单选
1、A high home inflation rate relative to other countries would the home country’s current account balance, other things equal. A high growth in the home income level relative to other countries would the home countries current account balance, other things equal.（ C ）
A、increase; increase B、increase; decrease
C、decrease; decrease D、appreciatesdecrease; increase
2、An increase in the current account deficit will place pressure on the home currency value, other things equal. （ B ）
A、upward B、downward C、no D、upward or downward
3、The “J curve” effect describes （ B ）
A、the continuous long-term inverse relationship between a country’s current account balance and the country’s growth in gross national product.
B、the short run tendency for a country’s balance of trade to deteriorate even while its currency is depreciating.
C、the tendency for exporters to initially reduce the price of goods when their own currency appreciates.
D、the reaction of a country’s currency to initially depreciate after the country’s inflation rate declines.
4、 Assume that a bank’s bid rate on Swiss francs is $0.45 and its ask rate is $0.47. Its bid-ask percentage spread is . （ B ）
A、about 4.44% B、about 4.26% C、about 4.03% D、about 4.17%
5、Assume the spot rate of a currency is $0.37 and the 90-day forward rate is $0.36 .The forward rate of this currency exhibits a of on an annualized basis.（D ）。
A、discount; 11.11% B、premium; 11.11%
C、premium; 10.810分1% D、discount; 10.81%
6、If a US firm desires to avoid the risk from exchange rate fluctuations, and it is receiving 100,000 marks in 90 days, it could . ( A )
A、obtain a 90-day forward sale contract on marks.
B、obtain a 90-day forward purchase contract on marks.
C、purchase marks 90 days from now at spot rate.
D、sell marks 90 days from now at the spot rate.
7、A large increase in the income level in France along with no growth in the U.S. income level is normally expected to cause (assuming no change in interest rates or other factors) a(n) in French demand for U.S. goods, and the French franc should .（A）
A、increase; depreciate B、increase; appreciate
C、depreciate; depreciate D、depreciate; appreciate
8、If U.S. inflation suddenly increased while German inflation stayed the same , there would be .（ D ）
A、an increased US demand for marks and an increased supply of marks for sale
B、a decreased US demand for marks and an increased supply of marks for sale
C、a decreased US demand for marks and an decreased supply of marks for sale
D、an increased US demand for marks and an decreased supply of marks for sale
9、Under a managed float exchange rate system, the Fed may attempt to stimulate the US economy by the dollar. Such an adjustment in the dollar’s value should the US demand for products produced by major foreign countries.（B）
A、weakening; increase B、weakening; decrease
C、strengthening; increase D、strengthening; decrease
10、Assume transaction costs are zero. If the 180-day forward rate is an accurate estimate of the spot rate 180 days from now, then the real cost of hedging receivables will be (D)
A、positive B、negative C、uncertain D、zero
1、Purchasing power parity is based on the law of one price. （ √ ）
2、Lowering interest rates is an example of direct intervention in foreign exchange markets.
（× ）
3、Investing directly in foreign stocks is an example of foreign direct investment. （× ）
4、If interest rate parity exists, then covered interest arbitrage is not feasible. （ √ ）
5、BOP statement records the economic transactions that take place between residents and non-residents of a country. （ √ ）
6、When ︳ex+ em ︳＞ 1, to depreciate home currency is favorable to the exportation. of home country. （ √ ）
7、In reality there is always a conflict between domestic and external equilibrium. （√）
8、BOP statement is divided into two parts, they are export and import balance. （× ）
9、When USD depreciates 10% relative to CNY, CNY appreciates 10% relative to USD. （×）
10、Countries with relatively low interest rates can expect to get capital inflows . （× ）
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