投资学题库17概要1.doc

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 levelsB.?monetary policyC.?fiscal policyE.?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