吉林财经大学
- If a country's currency is a reserve currency, then intervention in the foreign exchange market to maintain a pegged exchange rate is unnecessary.（ ）
- International trade shocks are more disruptive with fixed exchange rates than with floating exchange rates.（ ）
- For a small country with closed economy, if the marginal propensity to save is equal to 0.2, then the spending multiplier indicates that a $10 exogenous increase in government spending will lead to a $20 increase in GDP.（ ）
- With respect to exchange rates, the 1997 Asian currency crisis caused the Thai, Malaysian, Indonesian, and Korean governments to give up their pegged or heavily managed exchange rates and move to floating exchange rates.（ ）
- The Bretton Woods conference led to the creation of the International Monetary Fund (IMF).（ ）
- An unhedged international investment has a speculative element to it, and it is called a covered international investment.（ ）
- Under a fixed exchange rate regime, the capital flight in one nation have little impact on a country’s economy.( )
- Exports depend on income in the exporting country and on the relative prices between the exporting and importing countries.（ ）
- Capital inflows are debits and capital outflows are credits.（ ）
- Government officials wanting to defend a fixed exchange rate may not have sufficient reserves of foreign currency to keep the price fixed indefinitely. （ ）
- The amount by which imports increase when income goes up by one dollar is called( )
- Which of the following is likely to have the most effect on a country’s demand for imports? ( )
- As the value of the yen falls relative to the U.S. dollar in the foreign exchange market( )
- In the balance of payments, the statistical discrepancy is used to( )
- If the spot price of the euro is $1.10 per euro and the 30-day forward rate is $1.00 per euro, and you believe that the spot rate in 30 days will be $1.05 per euro, then you can try to maximize speculative gains by ( )
- Which of the following will cause the FE curve to shift to the left? ( )
- An investment is _____ if it is fully hedged against exchange-rate risk.( )
- The exchange rate set for an immediate trade is often referred to as a( )
- Which of the following capital transaction items is entered as a debit in the U.S. balance of payments?( )
- Under a floating exchange rate regime, the loose monetary policy carried out by the monetary official will( ).
- Under _____ exchange rates, monetary policy is powerful in its effects on internal balance. This conclusion holds _____. （ ）
- Overshooting occurs when exchange rates:( )
- Real domestic investment spending is( )
- At points above the IS curve, there is an _____ and at points below the IS curve there is an _____. ( )
- Whenever the official settlements balance is in _____, there can be an increase in domestic official holdings of reserve assets or a decrease in foreign official holdings of domestic assets.( )
- Which of the following can be considered as domestic assets of a country’s central bank? ( )
- The initial impact of _____ the money supply _____ the balance of payments. ( )
- Under a floating exchange rate regime in which the international capital flows are less responsive to changes in interest rate, the expansionary fiscal policy implemented by the domestic government will:( )
- In a _____ contract you can effectively lock in the price at which you buy or sell a foreign currency at a set date in the future.( )
- International trade shocks:( )
- Consider that Britain is trying to maintain a fixed exchange rate with respect to the U.S. dollar. However, the present situation in the foreign exchange market is conducive for the British pound to depreciate with respect to the U.S. dollar. If the British government intervenes in the foreign exchange market, then it can be inferred that( )
- An increase in a nation's financial liabilities to foreign residents is a( )
- Exchange rates are equalized in different locations due to( )
- Which one of the following is NOT a way for a country to defend its fixed exchange rate? ( )
- Other fundamental things equal, a decrease in the exchange rate value of domestic currency will cause the current account to:（ ）
- If there is a shift of international trade away from a country's products, we can expect that the FE and IS curves will shift to the _____, the overall payments balance will move toward _____, and the domestic currency will _____.（ ）
- According to the assignment rule, which of the following policy mixes is appropriate for a country with high unemployment, a balance of payments surplus, and fixed exchange rates? ( )
