26. The Boston Book Inc. has adopted a policy of increasing its annual dividend at a constant rate of 1.35% annually. The company just paid its annual dividend of $1.84 this year. What will the dividend be after nine years from now?
(A) $2.10
(B) $2.08
(C) $2.05
(D) $2.02

22. Which of the following is NOT a function of currency? (A) Unit of account (B) Store of value (C) Deferred payment (D) A credit indenture

23. The Euro (EUR) is the official currency of 19 of the 27 member states of the European Union. Which of the following is a disadvantage of a single-currency area? (A) Elimination of costs of converting currencies (B) Adjustment to asymmetric shocks (shocks that have different effects on various member countries) (C) Elimination of uncertainties associated with possible exchange rate realignments and fluctuations within the permitted band (D) A lower average rate of inflation (provided that the European Central Bank is truly independent from short-term political considerations)

24. In a country, its national income at current prices is $24 billion and the money supply is $8 billion in 2019. The national income at base-year prices is $12 billion. What are the velocity of circulation and the price index, respectively? (A) velocity of circulation = 3, price index = 0.5 (B) velocity of circulation = 2, price index = 3 (C) velocity of circulation = 3, price index = 2 (D) velocity of circulation = 0.33, price index = 0.5 

25. Since Taiwan is not a member of the International Monetary Fund, the Central Bank of the ROC (Taiwan) tends to control financial flows and sets exchange rate target zones. Which of the following features would be most likely found in this system?  (a) Currencies would be allowed to fluctuate within bands.  (b) These bands would be very narrow, say no more than ±1%.  (c) Central parity among currencies with Taiwan Dollar would be set so as to maintain it at the “fundamental equilibrium exchange rate.”  (d) The central parity would be adjusted very infrequently.  (e) There would be “soft buffers,” with exchange rates occasionally allowed to move outside their bands. (A) (b) and (d) (B) (a), (c), and (e) (C) (a), (b), and (c) (D) (c) and (d)

27. You own 850 shares of the Taiwan Semiconductor Manufacturing Company’s stock valued at $53.15 per share. What is the dividend yield if your total annual dividend income is $1,256? (A) 2.78% (B) 2.67% (C) 2.13% (D) 1.83%

28. Which of the following assets is the largest asset item on a commercial bank’s balance sheet? (A) Securities (B) Cash (C) Loans (D) Bank Premises 

29. If growth is to be funded by internal expansion, the firm will need to increase both its productive capacity (by investment) and the demand for its product (by advertising). Both will require financing. Which of the following ways can be used by a firm to finance such expansion?  (a) borrowing  (b) sales of the land and properties  (c) a new issue of shares  (d) letting off more employees  (e) retained profits. (A) (a), (c), and (e) (B) (a), (b), and (d) (C) (a), (b), and (c) (D) (c), (d), and (e)

30. David has a deposit of NT$100,000 for a five-year investment, and he wishes to receive returns in New Taiwan Dollars (TWD). Which of the following investments is the best for him? (A) A time deposit with an annual interest rate of 1% (B) A deposit of US Dollars with an annual interest rate of 3% (exchange rate: 1 USD equals 30 TWD； exchange fee: 1%) (C) Stocks with a 50% chance to rise by 10% together with a 50% chance to decline by 10% (D) A life insurance package that guarantees a return of NT$115,000 if David has a 95% chance to live 5 more years 

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