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第七章 Management of Transaction Exposure 第七章单元测验（Chapter 7 Test）
1、 Transaction exposure is defined as:
A:the sensitivity of realized domestic currency values of the firm’s contractual cash flows denominated in foreign currencies to unexpected exchange rate changes.
B:the extent to which the value of the firm would be affected by unanticipated changes in exchange rate.
C:the potential that the firm’s consolidated financial statement can be affected by changes in exchange rates.
D:ex post and ex ante currency exposures.
答案: the extent to which the value of the firm would be affected by unanticipated changes in exchange rate.
2、 It is conventional to classify foreign currency exposures into the following types:
A:economic exposure, transaction exposure, and translation exposure.
B: economic exposure, noneconomic exposure, and political exposure.
C:national exposure, international exposure, and trade exposure.
D: conversion exposure, and exchange exposure.
答案: economic exposure, transaction exposure, and translation exposure.
3、 Economic exposure refers to
A: the sensitivity of realized domestic currency values of the firm’s contractual cash flows denominated in foreign currencies to unexpected exchange rate changes.
B: the extent to which the value of the firm would be affected by unanticipated changes in exchange rate.
C: the potential that the firm’s consolidated financial statement can be affected by changes in exchange rates.
D: ex post and ex ante currency exposures.
答案: the extent to which the value of the firm would be affected by unanticipated changes in exchange rate.
4、 An exporter can shift exchange rate risk to their customers by
A: Invoicing in their home currency.
B:Invoicing in their customer’s local currency.
C: Splitting the difference, and invoicing half of sales in local currency and half of sales in home currency.
D:Invoicing sales in a currency basket such as the SDR as the invoice currency.
答案: Invoicing in their home currency.
5、 An exporter faced with exposure to a depreciating currency can reduce transaction exposure with a strategy of
A:Paying or collecting early.
B:Paying or collecting late.
C:Paying late, collecting early.
D:Paying early, collecting late.
答案: Paying late, collecting early.
第一章 The International Monetary System 第一章单元测验（Chapter 1 Test）
1、 The international monetary system can be defined as the institutional framework within which:
A:international payments are made.
B: movement of capital is accommodated.
C:exchange rates among currencies are determined.
D:all of the above.
答案: all of the above.
2、 The international monetary system went through several distinct stages of evolution. These stages are summarized, in alphabetic order, as follows(i)- Bimetallism(ii)- Bretton Woods system(iii)- Classical gold standard(iv)- Flexible exchange rate regime(v)- Interwar period The chronological order that they actually occurred is:
A:(iii), (i), (iv), (ii), and (v)
B: (i), (iii), (v), (ii), and (iv)
C: (vi), (i), (iii), (ii), and (v)
D:(v), (ii), (i), (iii), and (iv)
答案: (i), (iii), (v), (ii), and (iv)
3、 Under the gold standard, international imbalances of payment will be corrected automatically under the
A:Gresham Exchange Rate regime.
B:European Monetary System.
C: Price-specie-flow mechanism.
D: Bretton Woods Accord.
答案: Price-specie-flow mechanism.
4、 Under the Bretton Woods system:
A:Each country established a par value for its currency in relation to the dollar.
B:The U.S. dollar was pegged to gold at $35 per ounce.
C: each country was responsible for maintaining its exchange rate within 1 percent of the adopted par value by buying or selling foreign exchanges as necessary.
D: all of the above.
答案: all of the above.
5、 A “good” (or ideal) international monetary system should provide:
A: liquidity, elasticity, and flexibility
B: elasticity, sensitivity, and reliability
C: liquidity, adjustments, and confidence
D: none of the above
答案: liquidity, adjustments, and confidence
第二章 Balance of Payment 第二章单元测验 （Chapter 2 Test）
1、 Balance of payments
A:is defined as the statistical record of a country’s international transactions over a certain period of time presented in the form of a double-entry bookkeeping.
B:provides detailed information concerning the demand and supply of a country’s currency.
C:can be used to evaluate the performance of a country in international economic competition.
D:all of the above.
答案: all of the above.
2、 Generally speaking, any transaction that results in a receipt from foreigners
A:will be recorded as a debit, with a negative sign, in the U.S. balance of payments.
B:will be recorded as a debit, with a positive sign, in the U.S. balance of payments.
C:will be recorded as a credit, with a negative sign, in the U.S. balance of payments.
D:will be recorded as a credit, with a positive sign, in the U.S. balance of payments.
答案: will be recorded as a credit, with a positive sign, in the U.S. balance of payments.
3、 The balance of payments records
A:only international trade, (exports and imports).
B:only cross-border investments (FDI and portfolio investment).
C:not only international trade, (exports and imports) but also cross-border investments.
D:none of the above.
答案: not only international trade, (exports and imports) but also cross-border investments.
4、 Factor income
A:consists largely of interest, dividends, and other income on foreign investments.
B:is a theoretical construct of the factors of production, land, labor, capital, and entrepreneurial ability.
C:is generally a very minor part of national income accounting, smaller than the statistical discrepancy.
D:none of the above.
答案: consists largely of interest, dividends, and other income on foreign investments.
5、 When a country’s currency depreciates against the currencies of major trading partners
A:the country’s exports tend to rise and imports fall.
B:the country’s exports tend to fall and imports rise.
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