英文證券卷七 HKSI Paper 7 第一章
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- 已答
- 回顧
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1/187問題
1. 問題
1 分QID2958:
正確
錯誤
提示
Reference Chapter:1.3.5
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2/187問題
2. 問題
1 分QID2419:Which of the following stock market has the least influence to Hong Kong stock market?
正確
Malaysian has minor trade relations with Hong Kong. Besides, Malaysian stock market has the smallest market cap among the above options and hence has lesser influence on the global market.
錯誤
Malaysian has minor trade relations with Hong Kong. Besides, Malaysian stock market has the smallest market cap among the above options and hence has lesser influence on the global market.
提示
Reference Chapter:1.3.4.2
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3/187問題
3. 問題
1 分QID2428:Which of the following people GENERALLY holds hedges?
正確
The wording of the question is actually not the most accurate. Arbitrageurs usually hold opposite positions, but this is the best answer among the existing answers.
錯誤
The wording of the question is actually not the most accurate. Arbitrageurs usually hold opposite positions, but this is the best answer among the existing answers.
提示
Reference Chapter:1.3.3.2
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4/187問題
4. 問題
1 分QID2241:If the stock market is the leading indicator of the economy, what does a rising stock market imply?
正確
If the stock market is the leading indicator of the economy, a rising stock market represents continuous expansionary economy.
錯誤
If the stock market is the leading indicator of the economy, a rising stock market represents continuous expansionary economy.
提示
Reference Chapter:1.3.1.1
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5/187問題
5. 問題
1 分QID2287:Which market uses novation frequently?
正確
Novation is the process whereby the clearing house undertakes the credit risk and acts as the counterparty of both buyer and seller. Only the exchange-traded market has this kind of arrangement. There is no clearing house used generally in foreign market, OTC market and fund-raising market. Thus, there is no novation.
錯誤
Novation is the process whereby the clearing house undertakes the credit risk and acts as the counterparty of both buyer and seller. Only the exchange-traded market has this kind of arrangement. There is no clearing house used generally in foreign market, OTC market and fund-raising market. Thus, there is no novation.
提示
Reference Chapter:1.2.4.2
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6/187問題
6. 問題
1 分QID973:If a company wishes to issue new shares to the public in order to raise capital, the company should proceed at which of the following markets?
正確
The primary market is where new capital is raised and securities are issued for the first time. For example, the government issues a new debt security or a company issues new equity securities to raise funds from the public by listing on the stock market.
錯誤
The primary market is where new capital is raised and securities are issued for the first time. For example, the government issues a new debt security or a company issues new equity securities to raise funds from the public by listing on the stock market.
提示
Reference Chapter:1.2.4.1
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7/187問題
7. 問題
1 分QID493:Primary market is:
正確
The primary market is where new capital is raised and securities are issued for the first time. For example, the government issues a new debt security or a company issues new equity securities to raise funds from the public by listing on the stock market.
錯誤
The primary market is where new capital is raised and securities are issued for the first time. For example, the government issues a new debt security or a company issues new equity securities to raise funds from the public by listing on the stock market.
提示
Reference Chapter:1.2.4.2
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8/187問題
8. 問題
1 分QID2434:Which of the following risks does a client need to bear when buying stock options on The Stock Exchange of Hong Kong Limited?
I Liquidity risk
II Option value decline
III Counterparty risk
IV Market risk正確
The risk of counterparties on the Stock Exchange is extremely low because the clearing house will carry out novation.
Exchange-traded stock option has very low liquidity risk, but still exists, the suggested answer is to exclude this option錯誤
The risk of counterparties on the Stock Exchange is extremely low because the clearing house will carry out novation.
Exchange-traded stock option has very low liquidity risk, but still exists, the suggested answer is to exclude this option提示
Reference Chapter:1.2.2.2
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9/187問題
9. 問題
1 分QID1044:Which of the following is the best description about arbitragers?
正確
Arbitrage means taking risk-free advantage of countervailing prices in different markets. For example, buying an asset at a low price in one market and then selling it at the same time at a higher price in another.
錯誤
Arbitrage means taking risk-free advantage of countervailing prices in different markets. For example, buying an asset at a low price in one market and then selling it at the same time at a higher price in another.
提示
Reference Chapter:1.3.3.2
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10/187問題
10. 問題
1 分QID1045:Arbitragers rely mainly on what to profit?
正確
Arbitrage means taking risk-free advantage of countervailing prices in different markets. For example, buying an asset at a low price in one market and then selling it at the same time at a higher price in another.
錯誤
Arbitrage means taking risk-free advantage of countervailing prices in different markets. For example, buying an asset at a low price in one market and then selling it at the same time at a higher price in another.
提示
Reference Chapter:1.3.3.2
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11/187問題
11. 問題
1 分QID62:Financial markets can be classified as exchange-traded market and:
正確
Financial markets are broadly categorized as being either exchange-traded or OTC.
錯誤
Financial markets are broadly categorized as being either exchange-traded or OTC.
提示
Reference Chapter:1.2.3
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12/187問題
12. 問題
1 分QID63:Which of the following activities are related to primary market:
I. Government issues bonds to raise money.
II. Firms issue new stocks.
III. Trading stocks in stock exchange
IV. Trading bonds in OTC market.正確
The primary market is where new capital is raised and securities are issued for the first time. (e.g. new debt security issued by govt. or new equity securities issued by company.) Option III and IV are found in secondary markets.
錯誤
The primary market is where new capital is raised and securities are issued for the first time. (e.g. new debt security issued by govt. or new equity securities issued by company.) Option III and IV are found in secondary markets.
提示
Reference Chapter:1.2.4.1
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13/187問題
13. 問題
1 分QID64:What is the advantage of exchange-traded market over the OTC market:
I. high liquidity
II. higher resilience
III. lower credit risk
IV. more types of products正確
Exchange-traded markets are those that operate via a centralized exchange, so it has higher liquidity and resilience. “Novation” operates and guarantee every transaction effectively, the credit risk is therefore lowered.
錯誤
Exchange-traded markets are those that operate via a centralized exchange, so it has higher liquidity and resilience. “Novation” operates and guarantee every transaction effectively, the credit risk is therefore lowered.
提示
Reference Chapter:1.2.4.2
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14/187問題
14. 問題
1 分QID65:Which of the following is a misstatement of secondary market?
正確
The secondary market is where all subsequent trading takes place so the primary market relies on the existence of a liquid secondary market. Therefore, option C is incorrect.
錯誤
The secondary market is where all subsequent trading takes place so the primary market relies on the existence of a liquid secondary market. Therefore, option C is incorrect.
提示
Reference Chapter:1.2.4.2
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15/187問題
15. 問題
1 分QID66:What is the main products traded in exchange-traded market:
I. Stocks
II. Bonds
III. Foreign exchange
IV. OTC derivatives正確
The OTC foreign exchange and derivatives are traded on OTC markets.
錯誤
The OTC foreign exchange and derivatives are traded on OTC markets.
提示
Reference Chapter:1.2.4.2
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16/187問題
16. 問題
1 分QID67:Which of the following sentence is incorrect with regard to exchange-traded market?
正確
The global foreign exchange market is the biggest such market, and operates globally via a network of telephones and computer screens.
錯誤
The global foreign exchange market is the biggest such market, and operates globally via a network of telephones and computer screens.
提示
Reference Chapter:1.2.4.2
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17/187問題
17. 問題
1 分QID68:The exchange clearing house effectively guarantees every transaction in each case assuming the role of counterparty via a “novation” system, reducing which type of risk?
正確
A system of “novation” operates in exchange-traded markets, whereby the exchange clearing house effectively guarantees every transaction. The credit risk is therefore lowered.
錯誤
A system of “novation” operates in exchange-traded markets, whereby the exchange clearing house effectively guarantees every transaction. The credit risk is therefore lowered.
提示
Reference Chapter:1.2.4.2
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18/187問題
18. 問題
1 分QID69:The exchange clearing house effectively guarantees every transaction in each case assuming the role of counterparty, reducing credit risk. This system is called:
正確
A system of “novation” operates in exchange-traded markets, whereby the exchange clearing house effectively guarantees every transaction.
