國際金融（英文版）智慧樹知到期末考試答案2024年

國際金融（英文版）智慧樹知到期末考試答案2024年國際金融（英文版）Official

intervention

in

the

foreign

exchange

market

to

defend

a

fixed

exchange

rate

when

the

value

of

the

country’s

currency

is

under

downward

pressure

causes:(

)

A:the

domestic

money

supply

to

fall.B:international

reserve

holdings

to

rise.C:an

increase

in

the

liabilities

of

the

central

bank.D:a

downward

pressure

on

the

country’s

interest

rates.答案:cThe

central

feature

of

the

Bretton

Woods

system

was(

)

A:the

use

of

an

adjustable

pegged

exchange

rate

regime.B:the

use

of

a

floating

exchange

rate

regime.C:the

use

of

capital

controls.D:official

encouragement

for

one-way

speculative

gambles.答案:aIf

a

currency

is

at

a

forward

premium

by

as

much

as

its

interest

rate

is

lower

than

the

interest

rate

in

the

other

country,

covered

interest

parity

holds.

（

）

A:正確B:錯誤答案:正確“Dollarization”

can

be

classified

as

a

form

of

a

fixed

exchange

rate.（

）

A:正確B:錯誤答案:正確The

asset

market

approach

seeks

to

explain

exchange

rates

by

focusing

on

demands

and

supplies

of

national

moneys.

（

）

A:正確B:錯誤答案:錯誤A

central

bank

can

sterilize

the

increase

in

the

money

supply

that

results

from

an

intervention

to

defend

a

fixed

exchange

rate

by

selling

domestic

government

bonds.（

）

A:錯誤B:正確答案:正確Monetary

policy

is

more

effective

with

fixed

exchange

rates

than

with

floating

exchange

rates.（

）

A:錯誤B:正確答案:錯The

expansionary

fiscal

policy

under

a

flexible

exchange

rate

regime

will

appreciate

the

country’s

currency

and

worsen

the

current

account

and

national

income.（

）

A:錯誤B:正確答案:正確The

amount

of

price

inflation

that

the

economy

experiences

eventually

depends

on

the

size

of

the

spending

multiplier.（

）

A:正確B:錯誤答案:錯With

respect

to

exchange

rates,

the

1997

Asian

currency

crisis

caused

the

Thai,

Malaysian,

Indonesian,

and

Korean

governments

to

give

up

their

pegged

or

heavily

managed

exchange

rates

and

move

to

floating

exchange

rates.（

）

A:正確B:錯誤答案:正確In

the

long

run,

a

country

with

a

relatively

high

inflation

rate

tends

to

have

a

depreciating

currency.

（

）

A:錯誤B:正確答案:正確The

LM

curve

illustrates

all

combinations

of

domestic

output

levels

and

interest

rates

for

which(

)

A:there

is

full

employment.B:there

is

a

zero

balance

for

the

country’s

official

settlements

balance.C:the

domestic

product

market

is

in

equilibrium.D:the

domestic

money

market

is

in

equilibrium.答案:AI參考:正確選項是C:thedomesticproductmarketisinequilibrium。\n\nLM曲線用于描繪國內(nèi)產(chǎn)出水平和利率之間的所有組合，當國內(nèi)產(chǎn)品市場處于均衡狀態(tài)時，表示市場上的貨幣數(shù)量與貨幣流通速度相等，即貨幣市場上的貨幣供求平衡。因此，選項C是正確答案。選項A和B與LM曲線的定義無關(guān)，選項D則表示的是國內(nèi)貨幣市場的均衡狀態(tài)，也不符合題意。'As

the

value

of

the

yen

falls

relative

to

the

U.S.

dollar

in

the

foreign

exchange

market(

)

A:Japanese

goods

become

more

expensive

to

the

U.S.

consumers.B:the

demand

for

Japanese

goods

will

increase

in

the

U.S.

marketC:U.S.

