國際金融管理（英）知到智慧樹章節(jié)測試課后答案2024年秋上海對外經(jīng)貿(mào)大學(xué)

國際金融管理（英）知到智慧樹章節(jié)測試課后答案2024年秋上海對外經(jīng)貿(mào)大學(xué)第一章單元測試

Recently,financialmarketshavebecomehighlyintegrated.Thisdevelopment

A:answersaandcarebothcorrect.

B:allowsminorityinvestorstobuyandsellstocks.

C:allowsinvestorstodiversifytheirportfoliosinternationally.D:hasincreasedthecostofcapitalforfirms.

答案:allowsinvestorstodiversifytheirportfoliosinternationally.Althoughtheworldeconomyismuchmoreintegratedtodaythanwasthecase10or20yearsago,avarietyofbarriersstillhamperfreemovementsofpeople,goods,services,andcapitalacrossnationalboundaries.Thesebarriersinclude

A:legalrestrictions.

B:excessivetransportationcosts.

C:informationasymmetry.

D:alloftheabove

答案:alloftheabove

Apurelydomesticfirmsourcesitsproducts,sellsitsproducts,andraisesitsfundsdomestically

A:canstillfaceexchangeraterisk,justlikeaMNC.

B:canbemorecompetitivethanaMNConitshometurfduetosuperiorknowledgeofthelocalmarket.

C:alloftheabovearetrue

D:

canfacestiffcompetitionfromamultinationalcorporationthatcansourceitsproductsinonecountry,selltheminseveralcountries,andraiseitsfundsinathirdcountry.

答案:alloftheabovearetrue

Supposeyourfirminvests$100,000inaprojectinItaly.Atthetimetheexchangerateis$1.25=€1.00.Oneyearlatertheexchangerateisthesame,buttheItaliangovernmenthasexpropriatedyourfirm'sassetspayingonly€80,000incompensation.Thisisanexampleof

A:politicalrisk.

B:noneoftheabove,since$100,000=€80,000×$1.25/€1.002

C:exchangeraterisk.D:

marketimperfections.

答案:politicalrisk.

Theultimateguardiansofshareholderinterestinacorporation,arethe

A:

alloftheabove.B:seniormanagement.

C:rankandfileworkers.

D:boardsofdirectors.

答案:boardsofdirectors.

第二章單元測試

Theprice-specie-flowmechanismwillworkonlyifgovernmentsarewillingtoplaybytherulesofthegamebylettingthemoneystockriseandfallasgoldflowsinandout.Oncethegovernmentdemonetizes(neutralizes)gold,themechanismwillbreakdown.Inaddition,theeffectivenessofthemechanismdependson

A:thepriceelasticityofthesupplyofimports.

B:theincomeelasticityofthesupplyofimports.

C:

thepriceelasticityofthedemandforimports.D:

theincomeelasticityofthedemandforimports.

答案:

thepriceelasticityofthedemandforimports.

UndertheBrettonWoodssystemeachcountryestablishedaparvalueforitscurrencyinrelationtothedollar.AndtheU.S.dollarwaspeggedtogoldat

A:

$350perounce.B:$35perounce.

C:

$1perounce.

D:$900perounce.

答案:$35perounce.

Whenmoneycanmovefreelyacrossborders,policymakersmustchoosebetween

A:exchange-ratestabilityandcapitalcontrols.

B:exchange-ratestabilityandanindependentmonetarypolicy.

C:exchange-ratestabilityandinflation.

D:exchange-ratestabilityandaneconomicgrowth.

答案:exchange-ratestabilityandanindependentmonetarypolicy.

DuringtheperiodbetweenWorldWarIandWorldWarII,

A:theU.S.dollaremergedasthedominantworldcurrency,graduallyreplacingtheBritishpoundfortherole.

B:

Noneoftheabove.C:

themajorEuropeanpowersandtheU.S.returnedtothegoldstandardandfixedexchangerates.D:whilemostcountriesabandonedthegoldstandardduringWorldWarI,internationaltradeandinvestmentflourishedduringtheinterwarperiodunderacoherentinternationalmonetarysystem.

答案:theU.S.dollaremergedasthedominantworldcurrency,graduallyreplacingtheBritishpoundfortherole.

Duringtheperiodoftheclassicalgoldstandard(1875-1914)therewere

A:stableexchangerates.

B:volatileexchangerates.

C:

noexchangerates.D:

highlyvolatileexchangerates.E:moderatelyvolatileexchangerates.

答案:stableexchangerates.

第三章單元測試

IftheUnitedStatesimportsmorethanitexports,thenthismeansthat

A:thedemandfordollarsislikelytoexceedthesupplyintheforeignexchangemarket,ceterisparibus.

