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1、International Economics, 8e (Krugman) II Chapter 12 National Income Accounting and the Balance of Payments1) 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 al
2、l intermediate goods and services produced by its factors of production 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 fac
3、tors of production and sold on the market. E) the value of all final goods and services produced by its factors of production, excluding land, and sold on the market in a given time period. Answer: A2）The CA is equal to A) Y - (C - I + G). B) Y + (C + I + G). C) Y - (C + I + G). D) Y - (C + I - G).
4、E) None of the above. Answer: A3）For open economies, A) S = I. B) S = I + CA. C) S = I - CA. D) S I + CA. E) S I + CA. Answer: B4）A U.S. citizen buys a newly issued share of stock in England, paying for his order with a check, which the British company deposits in its own U.S. bank account in New Yo
5、rk. How is this transaction accounted for in the balance of payments? A) financial account, U.S. asset export B) current account, U.S. service import C) current account, British good export D) financial account, British asset import E) financial account, U.S. asset import Answer: A5) The earnings of
6、 a Spanish factory with British owners are A) counted in Spains GDP. B) are part of Britains GNP. C) are counted in Britains GDP. D) are part of Spains GNP. E) Only A and B. Answer: E 6）The Balance of payments is always balanced. Discuss. Answer: True. Every international transaction automatically e
7、nters the balance of payments twice, once as a credit and once as a debit.Current account + financial account + capital account = 0 7) The balance of payments accounts seldom balance in practice. Discuss. Answer: True. The main reasons are due to the fact that data collected or received from differe
8、nt sources may differ in coverage, accuracy, and timing. In addition, data on services are not reliable as well as data from the financial account. Moreover, accurate measurements of international interest and dividend receipts are particularly difficult. 8）Fill in the following table: Answer: Chapt
9、er 13 Exchange Rates and the Foreign Exchange Market: An Asset Approach1）How many British pounds would it cost to buy a pair of American designer jeans costing $45 if the exchange rate is 1.80 dollars per British pound? A) 10 British pounds B) 25 British pounds C) 20 British pounds D) 30 British pou
10、nds E) 40 British pounds Answer: B2) An appreciation of a countrys currency, A) decreases the relative price of its exports and lowers the relative price of its imports. B) raises the relative price of its exports and raises the relative price of its imports. C) lowers the relative price of its expo
11、rts and raises the relative price of its imports. D) raises the relative price of its exports and lowers the relative price of its imports. E) None of the above. Answer: D 3) Which major actor is at the center of the foreign exchange market? A) corporations B) central banks C) commercial banks D) no
12、n-bank financial institutions E) None of the above. Answer: C 4) What is the expected dollar rate of return on euro deposits with todays exchange rate at $1.10 per euro, next years expected exchange rate at $1.166 per euro, the dollar interest rate at 10%, and the euro interest rate at 5%? A) 10% B)
13、 11% C) -1% D) 0% E) None of the above. Answer: B 5) What is the expected dollar rate of return on dollar deposits with todays exchange rate at $1.10 per euro, next years expected exchange rate at $1.165 per euro, the dollar interest rate at 10%, and the euro interest rate at 5%? A) 10% B) 11% C) -1
14、% D) 0% E) None of the above. Answer: A 6）If the dollar interest rate is 10 percent, the euro interest rate is 6 percent, and the expected return on dollar depreciation against the euro is 4 percent, then A) an investor should invest only in dollars. B) an investor should invest only in euros. C) an
15、 investor should be indifferent between dollars and euros. D) It is impossible to tell given the information. E) All of the above. Answer: C 7）Discuss the effects of a rise in the interest rate paid by euro deposits on the exchange rate. Answer: There are two effects to consider. If we make the unrealistic assumption that the expected exchange rate will not change, then a rise in the interest rate paid by Euro deposits causes the dollar to depreciate. However, if
