第一章 单元测试
1、单选题：
Recently, financial markets have become highly integrated. This development
选项：
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.
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
选项：
A:all of the above
B:excessive transportation costs.
C:legal restrictions.
D:information asymmetry.
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
选项：
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.
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
选项：
A:none of the above, since $100,000 = €80,000 × $1.25/€1.002
B: market imperfections.
C:political risk.
D:exchange rate risk.
答案: 【political risk. 】
5、单选题：
The ultimate guardians of shareholder interest in a corporation, are the
选项：
A:rank and file workers.
B:senior management.
C: all of the above.
D:boards of directors.
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
选项：
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.
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
选项：
A: $350 per ounce.
B:$35 per ounce.
C: $1 per ounce.
D:$900 per ounce.
答案: 【$35 per ounce. 】
3、单选题：
When money can move freely across borders, policy makers must choose between
选项：
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.
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,
选项：
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.
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
选项：
A: no exchange rates.
B:stable exchange rates.
C: highly volatile exchange rates.
D:volatile exchange rates.
E:moderately volatile exchange rates.
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
选项：
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.
答案:
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
选项：
A:(1) (3) (5)
B: (1) (2) (3) (4)
C: (1) (5)
D:(2) (3)
答案:
3、单选题：
Portfolio investment involves
选项：
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.
答案:
4、单选题：
Foreign direct investment (FDI) occurs
选项：
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
答案:
5、单选题：
If a country must make a net payment to foreigners because of a balance-of-payments deficit, the country should
选项：
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.
答案:
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
选项：
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.
答案:
2、单选题：
The structure of FX Market refers to
选项：
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.
答案:
3、单选题：
If one has agreed to buy foreign exchange forward
选项：
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.
答案:
4、单选题：
The Bid price
选项：
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.
答案:
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.
选项：
A:€0.80/£1.00
B:€1.25/£1.00
C:£1.25/€1.00
D:$1.25/£1.00
答案:
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
选项：
A:(2) (3) (4)
B:(3) (4)
C:(1) (2) (3) (4)
D: (1) (2) (3)
答案:
2、单选题：
Purchasing Power Parity (PPP) theory states that
选项：
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
答案:
3、单选题：
The International Fisher Effect suggests that
选项：
A:an increase (decrease) in the expected inflation rate in a country will cause a proportionate increase (decrease) in the interest rate in the country.
B:the nominal interest rate differential reflects the expected change in the exchange rate.
C:any forward premium or discount is equal to the actual change in the exchange rate.
D: any forward premium or discount is equal to the expected change in the exchange rate.
答案:
4、单选题：
If a foreign county experiences a hyperinflation,
选项：
A:its currency may be unaffected—it’s difficult to say.
B:none of the above
C:its currency will depreciate against stable currencies.
D:its currency may appreciate against stable currencies.
答案:
5、单选题：
The forward price
选项：
A:may be higher than the spot price.
B:may be the same as the spot price.
C:all of the above.
D:may be less than the spot price.
答案:
第六章 单元测试
1、单选题：
Comparing “forward” and “futures” exchange contracts, we can say that
选项：
A:their major difference is in the way the underlying asset is priced for future purchase or sale: futures settle daily and forwards settle at maturity.
B:a futures contract is negotiated by open outcry between floor brokers or traders and is traded on organized exchanges, while forward contract is tailor-made by an international bank for its clients and is traded OTC.
C: they are both “marked-to-market” daily.
D:both b and c
答案:
2、单选题：
If a currency futures contract (direct quote) is priced below the price implied by Interest Rate Parity (IRP), arbitrageurs could take advantage of the mispricing by simultaneously
选项：
A: going short in the futures contract, borrowing in the domestic currency, and going long in the foreign currency in the spot market.
B:going long in the futures contract, borrowing in the foreign currency, and going long in the domestic currency, investing the proceeds at the local rate of interest.
C:going short in the futures contract, lending in the domestic currency, and going long in the foreign currency in the spot market.
D:going long in the futures contract, borrowing in the domestic currency, and going short in the foreign currency in the spot market.
答案:
3、单选题：
An “option” is
选项：
A:a contract giving the owner (buyer) of the option the right, but not the obligation, to buy (call) or sell (put) a given quantity of an asset at a specified price at some time in the future.
B: a contract giving the owner (buyer) of the option the right, but not the obligation, to buy (put) or sell (call) a given quantity of an asset at a specified price at some time in the future.
C:a contract giving the owner (buyer) of the option the right, but not the obligation, to buy (put) or sell (sell) a given quantity of an asset at a specified price at some time in the future.
D: a contract giving the seller (writer) of the option the right, but not the obligation, to buy (call) or sell (put) a given quantity of an asset at a specified price at some time in the future.
答案:
4、单选题：
Three days ago, you entered into a futures contract to sell €62,500 at $1.50 per €. Over the past three days the contract has settled at $1.50, $1.52, and $1.54. How much have you made or lost?
选项：
A:Made $0.04 per € or $2,500
B:None of the above
C: Lost $0.04 per € or $2,500
D:Lost $0.06 per € or $3,750
答案:
5、单选题：
Yesterday, you entered into a futures contract to buy €62,500 at $1.50 per €. Suppose the futures price closes today at $1.46. How much have you made/lost?
