國際金融（2024國貿(mào)專業(yè)）學(xué)習(xí)通超星期末考試章節(jié)答案2024年Undermanaged-floatingexchangerates,marketforcesareallowedtodetermineexchangeratesintheshortrunwhilecentralbankinterventionisusedtostabilizeexchangeratesinthelongrun.

答案:錯ManydevelopingnationswithlowinflationrateshavepeggedtheircurrenciestotheU.S.dollarasawayofallowingmodestincreasesindomesticinflationrates.

答案:錯Largeindustrialnationswithdiversifiedeconomiesandsmalltradesectorshavegenerallypeggedtheircurrenciestooneoftheworld'skeycurrencies.

答案:錯Underthegoldstandard,theofficialexchangeratewouldbe$2.80perpoundaslongastheUnitedStatesboughtandsoldgoldatafixedpriceof$35perounceandBritainboughtandsoldgoldat12.5poundsperounce.

答案:對Today,specialdrawingrights(SDRs)representthemostimportantcurrencybasketagainstwhichdevelopingcountriesmaintainpeggedexchangerates.

答案:錯Smallnations,suchasAngolaandBarbados,pegtheircurrenciestotheU.S.dollarsincethepricesofmanyoftheirtradedgoodsaredeterminedinmarketsinwhichthedollaristhekeycurrency.

答案:對Inordertostabilizeacurrency,thecentralbankwillneedtoadopt

答案:Anexpansionary

monetarypolicytooffsetcurrencyappreciationTheexchange-ratesystemthatbestcharacterizesthepresentinternationalmonetaryarrangementusedbyindustrializedcountriesis:

答案:Managedfloating

exchangeratesUndermanagedfloatingexchangerates,theFederalReservecouldoffsetanappreciationofthedollaragainsttheyenby:

答案:Increasingthemoney

supplywhichpromotesfallinginterestratesandnetinvestmentoutflowsInamanagedfloatingexchange-ratesystem,temporarystabilizationofthedollar'sexchangevaluerequirestheFederalReservetoadopta(an)____monetarypolicywhenthedollarisappreciatinganda(an)____policywhenthedollarisdepreciating.

答案:Expansionary,

contractionaryTheBrettonWoodsAgreementof1944establishedamonetarysystembasedon:

答案:Goldandadjustable

peggedexchangeratesUndermanagedfloatingexchangerates,iftherateofinflationintheUnitedStatesislessthantherateofinflationofitstradingpartners,thedollarwilllikely:

答案:Appreciateagainst

foreigncurrenciesIfMexicodollarizesitseconomy,itessentially

答案:Acceptsthemonetary

policyoftheFederalReserveUnderafloatingexchange-ratesystem,ifAmericanexportsdecreaseandAmericanimportsrise,thevalueofthedollarwill:

答案:DepreciateUnderadjustablepeggedexchangerates,iftherateofinflationintheUnitedStatesexceedstherateofinflationofitstradingpartners:

答案:U.S.importstendto

riseandexportstendtofallUnderasystemoffloatingexchangerates,aU.S.tradedeficitwithJapanwillcause:

答案:Anincreaseinthe

dollarpriceofyenIftheJapaneseyendepreciatesagainstothercurrenciesintheexchangemarkets,thiswill:

答案:Tendtoimprovethe

JapanesebalanceoftradeExchangeratecontrols

答案:AlloftheaboveWhichexchange-ratemechanismisintendedtoinsulatethebalanceofpaymentsfromshort-termcapitalmovementswhileprovidingexchangeratestabilityforcommercialtransactions?

答案:DualexchangeratesHowdomovementsinexchangeratesaffectdomesticcosts,inthepresenceofforeignsourcing?

