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国际金融(英文版)知到智慧树章节测试课后答案2024年秋吉林财经大学绪论单元测试
Therecentglobaleconomyisexperiencingthethree-lowsituationsuchas________.
A:lowinterestrate,lowinflationandloweconomicgrowth
B:lowinterestrate,lowunemploymentandlowpopulation
C:lowinflation,lowgovernmentexpenditureandlowprice
D:lowpopulation,loweconomicgrowthandlowtaxrate
答案:lowinterestrate,lowinflationandloweconomicgrowth
WhichofthefollowingstatementsincorrectlydescribesChina?
A:Chinaisthelargestcapital-outflowcountry.
B:Chinaisthelargestmanufacturingcountry.
C:Chinaisthelargestgoods-tradecountry.
D:Chinaisthelargestforeignreserveholder.
答案:Chinaisthelargestcapital-outflowcountry.
Whichofthefollowingmanagementsleastlikelyrepresentsthedimensionofmacroeconomicanalysisofinternationalfinance?
A:Internationalmonetarymanagement
B:Foreignexchangeexposuremanagement
C:Managementofbalanceofpayments
D:Managementofinternalandexternalbalance
答案:Foreignexchangeexposuremanagement
LibrawhitepaperinitiallyintroducedbyFacebookonJune18th,2019showsthatLibraismostlikely______.
A:thepapermoney
B:theplasticmoney
C:thefictitiouscryptocurrency
D:thelegaltender
答案:thefictitiouscryptocurrency
Anation’smacroeconomicperformanceinvolvestheperformanceofthreemarketssuchas________.
A:thelabormarket,thecapitalmarket,andthelandmarket.
B:thedomesticmoneymarket,thedomesticproductmarket,andforeignexchangemarket.
C:thedomesticgoodsmarket,domesticservicesmarket,anddomesticfinancialmarket.
D:thedomesticproductmarket,domesticstockmarket,andforeignexchangemarket.
答案:thedomesticmoneymarket,thedomesticproductmarket,andforeignexchangemarket.
Multinationalcorporationsusuallyareexposedtothreetypicalkindsofforeignexchangeexposure,suchas_______.
A:accountingexposure,investmentexposure,andfinancingexposure
B:transactionexposure,operatingexposure,andtranslationexposure
C:accountingexposure,financialexposure,andeconomicexposure
D:transactionexposure,speculativeexposure,andprecautionaryexposure
答案:transactionexposure,operatingexposure,andtranslationexposure
Theobjectiveofinternationalportfoliomanagementis_______.
A:toselectcapitalbudgetingprojectswithhigherinternalrateofreturnthantherequiredrateofreturn.
B:togoaheadwithacapitalbudgetingprojectwithpositvenetpresentvalue.
C:toselectinternationalsecuritieswiththesameratesofreturnasdomesticsecurities.
D:toconstructanoptimalinternationalportfoliowithminimumrisk.
答案:toconstructanoptimalinternationalportfoliowithminimumrisk.
Fromtheperspectiveofmicroeconomics,thepracticesofinternationalfinanceleastlylikelyinvolves_________.
A:foreignexchangeexposuremanagementB:internationalfinancingmanagementC:internationalmonetarymanagementD:internationalinvestmentmanagement
答案:internationalmonetarymanagementThefeasibilityoftheinternationalcapitalbudgetingdecisioncanonlybedeterminedfromtheparentcompanyviewpoint.()
A:错B:对
答案:错Multinationalcorporationscanconductfinancialtransactionsoruseoperationaltechniquestomanageforeignexchangeexposure.()
A:错B:对
答案:对
第一章单元测试
TheJcurveshowsthat:
A:devaluationisunlikelytoimprovethetradebalanceineithertheshort-runorthelong-run.
B:devaluationismorelikelytoimprovethetradebalanceintheshort-runthaninthelong-run.
C:devaluationislikelytobeunstable.
D:devaluationismorelikelytoimprovethetradebalanceaftera
longerspanoftimehaselapsed.
答案:devaluationismorelikelytoimprovethetradebalanceaftera
longerspanoftimehaselapsed.
WhichofthefollowingwouldtendtocontributetoaU.S.currentaccountsurplus?
A:RussianvodkabecomesincreasinglypopularintheUnitedStates.B:TheUnitedStatesmakesaunilateraltariffreductiononimportedgoods.C:TheUnitedStatescutsbackonAmericanmilitarypersonnelstationedinJapan.D:U.S.touriststravelinlargenumberstoAsia.
