绪论 单元测试
1、单选题：
The recent global economy is experiencing the three-low situation such as ________ .
选项：
A:low interest rate, low unemployment and low population
B:low interest rate, low inflation and low economic growth
C:low inflation, low government expenditure and low price
D:low population, low economic growth and low tax rate
答案: 【low interest rate, low inflation and low economic growth
】
2、单选题：
Which of the following statements incorrectly describes China?
选项：
A:China is the largest goods-trade country.
B:China is the largest foreign reserve holder.
C:China is the largest manufacturing country.
D:China is the largest capital-outflow country.
答案: 【China is the largest capital-outflow country.
】
3、单选题：
Which of the following managements least likely represents the dimension of macroeconomic analysis of international finance?
选项：
A:Management of internal and external balance
B:Foreign exchange exposure management
C:Management of balance of payments
D:International monetary management
答案: 【Foreign exchange exposure management
】
4、单选题：
Libra white paper initially introduced by Facebook on June 18th,2019 shows that Libra is most likely ______.
选项：
A:the plastic money
B:the legal tender
C:the paper money
D:the fictitious cryptocurrency
答案: 【the fictitious cryptocurrency
】
5、单选题：
A nation’s macroeconomic performance involves the performance of three markets such as ________.
选项：
A:the labor market, the capital market, and the land market.
B:the domestic product market, domestic stock market, and foreign exchange market.
C:the domestic goods market, domestic services market, and domestic financial market.
D:the domestic money market, the domestic product market, and foreign exchange market.
答案: 【the domestic money market, the domestic product market, and foreign exchange market.
】
6、单选题：
Multinational corporations usually are exposed to three typical kinds of foreign exchange exposure, such as_______.
选项：
A:transaction exposure,speculative exposure,and precautionary exposure
B:transaction exposure, operating exposure, and translation exposure
C:accounting exposure, investment exposure, and financing exposure
D:accounting exposure,financial exposure, and economic exposure
答案: 【transaction exposure, operating exposure, and translation exposure
】
7、单选题：
The objective of international portfolio management is _______.
选项：
A:to go ahead with a capital budgeting project with positve net present value.
B:to select capital budgeting projects with higher internal rate of return than the required rate of return.
C:to select international securities with the same rates of return as domestic securities.
D:to construct an optimal international portfolio with minimum risk.
答案: 【to construct an optimal international portfolio with minimum risk.
】
8、单选题：
From the perspective of microeconomics, the practices of international finance leastly likely involves_________.
选项：
A:international investment management
B:foreign exchange exposure management
C:international monetary management
D:international financing management
答案: 【international monetary management】
9、判断题：
The feasibility of the international capital budgeting decision can only be determined from the parent company viewpoint.（ ）
选项：
A:错
B:对
答案: 【错】
10、判断题：
Multinational corporations can conduct financial transactions or use operational techniques to manage foreign exchange exposure.（ ）
选项：
A:错
B:对
答案: 【对】
第一章 单元测试
1、单选题：
The J curve shows that:
选项：
A:devaluation is likely to be unstable.
B:devaluation is unlikely to improve the trade balance in either the short-run or the long-run.
C:devaluation is more likely to improve the trade balance in the short-run than in the long-run.
D:devaluation is more likely to improve the trade balance after a longer span of time has elapsed.
答案: 【devaluation is more likely to improve the trade balance after a longer span of time has elapsed.
】
2、单选题：
Which of the following would tend to contribute to a U.S. current account surplus?
选项：
A:U.S. tourists travel in large numbers to Asia.
B:Russian vodka becomes increasingly popular in the United States.
C:The United States makes a unilateral tariff reduction on imported goods.
D:The United States cuts back on American military personnel stationed in Japan.
答案: 【The United States cuts back on American military personnel stationed in Japan.】
3、单选题：
Official reserve assets are：
选项：
A:money like assets that are held by governments and that are recognized by governments as fully acceptable for payments between them.
B:government holdings of SDR’s.
C:the gold holdings in the nation’s central bank.
