國際金融（英文版）智慧樹知到課后章節(jié)答案2023年下吉林財經(jīng)大學(xué)

國際金融（英文版）智慧樹知到課后章節(jié)答案2023年下吉林財經(jīng)大學(xué)吉林財經(jīng)大學(xué)

緒論單元測試

Therecentglobaleconomyisexperiencingthethree-lowsituationsuchas________.

A:lowinterestrate,lowunemploymentandlowpopulation

B:lowpopulation,loweconomicgrowthandlowtaxrate

C:lowinflation,lowgovernmentexpenditureandlowprice

D:lowinterestrate,lowinflationandloweconomicgrowth

答案:lowinterestrate,lowinflationandloweconomicgrowth

WhichofthefollowingstatementsincorrectlydescribesChina?

A:Chinaisthelargestforeignreserveholder.

B:Chinaisthelargestmanufacturingcountry.

C:Chinaisthelargestcapital-outflowcountry.

D:Chinaisthelargestgoods-tradecountry.

答案:Chinaisthelargestcapital-outflowcountry.

Whichofthefollowingmanagementsleastlikelyrepresentsthedimensionofmacroeconomicanalysisofinternationalfinance?

A:ManagementofinternalandexternalbalanceB:Foreignexchangeexposuremanagement

C:Managementofbalanceofpayments

D:Internationalmonetarymanagement

答案:Foreignexchangeexposuremanagement

LibrawhitepaperinitiallyintroducedbyFacebookonJune18th,2019showsthatLibraismostlikely______.

A:thefictitiouscryptocurrency

B:thelegaltender

C:thepapermoney

D:theplasticmoney

答案:thefictitiouscryptocurrency

Anation’smacroeconomicperformanceinvolvestheperformanceofthreemarketssuchas________.

A:thedomesticgoodsmarket,domesticservicesmarket,anddomesticfinancialmarket.

B:thelabormarket,thecapitalmarket,andthelandmarket.

C:thedomesticmoneymarket,thedomesticproductmarket,andforeignexchangemarket.

D:thedomesticproductmarket,domesticstockmarket,andforeignexchangemarket.

答案:thedomesticmoneymarket,thedomesticproductmarket,andforeignexchangemarket.

Multinationalcorporationsusuallyareexposedtothreetypicalkindsofforeignexchangeexposure,suchas_______.

A:accountingexposure,financialexposure,andeconomicexposure

B:accountingexposure,investmentexposure,andfinancingexposure

C:transactionexposure,speculativeexposure,andprecautionaryexposure

D:transactionexposure,operatingexposure,andtranslationexposure

答案:transactionexposure,operatingexposure,andtranslationexposure

Theobjectiveofinternationalportfoliomanagementis_______.

A:toselectinternationalsecuritieswiththesameratesofreturnasdomesticsecurities.

B:togoaheadwithacapitalbudgetingprojectwithpositvenetpresentvalue.

C:toconstructanoptimalinternationalportfoliowithminimumrisk.

D:toselectcapitalbudgetingprojectswithhigherinternalrateofreturnthantherequiredrateofreturn.

答案:toconstructanoptimalinternationalportfoliowithminimumrisk.

Fromtheperspectiveofmicroeconomics,thepracticesofinternationalfinanceleastlylikelyinvolves_________.

A:internationalmonetarymanagementB:internationalinvestmentmanagementC:foreignexchangeexposuremanagementD:internationalfinancingmanagement

答案:internationalmonetarymanagement

Thefeasibilityoftheinternationalcapitalbudgetingdecisioncanonlybedeterminedfromtheparentcompanyviewpoint.（）

A:對B:錯

答案:錯

Multinationalcorporationscanconductfinancialtransactionsoruseoperationaltechniquestomanageforeignexchangeexposure.（）

A:對B:錯

答案:對

第一章測試

TheJcurveshowsthat:

A:devaluationismorelikelytoimprovethetradebalanceintheshort-runthaninthelong-run.

B:devaluationislikelytobeunstable.

C:devaluationisunlikelytoimprovethetradebalanceineithertheshort-runorthelong-run.

D:devaluationismorelikelytoimprovethetradebalanceaftera

longerspanoftimehaselapsed.

答案:devaluationismorelikelytoimprovethetradebalanceaftera

longerspanoftimehaselapsed.

WhichofthefollowingwouldtendtocontributetoaU.S.currentaccountsurplus?

