宏观经济学课件 OBlanchard Macroeconomics 6th chapter 20.docx

宏观经济学课件 OBlanchard Macroeconomics 6th chapter 20.docx

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宏观经济学课件OBlanchardMacroeconomics6thchapter20

Macroeconomics,6e（Blanchard/Johnson）

Chapter20:

Output,theInterestRate,andtheExchangeRate

20.1MultipleChoiceQuestions

1）Assumethatthepricelevelsintwocountriesareconstant.Inthissituation,weknowthat

A）neithertherealnorthenominalexchangeratecanchange.

B）therealexchangeratecanchange,whilethenominalexchangerateisconstant

C）thenominalexchangeratecanchange,whiletherealexchangerateisconstant.

D）therealandnominalexchangeratemustmovetogether,changingbythesamepercentage.

E）thenominalexchangeratewillfluctuatemorewidelythantherealexchangerate.

Answer:

D

Diff:

1

2）Anincreaseintherealexchangeratewillcause

A）anincreaseinnetexports.

B）anincreaseinthequantityofimports.

C）anincreaseinoutput.

D）adecreaseingovernmentspending.

E）alloftheabove

Answer:

B

Diff:

1

3）Inorderforanindividualtobeindifferentbetweenholdingforeignordomesticbonds,

A）theMarshall-Lernerconditionmusthold.

B）theforeignanddomesticinterestratesmustbeequal.

C）theexpectedrateofdepreciationofthedomesticcurrencyiszero.

D）theinterestparityconditionmusthold.

Answer:

D

Diff:

1

4）Theinterestparityconditionindicatesthatthedomesticinterestratemustbeequalto

A）theforeigninterestrate.

B）theexpectedrateofdepreciationofthedomesticcurrency.

C）theexpectedrateofappreciationofthedomesticcurrency.

D）theforeigninterestrateminustheexpectedrateofappreciationoftheforeigncurrency.

E）noneoftheabove

Answer:

E

Diff:

1

5）Assumethattheinterestparityconditionholds.AlsoassumethattheU.S.interestrateis8%whiletheU.K.interestrateis6%.Giventhisinformation,financialmarketsexpectthepoundto

A）depreciateby14%.

B）depreciateby2%.

C）appreciateby2%.

D）appreciateby6%.

E）appreciateby14%.

Answer:

C

Diff:

2

6）Assumethattheinterestparityholdsandthatthedollarisexpectedtodepreciateagainstthepound.Giventhisinformation,weknowthat

A）U.S.andU.K.interestratesareequal.

B）theU.S.interestrateexceedstheU.K.interestrate.

C）theU.K.interestrateexceedstheU.S.interestrate.

D）individualswillprefertoholdU.S.bondsbecausetheU.S.interestrateexceedstheU.K.interestrate.

E）noneoftheabove

Answer:

B

Diff:

2

7）Inanopeneconomy,weknowthatindividualsmustchoosebetweenwhichofthefollowing?

A）domesticbondsandforeigncurrency

B）foreigngoodsanddomesticcurrency

C）domesticandforeignbonds

D）domesticgoodsandforeigncurrency

E）noneoftheabove

Answer:

C

Diff:

1

8）Arealappreciationwilltendtocause

A）anincreaseinexports.

B）areductioninimports.

C）anincreaseinnetexports.

D）areductionindemandfordomesticgoods.

E）noneoftheabove

Answer:

D

Diff:

1

9）AstheeconomymovesupandtotheleftalongtheIScurve,whichofthefollowingwilloccurwhenexchangeratesareflexible?

A）investmentspendingdecreases

B）consumptiondecreases

C）thedomesticcurrencyappreciates

D）alloftheabove

E）noneoftheabove

Answer:

D

Diff:

1

10）Inanopeneconomyunderflexibleexchangerates,areductionintheinterestratewillcauseareductioninwhichofthefollowing?

A）investment

B）theexchangerate,E

C）netexports

D）alloftheabove

E）noneoftheabove

Answer:

B

Diff:

2

11）InanopeneconomyunderflexibleexchangeratesandrepresentedbytheIS-LM-IPmodel,areductioningovernmentspendingwillcauseareductioninwhichofthefollowing?

A）netexports

B）theexchangerate,E

C）exports

D）alloftheabove

E）noneoftheabove

Answer:

C

Diff:

2

12）Inanopeneconomyunderflexibleexchangerates,areductioninconsumerconfidencethatcausesareductioninconsumptionwillcausewhichofthefollowing?

A）anappreciationofthedomesticcurrency

B）areductionintheexchangerate,E

C）areductioninnetexports

D）alloftheabove

E）noneoftheabove

Answer:

A

Diff:

2

13）Inanopeneconomyunderflexibleexchangerates,expansionarymonetarypolicythatresultsinanincreaseinthemoneysupplywillalwayscause

A）anincreaseinoutput.

B）anincreaseinexports.

C）areductionintheexchangerate,E.

D）alloftheabove

E）onlyAandC

Answer:

D

Diff:

2

14）Assumethattheinterestparityconditionholdsandthatboththeexpectedexchangerateandforeigninterestrateareconstant.Giventhisinformation,areductioninthedomesticinterestratewillcause

A）areductionintheexchangerateexpectedinthefuture.

B）areductioninthecurrentexchangerate.

C）greaterdepreciationofthedomesticcurrencyexpectedinthefuture.

D）alloftheabove

E）noneoftheabove

Answer:

B

Diff:

2

15）TheexchangeratepolicyoftheUnitedStatesis

A）theEMS.

B）acrawlingpeg.

C）afloat.

