第1題Internationalmacroeconomicsstudies:下載視頻

Adecisionsofindividualhouseholdsinothercountries.Bdecisionsbygovernmentsinothercountries.Ctheinterrelationshipoflarge-scaleeconomicissuesacrosscountries.Dtheinterrelationshipofpoliticsandeconomicswithinacountry.第2題Whatisanexchangerate?下載視頻

AItispercentagerateofinterestchargedbyinternationalbankstoexchangecurrency.BItisfeesbankschargetheirbestcustomerstoexchangecurrency.CItispriceofonenation'scurrencymeasuredinunitsofanothernation'scurrency.DItislendingrateforinternationalcredit.第3題Exchangeratebehavioris:下載視頻

Aunimportantindeterminingincome,prices,andflowsofgoodsandservices.Bveryimportantindeterminingincome,prices,andflowsofgoodsandservices.Cverypredictable,steady,andnotofinteresttopolicymakers.Dnotsubjecttomarketforces,butisdeterminedbyinternationalagreements.第4題IfinJanuary2007,1=110yen,andinJuly2007,1=90yen,thenaHarleyDavidsonmotorcyclethatcost$8,000inJanuarywouldnowcost_______inJapaninJuly.A180,000yenB880,000yenC720,000yenD890,000yen第5題Exchangeratecrises:下載視頻

Aareextremelyrare.Barerelatedtopoliticalcrises.Ctypicallyoccurineverynationseveraltimeseachyear.Darefairlycommon.第6題Anation'scurrentaccountis:下載視頻

Aitscurrentbudgetdeficit.Bthepreviousyear'sbudgetdeficit.Carecordofanation'sincome,expenditure,deficit,andsurplusduringaparticularperiod.Dthedifferencebetweenitstotalwealthanditstotaldebt.第7題Thedefinitionoftotalexternalnetwealthis:下載視頻

Athevalueofbuildings,bankdeposits,andmonetarygold.Bthevalueofanation'sforeignassetsminusthevalueofanation'sforeignliabilities.Cthevalueofstockssolddailyoninternationalexchanges.Dmineralsandoilreservesownedbyanationbutlocatedinanothernation.第8題Whatiscountryrisk?下載視頻

AtheriskthatthenationwillsufferunemploymentandinflationasaresultofitseconomicpoliciesBanumberofeconomicindicatorsreflectingtheeconomichealthofthenationthataffecttheabilityofitsresidentstorepayloansCtherelativeriskofpoliticalinstability,terroristattacks,andmilitarycapabilityDthetotalofthegovernment'snationaldebtplusprivatedebtowedtointernationalcreditors第9題Emergingmarketcountriesare:下載視頻

Acountrieswithhighlevelsofincomeperpersonthatarewell-integratedintotheglobaleconomy.Bmainlycountriesthataregrowingandbecomingmoreintegratedintotheglobaleconomy.Cmainlycountriesthatarenotyetwell-integratedintotheglobaleconomyandarenotdemocratic.Dcountrieswithlowlevelsofincomeperperson.第10題Whatisthedifferencebetweenanopeneconomyandaclosedeconomy?下載視頻

AAclosedeconomyhassealedbordersandallowsnotourismormigration.BAnopeneconomyhasveryfewrestrictionsontradeorfinancialflows.CAclosedeconomyhasverytoughwageandhourlawsandwillnottoleratelaborunions.DAnopeneconomyhaslaxrestrictionsondrugsorotherillegalactivities.第11題Ingeneral,wecurrentlyclassifynationsintothreecategories,dependingonthelevelofeconomicadvancement.Theseare:下載視頻

Aadvanced,emerging,anddeveloping.Bhigh-achievers,low-achievers,andinfantindustrynations.CFirstWorld,SecondWorld,ThirdWorld.Dfullyintegrated,moderatelyintegrated,andclosed.第12題Theadvancednations:下載視頻

Awereleastopentoglobalizationandfreemovementofcapital.Bledthemovementtowardglobalizationandopennessduringthe1980s.Chadtocompetewiththedevelopingnationsandfinallylearnedthatfinancialopennesswasbeneficialtotheireconomies.Dwerenotasopentoglobalizationasweretheemergingmarkets.第13題Nationsarefreetochooseandusetheirowncurrencyandcontrolitsvalue.Normally,theymustchoosebetweena______regime.AfixedorfloatingexchangerateBvariableorstableexchangerateCcontrolledorlaissez-faireDcentrallyplannedormarket-based第14題Theideaofdollarizationis:下載視頻

