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Economics of Money, Banking, and Financial Markets, 12e (Mishkin)
Chapter 4 The Meaning of Interest Rates
4.1 Measuring Interest Rates
1) The concept of ________ is based on the common-sense notion that a dollar paid to you in the
future is less valuable to you than a dollar today.
A) present value
B) future value
C) interest
D) deflation
Answer: A
Ques Status: Previous Edition
AACSB: Application of Knowledge
2) The present value of an expected future payment ________ as the interest rate increases.
A) falls
B) rises
C) is constant
D) is unaffected
Answer: A
Ques Status: Previous Edition
AACSB: Reflective Thinking
3) An increase in the time to the promised future payment ________ the present value of the
payment.
A) decreases
B) increases
C) has no effect on
D) is irrelevant to
Answer: A
Ques Status: Previous Edition
AACSB: Reflective Thinking
4) With an interest rate of 6 percent, the present value of $100 to be received next year is
approximately
A) $106.
B) $100.
C) $94.
D) $92.
Answer: C
Ques Status: Revised
AACSB: Analytical Thinking
1
Copyright © 2019 Pearson Education, Inc.
5) What is the present value of $500.00 to be paid in two years if the interest rate is 5 percent?
A) $453.51
B) $500.00
C) $476.25
D) $550.00
Answer: A
Ques Status: Previous Edition
AACSB: Analytical Thinking
6) If a security pays $55 in one year and $133 in three years, its present value is $150 if the
interest rate is
A) 5 percent.
B) 10 percent.
C) 12.5 percent.
D) 15 percent.
Answer: B
Ques Status: Previous Edition
AACSB: Analytical Thinking
7) To claim that a lottery winner who is to receive $1 million per year for twenty years has won
$20 million ignores the process of
A) face value.
B) par value.
C) deflation.
D) discounting the future.
Answer: D
Ques Status: Previous Edition
AACSB: An
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