第一章測(cè)試1【單選題】(2分)Recently,financialmarketshavebecomehighlyintegrated.ThisdevelopmentA.hasincreasedthecostofcapitalforfirms.B.answersaandcarebothcorrect.C.allowsminorityinvestorstobuyandsellstocks.D.allowsinvestorstodiversifytheirportfoliosinternationally.2【單選題】(2分)Althoughtheworldeconomyismuchmoreintegratedtodaythanwasthecase10or20yearsago,avarietyofbarriersstillhamperfreemovementsofpeople,goods,services,andcapitalacrossnationalboundaries.ThesebarriersincludeA.alloftheaboveB.excessivetransportationcosts.C.legalrestrictions.D.informationasymmetry.3【單選題】(2分)Apurelydomesticfirmsourcesitsproducts,sellsitsproducts,andraisesitsfundsdomesticallyA.canbemorecompetitivethanaMNConitshometurfduetosuperiorknowledgeofthelocalmarket.B.alloftheabovearetrueC.canfacestiffcompetitionfromamultinationalcorporationthatcansourceitsproductsinonecountry,selltheminseveralcountries,andraiseitsfundsinathirdcountry.D.canstillfaceexchangeraterisk,justlikeaMNC.4【單選題】(2分)Supposeyourfirminvests$100,000inaprojectinItaly.Atthetimetheexchangerateis$1.25=€1.00.Oneyearlatertheexchangerateisthesame,buttheItaliangovernmenthasexpropriatedyourfirm'sassetspayingonly€80,000incompensation.ThisisanexampleofA.noneoftheabove,since$100,000=€80,000×$1.25/€1.002B.marketimperfections.C.exchangeraterisk.D.politicalrisk.5【單選題】(2分)Theultimateguardiansofshareholderinterestinacorporation,aretheA.rankandfileworkers.B.seniormanagement.C.alloftheabove.D.boardsofdirectors.第二章測(cè)試1【單選題】(2分)Theprice-specie-flowmechanismwillworkonlyifgovernmentsarewillingtoplaybytherulesofthegamebylettingthemoneystockriseandfallasgoldflowsinandout.Oncethegovernmentdemonetizes(neutralizes)gold,themechanismwillbreakdown.Inaddition,theeffectivenessofthemechanismdependsonA.thepriceelasticityofthesupplyofimports.B.theincomeelasticityofthesupplyofimports.C.theincomeelasticityofthedemandforimports.D.thepriceelasticityofthedemandforimports.2【單選題】(2分)UndertheBrettonWoodssystemeachcountryestablishedaparvalueforitscurrencyinrelationtothedollar.AndtheU.S.dollarwaspeggedtogoldatA.$35perounce.B.$900perounce.C.$1perounce.D.$350perounce.3【單選題】(2分)Whenmoneycanmovefreelyacrossborders,policymakersmustchoosebetweenA.exchange-ratestabilityandcapitalcontrols.B.exchange-ratestabilityandaneconomicgrowth.C.exchange-ratestabilityandinflation.D.exchange-ratestabilityandanindependentmonetarypolicy.4【單選題】(2分)DuringtheperiodbetweenWorldWarIandWorldWarII,A.Noneoftheabove.B.themajorEuropeanpowersandtheU.S.returnedtothegoldstandardandfixedexchangerates.C.theU.S.dollaremergedasthedominantworldcurrency,graduallyreplacingtheBritishpoundfortherole.D.whilemostcountriesabandonedthegoldstandardduringWorldWarI,internationaltradeandinvestmentflourishedduringtheinterwarperiodunderacoherentinternationalmonetarysystem.5【單選題】(2分)Duringtheperiodoftheclassicalgoldstandard(1875-1914)therewereA.stableexchangerates.B.noexchangerates.C.moderatelyvolatileexchangerates.D.volatileexchangerates.E.highlyvolatileexchangerates.第三章測(cè)試1【單選題】(2分)IftheUnitedStatesimportsmorethanitexports,thenthismeansthatA.bothbandcarecorrectB.thesupplyofdollarsislikelytoexceedthedemandintheforeignexchangemarket,ceterisparibus.C.thedemandfordollarsislikelytoexceedthesupplyintheforeignexchangemarket,ceterisparibus.D.theU.S.dollarwouldbeunderpressuretoappreciateagainstothercurrencies.2【單選題】(2分)Amongitem(1)—(5),whichitemsarerecordedintheaccountof“otherinvestment”?

