InternationalEconomicsII国际经济学.docx
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InternationalEconomicsII国际经济学.docx
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InternationalEconomicsII国际经济学
InternationalEconomics,8e(Krugman)II
Chapter12NationalIncomeAccountingandtheBalanceofPayments
1)Acountry'sgrossnationalproduct(GNP)is
A)thevalueofallfinalgoodsandservicesproducedbyitsfactorsofproductionandsoldonthemarketinagiventimeperiod.
B)thevalueofallintermediategoodsandservicesproducedbyitsfactorsofproductionandsoldonthemarketinagiventimeperiod.
C)thevalueofallfinalgoodsproducedbyitsfactorsofproductionandsoldonthemarketinagiventimeperiod.
D)thevalueofallfinalgoodsandservicesproducedbyitsfactorsofproductionandsoldonthemarket.
E)thevalueofallfinalgoodsandservicesproducedbyitsfactorsofproduction,excludingland,andsoldonthemarketinagiventimeperiod.
Answer:
A
2)TheCAisequalto
A)Y-(C-I+G).
B)Y+(C+I+G).
C)Y-(C+I+G).
D)Y-(C+I-G).
E)Noneoftheabove.
Answer:
A
3)Foropeneconomies,
A)S=I.
B)S=I+CA.
C)S=I-CA.
D)S>I+CA.
E)S
Answer:
B
4)AU.S.citizenbuysanewlyissuedshareofstockinEngland,payingforhisorderwithacheck,whichtheBritishcompanydepositsinitsownU.S.bankaccountinNewYork.Howisthistransactionaccountedforinthebalanceofpayments?
A)financialaccount,U.S.assetexport
B)currentaccount,U.S.serviceimport
C)currentaccount,Britishgoodexport
D)financialaccount,Britishassetimport
E)financialaccount,U.S.assetimport
Answer:
A
5)TheearningsofaSpanishfactorywithBritishownersare
A)countedinSpain'sGDP.
B)arepartofBritain'sGNP.
C)arecountedinBritain'sGDP.
D)arepartofSpain'sGNP.
E)OnlyAandB.
Answer:
E
6)"TheBalanceofpaymentsisalwaysbalanced."Discuss.
Answer:
True.Everyinternationaltransactionautomaticallyentersthebalanceofpaymentstwice,onceasacreditandonceasadebit.
Currentaccount+financialaccount+capitalaccount=0
7)"Thebalanceofpaymentsaccountsseldombalanceinpractice."Discuss.
Answer:
True.Themainreasonsareduetothefactthatdatacollectedorreceivedfromdifferentsourcesmaydifferincoverage,accuracy,andtiming.Inaddition,dataonservicesarenotreliableaswellasdatafromthefinancialaccount.Moreover,accuratemeasurementsofinternationalinterestanddividendreceiptsareparticularlydifficult.
8)Fillinthefollowingtable:
Answer:
Chapter13ExchangeRatesandtheForeignExchangeMarket:
AnAssetApproach
1)HowmanyBritishpoundswoulditcosttobuyapairofAmericandesignerjeanscosting$45iftheexchangerateis1.80dollarsperBritishpound?
A)10Britishpounds
B)25Britishpounds
C)20Britishpounds
D)30Britishpounds
E)40Britishpounds
Answer:
B
2)Anappreciationofacountry'scurrency,
A)decreasestherelativepriceofitsexportsandlowerstherelativepriceofitsimports.
B)raisestherelativepriceofitsexportsandraisestherelativepriceofitsimports.
C)lowerstherelativepriceofitsexportsandraisestherelativepriceofitsimports.
D)raisestherelativepriceofitsexportsandlowerstherelativepriceofitsimports.
E)Noneoftheabove.
Answer:
D
3)Whichmajoractorisatthecenteroftheforeignexchangemarket?
A)corporations
B)centralbanks
C)commercialbanks
D)non-bankfinancialinstitutions
E)Noneoftheabove.
Answer:
C
4)Whatistheexpecteddollarrateofreturnoneurodepositswithtoday'sexchangerateat$1.10pereuro,nextyear'sexpectedexchangerateat$1.166pereuro,thedollarinterestrateat10%,andtheeurointerestrateat5%?
A)10%
B)11%
C)-1%
D)0%
E)Noneoftheabove.
Answer:
B
5)Whatistheexpecteddollarrateofreturnondollardepositswithtoday'sexchangerateat$1.10pereuro,nextyear'sexpectedexchangerateat$1.165pereuro,thedollarinterestrateat10%,andtheeurointerestrateat5%?
A)10%
B)11%
C)-1%
D)0%
E)Noneoftheabove.
Answer:
A
6)Ifthedollarinterestrateis10percent,theeurointerestrateis6percent,andtheexpectedreturnondollardepreciationagainsttheeurois4percent,then
A)aninvestorshouldinvestonlyindollars.
B)aninvestorshouldinvestonlyineuros.
C)aninvestorshouldbeindifferentbetweendollarsandeuros.
D)Itisimpossibletotellgiventheinformation.
E)Alloftheabove.
Answer:
C
7)Discusstheeffectsofariseintheinterestratepaidbyeurodepositsontheexchangerate.
Answer:
Therearetwoeffectstoconsider.Ifwemaketheunrealisticassumptionthattheexpectedexchangeratewillnotchange,thenariseintheinterestratepaidbyEurodepositscausesthedollartodepreciate.However,iftheexpectedexchangerateweretorise,thenthecurrentexchangeratewouldalsorise.(Seefigure13-6fromthetext.)