- Assume you are an American importer who must pay 500,000 Euros at the end of 90 days when you receive 1,000 cases of French wine at your warehouse in New York. Suppose that you have not covered this transaction in the forward market. In which of the following cases will you suffer the largest loss?( )
- The _____ effect suggests that speculations can sometimes be destabilizing as the actions of the international investors move the exchange rate away from the long-run equilibrium value consistent with fundamental economic influences.( )
- An increase in the U.S. imports of goods and services from the EU countries will result in a(n) _____ euro and a(n) _____ the U.S. dollars in the foreign exchange market. ( )
- The IS curve has a:( )
- The law of _____ states that a product that is easily and freely traded in a perfectly competitive global market should cost the same everywhere once the prices at different places are expressed in the same currency.( )
- Assume you are an American importer who must pay 500,000 euros at the end of 90 days when you receive 1,000 cases of French wine at your warehouse in New York. If you do not hedge this transaction, you face exchange-rate risk. The best way to remove the risk of loss due to currency fluctuations is to( )
- When the exchange rate is set now for a currency trade that will take place sometime more than a few days in the future is often referred to as a（ ）
- According to the relative version of purchasing power parity, when the inflation differential between the foreign country and the home country is positive:( )
- _____ is buying a country's currency spot and selling that country's currency forward, to make a net profit from the combination of the difference in interest rates between countries and the forward premium on the country's currency.( )
- Under a floating exchange rate regime, the domestic currency will normally depreciate if the money supply:（ ）
- The current account balance does NOT equal:( )
- An import-export business that finds itself in a “short” foreign-currency position risks a financial loss if( )
- The act of taking a net asset position or a net liability position in some asset class is referred to as _____.( )
- With floating exchange rates, expansionary fiscal policy is more effective in increasing output when the:（ ）
- Which of the following best describes a situation in which a country buys domestic currency in order to defend a pegged exchange rate, and also uses a policy in the domestic economy to prevent the domestic money supply from changing? ( )
- The money like assets that are held by governments and that are recognized by governments as fully acceptable for payments between them are_______.( )
- Internal shocks to an economy with a fixed exchange rate will:（ ）
- Suppose the interest rate on 6-month treasury bills is 7 percent per year in the United Kingdom and 4 percent per year in the United States. Also, today’s spot exchange price of the pound is $2.00 while the 6-month forward exchange price of the pound is $1.98. Consider the expected future spot rate of pounds is $2.04. By investing in U.K. treasury bills rather than U.S. treasury bills, and NOT covering exchange-rate risk, the approximate extra return earned by U.S. investors for 6 months will be( )
- Other things remaining unchanged, if American exports to Japan increase and American imports from Japan decrease, then under a floating exchange rate system, we would expect:（ ）
- For a country with a fixed exchange rate that is running continuous overall payments surpluses( )
- Which of the following transactions is recorded in the financial account?( )
- Which of the following is NOT a function of the interbank part of the foreign exchange market?( )
- Every international exchange of value is entered into the balance-of-payments accounts _____ time(s).( )
A:错 B:对
答案:错
A:对 B:错
答案:对
A:对 B:错
答案:B:错
A:错 B:对
答案:对
A:错 B:对
答案:对
A:错 B:对
答案:A:错
A:错 B:对
答案:B
A:对 B:错
答案:错
A:错 B:对
答案:错
A:对 B:错
A:C. the money multiplier. B:D. the marginal propensity to import. C:B. the spending multiplier. D:A. the marginal propensity to consume.
A:Prices of domestic products relative to the prices of foreign products B:Foreign income C:The change in the country’s official settlements balance D:The volume of the country’s exports
A:Japanese goods become more expensive to the U.S. consumers. B:U.S. goods become less expensive to Japanese consumers. C:the supply of dollars will fall. D:the demand for Japanese goods will increase in the U.S. market
A:ensure that the sum of all debits matches the sum of all credits. B:ensure that the value of imports equals the value of exports. C:show how a balance-of-payments deficit is funded. D:obtain an accurate account of a balance-of-payments surplus.
