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The Bretton Woods System is exposed to a dilemma known as _. A:ethical dilemma B:two-pegging system C:Triffin Paradox D:impossible Trinity 答案: Triffin Paradox
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The recent global economy is experiencing the three-low situation such as __ .
A:low interest rate, low unemployment and low population
B:low interest rate, low inflation and low economic growth
C:low inflation, low government expenditure and low price
D:low population, low economic growth and low tax rate
答案: low interest rate, low inflation and low economic growth
Which of the following statements incorrectly describes China?
A:China is the largest goods-trade country.
B:China is the largest foreign reserve holder.
C:China is the largest manufacturing country.
D:China is the largest capital-outflow country.
答案: China is the largest capital-outflow country.
Which of the following managements least likely represents the dimension of macroeconomic analysis of international finance?
A:Management of internal and external balance
B:Foreign exchange exposure management
C:Management of balance of payments
D:International monetary management
答案: Foreign exchange exposure management
Libra white paper initially introduced by Facebook on June 18th,2019 shows that Libra is most likely ______.
A:the plastic money
B:the legal tender
C:the paper money
D:the fictitious cryptocurrency
答案: the fictitious cryptocurrency
A nation’s macroeconomic performance involves the performance of three markets such as __.
A:the labor market, the capital market, and the land market.
B:the domestic product market, domestic stock market, and foreign exchange market.
C:the domestic goods market, domestic services market, and domestic financial market.
D:the domestic money market, the domestic product market, and foreign exchange market.
答案: the domestic money market, the domestic product market, and foreign exchange market.
Multinational corporations usually are exposed to three typical kinds of foreign exchange exposure, such as_.
A:transaction exposure,speculative exposure,and precautionary exposure
B:transaction exposure, operating exposure, and translation exposure
C:accounting exposure, investment exposure, and financing exposure
D:accounting exposure,financial exposure, and economic exposure
答案: transaction exposure, operating exposure, and translation exposure
The objective of international portfolio management is _.
A:to go ahead with a capital budgeting project with positve net present value.
B:to select capital budgeting projects with higher internal rate of return than the required rate of return.
C:to select international securities with the same rates of return as domestic securities.
D:to construct an optimal international portfolio with minimum risk.
答案: to construct an optimal international portfolio with minimum risk.
From the perspective of microeconomics, the practices of international finance leastly likely involves___.
A:international investment management
B:foreign exchange exposure management
C:international monetary management
D:international financing management
答案: international monetary management
The feasibility of the international capital budgeting decision can only be determined from the parent company viewpoint.（ ）
A:错
B:对
答案: 错
Multinational corporations can conduct financial transactions or use operational techniques to manage foreign exchange exposure.（ ）
A:错
B:对
答案: 对
The J curve shows that:
A:devaluation is likely to be unstable.
B:devaluation is unlikely to improve the trade balance in either the short-run or the long-run.
C:devaluation is more likely to improve the trade balance in the short-run than in the long-run.
D:devaluation is more likely to improve the trade balance after a longer span of time has elapsed.
答案: devaluation is more likely to improve the trade balance after a longer span of time has elapsed.
Which of the following would tend to contribute to a U.S. current account surplus?
A:U.S. tourists travel in large numbers to Asia.
B:Russian vodka becomes increasingly popular in the United States.
C:The United States makes a unilateral tariff reduction on imported goods.
D:The United States cuts back on American military personnel stationed in Japan.
答案: The United States cuts back on American military personnel stationed in Japan.
Official reserve assets are：
A:money like assets that are held by governments and that are recognized by governments as fully acceptable for payments between them.
B:government holdings of SDR’s.
C:the gold holdings in the nation’s central bank.
D:government T-bills and T-bonds.
答案: money like assets that are held by governments and that are recognized by governments as fully acceptable for payments between them.
If the overall balance in the balance of payments account is in _____, there can be an accumulation of official reserve assets by the country or a decrease in foreign official reserve holdings of the country’s assets.
