Mini CFA 考试练习题 Economics of International Trade

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国际经济学部分55道题目第一次刷题，答对率67%。

Q. The country of Australia classifies products departing from the port of Melbourne to other countries as:

exports.
imports.
net exports.
Solution

A is correct. Exports are products and services that are produced within a country’s borders and then transported to another country. B is incorrect because imports are products and services that are produced outside a country’s borders and then brought into the country. C is incorrect because net exports represent the difference between exports and imports of products and services.

Q. International trade most likely:

helps keep prices down.
reduces competition.
reduces demand for domestic products and services
Solution

A is correct. International trade promotes greater efficiency, which helps keep prices down. B and C are incorrect because international trade tends to increase competition and increase demand for domestic products and services.

Q. Which of the following would most likely be reduced if India imposed a tariff on goods from Japan?

India’s exports
India’s imports
Japan’s imports
Solution

B is correct. A tariff tends to make imported goods more expensive. Goods imported from Japan would likely be more expensive, which would reduce India’s imports (and Japan’s exports).

Q. Which of the following would most likely promote international trade?

Increased tariffs
Higher transportation costs
Faster transport of products and services
Solution

C is correct. Improvements in transportation, including faster transport, help international trade. A is incorrect because tariffs are trade barriers; they are effectively taxes (duties) levied on imported goods and services. Increased trade barriers limit international trade. B is incorrect because higher transportation costs increase the cost of importing and exporting goods, which limits international trade.

Q. Payments from a computer company in the United Kingdom to a company in India that operates a call centre to answer questions from the computer company’s customers are most likely included in the United Kingdom’s:

current account.
capital account.
financial account.
Solution

A is correct. Answering questions at a call centre in India to service a computer company’s customers in the United Kingdom is an export of service from India and an import of service for the United Kingdom. The flow of money for service is included in the current account in the balance of payments.

Q. Countries with exports greater than imports most likely have a current account:

deficit.
surplus.
in balance.
Solution

B is correct. A country with exports greater than imports has positive net exports, or a trade surplus. The trade balance tends to dominate the current account balance, so this country most likely has a current account surplus.

Q. If a country has a current account surplus, it most likely has a capital and financial account:

deficit.
surplus.
in balance.
Solution

A is correct. If a country has a current account surplus, it will have a capital and financial account deficit—the country is a net saver and ends up being a net lender to the rest of the world.

Q. A central bank’s intervention aimed at stabilising the value of its currency within a certain range best describes a:

fixed exchange rate system.
pure floating exchange rate system.
managed floating exchange rate system.
Solution

C is correct. Under a managed floating exchange rate system, a country’s central bank intervenes to stabilise its currency within a certain range. To do so, it buys its domestic currency using its foreign currency reserves to strengthen its domestic currency or buys foreign currency using its domestic currency to weaken its domestic currency.

Q. A company imports goods and pays for them in a foreign currency. Which of the following exchange rate systems would eliminate currency risk for the company?

Fixed
Pure floating
Managed floating

A是正确的。固定汇率制度的优点是它消除了货币风险（或外汇风险），即与汇率波动有关的风险。在固定汇率制度下，公司将确切地知道它将为进口货物支付的金额。B和C是不正确的，因为在纯粹的或有管理的浮动汇率制度下，公司面临货币风险。

Q. Which of the following is most likely to cause a country’s currency to appreciate?

High inflation
Political instability
A current account surplus
Solution

C is correct. A current account surplus tends to lead to an appreciation of a country’s currency. A and B are incorrect because high inflation and political instability tend to lead to a depreciation of a country’s currency.

Q. A country’s currency will most likely depreciate when the country experiences high:

interest rates.
government debt.
economic growth.
Solution

B is correct. High government debt tends to lead to a depreciation of a country’s currency. A and C are incorrect because high interest rates and high economic growth tend to lead to an appreciation of the country’s currency.

Q. A currency dealer makes more money when the:

bid–offer spread is wide.
bid–offer spread is narrow.
bid rate is equal to the offer rate.
Solution

A is correct. The bid exchange rate (or bid rate) is the exchange rate at which the currency dealer will buy the foreign currency, and the offer exchange rate (or offer rate) is the exchange rate at which the currency dealer will sell the foreign currency. The currency dealer makes a profit by buying a unit of currency more cheaply than it sells it. Thus, the wider the bid–offer spread, the more money the currency dealer makes.

