2017-06-07

Finc　メモ

Finc

Portfolio manager

- 資産運用担当者, Invertorsへの資産管理アドバイザリ−

　資産(mutual fund, 証券、年金基金など)

mutual fundとは

- 投資信託のこと。複数の投資家が資金を提供し共同で運用を行う。オープンエンド型投資信託のこと。(オープンエンド型とはいつでも換金可能なこと)

Mutual Fundには2種類ある

会社型(Corporate Type)

- 米国では会社型が大半。投資会社の株を買うことで、投資する。

契約型(Trust Type)

- 日本では契約型が大半。信託銀行から受益証券を買う仕組みになっている。(受益証券とは購入した証券のこと)

http://webcache.googleusercontent.com/search?q=cache:pTYjT3La_1kJ:www.ifinance.ne.jp/glossary/fund/fun074.html+&cd=4&hl=ja&ct=clnk&gl=us

Proxy Fight

株主総会で前もって、株主が自分たちの票に賛成の株主を集め票を得ようとすること。

Primary Market

新規発行の証券が、発行者から直接あるいは仲介を介して、投資家に流れる市場のこと

Secondary Market

証券市場から証券を買うこと

Agency Problem

CEOとShareholdersの利害が一致しないこと(ShareholdersはCEOの最大の役割がProfitsをあげることが唯一の責任であると考えているため＝ Shareholder Theory)

確認問題１

Agency Conflictを最も引き起こしやすい状況は次のうちどれか？

Separating management from ownership
Increasing the size of a firm’s operations
Reducing both management and nonmanagement salaries

解答：

確認問題２

Financial Managentのゴールは次のうちどれを増やすことか？

Number of shares outstanding
Future Value of the firm’s total equity
Current market value per share

解答：

確認問題３

Lは200株ニューヨーク証券取引所から購入した。Lのこの行動は次のどの市場で起きたものと言えるか？

Secondary market
Primary market
Dealer market

解答：

確認問題４

ManagementのゴールとShareholder Interestをうまく強調させるのに効果的な手段は次のうちどれか？

Employee stock options
Threat of a takeover

III. Management bonuses tied to performance goals

Threat of a proxy fight

I and III only
I, II, III, and IV
I, III, and IV only

解答：

Section 2

問題１

Taxable income Tax Rate

0-50,000 15%

50,000-75,000 25%

75,001-100,000 34%

100,001-335,000 39%

335,000-10,000,000 34%

＊もしTaxable Incomeが180,000ドルであれば、総額の税金はいくらになるか？

解答：

50,000 x 15% = 7,500

[75,000 - 50,000] x 25% = 6,250

[100,000 - 75,000] x 34% = 8,500

[180,000 - 100,000] x 39% = 31,200

= Total Tax

= 53,450ドル

＊Effective Tax Rateは？

解答

[Total Tax% / Taxable Income] = 53,450/180,000 = 29.69%

＊MT Rateは？

解答

39%

問題２

I/S

Net Sales	5700
COGS	4090
Depreciation	420
EBIT	1200
Interest paid	31
Taxable Income	1,169
Taxes(35%)	409
Net Income	760

B/S

Assets	2010	2011
Cash	70	160
A/R	970	830
Inventory	1,550	1,970
Total Current Assets	2,590	2,960
Net Fixed Assets	3,500	3,290
Total Assets	6,090	6,250

	2010	2011
Current Liability	1,330	1,220
Long term debt	720	520
Common Stock	3,120	3,330
Ret. Earnings	920	1,180
Total Equity	4,040	4,510
Total Liability & Equity	6,090	6,250

＊企業のOperating Cash Flowは何か？

解答

EBIT(Earnings before interest and Taxes) + Depreciation - Taxes = 1200 + 420 - 409

= 1,211

＊2011年度のNet Working Capitalの変化は？

解答

More recent NWC - Prior NWC = 480

＊2011年度のNet Capital Spendingは？

Change Net Fixed Assets + depreciation

(3,290 - 3,500) + 420 = 210

＊2011年のFree Cash Flowは？

FCF = OCF - Change NWC - NCS

= 1,211 - 480 - 210

= 521

http://www.findai.com/yogo/0296.htm

＊2011年度のShareholdersのCash Flowは？

Dividends = NI - (Change Retained Earnings)

= 760 - (1180 - 920) = 500

Net Share Issuance = Change in Common Stock

= 3,330 - 3,120

= 210

CF to Shareholders = 500 - 210 = 290

＊2011年度の債権者のCash Flowは？

Interest = 31

Change in LT Debt = 520 - 720 = -200

CF to Creditors = 31 - (-200) = 231

290 + 231 = 521

＊Net Incomeは Earnings Per Shareでよく表される。

2014年度の期末で200million shares outstandingであった。I/Sからその年のNIは412millionドルでTotal Dividendsは103millionドルであった。200million sharesがoutstandingであれば、EPS、 Dividends per sharesは？

解答

EPS = NI / Total Shares Outstanding

= 412 / 200

= $2.06 per share

Dividends = Total Dividends / Total Shares Outstanding

= 103 / 200

= $0.515 per share

Non Cash Items

- Depreciationなど

Product Costs

- Raw Materials, Direct Labor Expenses, Manufacturing OH. これらのCostはI/SでCOGSとして計上される。

Period Costs

- Selling,general, and administrative expenseなど特定の期間に支払うCosts

問題５

Cash Flow from Assets

表

解答

Cash Flow from Assets

Operating Cash Flow $547

Less: Net Capital Spending $130

Less: Change in NWC 330

Cash Flow from Assets $87

*Cash Flow from Assets = Cash Flow to Creditors + Cash Flow to Stockholders

A negative Operating Cash Flow is often a sign of trouble.

