国际金融（英文版）智慧树知到答案章节测试2023年吉林财经大学

绪论单元测试Therecentglobaleconomyisexperiencingthethree-lowsituationsuchas________.

A:lowpopulation,loweconomicgrowthandlowtaxrate

B:lowinflation,lowgovernmentexpenditureandlowprice

C:lowinterestrate,lowinflationandloweconomicgrowth

D:lowinterestrate,lowunemploymentandlowpopulation

答案:CWhichofthefollowingstatementsincorrectlydescribesChina?

A:Chinaisthelargestforeignreserveholder.

B:Chinaisthelargestmanufacturingcountry.

C:Chinaisthelargestcapital-outflowcountry.

D:Chinaisthelargestgoods-tradecountry.

答案:CWhichofthefollowingmanagementsleastlikelyrepresentsthedimensionofmacroeconomicanalysisofinternationalfinance?

A:Managementofbalanceofpayments

B:Foreignexchangeexposuremanagement

C:Internationalmonetarymanagement

D:Managementofinternalandexternalbalance

答案:BLibrawhitepaperinitiallyintroducedbyFacebookonJune18th,2019showsthatLibraismostlikely______.

A:theplasticmoney

B:thepapermoney

C:thelegaltender

D:thefictitiouscryptocurrency

答案:DAnation’smacroeconomicperformanceinvolvestheperformanceofthreemarketssuchas________.

A:thedomesticgoodsmarket,domesticservicesmarket,anddomesticfinancialmarket.

B:thedomesticproductmarket,domesticstockmarket,andforeignexchangemarket.

C:thedomesticmoneymarket,thedomesticproductmarket,andforeignexchangemarket.

D:thelabormarket,thecapitalmarket,andthelandmarket.

答案:CMultinationalcorporationsusuallyareexposedtothreetypicalkindsofforeignexchangeexposure,suchas_______.

A:transactionexposure,operatingexposure,andtranslationexposure

B:accountingexposure,financialexposure,andeconomicexposure

C:accountingexposure,investmentexposure,andfinancingexposure

D:transactionexposure,speculativeexposure,andprecautionaryexposure

答案:ATheobjectiveofinternationalportfoliomanagementis_______.

A:toconstructanoptimalinternationalportfoliowithminimumrisk.

B:toselectcapitalbudgetingprojectswithhigherinternalrateofreturnthantherequiredrateofreturn.

C:togoaheadwithacapitalbudgetingprojectwithpositvenetpresentvalue.

D:toselectinternationalsecuritieswiththesameratesofreturnasdomesticsecurities.

答案:AFromtheperspectiveofmicroeconomics,thepracticesofinternationalfinanceleastlylikelyinvolves_________.

A:internationalmonetarymanagement

B:internationalfinancingmanagement

C:internationalinvestmentmanagement

D:foreignexchangeexposuremanagement

答案:AThefeasibilityoftheinternationalcapitalbudgetingdecisioncanonlybedeterminedfromtheparentcompanyviewpoint.（）

A:对

B:错

答案:BMultinationalcorporationscanconductfinancialtransactionsoruseoperationaltechniquestomanageforeignexchangeexposure.（）

A:错

B:对

答案:B第一章测试TheJcurveshowsthat:

A:devaluationisunlikelytoimprovethetradebalanceineithertheshort-runorthelong-run.

B:devaluationismorelikelytoimprovethetradebalanceintheshort-runthaninthelong-run.

C:devaluationismorelikelytoimprovethetradebalanceaftera

longerspanoftimehaselapsed.

D:devaluationislikelytobeunstable.

答案:CWhichofthefollowingwouldtendtocontributetoaU.S.currentaccountsurplus?

A:TheUnitedStatescutsbackonAmericanmilitarypersonnelstationedinJapan.

B:TheUnitedStatesmakesaunilateraltariffreductiononimportedgoods.

C:RussianvodkabecomesincreasinglypopularintheUnitedStates.