答案:TheUnitedStatescutsbackonAmericanmilitarypersonnelstationedinJapan.Officialreserveassetsare:
A:thegoldholdingsinthenation’scentralbank.B:moneylikeassetsthatareheldbygovernmentsandthatarerecognizedbygovernmentsasfullyacceptableforpaymentsbetweenthem.C:governmentholdingsofSDR’s.D:governmentT-billsandT-bonds.
答案:moneylikeassetsthatareheldbygovernmentsandthatarerecognizedbygovernmentsasfullyacceptableforpaymentsbetweenthem.Iftheoverallbalanceinthebalanceofpaymentsaccountisin_____,therecanbeanaccumulationofofficialreserveassetsbythecountryoradecreaseinforeignofficialreserveholdingsofthecountry'sassets.
A:equilibriumB:deficitC:remissionD:surplus
答案:surplusAstatementofthestocksofacountry’sforeignassetsandforeignliabilitiesatapointintimerepresentsthecountry’s:
A:balanceofpaymentsB:governmentbudgetsurplusordeficitC:internationalinvestmentpositionD:financialaccountbalance
答案:internationalinvestmentpositionIfthebalanceofpaymentsaccountsofacountryshowsacurrentaccountdeficit,itmeansthat:
A:itsforeignassetsaregrowingfasterthanitsforeignliabilities.B:itsexportsarehigherthanitsimports.C:itisactingasanetlendertotherestoftheworld.D:itsforeignassetsaregrowingslowerthanitsforeignliabilities.
答案:itsforeignassetsaregrowingslowerthanitsforeignliabilities.Marshall-Lernerconditionisthatthepaymentsdeficitwillbeimprovedasaresultofcurrencydepreciationonlyif_______.
A:thesumofelasticityofdemandforgoodsimportandthatforgoodsexportequalsone.B:thesumofelasticityofdemandforgoodsimportandthatforgoodsexportislessthanone.C:thesumofelasticityofdemandforgoodsimportandthatforgoodsexport
islargerthanone.D:thesumofelasticityofdemandforgoodsimportisgreaterthanthatforgoodsexport.
答案:thesumofelasticityofdemandforgoodsimportandthatforgoodsexport
islargerthanone.Accordingtotheabsorptionapproachtobalanceofpayments,ifanation’snationalincomeislessthanitsnationalexpenditure,itwill________.
A:experiencepaymentsdeficit.B:willtendtomoveintopaymentssurplus.C:willtendtomoveintopaymentsbalance.D:experiencenochangeinitsofficialsettlementbalance.
答案:experiencepaymentsdeficit.Thenetflowoffinancialassetsandsimilarclaimsistheprivatecurrentaccountbalance.()
A:错B:对
答案:错Acountry'snonofficialfinancialaccountbalanceequalsitsnetforeigninvestment.()
A:对B:错
答案:错
第二章单元测试
BasedonPPPandthequantitytheoryofmoney,everythingelseremainingunchanged,ifJapan’srealincomerisesrelativetorealincomeintheU.S.,therewouldbea(n):
A:decreaseinthedemandforyenintheforeignexchangemarket.B:interestrateparity.C:appreciationofthedollar.D:appreciationoftheyen.
答案:appreciationoftheyen.Theretailpartoftheforeignexchangemarketdoesnotincludetradersatbankstradingwith:
A:tradersatotherbanks.B:nonfinancialcompaniesthatsometimeswanttobuyandselldifferentcurrencies.C:stockbrokerswhotradeintheassetsofthefirmsindifferentnations.D:nationalgovernments.
答案:tradersatotherbanks.Supposethedollarperpoundexchangerateis$2perpoundwhilethedollarperSwissfrancexchangerateis50centsperfranc.FromthegiveninformationwecanconcludethattheSwissfrancperpoundexchangerateis:
A:4francsperpound.B:toohigh.C:1francperpound.D:toolow.
答案:4francsperpound.RapidincreasesintheU.S.exportsofgoodsandserviceswillresultina(n)_____foreigncurrencyanda(n)_____theU.S.dollarsintheforeignexchangemarket.
