国际金融选择题加名词解释加简答题答案.docx
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国际金融选择题加名词解释加简答题答案.docx
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国际金融选择题加名词解释加简答题答案
Chapter1:
11.Ifdomesticinvestmentisgreaterthandomesticsaving,
A.expendituresequaldomesticincomeandnetexportsequalzero.
B.expendituresaregreaterthandomesticincomeandnetexportsarenegative.
C.expendituresarelessthandomesticincomeandnetexportsarepositive.
D.expendituresaregreaterthandomesticincomeandnetexportsarepositivezero.
12.Ifdomesticinvestmentislessthandomesticsaving,
A.expendituresequaldomesticincomeandnetexportsequalzero.
B.expendituresaregreaterthandomesticincomeandnetexportsarenegative.
C.expendituresarelessthandomesticincomeandnetexportsarepositive.
D.expendituresaregreaterthandomesticincomeandnetexportsarepositivezero.
13.Ifdomesticsavingsequals10anddomesticinvestmentequals6,thenthecurrentaccountbalanceequals:
A.-16B.-4C.+4D.+16
14.Ifanation'sdomesticsavingsequals6andanation'sdomesticinvestmentequals10,thenthenationisexperiencing:
A.anetcapitaloutflow.Banetcapitalinflow.C.nonetcapitalinfloworoutflow.D.acurrentaccountsurplus.
15.Ifanation'sdomesticsavingis25andthenation'sdomesticinvestmentis30,thenthenationisexperiencing:
A.acurrentaccountsurplus.B.acurrentaccountdeficitC.anetcapitalinflowD.bothBandC
16.AcurrentaccountdeficitintheU.S.is:
A.necessarilybadbecauseitrepresentsalackofdomesticsaving.
B.necessarilygoodbecauseitrepresentsforeignsavingsintheU.S.
C.necessarilybadbecauseitunderminestheU.S.'sabilitytoexperienceeconomicgrowth.
D.isneithergoodnorbad.
Chapter2:
11.Whichofthefollowingexchangeratesisadjustedforpricechanges?
A.Nominalexchangerate.B.Realexchangerate.C.Effectiveexchangerate.D.Forwardexchangerate.
12.ThetablebelowreportsthemovementsofpricesandexchangeratesfortheU.S.andIndonesiaoverayear'stime.
July1,2003July1,2004
_____________________________
Indonesianrupiah/$U.S.2,43514,500
Indonesianpricelevel(CPI)100152
U.S.pricelevel(CPI)100102
Duringthistime,theIndonesianrupiahexperiencedanominal
A.depreciationandarealappreciation.
B.depreciationandarealdepreciation.
C.appreciationandarealappreciation.
D.appreciationandarealdepreciation.
13.Basedonthevaluesinthetablebelow,thepercentagechangeinthevalueoftherupiahwas___________andtherateofinflationinIndonesiawas__________.
July1,2003July1,2004
____________________________
Indonesianrupiah/U.S.2,43514,500
Indonesianpricelevel(CPI)100152
U.S.pricelevel(CPI)100102
A.16.8%depreciation,2%B.495.5%depreciation,52%C.16.8%appreciation,52%D.495.5%appreciation,52%
14.Theeffectiveexchangerateis
A.theexchangeratefacinglargebanksandotherhigh-volumetraders.
B.theexchangeratefacingretailcustomers.
C.thenominalexchangerateadjustedforinflation.
D.ameasureoftheweighted-averagevalueofacurrencyrelativetoaselectedgroupofcountries.
15.Anexchangeratethatisweightedbytheshareofeachpartnerinanation'stradeisanexampleofa
A.spotexchangerate.B.effectiveexchangerate.
C.nominalexchangerate.D.realexchangerate.
16.TheSpecialDrawingRight(SDR)isa
A.meansbywhichbanksoffertheirbestclientspreferentialloanrates.
B.preliminaryformoftheproposedcommoncurrencyinEurope.
C.compositecurrencycreatedbytheInternationalMonetaryFund.
D.typeofbankaccountusedbycurrencytraders.
Chapter3:
11.Whichofthefollowingarrangementsplacesthegreatestrestrictiononpolicymakersandrequiresthegreatestsacrificeofpolicyautonomy?
A.afreefloat.B.acurrency-basketpeg.C.dollarization.D.acurrencyboard.
12.IftheChineserenminbi,whoseunitofcurrencyistheyuan,isrevaluedrelativetotheU.S.dollar,then
A.foreachyuan,onecanexpecttobuyfewerdollars.
B.foreachyuan,onecanexpecttobuymoredollars.
C.theexchangeratebetweentherenminbiandthedollarwillremainconstant.
D.itisimpossibletotellwhatwillhappentotheexchangerateorthenumberofdollarsthatonecanbuywitheachyuan,sincethisdependsonthesupplyandthedemandfortheyuanrelativetothedollar.
13.Currencybasketpegsusuallyinvolvepeggingthedomesticcurrencyto
A.eachofthemajorcurrenciesoftheworld.
B.therelativepriceofachosenbasketofconsumergoods.
C.aweightedaverageofonlyasmallselectednumberofdifferentcurrencies.
D.withinanupperandlowerlimitofabandrelativetoeithertheU.S.dollarortheJapaneseyen.
