投资学第7版Test Bank答案
30. General pension funds typically invest __________ of their funds in equity securities.
A) none
B) 5-10%
C) 15-35%
D) 40-60%
E) more than 60%
Answer: D Difficulty: Moderate
Rationale: Pension funds can theoretically maximize tax benefits and minimize
administrative costs by investing in fixed income securities, yet they remain highly invested in equities.
31. The optimal portfolio on the efficient frontier for a given investor depends on
A) the investor's degree of risk tolerance.
B) the coefficient, A, which is a measure of risk aversion.
C) the investor's required rate of return.
D) A and C.
E) A and B.
Answer: E Difficulty: Moderate
Rationale: The investor's position on the efficient frontier is determined by A and B.
The investor will opt for the portfolio with the maximum returns at the acceptable level of risk tolerance, which will be on the efficient frontier.
32. Investment objectives
A) must be consistent with investment constraints.
B) must be in direct contrast with investment constraints.
C) and investment constraints determine investment policies.
D) A and B.
E) A and C.
Answer: E Difficulty: Easy
Rationale: Objectives must be consistent with constraints, and the two together
determine investment policy.
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