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S￡

2.50

2.00

5 5.5 6

D￡ ￡’s

(millions)

25. Referring to Figure 17.1, a downward movement along the vertical axis would correspond to a(n) ___C_______ of the U.S. dollar. 在17.1这图可知，纵轴线的下降会引起美元的升值 a. Arbitraging. b. Devaluation

c. Appreciation升值 d. Depreciation

26. Referring to Figure 17.1, at $2.50 per pound, there is a(n)

__D________. Under the system of flexible exchange rates, this would cause __________ the ________ curve(s).在图中可得知，如果2.5美元换１英磅,那么会有超过100万英磅的供应. 在弹性汇率制下,这个汇率会引起供求曲线的下降 （6-5=1，本币供过于求，应卖出外币，买进本币）

a. Excess demand of 1 million pounds, leftward shift of, demand b. Excess supply of 1 million pounds, rightward shift of, supply

c. Excess demand of 1 million pounds, downward movement along, demand & supply

d. Excess supply of 1 million pounds, downward movement along, demand & supply

27. Referring to Figure 17.1, if the British government wants to peg the exchange rate of the pound at $2.50 per pound, what action would British monetary authorities have to undertake?C 在图可得知，如果英政府想把英磅美元之间汇率控制在１比２.５的话,那么英国货币当局会采取什么措施？

a. Sell 1 million pounds and buy 2.5 million dollars. b. Buy 1 million pounds and sell 1 million dollars.

c. Buy 1 million pounds and sell 2.5 million dollars. 买一百万的英磅同时卖出二百五十万的美元

d. Buy 5.5 million pounds and sell 11 million dollars.

28. Referring to Figure 17.1, if the British pound is pegged at $2.50 per pound the pound will be:A 在图可得知, 如果把英磅美元之间汇率控制在１比２.５的话,英磅会被估仁值过高 a. Overvalued.高估（估值过高） b. Undervalued. c. Devalued. d. In equilibrium.

29. Referring to Figure 17.1, if the British pound is pegged at $2.50 per pound who will this help?B 从图可得知, 如果如果把英磅美元之间汇率控制在１比２.５的话, 谁会得益？（本币升值有利于进口，不利于出口） a. US importers.

b. British importers. 英国进口商

c. British exporters.

d. British import-competing producers.

30. Referring to Figure 17.1, if the British pound is pegged at $2.50 per pound and the government gives up the peg and allows the pound to float, the pound will experience a(n):D 从图可知, 如果把英磅美元之间汇率控制在１比２.５,随后政府放弃控制,那么英磅会出现贬值 a. Revaluation. b. Devaluation. c. Appreciation. d. Depreciation.贬值

31. Referring to Figure 17.1, if the U.S. Federal Reserve was to

conduct a contractionary monetary policy, the ______ curve would shift right and the pound would __C________. 从图可知,如果美国联邦储备采取紧缩政策,那么需求曲线会上升,同时,英磅贬值 （美元供给减少，必然会导致美元升值，英镑贬值） a. Supply, appreciate b. Demand, depreciate c. Supply, depreciate d. Demand, appreciate

32. Which of the following best characterizes the current U.S.

exchange rate policy?C以下哪项最好地描绘出美国当今的汇率政策？

a. An adjustable pegged rate. b. A crawling pegged rate.

c. A freely floating.自由浮动汇率 d. A fixed exchange rate.

33. Other things equal, if American exports to Japan increase and American imports from Japan decrease, then, under a floating

exchange rate system, we would expect the dollar to:D其它条件一样的情况下，美国出口到日本的商品上升而美国进口日本的商品下降，在浮动汇率制度下，美元将对日元走强 a. Weaken against the Japanese yen. b. Depreciate against the Japanese yen. c. Devalue against the Japanese yen. d. Strengthen against the Japanese yen.

34. Which of the following groups is most likely to benefit from a strengthening of the U.S. dollar against major currencies? C 如果美元对其它主要货币的汇率走强的话,以下哪一群人会得益？

a. U.S. exporters.

b. The U.S. government.

c. U.S. consumers. 美国消费者 d. Foreign consumers.

35. Under a fixed exchange rate system a fall in the market price (the exchange rate value) of a currency is called a(n) ____B______ of that currency. 在固定汇率制下,一外币的汇率下降了,这叫作法定贬值

a. Revaluation b. Devaluation c. Appreciation d. Depreciation

36. Exchange rates are equalized in different locations due to:A汇率在不同地方可以保持等同是因为套利 a. Arbitrage.套利（套汇）

b. Government intervention in foreign exchange markets. c. Free trade in goods and services.

d. The actions of importers and exporters.

37. How could you profit if the exchange rate in London was $2/￡ while in New York the exchange rate was $1.95 per pound?C 如果在伦敦的汇率是１英磅对２美元,而在纽约的汇率是１英磅对１.９５美元. 那么怎样做才能赚钱？

a. Buy dollars in New York and sell them in London. b. Buy pounds in London and sell them in New York.

c. Buy pounds in New York and sell them in London. 在纽约买英磅然后在伦敦卖

d. Buy dollars in London and sell pounds in New York.

38. The 2001-2007 rapid growth in global foreign exchange trading can be explained by:B

０１-０７年间全球外汇交易的急速增长是因为大型机构投资者对中长期外国金融投资的增长

a. Large increases in short-term international currency activities by hedge funds.

b. Increases in long-term foreign financial investments by large institutional investors.

c. Increases in the U.S. long term government bond yields. d. Both (a) and (b)

True/False Questions