14.A"dirtyfloat"exchangeratesystemrefersto
A.anexchangeratesystemwhereinpolicymakersallowsthevalueofthedomesticcurrencytobedetermineonlybytheforcesofsupplyanddemand.
B.anexchangeratesystemwherebyeachofthemembersofthesystempegtheircurrencyagainstoneofthemajorcurrencies,suchastheU.S.dollar,whichisinturnpeggedagainstacommodity,suchasgold.
C.anexchangeratearrangementinwhichthedomesticcurrencyisprimarilymanagedbythecentralbankofaforeigncountry,whichistypicallythemajortradingpartner.
D.anexchangeratearrangementinwhichanationallowstheinternationalvalueofitscurrencytobeprimarilydeterminedbymarketforces,butintervenesoccasionallytostabilizeitscurrency.
15.TheG7/G8economicsummitswerestartedby:
A.RussianPresidentBoisYeltsinB.U.S.PresidentGeraldFord
C.U.SPresidentWilliamClinton.D.FrenchPresidentValeryGiscardd’Estaing.
16.TheSmithsonianagreementrefersto
A.theunderstandingthatmostofthemajorindustrializedcountriescametoattheendofthedepressioneraregardingthenon-sustainabilityofthegoldstandardasitwascurrentlypracticed.
B.anagreementthatwasmadetoestablishnewparvaluesfortheG10countriesthathadparticipatedintheBrettonWoodssystem.
C.theagreementthatPresidentNixoncametovisavistheotherG10memberstosuspendtemporarilytheconvertibilityofthedollarintogoldorotherreserveassets.
D.theinitialagreementthatsetforthfutureeconomiccooperationundertheNorthAmericanFreeTradeAssociation.
Chapter4:
11.Interestrateequalizationacrosscountriesonsimilarfinancialinstrumentsiscalled
A.sterilization.B.optimization.C.interestrateparity.D.anarbitrageopportunity.
12.Coveredinterestrateparityimpliesthatthedifferencebetweenthedomesticandforeigninterestratesshouldequal
A.zero.B.theforwardpremiumordiscount.
C.thepurchasingpowerparityexchangerate.D.theyieldtomaturity.
13.Onelimitationofusingforwardmarketsasahedgeis
A.thatasizableminimumtransactionisrequiredinordertoparticipateinforwardmarkets.
B.aninsufficientnumberofspeculatorswhoarewillingtoabsorbtheriskinessofthetransaction.
C.anabsenceofgovernmentregulationinforwardmarkets.
D.thatforwardmarketsareexchangetradable.
14.Theconditionrelatinginterestdifferentialstoanexpectedchangeinthespotrateofthedomesticcurrencyiscalled
A.coveredinterestrateparity.B.uncoveredinterestrateparity.
C.absolutepurchasingpowerparity.D.relativepurchasingpowerparity.
15.Uncoveredinterestrateparitymaynotholdexactlydueto
A.ariskpremium.B.ahedgeadjustment.C.theinflationeffect.D.anadjustmentfornominalratherthanrealinterestrates.
16.Theadditionalriskofacurrencyduetopoliticalinstabilityisreferredtoas
A.anarchy.B.thediscountfactor.C.unhedgeable.D.countryrisk.
Chapter5:
11.Thesegmentedmarketstheoryisgroundedintheassumptionthat
A.inflationwillbeprevalentinonlycertainlong-termbonds.
B.investorshaveidenticalpreferencesforallbondmaturities.
C.bondswithdifferentmaturitiesarenonsubstitutable.
D.domesticinvestorspreferdomesticbonds.
12.Aninvestorusingtheexpectationstheorywouldbuyatwo-yearbondatthepresenttimeonlyifitsyieldis
A.greaterthanorequaltotheaverageoftheone-yearspotrateandtheexpectedspotrateayearlater.
B.lessthantheaverageoftheone-yearspotrateandtheexpectedspotrateayearlater.
C.greaterthanorequaltotheexpectedspotrateayearlater.
D.greaterthanorequaltotheone-yearspotrate.
13.Thepreferredhabitattheorysuggeststhatinvestors
A.haveapreferencefordomesticoverforeignbonds.
B.willonlyselectbondsoverasmallrangeoftermstomaturity.
C.haveapreferredmaturitylengthbutarewillingtomoveawayfromthisiftheinterestratedifferentialishighenough.
D.prefer,allelsebeingequal,toholdthebondsissuedbyaparticulargroupoffirmsinaregionoftheworldwithashallowyieldcurve.
14.Becauseofthepossibilityofdefaultandlowliquidity,somebondscarry
A.nopremium.B.ariskpremium.
C.amarginaccount.D.alowerinterestrate.
15.Theprimaryreasonthatmunicipalbondsearnalowerinterestratethantreasurybondsisthat
A.municipalbondshavelessrisk.B.treasurybondsareingreatersupply.
C.municipalbondsareoftenserialtypebonds.D.theinterestearnedonmunicipalbondsistax-exempt.
16.Reinvestmentriskarisesfromasituationinwhich
A.long-terminstrumentspreventinvestorsfromactingtotakeadvantageofincreasesininterestrates.
B.aninvestorcannotbeguaranteedthesameinterestratewhenrollingovershort-terminstruments.
C.theinvestorsuffersfromaninabilitytoliquidateshort-terminstrumentsatopportunetimes.
D.aninstrumentcannotbetransferredbackintothedomesticcurrencyimmediately
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