单选测试689合题剖析Word下载.docx
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sBigMachamburgeraroundtheworld.Theindexestimatestheexchangeratesforcurrenciesbasedontheassumptionthattheburgersinquestionarethesameacrosstheworldandtherefore,thepriceshouldbethesame.IfaBigMaccosts$2.54intheUnitedStatesand294yeninJapan,whatistheestimatedexchangerateofyenperdollarashypothesizedbytheHamburgerindex?
A）$0.0086/¥
B）124¥
/$
C）$0.0081/¥
D）115.75¥
4.Ifthecurrentexchangerateis113JapaneseyenperU.S.dollar,thepriceofaBigMachamburgerintheUnitedStatesis$3.41,andthepriceofaBigMachamburgerinJapanis280yen,thenotherthingsequal,theBigMachamburgerinJapanis________.
A）correctlypriced
B）underpriced
C）overpriced
D）notenoughinformationtodetermineifthepriceisappropriateornot
5.ThepriceofaBigMacintheU.S.is$3.41andthepriceinMexicoisPeso29.0.WhatistheimpliedPPPofthePesoperdollar?
A）Peso8.50/$1
B）Peso10.8/$1
C）Peso11.76/$1
D）Noneoftheabove
6.TheimpliedPPPrateofexchangeofMexicanPesosperU.S.Dollaris8.50accordingtotheBigMacIndex.ThecurrentexchangerateisPeso10.8/$1.Thus,accordingtoPPPandtheLawofOnePrice,atthecurrentexchangeratethepesois________.
A）overvalued
B）undervalued
C）correctlyvalued
D）notenoughinformationtoanswerthisquestion
7.Ifaccordingtothelawofonepricethecurrentexchangerateof
dollarsperBritishpoundis$1.75/£
thenatanexchangerateof$1.85/£
thedollaris________.
D）unknownrelativevaluation
8.TrueorFalse
TheassumptionsforrelativePPParemorerigidthantheassumptionsforabsolutePPP.
9.OneyearagothespotrateofU.S.dollarsforCanadiandollarswas$1/C$1.SincethattimetherateofinflationintheU.S.hasbeen4%greaterthanthatinCanada.BasedonthetheoryofRelativePPP,thecurrentspotexchangerateofU.S.dollarsforCanadiandollarsshouldbeapproximately________.
A）$0.96/C$
B）$1/C$1
C）$1.04/C$1
D）relativePPPprovidesnoguideforthistypeofquestion
10.TrueorFalse
EmpiricaltestsprovethatPPPisanaccuratepredictoroffutureexchangerates.
11.Twogeneralconclusionscanbemadefromtheempiricaltestsofpurchasingpowerparity（PPP）:
A）PPPholdsupwellovertheshortrunbutpoorlyforthelongrunandthetheoryholdsbetterforcountrieswithrelativelylowratesofinflation.
B）PPPholdsupwellovertheshortrunbutpoorlyforthelongrunandthetheoryholdsbetterforcountrieswithrelativelyhighratesofinflation.
C）PPPholdsupwelloverthelongrunbutpoorlyfortheshortrunandthetheoryholdsbetterforcountrieswithrelativelylowratesofinflation.
D）PPPholdsupwelloverthelongrunbutpoorlyfortheshortrunandthetheoryholdsbetterforcountrieswithrelativelyhighratesofinflation.
12.Ifacountry'
srealeffectiveexchangerateindexweretobelessthan100,thiswouldsuggestan________currency.
B）overcompensating
C）undervalued
D）undercompensating
13.IfwesettherealeffectiveexchangerateindexbetweenCanadaandtheUnitedStatesequalto100in1998,andfindthattheU.S.dollarhasrisentoavalueof112.6,thenfromacompetitiveperspectivetheU.S.dollaris
A）overvalued.
B）undervalued.
C）verycompetitive.
D）Thereisnotenoughinformationtoanswerthisquestion.
14.IfwesettherealeffectiveexchangerateindexbetweentheUnitedKingdomandtheUnitedStatesequalto100in2005,andfindthattheU.S.dollarhaschangedtoavalueof91.4,thenfromacompetitiveperspectivetheU.S.dollaris________.
C）equallyvalued
15.Exchangeratepass-throughmaybedefinedas________
A）thebid/askspreadoncurrencyexchangeratetransactions.
B）thedegreetowhichthepricesofimportedandexportedgoodschangeasaresultofexchangeratechanges.
C）thePPPoflesser-developedcountries.
D）thepracticebyGreatBritainofmaintainingtherelativestrengthofthecurrenciesoftheCommonwealthcountriesunderthecurrentfloatingexchangerateregime.