答案:Manufacturersoftenobtaininputsfromabroadwhosecostsaredenominatedintermsofaforeigncurrency.Asforeign-currency-denominatedcostsbecomealargerportionofaproducer'stotalcosts,anappreciationofthedomesticcurrencyleadstoasmallerincreaseintheforeign-currencycostofthefirm'soutputandalargerdecreaseinthedomesticcostofthefirm'soutput,comparedtothecostchangesthatoccurwhenallinputcostsaredenominatedinthedomesticcurrency.TheoppositeappliesforcurrencydepreciationPleaseillustratesomemeasuresthataglobalcompanytakestoreducecostwhenfacingappreciationofhomecurrency.

答案:Makesomepartsoftheproductproducedinothercountryandinputsdenominatedinforeigncurrencies.

Shiftproductionfromcommoditytohighvalueproducts.

Cuttheprice,improveproductivityandintroducenewsuppliersofcheapprice.Whenproducingjetliners,supposethatBoeingemployslaborandmaterialswhosecostsaredenominatedindollarsandChineseyuanrespectively.Ifthedollar'sexchangevaluedepreciates20percentagainsttheyuan,theyuan-denominatedcostofaBoeingjetlinerfallsbyanamountlessthan20percent.

答案:對Intheearly1990s,theyensharplyappreciatedagainstthedollar.Toprotectthemselvesfromexportreductionscausedbytheyen'sappreciation,JapaneseautocompaniestransferredincreasingamountsofautoproductionfromtheUnitedStatestoJapan

答案:錯Whenmanufacturingautomobiles,supposethatGeneralMotorsuseslaborandmaterialswhosecostsaredenominatedindollarsandpoundsrespectively.Ifthedollar'sexchangevalueappreciatesby15percentagainstthepound,thepound-denominatedcostofaGMvehiclerisesby15percent.

答案:錯/star3/origin/4b3483262c889c64475d41bdd8dd3c27.png

答案:$40,000RefertoTable13.1.AssumethatToyotaInc.importssteelfromU.S.suppliers,whosecostsaredenominatedindollars,whileallotherinputsareobtainedfromJapanesesuppliers,whosecostsaredenominatedinyen.Iftheyen'sexchangevalueappreciatesfrom200yen=$1to100yen=$1,thedollar-equivalentcostofaToyotaautomobileequals

答案:$36,000RefertoTable13.1.AssumethatToyotaInc.importssteelfromU.S.suppliers,whosecostsaredenominatedindollars,whileallotherinputsareobtainedfromJapanesesuppliers,whosecostsaredenominatedinyen.Iftheyen'sexchangevalueappreciatesfrom200yen=$1to100yen=$1,theyencostofaToyotaautomobileequals

答案:3,600,000yenFortheUnitedStates,merchandisetradehasgenerallyconstitutedthelargestportionofitsgoods-and-servicesaccount.

答案:對Becausethebalanceofpaymentsutilizesdouble-entryaccounting,merchandiseexportswillalwaysbeinbalancewithmerchandiseimports.

答案:錯AcurrentaccountdeficitfortheUnitedStatesnecessarilyreducesthestandardoflivingforAmericanhouseholds.

答案:錯ThecurrentaccountoftheU.S.balanceofpaymentsdoesnotinclude:

答案:ThesaleofsecuritiestoforeignersIfanAmericanreceivesdividendsfromthesharesofstocksheorheownsinToyota,Inc.,aJapanesefirm,thetransactionwouldberecordedontheU.S.balanceofpaymentsasa:

答案:CurrentaccountcreditWhichofthefollowingisclassifiedasacreditintheU.S.balanceofpayments?

答案:U.S.exportsIftheUnitedStatesgovernmentsellsmilitaryhardwaretoSaudiArabia,thetransactionwouldberecordedontheU.S.balanceofpaymentsasa:

答案:CurrentaccountcreditCredit(+)itemsinthebalanceofpaymentscorrespondtoanythingthat:

答案:InvolvesreceiptsfromforeignersIfacountryrealizesacurrent-accountdeficitinitsbalanceofpayments,itbecomesanetsupplieroffundstotherestoftheworld.

答案:錯Onthebalance-of-paymentsstatement,dividendandinterestincomeareclassifiedascapital-accounttransactions.

