國際金融期中作業(yè)

注：本次作業(yè)將根據(jù)正確率計算分?jǐn)?shù)，請大家務(wù)必認(rèn)真！

Single-choice（單選）、True/False（判斷）,Essay（簡短作答題）

Chapter2:

PaymentsamongNations

Single-ChoiceQuestions

1.Acountry'sbalanceofpaymentsrecords:b

a.Thevalueofallexportsofgoodsandservicesfromthatcountryforaperiodoftime.

b.Allflowsofvaluebetweenthatcountry'sresidentsandresidentsoftherestofthe

worldduringaperiodoftime.

c.Allflowsoffinancialassetsthatcrossthatcountry'sbordersduringaperiodoftime.

d.Allflowsofgoodsintothatcountryduringaperiodoftime.

2.Acredititeminthebalanceofpaymentsis:a

a.Anitemforwhichthecountrymustbepaid.

b.Anitemforwhichthecountrymustpay.

c.Anyimporteditem.

d.Anitemthatcreatesamonetaryclaimowedtoaforeigner.

3.Everyinternationalexchangeofvalueisenteredintothebalance-of-paymentsaccounts

_______time（s）.b

a.1

b.2

c.3

d.4

4.Adebititeminthebalanceofpaymentsis:b

a.Anitemforwhichthecountrymustbepaid.

b.Anitemforwhichthecountrymustpay.

c.Anyexporteditem.

d.Anitemthatcreatesamonetaryclaimonaforeigner.

5.Inanation*sbalanceofpayments,whichoneofthefollowingitemsisalwaysrecordedasa

positiveentry?d

a.Changesinforeigncurrencyreserves.

b.Importsofgoodsandservices.

c.Militaryforeignaidsuppliedtoalliednations.

d.Purchasesbyforeigntravelersvisitingthecountry.

6.Thesumofallofthedebititemsinthebalanceofpayments:b

a.Equalstheoverallbalance.

b.Equalsthesumofallcredititems.

c.Equals'compensating9transactions.

d.Equalsthesumofcredititemsminuserrorsandomissions.

7.WhichofthefollowingcapitaltransactionsareenteredasdebitsintheU.S.balanceof

payments?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-likeassetsthatareheldbygovernmentsandthatarerecognizedby

governmentsasfullyacceptableforpaymentsbetweenthem,a

a.Officialinternationalreserveassets

b.Unofficialinternationalreserveassets

c.Officialdomesticreserveassets

d.Unofficialdomesticreserveassets

10.Whichofthefollowingisconsideredacapitalinflow0!^.

a.AsaleofU.S.financialassetstoaforeignbuyer.

b.AloanfromaU.S.banktoaforeignborrower.

c.ApurchaseofforeignfinancialassetsbyaU.S.buyer.

d.AU.S.citizen'srepaymentofaloanfromaforeignbank.

11.Inacountry'sbalanceofpayments,whichofthefollowingtransactionsaredebits%

a.Domesticbankbalancesownedbyforeignersaredecreased.

b.Foreignbankbalancesownedbydomesticresidentsaredecreased.

c.Assetsownedbydomesticresidentsaresoldtononresidents.

d.Securitiesaresoldbydomesticresidentstononresidents.

12.Theroleofistodirectonenation'ssavingsintoanothernation'sinvestments:d

a.Merchandisetradeflows

b.Servicesflows

c.Currentaccountflows

d.Capitalflows

13.Thenetvalueofflowsofgoods,services,income,andunilateraltransfersiscalledthe:b

a.Capitalaccount.

b.Currentaccount.

c.Tradebalance.

d.Officialreservebalance.

14.Thenetvalueofflowsoffinancialassetsandsimilarclaims(excludingofficialinternational

reserveassetflows)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.Adeficitinthecurrentaccountia

a.Tendstocauseasurplusinthefinancialaccount.

b.Tendstocauseadeficitinthefinancialaccount.

c.Hasnorelationshiptothefinancialaccount.

d.Istheresultofincreasingexportsanddecreasingimports.

19.InSeptember,2005,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,howwillthisbeenteredinthebalance

ofpayments?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'sinternationalreserve

assets?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.Mustalsohavehadasurplusinitsnoverall"balance.

d.Spentmorethanitearnedonitsmerchandiseandservicetrade,internationalincome

paymentsandreceiptsandinternationaltransfers.

