国际经济学的国际金融部分的选择题练习.docx

国际经济学的国际金融部分的选择题练习.docx

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国际经济学的国际金融部分的选择题练习

Chapter13:

TheBalanceofPayments

Multiple-choiceQuestions:

1.Whichofthefollowingisfalse?

A.Acredittransactionleadstoapaymentfromforeigners

B.Adebittransactionleadstoapaymenttoforeigners

*C.Acredittransactionisenteredwithanegativesign

D.Double-entrybookkeepingreferstoeachtransactionenteredtwice.

2.Whichofthefollowingisadebit?

A.Theexportofgoods

B.Theexportofservices

*C.Unilateraltransfersgiventoforeigners

D.Capitalinflows

3.Capitalinflows:

A.refertoanincreaseinforeignassetsinthenation

B.refertoareductioninthenation'sassetsabroad

C.leadtoapaymentfromforeigners

*D.alloftheabove

4.WhenaU.S.firmimportsgoodstobepaidinthreemonthstheU.S.credits:

A.thecurrentaccount

B.unilateraltransfers

*C.capital

D.officialreserves

5.ThereceiptofaninterestpaymentonaloanmadebyaU.S.commercialbanktoaforeignresidentisenteredintheU.S.balanceofpaymentsasa:

A.creditinthecapitalaccount

*B.creditinthecurrentaccount

C.creditinofficialreserves

D.debitinunilateraltransfers

6.ThepaymentofadividendbyanAmericancompanytoaforeignstockholderrepresents:

A.adebitintheU.S.capitalaccount

B.acreditintheU.S.capitalaccount

C.acreditintheU.S.officialreserveaccount

*D.adebitintheU.S.currentaccount

7.WhenaU.S.firmimportsagoodfromEnglandapaysforitbydrawingonitspound

sterlingbalancesinaLondonBank,theU.S.debitsitscurrentaccountandcreditsits:

A.officialreserveaccount

B.unilateraltransfersaccount

C.servicesinitscurrentaccount

*D.capitalaccount

8.WhentheU.S.shipsfoodaidtoadevelopingnation,theU.S.debits:

*A.unilateraltransfers

B.services

C.capital

D.officialreserves

9.Whentheresidentofaforeignnation

（1）sellsaU.S.stockand

（2）depositstheproceedsinaU.S.bank,theU.S.:

A.creditscapitalfor

（1）anddebitscapitalfor

（2）

B.creditsthecurrentaccountanddebitscapital

C.debitscapitalandcreditsofficialreserves

*D.debitscapitalfor

（1）andcreditscapitalfor

（2）

10.WhenaU.S.resident

（1）purchasesforeigntreasurybillsandpaysby

（2）drawingdownhisbankbalancesabroad,theU.S.:

A.debitsshort-termcapitalandcreditsofficialreserves

*B.debitscapitalfor

（1）andcreditscapitalfor

（2）

C.debitsofficialreservesandcreditscapital

D.creditsshort-termcapitalanddebitsofficialreserves

11.FromtheU.S.pointofview,drawingon（reducing）foreignbankbalancesinaNewYorkbankrepresentsa:

A.capitalinflow

*B.capitaloutflow

C.outflowofofficialreserves

D.debitinthecurrentaccount

12.WhichisnotanofficialreserveassetoftheU.S.?

A.U.S.holdingsofSpecialDrawingRights

B.TheU.S.reservepositionintheInternationalMonetaryFund

*C.ForeignofficialholdingsofU.S.dollars

D.OfficialholdingsofforeigncurrenciesbyU.S.monetaryauthorities

13.ThecapitalaccountoftheU.S.includes:

A.thechangeinU.S.assetsabroadandforeignassetsintheU.S.

*B.thechangeinU.S.assetsabroadandforeignassetsintheU.S.,otherthanofficialreserveassets

C.allfinancialassets

D.allbutcurrentaccounttransactions

14.Accommodatingitemsare:

A.transactionsinofficialreserveassets

B.theitemsbelowtheline

C.neededtobalanceinternationaltransactions

*D.alloftheabove

15.Whichofthefollowingisfalse?

*A.anetdebitbalanceinthecurrentandcapitalaccountsmeasuresthesurplusinthenation'sbalanceofpayments

B.abalanceofpaymentsdeficitmustbesettledbyanetcreditintheofficialreserveaccount

C.adeficitinthebalanceofpaymentscanbemeasuredbytheexcessofcreditsoverdebitsintheofficialreserveaccount

D.anetdebitbalanceintheofficialreserveaccountreferstoasurplus

思考题：

以2009年中美两国国际收支平衡表为例，分析两国国际经济交易呈现出哪些不同特征？

战后美国出现大的贸易失衡，其原因和影响是什么？

中国的外汇储备量世界第一，其原因是？

有何利弊？

Chapter14:

ForeignExchangeMarketsandExchangeRates

Multiple-choiceQuestions:

1.Whichisnotafunctionoftheforeignexchangemarket?