8)Calculatetheinterestrateintheeurozoneifinterestparityconditionholds,forthefollowing15cases:
Answer:
Chapter14Money,InterestRates,andExchangeRates
1)Moneyincludes
A)currency.
B)checkingdepositsheldbyhouseholdsandfirms.
C)depositsintheforeignexchangemarkets.
D)BothAandB.
E)A,B,andC.
Answer:
D
2)Theaggregatemoneydemanddependson
A)theinterestrate.
B)thepricelevel.
C)realnationalincome.
D)Alloftheabove.
E)OnlyAandC.
Answer:
D
3)UsingafiguredescribingboththeU.S.moneymarketandtheforeignexchangemarket,analyzetheeffectsofatemporaryincreaseintheEuropeanmoneysupplyonthedollar/euroexchangerate.
Answer:
AnincreaseintheEuropeanmoneysupplywillreducetheinterestrateontheeuroandthuswillcausethescheduleoftheexpectedeuroreturnexpressesindollarstoshiftdown,causingareductioninthedollar/euroexchangerate,i.e.,anappreciationoftheU.S.Dollar.Theeurodepreciatesagainstthedollar.TheU.S.moneydemandandmoneysupplyarenotgoingtobeaffected,andthustheinterestrateintheU.S.willremainthesame.
4)Apermanentincreaseinacountry'smoneysupply
A)causesamorethanproportionalincreaseinitspricelevel.
B)causesalessthanproportionalincreaseinitspricelevel.
C)causesaproportionalincreaseinitspricelevel.
D)leavesitspricelevelconstantinlong-runequilibrium.
E)Noneoftheabove.
Answer:
C
5)Afterapermanentincreaseinthemoneysupply,
A)theexchangerateovershootsintheshortrun.
B)theexchangerateovershootsinthelongrun.
C)theexchangeratesmoothlydepreciatesintheshortrun.
D)theexchangeratesmoothlyappreciatesintheshortrun.
E)Noneoftheabove.
Answer:
A
6)"Althoughthepricelevelsappeartodisplayshort-runstickinessinmanycountries,achangeinthemoneysupplycreatesimmediatedemandandcostpressuresthateventuallyleadtofutureincreaseinthepricelevel."Discuss.
Answer:
Thestatementistrue.Thepressurescomefromthreemainsources:
excessdemandforoutputandlabor;inflationaryexpectations;and,rawmaterialprices.
7)Thelongruneffectsofmoneysupplychange:
A)ambiguouseffectonthelong-runvaluesoftheinterestrateorrealoutput,aproportionalchangeinthepricelevel'slong-runvalueintheoppositedirection.
B)proportionaleffectonthelong-runvaluesoftheinterestrateorrealoutput,aproportionalchangeinthepricelevel'slong-runvalueinthesamedirection.
C)noeffectonthelong-runvaluesoftheinterestrateorrealoutput,aproportionalchangeinthepricelevel'slong-runvalueinthesamedirection.
D)noeffectonthelong-runvaluesoftheinterestrateorrealoutput,nochangeinthepricelevel'slong-runvalue.
E)ambiguouseffectonthelong-runvaluesoftheinterestrateorrealoutput,Adisproportionalchangeinthepricelevel'slong-runvalueinthesamedirection.
Answer:
C
Chapter15PriceLevelsandtheExchangeRateintheLongRun
1)UnderPurchasingPowerParity,
A)E$/E=PUS/PE.
B)E$/E=PE/PES.
C)E$/E=PUS+PE.
D)E$/E=PUS-PE.
E)Noneoftheabove.
Answer:
A
2)AssumingrelativePPP,fillinthetablebelow:
Answer:
3)UnderPPP(andbytheFisherEffect),allelseequal,
A)ariseinacountry'sexpectedinflationratewilleventuallycauseamore-thanproportionalriseintheinterestratethatdepositsofitscurrencyofferinordertoaccommodateforthehigherinflation.
B)afallinacountry'sexpectedinflationratewilleventuallycauseanequalriseintheinterestratethatdepositsofitscurrencyoffer.
C)ariseinacountry'sexpectedinflationratewilleventuallycauseanequalriseintheinterestratethatdepositsofitscurrencyoffer.
D)ariseinacountry'sexpectedinflationratewilleventuallycausealessthanproportionalriseintheinterestratethatdepositsofitscurrencyoffertoaccommodatetheriseinexpectedinflation.
E)Noneoftheabove.
Answer:
C
4)Describethechainofeventsleadingtoexchangeratedeterminationforthefollowingcases:
(a)AnIncreaseinU.S.moneysupply
(d)IncreaseingrowthrateofU.S.moneysupply
(c)IncreaseinworldrelativedemandforU.S.products
(d)IncreaseinrelativeU.S.outputsupply
Answer:
Chainofeventsleadingtoexchangeratedetermination:
=
×(Pus/PE)
IncreaseinU.S.moneysupply:
Pusrisesinproportiontothemoneysupply;qremainsthesame.Alldollarpriceswillrise(includingdollarpriceofeuro).
IncreaseingrowthrateofU.S.moneysupply:
Inflationrate,dollarinterestrate,Pus,E,risesinproportiontoPus.
IncreaseinworldrelativedemandforU.S.products:
Efalls,andqdoesaswell.
IncreaseinrelativeU.S.outputsupply:
Dollardepreciates,lowersrelativepriceof
U.S.outpu
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