國際金融（原書第12版） 教學課件作者 大衛(wèi).艾特曼（David Eiteman）阿瑟.斯通西 chapter 04

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1、Multinational Business Finance, 12e (Eiteman, et al) Chapter 4 The Balance of Payments 4.1 Typical Balance of Payments Transactions Multiple Choice 1) Which of the following is NOT a major subaccount of the Balance of Payments? A) The financial account. B) The accounts payable. C

2、) The capital account. D) The current account. Answer: B Diff: 2 Topic: 4.1 Typical Balance of Payments Transactions Skill: Recognition True/False 1) When the world went to a system of floating exchange rates, the Balance of Payments became a relic of a system of fixed exchange rates a

3、nd is no longer watched by serious economic groups. Answer: FALSE Diff: 2 Topic: 4.1 Typical Balance of Payments Transactions Skill: Conceptual 4.2 Fundamentals of Balance of Payments Accounting Multiple Choice 1) The balance of payments as applied to a course in international fin

4、ance may be defined as: A) the amount still owed by an exporting firm after making an initial down payment. B) the amount still owed by governments to the International Monetary Fund. C) the measurement of all international economic transactions between the residents of a country and foreign resi

5、dents. D) the amount of a country's merchandise trade deficit or surplus. Answer: C Diff: 2 Topic: 4.2 Fundamentals of Balance of Payments Accounting Skill: Conceptual 2) Balance of payment (BOP) data may be important for any of the following reasons: A) BOP data helps to forecast a coun

6、try's market potential, especially in the short run. B) The BOP is an important indicator of a country's foreign exchange rate. C) Changes in a country's BOP may signal a change in controls over payment of dividends and interest. D) all of the above Answer: D Diff: 2 Topic: 4.2 Fundamentals

7、of Balance of Payments Accounting Skill: Conceptual 3) A country experiencing a serious BOP ________ is more likely to ________ exports than otherwise. A) surplus; contract B) surplus; expand C) deficit; expand D) none of the above Answer: A Diff: 1 Topic: 4.2 Fundamentals of Balance of

8、Payments Accounting Skill: Analytical 4) Which of the following would NOT be considered a typical BOP transaction? A) Toyota U.S.A. is a U.S. distributor of automobiles manufactured in Japan by its parent company. B) The U.S. subsidiary of European financial giant, Credit Suisse, pays dividen

9、ds to its parent in Zurich. C) A U.S. tourist purchases gifts at a museum in London. D) All are example of BOP transactions. Answer: D Diff: 2 Topic: 4.2 Fundamentals of Balance of Payments Accounting Skill: Conceptual 5) Which of the following is NOT a part of the Current Account of BOP

10、? A) Net export/import of goods. B) Balance of Trade. C) Net portfolio investment. D) Net export/import of services. Answer: C Diff: 1 Topic: 4.2 Fundamentals of Balance of Payments Accounting Skill: Recognition 6) Which of the following is NOT part of the Financial Account of the BOP?

11、 A) Net foreign direct investment. B) Net import/export of services. C) Net portfolio investment. D) Other Financial items. Answer: B Diff: 1 Topic: 4.2 Fundamentals of Balance of Payments Accounting Skill: Recognition 7) Which of the following is NOT an item to be considered in BOP ca

12、lculations? A) Purchase of a U.S. Treasury Bill by a foreign resident. B) A U.S.-based firm manages the development of an oil field in Kazakhstan. C) A consumer buys a VCR made in Korea from a Florida Wal-Mart store. D) A U.S. citizen living in Minnesota travels to Winnipeg, Canada and buys a ca

13、se of LaBatt's Canadian beer. Answer: C Diff: 2 Topic: 4.2 Fundamentals of Balance of Payments Accounting Skill: Conceptual 8) The balance of payments A) determines the eligibility of countries for IMF aid. B) adds up the value of all assets and liabilities of a country on a specific date.

