国际经济学理论与政策--双语各章练习

Quiz for Chapter 12

Ⅰ. Fill the following blanks with the proper word or expression

1. Y-( )=CA

2、National income equals GNP less ( ),plus ( ),less ( ). 3. GNP equals GDP ( ) net receipts of factor income from the rest of the world. 4. The national income identity for an open economy is ( ).

5. When a country 's exports exceed its imports, we say the country has a current account ( ). 6. The current account includes ( )

7. Any transaction resulting in a payment to foreigners is entered in the balance of payment account as a ( ).

8. In a closed economy, national saving always equals ( ).

9.When official reserves increase, this will be recorded in the ( ), with ( )sign. 10. When debit is bigger than net decrease of the reserve, the difference will go to the ( ).

Ⅱ. True or false

1. The balance of payments accounts always balance in practice as they must in theory.( )

2. Net unilateral transfers are considered part of the current accounts but not a part of national income .( ) 3. The GNP a country generates over some time period must equal its national income ,the income earned in that period by its factors of production. ( )

4. When you buy a share of Microsoft stock , you are buying neither a good or a service , so your purchase dose not show up in GNP. ( )

5. If the government deficit rises and private saving and investment do not change much ,the current account surplus must fall by roughly the same account as the increase in the fiscal deficit. ( )

6. We include income on foreign investment in the current account because that income really is compensation for the services provided by foreign investments.( )

7. Remember that foreign borrowing may not always be a bad idea :a country that borrows abroad to undertake profitable domestic investment can pay its creditors and still have money left over.( )

8. Government agencies including central banks can freely hold foreign reserves and intervene officially in exchange market.( )

9. When the United States lends abroad, a payment is made to foreigners and the capital account is credited. 10. One reason intervention is important is that central banks use it as a way of altering the amount of money in circulation.

Ⅲ. Answer the following questions:

1. Why account keepers adds the account a statistical discrepancy to the balance of payment?

2. The nation of Pecunia had a current account deficit of ＄1 billion and a nonreserve financial account surplus

of ＄550 million in 2005.

(1) What was the balance of payments of Pecunia in that year? What happened to the country’s net foreign

assets?

(2) Assume that foreign central banks neither buy nor sell Pecunian assets. How did the Pecunian central banks

had purchased ＄600 million of Pecunian assets in 2005? How would this official intervention show up in the balance of payments accounts?

(3) How would your answer to (2) change if you learned that foreign central banks had purchased enter foreign

balance of payments accounts?

Ⅳ. Fill the following blanks:

China's balance of payment in 2000

Unit US dollar (million) Balance Current Account Goods Services Income Unilateral Transfer Capital Account Direct investment Portfolio investment Other capital Statistical Discrepancy Official Reserve

34473 -5600 -14665 6311 37482 -3990 -31534 -11929 Quiz for Chapter 13

Ⅰ. Fill the following blanks with the proper word or expression

1. Changes in exchange rates are described as or . 2. Foreign exchange deals sometimes specify a value date farther away than two-days-30 days, 90days, 180 days, or even several years. The exchange rates quoted in such transactions are called 3. is the most liquid of assets

4. The ease with which the asset can be sold or exchange for goods, we call the character is 5. A foreign is a spot sale of a currency combined with a forward repurchase of the currency. 6. The foreign exchange market is in when deposits of all currencies offer the same expected rate of return.

7. The price of one currency in terms of another is called an

8. All else equal, a in the expected future exchange rate causes a rise in the current exchange rate. 9. is the percentage increase in value, it offers over some time period.

10. All else equal, an in the interest paid on deposits of a currency causes that currency to

appreciate against foreign currencies.

