国际金融练习题答案Chapter 1 Globalization and the Multinat

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GlobalizationandtheMultinationalEnterprise

1.1MultipleChoiceandTrue/FalseQuestions

1)Whichofthefollowingarecriticaltoafirmtryingtoreachthetopofthe\A)anopenmarketplace

B)highqualitystrategicmanagementC)accesstocapitalD)alloftheabove

2)Awell-established,largefirmU.S.-basedMNEwillprobablynotbeabletoovercomewhichofthefollowingobstaclestomaximizingfirmvalue?A)anopenmarketplace

B)highqualitystrategicmanagementC)accesstocapitalD)noneoftheabove

3)Threenecessaryconditionsforafirmtoreachthetopofthe\highqualitystrategicmanagement,andaccesstocapital.

4)Awell-established,largeChina-basedMNEwillprobablybemostadverselyaffectedbywhichofthefollowingelementsoffirmvalue?A)anopenmarketplace

B)high-qualitystrategicmanagementC)accesstocapital

D)accesstoqualifiedlaborpool

5)Awell-established,large,Brazil-basedMNEwillprobablybemostadverselyaffectedbywhichofthefollowingelementsoffirmvalue?A)anopenmarketplace

B)high-qualitystrategicmanagementC)accesstocapital

D)accesstoqualifiedlaborpool

6)Thetheorythatsuggestsspecializationbycountrycanincreaseworldwideproductionis________.A)thetheoryofcomparativeadvantageB)thetheoryofforeigndirectinvestmentC)theinternationalFishereffect

D)thetheoryofworkingcapitalmanagement

7)WhichofthefollowingwouldNOTbeawaytoimplementcomparativeadvantage?A)IBMexportscomputerstoEgypt.

B)ComputerhardwareisdesignedintheUnitedStatesbutmanufacturedandassembledinKorea.C)WaterofthegreatestpurityisobtainedfromwellsinOregon,bottled,andexportedworldwide.D)Alloftheaboveareexamplesofwaystoimplementcomparativeadvantage.

8)WhichofthefollowingwouldNOTbeconsideredafeatureofcomparativeadvantage?A)ExportersinCountryAsellgoodsorservicestounrelatedimportersinCountryB.

B)FirmsinCountryAspecializeinmakingproductsthatcanbeproducedrelativelyefficiently,givenCountyA'sendowmentoffactorsofproduction.FirmsinCountryBdolikewisethusmaximizingthecombinedoutputofCountriesAandB.

C)TradeexistsbetweenCountiesAandBbecauseofspecializedfactorsofproductionthatcannotbemovedamongcountries.

D)Alloftheabovearefeaturesofcomparativeadvantage.

9)Ofthefollowing,whichwouldNOTbeconsideredawaythatgovernmentinterfereswithcomparativeadvantage?A)tariffs

B)managerialskillsC)quotas

D)othernon-tariffrestrictions

10)Comparativeadvantageshiftsovertimeaslessdevelopedcountriesbecomemoredevelopedandrealizetheirlatentopportunities.

11)Comparativeadvantagewasoncethecornerstoneofinternationaltradetheory,buttodayitisarchaic,simplistic,andirrelevantforexplaininginvestmentchoicesmadebyMNEs.

12)Indeterminingwhyafirmbecomesmultinationaltherearemanyreasons.Onereasonisthatthefirmisamarketseeker.WhichofthefollowingisNOTareasonwhymarketseekingfirmsproduceinforeigncountries?A)satisfactionoflocaldemandintheforeigncountryB)satisfactionoflocaldemandinthedomesticmarkets

C)politicalsafelyandsmalllikelihoodofgovernmentexpropriationofassetsD)Alloftheabovearemarket-seekingactivities.

13)________investmentsaredesignedtopromoteandenhancethegrowthandprofitabilityofthefirm.________investmentsaredesignedtodenythosesameopportunitiestothefirm'scompetitors.A)Conservative;aggressiveB)Defensive;proactiveC)Proactive;defensiveD)Aggressive;proactive

14)WhichofthefollowingisNOTconsideredtobeatypeofcompetitiveadvantagethatmaybeenjoyedbyanMNE?

A)managerialandmarketingexpertise

B)superiortechnologyduetoinvestmentinresearchanddevelopmentC)increasedagencycostsD)differentiatedproducts

15)WhichofthefollowingisNOTconsideredtobeatypeofcompetitiveadvantagethatmaybeenjoyedbyanMNE?

A)competitivenessintheirhomemarketsB)foreignexchangerisksC)economiesofscaleD)economiesofscope

16)ThephaseoftheglobalizationprocesscharacterizedbyimportsfromforeignsuppliersandexportstoforeignbuyersiscalledtheA)domesticphase.B)multinationalphase.