Atheuseofdomesticcurrencyinavariableproportionwithneighboringcountries'currency.BtheuseoftheCanation'suseofaforeigncurrencyoverwhichithasnopolicycontrol.DtheuseofdomesticcurrencyincountriesinEuropethatarenotpartoftheEuropeanUnion.ES.dollarforpayingthenativecountry'sdebt.第15題Countrieswithgoodinstitutionshave:下載視頻

Ahigherpercapitaincome.Bgreaterincomevolatility.Chigherpercapitaincomeandgreaterincomevolatility.Dlowerpercapitaincome.第1題Normally,exchangeratesareexpressedas():Athenumberofunitsofthecurrencyperoneounceofgold.BtheGDPofonenationasapercentageoftheGDPoftheother.Cthepriceofoneunitofforeigncurrencyexpressedintermsofthedomesticcurrency.Dratiosofthevalueofonenation'swealthcomparedwiththeother.第2題Adiningtablecosts3,000inNewYorkandthesametablecosts5,000eurosinRome.Thus,1isequalto:下載視頻

A1euro.B2euros.C1.67euros.D0.6euros.第3題Whenanation'scurrencyappreciates,itpurchases_____unitsofaforeigncurrencyanditscurrencyissaidto_____.Afewer;strengthenBmore;strengthenCfewer;weakenDmore;weaken第4題Whatisamultilateralexchangerate()?AItisanexchangeratethatismeasuredbyusinganumberofdifferenttechniques.BItisanexchangeratethatcalculatestheoverallmovementoftherateagainstmorethanjustoneothercurrency.CItisanexchangeratethatismeasuredonceevery10years.DItisaratethatissetbytheIMFformanydifferentnations.第5題Ifthedollarfallsby20%againsttheeuroandrisesby10%againsttheyen,whichofthefollowingvaluesforEuropeanandJapanesetradewiththeUnitedStatesareconsistentwitha10%increaseintheeffectiveexchangerateoftheUnitedStates()?AEurope:33%;Japan:66%BEurope:66%;Japan:33%CEurope:50%;Japan:50%DNoneofthesevaluesisconsistentwiththisincrease.第6題Acrawlingpegrefersto():Aalargeandsuddencurrencydepreciation.Bafixedexchangerateregimeinwhichthecurrencyisadjustedveryfrequentlytoreflectmarketconditions.Camanagedordirtyfloat,dependingonthebusinesscycle.Dadragonexchangerateadjustmentcausedbyimperfectmarkets.第7題Ifanationabandonsitsowncurrencyanddecidestouseanothernation'scurrencyasitsowncirculatingcurrency,thisisknownas():Aeuro-zoning.Bdollarization.Camanagedfloat.DaWesternregime.第8題Spreadsinquotationsofexchangeratesare():Athegeographicaldispersionofnationsthatusethecurrency.Bameasureofcontagioninvolvedinchangesinexchangerates.Cthedifferenceinthepricethebuyerpaysversusthepricethesellerreceives.Dthepercentageofinterestonepayswhenborrowingtopurchasecurrencies.第9題Theforwardmarketis():Aamarketthatexistsonlyinoneplaceatonetime.Bwhenapersonborrowstospeculateinthemarket.Cthepurchasesandsalesofcurrenciesfordeliveryatalatertime梪ptoayear.Dtherateofexchangequotedduringthenextbusinessday.第10題Aforeignexchangeoptionis():Atherighttoengageinbuyingorsellingonthespotmarket.Btherighttopurchaseorsellforeigncurrencyataspecifiedpriceonaspecifieddateinthefuture.Cwhenthepriceofforeigncurrencyexceedsthespotrate.Dwhenaspeculatormustdecidewhethertomoveintothemarket.第11題Arbitrageis():Acapitalcontrols.Binterestratemanagementbythecentralbank.Cexploitingprofitopportunitiesinthemarketresultingfrompricedifferences.Dinvestinginjunkbondsorbusinessesthatarenotethical.第12題Suppose1=10.5pesosinNewYorkand1=9.6pesosinMexicoCity.Ifyouhad$10,000usingarbitrage,yourprofitswouldbe():A$937.50.B937pesos.C9,600pesos.D$790.第13題Coveredinterestparityreferstothesituationinwhich:()Ainterestratesarethesameinbothcurrencies.Bspotandforwardratesarethesameinbothcurrencies.Ctheforwardratebetweenthetwocurrenciesisequaltotheratiooftheirreturnstimesthespotratebetweenthetwocurrencies.Dthereisanopportunityforarbitragewheneverpricesaresluggishandsticky.