D:U.S.touriststravelinlargenumberstoAsia.

答案:AOfficialreserveassetsare：

A:governmentT-billsandT-bonds.

B:thegoldholdingsinthenation’scentralbank.

C:governmentholdingsofSDR’s.

D:moneylikeassetsthatareheldbygovernmentsandthatarerecognizedbygovernmentsasfullyacceptableforpaymentsbetweenthem.

答案:DIftheoverallbalanceinthebalanceofpaymentsaccountisin_____,therecanbeanaccumulationofofficialreserveassetsbythecountryoradecreaseinforeignofficialreserveholdingsofthecountry’sassets.

A:equilibrium

B:surplus

C:remission

D:deficit

答案:BAstatementofthestocksofacountry’sforeignassetsandforeignliabilitiesatapointintimerepresentsthecountry’s:

A:balanceofpayments

B:internationalinvestmentposition

C:financialaccountbalance

D:governmentbudgetsurplusordeficit

答案:BIfthebalanceofpaymentsaccountsofacountryshowsacurrentaccountdeficit,itmeansthat:

A:itisactingasanetlendertotherestoftheworld.

B:itsforeignassetsaregrowingfasterthanitsforeignliabilities.

C:itsexportsarehigherthanitsimports.

D:itsforeignassetsaregrowingslowerthanitsforeignliabilities.

答案:DMarshall-Lernerconditionisthatthepaymentsdeficitwillbeimprovedasaresultofcurrencydepreciationonlyif_______.

A:thesumofelasticityofdemandforgoodsimportandthatforgoodsexportislessthanone.

B:thesumofelasticityofdemandforgoodsimportandthatforgoodsexportequalsone.

C:thesumofelasticityofdemandforgoodsimportisgreaterthanthatforgoodsexport.

D:thesumofelasticityofdemandforgoodsimportandthatforgoodsexport

islargerthanone.

答案:DAccordingtotheabsorptionapproachtobalanceofpayments,ifanation’snationalincomeislessthanitsnationalexpenditure,itwill________.

A:experiencenochangeinitsofficialsettlementbalance.

B:willtendtomoveintopaymentssurplus.

C:experiencepaymentsdeficit.

D:willtendtomoveintopaymentsbalance.

答案:CThenetflowoffinancialassetsandsimilarclaimsistheprivatecurrentaccountbalance.（）

A:对

B:错

答案:BAcountry’snonofficialfinancialaccountbalanceequalsitsnetforeigninvestment.（）

A:错

B:对

答案:A第二章测试BasedonPPPandthequantitytheoryofmoney,everythingelseremainingunchanged,ifJapan’srealincomerisesrelativetorealincomeintheU.S.,therewouldbea(n):

A:decreaseinthedemandforyenintheforeignexchangemarket.

B:appreciationoftheyen.

C:interestrateparity.

D:appreciationofthedollar.

答案:BTheretailpartoftheforeignexchangemarketdoesnotincludetradersatbankstradingwith:

A:nationalgovernments.

B:nonfinancialcompaniesthatsometimeswanttobuyandselldifferentcurrencies.

C:stockbrokerswhotradeintheassetsofthefirmsindifferentnations.

D:tradersatotherbanks.

答案:DSupposethedollarperpoundexchangerateis$2perpoundwhilethedollarperSwissfrancexchangerateis50centsperfranc.FromthegiveninformationwecanconcludethattheSwissfrancperpoundexchangerateis:

A:toohigh.

B:toolow.

C:4francsperpound.

D:1francperpound.

答案:CRapidincreasesintheU.S.exportsofgoodsandserviceswillresultina(n)_____foreigncurrencyanda(n)_____theU.S.dollarsintheforeignexchangemarket.

A:shortageofforeigncurrency;surplusof

B:increaseinthedemandfor;increaseinthesupplyof

C:decreaseinthesupplyof;decreaseinthedemandfor

D:increaseinthesupplyof;increaseinthedemandfor

答案:DUnderafloatingexchangeratesystem,anincreaseintheinternationaldemandforelectronicappliancesmanufacturedinJapanwillresultin:

A:DeflationintheJapaneseeconomy.

