国际金融（英文版）智慧树知到期末考试答案2024年

国际金融（英文版）智慧树知到期末考试答案2024年国际金融（英文版）Official

intervention

in

the

foreign

exchange

market

to

defend

a

fixed

exchange

rate

when

the

value

of

the

country’s

currency

is

under

downward

pressure

causes:(

)

A:the

domestic

money

supply

to

fall.B:international

reserve

holdings

to

rise.C:an

increase

in

the

liabilities

of

the

central

bank.D:a

downward

pressure

on

the

country’s

interest

rates.答案:cThe

central

feature

of

the

Bretton

Woods

system

was(

)

A:the

use

of

an

adjustable

pegged

exchange

rate

regime.B:the

use

of

a

floating

exchange

rate

regime.C:the

use

of

capital

controls.D:official

encouragement

for

one-way

speculative

gambles.答案:aIf

a

currency

is

at

a

forward

premium

by

as

much

as

its

interest

rate

is

lower

than

the

interest

rate

in

the

other

country,

covered

interest

parity

holds.

（

）

A:正确B:错误答案:正确“Dollarization”

can

be

classified

as

a

form

of

a

fixed

exchange

rate.（

）

A:正确B:错误答案:正确The

asset

market

approach

seeks

to

explain

exchange

rates

by

focusing

on

demands

and

supplies

of

national

moneys.

（

）

A:正确B:错误答案:错误A

central

bank

can

sterilize

the

increase

in

the

money

supply

that

results

from

an

intervention

to

defend

a

fixed

exchange

rate

by

selling

domestic

government

bonds.（

）

A:错误B:正确答案:正确Monetary

policy

is

more

effective

with

fixed

exchange

rates

than

with

floating

exchange

rates.（

）

A:错误B:正确答案:错The

expansionary

fiscal

policy

under

a

flexible

exchange

rate

regime

will

appreciate

the

country’s

currency

and

worsen

the

current

account

and

national

income.（

）

A:错误B:正确答案:正确The

amount

of

price

inflation

that

the

economy

experiences

eventually

depends

on

the

size

of

the

spending

multiplier.（

）

A:正确B:错误答案:错With

respect

to

exchange

rates,

the

1997

Asian

currency

crisis

caused

the

Thai,

Malaysian,

Indonesian,

and

Korean

governments

to

give

up

their

pegged

or

heavily

managed

exchange

rates

and

move

to

floating

exchange

rates.（

）

A:正确B:错误答案:正确In

the

long

run,

a

country

with

a

relatively

high

inflation

rate

tends

to

have

a

depreciating

currency.

（

）

A:错误B:正确答案:正确The

LM

curve

illustrates

all

combinations

of

domestic

output

levels

and

interest

rates

for

which(

)

A:there

is

full

employment.B:there

is

a

zero

balance

for

the

country’s

official

settlements

balance.C:the

domestic

product

market

is

in

equilibrium.D:the

domestic

money

market

is

in

equilibrium.答案:AI参考:正确选项是C:thedomesticproductmarketisinequilibrium。\n\nLM曲线用于描绘国内产出水平和利率之间的所有组合，当国内产品市场处于均衡状态时，表示市场上的货币数量与货币流通速度相等，即货币市场上的货币供求平衡。因此，选项C是正确答案。选项A和B与LM曲线的定义无关，选项D则表示的是国内货币市场的均衡状态，也不符合题意。'As

the

value

of

the

yen

falls

relative

to

the

U.S.

dollar

in

the

foreign

exchange

market(

)

A:Japanese

goods

become

more

expensive

to

the

U.S.

consumers.B:the

demand

for

Japanese

goods

will

increase

in

the

U.S.

marketC:U.S.