Q. The most likely objective of an exporter using the forward market in currencies is to:

reduce risk.
increase profit.
increase currency exposure.

A是正确的。出口商最有可能利用外汇远期市场来降低与外币未来现金流相关的货币风险。利用远期市场，出口商可以获得未来现金流暴露于货币风险的可预测性。因此，出口商可以专注于其核心业务活动，而不是担心汇率风险。B是不正确的，因为出口商不使用外汇远期市场来增加利润，而是降低货币风险。C是不正确的，因为通过使用远期市场，出口商试图减少而不是增加货币风险。

Q. Which of the following is a foreign exchange transaction involving the forward market?

A company writes a cheque in foreign currency.
A tourist converts US$1,000 into euros at an airport.
A company agrees to buy US$100,000 for ¥7,500,000 in 60 days.
Solution

C is correct. An agreement to convert one currency into another in the future is a foreign exchange transaction that involves the forward market. A and B are incorrect because writing a cheque in a foreign currency and converting US dollars into euros at the airport are foreign exchange transactions conducted in the spot market.

Q. At the start of a year, the exchange rate between currencies in Canada and the United Kingdom was $1.80/£1. Six months later, it was $1.55/£1. Over this period, relative to the United Kingdom, Canada most likely experienced:

higher inflation.
higher interest rates.
a larger increase in its current account deficit.

B是正确的。由于下半年英镑购买的加元较少，英镑相对于加元贬值，或者说加元相对于英镑升值。较高的利率通常会增加流入一个国家的资本，增加对该货币的需求并使其升值（即加元的升值）。A不正确。加拿大较高的通货膨胀率将导致加元相对于英镑的贬值，而不是这里显示的方向。C不正确。经常账户赤字的更大增长将导致加元相对于英镑的贬值，而不是这里显示的方向。

Q. One of the limitations that prevents the purchasing power parity theorem from holding in the short to medium term is that:

exchange rates between countries are not the same.
import and export restrictions may exist between countries.
the price of the same good in its own domestic currency differs across countries.

B是正确的。购买力平价的基本概念是，考虑到两国货币之间的汇率，两个不同国家的一篮子商品的价格应该相同。如果不是这样的话，套利机会就会存在，允许个人在一个国家购买商品，将其运往另一个国家，并以利润出售。但是，如果国家之间存在贸易限制（如关税、配额和非贸易壁垒），那么将货物从一个国家运输到另一个国家可能很困难（或不可能）。A不正确。购买力平价持有国与国之间的汇率不必相同：只要考虑到两国货币之间的汇率，货物的成本应该是相同的。C不正确。商品在不同的国家可能有不同的价格，但是一旦考虑到汇率，购买力平价的价格应该是相同的。

Q. An import tariff can be described as a:

limit on the quantity of goods that can be imported.
subsidy paid by a government to discourage imports.
tax or duty levied on imported products and services.
Solution

C is correct. An import tariff is a tax or duty levied on imported products and services. Its purpose is to generate revenue for the government and protect domestic suppliers. A is incorrect. The description is of a quota. B is incorrect. Tariffs are amounts paid by importers not the government.

Q. The purpose of the General Agreement on Tariffs and Trade (GATT) was to:

reduce international trade barriers.
replace non-tariff barriers with tariffs.
provide better protection for domestic suppliers.
Solution

A是正确的。促进国际贸易的一个主要趋势是减少国际贸易壁垒；自1947年关贸总协定通过以来，这些壁垒一直在稳步减少。B不正确。关税和非关税壁垒都会减少国际贸易。关贸总协定的目标是减少一切壁垒，促进国际贸易。C不正确。关税允许政府建立贸易壁垒，以保护国内供应商（以及赚取收入）。关贸总协定的目标是减少这些贸易壁垒。

Q. Country X has an absolute advantage over Country Y in producing both Items A and B. Compared with Country X, Country Y has a higher opportunity cost producing Item A relative to Item B. Which country should produce Item A?

Country X because its opportunity cost to produce Item A is lower.
Country Y because its opportunity cost to produce Item A is higher.
Country X because it has an absolute advantage in producing both items.
Solution

A is correct. Opportunity cost refers to what must be given up to undertake a particular alternative. Production should be carried out by the country that, on a relative basis, gives up the least to produce a particular product. Country X should produce Item A because it has a lower opportunity cost in producing the item; Country X is said to have a comparative advantage over Country Y in producing Item A. B is incorrect. The country with the lower opportunity cost should be the producer. C is incorrect. Absolute advantage means that Country X uses less resources to produce both products (or produces more in a given time period). The important consideration in deciding who should produce a product, however, is what is given up in producing one product over the other.