Capital Spending = Spent Fixed Assets - Received the sales of Fixed Assets

Free Cash Flow = Cash Flow from Assets

[NI]

Sales - Total Cost - Depriciation = EBIT

EBIT x Tax% = Tax

EBIT - Tax =NI

[OCF]

= EBIT + Depreciation - Taxes

[Annual OCF]

step① EBITを出す(Salesはlossを引いたもの)

step②EBI + Depreciation - Taxes

問題９

ABC Company:

sales = $51,900

Costs = 38,900

Addition to Retained Earnings = $2,950

Dividends paid = $970

Interest Expense = $1,490

Tax Rate = 30%

*How much the depreciation expense?

[Retained Earnings = NI - Dividends]

Ret. Earnings + Dividends = NI

3,920 = NI

[NI = Taxable income(1 - tax%)]

(NI/70%) = taxable income

(3,920/70%) = taxable income

5,600 = taxable income

EBIT = 5,600 + interest

(EBIT - Int = taxable income)

EBIT = 5,600 + 1,490 = 7,090

[EBIT = Sales - Cost - Depriciation]

7,090 = 51,900 - 38,900 - Depriciation

Depreciation expense = 5,910

問題６

[Payback period]

Year	Cash Flow
0	(120)
1	40
2	35
3	60

解答

Year	Cash Flow	Cumulative
0	(120)	(120)
1	40	(120) + 40 = (80)
2	35	(80) + 35 = (45)	sign change
3	60	(45) + 60 = 25

Year2 + (45/60) = 2.75

Ch13

問題１

Lは130,000株を保有している。(Shares of Stock Outstanding)

株を保有している企業がCashを余分に持っていたので25,000株をRepurchaseすると今朝アナウンスした。

この企業が行ったのは次のうちどのタイプのOfferか？

Private Issue
Targeted Repurchased
Tender Offer

解答：

Tender Offer

Tender Offer

- 株式公開買付

期間と株価、目標取得株式数を広告し、証券取引所を通さずに不特定多数の株主から、株式の買付を行うこと。

Targeted Repurchase

- 企業買収の標的にされている企業は自社のStockをPotential Acquireから(しばしば、Market PriceよりとてもPremiumな価格で)買い戻すことによって敵意のある買収を辞めさせようとする試み。

http://www.investorwords.com/4875/targeted_repurchase.html

問題２

ABC CompanyのStockが現在一株１９ドルの価値で、この会社は主要な株主に一株２５ドルでRepurchaseすることをOfferした。このOfferのタイプは次のうちどれか？

Rights Offer
Tender Offer
Targetd Offer

解答：

Targeted Offer

問題３

”Financial Leverage”に関する正しい文は次のうちどれか？

企業のEquityが保有している以上に増加する時、いつでも”Finacial Leverage”は増加する。
EBITが比較的低い時、”Leverage”は最も恩恵を受ける。
Investorsは”Homemade Leverage”を使うことで企業の資本構造(Capital Structure)を取り消すことが出来る。

解答：

MM理論については、TAC会計学院を参照

問題４

WACCについて、正しくない文はどれか？

WACCは企業のAsset baseとして同じリスクにある企業の全ての新規プロジェクトに対する適切なdiscount rateである。
最適なCapital StructureはWACCを最小化することである。
WACCが最小化される時、企業の価値は最大化されるであろう。
複数の部門を持つ企業をWACCを使って計算することは現実的に不可能である。
discount rateと企業価値は同方向に動いているので、WACCは企業価値を最大化するであろう。

解答：

WACCとは

WACC(%) = Weighted Average Cost of Capital

= [D / (D+E)] x rD(1-T) + [E / (D+E)] x rE

D = 有利子負債額

E = 株主資本時価

rD = 負債資本コスト(負債利子率)

T = 実効税率

rE = 株主資本コスト(株式の期待収益率)

http://www.darecon.com/tool/DCF2.html

問題５

ABC会社はtarget capital structureとして、64%Common Stock、9% preferred stock、27%debt、cost of equityは13.9%、the cost of preferred stockは6.9%、the cost of debtは8.6%、relevant tax rate = 40%だった。

WACC?

