(完整word版)投资学题库17.docx

Chapter 17 - Macroeconomic and Industry Analysis Chapter17 Macroeconomic and industry Analysis A top down analysis of a firm starts with ____________. D. the global economy An example of a highly cyclical industry is ________. A. the automobile industry Demand-side economics is concerned with _______. A. government spending and tax levels B. monetary policy C. fiscal policy E. A, B, and C The most widely used monetary tool is ___________. C. open market operations The real, or inflation-adjusted, exchange rate, is C. the purchasing power ratio. The normal range of price-earnings ratios for the SP 500 Index is D. between 12 and 25 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 If the economy is growing, firms with high operating leverage will experience __________. A. higher increases in profits than firms with low operating leverage. If the economy is shrinking, firms with high operating leverage will experience __________. A. higher decreases in profits than firms with low operating leverage. 17-1 Chapter 17 - Macroeconomic and Industry Analysis If the economy is growing, firms with low operating leverage will experience __________. C. smaller increases in profits than firms with high operating leverage. If the economy is shrinking, firms with low operating leverage will experience __________. C. smaller decreases in profits than firms with high operating leverage. 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 A declining GDP indicates a(n) ___