(1)otherequity;(2)currencyanddeposits;(3)loans(includinguseofIMFcreditandloansfromtheIMF);(4)tradecreditandadvances;(5)FDIA.(1)(5)B.(1)(3)(5)C.(2)(3)D.(1)(2)(3)(4)3【單選題】(2分)PortfolioinvestmentinvolvesA.alloftheaboveB.acquisitionsofcontrollinginterestsinforeignbusinesses.C.investmentsinforeignstocksandbondsthatdonotinvolveacquisitionsofcontrol.D.bankdeposits,currencyinvestment,tradecredit,andthelike.4【單選題】(2分)Foreigndirectinvestment(FDI)occursA.whenthereisanacquisition,byaforeignentityintheU.S.,of10percentormoreofthevotingsharesofabusiness.B.whenaninvestoracquiresameasureofcontrolofaforeignbusiness.C.withsalesandpurchasesofforeignstocksandbondsthatdonotinvolveatransferofcontrol.D.bothaandb5【單選題】(2分)Ifacountrymustmakeanetpaymenttoforeignersbecauseofabalance-of-paymentsdeficit,thecountryshouldA.noneoftheaboveB.eitherrundownitsofficialreserveassetsorlendmoreforeigners.C.eitherrundownitsofficialreserveassetsorborrowanewfromforeigners.D.eitherincreaseitsofficialreserveassetsorborrowanewfromforeigners.第四章測(cè)試1【單選題】(2分)TheSF/$spotexchangerateisSF1.25/$andthe180dayforwardexchangerateisSF1.30/$.Theforwardpremium(discount)isA.thedollaristradingata4%discounttotheSwissfrancfordeliveryin180days.B.thedollaristradingatan8%premiumtotheSwissfrancfordeliveryin180days.C.thedollaristradingatan8%discounttotheSwissfrancfordeliveryin180days.D.thedollaristradingata4%premiumtotheSwissfrancfordeliveryin180days.2【單選題】(2分)ThestructureofFXMarketreferstoA.noneoftheaboveB.thebasicsofhowtomakesmall(micro-sized)currencytrades.C.howmacroeconomicvariablessuchasGDPandinflationaredetermined.D.thebasicmechanicsofhowamarketplaceoperates.3【單選題】(2分)IfonehasagreedtobuyforeignexchangeforwardA.youhavealongpositionintheforwardcontract.B.untiltheexchangeratemoves,youhaven'tmademoney,soyou'reneithershortnorlong.C.youhaveashortpositionintheforwardcontract.D.youhavealongpositioninthespotmarket.4【單選題】(2分)TheBidpriceA.refersonlytoauctionslikeeBay,notoverthecountertransactionswithdealers.B.isthepricethatthedealerhasjustpaidforsomething,hishistoricalcostofthemostrecenttrade.C.isthepricethatadealerstandsreadytosellat.D.isthepricethatadealerstandsreadytopay.5【單選題】(2分)Findtheno-arbitragecrossexchangerate.Thedollar-euroexchangerateisquotedas$1.60=€1.00andthedollar-poundexchangerateisquotedat$2.00=￡1.00.A.€1.25/￡1.00B.￡1.25/€1.00C.€0.80/￡1.00D.$1.25/￡1.00第五章測(cè)試1【單選題】(2分)Amongitem(1)—(4),whicharethebasicassumptionsofinterestrateparity?