16.PhillipsNVproducesDVDplayersandexportsthemtotheUnitedStates.Lastyeartheexchangeratewas$1.25/euroandPlillipscharged120europerplayerinEurolandand$150perDVDplayerintheUnitedStates.Currentlythespotexchangerateis$1.45/euroandPhillipsis
charging$160perDVDplayer.WhatisthedegreeofpassthroughbyPhillipsNVontheirDVDplayers?
A）92%
B）33.3%
C）41.9%
D）4.1%
17.JaguarhasfullmanufacturingcostsoftheirS-typesedanof£
22,803.TheyselltheS-typeintheUKwitha20%marginforapriceof£
27,363.TodaythesecarsareavailableintheUSfor$55,000whichistheUKpricemultipliedbythecurrentexchangerateof$2.01/£
.JaguarhascommittedtokeepingtheUSpriceat$55,000forthenextsixmonths.IftheUKpoundappreciatesagainsttheUSDtoanexchangerateof$2.15/£
andJaguarhasnothedgedagainstcurrencychanges,whatistheamountthecompanywillreceiveinpoundsatthenewexchangerate?
A）£
22,803
B）£
25,581
C）£
27,363
D）£
55,000
18.JaguarhasfullmanufacturingcostsoftheirS-typesedanof£
andJaguarhasnothedgedagainstcurrencychanges,whatisthepercentagemarginthecompanywillrealizegiventhenewexchangerate?
A）20.0%
B）15.3%
C）12.2%
D）7.2%
19.Assumeanominalinterestrateonone-yearU.S.TreasuryBillsof4.60%andarealrateofinterestof2.50%.UsingtheFisherEffectEquation,whatistheapproximateexpectedrateofinflationintheU.S.overthenextyear?
A）2.10%
B）2.05%
C）2.00%
D）1.90%
20.Therelationshipbetweenthepercentagechangeinthespotexchangerateovertimeandthedifferentialbetweencomparableinterestratesindifferentnationalcapitalmarketsisknownas________.
A）absolutePPP
B）thelawofoneprice
C）relativePPP
D）theInternationalFisherEffect
21.AccordingtotheinternationalFisherEffect,ifaninvestorpurchases
afive-yearU.S.bondthathasanannualinterestrateof5%ratherthanacomparableBritishbondthathasanannualinterestrateof6%,thentheinvestormustbeexpectingthe________to________atarateofatleast1%peryearoverthenext5years.
A）Britishpound;
appreciate
B）Britishpound;
revalue
C）U.S.dollar;
D）U.S.dollar;
depreciate
22.AssumethecurrentU.S.dollar-Britishspotrateis0.6993£
/$.Ifthe
currentnominalone-yearinterestrateintheU.S.is5%andthecomparablerateinBritainis6%,whatistheapproximateforwardexchangeratefor360days?
A）1.42£
B）1.43£
C）0.6993£
D）0.7060£
23.AssumethecurrentU.S.dollar-yenspotrateis125¥
/$.Further,the
currentnominal180-dayrateofreturninJapanis3%and4%intheUnitedStates.Whatistheapproximateforwardexchangeratefor180days?
A）123.80¥
B）124.00¥
C）124.39¥
D）124.67¥
Chapter8
24.Aforeigncurrency________contractcallsforthefuturedeliveryofastandardamountofforeignexchangeatafixedtime,place,andprice.
A）futures
B）forward
C）option
D）swap
25.Financialderivativesarepowerfultoolsthatcanbeusedbymanagementforpurposesof_______
A）speculation.
B）hedging.
C）humanresourcemanagement.
D）AandBabove.
26.WhichofthefollowingisNOTacontractspecificationforcurrencyfuturestradingonanorganizedexchange?
A）sizeofthecontract
B）maturitydate
C）lasttradingday
D）Alloftheabovearespecified.
27.Aspeculatorthathas________afuturescontracthastakena________position.
A）sold;
long
B）purchased;
short
C）sold;
D）purchased;
sold
28.PeterSimpsonthinksthattheU.K.poundwillcost$1.43/£
insixmonths.A6-monthcurrencyfuturescontractisavailabletodayatarateof$1.44/£
.IfPeterwastospeculateinthecurrencyfuturesmarket,andhisexpectationsarecorrect,whichofthefollowingstrategieswouldearnhimaprofit?
A）Sellapoundcurrencyfuturescontract.
B）Buyapoundcurrencyfuturescontract.
C）Sellpoundstoday.
D）Sellpoundsinsixmonths.
29.JackHemmingsboughta3-monthBritishpoundfuturescontractfor
$1.4400/£
onlytoseethedollarappreciatetoavalueof$1.4250atwhichtimehesoldthepoundfutures.Ifeachpoundfuturescontractisforanamountof£
62,500,howmuchmoneydidJackgainorlosefromhisspeculationwithpoundfutures?
A）$937.50loss
B）$937.50gain
937.50loss
937.50gain
30.Aforeigncurrency________givesthep
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