注：不含主观题
第1题
单选题
(1分) International
macroeconomics studies:下载视频
A decisions
of individual households in other countries.B decisions
by governments in other countries.C the
interrelationship of large-scale economic issues across countries.D the
interrelationship of politics and economics within a country.
第2题
单选题
(1分) What
is an exchange rate ?下载视频
A It
is percentage rate of interest charged by international banks to
exchange currency.B It
is fees banks charge their best customers to exchange currency.C It
is price of one nation’s currency measured in units of another
nation’s currency.D It
is lending rate for international credit.
第3题
单选题
(1分) Exchange
rate behavior is:下载视频
A unimportant
in determining income, prices, and flows of goods and services.B very
important in determining income, prices, and flows of goods and
services.C very
predictable, steady, and not of interest to policy makers.D not
subject to market forces, but is determined by international
agreements.
第4题
单选题
(1分) If
in January 2007, 1=110yen,andinJuly2007,1 = 90 yen, then a
Harley Davidson motorcycle that cost $8,000 in January would now cost
_______ in Japan in July. A 180,000
yenB 880,000
yenC 720,000
yenD 890,000
yen
第5题
单选题
(1分) Exchange
rate crises:下载视频
A are
extremely rare.B are
related to political crises.C typically
occur in every nation several times each year.D are
fairly common.
第6题
单选题
(1分) A
nation’s current account is:下载视频
A its
current budget deficit.B the
previous year’s budget deficit.C a
record of a nation’s income, expenditure, deficit, and surplus during
a particular period.D the
difference between its total wealth and its total debt.
第7题
单选题
(1分) The
definition of total external net wealth is:下载视频
A the
value of buildings, bank deposits, and monetary gold.B the
value of a nation’s foreign assets minus the value of a nation’s
foreign liabilities.C the
value of stocks sold daily on international exchanges.D minerals
and oil reserves owned by a nation but located in another nation.
第8题
单选题
(1分) What
is country risk?下载视频
A the
risk that the nation will suffer unemployment and inflation as a
result of its economic policiesB a
number of economic indicators reflecting the economic health of the
nation that affect the ability of its residents to repay loansC the
relative risk of political instability, terrorist attacks, and
military capabilityD the
total of the government’s national debt plus private debt owed to
international creditors
第9题
单选题
(1分) Emerging
market countries are:下载视频
A countries
with high levels of income per person that are well-integrated into
the global economy.B mainly
countries that are growing and becoming more integrated into the
global economy.C mainly
countries that are not yet well-integrated into the global economy
and are not democratic.D countries
with low levels of income per person.
第10题
单选题
(1分) What
is the difference between an open economy and a closed economy?下载视频
A A
closed economy has sealed borders and allows no tourism or migration.B An
open economy has very few restrictions on trade or financial flows.C A
closed economy has very tough wage and hour laws and will not
tolerate labor unions.D An
open economy has lax restrictions on drugs or other illegal
activities.
第11题
单选题
(1分) In
general, we currently classify nations into three categories,
depending on the level of economic advancement. These are:下载视频
A advanced,
emerging, and developing.B high-achievers,
low-achievers, and infant industry nations.C First
World, Second World, Third World.D fully
integrated, moderately integrated, and closed.
第12题
单选题
(1分) The
advanced nations:下载视频
A were
least open to globalization and free movement of capital.B led
the movement toward globalization and openness during the 1980s.C had
to compete with the developing nations and finally learned that
financial openness was beneficial to their economies.D were
not as open to globalization as were the emerging markets.
第13题
单选题
(1分) Nations
are free to choose and use their own currency and control its value.
Normally, they must choose between a ______ regime. A fixed
or floating exchange rateB variable
or stable exchange rateC controlled
or laissez-faireD centrally
planned or market-based
第14题
单选题
(1分) The
idea of dollarization is:下载视频
A the
use of domestic currency in a variable proportion with neighboring
countries’ currency.B the
use of theC a
nation’s use of a foreign currency over which it has no policy
control.D the
use of domestic currency in countries in Europe that are not part of
the European Union.E S. dollar for paying the native country’s debt.
第15题
单选题
(1分) Countries
with good institutions have:下载视频
A higher
per capita income.B greater
income volatility.C higher
per capita income and greater income volatility.D lower
per capita income.
Chapter 2
第1题
单选题
(1分) Normally, exchange rates are expressed as():
A the
number of units of the currency per one ounce of gold.B the
GDP of one nation as a percentage of the GDP of the other.C the
price of one unit of foreign currency expressed in terms of the
domestic currency.D ratios
of the value of one nation’s wealth compared with the other.
第2题
单选题
(1分) A dining table costs 3,000inNewYorkandthesametablecosts5,000eurosinRome.Thus,1 is equal to:下载视频
A 1
euro.B 2
euros.C 1.67
euros.D 0.6
euros.
第3题
单选题
(1分) When a nation’s currency appreciates, it purchases _____ units of a foreign currency and its currency is said to _____.
A fewer;
strengthenB more;
strengthenC fewer;
weakenD more;
weaken
第4题
单选题
(1分) What is a multilateral exchange rate () ?