(1)Capitalcontrol;(2)Notransactionscosts;(3)Perfectsubstitutabilityofdomesticandforeignassets;(4)CapitalmobilityA.(1)(2)(3)B.(1)(2)(3)(4)C.(3)(4)D.(2)(3)(4)(1)2【單選題】(2分)PurchasingPowerParity(PPP)theorystatesthatA.bothaandbB.theexchangeratebetweencurrenciesoftwocountriesshouldbeequaltotheratioofthecountries'pricelevels.C.asthepurchasingpowerofacurrencysharplydeclines(duetohyperinflation)thatcurrencywilldepreciateagainststablecurrencies.D.thepricesofstandardcommoditybasketsintwocountriesarenotrelated.3【單選題】(2分)TheInternationalFisherEffectsuggeststhatA.anyforwardpremiumordiscountisequaltotheexpectedchangeintheexchangerate.B.anincrease(decrease)intheexpectedinflationrateinacountrywillcauseaproportionateincrease(decrease)intheinterestrateinthecountry.C.thenominalinterestratedifferentialreflectstheexpectedchangeintheexchangerate.D.anyforwardpremiumordiscountisequaltotheactualchangeintheexchangerate.4【單選題】(2分)Ifaforeigncountyexperiencesahyperinflation,A.itscurrencywilldepreciateagainststablecurrencies.B.itscurrencymayappreciateagainststablecurrencies.C.noneoftheaboveD.itscurrencymaybeunaffected—it'sdifficulttosay.5【單選題】(2分)TheforwardpriceA.maybehigherthanthespotprice.B.maybethesameasthespotprice.C.maybelessthanthespotprice.D.alloftheabove.第六章測(cè)試1【單選題】(2分)Comparing"forward"and"futures"exchangecontracts,wecansaythatA.theyareboth"marked-to-market"daily.B.theirmajordifferenceisinthewaytheunderlyingassetispricedforfuturepurchaseorsale:futuressettledailyandforwardssettleatmaturity.C.afuturescontractisnegotiatedbyopenoutcrybetweenfloorbrokersortradersandistradedonorganizedexchanges,whileforwardcontractistailor-madebyaninternationalbankforitsclientsandistradedOTC.D.bothbandc2【單選題】(2分)Ifacurrencyfuturescontract(directquote)ispricedbelowthepriceimpliedbyInterestRateParity(IRP),arbitrageurscouldtakeadvantageofthemispricingbysimultaneouslyA.goinglonginthefuturescontract,borrowinginthedomesticcurrency,andgoingshortintheforeigncurrencyinthespotmarket.B.goingshortinthefuturescontract,borrowinginthedomesticcurrency,andgoinglongintheforeigncurrencyinthespotmarket.C.goinglonginthefuturescontract,borrowingintheforeigncurrency,andgoinglonginthedomesticcurrency,investingtheproceedsatthelocalrateofinterest.D.goingshortinthefuturescontract,lendinginthedomesticcurrency,andgoinglongintheforeigncurrencyinthespotmarket.3【單選題】(2分)An"option"isA.acontractgivingtheowner(buyer)oftheoptiontheright,butnottheobligation,tobuy(call)orsell(put)agivenquantityofanassetataspecifiedpriceatsometimeinthefuture.B.acontractgivingtheowner(buyer)oftheoptiontheright,butnottheobligation,tobuy(put)orsell(sell)agivenquantityofanassetataspecifiedpriceatsometimeinthefuture.C.acontractgivingtheowner(buyer)oftheoptiontheright,butnottheobligation,tobuy(put)orsell(call)agivenquantityofanassetataspecifiedpriceatsometimeinthefuture.D.acontractgivingtheseller(writer)oftheoptiontheright,butnottheobligation,tobuy(call)orsell(put)agivenquantityofanassetataspecifiedpriceatsometimeinthefuture.4【單選題】(2分)Threedaysago,youenteredintoafuturescontracttosell€62,500at$1.50per€.Overthepastthreedaysthecontracthassettledat$1.50,$1.52,and$1.54.Howmuchhaveyoumadeorlost?A.Made$0.04per€or$2,500B.Lost$0.06per€or$3,750C.NoneoftheaboveD.Lost$0.04per€or$2,5005【單選題】(2分)Yesterday,youenteredintoafuturescontracttobuy€62,500at$1.50per€.Supposethefuturespriceclosestodayat$1.46.Howmuchhaveyoumade/lost?A.Youhavemade$2,500.00.B.Dependsonyourmarginbalance.C.Youhavelost$2,500.00.D.Youhaveneithermadenorlostmoney,yet.第七章測(cè)試1【單選題】(2分)Ifyouoweaforeigncurrencydenominateddebt,youcanhedgewithA.alongpositioninanexchange-tradedfuturesoption.B.alongpositioninacurrencyforwardcontract.C.buyingtheforeigncurrencytodayandinvestingitintheforeigncounty.D.aswapcontractwherepaythecashflowsofthebondinexchangefordollars.2【單選題】(2分)Thelinkbetweenafirm'sfutureoperatingcashflowsandexchangeratefluctuationsisA.assetexposure.B.operatingexposure.C.noneoftheaboveD.bothaandb3【單選題】(2分)Thesensitivityofthefirm'sconsolidatedfinancialstatementstounexpectedchangesintheexchangerateisA.translationexposureB.economicexposureC.noneoftheaboveD.transactionexposure.4【單選題】(2分)AnexporterfacedwithexposuretoanappreciatingcurrencycanreducetransactionexposurewithastrategyofA.payingorcollectinglate.B.payinglate,collectingearly.C.payingorcollectingearly.D.payingearly,collectinglate.5【單選題】(2分)TherecognizedmethodsforconsolidatingthefinancialreportsofanMNCareA.short/longtermmethod,current/futuremethod,flexible/inflexiblemethod,andeconomic/noneconomicmethod.B.temporalmethod,currentratemethod,flexible/inflexiblemethod,andeconomic/noneconomicmethod.C.current/noncurrentmethod,monetary/nonmonetarymethod,temporalmethod,andcurrentratemethod.D.current/noncurrentmethod,monetary/nonmonetarymethod,short/longtermmethod,andcurrent/futuremethod.第八章測(cè)試1【單選題】(2分)TheprimaryreasonsforacounterpartytouseacurrencyswapareA.toobtaindebtfinancingintheswappedcurrencyataninterestcostreductionbroughtaboutthroughcomparativeadvantageseachcounterpartyhasinitsnationalcapitalmarket,andthebenefitofhedginglong-runexchangerateexposure.B.toplayinthefuturesandforwardmarkets.C.tohedgeandtospeculate.D.bothaandb2【單選題】(2分)Whichcombinationofthefollowingstatementsistrueaboutaswapbank?