B:AdepletionofinternationalreservesheldbythecentralbankofJapan.

C:AnincreaseinJapan’stradedeficitwithothercountries.

D:Anappreciationoftheyenvis-à-visothercurrencies.

答案:DAssumeyouareaChineseexporterandexpecttoreceive$250,000attheendof60days.Youcanremovetheriskoflossduetoadevaluationofthedollarby:

A:sellingtheyuanequivalentintheforwardexchangemarketfor60-daydelivery.

B:sellingdollarsinthe60-dayforwardexchangemarket.

C:buyingdollarsnowandsellingthesedollarsattheendof60days.

D:keepingthedollarsintheUnitedStatesaftertheyaredeliveredtoyou.

答案:BTheBrettonWoodsSystemisexposedtoadilemmaknownas_______.

A:ethicaldilemma

B:TriffinParadox

C:two-peggingsystem

D:impossibleTrinity

答案:BThe_____effectsuggeststhatspeculationscansometimesbedestabilizingastheactionsoftheinternationalinvestorsmovetheexchangerateawayfromthelong-runequilibriumvalueconsistentwithfundamentaleconomicinfluences.

A:bandwagon

B:exchangerate

C:overshooting

D:arbitrage

答案:ATomaintainanundervaluedcurrency,thecountry’smonetaryauthoritiesmustinterveneintheforeignexchangemarkettobuyitscurrencyintheforeignexchangemarket.（

）

A:对

B:错

答案:BPrice-specie-flowmechanismpositsthatthemisalignmentofexchangerateundertheclassicalgoldstandardcanbeautomaticallycorrected.（

）

A:对

B:错

答案:B第三章测试Forsmallopeneconomy,assumethatthemarginalpropensitytoimportis0.3,andthatinterestrates,exchangerates,andthepricelevelareallconstant.Ifanincreaseof$10billioningovernmentspendingresultsinanincreaseof$6billioninimports,then:

A:thespendingmultiplieris2.

B:realGDPincreasesby$4billion.

C:taxesincreaseby$10billion.

D:realdomesticinvestmentdecreasesby$4billion.

答案:BThelocomotivetheorypositsthatgrowthinoneormorelargecountries:

A:willleadsmallercountriestoopentheireconomies.

B:canraisegrowthinothersmallercountriesthattradewiththeselargercountries.

C:canputpressureontheirdomesticimport-competingfirms.

D:willretardthegrowthofsmallercountriesdependentonexports.

答案:BThedemandformoneyis:

A:negativelyrelatedtonominalGDPandtothelevelofinterestratesavailableonotherfinancialassets.

B:positivelyrelatedtonominalGDPandtothelevelofinterestratesavailableonotherfinancialassets.

C:negativelyrelatedtonominalGDPandpositivelyrelatedtothelevelofinterestratesavailableonotherfinancialassets.

D:positivelyrelatedtonominalGDPandnegativelyrelatedtothelevelofinterestratesavailableonotherfinancialassets.

答案:DPerfectcapitalmobilityimplies:

A:anFEcurvethatissteeperthantheLMcurve.

B:averticalFEcurve.

C:anFEcurvethatishorizontal.

D:highdomesticinterestratesrelativetoforeigninterestrates.

答案:CTherearelimitstotheabilityofmonetaryauthoritiestousesterilizedinterventioninthecaseofadeficitbecause:

A:theexportlevelisfixedanditcannotbeallowedtodrop.

B:thecentralbankmaybeunwillingtoincreaseitsholdingsofforeigncurrencybeyondacertainlimit.

C:thecentralbank’sabilitytoconstantlyobtainforeigncurrencyforthesterilizedinterventionisconstrained.

D:thepressurefromforeigncountriestoallowthedomesticcurrencytoappreciatewillleadtolargelosses.