Q. Several years ago, a country’s central bank changed its foreign exchange rate system. Prior to the change, the exchange rate system in place had the following characteristics:

Importers and exporters faced no foreign exchange risk.
When the country’s current account balance worsened as the country became uncompetitive, the currency was devalued.
Under the new exchange rate system, the central bank infrequently intervenes to stabilise the country’s currency as needed. The original and new foreign exchange rate systems, respectively, are referred to as:

floating rate and fixed rate.
fixed rate and managed floating rate.
managed floating rate and floating rate.
Solution

B is correct. The initial characteristics are that of a fixed rate system, and with occasional central bank intervention, the new system has the characteristic of a managed floating rate system. A is incorrect. Under a floating rate system, the exchange rate is left alone to find its own value. C is incorrect. The initial characteristics are that of a fixed rate system.

Q. The forward exchange rate is the exchange rate at which a bank or currency dealer will convert one currency into another:

today, at a rate determined today.
at a future date, at a rate determined today.
at a future date, at a rate determined in the future.
Solution

B is correct. The forward exchange rate is the exchange rate at which a bank or currency dealer will exchange one currency for another at a future date.

Q. A Canadian supermarket chain imported some fruits from the United States and must pay in US dollars in 30 days. From the time the order was placed until payment was made, the Canadian dollar appreciated relative to the US dollar. This change means that:

it takes more Canadian dollars to buy one US dollar.
the Canadian supermarket chain will require fewer US dollars to settle its bill.
the change in the exchange rate is beneficial to the Canadian supermarket chain.
Solution

C is correct. With the Canadian dollar appreciating relative to the US dollar, it takes fewer Canadian dollars to buy one US dollar, which is beneficial for the Canadian importer. Because the invoice is in US dollars, the same number of US dollars will be required, regardless of the exchange rate at the time of payment. A is incorrect. With the appreciation of the Canadian dollar, it takes fewer Canadian dollars to purchase 1 US dollar. B is incorrect. Payment is required in US dollars, so the same number of them will have to be purchased; it will just take fewer Canadian dollars to do so, which is beneficial to the Canadian supermarket chain.

Q. In international trade, quotas:

help promote foreign trade.
are beneficial to foreign exporters of goods and services.
limit the quantity of goods or services that can be imported.
Solution

C is correct. A quota limits the quantity of goods or services that can be imported. A is incorrect. A quota reduces foreign competition and increases consumption of domestic goods. B is incorrect. A quota limits the quantity of goods or services that can be imported into the country and is therefore a disadvantage to foreign exporters.

Q. A country has a lower opportunity cost in producing a particular good than other countries. This country is said to have a(n):

absolute advantage.
strategic advantage.
comparative advantage.
Solution

C is correct. A comparative advantage arises when one country has a lower opportunity cost in producing a good than another country. In other words, the country gives up less (of some other good) to produce the item in which it has a comparative advantage over other countries. A is incorrect. An absolute advantage arises when a country is more efficient in producing a good or service than another country, i.e., it can produce the good or service with less resources B is incorrect. A comparative advantage arises when one country has a lower opportunity cost in producing a good than another country

Q. In theory, the sum of the current account and the capital and financial account for a country:

equals zero.
is less than zero if the country exports more than it imports.
is greater than zero if the country exports more than it imports.
Solution

A is correct. The balance of payments accounts are a record of all of the monetary transactions between a country and the rest of the world; it is represented by the sum of the current and capital and financial accounts and must sum to zero. B is incorrect. The balance of payments account (which is the sum of the current and capital and financial accounts) must sum to zero. C is incorrect. The balance of payments account (which is the sum of the current and capital and financial accounts) must sum to zero.

A是正确的。美国零售商必须在90天内支付15万英镑的发票金额。远期合同规定了一种汇率，零售商可以在90天内从经销商处购买15万英镑，以便支付发票。B不正确。零售商将通过远期合同出售美元并购买英镑，以便与服装供应商结算账单。C不正确。远期合约锁定汇率，而不是指定货币交易商支付合约。

Q. Which of the following factors will result in the depreciation of a country’s currency?

A lower interest rate
A lower level of inflation
An increase in the capital account deficit
Solution

A is correct. Lower interest rates will make domestic investments less attractive to foreign investors, and they will sell their holdings (or not purchase them), leading to a depreciation of the country’s currency. B is incorrect. Lower inflation results in currency appreciation. C is incorrect. An increase in the capital account deficit means a current account surplus which results in currency appreciation.