錯誤
A system of “novation” operates in exchange-traded markets, whereby the exchange clearing house effectively guarantees every transaction.
提示
Reference Chapter:1.2.4.2
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19/187問題
19. 問題
1 分QID70:The biggest OTC market is:
正確
The global foreign exchange market is the biggest such market, and operates globally via a network of telephones and computer screens.
錯誤
The global foreign exchange market is the biggest such market, and operates globally via a network of telephones and computer screens.
提示
Reference Chapter:1.2.4.2
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20/187問題
20. 問題
1 分QID71:Which of the following is not equity securities?
正確
Types of equity securities include: ordinary shares, preference shares, equity warrants.
錯誤
Types of equity securities include: ordinary shares, preference shares, equity warrants.
提示
Reference Chapter:1.2.4.3
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21/187問題
21. 問題
1 分QID72:What is the main assets traded in money market?
正確
The market is divided into the short-term debt market, also referred to as the money market, and the
long-term debt market, or capital market. Those with a maturity of up to one year are money market.
Securities.錯誤
The market is divided into the short-term debt market, also referred to as the money market, and the
long-term debt market, or capital market. Those with a maturity of up to one year are money market.
Securities.提示
Reference Chapter:1.2.4.4
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22/187問題
22. 問題
1 分QID73:What is the main assets traded in capital market?
正確
The asset with a maturity of more than a year are capital market securities (commonly
referred to as bonds).錯誤
The asset with a maturity of more than a year are capital market securities (commonly
referred to as bonds).提示
Reference Chapter:1.2.4.4
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23/187問題
23. 問題
1 分QID74:Which of the following is equity securities?
正確
Types of equity securities include: ordinary shares, preference shares, equity warrants.
錯誤
Types of equity securities include: ordinary shares, preference shares, equity warrants.
提示
Reference Chapter:1.2.4.3
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24/187問題
24. 問題
1 分QID75:Which of the following statement is incorrect?
正確
Debt securities with a maturity of up to one year are money market securities.
錯誤
Debt securities with a maturity of up to one year are money market securities.
提示
Reference Chapter:1.2.4.4
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25/187問題
25. 問題
1 分QID76:Which of the following assets are short-term debt securities:
I. Bankers’ acceptances
II. Certificates of deposits
III. Promissory notes
IV. Commercial papers正確
Types of short-term debt securities include: bills of exchange, negotiable certificates of deposit, promissory notes/commercial papers.
錯誤
Types of short-term debt securities include: bills of exchange, negotiable certificates of deposit, promissory notes/commercial papers.
提示
Reference Chapter:1.2.4.4
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26/187問題
26. 問題
1 分QID77:Which of the following assets are long-term debt securities:
I. Bonds
II. Corporate bonds
III. floating-rate notes
IV. Mortgage-backed securities正確
Types of long-term debt securities include: government bonds or notes, corporate bonds floating rate notes, mortgage-backed securities.
錯誤
Types of long-term debt securities include: government bonds or notes, corporate bonds floating rate notes, mortgage-backed securities.
提示
Reference Chapter:1.2.4.4
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27/187問題
27. 問題
1 分QID78:What is the advantage of bond-holders over stock-holders?
I. Relatively stable income
II. No need to bear risk
III.Have higher priority to receive allocated assets when liquidation
IV. Guaranteed principal payment正確
The borrower of bond need to repay the principal amount at the maturity date and an interest component periodically. Since bond is a kind of debt, bond-holders have higher priority to receive allocated assets when liquidation. Default risk exists in bonds.
錯誤
The borrower of bond need to repay the principal amount at the maturity date and an interest component periodically. Since bond is a kind of debt, bond-holders have higher priority to receive allocated assets when liquidation. Default risk exists in bonds.
提示
Reference Chapter:1.2.4.4
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28/187問題
28. 問題
1 分QID79:Short-term debt securities:
正確
Those debt securities with a maturity of up to one year are money market.
錯誤
Those debt securities with a maturity of up to one year are money market.
提示
Reference Chapter:1.2.4.4
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29/187問題
29. 問題
1 分QID1040:Which of the following is the most important to arbitragers?
正確
Arbitrage means taking risk-free advantage of countervailing prices in different markets. For example, buying an asset at a low price in one market and then selling it at the same time at a higher price in another.
錯誤
Arbitrage means taking risk-free advantage of countervailing prices in different markets. For example, buying an asset at a low price in one market and then selling it at the same time at a higher price in another.
提示
Reference Chapter:1.3.3.2
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30/187問題
30. 問題
1 分QID1041:Which of the following market innovation benefits arbitragers the most?
正確
Un-limitation of other markets increases the investments opportunities of arbitragers. It is because they can have more chance for taking risk-free advantage of countervailing prices in different markets.
錯誤
Un-limitation of other markets increases the investments opportunities of arbitragers. It is because they can have more chance for taking risk-free advantage of countervailing prices in different markets.
提示
Reference Chapter:1.3.3.2
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31/187問題
31. 問題
1 分QID1042:Which of the following activity is arbitrage?
I. Making risk-free profit by buying stocks and selling stock futures simultaneously
II. Making risk-free profit by buying stocks in A market and selling stocks in B market simultaneously
III. Sell stocks in the stock market and then buy it back when the price declines
IV. Buy A stock and then sell B stock正確
Arbitrage means taking risk-free advantage of countervailing prices in different markets. For example, buying an asset at a low price in one market and then selling it at the same time at a higher price in another.
錯誤
Arbitrage means taking risk-free advantage of countervailing prices in different markets. For example, buying an asset at a low price in one market and then selling it at the same time at a higher price in another.
提示
Reference Chapter:1.3.3.2
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32/187問題
32. 問題
1 分QID1043:People who rely on making risk-free profits in the market are called:
正確
Arbitrage means taking risk-free advantage of countervailing prices in different markets. For example, buying an asset at a low price in one market and then selling it at the same time at a higher price in another.
錯誤
Arbitrage means taking risk-free advantage of countervailing prices in different markets. For example, buying an asset at a low price in one market and then selling it at the same time at a higher price in another.
提示
Reference Chapter:1.3.3.2
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33/187問題
33. 問題
1 分QID2314:Buying Hang Seng Index components and then short selling it at the same time to obtain risk free profit is generally called:
正確
Buying Hang Seng Index components and then short selling it at the same time to obtain risk free profit is generally called arbitrage.
錯誤
Buying Hang Seng Index components and then short selling it at the same time to obtain risk free profit is generally called arbitrage.
提示
Reference Chapter:1.3.3.2
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34/187問題
34. 問題
1 分QID2320:Which method cannot be used to increase liquidity?
正確
The purpose of increasing liquidity is to make it easier for market participants to trade. Margin financing makes it easier for buyers to buy securities, hence increase liquidity. Lowering the requirement of lending makes it easier for buyers to buy securities, hence increase liquidity. Short selling allows more sellers to participate in the market, hence increase liquidity. Increasing the margin requirement makes it more difficult for buyers to participate in the market, hence decrease liquidity.
錯誤
The purpose of increasing liquidity is to make it easier for market participants to trade. Margin financing makes it easier for buyers to buy securities, hence increase liquidity. Lowering the requirement of lending makes it easier for buyers to buy securities, hence increase liquidity. Short selling allows more sellers to participate in the market, hence increase liquidity. Increasing the margin requirement makes it more difficult for buyers to participate in the market, hence decrease liquidity.
提示
Reference Chapter:1.2.3
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35/187問題
35. 問題
1 分QID2322:How do undeveloped countries benefit from globalization?
正確
Increased capital flows can facilitate that developed countries provide capital-importing countries with capital and technologies, enhancing productivity and efficiency.
錯誤
Increased capital flows can facilitate that developed countries provide capital-importing countries with capital and technologies, enhancing productivity and efficiency.
提示
Reference Chapter:1.3.3
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36/187問題
36. 問題
1 分QID2324:Which of the following instrument is not debt security?