答案:CAssumethattheexchangeratesarefixed.Whenmoneydemandislesssensitivetointerestratechangesthanareinternationalcapitalflows,_____policywillbe_____effectivethanwhenmoneydemandismoresensitivetointerestchangesthanareinternationalcapitalflows.

A:expansionarymonetary;more

B:sterilizedintervention;more

C:expansionaryfiscal;more

D:expansionaryfiscal;less

答案:CWithfloatingexchangerates,theeffectsofinternationaltradeshocksoninternalbalanceare_____bytheeffectsoftheresultingchangeinthe_____.

A:notmitigated;exchangerate.

B:mitigated;exchangerate.

C:mitigated;LMcurve.

D:notmitigated;LMcurve.

答案:BWhichofthefollowingstatementsistrue？

A:Underfloatingexchangerates,externalcapital-flowshockscanhaveeffectsoninternalbalancebyalteringtheexchangerateandthecountry’sinternationalcompetitiveness.

B:Anexpansionarymonetarypolicytendstoincreasetheexchangeratevalueofthedomesticcurrencyintheshortrun.

C:Fiscalpolicyforacountrywithfloatingexchangeratesismorepowerfulwithahighdegreeofcapitalmobilitythanwithalowdegreeofcapitalmobility.

D:Monetarypolicyisapowerfuleconomictoolforacountrywithfixedexchangeratesandhighcapitalmobility.

答案:AAcentralbankcansterilizetheincreaseinthemoneysupplythatresultsfromaninterventiontodefendafixedexchangeratebysellingdomesticgovernmentbonds.（

）

A:错

B:对

答案:BInternationalcrowdingoutisthetendencyofexpansionaryfiscalpolicytoappreciatethecountry’scurrencyandworsenthecurrentaccount.（

）

A:对

B:错

答案:A第四章测试Foraninvestorwhostartswithdollarsandwantstoendupwithdollarsinthefuture,whichofthefollowingchoicesisanexamplethatincludesspeculating?

A:Selldollarsatthespotrate,investtheproceedsinforeigncurrency-denominatedfinancialinstruments,andsignaforwardexchangecontracttoselltheforeigncurrency

B:Selldollarsatthespotrate,investtheproceedsinforeigncurrency-denominatedfinancialinstruments,andsignaforwardexchangecontracttobuydollars

C:Buyadollar-denominatedfinancialasset

D:Selldollarsatthespotrate,investtheproceedsinforeigncurrency-denominatedfinancialinstruments,andthenbuydollarsatthefuturespotrate

答案:DSupposetheinterestrateon6-monthtreasurybillsis7percentperyearintheUnitedKingdomand4percentperyearintheUnitedStates.Also,today’sspotexchangepriceofthepoundis$2.00whilethe6-monthforwardexchangepriceofthepoundis$1.98.ByinvestinginU.K.treasurybillsratherthanU.S.treasurybills,andcoveringexchange-raterisk,U.S.investorsearnanapproximateextrareturnfor6monthsof:

A:1.5percent.

B:0.5percent.

C:4.0percent.

D:3.0percent.

答案:BThechangeinthefuturecashflowswhichhavenotbeencontractedforasaresultoftherandomchangesinexchangerateisknownas(

).

A:translationexposure

B:transactionexposure

C:operatingexposure

D:taxexposure

答案:COperatingexposureismorelikelyknownas(

)exposure.

A:accounting

B:liability

C:competitive

D:asset

答案:CAswapbankprovidesanAA-ratedcompanyXandaBB-ratedcompanyYwithafive-yearswapquotationof2.5%-3%againstLIBOR.Themeans:

A:TheswapbankwillpaycompanyYwith2.5%againstreceivingLIBORfromit,andreceive3%fromcompanyXagainstpayingLIBORtoit.

B:TheswapbankwillpaycompanyXwith3%againstreceivingLIBORfromit,andreceive2.5%fromcompanyYagainstpayingLIBORtoit.

