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Single-choice（單項(xiàng)選擇）、True/False（判斷），Essay（簡(jiǎn)短作答題）Chapter2:

PaymentsamongNations

Single-ChoiceQuestions

1.

Acountry?sbalanceofpaymentsrecords:b

a.Thevalueofallexportsofgoodsandservicesfromthatcountryforaperiodoftime.b.Allflowsofvaluebetweenthatcountry?sresidentsandresidentsoftherestofthe

worldduringaperiodoftime.

c.Allflowsoffinancialassetsthatcrossthatcountry?sbordersduringaperiodoftime.d.Allflowsofgoodsintothatcountryduringaperiodoftime.

Acredititeminthebalanceofpaymentsis:a

a.Anitemforwhichthecountrymustbepaid.b.Anitemforwhichthecountrymustpay.c.Anyimporteditem.

d.Anitemthatcreatesamonetaryclaimowedtoaforeigner.

Everyinternationalexchangeofvalueisenteredintothebalance-of-paymentsaccounts__________time(s).b

a.1b.2c.3d.4

Adebititeminthebalanceofpaymentsis:b

a.Anitemforwhichthecountrymustbepaid.b.Anitemforwhichthecountrymustpay.c.Anyexporteditem.

d.Anitemthatcreatesamonetaryclaimonaforeigner.

2.

3.

4.

5.Inanation'sbalanceofpayments,whichoneofthefollowingitemsisalwaysrecordedasapositiveentry?d

a.Changesinforeigncurrencyreserves.b.Importsofgoodsandservices.

c.Militaryforeignaidsuppliedtoalliednations.d.Purchasesbyforeigntravelersvisitingthecountry.

6.Thesumofallofthedebititemsinthebalanceofpayments:b

a.Equalstheoverallbalance.

b.Equalsthesumofallcredititems.c.Equals?compensating?transactions.

d.Equalsthesumofcredititemsminuserrorsandomissions.

7.WhichofthefollowingcapitaltransactionsareenteredasdebitsintheU.S.balanceofpayments?b

a.AU.S.residenttransfers$100fromhisaccountatCreditSuisseinBasel(Switzerland)

tohisaccountataSanFranciscobranchofWellsFargoBank.

b.AFrenchresidenttransfers$100fromhisaccountatWellsFargoBankinSan

FranciscotohisCreditSuisseaccountinBasel.

c.AU.S.residentsellshisIBMstocktoaFrenchresident.

d.AU.S.residentsellshisCreditSuissestocktoaFrenchresident.

8.Anincreaseinanation'sfinancialliabilitiestoforeignresidentsisa:c

a.Reserveinflow.b.Reserveoutflow.c.Capitalinflow.d.Capitaloutflow.

9.__________aremoney-likeassetsthatareheldbygovernmentsandthatarerecognizedbygovernmentsasfullyacceptableforpaymentsbetweenthem.a

a.Officialinternationalreserveassetsb.Unofficialinternationalreserveassetsc.Officialdomesticreserveassetsd.Unofficialdomesticreserveassets

10.Whichofthefollowingisconsideredacapitalinflow?a

a.AsaleofU.S.financialassetstoaforeignbuyer.b.AloanfromaU.S.banktoaforeignborrower.

c.ApurchaseofforeignfinancialassetsbyaU.S.buyer.d.AU.S.citizen?srepaymentofaloanfromaforeignbank.

11.Inacountry?sbalanceofpayments,whichofthefollowingtransactionsaredebits?a

a.Domesticbankbalancesownedbyforeignersaredecreased.

b.Foreignbankbalancesownedbydomesticresidentsaredecreased.c.Assetsownedbydomesticresidentsaresoldtononresidents.d.Securitiesaresoldbydomesticresidentstononresidents.

12.Theroleof__________istodirectonenation?ssavingsintoanothernation?sinvestments:d

a.Merchandisetradeflowsb.Servicesflows

c.Currentaccountflowsd.Capitalflows

13.Thenetvalueofflowsofgoods,services,income,andunilateraltransfersiscalledthe:b

a.Capitalaccount.b.Currentaccount.c.Tradebalance.

d.Officialreservebalance.

14.Thenetvalueofflowsoffinancialassetsandsimilarclaims(excludingofficialinternationalreserveassetflows)iscalledthe:a

a.Financialaccount.b.Currentaccount.c.Tradebalance.

d.Officialreservebalance.

15.ThefinancialaccountintheU.S.balanceofpaymentsincludes:b

a.Everythinginthecurrentaccount.

b.U.S.governmentpaymentstoothercountriesfortheuseofmilitarybases.c.ProfitsthatNissanofAmericasendsbacktoJapan.d.NewU.S.investmentsinforeigncountries.

16.AU.S.residentincreasingherholdingsofaforeignfinancialassetcausesa:d

a.CreditintheU.S.currentaccount.b.DebitintheU.S.currentaccount.c.CreditintheU.S.capitalaccount.d.DebitintheU.S.capitalaccount.