A:U.S.touriststravelinlargenumberstoAsia.B:TheUnitedStatesmakesaunilateraltariffreductiononimportedgoods.C:RussianvodkabecomesincreasinglypopularintheUnitedStates.D:TheUnitedStatescutsbackonAmericanmilitarypersonnelstationedinJapan.

答案:TheUnitedStatescutsbackonAmericanmilitarypersonnelstationedinJapan.

Officialreserveassetsare：

A:thegoldholdingsinthenation’scentralbank.B:governmentholdingsofSDR’s.C:governmentT-billsandT-bonds.D:moneylikeassetsthatareheldbygovernmentsandthatarerecognizedbygovernmentsasfullyacceptableforpaymentsbetweenthem.

答案:moneylikeassetsthatareheldbygovernmentsandthatarerecognizedbygovernmentsasfullyacceptableforpaymentsbetweenthem.

Iftheoverallbalanceinthebalanceofpaymentsaccountisin_____,therecanbeanaccumulationofofficialreserveassetsbythecountryoradecreaseinforeignofficialreserveholdingsofthecountry'sassets.

A:deficitB:equilibriumC:surplusD:remission

答案:surplus

Astatementofthestocksofacountry’sforeignassetsandforeignliabilitiesatapointintimerepresentsthecountry’s:

A:financialaccountbalanceB:governmentbudgetsurplusordeficitC:balanceofpaymentsD:internationalinvestmentposition

答案:internationalinvestmentposition

Ifthebalanceofpaymentsaccountsofacountryshowsacurrentaccountdeficit,itmeansthat:

A:itisactingasanetlendertotherestoftheworld.B:itsforeignassetsaregrowingfasterthanitsforeignliabilities.C:itsforeignassetsaregrowingslowerthanitsforeignliabilities.D:itsexportsarehigherthanitsimports.

答案:itsforeignassetsaregrowingslowerthanitsforeignliabilities.

Marshall-Lernerconditionisthatthepaymentsdeficitwillbeimprovedasaresultofcurrencydepreciationonlyif_______.

A:thesumofelasticityofdemandforgoodsimportisgreaterthanthatforgoodsexport.B:thesumofelasticityofdemandforgoodsimportandthatforgoodsexportequalsone.C:thesumofelasticityofdemandforgoodsimportandthatforgoodsexport

islargerthanone.D:thesumofelasticityofdemandforgoodsimportandthatforgoodsexportislessthanone.

答案:thesumofelasticityofdemandforgoodsimportandthatforgoodsexport

islargerthanone.

Accordingtotheabsorptionapproachtobalanceofpayments,ifanation’snationalincomeislessthanitsnationalexpenditure,itwill________.

A:experiencepaymentsdeficit.B:experiencenochangeinitsofficialsettlementbalance.C:willtendtomoveintopaymentsbalance.D:willtendtomoveintopaymentssurplus.

答案:experiencepaymentsdeficit.

Thenetflowoffinancialassetsandsimilarclaimsistheprivatecurrentaccountbalance.（）

A:錯B:對

答案:錯

Acountry'snonofficialfinancialaccountbalanceequalsitsnetforeigninvestment.（）

A:對B:錯

答案:錯

第二章測試

BasedonPPPandthequantitytheoryofmoney,everythingelseremainingunchanged,ifJapan’srealincomerisesrelativetorealincomeintheU.S.,therewouldbea(n):

A:appreciationoftheyen.B:interestrateparity.C:decreaseinthedemandforyenintheforeignexchangemarket.D:appreciationofthedollar.

答案:appreciationoftheyen.

Theretailpartoftheforeignexchangemarketdoesnotincludetradersatbankstradingwith:

A:tradersatotherbanks.B:stockbrokerswhotradeintheassetsofthefirmsindifferentnations.C:nonfinancialcompaniesthatsometimeswanttobuyandselldifferentcurrencies.D:nationalgovernments.

答案:tradersatotherbanks.

Supposethedollarperpoundexchangerateis$2perpoundwhilethedollarperSwissfrancexchangerateis50centsperfranc.FromthegiveninformationwecanconcludethattheSwissfrancperpoundexchangerateis:

A:4francsperpound.B:toohigh.C:1francperpound.D:toolow.

答案:4francsperpound.

RapidincreasesintheU.S.exportsofgoodsandserviceswillresultina(n)_____foreigncurrencyanda(n)_____theU.S.dollarsintheforeignexchangemarket.