28.Themeasuresthesumofthecurrentaccountbalanceplustheprivatecapital

accountbalance.c

a.Officialcapitalbalance

b.Unofficialcapitalbalance

c.Officialsettlementsbalance

d.Unofficialsettlementsbalance

29.Iftheoverallbalanceisin,thereisanaccumulationofofficialreserveassetsby

thecountryoradecreaseinforeignofficialreserveholdingsofthecountry'sassets,a

a.Surplus

b.Deficit

c.Balance

d.Foreignhands

30.WhichofthefollowingisthecurrentaccountbalanceNOTequalto?d

a.Thedifferencebetweendomesticproductanddomesticexpenditure.

b.Thedifferencebetweennationalsavinganddomesticinvestment.

c.Netforeigninvestment.

d.Thedifferencebetweengovernmentsavingandgovernmentinvestment.

True/FalseQuestions

31.Capitalinflowsaredebitsandcapitaloutflowsarecredits.

F

32.Thenetvalueoftheflowofgoods,services,income,andgiftsisthecurrentaccountbalance.

33.Thenetflowoffinancialassetsandsimilarclaimsistheprivatecurrentaccountbalance.

F

34.Themajorityofcountries1officialreservesassetsarenowforeignexchangeassets,financial

assetsdenominatedinaforeigncurrencythatisreadilyacceptableininternational

transactions.

T

35.Acountry'sfinancialaccountbalanceequalsthecountry'snetforeigninvestment.

F

36.Acountryhasacurrentaccountdeficitifitissavingmorethanitisinvestingdomestically.

F

37.Theofficialsettlementsbalancemeasuresthesumofthecapitalaccountbalanceplusthe

publiccurrentaccountbalance.

F

38.Anation'sinternationalinvestmentpositionshowsitsstockofinternationalassetsand

liabilitiesatamomentintime.

T

39.Anationisaborrowerifitscurrentaccountisindeficitduringatimeperiod.

T

40.Anationisadebtorifitsnetstockofforeignassetsispositive.

F

41.AtransactionleadingtoaforeignresidentincreasingherholdingsofaU.S.financialasset

willberecordedasadebitontheU.S.financialaccount.

F

42.Acredititemisanitemforwhichacountrymustpay.

F

43.Goldisamajorreserveassetthatiscurrentlyoftenusedinofficialreservetransactions.

F

44.Thecurrentaccountbalanceisequaltothedifferencebetweendomesticproductandnational

expenditure.

T

45.In2007U.S.households,businessesandgovernmentwerebuyingmoregoodsandservices

thantheywereproducing.

T

46.Youareprovidedwiththefollowinginformationaboutacountry*sinternationaltransactions

duringagivenyear:

Serviceexports$346

Serviceimports$354

Merchandiseexports$480

Merchandiseimports$348

Incomeflows,net$153

Unilateraltransfers,net$142

Increaseinthecountry?holdingofforeignassets,net

(excludingofficialreservesassets)$352

Increaseinforeignholdingsofthecountry指assets,net

(excludingofficialreserveassets)$252

Statisticaldiscrepancy,net$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；Changein

officialreserveassets(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,thenthepriceof

U.S.dollarsintermsofBritishpoundsis:

a.1.80￡perdollar.

b.0.555￡perdollar.

c.0.90￡perdollar.

d.3.60￡perdollar.

3.SupposetheexchangeratebetweentheJapaneseyenandtheU.S.dollaris10()yenperdollar.

AJapanesestereowithapriceof60,000yenwillcost:

a.$1,667

b.$600

c.$6,000

d.$100

4.SupposethataKoreantelevisionsetthatcosts600woninKoreacosts$400intheUnited

States.Thesepricessuggestthattheexchangeratebetweenthewonandthedollaris:

a.1.5wonperdollar

b.0.75wonperdollar

c.$1.50perwon

d.$3perwon

5.Theexchangerateisthepricefor“immediate“currencyexchange.

a.Current

b.Forward

c.Future

d.Spot

6.Theexchangerateisthepricesetnowforanexchangethatwilltakeplace

sometimeinthefuture.

a.Current

b.Forward

c.Futurespot

d.Spot

7.Theforeignexchangemarketis:

a.Asinglegatheringplacewheretradersshoutbuyandsellordersateachother.

b.LocatedinNewYork.

c.Agrouping,byelectronicmeans,ofbanksandtraderswhoworkatbanksthat

conductforeignexchangetrades.

d.LocatedinLondon.

