国际金融题库(英文版)

Multiple-choicetest(onlyoneiscorrect):1.Gresham’sLawstatesthata)Badmoneydrivesgoodmoneyoutofcirculation.b)Goodmoneydrivesbadmoneyoutofcirculationc)Ifacountrybasesitscurrencyonbothgoldandsilver,atanofficialexchangerate,itwillbethemorevaluableofthetwometalsthatcirculate.d)Noneoftheabove.2.Balanceofpaymentsa)isdefinedasthestatisticalrecordofacountry’sinternationaltransactionsoveracertainperiodoftimepresentedintheformofadouble-entrybookkeepingb)providesdetailedinformationconcerningthedemandandsupplyofacountry’scurrencyc)canbeusedtoevaluatetheperformanceofacountryininternationaleconomiccompetitiond)alloftheabove3.IftheUnitedStatesimportsmorethanitexports,thena)Thesupplyofdollarsislikelytoexceedthedemandintheforeignexchangemarket,ceterisparibus.b)OnecaninferthattheU.S.dollarwouldbeunderpressuretodepreciateagainstothercurrenciesc)a)andb)d)Noneoftheabove4.Thecurrentspotexchangerateis$1.55/£andthethree-monthforwardrateis$1.50/£.Youenterintoashortpositionon£1,000.Atmaturity,thespotexchangerateis$1.60/£.Howmuchhaveyoumadeorlost?a)Lost$100b)Made£100c)Lost$50d)Made$1505.Thesensitivityof“realized”domesticcurrencyvaluesofthefirm’scontractualcashflowsdenominatedinforeigncurrencytounexpectedchangesintheexchangerateis:a)Transactionexposureb)Translationexposurec)Economicexposured)Noneoftheabove6.Threedaysago,youenteredintoafuturescontracttosell€62,500at$1.20per€.Overthepastthreedaysthecontracthassettledat$1.20,$1.22,and$1.24.Howmuchhaveyoumadeorlost?a)Lost$0.04per€or$2,500b)Made$0.04per€or$2,500c)Lost$0.06per€or$3,750d)Noneoftheabove7.Aswapbanka)Canactasabroker,bringingtogethercounterpartiestoaswapb)Canactasadealer,standingreadytobuyandsellswapsc)Botha)andb)d)Onlysometimesa)butnevereverb)8.Supposethattheone-yearinterestrateis5.0percentintheUnitedStates,thespotexchangerateis$1.20/€,andtheone-yearforwardexchangerateis$1.16/€.Whatmustone-yearinterestratebeintheeurozone?a)5.0%b)1.09%c)8.62%d)Noneoftheabove.9.Supposethespotaskexchangerate,Sa($|£),is$1.90=£1.00andthespotbidexchangerate,Sb($|£),is$1.89=£1.00.Ifyouweretobuy$10,000,000worthofBritishpoundsandthensellthemfiveminuteslater,howmuchofyour$10,000,000wouldbe“eaten”bythebid-askspread?a)$1,000,000b)$52,910.05c)$100,000d)$52,631.5810.Underthegoldstandard,internationalimbalancesofpaymentwillbecorrectedautomaticallyunderthea)GreshamExchangeRateregimeb)EuropeanMonetarySystemc)Price-specie-flowmechanismd)BrettonWoodsAccord11.Withanyhedgea)Yourlossesononesideshouldaboutequalyourgainsontheothersideb)Youshouldtrytomakemoneyonbothsidesofthetransaction:thatwayyoumakemoneycomingandgoingc)Youshouldspendatleastasmuchtimeworkingthehedgeasworkingtheunderlyingdealitselfd)Youshouldagreetoanythingyourbankerputsinfrontofyourface12.Comparing“forward”and“futures”exchangecontracts,wecansaythat:a)Theyareboth“marked-to-market”daily.b)Theirmajordifferenceisinthewaytheunderlyingassetispricedforfuturepurchaseorsale:futuressettledailyandforwardssettleatmaturity.c)Afuturescontractisnegotiatedbyopenoutcrybetweenfloorbrokersortradersandistradedonorganizedexchanges,whileforwardcontractistailor-madebyaninternationalbankforitsclientsandistradedOTC.d)b)andc)13.An“option”isa)acontractgivingtheseller(writer)theright,butnottheobligation,tobuyorsellagivenquantityofanassetataspecifiedpriceatsometimeinthefutureb)acontractgivingtheowner(buyer)theright,butnottheobligation,tobuyorsellagivenquantityofanassetataspecifiedpriceatsometimeinthefuturec)notaderivative,noracontingentclaim,securityd)unlikeafuturesorforwardcontract14.Economicexposurereferstoa)thesensitivityofrealizeddomesticcurrencyvaluesofthefirm’scontractualcashflowsdenominatedinforeigncurrenciestounexpectedexchangeratechangesb)theextenttowhichthevalueofthefirmwouldbeaffectedbyunanticipatedchangesinexchangeratec)thepotentialthatthefirm’sconsolidatedfinancialstatementcanbeaffectedbychangesinexchangeratesd)expostandexantecurrencyexposures15.Underapurelyflexibleexchangeratesystema)Supplyanddemandsettheexchangeratesb)Governmentscansettheexchangeratebybuyingorsellingreservesc)Governmentscansetexchangerateswithfiscalpolicyb)andc)arecorrect.