14、 C) records all international transactions for a country over a period of time. D) all of the above Answer: C Diff: 2 Topic: 4.2 Fundamentals of Balance of Payments Accounting Skill: Recognition True/False 1) The authors identify a tip for understanding BOP accounting. They recommend

15、that you "follow the cash flow." A) True B) False Answer: A Diff: 1 Topic: 4.2 Fundamentals of Balance of Payments Accounting Skill: Recognition 2) The BOP must be in balance but the current account need not be. A) True B) False Answer: A Diff: 1 Topic: 4.2 Fundamentals of Balance

16、 of Payments Accounting Skill: Recognition 3) Expenditures by U.S. tourists in foreign countries for foreign goods or services are factored into BOP calculations. A) True B) False Answer: A Diff: 1 Topic: 4.2 Fundamentals of Balance of Payments Accounting Skill: Recognition Essay

17、 1) What is a country's balance of (merchandise) trade and why is it so widely reported in the financial and popular press? Answer: The balance of trade (BOT) is the largest and most important subset of a country's current account. It measures the difference in a country's imports and exports ove

18、r a specified time period. It is often reported because it is intuitively easy to understand (i.e., we either sell more or buy more from foreign countries) and it is a reasonable representation of the total current account balance. (For example, for the U.S. the BOT was -$343B in 1999 while the curr

19、ent account balance was -$331B. Diff: 3 Topic: 4.2 Fundamentals of Balance of Payments Accounting Skill: Analytical 2) What is the Official Reserves Account (ORA) and why is it more important for countries under a fixed exchange rate regime than for ones under a floating exchange rate regime?

20、 Answer: The ORA is the total reserves held by official monetary authorities within the country. Under a fixed exchange regime a country's currency is convertible into a fixed amount of another country's currency. To keep the relationship between currencies at equilibrium, it may become necessary f

21、or the government to buy or sell official reserves until the equilibrium is restored. Under a variable rate regime this is not necessary as exchange rates are allowed to change and official reserves no longer serve the same purpose as under the fixed rate regime. Diff: 3 Topic: 4.2 Fundamentals o

22、f Balance of Payments Accounting Skill: Analytical 4.3 The Accounts of the Balance of Payments Multiple Choice 1) Which of the following is NOT part of the balance of payments account? A) The current account. B) The financial/capital account. C) The official reserves account. D) All

23、 of the above are BOP accounts. Answer: D Diff: 1 Topic: 4.3 The Accounts of the Balance of Payments Skill: Recognition 2) The ________ includes all international economic transactions with income or payment flows occurring within the year. A) capital account B) current account C) finan

24、cial account D) IMF account Answer: B Diff: 1 Topic: 4.3 The Accounts of the Balance of Payments Skill: Recognition 3) If your company were to import and export textiles, the transactions would be recorded in the current account subcategory of ________. A) services trade B) income trade

25、 C) goods trade D) current transfers Answer: C Diff: 2 Topic: 4.3 The Accounts of the Balance of Payments Skill: Conceptual 4) The travel services provided to international travelers by United Airlines would be recorded in the current account subcategory of ________. A) services trade B)

26、 income trade C) goods trade D) current transfers Answer: A Diff: 2 Topic: 4.3 The Accounts of the Balance of Payments Skill: Conceptual 5) Anaconda Copper Inc. created a subsidiary in Chile last year to mine copper ore. The proportion of net income paid back to the parent company as a d

27、ividend would be recorded in the current account subcategory of ________. A) services trade B) income trade C) goods trade D) current transfers Answer: B Diff: 2 Topic: 4.3 The Accounts of the Balance of Payments Skill: Conceptual 6) The subcategory that typically dominates the current

28、 account is ________. A) goods (merchandise) trade B) services trade C) income trade D) transfer accounts Answer: A Diff: 1 Topic: 4.3 The Accounts of the Balance of Payments Skill: Recognition 7) In 2007 the United States posted a current account deficit of -$731 billion. The bulk of

29、the negative value came from A) a net transfer deficit. B) an income balance deficit. C) a goods trade deficit. D) an income trade deficit. Answer: C Diff: 1 Topic: 4.3 The Accounts of the Balance of Payments Skill: Recognition 8) Over the last two decades the surplus on U.S. services tr

30、ade has typically been ________ the deficit on U.S. goods trade. A) greater than B) equal to C) less than D) The relationship is constantly shifting from greater than to less than. Answer: C Diff: 2 Topic: 4.3 The Accounts of the Balance of Payments Skill: Recognition True/False 1)