A:decreaseinthesupplyof;decreaseinthedemandforB:increaseinthedemandfor;increaseinthesupplyofC:shortageofforeigncurrency;surplusofD:increaseinthesupplyof;increaseinthedemandfor
答案:increaseinthesupplyof;increaseinthedemandforUnderafloatingexchangeratesystem,anincreaseintheinternationaldemandforelectronicappliancesmanufacturedinJapanwillresultin:
A:DeflationintheJapaneseeconomy.B:Anappreciationoftheyenvis-à-visothercurrencies.C:AdepletionofinternationalreservesheldbythecentralbankofJapan.D:AnincreaseinJapan’stradedeficitwithothercountries.
答案:Anappreciationoftheyenvis-à-visothercurrencies.AssumeyouareaChineseexporterandexpecttoreceive$250,000attheendof60days.Youcanremovetheriskoflossduetoadevaluationofthedollarby:
A:sellingdollarsinthe60-dayforwardexchangemarket.B:sellingtheyuanequivalentintheforwardexchangemarketfor60-daydelivery.C:keepingthedollarsintheUnitedStatesaftertheyaredeliveredtoyou.D:buyingdollarsnowandsellingthesedollarsattheendof60days.
答案:sellingdollarsinthe60-dayforwardexchangemarket.TheBrettonWoodsSystemisexposedtoadilemmaknownas_______.
A:impossibleTrinity
B:ethicaldilemma
C:TriffinParadox
D:two-peggingsystem
答案:TriffinParadox
The_____effectsuggeststhatspeculationscansometimesbedestabilizingastheactionsoftheinternationalinvestorsmovetheexchangerateawayfromthelong-runequilibriumvalueconsistentwithfundamentaleconomicinfluences.
A:exchangerateB:overshootingC:arbitrageD:bandwagon
答案:bandwagonTomaintainanundervaluedcurrency,thecountry’smonetaryauthoritiesmustinterveneintheforeignexchangemarkettobuyitscurrencyintheforeignexchangemarket.(
)
A:错B:对
答案:错Price-specie-flowmechanismpositsthatthemisalignmentofexchangerateundertheclassicalgoldstandardcanbeautomaticallycorrected.(
)
A:对B:错
答案:错
第三章单元测试
Forsmallopeneconomy,assumethatthemarginalpropensitytoimportis0.3,andthatinterestrates,exchangerates,andthepricelevelareallconstant.Ifanincreaseof$10billioningovernmentspendingresultsinanincreaseof$6billioninimports,then:
A:taxesincreaseby$10billion.B:thespendingmultiplieris2.C:realGDPincreasesby$4billion.D:realdomesticinvestmentdecreasesby$4billion.
答案:realGDPincreasesby$4billion.Thelocomotivetheorypositsthatgrowthinoneormorelargecountries:
A:canputpressureontheirdomesticimport-competingfirms.B:willretardthegrowthofsmallercountriesdependentonexports.C:canraisegrowthinothersmallercountriesthattradewiththeselargercountries.D:willleadsmallercountriestoopentheireconomies.
答案:canraisegrowthinothersmallercountriesthattradewiththeselargercountries.Thedemandformoneyis:
A:positivelyrelatedtonominalGDPandnegativelyrelatedtothelevelofinterestratesavailableonotherfinancialassets.B:negativelyrelatedtonominalGDPandtothelevelofinterestratesavailableonotherfinancialassets.C:negativelyrelatedtonominalGDPandpositivelyrelatedtothelevelofinterestratesavailableonotherfinancialassets.D:positivelyrelatedtonominalGDPandtothelevelofinterestratesavailableonotherfinancialassets.
答案:positivelyrelatedtonominalGDPandnegativelyrelatedtothelevelofinterestratesavailableonotherfinancialassets.Perfectcapitalmobilityimplies:
A:anFEcurvethatissteeperthantheLMcurve.B:anFEcurvethatishorizontal.C:highdomesticinterestratesrelativetoforeigninterestrates.D:averticalFEcurve.
答案:anFEcurvethatishorizontal.Therearelimitstotheabilityofmonetaryauthoritiestousesterilizedinterventioninthecaseofadeficitbecause:
A:theexportlevelisfixedanditcannotbeallowedtodrop.B:thepressurefromforeigncountriestoallowthedomesticcurrencytoappreciatewillleadtolargelosses.C:thecentralbank’sabilitytoconstantlyobtainforeigncurrencyforthesterilizedinterventionisconstrained.D:thecentralbankmaybeunwillingtoincreaseitsholdingsofforeigncurrencybeyondacertainlimit.