B:thesupplyofdollarsislikelytoexceedthedemandintheforeignexchangemarket,ceterisparibus.

C:bothbandcarecorrect

D:theU.S.dollarwouldbeunderpressuretoappreciateagainstothercurrencies.

答案:thesupplyofdollarsislikelytoexceedthedemandintheforeignexchangemarket,ceterisparibus.

Amongitem(1)—(5),whichitemsarerecordedintheaccountof“otherinvestment”?

(1)otherequity;(2)currencyanddeposits;(3)loans(includinguseofIMFcreditandloansfromtheIMF);(4)tradecreditandadvances;(5)FDI

A:(1)(3)(5)

B:

(1)(2)(3)(4)

C:(2)(3)

D:

(1)(5)

答案:

(1)(2)(3)(4)

Portfolioinvestmentinvolves

A:investmentsinforeignstocksandbondsthatdonotinvolveacquisitionsofcontrol.

B:

acquisitionsofcontrollinginterestsinforeignbusinesses.C:alloftheabove

D:bankdeposits,currencyinvestment,tradecredit,andthelike.

答案:investmentsinforeignstocksandbondsthatdonotinvolveacquisitionsofcontrol.

Foreigndirectinvestment(FDI)occurs

A:whenthereisanacquisition,byaforeignentityintheU.S.,of10percentormoreofthevotingsharesofabusiness.

B:bothaandb

C:whenaninvestoracquiresameasureofcontrolofaforeignbusiness.

D:withsalesandpurchasesofforeignstocksandbondsthatdonotinvolveatransferofcontrol.

答案:bothaandb

Ifacountrymustmakeanetpaymenttoforeignersbecauseofabalance-of-paymentsdeficit,thecountryshould

A:eitherrundownitsofficialreserveassetsorborrowanewfromforeigners.

B:

eitherrundownitsofficialreserveassetsorlendmoreforeigners.C:noneoftheabove

D:eitherincreaseitsofficialreserveassetsorborrowanewfromforeigners.

答案:eitherrundownitsofficialreserveassetsorborrowanewfromforeigners.

第四章單元測試

TheSF/$spotexchangerateisSF1.25/$andthe180dayforwardexchangerateisSF1.30/$.Theforwardpremium(discount)is

A:thedollaristradingatan8%discounttotheSwissfrancfordeliveryin180days.

B:

thedollaristradingatan8%premiumtotheSwissfrancfordeliveryin180days.C:thedollaristradingata4%discounttotheSwissfrancfordeliveryin180days.

D:

thedollaristradingata4%premiumtotheSwissfrancfordeliveryin180days.

答案:

thedollaristradingatan8%premiumtotheSwissfrancfordeliveryin180days.ThestructureofFXMarketrefersto

A:thebasicsofhowtomakesmall(micro-sized)currencytrades.

B:howmacroeconomicvariablessuchasGDPandinflationaredetermined.

C:noneoftheabove

D:

thebasicmechanicsofhowamarketplaceoperates.

答案:

thebasicmechanicsofhowamarketplaceoperates.Ifonehasagreedtobuyforeignexchangeforward

A:

youhaveashortpositionintheforwardcontract.B:

youhavealongpositionintheforwardcontract.

C:youhavealongpositioninthespotmarket.

D:untiltheexchangeratemoves,youhaven'tmademoney,soyou'reneithershortnorlong.

答案:

youhavealongpositionintheforwardcontract.

TheBidprice

A:refersonlytoauctionslikeeBay,notoverthecountertransactionswithdealers.

B:isthepricethatadealerstandsreadytosellat.

C:

isthepricethatthedealerhasjustpaidforsomething,hishistoricalcostofthemostrecenttrade.D:isthepricethatadealerstandsreadytopay.

答案:isthepricethatadealerstandsreadytopay.

Findtheno-arbitragecrossexchangerate.Thedollar-euroexchangerateisquotedas$1.60=€1.00andthedollar-poundexchangerateisquotedat$2.00=￡1.00.

A:￡1.25/€1.00

B:$1.25/￡1.00

C:€0.80/￡1.00

D:€1.25/￡1.00

答案:€1.25/￡1.00

第五章單元測試

Amongitem(1)—(4),whicharethebasicassumptionsofinterestrateparity?

(1)Capitalcontrol;(2)Notransactionscosts;(3)Perfectsubstitutabilityofdomesticandforeignassets;(4)Capitalmobility

A:(1)(2)(3)(4)

B:

(1)(2)(3)C:(3)(4)

D:(2)(3)(4)

答案:(2)(3)(4)PurchasingPowerParity(PPP)theorystatesthat

A:asthepurchasingpowerofacurrencysharplydeclines(duetohyperinflation)thatcurrencywilldepreciateagainststablecurrencies.