正確
Forward rate agreement is the derivative to bet on the change of interest rates.
錯誤
Forward rate agreement is the derivative to bet on the change of interest rates.
提示
Reference Chapter:1.2.4.4
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37/187問題
37. 問題
1 分QID2325:Which of the following is the exchange-traded derivative?
正確
All futures are traded in the exchange. Agreements and swaps etc are generally referred to over-the-counter derivatives.
錯誤
All futures are traded in the exchange. Agreements and swaps etc are generally referred to over-the-counter derivatives.
提示
Reference Chapter:1.2.4.6
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38/187問題
38. 問題
1 分QID80:Long-term debt securities:
正確
Those debt securities with a maturity of more than a year are capital market securities (commonly
referred to as bonds).錯誤
Those debt securities with a maturity of more than a year are capital market securities (commonly
referred to as bonds).提示
Reference Chapter:1.2.4.4
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39/187問題
39. 問題
1 分QID81:The system where currency value is determined by market demand and supply is called:
正確
Under the floating rates, market supply and demand determine the value of a currency.
錯誤
Under the floating rates, market supply and demand determine the value of a currency.
提示
Reference Chapter:1.2.4.5
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40/187問題
40. 問題
1 分QID82:The system where the government and/or their monetary authorities determine a fixed rate of exchange with other currencies is called:
正確
Under the fixed rates, governments and/or their monetary authorities determine a fixed rate of exchange with other currencies.
錯誤
Under the fixed rates, governments and/or their monetary authorities determine a fixed rate of exchange with other currencies.
提示
Reference Chapter:1.2.4.5
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41/187問題
41. 問題
1 分QID83:In a floating rates regime, currency value is determined by which of the following party?
正確
Under the floating rates, market supply and demand determine the value of a currency.
錯誤
Under the floating rates, market supply and demand determine the value of a currency.
提示
Reference Chapter:1.2.4.5
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42/187問題
42. 問題
1 分QID84:Derivatives include
I. Options
II. Equity warrants
III. Futures
IV. Swaps正確
Derivatives include futures, forwards, swaps and options (or a combination of one or more of these categories). Equity warrants are classified as equity securities.
錯誤
Derivatives include futures, forwards, swaps and options (or a combination of one or more of these categories). Equity warrants are classified as equity securities.
提示
Reference Chapter:1.2.4.6
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43/187問題
43. 問題
1 分QID85:Which of the following is highly leveraged institution?
正確
A highly leveraged institution (“HLI”) is a financial institution that employs high leverage over its asset investment. Hedge funds are currently the best-known examples.
錯誤
A highly leveraged institution (“HLI”) is a financial institution that employs high leverage over its asset investment. Hedge funds are currently the best-known examples.
提示
Reference Chapter:1.2.6.5
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44/187問題
44. 問題
1 分QID86:The characteristics of offshore financial centre are:
I. low tax rate
II. lower regulation
III. high level of secrecy
IV. sounder law system正確
There are three reasons for offshore financial centres (“OFCs”) success: low taxes, less burdensome regulation and supervision, and (in most cases) strict secrecy laws protecting bank clients.
錯誤
There are three reasons for offshore financial centres (“OFCs”) success: low taxes, less burdensome regulation and supervision, and (in most cases) strict secrecy laws protecting bank clients.
提示
Reference Chapter:1.2.6.6
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45/187問題
45. 問題
1 分QID87:In which of the following institution in Hong Kong monitor credit rating agencies?
正確
In 2011, the SFC introduced a regulatory framework for the provision of credit rating services in
Hong Kong.錯誤
In 2011, the SFC introduced a regulatory framework for the provision of credit rating services in
Hong Kong.提示
Reference Chapter:1.2.6.7
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46/187問題
46. 問題
1 分QID88:Sound regulation and surveillance require:
I. authority to force participants to obey laws and regulation
II. a highly liquid market
III. Providing protection for investors and depositors
IV. strict control and regulating daily operation正確
Safeguards for investors and depositors and the power to enforce financial intermediaries to comply with laws and regulations.) should be included in regulation. Without dictation, information affecting liquid markets should not be controlled.
錯誤
Safeguards for investors and depositors and the power to enforce financial intermediaries to comply with laws and regulations.) should be included in regulation. Without dictation, information affecting liquid markets should not be controlled.
提示
Reference Chapter:1.2.6.1
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47/187問題
47. 問題
1 分QID89:Which of the following problems may occur if the monitoring system is not robust:
I. The public loses confidence in financial system.
II. Liquidity decreases.
III. The financial market stagnates.
IV. The economy stagnates.正確
If people do not have confidence in the financial system, they would never lend or invest funds and the financial markets (and ultimately the economy) would stagnate. The number of buyer and seller will decrease as well.
錯誤
If people do not have confidence in the financial system, they would never lend or invest funds and the financial markets (and ultimately the economy) would stagnate. The number of buyer and seller will decrease as well.
提示
Reference Chapter:1.2.6.1
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48/187問題
48. 問題
1 分QID98:Higher consumer confidence, business confidence and spending are more likely to produce:
正確
Demand-pull inflation: this results when production cannot keep up with demand for goods and services. Excess demand (i.e. when productivity levels are already maximized) leads to higher
prices in the economy.錯誤
Demand-pull inflation: this results when production cannot keep up with demand for goods and services. Excess demand (i.e. when productivity levels are already maximized) leads to higher
prices in the economy.提示
Reference Chapter:1.3.1.2
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49/187問題
49. 問題
1 分QID99:Increase in wage and price may lead to:
正確
Cost-push inflation: this is caused by increases in costs that translate into increases in wages and prices in the economy. Cost-push inflation can also be caused by relatively expensive imports (i.e. imported inflation).
錯誤
Cost-push inflation: this is caused by increases in costs that translate into increases in wages and prices in the economy. Cost-push inflation can also be caused by relatively expensive imports (i.e. imported inflation).
提示
Reference Chapter:1.3.1.2
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50/187問題
50. 問題
1 分QID100:”From trough to expansion” stage in economic cycle is less likely to incur:
正確
Trough to expansion: this represents economic recovery. Interest rates decrease and investment activity increases.
錯誤
Trough to expansion: this represents economic recovery. Interest rates decrease and investment activity increases.
提示
Reference Chapter:1.3.1.1
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51/187問題
51. 問題
1 分QID7:Which factor most likely determines the demand of goods and services?
正確
The willingness of consumers to purchase an item is influenced by various factors while price is generally the most important factor.
錯誤
The willingness of consumers to purchase an item is influenced by various factors while price is generally the most important factor.
提示
Reference Chapter:1.1.1
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52/187問題
52. 問題
1 分QID8:Generally demand curve is:
正確
Generally, the higher the price for the item, the lower the quantity demanded for it will be, and vice versa. Quantity demanded is therefore inversely related to price. Thus, demand curve is generally shown as negatively sloped curve.
錯誤
Generally, the higher the price for the item, the lower the quantity demanded for it will be, and vice versa. Quantity demanded is therefore inversely related to price. Thus, demand curve is generally shown as negatively sloped curve.
提示
Reference Chapter:1.1.1
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53/187問題
53. 問題
1 分QID9:Which factor most likely determines the supply of goods and services?
正確
The objective of the producer is to make a profit from the item. Hence, the most important factor, from the producer’s perspective, is the price that can be obtained from selling the item.
錯誤
The objective of the producer is to make a profit from the item. Hence, the most important factor, from the producer’s perspective, is the price that can be obtained from selling the item.
提示
Reference Chapter:1.1.1
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54/187問題
54. 問題
1 分QID10:What’s the condition for equilibrium price?
正確
The price at which quantity supplied equals quantity demanded at any given time is the “equilibrium” price for that item.
錯誤
The price at which quantity supplied equals quantity demanded at any given time is the “equilibrium” price for that item.
提示
Reference Chapter:1.1.1
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55/187問題
55. 問題
1 分QID11:What will the quantity demanded and supplied change if the price of the commodity increases?