选项：
A: Depends on your margin balance.
B:You have lost $2,500.00.
C:You have neither made nor lost money, yet.
D:You have made $2,500.00.
答案:
第七章 单元测试
1、单选题：
If you owe a foreign currency denominated debt, you can hedge with
选项：
A:a long position in a currency forward contract.
B:a long position in an exchange-traded futures option.
C:buying the foreign currency today and investing it in the foreign county.
D:a swap contract where pay the cash flows of the bond in exchange for dollars.
答案:
2、单选题：
The link between a firm’s future operating cash flows and exchange rate fluctuations is
选项：
A: both a and b
B:operating exposure.
C:asset exposure.
D:none of the above
答案:
3、单选题：
The sensitivity of the firm’s consolidated financial statements to unexpected changes in the exchange rate is
选项：
A: economic exposure
B: transaction exposure.
C:none of the above
D:translation exposure
答案:
4、单选题：
An exporter faced with exposure to an appreciating currency can reduce transaction exposure with a strategy of
选项：
A:paying late, collecting early.
B: paying or collecting early.
C: paying or collecting late.
D: paying early, collecting late.
答案:
5、单选题：
The recognized methods for consolidating the financial reports of an MNC are
选项：
A:temporal method, current rate method, flexible/inflexible method, and economic/noneconomic method.
B:short/long term method, current/future method, flexible/inflexible method, and economic/noneconomic method.
C:current/noncurrent method, monetary/nonmonetary method, short/long term method, and current/future method.
D:current/noncurrent method, monetary/nonmonetary method, temporal method, and current rate method.
答案:
第八章 单元测试
1、单选题：
The primary reasons for a counterparty to use a currency swap are
选项：
A:to obtain debt financing in the swapped currency at an interest cost reduction brought about through comparative advantages each counterparty has in its national capital market, and the benefit of hedging long-run exchange rate exposure.
B: to hedge and to speculate.
C:both a and b
D:to play in the futures and forward markets.
答案:
2、单选题：
Which combination of the following statements is true about a swap bank?
(i) – it is a generic term to describe a financial institution that facilitates swaps between counterparties
(ii) – it can be an international commercial bank
(iii) – it can be an investment bank
(iv) – it can be a merchant bank
(v) – it can be an independent operator
选项：
A:(i), (ii), (iii), (iv) and (v)
B: (i) and (ii)
C:(i), (ii), (iii) and (iv)
D: (i), (ii) and (iii)
答案:
3、单选题：
Suppose the quote for a five-year swap with semiannual payments is 8.50—8.60 percent. The means
选项：
A: none of the above
B: if the swap bank is successful in getting counterparties to both legs of the swap at these prices, he will have an annual profit of ten basis points.
C: the swap bank will receive semiannual fixed-rate dollar payments of 8.50 percent against paying six-month dollar LIBOR.
D: the swap bank will pay semiannual fixed-rate dollar payments of 8.60 percent against receiving six-month dollar LIBOR.
答案:
4、单选题：
An interest-only single currency interest rate swap
选项：
A:is about as simple as swaps can get.
B:is also known as an interest rate swap.
C:is also known as a plain vanilla swap.
D:all of the above
答案:
5、单选题：
Suppose ABC Investment Banker Ltd., is quoting swap rates as follows: 7.50 – 7.85 annually against six-month dollar LIBOR for dollars, and 11.00 – 11.30 percent annually against six-month dollar LIBOR for British pound sterling. ABC would enter into a $/£ currency swap in which:
选项：
A:it will receive annual fixed-rate dollar payments at 7.85% against paying annual fixed-rate £ payments at 11%
B: none of the above
C:a and b
D:it would pay annual fixed-rate dollar payments of 7.5% in return for receiving annual fixed-rate £ payments at 11.3%
答案:
第九章 单元测试
1、单选题：
Banks that both perform traditional commercial banking functions and engage in investment banking activities are often called
选项：
A:commercial banks.
B: investment banks.
C: international service banks.
D:merchant banks.
答案:
2、单选题：
Global bond issues
选项：
A:have been partially facilitated by rule 144A.
B: tend to have increased liquidity relative to Eurobonds or domestic bonds
C: can save U.S. issuers 20 basis points relative to domestic bonds, all else equal.
D:all of the above
答案:
3、单选题：
Generally, the lower the turnover ratio,
选项：
A: the more liquid the secondary stock market, indicating difficulty in trading.
B: the less liquid the secondary stock market, indicating difficulty in trading.
C:the more liquid the primary stock market, indicating difficulty in trading.
D:the more efficient the stock market is.
答案:
4、单选题：
Which of the following are reasons why a bank may establish a multinational operation?
选项：
A:Low marginal and transaction costs
B:Home nation information services, and prestige
C:Growth and risk reduction
D:All of the above
答案:
5、单选题：
ADRs
选项：
A:denominated in U.S. dollars that trade on a U.S. stock exchange
B:are American Depository Receipts
C:are depository receipts for foreign stocks held by the U.S. depository’s custodian
D:all of the above
答案:
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