C:noneoftheabove

D:TheswapbankwillpaycompanyXwith2.5%againstreceivingLIBORfromit,andreceive3%fromcompanyYagainstpayingLIBORtoit.

答案:DAsforthesellerofcalloption,ifthefuturespotrateishigherthanthestrikeprice,theoptionwillbeknownas(

)option.

A:out-of-the-money

B:in-the-money

C:at-the-money

D:In-the-market

答案:AIftheexpectedfuturespotrateislowerthanthebreakevenexchangerate,(

)willbemoredesirableformultinationalcorporationstohedgeagainstthetransactionexposurearisingfromholdingforeign-currencydenominatedaccountspayable.

A:forwardpurchase

B:putoption

C:calloption

D:forwardsale

答案:CTranslationofthefinancialstatementspreparedbytheforeignsubsidiariesfromtheirrespectivelocalcurrenciesintothehomecurrencyoftheparentcompanyisusuallydonebytwomethods,including(

).

A:historicalexchangeratemethodandcurrentexchangeratemethod

B:Currentratemethodandtemporalmethod

C:Currentspotratemethodandfuturespotratemethod

D:Historicalexchangeratemethodandfuturespotratemethod

答案:BTheprofitsandlossesonafuturescontractaccruetoyoudaily,asthecontractis“markedtomarket”daily.（

）

A:对

B:错

答案:AIfCanadahasacurrent90dayforwardexchangeratevalueforitscurrencythatisabovethecurrentspotexchangeratevalueofitscurrency,thentheCanadian90-dayinterestrateisrelativelyhigh.（

）

A:对

B:错

答案:B第五章测试Optimalinternationalportfolioisthe(

).

A:tangencyofinternationalsecuritymarketlineandinternationalportfolioopportunityset

B:tangencyofdomesticcapitalmarketlineandinternationalcapitalmarketline

C:tangencyofinternationalcapitalmarketlineandinternationalportfolioopportunityset

D:tangencyofcapitalmarketlineanddomesticportfolioopportunityset

答案:CInternationalinvestmentusuallydoesnotinvolve(

)risk.

A:currency

B:liquidity

C:political

D:insurance

答案:DWhichofthefollowingexamplesisleastlikelypoliticalrisk.

A:Enactmentofnewtaxation

B:Usinganewaccountingbasisbymultinationalcorporation

C:Governmentseizureofcompany’sassets

D:Limitingorblockingcurrencyconversion

答案:BWhichofthefollowingtechniquesisnotthediscounted-cash-flowcriterionusedtomakemultinationalcapitalbudgetingdecisions?

A:Accountingrateofreturn

B:Netpresentvalue

C:Internalrateofreturn

D:Probabilityindex

答案:AFromtheperspectiveoftheparentcompany,multinationalcapitalbudgetinginvolvesthefollowingcomplexitiesexcept(

).

A:extrataximposedonrepatriatedfundsbyhostgovernment

B:maximizationofforeign

currencydenominatedwealth

C:highertaximposedbyhomegovernment

D:blockedfunds

答案:BMultinationalcapitalbudgetingisusuallyexaminedfromtwoperspectives,includingtheviewpointoftheparentcompanyandthatofthehostgovernment.（

）

A:对

B:错

答案:BPaybackperiod

referstonumberofyearsnecessaryforthefuturecashflowsfromthecapitalbudgetingprojecttorecoupitsinitialoutlay.（

）

A:错

B:对

答案:BAsfarastheparentviewpointanalysisisconcerned,

theadditionalrisk

thatstemsfromits

foreign

projects

canbemeasuredinatleasttwoways:adjusting

thediscountratesoradjustingthelifeoftheproject.（

）

A:错

B:对

答案:ACertaintyequivalentapproachisamethodofincorporatingriskintointernationalcapitalbudgetingprojectbyadjustingthefuturecashflowsarisingfromitdownward.（

）

A:对

B:错

答案:ASuspensionoption