B:bothaandb

C:theexchangeratebetweencurrenciesoftwocountriesshouldbeequaltotheratioofthecountries'pricelevels.

D:thepricesofstandardcommoditybasketsintwocountriesarenotrelated.

答案:bothaandb

TheInternationalFisherEffectsuggeststhat

A:

anyforwardpremiumordiscountisequaltotheexpectedchangeintheexchangerate.B:thenominalinterestratedifferentialreflectstheexpectedchangeintheexchangerate.

C:anincrease(decrease)intheexpectedinflationrateinacountrywillcauseaproportionateincrease(decrease)intheinterestrateinthecountry.

D:anyforwardpremiumordiscountisequaltotheactualchangeintheexchangerate.

答案:thenominalinterestratedifferentialreflectstheexpectedchangeintheexchangerate.

Ifaforeigncountyexperiencesahyperinflation,

A:itscurrencymayappreciateagainststablecurrencies.

B:noneoftheabove

C:itscurrencymaybeunaffected—it'sdifficulttosay.

D:itscurrencywilldepreciateagainststablecurrencies.

答案:itscurrencywilldepreciateagainststablecurrencies.

Theforwardprice

A:alloftheabove.

B:maybelessthanthespotprice.

C:maybehigherthanthespotprice.

D:maybethesameasthespotprice.

答案:alloftheabove.

第六章單元測試

Comparing"forward"and"futures"exchangecontracts,wecansaythat

A:bothbandc

B:theirmajordifferenceisinthewaytheunderlyingassetispricedforfuturepurchaseorsale:futuressettledailyandforwardssettleatmaturity.

C:

theyareboth"marked-to-market"daily.D:afuturescontractisnegotiatedbyopenoutcrybetweenfloorbrokersortradersandistradedonorganizedexchanges,whileforwardcontractistailor-madebyaninternationalbankforitsclientsandistradedOTC.

答案:bothbandc

Ifacurrencyfuturescontract(directquote)ispricedbelowthepriceimpliedbyInterestRateParity(IRP),arbitrageurscouldtakeadvantageofthemispricingbysimultaneously

A:goinglonginthefuturescontract,borrowingintheforeigncurrency,andgoinglonginthedomesticcurrency,investingtheproceedsatthelocalrateofinterest.

B:

goingshortinthefuturescontract,borrowinginthedomesticcurrency,andgoinglongintheforeigncurrencyinthespotmarket.C:goinglonginthefuturescontract,borrowinginthedomesticcurrency,andgoingshortintheforeigncurrencyinthespotmarket.

D:goingshortinthefuturescontract,lendinginthedomesticcurrency,andgoinglongintheforeigncurrencyinthespotmarket.

答案:goinglonginthefuturescontract,borrowingintheforeigncurrency,andgoinglonginthedomesticcurrency,investingtheproceedsatthelocalrateofinterest.

An"option"is

A:

acontractgivingtheowner(buyer)oftheoptiontheright,butnottheobligation,tobuy(put)orsell(call)agivenquantityofanassetataspecifiedpriceatsometimeinthefuture.B:acontractgivingtheowner(buyer)oftheoptiontheright,butnottheobligation,tobuy(put)orsell(sell)agivenquantityofanassetataspecifiedpriceatsometimeinthefuture.

C:acontractgivingtheowner(buyer)oftheoptiontheright,butnottheobligation,tobuy(call)orsell(put)agivenquantityofanassetataspecifiedpriceatsometimeinthefuture.

D:

acontractgivingtheseller(writer)oftheoptiontheright,butnottheobligation,tobuy(call)orsell(put)agivenquantityofanassetataspecifiedpriceatsometimeinthefuture.

答案:acontractgivingtheowner(buyer)oftheoptiontheright,butnottheobligation,tobuy(call)orsell(put)agivenquantityofanassetataspecifiedpriceatsometimeinthefuture.

Threedaysago,youenteredintoafuturescontracttosell€62,500at$1.50per€.Overthepastthreedaysthecontracthassettledat$1.50,$1.52,and$1.54.Howmuchhaveyoumadeorlost?

A:Noneoftheabove

B:

Lost$0.04per€or$2,500C:Lost$0.06per€or$3,750

D:Made$0.04per€or$2,500

答案:

Lost$0.04per€or$2,500Yesterday,youenteredintoafuturescontracttobuy€62,500at$1.50per€.Supposethefuturespriceclosestodayat$1.46.Howmuchhaveyoumade/lost?