Ⅱ. True or false

1. A rate of appreciation of the dollar against the euro is the rate of depreciation of the euro against dollar.( ) 2. The exchange rate quoted as the price of foreign currency in terms of domestic currency is called direct quotation. ( )

3. all else equal, an appreciation of a country's currency makes its goods cheaper for foreigners. ( )

4. The foreign exchange market is in equilibrium when deposits of all currencies offer the same expected rate of return. ( )

5. All else equal., When a country's currency depreciated, domestic residents find that imports from abroad are more expensive. ( )

6. Central bank is at the center of the foreign exchange market.( )

7. A depreciation of the dollar against euro today makes euro deposit less attractive on the condition that expected future dollar/euro rate and interest rates do not change.( )

8. all else equal, a decrease of the interest paid on deposit of US dollars causes dollars to appreciate against foreign currency.( )

9. New York. is the largest foreign exchange market in the world. ( )

10. A fall in the expected future exchange rate causes a fall in the current exchange rate.

Ⅲ. Answer the following questions:

1. Currently, the spot exchange rate is US$1=SF1.50 and the expected exchange rate for six month is SF1.55. the interest rate is 8% in the US per annum and 10% in the Switzerland per annum. （1）Determine whether interest rate parity is currently holding.

（2）If it is not holding, what will happen in the foreign exchange market?.

（3）If the expected exchange rate is unchanged, what is the spot rate when foreign exchange rate is in equilibrium?

2. Suppose the dollar interest rate and the pound sterling interest rate are the same, 5 percent per year. What is the relation between the current equilibrium ＄/￡ exchange rate and its expected future level? Suppose the expected future ＄/￡ exchange rate, ＄1.52 per pound, remains constant as Britain’s interest rate rises to 10 percent per year. If the U.S. interest rate also remains constant, what is the new equilibrium ＄/￡ exchange rate?

Quiz for Chapter 14

Ⅰ. Fill the following blanks with the proper word or expression

1. M1 includes __________.

2. An economy ' s money supply is controlled by _________________.

3. Three main factors that determine aggregate money demand are 4. When money supply equals money demand, we say that the money market is _______________________. 5. A rise in the average value of transactions carried out by a household or firm cause its demand for money to .

6. is an important phenomenon because it helps explain why exchange rates move so sharply from day to day.

7. If the economy is initially at full employment, a permanent increase in the money supply eventually be followed by in the price level.

8. Overshooting is a direct consequence of the short-run 9. An economy’s is the position it would eventually reach if no new economic shocks occurred during the adjustment to full employment.

10. All else equal, a permanent in a country’s money supply causes a proportional long-run depreciation of its currency against foreign currencies.

Ⅱ. True or false

1. An increase in real output lowers the interest rate. ( )

2. In the short run, a reduction in a country's money supply causes its currency to appreciate in the foreign exchange market. ( )

3. All else equal, an increase in a country 's money supply causes a proportional increase in its price level in the long run. ( )

3. All else equal, a rise in the interest rate causes the demand for money to fall. ( ) 4. If there is initially an excess demand of money, the interest rate falls in the short-run. ( )

5. A rise in the average value of transactions carried out by a household or firm causes its demand for money to fall. ( )

6. Given the price level and out put, an increase in the money supply lowers the interest rate. ( ) 7. A change in the supply of money has effect on the long-run values of the interest rate or real output. ( ) 8. The higher the interest rate, the more you sacrifice by holding wealth in the form of money. ( ) 9. An increase in real output lowers the interest rate, given the price level and the money supply( ) 10. An economy experiences inflation when its price level is falling. ( )

Ⅲ. Answer the following questions:

1. What is the short-run effect on the exchange rate when US government increases the money supply? (expectations about future exchange rate are unchanged)

2. Please draw a group of pictures to show the time paths of U.S. economic variables after a permanent increase in

the U.S. money supply growth rate according to the following:

(1)The u.s. decided to increase the money supply growth rate permanently. The vertical axis is money supply and the horizontal axis is time.

(2)The interest rate change,. The vertical axis is Dollar interest rate and the horizontal axis is time. (3)The price level change. The vertical axis is U.S price level and the horizontal axis is time.

(4)The exchange rate change,. The vertical axis is the Dollar/Euro exchange rate and the horizontal axis is time.

Ⅳ. CALCULATION

Suppose that the spot rate is

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