国际金融FinanceTestBank6.docx
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国际金融FinanceTestBank6.docx
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国际金融FinanceTestBank6
Chapter6—GovernmentInfluenceonExchangeRates
1.Toforcethevalueofthepoundtoappreciateagainstthedollar,theFederalReserveshould:
a.
selldollarsforpoundsintheforeignexchangemarketandtheEuropeanCentralBank(ECB)shouldselldollarsforpoundsintheforeignexchangemarket.
b.
sellpoundsfordollarsintheforeignexchangemarketandtheEuropeanCentralBank(ECB)shouldselldollarsforpoundsintheforeignexchangemarket.
c.
sellpoundsfordollarsintheforeignexchangemarketandtheEuropeanCentralBank(ECB)shouldnotintervene.
d.
selldollarsforpoundsintheforeignexchangemarketandtheEuropeanCentralBank(ECB)shouldsellpoundsfordollarsintheforeignexchangemarket.
ANS:
APTS:
1
2.Aweakdollarisnormallyexpectedtocause:
a.
highunemploymentandhighinflationintheU.S.
b.
highunemploymentandlowinflationintheU.S.
c.
lowunemploymentandlowinflationintheU.S.
d.
lowunemploymentandhighinflationintheU.S.
ANS:
DPTS:
1
3.Astrongdollarisnormallyexpectedtocause:
a.
highunemploymentandhighinflationintheU.S.
b.
highunemploymentandlowinflationintheU.S.
c.
lowunemploymentandlowinflationintheU.S.
d.
lowunemploymentandhighinflationintheU.S.
ANS:
BPTS:
1
4.ToforcethevalueoftheBritishpoundtodepreciateagainstthedollar,theFederalReserveshould:
a.
selldollarsforpoundsintheforeignexchangemarketandtheBankofEnglandshouldselldollarsforpoundsintheforeignexchangemarket.
b.
sellpoundsfordollarsintheforeignexchangemarketandtheBankofEnglandshouldselldollarsforpoundsintheforeignexchangemarket.
c.
sellpoundsfordollarsintheforeignexchangemarketandtheBankofEnglandshouldsellpoundsfordollarsintheforeignexchangemarket.
d.
selldollarsforpoundsintheforeignexchangemarketandtheBankofEnglandshouldsellpoundsfordollarsintheforeignexchangemarket.
ANS:
CPTS:
1
5.Considertwocountriesthattradewitheachother,calledXandY.Accordingtothetext,inflationinCountryXwillhaveagreaterimpactoninflationinCountryYunderthe____system.Now,considertwoothercountriesthattradewitheachother,calledAandB.UnemploymentinCountryAwillhaveagreaterimpactonunemploymentinCountryBunderthe____system.
a.
floatingrate;fixedrate
b.
floatingrate;floatingrate
c.
fixedrate;fixedrate
d.
fixedrate;floatingrate
ANS:
CPTS:
1
6.AprimaryresultoftheBrettonWoodsAgreementwas:
a.
theestablishmentoftheEuropeanMonetarySystem(EMS).
b.
establishingspecificrulesforwhentariffsandquotascouldbeimposedbygovernments.
c.
establishingthatexchangeratesofmostmajorcurrenciesweretobeallowedtofluctuate1%aboveorbelowtheirinitiallysetvalues.
d.
establishingthatexchangeratesofmostmajorcurrenciesweretobeallowedtofluctuatefreelywithoutboundaries(althoughthecentralbanksdidhavetherighttointervenewhennecessary).
ANS:
CPTS:
1
7.AprimaryresultoftheSmithsonianAgreementwas:
a.
theestablishmentoftheEuropeanMonetarySystem(EMS).
b.
establishingthatexchangeratesofmostmajorcountriesweretobeallowedtofluctuate2.25%aboveorbelowtheirinitiallysetvalues.
c.
establishingspecificrulesforwhentariffsandquotascouldbeimposedbygovernments.
d.
establishingthatexchangeratesofmostmajorcurrenciesweretobeallowedtofluctuatefreelywithoutboundaries(althoughthecentralbanksdidhavetherighttointervenewhennecessary).
ANS:
BPTS:
1
8.Underafixedexchangeratesystem:
a.
aforeignexchangemarketdoesnotexist.
b.
centralbankinterventionintheforeignexchangemarketisnotnecessary.
c.
centralbankinterventionintheforeignexchangemarketisoftennecessary.
d.
centralbankinterventionintheforeignexchangemarketisnotallowed.
ANS:
CPTS:
1
9.Underamanagedfloatexchangeratesystem,theFedmayattempttostimulatetheU.S.economyby____thedollar.Suchanadjustmentinthedollar'svalueshould____theU.S.demandforproductsproducedbymajorforeigncountries.
a.
weakening;increase
b.
weakening;decrease
c.
strengthening;increase
d.
strengthening;decrease
ANS:
BPTS:
1
10.ThevalueoftheCanadiandollar,Japaneseyen,andAustraliandollarwithrespecttotheU.S.dollararepartofa:
a.
peggedsystem.
b.
fixedsystem.
c.
managedfloatsystem.
d.
crawlingpegsystem.
ANS:
CPTS:
1
11.Theinterestrateofacountrywithacurrencyboard:
a.
islessstablethanitwouldbewithoutacurrencyboard.
b.
istypicallybelowtheinterestrateofthecurrencytowhichitistied.
c.
willmoveintandemwiththeinterestrateofthecurrencytowhichitistied.
d.
iscompletelyindependentoftheinterestrateofthecurrencytowhichitistied.
