国金选择17Word格式.docx
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国金选择17Word格式.docx
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A)Ifcentralbanksarenotsterilizingandthehomecountryhasabalanceofpaymentssurplus,anyassociated
increaseinthehomecentralbank'
sforeignassetimpliesanincreasedhomemoneysupply.
5)Whichoneofthefollowingstatementsismosttrue?
C)Ifcentralbanksarenotsterilizingandthehomecountryhasabalanceofpaymentssurplus,anyassociated
decreaseinaforeigncentralbank'
sclaimsonthehomecountryimpliesadecreasedforeignmoneysupply.
17.3HowtheCentralBankFixestheExchangeRate1)Asystemofmanagedfloatingexchangeratesis
A)asysteminwhichgovernmentsmayattempttomoderateexchangeratemovementswithoutkeeping
exchangeratesrigidlyfixed.
2)Underfixedexchangerate,ingeneral,
A)thedomesticandforeigninterestratesareequal,R=R.
3)Underfixedexchangerate,ingeneralwhichoneofthefollowingstatementsisthemostaccurate?
A)Thefollowingconditionshouldholdfordomesticmoneymarketequilibrium:
Ms/P=L(R,Y).4)Whichoneofthefollowingstatementsisthemostaccurate?
D)Underafixedexchangerate,centralbankmonetarytoolsarepowerlesstoaffecttheeconomy'
smoney
supplyoritsoutput.
5)Whatistheexpecteddollarrateofreturnondollardepositswithtoday'
sexchangerateat$1.10pereuro,next
year'
sexpectedexchangerateat$1.165pereuro,thedollarinterestrateat10%,andtheeurointerestrateat5%?
A)10%
17.4StabilizationPolicieswithaFixedExchangeRate
1)Byfixingtheexchangerate,thecentralbankgivesupitsabilityto
E)influencetheeconomythroughmonetarypolicy.
2)FiscalExpansionunderafixedexchangehaswhateffect(s)ontheeconomy:
D)theexchangeratedecreasesinitiallybutthenreturnstoitsoriginalpoint.
3)Whenacountry'
scurrencyisdevalued:
B)outputincreases.
D)themoneysupplyincreases.
E)BothBandD.
4)Underfixedrates,whichoneofthefollowingstatementsisthemostaccurate?
C)Monetarypolicycanaffectonlyinternationalreserves.
5)Underfixedrates,whichoneofthefollowingstatementsisthemostaccurate?
A)Fiscalpolicycanaffectoutput,employmentandinternationalreservesatthesametime.
6)Whichoneofthefollowingstatementsisthemostaccurate?
C)Fiscalpolicyaffectsemploymentmoreunderfixedthanunderflexibleexchangerateregimes.
7)Whichoneofthefollowingstatementsisthemostaccurate?
B)Fiscalpolicyaffectsoutputmoreunderfixedthanunderflexibleexchangerateregimes.
8)Whichoneofthefollowingstatementsisthemostaccurate?
B)Adevaluationoccurswhenthecentralbankraisesthedomesticcurrencypriceofforeigncurrency,E,anda
1
revaluationoccurswhenthecentralbanklowersE.
9)Whichoneofthefollowingstatementsisthemostaccurate?
C)DepreciationisariseinEwhentheexchangeratefloatswhiledevaluationisariseinEwhentheexchange
rateisfixed.
10)Whichoneofthefollowingstatementsisthemostaccurate?
B)AppreciationisafallinEwhentheexchangeratefloatswhilerevaluationisafallinEwhentheexchange
11)Whichoneofthefollowingstatementsisthemostaccurate?
C)Devaluationreflectsadeliberategovernmentdecisionwhiledepreciationisanoutcomeofgovernment
actionsandmarketforcesactingtogether.
12)Whichoneofthefollowingstatementsisthemostaccurate?
B)Revaluationreflectsadeliberategovernmentdecisionwhileappreciationisanoutcomeofgovernment
13)Underfixedexchangerate,whichoneofthefollowingstatementsisthemostaccurate?
B)Devaluationcausesariseinoutput,ariseinofficialreserves,andanexpansionofthemoneysupply.
A14)Underfixedexchangerate,whichoneofthefollowingstatementsisthemostaccurate?
A)Devaluationcausesariseinoutput.
15)Underfixedexchangerate,whichoneofthefollowingstatementsisthemostaccurate?
C)Devaluationcausesanexpansionofthemoneysupply.
16)Themainreason(s)whygovernmentssometimeschosetodevaluetheircurrenciesis(are):
A)devaluationallowsthegovernmenttofightdomesticunemploymentdespitethelackofeffectivemonetary
policy.
B)devaluationimprovesinthecurrentaccount.
C)devaluationincreasesforeignreservesheldbythecentralbank.
D)Alloftheabove.