解答

WACC = (stock% x cost%) + [debt% x debtcost% x (1 - tax%)]

= 64%(13.9%) + 9%(6.9%) + 27%(8.6%)(1 - tax%)

10.91%

Prefered Stock

- 決まったDIividendの額が配当される。会社が解散しても債権回収について優先権がある。

問題１

２年後に$1,000必要だとすると、２年後に確実に$1,000にするにはどの様に投資していくべきか

解答

Present Value = $1,000 / (1 + 0.07)^2

= $873.44

問題２

$80,000必要。子供を８年間学校に通わせたい。現在$35,000有り。

年利20％稼げる。

解答

FV = $35,000 x (1,20)^8

= $150,493.59 > $80,000

The minimum rate r:

FV = $35,000 x (1 + r)^8 = 80,000

r =10.89

問題３

５０年後にmillionaireとして退職したいと思っている。もし、今日$10,000あるなら、利率はいくら必要か

FV = PV(1 + r)^t

1M = $10,000(1 + r)^50

1M/10,000 = (1 + r)^50

(100)^(1/50) = 1 + r

1.0964 - 1 = r

r = 9.6%

問題４

NPV

Year	Cash Flow
0	-161,000
1	55,000
2	84,000
3	68,000

At required return of 9%

解答

-161,000 + [55,000/(1 + 9%)] + [8400/(1 + 9%)^2] + [6,800/(1 + 9%)^3]

= 12668.31

問題５

[Expected Return for a stock]

	Probability	Return
Return	25%	(-3%)
Normal	60%	4%
Boom	15%	9%

Expected Return for a stock = 25%(-3%) + 60%(4%) + 15%(9%)

= 0.03

問題６

[Portfolio return]

Holidings	Value	Beta	Return
A	4,000	1.20	3.5%
B	6,000	1.10	4%
C	7,000	0.85	9%

What is the portfolio weight of stockA?

What is the portfolio Beta?

What is the Expected Return for the portfolio?

*the portfolio weight of A:

= 4,000/[4,000 + 6,000 + 7,000]

= 0.235

*E(R) = wA(3.5%) + wb(4%) + wC(9%)

*Portfolio Beta

= (4,000/17,000) x (1.20) + (6,000/17,000) x (0.85)

= 1.02

問題７

PV	Annuity Payment	Int. Rate	Years
$	$2,100	8%	7
$	1,095	7%	9
$	11,000	9%	18
$	30,000	11%	28

解答

PV Annuity = C[1 - 1/(1 + r)^t]/r

= 2,100[1 - 1/(1 + 0.08)^7]/ 0.08

= $10933.38

7,134.18
96,311.88
2,580.65

問題８

ABC会社は7.1%coupon bondsをmaturityまで残り９年のものを持っている。この社債はannual payments。

もし、YTM(Yield to Maturity; 最終利回り)が9.1%なら現在のbond price はいくらか。

解答

step1

coupon rate (71/1,000) = 7.1%, 1,000株当たりに直す

step2

PV Annuity = 71[1 - 1/(1 + 9.1%)^9]/(9.1%)

= $423.94

step3

PV = 1,000[1/(1 + 9.1%)^9]

= $456.64

step4

PV Annuity + PV = $880.58

問題９

次のABC会社の配当金は一株当たり$2.50とされている。この配当金は5.75%の成長率を期待されている。Stockは現在$一株当たり$48.60で売りに出ている。

*dividend yield?

配当利回り

= Future/Present

= (2.50/48.60 per share)

= 5.14%

*capital gains yield 証券などの価格の値上がり

5.75%

2017-06-07

英語学習リンク　整理未だ　後でまとめる

英語学習

[自分の部屋で問題が起きた、トイレに問題が起きて管理会社に電話する]

Hello, I am Kevin. I am living in ABC apartment.

I am calling to ask for repairing a toilet in my room; the toilet does not come water. [or the toilet dose not flush.]

Could you come to my room to fix the toilet?

[１ドルを２５セントに両替する]

Can you exchange quarters with one dollar bill?

[Cancellation request]

Kristie: Hi, I'm Kristie. I'd be more than happy to assist you.

Please allow me a moment to locate your account and see what I can do to help with your cancellation request Gomez

We have confirmed that your Quarterly membership has been cancelled and you will not be billed again next quarter. Your account will revert to a free Basic account once your membership expires on 08/02/17.

Is there anything else I can assist you with at this time?

[Use a pohone]

Please refrain from talking on the phone.

*on the phoneを使う

Could you connect Mr. Yamada. / Yamadaさんに変わってくれますか？

Please just a moment. / 少々お待ちください。

要件が終わったら

bye

sounds good, see you soon etc.

[Call to a taxi]

When I call for pickup service, I always say something like - "I would like to request a pickup at the McDonald's at 7th Street and Western Ave." or, "I would like to request a pickup. The address is #### Western Ave. near 7th St., in Koreatown". The exact address is best.

[call a phone]

http://www.berlitz-blog.com/telephone-reception

[Useful Phrase]

Everything sounds good! It looks like u hit all the major points of your resume.

[What is the difference between bolster and support?]

Bolster example sentence: "Using cats in our advertisements will bolster sales." Bolster basically means to strengthen or boost.