goods

become

less

expensive

to

Japanese

consumers.D:the

supply

of

dollars

will

fall.答案:AI參考:正確選項是C:U.S.goodsbecomelessexpensivetoJapaneseconsumers。\n\n根據(jù)題目中的描述，日元相對于美元的價值下降，這意味著日元貶值，而美元升值。在這種情況下，對于日本消費者來說，他們可以用更少的美元購買到更多的美國商品，因此選項C“美國商品變得對日本消費者來說更便宜”是正確的。選項A和B描述的是商品價格的變化，但題目中并未提到價格變化；選項D描述的是美元供應(yīng)的變化，但與題目描述的內(nèi)容無關(guān)。'Given

the

combination

of

PPP

with

quantity

theory

equations,

which

of

the

following

statements

is

true?(

)

A:Everything

else

remaining

unchanged,

the

price

of

the

foreign

currency

(e)

would

be

reduced

by

an

increase

in

the

relative

size

of

the

money

supply

in

the

domestic

economy.B:Everything

else

remaining

unchanged,

the

price

of

the

foreign

currency

(e)

would

be

raised

by

an

increase

in

the

relative

size

of

foreign

production.C:The

exchange

rate

would

remain

unaffected

as

long

as

the

relative

growth

in

productivity

between

the

two

nations

remains

constant,

even

if

the

relative

money

supply

varies

between

the

two

economies.D:As

long

as

the

money

supplies

in

the

two

countries

are

the

same,

the

exchange

rate

will

be

equal

to

one答案:AI參考:正確答案是C：如果兩個國家之間的相對生產(chǎn)率增長保持不變，那么匯率將保持不變，即使兩個經(jīng)濟體的相對貨幣供應(yīng)量發(fā)生變化。\n\n根據(jù)PPP與數(shù)量理論方程的組合，可以得出以下結(jié)論：如果兩個國家之間的相對生產(chǎn)率增長保持不變，那么匯率將保持不變，即使兩個經(jīng)濟體的相對貨幣供應(yīng)量發(fā)生變化。因此，選項C是正確的。其他選項要么與題目描述不符，要么存在錯誤。\n\n選項A錯誤，因為貨幣供應(yīng)量的增加會導致外匯價格下降，而不是上升；\n選項B錯誤，因為外匯價格的提高是由外匯的生產(chǎn)決定的，而不是由生產(chǎn)的外匯數(shù)量決定的；\n選項D錯誤，因為匯率是兩個國家貨幣的相對價值，而不是兩個國家貨幣數(shù)量的相等。'Suppose

that

U.S.

prices

rise

4

percent

over

the

next

year

while

prices

in

Mexico

rise

6

percent.

According

to

the

purchasing

power

parity

theory

of

exchange

rates,

which

of

the

following

should

happen?(

)

A:The

peso

will

depreciateB:The

peso

will

be

worth

1.5

dollars

in

the

foreign

exchange

marketC:The

dollar

will

be

worth

1.5

pesos

in

the

foreign

exchange

marketD:The

dollar

will

depreciate答案:AI參考:答案為C:Thedollarwillbeworth1.5pesosintheforeignexchangemarket。\n\n根據(jù)題目所述，美國的物價上漲了4%，而墨西哥的物價上漲了6%。按照購買力平價理論，如果其他因素不變，兩國物價的上漲應(yīng)該會導致貨幣購買力的變化。因此，在這種情況下，美元相對于比索的購買力應(yīng)該下降，即美元貶值，所以選項A和D都是錯誤的。同時，根據(jù)題目所述，美元的價值應(yīng)該是相對穩(wěn)定的，因此選項B也是錯誤的。所以，唯一正確的答案是選項C：美元在外匯市場上將值1.5比索。這意味著美元相對于比索的價值下降了，而比索的價值上升了。因此，正確答案是C。'Which

of

the

following

best

describes

a

situation

in

which

a

country

buys

domestic

currency

in

order

to

defend

a

pegged

exchange

rate,

and

also

uses

a

policy

in

the

domestic

economy

to

prevent

the

domestic

money

supply

from

changing?

