國際金融（英文版）知到智慧樹章節測試課后答案2024年秋吉林財經大學緒論單元測試

Therecentglobaleconomyisexperiencingthethree-lowsituationsuchas________.

A:lowinterestrate,lowinflationandloweconomicgrowth

B:lowinterestrate,lowunemploymentandlowpopulation

C:lowinflation,lowgovernmentexpenditureandlowprice

D:lowpopulation,loweconomicgrowthandlowtaxrate

答案:lowinterestrate,lowinflationandloweconomicgrowth

WhichofthefollowingstatementsincorrectlydescribesChina?

A:Chinaisthelargestcapital-outflowcountry.

B:Chinaisthelargestmanufacturingcountry.

C:Chinaisthelargestgoods-tradecountry.

D:Chinaisthelargestforeignreserveholder.

答案:Chinaisthelargestcapital-outflowcountry.

Whichofthefollowingmanagementsleastlikelyrepresentsthedimensionofmacroeconomicanalysisofinternationalfinance?

A:Internationalmonetarymanagement

B:Foreignexchangeexposuremanagement

C:Managementofbalanceofpayments

D:Managementofinternalandexternalbalance

答案:Foreignexchangeexposuremanagement

LibrawhitepaperinitiallyintroducedbyFacebookonJune18th,2019showsthatLibraismostlikely______.

A:thepapermoney

B:theplasticmoney

C:thefictitiouscryptocurrency

D:thelegaltender

答案:thefictitiouscryptocurrency

Anation’smacroeconomicperformanceinvolvestheperformanceofthreemarketssuchas________.

A:thelabormarket,thecapitalmarket,andthelandmarket.

B:thedomesticmoneymarket,thedomesticproductmarket,andforeignexchangemarket.

C:thedomesticgoodsmarket,domesticservicesmarket,anddomesticfinancialmarket.

D:thedomesticproductmarket,domesticstockmarket,andforeignexchangemarket.

答案:thedomesticmoneymarket,thedomesticproductmarket,andforeignexchangemarket.

Multinationalcorporationsusuallyareexposedtothreetypicalkindsofforeignexchangeexposure,suchas_______.

A:accountingexposure,investmentexposure,andfinancingexposure

B:transactionexposure,operatingexposure,andtranslationexposure

C:accountingexposure,financialexposure,andeconomicexposure

D:transactionexposure,speculativeexposure,andprecautionaryexposure

答案:transactionexposure,operatingexposure,andtranslationexposure

Theobjectiveofinternationalportfoliomanagementis_______.

A:toselectcapitalbudgetingprojectswithhigherinternalrateofreturnthantherequiredrateofreturn.

B:togoaheadwithacapitalbudgetingprojectwithpositvenetpresentvalue.

C:toselectinternationalsecuritieswiththesameratesofreturnasdomesticsecurities.

D:toconstructanoptimalinternationalportfoliowithminimumrisk.

答案:toconstructanoptimalinternationalportfoliowithminimumrisk.

Fromtheperspectiveofmicroeconomics,thepracticesofinternationalfinanceleastlylikelyinvolves_________.

A:foreignexchangeexposuremanagementB:internationalfinancingmanagementC:internationalmonetarymanagementD:internationalinvestmentmanagement

答案:internationalmonetarymanagementThefeasibilityoftheinternationalcapitalbudgetingdecisioncanonlybedeterminedfromtheparentcompanyviewpoint.（）

A:錯B:對

答案:錯Multinationalcorporationscanconductfinancialtransactionsoruseoperationaltechniquestomanageforeignexchangeexposure.（）

A:錯B:對

答案:對

第一章單元測試

TheJcurveshowsthat:

A:devaluationisunlikelytoimprovethetradebalanceineithertheshort-runorthelong-run.

B:devaluationismorelikelytoimprovethetradebalanceintheshort-runthaninthelong-run.

C:devaluationislikelytobeunstable.

D:devaluationismorelikelytoimprovethetradebalanceaftera

longerspanoftimehaselapsed.

答案:devaluationismorelikelytoimprovethetradebalanceaftera

longerspanoftimehaselapsed.

WhichofthefollowingwouldtendtocontributetoaU.S.currentaccountsurplus?

A:RussianvodkabecomesincreasinglypopularintheUnitedStates.B:TheUnitedStatesmakesaunilateraltariffreductiononimportedgoods.C:TheUnitedStatescutsbackonAmericanmilitarypersonnelstationedinJapan.D:U.S.touriststravelinlargenumberstoAsia.

