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国际经济学题库
InternationalEconomics,8e（Krugman）
Chapter15
PriceLevelsandtheExchangeRateintheLongRun
15.1
TheLawofOnePrice
1）
Whichofthefollowingstatementsisthemostaccurate?
Thelawofonepricestates:
A）
incompetitivemarketsfreeoftransportationcostsandofficialbarriertotrade,identicalgoodssoldindifferentcountriesmustsellforthesamepricewhentheirpricesareexpressedintermsofthesamecurrency.
B）
incompetitivemarketsfreeoftransportationcostsandofficialbarriertotrade,identicalgoodssoldinthesamecountrymustsellforthesamepricewhentheirpricesareexpressedintermsofthesamecurrency.
C）
incompetitivemarketsfreeoftransportationcostsandofficialbarriertotrade,identicalgoodssoldindifferentcountriesmustsellforthesameprice.
D）
identicalgoodssoldindifferentcountriesmustsellforthesamepricewhentheirpricesareexpressedintermsofthesamecurrency.
E）
Noneoftheabove.
Answer:
A
QuestionStatus:
PreviousEdition
2）
UnderPurchasingPowerParity,
A）
E$/E=PUS/PE.
B）
E$/E=PE/PES.
C）
E$/E=PUS+PE.
D）
E$/E=PUS-PE.
E）
Noneoftheabove.
Answer:
A
QuestionStatus:
PreviousEdition
3）
ExplaintheLawofOnePrice.Giveanexample.
Answer:
Thelawofonepricestatesthatincompetitivemarketsfreeoftransportationcostsandtradebarriers,identicalgoodssoldindifferentcountriesmustsellforthesamepricewhenexpressedintermsofthesamecurrency.
=（E$/£）×（
）forgoodi.
E$/£=
/
If,forexample,thepriceofthesamesweaterwascheaperinLondonthaninNewYork,U.S.importersandBritishexporterswouldhaveanincentivetobuysweatersinLondonandshipthemtoNewYork,pushingtheLondonpriceupandtheNewYorkpricedown,untilbothwereequal.
QuestionStatus:
PreviousEdition
4）
Fillinthefollowingtable,assumingthelawofonepriceprevails.
Answer:
QuestionStatus:
PreviousEdition
15.2
PurchasingPowerParity
1）
UnderPurchasingPowerParity,
A）
E$/E=PiUS/PiE.
B）
E$/E=PiE/PiUS.
C）
E$/E=PUS/PE.
D）
E$/E=PE/PES.
E）
Noneoftheabove.
Answer:
C
QuestionStatus:
PreviousEdition
2）
Whichofthefollowingstatementsisthemostaccurate?
A）
Thelawofonepriceappliesonlytothegeneralpricelevel.
B）
ThelawofonepriceappliestothegeneralpricelevelwhilePPPappliestoindividualcommodities.
C）
ThelawofonepriceappliestoindividualcommoditieswhilePPPappliestoboththegeneralpricelevelandtoindividualcommodities.
D）
PPPappliesonlytoindividualcommodities.
E）
ThelawofonepriceappliestoindividualcommoditieswhilePPPappliestothegeneralpricelevel.
Answer:
E
QuestionStatus:
PreviousEdition
3）
Whichofthefollowingstatementsisthemostaccurate?
A）
IfPPPholdstrue,thenthelawofonepriceholdstrueforeverycommodityaslongasthereferencebasketsusedtoreckondifferentcountries'pricelevelsarethesame.
B）
Ifthelawofonepriceholdstrueforeverycommodity,PPPmustholdautomatically.
C）
Ifthelawofonepriceholdstrueforeverycommodity,PPPmustautomaticallyholdaslongasthereferencebasketsusedtoreckondifferentcountries'pricelevelsarethesame.
D）
Ifthelawofonepricedoesnotholdtrueforeverycommodity,PPPcannotbetrueaslongasthereferencebasketsusedtoreckondifferentcountries'pricelevelsarethesame.
E）
Noneoftheabove.
Answer:
C
QuestionStatus:
PreviousEdition
4）
Whichofthefollowingstatementsisthemostaccurate?
A）
AbsolutePPPdoesnotimplyrelativePPP.
B）
RelativePPPimpliesabsolutePPP.
C）
Thereisnocausalityrelationbetweenthetwo.
D）
AbsolutePPPimpliesrelativePPP.
E）
Noneoftheabove.
Answer:
D
QuestionStatus:
PreviousEdition
5）
Whichofthefollowingstatementsisthemostaccurate?
A）
RelativePPPmaybevalidevenwhenabsolutePPPisnot,providedthefactorscausingdeviationsfromabsolutePPParemoreorlessstableoverdifferentcommoditiesspace.
B）
AbsolutePPPmaybevalidevenwhenrelativePPPisnot,providedthefactorscausingdeviationsfromrelativePPParemoreorlessstableovertime.
C）
RelativePPPmaybevalidevenwhenabsolutePPPisnot,providedthefactorscausingdeviationsfromabsolutePPParemoreorlessstableovertime.
D）
RelativePPPisnotvalidwhenabsolutePPPisnot.
E）
Noneoftheabove.
Answer:
C
QuestionStatus:
PreviousEdition
6）
ExplainPurchasingPowerParity.
Answer:
PPPstatesthattheexchangeratebetweentwocountries'currenciesequalstheratioofthecountries'pricelevels.