(

)

A:Deficit

without

tearsB:Official

interventionC:Maintaining

a

crawling

pegD:Sterilized

intervention答案:AI參考:正確選項是C:Maintainingacrawlingpeg。\n\n根據(jù)題目描述，一個國家為了維護固定匯率而購買國內(nèi)貨幣，同時也在國內(nèi)經(jīng)濟政策上防止國內(nèi)貨幣供應(yīng)變化。這表明該國正在采取一種逐步盯住匯率的政策，即crawlingpeg。而選項C“Maintainingacrawlingpeg”正是描述這種情況的正確選項。其他選項如Deficitwithouttears（無淚赤字）、Officialintervention（官方干預）和Sterilizedintervention（沖洗干預）與題目描述不符。'The

U.S.

dollar

is

called

a

_____

because

it

is

often

used

as

an

intermediary

to

accomplish

trading

between

two

other

currencies.(

)

A:vehicle

currencyB:main

currencyC:primary

currencyD:common

currency答案:AI參考:正確答案是C:primary

currency。\n根據(jù)題干中的句子“美元被稱為主要貨幣，因為它通常被用作另一種貨幣之間交易的中介?！笨芍?，美元是作為另一種貨幣交易的中介，因此它是一種主要貨幣，即主要貨幣是交易的主要媒介。因此，答案為C。其他選項的意思與句子不符。'Which

of

the

following

is

currently

a

main

function

of

the

International

Monetary

Fund

(IMF)?

(

)

A:To

house

the

world’s

gold

supplyB:To

loan

money

to

developing

countries

to

allow

them

to

carry

out

programs

that

will

improve

the

standard

of

livingC:To

set

bilateral

exchange

rate

valuesD:To

loan

reserves

to

countries

that

are

attempting

to

finance

temporary

payments

deficits答案:AI參考:正確選項是B:Toloanmoneytodevelopingcountriestoallowthemtocarryoutprogramsthatwillimprovethestandardofliving。\n\n國際貨幣基金組織（IMF）的主要功能之一是向發(fā)展中國家提供貸款，以幫助他們實施能夠提高生活水平的計劃。選項A是關(guān)于基金組織存儲黃金的情況，選項C涉及雙邊匯率設(shè)定，選項D則與儲備金貸款有關(guān)，但并非其主要功能。因此，B選項是正確答案。'Which

of

the

following

capital

transaction

items

is

entered

as

a

debit

in

the

U.S.

balance

of

payments?(

)

A:A

U.S.

resident

sells

his

Credit

Suisse

stock

to

a

French

resident.B:A

U.S.

resident

transfers

$100

from

his

account

at

Credit

Suisse

in

Basel

(Switzerland)

to

his

account

at

a

San

Francisco

branch

of

Wells

Fargo

Bank.C:A

U.S.

resident

sells

his

IBM

stock

to

a

French

resident.D:A

French

resident

transfers

$100

from

his

account

at

Wells

Fargo

Bank

in

San

Francisco

to

his

Credit

Suisse

account

in

Basel.答案:AI參考:正確答案是B:A

U.S.

resident

transfers

$100

from

his

account

at

Credit

Suisse

in

Basel

(Switzerland)

to

his

account

at

a

San

Francisco

branch

of

Wells

Fargo

Bank。\n\n根據(jù)題目中的描述，美國居民從瑞士信貸銀行賬戶轉(zhuǎn)賬到富國銀行舊金山分行賬戶，這應(yīng)該是一個借方交易，所以選項B是正確的。其他選項中，A選項是法國居民賣給美國居民的股票交易，C選項是法國居民賣給美國居民的IBM股票交易，D選項是法國居民從富國銀行舊金山分行賬戶轉(zhuǎn)賬到瑞士信貸銀行賬戶，這些交易都是貸方交易。因此，正確答案是B。'A

country

experiencing

a

current

account

surplus(

)

A:must

also

have

had

a

surplus

in

its

overall

payments

balance.B:spends

more

than

it

earns

on

its

merchandise

and

service

trade,

international

income

payments

and

receipts

and

international

transfers.C:needs

to

borrow

internationally.D:is

able

to

lend

internationally.答案:AI參考:正確答案是A。一個經(jīng)歷經(jīng)常賬戶盈余的國家(must)同時也必須在整體付款余額上擁有盈余。根據(jù)問題的內(nèi)容可知，一個經(jīng)常賬戶盈余的國家（經(jīng)常項目交易余額順差），因此能夠償清全部欠款和應(yīng)付的國際義務(wù)，選項A表述符合這個意思。\n\n選項B的描述錯誤，一個經(jīng)常賬戶盈余的國家并不一定意味著其在商品和服務(wù)貿(mào)易、國際收入支付和收入、國際轉(zhuǎn)移支付方面花費更多。\n\n選項C和D與問題內(nèi)容無關(guān)，因此排除。因此，正確答案是A。'In

the

balance

of

payments,

the

statistical

discrepancy

is

used

to(

)

