第七章单元测试
- Which of the following statements is the MOST accurate? ( )
- If the law of one price holds 对 for every commodity, PPP must automatically hold as long as the reference baskets used to reckon different countries' price levels are the same. ( )
- Suppose Russia's inflation rate is 200% over one year but the inflation rate in Switzerland is only 2%. According to relative PPP, what should happen over the year to the Swiss franc's exchange rate against the Russian ruble?
- The monetary approach to the exchange rate is a long run theory. ( )
- Under the monetary approach to exchange rate theory, money supply growth at a constant rate_______. ( )
- In general, under the monetary approach to the exchange rate, while the long-run interest rate does not depend on the absolute level of the money supply, continuing growth in the money supply eventually will affect the interest rate. （ ）
- If people expect relative PPP to hold, ______. ( )
- Explain why exchange rate model based on PPP is a long run theory.
- The domestic currency price of a representative foreign expenditure basket is _______. ( )
Under Purchasing Power Parity, _______.（）
Suppose Russia's inflation rate is 200% over one year but the inflation rate in Switzerland is only 2%. According to relative PPP, what should happen over the year to the Swiss franc's exchange rate against the Russian ruble?
A:Relative PPP may be valid even when absolute PPP is not, provided the factors causing deviations from absolute PPP are more or less stable over different commodities space.
B:Relative PPP is only valid when absolute PPP is valid, providing the factors causing deviations from relative PPP are more or less stable over time.
C:Absolute PPP may be valid even when relative PPP is not, provided the factors causing deviations from relative PPP are more or less stable over time.
D:Relative PPP may be valid even when absolute PPP is not, provided the factors causing deviations from absolute PPP are more or less stable over time.
答案:Relative PPP may be valid even when absolute PPP is not, provided the factors causing deviations from absolute PPP are more or less stable over time.
A:错 B:对
A:对 B:错
A:eventually results in ongoing price level inflation at the same rate, but changes in this long-run inflation rate do affect the full-employment output level and the long-run relative prices of goods and services.
B:eventually results in ongoing price level deflation at the same rate, but changes in this long-run deflation rate do not affect the full-employment output level, only the long-run relative prices of goods and services.
C:eventually results in ongoing price level deflation at the same rate, but changes in this long-run deflation rate do not affect the full-employment output level or the long-run relative prices of goods and services.
D:eventually results in ongoing price level inflation at the same rate, but changes in this long-run inflation rate do not affect the full-employment output level or the long-run relative prices of goods and services.
A:对 B:错
A:the difference between the interest rates offered by dollar and euro deposits will equal the difference between the inflation rates expected in Europe and the United States, respectively.
B:the difference between the interest rates offered by dollar and euro deposits will equal the difference between the inflation rates expected, in the United States and Europe, respectively, over the relevant horizon.
C:the difference between the interest rates offered by dollar and euro deposits will equal the difference between the inflation rates expected, over the relevant horizon, in the United States and Europe, respectively, in the short run.
D:the difference between the interest rates offered by dollar and euro deposits will be below the difference between the inflation rates expected, over the relevant horizon, in the United States and Europe, respectively.
A:P, the domestic price level.
B:P*, the foreign price level.
C:P* times E, the foreign price level times the nominal exchange rate.
D:E, the nominal exchange rate.
A:E$/£ = PUS/PUK
E$/£ = PUS-PUK
D:E$/£= PUS + PUK
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