答案:TheUnitedStatescutsbackonAmericanmilitarypersonnelstationedinJapan.Officialreserveassetsare：

A:thegoldholdingsinthenation’scentralbank.B:moneylikeassetsthatareheldbygovernmentsandthatarerecognizedbygovernmentsasfullyacceptableforpaymentsbetweenthem.C:governmentholdingsofSDR’s.D:governmentT-billsandT-bonds.

答案:moneylikeassetsthatareheldbygovernmentsandthatarerecognizedbygovernmentsasfullyacceptableforpaymentsbetweenthem.Iftheoverallbalanceinthebalanceofpaymentsaccountisin_____,therecanbeanaccumulationofofficialreserveassetsbythecountryoradecreaseinforeignofficialreserveholdingsofthecountry'sassets.

A:equilibriumB:deficitC:remissionD:surplus

答案:surplusAstatementofthestocksofacountry’sforeignassetsandforeignliabilitiesatapointintimerepresentsthecountry’s:

A:balanceofpaymentsB:governmentbudgetsurplusordeficitC:internationalinvestmentpositionD:financialaccountbalance

答案:internationalinvestmentpositionIfthebalanceofpaymentsaccountsofacountryshowsacurrentaccountdeficit,itmeansthat:

A:itsforeignassetsaregrowingfasterthanitsforeignliabilities.B:itsexportsarehigherthanitsimports.C:itisactingasanetlendertotherestoftheworld.D:itsforeignassetsaregrowingslowerthanitsforeignliabilities.

答案:itsforeignassetsaregrowingslowerthanitsforeignliabilities.Marshall-Lernerconditionisthatthepaymentsdeficitwillbeimprovedasaresultofcurrencydepreciationonlyif_______.

A:thesumofelasticityofdemandforgoodsimportandthatforgoodsexportequalsone.B:thesumofelasticityofdemandforgoodsimportandthatforgoodsexportislessthanone.C:thesumofelasticityofdemandforgoodsimportandthatforgoodsexport

islargerthanone.D:thesumofelasticityofdemandforgoodsimportisgreaterthanthatforgoodsexport.

答案:thesumofelasticityofdemandforgoodsimportandthatforgoodsexport

islargerthanone.Accordingtotheabsorptionapproachtobalanceofpayments,ifanation’snationalincomeislessthanitsnationalexpenditure,itwill________.

A:experiencepaymentsdeficit.B:willtendtomoveintopaymentssurplus.C:willtendtomoveintopaymentsbalance.D:experiencenochangeinitsofficialsettlementbalance.

答案:experiencepaymentsdeficit.Thenetflowoffinancialassetsandsimilarclaimsistheprivatecurrentaccountbalance.（）

A:錯B:對

答案:錯Acountry'snonofficialfinancialaccountbalanceequalsitsnetforeigninvestment.（）

A:對B:錯

答案:錯

第二章單元測試

BasedonPPPandthequantitytheoryofmoney,everythingelseremainingunchanged,ifJapan’srealincomerisesrelativetorealincomeintheU.S.,therewouldbea(n):

A:decreaseinthedemandforyenintheforeignexchangemarket.B:interestrateparity.C:appreciationofthedollar.D:appreciationoftheyen.

答案:appreciationoftheyen.Theretailpartoftheforeignexchangemarketdoesnotincludetradersatbankstradingwith:

A:tradersatotherbanks.B:nonfinancialcompaniesthatsometimeswanttobuyandselldifferentcurrencies.C:stockbrokerswhotradeintheassetsofthefirmsindifferentnations.D:nationalgovernments.

答案:tradersatotherbanks.Supposethedollarperpoundexchangerateis$2perpoundwhilethedollarperSwissfrancexchangerateis50centsperfranc.FromthegiveninformationwecanconcludethattheSwissfrancperpoundexchangerateis:

A:4francsperpound.B:toohigh.C:1francperpound.D:toolow.

答案:4francsperpound.RapidincreasesintheU.S.exportsofgoodsandserviceswillresultina(n)_____foreigncurrencyanda(n)_____theU.S.dollarsintheforeignexchangemarket.

