ch03汇率制度test

ⅠQuestions and problems for Chapter 3:
1. What is an exchange-rate system?
2. How does a gold standard constitute an exchange-rate system?46
3. What was the Bretton Woods system of "pegged" exchange rates?49
4. What post-Bretton Woods system of "flexible" exchange rates prevails today?54
5. What are crawling-peg and basket-peg exchange-rate arrangements?56
6. What is a currency board, and what is dollarization?57
7. Which is best: a fixed- or flexible-exchange-rate arrangement?59
ⅡMultiple Choice Questions
1. The principle function （主要职能）of the International Monetary Fund was originally to
A. lend to member nations（成员国）experiencing a shortage of foreign exchange reserves（储备）.
B. finance postwar （战后）reconstruction（重建）, particularly in Europe and Japan.
C. reduce trade barriers and settle disputes among countries
relating to currency negotiations.
D. act as a supranational regulatory agency for domestic central banks.
Answer: A
2. The U.S. dollar today is an example of a
A. commodity money.
B. fiat money.不兑换纸币，名义纸币
C. commodity-backed money.
D. currency basket.
Answer: B
3. The gold standard was in place for most major economics of the
world during the period
A. from the beginning of the Great Depression until World War II.
B. from 1973 until the present.
C. from the mid-1870s until World War I.
D. since the end of World War II.
Answer: C
4. Under the gold standard, if the mint parity（铸币局）condition for
the French franc was set at Ffr107.1 per ounce of gold, and the German mark was set at DM88.7 per ounce of gold, then it is
possible to compute（计算）the exchange rate between the
German mark and the French franc (DM/f) as approximately（大约）
A. 0.83.
B. 1.21.
C. 9490.9
D. It is not possible to compute the exchange rate between the
mark and the franc with these values, because these values are
relative to the price of gold.
Answer: A
5. Under the Bretton Woods system, most of the major currencies of
the system, other than the U.S. dollar,
A. pegged their values against the value of an ounce of gold.
B. pegged their values against the value of the dollar.
C. allowed their currencies to float.
D. pegged their values against the value of the Euro.
Answer: B
6. Which of the following is not an institution that arose under the
Bretton Woods Agreement?
A. The International Monetary Fund.
B. The International Bank for Reconstruction and Development. 世界银行
C. The League of Nations.
D. The General Agreement on Tariffs and Trad e.关贸总协定
Answer: C
7. In the Plaza Agreement（广场）of September, 1985, the "Group of
Five" or "G5" countries announced that they believed that
A. the "G5" needed to be expanded to include an additional five
major industrialized countries to make up what is now referred to as the "G10".
B. the Bretton Woods system would no longer be sustainable.
C. it was necessary to "float" the dollar relative to gold.
D. the exchange value of the dollar was too strong and that they
would coordinate their central bank interventions in order to
drive down the value of the dollar.
Answer: D
8. Which of the following is not a member of the "Group of Ten"
industrialized countries?（G10：西德法国日本英国美国意大利加拿大比利时荷兰瑞典）
A. Japan
B. Belgium
C. Switzerland瑞士
D. Sweden
Answer: C
9. An example of a country that maintained a crawling-peg
exchange-rate system（爬行钉住汇率）during the early 2000s is
A. the United States.
B. Canada.
C. France.
D. Nicaragua.尼加拉瓜
Answer: D
10. A currency board is an
A. exchange market in which the major currencies of the world
are exchanged on the open market among private banks at
prevailing rates（现行汇率）.
B. independent monetary agency that substitutes for a central
bank by pegging the growth of the domestic money stock to the foreign-exchange holdings of the board.
C. independent monetary agency which is responsible for setting
bank reserve requirements for the domestic currency.
D. exchange market in which the notes and bills issued by the
domestic government are traded on the open market among
private banks.
Answer: B
11. W hich of the following arrangements places the greatest
restriction on policymakers and requires the greatest sacrifice of policy autonomy（自治权）?
A. a free float.
B. a currency-basket peg.
C. dollarization.
D. a currency board.
Answer: C
12. I f the Chinese renminbi, whose unit of currency is the yuan, is
revalued （估价）relative to the U.S. dollar, then
A. for each yuan, one can expect to buy fewer dollars.
B. for each yuan, one can expect to buy more dollars.
C. the exchange rate between the renminbi and the dollar will remain constant.
D. it is impossible to tell what will happen to the exchange rate or
the number of dollars that one can buy with each yuan, since
this depends on the supply and the demand for the yuan
relative to the dollar.