第14題Uncoveredinterestparityrefersto():Aborrowinginthelow-interestcurrencyandlendinginthehigh-interestcurrencywithoutcoveringagainstachangeintheexchangerates.Bfoolishactionsthatusuallyarenotsuccessful.Cactivitiesthataredesignedtoraiseorlowerinterestratesbutarerisky.Dthepracticeofdepositingallofone'sfundsinonecurrencywithoutregardingtheprosandconsofsuchatransaction.第15題IftheU.S.interestrateis4%peryearandtheU.K.interestrateis9%peryear,whichofthefollowingstatementsisTRUE?()AThedollarwilldepreciate4%inoneyear.BThepoundwilldepreciate9%inoneyear.CThepoundwilldepreciate5%inoneyear.DThedollarwillappreciate4%inoneyear.Chapter3第1題Themonetaryapproachtoexchangeratesdescribes():Along-runrelationshipsbetweenmoney,prices,andexchangerates.Bashort-runrelationshipbetweenexchangeratesandinterestrates.Cashort-runmeasureoffluctuationsinexchangerates.Datheorybasedontheideathatexchangeratesareconstantinthelongrun.第2題Ifanautomobilecosts32,000inNewYorkand1=0.8euros,thenundertheconditionofthelawofoneprice,thecostoftheautomobileinRomeshouldbe():A32,000euros.B40,000euros.C35,000euros.D25,600euros.第3題Intheinternationalgoodsmarket,pricesofgoodsindifferentcountriesexpressedinacommoncurrencymustbeequalized.Thisconceptiscalled():Aexchangeratetheory.Bthelawofoneprice.Cappreciation.Dpurchasingpowerparity(PPP..第4題Absolutepurchasingpowerparityimpliesthat():Athepriceofabasketofgoodsischeaperinonecountrythaninanother.Bthepriceofabasketofgoodsismoreexpensiveinonecountrythaninanother.Cthepriceofabasketofgoodsisthesameinthetwocountries.Dtheexchangerateisartificiallyheldconstant.第5題Therealexchangeratebetweentwocurrenciestellsus():Achangesintheexchangerateovertime.Bhowmanyunitsofonecurrencycanbepurchasedwithoneunitofthehomecurrency.Chowmuchintermsofgoodsandservicesthehomecurrencywillbuyintheforeignnationcomparedwiththehomenation.Dhowmuchdepreciationorappreciationhasoccurredinthehomeexchangerate.第6題IfthepricesofgoodsinEuropeincrease,whilethenominalexchangeratebetweentheeuroandtheU.S.dollarremainsthesame,wesaythattheU.S.dollarhasexperienceda():Anominalappreciation.Bnominaldepreciation.Crealappreciation.Drealdepreciation.第7題Iffewerhomegoodsarerequiredtobuythesameamountofforeigngoods,thenwesaythatforeigncurrencyhasexperienceda():Anominalappreciation.Bnominaldepreciation.Crealappreciation.Drealdepreciation.第8題Ifanationexperiences10%inflationanditstradingpartnerdoesnot,andifPPPholds,whathappenstoitsrealexchangerate?()AItdepreciatesby10%.BItappreciatesby10%.CItdoesnotchange.DItbecomesnegative.第9題WithrelativePPP,ariseinanation'sinflationrateisalwaysoffsetbyanincreaseintherateof__________ofitscurrency.AappreciationBrevaluationCdepreciationDdevaluation第10題Aseconomiesadjusttoinflation,thereisanadjustmentofexchangeratestoreflectthechangedpricelevel.Thisadjustmentiscalled():Arealexchangerates.Bconvergence.Cadjustmentcosts.Drevaluation.第11題Pricestickinessrefersto():Aslowmovementsinprices.Bthestickerpriceforbig-ticketitems.Cthepriceofoil.DthepriceofaBigMacacrosscountries.第12題Accordingtothelong-runmonetarymodel,wecanrearrangetermsinthemoneydemand/supplyinourlong-runrelationshiptoshowthatwhenthenominalsupplyofmoneyisincreased,ceterisparibus():Athedemandformoneyisdecreased.Bthepricelevelisincreased.Crealincomeisincreased.Dthepricelevelisdecreased.第13題IfthereisanincreaseinthemoneysupplyintheUnitedStates,usingthemonetarymodeloftheexchangerate,onewouldpredictthattheU.S.dollar:下載視頻

