国际经济学12.docx
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国际经济学12
Chapter12:
NationalIncomeAccountingandtheBalanceofPayments
MultipleChoiceQuestions
1.Acountry’sgrossnationalproduct(GNP)is
A.thevalueofallfinalgoodsandservicesproducedbyitsfactorsofproductionandsoldonthemarketinagiventimeperiod.
B.thevalueofallintermediategoodsandservicesproducedbyitsfactorsofproductionandsoldonthemarketinagiventimeperiod.
C.thevalueofallfinalgoodsproducedbyitsfactorsofproductionandsoldonthemarketinagiventimeperiod.
D.thevalueofallfinalgoodsandservicesproducedbyitsfactorsofproductionandsoldonthemarket.
E.thevalueofallfinalgoodsandservicesproducedbyitsfactorsofproduction,excludingland,andsoldonthemarketinagiventimeperiod.
Answer:
A
2.Whichoneofthefollowingstatementsisthemostaccurate?
A.GNPplusdepreciationiscallednetnationalproduct(NNP).
B.GNPlessdepreciationiscallednetnationalproduct(NNP).
C.GNPlessdepreciationiscallednetfactorproduct(NFP).
D.AnswersAandCarebothcorrect.
E.Noneoftheabove.
Answer:
B
3.NationalincomeequalsGNP
A.lessdepreciation,lessnetunilateraltransfers,lessindirectbusinesstaxes.
B.lessdepreciation,plusnetunilateraltransfers,plusindirectbusinesstaxes.
C.lessdepreciation,lessnetunilateraltransfers,plusindirectbusinesstaxes.
D.plusdepreciation,plusnetunilateraltransfers,lessindirectbusinesstaxes.
E.lessdepreciation,plusnetunilateraltransfers,lessindirectbusinesstaxes.
Answer:
E
4.GDPissupposedtomeasure
A.thevolumeofproductionwithinacountry’sborders.
B.thevolumeofservicesgeneratedwithinacountry’sborders.
C.thevolumeofproductionofacountry’soutput.
D.GNPplusdepreciation.
E.Noneoftheabove.
Answer:
A
5、GNPequalsGDP
A.minusnetreceiptsoffactorincomefromtherestoftheworld.
B.plusreceiptsoffactorincomefromtherestoftheworld.
C.minusreceiptsoffactorincomefromtherestoftheworld.
D.plusnetreceiptsoffactorincomefromtherestoftheworld.
E.Noneoftheabove.
Answer:
D
6、Inopeneconomies,
A.savingandinvestmentarenecessarilyequal.
B.asinaclosedeconomy,savingandinvestmentarenotnecessarilyequal.
C.savingandinvestmentarenotnecessarilyequalastheyareinaclosedeconomy.
D.savingandinvestmentarenecessarilyequalcontrarytothecaseofaclosedeconomy.
E.Noneoftheabove.
Answer:
C
7、Whichoneofthefollowingexpressionsisthemostaccurate?
A.CA=EX–IM.
B.CA=IM–EX.
C.CA=EX=IM.
D.CA=EX+IM.
E.Noneoftheabove.
Answer:
A
8、Acountry’scurrentaccount
A.balanceequalsthechangeinitsnetforeignwealth.
B.balanceequalsthechangeinitsforeignwealth.
C.surplusequalsthechangeinitsforeignwealth.
D.deficitequalsthechangeinitsforeignwealth.
E.Noneoftheabove.
Answer:
A
9、TheCAisequalto
A.Y–(C-I+G).
B.Y+(C+I+G).
C.Y–(C+I+G).
D.Y–(C+I-G).
E.Y–(C+I+G)=-CA,(i.e.,minustheCA).
Answer:
C
10、Inaclosedeconomy,nationalsaving
A.sometimesequalsinvestment.
B.alwaysequalsinvestment.
C.isalwayslessthaninvestment.
D.isalwaysmorethaninvestment.
E.Noneoftheabove.
Answer:
B
11、Foropeneconomies,
A.S=I.
B.S=I+CA.
C.S=I–CA.
D.S>I+CA.
E.S
Answer:
B
12、Anopeneconomy
A.cansaveonlybybuildingupitscapitalstock.
B.cansaveonlybyacquiringforeignwealth.
C.cannotsaveeitherbybuildingupitscapitalstockorbyacquiringforeignwealth.
D.cansaveeitherbybuildingupitscapitalstockorbyacquiringforeignwealth.
E.Noneoftheabove.
Answer:
D
13、Aclosedeconomy
A.cansaveeitherbybuildingupitscapitalstockorbyacquiringforeignwealth.
B.cansaveonlybybuildingupitscapitalstock.
C.cansaveonlybyacquiringforeignwealth.
D.cannotsaveeitherbybuildingupitscapitalstockorbyacquiringforeignwealth.
E.Noneoftheabove.
Answer:
B
14、Governmentsavings,Sg,isequalto
A.T–G.
B.T+G.
C.T=G.
D.T+G–I.
E.Noneoftheabove.
Answer:
A
15、Inaclosedeconomy,privatesaving,Sp,isequalto
A.I-(G–T).
B.I+(G–T).
C.I+(G+T).
D.I-(G+T).
E.I+(G–T)+C.
Answer:
B
16、Inanopeneconomy,privatesaving,Sp,isequalto
A.I-CA+(G-T).
B.I+CA-(G-T).
C.I+CA+(G-T).
D.I-CA-(G-T).
E.I+CA+(G+T).
Answer:
C
17、Ricardianequivalencearguesthatwhenthegovernment
A.increasestaxesandraisesitsdeficit,consumersanticipatethattheywillfacehighertaxeslatertopayfortheresultinggovernmentdebt,thuspeoplewillraisetheirownprivatesavingtooffsetthefallingovernmentsaving.