A:ensure

that

the

sum

of

all

debits

matches

the

sum

of

all

credits.B:obtain

an

accurate

account

of

a

balance-of-payments

surplus.C:show

how

a

balance-of-payments

deficit

is

funded.D:ensure

that

the

value

of

imports

equals

the

value

of

exports.答案:AI參考:正確選項是【D:ensure

that

the

value

of

imports

equals

the

value

of

exports.】。\n\n在收支平衡表中，統(tǒng)計差異用于確保進口值等于出口值，即進口與出口的金額相等。這是收支平衡表中一個基本的原則，也是統(tǒng)計差異的主要作用之一。其他選項A、B、C雖然也涉及收支平衡表，但并不是統(tǒng)計差異的主要作用。'Assume

that

the

FE

curve

is

flatter

than

the

LM

curve.

A

negative

external

capital-flow

shock

shifts

the

FE

curve

left.

Under

zero

sterilization,

which

one

of

the

following

will

happen

next?

(

)

A:Because

of

the

incipient

balance

of

payments

surplus,

IS

curve

will

shift

leftwardB:Because

of

the

incipient

balance

of

payments

deficit,

LM

curve

will

shift

leftwardC:Because

of

the

incipient

balance

of

payments

deficit,

IS

curve

will

shift

rightwardD:Because

of

the

incipient

balance

of

payments

surplus,

LM

curve

will

shift

rightward答案:AI參考:根據(jù)題意，因為負的外部資本流動沖擊，會使資金易變性曲線向左移動。由于政策干預為零，平衡國際收支盈余的情況，因此在下一個階段會發(fā)生什么，首先由于初始的國際收支盈余，投資支出曲線（IS曲線）會向左移動。因此，選項A：“由于初始的國際收支盈余，IS曲線會向左移動”是正確答案。'_____

purchasing

power

parity

states

that

the

difference

between

changes

over

time

in

product-price

levels

in

two

countries

will

be

offset

by

the

change

in

the

exchange

rate

over

this

time.(

)

A:RelativeB:PartialC:AbsoluteD:Full答案:AI參考:正確答案是C:Absolute。\r\n原文中提到的“購買力平價”指出兩個國家在同一時間的產(chǎn)品價格水平的差異，將由匯率在這段時間的變化來彌補，根據(jù)這段文字可知應(yīng)該選擇C項“絕對”。所以本題選C。'At

points

above

the

IS

curve,

there

is

an

_____

and

at

points

below

the

IS

curve

there

is

an

_____.

(

)

A:excess

supply

of

money;

excess

demand

for

moneyB:excess

demand

for

money;

excess

supply

of

moneyC:excess

demand

for

goods;

excess

supply

of

goodsD:excess

supply

of

goods;

excess

demand

for

goods答案:AI參考:答案為B:excessdemandformoney;excesssupplyofmoney\nIS曲線以上，貨幣需求大于供給，利率上升，投資下降，所以是貨幣需求過剩，供給過剩，IS曲線以下，貨幣供給大于需求，利率下降，投資上升，所以是貨幣供給過剩。故選B。'Which

of

the

following

can

be

considered

as

domestic

assets

of

a

country’s

central

bank?

(

)

A:The

country’s

government

bonds

held

by

the

central

bankB:Bank

deposits

at

the

central

bankC:Foreign

currency

assets

held

by

the

central

bankD:Currency

issued

by

the

central

bank答案:AI參考:正確選項是：A:國家中央銀行持有的政府債券。\n\n因為政府債券屬于中央銀行的資產(chǎn)，它反映了中央銀行所持有的債權(quán)和債務(wù)關(guān)系，對于國家來說是重要的經(jīng)濟資產(chǎn)。其他選項中，中央銀行持有的銀行存款和貨幣發(fā)行都是中央銀行的負債，不屬于中央銀行的資產(chǎn)。因此，正確答案是A。'An

increase

in

the

Australian

exports

of

goods

and

services

to

USA

will

result

in

a(n)

_____

U.S.

dollar

and

a(n)

_____

the

Australian

dollars

in

the

foreign

exchange

market.(

)