D:government T-bills and T-bonds.
答案: 【money like assets that are held by governments and that are recognized by governments as fully acceptable for payments between them.】
4、单选题：
If the overall balance in the balance of payments account is in _____, there can be an accumulation of official reserve assets by the country or a decrease in foreign official reserve holdings of the country’s assets.
选项：
A:equilibrium
B:surplus
C:remission
D:deficit
答案: 【surplus】
5、单选题：
A statement of the stocks of a country’s foreign assets and foreign liabilities at a point in time represents the country’s:
选项：
A:balance of payments
B:financial account balance
C:international investment position
D:government budget surplus or deficit
答案: 【international investment position】
6、单选题：
If the balance of payments accounts of a country shows a current account deficit, it means that:
选项：
A:its foreign assets are growing faster than its foreign liabilities.
B:it is acting as a net lender to the rest of the world.
C:its exports are higher than its imports.
D:its foreign assets are growing slower than its foreign liabilities.
答案: 【its foreign assets are growing slower than its foreign liabilities.】
7、单选题：
Marshall-Lerner condition is that the payments deficit will be improved as a result of currency depreciation only if_______ .
选项：
A:the sum of elasticity of demand for goods import and that for goods export is larger than one.
B:the sum of elasticity of demand for goods import and that for goods export equals one.
C:the sum of elasticity of demand for goods import and that for goods export is less than one.
D:the sum of elasticity of demand for goods import is greater than that for goods export.
答案: 【the sum of elasticity of demand for goods import and that for goods export is larger than one.】
8、单选题：
According to the absorption approach to balance of payments, if a nation’s national income is less than its national expenditure, it will ________.
选项：
A:will tend to move into payments surplus.
B:experience payments deficit.
C:experience no change in its official settlement balance.
D:will tend to move into payments balance.
答案: 【experience payments deficit.】
9、判断题：
The net flow of financial assets and similar claims is the private current account balance.（ ）
选项：
A:错
B:对
答案: 【错】
10、判断题：
A country’s nonofficial financial account balance equals its net foreign investment.（ ）
选项：
A:错
B:对
答案: 【错】
第二章 单元测试
1、单选题：
Based on PPP and the quantity theory of money, everything else remaining unchanged, if Japan’s real income rises relative to real income in the U.S., there would be a(n):
选项：
A:appreciation of the dollar.
B:decrease in the demand for yen in the foreign exchange market.
C:appreciation of the yen.
D:interest rate parity.
答案: 【appreciation of the yen.】
2、单选题：
The retail part of the foreign exchange market does not include traders at banks trading with:
选项：
A:nonfinancial companies that sometimes want to buy and sell different currencies.
B:traders at other banks.
C:national governments.
D:stock brokers who trade in the assets of the firms in different nations.
答案: 【traders at other banks.】
3、单选题：
Suppose the dollar per pound exchange rate is $2 per pound while the dollar per Swiss franc exchange rate is 50 cents per franc. From the given information we can conclude that the Swiss franc per pound exchange rate is:
选项：
A:4 francs per pound.
B:too high.
C:1 franc per pound.
D:too low.
答案: 【4 francs per pound.】
4、单选题：
Rapid increases in the U.S. exports of goods and services will result in a(n) _____ foreign currency and a(n) _____ the U.S. dollars in the foreign exchange market.
选项：
A:decrease in the supply of; decrease in the demand for
B:increase in the demand for; increase in the supply of
C:shortage of foreign currency; surplus of
D:increase in the supply of; increase in the demand for
答案: 【increase in the supply of; increase in the demand for】
5、单选题：
Under a floating exchange rate system, an increase in the international demand for electronic appliances manufactured in Japan will result in:
选项：
A:A depletion of international reserves held by the central bank of Japan.
B:An appreciation of the yen vis-à-vis other currencies.
C:Deflation in the Japanese economy.
D:An increase in Japan’s trade deficit with other countries.
