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[金融英语考试密押资料]金融英语中级经济学模拟2
18 Which of the following statements about accounting ratios and their interpretation are correct?
1 A low-geared company is more able to survive a downturn in profit than a highly-geared company.
2 If a company has a high price earnings ratio, this will often indicate that the market expects its profits to rise.
3 All companies should try to achieve a current ratio (current assets/current liabilities) of 2:1.
A 2 and 3 only
B 1 and 3 only
C 1 and 2 only
D All three statements are correct
3 The managers of Daylon plc are reviewing the company’s investment portfolio. About 15% of the portfolio is represented by a holding of 5,550,000 ordinary shares of Mondglobe plc. The managers are concerned about the effect on portfolio value if the price of Mondglobe’s shares should fall, and are considering selling the shares. Daylon’s investment bank has suggested that the risk of Mondglobe’s shares falling by more than 5% from their current value could be protected against by buying an over the counter option. The investment bank is prepared to sell an appropriate six month option to Daylon for ￡250,000.
Other information:
(i) The current market price of Mondglobe’s ordinary shares is 360 pence.
(ii) The annual volatility (variance) of Mondglobe’s shares for the last year was 169%.
(iii) The risk free rate is 4% per year.
(iv) No dividend is expected to be paid by Mondglobe during the next six months.
Required:
(a) Evaluate whether or not the price at which the investment bank is willing to sell the option is a fair price.(10 marks)
3 (a) The investment bank is offering to sell to Daylon plc an option to sell Mondglobe ordinary shares at a price no worse than 5% below the current market price of 360 pence. This is a put option on Mondglobe shares at a price of 342 pence. The Black-Scholes option pricing model may be used to estimate whether or not the option price is a fair price. The value of a put option may be found by first estimating the value of a call option and then using the put-call parity theorem.
Basic data:
Share price 360 pence
Exercise price 342 pence
Risk free rate 4% (0·04)
Volatility is measured by the standard deviation. The variance is 169% therefore the standard deviation, σ is 13% (0·13)
The relevant period is six months (0·5)
What will happen if a draft is stamped "accepted" by a bank?
A．The bank will sell it as soon as possible to the buyer.
B．The draft will become money market funds.
C．Dealers will buy it in the domestic market.
D．The draft becomes a banker's acceptance and will be sold in the money market.
解析：最后一句指出Alternatively, the bank can stamp the draft "accepted" with the appropriate signature,...sell it in the secondary market, 意思是作为一种选择，由银行承兑的汇票可以在二级市场上流通(这是因为银行信誉度高的缘故)。
Unfortunately the poor girl can't do anything but______ all her belongings at a low price.
A. to sell
B. sold
C. selling
D. sell
The money market is a dealer market where, over the telephone or through electronic systems, ______.
A．a broker receives commission to act as an agent
B．the investors are trading on a central trading floor
C．firms buy and sell securities in their own accounts, at their own risk
D．individual investors can trade on the exchange
解析：货币市场主要参与者为大型机构投资者，它们进行自营交易，而不是代客交易的经纪人，同时它是无形市场，一般没有进行集中交易的具体场所。自营交易商通过自己账户进行交易，并自我承担风险。
金融英语考试密押资料金融英语中级经济学模拟2金融英语考试密押资料金融英语中级经济学模拟2金融英语中级经济学模拟2SECTION ONEQuestion 1 Answer all questions. Read the following statements and choose the best answer by writing the alphabetical letter on the answer sheets. 问题:1. If a market is in equilibrium _. a.buyers and sellers can buy and sell all they wish at the current price.b.there is no tendency for the price to rise or fall.c.the quantity supplied equals the quantity demanded.d.All of the above are correct.答案:D问题:2. If the marginal rate of technological substitution (MRTS) is more than the price ratio of labor over capital (w/r), then to minimize cost the firm should _ the input of capital and _ the input of labor. a.increase, decreaseb.decrease, increasec.decrease, decreased.increase, increase答案:B问题:3. Tom cannot tell the difference between Coke and Pepsi. For Tom, these goods are _. a.perfect substitutes.b.perfect complements.c.necessities.d.None of the above.答案:A问题:4. If the demand for CDs is more elastic than the supply, a 3-tax per CD will increase the consumer price by _. a.3.b.more than 1.50, but less than 3.c.1.50.d.less than 1.50.答案:D问题:5. If the price of a good changes, both the substitution effect and the income effect reinforce each other, then the good is a(n) _. a.normal good.b.inferior good.c.Giffen good.d.None of the above.