Abecomestronger.Bappreciateintheshortrun,butnotinthelongrun.Cdepreciate.Ddepreciateintheshortrun,butnotinthelongrun.第14題Underthemonetaryapproachtoexchangerates,ifbothrealmoneydemandandmoneysupplyaregreaterathomethaninforeignmarkets,thentheexchangerateshouldbe():Agreaterthanone.Bequaltoone.Clessthanone.DThereisnotenoughinformationprovidedtoanswerthequestion.第15題IfinflationintheUnitedStatesis4%peryearandintheUnitedKingdomitis8%peryear,andinterestrateintheUnitedKingdomis6%,thentheFishereffectpredictsthattheinterestrateintheUnitedStatesis():A2%.B4%.C6%.D8%.Chapter4第1題ExplainingexchangeratebehaviorinthelongrunassumesthatchangesinpricelevelsandrealinterestratesaffectnominalexchangeratessothatinterestparityandPPPhold.Short-rundeviationsfromPPPmaybeexplainedbyanalternativetheorycalledthe():ArelativePPPapproach.Bassetapproachtoexchangeratedetermination.Clong-runequilibriumapproach.Dlawofoneprice.第2題IftheU.S.interestrateis5%andtheinterestrateinGermanyis2%,andtheeuroisexpectedtoappreciateby2%overthenextyear,theninvestorswould():Aselldollarsinthespotmarket.Bbuyeuros.CseektoinvestintheUnitedStates.DseektoinvestinGermany.第3題IfUIPholds,theinterestrateathomeis4%,andtheexchangerateisexpectedtodepreciateby3%,thentheforeigninterestrateis():A1%.B3%.C7%.D12%.第4題IftheU.S.interestrateis9%andtheEurozoneinterestrateis5%,thenintheshortrunwewouldexpect():Athedollartoappreciate.Bthedollartodepreciate.Ctheeurotoappreciate.DThereisnochangeintheexchangerate.第5題Anincreaseinrealincome_____thedemandforrealmoneybalancesandtherebycausesa____inthenominalrateofinterest.Alowers;riseBlowers;fallCraises;riseDraises;fall第6題Intheshortrun,ceterisparibus,anexpandedmoneysupplyleadsto():Aahighernominalinterestrate.Bnochangeinthenominalinterestrate.Calowernominalinterestrate.Danincreaseintheexchangerate.第7題Thereturnsfromthehomecountryandforeigncountrycapitalmarketsareequalizedif():Athehomecountryinterestratesarehigher.Btheforeigncountryinterestratesarehigher.Ctheforeigncountryhasahigherpricelevel.Dbothcountrieshavenocapitalcontrols.第8題Ashort-rundepreciationoftheBritishpoundwouldbeconsistentwith():AatemporaryfallintheBritishmoneysupply.BatemporaryfallintheEuropeanmoneysupply.CatemporaryriseintheEuropeanmoneysupply.DeitheratemporaryfallintheBritishmoneysupplyoratemporaryriseintheEuropeanmoneysupply.第9題Toarriveatacompletetheoryofexchangeratedetermination,weuse():Atheshort-runmonetaryapproach,thelong-runmonetaryapproach,andagooddoseofcommonsense.Btheshort-runassetapproach,thelong-runmonetaryapproach,andrealinterestparity.Creal-worldphenomenasuchasstickyprices,governmentinefficiency,andimperfectmarkets.Dinformationonfinancialmarkets,politicalrealities,andthelargegovernmentdebt.