答案: 【An appreciation of the yen vis-à-vis other currencies.】
6、单选题：
Assume you are a Chinese exporter and expect to receive $250,000 at the end of 60 days. You can remove the risk of loss due to a devaluation of the dollar by:
选项：
A:buying dollars now and selling these dollars at the end of 60 days.
B:selling dollars in the 60-day forward exchange market.
C:selling the yuan equivalent in the forward exchange market for 60-day delivery.
D:keeping the dollars in the United States after they are delivered to you.
答案: 【selling dollars in the 60-day forward exchange market.】
7、单选题：
The Bretton Woods System is exposed to a dilemma known as _______.
选项：
A:ethical dilemma
B:two-pegging system
C:Triffin Paradox
D:impossible Trinity
答案: 【Triffin Paradox
】
8、单选题：
The _____ effect suggests that speculations can sometimes be destabilizing as the actions of the international investors move the exchange rate away from the long-run equilibrium value consistent with fundamental economic influences.
选项：
A:arbitrage
B:exchange rate
C:overshooting
D:bandwagon
答案: 【bandwagon】
9、判断题：
To maintain an undervalued currency, the country’s monetary authorities must intervene in the foreign exchange market to buy its currency in the foreign exchange market.（ ）
选项：
A:对
B:错
答案: 【错】
10、判断题：
Price-specie-flow mechanism posits that the misalignment of exchange rate under the classical gold standard can be automatically corrected.（ ）
选项：
A:对
B:错
答案: 【错】
第三章 单元测试
1、单选题：
For small open economy, assume that the marginal propensity to import is 0.3, and that interest rates, exchange rates, and the price level are all constant. If an increase of $10 billion in government spending results in an increase of $6 billion in imports, then:
选项：
A:real domestic investment decreases by $4 billion.
B:taxes increase by $10 billion.
C:real GDP increases by $4 billion.
D:the spending multiplier is 2.
答案:
2、单选题：
The locomotive theory posits that growth in one or more large countries:
选项：
A:can put pressure on their domestic import-competing firms.
B:can raise growth in other smaller countries that trade with these larger countries.
C:will lead smaller countries to open their economies.
D:will retard the growth of smaller countries dependent on exports.
答案:
3、单选题：
The demand for money is:
选项：
A:positively related to nominal GDP and to the level of interest rates available on other financial assets.
B:negatively related to nominal GDP and positively related to the level of interest rates available on other financial assets.
C:negatively related to nominal GDP and to the level of interest rates available on other financial assets.
D:positively related to nominal GDP and negatively related to the level of interest rates available on other financial assets.
答案:
4、单选题：
Perfect capital mobility implies:
选项：
A:an FE curve that is steeper than the LM curve.
B:a vertical FE curve.
C:an FE curve that is horizontal.
D:high domestic interest rates relative to foreign interest rates.
答案:
5、单选题：
There are limits to the ability of monetary authorities to use sterilized intervention in the case of a deficit because:
选项：
A:the central bank may be unwilling to increase its holdings of foreign currency beyond a certain limit.
B:the export level is fixed and it cannot be allowed to drop.
C:the pressure from foreign countries to allow the domestic currency to appreciate will lead to large losses.
D:the central bank’s ability to constantly obtain foreign currency for the sterilized intervention is constrained.
答案:
6、单选题：
Assume that the exchange rates are fixed. When money demand is less sensitive to interest rate changes than are international capital flows, _____ policy will be _____ effective than when money demand is more sensitive to interest changes than are international capital flows.
选项：
A:sterilized intervention; more
B:expansionary monetary; more
C:expansionary fiscal; less
D:expansionary fiscal; more
答案:
7、单选题：
With floating exchange rates, the effects of international trade shocks on internal balance are _____ by the effects of the resulting change in the _____.
选项：
A:not mitigated; exchange rate.
B:mitigated; exchange rate.
C:mitigated; LM curve.
D:not mitigated; LM curve.
答案:
8、单选题：
Which of the following statements is true？
选项：
A:Monetary policy is a powerful economic tool for a country with fixed exchange rates and high capital mobility.
B:An expansionary monetary policy tends to increase the exchange rate value of the domestic currency in the short run.
