6. 促使金融機構推動金融創新的可能原因：
(A) 政府管制
(B) 利率波動的風險
(C)資訊科技的進步
(D) 以上皆是

7. 假若政府為彌補財政赤字而加強稽查課稅，以致很多社會大眾會積極採取各種 避稅活動而增加現金的持有比率，其可能影響： (A) 貨幣供給增加 (B) 貨幣供給減少 (C) 貨幣供給不變 (D) 貨幣乘數變大

8. 凱恩斯學派及貨幣學派認為貨幣政策對實質產出（或 GDP）影響的看法，即貨 幣政策的傳遞機制，下列敘述何者較正確？ (A) 凱恩斯學派認為貨幣政策可以直接影響股票價格。 (B) 貨幣學派認為貨幣政策可以直接影響股票價格。 (C) 凱恩斯學派認為貨幣政策可以透過利率及其他多種管道影響實質產出。 (D) 貨幣學派認為貨幣政策只會透過利率來影響實質產出。

9. 古典學派的劍橋方程式與弗利曼(M. Friedman)對於貨幣流通速度的看法，下列 敘述何者較正確？ (A) 古典學派認為是變動的，而弗利曼認為是固定不變的。 (B) 古典學派認為是固定不變的，而弗利曼認為是可變但相對穩定。 (C) 古典學派與弗利曼均認為固定不變的。 (D) 古典學派與弗利曼均認為變動的。

10. 假若中央銀行採取量化寬鬆政策(quantitative easing)，對總合需求(AD)及總合供 給(AS)曲線的影響，下列敘述何者較正確？ (A) AD 及 AS 曲線同時右移 (B) AD 及 AS 曲線同時左移 (C) AD 曲線不移動，AS 曲線右移 (D) AD 曲線右移，AS 曲線不移動

1.Which of the following statements is incorrect? (A) If the market portfolio is not efficient, then a stock's beta with the market is not an adequate measure of its systematic risk. (B)The true market portfolio stocks, bonds, real estate, art, and precious metals. (C) Nonzero alphas may indicate that the wrong market proxy is beings used. (D) The inforrnation required to implement a momentum strategy is not readily available to investors.

2.Which of the following statements is incorrect? (A) If the CAPM correctly computes the risk premium, investors would stop investing only when they expected the alpha of an investment strategy to be negative. (B)Although the true market portfolio of all invested wealth might be efficient, the proxy portfolio might not track the actual market very well. (C) An efficient portfolio cannot be diversified further, that is there is no way to reduce the risk of the portfolio without lowering its expected return. (D) To determine a project's cost of capital we need to estimate its beta.

3. Which of the following statements is incorrect? (A) When agency costs are significant, short-term debt may be the most attractive form of external financing. (B)Too much debt can motivate managers and equity holders to take excessive risks or over-invest in a firm. (C) Too much debt can motivate managers and equity holders to under-invest in a firm. (D) Firms with high R&D costs and future growth opportunities typically maintain high debt levels.

4.Which of the following statements is incorrect? (A) When securities are fairly priced, the original shareholders of a firm pay the future value of the costs associated with bankruptcy and financial distress. (B)The Modigliani and Miller theorem does not hold in a perfect capital market with the risk of bankruptcy. (C) With tangible assets, the financial distress costs of leverage are likely to be low. (D) Although direct costs of bankruptcy are difficult to measure accurately, they are typically much smaller than the indirect costs of bankruptcy.

5.Which of the following statements is incorrect? (A) Proponents of the management entrenchment theory of capital structure believe that managers choose a capital structure to avoid the discipline of debt and maintain their own job security. (B)The pecking order hypothesis states that managers will have a preference to fund investment using retained earnings, or debt, rather than equity. (C) According to the empire building hypothesis, leverage increases firm value. (D) The presence of financial distress costs can explain why firms choose debt levels that are too high to fully exploit. the interest tax shield.

6. You have been instructed to place an order for a client to purchase 500 shares of every IPO that comes to market. The next two IPOs are each priced at $26 a share and will begin trading on the same day. The client is allocated 500 shares of IPO A and 240 shares of IPO B. At the end of the first day of trading, IPO A was selling for $23.90 a share and IPO B was selling for $29.40 a share. What is the client's total profit or loss on these two IPOs as of the end of the first day of trading? (A) - $286 (B)- $234 (C) - $148 (D) $275

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