Support example sentence: "Please support my business by telling people about it." Or, "I am
sad and could really use support right now." Support basically means to help or assist, or to hold something up as in, "this chair should support my weight."

https://hinative.com/ja/questions/113853

[know the slang phrases]

http://engslang.blogspot.com/2009/09/scum.html

[日本人が知っておくと面白い汚い言葉]

https://matome.naver.jp/odai/2140797737136969101?page=2

[Fu☆K フレーズ集]

*追記

学校ではFucked upがよく使われていた。意味はもうダメだ。

http://english-talk-with.me/slang-fuck/

[擬音]

http://d.hatena.ne.jp/rhb/20120606/p1

[Learn the phrases to start talking with women]

http://english-talk-with.me/seduce-english/

[lean from Snoopy]

http://english-talk-with.me/snoopy-quotes/

[Learn the small talks]

http://english-talk-with.me/smalltalk/

*このフレーズを言い終えてからが間が持たないですけどね。

追加

How long have you been working here? （ここで働き始めてどのくらいになりますか？)

I can’t believe how hot/cold it is today! （今日はなんて暑い/寒いんだろう！）

Let’s get a coffee sometime.（今度お茶しましょう）

Let’s grab lunch. （お昼を食べに行きましょう）

I know a good place nearby. （近くにお勧めの場所を知っているよ。）

Want to order out? （宅配にする？）

I’ll have the same/I’ll have what (s)he’s having. 飲食店で同僚と同じものを頼みたいときに使いましょう。

[By or Until]

http://www.daijob.com/skillup/businessenglish/20150428.html

[曖昧を表現したい]

http://eigo.tra-ct.com/%E3%80%8E%E6%9B%96%E6%98%A7%E3%80%8F%E3%81%A3%E3%81%A6%E8%8B%B1%E8%AA%9E%E3%81%A7%E3%81%AA%E3%82%93%E3%81%A6%E3%81%84%E3%81%86%E3%81%AE%EF%BC%9F/

(Hapa英会話-60】無視できないっ！ミレニアルズの流行語) https://www.youtube.com/watch?v=-P2XKN5Fq3o

Hapa英会話-57】「Do you」と「Did you」は、用法次第でニュアンスが変わる？) https://www.youtube.com/watch?v=GOiOP8ZSWMw

Hapa英会話-75】問題の深刻度によって使い分ける「悩む」や「迷う」の英語) https://www.youtube.com/watch?v=Zpx8pwtnUdI

Hapa英会話-74】「〜した方がいい」を英語で言う際に「Should」しか使ってない人へ) https://www.youtube.com/watch?v=PR8ZG5Oz-IM

Hapa英会話-65】「〜してもらう」のか？「〜させる」のか？用法を気を付けたい“使役動詞”) https://www.youtube.com/watch?v=drwbB34f6fs

(Literally) https://www.youtube.com/watch?v=whYHx-WywYI

(Bring & Take) https://www.youtube.com/watch?v=joJUoQWeFXM

(covertly こっそり)

(計算高い) http://eikaiwa.dmm.com/uknow/questions/14375/

(麺が伸びる) http://eikaiwa.dmm.com/uknow/questions/14353/

(テスト範囲どこ？) http://eikaiwa.dmm.com/uknow/questions/3281/

(約束がかぶった！予定がある) http://maji-eigo.jp/ordinary-conversation/turning-down/

http://blog.goo.ne.jp/johnkazue/e/9b805cb8820819a322300e20a67ed9af

his document is eligible to me. / よみづらい

(何か新しいことあった？) anything new?

What’s new?

Methods that is used to trick someone into divulging personal information. / 秘密を〉〔…に〕漏らす

(vice versa = 逆も然り) http://www.eigowithluke.com/2012/03/vice-versa/

On the flipside = 一方で...(tax class)

(Finc) You want to buy the car in 9 years on the day you turn 30. / 30歳になる9年後に車を買いたい。

How do we know? Read on /読み続けて...

(私用のため) I could not attend it due to circumstances.

Put up/指し出す

(Class in Finc) How much do you have to put up today?

You are considering a one-year investment. If you put up $1,250, you will get back $1350. / $1350戻ってくる

