国际金融双语期末A卷2.docx

国际金融双语期末A卷2.docx

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国际金融双语期末A卷2

专业、班级：

学号：

姓名：

密封线

浙江财经学院2009～2010学年第一学期

《国际金融（双语）》课程期末考试试卷（A卷）

考核方式：

闭卷考试日期：

2010年07月09日

适用专业、班级：

08国际贸易1、2、3

题号

一

二

三

四

五

六

七

八

九

十

总分

得分

评卷人

（共4大题）

PartI:

Multiplechoice（1*30=30score）

（onlyonechoiceforeachquestion）

1.Whichofthefollowingtransactionsisrecordedinthefinancialaccount?

A）FordmotorcompanybuildsanewplantinChina

B）AChinesebusinessmanimportsFordautomobilesfromtheUnitedStates.

C）AU.S.touristspendsmoneyonatriptoChina.

D）TheNewYorkYankeesarepaid$10millionbytheChinesetoplayanexhibitiongameinBeijing,China.

2.Inthebalanceofpayments,thestatisticaldiscrepancyorerrortermisusedto:

A）Ensurethatthesumofalldebitsmatchesthesumofallcredits.

B）Ensurethatimportsequalthevalueofexports.

C）Obtainanaccurateaccountofabalance-of-paymentsdeficit.

D）Obtainanaccurateaccountofabalance-of-paymentssurplus.

3.Adeficitintheoverallbalancegenerallyisanindicationthat:

A）Thecountry’smonetaryauthoritiesweresellingforeigncurrency.

B）Thecountry’smonetaryauthoritieswerebuyingforeigncurrency.

C）Thecountry’smonetaryauthoritieswerebuyingdomesticcurrency.

D）Thecountry’smonetaryauthoritieswerebuyingimportedgoods.

4.SupposethataKoreantelevisionsetthatcosts600woninKoreacosts$400intheUnitedStates.Thesepricessuggestthattheexchangeratebetweenthewonandthedollaris:

A）1.5wonperdollar

B）0.75wonperdollar

C）$1.50perwon

D）$3perwon

5.TotheUS,U.S.capitalinflowswillcreatea__________foreigncurrencyanda__________U.S.dollars.

A）Demandfor;supplyof

B）Supplyof;demandfor

C）Shortageof;demandfor

D）Supplyof;shortageof

6.U.S.importsofgoodsandserviceswillcreatea__________foreigncurrencyanda__________U.S.dollars.

A）Demandfor;supplyof

B）Supplyof;demandfor

C）Shortageof;demandfor

D）Supplyof;shortageof

7.Ifthespotpriceoftheeurois$1.10pereuroandthe30-dayforwardrateis$1.00pereuro,andyoubelievethatthespotratein30dayswillbe$1.05pereuro,youcanmaximizespeculativegainsby:

A）Buyingeurosinthespotmarketandsellingtheeurosin30daysatthefuturespotrate.

B）Signingaforwardforeignexchangecontracttoselltheeurosin30days.

C）Signingaforwardforeignexchangecontracttosellthedollarsin30days.

D）Buyingdollarsinthespotmarketandsellingthedollarsin30daysatthefuturespotrate.

8.AssumeyouareaChineseexporterandexpecttoreceive$250,000attheendof60days.Youcanremovetheriskoflossduetoadevaluationofthedollarby:

A）Sellingdollarsintheforwardmarketfor60-daydelivery.

B）Buyingdollarsnowandsellingitattheendof60days.

C）Sellingtheyuanequivalentintheforwardmarketfor60-daydelivery.

D）KeepingthedollarsintheUnitedStatesaftertheyaredeliveredtoyou.

9.TheinterestrateintheU.K.is4%for90days,thecurrentspotrateis$2.00/£andtheforwardrateis$1.96/£.Ifthecoveredinterestratedifferentialisabout1%,thentheinterestrateintheU.S.for90dayswouldhavetobe:

A）7%

B）4%

C）3%

D）2%

10.Ifthecoveredinterestdifferentialiszero:

A）Internationalinvestmentswillbeunprofitable.

B）Parityhasnotbeenreached.

C）Theoverallcoveredreturnonaforeign-currencyinvestmentequalsthereturnonacomparabledomestic-currencyinvestment.

D）Acurrencyisataforwardpremiumbyasmuchasitsinterestrateishigherthantheinterestrateintheothercountry.

11.Whenuncoveredinterestparityholds:

A）Acurrencyisexpectedtoappreciatebyasmuchasitsinterestrateislowerthantheinterestrateintheothercountry.

B）Acurrencyisexpectedtoappreciatebyasmuchasitsinterestrateishigherthantheinterestrateintheothercountry

C）Acurrencyisexpectedtodepreciatebyasmuchasitsinterestrateislowerthantheinterestrateintheothercountry

D）Theforwardpremiumequalstheinterestratedifferential.

12.InternationalFisherEffectreferstotheconditionwhen:

A）Covereddifferentialequalszero.

B）Expecteduncovereddifferentialequalszero.

C）Uncoveredinterestparityholds.

D）Both（B）and（C）.

13.__________purchasingpowerparitystatesthatthedifferencebetweenchangesovertimeinproduct-pricelevelsintwocountrieswillbeoffsetbythechangeintheexchangerateoverthistime.

A）Full

B）Partial

C）Relative

D）Absolute

14.The__________approachtoexchangeratesemphasizestheimportanceofthesupplyanddemandformoneyasakeytounderstandingthedeterminantsofexchangerates.