答案:thecentralbank’sabilitytoconstantlyobtainforeigncurrencyforthesterilizedinterventionisconstrained.Assumethattheexchangeratesarefixed.Whenmoneydemandislesssensitivetointerestratechangesthanareinternationalcapitalflows,_____policywillbe_____effectivethanwhenmoneydemandismoresensitivetointerestchangesthanareinternationalcapitalflows.
A:expansionarymonetary;moreB:expansionaryfiscal;moreC:sterilizedintervention;moreD:expansionaryfiscal;less
答案:expansionaryfiscal;moreWithfloatingexchangerates,theeffectsofinternationaltradeshocksoninternalbalanceare_____bytheeffectsoftheresultingchangeinthe_____.
A:mitigated;LMcurve.B:notmitigated;LMcurve.C:notmitigated;exchangerate.D:mitigated;exchangerate.
答案:mitigated;exchangerate.Whichofthefollowingstatementsistrue?
A:Monetarypolicyisapowerfuleconomictoolforacountrywithfixedexchangeratesandhighcapitalmobility.B:Anexpansionarymonetarypolicytendstoincreasetheexchangeratevalueofthedomesticcurrencyintheshortrun.C:Underfloatingexchangerates,externalcapital-flowshockscanhaveeffectsoninternalbalancebyalteringtheexchangerateandthecountry'sinternationalcompetitiveness.D:Fiscalpolicyforacountrywithfloatingexchangeratesismorepowerfulwithahighdegreeofcapitalmobilitythanwithalowdegreeofcapitalmobility.
答案:Underfloatingexchangerates,externalcapital-flowshockscanhaveeffectsoninternalbalancebyalteringtheexchangerateandthecountry'sinternationalcompetitiveness.Acentralbankcansterilizetheincreaseinthemoneysupplythatresultsfromaninterventiontodefendafixedexchangeratebysellingdomesticgovernmentbonds.(
)
A:错B:对
答案:对Internationalcrowdingoutisthetendencyofexpansionaryfiscalpolicytoappreciatethecountry’scurrencyandworsenthecurrentaccount.(
)
A:对B:错
答案:对
第四章单元测试
Foraninvestorwhostartswithdollarsandwantstoendupwithdollarsinthefuture,whichofthefollowingchoicesisanexamplethatincludesspeculating?
A:Selldollarsatthespotrate,investtheproceedsinforeigncurrency-denominatedfinancialinstruments,andsignaforwardexchangecontracttoselltheforeigncurrencyB:Selldollarsatthespotrate,investtheproceedsinforeigncurrency-denominatedfinancialinstruments,andsignaforwardexchangecontracttobuydollarsC:Selldollarsatthespotrate,investtheproceedsinforeigncurrency-denominatedfinancialinstruments,andthenbuydollarsatthefuturespotrateD:Buyadollar-denominatedfinancialasset
答案:Selldollarsatthespotrate,investtheproceedsinforeigncurrency-denominatedfinancialinstruments,andthenbuydollarsatthefuturespotrateSupposetheinterestrateon6-monthtreasurybillsis7percentperyearintheUnitedKingdomand4percentperyearintheUnitedStates.Also,today’sspotexchangepriceofthepoundis$2.00whilethe6-monthforwardexchangepriceofthepoundis$1.98.ByinvestinginU.K.treasurybillsratherthanU.S.treasurybills,andcoveringexchange-raterisk,U.S.investorsearnanapproximateextrareturnfor6monthsof:
A:3.0percent.B:4.0percent.C:1.5percent.D:0.5percent.
答案:0.5percent.Thechangeinthefuturecashflowswhichhavenotbeencontractedforasaresultoftherandomchangesinexchangerateisknownas(
).
A:translationexposureB:taxexposureC:operatingexposureD:transactionexposure
答案:operatingexposureOperatingexposureismorelikelyknownas(
)exposure.
A:accountingB:asset
C:liabilityD:competitive
答案:competitiveAswapbankprovidesanAA-ratedcompanyXandaBB-ratedcompanyYwithafive-yearswapquotationof2.5%-3%againstLIBOR.Themeans:
A:noneoftheaboveB:TheswapbankwillpaycompanyXwith3%againstreceivingLIBORfromit,andreceive2.5%fromcompanyYagainstpayingLIBORtoit.