B.cutstaxesanddecreasesitsdeficit,consumersanticipatethattheywillfacehighertaxeslatertopayfortheresultinggovernmentdebt,thuspeoplewillraisetheirownprivatesavingtooffsetthefallingovernmentsaving.
C.cutstaxesandraisesitssurplus,consumersanticipatethattheywillfacehighertaxeslatertopayfortheresultinggovernmentdebt,thuspeoplewillraisetheirownprivatesavingtooffsetthefallingovernmentsaving.
D.cutstaxesandraisesitsdeficit,consumersanticipatethattheywillfacelowertaxeslatertopayfortheresultinggovernmentdebt,thuspeoplewillraisetheirownprivatesavingtooffsetthefallingovernmentsaving.
E.cutstaxesandraisesitsdeficit,consumersanticipatethattheywillfacehighertaxeslatertopayfortheresultinggovernmentdebt,thuspeoplewillraisetheirownprivatesavingtooffsetthefallingovernmentsaving.
Answer:
E
18、Everyinternationaltransactionautomaticallyentersthebalanceofpayments
A.onceeitherasacreditorasadebit.
B.twice,onceasacreditandonceasadebit.
C.onceasacredit.
D.twice,bothtimesasdebit.
E.Noneoftheabove.
Answer:
B
EssayQuestions
1、Whatisthenationalincomeidentityforaclosedeconomy?
Answer:
Y=C+I+G.
2、Whatisthenationalincomeidentityforanopeneconomy?
Answer:
Y=C+I+G+EX–IM.
3、Discussthevaluesofprivatesavinginclosedandopeneconomies.
Answer:
Inaclosedeconomy,privatesaving,Sp,isequaltoI+(G–T).
Inanopeneconomy,privatesaving,Sp,isequaltoI+CA+(G-T).Anopeneconomyhelpsinextendingtheopportunitiesforprivatesavingordis-saving,orborrowing.
4、Discusstheeffectsofgovernmentdeficitsonthecurrentaccount.
Answer:
Ahardanddifficultissue.thecreationoftwindeficits,wherebyslashingtaxes,governmentdeficitsincreased,whichwasaccompaniedwithincreasedcurrentaccountdeficits.
UsingtheidentityCA=PrivateSaving-I-(G–T),onecanseethatifprivatesavingsandIareconstants,anincreaseinthedeficit,namelyanincreasein(G–T),necessarilyincreasestheCAdeficitsbythesamemagnitude.
However,governmentbudgetdeficitmaychangebothprivatesavingsandinvestment,thusavoidingacreationofthetwindeficits.
AgoodanswershoulddiscussRicardianequivalence,whicharguesthatwhenthegovernmentcuttaxesandraisesitsdeficit,consumersanticipatethattheywillfacehighertaxeslatertopayfortheresultinggovernmentdebt.Inanticipation,theyraisetheirownprivatesavingtooffsetthefallingovernmentsaving.Inaddition,oneshouldmentionwealtheffectinanticipationofoneEurope,assetspricesincreased,loweringprivatesavingrates.
5.Whattypesofinternationaltransactionsarerecordedinthebalanceofpaymentaccounts?
Answer:
Threetypes:
transactionsthatinvolveexportsandimportsofgoodandservices;transactionsthatinvolvethepurchaseorselloffinancialassets;andexportsandimportsofgoodandservices;otheractivitiesresultingintransferofwealthbetweencountriesthatarerecordedinthecapitalaccount.
6、“Thebalanceofpaymentsisalwaysbalanced.”Discuss.
Answer:
True.Everyinternationaltransactionautomaticallyentersthebalanceofpaymentstwice,onceasacreditandonceasadebit.
Currentaccount+financialaccount+capitalaccount=0
7、“Thebalanceofpaymentsaccountsseldombalanceinpractice.”Discuss.
Answer:
True.Themainreasonsareduetothefactthatdatacollectedorreceivedfromdifferentsourcesmaydifferincoverage,accuracy,andtiming.Inaddition,dataonservicesarenotasreliableasdatafromthefinancialaccount.Moreover,accuratemeasurementsofinternationalinterestanddividendreceiptsareparticularlydifficult.
Chapter13:
ExchangeRatesandtheForeignExchangeMarket:
AnAssetApproach
MultipleChoiceQuestions
1.HowmanydollarswoulditcosttobuyanEdinburghWoolenMillsweatercosting50Britishpoundsiftheexchangerateis1.25dollarsperoneBritishpound?
A.50dollars
B.60dollars
C.70dollars
D.62.5dollars
E.40Britishpounds
Answer:
D
2、HowmanyBritishpoundswoulditcosttobuyapairofAmericandesignerjeanscosting$45iftheexchangerateis1.50dollarsperBritishpound?
A.10Britishpounds
B.20Britishpounds
C.30Britishpounds
D.35Britishpounds
E.25Britishpounds
Answer:
C
3、HowmanyBritishpoundswoulditcosttobuyapairofAmericandesignerjeanscosting$45iftheexchangerateis1.60dollarsperBritishpound?
A.38.125Britishpounds
B.28.125Britishpounds
C.48.125Britishpounds
D.58.125Britishpounds
E.18.125Britishpounds
Answer:
B
4、WhatistheexchangeratebetweenthedollarandtheBritishpoundifapairofAmericanjeanscosts50dollarsinNewYorkand100poundsinLondon?
A.1.5dollarsperBritishpound
B.0.5dollarsperBritishpound
C.2.5dollarsperBritishpound
D.3.5dollarsperBritishpound
E.2dollarsperBritishpound
Answer:
B
5、Whatist