Afallinacurrency'sdomesticpurchasingpower（i.e.anincreaseinthedomesticpricelevel）willbeassociatedwithaproportionalcurrencydepreciationintheforeignexchangemarketandviceversa.
=PUS/PEwherePisthepriceofareferencecommoditybasket.
Rearrange:
PUS=
×（PE）
Thus,PPPassertsthatallcountries'pricelevelsareequalwhenmeasuredintermsofthesamecurrency.
QuestionStatus:
PreviousEdition
7）
DiscusstherelationshipbetweenPPPandtheLawofOnePrice.
Answer:
ThelawofonepriceappliestoindividualcommoditieswhilePPPappliestothegeneralpricelevel.
ProponentsofPPParguethatitsvalidityinthelongrundoesn'trequirethelawofonepricetoholdexactly.Whengoodsandservicestemporarilybecomemoreexpensiveinonecountrythaninothers,thedemandsforitscurrencyanditsproductsfalls,pushingtheexchangerateanddomesticpricesbackinlinewithPPPandviceversa.
QuestionStatus:
PreviousEdition
8）
DiscussthedifferencesbetweenAbsolutePPPandRelativePPP.
Answer:
AbsolutePPPstatesthattheexchangeratebetweentwocurrenciesequalstheratiooftheirpricelevels.RelativePPPstatesthatthepercentagechangeintheexchangeratebetweentwocurrenciesoveragivenperiodequalsthedifferencebetweentheinflationratesofthosetwocurrencies.
QuestionStatus:
PreviousEdition
9）
ExplainwhyRelativePPPisusefulwhencomparingcountriesthatbasetheirpricelevelsondifferentproductbaskets.
Answer:
ForExample:
IftheU.S.pricelevelrisesby10%overayearwhileEurope'srisesbyonly5%,relativePPPpredictsa5%depreciationofthedollaragainsttheeuro.Thisjustcancelsthe5%bywhichU.S.inflationexceedsEuropean,leavingtherelativedomesticandforeignpurchasingpowersofbothcurrenciesunchanged.
（
-
）/
=（∏e）US,t-（∏e）E,tbetweendatestandt-1.
RelativePPPisusefulwhencomparingcountriesthatbasetheirpricelevelsondifferentproductbaskets.RelativePPPmaybevalidevenwhenabsolutePPPisnot.
QuestionStatus:
PreviousEdition
10）
SupposeRussia'sinflationrateis200%overoneyearbuttheinflationrateinSwitzerlandisonly2%.AccordingtorelativePPP,whatshouldhappenovertheyeartotheSwissfranc'sexchangerateagainsttheRussianruble?
Answer:
（Eruble/franc,t-Eruble/franc,t-1）/Eruble/franc,t-1=2-0.02=1.98
Sotherewillbea198%depreciationoftherubleagainstthefrancor,conversely,a198%appreciationofthefrancagainsttheruble.
QuestionStatus:
PreviousEdition
11）
AssumingrelativePPP,fillinthetablebelow:
Answer:
Using（
-
）/
=ΠUS,t-ΠE,tonegets:
QuestionStatus:
PreviousEdition
15.3
ALong-RunExchangeRateModelBasedonPPP
1）
InorderfortheconditionE$/HK$=Pus/PHKtohold,whatassumptionsdoestheprincipleofpurchasingpowerparitymake?
A）
Notransportationcostsandrestrictionsontrade;commoditybasketsthatareareliableindicationofpricelevel.
B）
Marketsareperfectlycompetitive,i.e.,P=MC.
C）
Thefactorsofproductionareidenticalbetweencountries.
D）
Noarbitrageexists.
E）
AandB.
Answer:
E
QuestionStatus:
PreviousEdition
2）
Whichofthefollowingstatementsisthemostaccurate?
A）
Inthelongrun,nationalpricelevelsplayaminorroleindeterminingbothinterestratesandtherelativepricesatwhichcountries'productsaretraded.
B）
Inthelongrun,nationalpricelevelsplayakeyroleonlyindetermininginterestrates.
C）
Inthelongrun,nationalpricelevelsplayakeyroleonlyindeterminingtherelativepricesatwhichcountries'productsaretraded.
D）
Inthelongrun,nationalpricelevelsplayakeyroleindeterminingbothinterestratesandtherelativepricesatwhichcountries'productsaretraded.
E）
Noneoftheabove.
Answer:
D
QuestionStatus:
PreviousEdition
3）
Whichofthefollowingstatementsisthemostaccurate?
Ingeneral,
A）
themonetaryapproachtotheexchangerateisalongruntheory.
B）
themonetaryapproachtotheexchangerateisashortruntheory.
C）
themonetaryapproachtotheexchangerateisbothashortandlongruntheory.
D）
themonetaryapproachtotheexchangerateneitherlongrunnorshortruntheory.
E）
Noneoftheabove.
Answer:
A
QuestionStatus:
PreviousEdition
4）
Themonetaryapproachmakesthegeneralpredictionthat
A）
theexchangerate,whichistherelativepriceofAmericanandEuropeanmoney,isfullydeterminedinthelongrunbytherelativesuppliesofthosemonies.
B）
theexchangerate,whichistherelativepriceofAmericanandEuropeanmoney,isfullydeterminedintheshortrunbytherelativesuppliesofthosemoniesandtherelativedemandsforthem.
C）
theexchangerate,whichistherelativepriceofAmericanandEuropeanmoney,isfullydeterminedintheshort-andlongrunbytherelativesuppliesoftho
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