A.totransferfundsfromonenationtoanother

B.tofinancetrade

*C.todiversifyrisks

D.toprovidethefacilitiesforhedging

2.Anincreaseinthepoundpriceofthedollarrepresents:

*A.anappreciationofthedollar

B.adepreciationofthedollar

C.anappreciationofthepound

D.adevaluationofthedollar

3.Achangefrom$1=€1to$2=€1represents

*A.depreciationofthedollar

B.anappreciationofthedollar

C.adepreciationofthepound

D.noneoftheabove

4.Ashortageofpoundsunderaflexibleexchangeratesystemresultsin:

A.adepreciationofthepound

*B.adepreciationofthedollar

C.anappreciationofthedollar

D.nochangeintheexchangerate

5.Aneffectiveexchangerateisa:

A.spotrate

B.forwardrate

C.flexibleexchangerates

*D.weightedaverageoftheexchangeratesbetweenthedomesticcurrencyandthenation'smostimportanttradepartners

6.Theexchangerateiskeptwithinnarrowlimitsindifferentmonetarycentersby:

A.hedging

*B.exchangearbitrage

C.interestarbitrage

D.speculation

7.IfSR=$1/€1andthethree-monthFR=$0.99/€1:

*A.theeuroisatathree-monthforwarddiscountof1%

B.theeuroisataforwarddiscountof1%peryear

C.theeuroisatathree-monthforwardpremiumof1%

D.thedollarisatathree-monthforwarddiscountof1%

8.Hedgingrefersto:

A.theacceptanceofaforeignexchangerisk

*B.thecoveringofaforeignexchangerisk

C.foreignexchangespeculation

D.foreignexchangearbitrage

9.AU.S.importerscheduledtomakeapaymentof€100,000inthreemonthscanhedge

hisforeignexchangeriskby:

A.purchasing$100,000intheforwardmarketfordeliveryinthreemonths

B.selling€100,000inthespotmarketfordeliveryinthreemonths

*C.purchasing€100,000intheforwardmarketfordeliveryinthreemonths

D.selling€100,000inthespotmarketfordeliveryinthreemonths

10.Ifthethree-monthFR=$1/€1andaspeculatoranticipatesthatSR=$1.02/€1inthree

months,hecanearnaprofitby:

A.sellingeurosforward

*B.purchasingeurosforward

C.sellingdollarsforward

D.purchasingdollarsforward

11.Destabilizingspeculationreferstothe:

*A.saleoftheforeigncurrencywhentheexchangeratefallsorislow

B.purchaseoftheforeigncurrencywhentheexchangeratefallsorislow

C.saleoftheforeigncurrencywhentheexchangeraterisesorishigh

D.alloftheabove

12.AcapitaloutflowfromNewYorktoFrankfurtundercoveredinterestarbitragecantakeplaceiftheinterestdifferentialinfavorofFrankfurtis:

A.smallerthantheforwarddiscountontheeuro

B.equaltotheforwarddiscountontheeuro

*C.largerthantheforwarddiscountontheeuro

D.noneoftheabove.

13.Accordingtothetheoryofcoveredinterestarbitrage,iftheinterestdifferentialinfavoroftheforeigncountryexceedstheforwarddiscountontheforeigncurrency,therewillbea:

A.capitalinflowundercoveredinterestarbitrage

*B.capitaloutflowundercoveredinterestarbitrage

C.nocapitalflowunderacoveredinterestarbitrage

D.anyoftheabove

14.Whentheinterestdifferentialinfavoroftheforeigncountryisequaltotheforward

premiumontheforeigncurrency,we:

A.areatcoveredinterestarbitrageparity

*B.arenotatcoveredinterestarbitrageparity

C.mayormaynotbeatcoveredinterestarbitrageparity

D.wecannotsaywithoutadditionalinformation

15.Thecurrencyofthenationwiththelowerinterestrateisusuallyata

*A.forwardpremium

B.forwarddiscount

C.coveredinterestarbitrageparity

D.anyoftheabove

思考题：

1.我国外汇市场与美国等发达国家的外汇市场相比有什么不同？

为什么？

2.为什么在浮动汇率之下国际收支逆差或顺差的测度并不是十分适当的？

3.如何看待以美国为首的国家要求人民币升值问题？

4.如何看待人民币国际化的前景？

Chapter15:

ExchangeRateDetermination

Multiple-choiceQuestions:

1.WhichiscorrectwithrespecttotheabsolutePPPtheory?

A.Itpostulatesthattheexchangeratebetweentwocurrenciesisequaltotheratioofthepricelevelsinthetwonations

B.itdoesnottakeintoconsiderationtransportationcostsorotherobstructionstotheflowofinternationaltrade

C.canbeverymisleading

*D.alloftheabove

2.Therelativepurchasingpower-paritytheorypostulatesthat:

A.Theequilibriumexchangerateisequaltotheratioofthepricelevelinthetwonations

*B.thechangeintheexchangerateoveraperiodoftimeshouldbeproportionaltotherelativechangeinthepricelevelinthetwonationsoverthesametimeperiod

C.thechangeintheexchangerateoveraperiodoftimeshouldbeproportionaltotheabsolutechangeinthepricelevelinthetwonationsoverthesametimeperiod

D.theexchangerateataperiodoftimeshouldbeproportionaltotherelativepricesinthetwonations

3.TherelativePPPtheorygivesbetterresults:

*A.inthelongrunthanintheshortrun

B.whenstructuralchangestakeplace

C.thegreateristhelevelofcommodityaggregation

D.intestsincludingdevelopedanddevelopingcountries

4.Themonetaryapproachtothebalanceofpayments:

A.viewsthebalanceofpaymentsasanessentiallymonetaryphenomenon

B.restsonthepurchasingpower-paritytheory

C.postulatesthatmoneyplaysthecrucialroleinthelongrunbothasadisturbanceandadjustmentinthenation'sbalanceofpayments

*D.alloftheabove

5.Ifanation'smoneyGDPis100andthevelocityofcirculationofmoneyis4,thequantitydemandedofmoneyinthenationis:

A.20

*B.25

C.50

D.100

6.Themonetarybaseofthenationreferstothe:

A.domesticcreditcreatedbythenation'smonetaryauthoritiesorthedomesticassetsbackingofthenation'smoney