答案:錯AccordingtoresearchersattheFederalReserve,thelossofjobsassociatedwithadeficitinthecurrentaccounttendstobe:

答案:OffsetbytheincreaseofjobsassociatedwithasurplusinthecapitalaccountConcerningacountry'sbusinesscycle,rapidgrowthofproductionandemploymentiscommonlyassociatedwith:

答案:LargeorgrowingtradedeficitsandcurrentaccountdeficitsReducingacurrentaccountdeficitrequiresacountryto:

答案:Decreasethegovernment'sdeficitanddecreaseprivateinvestmentrelativetosavingWhenacountryrealizesadeficitonitscurrentaccount:

答案:ItbecomesanetdemanderoffundsfromothercountriesThebalanceofinternationalindebtednessisarecordofacountry'sinternational:

答案:Investmentpositionat

afixedpointintimeOnthebalance-of-paymentsstatements,merchandiseimportsareclassifiedinthe:

答案:Currentaccount39.

Intheinterbankmarketforforeignexchange,the____referstothedifferencebetweentheofferrateandthebidrate.

答案:spreadWhichmethodoftradingcurrenciesinvolvestheconversionofonecurrencyintoanotheratonepointintimewithanagreementtoreconvertitbacktotheoriginalcurrencyatsomepointinthefuture?a.

forwardtransactionb.

futurestransactionc.

spottransactiond.

swaptransaction

答案:swaptransactionIfyouhaveacommitmenttopayafriendinBritain1,000poundsin30days,youcouldremovetheriskoflossduetotheappreciationofthepoundby

答案:buyingthepoundsin

theforwardmarketfordeliveryin30days12.

Theexchangerateiskeptthesameinallpartsofthemarketby

答案:exchangearbitrageIfCanadianspeculatorsbelievedtheSwissfrancwasgoingtoappreciateagainsttheU.S.dollar,theywould

答案:purchaseSwissfrancsConcerningtheforeignexchangemarket,onecanbestsaythat

答案:thereisaspotmarketforvirtuallyeverycurrencyintheworldWhenshort-terminterestratesbecomelowerinTokyothaninNewYork,interestarbitrageoperationswillmostlikelyresultina(n)

答案:saleofdollarsintheforwardmarketConcerningthecoveringofexchangemarketrisks,assumingthatadepreciationofthedomesticcurrencyisanticipated,onecansaythatthereisanincentivefor

答案:importerstorushtocovertheirfutureneedsAssumeyouareanAmericanexporterandexpecttoreceive50poundssterlingattheendof60days.Youcanremovetheriskoflossduetoadevaluationofthepoundsterlingby

答案:sellingsterlingin

theforwardmarketfor60-daydelivery.Underfloatingexchangerates,short-runexchangeratesareprimarilydeterminedbynationaldifferencesinrealinterestratesandshiftingexpectationsoffutureexchangerates.

答案:對Thepurchasing-power-paritytheorypredictsthatiftheU.S.inflationrateexceedstheJapaneseinflationrateby4percent,thedollar'sexchangevaluewillappreciateby4percentagainsttheyen.

答案:錯Givenanefficientforeignexchangemarket,thespotrateistherationalapproximationofthemarketsexpectationoftheforwardratethatwillexistattheendoftheforwardperiod.

答案:錯Marketexpectationsincludenewsaboutmarketfundamentals,speculativeopinionaboutfutureexchangerates,andprofitabilityandriskinessofinvestments.

答案:對Changesinmarketexpectationshavetheirgreatestimpactonexchange-ratechangesoverthelongrunasopposedtotheshortrun.

答案:錯Theassetmarkettheoryofexchangeratedeterminationsuggeststhatthemostimportantfactorinfluencingthedemandfordomesticandforeignsecuritiesis:

答案:Expectedreturnon

theseassetsrelativetooneanotherIncreasedtariffsonU.S.steelimportscausethedollarto____inthe____.