Are you done with the project? / Project終わった？

(元日本代表) http://eikaiwa.dmm.com/uknow/questions/2978/

(on fire 神ってる) http://eikaiwa.dmm.com/uknow/questions/3380/

(barker) http://eikaiwa.dmm.com/uknow/questions/1364/

(tantalize, teasing) http://eikaiwa.dmm.com/uknow/questions/7654/

(distorted views) http://eikaiwa.dmm.com/uknow/questions/3785/

(蛇口をひねる) http://eikaiwa.dmm.com/uknow/questions/3639/

(groper)http://eikaiwa.dmm.com/uknow/questions/1620/

(grit 気が強い) http://eikaiwa.dmm.com/uknow/questions/5788/

(鉄板ネタ fail proof joke) http://eikaiwa.dmm.com/uknow/questions/2998/

(face up/down) http://eikaiwa.dmm.com/uknow/questions/5088/

(take extraction 抜歯) http://eikaiwa.dmm.com/uknow/questions/3395/

(強引に) http://eikaiwa.dmm.com/uknow/questions/3243/

(悪口) http://eikaiwa.dmm.com/uknow/questions/2722/

(寝癖）http://eikaiwa.dmm.com/uknow/questions/4282/

(歯矯正) http://eikaiwa.dmm.com/uknow/questions/4782/

(you look tanned)http://eikaiwa.dmm.com/uknow/questions/568/

(manual labor) http://eikaiwa.dmm.com/uknow/questions/3267/

(Iguru) http://eikaiwa.dmm.com/uknow/questions/4176/

(so mean to me) http://eikaiwa.dmm.com/uknow/questions/6726/

(電車get on, get off) http://eikaiwa.dmm.com/uknow/questions/154/

(modest character 控えめな性格) http://eikaiwa.dmm.com/uknow/questions/3692/

(sudden rain fall) http://eikaiwa.dmm.com/uknow/questions/1655/

(Gyaru) http://eikaiwa.dmm.com/uknow/questions/4261/

(work efficiency) http://eikaiwa.dmm.com/uknow/questions/6883/

(that is exactly what I thought.) http://eikaiwa.dmm.com/uknow/questions/3817/

(this is not what i had in mind) http://eikaiwa.dmm.com/uknow/questions/4621/

(pulled muscle 肉離れ) http://eikaiwa.dmm.com/uknow/questions/2220/

(mold) http://eikaiwa.dmm.com/uknow/questions/2700/

(day night reveasal) http://eikaiwa.dmm.com/uknow/questions/1975/

(catch up to you 追いつく) http://eikaiwa.dmm.com/uknow/questions/576/

(open 365 days a year, 7 days a week) http://eikaiwa.dmm.com/uknow/questions/2682/

(zipper is undone)http://eikaiwa.dmm.com/uknow/questions/159/

(That's a bit iffy 返答出来ない) http://eikaiwa.dmm.com/uknow/questions/178/

(おまけ) http://eikaiwa.dmm.com/uknow/questions/1716/

(be spoiled as 甘やか) http://eikaiwa.dmm.com/uknow/questions/12972/

(wipe off) http://eikaiwa.dmm.com/uknow/questions/3840/

(glean) http://applecheese.blog58.fc2.com/blog-entry-715.html

(bizzarre) http://www.tsukaueigo.com/archives/bizarre.html

(えこひいき) http://eikaiwa.dmm.com/uknow/questions/1028/

She was determined to make a go of it. / 何とかやっていけるとわかった。

(we sat in the front row. 最前列に) http://www.ncc-g.com/site/survivalenglish/cinema.html

(sort out into) http://eikaiwa.dmm.com/uknow/questions/1605/

(into, hocked) http://eikaiwa.dmm.com/uknow/questions/1126/

(turnstile) http://eikaiwa.dmm.com/uknow/questions/2967/

(freaking me out) http://eikaiwa.dmm.com/uknow/questions/3631/

(a mob of people) http://eikaiwa.dmm.com/uknow/questions/4259/

(healed) http://eikaiwa.dmm.com/uknow/questions/2802/

(between the lines) http://eikaiwa.dmm.com/uknow/questions/1808/

(slept in) http://eikaiwa.dmm.com/uknow/questions/602/

(get along with) http://eikaiwa.dmm.com/uknow/questions/878/

(compensatory day off) http://eikaiwa.dmm.com/uknow/questions/1789/

(diversion) http://eikaiwa.dmm.com/uknow/questions/2083/

(all the thums) http://eikaiwa.dmm.com/uknow/questions/4857/

(in knots) http://eikaiwa.dmm.com/uknow/questions/1646/

(works a schedule) http://eikaiwa.dmm.com/uknow/questions/442/

(vibe) http://eikaiwa.dmm.com/uknow/questions/1366/

(鼻の穴 nostrils) http://eikaiwa.dmm.com/uknow/questions/12539/

(小腹空いた) https://hinative.com/ja/questions/72104

I'm feeling a little hungry.

I'm a bit hungry.

My tummy wants some yummy. (幼児言葉)