正確
Quantity demanded is inversely related to price. Thus, quantity demanded decreases when the price of the commodity increases. Oppositely, the quantity supplied is positively related to price. Thus, quantity supplied increases when the price increases.
錯誤
Quantity demanded is inversely related to price. Thus, quantity demanded decreases when the price of the commodity increases. Oppositely, the quantity supplied is positively related to price. Thus, quantity supplied increases when the price increases.
提示
Reference Chapter:1.1.1
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56/187問題
56. 問題
1 分QID12:What will the quantity demanded and supplied change if the price of the commodity decreases?
正確
Quantity demanded is inversely related to price. Thus, quantity demanded increases when the price of the commodity decreases. Oppositely, the quantity supplied is positively related to price. Thus, quantity supplied decreases when the price decreases.
錯誤
Quantity demanded is inversely related to price. Thus, quantity demanded increases when the price of the commodity decreases. Oppositely, the quantity supplied is positively related to price. Thus, quantity supplied decreases when the price decreases.
提示
Reference Chapter:1.1.1
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57/187問題
57. 問題
1 分QID13:Which of the following cases is in need of indirect financing/intermediation?
正確
The role of intermediaries is to channel the flow of funds between the borrowers and lenders. Therefore, indirect financing, or intermediation, occurs when the needs of borrowers and lenders do not match.
錯誤
The role of intermediaries is to channel the flow of funds between the borrowers and lenders. Therefore, indirect financing, or intermediation, occurs when the needs of borrowers and lenders do not match.
提示
Reference Chapter:1.1.3
-
58/187問題
58. 問題
1 分QID14:Economic sectors include:
I. household sector
II. business sector
III. government sector
IV. overseas sector正確
The economic sectors are classified as:
Household sector; Business sector; Government sector; Overseas sector; Finance sector.
錯誤
The economic sectors are classified as:
Household sector; Business sector; Government sector; Overseas sector; Finance sector.
提示
Reference Chapter:1.1.2
-
59/187問題
59. 問題
1 分QID15:Generally, quantity demanded and price:
正確
Generally, the higher the price for the item, the lower the quantity demanded for it will be, and vice versa. Quantity demanded is therefore inversely related to price.
錯誤
Generally, the higher the price for the item, the lower the quantity demanded for it will be, and vice versa. Quantity demanded is therefore inversely related to price.
提示
Reference Chapter:1.1.1
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60/187問題
60. 問題
1 分QID16:Generally, quantity supplied and price:
正確
The objective of the producer is to make a profit from the item. Hence, the higher the price, the more the producer is willing to supply. The quantity supplied is therefore positively related to price.
錯誤
The objective of the producer is to make a profit from the item. Hence, the higher the price, the more the producer is willing to supply. The quantity supplied is therefore positively related to price.
提示
Reference Chapter:1.1.1
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61/187問題
61. 問題
1 分QID17:The household sector mainly functions as:
I. fund providers
II. fund seekers
III. buyers of goods and services
IV. sellers of goods and services正確
Household sector consists of the consumers of goods and services. It is also referred to as the retail sector. The household sector spends and invests money, and mainly consists of fund providers (lenders).
錯誤
Household sector consists of the consumers of goods and services. It is also referred to as the retail sector. The household sector spends and invests money, and mainly consists of fund providers (lenders).
提示
Reference Chapter:1.1.2
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62/187問題
62. 問題
1 分QID18:The business sector mainly functions as:
I. fund providers
II. fund seekers
III. buyers of goods and services
IV. sellers of goods and services正確
Business sector consists of the producers of goods and services. This sector also requires funds to produce goods and services, and the sector is therefore mainly made up of fund seekers (borrowers).
錯誤
Business sector consists of the producers of goods and services. This sector also requires funds to produce goods and services, and the sector is therefore mainly made up of fund seekers (borrowers).
提示
Reference Chapter:1.1.2
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63/187問題
63. 問題
1 分QID19:If a government has a budget surplus, it is more likely to be a:
正確
Whether a government is a fund seeker or a fund provider depends on its overall budgeting position – if in surplus, it is a fund provider.
錯誤
Whether a government is a fund seeker or a fund provider depends on its overall budgeting position – if in surplus, it is a fund provider.
提示
Reference Chapter:1.1.2
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64/187問題
64. 問題
1 分QID20:If a government has a budget deficit, it is more likely to be a:
正確
Whether a government is a fund seeker or a fund provider depends on its overall budgeting position – if in deficit, it is a fund seeker.
錯誤
Whether a government is a fund seeker or a fund provider depends on its overall budgeting position – if in deficit, it is a fund seeker.
提示
Reference Chapter:1.1.2
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65/187問題
65. 問題
1 分QID21:If a government issues bonds,
正確
A government requires funds to meet its economic, political and social objectives (such as provision of hospitals, schools and roads), and is primarily a fund seeker.
錯誤
A government requires funds to meet its economic, political and social objectives (such as provision of hospitals, schools and roads), and is primarily a fund seeker.
提示
Reference Chapter:1.1.2
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66/187問題
66. 問題
1 分QID118:If interest rate goes up, the price of debt securities will:
正確
If interest rate increases, debt securities are perceived as a less attractive investment option and investors may look to other markets for better return or lessen their exposure to debt securities.
錯誤
If interest rate increases, debt securities are perceived as a less attractive investment option and investors may look to other markets for better return or lessen their exposure to debt securities.
提示
Reference Chapter:1.3.4.2
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67/187問題
67. 問題
1 分QID119:Under globalization, which of the following statement is incorrect regarding the international flow of funds?
正確
Under globalization, most economies do not exist in isolation, but as part of the global economy, relying on other countries for trade – that is, imports and exports – to borrow and lend funds and to develop domestic infrastructure by establishing new businesses in the domestic economy.
A disadvantage of this mobility, however, is that it can encourage speculative capital inflows and outflows, and cause economic and financial instability not only to individual countries, but also to entire regions; and additionally, it may also have global implications.
Some investors can find investments which takes place in other places and thus the rate of return can be enhanced.
錯誤
Under globalization, most economies do not exist in isolation, but as part of the global economy, relying on other countries for trade – that is, imports and exports – to borrow and lend funds and to develop domestic infrastructure by establishing new businesses in the domestic economy.
A disadvantage of this mobility, however, is that it can encourage speculative capital inflows and outflows, and cause economic and financial instability not only to individual countries, but also to entire regions; and additionally, it may also have global implications.
Some investors can find investments which takes place in other places and thus the rate of return can be enhanced.
提示
Reference Chapter:1.3.3.2
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68/187問題
68. 問題
1 分QID120:What is the main cause of Asian financial crisis?
正確
Up to 1997, companies in the worst-hit countries had borrowed large amounts as their economies boomed, and many of these loans were in US dollars because of the lower interest rate. The exchange rates of local currencies were pegged to the US dollar, and so these companies had no fears of having to earn money in the local currency to pay back loans in US dollars. From the middle of 1995 the US dollar started to rise against most of the world’s currencies. Many Asian economies, prior to the currency crisis, tried to shadow the US dollar through central bank intervention and thus their exports became more expensive and less competitive. Inevitably, Asian countries did devalue, and stock markets plunged because it was clear many companies would have difficulty repaying US dollar loans.
錯誤
Up to 1997, companies in the worst-hit countries had borrowed large amounts as their economies boomed, and many of these loans were in US dollars because of the lower interest rate. The exchange rates of local currencies were pegged to the US dollar, and so these companies had no fears of having to earn money in the local currency to pay back loans in US dollars. From the middle of 1995 the US dollar started to rise against most of the world’s currencies. Many Asian economies, prior to the currency crisis, tried to shadow the US dollar through central bank intervention and thus their exports became more expensive and less competitive. Inevitably, Asian countries did devalue, and stock markets plunged because it was clear many companies would have difficulty repaying US dollar loans.
提示
Reference Chapter:1.3.5
-
69/187問題
69. 問題
1 分QID121:What can we learn from Asian financial crisis?