A:decreaseinthesupplyof;decreaseinthedemandforB:increaseinthedemandfor;increaseinthesupplyofC:shortageofforeigncurrency;surplusofD:increaseinthesupplyof;increaseinthedemandfor

答案:increaseinthesupplyof;increaseinthedemandforUnderafloatingexchangeratesystem,anincreaseintheinternationaldemandforelectronicappliancesmanufacturedinJapanwillresultin:

A:DeflationintheJapaneseeconomy.B:Anappreciationoftheyenvis-à-visothercurrencies.C:AdepletionofinternationalreservesheldbythecentralbankofJapan.D:AnincreaseinJapan’stradedeficitwithothercountries.

答案:Anappreciationoftheyenvis-à-visothercurrencies.AssumeyouareaChineseexporterandexpecttoreceive$250,000attheendof60days.Youcanremovetheriskoflossduetoadevaluationofthedollarby:

A:sellingdollarsinthe60-dayforwardexchangemarket.B:sellingtheyuanequivalentintheforwardexchangemarketfor60-daydelivery.C:keepingthedollarsintheUnitedStatesaftertheyaredeliveredtoyou.D:buyingdollarsnowandsellingthesedollarsattheendof60days.

答案:sellingdollarsinthe60-dayforwardexchangemarket.TheBrettonWoodsSystemisexposedtoadilemmaknownas_______.

A:impossibleTrinity

B:ethicaldilemma

C:TriffinParadox

D:two-peggingsystem

答案:TriffinParadox

The_____effectsuggeststhatspeculationscansometimesbedestabilizingastheactionsoftheinternationalinvestorsmovetheexchangerateawayfromthelong-runequilibriumvalueconsistentwithfundamentaleconomicinfluences.

A:exchangerateB:overshootingC:arbitrageD:bandwagon

答案:bandwagonTomaintainanundervaluedcurrency,thecountry’smonetaryauthoritiesmustinterveneintheforeignexchangemarkettobuyitscurrencyintheforeignexchangemarket.（

）

A:錯B:對

答案:錯Price-specie-flowmechanismpositsthatthemisalignmentofexchangerateundertheclassicalgoldstandardcanbeautomaticallycorrected.（

）

A:對B:錯

答案:錯

第三章單元測試

Forsmallopeneconomy,assumethatthemarginalpropensitytoimportis0.3,andthatinterestrates,exchangerates,andthepricelevelareallconstant.Ifanincreaseof$10billioningovernmentspendingresultsinanincreaseof$6billioninimports,then:

A:taxesincreaseby$10billion.B:thespendingmultiplieris2.C:realGDPincreasesby$4billion.D:realdomesticinvestmentdecreasesby$4billion.

答案:realGDPincreasesby$4billion.Thelocomotivetheorypositsthatgrowthinoneormorelargecountries:

A:canputpressureontheirdomesticimport-competingfirms.B:willretardthegrowthofsmallercountriesdependentonexports.C:canraisegrowthinothersmallercountriesthattradewiththeselargercountries.D:willleadsmallercountriestoopentheireconomies.

答案:canraisegrowthinothersmallercountriesthattradewiththeselargercountries.Thedemandformoneyis:

A:positivelyrelatedtonominalGDPandnegativelyrelatedtothelevelofinterestratesavailableonotherfinancialassets.B:negativelyrelatedtonominalGDPandtothelevelofinterestratesavailableonotherfinancialassets.C:negativelyrelatedtonominalGDPandpositivelyrelatedtothelevelofinterestratesavailableonotherfinancialassets.D:positivelyrelatedtonominalGDPandtothelevelofinterestratesavailableonotherfinancialassets.

答案:positivelyrelatedtonominalGDPandnegativelyrelatedtothelevelofinterestratesavailableonotherfinancialassets.Perfectcapitalmobilityimplies:

A:anFEcurvethatissteeperthantheLMcurve.B:anFEcurvethatishorizontal.C:highdomesticinterestratesrelativetoforeigninterestrates.D:averticalFEcurve.

答案:anFEcurvethatishorizontal.Therearelimitstotheabilityofmonetaryauthoritiestousesterilizedinterventioninthecaseofadeficitbecause:

A:theexportlevelisfixedanditcannotbeallowedtodrop.B:thepressurefromforeigncountriestoallowthedomesticcurrencytoappreciatewillleadtolargelosses.C:thecentralbank’sabilitytoconstantlyobtainforeigncurrencyforthesterilizedinterventionisconstrained.D:thecentralbankmaybeunwillingtoincreaseitsholdingsofforeigncurrencybeyondacertainlimit.