ANS:
CPTS:
1
12.ThecurrencyofCountryXispeggedtothecurrencyofCountryY.AssumethatCountryY'scurrencydepreciatesagainstthecurrencyofCountryZ.ItislikelythatCountryXwillexport____toCountryZandimport____fromCountryZ.
a.
more;more
b.
less;less
c.
more;less
d.
less;more
ANS:
CPTS:
1
13.AssumeCountriesA,B,andCproducegoodsthataresubstitutesofeachotherandthatthesecountriesengageintradewitheachother.AssumethatCountryA'scurrencyfloatsagainstCountryB'scurrency,andthatCountryC'scurrencyispeggedtoB's.IfA'scurrencydepreciatesagainstB,thenA'sexportstoCshould____,andA'simportsfromCshould____.
a.
decrease;increase
b.
decrease;decrease
c.
increase;decrease
d.
increase;increase
ANS:
CPTS:
1
14.Assumeacentralbankexchangesitscurrencyforotherforeigncurrenciesintheforeignexchangemarket,butdoesnotadjustfortheresultingchangeinthemoneysupply.Thisisanexampleof:
a.
peggedintervention.
b.
indirectintervention.
c.
nonsterilizedintervention.
d.
sterilizedintervention.
e.
AandD
ANS:
CPTS:
1
15.IftheFeddesirestoweakenthedollarwithoutaffectingthedollarmoneysupply,itshould:
a.
exchangedollarsforforeigncurrencies,andsellsomeofitsexistingTreasurysecurityholdingsfordollars.
b.
exchangeforeigncurrenciesfordollars,andsellsomeofitsexistingTreasurysecurityholdingsfordollars.
c.
exchangedollarsforforeigncurrencies,andbuyexistingTreasurysecuritieswithdollars.
d.
exchangeforeigncurrenciesfordollars,andbuyexistingTreasurysecuritieswithdollars.
ANS:
APTS:
1
16.Whichofthefollowingisanexampleofdirectinterventioninforeignexchangemarkets?
a.
loweringinterestrates.
b.
increasingtheinflationrate.
c.
exchangingdollarsforforeigncurrency.
d.
imposingbarriersoninternationaltrade.
ANS:
CPTS:
1
17.Astrongdollarplaces____pressureoninflation,whichinturnplaces____pressureonthedollar.
a.
upward;upward
b.
downward;upward
c.
upward;downward
d.
downward;downward
ANS:
BPTS:
1
18.TheFedmayuseastimulativemonetarypolicywithleastconcernaboutcausinginflationifthedollar'svalueisexpectedto:
a.
remainstable.
b.
strengthen.
c.
weaken.
d.
noneoftheabovewillhaveanimpactoninflation.
ANS:
BPTS:
1
19.Aweakerdollarplaces____pressureonU.S.inflation,whichinturnplaces____pressureonU.S.interestrates,whichplaces____pressureonU.S.bondprices.
a.
upward;downward;upward
b.
upward;downward;downward
c.
upward;upward;downward
d.
downward;upward;upward
e.
downward;downward;upward
ANS:
CPTS:
1
20.Theeuroisthecurrency:
a.
adoptedinallwesternEuropeancountriesasof1999.
b.
adoptedinalleasternEuropeancountriesasof1999.
c.
adoptedinallEuropeancountriesasof1999.
d.
noneoftheabove
ANS:
DPTS:
1
21.Theeurohasnotbeenadoptedby:
a.
Slovenia.
b.
theU.K.
c.
Germany.
d.
France.
ANS:
BPTS:
1
22.Theexchangeratemechanism(ERM)referstothemethodoflinking____currenciestoeachotherwithinboundaries.
a.
LatinAmerican
b.
European
c.
Asian
d.
NorthAmerican
ANS:
BPTS:
1
23.Countriesthathaveadoptedtheeuromustagreeonasingle____policy.
a.
monetary
b.
fiscal
c.
workercompensation
d.
foreignrelations
ANS:
APTS:
1
24.Countriesthathaveadoptedtheeurotendtohaveverysimilar____.
a.
interestrates
b.
inflationrates
c.
incometaxrates
d.
budgetdeficits
ANS:
APTS:
1
25.Therisk-freeinterestratesamongcountriesthathaveadoptedtheeuroshould:
a.
notnecessarilybesimilartorisk-freeratesinothercountries.
b.
equaltheU.S.risk-freerate.
c.
equaltherisk-freeratesinotherEuropeancountries.
d.
equaltherisk-freeratesinAsiancountries.
ANS:
APTS:
1
26.Whichofthefollowingistrueregardingtheeuro?
a.
ExchangerateriskbetweenparticipatingEuropeancurrenciesiscompletelyeliminated,encouragingmoretradeandcapitalflowsacrossEuropeanborders.
b.
Itallowsformoreconsistenteconomicconditionsacrosscountries.
c.
Itpreventseachcountryfromconductingitsownmonetarypolicy.
d.
Alloftheabovearetrue.
ANS:
DPTS:
1
27.Ithasbeenarguedthattheexchangeratecanbeusedasapolicytool.AssumethattheU.S.governmentwouldliketoreduceunemployment.Whichofthefollowingisanappropriateactiongiventhisscenario?
a.
Weakenthedollar
b.
Strengthenthedollar
c.
Buydollarswithforeigncurrencyintheforeignexchangemarket
d.
Implementatightmonetarypolicy
ANS:
APTS:
1
28.Ithasbeenarguedthattheexchangera
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