I. It is important to have a robust, well-regulated and transparent financial system.
II. A financial regulatory system that can detect potential risks is needed.
III. Both government and firms should prudently manage debt.
IV. The government should provide funds for firms when needed to avoid economic crisis.正確
There are some well-known lessons to be learnt from the Asian financial crisis:(1)A strong, well-regulated and transparent financial sector is important to a sustainable policy framework;
(2)It is necessary to establish an effective mechanism of economic and financial surveillance to identify potential risk;(3)Careful debt management is required to sustain both governments and corporations. Their policies and strategies must be designed to enable them to meet their debt obligations;(4)Good corporate governance is a requirement of corporate sector health, which in turn can provide the foundation of a healthy financial sector.錯誤
There are some well-known lessons to be learnt from the Asian financial crisis:(1)A strong, well-regulated and transparent financial sector is important to a sustainable policy framework;
(2)It is necessary to establish an effective mechanism of economic and financial surveillance to identify potential risk;(3)Careful debt management is required to sustain both governments and corporations. Their policies and strategies must be designed to enable them to meet their debt obligations;(4)Good corporate governance is a requirement of corporate sector health, which in turn can provide the foundation of a healthy financial sector.提示
Reference Chapter:1.3.5.1
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70/187問題
70. 問題
1 分QID122:What can we learn from the subprime crisis?
I. Investors should not solely rely on ratings to make their investment decisions.
II. Appropriate policy should strike a balance between improving consumer protection and maintaining the viability of the securitization model.
III. The government should impose less regulation and more flexibility.
IV. The government should be aware of moral hazard.正確
The subprime crisis case highlights the following lessons:(1)Credit ratings for different types of obligation should be clearly distinguished, and investors should not solely rely on ratings to make their investment decisions;(2)Appropriate policy should strike a balance between improving consumer protection and maintaining the viability of the securitization model;(3)Policymakers should resist pressure for bailouts in order to reduce the danger of reinforcing speculative or fraudulent behaviour.
A moral hazard may occur where the actions of one party may change to the detriment of another after a financial transaction has taken place. The subprime crisis consists of lots of Breach of contract, so the government should be aware of moral hazard.錯誤
The subprime crisis case highlights the following lessons:(1)Credit ratings for different types of obligation should be clearly distinguished, and investors should not solely rely on ratings to make their investment decisions;(2)Appropriate policy should strike a balance between improving consumer protection and maintaining the viability of the securitization model;(3)Policymakers should resist pressure for bailouts in order to reduce the danger of reinforcing speculative or fraudulent behaviour.
A moral hazard may occur where the actions of one party may change to the detriment of another after a financial transaction has taken place. The subprime crisis consists of lots of Breach of contract, so the government should be aware of moral hazard.提示
Reference Chapter:1.3.5.1
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71/187問題
71. 問題
1 分QID123:If an economy whose productivity reaches its full capacity is rapidly growing and the market expects that the economy is likely to shrink in the short term, the stock price is more likely to:
正確
Often news is pre-empted in the market (i.e. market expectations) and as a result the expected impact has already been factored into the prices of securities. Therefore, the prices of stocks decrease when the market expects that the economy is likely to shrink in the short term.
錯誤
Often news is pre-empted in the market (i.e. market expectations) and as a result the expected impact has already been factored into the prices of securities. Therefore, the prices of stocks decrease when the market expects that the economy is likely to shrink in the short term.
提示
Reference Chapter:1.3.4.2
-
72/187問題
72. 問題
1 分QID124:The functions of Bank for International Settlements include:
I. Promoting discussion and facilitating collaboration among central banks
II. Supporting dialogue with other authorities that are responsible for promoting financial stability
III. Acting as a prime counterparty for central banks in their financial transactions
IV. Serving as an agent or trustee in connection with international financial operations正確
The BIS fulfils this mission by:(1)promoting discussion and facilitating collaboration among central banks;(2)supporting dialogue with other authorities that are responsible for promoting financial stability;(3)conducting research on policy issues confronting central banks and financial supervisory authorities;(4)acting as a prime counterparty for central banks in their financial transactions; and(5)serving as an agent or trustee in connection with international financial operations.
錯誤
The BIS fulfils this mission by:(1)promoting discussion and facilitating collaboration among central banks;(2)supporting dialogue with other authorities that are responsible for promoting financial stability;(3)conducting research on policy issues confronting central banks and financial supervisory authorities;(4)acting as a prime counterparty for central banks in their financial transactions; and(5)serving as an agent or trustee in connection with international financial operations.
提示
Reference Chapter:1.1.5.5
-
73/187問題
73. 問題
1 分QID125:The functions of financial intermediaries include:
I. Reducing credit risk
II. Solving international trade disputes
III. Facilitating international trade
IV. Enhancing liquidity正確
Intermediaries will satisfy the exact requirements of lenders and borrowers, so that the credit risk will be lowered. The effective financing encourages international trades. Intermediaries also facilitates the efficient allocation of resources, i.e. funds may be rapidly and easily moved to where they are needed most. Thus, the mobility is enhanced.
錯誤
Intermediaries will satisfy the exact requirements of lenders and borrowers, so that the credit risk will be lowered. The effective financing encourages international trades. Intermediaries also facilitates the efficient allocation of resources, i.e. funds may be rapidly and easily moved to where they are needed most. Thus, the mobility is enhanced.
提示
Reference Chapter:1.2.2.1
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74/187問題
74. 問題
1 分QID2468:Due to the introduction of discounts by a famous car brand in Hongkong, the demand for gasoline in Hongkong increases. A company that refines petroleum (petroleum is the raw material for gasoline) has increased the production of petroleum in response to soaring sales. Which of the following descriptions are correct?
i. The price of gasoline rises
ii. The price of gasoline falls
iii. Gasoline consumption increases
iv. Gasoline consumption decreases正確
The question is imperfect as it depends on the growth speed of demand and supply. If the growth rate of demand exceeds the growth rate of supply, the price will rise; otherwise, the price will fall. However, since there is no such information, the answer is estimated to be I, III according to the pattern of the examination.
錯誤
The question is imperfect as it depends on the growth speed of demand and supply. If the growth rate of demand exceeds the growth rate of supply, the price will rise; otherwise, the price will fall. However, since there is no such information, the answer is estimated to be I, III according to the pattern of the examination.
提示
Reference Chapter:1.1.1
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75/187問題
75. 問題
1 分QID2470:If Mainland China adopts a contractionary monetary policy, which of the following economic factors in Hong Kong is relatively unaffected?
正確
The Hang Seng China Enterprises Index reflects the overall performance of Mainland Chinese companies listed in Hong Kong, so it has a close relationship with enterprises related to Mainland China. Monetary policy affects the supply and cost of CNY, which in turn affects the value of the currency. Therefore, the exchange rate of CNY against the Hong Kong dollar will also change. The Hang Seng Index covers many stocks that are related to China and not related to China. As for the fourth answer, since the Hong Kong dollar and the US dollar have a linked exchange rate system, the currency value of the Hong Kong dollar is directly related to the US dollar, so the Hong Kong dollar interest rate will also follow the rise and fall of the US dollar interest rate, not CNY. Therefore, Hong Kong dollar interest rate has the slightest relationship with Mainland China’s monetary policy.
錯誤
The Hang Seng China Enterprises Index reflects the overall performance of Mainland Chinese companies listed in Hong Kong, so it has a close relationship with enterprises related to Mainland China. Monetary policy affects the supply and cost of CNY, which in turn affects the value of the currency. Therefore, the exchange rate of CNY against the Hong Kong dollar will also change. The Hang Seng Index covers many stocks that are related to China and not related to China. As for the fourth answer, since the Hong Kong dollar and the US dollar have a linked exchange rate system, the currency value of the Hong Kong dollar is directly related to the US dollar, so the Hong Kong dollar interest rate will also follow the rise and fall of the US dollar interest rate, not CNY. Therefore, Hong Kong dollar interest rate has the slightest relationship with Mainland China’s monetary policy.