8.foreignexchangetradinginvolvescurrencyexchangesdonebetween

individualsandbanks.

a.Interbank

b.Consumer

c.Intra-bank

d.Retail

9.TheU.S.dollariscalledabecauseitisoftenusedasanintermediaryto

accomplishtradingbetweentwoothercurrencies.

a.Vehiclecurrency

b.Maincurrency

c.Commoncurrency

d.Primarycurrency

10.SupposethattheexchangevalueoftheBritishpoundis$2perpoundwhiletheexchange

valueoftheSwissfrancis50centsperfranc.Fromthiswecanconcludethattheexchange

ratebetweenthepoundandthefrancis:

a.1francperpound

b.2francsperpound

c.3francsperpound

d.4francsperpound

11.WhichofthefollowingisNOTafunctionoftheinterbankoperationsoftheforeign

exchangemarket?

a.Providesabankwithacontinuousstreamofinformationonconditionsintheforeign

exchangemarket.

b.Providesabankthemeanstoreadjustitsownpositionquicklyandatlowcost.

c.Permitsabanktotakeonapositioninaforeigncurrencyquickly.

d.Providesabankwithtechnologicalresourcesforuseinforeignexchangetrading.

12.Underthemanagedfloatsystemofexchangerates,afallinthemarketpriceofacurrencyis

called:

a.Devaluation.

b.Depreciation.

c.Appreciation.

d.Both(a)and(b).

13.Interbanktradingisconducteddirectlybetweenorthroughtheuseof

thatprovideanonymityuntilthetradeiscompleteandreducesearchcosts.

a.Traders;brokers

b.Brokers;traders

c.Individualconsumers;thegovernment

d.Individualconsumers;brokers

14.Acountry'sdemandforforeigncurrencyisderivedfrom:

a.Internationaltransactionsenteringthedebitcolumnofitsbalanceofpayments

accounts.

b.Internationaltransactionsenteringthesurpluscolumnofitsbalanceofpayments

accounts.

c.Thecountry'sdemandforcurrencytofinanceexportsandcapitalinflows.

d.Thecountry'sdemandforcurrencytofinanceitsgovernmenfscompensating

transactions.

15.U.S.exportsofgoodsandserviceswillcreateaforeigncurrencyanda

U.S.dollars.

a.Demandfor;supplyof

b.Supplyof;demandfor

c.Shortageof;demandfor

d.Supplyof;shortageof

16.U.S.importsofgoodsandserviceswillcreateaforeigncurrencyanda

U.S.dollars.

a.Demandfor;supplyof

b.Supplyof;demandfor

c.Shortageof;demandfor

d.Supplyof;shortageof

17.U.S.capitalinflowswillcreateaforeigncurrencyandaU.S.

dollars.

a.Demandfor;supplyof

b.Supplyof;demandfor

c.Shortageof;demandfor

d.Supplyof;shortageof

18.Inaexchangeratesystemthereisnointerventionbythegovernmentorcentral

bankers.

a.Fixed

b.Pegged

c.Floating

d.Managedfloat

19.AsthevalueoftheyenfallsrelativetotheU.S.dollar:

a.JapanesegoodsbecomemoreexpensivetoU.S.consumers.

b.Thesupplyofdollarswillfall.

c.Thedemandforyenwillrise.

d.U.S.goodsbecomelessexpensivetoJapaneseconsumers.

20.Thedemandcurveforforeigncurrencyslopesdownwardbecauseastheexchangerate

thequantitydemanded.

a.Increases;decreases

b.Increases;increases

c.Decreases;decreases

d.Decreases;staysfixed

21.ShiftsindemandawayfromFrenchproductsandtowardU.S.products(causedbyforces

otherthanchangesintheexchangerate)wouldresultinextraattemptstoeuros

anddollars.

a.Buy;buy

b.Sell;sell

c.Sell;buy

d.Buy;sell

22.Otherthingsequal,ifAmericanexportstoJapanincreaseandAmericanimportsfromJapandecrease,then

underafloatingexchangeratesystem,wewouldexpectthedollarto:

a.WeakenagainsttheJapaneseyen.

b.DepreciateagainsttheJapaneseyen.

C.DevalueagainsttheJapaneseyen.

d.StrengthenagainsttheJapaneseyen.

23.AdecreaseinGermanresidents*willingnesstoinvestindollar-denominatedassetswillshift

thedemandcurvefor:

a.Eurostotheright.

b.Eurostotheleft.

c.Dollarstotheright.

d.Dollarstotheleft.