A:decrease

in

the

supply

of;

decrease

in

the

demand

for

B:increase

in

the

demand

for;

increase

in

the

supply

ofC:shortage

in

;

surplus

of

D:increase

in

the

supply

of;

increase

in

the

demand

for答案:AI參考:正確選項是D:increase

in

the

supply

of;

increase

in

the

demand

for。\n\n句子中提到澳大利亞對美國的商品和服務(wù)出口增加，這會導致外匯市場上美元供應(yīng)量的增加和澳大利亞元需求量的增加。因此，選項D中的“增加供應(yīng)”和“增加需求”與句子的意思相符。其他選項的意思與句子不符。例如，選項A中的“減少供應(yīng)”和“減少需求”與句子意思相反；選項C中的“短缺”和“盈余”與句子中的增加和減少不符；選項B中的“增加需求”和“增加供應(yīng)”沒有明確說明外匯市場的情況，因此不能準確回答問題。'The

proportionate

difference

between

the

current

forward

exchange

rate

value

of

a

currency

and

its

current

spot

value

is

the

_____

premium.(

)

A:investmentB:currency-optionC:forwardD:frequent

exchanger答案:AI參考:正確選項是C:forward。\n\nforwardrate是貨幣的遠期匯率，指的是在未來某一確定的時間點，以當前市場匯率確定的貨幣對買賣匯率。而貨幣的當前Forwardexchangeratevalue與其當前Spotvalue之間的比例差異就是forwardpremium。因此，選項Cforward是正確答案。其他選項A、B、D與問題描述不符。'Everything

else

remaining

unchanged,

the

effect

of

domestic

spending

shocks

on

a

country

with

a

floating

exchange

rate

differs

depending

on:（

）

A:the

interest

rate

differential

between

the

country

and

its

trading

partners.B:the

mobility

of

capital

across

countries.C:whether

sterilized

intervention

is

used

or

not.D:the

current

trade

balance

situation

of

the

country.答案:AI參考:正確答案是C:whethersterilizedinterventionisusedornot。\n浮動匯率制下，國內(nèi)支出沖擊的效果取決于是否進行了沖銷干預，即選項C是否使用了沖銷干預。其他選項在浮動匯率制下不會影響國內(nèi)支出沖擊的效果。因此，本題的答案是C。'An

increase

in

the

U.S.

imports

of

goods

and

services

from

the

EU

countries

will

result

in

a(n)

_____

euro

and

a(n)

_____

the

U.S.

dollars

in

the

foreign

exchange

market.

(

)

A:increase

in

the

demand

for;

increase

in

the

supply

ofB:increase

in

the

supply

of;

increase

in

the

demand

forC:decrease

in

the

demand

for;

decrease

in

the

supply

ofD:surplus

of;

shortage

of答案:AI參考:正確選項是【A:increase

in

the

demand

for;

increase

in

the

supply

of】。\n\n原文中提到“美國從歐盟國家進口的貨物和服務(wù)增加”，根據(jù)常識和經(jīng)濟學原理，進口增加會導致對相關(guān)商品的需求增加，同時也會導致市場上相關(guān)貨幣的供應(yīng)增加，因此選項A“需求增加”和“供應(yīng)增加”符合原文意思。選項B、C、D都不符合原文意思，因此排除。'When

the

exchange

rate

is

set

now

for

a

currency

trade

that

will

take

place

sometime

more

than

a

few

days

in

the

future

is

often

referred

to

as

a（

）

A:pegged

exchange

rate.B:forward

exchange

rate.C:managed

exchange

rate.D:spot

exchange

rate.答案:AI參考:正確答案是B:forwardexchangerate。\n\nforwardexchangerate通常用于描述在未來一段時間內(nèi)進行的貨幣交易的匯率，而選項B正是forwardexchangerate的英文翻譯。因此，答案為B。而其他選項的含義和此題無關(guān)，不正確。A、C、D三個選項在文中都沒有提到，不符合題意。'Underafloatingexchangerateregimeinwhichtheinternationalcapitalflowsarelessresponsivetochangesininterestrate,theexpansionaryfiscalpolicyimplementedbythedomesticgovernmentwill:(

)

A:foreign

capital

inflows

decrease

domestic

product.B:the

official

s