C)internationaltradephase.D)import-exportbankingphase.

17)TheauthorsdescribethemultinationalphaseofglobalizationforafirmasonecharacterizedbytheA)ownershipofassetsandenterprisesinforeigncountries.

B)potentialforinternationalcompetitorsorsupplierseventhoughallaccountsarewithdomesticfirmsandaredenominatedindollars.

C)importsfromforeignsuppliersandexportstoforeignbuyers.D)requirementthatallemployeesbemultilingual.

18)Ofthefollowing,whichwasNOTmentionedbytheauthorsasanincreaseinthedemandsoffinancialmanagementservicesduetoincreasedglobalizationbythefirm?

A)evaluationofthecreditqualityofforeignbuyersandsellersB)foreignconsumermethodofpaymentpreferencesC)creditriskmanagement

D)evaluationofforeignexchangerisk

19)TheauthorsdescribethemultinationalphaseofglobalizationforafirmasonecharacterizedbytheA)ownershipofassetsandenterprisesinforeigncountries.

B)potentialforinternationalcompetitorsorsupplierseventhoughallaccountsarewithdomesticfirmsandaredenominatedindollars.

C)importsfromforeignsuppliersandexportstoforeignbuyers.D)requirementthatallemployeesbemultilingual.

20)Ofthefollowing,whichwasNOTmentionedbytheauthorsasanincreaseinthedemandsoffinancialmanagementservicesduetoincreasedglobalizationbythefirm?A)evaluationofthecreditqualityofforeignbuyersandsellersB)foreignconsumermethodofpaymentpreferencesC)creditriskmanagement

D)evaluationofforeignexchangerisk

21)Typically,afirminitsdomesticstageofglobalizationhasallfinancialtransactionsinitsdomesticcurrency.22)AfirmintheInternationalTradePhaseofGlobalization

A)makesallforeignpaymentsinforeigncurrencyunitsandallforeignreceiptsindomesticcurrencyunits.B)receivesallforeignreceiptsinforeigncurrencyunitsandmakesallforeignpaymentsindomesticcurrencyunits.

C)bearsdirectforeignexchangerisk.D)noneoftheabove.

23)TheexposuretoforeignexchangeriskknownasTranslationExposuremaybedefinedas

A)changesinreportedowners'equityinconsolidatedfinancialstatementscausedbyachangeinexchangerates.

B)theimpactofsettlingoutstandingobligationsenteredintobeforechangeinexchangeratesbuttobesettledafterchangeinexchangerates.

C)thechangeinexpectedfuturecashflowsarisingfromanunexpectedchangeinexchangerates.D)alloftheabove.

24)Thetwinagencyproblemslimitingfinancialglobalizationarecausedbythesetwogroupsactingintheirownself-interestsratherthantheinterestsofthefirm.

A)rulersofsovereignstatesandunsavorycustomsofficialsB)corporateinsidersandattorneys

C)corporateinsidersandrulersofsovereignstatesD)attorneysandunsavorycustomsofficials

Chapter1GlobalizationandtheMultinationalEnterpriseexerciseanswer

1、A2、D3、T4、A5、C6、A7、D8、D9、B10、T11、F12、C

13、C14、C15、B16、C17、A18、B19、A20、B21、T22、C23、A24、C25、C26、B27、C28、A29、A30、C

TABLE1.1

Usetheinformationinthetabletoanswerfollowingquestion(s).

25)RefertoTable1.1.AproductionunitinAustriahasa/an________overaproductionunitinRussiain________.

A)absolutedisadvantage;digitalcamerasB)absolutedisadvantage;snowboards

C)absoluteadvantage;bothcamerasandsnowboardsD)noneoftheabove

26)RefertoTable1.1.AustriahasalargerrelativeadvantageoverRussiaintheproductionof________ataratioof________.A)snowboards;5to4B)cameras;8to3C)snowboards;8to3D)cameras;3to8

27)RefertoTable1.1.AssumenotradebetweenRussiaandAustria.Ifeachcountryput50%oftheirproductionunitsintoeachproduct,thetotalnumberofsnowboardsanddigitalcamerasproducedbythetwocountriescombinedare________and________.A)15,000snowboards;3,000digitalcamerasB)6,000snowboards;4,000digitalcamerasC)2,750digitalcameras;6,750snowboardsD)15,000digitalcameras;1,000snowboards

28)RefertoTable1.1.IftradetakesplaceatBrazil'sdomesticprice,________snowboardswillberequiredtoobtain1digitalcamera.A)4

B)2and2/3C)1.25D)0.25

29)RefertoTable1.1.Ifeachcountryspecializesintheirprodu