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1、Chapter17 Macroeconomic and industry Analysis 1.A top down analysis of a firm starts with _.D.the global economy 2.An example of a highly cyclical industry is _.A.the automobile industry 3.Demand-side economics is concerned with _.A.government spending and tax levels B.monetary policy C.fiscal polic
2、y E.A,B,and C 4.The most widely used monetary tool is _.C.open market operations 5.The real,or inflation-adjusted,exchange rate,is C.the purchasing power ratio.6.The normal range of price-earnings ratios for the S&P 500 Index is D.between 12 and 25 7.Monetary policy is determined by C.the board of G
3、overnors of the Federal Reserve System.8.A trough is _.B.a transition from a contraction in the business cycle to the start of an expansion 9.A peak is _.A.a transition from an expansion in the business cycle to the start of a contraction 10.If the economy is growing,firms with high operating levera
4、ge will experience _.A.higher increases in profits than firms with low operating leverage.11.If the economy is shrinking,firms with high operating leverage will experience _.A.higher decreases in profits than firms with low operating leverage.12.If the economy is growing,firms with low operating lev
5、erage will experience _.C.smaller increases in profits than firms with high operating leverage.13.If the economy is shrinking,firms with low operating leverage will experience _.C.smaller decreases in profits than firms with high operating leverage.14.Industrial production refers to _.C.the total ma
6、nufacturing output in the economy.15.GDP refers to _.D.the total production of goods and services in the economy 16.A rapidly growing GDP indicates a(n)_ economy with _ opportunity for a firm to increase sales.D.expanding;ample 17.A declining GDP indicates a(n)_ economy with _ opportunity for a firm
7、 to increase sales.A.stagnant;little 18.The average duration of unemployment and changes in the consumer price index for services are _.C.lagging economic indicators 19.A firm in an industry that is very sensitive to the business cycle will likely have a stock beta _.A.greater than 20.If the economy
8、 were going into a recession,an attractive industry to invest in would be the _ industry.B.medical services 21.The stock price index and contracts and new orders for nondefense capital goods are A.leading economic indicators.技术操作考核评分标准项目总分际操作要求级塔人员仪表仪表端庄服装整齐无长指甲病人病情注射部位的皮肤的完整性病人进食情况与病人沟通语言沟通恰当操作前准备洗
9、手物品放置妥当准备齐全操作过程疑与舒适查对认真规范体法正确注射过程选择部位正确上下颠倒诺和笔至少次或在掌心来回滚动至少次节剂量方法正确胰岛素剂呈准确消毒皮肤方法正确消毒次握笔方法正确进针角度正确拔针前至少停留抄拔针方法正确整理用物装笔回盒操作后洗手交代注22.A firm in the early stages of the industry life cycle will likely have _.B.high risk.C.rapid growth E.B and C 23.Assume the.government was to decide to increase the budge
10、t deficit.This action will most likely cause _ to increase A.interest rates B.government borrowing D.both A and B 24.Assume the.government was to decide to decrease the budget deficit.This action will most likely cause _ to decrease A.interest rates B.government borrowing D.both A and B 25.Assume th
11、at the Federal Reserve decreases the money supply.This action will cause _ to decrease.C.investment in the economy 26.If the currency of your country is depreciating,the result should be to _ exports and to _ imports.B.stimulate,discourage 27.If the currency of your country is appreciating,the resul
12、t should be to _ exports and to _ imports.C.discourage,stimulate 28.Increases in the money supply will cause demand for investment and consumption goods to _ in the short run and cause prices to _ in the long run.A.increase,increase 29.The North American Industry Classification System(NAICS)A.are fo
