题目内容

Which of the following is least likely allowed if a bond is non-refundable A corporation:（）

A. issues zero coupon bonds at a yield that is lower than the current rate on their bonds and redeems the old bond issue.
B. calls its nonrefundable bonds and issues common equity in their place.
C. gets a revolving credit line at the bank at a rate lower than that on their bonds and redeems the bonds.

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Which of the following statements about zero-coupon bonds is FALSE（）

A. The lower the price, the greater the return for a given maturity.
B. A zero-coupon bond provides a single cash flow at maturity equal to its par value.
C. A zero coupon bond may sell at a premium to par when interest rates decline.

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Which of the following statements regarding a bond being called is TRUE Call prices are known as regular redemption prices when bonds are called at:（）

A. under the call provisions specified in the bond indenture.
B. at a discount.
C. at a premium.

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An analyst is considering two bonds: Bond A yields 7.5% , and Bond B yields 7.0%. Using Bond B as the reference bond, the absolute yield spread and the yield ratio for Bond A are closest to: Spread Ratio（）①A. -0.5% 1.07 ②B. -015% 0.93 ③C. 0.5% 1.07

A. ①
B. ②
C. ③

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Adam Smith was the first person to see the importance of the division of labor. He gave us an example of the process by which pins were made in England. "One man draws out the wire, another strengthens it, a third cuts it, a fourth points it, and a fifth gives it a head. Just to make the head requires two or three different operations. The work of making pins is divided into about eighteen different operations, which in some factories are all performed by different people, though in others the same man will sometimes perform two or three of them. " Ten men, Smith said, in this way, turned out twelve pounds of pins a day or about 4800 pins a worker. But if all of them had worked separately and independently without division of labor, they certainly could not have made twenty pins in a day and not even one. There can be no doubt that division of labor is an efficient way of organizing work. Fewer people can make more pins. Adam Smith saw this, but he also took it for granted that division of labor is itself responsible for economic growth and development and it accounts for the difference between expanding economies and those that stand still. But division of labor adds nothing new, it only enables people to produce more of what they already have. According to the writer, Adam Smith’s mistake was in believing that the division of labor ______.

A. was an efficient way of organizing work
B. was an important development in methods of production
C. finally led to economic development
D. increased the production of existing goods

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