A It
is an exchange rate that is measured by using a number of different
techniques.B It
is an exchange rate that calculates the overall movement of the rate
against more than just one other currency.C It
is an exchange rate that is measured once every 10 years.D It
is a rate that is set by the IMF for many different nations.
第5题
单选题
(1分) If the dollar falls by 20% against the euro and rises by 10% against the yen, which of the following values for European and Japanese trade with the United States are consistent with a 10% increase in the effective exchange rate of the United States()?
A Europe:
33%; Japan: 66%B Europe:
66%; Japan: 33%C Europe:
50%; Japan: 50%D None
of these values is consistent with this increase.
第6题
单选题
(1分) A crawling peg refers to():
A a
large and sudden currency depreciation.B a
fixed exchange rate regime in which the currency is adjusted very
frequently to reflect market conditions.C a
managed or dirty float, depending on the business cycle.D a
drag on exchange rate adjustment caused by imperfect markets.
第7题
单选题
(1分) If a nation abandons its own currency and decides to use another nation’s currency as its own circulating currency, this is known as():
A euro-zoning.B dollarization.C a
managed float.D a
Western regime.
第8题
单选题
(1分) Spreads in quotations of exchange rates are():
A the
geographical dispersion of nations that use the currency.B a
measure of contagion involved in changes in exchange rates.C the
difference in the price the buyer pays versus the price the seller
receives.D the
percentage of interest one pays when borrowing to purchase
currencies.
第9题
单选题
(1分) The forward market is():
A a
market that exists only in one place at one time.B when
a person borrows to speculate in the market.C the purchases and sales of currencies for delivery at a later time梪p to a year.D the
rate of exchange quoted during the next business day.
第10题
单选题
(1分) A foreign exchange option is():
A the
right to engage in buying or selling on the spot market.B the
right to purchase or sell foreign currency at a specified price on a
specified date in the future.C when
the price of foreign currency exceeds the spot rate.D when
a speculator must decide whether to move into the market.
第11题
单选题
(1分) Arbitrage is():
A capital
controls.B interest
rate management by the central bank.C exploiting
profit opportunities in the market resulting from price differences.D investing
in junk bonds or businesses that are not ethical.
第12题
单选题
(1分) Suppose 1=10.5pesosinNewYorkand1 = 9.6 pesos in Mexico City. If you had $10,000 using arbitrage, your profits would be():
A $937.50.B 937
pesos.C 9,600
pesos.D $790.
第13题
单选题
(1分) Covered interest parity refers to the situation in which:()
A interest
rates are the same in both currencies.B spot
and forward rates are the same in both currencies.C the
forward rate between the two currencies is equal to the ratio of
their returns times the spot rate between the two currencies.D there
is an opportunity for arbitrage whenever prices are sluggish and
sticky.
第14题
单选题
(1分) Uncovered interest parity refers to():
A borrowing
in the low-interest currency and lending in the high-interest
currency without covering against a change in the exchange rates.B foolish
actions that usually are not successful.C activities
that are designed to raise or lower interest rates but are risky.D the
practice of depositing all of one’s funds in one currency without
regarding the pros and cons of such a transaction.
第15题
单选题
(1分) If the U.S. interest rate is 4% per year and the U.K. interest rate is 9% per year, which of the following statements is TRUE?()
A The
dollar will depreciate 4% in one year.B The
pound will depreciate 9% in one year.C The
pound will depreciate 5% in one year.D The
dollar will appreciate 4% in one year.
Chapter 3
第1题
单选题
(1分) The monetary approach to exchange rates describes():
A long-run
relationships between money, prices, and exchange rates.B a
short-run relationship between exchange rates and interest rates.C a
short-run measure of fluctuations in exchange rates.D a
theory based on the idea that exchange rates are constant in the long
run.
第2题
单选题
(1分) If an automobile costs 32,000inNewYorkand1 = 0.8 euros, then under the condition of the law of one price, the cost of the automobile in Rome should be():
A 32,000
euros.B 40,000
euros.C 35,000
euros.D 25,600
euros.
第3题
单选题
(1分) In the international goods market, prices of goods in different countries expressed in a common currency must be equalized. This concept is called():
A exchange
rate theory.B the
law of one price.C appreciation.D purchasing
power parity (PPP..
第4题
单选题
(1分) Absolute purchasing power parity implies that():
A the
price of a basket of goods is cheaper in one country than in another.B the
price of a basket of goods is more expensive in one country than in
another.C the
price of a basket of goods is the same in the two countries.D the
exchange rate is artificially held constant.
第5题
单选题
(1分) The real exchange rate between two currencies tells us():
A changes
in the exchange rate over time.B how
many units of one currency can be purchased with one unit of the home
currency.C how
much in terms of goods and services the home currency will buy in the
foreign nation compared with the home nation.D how
much depreciation or appreciation has occurred in the home exchange
rate.
第6题
单选题
(1分) If the prices of goods in Europe increase, while the nominal exchange rate between the euro and the U.S. dollar remains the same, we say that the U.S. dollar has experienced a():
A nominal
appreciation.B nominal
depreciation.C real
appreciation.D real
depreciation.
