国际经济学12Word文档格式.docx

国际经济学12Word文档格式.docx

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D.AnswersAandCarebothcorrect.

E.Noneoftheabove.

B

3.NationalincomeequalsGNP

A.lessdepreciation,lessnetunilateraltransfers,lessindirectbusinesstaxes.

B.lessdepreciation,plusnetunilateraltransfers,plusindirectbusinesstaxes.

C.lessdepreciation,lessnetunilateraltransfers,plusindirectbusinesstaxes.

D.plusdepreciation,plusnetunilateraltransfers,lessindirectbusinesstaxes.

E.lessdepreciation,plusnetunilateraltransfers,lessindirectbusinesstaxes.

E

4.GDPissupposedtomeasure

A.thevolumeofproductionwithinacountry’sborders.

B.thevolumeofservicesgeneratedwithinacountry’sborders.

C.thevolumeofproductionofacountry’soutput.

D.GNPplusdepreciation.

5、GNPequalsGDP

A.minusnetreceiptsoffactorincomefromtherestoftheworld.

B.plusreceiptsoffactorincomefromtherestoftheworld.

C.minusreceiptsoffactorincomefromtherestoftheworld.

D.plusnetreceiptsoffactorincomefromtherestoftheworld.

D

6、Inopeneconomies,

A.savingandinvestmentarenecessarilyequal.

B.asinaclosedeconomy,savingandinvestmentarenotnecessarilyequal.

C.savingandinvestmentarenotnecessarilyequalastheyareinaclosedeconomy.

D.savingandinvestmentarenecessarilyequalcontrarytothecaseofaclosedeconomy.

C

7、Whichoneofthefollowingexpressionsisthemostaccurate?

A.CA=EX–IM.

B.CA=IM–EX.

C.CA=EX=IM.

D.CA=EX+IM.

8、Acountry’scurrentaccount

A.balanceequalsthechangeinitsnetforeignwealth.

B.balanceequalsthechangeinitsforeignwealth.

C.surplusequalsthechangeinitsforeignwealth.

D.deficitequalsthechangeinitsforeignwealth.

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）.

10、Inaclosedeconomy,nationalsaving

A.sometimesequalsinvestment.

B.alwaysequalsinvestment.

C.isalwayslessthaninvestment.

D.isalwaysmorethaninvestment.

11、Foropeneconomies,

A.S=I.

B.S=I+CA.

C.S=I–CA.

D.S>

I+CA.

E.S<

12、Anopeneconomy

A.cansaveonlybybuildingupitscapitalstock.

B.cansaveonlybyacquiringforeignwealth.

C.cannotsaveeitherbybuildingupitscapitalstockorbyacquiringforeignwealth.

D.cansaveeitherbybuildingupitscapitalstockorbyacquiringforeignwealth.

13、Aclosedeconomy

A.cansaveeitherbybuildingupitscapitalstockorbyacquiringforeignwealth.

B.cansaveonlybybuildingupitscapitalstock.

C.cansaveonlybyacquiringforeignwealth.

D.cannotsaveeitherbybuildingupitscapitalstockorbyacquiringforeignwealth.

14、Governmentsavings,Sg,isequalto

A.T–G.

B.T+G.

C.T=G.

D.T+G–I.

Answer:

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.

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）.

17、Ricardianequivalencearguesthatwhenthegovernment

A.increasestaxesandraisesitsdeficit,consumersanticipatethattheywillfacehighertaxeslatertopayfortheresultinggovernmentdebt,thuspeoplewillraisetheirownprivatesavingtooffsetthefallingovernmentsaving.

B.cutstaxesanddecreasesitsdeficit,consumersanticipatethattheywillfacehighertaxeslatertopayfortheresultinggovernmentdebt,thuspeoplewillraisetheirownprivatesavingtooffsetthefallingovernmentsaving.