A:signing a forward foreign exchange contract to sell euros in 30 days. B:buying dollars in the spot market and selling the dollars in 30 days at the future spot rate. C:signing a forward foreign exchange contract to sell dollars in 30 days. D:buying euros in the current spot market and selling euros in 30 days at the future spot rate.
A:A decrease in real domestic product (Y) B:An exogenous increase in imports C:An exogenous increase in exports D:Exogenous changes that cause an increase in capital inflows
A:speculative B:risk neutral C:uncovered D:covered
A:spot exchange rate. B:pegged exchange rate. C:forward exchange rate. D:managed exchange rate.
A:A U.S. resident transfers $100 from his account at Credit Suisse in Basel (Switzerland) to his account at a San Francisco branch of Wells Fargo Bank. B:A French resident transfers $100 from his account at Wells Fargo Bank in San Francisco to his Credit Suisse account in Basel. C:A U.S. resident sells his Credit Suisse stock to a French resident. D:A U.S. resident sells his IBM stock to a French resident.
A:have no effect on financial account balance. B:cause a surplus in the official settlement balance. C:induce financial capital to leave the country. D:attract financial capital into the country.
A:fixed; only with perfect capital mobility B:floating; only with low capital mobility C:floating; with all degrees of capital mobility. D:fixed; with all degrees of capital mobility.
A:adjust faster in the long-run than they do in the short-run. B:continually diverge away from the long-run equilibrium. C:adjust faster in the short-run than they do in the long-run. D:become volatile suddenly.
A:negatively related to the level of interest rates in the economy. B:positively related to government spending. C:negatively related to the exchange rate. D:positively related to the marginal propensity to consume.
A:excess demand for goods; excess supply of goods B:excess demand for money; excess supply of money C:excess supply of goods; excess demand for goods D:excess supply of money; excess demand for money
A:deficit B:equilibrium C:surplus D:remission
A:Currency issued by the central bank B:Bank deposits at the central bank C:Foreign currency assets held by the central bank D:The country’s government bonds held by the central bank
A:contracting; worsens B:expanding; worsens C:contracting; has no effect on D:expanding; improves
A:foreign capital inflows decrease domestic product. B:the official settlements balance tends to go into surplus. C:the financial account balance deteriorates. D:the domestic interest rate increases.
A:currency futures B:spot foreign exchange C:securities spot D:covered arbitrage
A:have no impact on the countries under fixed exchange rate regimes. B:include changes in a country’s total exports that result from changes in foreign consumer tastes. C:are magnified by the use of tariffs and non-tariff barriers. D:are of equal concern to large industrialized countries and to developing countries that rely on exporting a few primary commodities.
A:Britain is gaining official international reserves. B:the British money supply will rise. C:Britain is financing a deficit in its overall balance of payments. D:Britain is financing a surplus in its overall balance of payments.
A:reserve inflow. B:reserve outflow. C:capital exports. D:capital imports.
A:the actions of importers and exporters. B:government intervention in foreign exchange markets. C:free trade in goods and services. D:arbitrage.
A:Alter domestic interest rates B:Impose some form of exchange control C:Promote real appreciation of the country’s currency D:Intervene in the foreign exchange market
A:move toward a long-run deficit. B:equal the official settlements balance. C:move toward a surplus. D:fluctuate initially.
