国际金融复习题

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1、12.1 The National Income AccountsA1) A countrys gross national product (GNP) is A) the value of all final goods and services produced by its factors of production and sold on the market in a given time period. B) the value of all intermediate goods and services produced by its factors of production

2、and sold on the market in a given time period. C) the value of all final goods produced by its factors of production and sold on the market in a given time period. D) the value of all final goods and services produced by its factors of production and sold on the market. E) the value of all final goo

3、ds and services produced by its factors of production, excluding land, and sold on the market in a given time period. A2) For most macroeconomists, A) national income accounts and national output accounts are equal to each other. B) national income accounts exceed national output accounts. C) nation

4、al output accounts exceed national income accounts. D) it is impossible to tell whether national income accounts equal to national output accounts. E) None of the above. A3) For most macroeconomists, A) gross national income and gross national product are the same. B) gross national income exceeds g

5、ross national product. C) gross national product exceeds gross national product. D) it is hard to tell whether gross national income equal gross national product. E) None of the above. D4) The highest component of GNP is, A) the current account. B) investment. C) government purchases. D) consumption

6、. E) None of the above. D5) An example of how GNP accounts for services provided by foreign-owned capital (and GDP does not) is A) earnings of Spanish factory with British owners counts only in Spains GDP. B) earnings of Spanish factory with British owners counts only in Britains GNP. C) earnings of

7、 Spanish factory counts in Spains GNP but are part of Britains GDP. D) earnings of Spanish factory counts in Spains GDP but are part of Britains GNP. E) None of the above. C6) The sale of A) a used textbook does enter GNP. B) a used textbook does not enter GNP, but the sale of a used house does. C)

8、both a used textbook and a used house do not enter GNP. D) a used house does not enter GNP, but the sale of a used book does. E) None of the above. B7) Which one of the following statements is the most accurate? A) The sale of a used textbook does generate income for factors of production. B) The sa

9、le of a used textbook does not generate income for any factor of production. C) The sale of a used textbook sometimes does and sometimes does not generate income for factors of production. D) It is hard to tell whether a sale of a used textbook does or does not generate income for factors of product

10、ion. E) None of the above. B8) Which one of the following statements is the most accurate? A) GNP plus depreciation is called net national product (NNP). B) GNP less depreciation is called net national product (NNP). C) GNP less depreciation is called net factor product (NFP). D) Answers A and C are

11、 both correct. E) None of the above. E9) National income equals GNP A) less depreciation, less net unilateral transfers, less indirect business taxes. B) less depreciation, plus net unilateral transfers, plus indirect business taxes. C) less depreciation, less net unilateral transfers, plus indirect

12、 business taxes. D) plus depreciation, plus net unilateral transfers, less indirect business taxes. E) less depreciation, plus net unilateral transfers, less indirect business taxes. E10) The United States began to report its gross domestic product (GDP) only since A) 1900. B) 1921. C) 1931. D) 1941

13、. E) 1991. A11)GDP is supposed to measure A) the volume of production within a countrys borders. B) the volume of services generated within a countrys borders. C) the volume of production of a countrys output. D) GNP plus depreciation. E) None of the above. D12) GNP equals GDP A) minus net receipts

14、of factor income from the rest of the world. B) plus receipts of factor income from the rest of the world. C) minus receipts of factor income from the rest of the world. D) plus net receipts of factor income from the rest of the world. E) None of the above. B13) Movements in GDP A) and GNP usually d

15、o not differ greatly. B) and GNP usually do not differ greatly, as a practical matter. C) and GNP usually do differ greatly. D) are usually smaller than those of GNP movements, in practice. E) None of the above. C14) In 2006, the United States had A) a surplus in the current account. B) a balance in

16、 the current account. C) a deficit in the current account. D) From 2006 data, it is too difficult to determine whether a surplus or a deficit existed in the current account. E) None of the above. E15) Net unilateral transfers A) are part of a national income. B) are part of a countrys product. C) mu

17、st be added to NNP in calculations of national income. D) are part of a countrys GNP. E) Only A and C.C16)GDP is different than GNP in that A) it accounts for net unilateral transfers. B) it does not account for indirect business taxes. C) it does not account for a countrys production using services

18、 with foreign-owned capital. D) it accounts for depreciation. E) None of the above12.2National Income Accounting for an Open Economy B1)Movements in GDP A) differ greatly from movements in GNP. B) do not differ greatly from movements in GNP. C) are not allowed to differ at all from movements in GNP

