国际贸易与国际支出第 2528章练习题.docx
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国际贸易与国际支出第 2528章练习题.docx
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国际贸易与国际支出第2528章练习题
Chapter25 MultipleChoiceQuestions
1.TheUStradeswithCanadaandJapaninaworldwithcapitalflowsandflexibleexchangerates.IftheUShasatradedeficit,then
(a)Canadamusthaveatradesurplus.
(b)Japancannothaveatradedeficit.
(c)Canadacannothaveacapitalinflow.
(d)Japanmusthaveatradesurplus.
(e)noneoftheabove.
Answer:
(e)
2.TheUStradeswithJapaninaworldwithcapitalflowsandflexibleexchangerates.IftheUSreducesgovernmentspending,then
(a)theyenwillappreciateagainstthedollar.
(b)theJapanesetradebalanceimproves.
(c)boththeUSandJapaneseinterestratesmayrise.
(d)incomeinJapanwillrise.
(e)noneoftheabove.
Answer:
(a)
3.TheUSincreasesgovernmentspending.TheLaursen-Metzler-Harbergereffectpredictsthat
(a)thedollar/markexchangeratewilldepreciate.
(b)Europeansavingswillincrease.
(c)Europeanrealincomeswillrise.
(d)Europeanwageswillincrease.
(e)noneoftheabove.
Answer:
(b)
4.Econometricmodelsofpolicyinterdependenceacrosscountriestendtoshowthat
(a)capitalisnearlyimmobile.
(b)interestratechangesareidenticalacrosscountries.
(c)monetarypolicyhaslargeeffectsuponothercountry’soutput.
(d)appreciationoftheUSdollaralmostalwaysfollowsUSfiscalexpansion.
(e)noneoftheabove.
Answer:
(d)
5.Coordinationofmonetarypolicycanleadto
(a)allcountrieshavingtradesurpluses.
(b)decreasesinincomeforsmallercountries.
(c)gainsinincomeforallcountries.
(d)alloftheabove.
(e)noneoftheabove.
Answer:
(c)
6.Internationalpolicycoordinationismostlikelytobeunsuccessfulif
(a)coordinationraisesinflation.
(b)monitoringoftheforeigncountryiseasy.
(c)policytargetsareclear.
(d)therearefewcountriesintheagreement.
(e)fullemploymentisahigherprioritythanlowinflation.
Answer:
(a)
7.Econometricmodelsofpolicyinterdependencegenerallyshowthatamonetaryexpansion
(a)raisestheinterestrate,stimulatesdomesticincomeanddepreciatesthecurrency.
(b)raisestheinterestrate,weakensdomesticincomeanddepreciatesthecurrency.
(c)lowerstheinterestrate,stimulatesdomesticincomeanddepreciatesthecurrency.
(d)(c),butmixedresultsonvariablessuchasthetradebalanceandforeignincome.
(e)noneoftheabove.
Answer:
(d)
8.AfiscalexpansionbytheUnitedStatesresultsislikelytoresultsin
(a)Europe’sIScurveshiftingtotheright.
(b)Europe’sIScurveshiftingtotheleft.
(c)Europe’sLMcurveshiftingtotheright.
(d)Europe’sLMcurveshiftingtotheleft.
(e)noeffectontheEuropeaneconomy.
Answer:
(a)
9.IftheJapanesegovernmentcutsgovernmentspendinginordertoreduceitsbudgetdeficit,theUSeconomymaycontractasaresultof
(a)anappreciationofthedollar.
(b)adepreciationofthedollar.
(c)appreciationoftheyen.
(d)capitaloutflows.
(e)noneoftheabove.
Answer:
(a)
10.WhentheUSFederalReserveincreasesthemoneysupply,theexpansionaryeffectwillbegreaterif
(a)there’scapitalinflows.
(b)there’scapitaloutflows.
(c)capitalflowsarenotaffected.
(d)theUSwasaclosedeconomy.
(e)noneoftheabove.
Answer:
(b)
11.Anappreciationofthedomesticcurrencyresultsin
(a)LMshiftingtotheright.
(b)LMshiftingtotheleft.
(c)ISshiftingtotheright.
(d)ISshiftingtotheleft.
(e)BothISandLMshiftingtotheright.
Answer:
(c)
12.Relativetoasmallopeneconomy,amonetaryexpansionbyalargeopeneconomyresultsin
(a)largerdepreciation.
(b)smallerdepreciation.
(c)largerappreciation.
(d)smallerappreciation.
(e)thesameimpact.
Answer:
(b)
13.AreductioninthemoneysupplybytheEuropeanCentralBankislikelytoresultin
(a)anincreaseintheUSmoneysupply.
(b)anincreaseinUSmoneydemand.
(c)adecreaseintheUSmoneysupply.
(d)adecreaseinUSmoneydemand.
(e)noeffectonUSmoneymarkets.
Answer:
(d)
14.AnincreaseintheEuropeanmoneysupplycanreduceUSaggregatesupplyby
(a)decreasingUSmoneydemand.
(b)decreasingUSmoneysupply.
(c)decreasingnominalwagesintheUS.
(d)decreasingrealwagesintheUS.
(e)increasingthecostofinputsimportedbytheUS.
Answer:
(e)
15.Econometricmodelsagreethatexpansionaryfiscalpolicyhasapositiveimpactonallofthefollowingexcept
(a)output.
(b)pricelevel.
(c)interestrates.
(d)valueofthedomesticcurrency.
(e)ithasapositiveimpactonalloftheabove.
Answer:
(d)
16.Accordingtoeconometricmodels,expansionarymonetarypolicyresultsinallofthefollowingexcept
(a)lowerinterestrates.
(b)increasedoutput.
(c)lowervalueofdomesticcurrency.
(d)smallertradedeficit.
