国际经济学理论与政策--双语各章练习.doc

国际经济学理论与政策--双语各章练习.doc

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QuizforChapter12

Ⅰ.Fillthefollowingblankswiththeproperwordorexpression

1.Y-（）=CA

2、NationalincomeequalsGNPless（）,plus（）,less（）.

3.GNPequalsGDP（）netreceiptsoffactorincomefromtherestoftheworld.

4.Thenationalincomeidentityforanopeneconomyis（）.

5.Whenacountry'sexportsexceeditsimports,wesaythecountryhasacurrentaccount（）.

6.Thecurrentaccountincludes（）

7.Anytransactionresultinginapaymenttoforeignersisenteredinthebalanceofpaymentaccountasa（）.

8.Inaclosedeconomy,nationalsavingalwaysequals（）.

9.Whenofficialreservesincrease,thiswillberecordedinthe（）,with（）sign.

10.Whendebitisbiggerthannetdecreaseofthereserve,thedifferencewillgotothe（）.

Ⅱ.Trueorfalse

1.Thebalanceofpaymentsaccountsalwaysbalanceinpracticeastheymustintheory.（）

2.Netunilateraltransfersareconsideredpartofthecurrentaccountsbutnotapartofnationalincome.（）

3.TheGNPacountrygeneratesoversometimeperiodmustequalitsnationalincome,theincomeearnedinthatperiodbyitsfactorsofproduction.（）

4.WhenyoubuyashareofMicrosoftstock,youarebuyingneitheragoodoraservice,soyourpurchasedosenotshowupinGNP.（）

5.Ifthegovernmentdeficitrisesandprivatesavingandinvestmentdonotchangemuch,thecurrentaccountsurplusmustfallbyroughlythesameaccountastheincreaseinthefiscaldeficit.（）

6.Weincludeincomeonforeigninvestmentinthecurrentaccountbecausethatincomereallyiscompensationfortheservicesprovidedbyforeigninvestments.（）

7.Rememberthatforeignborrowingmaynotalwaysbeabadidea:

acountrythatborrowsabroadtoundertakeprofitabledomesticinvestmentcanpayitscreditorsandstillhavemoneyleftover.（）

8.Governmentagenciesincludingcentralbankscanfreelyholdforeignreservesandinterveneofficiallyinexchangemarket.（）

9.WhentheUnitedStateslendsabroad,apaymentismadetoforeignersandthecapitalaccountiscredited.

10.Onereasoninterventionisimportantisthatcentralbanksuseitasawayofalteringtheamountofmoneyincirculation.

Ⅲ.Answerthefollowingquestions:

1.Whyaccountkeepersaddstheaccountastatisticaldiscrepancytothebalanceofpayment?

2.ThenationofPecuniahadacurrentaccountdeficitof＄1billionandanonreservefinancialaccountsurplusof＄550millionin2005.

（1）WhatwasthebalanceofpaymentsofPecuniainthatyear?

Whathappenedtothecountry’snetforeignassets?

（2）AssumethatforeigncentralbanksneitherbuynorsellPecunianassets.HowdidthePecuniancentralbankshadpurchased＄600millionofPecunianassetsin2005?

Howwouldthisofficialinterventionshowupinthebalanceofpaymentsaccounts?

（3）Howwouldyouranswerto

（2）changeifyoulearnedthatforeigncentralbankshadpurchasedenterforeignbalanceofpaymentsaccounts?

Ⅳ.Fillthefollowingblanks:

China'sbalanceofpaymentin2000

UnitUSdollar（million）

Balance

CurrentAccount

Goods

34473

Services

-5600

Income

-14665

UnilateralTransfer

6311

CapitalAccount

Directinvestment

37482

Portfolioinvestment

-3990

Othercapital

-31534

StatisticalDiscrepancy

OfficialReserve

-11929

QuizforChapter13

Ⅰ.Fillthefollowingblankswiththeproperwordorexpression

1.Changesinexchangeratesaredescribedasor.

2.Foreignexchangedealssometimesspecifyavaluedatefartherawaythantwo-days-30days,90days,180days,orevenseveralyears.Theexchangeratesquotedinsuchtransactionsarecalled

3.isthemostliquidofassets

4.Theeasewithwhichtheassetcanbesoldorexchangeforgoods,wecallthecharacteris

5.Aforeignisaspotsaleofacurrencycombinedwithaforwardrepurchaseofthecurrency.

6.Theforeignexchangemarketisinwhendepositsofallcurrenciesofferthesameexpectedrateofreturn.

7.Thepriceofonecurrencyintermsofanotheriscalledan

8.Allelseequal,aintheexpectedfutureexchangeratecausesariseinthecurrentexchangerate.

9.isthepercentageincreaseinvalue,itoffersoversometimeperiod.

10.Allelseequal,anintheinterestpaidondepositsofacurrencycausesthatcurrencytoappreciateagainstforeigncurrencies.

