國際金融中英文版(帶解析).doc

國際金融中英文版Chapter 2: Payments among NationsSingle-Choice Questions1. A countrys balance of payments records: 一個國家的國際收支 平衡記錄了 Ba. The value of all exports of goods and services from that country for a period of time.b. All flows of value between that countrys residents and residents of the rest of the world during a period of time.在一定時間段里,一個國家居民的資產(chǎn)和其它世界居民資產(chǎn)的流動c. All flows of financial assets that cross that countrys borders during a period of time.d. All flows of goods into that country during a period of time.2.3. A credit item in the balance of payments is: 在國際收支平衡里的貸項(xiàng)是 Aa. An item for which the country must be paid.一個國家必須收取的條款b. An item for which the country must pay.c. Any imported item.d. An item that creates a monetary claim owed to a foreigner.4. Every international exchange of value is entered into the balance-of-payments accounts _ time(s). 每一次國際等價交換都記進(jìn)國際收支帳戶次 Ba. 1b. 2c. 3d. 45. A debit item in the balance of payments is: 在國際收支平衡中的借項(xiàng)是 Ba. An item for which the country must be paid.b. An item for which the country must pay.一個國家必須支付的條款c. Any exported item.d. An item that creates a monetary claim on a foreigner.6. In a nations balance of payments, which one of the following items is always recorded as a positive entry? D在國際收支中,下列哪個項(xiàng)目總被視為有利條項(xiàng)a. Changes in foreign currency reserves.b. Imports of goods and services.c. Military foreign aid supplied to allied nations.d. Purchases by foreign travelers visiting the country.國外游客在本國發(fā)生的購買7. The sum of all of the debit items in the balance of payments: 在收支平衡中,所有貸項(xiàng)的總和 Ba. Equals the overall balance.b. Equals the sum of all credit items.等于所有借項(xiàng)的總和c. Equals compensating transactions.d. Equals the sum of credit items minus errors and omissions.8. Which of the following capital transactions are entered as debits in the U.S. balance of payments? 下列哪個資本交易在美國的收支平衡中當(dāng)作借項(xiàng)？ Ba. A U.S. resident transfers $100 from his account at Credit Suisse in Basel (Switzerland) to his account at a San Francisco branch of Wells Fargo Bank. b. A French resident transfers $100 from his account at Wells Fargo Bank in San Francisco to his Credit Suisse account in Basel.一個法國居民在舊金山的Fargo Bank用其帳戶轉(zhuǎn)帳美金到位于巴塞爾的瑞士信貸戶口c. A U.S. resident sells his IBM stock to a French resident. d. A U.S. resident sells his Credit Suisse stock to a French resident. 9. An increase in a nations financial liabilities to foreign residents is a: 一個國家對另一個國家金融負(fù)債的增加是一種Ca. Reserve inflow.b. Reserve outflow.c. Capital inflow.資本流入d. Capital outflow.10. _A_ are money-like assets that are held by governments and that are recognized by governments as fully acceptable for payments between them. 官方國際儲備資產(chǎn)是一種類似于錢的資產(chǎn)，這種資產(chǎn)由政府掌握并作為政府間的一種支付手段得到充分認(rèn)可.a. Official international reserve assets 官方國際儲備資產(chǎn)b. Unofficial international reserve assets c. Official domestic reserve assets d. Unofficial domestic reserve assets 11. Which of the following is considered a capital inflow? 下列哪項(xiàng) 被視為資本流入 Aa. A sale of U.S. financial assets to a foreign buyer.美國一金融資產(chǎn)賣給一外國買家b. A loan from a U.S. bank to a foreign borrower.c. A purchase of foreign financial assets by a U.S. buyer.d. A U.S. citizens repayment of a loan from a foreign bank.12. In a countrys balance of payments, which of the following transactions are debits?一個國家的收支平衡表中,哪個交易屬于借項(xiàng)？ Aa. Domestic bank balances owned by foreigners are decreased.