第一章 单元测试
1、单选题：Recently, financial markets have become highly integrated. This development
A:allows minority investors to buy and sell stocks.
B:allows investors to diversify their portfolios internationally.
C:answers a and c are both correct.
D:has increased the cost of capital for firms.
正确答案:【allows investors to diversify their portfolios internationally.】
2、单选题：Although the world economy is much more integrated today than was the case 10 or 20 years ago, a variety of barriers still hamper free movements of people, goods, services, and capital across national boundaries. These barriers include
A:all of the above
B:excessive transportation costs.
C:legal restrictions.
D:information asymmetry.
正确答案:【all of the above 】
3、单选题：A purely domestic firm sources its products, sells its products, and raises its funds domestically
A:can still face exchange rate risk, just like a MNC.
B:can be more competitive than a MNC on its home turf due to superior knowledge of the local market.
C:all of the above are true
D: can face stiff competition from a multinational corporation that can source its products in one country, sell them in several countries, and raise its funds in a third country.
正确答案:【all of the above are true 】
4、单选题：Suppose your firm invests $100,000 in a project in Italy. At the time the exchange rate is $1.25 = €1.00. One year later the exchange rate is the same, but the Italian government has expropriated your firm’s assets paying only €80,000 in compensation. This is an example of
A:none of the above, since $100,000 = €80,000 × $1.25/€1.002
B: market imperfections.
C:political risk.
D:exchange rate risk.
正确答案:【political risk. 】
5、单选题：The ultimate guardians of shareholder interest in a corporation, are the
A:rank and file workers.
B:senior management.
C: all of the above.
D:boards of directors.
正确答案:【boards of directors. 】
第二章 单元测试
1、单选题：The price-specie-flow mechanism will work only if governments are willing to play by the rules of the game by letting the money stock rise and fall as gold flows in and out. Once the government demonetizes (neutralizes) gold, the mechanism will break down. In addition, the effectiveness of the mechanism depends on
A:the income elasticity of the supply of imports.
B: the price elasticity of the demand for imports.
C: the income elasticity of the demand for imports.
D:the price elasticity of the supply of imports.
正确答案:【 the price elasticity of the demand for imports.】
2、单选题：Under the Bretton Woods system each country established a par value for its currency in relation to the dollar. And the U.S. dollar was pegged to gold at
A: $350 per ounce.
B:$35 per ounce.
C: $1 per ounce.
D:$900 per ounce.
正确答案:【$35 per ounce. 】
3、单选题：When money can move freely across borders, policy makers must choose between
A:exchange-rate stability and capital controls.
B:exchange-rate stability and an independent monetary policy.
C:exchange-rate stability and an economic growth.
D:exchange-rate stability and inflation.
正确答案:【exchange-rate stability and an independent monetary policy. 】
4、单选题：During the period between World War I and World War II,
A: the major European powers and the U.S. returned to the gold standard and fixed exchange rates.
B:the U.S. dollar emerged as the dominant world currency, gradually replacing the British pound for the role.
C: None of the above.
D:while most countries abandoned the gold standard during World War I, international trade and investment flourished during the interwar period under a coherent international monetary system.
正确答案:【the U.S. dollar emerged as the dominant world currency, gradually replacing the British pound for the role. 】
5、单选题：During the period of the classical gold standard (1875-1914) there were
A: no exchange rates.
B:stable exchange rates.
C: highly volatile exchange rates.
D:volatile exchange rates.
E:moderately volatile exchange rates.
正确答案:【stable exchange rates. 】
第三章 单元测试
1、单选题：If the United States imports more than it exports, then this means that
A:the demand for dollars is likely to exceed the supply in the foreign exchange market, ceteris paribus.
B:the supply of dollars is likely to exceed the demand in the foreign exchange market, ceteris paribus.
C:both b and c are correct
D:the U.S. dollar would be under pressure to appreciate against other currencies.
正确答案:【the supply of dollars is likely to exceed the demand in the foreign exchange market, ceteris paribus. 】
2、单选题：Among item (1)—(5), which items are recorded in the account of “other investment”?