C.cutstaxesandraisesitssurplus,consumersanticipatethattheywillfacehighertaxeslatertopayfortheresultinggovernmentdebt,thuspeoplewillraisetheirownprivatesavingtooffsetthefallingovernmentsaving.

D.cutstaxesandraisesitsdeficit,consumersanticipatethattheywillfacelowertaxeslatertopayfortheresultinggovernmentdebt,thuspeoplewillraisetheirownprivatesavingtooffsetthefallingovernmentsaving.

E.cutstaxesandraisesitsdeficit,consumersanticipatethattheywillfacehighertaxeslatertopayfortheresultinggovernmentdebt,thuspeoplewillraisetheirownprivatesavingtooffsetthefallingovernmentsaving.

18、Everyinternationaltransactionautomaticallyentersthebalanceofpayments

A.onceeitherasacreditorasadebit.

B.twice,onceasacreditandonceasadebit.

C.onceasacredit.

D.twice,bothtimesasdebit.

EssayQuestions

1、Whatisthenationalincomeidentityforaclosedeconomy?

Y=C+I+G.

2、Whatisthenationalincomeidentityforanopeneconomy?

Y=C+I+G+EX–IM.

3、Discussthevaluesofprivatesavinginclosedandopeneconomies.

Inaclosedeconomy,privatesaving,Sp,isequaltoI+（G–T）.

Inanopeneconomy,privatesaving,Sp,isequaltoI+CA+（G-T）.Anopeneconomyhelpsinextendingtheopportunitiesforprivatesavingordis-saving,orborrowing.

4、Discusstheeffectsofgovernmentdeficitsonthecurrentaccount.

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?

Threetypes:

transactionsthatinvolveexportsandimportsofgoodandservices;

transactionsthatinvolvethepurchaseorselloffinancialassets;

andexportsandimportsofgoodandservices;

otheractivitiesresultingintransferofwealthbetweencountriesthatarerecordedinthecapitalaccount.

6、“Thebalanceofpaymentsisalwaysbalanced.”Discuss.

True.Everyinternationaltransactionautomaticallyentersthebalanceofpaymentstwice,onceasacreditandonceasadebit.

Currentaccount+financialaccount+capitalaccount=0

7、“Thebalanceofpaymentsaccountsseldombalanceinpractice.”Discuss.

True.Themainreasonsareduetothefactthatdatacollectedorreceivedfromdifferentsourcesmaydifferincoverage,accuracy,andtiming.Inaddition,dataonservicesarenotasreliableasdatafromthefinancialaccount.Moreover,accuratemeasurementsofinternationalinterestanddividendreceiptsareparticularlydifficult.

Chapter13:

ExchangeRatesandtheForeignExchangeMarket:

AnAssetApproach

1.HowmanydollarswoulditcosttobuyanEdinburghWoolenMillsweatercosting50Britishpoundsiftheexchangerateis1.25dollarsperoneBritishpound?

A.50dollars

B.60dollars

C.70dollars

D.62.5dollars

E.40Britishpounds

2、HowmanyBritishpoundswoulditcosttobuyapairofAmericandesignerjeanscosting$45iftheexchangerateis1.50dollarsperBritishpound?

A.10Britishpounds

B.20Britishpounds

C.30Britishpounds

D.35Britishpounds

E.25Britishpounds

3、HowmanyBritishpoundswoulditcosttobuyapairofAmericandesignerjeanscosting$45iftheexchangerateis1.60dollarsperBritishpound?

A.38.125Britishpounds

B.28.125Britishpounds

C.48.125Britishpounds

D.58.125Britishpounds

E.18.125Britishpounds

4、WhatistheexchangeratebetweenthedollarandtheBritishpoundifapairofAmericanjeanscosts50dollarsinNewYorkand100poundsinLondon?

A.1.5dollarsperBritishpound

B.0.5dollarsperBritishpound

C.2.5dollarsperBritishpound

D.3.5dollarsperBritishpound

E.2dollarsperBritishpound

5、Whatist