C:TheswapbankwillpaycompanyXwith2.5%againstreceivingLIBORfromit,andreceive3%fromcompanyYagainstpayingLIBORtoit.D:TheswapbankwillpaycompanyYwith2.5%againstreceivingLIBORfromit,andreceive3%fromcompanyXagainstpayingLIBORtoit.
答案:TheswapbankwillpaycompanyXwith2.5%againstreceivingLIBORfromit,andreceive3%fromcompanyYagainstpayingLIBORtoit.Asforthesellerofcalloption,ifthefuturespotrateishigherthanthestrikeprice,theoptionwillbeknownas(
)option.
A:in-the-moneyB:at-the-moneyC:In-the-marketD:out-of-the-money
答案:out-of-the-moneyIftheexpectedfuturespotrateislowerthanthebreakevenexchangerate,(
)willbemoredesirableformultinationalcorporationstohedgeagainstthetransactionexposurearisingfromholdingforeign-currencydenominatedaccountspayable.
A:calloptionB:forwardpurchaseC:forwardsaleD:putoption
答案:calloptionTranslationofthefinancialstatementspreparedbytheforeignsubsidiariesfromtheirrespectivelocalcurrenciesintothehomecurrencyoftheparentcompanyisusuallydonebytwomethods,including(
).
A:CurrentratemethodandtemporalmethodB:CurrentspotratemethodandfuturespotratemethodC:HistoricalexchangeratemethodandfuturespotratemethodD:historicalexchangeratemethodandcurrentexchangeratemethod
答案:CurrentratemethodandtemporalmethodTheprofitsandlossesonafuturescontractaccruetoyoudaily,asthecontractis“markedtomarket”daily.(
)
A:错B:对
答案:对IfCanadahasacurrent90dayforwardexchangeratevalueforitscurrencythatisabovethecurrentspotexchangeratevalueofitscurrency,thentheCanadian90-dayinterestrateisrelativelyhigh.(
)
A:对B:错
答案:错
第五章单元测试
Optimalinternationalportfolioisthe(
).
A:tangencyofinternationalcapitalmarketlineandinternationalportfolioopportunitysetB:tangencyofcapitalmarketlineanddomesticportfolioopportunitysetC:tangencyofdomesticcapitalmarketlineandinternationalcapitalmarketlineD:tangencyofinternationalsecuritymarketlineandinternationalportfolioopportunityset
答案:tangencyofinternationalcapitalmarketlineandinternationalportfolioopportunitysetInternationalinvestmentusuallydoesnotinvolve(
)risk.
A:currencyB:liquidityC:insuranceD:political
答案:insuranceWhichofthefollowingexamplesisleastlikelypoliticalrisk.
A:LimitingorblockingcurrencyconversionB:UsinganewaccountingbasisbymultinationalcorporationC:EnactmentofnewtaxationD:Governmentseizureofcompany’sassets
答案:UsinganewaccountingbasisbymultinationalcorporationWhichofthefollowingtechniquesisnotthediscounted-cash-flowcriterionusedtomakemultinationalcapitalbudgetingdecisions?
A:NetpresentvalueB:InternalrateofreturnC:ProbabilityindexD:Accountingrateofreturn
答案:AccountingrateofreturnFromtheperspectiveoftheparentcompany,multinationalcapitalbudgetinginvolvesthefollowingcomplexitiesexcept(
).
A:extrataximposedonrepatriatedfundsbyhostgovernmentB:maximizationofforeign
currencydenominatedwealthC:blockedfundsD:highertaximposedbyhomegovernment
答案:maximizationofforeign
currencydenominatedwealthMultinationalcapitalbudgetingisusuallyexaminedfromtwoperspectives,includingtheviewpointoftheparentcompanyandthatofthehostgovernment.(
)
A:错B:对
答案:错Paybackperiod
referstonumberofyearsnecessaryforthefuturecashflowsfromthecapitalbudgetingprojecttorecoupitsinitialoutlay.(
)
A:对B:错
答案:对Asfarastheparentviewpointanalysisisconcerned,
theadditionalrisk
thatstemsfromits
foreign
projects
canbemeasuredinatleasttwoways:adjusting
thediscountratesoradjustingthelifeoftheproject.(
)
A:错B:对
答案:错Certaintyequivalentapproachisamethodofincorporatingriskintointernati
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