第一章测试1. Recently, financial markets have become highly integrated. This development
A:allows minority investors to buy and sell stocks. B:allows investors to diversify their portfolios internationally. C:has increased the cost of capital for firms. D:answers a and c are both correct.
答案:B
2.Although the world economy is much more integrated today than was the case 10 or 20 years ago, a variety of barriers still hamper free movements of people, goods, services, and capital across national boundaries. These barriers include
A:legal restrictions. B:information asymmetry. C:all of the above D:excessive transportation costs.
答案:C
3. A purely domestic firm sources its products, sells its products, and raises its funds domestically
A:all of the above are true B:can be more competitive than a MNC on its home turf due to superior knowledge of the local market. C: can face stiff competition from a multinational corporation that can source its products in one country, sell them in several countries, and raise its funds in a third country. D:can still face exchange rate risk, just like a MNC.
答案:A
4. Suppose your firm invests $100,000 in a project in Italy. At the time the exchange rate is $1.25 = €1.00. One year later the exchange rate is the same, but the Italian government has expropriated your firm's assets paying only €80,000 in compensation. This is an example of
A:none of the above, since $100,000 = €80,000 × $1.25/€1.002 B:political risk. C:exchange rate risk. D: market imperfections.
答案:B
5. The ultimate guardians of shareholder interest in a corporation, are the
A: all of the above. B:rank and file workers. C:senior management. D:boards of directors.
答案:D
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