国际金融英文版阿普尔亚德 配套习题Assignment3.docx
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国际金融英文版阿普尔亚德 配套习题Assignment3.docx
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国际金融英文版阿普尔亚德配套习题Assignment3
Assignment3
CHAPTER7ECONOMICPOLICYINTHEOPENECONOMY
UNDERFIXEDEXCHANGERATES
Part1.Multiple-ChoiceQuestions(onlyoneanswerisright)
1.IntheordinaryanalysisofISandLMcurves(ignoringtheBPcurve),
a.expansionaryfiscalpolicyshiftstheIScurvetotheleft.
b.expansionarymonetarypolicyshiftstheLMcurvetotheleft.
c.expansionaryfiscalandexpansionarymonetarypolicyundertakenatthesametimewillleadtoanincreaseinthelevelofequilibriumincome.
d.expansionaryfiscalpolicyandcontractionarymonetarypolicyactingtogetherwillleadtoadeclineintheequilibriuminterestrate.
2.Inthegraphbelow,ifpointWrepresentstheincomeandinterestratetargetsunderacountry’sfixedexchangeratesystem,thenthepolicycombinationneededtoreachpointWconsistsof
a.expansionarymonetarypolicyandexpansionaryfiscalpolicy.
b.expansionarymonetarypolicyandcontractionaryfiscalpolicy.
c.contractionarymonetarypolicyandcontractionaryfiscalpolicy.
d.contractionarymonetarypolicyandexpansionaryfiscalpolicy.
3.IntheMundellprescriptionformonetaryandfiscalpolicyunderfixedexchangerates,expansionaryfiscalpolicyandcontractionarymonetarypolicywouldberecommendedifacountrywerefacedwith
a.unemploymentandabalance-of-paymentsdeficit.
b.unemploymentandabalance-of-paymentssurplus.
c.inflationandabalance-of-paymentsdeficit.
d.inflationandabalance-of-paymentssurplus.
4.Inaclosedeconomy,anincreaseinthedemandformoneyshiftstheLMcurvetothe__________;otherthingsequal,thiswillleadto__________inthelevelofnationalincome.
a.right;anincreaseb.right;adecrease
c.left;anincreased.left;adecrease
5.Intheanalysisoftheuseofexpansionaryor“easy”fiscalpolicyundertakenbyacountry’sgovernmentinasituationoffixedexchangerates,thepolicyleadsto__________ofthecountry’scurrentaccountbalance(ortradebalance)and,ifshort-termcapitalishighlymobilebetweencountries,thepolicy__________ofthecountry’scapital/financialaccountbalance.
a.animprovement;alsoleadstoanimprovement)
b.animprovement;leadstoadeterioration(orworsening)
c.adeterioration(orworsening);leadstoanimprovement
d.adeterioration(orworsening);alsoleadstoadeterioration(orworsening)
6.Underfixedexchangeratesandaconstantpricelevel,theautomaticadjustmentprocessproducesbalance-of-paymentsequilibriumas
a.theLMcurveshiftsalongthefixedISandBPcurves.
b.theIScurveshiftsalongthefixedLMandBPcurves.
c.theIS,LM,andBPcurvesallshift.
d.theBPcurveshiftstothepointwheretheISandLMcurvesintersect.
7.Inthefollowingdiagram,withfixedexchangerates,
theeconomyisindomesticequilibriumatincomelevel__________andthereis__________.
a.Y1;abalance-of-paymentssurplus
b.Y2;abalance-of-paymentsdeficit
c.Y2;abalance-of-paymentssurplus
d.Y3;equilibriuminthebalanceofpayments
8.IntheMundellanalysisinwhich,inasituationoffixedexchangerates,acountryisusingmonetaryandfiscalpolicytoattain“externalbalance”(i.e.,balance-of-paymentsequilibrium)and“internalbalance”(i.e.,fullemploymentwithoutinflation),thecountry__________.Inthiscontext,ifthecountryhasabalance-of-paymentssurplusatthesametimethatithasinflation,thecountryshouldengagein__________.
a.shouldassignmonetarypolicytotheattainmentofinternalbalanceandfiscalpolicytotheattainmentofexternalbalance;expansionary(“easy”)monetarypolicyandcontractionary(“tight”)fiscalpolicy
b.shouldassignmonetarypolicytotheattainmentofinternalbalanceandfiscalpolicytotheattainmentofexternalbalance;contractionary(“tight”)monetarypolicyandexpansionary(“easy”)fiscalpolicy
c.shouldassignmonetarypolicytotheattainmentofexternalbalanceandfiscalpolicytotheattainmentofinternalbalance;expansionary(“easy”)monetarypolicyandcontractionary(“tight”)fiscalpolicy
d.shouldassignmonetarypolicytotheattainmentofexternalbalanceandfiscalpolicytotheattainmentofinternalbalance;contractionary(“tight”)monetarypolicyandexpansionary(“easy”)fiscalpolicy
9.Underfixedexchangerates,
a.fiscalpolicyisineffectiveininfluencingnationalincomewithalldegreesofinternationalcapitalmobility.
b.fiscalpolicyismosteffectiveininfluencingnationalincomewhencapitalisperfectlymobileinternationally.
c.monetarypolicyisveryeffectiveininfluencingnationalincomeifcapitalisperfectlyimmobileinternationally.
d.monetarypolicyismoreeffectivewhencapitalisperfectlymobileinternationallythanwhencapitalisperfectlyimmobileinternationally.