24.Inaexchangeratesystemthegovernmentorcentralbankersintervenetokeep

theexchangeratevirtuallysteady.

a.Fixed

b.Marketdriven

c.Floating

d.Forward

Figure17.1:TheMarketforBritishPounds

ExchangeRate

25.ReferringtoFigure17.1,adownwardmovementalongtheverticalaxiswouldcorrespondto

a(n).oftheU.S.dollar.

a.Arbitraging.

b.Devaluation

c.Appreciation

d.Depreciation

26.ReferringtoFigure17.1,at$2.50perpound,thereisa(n).Underthesystemof

flexibleexchangerates,thiswouldcausethecurve(s).

a.Excessdemandof1millionpounds,leftwardshiftof,demand

b.Excesssupplyof1millionpounds,rightwardshiftof,supply

c.Excessdemandof1millionpounds,downwardmovementalong,demand&supply

d.Excesssupplyof1millionpounds,downwardmovementalong,demand&supply

27.ReferringtoFigure17.1,iftheBritishgovernmentwantstopegtheexchangerateofthe

poundat$2.50perpound,whatactionwouldBritishmonetaryauthoritieshavetoundertake?

a.Sell1millionpoundsandbuy2.5milliondollars.

b.Buy1millionpoundsandsell1milliondollars.

c.Buy1millionpoundsandsell2.5milliondollars.

d.Buy5.5millionpoundsandsell11milliondollars.

28.ReferringtoFigure17.1,iftheBritishpoundispeggedat$2.50perpoundthepoundwillbe:

a.Overvalued.

b.Undervalued.

c.Devalued.

d.Inequilibrium.

29.ReferringtoFigure17.1,iftheBritishpoundispeggedat$2.50perpoundwhowillthishelp?

a.USimporters.

b.Britishimporters.

c.Britishexporters.

d.Britishimport-competingproducers.

30.ReferringtoFigure17.1,iftheBritishpoundispeggedat$2.50perpoundandthe

governmentgivesupthepegandallowsthepoundtofloat,thepoundwillexperiencea(n):

a.Revaluation.

b.Devaluation.

c.Appreciation.

(1.Depreciation.

31.ReferringtoFigure17.1,iftheU.S.FederalReservewastoconductacontractionary

monetarypolicy,thecurvewouldshiftrightandthepoundwould.

a.Supply,appreciate

b.Demand,depreciate

c.Supply,depreciate

d.Demand,appreciate

32.WhichofthefollowingbestcharacterizesthecurrentU.S.exchangeratepolicy?

a.Anadjustablepeggedrate.

b.Acrawlingpeggedrate.

c.Afreelyfloating.

d.Afixedexchangerate.

33.Otherthingsequal,ifAmericanexportstoJapanincreaseandAmericanimportsfromJapan

decrease,then,underafloatingexchangeratesystem,wewouldexpectthedollarto:

a.WeakenagainsttheJapaneseyen.

b.DepreciateagainsttheJapaneseyen.

c.DevalueagainsttheJapaneseyen.

d.StrengthenagainsttheJapaneseyen.

34.WhichofthefollowinggroupsismostlikelytobenefitfromastrengtheningoftheU.S.dollaragainstmajor

currencies?

a.U.S.exporters.

b.TheU.S.government.

c.U.S.consumers.

d.Foreignconsumers.

35.Underafixedexchangeratesystemafallinthemarketprice(theexchangeratevalue)ofa

currencyiscalleda(n)ofthatcurrency.

a.Revaluation

b.Devaluation

c.Appreciation

d.Depreciation

36.Exchangeratesareequalizedindifferentlocationsdueto:

a.Arbitrage.

b.Governmentinterventioninforeignexchangemarkets.

c.Freetradeingoodsandservices.

d.Theactionsofimportersandexporters.

37.HowcouldyouprofitiftheexchangerateinLondonwas$2/￡whileinNewYorkthe

exchangeratewas$1.95perpound?

a.BuydollarsinNewYorkandselltheminLondon.

b.BuypoundsinLondonandselltheminNewYork.

c.BuypoundsinNewYorkandselltheminLondon.

d.BuydollarsinLondonandsellpoundsinNewYork.