17.5BalanceofPaymentsCrisesandCapitalFlight1)Abalanceofpaymentscrisisisbestdescribedas
B)asharpchangeinforeignreservessparkedbyachangeinexpectationsaboutthefutureexchangerate.
2)Theexpectationoffuturedevaluationcausesabalanceofpaymentscrisismarkedby
C)asharpfallinreservesandariseinthehomeinterestrateabovetheworldinterestrate.
3)Theexpectationoffuturerevaluationcausesabalanceofpaymentscrisismarkedby
A)asharpriseinreservesandafallinthehomeinterestratebelowtheworldinterestrate.
4)Capitalflight
A)decreasesreserves.
B)isoftenassociatedwiththeexpectationofdevaluation.
C)mayindirectlyinducedevaluation.
E)A,B,andC.
5)Currencycrisesmayresultfrom
A)excessivepurchasesofgovernmentbondsbycentralbanks.
B)speculativeattacksonthecurrency.
D)AandB.
C6)Whichofthefollowingbestdescribesadeliberategovernmentdecisiontolowertheexchangerate,E?
C)revaluation
17.6ManagedFloatingandSterilizedIntervention
1)Imperfectassetsubstitutabilityassumes:
B)thereturnsonforeignanddomesticcurrencyaredifferentingeneral.
C)thereturnsonforeignanddomesticcurrencyareinfluencedbyrisk.
E)BothBandC.
E2)AfterintroducingtheRealasitsnewcurrencyin1994,Brazil
A)lostcompetitivenessinforeignmarketssincetheRealexperiencedarealappreciation.B)experiencedhighdomesticinterestrates.
C)reduceditsannualrateofinflation.
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D)experiencedbankfailures.
E)Alloftheabove.
3)In1999,followingthefailureofa$40billionIMFstabilizationplan,Brazil
C)wasforcedtodevaluetheReal.
4)Perfectassetsubstitutabilityistheassumptionthat
D)theforeignexchangemarketisinequilibriumonlywhenexpectedreturnsondomesticassetsareequalto
returnsonforeigncurrencybonds.
5)Imperfectassetsubstitutabilityexists
D)whenthereisriskintheforeignexchangemarket.
6)TheinterestparityconditioncanbewrittenasB)R=R+(Ee-E)/E.
7)Whendomesticandforeigncurrencybondsareimperfectsubstitutes,thedomesticinterestrate(R)canbe
writtenasC)R=R+(Ee-E)/E+ρ.
8)Intheinterestrateparityconditionwithimperfectsubstitutesandariskpremiumofρ
A)anincreasedstockofdomesticgovernmentdebtwillraisethedifferencebetweentheexpectedreturnson
domesticandforeigncurrencybonds.
9)Thesignalingeffectofforeignexchangeintervention
B)canalterthemarket'
sviewoffuturemonetaryorfiscalpolicies.
C)cancauseanimmediateexchangeratechangeevenwhenbondsdenominatedindifferentcurrenciesare
perfectsubstitutes.E)BandC.
17.8TheGoldStandard1)From1837andupuntiltheCivilWar,theUnitedStatesadheredtoa
C)bimetallicstandard.
2)Imperfectassetsubstitutabilityassumes:
18.1MacroeconomicPolicyGoalsinanOpenEconomy
1)Undertheprice-specie-flowmechanism,whathappenswhensayGermany'
scurrentaccountsurplusisgreater
thanitsnon-reservecapitalaccountdeficits?
C)GoldreserveswillflowintoGermany.
2)The\
A)sellingdomesticassetsinadeficitandbuyingassetsinasurplus.
C3)Acountryseekingtomaintaininternalbalancewouldbemostconcernedwith:
C)largefluctuationsinoutput.
4)Byinternalbalance,mosteconomistsmean
C)fullemploymentandpricestability.
A5)Byexternalbalance,mosteconomistsmeans,
A)avoidingexcessiveimbalancesininternationalpayments.
6)Whichoneofthefollowingstatementsistrue?
C)Inflationordeflationcanoccurevenunderconditionsoffullemployment.
7)Inflationcanoccurevenunderconditionsoffullemployment
A)onlyifthecentralbankcontinuestoinjectmoneyintotheeconomyandtheagents'
expectationsof
inflationaresupportedbythebank'
sactivities.
B8)AsuddenincreaseintheU.S.pricelevel
B)makesthosewithdollardebtsbetteroff.
B9)AsuddenincreaseintheU.S.pricelevel
B)makescreditorsindollarsworseoff.
A10)AsuddendecreaseintheU.S.pricelevel
A)makesthosewithdollardebtsworseoff.
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A11)AsuddendecreaseintheU.S.pricelevel
A)makescreditorsindollarsbetteroff.
B12)Acurrentaccountsurplus
B)mayposenoproblemifdomesticsavingsarebeinginvestedmoreprofitablyabroadthantheywouldb
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