10.Inasystemoffixedexchangerates,theautomaticbalance-of-paymentsadjustmentprocessforacountrywithabalance-of-paymentsdeficitwouldtheoreticallyinvolve,amongotherthings,__________intheinterestrateand__________innationalincome.
a.adecrease;adecreaseb.adecrease;anincrease
c.anincrease;adecreased.anincrease;anincrease
11.Inthediagrambelow,underfixedexchangerates,theautomaticadjustmentmechanismwillleadto
a.afallinthemoneysupply,afallinincome,andafallintheinterestrate.
b.ariseinthemoneysupply,afallinincome,andafallintheinterestrate.
c.afallinthemoneysupply,ariseinincome,andariseintheinterestrate.
d.afallinthemoneysupply,afallinincome,andariseintheinterestrate.
12.Underafixedexchangerate,abalance-of-paymentssurplusforacountrywillleadtoa__________inthemoneysupplyasthecountry’scentralbank__________inordertomaintainthefixedexchangerate.
a.rise;purchasesdomesticcurrencyb.rise;purchasesforeignexchange
c.fall;sellsdomesticcurrencyd.fall;sellsforeignexchange
13.Ageneralruleisthat,asinternationalcapitalmobilityforacountryincreases,the
country’sBPcurve__________.
a.becomessteeper(lesselastic)
b.maintainsthesameslope(orelasticity)
c.becomesflatter(moreelastic)
d.eventuallywillbecomedownward-sloping
14.IntheIS-LManalysis(andignoringtheBPcurve),iftheeconomyislocatedatapointthatistotheleft(orbelow)theIScurveandalsototheleft(orabove)theLMcurve,thereis__________pressureintherealsectoroftheeconomyaswellasanexcess__________money.
a.expansionary;demandforb.expansionary;supplyof
c.contractionary;demandford.contractionary;supplyof
15.Otherthingsequal,afallinthemarginalpropensitytosavewillmaketheIScurve__________,andariseintheresponsivenessofshort-terminternationalfinancialcapitaltochangesintheinterestratewillmaketheBPcurve__________.
a.flatterofmoreelastic;flatterormoreelastic
b.flatterormoreelastic;steeperorlesselastic
c.steeperorlesselastic;flatterormoreelastic
d.steeperorlesselastic;steeperorlesselastic
16.Suppose,inthebasicMundell-Flemingdiagram,thattheeconomyislocatedatapointthatisabove(ortotheleft)oftheinternalbalance(IB)scheduleandalsoabove(ortotheleft)oftheexternalbalance(EB)schedule.Inthissituationtheeconomyisexperiencing
a.unacceptablyhighunemploymentandabalance-of-paymentsdeficit.
b.unacceptablyhighunemploymentandabalance-of-paymentssurplus.
c.unacceptablyrapidinflationandabalance-of-paymentsdeficit.
d.unacceptablyrapidinflationandabalance-of-paymentssurplus.
17.Otherthingsequal,ifthedemandformoneybecomesmoreelastic,thentheLMcurvewillbecome__________,i.e.,agivenriseintheinterestratewill,inorderformoneymarketequilibriumtobepreserved,beassociatedwitha__________risein
income.
a.lesselastic;smallerb.lesselastic;larger
c.moreelastic;smallerd.moreelastic;larger
18.Assumeaninitialequilibriumpositionfortheeconomy(atthethree-wayintersectionoftheIS,LM,andBPcurves),andalsoassumethattheBPcurveisvertical.Thissituationisonewherethereis__________offinancialcapitalinternationally,and,fromthisinitialequilibrium,expansionaryfiscalpolicywouldinitiallyleadtoabalance-of-payments__________.
a.perfectimmobility;surplusb.perfectimmobility;deficit
c.perfectmobility;surplusd.perfectmobility;deficit
19.Fromaninitialequilibriumpositionfortheeconomy(atthethree-wayintersectionoftheIS,LM,andBPcurves),andiftheLMcurveissteeperthantheBPcurve,expansionaryfiscalpolicyinitiallyleadstoabalance-of-payments(BOP)__________,andexpansionarymonetarypolicy__________.
a.deficit;alsoinitiallyleadstoaBOPdeficit
b.deficit;initiallyleadstoaBOPsurplus
c.surplus;initiallyleadstoaBOPdeficit
d.surplus;alsoinitiallyleadstoaBOPsurplus
20.Withimperfectcapitalmobility,theBPcurveslopesupwardbecause,startingfromagivenbalance-of-paymentsequilibriumposition,ariseinnationalincomewilltendtocausea__________,whichmustbecounteractedbyariseintheinterestrateinordertocausea__________thatwillrestoreBOPequilibrium.
a.BOPdeficit;short-termfinancialcapitalinflow
b.BOPdeficit;short-termfinancialcapitaloutflow
c.BOPsurplus;short-termfinancialcapitalinflow
d.BOPsurplus;short-termfinancialcapitaloutflow
Part2Definition
1.BPCurve
2.Relativecapitalimmobility
3.Relativecapitalmobility
Part3SimpleQuestions
1.Pleasecomparetheeffectsoffiscalandmonetarypolicyunderfixedexchangerates.
2.Pleaseexplaintheimplicationofim
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