1、Chapter 13: The Balance of PaymentsMultiple-choice Questions:1. Which of the following is false?A. A credit transaction leads to a payment from foreignersB. A debit transaction leads to a payment to foreigners*C. A credit transaction is entered with a negative signD. Double-entry bookkeeping refers
2、to each transaction entered twice.2. Which of the following is a debit?A. The export of goodsB. The export of services*C. Unilateral transfers given to foreignersD. Capital inflows3. Capital inflows:A. refer to an increase in foreign assets in the nationB. refer to a reduction in the nations assets
3、abroadC. lead to a payment from foreigners*D. all of the above4. When a U.S. firm imports goods to be paid in three months the U.S. credits:A. the current accountB. unilateral transfers*C. capitalD. official reserves5. The receipt of an interest payment on a loan made by a U.S. commercial bank to a
4、foreign resident is entered in the U.S. balance of payments as a: A. credit in the capital account*B. credit in the current accountC. credit in official reservesD. debit in unilateral transfers6. The payment of a dividend by an American company to a foreign stockholder represents:A. a debit in the U
5、.S. capital accountB. a credit in the U.S. capital accountC. a credit in the U.S. official reserve account*D. a debit in the U.S. current account7. When a U.S. firm imports a good from England a pays for it by drawing on its poundsterling balances in a London Bank, the U.S. debits its current accoun
6、t and credits its:A. official reserve accountB. unilateral transfers accountC. services in its current account*D. capital account8. When the U.S. ships food aid to a developing nation, the U.S. debits:*A. unilateral transfersB. servicesC. capitalD. official reserves9. When the resident of a foreign
7、nation (1) sells a U.S. stock and (2) deposits the proceeds in a U.S. bank, the U.S.:A. credits capital for (1) and debits capital for (2)B. credits the current account and debits capitalC. debits capital and credits official reserves*D. debits capital for (1) and credits capital for (2)10. When a U
8、.S. resident (1) purchases foreign treasury bills and pays by (2) drawing down his bank balances abroad, the U.S.:A. debits short-term capital and credits official reserves*B. debits capital for (1) and credits capital for (2)C. debits official reserves and credits capitalD. credits short-term capit
9、al and debits official reserves11. From the U.S. point of view, drawing on (reducing) foreign bank balances in a New York bank represents a: A. capital inflow*B. capital outflowC. outflow of official reservesD. debit in the current account 12. Which is not an official reserve asset of the U.S.?A. U.
10、S. holdings of Special Drawing RightsB. The U.S. reserve position in the International Monetary Fund*C. Foreign official holdings of U.S. dollarsD. Official holdings of foreign currencies by U.S. monetary authorities13. The capital account of the U.S. includes:A. the change in U.S. assets abroad and
11、 foreign assets in the U.S.*B. the change in U.S. assets abroad and foreign assets in the U.S., other than official reserve assetsC. all financial assetsD. all but current account transactions14. Accommodating items are:A. transactions in official reserve assetsB. the items below the lineC. needed t
12、o balance international transactions*D. all of the above15. Which of the following is false?*A. a net debit balance in the current and capital accounts measures the surplus in the nations balance of paymentsB. a balance of payments deficit must be settled by a net credit in the official reserve acco
13、untC. a deficit in the balance of payments can be measured by the excess of credits over debits in the official reserve accountD. a net debit balance in the official reserve account refers to a surplus思 考 题 ：以 2009 年 中 美 两 国 国 际 收 支 平 衡 表 为 例 ， 分 析 两 国 国 际 经 济 交 易 呈 现 出 哪 些 不 同 特 征 ？战 后 美 国 出 现 大 的
14、贸 易 失 衡 ， 其 原 因 和 影 响 是 什 么 ？中 国 的 外 汇 储 备 量 世 界 第 一 ， 其 原 因 是 ？ 有 何 利 弊 ？Chapter 14: Foreign Exchange Markets and Exchange RatesMultiple-choice Questions:1. Which is not a function of the foreign exchange market?A. to transfer funds from one nation to anotherB. to finance trade*C. to diversify risk
15、sD. to provide the facilities for hedging2. An increase in the pound price of the dollar represents: *A. an appreciation of the dollarB. a depreciation of the dollarC. an appreciation of the poundD. a devaluation of the dollar3. A change from $1=1 to $2=1 represents *A. depreciation of the dollarB.
