income
payments and receipts and international transfers.
28.The ___C_______ measures the sum of the current account balance plus the private capital
account balance.官方结算差额是指经常帐户余额的总和加上私人资本帐（B=CA+FA,FA:为非官方投资和储备） a. Official capital balance b. Unofficial capital balance
c. Official settlements balance官方结算差额 d. Unofficial settlements balance
29.If the overall balance is in __A________, there is an accumulation of official reserve assets
by the country or a decrease in foreign official reserve holdings of the country's assets.
如果综合差额处于盈余，那么会出现本国官方储备资产的积累或者国外官方储备的减少
（B=CA+FA,B+OR=，OR:官方储备金额） a. Surplus盈余 b. Deficit c. Balance
d. Foreign hands
30. Which of the following is the current account balance NOT equal to? 以下哪项不等同于经常项目D
a. The difference between domestic product and domestic expenditure. b. The difference between national saving and domestic investment. c. Net foreign investment.
d. The difference between government saving and government investment. 政府储蓄与政府投资的差值
True/False Questions
31.Capital inflows are debits and capital outflows are credits. 资金流入是借项，资金外流是贷项
32.The net value of the flow of goods, services, income, and gifts is the current account balance. (T) 商品,服务,收入和单方面转让等现金流的净收益叫经常账目余额
33.The net flow of financial assets and similar claims is the private current account balance.
金融资产和类似的资产的净值叫经常帐目余额
34.The majority of countries' official reserves assets are now foreign exchange assets, financial assets denominated in a foreign currency that is readily acceptable in international
transactions. (T)大部份官方储备资产作为以外汇资产和金融资产为命名的外币在世
界上交易与流通.
35.A country's financial account balance equals the country's net foreign investment. 一个国家的金融帐差额相当于一个国家的净国外投资
36.A country has a current account deficit if it is saving more than it is investing domestically. 一个国家如果在国内的储蓄比投资要大,那么会出现经常账目赤字 37.The official settlements balance measures the sum of the capital account balance plus the
public current account balance. 官方结算差额是资金帐户余额的总额加上公共经常帐户 余额
38.A nation's international investment position shows its stock of international assets and
liabilities at a moment in time. (T)
一个国家的国际投资状况反映出它在特定时间里的国际资产股份以及债务情况.
39.A nation is a borrower if its current account is in deficit during a time period. (T) 在一段时间内,如果一个国家的经常帐出现赤字,那么它就是借方.
40.A nation is a debtor if its net stock of foreign assets is positive. 如果一个国家的国外资产
净储备是正数,那么它是借方（债务方）
41.A transaction leading to a foreign resident increasing her holdings of a U.S. financial asset will be recorded as a debit on the U.S. financial account.
如果一项交易引起一外国居民增持美国金融资产的股份,那么这项交易在美国金融帐中会被当作借项
42. A credit item is an item for which a country must pay. 贷项是指一个国家必须还款的条项
43.Gold is a major reserve asset that is currently often used in official reserve transactions.
黄金作为主要的储备资产,常被用在官方储备交易当中.
44.The current account balance is equal to the difference between domestic product and national expenditure.(T)
经常项目余额等于国民生产与国民支出的差额
45.In 2007 U.S. households, businesses and government were buying more goods and services
than they were producing.(T)
2007年,美国家庭,商业,政府购买的商品和服务比他们生产（商品和服务）的要多. 46你是提供以下信息,一个国家的国际交易,在一个特定年份: Service exports $346 Service imports $354
Merchandise exports $480 Merchandise imports $348 Income flows, net $153
Unilateral transfers, net $142
Increase in the country holding of foreign assets, net (excluding official reserves
assets) $352
Increase in foreign holdings of the country assets, net (excluding official reserve assets) $252
Statistical discrepancy, net $154
CA 余额: $346-354+480-348+153+142=$419；
官方结算余额: $346-354+480-348+153+142+252-352+154=$473； Change in official reserve assets (net) =官方结算余额=$473
Chapter 3:
The Foreign Exchange Market
Single-Choice Questions
1.Foreign exchange is: D外汇交易是
a. The act of trading different nations? monies.不用国家货币的交易 b. The holdings of foreign currency.对不同货币的持有 c. The act of importing foreign goods and services. d. Both (a) and (b) are correct.
2.If the price of British pounds in terms of U.S. dollars is $1.80 per pound, then the price of U.S. dollars in terms of British pounds is:B如果英磅对美元的汇率是1比1.8,那么美元对英磅的汇率是1比0.555 a. 1.80￡per dollar. b. 0.555￡per dollar. c. 0.90￡per dollar. d. 3.60￡per dollar.
3. Suppose the exchange rate between the Japanese yen and the U.S. dollar is 100 yen per dollar. A Japanese stereo with a price of 60,000 yen will cost:B假设日元对美元的汇
率是100比1,那么一台日元为60000的音响要花多少美元 a.$1,667 b.$600 c.$6,000 d.$100
4. Suppose that a Korean television set that costs 600 won in Korea costs $400 in the United
States. These prices suggest that the exchange rate between the won and the dollar is:A
a.1.5 won per dollar b.0.75 won per dollar c.$1.50 per won d.$3 per won
5.The ___D_______ exchange rate is the price for ―immediate‖ currency exchange. 即时汇率是指外汇的即时价格 a. Current b. Forward c. Future d. Spot
6.The ___B_______ exchange rate is the price set now for an exchange that will take place sometime in the future.远期汇率是指由协议双方预订的将来会发生的汇率 a. Current b. Forward c. Future spot
d. Spot
7.The foreign exchange market is:C外汇市场是指
a. A single gathering place where traders shout buy and sell orders at each other. b. Located in New York.
c. A grouping, by electronic means, of banks and traders who work at banks that conduct foreign exchange trades.
银行和交易者以电子方式集聚于一起进行外汇的买卖 d. Located in London.
8.___D_______ foreign exchange trading involves currency exchanges done between individuals and banks. 小额外汇交易（散户外汇交易）包含私人与银行间的外汇交易
a. Interbank b. Consumer c. Intra-bank d. Retail
9.The U.S. dollar is called a ____A______ because it is often used as an intermediary to
accomplish trading between two other currencies.
美元被称为周转货币,因为经常被用来完成其它两种货币的交易 a. Vehicle currency
周转货币（交易通货） b Main currency c. Common currency d. Primary currency
10. Suppose that the exchange value of the British pound is $2 per pound while the exchange value of the Swiss franc is 50 cents per franc. From this we can conclude that the exchange rate between the pound and the franc is: D a. 1 franc per pound b. 2 francs per pound c. 3 francs per pound d. 4 francs per pound
11.Which of the following is NOT a function of the interbank operations of the foreign exchange market? D
下列哪一个不是外汇交易市场中银行间操作方式的一种？
a. Provides a bank with a continuous stream of information on conditions in the foreign
exchange market.
b. Provides a bank the means to readjust its own position quickly and at low cost. c. Permits a bank to take on a position in a foreign currency quickly.
d. Provides a bank with technological resources for use in foreign exchange trading. 提供技术资源给一间银行,用来进行外汇交易
12. Under the managed float system of exchange rates, a fall in the market price of a currency
is called:B在管理浮动汇率制度下,一种货币价格的下降被称为 a. Devaluation. b. Depreciation.贬值 c. Appreciation.