(i)-itisagenerictermtodescribeafinancialinstitutionthatfacilitatesswapsbetweencounterparties

(ii)-itcanbeaninternationalcommercialbank

(iii)-itcanbeaninvestmentbank

(iv)-itcanbeamerchantbank

(v)-itcanbeanindependentoperatorA.(i),(ii)and(iii)B.(i),(ii),(iii),(iv)and(v)C.(i),(ii),(iii)and(iv)D.(i)and(ii)3【單選題】(2分)Supposethequoteforafive-yearswapwithsemiannualpaymentsis8.50—8.60percent.ThemeansA.theswapbankwillreceivesemiannualfixed-ratedollarpaymentsof8.50percentagainstpayingsix-monthdollarLIBOR.B.theswapbankwillpaysemiannualfixed-ratedollarpaymentsof8.60percentagainstreceivingsix-monthdollarLIBOR.C.noneoftheaboveD.iftheswapbankissuccessfulingettingcounterpartiestobothlegsoftheswapattheseprices,hewillhaveanannualprofitoftenbasispoints.4【單選題】(2分)Aninterest-onlysinglecurrencyinterestrateswapA.alloftheaboveB.isalsoknownasaninterestrateswap.C.isaboutassimpleasswapscanget.D.isalsoknownasaplainvanillaswap.5【單選題】(2分)SupposeABCInvestmentBankerLtd.,isquotingswapratesasfollows:7.50-7.85annuallyagainstsix-monthdollarLIBORfordollars,and11.00-11.30percentannuallyagainstsix-monthdollarLIBORforBritishpoundsterling.ABCwoul