"Equity Investments":Characteristics of physical assets
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Questions 1:
Which of the following is most likely a characteristic of real assets?
A 、Substantial management costs
B 、High liquidity
C、 Homogeneity
Questions 2:
A Japanese exporter will sell US dollars for Japanese yen in the quote-drivencurrency markets. Which of the following statements best describes her currency exchange transactions?
A、 Her counterparties are dealers.
B 、She will pay commissions for exchange services.
C、 This currency exchange transaction takes place in organized exchanges.
A is correct. Real assets are characterized by illiquidity, not high liquidity. The heterogeneity of real assets, their illiquidity, and the substantial costs of managing them are all factors that complicate the valuation of real assets.
B is incorrect. Real assets are characterized by illiquidity, not high liquidity.
C is incorrect. Real assets are characterized by heterogeneity, not homogeneity
A is correct. In the quote-driven currency markets, dealers are counterparties to currency exchange transactions.
B is incorrect. A Japanese exporter pays no fee or commission to dealers. Dealers will profit from the bid–ask spreads.
C is incorrect. In the quote-driven currency markets, currency exchange transactions take place in the over-the-counter, not organized, exchanges.
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