第7题
单选题
(1分) If fewer home goods are required to buy the same amount of foreign goods, then we say that foreign currency has experienced a():
A nominal
appreciation.B nominal
depreciation.C real
appreciation.D real
depreciation.
第8题
单选题
(1分) If a nation experiences 10% inflation and its trading partner does not, and if PPP holds, what happens to its real exchange rate?()
A It
depreciates by 10%.B It
appreciates by 10%.C It
does not change.D It
becomes negative.
第9题
单选题
(1分) With relative PPP, a rise in a nation’s inflation rate is always offset by an increase in the rate of __________ of its currency.
A appreciationB revaluationC depreciationD devaluation
第10题
单选题
(1分) As economies adjust to inflation, there is an adjustment of exchange rates to reflect the changed price level. This adjustment is called():
A real
exchange rates.B convergence.C adjustment
costs.D revaluation.
第11题
单选题
(1分) Price stickiness refers to():
A slow
movements in prices.B the
sticker price for big-ticket items.C the
price of oil.D the
price of a Big Mac across countries.
第12题
单选题
(1分) According to the long-run monetary model, we can rearrange terms in the money demand/supply in our long-run relationship to show that when the nominal supply of money is increased, ceteris paribus():
A the
demand for money is decreased.B the
price level is increased.C real
income is increased.D the
price level is decreased.
第13题
单选题
(1分) If there is an increase in the money supply in the United States, using the monetary model of the exchange rate, one would predict that the U.S. dollar :下载视频
A become
stronger.B appreciate
in the short run, but not in the long run.C depreciate.D depreciate
in the short run, but not in the long run.
第14题
单选题
(1分) Under the monetary approach to exchange rates, if both real money demand and money supply are greater at home than in foreign markets, then the exchange rate should be():
A greater
than one.B equal
to one.C less
than one.D There
is not enough information provided to answer the question.
第15题
单选题
(1分) If inflation in the United States is 4% per year and in the United Kingdom it is 8% per year, and interest rate in the United Kingdom is 6%, then the Fisher effect predicts that the interest rate in the United States is():
A 2%.B 4%.C 6%.D 8%.
Chapter 4
第1题
单选题
(1分) Explaining exchange rate behavior in the long run assumes that changes in price levels and real interest rates affect nominal exchange rates so that interest parity and PPP hold. Short-run deviations from PPP may be explained by an alternative theory called the():
A relative
PPP approach.B asset
approach to exchange rate determination.C long-run
equilibrium approach.D law
of one price.
第2题
单选题
(1分) If the U.S. interest rate is 5% and the interest rate in Germany is 2%, and the euro is expected to appreciate by 2% over the next year, then investors would():
A sell
dollars in the spot market.B buy
euros.C seek
to invest in the United States.D seek
to invest in Germany.
第3题
单选题
(1分) If UIP holds, the interest rate at home is 4%, and the exchange rate is expected to depreciate by 3%, then the foreign interest rate is():
A 1%.B 3%.C 7%.D 12%.
第4题
单选题
(1分) If the U.S. interest rate is 9% and the Eurozone interest rate is 5%, then in the short run we would expect():
A the
dollar to appreciate.B the
dollar to depreciate.C the
euro to appreciate.D There
is no change in the exchange rate.
第5题
单选题
(1分) An increase in real income _____ the demand for real money balances and thereby causes a ____ in the nominal rate of interest.
A lowers;
riseB lowers;
fallC raises;
riseD raises;
fall
第6题
单选题
(1分) In the short run, ceteris paribus, an expanded money supply leads to():
A a
higher nominal interest rate.B no
change in the nominal interest rate.C a
lower nominal interest rate.D an
increase in the exchange rate.
第7题
单选题
(1分) The returns from the home country and foreign country capital markets are equalized if():
A the
home country interest rates are higher.B the
foreign country interest rates are higher.C the
foreign country has a higher price level.D both
countries have no capital controls.
第8题
单选题
(1分) A short-run depreciation of the British pound would be consistent with():
A a
temporary fall in the British money supply.B a
temporary fall in the European money supply.C a
temporary rise in the European money supply.D either
a temporary fall in the British money supply or a temporary rise in
the European money supply.
第9题
单选题
(1分) To arrive at a complete theory of exchange rate determination, we use():
A the
short-run monetary approach, the long-run monetary approach, and a
good dose of common sense.B the
short-run asset approach, the long-run monetary approach, and real
interest parity.C real-world
phenomena such as sticky prices, government inefficiency, and
imperfect markets.D information
on financial markets, political realities, and the large government
debt.
第10题
单选题
(1分) The asset approach basically looks at ____ as the fundamental variable affecting _____ exchange rates.
A interest
rates; short-runB interest
rates; long-runC the
price level; short-runD the
price level; long-run
第11题
单选题
(1分) The monetary approach basically looks at ____ as the fundamental variable affecting _____ exchange rates.
A interest
rates; short-runB interest
rates; long-runC the
price level; short-runD the
price level; long-run
第12题
单选题
(1分) In the short run, the nominal interest rate is affected by changes in the money supply perceived to be temporary, but once ____ adjust(s., the nominal interest rate ____ in the long run.
