2020 International Finance(国际金融)(南京理工大学) 最新满分章节测试答案

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本课程起止时间为:2020-07-01到2020-12-30
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【作业】第一章 The International Monetary System 第一章单元作业 （Chapter 1 Assignments）

1、 问题:What were the main objectives of the Bretton Woods system?
评分规则: 【 achieve exchange rate stability 
promote international trade and development.
】

2、 问题:what are the conditions for existence of classical gold standard ?
评分规则: 【 gold alone is assured of unrestricted coinage.gold may be freely exported or imported.
there is two-way convertibility between gold and national currecncies at a stable ratio
】

第一章 The International Monetary System 第一章单元测验（Chapter 1 Test）

1、 问题:The international monetary system can be defined as the institutional framework within which:
选项：
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、 问题: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:
选项：
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、 问题:Under the gold standard, international imbalances of payment will be corrected automatically under the
选项：
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、 问题:Under the Bretton Woods system:
选项：
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、 问题: A “good” (or ideal) international monetary system should provide:
选项：
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】

【作业】第二章 Balance of Payment 第二章单元作业（Chapter 2 Assignments）

1、 问题:In contrast to the United States, Japan has realized continuous current account surpluses.What could be the main causes for these surpluses? Is it desirable to havecontinuous current account surpluses?
评分规则: 【 Japan’s continuous current account surpluses may have reflected a weak yen and high competitiveness of Japanese industries. Massive capital exports byJapanprevented yen from appreciating more than it did. At the same time, foreigners’ exports toJapanwere hampered by closed nature of Japanese markets. Continuous current account surpluses disrupt free trade by promoting protectionist sentiment in the deficit country. It is not desirable especially when it is brought about by the mercantilist policies.
】

2、 问题:Explain how a country can run an overall balance-of-payments deficit or surplus
评分规则: 【 A country can run an overall BOP deficit or surplus by engaging in the official reserve transactions. For example, an overall BOP deficit can be supported by drawing down the central bank’s reserve holdings. Likewise, an overall BOP surplus can be absorbed by adding to the central bank’s reserve holdings.
】

第三章 Foreign Exchange Rate and Foreign Exchange Market 第三章单元测验（Chapter 3 Test）

1、 问题:The Primary functions of FX Market is to assist clients in the conduct of international commerce:
选项：
A:Currency conversions associated with international payments process.
B: Provision of credit to clients(this is also as part of international payments process.
C: Management of exchange rate risk.
D:All of the above.
答案: 【All of the above.】

2、 问题:FX market participants can be categorized into five groups,the core of the FX market is:
选项：
A:international banks.
B:  FX brokers.
C:   bank customers.
D:  central banks.
答案: 【international banks.】

3、 问题:The spot market
选项：
A:  Involves the almost-immediate purchase or sale of foreign exchange.
B: Involves the sale of futures, forwards, and options on foreign exchange.
C: Takes place only on the floor of a physical trading floor.
D:All of the above.
答案: 【  Involves the almost-immediate purchase or sale of foreign exchange.】

4、 问题: The forward market
选项：
A:  Involves contracting today for the future purchase of sale of foreign exchange at the spot rate that will prevail at the maturity of the contract.
B: Involves contracting today for the future purchase of sale of foreign exchange at a price agreed upon today.
C:  Involves contracting today for the right but not obligation to the future purchase of sale of foreign exchange at a price agreed upon today.
D:  None of the above.
答案: 【 Involves contracting today for the future purchase of sale of foreign exchange at a price agreed upon today.】

5、 问题:the nondeliverable forward(NDF) are used mainly for:   
选项：
A:emerging market currencies.
B:  having large cross-border capital movements.
C: being subject to convertibility restrictions.
D:all of the above.
答案: 【all of the above.】

【作业】第四章 Determination and Fluctuation of Exchange Rate 第四章单元作业 （Chapter 4 Assignments）

1、 问题:Assume there is a sudden increase of inflation rate in US， while inflation rate in China is unchanged. What will happen to the exchange rate of RMB (to USD) , appreciate or depreciate? 
评分规则: 【 RMB will appreciate.
】

2、 问题:
评分规则: 【 USD would depreciate
】

【作业】第三章 Foreign Exchange Rate and Foreign Exchange Market 第三章单元作业 （Chapter 3 Assignments）

1、 问题:Who are the market participants in the foreign exchange market?
评分规则: 【 international banks
bank customers
non-bank dealers
FX brokers
central banks
】

2、 问题:What are the basic transactions in the foreign exchange market?
评分规则: 【 spot
forward
】

第四章 Determination and Fluctuation of Exchange Rate 第四章单元测验（Chapter 4 Test）

1、 问题:   An arbitrage is best defined as
选项：
A: A legal condition imposed by the CFTC.
B: The act of simultaneously buying and selling the same or equivalent assets or commodities for the purpose of making reasonable profits.
C: The act of simultaneously buying and selling the same or equivalent assets or commodities for the purpose of making guaranteed profits.
D: None of the above.
答案: 【 The act of simultaneously buying and selling the same or equivalent assets or commodities for the purpose of making guaranteed profits.】

2、 问题: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:  As the purchasing power of a currency sharply declines (due to hyperinflation) that currency will depreciate against stable currencies.
C:The prices of standard commodity baskets in two countries are not related.
D:   a) and b)
答案: 【   a) and b)】

3、 问题:The price of a McDonald’s Big Mac sandwich
选项：
A:Is about the same in the 120 countries that McDonalds does business in
B: Varies considerably across the world in dollar terms.