D）afixedratewithinaband.

E）noneoftheabove

Answer:

C

Diff:

1

16）Supposeacountrywithafixedexchangeratedecidestoreducethepriceofitscurrency.Thischangeinpolicyiscalled

A）anappreciation.

B）adepreciation.

C）apeg.

D）adevaluation.

E）arevaluation.

Answer:

E

Diff:

1

17）Undera"crawlingpeg"system,acountry'sexchangerate

A）isfixedexceptforsmall,surprisechanges.

B）changesatapredeterminedrateagainstthedollarorsomeothermajorcurrency.

C）canfluctuatewithinanarrowband.

D）canchange,butthechangesarekeptsecretfromthepublic.

E）isdeterminedbythecentralbankofanothercountry.

Answer:

B

Diff:

1

18）In2005,Chinaincreasedthepriceofitscurrencywhilecontinuingtopursueafixedexchangerate.Thischangeinpolicyiscalled

A）anappreciation.

B）adepreciation.

C）apeg.

D）adevaluation.

E）arevaluation.

Answer:

D

Diff:

1

19）Forthisquestion,assumethattheeconomyisoperatinginafixedexchangerateregimeandthatperfectcapitalmobilityexists.Giventhisinformation,whichofthefollowingwilloccur?

A）thedomesticandforeigninterestratesmustbeequal.

B）thecentralbankcannotusemonetarypolicytoaffectdomesticoutput.

C）anexpansionaryfiscalpolicywillrequirethatthecentralbankincreasethemoneysupply.

D）alloftheabove

E）noneoftheabove

Answer:

D

Diff:

2

20）Supposeacountryswitchesfromafixedtoaflexibleexchangerate.Whichofthefollowingwilloccurasaresultofthischange?

A）monetarypolicywillbecomealesseffectivetoolforchangingoutput.

B）agivenchangeingovernmentspendingwillnowhaveagreatereffectonoutput.

C）bothfiscalandmonetarypolicywillbecomemoreeffectiveinchangingGDP.

D）bothfiscalandmonetarypolicywillbecomecompletelyineffectiveinchangingGDP.

E）noneoftheabove

Answer:

E

Diff:

2

21）Acommonargumentforfixedexchangeratesisthatthey

A）givecentralbanksgreaterfreedominadjustingtheireconomy'slevelofoutput.

B）foreverfreethecentralbankfromhavetoadjusttheexchangeratetofundamentalchangesintheeconomy.

C）maketrademorecostly,andthusencouragedomesticcitizenstobuydomesticallyproducedoutput.

D）alloftheabove

E）noneoftheabove

Answer:

E

Diff:

1

22）Inpractice,undertheEMS,amembercountry

A）couldneverchangeitsinterestrate.

B）couldchangeitsinterestrateonlyifothercountrieschangedtheirsaswell.

C）mustapplytoaspecialEuropeanCommissioninordertochangeitsinterestrate.

D）hadcompletefreedominchoosingtheinterestrateitwanted.

E）hadcompletefreedominchoosingitsinterestrateonlyifitisaverysmallcountry.

Answer:

B

Diff:

1

23）Intheearly1990s,whichnationtooktheleadindrivingupEuropeaninterestrates?

A）Spain

B）France

C）Germany

D）England

E）noneoftheabove

Answer:

E

Diff:

1

24）Intheearly1990s,Europeanunemploymentroselargelybecauseof

A）reductionsinstockprices.

B）undervaluedcurrencies.

C）overvaluedcurrencies.

D）highinflation

E）noneoftheabove

Answer:

A

Diff:

1

25）AssumethatthecurrentexchangeratebetweenU.K.poundandtheU.S.dollaris2（E=2.0）.Ifinterestparityholds,andtheU.S.interestrateis6%whiletheU.K.interestrateis8%,theexpectedexchangerateinoneyearis

A）1.98.

B）1.99.

C）2.01.

D）2.02.

E）2.04.

Answer:

C

Diff:

2

26）Forthisquestion,assumethatthereisasimultaneoustaxincreaseandmonetaryexpansion.Inaflexibleexchangerateregime,weknowwithcertaintythat

A）theexchangerateandoutputwouldbothincrease.

B）theexchangeratewouldincreaseandoutputwoulddecrease.

C）theexchangeratewoulddecrease.

D）theexchangeratewoulddecreaseandoutputwouldincrease.

E）noneoftheabove

Answer:

C

Diff:

2

27）Forthisquestion,assumethatthereisasimultaneousincreaseingovernmentspendingandmonetarycontraction.Inaflexibleexchangerateregime,weknowwithcertaintythatsuchapolicymixwillcausewhichofthefollowing?

A）anincreaseinthedomesticinterestrate

B）anincreaseintheexchangerate

C）areductioninnetexports

D）alloftheabove

E）onlyAandC

Answer:

D

Diff:

2

28）Assumepolicymakersinafixedexchangerateregimedecidetopegtheexchangerateatahigherlevel.Thisiscalled

A）adevaluation.

B）arevaluation.

C）adepreciation.

D）anappreciation.

Answer:

A

Diff:

1

29）Assumepolicymakersinafixedexchangerateregimedecidetopegtheexchangerateatalowerlevel.Thisiscalled

A）adevaluation.

B）arevaluation.

C）adepreciation.

D）anappreciation.

Answer:

B

Diff:

1

30）TheEuropeanMonetarySystemrepresenteda

A）exchangerateregimewith'bands.'

B）crawlingpeg.

C）aflexibleexchangerateregime.

D）noneoftheabove

Answer:

A

Diff:

1

31）Supposepolicymakersar