19、by definition. D) need to be inflation adjusted in order to match movements in GNP. E) None of the above. B2)Purchases of inventories by A) firms are not counted in investment spending. B) firms are also counted in investment spending. C) households are also counted in investment spending. D) househ

20、olds and Firms are also counted in investment spending. E) None of the above. C3) In open economies, A) saving and investment are necessarily equal. B) as in a closed economy, saving and investment are not necessarily equal. C) saving and investment are not necessarily equal as they are in a closed

21、economy. D) saving and investment are necessarily equal contrary to the case of a closed economy. E) None of the above. A4) Investment is usually A) more variable than consumption. B) less variable than consumption. C) as variable as consumption. D) It is hard to tell from the data whether investmen

22、t is more or less variable than consumption. E) None of the above. D5) Government purchases are defined as A) only goods purchased by federal, state, or local governments. B) all goods and services purchased by the federal government. C) all goods and services purchased by the federal or state gover

23、nment. D) all goods and services purchased by the federal, state, or local government. E) None of the above. B6) Government transfer payments like social security and unemployment benefits are A) included in government purchases. B) not included in government purchases. C) not included in government

24、 purchases, but they are included in the consumption component of GNP. D) not included in government purchases, but they are part of the investment component of GNP. E) None of the above. B7) In 1929, government purchases accounted for A) only 18.5 percent of U.S. GNP. B) only 8.5 percent of U.S. GN

25、P. C) 28.5 percent of U.S. GNP. D) 38.5 percent of U.S. GNP. E) 48.5 percent of U.S. GNP. A8) Which one of the following expressions is the most accurate? A) CA = EX - IM B) CA = IM - EX C) CA = EX = IM D) CA = EX + IM E) None of the above. A9) A countrys current account A) balance equals the change

26、 in its net foreign wealth. B) balance equals the change in its foreign wealth. C) surplus equals the change in its foreign wealth. D) deficit equals the change in its foreign wealth. E) None of the above. A10) The CA is equal to A) Y - (C - I + G). B) Y + (C + I + G). C) Y - (C + I + G). D) Y - (C

27、+ I - G). E) None of the above. E11) Which of the following is true? A) A country with a current account surplus is earning more from its exports than it spends on imports. B) A country could finance a current account deficit by using previously accumulated foreign wealth to pay for its imports. C)

28、A country with a current account deficit must be increasing its net foreign debts by the amount of the deficit. D) We can describe the current account surplus as the difference between income and absorption. E) All of the above are true. C12) Over the 1980s, A) there is no question that a large incr

29、ease in U.S. foreign assets did occur. B) there is a question whether a large decrease in U.S. foreign assets did occur. C) there is no question that a large decrease in U.S. foreign assets did occur. D) there is no question that there was almost no change in U.S. foreign assets. E) None of the abov

30、e. B13)In a closed economy, national saving A) sometimes equals investment. B) always equals investment. C) is always less than investment. D) is always more than investment. E) None of the above. B14) For open economies, A) S = I. B) S = I + CA. C) S = I - CA. D) S I + CA. E) S I + CA. D15) An open

31、 economy A) can save only by building up its capital stock. B) can save only by acquiring foreign wealth. C) cannot save either by building up its capital stock or by acquiring foreign wealth. D) can save either by building up its capital stock or by acquiring foreign wealth. E) None of the above. B

32、16) A closed economy A) can save either by building up its capital stock or by acquiring foreign wealth. B) can save only by building up its capital stock. C) can save only by acquiring foreign wealth. D) cannot save either by building up its capital stock or by acquiring foreign wealth. E) None of

33、the above. E17) Disposable income is National income A) less taxes collected from households and firms by the government. B) plus net taxes collected from households and firms by the government. C) less net taxes collected from households and firms by the government. D) less net taxes collected from

34、 households by the government. E) less net taxes collected from households and firms by the government. A18) Government savings, Sg, is equal to A) T - G. B) T + G. C) T = G. D) T + G - I. E) None of the above. E19) Which of the following is false about private savings and government savings? A) SP

35、= Y - T - C B) Unlike private saving decisions, government saving decisions are often made with an eye toward their effect on output and employment. C) Total savings (S) = SP + Sg. D) The national income identity can help us to analyze the channels through which government saving decisions influence

36、 macroeconomic conditions. E) None of the above; all statements are true. B20) In a closed economy, private saving, Sp, is equal to A) I - (G - T). B) I + (G - T). C) I + (G + T). D) I - (G + T). E) I + (G - T) + C. C21) In an open economy, private saving, Sp, is equal to A) I - CA + (G - T). B) I +