(褒める) http://blog.iknow.jp/posts/2449

http://kiwi-english.net/1397

(You have a nice figure スタイルがいい) http://news.mynavi.jp/news/2013/04/26/139/

(I call back you in two days) http://news.mynavi.jp/news/2013/04/22/196/

(濃い顔セイン) http://eikaiwa.dmm.com/uknow/questions/1710/

(鼻むずむず) http://eikaiwa.dmm.com/uknow/questions/1209/

http://eikaiwa.dmm.com/uknow/questions/12434/

(ナンパ) http://eikaiwa.dmm.com/uknow/questions/1619/

(折り紙)http://eikaiwa.dmm.com/uknow/questions/12455/

(穴あき靴下) http://eikaiwa.dmm.com/uknow/questions/12445/

(夜寝れた？) http://eikaiwa.dmm.com/uknow/questions/2750/

(ちょっとまって準備中) http://eikaiwa.dmm.com/uknow/questions/2442/

(だらだらする) http://eikaiwa.dmm.com/uknow/questions/629/

(観覧車) http://eikaiwa.dmm.com/uknow/questions/4811/

(雰囲気 vibe) http://eikaiwa.dmm.com/uknow/questions/1366/

(心に響く) http://eikaiwa.dmm.com/uknow/questions/2048/

(楽しかった) http://eikaiwa.dmm.com/uknow/questions/2724/

(right on shcdule)http://eikaiwa.dmm.com/uknow/questions/1902/

(恩返し) http://eikaiwa.dmm.com/uknow/questions/1021/

(細かいこと) http://eikaiwa.dmm.com/uknow/questions/1004/

(てっきり思い込む) http://eikaiwa.dmm.com/uknow/questions/882/

(反省を活かす) http://eikaiwa.dmm.com/uknow/questions/2338/

(治安) http://eikaiwa.dmm.com/uknow/questions/5247/

(大人っぽい) http://eikaiwa.dmm.com/uknow/questions/396/

(今更聞くけど) http://eikaiwa.dmm.com/uknow/questions/4554/

(運命) http://eikaiwa.dmm.com/uknow/questions/1766/

(落し物) http://eikaiwa.dmm.com/uknow/questions/3052/

(気分上げる)http://eikaiwa.dmm.com/uknow/questions/5465/

(モテそう) http://eikaiwa.dmm.com/uknow/questions/338/

(バタバタ) http://eikaiwa.dmm.com/uknow/questions/675/

(罰ゲーム) http://eikaiwa.dmm.com/uknow/questions/2491/

(ガムテープ) http://eikaiwa.dmm.com/uknow/questions/575/

(お守り) http://eikaiwa.dmm.com/uknow/questions/2611/

(よく言われる) http://eikaiwa.dmm.com/uknow/questions/191/

staffed anaimals) http://eikaiwa.dmm.com/uknow/questions/2863/

(get used to) http://eikaiwa.dmm.com/uknow/questions/2210/

(meet up at Shibuya) http://eikaiwa.dmm.com/uknow/questions/3084/

(焦る) http://eikaiwa.dmm.com/uknow/questions/4836/

(ミーハー) http://eikaiwa.dmm.com/uknow/questions/555/

(なんて日だ) http://eikaiwa.dmm.com/uknow/questions/2287/

(かわいい子) http://eikaiwa.dmm.com/uknow/questions/2489/

(環境を変える) http://eikaiwa.dmm.com/uknow/questions/2344/

(このやろう)http://eikaiwa.dmm.com/uknow/questions/1819/

(come to me こっちに来て) http://eikaiwa.dmm.com/uknow/questions/1857/

(ついてない) http://eikaiwa.dmm.com/uknow/questions/190/

(会話広げる) http://www.berlitz-blog.com/question

(Small Talk) http://tsubasakaiser.com/english/2470/

(力を入れる) http://eikaiwa.dmm.com/uknow/questions/1705/

(初耳) http://eikaiwa.dmm.com/uknow/questions/4173/

(waiters) http://eikaiwa.dmm.com/uknow/questions/4337/

(渋い趣味 very cultured) http://eikaiwa.dmm.com/uknow/questions/2484/

(大きくなったね) http://eikaiwa.dmm.com/uknow/questions/5533/

(インドア派) http://eikaiwa.dmm.com/uknow/questions/961/

(どっか行け) http://eikaiwa.dmm.com/uknow/questions/69/

(バッテリー切れ about to die) http://eikaiwa.dmm.com/uknow/questions/69/

(あっという間 time flew) http://eikaiwa.dmm.com/uknow/questions/802/

(声出ない) http://eikaiwa.dmm.com/uknow/questions/663/

(しいて言えば) http://eikaiwa.dmm.com/uknow/questions/3709/

(burp) http://eikaiwa.dmm.com/uknow/questions/1913/

(No littering) http://eikaiwa.dmm.com/uknow/questions/1934/

(いい事あった？) http://eikaiwa.dmm.com/uknow/questions/128/

(最高) http://eikaiwa.dmm.com/uknow/questions/420/

(重視する)http://eikaiwa.dmm.com/uknow/questions/2827/

(絵に描いたようなセイン) http://eikaiwa.dmm.com/uknow/questions/1687/

(親孝行) http://eikaiwa.dmm.com/uknow/questions/5200/

(口癖)http://eikaiwa.dmm.com/uknow/questions/2465/

(強風) http://eikaiwa.dmm.com/uknow/questions/4058/

(しつこい) http://eikaiwa.dmm.com/uknow/questions/1858/

(空気を読む)http://eikaiwa.dmm.com/uknow/questions/212/

(電波 reception)http://eikaiwa.dmm.com/uknow/questions/1685/

(気まずい awkward) http://eikaiwa.dmm.com/uknow/questions/3204/

(間食する) http://eikaiwa.dmm.com/uknow/questions/6507/

I snack foods between meal.

You're part timer is dextereous. / とても器用だね

(Hapa コクがある) http://hapaeikaiwa.com/2016/02/09/%E8%8B%B1%E8%AA%9E%E3%81%A7%E3%80%8C%E3%81%82%E3%81%A3%E3%81%95%E3%82%8A%E5%91%B3%E3%80%8D%E3%81%A8%E3%80%8C%E3%81%93%E3%81%A3%E3%81%A6%E3%82%8A%E5%91%B3%E3%80%8D/