第10題Theassetapproachbasicallylooksat____asthefundamentalvariableaffecting_____exchangerates.Ainterestrates;short-runBinterestrates;long-runCthepricelevel;short-runDthepricelevel;long-run第11題Themonetaryapproachbasicallylooksat____asthefundamentalvariableaffecting_____exchangerates.Ainterestrates;short-runBinterestrates;long-runCthepricelevel;short-runDthepricelevel;long-run第12題Intheshortrun,thenominalinterestrateisaffectedbychangesinthemoneysupplyperceivedtobetemporary,butonce____adjust(s.,thenominalinterestrate____inthelongrun.Athesupplyofmoney;risesBthepricelevel;willreverttoitsformerlevelCexpectationsofinterestrates;fallsDrealGDP;doesnotchange第13題Overshootingiswhenexchangerates():Aadjustmoreintheshortrunthantheyneedtoforlong-runequilibrium.Badjustlessintheshortrunthantheyneedtoforlong-runequilibrium.Careunabletoadjustbecauseoffixedexchangerates.Dadjustatthesamerateasprices.第14題Nominalanchorslimitovershootingby():Afixingexchangerates.Bdistinguishingbetweenpermanentandtemporarychanges.Cslowingdownexpectationsformation.Dlimitingtemporarychangestoexchangerates.第15題Thetrilemmareferstoallthefollowing,EXCEPT():Aafixedexchangerate.Binternationalcapitalmobility.Cmonetarypolicyautonomy.Dpricecontrols.chapter5第1題Afirminonenationmaypurchasefactorservicesfromanothernation.Paymentsfortheseservicestothefactorsofproductionarecalled():Aserviceincomepayments.Bnetincome.Cgrossincome.Dwageandsalaryincome.第2題Summariesofinternationalflowsofgoodsandassetsarerecordedinanation's():Anationalincomeandproductaccounts.BbalanceswiththeIMF.Cbalanceofpaymentsaccounts.Dbalanceoninternationalindebtedness.第3題Assetexportsoccurwhendomesticentities():Asaveinternationallybypurchasingforeignassets.Bborrowinternationallybysellingassetstoforeigners.Cincreasesavingsanddecreasespendingbothdomesticallyandinternationally.Ddecreasesavingsandincreasespendingonforeigngoods.第4題WheneverthereisadeficitinthecurrentaccountGNDIis():AequaltoGNE.BgreaterthanGNE.ClessthanGNE.DequaltoGNEonlyifthereisnodomesticinvestmentspending.第5題Wheneverthebalanceonthecurrentaccountisnegative,itindicatesthat():Athetradedeficitisshrinking.Btotalspending(GNE)intheeconomyisgreaterthanincomeandisfinancedbyborrowingfromabroad.Cdomesticinvestmentcannotbecarriedoutbecauseofashortageofsavings.Ddomesticinvestmentisdecreasing.第6題Thefinancialaccountrecordsinternationaltransactionsinvolving():Ahigh-valueitems,suchasluxuryautos,fineart,andjewelry.Bfinancialassetsand“real”assets,includingpropertyandstructures.Ccorporateassetssuchasequipment,machinery,andotherformsofcapital.Dgoodsandservicessoldoncredit.第7題Developingnationsmayhavearatherlargecapitalaccountsurpluscomparedwithdevelopednationsbecauseof():Aexcessiveborrowing.BlowGDPpercapita.Crapidexpansionoftheeconomy.Dnonmarketdebtforgiveness.第8題Whichofthefollowingwouldcauseafinancialaccount(FA)surplus?下載視頻