答案:Appreciate,longrunIfMexico'slaborproductivityrisesrelativetoEurope'slaborproductivity:

答案:Thepesotendsto

appreciateagainsttheeurointhelongrunThedemandintheUnitedStatesforyenwillincreaseif,otherthingsremainingequal:

答案:Interestratesrisein

JapanConcerningexchangerateforecasting,____involvestheuseofhistoricalexchangeratedatatoestimatefuturevalues,whileignoringtheeconomicdeterminantsofexchangeratemovements.

答案:TechnicalanalysisUnderasystemoffloatingexchangerates,relativelylowproductivityandhighinflationratesintheUnitedStatesresultin:

答案:Anincreaseinthe

demandforforeigncurrency,adecreaseinthesupplyofforeigncurrency,

andadepreciationinthedollarWhichexampleofmarketexpectationscausesthedollartodepreciateagainsttheyen--expectationsthattheU.S.economywillhave:

答案:Fastereconomicgrowth

thanJapanAprimaryreasonthatexplainstheappreciationinthevalueoftheU.S.dollarinthe1980sis:

答案:Relativelyhigh

interestratesintheUnitedStatesFortheUnitedStates,supposetheannualinterestrateongovernmentsecuritiesequals8percentwhiletheannualinflationrateequals4percent.ForJapan,supposetheannualinterestrateongovernmentsecuritiesequals10percentwhiletheannualinflationrateequals7percent.Thesevariableswouldcauseinvestmentfundstoflowfrom:

答案:JapantotheUnited

States,causingtheyentodepreciateAccordingtothepurchasing-power-paritytheory,theU.S.dollarmaintainsitspurchasing-powerparityifitdepreciatesbyanamountequaltotheexcessof:

答案:U.S.inflationover

foreigninflationLong-runexchangeratemovementsaregovernedbyallofthefollowingexcept:

答案:InterestratelevelsIfwheatcosts$4perbushelintheUnitedStatesand2poundsperbushelinGreatBritain,theninthepresenceofpurchasing-powerparitytheexchangerateshouldbe:

答案:$2.00perpoundConcerningexchange-ratedetermination,"marketfundamentals"includeallofthefollowingexcept:

答案:Speculativeopinion

aboutfutureexchangeratesWhataretheadvantagesanddisadvantagesoffloatingexchangerate?

答案:Advantages:Keepsinflationundercontrol;

Continuousadjustmentinthebalance-of-payments;

Operateundersimplifiedinstitutionalarrangements;

Allowgovernmentstosetindependentmonetaryandfiscalpolicies;

Disadvantages:Conducivetopriceinflation;

Disorderlyexchangemarketscandisrupttradeandinvestmentpatterns;

EncouragerecklessfinancialpoliciesonthepartofgovernmentWhydoesexchangeratepass-throughtendtobepartial?

答案:Invoicepractices;Marketshareconsiderations;Distributioncosts.Statethecharacteristicsofforeignexchangemarket.

答案:Largestandmostliquidmarketintheworld.Itisatwenty-fourhourmarket.Dominatedbyfourcurrencies,whichareU.S.dollar,Euro,Japaneseyen,Britishpound.Itisaover-the-countermarket.Bankstypicallyengageinthreetypesofforeignexchangetransactions.Whatarethey?

答案:Spottransaction,forwardtransactionandswaptransaction.WhatismeantbytheMarshall-Lernercondition

?

答案:TheMarshall-Lernerconditionstatesthefollowing:(1)Depreciationwillimprovethetradebalanceifthecurrency-depreciatingnation’sdemandelasticityforimportsplustheforeigndemandelasticityforthenation’sexportsexceeds1.0.(2)Ifthesumofthedemandelasticitiesislessthan1.0,depreciationwillworsenthetradebalance.(3)Thetradebalancewillbeneitherhelpednorhurtifthesumofdemandelastisitiesequals1.0.Whatfactorsaffectthelongrunvalueoftheexchangerateandhow?

答案:relativepricelevels,relativeproductiitylevels,consumerpreferrencesfordomesticorforeigngoods,tradbaririers.Whatarethefoursubcategoriesofcurrentaccount?