Q. An identical good selling for different prices in two different countries, even after taking foreign exchange rates into account, is known as:

an absolute advantage.
purchasing power parity.
an arbitrage opportunity.
Solution

C is correct. After adjusting for foreign exchange rates, an identical good selling at different prices in different countries is considered to be an arbitrage opportunity. The item can be purchased in the low-price country and sold in the high-price country to make a profit on the difference in purchase and selling price. A is incorrect. An absolute advantage is when a country is more efficient in producing a good or service than another country. B is incorrect. Purchasing power parity is the concept that the same basket of goods should cost the same amount after taking into account the exchange rates – not that the basket of goods are valued differently as in this case.

Q. If Mexico is running a large current account deficit with Canada, which of the following will most likely occur?

Canada will reduce its imports from Mexico.
There will be an increase in Canadian exports to Mexico.
The Mexican peso will depreciate relative to the Canadian dollar.
Solution

C is correct. If Mexico is running a large current account deficit with Canada, it means that Mexican consumers are purchasing more Canadian dollar–denominated goods than Canadians are purchasing peso-denominated goods. There is a net excess demand for Canadian dollars, which will put downward pressure on the value of the peso relative to the Canadian dollar.

Q. An American importer has purchased aircraft engine parts from a supplier in the United Kingdom. The importer will have to pay £800,000 in six months, when delivery is to occur. Believing that the British pound will appreciate against the US dollar over this time period, the importer enters into a forward contract to purchase British pounds at £0.6724/$1 in six months. Which of the following statements is most appropriate? The importer’s cost will be:

unaffected by the future spot price of British pounds in six months.
lower if the spot price of British pounds in six months is £0.7396/$1.
lower if the spot price of British pounds in six months is £0.6052/$1.
Solution

A是正确的。一旦进口商达成购买英镑的远期交易，他就承诺以远期汇率兑换货币，其成本与远期即期汇率无关。

Q. Generally, the largest component of a country’s current account balance arises from the:

income account.
current transfers account.
goods and services accounts.
Solution

C is correct. For most countries, the largest component of the current account balance arises from net exports—that is, the goods and services accounts. A is incorrect. Trade dominates the current account balance. B is incorrect. Trade dominates the current account balance.

Q. A country operates a managed floating exchange rate system against the euro. During a period of economic turmoil, its currency strengthens against the euro. In response, the country’s central bank should:

sell euros.
sell the domestic currency.
deplete its non-domestic currency reserves.
Solution

B是正确的。央行将希望稳定人民币汇率，因为人民币兑欧元正在升值。它将出售本国货币并积累非本国货币储备。卖出本币将削弱本币汇率，并有助于将本币汇率维持在规定范围内。A不正确。央行将购买欧元，而不是出售欧元。C不正确。中央银行将希望积累外汇储备，即购买欧元和其他外币，而不是耗尽将需要出售欧元和其他外币的储备。

Q. On 1 May, a Swedish automaker purchases electronic equipment from a manufacturer in the United Kingdom. The invoice is denominated in British pounds, with payment due in 90 days (29 July). On 1 May, the automaker enters into a three-month forward contract with a currency dealer. In three months, the currency dealer will sell the automaker British pounds at the:

spot rate in effect on 1 May.
spot rate in effect on 29 July.
three-month forward rate in effect on 1 May.
Solution

C is correct. A forward currency contract is an agreement to exchange currency at a predetermined rate on a future date, but no actual transaction takes place on the day the forward contract is initiated. In three months, the currency dealer will provide the Swedish company with pounds at the previously agreed-on rate (i.e., the forward rate in effect on 1 May), and the Swedish company will pay the invoiced amount to the UK manufacturer. A is incorrect. Forward contracts are completed with the dealer selling pounds at the agreed upon forward rate. B is incorrect. Forward contracts are completed with the dealer selling pounds at the agreed upon forward rate.