AthesaleofheavytrucksusedinconstructionbyadomesticsellertoaforeignbuyerBthepurchaseofstockinaU.S.corporationbyaU.S.buyerCthepurchaseofstockinaU.S.corporationbyaforeignbuyerDthesaleofstockinaU.S.corporationheldbyaforeignownertoadomesticbuyer正確答案：C第9題Whenadomesticinvestorbuysaforeignasset,thefinancialaccount():Arises.Bstaysthesame.Cfalls.DNotenoughinformationisprovidedtoanswerthequestion.第10題

IfGeorgepurchasesshoesfromaJapanesefirmfor100,andpaysforthembyborrowing100onhisJapanesecreditcard,thetwoaccountsthatareaffectedare

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Aimportsofgoodswithaminus(debit)andexportsofgoodswithaplus(credit).下載視頻

Bimportsofgoodswithaminus(debit)andexportsoffinancialassetswithaplus(credit)下載視頻

Cexportsofgoodswithaminus(debit)andimportsoffinancialassetswithaplus(credit)下載視頻

Dexportsofgoodswithaplus(credit)andimportsoffinancialassetswithaminus(debit).

第11題SupposethataJapaneseinvestorbuysaKoreanstockwithcash.ForKorea,thiscountsasa():Acurrentaccountcredit,currentaccountdebit.Bfinancialaccountdebit,financialaccountcredit.Ccapitalaccountdebit,capitalaccountcredit.Dfinancialaccountdebit,currentaccountdebit.第12題Anation'sexternalwealthisdefinedas():Arestoftheworld(ROW)assetsownedbythehomenationminushomeassetsownedbyforeigners.BhomeassetsownedbyforeignersminusROWassetsownedbythehomenation.ChomeassetsownedbyforeignersplusROWassetsownedbythehomenation.Dhomeassetsownedbyforeigners,minushomeassetsownedbydomesticentities,minusliabilitiesownedbydomesticentities.第13題Achangeinanation'sexternalwealthconsistsoftwoparts():AachangeinGDPplusthechangeinincome.Bfinancialflowsplusvaluationeffects.Canincreaseinliabilitiestotherestoftheworldmatchedequallybyanincreaseofexternalassets.Ddebitsandcredits.第14題currentaccountdeficitwillalso(

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Abeanetimporterofassets下載視頻

Bbeanetexporterofassets下載視頻

Csufferalackofcapitalresources下載視頻

Dincreaseitsexternalwealth下載視頻

第15題Thethreebalancesthatdeterminethecurrentaccountbalanceare():Atheexternalbalance,theinternalbalance,andtheglobalbalance.Bthetradebalance,thebalanceonincomefromfactorservices,andthebalanceonnetunilateraltransfers.Cthecreditbalance,thedebitbalance,andthebalanceofexternalindebtedness.Dthebalanceoninvestment,thebalanceonassettransfers,andthebalanceonforgivenessofdebt.chapter6第1題Whenadisasterdestroysafamily'shome,thefamilycanmakeuseofallthefollowingsolutions,EXCEPT:()Aacceptgiftsordonationsfromfriends.Bacceptgiftsordonationsfromcharitableorganizations.Capplyforaloanorseekinsurancepayouts.Dtakeoverthenextundamagedpropertyinthevicinity.第2題Anation'suseofinternationalcapitalmarketsenablesittodoallofthefollowing,EXCEPT:()Aprovideforahigherlevelofnationaldefense.Bsmoothconsumptionovertime.Cbuildaproductivenationalcapitalstock.Dreduceriskthroughdiversification.第3題Thetwo-periodbudgetconstrainttellsus:().下載視頻

Aacreditorcountrycanaffordfuturedeficits"onaverage.".下載視頻

Bacreditorcountrycannotaffordfuturedeficits"onaverage."

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Cadebtorcountrycannotaffordfuturedeficits"onaverage."

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Dadebtorcountrycanaffordfuturedeficits"onaverage."下載視頻

第4題Ifyouprefertosmoothconsumption,whichofthefollowingwouldyouprefer?()A100ofconsumptiontodayand50ofconsumptiontomorrowB75ofconsumptiontodayand75ofconsumptiontomorrowC50ofconsumptiontodayand100ofconsumptiontomorrowDYouwouldbeindifferentbetweenallofthese.第5題If,inanopeneconomywitharealworldinterestrateof5%,anoutputshock(decline)of21%occursfollowedbyarecoverythenextyear:(

