清风Get国际金融双语期末A卷2.docx
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清风Get国际金融双语期末A卷2.docx
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清风Get国际金融双语期末A卷2
国际金融双语期末A卷2009-2010-2
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/£.Ifthecoveredinterestratedifferentialisabout-1%,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,ifthecountryimplementsexpansionarymonetarypolicy,theLMcurvewillshifttothe__________whichwillleadtothecountry'scurrency__________.Inresponse,theFEandIScurveswillshifttothe__________andexternalbalancewillbereestablished.
A)left;appreciating;right
B)left;depreciating;left
C)ri
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