InternationalEconomicsII国际经济学Word文档格式.docx

InternationalEconomicsII国际经济学Word文档格式.docx

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D）Y-（C+I-G）.

E）Noneoftheabove.

3）Foropeneconomies,

A）S=I.

B）S=I+CA.

C）S=I-CA.

D）S>

I+CA.

E）S<

B

4）AU.S.citizenbuysanewlyissuedshareofstockinEngland,payingforhisorderwithacheck,whichtheBritishcompanydepositsinitsownU.S.bankaccountinNewYork.Howisthistransactionaccountedforinthebalanceofpayments?

A）financialaccount,U.S.assetexport

B）currentaccount,U.S.serviceimport

C）currentaccount,Britishgoodexport

D）financialaccount,Britishassetimport

E）financialaccount,U.S.assetimport

5）TheearningsofaSpanishfactorywithBritishownersare

A）countedinSpain'

sGDP.

B）arepartofBritain'

sGNP.

C）arecountedinBritain'

D）arepartofSpain'

E）OnlyAandB.

E

6）"

TheBalanceofpaymentsisalwaysbalanced."

Discuss.

True.Everyinternationaltransactionautomaticallyentersthebalanceofpaymentstwice,onceasacreditandonceasadebit.

Currentaccount+financialaccount+capitalaccount=0

7）"

Thebalanceofpaymentsaccountsseldombalanceinpractice."

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

8）Fillinthefollowingtable:

Chapter13ExchangeRatesandtheForeignExchangeMarket:

AnAssetApproach

1）HowmanyBritishpoundswoulditcosttobuyapairofAmericandesignerjeanscosting$45iftheexchangerateis1.80dollarsperBritishpound?

A）10Britishpounds

B）25Britishpounds

C）20Britishpounds

D）30Britishpounds

E）40Britishpounds

2）Anappreciationofacountry'

scurrency,

A）decreasestherelativepriceofitsexportsandlowerstherelativepriceofitsimports.

B）raisestherelativepriceofitsexportsandraisestherelativepriceofitsimports.

C）lowerstherelativepriceofitsexportsandraisestherelativepriceofitsimports.

D）raisestherelativepriceofitsexportsandlowerstherelativepriceofitsimports.

D

3）Whichmajoractorisatthecenteroftheforeignexchangemarket?

A）corporations

B）centralbanks

C）commercialbanks

D）non-bankfinancialinstitutions

C

4）Whatistheexpecteddollarrateofreturnoneurodepositswithtoday'

sexchangerateat$1.10pereuro,nextyear'

sexpectedexchangerateat$1.166pereuro,thedollarinterestrateat10%,andtheeurointerestrateat5%?

A）10%

B）11%

C）-1%

D）0%

B

5）Whatistheexpecteddollarrateofreturnondollardepositswithtoday'

sexpectedexchangerateat$1.165pereuro,thedollarinterestrateat10%,andtheeurointerestrateat5%?

A

6）Ifthedollarinterestrateis10percent,theeurointerestrateis6percent,andtheexpectedreturnondollardepreciationagainsttheeurois4percent,then

A）aninvestorshouldinvestonlyindollars.

B）aninvestorshouldinvestonlyineuros.

C）aninvestorshouldbeindifferentbetweendollarsandeuros.

D）Itisimpossibletotellgiventheinformation.

E）Alloftheabove.

7）Discusstheeffectsofariseintheinterestratepaidbyeurodepositsontheexchangerate.

Therearetwoeffectstoconsider.Ifwemaketheunrealisticassumptionthattheexpectedexchangeratewillnotchange,thenariseintheinterestratepaidbyEurodepositscausesthedollartodepreciate.However,iftheexpectedexchangerateweretorise,thenthecurrentexchangeratewouldalsorise.（Seefigure13-6fromthetext.）

8）Calculatetheinterestrateintheeurozoneifinterestparityconditionholds,forthefollowing15cases:

Chapter14Money,InterestRates,andExchangeRates

1）Moneyincludes

A）currency.

B）checkingdepositsheldbyhouseholdsandfirms.

C）depositsintheforeignexchangemarkets.

D）BothAandB.

E）A,B,andC.

D

2）Theaggregatemoneydemanddependson

A）theinterestrate.

B）thepricelevel.

C）realnationalincome.

D）Alloftheabove.

E）OnlyAandC.

