Only A and B of the above are true.Answer: EQuestion Status: Previous Edition79) As a result of shared electronic banking facilities,A) barriers to branching have become less burden
39、some.B) banking has become less competitive.C) both of the above have occurred.D) neither of the above has occurred.Answer: AQuestion Status: Previous Edition80) The McFadden Acts prohibition against interstate branchingA) was weakened by the introduction of shared electronic banking facilities that
40、 provide banking services nationwide.B) was weakened by regional compacts that allowed banks to own banks in other states in their region.C) impeded banks ability to diversify their loans and take advantage of economies of scale.D) all of the above.Answer: DQuestion Status: Previous Edition81) A ban
41、k with a large credit-card customer base can market other financial products to these customers at a low cost. This is an example ofA) economies of scale.B) economies of scope.C) becoming a superrcgional bank.D) none of the above.Answer: BQuestion Status: Previous Edition82) The only country without
42、 a true national banking system in which banks have branches throughout the nation isA) Canada.B) Japan.C) the United Kingdom.D) the United States.Answer: DQuestion Status: Previous Edition83) As a result of restrictive banking regulations, the United StatesA) has too few banks when compared to othe
43、r industrialized countries.B) has banks that are quite large relative to those in other countries.C) has too many banks when compared to other industrialized countries.D) both A and B of the above.Answer: CQuestion Status: Previous Edition84) Although it has a population about half that of the Unite
44、d States, Japan hasA) many more banks.B) about 10 percent of the number of banks.C) about 5 percent of the number of banks.D) about 1 percent of the number of banks.Answer: DQuestion Status: Previous Edi I ion85) Which of the following is not expected to result from bank consolidation in the U.S.?A)
45、 Disappearance of small community banksB) Acceleration of the decline in the number of banksC) Banks will be more efficientD) Banks will be less likely to failAnswer: AQuestion Status: Previous Edition86) The legislation that separated investment banking from commercial banking was theA) National Ba
46、nk Act.B) Federal Reserve Act.C) Glass-Steagall Act.D) McFadden Act.Answer: CQuestion Status: Previous Edition87) The prohibition against banks underwriting corporate securities and engaging in brokerage, real estate, and insurance activities was repealed by theA) Gramm-Leach-Bliley Financial Servic
47、es Modernization Act.B) Competitive Equality in Banking Act.C) Depositary Institution Deregulation and Monetary Control Act.D) Glass-Steagall Act.Answer: AQuestion Sial us: Previous Edition88) The Riegle-Neal Act of 1994A) required all banks to become universal banks.B) removed ceilings on bank deposit interest rates.C) allowed banks to underwrite insurance and securities and engage in real estate activities.D) overturned prohibitions on interstate banking and branching.Answer: DQuestion Status: P