31、Because current and financial/capital account balances use double-entry bookkeeping it is unusual to find serious discrepancies in the debits and credits. A) True B) False Answer: B Diff: 1 Topic: 4.3 The Accounts of the Balance of Payments Skill: Recognition 2) In general, as a country'

32、s income increases, so does the demand for imports. A) True B) False Answer: A Diff: 1 Topic: 4.3 The Accounts of the Balance of Payments Skill: Conceptual 4.4 The Capital and Financial Accounts Multiple Choice 1) The ________ of the balance of payments measures all international

33、 economic transactions of financial assets. A) current account B) merchandise trade account C) services account D) capital/financial account Answer: D Diff: 1 Topic: 4.4 The Capital and Financial Accounts Skill: Recognition 2) The financial account consists COMPLETELY of which three comp

34、onents? A) Stock investment, bond investment, and mutual fund investment. B) Direct investment, stock investment, and bond investment. C) Direct investment, portfolio investment, and other asset investment. D) Mutual fund investment, portfolio investment, and stock investment. Answer: C Diff:

35、 2 Topic: 4.4 The Capital and Financial Accounts Skill: Recognition 3) When categorizing investments for the financial account component of the balance of payments the ________ is an investment where the investor has no control whereas the ________ is an investment where the investor has cont

36、rol over the asset. A) direct investment; portfolio investment B) direct investment; indirect investment C) portfolio investment; indirect investment D) portfolio investment; direct investment Answer: D Diff: 2 Topic: 4.4 The Capital and Financial Accounts Skill: Recognition 4) In gene

37、ral there is consensus that ________ should be free but there is no such consensus that ________ should be free. A) international investment; international goods trade B) international investment; international trade C) international trade; international goods trade D) international trade; inter

38、national investment Answer: D Diff: 2 Topic: 4.4 The Capital and Financial Accounts Skill: Conceptual 5) The two major concerns about foreign direct investment are: A) national defense and taxes. B) who controls the assets and who receives the profits. C) who receives the profits and ta

39、xes. D) who pays the taxes and who receives the taxes. Answer: B Diff: 2 Topic: 4.4 The Capital and Financial Accounts Skill: Conceptual 6) Portfolio investment is capital invested in activities that are ________ rather than made for ________. A) short term; the long term B) long term;

40、profit C) profit motivated; control D) control motivated; profit Answer: C Diff: 2 Topic: 4.4 The Capital and Financial Accounts Skill: Recognition 7) Under an international regime of fixed exchange rates, countries with a BOP ________ should consider ________ their currency while countrie

41、s with a BOP ________ should consider ________ their currency. A) deficit, revaluing; surplus, revaluing B) deficit, devaluing; surplus, devaluing C) surplus, devaluing; deficit, revaluing D) surplus, revaluing; deficit, devaluing Answer: D Diff: 2 Topic: 4.4 The Capital and Financial Accou

42、nts Skill: Conceptual True/False 1) International debt security purchases and sales are defined as portfolio investments for financial account purposes because by definition debt securities do not provide the buyer with ownership or control. A) True B) False Answer: A Diff: 1 Topic: 4

43、.4 The Capital and Financial Accounts Skill: Recognition 2) Significant amounts of United States Treasury issues are purchased by foreign investors, therefore the U.S. must earn foreign currency to repay this debt. A) True B) False Answer: B Diff: 1 Topic: 4.4 The Capital and Financial A

44、ccounts Skill: Conceptual 4.5 The Balance of Payments in Total Multiple Choice 1) The largest single component of the United States current account is ________. A) current transfers B) income payments and receipts C) goods (merchandise) imports and exports D) services imports and e

45、xports Answer: C Diff: 1 Topic: 4.5 The Balance of Payments in Total Skill: Recognition 2) Which of the following statements about the balance of payments is NOT true? A) The BOP is the summary statement of all international transactions between one country and all other countries. B) The

46、BOP is a flow statement, summarizing all international transactions that occur across the geographic borders over a period of time, typically a year. C) Although the BOP must always balance in theory, in practice there are substantial imbalances as a result of statistical errors and misreporting of