Answer: D
13. Currency basket pegs usually involve pegging the domestic currency to
A. each of the major currencies of the world.
B. the relative price of a chosen basket of consumer goods.
C. a weighted average（加权平均）of only a small selected number of different currencies.
D. within an upper and lower limit of a band relative to either the
U.S. dollar or the Japanese yen.
Answer: C
14. A "dirty float" exchange rate system (合理行动汇率制)refers to
A. an exchange rate system wherein policymakers allows the value
of the domestic currency to be determine only by the forces of
supply and demand.
B. an exchange rate system whereby each of the members of the
system peg their currency against one of the major currencies,
such as the U.S. dollar, which is in turn pegged against a
commodity, such as gold.
C. an exchange rate arrangement in which the domestic currency
is primarily managed by the central bank of a foreign country, which is typically the major trading partner.
D. an exchange rate arrangement in which a nation allows the
international value of its currency to be primarily determined
by market forces, but intervenes（介入）occasionally to
stabilize （稳定）its currency.
Answer: D
15. The G7/G8 economic summits were started by:
A. Russian President Bois Yeltsin
B. U.S. President Gerald Ford
C. U.S President William Clinton.
D. French President Valery Giscard d’Estaing.
Answer: D
16. The Smithsonian agreement（史密森协议）refers to
A. the understanding that most of the major industrialized countries
came to at the end of the depression era regarding the
non-sustainability of the gold standard as it was currently
practiced.
B. an agreement that was made to establish new par values for the
G10 countries that had participated in the Bretton Woods system.
C. the agreement that President Nixon came to vis a vis the other
G10 members to suspend temporarily the convertibility of the
dollar into gold or other reserve assets.
D. the initial agreement that set forth future economic cooperation
under the North American Free Trade Association.
Answer: B
17. W hich of the following did not contribute to the eventual
collapse of the Bretton Woods system?
A. Increased federal（联邦制）spending for social programs
termed the "Great Society" under the Johnson administration.
B. Heightened U.S. involvement in Vietnam.
C. The conditions set forth in the Louvre Accord.（卢浮宫协议）
D. U.S. balance of payments deficits with Germany and Japan.
Answer: C
18. A Monetary Order（货币秩序）is
A. a set of rules that determine the international value of a currency.
B. a set of laws and regulations that establishes the framework（框
架）within which i ndividuals conduct and settle transactions.
C. an exchange rate arrangement in which a country pegs the
international value of the domestic currency relative to the
currency of another nation.
D. a specialized form of a currency board.
Answer: B
19. W hich of the following is an example of a commodity money that
has been used extensively（被广泛使用）?
A. Credit cards.
B. Demand deposits and certificates of deposit.
C. Gold.
D. The Euro.
Answer: C
20. A key challenge to the exchange rate system of the leading
industrialized countries in the 1970s came as a consequence of
A. a rapid increase in the price of petroleum石油.
B. the formation of the Bundesbank.
C. the heightening of Cold War tensions.
D. the establishment of many currency baskets worldwide.
Answer: A
21. T he IMF constitution（章程）was amended（修订）to allow
member nations to determine their own exchange rate
arrangements under the
A. Smoot-Hawley Act.
B. Jamaica Accord.（牙买加协议）
C. Smithsonian Agreement.
D. Treaty of Rome.
Answer: B
22. An advantage of the gold standard system was that
A. it promoted conditions that helped to avoid periodic（周期的）
financial and banking instability（不稳定的）.
B. it did not require countries to have central banks.
C. it ensured short-run stability of the monetary stock.
D. minting and transportation costs were relatively low as
compared to other exchange rate systems.
Answer: B
23. T he gold window for the U.S. dollar was closed by
A. President Ronald Reagan.
B. President James Carter.
C. Federal Reserve Chairman Paul Volker.
D. President Richard Nixon.理查尼克松
Answer: D
24. An advantage of a flexible exchange rate system is that it
A. can help a country overcome external shocks such as an
unusual inflow of capital from abroad.
B. can reduce the volatility of nominal exchange rate over time.
C. eliminates the need for the central bank to target interest rates.
D. ensures a greater volume of trade in goods and services among member countries.
Answer: A
25. W hich of the following is a principal function of the International Monetary Fund?
A. To act as a forum for international monetary cooperation.
B. To provide central banks with a range of financial services for
managing their external reserves.
C. To act as a lender of last resort for countries facing temporary
external balance of payments problems.
D. To act as an agent or trustee which facilitates the implementation
of various international financial agreements.
Answer: C。