A:shortageofforeigncurrency;surplusofB:decreaseinthesupplyof;decreaseinthedemandforC:increaseinthesupplyof;increaseinthedemandforD:increaseinthedemandfor;increaseinthesupplyof

答案:increaseinthesupplyof;increaseinthedemandfor

Underafloatingexchangeratesystem,anincreaseintheinternationaldemandforelectronicappliancesmanufacturedinJapanwillresultin:

A:AnincreaseinJapan’stradedeficitwithothercountries.B:DeflationintheJapaneseeconomy.C:AdepletionofinternationalreservesheldbythecentralbankofJapan.D:Anappreciationoftheyenvis-à-visothercurrencies.

答案:Anappreciationoftheyenvis-à-visothercurrencies.

AssumeyouareaChineseexporterandexpecttoreceive$250,000attheendof60days.Youcanremovetheriskoflossduetoadevaluationofthedollarby:

A:sellingdollarsinthe60-dayforwardexchangemarket.B:buyingdollarsnowandsellingthesedollarsattheendof60days.C:keepingthedollarsintheUnitedStatesaftertheyaredeliveredtoyou.D:sellingtheyuanequivalentintheforwardexchangemarketfor60-daydelivery.

答案:sellingdollarsinthe60-dayforwardexchangemarket.

TheBrettonWoodsSystemisexposedtoadilemmaknownas_______.

A:impossibleTrinity

B:TriffinParadox

C:two-peggingsystem

D:ethicaldilemma

答案:TriffinParadox

The_____effectsuggeststhatspeculationscansometimesbedestabilizingastheactionsoftheinternationalinvestorsmovetheexchangerateawayfromthelong-runequilibriumvalueconsistentwithfundamentaleconomicinfluences.

A:overshootingB:arbitrageC:bandwagonD:exchangerate

答案:bandwagon

Tomaintainanundervaluedcurrency,thecountry’smonetaryauthoritiesmustinterveneintheforeignexchangemarkettobuyitscurrencyintheforeignexchangemarket.（

）

A:對B:錯

答案:錯

Price-specie-flowmechanismpositsthatthemisalignmentofexchangerateundertheclassicalgoldstandardcanbeautomaticallycorrected.（

）

A:對B:錯

答案:錯

第三章測試

Forsmallopeneconomy,assumethatthemarginalpropensitytoimportis0.3,andthatinterestrates,exchangerates,andthepricelevelareallconstant.Ifanincreaseof$10billioningovernmentspendingresultsinanincreaseof$6billioninimports,then:

A:thespendingmultiplieris2.B:taxesincreaseby$10billion.C:realdomesticinvestmentdecreasesby$4billion.D:realGDPincreasesby$4billion.

答案:realGDPincreasesby$4billion.

Thelocomotivetheorypositsthatgrowthinoneormorelargecountries:

A:canraisegrowthinothersmallercountriesthattradewiththeselargercountries.B:willretardthegrowthofsmallercountriesdependentonexports.C:canputpressureontheirdomesticimport-competingfirms.D:willleadsmallercountriestoopentheireconomies.

答案:canraisegrowthinothersmallercountriesthattradewiththeselargercountries.

Thedemandformoneyis:

A:positivelyrelatedtonominalGDPandnegativelyrelatedtothelevelofinterestratesavailableonotherfinancialassets.B:positivelyrelatedtonominalGDPandtothelevelofinterestratesavailableonotherfinancialassets.C:negativelyrelatedtonominalGDPandtothelevelofinterestratesavailableonotherfinancialassets.D:negativelyrelatedtonominalGDPandpositivelyrelatedtothelevelofinterestratesavailableonotherfinancialassets.

答案:positivelyrelatedtonominalGDPandnegativelyrelatedtothelevelofinterestratesavailableonotherfinancialassets.

Perfectcapitalmobilityimplies:

A:anFEcurvethatishorizontal.B:anFEcurvethatissteeperthantheLMcurve.C:highdomesticinterestratesrelativetoforeigninterestrates.D:averticalFEcurve.

答案:anFEcurvethatishorizontal.

Therearelimitstotheabilityofmonetaryauthoritiestousesterilizedinterventioninthecaseofadeficitbecause:

A:thepressurefromforeigncountriestoallowthedomesticcurrencytoappreciatewillleadtolargelosses.B:theexportlevelisfixedanditcannotbeallowedtodrop.C:thecentralbankmaybeunwillingtoincreaseitsholdingsofforeigncurrencybeyondacertainlimit.D:thecentralbank’sabilitytoconstantlyobtainforeigncurrencyforthesterilizedinterventionisconstrained.