3）UsingafiguredescribingboththeU.S.moneymarketandtheforeignexchangemarket,analyzetheeffectsofatemporaryincreaseintheEuropeanmoneysupplyonthedollar/euroexchangerate.

AnincreaseintheEuropeanmoneysupplywillreducetheinterestrateontheeuroandthuswillcausethescheduleoftheexpectedeuroreturnexpressesindollarstoshiftdown,causingareductioninthedollar/euroexchangerate,i.e.,anappreciationoftheU.S.Dollar.Theeurodepreciatesagainstthedollar.TheU.S.moneydemandandmoneysupplyarenotgoingtobeaffected,andthustheinterestrateintheU.S.willremainthesame.

4）Apermanentincreaseinacountry'

smoneysupply

A）causesamorethanproportionalincreaseinitspricelevel.

B）causesalessthanproportionalincreaseinitspricelevel.

C）causesaproportionalincreaseinitspricelevel.

D）leavesitspricelevelconstantinlong-runequilibrium.

C

5）Afterapermanentincreaseinthemoneysupply,

A）theexchangerateovershootsintheshortrun.

B）theexchangerateovershootsinthelongrun.

C）theexchangeratesmoothlydepreciatesintheshortrun.

D）theexchangeratesmoothlyappreciatesintheshortrun.

Althoughthepricelevelsappeartodisplayshort-runstickinessinmanycountries,achangeinthemoneysupplycreatesimmediatedemandandcostpressuresthateventuallyleadtofutureincreaseinthepricelevel."

Thestatementistrue.Thepressurescomefromthreemainsources:

excessdemandforoutputandlabor;

inflationaryexpectations;

and,rawmaterialprices.

7）Thelongruneffectsofmoneysupplychange:

A）ambiguouseffectonthelong-runvaluesoftheinterestrateorrealoutput,aproportionalchangeinthepricelevel'

slong-runvalueintheoppositedirection.

B）proportionaleffectonthelong-runvaluesoftheinterestrateorrealoutput,aproportionalchangeinthepricelevel'

slong-runvalueinthesamedirection.

C）noeffectonthelong-runvaluesoftheinterestrateorrealoutput,aproportionalchangeinthepricelevel'

D）noeffectonthelong-runvaluesoftheinterestrateorrealoutput,nochangeinthepricelevel'

slong-runvalue.

E）ambiguouseffectonthelong-runvaluesoftheinterestrateorrealoutput,Adisproportionalchangeinthepricelevel'

Chapter15PriceLevelsandtheExchangeRateintheLongRun

1）UnderPurchasingPowerParity,

A）E$/E=PUS/PE.

B）E$/E=PE/PES.

C）E$/E=PUS+PE.

D）E$/E=PUS-PE.

2）AssumingrelativePPP,fillinthetablebelow:

3）UnderPPP（andbytheFisherEffect）,allelseequal,

A）ariseinacountry'

sexpectedinflationratewilleventuallycauseamore-thanproportionalriseintheinterestratethatdepositsofitscurrencyofferinordertoaccommodateforthehigherinflation.

B）afallinacountry'

sexpectedinflationratewilleventuallycauseanequalriseintheinterestratethatdepositsofitscurrencyoffer.

C）ariseinacountry'

D）ariseinacountry'

sexpectedinflationratewilleventuallycausealessthanproportionalriseintheinterestratethatdepositsofitscurrencyoffertoaccommodatetheriseinexpectedinflation.

4）Describethechainofeventsleadingtoexchangeratedeterminationforthefollowingcases:

（a）AnIncreaseinU.S.moneysupply

（d）IncreaseingrowthrateofU.S.moneysupply

（c）IncreaseinworldrelativedemandforU.S.products

（d）IncreaseinrelativeU.S.outputsupply

Chainofeventsleadingtoexchangeratedetermination:

=

×

（Pus/PE）

IncreaseinU.S.moneysupply:

Pusrisesinproportiontothemoneysupply;

qremainsthesame.Alldollarpriceswillrise（includingdollarpriceofeuro）.

IncreaseingrowthrateofU.S.moneysupply:

Inflationrate,dollarinterestrate,Pus,E,risesinproportiontoPus.

IncreaseinworldrelativedemandforU.S.products:

Efalls,andqdoesaswell.

IncreaseinrelativeU.S.outputsupply:

Dollardepreciates,lowersrelativepriceof

U.S.outpu