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QuizforChapter12Ⅰ.Fillthefollowingblankswiththeproperwordorexpression1.Y-()=CA2、NationalincomeequalsGNPless(),plus(),less().3.GNPequalsGDP()netreceiptsoffactorincomefromtherestoftheworld.4.Thenationalincomeidentityforanopeneconomyis().5.Whenacountry'sexportsexceeditsimports,wesaythecountryhasacurrentaccount().6.Thecurrentaccountincludes()7.Anytransactionresultinginapaymenttoforeignersisenteredinthebalanceofpaymentaccountasa().8.Inaclosedeconomy,nationalsavingalwaysequals().9.Whenofficialreservesincrease,thiswillberecordedinthe(),with()sign.10.Whendebitisbiggerthannetdecreaseofthereserve,thedifferencewillgotothe().Ⅱ.Trueorfalse1.Thebalanceofpaymentsaccountsalwaysbalanceinpracticeastheymustintheory.()2.Netunilateraltransfersareconsideredpartofthecurrentaccountsbutnotapartofnationalincome.()3.TheGNPacountrygeneratesoversometimeperiodmustequalitsnationalincome,theincomeearnedinthatperiodbyitsfactorsofproduction.()4.WhenyoubuyashareofMicrosoftstock,youarebuyingneitheragoodoraservice,soyourpurchasedosenotshowupinGNP.()5.Ifthegovernmentdeficitrisesandprivatesavingandinvestmentdonotchangemuch,thecurrentaccountsurplusmustfallbyroughlythesameaccountastheincreaseinthefiscaldeficit.()6.Weincludeincomeonforeigninvestmentinthecurrentaccountbecausethatincomereallyiscompensationfortheservicesprovidedbyforeigninvestments.()7.Rememberthatforeignborrowingmaynotalwaysbeabadidea:acountrythatborrowsabroadtoundertakeprofitabledomesticinvestmentcanpayitscreditorsandstillhavemoneyleftover.()8.Governmentagenciesincludingcentralbankscanfreelyholdforeignreservesandinterveneofficiallyinexchangemarket.()9.WhentheUnitedStateslendsabroad,apaymentismadetoforeignersandthecapitalaccountiscredited.10.Onereasoninterventionisimportantisthatcentralbanksuseitasawayofalteringtheamountofmoneyincirculation.Ⅲ.Answerthefollowingquestions:1.Whyaccountkeepersaddstheaccountastatisticaldiscrepancytothebalanceofpayment?2.ThenationofPecuniahadacurrentaccountdeficitof＄1billionandanonreservefinancialaccountsurplusof＄550millionin2005.(1)WhatwasthebalanceofpaymentsofPecuniainthatyear?Whathappenedtothecountry’snetforeignassets?(2)AssumethatforeigncentralbanksneitherbuynorsellPecunianassets.HowdidthePecuniancentralbankshadpurchased＄600millionofPecunianassetsin2005?Howwouldthisofficialinterventionshowupinthebalanceofpaymentsaccounts?(3)Howwouldyouranswerto(2)changeifyoulearnedthatforeigncentralbankshadpurchasedenterforeignbalanceofpaymentsaccounts?Ⅳ.Fillthefollowingblanks:China'sbalanceofpaymentin2000UnitUSdollar(million)BalanceCurrentAccountGoods34473Services-5600Income-14665UnilateralTransfer6311CapitalAccountDirectinvestment37482Portfolioinvestment-3990Othercapital-31534StatisticalDiscrepancyOfficialReserve-11929QuizforChapter13Ⅰ.Fillthefollowingblankswiththeproperwordorexpression1.Changesinexchangeratesaredescribedasor.2.Foreignexchangedealssometimesspecifyavaluedatefartherawaythantwo-days-30days,90days,180days,orevenseveralyears.Theexchangeratesquotedinsuchtransactionsarecalled3.isthemostliquidofassets4.Theeasewithwhichtheassetcanbesoldorexchangeforgoods,wecallthecharacteris5.Aforeignisaspotsaleofacurrencycombinedwithaforwardrepurchaseofthecurrency.6.Theforeignexchangemarketisinwhendepositsofallcurrenciesofferthesameexpectedrateofreturn.7.Thepriceofonecurrencyintermsofanotheriscalledan8.Allelseequal,aintheexpectedfutureexchangeratecausesariseinthecurrentexchangerate.9.isthepercentageincreaseinvalue,itoffersoversometimeperiod.10.Allelseequal,anintheinterestpaidondepositsofacurrencycausesthatcurrencytoappreciateagainstforeigncurrencies.Ⅱ.Trueorfalse1.Arateofappreciationofthedollaragainsttheeuroistherateofdepreciationoftheeuroagainstdollar.()2.Theexchangeratequotedasthepriceofforeigncurrencyintermsofdomesticcurrencyiscalleddirectquotation.()3.allelseequal,anappreciationofacountry'scurrencymakesitsgoodscheaperforforeigners.()4.Theforeignexchangemarketisinequilibriumwhendepositsofallcurrenciesofferthesameexpectedrateofreturn.()5.Allelseequal.,Whenacountry'scurrencydepreciated,domesticresidentsfindthatimportsfromabroadaremoreexpensive.()6.Centralbankisatthecenteroftheforeignexchangemarket.()7.Adepreciationofthedollaragainsteurotodaymakeseurodepositlessattractiveontheconditionthatexpectedfuturedollar/eurorateandinterestratesdonotchange.()8.allelseequal,adecreaseoftheinterestpaidondepositofUSdollarscausesdollarstoappreciateagainstforeigncurrency.()9.NewYork.isthelargestforeignexchangemarketintheworld.()10.Afallintheexpectedfutureexchangeratecausesafallinthecurrentexchangerate.Ⅲ.Answerthefollowingquestions:1.Currently,thespotexchangerateisUS$1=SF1.50andtheexpectedexchangerateforsixmonthisSF1.55.theinterestrateis8%intheUSperannumand10%intheSwitzerlandperannum.（1）Determinewhetherinterestrateparityiscurrentlyholding.（2）Ifitisnotholding,whatwillhappenintheforeignexchangemarket?.（3）Iftheexpectedexchangerateisunchanged,whatisthespotratewhenforeignexchangerateisinequilibrium?2.Supposethedollarinterestrateandthepoundsterlinginterestratearethesame,5percentperyear.Whatistherela