答案:thecentralbank’sabilitytoconstantlyobtainforeigncurrencyforthesterilizedinterventionisconstrained.Assumethattheexchangeratesarefixed.Whenmoneydemandislesssensitivetointerestratechangesthanareinternationalcapitalflows,_____policywillbe_____effectivethanwhenmoneydemandismoresensitivetointerestchangesthanareinternationalcapitalflows.

A:expansionarymonetary;moreB:expansionaryfiscal;moreC:sterilizedintervention;moreD:expansionaryfiscal;less

答案:expansionaryfiscal;moreWithfloatingexchangerates,theeffectsofinternationaltradeshocksoninternalbalanceare_____bytheeffectsoftheresultingchangeinthe_____.

A:mitigated;LMcurve.B:notmitigated;LMcurve.C:notmitigated;exchangerate.D:mitigated;exchangerate.

答案:mitigated;exchangerate.Whichofthefollowingstatementsistrue？

A:Monetarypolicyisapowerfuleconomictoolforacountrywithfixedexchangeratesandhighcapitalmobility.B:Anexpansionarymonetarypolicytendstoincreasetheexchangeratevalueofthedomesticcurrencyintheshortrun.C:Underfloatingexchangerates,externalcapital-flowshockscanhaveeffectsoninternalbalancebyalteringtheexchangerateandthecountry'sinternationalcompetitiveness.D:Fiscalpolicyforacountrywithfloatingexchangeratesismorepowerfulwithahighdegreeofcapitalmobilitythanwithalowdegreeofcapitalmobility.

答案:Underfloatingexchangerates,externalcapital-flowshockscanhaveeffectsoninternalbalancebyalteringtheexchangerateandthecountry'sinternationalcompetitiveness.Acentralbankcansterilizetheincreaseinthemoneysupplythatresultsfromaninterventiontodefendafixedexchangeratebysellingdomesticgovernmentbonds.（

）

A:錯B:對

答案:對Internationalcrowdingoutisthetendencyofexpansionaryfiscalpolicytoappreciatethecountry’scurrencyandworsenthecurrentaccount.（

）

A:對B:錯

答案:對

第四章單元測試

Foraninvestorwhostartswithdollarsandwantstoendupwithdollarsinthefuture,whichofthefollowingchoicesisanexamplethatincludesspeculating?

A:Selldollarsatthespotrate,investtheproceedsinforeigncurrency-denominatedfinancialinstruments,andsignaforwardexchangecontracttoselltheforeigncurrencyB:Selldollarsatthespotrate,investtheproceedsinforeigncurrency-denominatedfinancialinstruments,andsignaforwardexchangecontracttobuydollarsC:Selldollarsatthespotrate,investtheproceedsinforeigncurrency-denominatedfinancialinstruments,andthenbuydollarsatthefuturespotrateD:Buyadollar-denominatedfinancialasset

答案:Selldollarsatthespotrate,investtheproceedsinforeigncurrency-denominatedfinancialinstruments,andthenbuydollarsatthefuturespotrateSupposetheinterestrateon6-monthtreasurybillsis7percentperyearintheUnitedKingdomand4percentperyearintheUnitedStates.Also,today’sspotexchangepriceofthepoundis$2.00whilethe6-monthforwardexchangepriceofthepoundis$1.98.ByinvestinginU.K.treasurybillsratherthanU.S.treasurybills,andcoveringexchange-raterisk,U.S.investorsearnanapproximateextrareturnfor6monthsof:

A:3.0percent.B:4.0percent.C:1.5percent.D:0.5percent.

答案:0.5percent.Thechangeinthefuturecashflowswhichhavenotbeencontractedforasaresultoftherandomchangesinexchangerateisknownas(

).

A:translationexposureB:taxexposureC:operatingexposureD:transactionexposure

答案:operatingexposureOperatingexposureismorelikelyknownas(

)exposure.

A:accountingB:asset

C:liabilityD:competitive

答案:competitiveAswapbankprovidesanAA-ratedcompanyXandaBB-ratedcompanyYwithafive-yearswapquotationof2.5%-3%againstLIBOR.Themeans:

A:noneoftheaboveB:TheswapbankwillpaycompanyXwith3%againstreceivingLIBORfromit,andreceive2.5%fromcompanyYagainstpayingLIBORtoit.