A）Purchasing-power-parity

B）Assetmarket

C）Monetary

D）Balanceofpayments

15.BasedonPPPandthequantitytheoryofmoney,ifJapan’srealincomerisesrelativetorealincomeintheUS,thereshouldbea（n）:

A）Appreciationofthedollar.

B）Appreciationoftheyen.

C）Interestrateparity.

D）Depreciationoftheyen.

16..The__________effectcansometimesbedestabilizingbecauseitmovestheexchangerateawayfromitslong-runequilibriumvalue.

A）Bandwagon

B）Bubble

C）Exchangerate

D）Arbitrage

17.Thelawof__________statesthataproductthatiseasilyandfreelytradedinaperfectlycompetitiveglobalmarketshouldhavethesamepriceeverywhere.

A）Internationaltrade

B）Oneprice

C）Diminishingreturns

D）RelativePPP

18..Accordingtotherelativeversionofpurchasingpowerparity,whentheforeigncountryinflationrateincreases,thehomecountry’s:

A）Currencytendstodepreciate.

B）Currencytendstoappreciate.

C）Inflationratetendstodecrease.

D）Inflationratetendstostaythesame.

19..Whichofthefollowingareinplacewhengovernmentimposeslimitsonorrequiresapprovalsforpaymentsrelatedtosome（orall）internationalfinancialactivities?

A）Exchangecontrols.

B）Capitalcontrols.

C）Officialinterventions.

D）Adjustablepegs.

20.PressuresintheforeignexchangemarketaresuchastocausetheBritishpoundtoappreciatewithrespecttotheU.S.dollar.IfBritainistryingtomaintainafixedexchangeratewithrespecttotheU.S.dollar,whichofthefollowinginterventionswillstemthepressuresforappreciationofthepound?

A）Britainshouldsellpoundsandbuydollars.

B）Britainshoulddonothingasafixedratewillnotchange.

C）Britainshouldbuypoundsandselldollars.

D）Britainshoulddecreasetheirmoneysupplytocontracttheeconomy.

21.Facedwitheverincreasingoutflowsofgoldinthelate1960’s,theUnitedStates:

A）Usedcontractionaryfiscalpoliciestoridthenationofdeficits.

B）Devaluedthedollarintermsofgold.

C）Suspendedtheconvertibilityofdollarsintogold.

D）Imposedforeignexchangecontrols.

22..Ifthemarginalpropensitytosaveis0.3andthemarginalpropensitytoimportis0.1,andthegovernmentincreasesexpendituresby$10billion,ignoringforeign-incomerepercussions（回流效应）,howmuchwillGDPrise?

A）$20billion.

B）$10billion.

C）$25billion.

D）$15billion.

23.TheIScurveillustrates:

A）Allcombinationsofdomesticoutputlevelsandinterestratesforwhichthedomesticproductmarketisinequilibrium.

B）Allcombinationsofdomesticoutputlevelsandinterestratesforwhichthedomesticmoneymarketisinequilibrium.

C）Allcombinationsofdomesticoutputlevelsandinterestratesthatresultsinazerobalanceforthecountry’sofficialsettlementsbalance.

D）Allcombinationsofdomesticoutputlevelsandinterestratesforwhichthereisfullemployment.

24.TheLMcurvehasa:

A）Positiveslopebecauseahigherinterestrateleadstoadecreaseinthedemandformoneyandthusahigherlevelofdomesticproductionisneededtocausepeopletocontinuetoholdthesameamountofmoney.

B）Negativeslopebecauseahigherinterestrateleadstoadecreaseinthedemandformoneyandthusahigherlevelofdomesticproductionisneededtocausepeopletocontinuetoholdthesameamountofmoney.

C）Negativeslopebecauseahigherinterestrateleadstoadecreaseinaggregatedemandandthusalowerlevelofdomesticproductionisneededforequilibrium.

D）Positiveslopebecauseahigherinterestrateleadstoadecreaseinaggregatedemandandthusahighermoneysupplyisneededforequilibrium.

25.Officialinterventionintheforeignexchangemarkettodefendafixedexchangeratewhenthevalueofdomesticcurrencyisunderdownwardpressure:

A）Causesinternationalreserveholdingstorise.

B）Hasnoimpactonthedomesticmoneysupply.

C）Causesthedomesticmoneysupplytorise.

D）Causesthedomesticmoneysupplytofall.

26.Floatingexchangeratesensure:

A）Fullemploymentdomestically.

B）Domesticpricestability.

C）Equilibriumintheoverallbalanceofpayments.

D）Asurplusinthetradebalance.

27.Therearelimitstotheabilityofmonetaryauthoritiestousesterilizedinterventioninthecaseofasurplusbecause:

A）Thecentralbankmaybeunwillingtoincreaseitsholdingsofforeigncurrency.

B）Pressurefromforeigncountriestoallowthedomesticcurrencytodepreciatewillleadtolargelosses.

C）Thecentralbankislimitedinitsabilitytoobtainforeigncurrency.

D）Therearenolimitsontheuseofsterilizedintervention.

28.Underafloatingexchangerateregime,followinganexpansioninthemoneysupply,monetaryauthoritieswill:

A）Buyforeigncurrencyintheforeignexchangemarket.

B）Buydomesticcurrencyintheforeignexchangemarket.

C）Donothingintheforeignexchangemarket.

D）Selldomesticcurrencyintheforeignexchangemarket.

29.GiventheIS-LM-FEframeworkandanoverallpaymentsbalanceofzero,ifth