goods

become

less

expensive

to

Japanese

consumers.D:the

supply

of

dollars

will

fall.答案:AI参考:正确选项是C:U.S.goodsbecomelessexpensivetoJapaneseconsumers。\n\n根据题目中的描述，日元相对于美元的价值下降，这意味着日元贬值，而美元升值。在这种情况下，对于日本消费者来说，他们可以用更少的美元购买到更多的美国商品，因此选项C“美国商品变得对日本消费者来说更便宜”是正确的。选项A和B描述的是商品价格的变化，但题目中并未提到价格变化；选项D描述的是美元供应的变化，但与题目描述的内容无关。'Given

the

combination

of

PPP

with

quantity

theory

equations,

which

of

the

following

statements

is

true?(

)

A:Everything

else

remaining

unchanged,

the

price

of

the

foreign

currency

(e)

would

be

reduced

by

an

increase

in

the

relative

size

of

the

money

supply

in

the

domestic

economy.B:Everything

else

remaining

unchanged,

the

price

of

the

foreign

currency

(e)

would

be

raised

by

an

increase

in

the

relative

size

of

foreign

production.C:The

exchange

rate

would

remain

unaffected

as

long

as

the

relative

growth

in

productivity

between

the

two

nations

remains

constant,

even

if

the

relative

money

supply

varies

between

the

two

economies.D:As

long

as

the

money

supplies

in

the

two

countries

are

the

same,

the

exchange

rate

will

be

equal

to

one答案:AI参考:正确答案是C：如果两个国家之间的相对生产率增长保持不变，那么汇率将保持不变，即使两个经济体的相对货币供应量发生变化。\n\n根据PPP与数量理论方程的组合，可以得出以下结论：如果两个国家之间的相对生产率增长保持不变，那么汇率将保持不变，即使两个经济体的相对货币供应量发生变化。因此，选项C是正确的。其他选项要么与题目描述不符，要么存在错误。\n\n选项A错误，因为货币供应量的增加会导致外汇价格下降，而不是上升；\n选项B错误，因为外汇价格的提高是由外汇的生产决定的，而不是由生产的外汇数量决定的；\n选项D错误，因为汇率是两个国家货币的相对价值，而不是两个国家货币数量的相等。'Suppose

that

U.S.

prices

rise

4

percent

over

the

next

year

while

prices

in

Mexico

rise

6

percent.

According

to

the

purchasing

power

parity

theory

of

exchange

rates,

which

of

the

following

should

happen?(

)

A:The

peso

will

depreciateB:The

peso

will

be

worth

1.5

dollars

in

the

foreign

exchange

marketC:The

dollar

will

be

worth

1.5

pesos

in

the

foreign

exchange

marketD:The

dollar

will

depreciate答案:AI参考:答案为C:Thedollarwillbeworth1.5pesosintheforeignexchangemarket。\n\n根据题目所述，美国的物价上涨了4%，而墨西哥的物价上涨了6%。按照购买力平价理论，如果其他因素不变，两国物价的上涨应该会导致货币购买力的变化。因此，在这种情况下，美元相对于比索的购买力应该下降，即美元贬值，所以选项A和D都是错误的。同时，根据题目所述，美元的价值应该是相对稳定的，因此选项B也是错误的。所以，唯一正确的答案是选项C：美元在外汇市场上将值1.5比索。这意味着美元相对于比索的价值下降了，而比索的价值上升了。因此，正确答案是C。'Which

of

the

following

best

describes

a

situation

in

which

a

country

buys

domestic

currency

in

order

to

defend

a

pegged

exchange

rate,

and

also

uses

a

policy

in

the

domestic

economy

to

prevent

the

domestic

money

supply

from

changing?

