questions3 the foreign exchange rate marketWord格式文档下载.docx
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c.Bothexportersandimporterstorushtocovertheirfutureneeds
d.Neitherexportersnorimporterstorushtocovertheirfutureneeds
4.Whenshort-terminterestratesbecomelowerinTokyothaninNewYork,interestarbitrageoperationswillmostlikelyresultina(an):
a.Increaseinthespotpriceoftheyen
b.Increaseintheforwardpriceofthedollar
c.Saleofdollarsintheforwardmarket
d.Purchaseofyeninthespotmarket
5.AnappreciationinthevalueoftheU.S.dollaragainsttheBritishpoundwouldtendto:
a.DiscouragetheBritishfrombuyingAmericangoods
b.DiscourageAmericansfrombuyingBritishgoods
c.Increasethenumberofdollarsthatcouldbeboughtwithapound
d.DiscourageU.S.touristsfromtravelingtoBritain
6.Concerningtheforeignexchangemarket,onecanbestsaythat:
a.Thereisaspotmarketforvirtuallyeverycurrencyintheworld
b.Themarketishighlycentralizedlikethestockexchange
c.Mostforeignexchangepaymentsaremadewithbanknotes
d.Thevaluesoftheforwardandspotratesarealwaysinagreement
7.SupposeresearchersdiscoverthatSwissbeercausescancerwhengiveninlargeamountstoBritishmice.Thisfindingwouldlikelyresultina(an):
a.IncreaseinthedemandforSwissfrancs
b.DecreaseinthedemandforSwissfrancs
c.IncreaseinthesupplyofSwissfrancs
d.DecreaseinthesupplyofSwissfrancs
8.SupposethatrealincomesincreasemorerapidlyintheUnitedStatesthaninMexico.IntheUnitedStates,thissituationwouldlikelyresultina(an):
a.Increaseinthedemandforpesos
b.Decreaseinthedemandforpesos
c.Increaseinthesupplyofpesos
d.Decreaseinthesupplyofpesos
9.Adepreciationofthedollarreferstoa(an):
a.Fallinthedollarpriceofforeigncurrency
b.Increaseinthedollarpriceofforeigncurrency
c.Lossofforeign-exchangereservesfortheU.S.
d.Interventionintheinternationalmoneymarket
10.IfCanadianspeculatorsbelievedtheSwissfrancwasgoingtoappreciateagainsttheU.S.dollar,theywould:
a.PurchaseCanadiandollars
b.PurchaseU.S.dollars
c.PurchaseSwissfrancs
d.SellSwissfrancs
11.Amajordifferencebetweenthespotmarketandtheforwardmarketisthatthespotmarketdealswith:
a.Theimmediatedeliveryofcurrencies
b.Themerchandisetradeaccount
c.Currenciestradedforfuturedelivery
d.Hedgingofinternationalcurrencyrisks
12.Theexchangerateiskeptthesameinallpartsofthemarketby:
a.Forwardcover
b.Hedging
c.Exchangespeculation
d.Exchangearbitrage
13.IfyouhaveacommitmenttopayafriendinBritain1,000poundsin30days,youcouldremovetheriskoflossduetotheappreciationofthepoundby:
a.Buyingdollarsintheforwardmarketfordeliveryin30days
b.Sellingdollarsintheforwardmarketfordeliveryin30days
c.Buyingthepoundsintheforwardmarketfordeliveryin30days
d.Sellingthepoundsintheforwardmarketfordeliveryin30days
14.Anincreaseinthedollarpriceofothercurrenciestendstocause:
a.U.S.goodstobecheaperthanforeigngoods
b.U.S.goodstobemoreexpensivethanforeigngoods
c.Foreigngoodstobemoreexpensivetoresidentsofforeignnations
d.ForeigngoodstobecheapertoresidentsoftheUnitedStates
15.Thebalanceonmerchandisetrade:
a.Mustbenegative
b.Mustbepositive
c.Mustbezero
d.Maybenegative,positive,orzero
16.WhichofthefollowingwouldnotinducetheU.S.demandcurveforforeignexchangetoshiftbackwardtotheleft?