(maybe you say maybe too often)http://toyokeizai.net/articles/-/71319?page=4

(脱毛) http://listn.me/20150128/1150/?ref=related

(遠恋) http://listn.me/20150106/893/?ref=related

(５月病)http://listn.me/20150518/2633/?ref=related

(イケメン) http://listn.me/20150617/4067/?ref=related

(ladyFirst) http://listn.me/20150703/4676/?ref=related

(就活) http://listn.me/20141209/432/?ref=related

(異性友人)http://listn.me/20150803/5635/

(英語失恋)http://listn.me/20150924/6273/?ref=related

(冒頭のみ英語シャツ) http://listn.me/20150709/4962/?ref=related

(stuck in, Luke)http://www.eigowithluke.com/2011/02/english-thanks/

Eye candy 目の保養

http://www.caimedia.jp/experiences/

http://phil-portal.com/english-listening/

http://phil-portal.com/useful-short-phrase/

http://mysuki.jp/english-slang-3833

http://phil-portal.com/useful-english-phrases/

https://american-phrases.blogspot.com/

http://phil-portal.com/english-expression/

http://phil-portal.com/useful-slangs/

Fuck

http://phil-portal.com/slang-fuck/

http://josei-bigaku.jp/eigo0902/

https://www.koieigo.com/354.html

https://www.koieigo.com/433.html

Recommend Music

http://phil-portal.com/study-english-foreign-music/

Listneing

http://phil-portal.com/youtube-study-english/

(野球用語) https://books.google.com/books?id=hcecBgAAQBAJ&pg=PT41&lpg=PT41&dq=%E5%88%87%E3%82%8C%E3%81%AE%E3%81%82%E3%82%8B%E5%8B%95%E3%81%8D%E3%80%80%E8%8B%B1%E8%AA%9E&source=bl&ots=u4gnkkfugK&sig=yS7CxMY1WZjwGY1SqNDWk0t4hOo&hl=ja&sa=X&ved=0ahUKEwjUofLetuXOAhVCqB4KHWhTBGo4FBDoAQhDMAY#v=onepage&q=%E5%88%87%E3%82%8C%E3%81%AE%E3%81%82%E3%82%8B%E5%8B%95%E3%81%8D%E3%80%80%E8%8B%B1%E8%AA%9E&f=false

2017-06-05

マクロ＆マイクロ経済　メモ

Macro Econ

[Macro Econ]

http://keizaigaku.jp/macro/

問題１

Mixed Economyとよばれる理由は？

輸入と同様に国内で生産した商品を消費するから
商品、サービス両方を消費するから
private sectorとpublic sectorがあるから

解答

問題２

自由市場経済システムの特徴でないものは？

competition
government planning and regulation
the invisible hand
the price mechanism

解答

問題３

Adam Smithはpublic interestが...することが最も良いやり方だと思っている。

政府にもっと商品、サービスを生産させる
人々に彼ら自身のselfish interestを追わせること

解答

問題４

自由経済システム(A free market economic system)は...に関してとても良い働きをする。

both equity and efficiency
efficiency, but not equity

解答

問題５

正しい文はどれか？

No country could be classified as having a communist economic system
It could be argued that every nation has a mixed economy

解答

問題６

Adam Smith believed people are guided by all of the following except:

the profit motive
self interest
the public good
the invisible hand

解答

問題７

The price system is based on

government regulation
the interaction of the forces of supply and demand

解答

問題８

In the U.S, nearly all resources are owned by

the government
business firms
individuals
foreigners

解答

問題９

In the circular flow model, wages, rent, interest, and profits flow from

business firms to households
households to business firms

解答

問題１０

In the circular flow model, land, labor, capital, and entrepreneurial ability flow from

business firms to households
households to business firms

解答

問題１１

経済的機能で適切な流れを現しているものは？

Spending, wants and needs, production, income
Wants and needs, production, income, spending
Production, income, spending, wants and needs
Income, spending, wants and needs, production

解答

問題１２

次のどれが自由経済システムのpotential failureか？

The breakdown of competitive markets
The failure of the market system to deal with equity
The failure of the market system to address externalities
The failure of the market system to provide public goods
All of the above

解答

問題１３

Federal tax revenueの最も大きな財源は

personal income tax
corporate income tax
national sales tax

解答

問題１４

最も重要なlocal tax revenueの財源は

Property
Income
Excise
Sales

解答

問題１５

次のうち投資でないものは？

100株購入
新工場の建設

C.新しい配達トラックの購入

resale用の在庫を購入

解答

問題１６

アメリカは他国と比べて税金負担感は

より高い税率
いくらか高い税率
それほど高くない

解答

問題１７

Gross investmentとは

＋ depreciation = net investment
- depreciation = net investment

解答

問題１８

ABC大学の授業料が上がって、他の料金が変わらない時、“low of demand”が示すことは

ABC大学の授業のdemandは下がる
demandされているクラスのquantityはABC大学で下がるだろう

解答

問題１９

In the market for web design services, an increase in the number of people with web designing skills will increase

An increase in the equilibrium price and a decrease in the equilibrium
A decrease in the equilibrium price and an increase in the equilibrium quantity

解答

問題２０

もしタコスを作るために使うレタスの価格が上がったら、タコスのequilibrium priceは...そしてequilibrium quantityは...

rises, increases
rises, decreases

解答

問題２１

世界の最も大きな輸出国は

Japan
The U.K
U.S. and Germany

解答

問題２２

The trading block that has come closest to eliminating all internal tariffs is

the European Union
NAFTA
Mercosur
The World Trade Organization

解答

問題２３

Which of the following is a tool of fiscal policy?

Government purchases of goods and services
Taxation
Transfer Payments
All of the above

解答

問題２４

If the economy is at equilibrium at less than full employment, fiscal policy would dictate that

government should increase taxes and decrease total spending
government should reduce income transfers
government should provide some sort of fiscal stimulus
government should initiate fiscal restraint

解答

問題２５

Assume the economy is operating at $100 bilion less than full employment equilibrium. If the macro MPC is 0.80, how much will the government have to increase purchases of goods and services to bring the economy to full employment?