C:Fiscal policy for a country with floating exchange rates is more powerful with a high degree of capital mobility than with a low degree of capital mobility.
D:Under floating exchange rates, external capital-flow shocks can have effects on internal balance by altering the exchange rate and the country’s international competitiveness.
答案:
9、判断题：
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.（ ）
选项：
A:错
B:对
答案:
10、判断题：
International crowding out is the tendency of expansionary fiscal policy to appreciate the country’s currency and worsen the current account.（ ）
选项：
A:错
B:对
答案:
第四章 单元测试
1、单选题：
For an investor who starts with dollars and wants to end up with dollars in the future, which of the following choices is an example that includes speculating?
选项：
A:Sell dollars at the spot rate, invest the proceeds in foreign currency-denominated financial instruments, and then buy dollars at the future spot rate
B:Buy a dollar-denominated financial asset
C:Sell dollars at the spot rate, invest the proceeds in foreign currency-denominated financial instruments, and sign a forward exchange contract to buy dollars
D:Sell dollars at the spot rate, invest the proceeds in foreign currency-denominated financial instruments, and sign a forward exchange contract to sell the foreign currency
答案:
2、单选题：
Suppose the interest rate on 6-month treasury bills is 7 percent per year in the United Kingdom and 4 percent per year in the United States. Also, today’s spot exchange price of the pound is $2.00 while the 6-month forward exchange price of the pound is $1.98. By investing in U.K. treasury bills rather than U.S. treasury bills, and covering exchange-rate risk, U.S. investors earn an approximate extra return for 6 months of:
选项：
A:1.5 percent.
B:0.5 percent.
C:4.0 percent.
D:3.0 percent.
答案:
3、单选题：
The change in the future cash flows which have not been contracted for as a result of the random changes in exchange rate is known as ( ).
选项：
A:tax exposure
B:operating exposure
C:translation exposure
D:transaction exposure
答案:
4、单选题：
Operating exposure is more likely known as ( ) exposure.
选项：
A:asset
B:liability
C:accounting
D:competitive
答案:
5、单选题：
A swap bank provides an AA-rated company X and a BB-rated company Y with a five-year swap quotation of 2.5%-3% against LIBOR. The means:
选项：
A:none of the above
B:The swap bank will pay company Y with 2.5% against receiving LIBOR from it, and receive 3% from company X against paying LIBOR to it.
C:The swap bank will pay company X with 3% against receiving LIBOR from it, and receive 2.5% from company Y against paying LIBOR to it.
D:The swap bank will pay company X with 2.5% against receiving LIBOR from it, and receive 3% from company Y against paying LIBOR to it.
答案:
6、单选题：
As for the seller of call option, if the future spot rate is higher than the strike price, the option will be known as ( ) option.
选项：
A:out-of-the -money
B:In-the-market
C:in-the-money
D:at-the-money
答案:
7、单选题：
If the expected future spot rate is lower than the breakeven exchange rate, ( ) will be more desirable for multinational corporations to hedge against the transaction exposure arising from holding foreign-currency denominated accounts payable.
选项：
A:forward sale
B:put option
C:forward purchase
D:call option
答案:
8、单选题：
Translation of the financial statements prepared by the foreign subsidiaries from their respective local currencies into the home currency of the parent company is usually done by two methods, including ( ) .
选项：
A:Current rate method and temporal method
B:historical exchange rate method and current exchange rate method
C:Historical exchange rate method and future spot rate method
D:Current spot rate method and future spot rate method
答案:
9、判断题：
The profits and losses on a futures contract accrue to you daily, as the contract is “marked to market” daily.（ ）
选项：
A:错
B:对
答案:
10、判断题：
If Canada has a current 90 day forward exchange rate value for its currency that is above the current spot exchange rate value of its currency, then the Canadian 90-day interest rate is relatively high.（ ）
选项：
A:对
B:错
答案:
第五章 单元测试
1、单选题：
Optimal international portfolio is the ( ).