提示
Reference Chapter:1.3.1.2
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76/187問題
76. 問題
1 分QID32:Which of the following function does the World Bank has?
正確
The World Bank help each developing country onto a path of stable, sustainable and equitable growth. Option A is the function of The BIS while option C and option D are the functions of The IMF.
錯誤
The World Bank help each developing country onto a path of stable, sustainable and equitable growth. Option A is the function of The BIS while option C and option D are the functions of The IMF.
提示
Reference Chapter:1.1.5
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77/187問題
77. 問題
1 分QID33:The major goals of World Trade Organization include:
I. to arbitrate trade disputes between countries
II. to lower trade barriers
III. to lower unemployment rate
IV. to consolidate trade quota正確
The WTO is an international organization dealing with the global rules of trade between nations. Its main function is to ensure that trade flows as smoothly, predictably and freely as possible.
錯誤
The WTO is an international organization dealing with the global rules of trade between nations. Its main function is to ensure that trade flows as smoothly, predictably and freely as possible.
提示
Reference Chapter:1.1.5
-
78/187問題
78. 問題
1 分QID34:The major functions of currency include:
I. Means of storing wealth
II. a path to increase wealth
III. unit against which to value other goods and services
IV. medium of exchange正確
Money plays an important role in the financial system. Money acts as a
-means of storing wealth
– medium of exchange
-unit against which to value other goods and services.錯誤
Money plays an important role in the financial system. Money acts as a
-means of storing wealth
– medium of exchange
-unit against which to value other goods and services.提示
Reference Chapter:1.1.6
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79/187問題
79. 問題
1 分QID35:Money needs to be:
I. storable
II. portable
III. durable
IV. hard to obtain正確
In order to fulfil its functions, money needs to be durable, storable and portable.
錯誤
In order to fulfil its functions, money needs to be durable, storable and portable.
提示
Reference Chapter:1.1.6
-
80/187問題
80. 問題
1 分QID36:Narrow money represents:
正確
M1 consists of all notes and coins in circulation and customers’ demand deposits placed with licensed banks (the authorized institutions in Hong Kong under the Banking Ordinance). It is collectively known as “narrow money”.
錯誤
M1 consists of all notes and coins in circulation and customers’ demand deposits placed with licensed banks (the authorized institutions in Hong Kong under the Banking Ordinance). It is collectively known as “narrow money”.
提示
Reference Chapter:1.1.6
-
81/187問題
81. 問題
1 分QID37:Broad money represents:
正確
M3 consists of M2 plus deposits in other financial institutions. It is collectively termed “broad money”.
錯誤
M3 consists of M2 plus deposits in other financial institutions. It is collectively termed “broad money”.
提示
Reference Chapter:1.1.6
-
82/187問題
82. 問題
1 分QID38:Which of the following is not “narrow money” (M1)?
I. all notes and coins in circulation
II. customers’ demand deposits placed with licensed banks
III. savings in licensed banks
IV. time deposits accounts正確
M1 consists of all notes and coins in circulation and customers’ demand deposits placed with licensed banks (the authorized institutions in Hong Kong under the Banking Ordinance).Option III and option IV are classified as M2.
錯誤
M1 consists of all notes and coins in circulation and customers’ demand deposits placed with licensed banks (the authorized institutions in Hong Kong under the Banking Ordinance).Option III and option IV are classified as M2.
提示
Reference Chapter:1.1.6
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83/187問題
83. 問題
1 分QID39:all notes and coins and customers’ demand deposits placed with licensed banks belong to which types of the following money?
I. M1
II. M2
III. M3
IV. M4正確
M1 consists of all notes and coins in circulation and customers’ demand deposits placed with licensed banks. Meanwhile, M2 consists of M1 and M3 consists of M2.
錯誤
M1 consists of all notes and coins in circulation and customers’ demand deposits placed with licensed banks. Meanwhile, M2 consists of M1 and M3 consists of M2.
提示
Reference Chapter:1.1.6
-
84/187問題
84. 問題
1 分QID40:Savings in licensed banks and time deposits belong to which type of the following money?
I. M1
II. M2
III. M3
IV. M4正確
M2 consists of savings and time (term) deposit accounts with licensed banks while M3 consists of M2.
錯誤
M2 consists of savings and time (term) deposit accounts with licensed banks while M3 consists of M2.
提示
Reference Chapter:1.1.6
-
85/187問題
85. 問題
1 分QID41:Deposits in other financial institutions belong to which type of the following money?
I. M1
II. M2
III. M3
IV. M4正確
M3 consists of M2 plus deposits in other financial institutions. It is collectively termed “broad money”.
錯誤
M3 consists of M2 plus deposits in other financial institutions. It is collectively termed “broad money”.
提示
Reference Chapter:1.1.6
-
86/187問題
86. 問題
1 分QID42:Money plays an important role in the financial system which includes:
I. medium of exchange
II. unit against which to value other goods and services
III. means of storing wealth
IV. keeping constant purchasing power perpetually正確
Money plays an important role in the financial system. Money acts as a
– means of storing wealth
– medium of exchange
– unit against which to value other goods and services.錯誤
Money plays an important role in the financial system. Money acts as a
– means of storing wealth
– medium of exchange
– unit against which to value other goods and services.提示
Reference Chapter:1.1.6
-
87/187問題
87. 問題
1 分QID43:How do banks facilitate funds circulation in financial systems?
I. move funds
II. provide investment opportunities
III. implement fiscal policy
IV. implement monetary policy正確
Banks are financial intermediaries and they have an important role in facilitating the flow of funds in the banking system by performing the following functions:
1.Mobilization of funds
2.Investment opportunities
3.Implementation of monetary policy錯誤
Banks are financial intermediaries and they have an important role in facilitating the flow of funds in the banking system by performing the following functions:
1.Mobilization of funds
2.Investment opportunities
3.Implementation of monetary policy提示
Reference Chapter:1.1.6
-
88/187問題
88. 問題
1 分QID44:Which of the following organization holds deposits in Bank for International Settlements?
正確
The BIS offers a range of financial services specifically designed to assist central banks in the management of their foreign exchange.
錯誤
The BIS offers a range of financial services specifically designed to assist central banks in the management of their foreign exchange.
提示
Reference Chapter:1.2.1
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89/187問題
89. 問題
1 分QID45:In Hong Kong, which of the following organization holds deposits in Bank for International Settlements?
正確
In Hong Kong, Hong Kong Monetary Authority plays a role as central bank. Meanwhile, the BIS offers a range of financial services specifically designed to assist central banks in the management of their foreign exchange.
錯誤
In Hong Kong, Hong Kong Monetary Authority plays a role as central bank. Meanwhile, the BIS offers a range of financial services specifically designed to assist central banks in the management of their foreign exchange.
提示
Reference Chapter:1.2.1
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90/187問題
90. 問題
1 分QID46:In Hong Kong, which of the following organization plays a role as central bank?
正確
Central banks are generally the authorities responsible for regulating the monetary and banking systems, and the money supply. Hong Kong Monetary Authority also responsible for such matters in Hong Kong.
錯誤
Central banks are generally the authorities responsible for regulating the monetary and banking systems, and the money supply. Hong Kong Monetary Authority also responsible for such matters in Hong Kong.
提示
Reference Chapter:1.2.1
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91/187問題
91. 問題
1 分QID47:Generally central bank controls which of the following economic indicators?
I. Gross domestic product
II. Exchange rate
III. Interest rate
IV. Inflation rate正確
Although central banks do not dictate interest and exchange rates per se, the actions they take in foreign exchange and domestic fixed income markets, particularly in the sale and purchase of government bonds, have a profound effect on financial markets.
錯誤
Although central banks do not dictate interest and exchange rates per se, the actions they take in foreign exchange and domestic fixed income markets, particularly in the sale and purchase of government bonds, have a profound effect on financial markets.
