单选题 (6.3分) Which one of the followin

单选题单选题 (6.3分) Which one of the following is a capital budgeting decision?

A、 deciding when to repay a long-term debt

B、 deciding whether or not a new production facility should be built

C、 determining how much debt should be borrowed from a particular lender

D、 determining how much inventory to keep on hand

E、 deciding how much credit to grant to a particular customer

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单选题单选题 (5分) Which of the following statement() is() true regarding the variance of a portfolio of two risky securities? I) The higher the coefficient of correlation between securities, the greater the reduction in the portfolio varianceII) There is a linear relationship between the securities' coefficient of correlation and the portfolio varianceIII) The degree to which the portfolio variance is reduced depends on the degree of correlation between securities

A、I only

B、II only

C、III only

D、I and II

E、I and III

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单选题单选题 (5分) Market risk is also referred to as

A、systematic risk, diversifiable risk

B、systematic risk, nondiversifiable risk

C、unique risk, nondiversifiable risk

D、unique risk, diversifiable risk

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单选题单选题 (5分) The capital allocation line provided by a risk-free security and N risky securities is（）

A、the line that connects the risk-free rate and the global minimum-variance portfolio of the risky securities

B、the line that connects the risk-free rate and the portfolio of the risky securities that has the highest expected return on the efficient frontier

C、the line tangent to the efficient frontier of risky securities drawn from the risk-free rate

D、the horizontal line drawn from the risk-free rate

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单选题 The expected return of a portfolio of risky securities（）

A、is a weighted average of the securities' returns

B、is the sum of the securities' returns

C、is the weighted sum of the securities' variances and covariances

D、is a weighted average of the securities' returns and the weighted sum of the securities' variances and covariances

E、None of the options

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单选题单选题 (5分) The variance of a portfolio of risky securities9

A、is a weighted sum of the securities' variances

B、is the sum of the securities' variances

C、is the weighted sum of the securities' variances and covariances

D、is the sum of the securities' covariances

E、None of the options

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单选题单选题 (5分) Diversifiable risk is also referred to as（）

A、systematic risk, unique risk

B、systematic risk, market risk

C、unique risk, market risk

D、unique risk, firm-specific risk

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单选题单选题 (5分) Consider an investment opportunity set formed with two securities that are perfectly negatively correlated. The global minimum variance portfolio has a standard deviation that is always

A、greater than zero

B、equal to zero

C、equal to the sum of the securities' standard deviations

D、equal to -1

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单选题单选题 (5分) Other things equal, diversification is most effective when（）

A、securities' returns are uncorrelated

B、securities' returns are positively correlated

C、securities' returns are high

D、securities' returns are negatively correlated

E、securities' returns are positively correlated and high

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