ch03汇率制度test.docx
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ch03汇率制度test.docx
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ch03汇率制度test
ⅠQuestionsandproblemsforChapter3:
1.Whatisanexchange-ratesystem?
2.Howdoesagoldstandardconstituteanexchange-ratesystem?
46
3.WhatwastheBrettonWoodssystemof"pegged"exchangerates?
49
4.Whatpost-BrettonWoodssystemof"flexible"exchangeratesprevailstoday?
54
5.Whatarecrawling-pegandbasket-pegexchange-ratearrangements?
56
6.Whatisacurrencyboard,andwhatisdollarization?
57
7.Whichisbest:
afixed-orflexible-exchange-ratearrangement?
59
ⅡMultipleChoiceQuestions
1.Theprinciplefunction(主要职能)oftheInternationalMonetaryFundwasoriginallyto
A.lendtomembernations(成员国)experiencingashortageofforeignexchangereserves(储备).
B.financepostwar(战后)reconstruction(重建),particularlyinEuropeandJapan.
C.reducetradebarriersandsettledisputesamongcountriesrelatingtocurrencynegotiations.
D.actasasupranationalregulatoryagencyfordomesticcentralbanks.
Answer:
A
2.TheU.S.dollartodayisanexampleofa
A.commoditymoney.
B.fiatmoney.不兑换纸币,名义纸币
C.commodity-backedmoney.
D.currencybasket.
Answer:
B
3.Thegoldstandardwasinplaceformostmajoreconomicsoftheworldduringtheperiod
A.fromthebeginningoftheGreatDepressionuntilWorldWarII.
B.from1973untilthepresent.
C.fromthemid-1870suntilWorldWarI.
D.sincetheendofWorldWarII.
Answer:
C
4.Underthegoldstandard,ifthemintparity(铸币局)conditionfortheFrenchfrancwassetatFfr107.1perounceofgold,andtheGermanmarkwassetatDM88.7perounceofgold,thenitispossibletocompute(计算)theexchangeratebetweentheGermanmarkandtheFrenchfranc(DM/f)asapproximately(大约)
A.0.83.
B.1.21.
C.9490.9
D.Itisnotpossibletocomputetheexchangeratebetweenthemarkandthefrancwiththesevalues,becausethesevaluesarerelativetothepriceofgold.
Answer:
A
5.UndertheBrettonWoodssystem,mostofthemajorcurrenciesofthesystem,otherthantheU.S.dollar,
A.peggedtheirvaluesagainstthevalueofanounceofgold.
B.peggedtheirvaluesagainstthevalueofthedollar.
C.allowedtheircurrenciestofloat.
D.peggedtheirvaluesagainstthevalueoftheEuro.
Answer:
B
6.WhichofthefollowingisnotaninstitutionthataroseundertheBrettonWoodsAgreement?
A.TheInternationalMonetaryFund.
B.TheInternationalBankforReconstructionandDevelopment.世界银行
C.TheLeagueofNations.
D.TheGeneralAgreementonTariffsandTrade.关贸总协定
Answer:
C
7.InthePlazaAgreement(广场)ofSeptember,1985,the"GroupofFive"or"G5"countriesannouncedthattheybelievedthat
A.the"G5"neededtobeexpandedtoincludeanadditionalfivemajorindustrializedcountriestomakeupwhatisnowreferredtoasthe"G10".
B.theBrettonWoodssystemwouldnolongerbesustainable.
C.itwasnecessaryto"float"thedollarrelativetogold.
D.theexchangevalueofthedollarwastoostrongandthattheywouldcoordinatetheircentralbankinterventionsinordertodrivedownthevalueofthedollar.
Answer:
D
8.Whichofthefollowingisnotamemberofthe"GroupofTen"industrializedcountries?
(G10:
西德法国日本英国美国意大利加拿大比利时荷兰瑞典)
A.Japan
B.Belgium
C.Switzerland瑞士
D.Sweden
Answer:
C
9.Anexampleofacountrythatmaintainedacrawling-pegexchange-ratesystem(爬行钉住汇率)duringtheearly2000sis
A.theUnitedStates.
B.Canada.
C.France.
D.Nicaragua.尼加拉瓜
Answer:
D
10.Acurrencyboardisan
A.exchangemarketinwhichthemajorcurrenciesoftheworldareexchangedontheopenmarketamongprivatebanksatprevailingrates(现行汇率).
B.independentmonetaryagencythatsubstitutesforacentralbankbypeggingthegrowthofthedomesticmoneystocktotheforeign-exchangeholdingsoftheboard.
C.independentmonetaryagencywhichisresponsibleforsettingbankreserverequirementsforthedomesticcurrency.
D.exchangemarketinwhichthenotesandbillsissuedbythedomesticgovernmentaretradedontheopenmarketamongprivatebanks.
Answer:
B
11.Whichofthefollowingarrangementsplacesthegreatestrestrictiononpolicymakersandrequiresthegreatestsacrificeofpolicyautonomy(自治权)?
A.afreefloat.
B.acurrency-basketpeg.
C.dollarization.
D.acurrencyboard.
Answer:
C
12.IftheChineserenminbi,whoseunitofcurrencyistheyuan,isrevalued(估价)relativetotheU.S.dollar,then
A.foreachyuan,onecanexpecttobuyfewerdollars.
B.foreachyuan,onecanexpecttobuymoredollars.
C.theexchangeratebetweentherenminbiandthedollarwillremainconstant.
D.itisimpossibletotellwhatwillhappentotheexchangerateorthenumberofdollarsthatonecanbuywitheachyuan,sincethisdependsonthesupplyandthedemandfortheyuanrelativetothedollar.