答案:Merchandisetrade,service,income,unilateraltransfer.Currencyoptionprovidesanoptionsellertherighttobuyorsellafixedamountofforeigncurrencyataprearrangedpricewithinafewdaysoracoupleofyears.

答案:錯Youcanmakeaprofitbybeinginalongpositioninwhichyouinitiallysellcurrencyatahighpriceandthenbuyitbacklateronatalowprice.

答案:錯Whenmanufacturingcomputersoftware,supposethatMicrosoftInc.useslaborandmaterialswhosecostsaredenominatedindollarsandfrancsrespectively.Ifthedollar'sexchangevaluedepreciates10percentagainstthefranc,thefranc-denominatedcostofthefirm'ssoftwarefallsby10percent.

答案:錯Appreciationofthedollar'sexchangevalueworsenstheinternationalcompetitivenessofBoeingInc.,whereasadollardepreciationimprovesitsinternationalcompetitiveness.

答案:對AssumethatGeneralMotorsemployslaborandmaterials,whosecostsaredenominatedindollars,intheproductionofautomobiles.Ifthedollar'sexchangevalueappreciatesby10percentagainsttheyen,theyen-denominatedcostofaGMvehiclefallsby10percent.

答案:對Becausethebalanceofpaymentsisarecordoftheeconomictransactionsofacountryoveraperiodoftime,itisa"flow"concept

答案:對ThatGermaninvestorscollectinterestincomeontheirholdingsofU.S.TreasurybillsconstitutesacredittransactionontheU.S.balanceofpayments.

答案:錯Thepurposeofcurrencyrevaluationistocausethehomecurrency’sexchangeratevaluetodepreciate,counteractingapaymentsdeficit.

答案:錯WhichexchangeratesystemdoesU.Simplement?

答案:FloatingexchangeratesSmallnations(e.g.,Tanzania)with

onemajortradingpartnertendtopegthevalueoftheircurrenciesto:

答案:AsinglecurrencyIfwheatcosts$4perbushelintheUnitedStatesand4poundsperbushelinGreatBritain,theninthepresenceofpurchasing-powerparitytheexchangerateshouldbe:

答案:$1.00perpoundAndepreciation

inthevalueoftheU.S.dollaragainsttheBritishpoundwouldtendto:

答案:DiscourageU.S.touristsfromtravelingtoBritainWhichofthefollowingtendstocausetheU.S.dollartodepreciate

invalue?

答案:AfallinU.S.interestratesbelowforeignlevelsIfanAmericanreceivesdividendsfromthesharesofstocksheorheownsinXYZ,Inc.,an

European

firm,thetransactionwouldberecordedontheU.S.balanceofpaymentsasa:

答案:CurrentaccountdebitSupposethatasaresultofproductionshutdownsintheU.K.causedbylaborstrikes,U.S.residentspurchasefewerU.K.products,sothedollarappreciatesagainstthepound.Tooffsettheappreciationofthedollar,theFederalReservecan.

答案:Selldollarsontheforeignexchangemarketandlowerdomesticinterestrates

AssumethatinterestratesoncomparablesecuritiesareidenticalintheUnitedStatesandforeigncountries.NowsupposethatinvestorsanticipatethatinthefuturetheU.S.dollarwillappreciateagainstforeigncurrencies.Investmentfundswouldthusbeexpectedto:

答案:Flowfromforeign

countriestotheUnitedStatesIn2016,Anexcessofimportsoverexportsofgoods,services,incomeflows,andunilateraltransferswas$481.2billionintheU.S.,whichmeanstheU.S.hada.

答案:Currentaccountdeficit

AssumeyouareanAmericanexporterandexpecttoreceive50poundssterlingattheendof60days.Youcanremovetheriskoflossduetoadevaluationofthepoundsterlingby:

答案:Sellingsterlingintheforwardmarketfor60-daydeliveryRelativelyhighinterestratesintheUnitedStatescausethedollarto____inthe____.

答案:Appreciate

shortrunThepurchasing-power-paritytheorypredictsthattheforeignexchangevalueofacurrencytendstoappre