38.The2001-2007rapidgrowthinglobalforeignexchangetradingcanbeexplainedby:

a.Largeincreasesinshort-terminternationalcurrencyactivitiesbyhedgefunds.

b.Increasesinlong-termforeignfinancialinvestmentsbylargeinstitutionalinvestors.

c.IncreasesintheU.S.longtermgovernmentbondyields.

d.Both(a)and(b)

True/FalseQuestions

39.Thegreaterpartofthemoneyassetstradedinforeignexchangemarketsaredemanddeposits

inbanks.

40.Mostforeignexchangetradingisdoneamongthebanksthemselvesintheretailpartofthe

foreignexchangemarket.

41.Thespotexchangerateisthepricenowforanexchangethatwilltakeplacesometimeinthe

future.

42.Frenchimportsofgoodsandserviceswillcreateademandforforeigncurrencyandasupply

ofeuros.

43.Inthefloatingexchangeratesystem,governmentofficialsmustinterveneintheexchange

ratemarkettokeeptheexchangeratefromfluctuating.

44.AssumingtheJapanesehaveafloatingexchangerate,anincreaseinJapaneseexportsof

goodsandserviceswilltendtocausethevalueoftheyentoappreciate.

45.Tomaintainanundervaluedcurrency,monetaryauthoritiesmustinterveneintheforeign

exchangemarkettobuyitscurrency.

46.Triangulararbitragewillnotcausetheexchangeratebetweentwoforeigncurrenciesto

equalize.

47.From2001to2007,globalforeignexchangetradingmorethandoubled.

48.TheMaastrichtTreatysetaprocessforestablishingamonetaryunionandasingleunion

widecurrency.

EssayQuestions

49.AretailerinMexicowantstobuy$100,000worthofApplecomputersfromtheUnited

States.TheMexicanretailerhaspesoswhilethesellerintheUnitedStateswantstobepaid

inU.S.dollars.Explainhowthistransactioniscompletedwithparticularemphasisonthe

foreignexchangemarketandbanksintheUnitedStatesandMexico.

50.Suppose$1=0.85eurosinNewYork,1euro=150yeninParis,and1yen=$0,008inTokyo,

a.Ifyoubeginbyholding$1,howcouldyouprofitfromtheseexchangerates?Whatisyour

arbitrageprofitperdollarinitiallytraded?

b.Identifytheforcesatworkthatwillmakethecrossexchangeratesconsistentincurrency

arbitrage.Thatis,whatforceswillleadtoasituationinwhichnoprofitablearbitrageis

possible?

51.Foreachcasebelow,statewhethertheeurohasappreciatedordepreciatedandgivean

exampleofaneventthatcouldcausethechangeintheexchangerate.

a.Thespotrategoesfrom450euros/Mexicanpesoto440euros/Mexicanpeso.

b.Thespotrategoesfrom0.011Mexicanpesos/euroto0.006Mexicanpesos/euro.

c.Thespotrategoesfrom1.48euros/Britishpoundto1.51euros/Britishpound.

d.Thespotrategoesfrom0.73Britishpounds/euroto0.75Britishpounds/euro.

52.Provideadescriptionforthefollowingterms（名詞解釋）：

a.Triangulararbitrage

b.Forwardexchangerate

Chapter4:

ForwardExchangeandInternationalFinancialInvestment

Single-ChoiceQuestions

1.apositionexposedtorateriskistheactofreducingoreliminatinganetassetor

netliabilitypositionintheforeigncurrency,a

a.Hedging

b.Speculating

c.Investingin

d.Buying

2.istheactoftakinganetassetpositionoranetliabilitypositioninsomeasset

class,b

a.Hedging

b.Speculating

c.Investing

d.Buying

3.Aexchangecontractisanagreementtoexchangeonecurrencyforanotheron

somedateinthefutureatapricesetnow.d

a.Spotdomestic

b.Forwarddomestic

c.Spotforeign

d.Forwardforeign

4.meanscommittingoneselftoanuncertainfuturevalueofone*snetworthin

termsofhomecurrency,c

a.Selling

b.Hedging

c.Speculating

d.Importing

5.AssumeyouareaChineseexporterandexpecttoreceive$250,000attheendof60days.

Youcanremovetheriskoflossduetoadevaluationofthedollarby:

a.Sellingdollarsintheforwardmarketfor60-daydelivery.

b.Buyingdollarsnowandsellingitattheendof60days.

c.Sellingtheyuanequivalentintheforwardmarketfor60-daydelivery.

d.KeepingthedollarsintheUnitedStatesaftertheyaredeliveredtoyou.

6.AssumeyouareanAmericanimporterwhomustpay500,000eurosattheendof90da