37、 CA - (G - T). C) I + CA + (G - T). D) I - CA - (G - T). E) I + CA + (G + T). C22) Ricardian equivalence argues that when the government cuts taxes and raises its deficit, A) consumers anticipate that they will face lower taxes later to pay for the resulting government debt. B) consumers anticipate

38、that they will higher services from the government. C) consumers anticipate that they will face higher taxes later to pay for the resulting government debt. D) consumers anticipate it will affect their future taxes, in general in the direction of lowering future taxes. E) None of the above. E23)Rica

39、rdian equivalence argues that when the government A) increases taxes and raises its deficit, consumers anticipate that they will face higher taxes later to pay for the resulting government debt, thus people will raise their own private saving to offset the fall in government saving. B) cuts taxes an

40、d decreases its deficit, consumers anticipate that they will face higher taxes later to pay for the resulting government debt, thus people will raise their own private saving to offset the fall in government saving. C) cuts taxes and raises its surplus, consumers anticipate that they will face highe

41、r taxes later to pay for the resulting government debt, thus people will raise their own private saving to offset the fall in government saving. D) cuts taxes and raises its deficit, consumers anticipate that they will face lower taxes later to pay for the resulting government debt, thus people will

42、 raise their own private saving to offset the fall in government saving. E) cuts taxes and raises its deficit, consumers anticipate that they will face higher taxes later to pay for the resulting government debt, thus people will raise their own private saving to offset the fall in government saving

43、. E24) In the United States over the past fifty years, the fraction of GNP devoted to consumption has fluctuated in a range of about A) 42 to 49 percent. B) 32 to 39 percent. C) 22 to 29 percent. D) 82 to 89 percent. E) 62 to 70 percent. B25) In the United States, (gross) investment has fluctuated b

44、etween _ of GNP in recent years. A) 2 and 12 percent B) 12 and 22 percent C) 22 and 32 percent D) 32 and 42 percent E) 42 and 52 percent A26) Government purchases currently take up about A) 19 percent of U.S. GNP, and this share has not changed much since the late 1950s. B) 38 percent of U.S. GNP, a

45、nd this share has not changed much since the late 1950s. C) 18 percent of U.S. GNP, and this share has been increasing since the late 1950s. D) 18 percent of U.S. GNP, and this share has been decreasing since the late 1950s. E) None of the above. B27)The position of the United States current account

46、 balance in 2007 was A) lent over 6 percent of its GNP, resulting in a large current account surplus. B) borrowed over 6 percent of its GNP, leading to a large current account deficit. C) achieved a currant account balance of zero. D) borrowed over 10 percent of its GNP, leading to a large current a

47、ccount deficit. E) None of the above. Answer: BE28) Which one of the following statements is false? A) The United States had accumulated substantial foreign wealth by the early 1980s. B) The 1980s witnessed a sustained current account deficit of proportions unprecedented in the twentieth century ope

48、ned up. C) In 1987, the country became a net debtor to foreigners for the first time since World War I. D) U.S. foreign debt has continued to grow and now stands at 25 percent of GNP. E) The U.S. foreign debt was paid off in the 1990s, allowing the U.S. to attain a current account surplus. However,

49、the deficit has returned in recent years. 12.3 The Balance of Payments AccountsB1) Every international transaction automatically enters the balance of payments A) once either as a credit or as a debit. B) twice, once as a credit and once as a debit. C) once as a credit. D) twice, both times as debit

50、. E) None of the above. A2) The official settlements balance or balance of payments is the sum of A) the current account balance, the capital account balance, the non reserve portion of the financial account balance, the statistical discrepancy. B) the current account balance and the capital account

51、 balance. C) the current account balance, the capital account balance, the non reserve portion of the financial account balance. D) the current account balance and the non reserve portion of the financial account balance. E) None of the above. E 3)An American buys a Japanese car, paying by writing a

52、 check on an account with a bank in New York. How would this be accounted for in the balance of payments? A) current account, a Japanese good import B) current account, a U.S. good import C) financial account, a U.S. asset import D) financial account, a U.S. asset export E) Only B and D. D4) The United States issues a $10,000 debt forgiveness to Argentina. How is this accounted for in the balance of payments? A) financial account, U.S. asset import B) current account, Argentina transfer payment C) current account, U.S. service export D) financial account, U.S. asset export E) current acc