答案:A问题:6. Suppose the economy is running at the level of potential GDP, an increase in government spending in the long run will _ the price level and _ the output level. a.increase, not changeb.increase, increasec.increase, decreased.decrease, increase答案:A问题:7. The expansionary fiscal policy has _ a.lessened the economic recession but increased the government debt.b.lessened the economic recession and decreased the government debt.c.worsened inflation but decreased the government debt.d.lessened inflation but increased the government debt.答案:A问题:8. The possible reason for commercial banks to hold excess reserves is _. a.they have attracted too many deposits.b.they could not find enough suitable borrowers.c.they have borrowed too much from the central bank.d.All of the above.答案:D问题:9. Open-market operations refer to _. a.loans from commercial banks to corporations and consumers.b.inter-bank loans.c.changes in interest rates caused by the changes in commercial bank loans.d.buying and selling governmental securities by the central bank.答案:D问题:10. A person who is waiting for the return to work belongs to _ a.the employed.b.the unemployed.c.non-labor force.d.those who have lost confidence.答案:BSECTION TWO Answer any FOUR of the six questions. Question 2问题:1. The world producer price for baseballs is 24 per dozen, and almost all of them are produced outside the U.S. Suppose the U.S demand curve is QD=100,000-2,000P, where P is price per dozen, and Q is measured in dozens. The U. S domestic supply curve is QS=-10,000 + 1,000P.(a) Before a tariff is imposed, what is the U. S equilibrium price? Domestic consumption? Domestic production? Imports?(b)Congress has decided to help the baseball manufacturing industry for national security reasons, and it imposes a tariff of 6 per dozen. What are the new equilibrium price, domestic consumption, domestic production, and imports?答案:(a)Without a tariff, the domestic equilibrium price is the world price of 24. The domestic consumption equilibrium is QD(24)=100,000-2,000(24)=52,000. Domestic supply is QS(24)=-10,000+1,000(24)=14,000, so imports equal 38,000.(b)The new equilibrium price is 24+6=30. After the tariff, domestic demand is QD(30)= 100,000-2,000(30)=40,000, and domestic supply is QS(30)=-10,000+1,000(30) = 20,000; imports therefore fall to 20,000.Question 3问题:1. A medium-sized city has two major industries: financial services and manufacturing of electronic equipment. Suppose that restrictions on interstate competition in the market for financial services lead to a large expansion of the financial services sector in the city.(a)What effect do you predict that this increase in jobs would have oil wages and housing prices in the city?(b)What effect do you think there would be on the manufacturing sector in the city? Would you expect that manufacturing employment would rise or fall?答案:(a)An increase in the demand for labor should increase wages in equilibrium. Higher wages will attract new workers to the city, as well as raise the incomes of all workers in the city. This, in turn, should increase the demand for housing, and thus raise the price of housing.(b)Wages in the manufacturing sector would presumably rise due to competition for workers from other sectors. Increased housing would also raise the wages needed to attract new workers from other cities. Thus, this
If you are a put seller, you have to ______ in order to offset the original deal.
A．buy a put at a lower strike price and earlier expiration
B．sell a put with the same strike price and expiration
C．buy a put with the same strike price and expiration
D．sell a put at a higher strike price and earlier expiration
解析：如果卖出看跌期权，相应的对冲交易则为买入相同执行价格、相同到期日的看跌期权。
A financial market may be thought of as ordinary market in which traders may buy or sell particular financial commodities.
A．Right
B．Wrong
C．Doesn't say
解析：第一段第二句仅指出a market is thought of...who conduct trades in particular commodities or services，并没有提及金融市场可以被看作普通商品市场一样。
A financial future is a contract to buy or sell certain forms of money at a specified date ______.
A．with spot rate
B．with forward rate
C．at the market price
D．at the price fixed at the time of the deal
解析：第一段第一句A financial future is…, with the price agreed at the time of the deal.
A、for⋯for⋯in
B、at⋯of⋯in
C、on⋯for⋯for
D、in⋯for⋯at
It can be inferred from the text that the retail price of petrol will go up dramatically if______.
A) price of crude rises
B) commodity prices rise
C) consumption rises
D) oil taxes rise
答案：D
[试题分析]事实推理题。
[详细解答]题干要求考生从文章的信息中推论出其中的暗示，即“在什么情况下，汽油零售价格(retail price of petrol)会大幅上涨”。文章的第三段谈到，原油价格只占汽油零售价格的一小部分，其大部分(在欧洲高达五分之四)是税收，因此原油价格的变动对汽油价格(pump prices，这里借用pump的“汽油泵”的含义指代加油站零售的汽油)影响不大，影响汽油价格的主要因素是税收。所以汽油价格的条件是D选项"oil taxes rise" (石油税上涨)。A选项“price of crude rise8”(原油价格上涨)影响不大，B选项“commodity prices rise”(商品价格上涨)和C选项“consumption rises”(消费上涨)方面文中未提及。