Ⅱ.Trueorfalse

1.Arateofappreciationofthedollaragainsttheeuroistherateofdepreciationoftheeuroagainstdollar.（）

2.Theexchangeratequotedasthepriceofforeigncurrencyintermsofdomesticcurrencyiscalleddirectquotation.（）

3.allelseequal,anappreciationofacountry'scurrencymakesitsgoodscheaperforforeigners.（）

4.Theforeignexchangemarketisinequilibriumwhendepositsofallcurrenciesofferthesameexpectedrateofreturn.（）

5.Allelseequal.,Whenacountry'scurrencydepreciated,domesticresidentsfindthatimportsfromabroadaremoreexpensive.（）

6.Centralbankisatthecenteroftheforeignexchangemarket.（）

7.Adepreciationofthedollaragainsteurotodaymakeseurodepositlessattractiveontheconditionthatexpectedfuturedollar/eurorateandinterestratesdonotchange.（）

8.allelseequal,adecreaseoftheinterestpaidondepositofUSdollarscausesdollarstoappreciateagainstforeigncurrency.（）

9.NewYork.isthelargestforeignexchangemarketintheworld.（）

10.Afallintheexpectedfutureexchangeratecausesafallinthecurrentexchangerate.

Ⅲ.Answerthefollowingquestions:

1.Currently,thespotexchangerateisUS$1=SF1.50andtheexpectedexchangerateforsixmonthisSF1.55.theinterestrateis8%intheUSperannumand10%intheSwitzerlandperannum.

（1）Determinewhetherinterestrateparityiscurrentlyholding.

（2）Ifitisnotholding,whatwillhappenintheforeignexchangemarket?

.

（3）Iftheexpectedexchangerateisunchanged,whatisthespotratewhenforeignexchangerateisinequilibrium?

2.Supposethedollarinterestrateandthepoundsterlinginterestratearethesame,5percentperyear.Whatis

therelationbetweenthecurrentequilibrium＄/￡exchangerateanditsexpectedfuturelevel?

Supposetheexpectedfuture＄/￡exchangerate,＄1.52perpound,remainsconstantasBritain’sinterestraterisesto10percentperyear.IftheU.S.interestratealsoremainsconstant,whatisthenewequilibrium＄/￡exchangerate?

QuizforChapter14

Ⅰ.Fillthefollowingblankswiththeproperwordorexpression

1.M1includes__________.

2.Aneconomy'smoneysupplyiscontrolledby_________________.

3.Threemainfactorsthatdetermineaggregatemoneydemandare

4.Whenmoneysupplyequalsmoneydemand,wesaythatthemoneymarketis_______________________.

5.Ariseintheaveragevalueoftransactionscarriedoutbyahouseholdorfirmcauseitsdemandformoneyto.

6.isanimportantphenomenonbecauseithelpsexplainwhyexchangeratesmovesosharplyfromdaytoday.

7.Iftheeconomyisinitiallyatfullemployment,apermanentincreaseinthemoneysupplyeventuallybe

followedbyinthepricelevel.

8.Overshootingisadirectconsequenceoftheshort-run

9.Aneconomy’sisthepositionitwouldeventuallyreachifnoneweconomicshocksoccurredduringtheadjustmenttofullemployment.

10.Allelseequal,apermanentinacountry’smoneysupplycausesaproportionallong-run

depreciationofitscurrencyagainstforeigncurrencies.

Ⅱ.Trueorfalse

1.Anincreaseinrealoutputlowerstheinterestrate.（）

2.Intheshortrun,areductioninacountry'smoneysupplycausesitscurrencytoappreciateintheforeignexchangemarket.（）

3.Allelseequal,anincreaseinacountry'smoneysupplycausesaproportionalincreaseinitspricelevelinthelongrun.（）

3.Allelseequal,ariseintheinterestratecausesthedemandformoneytofall.（）

4.Ifthereisinitiallyanexcessdemandofmoney,theinterestratefallsintheshort-run.（）

5.Ariseintheaveragevalueoftransactionscarriedoutbyahouseholdorfirmcausesitsdemandformoneytofall.（）

6.Giventhepricelevelandoutput,anincreaseinthemoneysupplylowerstheinterestrate.（）

7.Achangeinthesupplyofmoneyhaseffectonthelong-runvaluesoftheinterestrateorrealoutput.（）

8.Thehighertheinterestrate,themoreyousacrificebyholdingwealthintheformofmoney.（）

9.Anincreaseinrealoutputlowerstheinterestrate,giventhepricelevelandthemoneysupply（）

10.Aneconomyexperiencesinflationwhenitspricelevelisfalling.（）

Ⅲ.Answerthefollowingquestions:

1.Whatistheshort-runeffectontheexchangeratewhenUSgovernmentincreasesthemoneysupply?

（expectationsaboutfutureexchangerateareunchanged）

2.PleasedrawagroupofpicturestoshowthetimepathsofU.S.economicvariablesafterapermanentincreaseintheU.S.moneysupplygrowthrateaccordingtothefollowing:

（1）Theu.s.decidedtoincreasethemoneysupplygrowthratepermanently.

Theverticalaxisismoneysupplyandthehorizontalaxisistime.

（2）Theinterestratechange,.TheverticalaxisisDollarinterestrateandthehorizontalaxisistime.

（3）Thepricelevelchange.TheverticalaxisisU.Spricelevelandthehor