外國人擁有的國內(nèi)銀行資產(chǎn)的下降b. Foreign bank balances owned by domestic residents are decreased.c. Assets owned by domestic residents are sold to nonresidents.d. Securities are sold by domestic residents to nonresidents.13. The role of _D_ is to direct one nations savings into another nations investments: 資金流的作用是指導(dǎo)一個國家的儲蓄進(jìn)入到另一個國家的投資a. Merchandise trade flowsb. Services flowsc. Current account flowsd. Capital flows資金流14. The net value of flows of goods, services, income, and unilateral transfers is called the: 商品,服務(wù),收入和單方面轉(zhuǎn)讓等現(xiàn)金流的凈收益叫經(jīng)常賬目（戶）Ba. Capital account.b. Current account.經(jīng)常賬目（戶）c. Trade balance.d. Official reserve balance.15. The net value of flows of financial assets and similar claims (excluding official international reserve asset flows) is called the: 金融資產(chǎn)和類似的資產(chǎn)（官方國際儲備資產(chǎn)流除外）的 凈值流叫 Aa. Financial account.金融帳b. Current account.c. Trade balance.d. Official reserve balance.15. The financial account in the U.S. balance of payments includes: 美國國家收支表中的金融帳包括： Ba. Everything in the current account.b. U.S. government payments to other countries for the use of military bases.美政府采用其它國家軍事基地所需支付款項(xiàng)c. Profits that Nissan of America sends back to Japan.d. New U.S. investments in foreign countries.16. U.S. resident increasing her holdings of a foreign financial asset causes a: 一個美國居民 增持一外國金融資產(chǎn)會引起Da. Credit in the U.S. current account.b. Debit in the U.S. current account.c. Credit in the U.S. capital account.d. Debit in the U.S. capital account.美國資本帳的借帳17. A foreign resident increasing her holdings of a U.S. financial asset causes a: 一個美國居民增持本國一金融資產(chǎn)會引起 Ca. Credit in the U.S. current account.b. Debit in the U.S. current account.c. Credit in the U.S. capital account.美國資本帳的貸帳d. Debit in the U.S. capital account.18. A deficit in the current account: 經(jīng)常帳戶中的赤字 Aa. Tends to cause a surplus in the financial account.會導(dǎo)致金融帳中的盈余b. Tends to cause a deficit in the financial account.c. Has no relationship to the financial account.d. Is the result of increasing exports and decreasing imports.19. In September, 2005, exports of goods from the U.S. decreased $3.3 billion to $73.4 billion, and imports of goods increased $3.8 billion to $144.5 billion. This increased the deficit in:2005年8月,美國商品出口降低了33億美元,共734億美元；商品進(jìn)口上升到1145億美元,上長了38億.這樣增加了哪個方面的赤字？Ca. The balance of payments.b. The financial account.c. The current account.經(jīng)常帳戶d. Unilateral transfers.20. Which of the following would contribute to a U.S. current account surplus? 以下哪項(xiàng)有助于美國現(xiàn)金帳的盈余？ Ba. The United States makes a unilateral tariff reduction on imported goods.b. The United States cuts back on American military personnel stationed in Japan.美國削減在日本的軍事人員c. U.S. tourists travel in large numbers to Asia.d. Russian vodka becomes increasingly popular in the United States.21. Which of the following transactions is recorded in the financial account?以下哪個交易會被當(dāng)作金融帳Aa. Ford motor company builds a new plant in China 福特摩托公司在中國設(shè)立車間b. A Chinese businessman imports Ford automobiles from the United States.c. A U.S. tourist spends money on a trip to China.d. The New York Yankees are paid $10 million by the Chinese to play an exhibition game in Beijing, China.22. If a British business buys U.S. government securities, how will this be entered in the balance of payments? 如果一英國商人購買了美國政府的債券,那么這個交易在收支平衡表中會被當(dāng)作是？ Ca. It will appear in the trade account as an import.b. It will appear in the trade account as an export.c. It will appear in the financial account as an increase in U.S. assets held by foreigners.