(

)

A:Deficit

without

tearsB:Official

interventionC:Maintaining

a

crawling

pegD:Sterilized

intervention答案:AI参考:正确选项是C:Maintainingacrawlingpeg。\n\n根据题目描述，一个国家为了维护固定汇率而购买国内货币，同时也在国内经济政策上防止国内货币供应变化。这表明该国正在采取一种逐步盯住汇率的政策，即crawlingpeg。而选项C“Maintainingacrawlingpeg”正是描述这种情况的正确选项。其他选项如Deficitwithouttears（无泪赤字）、Officialintervention（官方干预）和Sterilizedintervention（冲洗干预）与题目描述不符。'The

U.S.

dollar

is

called

a

_____

because

it

is

often

used

as

an

intermediary

to

accomplish

trading

between

two

other

currencies.(

)

A:vehicle

currencyB:main

currencyC:primary

currencyD:common

currency答案:AI参考:正确答案是C:primary

currency。\n根据题干中的句子“美元被称为主要货币，因为它通常被用作另一种货币之间交易的中介。”可知，美元是作为另一种货币交易的中介，因此它是一种主要货币，即主要货币是交易的主要媒介。因此，答案为C。其他选项的意思与句子不符。'Which

of

the

following

is

currently

a

main

function

of

the

International

Monetary

Fund

(IMF)?

(

)

A:To

house

the

world’s

gold

supplyB:To

loan

money

to

developing

countries

to

allow

them

to

carry

out

programs

that

will

improve

the

standard

of

livingC:To

set

bilateral

exchange

rate

valuesD:To

loan

reserves

to

countries

that

are

attempting

to

finance

temporary

payments

deficits答案:AI参考:正确选项是B:Toloanmoneytodevelopingcountriestoallowthemtocarryoutprogramsthatwillimprovethestandardofliving。\n\n国际货币基金组织（IMF）的主要功能之一是向发展中国家提供贷款，以帮助他们实施能够提高生活水平的计划。选项A是关于基金组织存储黄金的情况，选项C涉及双边汇率设定，选项D则与储备金贷款有关，但并非其主要功能。因此，B选项是正确答案。'Which

of

the

following

capital

transaction

items

is

entered

as

a

debit

in

the

U.S.

balance

of

payments?(

)

A:A

U.S.

resident

sells

his

Credit

Suisse

stock

to

a

French

resident.B:A

U.S.

resident

transfers

$100

from

his

account

at

Credit

Suisse

in

Basel

(Switzerland)

to

his

account

at

a

San

Francisco

branch

of

Wells

Fargo

Bank.C:A

U.S.

resident

sells

his

IBM

stock

to

a

French

resident.D:A

French

resident

transfers

$100

from

his

account

at

Wells

Fargo

Bank

in

San

Francisco

to

his

Credit

Suisse

account

in

Basel.答案:AI参考:正确答案是B:A

U.S.

resident

transfers

$100

from

his

account

at

Credit

Suisse

in

Basel

(Switzerland)

to

his

account

at

a

San

Francisco

branch

of

Wells

Fargo

Bank。\n\n根据题目中的描述，美国居民从瑞士信贷银行账户转账到富国银行旧金山分行账户，这应该是一个借方交易，所以选项B是正确的。其他选项中，A选项是法国居民卖给美国居民的股票交易，C选项是法国居民卖给美国居民的IBM股票交易，D选项是法国居民从富国银行旧金山分行账户转账到瑞士信贷银行账户，这些交易都是贷方交易。因此，正确答案是B。'A

country

experiencing

a

current

account

surplus(

)

A:must

also

have

had

a

surplus

in

its

overall

payments

balance.B:spends

more

than

it

earns

on

its

merchandise

and

service

trade,

international

income

payments

and

receipts

and

international

transfers.C:needs

to

borrow

internationally.D:is

able

to

lend

internationally.答案:AI参考:正确答案是A。一个经历经常账户盈余的国家(must)同时也必须在整体付款余额上拥有盈余。根据问题的内容可知，一个经常账户盈余的国家（经常项目交易余额顺差），因此能够偿清全部欠款和应付的国际义务，选项A表述符合这个意思。\n\n选项B的描述错误，一个经常账户盈余的国家并不一定意味着其在商品和服务贸易、国际收入支付和收入、国际转移支付方面花费更多。\n\n选项C和D与问题内容无关，因此排除。因此，正确答案是A。'In

the

balance

of

payments,

the

statistical

discrepancy

is

used

to(

)

