SECTION ONE (Compulsory)：Single-choice questions
　　From the following four options, select a correct and fill in its labeling the brackets. (A total of 10 points)
　　1. Assume that there is inflation in the United States and the government pursues a contractionary fiscal policy. The likely effect would be that: ()
　　A. There would be a lower domestic interest rate and an increase in the demand for dollars that would partially offset the policy.
　　B. There would be depreciation in the value of the dollar and a decrease in net exports that would partially offset the contractionary fiscal policy.
　　C. There would be an increase in net exports and an increase in aggregate demand that would partially offset the policy.
　　D. There would be a decrease in net exports and a decrease in aggregate demand that would partially reinforce the policy.
　　2. The expansionary fiscal policy has: ()
　　A. Lessened the economic recession but increased the government debt.
　　B. Lessened the economic recession and decreased the government debt.
　　C. Worsened inflation but decreased the government debt.
　　D. Lessened inflation but increased the government debt.
　　3. Open-market operations refer to: ()
　　A. Loans from commercial banks to corporations and consumers.
　　B. Inter-bank loans.
　　C. Changes in interest rates caused by the changes in commercial bank loans.
　　D. Buying and selling governmental securities by the central bank.
　　4. Suppose money supply and the general price level remain the same, and money demand is the function of income and interest rate, an increase in incomes will: ()
　　A. Increase both money demand and interest rate
　　B. Increase the money demand and lower the interest rate.
　　C. Decrease the money demand and increase the interest rate
　　D. Decrease money demand and interest rate.
　　5. A country’s trade balance mainly depends on its: ()
　　A. Domestic savings.
　　B. Domestic investment.
　　C. The country’s production capacity.
　　D. The country’s interest rate.
　　6. When the nominal interest rate rises, ()
　　A. Economic activity is encouraged.
　　B. The real interest rate rises and the price of bonds rises.
　　C. Inflation rises and the real interest rate falls.
　　D. The real interest rate rises and the price of bonds falls.
　　7. A firm has fixed costs of £100,000 per month and variable costs of £25 for item. It proposes to sell these items for £50 each. What is the break-even output for this firm? ()
　　A. 4,000 units
　　B. 4,000 units in a month.
　　C. Cannot be worked out from the information.
　　D. 2,000 units per month.
　　8. An investor purchases a stock at $60 and at the same time, sells a 3-month call on the stock. The short call has a strike price of $65 and a premium of $3.60. The risk-free rate is 4%. The breakeven underlying stock price at expiration is closest to: ()
　　A. $55.85.
　　B. $56.40.
　　C. $60.80.
　　D. $61.40.
　　9. The liquidity of a firm is a measure of: ()
　　A. Its ability to pay bills as they come due.
　　B. Its ability to respond to changes in demand.
　　C. How flexible it is in its production planning.
　　D. How quickly and easily a firm could relocate to another site.
　　10. Assume U.S. GAAP (generally accepted accounting principles) applies unless otherwise noted.
　　When an issue is going to be put to a vote, by shareholders, at an annual general meeting the company prepares a (n): ()
　　A. Annual report.
　　B. Interim report.
　　C. Proxy statement.
　　D. Management statement of responsibility.

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