(e)itresultsinalloftheabove.
Answer:
(d)
17.BrazilandArgentinachoosetousefiscalpolicytoachieveatradesurplus.Whatisthelikelyoutcomeofthegamegiventhefollowinginformation?
(TBisBrazil’stradebalancewithArgentina)
Brazil
IncreaseG
DecreaseG
Argentina
IncreaseG
Boominbothcountriesand
TB=0
TB>0
DecreaseG
TB<0
Recessioninbothcountriesand
TB=0
(a)bothnationincreasegovernmentspending.
(b)bothnationsdecreasegovernmentspending.
(c)ArgentinaincreasesgovernmentspendingwhileBrazildecreasesgovernmentspending.
(d)ArgentinadecreasesgovernmentspendingwhileBrazilincreasesgovernmentspending.
(e)Notenoughisprovided.
Answer:
(b)
18.Allofthefollowingareobstaclestosuccessfulinternationalpolicycoordinationexcept
(a)policymakersbeingawareoftheirpreciseeconomicobjectives.
(b)policymakersbeingawareofwheretheireconomiesarerelativetotheiroptimallevels.
(c)theeffectofspecificchangesinpolicyhaveontherespectiveeconomies.
(d)sincenationsarecompetitors,theywouldn’twanttohelpimprovetheeconomiesofothernations
(e)alloftheaboveareobstaclestointernationalcoordination
Answer:
(d)
Makeuseofthefollowinginformationtoanswerquestions19and20(TBisBrazil’stradebalancewithArgentina):
Brazil
IncreaseG
DecreaseG
Argentina
IncreaseM
DecreaseM
Inflationinbothnations,
TB=0InflationinBrazil
andrecessioninArgentina,
TB>0
InflationinArgentinaandrecessioninBrazil,TB<0Recessioninbothnations,TB=0
19.Ifbothnationsseekapositivetradebalance,whatisthelikelyoutcome?
(a)bothnationsincreasetheirmoneysupplies.
(b)bothnationsreducetheirmoneysupplies.
(c)ArgentinareducesitsmoneysupplywhileBrazilincreasesitsmoneysupply.
(d)ArgentinaincreasesitsmoneysupplywhileBrazilreducesitsmoneysupply.
(e)Notenoughinformationprovided.
Answer:
(b)
20.IfArgentinaseekstomaintainafixedexchangeratewiththeUSwhoisrunningatightmonetarypolicywhileBrazilseekstostimulateitsdomesticeconomy,whatisthelikelyoutcome?
(a)recessioninBrazil.
(b)recessioninArgentina.
(c)boominArgentina.
(d)tradesurplusforArgentina.
(e)tradedeficitforBrazil.
Answer:
(b)
Chapter26
MultipleChoiceQuestions
1.Whichofthefollowingisanargumentagainstwageindexation?
(a)Inthefaceofnegativedemanddisturbancesindexationcanleadtoloweroutput.
(b)Inthefaceofnegativesupplydisturbancesindexationcanleadtounemploymentabove
thenaturalrate.
(c)Indexationcanleadtolessdeterminationtofighthighinflation.
(d)Inadeflationaryperiod,indexedwagescanleadhighrealwagesandhighunemployment.
(e)(b)and(c).
Answer:
(e)
2.Anincreaseinaggregatedemandof10percentwillleadtoa10percentincreaseinaggregateoutputifaggregatesupplyis
(a)perfectlyinelastic.
(b)unitelastic.
(c)vertical.
(d)indexedtotheCPI.
(e)horizontal.
Answer:
(e)
3.Iftherealwageadjustswithoutfrictionsothatlaborisalwaysfullyemployed,thena10percentincreaseinthemoneysupply
(a)willleadtoanincreaseinthedemandformoney.
(b)willleadtoincreasedoutput.
(c)willleadtoachangeinthefullemploymentlevelofoutput.
(d)willleadtoa10percentincreaseinnominalwages.
(e)willcausetheLMcurvetoshift.
Answer:
(d)
4.Iftherealwageadjustswithoutfrictionsothatlaborisalwaysfullyemployed,atechnologicalimprovementwill
(a)increaseprices.
(b)decreaseoutput.
(c)increasethefullemploymentlevelofoutput.
(d)increaseaggregatedemand.
(e)decreasethedemandforlabor.
Answer:
(c)
5.Whichofthefollowingisthemajordrawbackofusinggoldasanominalanchor?
(a)Goldisexpensiveanditisdifficultforthecentralbanktoobtainenoughtofullyfix
thepriceofgold.
(b)Underamonetarysystemanchoredtogold,theeconomyisexcessivelyvulnerable
todisturbancesthatshiftthedemandforgold.
(c)Underamonetarysystemanchoredtogold,thenominalpriceofgoldwouldbe
excessivelyvolatile.
(d)Underanewgoldstandard,countriescouldnotchoosetofixtheirexchangerates.
(e)Noneoftheabove.
Answer:
(b)
6.Ifthewageratereflectsexpectationsaboutthepricelevel,thenamonetarycontractionwill
(a)reduceoutputonlyifitisunexpected.
(b)decreaserealwagesonlyifitisunexpected.
(c)increasepricesifitisexpected.
(d)increaseexpectedinflation.
(e)noneoftheabove.
Answer:
(a)
7.Ifthewageratereflectsexpectationsaboutthepricelevel,theninthelongrunanunexpected
3percentmonetaryexpansionwill
(a)increaseoutputby3percent.
(b)decreaserealwagesby3percent.
(c)increasepricesbymorethan3percent.
(d)decreaseexpectedinflation.
(e)increasenominalwagesby3percent.
Answer:
(e)
8.Ifexpectationsaboutthepricelevelareformedrationally,then
(a)onaverage,theyareincorrect.
(b)onave
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