47、 current account and financial account flows. D) All of the above are true. Answer: D Diff: 2 Topic: 4.5 The Balance of Payments in Total Skill: Recognition True/False 1) An excess of merchandise exports over merchandise imports results in a balance of trade deficit. A) True B) False

48、 Answer: B Diff: 1 Topic: 4.5 The Balance of Payments in Total Skill: Conceptual 2) The BOP should always balance. A) True B) False Answer: A Diff: 1 Topic: 4.5 The Balance of Payments in Total Skill: Recognition 4.6 The Balance of Payments Interaction with Key Macroeconomic Va

49、riables Multiple Choice 1) Use the following terms for this question: C = consumption I = capital investment spending G = government spending X = exports of goods and services M = imports of goods and services BOP = balance of payments GDP = gross domestic product NPV = net present va

50、lue INF = inflation R = real rate of return The static equation for the nations GDP is: A) GDP = C + I + G + (X + M ) x INF B) GDP = C + I + G + X + M C) GDP = C + I + G + X - M D) GDP = C + I + X - M + R Answer: C Diff: 2 Topic: 4.6 The Balance of Payments Interaction with Key Macroecon

51、omic Variables Skill: Analytical 2) Imports have the potential to lower a country's inflation rate because of each of the following EXCEPT: A) the import of lower priced goods limits what domestic competitors can charge for goods. B) the import of lower priced services limits what domestic co

52、mpetitors can charge for services. C) the higher prices of foreign goods spurs domestic competitors to cut prices. D) of all of the above Answer: C Diff: 2 Topic: 4.6 The Balance of Payments Interaction with Key Macroeconomic Variables Skill: Recognition True/False 1) An increase in G

53、DP should lead to a decrease in imports. Answer: FALSE Diff: 1 Topic: 4.6 The Balance of Payments Interaction with Key Macroeconomic Variables Skill: Recognition 2) The effect of an imbalance in the BOP is the same for countries on a fixed exchange rate regime as for those on a floating ex

54、change rate regime. Answer: FALSE Diff: 1 Topic: 4.6 The Balance of Payments Interaction with Key Macroeconomic Variables Skill: Recognition 3) Under a floating exchange rate system, the government bears the responsibility to ensure that the BOP is near zero. Answer: FALSE Diff: 1 Topic:

55、 4.6 The Balance of Payments Interaction with Key Macroeconomic Variables Skill: Recognition 4.7 Trade Balances and Exchange Rates Multiple Choice 1) Of the following, which is NOT a part of J-Curve adjustment path? A) The currency contract period. B) The exchange rate pass-through p

56、eriod. C) The quantity adjustment period. D) Each of the above is part of the J-Curve adjustment path. Answer: D Diff: 1 Topic: 4.7 Trade Balances and Exchange Rates Skill: Recognition 2) Which of the following is NOT likely to occur in the quantity adjustment phase of the J-Curve adjust

57、ment path ? A) Imports become relatively more expensive. B) Exports become relatively less expensive. C) The balance of trade gets worse. D) All of the above are true. Answer: C Diff: 2 Topic: 4.7 Trade Balances and Exchange Rates Skill: Conceptual True/False 1) When a currency is d

58、evalued the immediate impact may be an increase in a country's trade deficit. However, this situation tend to correct itself in 2 to 5 weeks.. Answer: FALSE Diff: 2 Topic: 4.7 Trade Balances and Exchange Rates Skill: Conceptual 4.8 Capital Mobility Multiple Choice 1) The authors ide

59、ntify four distinct periods of capital mobility since 1860. Which do they term as a "period of global economic destruction"? A) 1860 - 1914 B) 1914 - 1945 C) 1945 - 1971 D) 1971 - 2007 Answer: B Diff: 1 Topic: 4.8 Capital Mobility Skill: Recognition 2) ________ is the cross-border purc

60、hase of assets that are then managed in a way that hides the movement of money and its ownership. A) Capital flight B) Capital mobility C) Irrational exuberance D) Money laundering Answer: D Diff: 1 Topic: 4.8 Capital Mobility Skill: Recognition True/False 1) The Bretton Woods era realized a great expansion of international trade in goods and services. Answer: TRUE Diff: 2 Topic: 4.8 Capital Mobility Skill: Recognition