Q. Over a period of time, the balance of payments tracks transactions between:

governments of various countries.
a country and the rest of the world.
corporations domiciled in different countries.
Solution

B is correct. The balance of payments tracks transactions between a country and the rest of the world during a period of time, typically one year. These transactions include those of individuals, companies, governments, and government agencies that are in the domestic country, as well as a similar list of entities abroad. A is incorrect. The balance of payments tracks transactions broader than just between governments in various countries. C is incorrect. The balance of payments tracks transactions broader than just between corporations in various countries.

Q. In a particular year, Denmark reported a trade surplus, which means that Denmark’s:

exports exceeded imports.
net exports were negative.
growth rate of GDP was positive.
Solution

A is correct. A trade surplus occurs when exports exceed imports—that is, net exports are positive or inflows exceed outflows. B is incorrect. A trade deficit occurs when imports exceed exports, or net exports are negative. C is incorrect. Although X-M is one component of GDP and was positive here adding to the growth in GDP, other factors, C+I+G may have declined by a greater amount, so without that information we cannot infer what the impact of GDP would have been.

Q. Although the balance of payments should total zero, it seldom does so automatically and an errors and omissions adjustment is normally required. This adjustment is mainly because of:

inadequate attention to bookkeeping by international agents.
the way that data are aggregated using sampling and estimation techniques.
the incentive that financial institutions have to under-report transactions for tax reasons.
Solution

B is correct. Data for the balance of payments are collected from customs authorities for imports and exports, but surveys and sampling techniques are used in estimating the flows from many other sources. Because these values are not exact, it is quite unlikely that the balance of payments will equal zero. To force it to be zero, a “plug figure” called “errors and omissions” is applied. A is incorrect. Estimation and survey methods are the main cause of the problem. C is incorrect. Estimation and survey methods are the main cause of the problem.

Q. An advantage of a fixed exchange rate system is that:

the currency is likely to undergo appreciation.
importers and exporters face little foreign exchange risk related to their transactions.
an economy that becomes uncompetitive will find its capital account balance worsening.
Solution

B is correct. In a fixed rate system, the amount paid and received for goods and services is known with a great deal of certainty. There is not perfect certainty, however, because it is always possible for the central bank to devalue or revalue the currency before the trade is completed. A is incorrect. The solution to an overvalued currency in a fixed rate system is devaluation by the central bank. Appreciation occurs with undervalued currencies in a floating exchange rate system. Depreciation of a currency is a market reaction to an overvalued currency in a floating rate system. C is incorrect. An economy that becomes uncompetitive will see its current account balance worsen since its currency will be overvalued and its exports considered too expensive and imports too cheap. The capital account balance will show a surplus under such circumstances.

Q. Which of the following statements about international trade is correct? International trade:

leads to fewer choices for customers.
results in higher prices and lower quality goods and services.
allows countries to access resources that might otherwise be in short supply.
Solution

C is correct. International trade will result in increased competition which should result in lower prices, as well as innovation which should generate better quality goods and services. A is incorrect. Through imports international trade provides customers with a greater choice of products. B is incorrect. International trade will result in increased competition which should result in lower prices, as well as innovation which should generate better quality goods and services.

Q. In the following situation, which country would report an export?

Pat, an auto retailer in Ireland, purchased a car stereo from its manufacturer in Japan.
A US toothpaste manufacturer allows its product to be manufactured by a Kenyan firm, under licence. The Kenyan firm is restricted to selling the product domestically.

Japan only
United States only
Both Japan and the United States

C是正确的。出口是指在一国境内生产的货物或服务，然后运往另一国。日本制造商正在出口一种商品，美国牙膏制造商正在出口一种服务（生产许可证）。A不正确。两者都是出口的例子：一个是物品，另一个是服务。B不正确。两者都是出口的例子：一个是物品，另一个是服务。

Q. The Mexican peso is appreciating relative to the Canadian dollar. This appreciation will cause Canadian imports of Mexican products to:

increase.
decrease.
be unchanged.
Solution

B is correct. An appreciating Mexican peso relative to the Canadian dollar means that Canadian purchasers of Mexican goods will face higher prices. Demand for Mexican goods will decline. A is incorrect. Mexican goods will be more expensive to Canadians and demand will fall. C is incorrect. Mexican goods will be more expensive to Canadians and demand will fall. The goods are more costly, not more valuable.