17.AforeignresidentincreasingherholdingsofaU.S.financialassetcausesa:c

a.CreditintheU.S.currentaccount.b.DebitintheU.S.currentaccount.c.CreditintheU.S.capitalaccount.d.DebitintheU.S.capitalaccount.

18.Adeficitinthecurrentaccount:a

a.Tendstocauseasurplusinthefinancialaccount.b.Tendstocauseadeficitinthefinancialaccount.

c.Hasnorelationshiptothefinancialaccount.

d.Istheresultofincreasingexportsanddecreasingimports.

19.InSeptember,2023,exportsofgoodsfromtheU.S.decreased$3.3billionto$73.4billion,andimportsofgoodsincreased$3.8billionto$144.5billion.Thisincreasedthedeficitin:c

a.Thebalanceofpayments.b.Thefinancialaccount.c.Thecurrentaccount.d.Unilateraltransfers.

20.WhichofthefollowingwouldcontributetoaU.S.currentaccountsurplus?b

a.TheUnitedStatesmakesaunilateraltariffreductiononimportedgoods.

b.TheUnitedStatescutsbackonAmericanmilitarypersonnelstationedinJapan.c.U.S.touriststravelinlargenumberstoAsia.

d.RussianvodkabecomesincreasinglypopularintheUnitedStates.

21.Whichofthefollowingtransactionsisrecordedinthefinancialaccount?a

a.FordmotorcompanybuildsanewplantinChina

b.AChinesebusinessmanimportsFordautomobilesfromtheUnitedStates.c.AU.S.touristspendsmoneyonatriptoChina.

d.TheNewYorkYankeesarepaid$10millionbytheChinesetoplayanexhibition

gameinBeijing,China.

22.IfaBritishbusinessbuysU.S.governmentsecurities,howwillthisbeenteredinthebalanceofpayments?c

a.Itwillappearinthetradeaccountasanimport.b.Itwillappearinthetradeaccountasanexport.

c.ItwillappearinthefinancialaccountasanincreaseinU.S.assetsheldbyforeigners.d.ItwillappearinthefinancialaccountasadecreaseinU.S.assetsheldbyforeigners.

23.Inthebalanceofpayments,thestatisticaldiscrepancyorerrortermisusedto:a

a.Ensurethatthesumofalldebitsmatchesthesumofallcredits.b.Ensurethatimportsequalthevalueofexports.

c.Obtainanaccurateaccountofabalance-of-paymentsdeficit.d.Obtainanaccurateaccountofabalance-of-paymentssurplus.

24.Officialreserveassetsare:b

a.Thegoldholdingsinthenation?scentralbank.

b.Moneylikeassetsthatareheldbygovernmentsandthatarerecognizedby

governmentsasfullyacceptableforpaymentsbetweenthem.

c.GovernmentT-billsandT-bonds.d.GovernmentholdingsofSDR?s

25.Whichofthefollowingconstitutesthelargestcomponentoftheworld?sinternationalreserveassets?d

a.Gold.

b.SpecialDrawingRights.c.IMFReservePositions.d.ForeignCurrencies.

26.Thenetaccumulationofforeignassetsminusforeignliabilitiesis:c

a.Netofficialreserves.b.Netdomesticinvestment.c.Netforeigninvestment.d.Netforeigndeficit.

27.Acountryexperiencingacurrentaccountsurplus:b

a.Needstoborrowinternationally.b.Isabletolendinternationally.

c.Mustalsohavehadasurplusinits\

d.Spentmorethanitearnedonitsmerchandiseandservicetrade,internationalincome

paymentsandreceiptsandinternationaltransfers.

28.The__________measuresthesumofthecurrentaccountbalanceplustheprivatecapitalaccountbalance.c

a.Officialcapitalbalanceb.Unofficialcapitalbalancec.Officialsettlementsbalanced.Unofficialsettlementsbalance

29.Iftheoverallbalanceisin__________,thereisanaccumulationofofficialreserveassetsbythecountryoradecreaseinforeignofficialreserveholdingsofthecountry'sassets.a

a.Surplusb.Deficitc.Balance

d.Foreignhands

30.WhichofthefollowingisthecurrentaccountbalanceNOTequalto?d

a.Thedifferencebetweendomesticproductanddomesticexpenditure.b.Thedifferencebetweennationalsavinganddomesticinvestment.

c.Netforeigninvestment.

d.Thedifferencebetweengovernmentsavingandgovernmentinvestment.

