国际经济学理论与政策--双语各章练习

Quiz for Chapter 12

Ⅰ. Fill the following blanks with the proper word or expression

1. Y-( )=CA

2、National income equals GNP less ( ),plus ( ),less ( ).

3. GNP equals GDP ( ) net receipts of factor income from the rest of the world.

4. The national income identity for an open economy is ( ).

5. When a country 's exports exceed its imports, we say the country has a current account ( ).

6. The current account includes ( )

7. Any transaction resulting in a payment to foreigners is entered in the balance of payment account as a ( ).

8. In a closed economy, national saving always equals ( ).

9.When official reserves increase, this will be recorded in the ( ), with ( )sign.

10. When debit is bigger than net decrease of the reserve, the difference will go to the ( ).

Ⅱ. True or false

1. The balance of payments accounts always balance in practice as they must in theory.( )

2. Net unilateral transfers are considered part of the current accounts but not a part of national income .( )

3. The GNP a country generates over some time period must equal its national income ,the income earned in that period by its factors of production. ( )

4. When you buy a share of Microsoft stock , you are buying neither a good or a service , so your purchase dose not show up in GNP. ( )

5. If the government deficit rises and private saving and investment do not change much ,the current account surplus must fall by roughly the same account as the increase in the fiscal deficit. ( )

6. We include income on foreign investment in the current account because that income really is compensation for the services provided by foreign investments.( )

7. Remember that foreign borrowing may not always be a bad idea :a country that borrows abroad to undertake profitable domestic investment can pay its creditors and still have money left over.( )

8. Government agencies including central banks can freely hold foreign reserves and intervene officially in exchange market.( )

9. When the United States lends abroad, a payment is made to foreigners and the capital account is credited.

10. One reason intervention is important is that central banks use it as a way of altering the amount of money in circulation.

Ⅲ. Answer the following questions:

1.Why account keepers adds the account a statistical discrepancy to the balance of payment?

2.The nation of Pecunia had a current account deficit of ＄1 billion and a nonreserve financial account surplus

of ＄550 million in 2005.

(1)What was the balance of payments of Pecunia in that year? What happened to the country’s net foreign

assets?

(2)Assume that foreign central banks neither buy nor sell Pecunian assets. How did the Pecunian central banks

had purchased ＄600 million of Pecunian assets in 2005? How would this official intervention show up in the balance of payments accounts?

(3)How would your answer to (2) change if you learned that foreign central banks had purchased enter foreign

balance of payments accounts?

Ⅳ. Fill the following blanks:

China's balance of payment in 2000