A:left; deficit; depreciate B:right; surplus; appreciate C:left; surplus; depreciate D:right; deficit; appreciate
A:Contractionary fiscal policy and expansionary monetary policy B:Contractionary fiscal policy and contractionary monetary policy C:Expansionary fiscal policy and expansionary monetary policy D:Expansionary fiscal policy and contractionary monetary policy
A:The euro (spot) initially appreciates by 3 percent, and then depreciates by 2.9 percent B:The euro spot exchange rate value vis-à-vis the dollar does not change C:The euro (spot) initially appreciates by 2 percent, and then depreciates by 1 percent D:The euro (spot) initially depreciates by 3 percent, and then appreciates by 2 percent
A:bandwagon B:overshooting C:exchange rate D:arbitrage
A:decrease in the demand for; decrease in the supply of B:increase in the supply of; increase in the demand for C:surplus of; shortage of D:increase in the demand for; increase in the supply of
A:negative slope because a higher interest rate leads to a decrease in aggregate demand that results in lowering of domestic production level. B:positive slope because a higher interest rate leads to an increase in foreign investment and thus raises the level of aggregate income. C:negative slope because a higher interest rate leads to a decrease in government spending which reduces domestic output level. D:positive slope because a higher interest rate leads to an increase in aggregate savings and thus an increase in domestic real investment.
A:diminishing returns B:relative PPP C:one price D:international trade
A:sell 500,000 euros now in the spot market. B:sell 500,000 euros in the forward exchange market for delivery after 60 days. C:buy 500,000 euros in the forward exchange market for delivery in 60 days. D:buy 500,000 euros now, hold them for 60 days, and then sell them at the spot exchange rate that exists 60 days from now.
A:pegged exchange rate. B:managed exchange rate. C:spot exchange rate. D:forward exchange rate.
A:the domestic currency tends to depreciate. B:the inflation rate in the home country tends to decrease. C:the inflation rate in the home country overshoots. D:the domestic currency tends to appreciate.
A:Covered interest arbitrage B:Uncovered interest parity C:Uncovered interest arbitrage D:Covered interest parity
A:is managed to keep the country’s inflation rate steady. B:contracts. C:expands. D:does not change with the change in the exchange rates.
A:the difference between domestic product and domestic expenditure. B:the difference between government saving and government investment. C:net foreign investment. D:the difference between national saving and domestic investment.
A:foreign demand for its product rises (more than expected). B:it pays attention to exchange rate forecasts. C:the foreign currency depreciates (more than expected). D:the domestic currency depreciates (more than expected).
A:speculating B:investing C:buying D:hedging
A:FE curve is flatter than the LM curve. B:FE curve is horizontal and the LM curve is vertical. C:FE curve is steeper than the LM curve. D:FE curve coincides with the LM curve.
A:Maintaining a crawling peg B:Sterilized intervention C:Deficit without tears D:Official intervention
A:government T-bills and T-bonds. B:government holdings of real assets. C:both monetary and non-monetary gold holdings in the nation’s central bank. D:official reserve assets.
A:have no impact on the domestic economy but will lead to external imbalances. B:have no impact on the country’s internal balance but will change the country’s balance of payments. C:have the same types of impacts as monetary and fiscal policy changes. D:have no impact on both the country’s internal balance and the country’s balance of payments.
A:5.0 percent. B:0.5 percent. C:3.0 percent. D:3.6 percent.
A:the supply curve of Japanese yen to shift inward. B:the U.S. dollar to appreciate C:the demand for Japanese yen to increase in the foreign exchange market. D:the yen value of a U.S. dollar to be higher in Tokyo than in New York.
A:the country has an overvalued currency. B:the country’s monetary authority will suffer losses on its official reserve holdings if the country’s currency is revalued. C:the country is in an optimal situation. D:the country’s monetary authority will eventually run out of foreign reserves.
A:Ford Motor Company of the United States provides part of the financing for a new automobile factory in China. B:A U.S. tourist spends money on a trip to China. C:A Chinese businessman imports Ford automobiles from the United States. D:The New York Yankees are paid $10 million by the Chinese to play an exhibition game in Beijing, China.
A:Provides a bank the means to readjust its own position quickly and at low cost when it separately conducts a large trade with a customer B:Provides a bank with a continuous stream of information on conditions in the foreign exchange market C:Provides clearing services for organizations that prefer to use different currencies D:Permits a bank to take on a position in a foreign currency quickly if the bank and its traders want to speculate on exchange-rate movements in the near future
A:two B:three C:one D:four
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