提示
Reference Chapter:1.2.1
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92/187問題
92. 問題
1 分QID48:The role of central banks include:
I. implementing monetary policy.
II. implement fiscal policy
III. monitor the banking system.
IV. maintain the stability of financial systems.正確
Duties of central banks: 1) Conduct the nation’s monetary policy.2) Maintain the stability of the financial system.3) Supervise and regulate banking institutions.4) Provide financial services to certain institutions, government and public.
錯誤
Duties of central banks: 1) Conduct the nation’s monetary policy.2) Maintain the stability of the financial system.3) Supervise and regulate banking institutions.4) Provide financial services to certain institutions, government and public.
提示
Reference Chapter:1.2.1
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93/187問題
93. 問題
1 分QID49:Which of the following statement pertaining to intermediation is correct?
正確
Financial intermediaries may perform the function of “market makers”, who quote two-way prices in the market – that is, they quote a bid and an ask, so that they encourage securities trading and thus increase liquidity in the market.
錯誤
Financial intermediaries may perform the function of “market makers”, who quote two-way prices in the market – that is, they quote a bid and an ask, so that they encourage securities trading and thus increase liquidity in the market.
提示
Reference Chapter:1.2.2
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94/187問題
94. 問題
1 分QID50:Which of the following is the advantage of intermediation?
正確
Intermediation transfers risk to intermediaries but additional cost to borrowers and investors. Intermediaries channel funds from where there is a surplus to where there is a deficit, this improves the efficiency of the allocation.
錯誤
Intermediation transfers risk to intermediaries but additional cost to borrowers and investors. Intermediaries channel funds from where there is a surplus to where there is a deficit, this improves the efficiency of the allocation.
提示
Reference Chapter:1.2.2.3
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95/187問題
95. 問題
1 分QID51:What is the advantage of intermediation to lenders?
正確
The main advantage of intermediation is the transfer of risk from borrowers and lenders to intermediaries. This lowers the credit risk
錯誤
The main advantage of intermediation is the transfer of risk from borrowers and lenders to intermediaries. This lowers the credit risk
提示
Reference Chapter:1.2.2.2
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96/187問題
96. 問題
1 分QID52:Intermediation matches which type of people?
正確
Intermediation (indirect financing) involves third parties, financial institutions or intermediaries, acting as a link between fund providers (lenders) and fund seekers (borrowers).
錯誤
Intermediation (indirect financing) involves third parties, financial institutions or intermediaries, acting as a link between fund providers (lenders) and fund seekers (borrowers).
提示
Reference Chapter:1.2.2.1
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97/187問題
97. 問題
1 分QID53:How does intermediation transfer credit risk?
正確
Intermediation transfers risk to intermediaries but additional cost to borrowers and investors.
錯誤
Intermediation transfers risk to intermediaries but additional cost to borrowers and investors.
提示
Reference Chapter:1.2.2.2
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98/187問題
98. 問題
1 分QID54:Which of the following is not the advantage of intermediation?
正確
The main disadvantage of intermediation is the additional cost that is passed on to borrowers and investors in the form of higher interest costs, fees, brokerage or commission. Disintermediation or direct financing may be less costly.
錯誤
The main disadvantage of intermediation is the additional cost that is passed on to borrowers and investors in the form of higher interest costs, fees, brokerage or commission. Disintermediation or direct financing may be less costly.
提示
Reference Chapter:1.2.2.5
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99/187問題
99. 問題
1 分QID55:Who is the one who bears credit risk in intermediation?
正確
Intermediation transfers risk to intermediaries but additional cost to borrowers and investors.
錯誤
Intermediation transfers risk to intermediaries but additional cost to borrowers and investors.
提示
Reference Chapter:1.2.2.2
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100/187問題
100. 問題
1 分QID56:Efficient financial markets have which of the following characteristics?
I. gain information for free(symmetric information)
II. Either buyer or seller can trade without limitation.
III. Both buyer and seller are assured that payment will be exercised.
IV. strict monitor by the government to stable the financial market正確
Efficient financial markets have:
1. freely available information
2.able to buy and sell freely;
3.people must be confident that payments will be honoured
4.operate with high standards of honesty, integrity and credibility.錯誤
Efficient financial markets have:
1. freely available information
2.able to buy and sell freely;
3.people must be confident that payments will be honoured
4.operate with high standards of honesty, integrity and credibility.提示
Reference Chapter:1.2.3
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101/187問題
101. 問題
1 分QID57:Effective and efficient financial market do not have which of the following characteristic?
正確
Under an effective financial market, there must be an efficient payment and settlement system. Thus, buyers and sellers cannot trade without cost.
錯誤
Under an effective financial market, there must be an efficient payment and settlement system. Thus, buyers and sellers cannot trade without cost.
提示
Reference Chapter:1.2.3
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102/187問題
102. 問題
1 分QID58:Which of the following factors determines liquidity?
I. Depth
II. Spread
III. Immediacy
IV. Resilience正確
Liquidity are measured by:
Depth: volume of buyers and sellers
Spread: difference between bid and ask prices
Immediacy: time taken to effect the transaction
Resilience: the speed at which prices respond to disruptions caused by large transactions錯誤
Liquidity are measured by:
Depth: volume of buyers and sellers
Spread: difference between bid and ask prices
Immediacy: time taken to effect the transaction
Resilience: the speed at which prices respond to disruptions caused by large transactions提示
Reference Chapter:1.2.3
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103/187問題
103. 問題
1 分QID59:The characteristic of being able to trade quickly with huge amounts is called:
正確
liquidity means the ease with which an investment can be converted into cash with little or no loss of capital value during the conversion, and with minimum delay.
錯誤
liquidity means the ease with which an investment can be converted into cash with little or no loss of capital value during the conversion, and with minimum delay.
提示
Reference Chapter:1.2.3
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104/187問題
104. 問題
1 分QID60:Which of the following is not a factor of effective financial markets:
I. gain information for free
II. strict monitor
III. trade with limitation
IV. high volume正確
Effective financial markets require freely available (though not necessarily free) information and operate with high standards of honesty, integrity and credibility. No one will otherwise have the confidence to borrow and lend funds.
錯誤
Effective financial markets require freely available (though not necessarily free) information and operate with high standards of honesty, integrity and credibility. No one will otherwise have the confidence to borrow and lend funds.
提示
Reference Chapter:1.2.3
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105/187問題
105. 問題
1 分QID61:Financial markets can be classified as primary market and:
正確
Financial markets are broadly categorized as being either primary or secondary.
錯誤
Financial markets are broadly categorized as being either primary or secondary.
提示
Reference Chapter:1.2.4
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106/187問題
106. 問題
1 分QID90:Which stage in economic cycle best describes the following: “a decrease in economic growth, marked by a decrease in business investment and industrial production”
正確
Peak to contraction: this is a decrease in economic growth, marked by a decrease in business investment and industrial production. For example, the Asian financial crisis in 1997–1998 constituted a period of peak to contraction in Hong Kong.
錯誤
Peak to contraction: this is a decrease in economic growth, marked by a decrease in business investment and industrial production. For example, the Asian financial crisis in 1997–1998 constituted a period of peak to contraction in Hong Kong.
提示
Reference Chapter:1.3.1.1
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107/187問題
107. 問題
1 分QID91:Which stage in economic cycle best describes the following: “economic recovery, interest rates decrease and investment activity increases”
正確
Trough to expansion: this represents economic recovery. Interest rates decrease and investment activity increases.
錯誤
Trough to expansion: this represents economic recovery. Interest rates decrease and investment activity increases.
提示
Reference Chapter:1.3.1.1
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108/187問題
108. 問題
1 分QID101:Which stage in economic cycle best describes the following: “Household spending increases and the unemployment rate is declining”
正確
Trough to expansion: this represents economic recovery.
錯誤
Trough to expansion: this represents economic recovery.
提示
Reference Chapter:1.3.1.1
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109/187問題
109. 問題
1 分QID102:Which stage in economic cycle best describes the following: “Unemployment rate is low, interest rate is increasing, and there is an economic contrarian market expectation”
正確
Peak to contraction: this is a decrease in economic growth, marked by a decrease in business investment and industrial production.