Q. A country has a comparative advantage for a particular good over another country if it can:

produce more of the good than the other country.
generate a profit by selling the good to the other country.
produce the good at a lower opportunity cost than the other country.
Solution

C is correct. A comparative advantage exists when a country can produce a good at a lower opportunity cost than another country. A is incorrect. This is an absolute advantage not a comparative advantage. B is incorrect. A profit is essential (in the long run) for trade to exist, but higher profits result when lower opportunity cost items are sold.

Q. Which of the following statements is correct about the balance of payments for the indicated countries?

When Portugal sells tungsten to Great Britain, it is recorded as an outflow in Portugal’s current account.
When a Japanese investor receives dividend payments on shares issued by a Swiss company, it is recorded as an inflow into Japan’s capital account.
When an Australian mining company purchases office equipment from the United States, it is recorded as an outflow from Australia’s goods and services subaccount of its current account.

C是正确的。**经常账户显示了该国的消费和投资额（流出）与接收额（流入）之比。**澳大利亚矿业公司从美国购买办公设备时，记为其经常账户中澳大利亚商品和服务子账户的流出。A不正确。钨的销售是一种出口：流入经常账户的资金。B不正确。瑞士股票的股息似乎流入了日本经常账户的收入子账户。

Q. The difference between exports and imports of goods and services is called the:

balance of trade.
balance of payments.
current account balance.

A是正确的。货物和服务进出口之间的差额称为贸易差额或净出口。B不正确。国际收支平衡跟踪一个国家与世界其他地区之间的所有交易。C不正确。经常账户余额是三个子账户的总和：货物和服务、收入和经常转账。

Q. A country has been running a persistent current account deficit. The natural correction of this situation would arise if the domestic currency:

appreciates, resulting in higher imports and lower exports.
depreciates, resulting in lower imports and higher exports.
depreciates, resulting in higher imports and lower exports.

B是正确的。经常账户赤字（进口大于出口）的自然修正是本币贬值。货币贬值使进口（外国商品和服务）更加昂贵，因此它们会减少。对外国人来说，在国外销售的国内商品和服务将更便宜，出口应会增加。这两个效应应该有助于纠正经常账户赤字。A不正确。经常账户赤字应导致货币贬值，并在外国商品变得更贵、国内商品对外国人更便宜时导致修正。C不正确。货币走向是正确的，但对进出口的影响是倒退的。

Q. In a managed floating exchange rate system, a central bank:

does not intervene in the foreign exchange market but allows the market to determine the value of the currency.
will intervene to stabilise its currency by buying foreign currency using its foreign currency reserves to weaken the domestic currency.
will intervene to stabilise its currency by buying domestic currency using its foreign currency reserves to strengthen the domestic currency.

C是正确的。在有管理的浮动汇率制度中，中央银行将通过使用外汇储备购买本国货币来加强本国货币，从而进行干预以稳定本国货币。A不正确。在纯粹的浮动汇率制度中没有干预，但在有管理的浮动汇率制度中，央行将试图稳定其货币。B不正确。为了削弱本国货币，中央银行将用本国货币购买外币。

Q. A Swiss tourist is returning home after visiting Mexico and finds herself with 25,000 Mexican pesos remaining. Her local bank quotes her the following exchange rates:

In converting her Mexican pesos (MXN) to Swiss francs (CHF), the bank will apply the:

bid rate.
offer rate.
rate that is halfway between the bid and offer rates.

A是正确的。因为银行将购买墨西哥比索（MXN），它将应用出价率。B不正确。因为银行将购买墨西哥比索（MXN），它将应用出价率。C不正确。因为银行将购买墨西哥比索（MXN），它将应用出价率。

Q. Country A can produce 1 electric turbine using 10 units of labour and 4 refrigerators using 10 units of labour. Country B can produce 1 electric turbine using 7 units of labour and 4 refrigerators using 12 units of labour. According to the theory of comparative advantage, Country A should produce:

refrigerators and trade with Country B for electric turbines.
electric turbines and trade with Country B for refrigerators.
electric turbines and refrigerators and not trade with Country B.
Solution

A is correct. Country A has both an absolute and a comparative advantage in the production of refrigerators. It only takes 2.5 units of labour (10 units of labour divided by 4 refrigerators) to produce a refrigerator in Country A compared with 3.0 units of labour (12 units of labour divided by 4 refrigerators) in Country B. By contrast, Country B has both an absolute and a comparative advantage in the production of electric turbines. It only takes 7 units of labour to produce an electric turbine in Country B compared with 10 units of labour in Country A. Thus, according to the theory of comparative advantage, both countries will be better off if Country A makes refrigerators, Country B makes electric turbines, and they trade with each other.

