国际财务管理试题.docx
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国际财务管理试题.docx
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国际财务管理试题
Chapter1
1.Ifacountryunexpectedlyimposesrestrictionsonimports,thistradebarrierisanexampleof:
A)ExchangeRateRisk
B)PoliticalRisk
C)MarketImperfections
D)ExpandedOpportunitySet.
2.Adomesticfirmthatproducesandsellsitsproductsinonecountry
A)Isprotectedfromforeignexchangerisk
B)Couldfaceforeignexchangerisk
C)Couldfacenopoliticalrisk
D)Isanexampleofamarketimperfection.
3.TheEuropeanCentralBankislocatedin
A)Düsseldorf,Germany
B)Frankfurt,Germany
C)London,England
D)Paris,France.
4.TheNorthAmericanFreeTradeAgreement(NAFTA)
A)HasresultedinmassiveunemploymentintheU.S.asjobswenttoMexico
B)Callsfortheintroductionofaregionalcurrencyby2015,similartotheeuro
C)IsanagreementamongtheUnitedStates,Canada,andMexico,thatcallsforthephasingoutoftariffsandimportquotasovera15-yearperiod
D)Callsfortheprivatizationofallindustriesovera15-yearperiod.
5.AU.S.investorwhoisinterestedinthesharesofNokiaCorporationofFinland
A)ShouldprobablystickwithU.S.companies
B)Willhaveaneasiertimethaneverinvestigatingthecompany,duetothereadyflowofinformationovertheInternetandtheglobalizationofcapitalmarkets
C)MusttraveltoFinlandinpersontobuytheshares
D)CanbuythesharesbutcannotbringthemtotheU.S.legally.
Chapter2
1.Gresham’sLawstatesthat:
A)ExchangeRatesbetweencurrenciesmustequaltheratioofthepriceofgoldinthetwocountries
B)Goodmoneydrivesbadmoneyoutofcirculation
C)Badmoneydrivesgoodmoneyoutofcirculation
D)ThePrice-SpecieFlowmechanismwillautomaticallyadjustexchangeratestotheircorrectlevel.
2.Thekeyargumentsinfavorofflexibleexchangeratesreston
A)Easierexternaladjustments
B)NationalPolicyautonomy
C)a)andb)arecorrect
D)Noneoftheabove.
3.Supposethatthepoundispeggedtogoldat£20perounceandthedollarispeggedtogoldat$35perounce.Thisimpliesanexchangerateof$1.75perpound.Ifthecurrentmarketexchangerateis$1.80perpound,howwouldyoutakeadvantageofthissituation?
A)Startwith$350.Buy10ouncesofgoldwithdollarsat$35perounce.Convertthegoldto£200at£20perounce.Exchangethe£200fordollarsatthecurrentrateof$1.80perpoundtoget$360
B)Startwith£350.Buy17.5ouncesofgoldat£20perounce.Convertthegoldtodollarsat$35perounce.Exchangethedollarsforpoundsatthecurrentmarketexchangerateis$1.80perpound
C)Bothoftheabovearecorrect
D)Noneoftheabovearecorrect
4.Oneadvantageofmonetaryunion
A)Lossofnationalmonetaryandexchangeratepoliticalindependence
B)Transitionofasymmetricmacro-economicshocks
C)Reducedtransactionscostsandtheeliminationofexchange-rateuncertainty
D)Enhancedcontrolofinterestratesinthemembercountries
5.ThedominantworldcurrencysincetheendofWorldWarIhasbeen
A)TheU.S.dollar
B)TheCanadiandollar
C)TheBritishpound
D)Theeuro
Chapter3
1.Inapureflexibleexchangerateregime,acountry’scentralbankswillnotneedtomaintainofficialreserves.Underthisregime:
A)–BCA=BKA
B)BCA=–BRA=0
C)BKA=–BRA
D)Noneofthem
2.Inbalance-of-paymentsaccounting,acountry’sinternationaltransactionscanbegroupedinthreemaincategories:
A)Thecurrentaccount,thecapitalaccountandthefederalreservesaccount
B)Thegovernmentspendingaccount,thecapitalaccountandtheofficialreservesaccount
C)Thecurrentaccount,thecapitalaccountandtheofficialreservesaccount
D)Thecurrentaccount,thecapitalaccountandthestatisticdiscrepancy
3.IftheUnitedStatesimportsmorethanitexports,onecanexpect:
A)TheU.S.dollarwouldbelikelytoappreciateagainstothercurrencies
B)Thesupplyofdollarsislikelytoexceedthedemandintheforeignexchangemarket,ceterisparibus
C)TheU.S.dollarwouldbeunderpressuretodepreciateagainstothercurrencies
D)b)andc)arecorrect.
4.SupposethatyourU.S.firmimportsbicyclesfromMercianBicyclesinDerby,England.
A)ThetransactionwillgiverisetoadebitintheU.S.balance-of-payments
B)ThetransactionwillgiverisetoacreditintheU.S.balance-of-payments
C)Sincethevalueofthebicycleswillequalthevalueofthedollarssentabroad,thiswillgiverisetoaneitheradebitnoracreditintheU.S.balance-of-payments
D)Itdepends
5.Theworld’slargestdebtornationandcreditornation,respectivelyare:
A)JapanandtheU.S
B)TheU.S.andJapan
C)TheU.S.andCanada
D)GreatBritainandMexico
IIPROBLEM
SomeitemsoftheU.S.balanceofpaymentsfor2000(in$billion)areasfollows:
Exports:
Merchandise774.86(Credit)
Services290.88(Credit)
Factorincome352.90(Credit)
Imports:
1809.18(Debit)
Services217.07(Debit)
Factorincome367.68(Debit)
UnilateralTransfer54.15(Debit)
BalanceonCapitalAccount:
444.26(Credit)
StatisticDiscrepancy0.13(Debit)
PleasecomputetheitemsofExports,ImportofMerchandise,BalanceonCurrentAccount,anditsOfficialReserveAccount.