$5 bilion
$20billion
$40 billion

解答

問題２６

政府が...する時”Crouding Out”が起きる

increases taxes, thus causing a decrease in consumption
issues debt, thus making it more difficult for the private sector to issue debt

解答

問題２７

fiscal policyに不可欠なものは...を含む

determining how much aggregate demand needs to be increased or reduced
understanding of the impact of the MPC and the multiplier
Selecting the appropriate policy tools needed to induced the required increase or reduction
All of the above

解答

問題２８

fiscal policyの意思決定を伴う議論の領域はどれか

Size of government
Temporary or [ermanent spending
Sector impact
All of the above

解答

問題２９

Fiscal policyとMonetary policyは

different means used to attain different goals
different means used to attain the same goals

解答

問題３０

Automatic stabilizerでないものは次のうちどれか

unemployment compensation
direct taxes
welfare payments
Social Security Benefits

解答

問題３１

Autimatic stabilizerは...する傾向にある。

help smooth out the business
make the business cycle worse

解答

問題３２

Price levelの変化によって調節されるGDPは

real GDP
nominal GDP

解答

問題３３

もし消費者が追加で受け取った収入の中から90セント支出するなら

The APS is 0.90
The MPC is 0.90
The MPS is 0.10
Both C and D

解答

問題３４

MPC(Marginal Propensity to Consume)とは

average consumption per dollar of income
additional consumption because of additional income

解答

問題３５

次のうち間違っているものはどれか

MPC + MPS =1
APC + APS =1
MPS = MPC + 1
1 - APS = APC
1 - MPC =- MPS

解答

問題３６

市場経済の価格は...がbaseになる

government regulation
the interaction of suply and demand

解答

問題３７

Real GDPとは...の変化を測定するもの

Prices
Wages
Production

解答

問題３８

GDPの消費者部門について正しいもの

The consumer sector is the largest sector of GDP
The consumer sector maintains the economy
The consumer sector cannot on its own generate economic growth
All of the above

解答

問題３９

GDPの国際的な比較は難しい...のため

differentcountries use different national income accounting methd
changing currency exchange rates may hide real differences in the GDP of different nations
data provided by other countries just may not be reliable
All of the above

解答

問題４０

国の社会的安定は

is best measured by per captia GDP
always increases when real GDP increases

解答

機会があれば、経済学者の本を読む

John Stuart Mills, Adam Smithなど

なぜGDP？

Law of Supply, Law of Demandについて

[Micro Econ]

問題１

土地は...で最も効率的に使用される

cities
suburban areas
rural areas
industrial areas

解答

問題２

特定の市場の労働者のdemandは

the sum of all the individual labor supply curves
the sum of all the firms’ MRP curves
the sum of all the individual labor supply curves and all the firms’ MRP curves

解答

問題３

特定の部分的土地に支払われる家賃は,,,に基づく

the supply of the land
the buildings located on that land
the MRP schedule of the highest bidder

解答

問題４

土地の供給は...である

perfectly elastic
relatively elastic

解答

問題５

もし最低賃金が廃止されたら、marginal workersに対する賃金率は...だろう

fall and the employment rate will fall
fall and the employment rate will rise

解答

問題６

最後に雇用された労働者の(MRP)が賃金よりも低かった場合、企業は...をする

hired too many workers
hired too few workers

解答

問題７

労働者の生産性をあげるのに最も効果的なやり方は...である

increase capital
increase labor
lower capital

解答

問題８

marginal landにある賃料は...である

very high
above zeo
zero

解答

問題９

自動化は雇用のレベルを上げるだろう、もし...であれば。

out put effect is equal to the substitution effect
output effect is less than the substitution effect
substitution effect is greater than the output effect
output effect is greater than the substitution effect

解答

問題１０

自動化は雇用のレベルを下げるだろう、もし...であれば。

substitution effect of automation is greater than the output effect
substitution effect of automation is automation is equal to output effect

解答

問題１１

土地の供給は..

is fixed
varies from time to time
rises with demand

解答

問題１２

医師は他の専門職の人達よりも稼ぐことが出来る。なぜなら

they need to be compensated for all those years they spent in school
they are in short supply relative to the demand for their services
it costs a lot more to be a doctor...office expenses, support staff, and malpractice insurance...than it does to be in almost any other profession

解答

問題１３

Marginal Cost...として定義される

the change in average total cost that results from producing one more unit of output
the change in total cost that results from producing one more unit of output

解答

問題１４

Total utilityが増加している限り、marginal utilityは...だとわかる

positive
decreasing
increasing

解答

問題１５

商品の価格が下がる時、

the consumer surplus rises
the consumer surplus falls

解答

問題１６

Ptice Gouging唯一起こる...の時

there is a natural disaster
buyers are poorly informed about market conditions
some buyers are willing to pay the asking price, however high

解答

問題１７

Price = $14, Quantity = 1, Marginal Utility = ?, Total Utility = ?

Price = $12, Quantity = 2, Marginal Utility = ?, Total Utility = ?

Price = $10, Quantity = 3, Marginal Utility = ?, Total Utility = ?

解答

MU = 14, TU = 14

MU = 12, TU = 26

MU = 10, TU = 36

問題１８

完全競争のrequirementは

many firms sell an identical product to many buyers
there are no restrictions on entry into the market, and established firms have no advantage over new firms
sellers and buyers are well informed about prices
All of the above