A the
supply of money; risesB the
price level; will revert to its former levelC expectations
of interest rates; fallsD real
GDP; does not change
第13题
单选题
(1分) Overshooting is when exchange rates():
A adjust
more in the short run than they need to for long-run equilibrium.B adjust
less in the short run than they need to for long-run equilibrium.C are
unable to adjust because of fixed exchange rates.D adjust
at the same rate as prices.
第14题
单选题
(1分) Nominal anchors limit overshooting by():
A fixing
exchange rates.B distinguishing
between permanent and temporary changes.C slowing
down expectations formation.D limiting
temporary changes to exchange rates.
第15题
单选题
(1分) The trilemma refers to all the following, EXCEPT():
A a
fixed exchange rate.B international
capital mobility.C monetary
policy autonomy.D price
controls.
chapter 5
第1题
单选题
(1分) A
firm in one nation may purchase factor services from another nation.
Payments for these services to the factors of production are called(): A service
income payments.B net
income.C gross
income.D wage
and salary income.
第2题
单选题
(1分)
Summaries of international flows of goods and assets are recorded in
a nation’s (): A national
income and product accounts.B balances
with the IMF.C balance
of payments accounts.D balance
on international indebtedness.
第3题
单选题
(1分)
Asset exports occur when domestic entities (): A save
internationally by purchasing foreign assets.B borrow
internationally by selling assets to foreigners.C increase
savings and decrease spending both domestically and internationally.D decrease
savings and increase spending on foreign goods.
第4题
单选题
(1分) Whenever
there is a deficit in the current account GNDI is():
A equal
to GNE.B greater
than GNE.C less
than GNE.D equal
to GNE only if there is no domestic investment spending.
第5题
单选题
(1分) Whenever
the balance on the current account is negative, it indicates that ():
A the
trade deficit is shrinking.B total
spending (GNE) in the economy is greater than income and is financed
by borrowing from abroad.C domestic
investment cannot be carried out because of a shortage of savings.D domestic
investment is decreasing.
第6题
单选题
(1分)
The financial account records international transactions involving (): A high-value
items, such as luxury autos, fine art, and jewelry.B financial
assets and “real” assets, including property and
structures.C corporate
assets such as equipment, machinery, and other forms of capital.D goods
and services sold on credit.
第7题
单选题
(1分) Developing
nations may have a rather large capital account surplus compared with
developed nations because of ():
A excessive
borrowing.B low
GDP per capita.C rapid
expansion of the economy.D nonmarket
debt forgiveness.
第8题
多选题
(1分) Which of the following would cause a financial account (FA) surplus
?下载视频
A the sale of heavy trucks used in construction by a domestic seller to a foreign buyerB the purchase of stock in a U.S. corporation by a U.S. buyerC the purchase of stock in a U.S. corporation by a foreign buyerD the sale of stock in a U.S. corporation held by a foreign owner to a domestic buyer
第9题
单选题
(1分)
When a domestic investor buys a foreign asset, the financial account(): A rises.B stays
the same.C falls.D Not
enough information is provided to answer the question.
第10题
单选题
(1分) If George purchases shoes from a Japanese firm for 100,andpaysforthembyborrowing100 on his Japanese credit card, the two accounts that are affected are
:下载视频
A imports of goods with a minus (debit) and exports of goods with a plus (credit).下载视频
B imports of goods with a minus (debit) and exports of financial assets with a plus (credit)下载视频
C exports of goods with a minus (debit) and imports of financial assets with a plus (credit)下载视频
D exports of goods with a plus (credit) and imports of financial assets with a minus (debit).
第11题
单选题
(1分)
Suppose that a Japanese investor buys a Korean stock with cash. For
Korea, this counts as a (): A current
account credit, current account debit.B financial
account debit, financial account credit.C capital
account debit, capital account credit.D financial
account debit, current account debit.
第12题
单选题
(1分)
A nation’s external wealth is defined as (): A rest
of the world (ROW) assets owned by the home nation minus home assets
owned by foreigners.B home
assets owned by foreigners minus ROW assets owned by the home nation.C home
assets owned by foreigners plus ROW assets owned by the home nation.D home
assets owned by foreigners, minus home assets owned by domestic
entities, minus liabilities owned by domestic entities.
第13题
单选题
(1分)
A change in a nation’s external wealth consists of two parts(): A a
change in GDP plus the change in income.B financial
flows plus valuation effects.C an
increase in liabilities to the rest of the world matched equally by
an increase of external assets.D debits
and credits.
第14题
单选题
(1分) current account deficit will also ( )下载视频
A be a net importer of assets下载视频
B be a net exporter of assets下载视频
C suffer a lack of capital resources下载视频
D increase its external wealth下载视频
第15题
单选题
(1分)
The three balances that determine the current account balance are(): A the
external balance, the internal balance, and the global balance.B the
trade balance, the balance on income from factor services, and the
balance on net unilateral transfers.C the
credit balance, the debit balance, and the balance of external
indebtedness.D the
balance on investment, the balance on asset transfers, and the
balance on forgiveness of debt.
chapter 6
第1题
单选题
(1分)
When a disaster destroys a family’s home, the family can make use of
all the following solutions, EXCEPT: ( ) A accept gifts or donations from friends.B accept gifts or donations from charitable organizations.C apply for a loan or seek insurance payouts.D take over the next undamaged property in the vicinity.