答案:thecentralbank’sabilitytoconstantlyobtainforeigncurrencyforthesterilizedinterventionisconstrained.

Assumethattheexchangeratesarefixed.Whenmoneydemandislesssensitivetointerestratechangesthanareinternationalcapitalflows,_____policywillbe_____effectivethanwhenmoneydemandismoresensitivetointerestchangesthanareinternationalcapitalflows.

A:sterilizedintervention;moreB:expansionarymonetary;moreC:expansionaryfiscal;lessD:expansionaryfiscal;more

答案:expansionaryfiscal;more

Withfloatingexchangerates,theeffectsofinternationaltradeshocksoninternalbalanceare_____bytheeffectsoftheresultingchangeinthe_____.

A:notmitigated;exchangerate.B:mitigated;LMcurve.C:mitigated;exchangerate.D:notmitigated;LMcurve.

答案:mitigated;exchangerate.

Whichofthefollowingstatementsistrue？

A:Fiscalpolicyforacountrywithfloatingexchangeratesismorepowerfulwithahighdegreeofcapitalmobilitythanwithalowdegreeofcapitalmobility.B:Anexpansionarymonetarypolicytendstoincreasetheexchangeratevalueofthedomesticcurrencyintheshortrun.C:Underfloatingexchangerates,externalcapital-flowshockscanhaveeffectsoninternalbalancebyalteringtheexchangerateandthecountry'sinternationalcompetitiveness.D:Monetarypolicyisapowerfuleconomictoolforacountrywithfixedexchangeratesandhighcapitalmobility.

答案:Underfloatingexchangerates,externalcapital-flowshockscanhaveeffectsoninternalbalancebyalteringtheexchangerateandthecountry'sinternationalcompetitiveness.

Acentralbankcansterilizetheincreaseinthemoneysupplythatresultsfromaninterventiontodefendafixedexchangeratebysellingdomesticgovernmentbonds.（

）

A:對B:錯

答案:對

Internationalcrowdingoutisthetendencyofexpansionaryfiscalpolicytoappreciatethecountry’scurrencyandworsenthecurrentaccount.（

）

A:對B:錯

答案:對

第四章測試

Foraninvestorwhostartswithdollarsandwantstoendupwithdollarsinthefuture,whichofthefollowingchoicesisanexamplethatincludesspeculating?

A:Buyadollar-denominatedfinancialassetB:Selldollarsatthespotrate,investtheproceedsinforeigncurrency-denominatedfinancialinstruments,andsignaforwardexchangecontracttobuydollarsC:Selldollarsatthespotrate,investtheproceedsinforeigncurrency-denominatedfinancialinstruments,andthenbuydollarsatthefuturespotrateD:Selldollarsatthespotrate,investtheproceedsinforeigncurrency-denominatedfinancialinstruments,andsignaforwardexchangecontracttoselltheforeigncurrency

答案:Selldollarsatthespotrate,investtheproceedsinforeigncurrency-denominatedfinancialinstruments,andthenbuydollarsatthefuturespotrate

Supposetheinterestrateon6-monthtreasurybillsis7percentperyearintheUnitedKingdomand4percentperyearintheUnitedStates.Also,today’sspotexchangepriceofthepoundis$2.00whilethe6-monthforwardexchangepriceofthepoundis$1.98.ByinvestinginU.K.treasurybillsratherthanU.S.treasurybills,andcoveringexchange-raterisk,U.S.investorsearnanapproximateextrareturnfor6monthsof:

A:1.5percent.B:3.0percent.C:4.0percent.D:0.5percent.

答案:0.5percent.

Thechangeinthefuturecashflowswhichhavenotbeencontractedforasaresultoftherandomchangesinexchangerateisknownas(

).

A:taxexposureB:transactionexposureC:operatingexposureD:translationexposure

答案:operatingexposure

Operatingexposureismorelikelyknownas(

)exposure.

A:competitiveB:accountingC:liabilityD:asset

答案:competitive

AswapbankprovidesanAA-ratedcompanyXandaBB-ratedcompanyYwithafive-yearswapquotationof2.5%-3%againstLIBOR.Themeans:

A:noneoftheaboveB:TheswapbankwillpaycompanyYwith2.5%againstreceivingLIBORfromit,andreceive3%fromcompanyXagainstpayingLIBORtoit.