a.WorseningAmericantastesforgoodsproducedoverseas
b.DecreasinginterestratesintheU.S.comparedtothoseoverseas
c.AfallinthelevelofU.S.income
d.AdepreciationintheU.S.dollaragainstforeigncurrencies
17.AU.S.exportcompanyscheduledtoreceive1millionpoundssixmonthsfromtodaycanhedgeitsforeignexchangeriskby:
a.Buyingtoday1millionpoundsintheforwardmarketfordeliveryinsixmonths
b.Buying1millionpoundsinthespotmarketfordeliveryinsixmonths
c.Selling1millionpoundsinthespotmarketfordeliveryinsixmonths
d.Sellingtoday1millionpoundsintheforwardmarketfordeliveryinsixmonths
18.Overtime,adepreciationinthevalueofanation’scurrencyintheforeignexchangemarketwillresultin:
a.Exportsrisingandimportsfalling
b.Importsrisingandexportsfalling
c.Bothimportsandexportsrising
d.Bothimportsandexportsfalling
19.GrainshortagesincountriesthatbuylargeamountsofgrainfromtheUnitedStateswouldincreasethedemandforAmericangrainand:
a.Reducethedemandfordollars
b.Increasethedemandfordollars
c.Reducethesupplyofdollars
d.Increasethesupplyofdollars
20.SupposetheexchangeratebetweentheJapaneseyenandtheU.S.dollaris100yenperdollar.AJapanesestereowithapriceof60,000yenwillcost:
a.$60
b.$600
c.$6,000
d.Noneoftheabove
21.Thesupplyofforeigncurrencymaybe:
a.Upward-sloping
b.Backward-sloping
c.Vertical
22.SupposethataSwisswatchthatcosts400francsinSwitzerlandcosts$200intheUnitedStates.Theexchangeratebetweenthefrancandthedollaris:
a.2francsperdollar
b.1francperdollar
c.$2perfranc
d.$3perfranc
23.Intheearly1980s,theFederalReservepursuedatightmonetarypolicy.Allelsebeingequal,theimpactofthatpolicywasto__________interestratesintheUnitedStatesrelativetothoseinEuropeandcausethedollarto__________againstEuropeancurrencies.
a.Decrease,depreciate
b.Decrease,appreciate
c.Increase,depreciate
d.Increase,appreciate
24.Underasystemoffloatingexchangerates,theSwissfrancwoulddepreciateinvalueifwhichofthefollowingoccurs?
a.PriceinflationinFrance
b.AnincreaseinU.S.realincome
c.AdecreaseintheSwissmoneysupply
d.FallinginterestratesinSwitzerland
25.Adepreciationofthedollarwillhaveitsmostpronouncedimpactonimportsifthedemandforimportsis:
a.Constant
b.Inelastic
c.Elastic
d.Unitaryelastic
26.Duringtheeraofdollarappreciation,from1981to1985,amainreasonwhythedollardidnotfallinvaluewas:
a.FlowsofforeigninvestmentintotheUnitedStates
b.RisingpriceinflationintheUnitedStates
c.AsubstantialdecreaseinU.S.imports
d.AsubstantialincreaseinU.S.exports
27.Whichfinancialinstrumentprovidesabuyertherighttopurchaseorsellafixedamountofcurrencyataprearrangedprice,withinafewdaystoacoupleofyears?
a.Letterofcredit
b.Foreigncurrencyoption
c.Cabletransfer
d.Billofexchange
28.GiventheforeigncurrencymarketfortheSwissfranc,thesupplyoffrancsslopesupward,becauseasthedollarpriceofthefrancrises:
a.America’sdemandforSwissmerchandiserises
b.America’sdemandforSwissmerchandisefalls
c.Switzerland’sdemandforAmericanmerchandiserises
d.Switzerland’sdemandforAmericanmerchandisefalls
29.Inasupply-and-demanddiagramforJapaneseyen,withtheexchangerateindollarsperyenontheverticalaxis,thedemandscheduleforyenisdrawnsloping:
a.Upward
b.Vertical
c.Downward
d.Horizontal
30.SupposethereoccursanincreaseintheCanadiandemandforJapanesecomputers.Thisresultsin:
a.Anincreaseinthedemandforyen
b.Adecreaseinthedemandforyen
c.AnincreaseinthesupplyofyentoCanada
d.AdecreaseinthesupplyofyentoCanada
Table12.1givestheexchangeratequotationsfortheU.S.dollarandtheBritishpound.Answerthenextfourquestionsonthebasisofthisinformation.
Table12.1. ForeignExchangeQuotations
U.S.DollarEquivalentCurrencyperU.S.Dollar
TuesdayMondayTuesdayMonday
Britain(Pound)1.42701.4390.7008.6949
30-dayForward1.42111.4333.7037.6977
60-dayForward1.40901.4220.7097.7032
180-dayForward1.39301.4070.7179.7107
31.ConsiderTable12.1.Ifoneweretobuypoundsforimmediatedelivery,onTuesdaythedollarcostofeachpoundwouldbe:
a.$0.7008
b.$0.7037
c.$1.4211
d.$1.4270
32.ConsiderTable12.1.Ifoneweretoselldollarsforimmediatedelivery,onTuesdaythepoundcostofeachdollarwouldbe:
a..7008poundsperdollar
b..7037poundsperdollar
c.1.4270poundsperdollar
d.1.4211poundsperdollar
33.ConsiderTable12.1.ComparingTuesdaytothepreviousMonday,byTuesdaythedollarhad:
a.Depreciatedagainstthepound
b.Appreciatedagainstthepound
c.Notchangedagainstthepound
34.ConsiderTable12.1.ConcerningtheTuesdayquotations:
comparedtothecostofbuying100poundsonthespotmarket,if100poundswereboughtforfuturedeliveryin
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