C:TheswapbankwillpaycompanyXwith2.5%againstreceivingLIBORfromit,andreceive3%fromcompanyYagainstpayingLIBORtoit.D:TheswapbankwillpaycompanyYwith2.5%againstreceivingLIBORfromit,andreceive3%fromcompanyXagainstpayingLIBORtoit.

答案:TheswapbankwillpaycompanyXwith2.5%againstreceivingLIBORfromit,andreceive3%fromcompanyYagainstpayingLIBORtoit.Asforthesellerofcalloption,ifthefuturespotrateishigherthanthestrikeprice,theoptionwillbeknownas(

)option.

A:in-the-moneyB:at-the-moneyC:In-the-marketD:out-of-the-money

答案:out-of-the-moneyIftheexpectedfuturespotrateislowerthanthebreakevenexchangerate,(

)willbemoredesirableformultinationalcorporationstohedgeagainstthetransactionexposurearisingfromholdingforeign-currencydenominatedaccountspayable.

A:calloptionB:forwardpurchaseC:forwardsaleD:putoption

答案:calloptionTranslationofthefinancialstatementspreparedbytheforeignsubsidiariesfromtheirrespectivelocalcurrenciesintothehomecurrencyoftheparentcompanyisusuallydonebytwomethods,including(

).

A:CurrentratemethodandtemporalmethodB:CurrentspotratemethodandfuturespotratemethodC:HistoricalexchangeratemethodandfuturespotratemethodD:historicalexchangeratemethodandcurrentexchangeratemethod

答案:CurrentratemethodandtemporalmethodTheprofitsandlossesonafuturescontractaccruetoyoudaily,asthecontractis“markedtomarket”daily.（

）

A:錯B:對

答案:對IfCanadahasacurrent90dayforwardexchangeratevalueforitscurrencythatisabovethecurrentspotexchangeratevalueofitscurrency,thentheCanadian90-dayinterestrateisrelativelyhigh.（

）

A:對B:錯

答案:錯

第五章單元測試

Optimalinternationalportfolioisthe(

).

A:tangencyofinternationalcapitalmarketlineandinternationalportfolioopportunitysetB:tangencyofcapitalmarketlineanddomesticportfolioopportunitysetC:tangencyofdomesticcapitalmarketlineandinternationalcapitalmarketlineD:tangencyofinternationalsecuritymarketlineandinternationalportfolioopportunityset

答案:tangencyofinternationalcapitalmarketlineandinternationalportfolioopportunitysetInternationalinvestmentusuallydoesnotinvolve(

)risk.

A:currencyB:liquidityC:insuranceD:political

答案:insuranceWhichofthefollowingexamplesisleastlikelypoliticalrisk.

A:LimitingorblockingcurrencyconversionB:UsinganewaccountingbasisbymultinationalcorporationC:EnactmentofnewtaxationD:Governmentseizureofcompany’sassets

答案:UsinganewaccountingbasisbymultinationalcorporationWhichofthefollowingtechniquesisnotthediscounted-cash-flowcriterionusedtomakemultinationalcapitalbudgetingdecisions?

A:NetpresentvalueB:InternalrateofreturnC:ProbabilityindexD:Accountingrateofreturn

答案:AccountingrateofreturnFromtheperspectiveoftheparentcompany,multinationalcapitalbudgetinginvolvesthefollowingcomplexitiesexcept(

).

A:extrataximposedonrepatriatedfundsbyhostgovernmentB:maximizationofforeign

currencydenominatedwealthC:blockedfundsD:highertaximposedbyhomegovernment

答案:maximizationofforeign

currencydenominatedwealthMultinationalcapitalbudgetingisusuallyexaminedfromtwoperspectives,includingtheviewpointoftheparentcompanyandthatofthehostgovernment.（

）

A:錯B:對

答案:錯Paybackperiod

referstonumberofyearsnecessaryforthefuturecashflowsfromthecapitalbudgetingprojecttorecoupitsinitialoutlay.（

）

A:對B:錯

答案:對Asfarastheparentviewpointanalysisisconcerned,

theadditionalrisk

thatstemsfromits

foreign

projects

canbemeasuredinatleasttwoways:adjusting

thediscountratesoradjustingthelifeoftheproject.（

）

A:錯B:對

答案:錯Certaintyequivalentapproachisamethodofincorporatingriskintointernati