第2题
单选题
(1分)
A nation’s use of international capital markets enables it to do all
of the following, EXCEPT: (
) A provide for a higher level of national defense.B smooth consumption over time.C build a productive national capital stock.D reduce risk through diversification.
第3题
单选题
(1分) The two-period budget constraint tells us: (
) .下载视频
A a creditor country can afford future deficits “on average.” .下载视频
B a creditor country cannot afford future deficits “on average.” 下载视频
C a debtor country cannot afford future deficits “on average.” 下载视频
D a debtor country can afford future deficits “on average.”下载视频
第4题
单选题
(1分)
If you prefer to smooth consumption, which of the following would you
prefer? ( ) A 100ofconsumptiontodayand50 of consumption tomorrowB 75ofconsumptiontodayand75 of consumption tomorrowC 50ofconsumptiontodayand100 of consumption tomorrowD You
would be indifferent between all of these.
第5题
单选题
(1分) If,
in an open economy with a real world interest rate of 5%, an output
shock (decline) of 21% occurs followed by a recovery the next year: (
)下载视频
A no consumption smoothing is possible.B the nation can borrow 20% of GDP in the first year and repay 1% of
GDP each year in perpetuity resulting in consumption smoothing.C then no borrowing is possible because of the possibility of exceeding
the long-run budget constraint.D the economy would have to forswear all international trade and
financial flows.
第6题
单选题
(1分)
In a closed economy, what happens to the present value of GDP
(discounted at 5%) following an output shock () of 21%
recovered the following year? (
) A There is a permanent drop of 1% in the present value of GDP.B There is no long-run effect on present value.C There is a 1-year drop of 1% in GDP the first year followed by full
recovery.D There is a downward spiral in real GDP resulting in a permanent drop
of 21%.
第7题
单选题
(1分) Rather
than cut consumption during any year to make a productive investment,
an open-economy nation that chooses to finance investment and
preserve consumption during the first year: ( )
A is
always worse off.B is
better off if the return is greater than the rate of interest.C must
repay the investment 10 times over because of compounding.D is
subject to criticism for policies that favor rich investors.
第8题
单选题
(1分)
A closed economy that considers an investment opportunity capable of
raising production in future years will: (
) A raise
consumption in the present but not in the future.B have
to rely on funding by government.C need
to cut consumption by the amount of the investment in the first year
to achieve greater consumption in the future.D need
to cut back on other profitable investment opportunities.
第9题
单选题
(1分) In
an open economy, investment can be funded externally, possibly
leading to: (
)
A very
unstable consumer spending, which may lead to recession.B unsustainable
debt.C foreign
control of domestic corporations.D a
simultaneous increase in income and smooth consumption, with
adherence to the long-run budget constraint.
第10题
单选题
(1分) If Mexico has 8% of capital per labor of the U.S. level, it is likely that under the simple model, (
)
下载视频
A capital will flow into the United States because it has more capital.
下载视频
B Mexico will never achieve the capital–labor ratio of the United States.
下载视频
C U.S.
capital per labor will decline to the level of Mexico.D capital
will flow into Mexico because the MPK of capital is higher in Mexico.
第11题
单选题
(1分) The
production function may have the same marginal products, yet the
production constant term, A,
may differ. Today, most economists believe this is caused by: (
)
A differences
in technology.B differences
in social efficiency of production (factors affecting production,
such as policies, work ethic, education, institutional
infrastructure, or cultural differences).C corruption
and a poor regulatory climate.D gender
bias.
第12题
单选题
(1分) A
major factor affecting investment opportunities in rich versus poor
nations, aside from the productivity of capital is: ( )
A population
growth.B risk
factors that threaten investment.C government
meddling in the affairs of business.D tax
burdens on wealthy individuals.
第13题
单选题
(1分) Nations
can lower risk via asset diversification. How do nations engage in
diversification? ( )
A by
investors relying on mutual funds instead of choosing their own
stocksB by
directing some investment activities abroad and some domesticallyC by
buying private insurance against devaluationD by
restricting all investment toward domestic capital
第14题
单选题
(1分) Two
nations each own 50% of the capital of the other nation
(). What is the situation when labor composes more
than 50% of available resources? (
)
A In
order to achieve perfect diversification, labor must move from one
nation to the other.B No
gain will occur from the diversification.C The
risk from economic shock will be eliminated by the diversification of
assets.D Some
risk from economic shocks can be eliminated, but not all.
第15题
单选题
(1分) Risk
sharing through asset trade internationally is limited because: (
) A not
all capital assets can be traded internationally, and the number of
assets is comparatively small.B laws
prohibit many kinds of international investment.C returns
on international assets are usually lower.D there
is a larger risk of currency devaluation.
chapter 7
第1题
单选题
(1分)
The assumption of short-run price stickiness implies: ( ) A that
we must adjust nominal quantities for changes in inflation.B that
we must always allow for unexpected inflation.C that
expected inflation is zero and nominal quantities are the same as
real.D a
balanced budget.