选项：
A:tangency of international capital market line and international portfolio opportunity set
B:tangency of capital market line and domestic portfolio opportunity set
C:tangency of domestic capital market line and international capital market line
D:tangency of international security market line and international portfolio opportunity set
答案:
2、单选题：
International investment usually does not involve ( ) risk.
选项：
A:currency
B:insurance
C:liquidity
D:political
答案:
3、单选题：
Which of the following examples is least likely political risk.
选项：
A:Using a new accounting basis by multinational corporation
B:Enactment of new taxation
C:Government seizure of company’s assets
D:Limiting or blocking currency conversion
答案:
4、单选题：
Which of the following techniques is not the discounted-cash-flow criterion used to make multinational capital budgeting decisions?
选项：
A:Net present value
B:Accounting rate of return
C:Internal rate of return
D:Probability index
答案:
5、单选题：
From the perspective of the parent company, multinational capital budgeting involves the following complexities except ( ).
选项：
A:higher tax imposed by home government
B:blocked funds
C:extra tax imposed on repatriated funds by host government
D:maximization of foreign currency denominated wealth
答案:
6、判断题：
Multinational capital budgeting is usually examined from two perspectives, including the viewpoint of the parent company and that of the host government.（ ）
选项：
A:对
B:错
答案:
7、判断题：
Payback period refers to number of years necessary for the future cash flows from the capital budgeting project to recoup its initial outlay.（ ）
选项：
A:对
B:错
答案:
8、判断题：
As far as the parent viewpoint analysis is concerned, the additional risk that stems from its foreign projects can be measured in at least two ways: adjusting the discount rates or adjusting the life of the project.（ ）
选项：
A:错
B:对
答案:
9、判断题：
Certainty equivalent approach is a method of incorporating risk into international capital budgeting project by adjusting the future cash flows arising from it downward.（ ）
选项：
A:对
B:错
答案:
10、判断题：
Suspension option grants the multinational corporation an optional right to determine whether to shut down the international capital budgeting project.
选项：
A:对
B:错
答案:
第六章 单元测试
1、单选题：
Foreign subsidiaries can raise internal sources of funds from the following party or parties except ( ).
选项：
A:themselves by depending on their internally generated funds
B:their parent company
C:their sister subsidiaries
D:unrelated parties without any guarantee
答案:
2、单选题：
Documentary credit is usually issued in favor of a customer known as ( ).
选项：
A:the issuing bank
B:the applicant
C:the advising bank
D:the beneficiary
答案:
3、单选题：
The finance of negotiation in connection with documentary credit is also known as ( ).
选项：
A:packing loan
B:assignment of proceeds
C:red clause
D:bill purchase
答案:
4、单选题：
In the case of ( ) letters of credit, the beneficiary( the exporter) can be paid at sight, although it issues usance draft ( s ).
选项：
A:a red-clause
B:a negotiating
C:a deferred payment
D:a pseudo-usance
答案:
5、单选题：
The term “forfaiting” is derived from the French “ a forfait”, which means ( ).
选项：
A:to surrender or relinquish rights
B:to finance a project
C:to invest in bills
D:to deliver goods
答案:
6、单选题：
Which of the following parties is not a principal party of a BOT finance?
选项：
A:sponsor
B:home government
C:lending institution
D:vehicle company
答案:
7、判断题：
Packing loan is a pre-shipment financing facility made by the exporter’s bank to the exporter on the instruction of the issuing bank.（ ）
选项：
A:对
B:错
答案:
8、判断题：
In the case of accounts receivable pledging, the ownership of the accounts receivable still rests with the seller, while in the case of accounts receivable factoring, the ownership of it is transferred to the factor.（ ）
选项：
A:错
B:对
答案:
9、判断题：
Seasoned public offering is referred to as the subsequent issue of additional shares to the general public after initial floatation，which is also called the follow-on offerings.（ ）
选项：
A:对
B:错
答案:
10、判断题：
A Panda bond is a Chinese-yuan-denominated bond issued in China by a Chinese issuer.（ ）
选项：
A:对
B:错
答案:
请先 ！