Chapter4
1.Whenacorporationhaslargeshareholdersincontrol
A)Thereisthepossibilitythatthelargeshareholderscontrolthemanagersandincentivisethemtoexpropriatewealthfromsmalloutsideshareholders
B)Therearenoagencycosts
C)Theshareholdersareusuallyobese
D)Alloftheabovemaybecorrect
2.Manycompanieshaveprovidedmanagerswithexecutivestockoptions
A)Theseareaformofincentivecontracts
B)Thesecanserveasamechanismofaligningtheinterestsofshareholdersandmanagers
C)Theseoptionscanoffermanagersanincentivetorunthecompanyinsuchaswaythatenhancesshareholderwealthaswellastheirown
D)Alloftheabove
3.Thegreatestadvantageofthecorporateformofbusinessorganization
A)Itisanefficientrisksharingmechanismthatallowscorporationstoraiselargeamountsofcapital
B)Isthepotentialforabuseofpowerthatresidesinthechiefexecutivesoffice
C)Isthebenefit(togovernments)ofdoubletaxation
D)Noneoftheabove
4.IntheUnitedStates,shareholderselect
A)Theboardofdirectors
B)ThePresidentShareholder
C)Themanagementofthefirm
D)Noneoftheabove
5.SupposeaU.S.companycontinuallyperformspoorlyandallofitsinternalgovernancemechanismfailtocorrecttheproblem.
A)Overtimethissituationmaypromptanoutsider(corporateraider)tomountatakeoverbid
B)Ahostiletakeoverbidcanserveasadrasticgovernancemechanismofthelastresort.
C)Themarketforcorporatecontrolmaydisciplinemanagers
D)Alloftheabove
Chapter5
1.MultipleChoiceQuiz
(1)Supposeyouobservethefollowingexchangerates:
€1=$1.25;£1=$2.00.Whatmusttheeuro-poundexchangeratebe?
A€1=£1.60B€1=£0.625C€2.50=£1D€1=£2.50
(2)
Intheforwardmarket,
A)Marketparticipantsagreetobuyorsellforeigncurrencyinthefutureatpricesagreed-upontoday.
B)Marketparticipantsagreetobuy(notsell)foreigncurrenciesinthefutureatpricesagreed-upontoday.
C)Marketparticipantspaytodayforaspecificamountofforeigncurrencytobereceivedinthefuture.
D)Marketparticipantsagreetobuyandsellfixedamountsofforeigncurrencyatspotpricesthatwillprevailinthefuture.
(3)AnexchangeratequotedinAmericanterms
A)SayshowmanyunitsofforeigncurrencyyougetforoneU.S.dollar.
B)SayshowmanyU.S.dollarsoneunitofforeigncurrencyisworth.
C)Isthesameastheindirectquotation.
D)Istheinverseofthedirectquotation.
(4)Supposeyouobservethefollowingexchangerates:
€1=$.85;£1=$1.60;and€2.00=£1.00.Startingwith$1,000,000,howcanyoumakemoney?
A)Exchange$1mfor£625,000at£1=$1.60.Buy€1,250,000at€2=£1.00;tradefor$1,062,500at€1=$.85.
B)Startwithdollars,exchangeforeurosat€1=$.85;exchangeforpoundsat€2.00=£1.00;exchangefordollarsat£1=$1.60.
C)Startwitheuros;exchangeforpounds;exchangefordollars;exchangeforeuros.
(5)
Consideratraderwhotakesalongpositioninasix-monthforwardcontractonBritishpounds.Theforwardrateis$1.75=£1.00;thecontractsizeis£62,500.Atthematurityofthecontractthespotexchangerateis$1.65=£1.00
A)Thetraderhaslost$625.
B)Thetraderhaslost$6,250.
C)Thetraderhasmade$6,250.
D)Thetraderhaslost$66,287.88
2.Calculationandanalysis
(1)Thecurrentspotexchangerateis$1.95/£andthethree-monthforwardrateis$1.90/£.Basedonyouranalysisoftheexchangerate,youareprettyconfidentthatthespotexchangeratewillbe$1.92/£inthreemonths.Assumethatyouwouldliketobuyorsell£1,000,000.
a.Whatactionsdoyouneedtotaketospeculateintheforwardmarket?
Whatistheexpecteddollarprofitfromspeculation?
b.Whatwouldbeyourspeculativeprofitindollartermsifthespotexchangerateactuallyturnsouttobe$1.86/£.
Chapter6
1.MultipleChoiceQuiz
(1)SupposeinterestratesintheU.S.are5%whenthespotexchangerateis$0.75=€1andtheinterestrateinFranceis8%peryear.Whatmusttheone-yearforwardexchangeratebe?
A)$0.7292=€1
B)$0.75=€1
C)$0.81=€1
D)$0.7714=€1
E)$1.2963=€1
(2)Purchasingpowerparitystatesthat:
A)ThecostofahaircutinColumbiaMissourishouldbeexactlythesameasthecostinHongKong.
B)Ratesofinflationmustbethesameeverywhere.
C)Spotexchangeratesarethebestpredictorofexpectedinflationrates.
D)ThecostofaBigMacsandwichshouldbereflectedinthecostoftwoall-beefpatties,specialsauce,lettuce,cheese,pickles,onionsand
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