A:equilibrium
B:surplus
C:remission
D:deficit
答案: surplus
A statement of the stocks of a country’s foreign assets and foreign liabilities at a point in time represents the country’s:
A:balance of payments
B:financial account balance
C:international investment position
D:government budget surplus or deficit
答案: international investment position
If the balance of payments accounts of a country shows a current account deficit, it means that:
A:its foreign assets are growing faster than its foreign liabilities.
B:it is acting as a net lender to the rest of the world.
C:its exports are higher than its imports.
D:its foreign assets are growing slower than its foreign liabilities.
答案: its foreign assets are growing slower than its foreign liabilities.
Marshall-Lerner condition is that the payments deficit will be improved as a result of currency depreciation only if_ .
A:the sum of elasticity of demand for goods import and that for goods export is larger than one.
B:the sum of elasticity of demand for goods import and that for goods export equals one.
C:the sum of elasticity of demand for goods import and that for goods export is less than one.
D:the sum of elasticity of demand for goods import is greater than that for goods export.
答案: the sum of elasticity of demand for goods import and that for goods export is larger than one.
According to the absorption approach to balance of payments, if a nation’s national income is less than its national expenditure, it will __.
A:will tend to move into payments surplus.
B:experience payments deficit.
C:experience no change in its official settlement balance.
D:will tend to move into payments balance.
答案: experience payments deficit.
The net flow of financial assets and similar claims is the private current account balance.（ ）
A:错
B:对
答案: 错
A country’s nonofficial financial account balance equals its net foreign investment.（ ）
A:错
B:对
答案: 错
Based on PPP and the quantity theory of money, everything else remaining unchanged, if Japan’s real income rises relative to real income in the U.S., there would be a(n):
A:appreciation of the dollar.
B:decrease in the demand for yen in the foreign exchange market.
C:appreciation of the yen.
D:interest rate parity.
答案: appreciation of the yen.
The retail part of the foreign exchange market does not include traders at banks trading with:
A:nonfinancial companies that sometimes want to buy and sell different currencies.
B:traders at other banks.
C:national governments.
D:stock brokers who trade in the assets of the firms in different nations.
答案: traders at other banks.
Suppose the dollar per pound exchange rate is $2 per pound while the dollar per Swiss franc exchange rate is 50 cents per franc. From the given information we can conclude that the Swiss franc per pound exchange rate is:
A:4 francs per pound.
B:too high.
C:1 franc per pound.
D:too low.
答案: 4 francs per pound.
Rapid increases in the U.S. exports of goods and services will result in a(n) _ foreign currency and a(n) ___ the U.S. dollars in the foreign exchange market.
A:decrease in the supply of; decrease in the demand for
B:increase in the demand for; increase in the supply of
C:shortage of foreign currency; surplus of
D:increase in the supply of; increase in the demand for
答案: increase in the supply of; increase in the demand for
Under a floating exchange rate system, an increase in the international demand for electronic appliances manufactured in Japan will result in:
A:A depletion of international reserves held by the central bank of Japan.
B:An appreciation of the yen vis-à-vis other currencies.
C:Deflation in the Japanese economy.
D:An increase in Japan’s trade deficit with other countries.
答案: An appreciation of the yen vis-à-vis other currencies.
Assume you are a Chinese exporter and expect to receive $250,000 at the end of 60 days. You can remove the risk of loss due to a devaluation of the dollar by:
A:buying dollars now and selling these dollars at the end of 60 days.
B:selling dollars in the 60-day forward exchange market.
C:selling the yuan equivalent in the forward exchange market for 60-day delivery.
D:keeping the dollars in the United States after they are delivered to you.
答案: selling dollars in the 60-day forward exchange market.
The Bretton Woods System is exposed to a dilemma known as _.
A:ethical dilemma
B:two-pegging system
C:Triffin Paradox
D:impossible Trinity
答案: Triffin Paradox
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.