會被當(dāng)作是外國人所有的美國資產(chǎn)增長d. It will appear in the financial account as a decrease in U.S. assets held by foreigners.23. In the balance of payments, the statistical discrepancy or error term is used to: 在收支平衡表中, 統(tǒng)計(jì)差異與錯誤項(xiàng)目會用來確保借帳總和跟貸帳總和一致 Aa. Ensure that the sum of all debits matches the sum of all credits.b. Ensure that imports equal the value of exports.c. Obtain an accurate account of a balance-of-payments deficit.d. Obtain an accurate account of a balance-of-payments surplus.24. Official reserve assets are: 官方儲備資產(chǎn) 是 Ba. The gold holdings in the nations central bank.b. Money like assets that are held by governments and that are recognized by governments as fully acceptable for payments between them. 官方國際儲備資產(chǎn)是一種類似于錢的資產(chǎn)，這種資產(chǎn)由政府掌握并作為政府間的一種支付手段得到充分認(rèn)可c. Government T-bills and T-bonds.d. Government holdings of SDRs25. Which of the following constitutes the largest component of the worlds international reserve assets? 下列哪項(xiàng)構(gòu)成了世界國際儲備資產(chǎn)的大部份？ Da. Gold. b. Special Drawing Rights.c. IMF Reserve Positions. d. Foreign Currencies.外匯（幣）26. The net accumulation of foreign assets minus foreign liabilities is: 海外凈資產(chǎn)的積累減去外債等于Ca. Net official reserves.b. Net domestic investment.c. Net foreign investment.國外投資凈值d. Net foreign deficit.27. A country experiencing a current account surplus: 一個國家經(jīng)歷經(jīng)常帳戶的盈余 Ba. Needs to borrow internationally.b. Is able to lend internationally.就有能力向外放貸c. Must also have had a surplus in its overall balance.d. Spent more than it earned on its merchandise and service trade, international income payments and receipts and international transfers.28. The _C_ measures the sum of the current account balance plus the private capital account balance. 官方結(jié)算差額是指經(jīng)常帳戶余額的總和加上私人資本帳（B=CA+FA,FA:為非官方投資和儲備）a. Official capital balanceb. Unofficial capital balancec. Official settlements balance官方結(jié)算差額d. Unofficial settlements balance29. If the overall balance is in _A_, there is an accumulation of official reserve assets by the country or a decrease in foreign official reserve holdings of the countrys assets. 如果綜合差額處于盈余，那么會出現(xiàn)本國官方儲備資產(chǎn)的積累或者國外官方儲備的減少（B=CA+FA,B+OR=0，OR:官方儲備金額）a. Surplus盈余b. Deficitc. Balanced. Foreign hands30. Which of the following is the current account balance NOT equal to? 以下哪項(xiàng)不等同于現(xiàn)金帳 Da. The difference between domestic product and domestic expenditure.b. The difference between national saving and domestic investment.c. Net foreign investment.d. The difference between government saving and government investment. 政府儲蓄與政府投資的差值True/False Questions31. Capital inflows are debits and capital outflows are credits. 資金流入是借項(xiàng)，資金外流是貸項(xiàng) 32. The net value of the flow of goods, services, income, and gifts is the current account balance. (T) 商品,服務(wù),收入和單方面轉(zhuǎn)讓等現(xiàn)金流的凈收益叫經(jīng)常賬目余額 33. The net flow of financial assets and similar claims is the private current account balance. 金融資產(chǎn)和類似的資產(chǎn)的 凈值叫 經(jīng)常帳目余額34. The majority of countries official reserves assets are now foreign exchange assets, financial assets denominated in a foreign currency that is readily acceptable in international transactions. (T)大部份官方儲備資產(chǎn)作為以外匯資產(chǎn)和金融資產(chǎn)為命名的外幣在世界上交易與流通.35. A countrys financial account balance equals the countrys net foreign investment.一個國家的金融帳差額相當(dāng)于一個國家的凈國外投資36. A country has a current account deficit if it is saving more than it is investing domestically. 