第2题
单选题
(1分)
When the expected real rate of interest declines, ceteris
paribus,
we expect: ( ) A more investment projects will be undertaken.B lenders will need to lower their average default rate to maintain
their profit margins.C firms will borrow less and cut back on their investment projects.D individuals will steer clear of equity markets.
第3题
单选题
(1分)
When income levels in the home nation increase, what is the effect on
the home TB? ( ) A It decreases because of expenditure switching.B It decreases because of an increase in imports.C It increases because of an increase in exports.D It increases because of expenditure switching.
第4题
单选题
(1分) Aggregate
supply is the same thing as: ( )
A total
national spending.B total
domestic production.C aggregate
demand.D a
supply shock.
第5题
单选题
(1分) The
goods market adjusts to an equilibrium right at the point of the
Keynesian cross. Why? ( ) A At
that point, the Keynesian theory of sticky prices is correct.B At
only that point, total spending is equal to total production.C At
only that point, consumers are fully satisfied and firms have
maximized profits.D At
only that point, the unemployment rate is zero and workers need not
seek higher wages.
第6题
单选题
(1分) Every
point on an open-economy IS curve represents: ( )
A combinations
of interest rates and the supply of money, which result in
equilibrium in the money market.B combinations
of interest rates and levels of production, which result in
equilibrium in the goods market.C combinations
of interest rates and levels of production, which result in
equilibrium in the money market, the goods market, and the forex
market.D combinations
of interest rates and levels of production, which result in
equilibrium in the goods market and the forex market.
第7题
单选题
(1分) At
some rate of interest, i,
domestic demand is equal to output, and at some exchange rate, the
domestic return is equivalent to the foreign return. This must be one
point on: ( )
A the
IS curve.B the
aggregate expenditure line.C the
supply curve.D the
LM curve.
第8题
单选题
(1分) Considering
only the goods and forex markets, as the economy adjusts to lower
rates of interest and equilibrium is restored, the level of GDP will:
( )
A fall.B rise.C become
unstable.D decline
very gradually.
第9题
单选题
(1分) A
set of combinations of nominal interest rates and GDP, for which the
demand for money is equal to the supply of money, is the: ( )
A IS
curve.B aggregate
expenditure line.C supply
curve.D LM
curve.
第10题
单选题
(1分) If
the supply of money increases, what happens in the IS–LM
framework? ( )
A The
IS curve shifts right.B The
LM curve shifts right.C The
IS curve shifts left.D The
LM curve shifts left.
第11题
单选题
(1分) Consider
the IS–LM curves for an economy with flexible exchange rates.
An increase in the foreign income will result in the: ( ) A LM
curve shifting to the right.B IS
curve shifting to the right.C LM
curve shifting to the left.D IS
curve shifting to the left.
第12题
单选题
(1分)
When exchange rates are fixed, a temporary expansion in the money
supply will: ( ) A increase
output.B leave
output unchanged.C lower
output.D increase
the exchange rate.
第13题
单选题
(1分) Crowding
out occurs because expansionary fiscal policy: ( )
A appreciates
the exchange rate.B lowers
foreign income.
Clowers
the interest rate.C increases
net exports.
第14题
单选题
(1分) The
time gap between a nation’s decision to implement a corrective
economic policy and the actual results of the policy is known as the:
( )
A inside
lag.B inside
lapse.C outside
lag.D outside
lapse.
第15题
单选题
(1分) When
the interest rate is so low that the opportunity cost of holding
money is zero, then economists say we have reached: ( )
A the
era of total liquidity.B the
zero lower bound situation, which means theC full
monetary saturation.D a
situation in which a nation must use caution, since monetary policy
is “super” effective.E S. economy may be in a
liquidity trap.
chapter 8
第1题
多选题
(2分) Traditionally, nations
pegged their currencies to _______, and so trade was accomplished
with _______ exchange rates. The answer is()
A the pound sterling;
floatingB gold; fixedC theD silver; fixedE S. dollar; floating
第2题
多选题
(2分) The gold standard system
was:()
A a floating exchange rate
system.B a fixed exchange rate
system, in which the country’s currency was fixed relative to a pound
of gold.C a fixed exchange rate
system, in which the country’s currency was fixed relative to an
ounce of gold.D only used by the United
States.
第3题
多选题
(2分) The Exchange Rate Mechanism
() was:()
A an attempt to bring all
countries under a fixed exchange rate system.B a fixed exchange rate
system in Europe, with the Deutsche Mark as the anchor currency.C a fixed exchange rate
system in Europe, with the British pound as the anchor currency.D a fixed exchange rate
system in use in the 1960s.
第4题
多选题
(2分) Suppose that Canada decides
to peg its dollar (C,ortheloonie)totheU.S.dollaratanexchangerateofC1 = $US1. What will happen to Canadian interest
rates as a result of the leftward shift of the U.S. IS curve? The
answer is()
A They will rise.B They will fall.C They will not change.D The IS curve will show an
increase.
第5题
多选题
(2分) Reunification of East and
West Germany created()sequence of
events? A IV, I, III, IB III, II, I, IVC I, II, III, IVD IV, III, II, IE an increase in German rates
of interest
II. a boom in German output
and a shift to the right of the German IS curve
III. large reunification costs
financed by increased government spending
IV. an increase in rates of
interest in ERM nations
第6题
多选题
(2分) Economic integration refers
to the growth of market linkages in()
A goods only.B labor.C capital and labor only.D goods, capital, and labor.
