国际经济学理论与政策双语各章练习题.docx
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国际经济学理论与政策双语各章练习题.docx
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国际经济学理论与政策双语各章练习题
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.Spricelevelandthehorizontalaxisistime.
(4)Theexchangeratechange,.TheverticalaxisistheDollar/Euroexchangerateandthehorizontalaxisistime.
Ⅳ.CALCULATION
Supposethatthespotrateis€1=US$1.2468-78andthesix-monthforwardrateis€1=US$1.2523-33,theinterestrateperannumis4%intheeurozoneand6%intheUS.Aftercarryingoutinterestarbitragewith€5,000,000borrowedattheabove-mentionedrate,pleasecalculateyournetinterestarbitrageprofit(othercostsignored).
QuizforChapter15
Ⅰ.Fillthefollowingblankswiththeproperwordo
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