16、an appreciation of the dollarC. a depreciation of the poundD. none of the above4. A shortage of pounds under a flexible exchange rate system results in:A. a depreciation of the pound*B. a depreciation of the dollarC. an appreciation of the dollarD. no change in the exchange rate5. An effective excha
17、nge rate is a:A. spot rateB. forward rateC. flexible exchange rates*D. weighted average of the exchange rates between the domestic currency and the nations most important trade partners6. The exchange rate is kept within narrow limits in different monetary centers by:A. hedging*B. exchange arbitrage
18、C. interest arbitrageD. speculation7. If SR=$1/1 and the three-month FR=$0.99/1:*A. the euro is at a three-month forward discount of 1%B. the euro is at a forward discount of 1% per yearC. the euro is at a three-month forward premium of 1%D. the dollar is at a three-month forward discount of 1%8. He
19、dging refers to:A. the acceptance of a foreign exchange risk*B. the covering of a foreign exchange riskC. foreign exchange speculationD. foreign exchange arbitrage9. A U.S. importer scheduled to make a payment of 100,000 in three months can hedge his foreign exchange risk by:A. purchasing $100,000 i
20、n the forward market for delivery in three monthsB. selling 100,000 in the spot market for delivery in three months*C. purchasing 100,000 in the forward market for delivery in three monthsD. selling 100,000 in the spot market for delivery in three months10. If the three-month FR=$1/1 and a speculato
21、r anticipates that SR=$1.02/1 in threemonths, he can earn a profit by: A. selling euros forward*B. purchasing euros forwardC. selling dollars forwardD. purchasing dollars forward11. Destabilizing speculation refers to the:*A. sale of the foreign currency when the exchange rate falls or is lowB. purc
22、hase of the foreign currency when the exchange rate falls or is lowC. sale of the foreign currency when the exchange rate rises or is highD. all of the above12. A capital outflow from New York to Frankfurt under covered interest arbitrage can take place if the interest differential in favor of Frank
23、furt is:A. smaller than the forward discount on the euro B. equal to the forward discount on the euro *C. larger than the forward discount on the euro D. none of the above. 13. According to the theory of covered interest arbitrage, if the interest differential in favor of the foreign country exceeds
24、 the forward discount on the foreign currency, there will be a:A. capital inflow under covered interest arbitrage*B. capital outflow under covered interest arbitrageC. no capital flow under a covered interest arbitrageD. any of the above14. When the interest differential in favor of the foreign coun
25、try is equal to the forwardpremium on the foreign currency, we:A. are at covered interest arbitrage parity*B. are not at covered interest arbitrage parityC. may or may not be at covered interest arbitrage parityD. we cannot say without additional information15. The currency of the nation with the lo
26、wer interest rate is usually at a*A. forward premium B. forward discountC. covered interest arbitrage parityD. any of the above思考题：1. 我 国 外 汇 市 场 与 美 国 等 发 达 国 家 的 外 汇 市 场 相 比 有 什 么 不 同 ？ 为 什 么 ？2. 为 什 么 在 浮 动 汇 率 之 下 国 际 收 支 逆 差 或 顺 差 的 测 度 并 不 是 十 分 适 当 的 ？3. 如 何 看 待 以 美 国 为 首 的 国 家 要 求 人 民 币 升 值
27、问 题 ？4. 如 何 看 待 人 民 币 国 际 化 的 前 景 ？Chapter 15: Exchange Rate DeterminationMultiple-choice Questions:1. Which is correct with respect to the absolute PPP theory?A. It postulates that the exchange rate between two currencies is equal to the ratio of the price levels in the two nationsB. it does not ta
28、ke into consideration transportation costs or other obstructions to the flow of international trade C. can be very misleading*D. all of the above2. The relative purchasing power-parity theory postulates that:A. The equilibrium exchange rate is equal to the ratio of the price level in the two nations
29、*B. the change in the exchange rate over a period of time should be proportional to the relative change in the price level in the two nations over the same time periodC. the change in the exchange rate over a period of time should be proportional to the absolute change in the price level in the two
30、nations over the same time periodD. the exchange rate at a period of time should be proportional to the relative prices in the two nations3. The relative PPP theory gives better results:*A. in the long run than in the short runB. when structural changes take placeC. the greater is the level of commo
31、dity aggregationD. in tests including developed and developing countries4. The monetary approach to the balance of payments:A. views the balance of payments as an essentially monetary phenomenonB. rests on the purchasing power-parity theoryC. postulates that money plays the crucial role in the long
32、run both as a disturbance and adjustment in the nations balance of payments*D. all of the above5. If a nations money GDP is 100 and the velocity of circulation of money is 4, the quantity demanded of money in the nation is:A. 20*B. 25 C. 50 D. 1006. The monetary base of the nation refers to the:A. d