C:TheswapbankwillpaycompanyXwith2.5%againstreceivingLIBORfromit,andreceive3%fromcompanyYagainstpayingLIBORtoit.D:TheswapbankwillpaycompanyXwith3%againstreceivingLIBORfromit,andreceive2.5%fromcompanyYagainstpayingLIBORtoit.

答案:TheswapbankwillpaycompanyXwith2.5%againstreceivingLIBORfromit,andreceive3%fromcompanyYagainstpayingLIBORtoit.

Asforthesellerofcalloption,ifthefuturespotrateishigherthanthestrikeprice,theoptionwillbeknownas(

)option.

A:In-the-marketB:at-the-moneyC:out-of-the-moneyD:in-the-money

答案:out-of-the-money

Iftheexpectedfuturespotrateislowerthanthebreakevenexchangerate,(

)willbemoredesirableformultinationalcorporationstohedgeagainstthetransactionexposurearisingfromholdingforeign-currencydenominatedaccountspayable.

A:calloptionB:putoptionC:forwardsaleD:forwardpurchase

答案:calloption

Translationofthefinancialstatementspreparedbytheforeignsubsidiariesfromtheirrespectivelocalcurrenciesintothehomecurrencyoftheparentcompanyisusuallydonebytwomethods,including(

).

A:CurrentspotratemethodandfuturespotratemethodB:CurrentratemethodandtemporalmethodC:HistoricalexchangeratemethodandfuturespotratemethodD:historicalexchangeratemethodandcurrentexchangeratemethod

答案:Currentratemethodandtemporalmethod

Theprofitsandlossesonafuturescontractaccruetoyoudaily,asthecontractis“markedtomarket”daily.（

）

A:對B:錯

答案:對

IfCanadahasacurrent90dayforwardexchangeratevalueforitscurrencythatisabovethecurrentspotexchangeratevalueofitscurrency,thentheCanadian90-dayinterestrateisrelativelyhigh.（

）

A:對B:錯

答案:錯

第五章測試

Optimalinternationalportfolioisthe(

).

A:tangencyofinternationalcapitalmarketlineandinternationalportfolioopportunitysetB:tangencyofdomesticcapitalmarketlineandinternationalcapitalmarketlineC:tangencyofcapitalmarketlineanddomesticportfolioopportunitysetD:tangencyofinternationalsecuritymarketlineandinternationalportfolioopportunityset

答案:tangencyofinternationalcapitalmarketlineandinternationalportfolioopportunityset

Internationalinvestmentusuallydoesnotinvolve(

)risk.

A:insuranceB:liquidityC:politicalD:currency

答案:insurance

Whichofthefollowingexamplesisleastlikelypoliticalrisk.

A:LimitingorblockingcurrencyconversionB:EnactmentofnewtaxationC:UsinganewaccountingbasisbymultinationalcorporationD:Governmentseizureofcompany’sassets

答案:Usinganewaccountingbasisbymultinationalcorporation

Whichofthefollowingtechniquesisnotthediscounted-cash-flowcriterionusedtomakemultinationalcapitalbudgetingdecisions?

A:NetpresentvalueB:ProbabilityindexC:AccountingrateofreturnD:Internalrateofreturn

答案:Accountingrateofreturn

Fromtheperspectiveoftheparentcompany,multinationalcapitalbudgetinginvolvesthefollowingcomplexitiesexcept(

).

A:blockedfundsB:highertaximposedbyhomegovernmentC:maximizationofforeign

currencydenominatedwealthD:extrataximposedonrepatriatedfundsbyhostgovernment

答案:maximizationofforeign

currencydenominatedwealth

Multinationalcapitalbudgetingisusuallyexaminedfromtwoperspectives,includingtheviewpointoftheparentcompanyandthatofthehostgovernment.（

）

A:錯B:對

答案:錯

Paybackperiod

referstonumberofyearsnecessaryforthefuturecashflowsfromthecapitalbudgetingprojecttorecoupitsinitialoutlay.（

）

A:對B:錯

答案:對

Asfarastheparentviewpointanalysisisconcerned,

theadditionalrisk

thatstemsfromits

foreign

projects

canbemeasuredinatleasttwoways:adjusting

thediscountratesoradjustingthelifeoftheproject.（

）

A:錯B:對

答案:錯

Certaintyequivalentapproachisamethodofincorporatingriskintointernationalca