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1、 Questions and problems for Chapter 2: 1. What is the foreign exchange market?2.What does it mean when a currency has appreciated or depreciated?3.How is the general value of a currency measured?4.What is foreign exchange arbitrage? 5.What determines the value of a currency?6.What is purchasing powe
2、r parity, and is it useful as a guide to movements in exchange rates? Multiple Choice Questions1. A market that involves the immediate sale or purchase of an asset is known as a(n)A.currency market.B.bond market. 基金C.spot Market.D.free market.Answer: C2. The minimum value of a spot currency transact
3、ion is generallyA. $100,000.B. $500,000.C. $1 million.D. $5 million.Answer: C3.If the currency-per-U.S. dollar exchange rate of the New Zealand dollar is 1.5, what is one New Zealand dollar worth in terms of U.S. dollars?A. $0.50 B. $0.67 C. $1.00 D. $1.50 Answer: B4.Suppose exchange rate of the Arg
4、entinean peso relative to the U.S. dollar is 3 (Peso/$). If the peso were to undergo（下调） a 50 percent depreciation, the new exchange value would be:A. 1.5. B. 4.5. C. 3.5.D. 0.5.Answer: B5.For which of the following sets of exchange rates has the cross rate been correctly calculated?A. 1 = 2 Swiss f
5、rancs; $1.50 = 1; $1 = 0.75 Swiss francsB. 200 = $1.00; 1 ringgit = $0.15; 20 ringgit = 1C. 1 = 1.5 euro; 3 Swiss francs = 2 euros; 2.25 Swiss francs = 1D. 100 = $1.00; 1 ringgit = $0.15; 20 ringgit = 1Answer: C6.A Korean trader（交易商） wishes to make a purchase of Czech crystal worth 3 million Czech k
6、orunas. Unfortunately, there is no published value of the Korean won to Czech koruna exchange rate. In order to calculate the current price of the crystal in won, the trader will need to calculateA. the real exchange rate.B. a cross rate.C. the purchasing power parity rate.购买力平价汇率D. South Koreas eff
7、ective exchange rate. Answer: B7.Suppose the exchange rate between the U.S. dollar and the Canadian dollar is 1.37 (C$/$), while the exchange rate for the British pound is 0.66 (/$). What is the cross rate of Canadian dollars to the British pound (C$/)?A. 2.08 B. 1.37 C. 0.66 D. 0.48 Answer: A8.An A
8、merican tourist is planning to visit Mexico. The exchange rate at which the tourist can buy pesos in a retail bank is the:A. bid price.（买价）B. ask price.C. forward rate. D. cross rate.Answer: B9.Suppose the bid price of British pounds is $1.49 U.S., and the ask price is $1.51 U.S. What is the bid ask
9、 margin（毛利 差价）?A. 0.02%B. 0.99%C. 1.01%D. 1.32%Answer: D10.The spot exchange rates published in financial newspapers are: A. nominal exchange rates.B. real exchange rates.C. effective exchange rates.D. forward exchange rates. Answer: A11.Which of the following exchange rates is adjusted for price ch
10、anges?A. Nominal exchange rate.B. Real exchange rate.C. Effective exchange rate. D. Forward exchange rate.Answer: B12.The table below reports the movements of prices and exchange rates for the U.S. and Indonesia over a years time. July 1, 2003 July 1, 2004 _ Indonesian rupiah/$U.S. 2,435 14,500 Indo
11、nesian price level (CPI) 100 152 U.S. price level (CPI) 100 102During this time, the Indonesian印度尼西亚 rupiah卢比 experienced a nominal A. depreciation and a real appreciation.B. depreciation and a real depreciation.C. appreciation and a real appreciation.D. appreciation and a real depreciation. Answer:
12、 B13.Based on the values in the table below, the percentage change in the value of the rupiah was _ and the rate of inflation （通货膨胀）in Indonesia was _. July 1, 2003 July 1, 2004 _ Indonesian rupiah/U.S. 2,435 14,500 Indonesian price level (CPI) 100 152 U.S. price level (CPI) 100 102 A. 16.8% depreciation, 2% B. 495.5% depreciation, 52% C. 16.8% appre