A:ensure

that

the

sum

of

all

debits

matches

the

sum

of

all

credits.B:obtain

an

accurate

account

of

a

balance-of-payments

surplus.C:show

how

a

balance-of-payments

deficit

is

funded.D:ensure

that

the

value

of

imports

equals

the

value

of

exports.答案:AI参考:正确选项是【D:ensure

that

the

value

of

imports

equals

the

value

of

exports.】。\n\n在收支平衡表中，统计差异用于确保进口值等于出口值，即进口与出口的金额相等。这是收支平衡表中一个基本的原则，也是统计差异的主要作用之一。其他选项A、B、C虽然也涉及收支平衡表，但并不是统计差异的主要作用。'Assume

that

the

FE

curve

is

flatter

than

the

LM

curve.

A

negative

external

capital-flow

shock

shifts

the

FE

curve

left.

Under

zero

sterilization,

which

one

of

the

following

will

happen

next?

(

)

A:Because

of

the

incipient

balance

of

payments

surplus,

IS

curve

will

shift

leftwardB:Because

of

the

incipient

balance

of

payments

deficit,

LM

curve

will

shift

leftwardC:Because

of

the

incipient

balance

of

payments

deficit,

IS

curve

will

shift

rightwardD:Because

of

the

incipient

balance

of

payments

surplus,

LM

curve

will

shift

rightward答案:AI参考:根据题意，因为负的外部资本流动冲击，会使资金易变性曲线向左移动。由于政策干预为零，平衡国际收支盈余的情况，因此在下一个阶段会发生什么，首先由于初始的国际收支盈余，投资支出曲线（IS曲线）会向左移动。因此，选项A：“由于初始的国际收支盈余，IS曲线会向左移动”是正确答案。'_____

purchasing

power

parity

states

that

the

difference

between

changes

over

time

in

product-price

levels

in

two

countries

will

be

offset

by

the

change

in

the

exchange

rate

over

this

time.(

)

A:RelativeB:PartialC:AbsoluteD:Full答案:AI参考:正确答案是C:Absolute。\r\n原文中提到的“购买力平价”指出两个国家在同一时间的产品价格水平的差异，将由汇率在这段时间的变化来弥补，根据这段文字可知应该选择C项“绝对”。所以本题选C。'At

points

above

the

IS

curve,

there

is

an

_____

and

at

points

below

the

IS

curve

there

is

an

_____.

(

)

A:excess

supply

of

money;

excess

demand

for

moneyB:excess

demand

for

money;

excess

supply

of

moneyC:excess

demand

for

goods;

excess

supply

of

goodsD:excess

supply

of

goods;

excess

demand

for

goods答案:AI参考:答案为B:excessdemandformoney;excesssupplyofmoney\nIS曲线以上，货币需求大于供给，利率上升，投资下降，所以是货币需求过剩，供给过剩，IS曲线以下，货币供给大于需求，利率下降，投资上升，所以是货币供给过剩。故选B。'Which

of

the

following

can

be

considered

as

domestic

assets

of

a

country’s

central

bank?

(

)

A:The

country’s

government

bonds

held

by

the

central

bankB:Bank

deposits

at

the

central

bankC:Foreign

currency

assets

held

by

the

central

bankD:Currency

issued

by

the

central

bank答案:AI参考:正确选项是：A:国家中央银行持有的政府债券。\n\n因为政府债券属于中央银行的资产，它反映了中央银行所持有的债权和债务关系，对于国家来说是重要的经济资产。其他选项中，中央银行持有的银行存款和货币发行都是中央银行的负债，不属于中央银行的资产。因此，正确答案是A。'An

increase

in

the

Australian

exports

of

goods

and

services

to

USA

will

result

in

a(n)

_____

U.S.

dollar

and

a(n)

_____

the

Australian

dollars

in

the

foreign

exchange

market.(

)

