国际金融英文版习题.docx
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国际金融英文版习题.docx
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国际金融英文版习题
Chapter1balanceofpayments
BalanceofPaymentsAccounting
1Balanceofpayments
a)isdefinedasthestatisticalrecordofacountry’sinternationaltransactionsoveracertainperiodoftimepresentedintheformofadouble-entrybookkeeping
b)providesdetailedinformationconcerningthedemandandsupplyofacountry’scurrency
c)canbeusedtoevaluatetheperformanceofacountryininternationaleconomiccompetition
d)alloftheabove
Answer:
d
2Generallyspeaking,anytransactionthatresultsinareceiptfromforeigners
a)Willberecordedasadebit,withanegativesign,intheU.S.balanceofpayments
b)Willberecordedasadebit,withapositivesign,intheU.S.balanceofpayments
c)Willberecordedasacredit,withanegativesign,intheU.S.balanceofpayments
d)Willberecordedasacredit,withapositivesign,intheU.S.balanceofpayments
Answerd
3Generallyspeaking,anytransactionthatresultsinapaymenttoforeigners
e)Willberecordedasadebit,withanegativesign,intheU.S.balanceofpayments
f)Willberecordedasadebit,withapositivesign,intheU.S.balanceofpayments
g)Willberecordedasacredit,withanegativesign,intheU.S.balanceofpayments
h)Willberecordedasacredit,withapositivesign,intheU.S.balanceofpayments
Answera)
4SupposetheMcDonaldsCorporationimports100tonsofCanadianbeef,payingforitbytransferringthefundstoaNewYorkbankaccountkeptbytheCanadianBeefConglomerate.
i)PaymentbyMcDonaldswillberecordedasadebit
j)Thedepositofthefundsbythesellerwillberecordedasadebit
k)PaymentbyMcDonaldswillberecordedasacredit
l)Thedepositofthefundsbythebuyerwillbecredit
Answer:
a
5Sincethebalanceofpaymentsispresentedasasystemofdouble-entrybookkeeping,
a)Everycreditintheaccountisbalancedbyamatchingdebit
b)Everydebitintheaccountisbalancedbyamatchingcredit
c)a)andb)arebothtrue
d)Noneoftheabove
Answerc)
6Acountry’sinternationaltransactionscanbegroupedintothefollowingthreemaintypes:
a)currentaccount,mediumtermaccount,andlongtermcapitalaccount
b)currentaccount,longtermcapitalaccount,andofficialreserveaccount
c)currentaccount,capitalaccount,andofficialreserveaccount
d)capitalaccount,officialreserveaccount,tradeaccount
Answer:
c
7Invisibletraderefersto:
a)servicesthatavoidtaxpayments
b)undergroundeconomy
c)legal,consulting,andengineeringservices
d)touristexpenditures,only
Answer:
c
8Thecurrentaccountisdividedintofourfinercategories:
a)Merchandisetrade,services,income,andstatisticaldiscrepancy.
b)Merchandisetrade,services,income,andunilateraltransfers
c)Merchandisetrade,services,portfolioinvestment,andunilateraltransfers
d)Merchandisetrade,services,factorincome,anddirectinvestment
Answer:
b
9Factorincome
a)Consistslargelyofinterest,dividends,andotherincomeonforeigninvestments.
b)Isatheoreticalconstructofthefactorsofproduction,land,labor,capital,andentrepreneurialability.
c)Isgenerallyaveryminorpartofnationalincomeaccounting,smallerthanthestatisticaldiscrepancy.
d)Noneoftheabove
Answer:
a
USETHEFOLLOWINGINFORMATIONTOANSWERTHENEXTTWOQUESTIONS
10Theentriesinthe“currentaccount”andthe“capitalaccount”,combinedtogether,canbeoutlined(inalphabeticorder)as:
(i)-directinvestment
(ii)-factorincome
(iii)-merchandise
(iv)-officialtransfer
(v)-othercapital
(vi)-portfolioinvestment
(vii)-privatetransfer
(viii)-services
11Currentaccountincludes
a)(i),(ii),and(iii)
b)(ii),(iii),and(vii)
c)(iv),(v),and(vii)
d)(i),(v),and(vi)
Answer:
b
12Capitalaccountincludes
a)(i),(ii),and(iii)
b)(ii),(iii),and(vii)
c)(iv),(v),and(vii)
d)(i),(v),and(vi)
Answer:
d
13ThedifferencebetweenForeignDirectInvestmentandPortfolioInvestmentisthat:
a)PortfolioInvestmentmostlyrepresentsthesaleandpurchaseofforeignfinancialassetssuchasstocksandbondsthatdonotinvolveatransferofcontrol.
b)ForeignDirectInvestmentmostlyrepresentsthesaleandpurchaseofforeignfinancialassetssuchasstockswhereasPortfolioInvestmentmostlyinvolvesthesalesandpurchaseofforeignbonds.
c)Foreigndirectinvestmentisaboutbuyinglandandbuildingfactories,whereasportfolioinvestmentisaboutbuyingstocksandbonds.
d)Alloftheabove
Answer:
a
14Inthelatterhalfofthe1980s,withastrongyen,Japanesefirms
a)Faceddifficultyexporting
b)CouldbetteraffordtoacquireU.S.assetsthathadbecomelessexpensiveintermsofyen.
c)FinancedasharpincreaseinJapaneseFDIintheUnitedStates
d)Alloftheabove
Answer:
d
15Internationalportfolioinvestmentshaveboomedinrecentyears,asaresultof
a)AdepreciatingU.S.dollar
b)Increasedgasolineandothercommodityprices.