Q. A South African investor purchases bonds in the UK market and pays for them with funds in his brokerage account in South Africa. In South Africa’s balance of payments, the purchase of the bond is treated as a:

direct investment.
portfolio investment.
reserve account transaction.

B是正确的。证券的买卖（如股票和债券）是国际收支中金融子账户的组合投资。A不正确。如果土地或生产公司被收购，将产生直接投资，C是不正确的。储备账户交易是各国货币当局之间的交易。

Q. In a pure floating exchange rate system the:

central bank intervenes occasionally to stabilise its currency.
currency exchange rate is purely determined by demand and supply for each currency.
central bank only intervenes in the currency market when a target exchange rate is violated.
Solution

B is correct. In a pure floating exchange rate system, the central bank does not intervene in the currency market but allows the value of the currency to be determined by the interaction of demand and supply. A is incorrect. In a pure floating exchange rate system, the central bank does not intervene in the currency market. C is incorrect. In a pure floating exchange rate system, the central bank does not intervene in the currency market.

Q. A US businessman is about to depart on an unexpected trip to England. In a busy US airport, he finds three currency dealers with the following bid and offer rates for British pounds (£1):

To meet his currency needs in England as cheaply as possible, the traveler should undertake a transaction with:

Dealer 1.
Dealer 2.
Dealer 3.

B is correct. The traveler wants to convert US dollars to British pounds to meet his currency needs in England. As such, he should compare the dealers’ offering rate (the rate at which the dealer is willing to sell pounds for dollars). Dealer 2 provides him with the best rate: It will only cost $1.59 to purchase £1. Both of the other dealers are charging more per pound. A is incorrect. The lowest offering rate is $1.59 from Dealer 2. C is incorrect. The lowest offering rate is $1.59 from Dealer 2.

Q. Over a period of time, the exchange rate between the euro and British pound changed from €1.23/£1 to €1.26/£1. For this period, relative to the pound, the euro is said to have:

devalued.
depreciated.
appreciated.

B是正确的。变动后，欧元的成本相对于英镑有所增加（1.26欧元，而此前为1.23欧元）。英镑对欧元升值，欧元对英镑depreciated。A不正确。devalued是一个国家的中央银行决定降低本国货币相对于另一种货币的价值。C不正确。欧元对英镑贬值了。

Q. The following events have been observed in three separate countries:

Country A The central bank lowered its key interest rate.
Country B The most recent release of inflation data indicates that inflation has continued to decline consistently over the past eight quarters.
Country C Recent attempts by the government to introduce several austerity programs have been received very unfavourably by unions, political groups, and most of the population. Polls indicate that the current government will not be re-elected in the upcoming election and will likely be replaced by a radical political party.
Which country will see an appreciation of its currency?

Country A
Country B
Country C

B是正确的。总的来说，一个通胀率持续较低的国家，随着货币购买力的提高，其货币价值将上升。

Q. Interest on a Canadian government bond is paid to an investor in Spain. In Spain’s balance of payments, the interest is included in the:

current account.
trade surplus account.
capital and financial account.

A是正确的。投资者在西班牙获得的外国利息和股息是流入西班牙经常账户收入子账户的资金。B不正确。当出口大于（小于）进口，即流入大于流出时，尽管存在贸易顺差（赤字），但不存在此类账户。C不正确。收到的外国利息和股息是流入经常账户收入子账户的资金。购买债券本应是资本账户交易。

Q. A temporary worker comes from Mexico each year to help with the harvest on Canadian farms. The worker sends a large portion of his weekly earnings back to his homeland. What treatment is given to the wages paid to this worker in Canada’s balance of payments account?

The entire wage payment is an inflow into Canada’s capital account.
The amount sent to Mexico is an outflow from Canada’s current account.
The amount retained in Canada is an inflow into Canada’s current account.
Solution

B is correct. Money sent home by migrant workers is an outflow from the current account of the country where they work and an inflow to the current account of the country where the money is sent. This amount is included in the current transfers subaccount of the current account. A is incorrect. Only the portion sent abroad enters the BOP accounts, and is a deduction from the current account of the country where the money is earned. C is incorrect. The amount retained does not enter the balance of payments account – only the amount sent abroad is deducted from the current account of the country where the money is earned.

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