A:arbitrage
B:exchange rate
C:overshooting
D:bandwagon
答案: bandwagon
To maintain an undervalued currency, the country’s monetary authorities must intervene in the foreign exchange market to buy its currency in the foreign exchange market.（ ）
A:对
B:错
答案: 错
Price-specie-flow mechanism posits that the misalignment of exchange rate under the classical gold standard can be automatically corrected.（ ）
A:对
B:错
答案: 错
For small open economy, assume that the marginal propensity to import is 0.3, and that interest rates, exchange rates, and the price level are all constant. If an increase of $10 billion in government spending results in an increase of $6 billion in imports, then:
A:real domestic investment decreases by $4 billion.
B:taxes increase by $10 billion.
C:real GDP increases by $4 billion.
D:the spending multiplier is 2.
答案: real GDP increases by $4 billion.
The locomotive theory posits that growth in one or more large countries:
A:can put pressure on their domestic import-competing firms.
B:can raise growth in other smaller countries that trade with these larger countries.
C:will lead smaller countries to open their economies.
D:will retard the growth of smaller countries dependent on exports.
答案: can raise growth in other smaller countries that trade with these larger countries.
The demand for money is:
A:positively related to nominal GDP and to the level of interest rates available on other financial assets.
B:negatively related to nominal GDP and positively related to the level of interest rates available on other financial assets.
C:negatively related to nominal GDP and to the level of interest rates available on other financial assets.
D:positively related to nominal GDP and negatively related to the level of interest rates available on other financial assets.
答案: positively related to nominal GDP and negatively related to the level of interest rates available on other financial assets.
Perfect capital mobility implies:
A:an FE curve that is steeper than the LM curve.
B:a vertical FE curve.
C:an FE curve that is horizontal.
D:high domestic interest rates relative to foreign interest rates.
答案: an FE curve that is horizontal.
There are limits to the ability of monetary authorities to use sterilized intervention in the case of a deficit because:
A:the central bank may be unwilling to increase its holdings of foreign currency beyond a certain limit.
B:the export level is fixed and it cannot be allowed to drop.
C:the pressure from foreign countries to allow the domestic currency to appreciate will lead to large losses.
D:the central bank’s ability to constantly obtain foreign currency for the sterilized intervention is constrained.
答案: the central bank’s ability to constantly obtain foreign currency for the sterilized intervention is constrained.
Assume that the exchange rates are fixed. When money demand is less sensitive to interest rate changes than are international capital flows, _ policy will be ___ effective than when money demand is more sensitive to interest changes than are international capital flows.
A:sterilized intervention; more
B:expansionary monetary; more
C:expansionary fiscal; less
D:expansionary fiscal; more
答案: expansionary fiscal; more
With floating exchange rates, the effects of international trade shocks on internal balance are _ by the effects of the resulting change in the ___.
A:not mitigated; exchange rate.
B:mitigated; exchange rate.
C:mitigated; LM curve.
D:not mitigated; LM curve.
答案: mitigated; exchange rate.
Which of the following statements is true？
A:Monetary policy is a powerful economic tool for a country with fixed exchange rates and high capital mobility.
B:An expansionary monetary policy tends to increase the exchange rate value of the domestic currency in the short run.
C:Fiscal policy for a country with floating exchange rates is more powerful with a high degree of capital mobility than with a low degree of capital mobility.
D:Under floating exchange rates, external capital-flow shocks can have effects on internal balance by altering the exchange rate and the country’s international competitiveness.
答案: Under floating exchange rates, external capital-flow shocks can have effects on internal balance by altering the exchange rate and the country’s international competitiveness.
A central bank can sterilize the increase in the money supply that results from an intervention to defend a fixed exchange rate by selling domestic government bonds.（ ）
A:错
B:对
答案: 对
International crowding out is the tendency of expansionary fiscal policy to appreciate the country’s currency and worsen the current account.（ ）
A:错
B:对
答案: 对
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