第7题
多选题
(2分) Suppose that the United
Kingdom pegs the pound to the euro and the European Central Bank
decides to use monetary policy to offset the possible inflationary
effects of European expansionary fiscal policy. How would the
European Central Bank’s monetary policy affect European interest
rates? () A They would rise.B They would fall.C The combination of the
expansionary fiscal policy and the monetary policy would cause
interest rates to return to their level prior to the expansionary
fiscal policy.D The combination of the
expansionary fiscal policy and the monetary policy would not affect
interest rates.
第8题
多选题
(2分) Which of the following
statements is correct?()
A I onlyB II onlyC III onlyD I, II, and IIIE The ERM used the Deutsche
Mark as the base or center currency.
II. The ERM allowed the
Italian central bank autonomy over its policies.
III. The ERM allowed the
Bundesbank monetary autonomy.
第9题
多选题
(2分) If the money supply is
2000, the price level is 20, and the inflation rate is 50%, what is
the amount of seigniorage?()
A 100B 50C 10D 5
第10题
多选题
(2分) If the amount of
seigniorage is 50, the monetary supply is 1000, and the price level
is 20, what is the inflation rate?()
A 10%B 50%C 100%D 200%
第11题
多选题
(2分) One might expect the
interest rate correlation between nonpegs and closed economies with
the base currency to be ____, but because of other circumstances,
there may be a ____ correlation. The answer is ()
A negative; positiveB positive; negativeC zero; positiveD negative; zero
第12题
多选题
(2分) If there is a center
country to which other nations peg under a noncooperative
arrangement, which nation() have monetary policy authority?()
A noneB allC industrialized nations onlyD the center nation only
第13题
多选题
(2分) In a system in which there
is an administered exchange rate, what is the term used when the
government sets the rate higher to buy fewer units of foreign
currency?()
A a revaluationB an appreciationC a depreciationD a devaluation
第14题
多选题
(2分) What best describes what
makes a cooperative fixed exchange rate system work? The answer is()
A There are too many cooks in
the kitchen.B Take all you can get.C You scratch my back, I’ll
scratch yours.D Curiosity killed the cat.
第15题
单选题
(1分) Under a gold standard, as trade takes place, the importing nation experiences a ________ and a(n) _________ in its money supply, while the exporting nation the experiences the opposite. The answer is
下载视频
A gold outflow; contraction下载视频
B gold inflow; expansion下载视频
C gold outflow; expansion下载视频
D gold inflow; contraction下载视频
chapter 9
第1题
单选题
(1分) One economic cost of an exchange rate crisis is:
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A a decrease in the rate of inflation.下载视频
B an increase in exports.下载视频
C a slowing in a country’s rate of economic growth下载视频
D an increase in employment.下载视频
第2题
单选题
(1分) Which of the following occurs during a banking crisis?
A Banks close or declare bankruptcy.B A government is unable to pay principal or interest on debt owed to banks.C No one wants to borrow from banks.D A country’s central bank runs out of reserve currencies.
第3题
单选题
(1分) Why might a default crisis be associated with an exchange rate crisis?
A A large depreciation causes a sudden decrease in the local currency value of international debts denominated in other currencies.B A government is unable to pay principal or interest on debt owed to banks.C A large depreciation causes a sudden increase in the local currency value of international debts denominated in other currencies.D Banks close or declare bankruptcy.
第4题
单选题
(1分) Typically, an exchange rate crisis can be caused by:
A a government default on debt.B a banking crisis, triggered by adverse shocks.C sudden infusion of credit into the economy.D a government default on debt and a banking crisis, triggered by adverse shocks.
第5题
单选题
(1分) If the central bank holds no foreign currency reserves, the nation’s exchange rate is:
A a large and sudden depreciation of the currencyB economic hardships.C political turmoil.D a sharp appreciation of the currency.
第6题
单选题
(1分) Nation experiencing financial difficulties often has simultaneous crises. Which of the following is NOT typically concurrent for such nations?
A a banking crisisB a default crisisC an exchange rate crisisD a climate crisis
第7题
单选题
(1分) Countries accumulate foreign currency reserves for all of the following reasons, EXCEPT:
A to achieve a higher backing ratio.B to safeguard against future shortfalls in foreign capital.C to safeguard against a domestic banking crisisD to improve the stature of the country in the WTO
第8题
单选题
(1分) The effect of continued government deficit includes all of the following, EXCEPT a(n): A decrease in reservesB increase in interest rates.C decrease in inflationD rapid increase in domestic credit.
第9题
单选题
(1分) general, whenever the costs of pegging outweigh the benefits of a non-credible peg, the government will always:
A depreciate.B pegC make temporary fixed rates permanent.D sell more government bonds
第10题
单选题
(1分) Anticipating the outcome of a peg, economists believe the stable condition is a situation in which combinations of investor beliefs and government actions coincide. Such a condition is called:
A exchange rate harmony.B firm peg.C a contingent pegD a self-confirming equilibrium.