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Anoconsumptionsmoothingispossible.Bthenationcanborrow20%ofGDPinthefirstyearandrepay1%ofGDPeachyearinperpetuityresultinginconsumptionsmoothing.Cthennoborrowingispossiblebecauseofthepossibilityofexceedingthelong-runbudgetconstraint.Dtheeconomywouldhavetoforswearallinternationaltradeandfinancialflows.第6題Inaclosedeconomy,whathappenstothepresentvalueofGDP(discountedat5%)followinganoutputshock()of21%recoveredthefollowingyear?()AThereisapermanentdropof1%inthepresentvalueofGDP.BThereisnolong-runeffectonpresentvalue.CThereisa1-yeardropof1%inGDPthefirstyearfollowedbyfullrecovery.DThereisadownwardspiralinrealGDPresultinginapermanentdropof21%.第7題Ratherthancutconsumptionduringanyyeartomakeaproductiveinvestment,anopen-economynationthatchoosestofinanceinvestmentandpreserveconsumptionduringthefirstyear:()Aisalwaysworseoff.Bisbetteroffifthereturnisgreaterthantherateofinterest.Cmustrepaytheinvestment10timesoverbecauseofcompounding.Dissubjecttocriticismforpoliciesthatfavorrichinvestors.第8題Aclosedeconomythatconsidersaninvestmentopportunitycapableofraisingproductioninfutureyearswill:()Araiseconsumptioninthepresentbutnotinthefuture.Bhavetorelyonfundingbygovernment.Cneedtocutconsumptionbytheamountoftheinvestmentinthefirstyeartoachievegreaterconsumptioninthefuture.Dneedtocutbackonotherprofitableinvestmentopportunities.第9題Inanopeneconomy,investmentcanbefundedexternally,possiblyleadingto:()Averyunstableconsumerspending,whichmayleadtorecession.Bunsustainabledebt.Cforeigncontrolofdomesticcorporations.Dasimultaneousincreaseinincomeandsmoothconsumption,withadherencetothelong-runbudgetconstraint.第10題IfMexicohas8%ofcapitalperlaboroftheU.S.level,itislikelythatunderthesimplemodel,(

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A

capitalwillflowintotheUnitedStatesbecauseithasmorecapital.

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BMexicowillneverachievethecapital–laborratiooftheUnitedStates.

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CU.S.capitalperlaborwilldeclinetothelevelofMexico.DcapitalwillflowintoMexicobecausetheMPKofcapitalishigherinMexico.第11題Theproductionfunctionmayhavethesamemarginalproducts,yettheproductionconstantterm,A,maydiffer.Today,mosteconomistsbelievethisiscausedby:()Adifferencesintechnology.Bdifferencesinsocialefficiencyofproduction(factorsaffectingproduction,suchaspolicies,workethic,education,institutionalinfrastructure,orculturaldifferences).Ccorruptionandapoorregulatoryclimate.Dgenderbias.第12題Amajorfactoraffectinginvestmentopportunitiesinrichversuspoornations,asidefromtheproductivityofcapitalis:()Apopulationgrowth.Briskfactorsthatthreateninvestment.Cgovernmentmeddlingintheaffairsofbusiness.Dtaxburdensonwealthyindividuals.第13題Nationscanlowerriskviaassetdiversification.Howdonationsengageindiversification?()AbyinvestorsrelyingonmutualfundsinsteadofchoosingtheirownstocksBbydirectingsomeinvestmentactivitiesabroadandsomedomesticallyCbybuyingprivateinsuranceagainstdevaluationDbyrestrictingallinvestmenttowarddomesticcapital第14題Twonationseachown50%ofthecapitaloftheothernation().Whatisthesituationwhenlaborcomposesmorethan50%ofavailableresources?()AInordertoachieveperfectdiversification,labormustmovefromonenationtotheother.BNogainwilloccurfromthediversification.CTheriskfromeconomicshockwillbeeliminatedbythediversificationofassets.DSomeriskfromeconomicshockscanbeeliminated,butnotall.第15題Risksharingthroughassettradeinternationallyislimitedbecause:()Anotallcapitalassetscanbetradedinternationally,andthenumberofassetsiscomparativelysmall.Blawsprohibitmanykindsofinternationalinvestment.Creturnsoninternationalassetsareusuallylower.Dthereisalargerriskofcurrencydevaluation.chapter7第1題Theassumptionofshort-runpricestickinessimplies:()Athatwemustadjustnominalquantitiesforchangesininflation.Bthatwemustalwaysallowforunexpectedinflation.Cthatexpectedinflationiszeroandnominalquantitiesarethesameasreal.Dabalancedbudget.第2題Whentheexpectedrealrateofinterestdeclines,ceterisparibus,weexpect:()Amoreinvestmentprojectswillbeundertaken.Blenderswillneedtolowertheiraveragedefaultratetomaintaintheirprofitmargins.Cfirmswillborrowle