錯誤
Peak to contraction: this is a decrease in economic growth, marked by a decrease in business investment and industrial production.
提示
Reference Chapter:1.3.1.1
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110/187問題
110. 問題
1 分QID103:The reasons why economies today are more resilient include:
I. Increased access to real-time information
II. Deregulation
III. Innovation in financial markets
IV. Stricter regulation正確
Large quantities of data available virtually in real-time makes businesses can now address and resolve economic imbalances far more rapidly than in the past. Deregulation improve efficiency. Innovation in financial markets prevent credit failures.
錯誤
Large quantities of data available virtually in real-time makes businesses can now address and resolve economic imbalances far more rapidly than in the past. Deregulation improve efficiency. Innovation in financial markets prevent credit failures.
提示
Reference Chapter:1.3.2.2
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111/187問題
111. 問題
1 分QID104:What are the benefits of innovative modern technology to financial markets?
I. Facilitate the efficient allocation of resources
II. Higher transparency of the global financial markets
III. Increase the opportunity to arbitrage
IV. 提高投資回報正確
Under innovative modern technology, large amounts of funds may be quickly and easily mobilized, the accessibility is increased and thus transparency increases and chance of arbitrage decreases. Thus, financial service providers need to find new products that can provide higher returns.
錯誤
Under innovative modern technology, large amounts of funds may be quickly and easily mobilized, the accessibility is increased and thus transparency increases and chance of arbitrage decreases. Thus, financial service providers need to find new products that can provide higher returns.
提示
Reference Chapter:1.3.3.2
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112/187問題
112. 問題
1 分QID105:Arbitrage:
正確
Arbitrage means taking risk-free advantage of countervailing prices in different markets. For example, buying an asset at a low price in one market and then selling it at the same time at a higher price in another.
錯誤
Arbitrage means taking risk-free advantage of countervailing prices in different markets. For example, buying an asset at a low price in one market and then selling it at the same time at a higher price in another.
提示
Reference Chapter:1.3.3.2
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113/187問題
113. 問題
1 分QID106:High economic growth in an economy that has reached full capacity usually results in:
正確
Excess demand (i.e. when productivity levels are already maximized) leads to higher
prices in the economy.錯誤
Excess demand (i.e. when productivity levels are already maximized) leads to higher
prices in the economy.提示
Reference Chapter:1.3.4.2
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114/187問題
114. 問題
1 分QID107:Which stage in economic cycle best describes the following: “high level of inflation and high economic growth that has reached full capacity”
正確
Peak to contraction: this is a decrease in economic growth, marked by a decrease in business investment and industrial production.
錯誤
Peak to contraction: this is a decrease in economic growth, marked by a decrease in business investment and industrial production.
提示
Reference Chapter:1.3.1.1
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115/187問題
115. 問題
1 分QID2502:What are the benefits of intermediation (indirect financing) for lenders?
正確
Lenders refer to people who lend money to financial institutions or borrowers. Intermediation may not be able to reduce lenders’ costs, because direct financing may be more profitable and not necessarily has costs. However, there will be credit risks for direct financing for not every borrower repays the outstanding amounts totally and as scheduled. Alternatively, through intermediation, the intermediary will bear the credit risk of the borrower, so the lender can rest assured they can recover the loan and recover it more easily.
錯誤
Lenders refer to people who lend money to financial institutions or borrowers. Intermediation may not be able to reduce lenders’ costs, because direct financing may be more profitable and not necessarily has costs. However, there will be credit risks for direct financing for not every borrower repays the outstanding amounts totally and as scheduled. Alternatively, through intermediation, the intermediary will bear the credit risk of the borrower, so the lender can rest assured they can recover the loan and recover it more easily.
提示
Reference Chapter:1.2.2.2
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116/187問題
116. 問題
1 分QID108:Which of the following statement is incorrect?
正確
Often news is pre-empted in the market (i.e. market expectations) and as a result the expected impact has already been factored into the prices of securities. Therefore, An economic downturn which has been already expected will not result in stock price decline.
錯誤
Often news is pre-empted in the market (i.e. market expectations) and as a result the expected impact has already been factored into the prices of securities. Therefore, An economic downturn which has been already expected will not result in stock price decline.
提示
Reference Chapter:1.3.4.2
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117/187問題
117. 問題
1 分QID109:Stagflation is defined as:
正確
Deflation refers to negative inflation that occurs in an environment where the general level of prices in the economy is actually falling while the value of money is rising. This is distinct from the concept of disinflation, which refers to a fall in the inflation rate.
錯誤
Deflation refers to negative inflation that occurs in an environment where the general level of prices in the economy is actually falling while the value of money is rising. This is distinct from the concept of disinflation, which refers to a fall in the inflation rate.
提示
Reference Chapter:1.3.1.2
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118/187問題
118. 問題
1 分QID110:A phenomenon of a continuous increase in price in the past three years is called:
正確
Inflation refers to the tendency for prices to continue to rise over a period of time, resulting in a decrease in the purchasing power of money – more money is needed to purchase the same value of goods and services.
錯誤
Inflation refers to the tendency for prices to continue to rise over a period of time, resulting in a decrease in the purchasing power of money – more money is needed to purchase the same value of goods and services.
提示
Reference Chapter:1.3.1.2
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119/187問題
119. 問題
1 分QID111:Which of the following is not the advantage of operating financial markets via Internet?
正確
Technology effectively smoothen out time differences and enables information on markets and securities to be more readily accessible, limiting arbitrage opportunities.
錯誤
Technology effectively smoothen out time differences and enables information on markets and securities to be more readily accessible, limiting arbitrage opportunities.
提示
Reference Chapter:1.3.3.2
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120/187問題
120. 問題
1 分QID112:Which of the following is not the advantage of market globalization?
正確
An example of the destabilizing effects of the mobility of funds was the Asian financial crisis in 1997–98. This regional crisis was brought about by massive short-term speculative capital flows, causing currency devaluations and economic instability in the region.
錯誤
An example of the destabilizing effects of the mobility of funds was the Asian financial crisis in 1997–98. This regional crisis was brought about by massive short-term speculative capital flows, causing currency devaluations and economic instability in the region.
提示
Reference Chapter:1.3.3.1
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121/187問題
121. 問題
1 分QID113:Which of the following is not the direct impact of globalization?
正確
Technology has also facilitated the switch to electronic trading for interbank spot foreign exchange transactions. This has markedly reduced the trading volumes required to maintain an effective market.
錯誤
Technology has also facilitated the switch to electronic trading for interbank spot foreign exchange transactions. This has markedly reduced the trading volumes required to maintain an effective market.
提示
Reference Chapter:1.3.3.2
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122/187問題
122. 問題
1 分QID114:Which of the following statement is incorrect regarding flow of funds?
正確
Technology effectively smoothen out time differences and enables information on markets and securities to be more readily accessible, limiting arbitrage opportunities.
錯誤
Technology effectively smoothen out time differences and enables information on markets and securities to be more readily accessible, limiting arbitrage opportunities.
提示
Reference Chapter:1.3.3.2
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123/187問題
123. 問題
1 分QID115:Which of the following are the reasons for more stable and flexible economy?
I. Decreased volatility on economic cycles
II. Effective risk management via new tools
III. Companies are more able to estimate the change of needs due to more information.
IV. Less regulation正確
Economic imbalances are now more likely to be readily contained as a result of a number of factors, including increased access to real-time information, deregulation and innovation in financial and product markets. Consequently, cyclical episodes overall tend to be less severe than in the past.
錯誤
Economic imbalances are now more likely to be readily contained as a result of a number of factors, including increased access to real-time information, deregulation and innovation in financial and product markets. Consequently, cyclical episodes overall tend to be less severe than in the past.
提示
Reference Chapter:1.3.2
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124/187問題
124. 問題
1 分QID116:Which of the following statements are correct regarding globalization?
I. The development of financial derivatives lead to the flow of international fund.
II. Increased investment returns due to the flow of funds without limitation
III. Globalization doesn’t affect local markets.
IV. Increased volumes of international funds due to various big global institutional investors