第11题
单选题
(1分) The hypothesis that intermediate regimes or a lack of full commitment to a peg will eventually destroy it results in nations choosing the extremes of peg or float. This hypothesis is known as:
A the trilemma of floating.B the corners hypothesisC the soft peg dilemma.D the temporary contradiction
第12题
单选题
(1分) The behavior of prices and exchange rates at the time of the crisis will:
A increase in a predictable, smooth manner.B exhibit erratic jumps upward.C show an underlying stability.D decrease at first before finding a new equilibrium.
第13题
单选题
(1分) Nations that depend on money creation from the central bank because they cannot borrow to fund deficits are in a situation that economists call:
A fiscal dominance.B fiscal inadequacy.C monetary insufficiency.D fiscal insufficiency.
chapter 10
第1题
单选题
(1分)
The idea of a currency union was initially proposed by (): A John
Maynard Keynes.B Paul
Samuelson.C Robert
Mundell.D Alan
Greenspan.
第2题
单选题
(1分)
A currency union is (): A a
trade agreement between countries.B a
customs union between countries.C when
countries abandon their domestic currency and adopt a common
currency.D a
free trade area.
第3题
单选题
(1分)
The European Monetary Union was formed in 1992 to explore issues
regarding currency union under the()treaty. A VersaillesB VersaillesC BerlinD Maastricht
第4题
单选题
(1分)
Adopting a common currency implies all of the following, EXCEPT that(): A each
region will lose its monetary autonomy.B a
common interest rate will be set.C each
region will retain its monetary authority.D a
common monetary policy will be set by the central bank.
第5题
单选题
(1分)
Economic benefits to nations in a currency union will be larger
whenever (): A the
volume of transactions between the nations is larger and there is a
greater degree of economic integration.B the
volume of transactions is smaller but there is a greater degree of
economic integration.C trade
and financial flows between the nations are erratic.D financial
integration is lower but cultural integration is higher.
第6题
单选题
(1分)
Although Denmark currently pegs its krona to the euro successfully,
it has not joined the currency union. All of the following are
reasons, EXCEPT (): A with
a peg, the Danish monetary authority has the option to exercise
control over the exchange rate in the future if needed.B Denmark
has an additional option to abandon its peg to the euro if required
to maintain stability.C Denmark
has the option to conduct monetary policy if it chooses.D if
Denmark gave up its krona and adopted the euro, it could always
easily go back to the krona if needed to preserve monetary autonomy.
第7题
单选题
(1分)
The economic costs of forming a currency union will be lower whenever(): A labor
market integration is lower.B labor
market integration is higher.C labor
markets are not integrated.D wage
rigidities are present.
第8题
单选题
(1分)
The collapse of the Bretton Woods system of fixed exchange rates
during the 1970s prompted the EC to establish its own system. It was
called the (): A Marshall
Plan.B European
Currency Union (ECU).C European
Monetary System (EMS).D lend-lease
plan.
第9题
单选题
(1分)
The primary objective of the ECB is to (): A promote
economic growth.B promote
full employment.C foster
an equitable distribution of income.D maintain
price stability.
第10题
单选题
(1分)
Euro-optimists believe that the Eurozone has been successful because(): A it
has not collapsed since its inception.B the
euro is becoming a reserve currency for foreign central banks.C European
inflation has fallen to 10% annually.D there
are no exit mechanisms for countries to leave the Eurozone.
第11题
单选题
(1分)
Euro-pessimists have argued that the euro is not successful, based on
all of the following, EXCEPT (): A linguistic
barriers make labor migration difficult.B Maastricht
Treaty rules have been largely abandoned.C the
deficit surveillance program has been a success.D the
lack of political support.
第12题
单选题
(1分)
The Stability and Growth Pact () was a failure because of all of
the following reasons, EXCEPT (): A surveillance
failure.B weak
punishment.C once
countries joined the Eurozone, enforcement of rules was impossible.D consultations
between the Federal Reserve and the ECB broke down.
第13题
单选题
(1分)
The Stability and Growth Pact () adopted in 1997 addressed
concerns related to the (): A tendency
of nations to let their fiscal discipline promises slip once they had
attained Eurozone member status.B micromanagement
tendency of the ECB toward its members.C loss
of political power of the European Parliament.D tendency
of nations to revert to using their own national currencies.
第14题
单选题
(1分)
Shortly after it was established, the Eurozone found that it needed
greater power to monitor and enforce discipline upon its members. In
particular, which one of the convergence criteria needed closer
monitoring ()? A no
devaluation of a country’s exchange rateB an
inflation rate no more than 1.5 percentage points higher than that in
the three member countries with the lowest rates of inflationC a
government deficit of no more than 3% of GDPD a
long-term interest rate no more than 2 percentage points higher than
in the three member countries with the lowest rates of inflation
第15题
单选题
(1分) To satisfy the admission
criteria to the European Union, a country must meet all of the
following, EXCEPT():
A maintain
an inflation that is equal to the average of the three lowest rates.B maintain
long-term interest rates equal to that of the three countries with
the lowest inflation rates.C maintain
a pegged exchange rate, without any revision for two years.D cut
down taxes to the lowest possible level.
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