13、r firms that operate in the NAFTA region.B.group firms by industry.D.A and B.技术操作考核评分标准项目总分际操作要求级塔人员仪表仪表端庄服装整齐无长指甲病人病情注射部位的皮肤的完整性病人进食情况与病人沟通语言沟通恰当操作前准备洗手物品放置妥当准备齐全操作过程疑与舒适查对认真规范体法正确注射过程选择部位正确上下颠倒诺和笔至少次或在掌心来回滚动至少次节剂量方法正确胰岛素剂呈准确消毒皮肤方法正确消毒次握笔方法正确进针角度正确拔针前至少停留抄拔针方法正确整理用物装笔回盒操作后洗手交代注30.If interest rates
14、increase,business investment expenditures are likely to _ and consumer durable expenditures are likely to _.D.decrease,decrease 31.Fiscal policy generally has a _ direct impact than monetary policy on the economy,and the formulation and implementation of fiscal policy is _ than that of monetary poli
15、cy.B.more,slower 32.Fiscal policy is difficult to implement quickly because A.it requires political negotiations.B.much of government spending is nondiscretionary and cannot be changed.D.A and B.33.Inflation A.is the rate at which the general level of prices is increasing.B.rates are high when the e
16、conomy is considered to be overheated.D.A and B.Two firms,A and B,both produce widgets.The price of widgets is$1 each.Firm A has total fixed costs of$500,000 and variable costs of 50 cents per widget.Firm B has total fixed costs of$240,000 and variable costs of 75 cents per widget.The corporate tax
17、rate is 40%.If the economy is strong,each firm will sell 1,200,000 widgets.If the economy enters a recession,each firm will sell 1,100,000 widgets.34.If the economy enters a recession,the after-tax profit of Firm A will be _.C.$30,000 35.If the economy enters a recession,the after-tax profit of Firm
18、 B will be _.E.none of the above 36.If the economy is strong,the after-tax profit of Firm A will be _.D.$60,000 37.If the economy is strong,the after-tax profit of Firm B will be _.C.$36,000 技术操作考核评分标准项目总分际操作要求级塔人员仪表仪表端庄服装整齐无长指甲病人病情注射部位的皮肤的完整性病人进食情况与病人沟通语言沟通恰当操作前准备洗手物品放置妥当准备齐全操作过程疑与舒适查对认真规范体法正确注射过程选
19、择部位正确上下颠倒诺和笔至少次或在掌心来回滚动至少次节剂量方法正确胰岛素剂呈准确消毒皮肤方法正确消毒次握笔方法正确进针角度正确拔针前至少停留抄拔针方法正确整理用物装笔回盒操作后洗手交代注38.Calculate firm As degree of operating leverage.A.39.Calculate firm Bs degree of operating leverage.C.40.Classifying firms into groups,such as _ provides an alternative to the industry life cycle.A.slow-gr
20、owers B.stalwarts D.A and B 41.Supply-side economists wishing to stimulate the economy are most likely to recommend D.a decrease in the tax rate.42.Which of the following are not examples of defensive industries?B.durable goods producers.43.Which of the following are examples of defensive industries
21、?A.food producers.C.pharmaceutical firms.D.public utilities E.A,C and D 44._ is a proposition that a strong proponent of supply side economics would most likely stress.B.Higher marginal tax rates promote economic inefficiency and thereby retard aggregate output as they encourage investors to underta
22、ke low productivity projects with substantial tax shelter benefits 45.The industry life cycle is described by which of the following stage(s)?A.start-up.B.consolidation.D.A and B.46.In the start-up stage of the industry life cycle A.it is difficult to predict which firms will succeed and which firms
23、 will fail.B.industry growth is very rapid.D.A and B.技术操作考核评分标准项目总分际操作要求级塔人员仪表仪表端庄服装整齐无长指甲病人病情注射部位的皮肤的完整性病人进食情况与病人沟通语言沟通恰当操作前准备洗手物品放置妥当准备齐全操作过程疑与舒适查对认真规范体法正确注射过程选择部位正确上下颠倒诺和笔至少次或在掌心来回滚动至少次节剂量方法正确胰岛素剂呈准确消毒皮肤方法正确消毒次握笔方法正确进针角度正确拔针前至少停留抄拔针方法正确整理用物装笔回盒操作后洗手交代注47.In the consolidation stage of the industry
24、 life-cycle C.the performance of firms will more closely track the performance of the overall industry.48.In the maturity stage of the industry life cycle A.the product has reached full potential.B.profit margins are narrower.C.producers are forced to compete on price to a greater extent.E.A,B,and C
25、.49.In the decline stage of the industry life cycle A.the product may have reached obsolescence.B.the industry will grow at a rate less than the overall economy.C.the industry may experience negative growth.E.A,B,and C.50.A variety of factors relating to industry structure affect the performance of