一個國家如果在國內(nèi)的儲蓄比投資要大,那么會出現(xiàn)經(jīng)常賬目赤字37. The official settlements balance measures the sum of the capital account balance plus the public current account balance. 官方結(jié)算差額是資金帳戶余額的總額加上公共經(jīng)常帳戶余額38. A nations international investment position shows its stock of international assets and liabilities at a moment in time. (T)一個國家的國際投資狀況反映出它在特定時間里的國際資產(chǎn)股份以及債務(wù)情況.39. A nation is a borrower if its current account is in deficit during a time period. (T)在一段時間內(nèi),如果一個國家的經(jīng)常帳出現(xiàn)赤字,那么它就是借方.40. A nation is a debtor if its net stock of foreign assets is positive. 如果一個國家的國外資產(chǎn)凈儲備是正數(shù),那么它是借方（債務(wù)方）41. A transaction leading to a foreign resident increasing her holdings of a U.S. financial asset will be recorded as a debit on the U.S. financial account.如果一項(xiàng)交易引起一外國居民增持美國金融資產(chǎn)的股份,那么這項(xiàng)交易在美國金融帳中會被當(dāng)作借項(xiàng)42. A credit item is an item for which a country must pay. 貸項(xiàng)是指一個國家必須還款的條項(xiàng)43. Gold is a major reserve asset that is currently often used in official reserve transactions. 黃金作為主要的儲備資產(chǎn),常被用在官方儲備交易當(dāng)中.44. The current account balance is equal to the difference between domestic product and national expenditure.(T) 經(jīng)常項(xiàng)目余額等于國民生產(chǎn)與國民支出的差額45. In 2007 U.S. households, businesses and government were buying more goods and services than they were producing.(T)年,美國家庭,商業(yè),政府購買的商品和服務(wù)比他們生產(chǎn)（商品和服務(wù)）的要多.46。你是提供以下信息,一個國家的國際交易,在一個特定年份: CA 余額: $346-354+480-348+153+142=$419；官方結(jié)算余額: $346-354+480-348+153+142+252-352+154=$473；Change in official reserve assets (net) =官方結(jié)算余額=$473. increasing the holding of official reserve assets. Chapter 3: The Foreign Exchange MarketSingle-Choice Questions1. Foreign exchange is: D外匯交易是a. The act of trading different nations monies.不用國家貨幣的交易b. The holdings of foreign currency.對不同貨幣的持有c. The act of importing foreign goods and services.d. Both (a) and (b) are correct. 2. If the price of British pounds in terms of U.S. dollars is $1.80 per pound, then the price of U.S. dollars in terms of British pounds is:B如果英磅對美元的匯率是比.,那么美元對英磅的匯率是比.a. 1.80 per dollar.b. 0.555 per dollar.c. 0.90 per dollar.d. 3.60 per dollar. 3. Suppose the exchange rate between the Japanese yen and the U.S. dollar is 100 yen per dollar. A Japanese stereo with a price of 60,000 yen will cost:B假設(shè)日元對美元的匯率是比,那么一臺日元為的音響要花多少美元a. $1,667b. $600c. $6,000d. $100 4. Suppose that a Korean television set that costs 600 won in Korea costs $400 in the United States. These prices suggest that the exchange rate between the won and the dollar is:Aa. 1.5 won per dollar呢題太簡單,不屑翻譯自己睇b. 0.75 won per dollarc. $1.50 per wond. $3 per won 5. The _D_ exchange rate is the price for “immediate” currency exchange. 即時匯率是指外匯的即時價格a. Current b. Forwardc. Futured. Spot 6. The _B_ exchange rate is the price set now for an exchange that will take place sometime in the future.遠(yuǎn)期匯率是指由協(xié)議雙方預(yù)訂的將來會發(fā)生的匯率a. Current b. Forwardc. Future spot d. Spot 7. The foreign exchange market is:C外匯市場是指a. A single gathering place where traders shout buy and sell orders at each other.b. Located in New York.c. A grouping, by electronic means, of banks and traders who work at banks that conduct foreign exchange trades. 銀行和交易者以電子方式集聚于一起進(jìn)行外匯的買賣d. Located in London. 8. _D_ foreign exchange trading involves currency exchanges done between individuals and banks. 