投资学题库17.doc

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投资学题库17

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 policy 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 SP 500 Index is? D.?between 12 and 25 7.?Monetary policy is determined by? C.?the board of Governors 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 leverage 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 leverage 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 manufacturing 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

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