26、the firm,including A.threat of entry.B.rivalry between existing competitors.E.A and B.51.The process of estimating the dividends and earnings that can be expected from the firm based on determinants of value is called D.fundamental analysis.52.The emerging market exhibiting the highest growth in rea
27、l GDP in 2007 was A.China 53.The emerging stock market exhibiting the highest.dollar return in 2007 was A.China 54.The life cycle stage in which industry leaders are likely to emerge is the C.consolidation stage.55.Investment manager Peter Lynch refers to firms that are in bankruptcy or soon might b
28、e as E.turnarounds.技术操作考核评分标准项目总分际操作要求级塔人员仪表仪表端庄服装整齐无长指甲病人病情注射部位的皮肤的完整性病人进食情况与病人沟通语言沟通恰当操作前准备洗手物品放置妥当准备齐全操作过程疑与舒适查对认真规范体法正确注射过程选择部位正确上下颠倒诺和笔至少次或在掌心来回滚动至少次节剂量方法正确胰岛素剂呈准确消毒皮肤方法正确消毒次握笔方法正确进针角度正确拔针前至少停留抄拔针方法正确整理用物装笔回盒操作后洗手交代注56.A top-down analysis of a firms prospects starts with D.an assessment of the
29、broad economic environment.57.Over the period 1999-2006,which of the following countries had a change in its real exchange rate that was favorable for.consumers who want to buy its goods?E.Japan 58.Over the period 1999-2006,which of the following countries had a change in its real exchange rate that
30、 was most unfavorable for.consumers who want to buy its goods?A.Canada 59.In recent years,P/E multiples have B.risen dramatically.60.In recent years,P/E multiples for S&P 500 companies have D.ranged from 12 to 25.61.The industry with the highest ROE in 2007 was D.iron/steel.62.The industry with the
31、lowest ROE in 2007 was E.airlines.63.The industry with the lowest return in 2007 was A.home construction.64.The industry with the highest return in 2007 was B.oil equipment.65.Investors can _ invest in an industry with the highest expected return by purchasing _.B.not;industry-specific iShares 技术操作考
32、核评分标准项目总分际操作要求级塔人员仪表仪表端庄服装整齐无长指甲病人病情注射部位的皮肤的完整性病人进食情况与病人沟通语言沟通恰当操作前准备洗手物品放置妥当准备齐全操作过程疑与舒适查对认真规范体法正确注射过程选择部位正确上下颠倒诺和笔至少次或在掌心来回滚动至少次节剂量方法正确胰岛素剂呈准确消毒皮肤方法正确消毒次握笔方法正确进针角度正确拔针前至少停留抄拔针方法正确整理用物装笔回盒操作后洗手交代注66.Which of the following are key economic statistics that are used to describe the state of the macroe
33、conomy?I)gross domestic product II)the unemployment rate III)inflation IV)consumer sentiment V)the budget deficit E.I,II,III,IV,and V 67.An example of a positive demand shock is E.a decrease in tax rates.68.An example of a negative demand shock is A.a decrease in the money supply.B.a decrease in gov
34、ernment spending.E.A and B.69.During which stage of the industry life cycle would a firm experience stable growth in sales?A.Consolidation 70.The emerging stock market exhibiting the highest local currency return in 2007 was B.China E.China 71.Sector rotation C.is shifting the portfolio more heavily
35、 toward an industry or sector that is expected to perform well in the future.72.According to Michael Porter,there are five determinants of competition.An example of _ is when new entrants to an industry our pressure on prices and profits.A.Threat of Entry 73.According to Michael Porter,there are fiv
36、e determinants of competition.An example of _ is when competitors seek to expand their share of the market.B.Rivalry between Existing Competitors 技术操作考核评分标准项目总分际操作要求级塔人员仪表仪表端庄服装整齐无长指甲病人病情注射部位的皮肤的完整性病人进食情况与病人沟通语言沟通恰当操作前准备洗手物品放置妥当准备齐全操作过程疑与舒适查对认真规范体法正确注射过程选择部位正确上下颠倒诺和笔至少次或在掌心来回滚动至少次节剂量方法正确胰岛素剂呈准确消毒皮肤方
37、法正确消毒次握笔方法正确进针角度正确拔针前至少停留抄拔针方法正确整理用物装笔回盒操作后洗手交代注74.According to Michael Porter,there are five determinants of competition.An example of _ is when the availability limits the prices that can be charged to customers.C.Pressure from Substitute Products 75.According to Michael Porter,there are five dete
