单选题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.

单选题A.Theywillwritetotheirhome.B.Theywillwritetotheirheadquarter.C.Theywillaskfortheirrights.D.Theywillwaitforanofficer.

单选题 Directions: In this section, you will hear ten short conversations. At the end of each conversation, a question will be asked about what was said. The conversation and question will be spoken only once. During the pause, you must read the four choices marked A, B, C, D, and decide which is the best answer. Then mark the corresponding letter on the ANSWER SHEET with a single line through the center.

单选题A rise in interest rate will cause ______.

单选题The actual chartering processes and scrutinizing factors considered by different chartering authorities may he. different.

单选题Directions: In this section, you will hear short passages. At the end of each passage, you will hear some questions. The passages and the questions will be spoken only ONCE. After you hear a question, you must choose the best answer from the four choices marked A, B, C and D. Then mark the corresponding letter on the ANSWER SHEET with a single line through the center.{{B}}Passage one{{/B}}

单选题 Directions: There are 10 blanks in the following passages. For each blank, there are four choices marked A, B, C and D.{{B}}Passage One{{/B}} Insurance policies usually contain a {{U}}(56) {{/U}} clause that excludes a fixed amount of the loss from {{U}}(57) {{/U}} Casualty insurance policies frequently contain a coinsurance clause in the contract. A coinsurance clause provides that the insurance company shall be liable {{U}}(58) {{/U}} only a portion of any loss {{U}}(59) {{/U}} by the insured unless the insured carries insurance which totals a certain percent, frequently 80-90 percent of the fair value of the asset. In the {{U}}(60) {{/U}} of a loss, the insured recovers from the insurance company that portion of the loss which the face of the insurance policy bears to the amount of insurance that should be carried as required by the coinsurance clause.

单选题[此试题无题干]

单选题{{B}}Passage Three{{/B}} To finance the national debt, the government issues a variety of debt securities. The most widely held liquid security is the Treasury bill, which is commonly issued by the ministry of finance. However, some Treasury bills, like the Treasury bill of the U.S. government, do not actually pay interest. Instead they are issued at a discount from par ( their value at maturity) . The investor's yield comes from the increase in the value of the security between the time it was purchased and the time it matures. Treasury bills are attractive to investors because they are backed by the government and therefore are virtually free of default risk. Because even if the government ran out of money, it could simply print more to pay them off when they mature. The risk of unexpected changes in inflation is also low because of the short term to maturity. The markets for Treasury bills in most developed countries are deep and liquid. A deep market is one with many different buyers and sellers. A liquid market is one in which securities can he bought and sold quickly and with low transaction costs. Investors in markets that are deep and liquid have little risk that they will not be able to sell their securities when they want to.

单选题{{B}}Passage Three{{/B}} Similar to a non-financial business, a commercial bank obtains funds from creditors and shareholders; uses funds for its raw materials labor, and recovers funds, hopefully in excess of the amount. The raw materials purchased are funds instead of steel, clothing, or groceries. As in non-financial business a band management's basic objective should be to maximize the value of the owner's investment in the bank. Useful information on the appropriate tradeoffs between made and risks taken is obtained from relatively efficient markets for most publicly held banks. The management of smaller banks seeks to achieve the highest returns for the risk level deemed appropriate by the shareholders.

单选题According to the passage, which of the following statements is not true. The form of the guarantee is ______.

单选题 In 1944, officials from forty - five nations assembled for a historic meeting at Bretton Woods in the United States. Even though World War II was still going on, international monetary authorities and world leaders were planning for the future. They wanted to make provisions for the economic problems they expected to follow by the end of the war. These efforts resulted in the formation of the International Monetary Fund. The IMF attempts to encourage monetary cooperation, to promote excharige rate stability, and to plan international arrangements on ex- change rates. In addition, the Fund attempts to prevent competitive exchange rate reductions among its members. It also tries to eliminate or reduce any foreign exchange controls that slow down world trade. In order to attain these objectives, however, very large financial reserves are needed. The necessary reserves are obtained in the form of deposits, which are required from each member when joining the Fund. The size of the deposit is known as the member's quota. The quota is the heart of the International Monetary Fund. The Fund authorities set the size of the quota. It is based on the economic importance of the country as shown by such indicators as populations, international trade, and GNP. Traditionally, the quota has been paid in a combination of gold and the member's own currency, with 25 percent in gold and the rest in currency. It is important because it determines the maximum amount that the member can draw out in times of difficulty. Sometimes new members have succeeded in reducing the quotas set by the IMF. They have usually regretted this decision when they later needed to withdraw large a- mounts from the Fund. Perhaps the main function of the IMF has been to help members with balance of payments problems so as to prevent a monetary crisis. For instance, a small country could experience storm, which greatly reduced its main export crop. Because of the considerable shortfall in ex- port, the country would earn much less foreign exchange than usual. As a result, there would be a current account deficit. Tile country could have difficulty in paying for essential imports, for its official reserves might not provide enough foreign exchange. Without help from abroad, the country could solve the payments problem in two ways. It could allow its currency to devalue because of the reduced international demand, or it could prevent the exchange rate from falling by using exchange control. Both of these methods seem too dramatic. However, because the country's problems are very short - term ones. Under these circumstances, the Compensatory Finance Facility can be used to obtain the necessary foreign exchange.

单选题A bill of exchange is an (a) ______.

单选题The economic life of a project is a rather abstract concept for the purpose of IRR (Internal Rate of Return ) calculation, albeit a necessary one. In practice, different components of investment packages are likely to have a different physical life experience. Thus, the mobile equipment of a venture may have a physical life of only 5 to 7 years and require replacement thereafter, whereas a stationary piece of heavy machinery may last 20 years or more without major rehabilitation or replacement work. The IRR analysis requires a common time frame for cost and benefit streams. Therefore, careful judgement must be made about the overall project life in terrors of likely physical and economic life expectancy, taking account of likely technological evolution, replacement costs and economies of scale. These discounting factors decline over the years so that the impact of cash flows in later years on the project"s rate of return becomes less important. Project implementation period plus project life define the overall time frame for IRR calculations. Cost and benefit streams are established within this time frame. Schedules of a financial nature are important for the establishment of pro forma financial statements and are crucial in determining the financial solvency and creditworthiness of the project sponsors. However, in the financial and economic rate - of- return calculation, the method of financing, of debt servicing (interest and principal repayment), depreciation and dividends are unimportant. The IRR analysis calls for the consistent establishment of all cost and benefit streams under the same estimated frame (project implementation and project life). Typically the analyst must distinguish between capital cost streams, operating cost streams and revenue streams (benefit streams). The total sum of costs and benefits for each year results in the "net benefit". Depending oil the absolute size of all costs and benefits for a given year, the net benefit can be positive or negative. The stream of annual net benefits is simply referred to as the net benefit stream. One can think of the analytical framework ,ff tile IRR calculation as a matrix consisting of tile annual cost and benefit streams.

单选题{{B}}Section One{{/B}} Directions: In this section, you will hear ten short statements. Each statement will be spoken only once. After each statement there will be a pause. During the pause, you must read the four suggested answers marked A, B, C and D, and decide which is the best answer. Then mark tile corresponding letter on the ANSWER SHEET with a single line through the center.

单选题Once the termination is approved, these financial institutions shall dispose their foreign exchange assets and liabilities and have their license maintained.

单选题When the nominal interest rate rises, ()

单选题James has not paid back two loans. He must have a terrible ______.