A:Youhaveneithermadenorlostmoney,yet.

B:Youhavemade$2,500.00.

C:

Dependsonyourmarginbalance.D:Youhavelost$2,500.00.

答案:Youhavelost$2,500.00.

第七章單元測試

Ifyouoweaforeigncurrencydenominateddebt,youcanhedgewith

A:buyingtheforeigncurrencytodayandinvestingitintheforeigncounty.

B:alongpositioninanexchange-tradedfuturesoption.

C:aswapcontractwherepaythecashflowsofthebondinexchangefordollars.

D:alongpositioninacurrencyforwardcontract.

答案:aswapcontractwherepaythecashflowsofthebondinexchangefordollars.

Thelinkbetweenafirm'sfutureoperatingcashflowsandexchangeratefluctuationsis

A:assetexposure.

B:

bothaandbC:noneoftheabove

D:operatingexposure.

答案:operatingexposure.

Thesensitivityofthefirm'sconsolidatedfinancialstatementstounexpectedchangesintheexchangerateis

A:translationexposure

B:noneoftheabove

C:

economicexposureD:

transactionexposure.

答案:translationexposure

Anexporterfacedwithexposuretoanappreciatingcurrencycanreducetransactionexposurewithastrategyof

A:

payingorcollectingearly.B:payinglate,collectingearly.

C:

payingorcollectinglate.D:

payingearly,collectinglate.

答案:

payingearly,collectinglate.

TherecognizedmethodsforconsolidatingthefinancialreportsofanMNCare

A:current/noncurrentmethod,monetary/nonmonetarymethod,short/longtermmethod,andcurrent/futuremethod.

B:temporalmethod,currentratemethod,flexible/inflexiblemethod,andeconomic/noneconomicmethod.

C:short/longtermmethod,current/futuremethod,flexible/inflexiblemethod,andeconomic/noneconomicmethod.

D:current/noncurrentmethod,monetary/nonmonetarymethod,temporalmethod,andcurrentratemethod.

答案:current/noncurrentmethod,monetary/nonmonetarymethod,temporalmethod,andcurrentratemethod.

第八章單元測試

Theprimaryreasonsforacounterpartytouseacurrencyswapare

A:

tohedgeandtospeculate.B:bothaandb

C:toplayinthefuturesandforwardmarkets.

D:toobtaindebtfinancingintheswappedcurrencyataninterestcostreductionbroughtaboutthroughcomparativeadvantageseachcounterpartyhasinitsnationalcapitalmarket,andthebenefitofhedginglong-runexchangerateexposure.

答案:toobtaindebtfinancingintheswappedcurrencyataninterestcostreductionbroughtaboutthroughcomparativeadvantageseachcounterpartyhasinitsnationalcapitalmarket,andthebenefitofhedginglong-runexchangerateexposure.

Whichcombinationofthefollowingstatementsistrueaboutaswapbank?

(i)-itisagenerictermtodescribeafinancialinstitutionthatfacilitatesswapsbetweencounterparties

(ii)-itcanbeaninternationalcommercialbank

(iii)-itcanbeaninvestmentbank

(iv)-itcanbeamerchantbank

(v)-itcanbeanindependentoperator

A:

(i)and(ii)B:

(i),(ii)and(iii)C:(i),(ii),(iii),(iv)and(v)

D:(i),(ii),(iii)and(iv)

答案:(i),(ii),(iii),(iv)and(v)

Supposethequoteforafive-yearswapwithsemiannualpaymentsis8.50—8.60percent.Themeans

A:

theswapbankwillpaysemiannualfixed-ratedollarpaymentsof8.60percentagainstreceivingsix-monthdollarLIBOR.B:

theswapbankwillreceivesemiannualfixed-ratedollarpaymentsof8.50percentagainstpayingsix-monthdollarLIBOR.C:

iftheswapbankissuccessfulingettingcounterpartiestobothlegsoftheswapattheseprices,hewillhaveanannualprofitoftenbasispoints.D:

noneoftheabove

答案:

iftheswapbankissuccessfulingettingcounterpartiestobothlegsoftheswapattheseprices,hewillhaveanannualprofitoftenbasispoints.

Aninterest-onlysinglecurrencyinterestrateswap

A:alloftheabove

B:isalsoknownasaplainvanillaswap.

C:isalsoknownasaninterestrateswap.

D:isaboutassimpleasswapscanget.

答案:alloftheabove

SupposeABCInvestmentBankerLtd.,isquotingswapratesasfollows:7.50-7.85annuallyagainstsix-monthdollarLIBORfordollars,and