A:decrease

in

the

supply

of;

decrease

in

the

demand

for

B:increase

in

the

demand

for;

increase

in

the

supply

ofC:shortage

in

;

surplus

of

D:increase

in

the

supply

of;

increase

in

the

demand

for答案:AI参考:正确选项是D:increase

in

the

supply

of;

increase

in

the

demand

for。\n\n句子中提到澳大利亚对美国的商品和服务出口增加，这会导致外汇市场上美元供应量的增加和澳大利亚元需求量的增加。因此，选项D中的“增加供应”和“增加需求”与句子的意思相符。其他选项的意思与句子不符。例如，选项A中的“减少供应”和“减少需求”与句子意思相反；选项C中的“短缺”和“盈余”与句子中的增加和减少不符；选项B中的“增加需求”和“增加供应”没有明确说明外汇市场的情况，因此不能准确回答问题。'The

proportionate

difference

between

the

current

forward

exchange

rate

value

of

a

currency

and

its

current

spot

value

is

the

_____

premium.(

)

A:investmentB:currency-optionC:forwardD:frequent

exchanger答案:AI参考:正确选项是C:forward。\n\nforwardrate是货币的远期汇率，指的是在未来某一确定的时间点，以当前市场汇率确定的货币对买卖汇率。而货币的当前Forwardexchangeratevalue与其当前Spotvalue之间的比例差异就是forwardpremium。因此，选项Cforward是正确答案。其他选项A、B、D与问题描述不符。'Everything

else

remaining

unchanged,

the

effect

of

domestic

spending

shocks

on

a

country

with

a

floating

exchange

rate

differs

depending

on:（

）

A:the

interest

rate

differential

between

the

country

and

its

trading

partners.B:the

mobility

of

capital

across

countries.C:whether

sterilized

intervention

is

used

or

not.D:the

current

trade

balance

situation

of

the

country.答案:AI参考:正确答案是C:whethersterilizedinterventionisusedornot。\n浮动汇率制下，国内支出冲击的效果取决于是否进行了冲销干预，即选项C是否使用了冲销干预。其他选项在浮动汇率制下不会影响国内支出冲击的效果。因此，本题的答案是C。'An

increase

in

the

U.S.

imports

of

goods

and

services

from

the

EU

countries

will

result

in

a(n)

_____

euro

and

a(n)

_____

the

U.S.

dollars

in

the

foreign

exchange

market.

(

)

A:increase

in

the

demand

for;

increase

in

the

supply

ofB:increase

in

the

supply

of;

increase

in

the

demand

forC:decrease

in

the

demand

for;

decrease

in

the

supply

ofD:surplus

of;

shortage

of答案:AI参考:正确选项是【A:increase

in

the

demand

for;

increase

in

the

supply

of】。\n\n原文中提到“美国从欧盟国家进口的货物和服务增加”，根据常识和经济学原理，进口增加会导致对相关商品的需求增加，同时也会导致市场上相关货币的供应增加，因此选项A“需求增加”和“供应增加”符合原文意思。选项B、C、D都不符合原文意思，因此排除。'When

the

exchange

rate

is

set

now

for

a

currency

trade

that

will

take

place

sometime

more

than

a

few

days

in

the

future

is

often

referred

to

as

a（

）

A:pegged

exchange

rate.B:forward

exchange

rate.C:managed

exchange

rate.D:spot

exchange

rate.答案:AI参考:正确答案是B:forwardexchangerate。\n\nforwardexchangerate通常用于描述在未来一段时间内进行的货币交易的汇率，而选项B正是forwardexchangerate的英文翻译。因此，答案为B。而其他选项的含义和此题无关，不正确。A、C、D三个选项在文中都没有提到，不符合题意。'Underafloatingexchangerateregimeinwhichtheinternationalcapitalflowsarelessresponsivetochangesininterestrate,theexpansionaryfiscalpolicyimplementedbythedomesticgovernmentwill:(

)

A:foreign

capital

inflows

decrease

domestic

product.B:the

official

s