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devaluation of the dollar by:A假设你是一个中国出口商，你期望在60天内取得$250,000，你可以通过怎样的方法使美元贬值从而排除损失风险？

a. Selling dollars in the forward market for 60-day delivery. 购买60天的远期外汇合同通过期货市场卖出美元

b. Buying dollars now and selling it at the end of 60 days.

c. Selling the yuan equivalent in the forward market for 60-day delivery.

d. Keeping the dollars in the United States after they are delivered to you.

6. Assume you are an American importer who must pay 500,000 euros at the end of 90 days when you receive 1,000 cases of French wine at your warehouse in New York. If you do not cover this transaction in the forward market, you face a risk of loss if the euro:B 假设你是一个美国进口商，当收到寄来的1000箱法国红酒时，必须90天内付500,000欧元。如果你不在期货市场对这交易买保险的话，你可以因为欧元对美元的升值而蒙受损失 a. Depreciates against the dollar. b. Appreciates against the dollar.

c. Either appreciates or depreciates against the dollar. d. Is fixed.

7. Assume you are an American importer who must pay 500,000 euros at the end of 90 days when you receive 1,000 cases of French wine at your warehouse in New York. If you do not hedge this transaction, you face exchange rate risk. The best way to remove the risk of loss due to currency fluctuations is to:A假设你是一个美国进口商，当收到寄来的1000箱法国红酒时，必须90天内付500,000欧元。如果你不套头这项交易,你将会面临汇率变化的风险.最好的做法去

排除货币浮动造成的风险是在交货期这６０天内在期货市场买500,000欧元

a. Buy 500,000 euros in the forward market for delivery in 60 days.

b. Buy 500,000 euros now, hold them for 60 days, and then sell them at the current spot rate.

c. Sell 500,000 euros in the forward market for delivery after 60 days.

d. Sell 500,000 euros now in the spot market.

8. An import-export business that finds itself in a “short”

foreign-currency position risks a financial loss if:C 如果国内货币贬值的话,一个进出口商会因为处于一个外汇不足的景况而蒙受损失（本币供过于求，导致本币贬值，此时必须买本币，卖外币来补抵外汇缺口，本币贬值不利于进口商品） a. Exports fall.

b. Domestic currency appreciates.

c. Domestic currency depreciates.国内货币贬值 d. Foreign currency depreciates.

9. In a ____C______ contract you can effectively lock in the price at which you buy or sell a foreign currency at a set date in the future. 在外汇期货合约中,你可以通过有效地锁定一个价格,在未来特定的时间里,买卖外币. a. Securities spot b. Securities futures c. Currency futures

d. Spot foreign exchange

10. An investment exposed to exchange rate risk is a(n) __B________ international investment. 如果一项投资会面临汇率风险,那么这是一项未保险的国际投资 a. Covered

b. Uncovered 未保险的 c. Hedged d. Contracted 11. An investment is __A________ if it is fully hedged against exchange rate risk. 如果一项投资对汇率风险作出了避险措施,那么这项投资是被保险的 a. Covered b. Uncovered c. Speculative d. Contracted 12. Which financial instrument provides a buyer the right (but not the obligation) to purchase or sell a fixed amount of currency at a

prearranged price, within a few days to a couple of years?B外币期权给买家一种权利（不是义务）,这种权利可以在几天甚至几年内,通过预先定好的价格买卖一定数量的外币 a. Letter of credit.

b. Foreign currency option.外币期权 c. Currency swap. d. Forward contract. 13. Concerning the covering of exchange market risks—assuming that a depreciation of the domestic currency is feared, one can say that there is an incentive for:B 关于外汇风险的保险问题, 假设一个国家

的国内货币将出现贬值,那么这是进口商火速为未来需求买保险的诱因.(本币贬值将不利于进口商，有利于出口商) a. Exporters to rush to cover their future needs. b. Importers to rush to cover their future needs.

c. Both exporters and importers to rush to cover their future needs. d. Neither exporters nor importers to rush to cover their future needs. 14. If Canadian speculators believed the euro was going to appreciate against the U.S. dollar, they would: C 如果加拿大投资者深信欧元会对美元升值的话,他们会大量买入欧元 a. Purchase Canadian dollars. b. Purchase U.S. dollars. c. Purchase euros. d. Sell euros. 15. If the spot price of the euro is $1.10 per euro and the 30-day forward rate is $1.00 per euro, and you believe that the spot rate in 30 days will be $1.05 per euro, you can maximize speculative gains by:C 如果欧元的即时汇率是１.１美元每欧元,同时３０天期货汇率是１美元１欧元,你相信即时汇率在３０天赊会变成１.０５美元每欧元,那么你怎样做才能利益最大化？（美元将会升值）

a. Buying euros in the spot market and selling the euros in 30 days at the future spot rate.

b. Signing a forward foreign exchange contract to sell the euros in 30 days.

c. Signing a forward foreign exchange contract to sell the dollars in 30 days.签订一远期外汇合约以便在３０天内卖出美元 d. Buying dollars in the spot market and selling the dollars in 30 days at the future spot rate.

16. If an investor starts with dollars and wants to end up with dollars in the future, which of the following is NOT an investment choice that can be made?A如果一个投资者想以美元投资,最后也以美元收取利益,那么以下哪一项投资不是明智的？

a. Sell dollars at the spot rate, invest the proceeds in foreign

currency-denominated financial instruments, and sign a forward exchange contract to buy the foreign currency. 用即时汇率卖出美元,用得到的收益投资于国外的金融工具,同时签订一份远期汇率合约用来买外币

b. Sell dollars at the spot rate, invest the proceeds in foreign

currency-denominated financial instruments, and sign a forward exchange contract to buy dollars.

c. Sell dollars at the spot rate, invest the proceeds in foreign currency-denominated financial instruments, and then buy dollars at the future spot rate.

d. Buy a dollar-denominated financial asset. 17. For an investor who starts with dollars and wants to end up with dollars in the future, which of the following choices is an example of uncovered international investment?C如果一个投资者想以美元投资,最后也以美元收取利益,,那么以下哪个选项是一种未保险国际投资的例子？

a. Sell dollars at the spot rate, invest the proceeds in foreign

currency-denominated financial instruments, and sign a forward exchange contract to buy the foreign currency.

b. Sell dollars at the spot rate, invest the proceeds in foreign

currency-denominated financial instruments, and sign a forward exchange contract to buy dollars.

c. Sell dollars at the spot rate, invest the proceeds in foreign currency-denominated financial instruments, and then buy dollars at the future spot rate.用即时汇率卖出美元,然后用收益投资于外国金融工具,再用未来即时汇率买回美元