True/FalseQuestions

31.Capitalinflowsaredebitsandcapitaloutflowsarecredits.F

32.Thenetvalueoftheflowofgoods,services,income,andgiftsisthecurrentaccountbalance.T

33.Thenetflowoffinancialassetsandsimilarclaimsistheprivatecurrentaccountbalance.F

34.Themajorityofcountries'officialreservesassetsarenowforeignexchangeassets,financialassetsdenominatedinaforeigncurrencythatisreadilyacceptableininternationaltransactions.T

35.Acountry'sfinancialaccountbalanceequalsthecountry'snetforeigninvestment.F

36.Acountryhasacurrentaccountdeficitifitissavingmorethanitisinvestingdomestically.F

37.Theofficialsettlementsbalancemeasuresthesumofthecapitalaccountbalanceplusthepubliccurrentaccountbalance.F

38.Anation'sinternationalinvestmentpositionshowsitsstockofinternationalassetsandliabilitiesatamomentintime.T

39.Anationisaborrowerifitscurrentaccountisindeficitduringatimeperiod.T

40.Anationisadebtorifitsnetstockofforeignassetsispositive.F

41.AtransactionleadingtoaforeignresidentincreasingherholdingsofaU.S.financialassetwillberecordedasadebitontheU.S.financialaccount.F

42.Acredititemisanitemforwhichacountrymustpay.

F

43.Goldisamajorreserveassetthatiscurrentlyoftenusedinofficialreservetransactions.F

44.Thecurrentaccountbalanceisequaltothedifferencebetweendomesticproductandnationalexpenditure.T

45.In2023U.S.households,businessesandgovernmentwerebuyingmoregoodsandservicesthantheywereproducing.T

46.Youareprovidedwiththefollowinginformationaboutacountry'sinternationaltransactionsduringagivenyear:

ServiceexportsServiceimportsMerchandiseexportsMerchandiseimportsIncomeflows,netUnilateraltransfers,netIncreaseinthecountry抯holdingofforeignassets,net(excludingofficialreservesassets)Increaseinforeignholdingsofthecountry抯assets,net(excludingofficialreserveassets)Statisticaldiscrepancy,net$346$354$480$348$153$142$352$252$154

Calculatetheofficialsettlementsbalanceandthecurrentaccountbalance.

Isthecountryincreasingordecreasingitsnetholdingsofofficialreserveassets?Why?

CA余額:$346-354+480-348+153-142=$135；

官方結(jié)算余額:$346-354+480-348+153-142+252-352+154=$189；Changeinofficialreserveassets(net)=官方結(jié)算余額=$189.increasing.

Chapter3:

TheForeignExchangeMarket

Single-ChoiceQuestions

1.Foreignexchangeis:

a.Theactoftradingdifferentnations?monies.b.Theholdingsofforeigncurrency.

c.Theactofimportingforeigngoodsandservices.

d.Both(a)and(b)arecorrect.

2.IfthepriceofBritishpoundsintermsofU.S.dollarsis$1.80perpound,thenthepriceofU.S.dollarsintermsofBritishpoundsis:

a.1.80￡perdollar.b.0.555￡perdollar.c.0.90￡perdollar.d.3.60￡perdollar.

3.SupposetheexchangeratebetweentheJapaneseyenandtheU.S.dollaris100yenperdollar.AJapanesestereowithapriceof60,000yenwillcost:

a.$1,667b.$600c.$6,000d.$100

4.SupposethataKoreantelevisionsetthatcosts600woninKoreacosts$400intheUnitedStates.Thesepricessuggestthattheexchangeratebetweenthewonandthedollaris:

a.1.5wonperdollarb.0.75wonperdollarc.$1.50perwond.$3perwon

5.The__________exchangerateisthepricefor“immediate〞currencyexchange.

a.Currentb.Forwardc.Futured.Spot

6.The__________exchangerateisthepricesetnowforanexchangethatwilltakeplacesometimeinthefuture.

a.Currentb.Forwardc.Futurespotd.Spot

7.Theforeignexchangemarketis:

a.Asinglegatheringplacewheretradersshoutbuyandsellordersateachother.b.LocatedinNewYork.

c.Agrouping,byelectronicmeans,ofbanksandtraderswhoworkatbanksthat

conductforeignexchangetrades.d.LocatedinLondon.

8.__________foreignexchangetradinginvolvescurrencyexchangesdonebetweenindividualsandbanks.

a.Interbankb.Consumerc.Intra-bankd.Retail

9.TheU.S.dollariscalleda__________becauseitisoftenusedasanintermediarytoaccomplishtradingbetweentwoothercurrencies.

a.Vehiclecurrencyb.Maincurrencyc.Commoncurrencyd.Primarycurrency

10.SupposethattheexchangevalueoftheBritishpoundis$2perpoundwhiletheexchangevalueoftheSwissfrancis50centsperfranc.Fromthiswecanconcludethattheexchangeratebetweenthepoundandthefrancis:

a.1francperpoundb.2francsperpoundc.3francsperpoundd.4francsperpound

11.WhichofthefollowingisNOTafunctionoftheinterbankoperationsoftheforeignexchangemarket?

a.Providesabankwithacontinuousstreamofinformationonconditionsintheforeign

exchangemarket.

b.Providesabankthemeanstoreadjustitsownpositionquicklyandatlowcost.c.Permitsabanktotakeonapositioninaforeigncurrencyquickly.

d.Providesabankwithtechnologicalresourcesforuseinforeignexchangetrading.

12.Underthemanagedfloatsystemofexchangerates,afallinthemarketpriceofacurrencyiscalled:

a.Devaluation.b.De