(1) other equity; (2) currency and deposits; (3) loans (including use of IMF credit and loans from the IMF); (4) trade credit and advances; (5)FDI
A:(1) (3) (5)
B: (1) (2) (3) (4)
C: (1) (5)
D:(2) (3)
正确答案:【 (1) (2) (3) (4) 】
3、单选题：Portfolio investment involves
A:all of the above
B:bank deposits, currency investment, trade credit, and the like.
C: acquisitions of controlling interests in foreign businesses.
D:investments in foreign stocks and bonds that do not involve acquisitions of control.
正确答案:【investments in foreign stocks and bonds that do not involve acquisitions of control. 】
4、单选题：Foreign direct investment (FDI) occurs
A:when there is an acquisition, by a foreign entity in the U.S., of 10 percent or more of the voting shares of a business.
B:when an investor acquires a measure of control of a foreign business.
C:with sales and purchases of foreign stocks and bonds that do not involve a transfer of control.
D:both a and b
正确答案:【both a and b 】
5、单选题：If a country must make a net payment to foreigners because of a balance-of-payments deficit, the country should
A: either run down its official reserve assets or lend more foreigners.
B:none of the above
C:either increase its official reserve assets or borrow anew from foreigners.
D:either run down its official reserve assets or borrow anew from foreigners.
正确答案:【either run down its official reserve assets or borrow anew from foreigners. 】
第四章 单元测试
1、单选题：The SF/$ spot exchange rate is SF1.25/$ and the 180 day forward exchange rate is SF1.30/$. The forward premium (discount) is
A:the dollar is trading at a 4% discount to the Swiss franc for delivery in 180 days.
B: the dollar is trading at a 4% premium to the Swiss franc for delivery in 180 days.
C:the dollar is trading at an 8% discount to the Swiss franc for delivery in 180 days.
D: the dollar is trading at an 8% premium to the Swiss franc for delivery in 180 days.
正确答案:【 the dollar is trading at an 8% premium to the Swiss franc for delivery in 180 days.】
2、单选题：The structure of FX Market refers to
A: the basic mechanics of how a marketplace operates.
B:the basics of how to make small (micro-sized) currency trades.
C:none of the above
D:how macroeconomic variables such as GDP and inflation are determined.
正确答案:【 the basic mechanics of how a marketplace operates.】
3、单选题：If one has agreed to buy foreign exchange forward
A:until the exchange rate moves, you haven’t made money, so you’re neither short nor long.
B:you have a long position in the spot market.
C: you have a short position in the forward contract.
D: you have a long position in the forward contract.
正确答案:【 you have a long position in the forward contract. 】
4、单选题：The Bid price
A:is the price that a dealer stands ready to sell at.
B:refers only to auctions like eBay, not over the counter transactions with dealers.
C: is the price that the dealer has just paid for something, his historical cost of the most recent trade.
D:is the price that a dealer stands ready to pay.
正确答案:【is the price that a dealer stands ready to pay. 】
5、单选题：Find the no-arbitrage cross exchange rate. The dollar-euro exchange rate is quoted as $1.60 = €1.00 and the dollar-pound exchange rate is quoted at $2.00 = £1.00.
A:€0.80/£1.00
B:€1.25/£1.00
C:£1.25/€1.00
D:$1.25/£1.00
正确答案:【€1.25/£1.00 】
第五章 单元测试
1、单选题：Among item (1)—(4), which are the basic assumptions of interest rate parity?
(1) Capital control; (2) No transactions costs; (3) Perfect substitutability of domestic and foreign assets;(4) Capital mobility
A:(2) (3) (4)
B:(3) (4)
C:(1) (2) (3) (4)
D: (1) (2) (3)
正确答案:【(2) (3) (4)】
2、单选题：Purchasing Power Parity (PPP) theory states that
A:the exchange rate between currencies of two countries should be equal to the ratio of the countries’ price levels.
B:the prices of standard commodity baskets in two countries are not related.
C:as the purchasing power of a currency sharply declines (due to hyperinflation) that currency will depreciate against stable currencies.
D:both a and b
正确答案:【both a and b 】
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