38、rminants of competition.An example of _ is when a buyer purchases a large fraction of an industrys output and can demand price concessions.D.Bargaining power of Buyers 76.Assume the.government was to decide to increase the budget deficit.This action will most likely cause _ to increase A.interest ra
39、tes B.government borrowing D.both A and B 77.If interest rates decrease,business investment expenditures are likely to _ and consumer durable expenditures are likely to _.A.increase,increase 78.An example of a defensive industry is _.B.the tobacco industry C.the food industry E.B and C Two firms,C a
40、nd D,both produce coat hangers.The price of coat hangers is$each.Firm C has total fixed costs of$750,000 and variable costs of 30 cents per widget.Firm D has total fixed costs of$400,000 and variable costs of 50 cents per widget.The corporate tax rate is 40%.If the economy is strong,each firm will s
41、ell 2,000,000 widgets.If the economy enters a recession,each firm will sell 1,400,000 widgets.79.If the economy enters a recession,the total revenue of Firm C will be _.A.$1,680,000 80.If the economy enters a recession,the total cost of Firm C will be _.B.$1,170,000 技术操作考核评分标准项目总分际操作要求级塔人员仪表仪表端庄服装整齐
42、无长指甲病人病情注射部位的皮肤的完整性病人进食情况与病人沟通语言沟通恰当操作前准备洗手物品放置妥当准备齐全操作过程疑与舒适查对认真规范体法正确注射过程选择部位正确上下颠倒诺和笔至少次或在掌心来回滚动至少次节剂量方法正确胰岛素剂呈准确消毒皮肤方法正确消毒次握笔方法正确进针角度正确拔针前至少停留抄拔针方法正确整理用物装笔回盒操作后洗手交代注81.If the economy enters a recession,the before tax profit of Firm C will be _.C.$510,000 82.If the economy enters a recession,the
43、tax of Firm C will be _.D.$204,000 83.If the economy enters a recession,the after tax profit of Firm C will be _.E.$306,000 84.If the economy is strong,the total revenue of Firm C will be _.D.$2,400,000 85.If the economy is strong,the total cost of Firm C will be _.C.$1,305,000 86.If the economy is
44、strong,the before tax profit of Firm C will be _.B.$1,050,000 87.If the economy is strong,the tax of Firm C will be _.A.$420,000 88.If the economy is strong,the after-tax profit of Firm C will be _.E.$630,000 89.If a firms sales decrease by 15%and profits decrease by 20%during a recession,the firms
45、operating leverage is _?A.技术操作考核评分标准项目总分际操作要求级塔人员仪表仪表端庄服装整齐无长指甲病人病情注射部位的皮肤的完整性病人进食情况与病人沟通语言沟通恰当操作前准备洗手物品放置妥当准备齐全操作过程疑与舒适查对认真规范体法正确注射过程选择部位正确上下颠倒诺和笔至少次或在掌心来回滚动至少次节剂量方法正确胰岛素剂呈准确消毒皮肤方法正确消毒次握笔方法正确进针角度正确拔针前至少停留抄拔针方法正确整理用物装笔回盒操作后洗手交代注Short Answer Questions 90.Discuss the tools of the.governments demand-si
46、de policy.Include in your discussion of these tools the relative advantages and disadvantages of each in terms of the effect of the use of these tools on the economy.The two tools of the governments demand-side policy are fiscal and monetary policy.Fiscal policy is the use of government spending and
47、 taxing for the specific purpose of stabilizing the economy.Fiscal policy,once enacted,has the most direct and immediate effect on the economy.However,the formulation and implementation of fiscal policy is extremely slow,as such policy must be approved by both the legislative and executive branches
48、of the federal government.Monetary policy consists of actions taken by the Board of Governors of the Federal Reserve System(FRS)to influence the money supply and/or interest rates.Monetary policy is relatively easy to formulate and to implement,but has less direct impact on the economy than fiscal p
49、olicy.The most widely used tool of the FRS is the open market operations,in which the Fed buys or sells bonds for the Feds account.Buying securities increases the money supply;selling securities decreases the money supply.Open market operations occur daily.Other FRS tools include adjusting the disco
50、unt rate,which is the interest rate the Fed charges banks on short-term loans,and altering reserve requirements,which are the fraction of deposits that banks must maintain in cash deposits with the Fed.Reductions in the money supply signal an expansionary monetary policy;lowering reserve requirement