小額外匯交易（散戶外匯交易）包含私人與銀行間的外匯交易a. Interbankb. Consumerc. Intra-bankd. Retail 9. The U.S. dollar is called a _A_ because it is often used as an intermediary to accomplish trading between two other currencies. 美元被稱為周轉(zhuǎn)貨幣,因?yàn)榻?jīng)常被用來完成其它兩種貨幣的交易a. Vehicle currency周轉(zhuǎn)貨幣（交易通貨）b. Main currencyc. Common currencyd. Primary currency 10. Suppose that the exchange value of the British pound is $2 per pound while the exchange value of the Swiss franc is 50 cents per franc. From this we can conclude that the exchange rate between the pound and the franc is:D計(jì)算題,到時出中文題自己計(jì)啦唔翻啦a. 1 franc per poundb. 2 francs per poundc. 3 francs per poundd. 4 francs per pound 11. Which of the following is NOT a function of the interbank operations of the foreign exchange market? D下列哪一個不是外匯交易市場中銀行間操作方式的一種？a. Provides a bank with a continuous stream of information on conditions in the foreign exchange market. b. Provides a bank the means to readjust its own position quickly and at low cost.c. Permits a bank to take on a position in a foreign currency quickly.d. Provides a bank with technological resources for use in foreign exchange trading.提供技術(shù)資源給一間銀行,用來 進(jìn)行外匯交易 12. Under the managed float system of exchange rates, a fall in the market price of a currency is called:B在管理浮動匯率制度下,一種貨幣價格的下降被稱為a. Devaluation.b. Depreciation.貶值c. Appreciation.d. Both (a) and (b). 13. Interbank trading is conducted directly between _A_ or through the use of _ that provide anonymity until the trade is complete and reduce search costs.銀行間的交易是在交易者之間進(jìn)行的或者通過經(jīng)紀(jì)人提供操作直到交易結(jié)束.a. Traders; brokersb. Brokers; tradersc. Individual consumers; the governmentd. Individual consumers; brokers 14. A countrys demand for foreign currency is derived from:A一個國家對外匯的需求來自于（表示外國貨幣需求增加，本國貨幣流出）a. International transactions entering the debit column of its balance of payments accounts.國際交易進(jìn)入到其收款帳戶的借方欄里b. International transactions entering the surplus column of its balance of payments accounts.c. The countrys demand for currency to finance exports and capital inflows.d. The countrys demand for currency to finance its governments compensating transactions. 15. U.S. exports of goods and services will create a _B_ foreign currency and a _ U.S. dollars. 美國商品與服務(wù)的出口會創(chuàng)造出外匯的供給以及美元的需求a. Demand for; supply ofb. Supply of; demand forc. Shortage of; demand ford. Supply of; shortage of 16. U.S. imports of goods and services will create a _A_ foreign currency and a _ U.S. dollars. 美國商品與服務(wù)的進(jìn)口會創(chuàng)造出外匯的需求以及美元的供給a. Demand for; supply ofb. Supply of; demand forc. Shortage of; demand ford. Supply of; shortage of 17. U.S. capital inflows will create a _B_ foreign currency and a _ U.S. dollars.美國資本流入會創(chuàng)造出外匯的供給和美元的需求a. Demand for; supply ofb. Supply of; demand forc. Shortage of; demand ford. Supply of; shortage of 18. In a _C_ exchange rate system there is no intervention by the government or central bankers. 浮動匯率制度里,政府與中央銀行不得進(jìn)行干涉a. Fixedb. Peggedc. Floatingd. Managed float 19. As the value of the yen falls relative to the U.S. dollar:C如果日元對美元的匯率下降了,那么對日元的需求會上升a. Japanese goods become more expensive to U.S. consumers.b. The supply of dollars will fall.c. The demand for yen will rise.d. U.S. goods become less expensive to Japanese consumers. 20. The demand curve for foreign currency slopes downward because as the exchange rate _A_ the quantity demanded _.外匯的需求曲線會下降是因?yàn)殡S著匯率的上升,需求量就下降a. Increases; decreasesb. Increases; increasesc. Decreases; decreasesd. Decreases; stays fixed 21. Shifts in demand away from French prod