Answer:
D
13.Currencybasketpegsusuallyinvolvepeggingthedomesticcurrencyto
A.eachofthemajorcurrenciesoftheworld.
B.therelativepriceofachosenbasketofconsumergoods.
C.aweightedaverage(加权平均)ofonlyasmallselectednumberofdifferentcurrencies.
D.withinanupperandlowerlimitofabandrelativetoeithertheU.S.dollarortheJapaneseyen.
Answer:
C
14.A"dirtyfloat"exchangeratesystem(合理行动汇率制)refersto
A.anexchangeratesystemwhereinpolicymakersallowsthevalueofthedomesticcurrencytobedetermineonlybytheforcesofsupplyanddemand.
B.anexchangeratesystemwherebyeachofthemembersofthesystempegtheircurrencyagainstoneofthemajorcurrencies,suchastheU.S.dollar,whichisinturnpeggedagainstacommodity,suchasgold.
C.anexchangeratearrangementinwhichthedomesticcurrencyisprimarilymanagedbythecentralbankofaforeigncountry,whichistypicallythemajortradingpartner.
D.anexchangeratearrangementinwhichanationallowstheinternationalvalueofitscurrencytobeprimarilydeterminedbymarketforces,butintervenes(介入)occasionallytostabilize(稳定)itscurrency.
Answer:
D
15.TheG7/G8economicsummitswerestartedby:
A.RussianPresidentBoisYeltsin
B.U.S.PresidentGeraldFord
C.U.SPresidentWilliamClinton.
D.FrenchPresidentValeryGiscardd’Estaing.
Answer:
D
16.TheSmithsonianagreement(史密森协议)refersto
A.theunderstandingthatmostofthemajorindustrializedcountriescametoattheendofthedepressioneraregardingthenon-sustainabilityofthegoldstandardasitwascurrentlypracticed.
B.anagreementthatwasmadetoestablishnewparvaluesfortheG10countriesthathadparticipatedintheBrettonWoodssystem.
C.theagreementthatPresidentNixoncametovisavistheotherG10memberstosuspendtemporarilytheconvertibilityofthedollarintogoldorotherreserveassets.
D.theinitialagreementthatsetforthfutureeconomiccooperationundertheNorthAmericanFreeTradeAssociation.
Answer:
B
17.WhichofthefollowingdidnotcontributetotheeventualcollapseoftheBrettonWoodssystem?
A.Increasedfederal(联邦制)spendingforsocialprogramstermedthe"GreatSociety"undertheJohnsonadministration.
B.HeightenedU.S.involvementinVietnam.
C.TheconditionssetforthintheLouvreAccord.(卢浮宫协议)
D.U.S.balanceofpaymentsdeficitswithGermanyandJapan.
Answer:
C
18.AMonetaryOrder(货币秩序)is
A.asetofrulesthatdeterminetheinternationalvalueofacurrency.
B.asetoflawsandregulationsthatestablishestheframework(框架)withinwhichindividualsconductandsettletransactions.
C.anexchangeratearrangementinwhichacountrypegstheinternationalvalueofthedomesticcurrencyrelativetothecurrencyofanothernation.
D.aspecializedformofacurrencyboard.
Answer:
B
19.Whichofthefollowingisanexampleofacommoditymoneythathasbeenusedextensively(被广泛使用)?
A.Creditcards.
B.Demanddepositsandcertificatesofdeposit.
C.Gold.
D.TheEuro.
Answer:
C
20.Akeychallengetotheexchangeratesystemoftheleadingindustrializedcountriesinthe1970scameasaconsequenceof
A.arapidincreaseinthepriceofpetroleum石油.
B.theformationoftheBundesbank.
C.theheighteningofColdWartensions.
D.theestablishmentofmanycurrencybasketsworldwide.
Answer:
A
21.TheIMFconstitution(章程)wasamended(修订)toallowmembernationstodeterminetheirownexchangeratearrangementsunderthe
A.Smoot-HawleyAct.
B.JamaicaAccord.(牙买加协议)
C.SmithsonianAgreement.
D.TreatyofRome.
Answer:
B
22.Anadvantageofthegoldstandardsystemwasthat
A.itpromotedconditionsthathelpedtoavoidperiodic(周期的)financialandbankinginstability(不稳定的).
B.itdidnotrequirecountriestohavecentralbanks.
C.itensuredshort-runstabilityofthemonetarystock.
D.mintingandtransportationcostswererelativelylowascomparedtootherexchangeratesystems.
Answer:
B
23.ThegoldwindowfortheU.S.dollarwasclosedby
A.PresidentRonaldReagan.
B.PresidentJamesCarter.
C.FederalReserveChairmanPaulVolker.
D.PresidentRichardNixon.理查尼克松
Answer:
D
24.Anadvantageofaflexibleexchangeratesystemisthatit
A.canhelpacountryovercomeexternalshockssuchasanunusualinflowofcapitalfromabroad.
B.canreducethevolatilityofnominalexchangerateovertime.
C.eliminatestheneedforthecentralbanktotargetinterestrates.
D.ensuresagreatervolumeoftradeingoodsandservicesamongmembercountries.
Answer:
A
25.WhichofthefollowingisaprincipalfunctionoftheInternationalMonetaryFund?
A.Toactasaforumforinternationalmonetarycooperation.
B.Toprovidecentralbankswitharangeoffinancialservicesformanagingtheirexternalreserves.
C.Toactasalenderoflastresortforcountriesfacingtemporaryexternalbalanceofpaymentsproblems.
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