c)Thegeneralrelaxationofcapitalcontrolsandregulationinmanycountries
d)Noneoftheabove
Answer:
c
Answer:
c)
16Thecapitalaccountmeasures
a)ThesumofU.S.salesofassetstoforeignersandU.S.purchasesofforeignassets.
b)ThedifferencebetweenU.S.salesofassetstoforeignersandU.S.purchasesofforeignassets.
c)ThedifferencebetweenU.S.salesofmanufacturedgoodstoforeignersandU.S.purchasesofforeignproducts.
d)Noneoftheabove
Answer:
b)page64
17WhenHonda,aJapaneseautomaker,builtafactoryinOhio,
a)Itwasengagedinforeigndirectinvestment
b)Itwasengagedinportfolioinvestment
c)Itwasengagedinacross-borderacquisition
d)Noneoftheabove.
Answer:
a)page64.
18Thecapitalaccountmaybedividedintothreecategories:
a)Cross-bordermergersandacquisitions,portfolioinvestment,andotherinvestment
b)Directinvestment,portfolioinvestment,andCross-bordermergersandacquisitions
c)Directinvestment,mergersandacquisitions,andotherinvestment
d)Directinvestment,portfolioinvestment,andotherinvestment
Answer:
d)
19WhenNestlé,aSwissfirm,boughttheAmericanfirmCarnation,itwasengagedinforeigndirectinvestment.IfNestléhadonlyboughtanon-controllingnumberofsharesofthefirm
a)Nestléwouldhavebeenengagedinportfolioinvestment
b)Nestléwouldhavebeenengagedinacross-borderacquisition
c)ItwoulddependiftheyboughtthesharesfromanAmericanoraCanadian
d)Noneoftheabove.
Answer:
a)
20Foreigndirectinvestment(FDI)occurs
a)whenaninvestoracquiresameasureofcontrolofaforeignbusiness
b)whenthereisanacquisition,byaforeignentityintheU.S.,of10percentormoreofthevotingsharesofabusiness
c)withsalesandpurchasesofforeignstocksandbondsthatdonotinvolveatransferofcontrol
d)aandb
Answer:
d
21Statisticaldiscrepancy,whichbydefinitionrepresentserrorsandomissions
a)Cannotbecalculateddirectly
b)Iscalculatedbytakingintoaccountthebalance-of-paymentsidentity
c)Probablyhassomeelementsthatarehonestmistakes,itcan’tallbemoneylaunderinganddrugs.
d)Alloftheabove
Answer:
d)
22Thestatisticaldiscrepancyinthebalance-of-paymentsaccounts
a)Arisesincerecordingsofpaymentsandreceiptsaredoneatdifferenttimes,indifferentplaces,possiblyusingdifferentmethods.
b)Arisesincesometransactions(illegaltransactions?
)occur“offthebooks”.
c)Representsomittedandmisrecordedtransactions.
d)Alloftheabove
Answer:
d)
23Regardingthestatisticaldiscrepancyinthebalance-of-paymentsaccounts
a)Thereissomeevidencethatfinancialtransactionsmaybemainlyresponsibleforthediscrepancy.
b)Thesumofthebalanceonthecapitalaccountandthestatisticaldiscrepancyisveryclosetothebalanceofthecurrentaccountinmagnitude.
c)Ittendstobepositiveoneyearandnegativeinothers,soit’ssafetoignoreit
d)a)andb)
Answer:
d)
24Whenacountrymustmakeanetpaymenttoforeignersbecauseofabalance-of-paymentsdeficit,thecentralbankofthecountry
a)Shoulddonothing
b)Shouldrundownitsofficialreserveassets(e.g.gold,foreignexchanges,andSDRs)
c)Shouldborrowanewfromforeigncentralbanks.
d)b)orc)willwork
Answer:
d)
25ContinuedU.S.tradedeficitscoupledwithforeigners’desiretodiversifytheircurrencyholdingsawayfromU.S.dollars
a)couldfurtherdiminishthepositionofthedollarasthedominantreservecurrency
b)couldaffectthevalueofU.S.dollar(e.g.throughthecurrencydiversificationdecisionsofAsiancentralbanks)
c)Couldlendsteamtotheemergenceoftheeuroasacrediblereservecurrency
d)Alloftheabove
Answer:
d
26Currently,internationalreserveassetsarecomprisedof
a)gold,platinum,foreignexchanges,andspecialdrawingrights(SDRs)
b)gold,foreignexchanges,specialdrawingrights(SDRs),andreservepositionsintheInternationalMonetaryFund(IMF)
c)gold,diamonds,foreignexchanges,andspecialdrawingrights(SDRs)
d)reservepositionsintheInternationalMonetaryFund(IMF),only
Answer:
b
27Internationalreserveassetsinclude“foreignexchanges”.Theseare
a)SpecialDrawingRights(SDRs)attheIMF
b)reservepositionsintheInternationalMonetaryFund(IMF)
c)Foreigncurrencyheldbyacountry’scentralbank
d)Noneoftheabove
Answer:
c
28Themostimportantinternationalreserveasset,comprising94percentofthetotalreserveassetsheldbyIMFmembercountriesis
a)Gold
b)Foreignexchanges
c)SpecialDrawingRights(SDRs)
d)ReservepositionsintheInternationalMonetaryFund(IMF)
Answer:
b
29Thevastmajorityoftheforeign-exchangereservesheldbycentralbanksaredenominatedin
a)Localcurrencies
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