33、omestic credit created by the nations monetary authorities or the domestic assets backing of the nations money supplyB. international reserves of the nation*C. domestic credit created by the nations monetary authorities or the domestic assets backing of the nations money supply plus the internationa
34、l reserves of the nationD. legal reserve requirements in the nation7. If the legal reserve requirement of the nation is 25%, the money multiplier in the nation is: A. 2*B. 4C. 5D. 68. According to the monetary approach to the balance of payments, a deficit in the nations balance of payments results
35、from:*A. an excess in the nations stock of money supply that is not eliminated or corrected by the nations monetary authoritiesB. an excess in the stock of money demanded in the nation that is not satisfied by domestic monetary authoritiesC. an excess in the stock of money demanded in the other nati
36、on that is not satisfied by the other nations monetary authoritiesD. an excess of imports over exports in the nation9. If the increase in a nations money supply grows less rapidly than its GNP, the nation will face a:A. once-and-for-all balance of payments deficitB. once-and-for-all balance of payme
37、nts surplusC. continuous balance of payments deficit*D. continuous balance of payments surplus10. According to the monetary approach to the balance of payments a non-reserve currency nation: *A. has no control over its money supply in the long-run under fixed exchange rates B. has no control over it
38、s money supply in the short-run under fixed exchange rates C. has no control over its money supply in the long-run under flexible exchange rates D. retains complete control over its money supply in the long-run11. According to the monetary approach to the balance of payments, a surplus nation will h
39、ave to give up in the long-run its goal of:A. price stabilityB. fixed exchange rate*C. price stability or fixed exchange rateD. price stability and fixed exchange rate12. Which of the following statements is true with respect to the monetary approach to the balance of payments:A. the interest differ
40、ential in favor of the dollar equals the expected rate of appreciation of the euroB. the interest differential in favor of the dollar equals the expected rate of depreciation of the dollarC. the interest differential in favor of the pound equals the expected rate of depreciation of the pound*D. all
41、of the above13. The monetary approach assumes that the following assumption holds: *A. domestic and foreign bonds are perfect substitutesB. covered interest arbitrage holdsC. expectations do not affect the future spot exchange rate.D. the risk premium is positive14. The portfolio balance approach:A.
42、 can be regarded as an extension of the monetary approachB. deals with money and other domestic and foreign financial assetsC. can more readily be extended than the monetary approach to deals with the real sector*D. all of the above15. According to the portfolio balance approach, an increase in the
43、expected appreciation of the foreign currency leads domestic residents to increase:A. the demand for domestic money B. the demand for the domestic bond*C. the demand for the foreign bond D. the risk premium16. According to the portfolio balance approach, a reduction in the risk premium on the foreig
44、n bond leads domestic residents to increase the demand for the:A. domestic money B. domestic bond*C. foreign bondD. all of the above17. According to the portfolio balance approach, an increase in domestic real income or GDP leads domestic residents to increase the demand for the:*A. domestic money B
45、. domestic bondC. foreign bondD. all of the above18. According to the portfolio balance approach, an increase in domestic wealth leads domestic residents to increase the demand for the:A. domestic money B. domestic bondC. foreign bond*D. all of the above19. Which of the following is false with regar
46、d to exchange rate dynamics:A. seeks to explain exchange rate fluctuations over time*B. results because the real sector adjusts instantaneously to disturbancesC. in the short run, the exchange rate overshoots its long-run equilibriumD. results from the stock adjustment in financial assets20. An unex
47、pected increase in the U.S. money supply leads to:A. an immediate reduction in the U.S. interest rateB. an immediate larger dollar depreciationC. a gradual appreciation of the dollar over time*D. all of the above思 考 题 ：现 代 汇 率 理 论 和 传 统 汇 率 理 论 格 式 什 么 ？ 他 们 有 何 区 别 ？ 每 一 种 理 论 的 实 质 是 什 么 ？ 他 们 之间
48、的 关 系 如 何 ？什 么 是 购 买 力 平 价 理 论 ？ 它 包 括 哪 两 种 形 式 ？ 各 有 何 作 用 ？ 如 何 对 它 们 进 行 经 验 检 验 ？ 结 果如 何 ？根 据 货 币 分 析 法 ， 在 辅 导 汇 率 替 下 下 ， 什 么 决 定 了 汇 率 的 至 极 其 变 得 ？ 从 货 币 分 析 法 的 观 点出 发 ， 与 浮 动 汇 率 体 系 和 固 定 汇 率 体 系 相 比 ， 有 管 理 的 浮 动 汇 率 体 系 有 何 特 点 ？资 产 市 场 分 析 法 与 货 币 分 析 法 有 何 不 同 ？ 两 者 是 怎 样 解 释 在 当 今 外
49、 汇 市 场 中 经 常 出 现 的 汇 率超 调 的 ？ 经 验 检 验 是 支 持 还 是 拒 绝 者 两 种 观 点 ？ 我 们 还 需 要 做 哪 些 理 论 和 经 验 的 工 作 ？ 在 可预 见 的 将 来 ， 这 种 工 作 的 成 果 将 是 什 么 ？PART FOUR:OPEN ECONOMY MACROECONOMICS AND THE INTERNATIONAL MONETARY SYSTEMChapter 16: The Price Adjustment Mechanisms with Flexible and Fixed Exchange RatesMultiple-choice Questions:1. The more elastic is a nations demand and supply of foreign exchange the:A. larger is the devaluation or depreciation required to correct a deficit of a given size in the nations balance of payments*B. smaller is the devaluation or depreciation
