国际经济学知识点考试复习题库.docx

InternationalEconomics,8e(Krugman)Chapter18TheInternationalMonetarySystem,1870-197318.1 MacroeconomicPolicyGoalsinanOpenEconomy1) Undertheprice-specie-flowmechanism,whathappenswhensayGermany'scurrentaccountsurplusisgreaterthanitsnon-reservecapitalaccountdefidts?A) Germanloanswillfinanceallforeignnetimports.B) AutomaticdropinGermandomesticpricesandriseinforeignprices.C) GoldreserveswillflowintoGermany.D) GoldreserveswillflowoutofGermany.E) Noneoftheabove.Answer:CQuestionStatus:PreviousEdition2) The"rulesofthegame"underthegoldstandardcanbestbedescribedaswhichofthefollowing:A) sellingdomesticassetsinadeficitandbuyingassetsinasurplus.B) slowingdowntheautomaticadjustmentsprocessesinherentinthegoldstandard.C) sellingdomesticassetsinordertoaccumulategold.D) sellingforeignassetsinadeficitandbuyingforeignassetsinasurplus.E) Noneoftheabove.Answer:AQuestionStatus:PreviousEdition3) Acountryseekingtomaintaininternalbalancewouldbemostconcernedwith:A) attaininglowlevelsofunemployment.B) ensuringthatsavingsisweightedmoretowardsdomesticinvestmentthanthecurrentaccount.C) largefluctuationsinoutput.D) anadequatestockofgoldreserves.E) Noneoftheabove.Answer:CQuestionStatus:PreviousEdition4) Byinternalbalance,mosteconomistsmeanA) fullemployment.B) pricestability.C) fullemploymentandpricestability.D) fullemploymentandmoderateincreaseinprices.E) Noneoftheabove.Answer:CQuestionStatus：PreviousEdition5) Byexternalbalance,mosteconomistsmeans,A) avoidingexcessiveimbalancesininternationalpayments.B) balancebetweenexportsandimports.C) balancebetweentradeaccountandserviceaccount.D) fixedexchangerate.E) Noneoftheabove.Answer:AQuestionStatus:PreviousEdition6) Whichoneofthefollowingstatementsistrue?A) Inflationbutnotdeflationcanoccurevenunderconditionsoffullemployment.B) DeflationbutnotinflationcanoccurevenunderconditionsoffullemploymentC) Inflationordeflationcanoccurevenunderconditionsoffullemployment.D) Inflationcanoccurevenunderconditionsoffullemploymentonlyinthelongrun.E) Noneoftheabove.Answer:CQuestionStatus:PreviousEdition7) InflationcanoccurevenunderconditionsoffullemploymentA) onlyifthecentralbankcontinuestoinjectmoneyintotheeconomyandtheagents'expectationsofinflationaresupportedbythebank'sactivities.B) onlyifthecentralbankcontinuestoinjectmoneyintotheeconomy.C) onlyifthecentralbankcontinuestowithdrawmoneyfromtheeconomy.D) onlyifthecentralbankcontinuestoinjectmoneyintotheeconomyandallagentsexpectthatinflationwillnotoccur.E) Alloftheabove.Answer:AQuestionStatus:PreviousEdition8) AsuddenincreaseintheU.S.pricelevelA) makesthosewithdollardebtsworseoff.B) makesthosewithdollardebtsbettero仔.C) donotaffectthoseW让hdollardebts.D) makesthosewithDMdebtbetteroff.E) Noneoftheabove.Answer:BQuestionStatus:PreviousEdition9) AsuddenincreaseintheU.S.pricelevelA) makescreditorsindollarsbetteroff.B) makescreditorsindollarsworseoff.C) donotaffectcreditorsindollars.D) makescreditorsinDMworseoff.E) Noneoftheabove.Answer:BQuestionStatus：PreviousEdition10) AsuddendecreaseintheU.S.pricelevelA) makesthosewithdollardebtsworseoff.B) makesthosewithdollardebtsbetteroff.C) donotaffectthosewithdollardebts.D) makesthosewithDMworseoff.E) Noneoftheabove.Answer:AQuestionStatus:PreviousEdition11) AsuddendecreaseintheU.S.pricelevelA) makesCred让OrSindollarsbetteroff.B) makescreditorsindollarsworseoff.C) donotaffectcreditorsindollars.D) makescreditorsinDMbetteroff.E) Noneoftheabove.Answer:AQuestionStatus:PreviousEdition12) AcurrentaccountsurplusA) posesaproblemifdomesticsavingsarebeinginvestedmoreprofitablyabroadthantheywouldbeathome.B) mayposenoproblemifdomesticsavingsarebeinginvestedmoreprofitablyabroadthantheywouldbeathome.C) mayposenoproblemifdomesticsavingsarebeinginvestedlessprofitablyabroadthantheywouldbeathome.D) thereisnorelationbetweencurrentaccountsurplusandbetweensavingsandinvestment.E) Noneoftheabove.Answer:BQuestionStatus:PreviousEdition13) AcurrentaccountdeficitA) willnotposeaproblem,especiallyifitisaccompaniedbyanexpansionaryfiscalpolicy.B) mayposenoproblemiftheborrowedfundsarechanneledintoproductivedomesticinvestmentprojectsthatpayforthemselveswiththerevenuetheygenerateinthefuture.C) maystillposeaproblem,eveniftheborrowedfundsarechanneledintoproductivedomesticinvestmentprojects.D) Thereisnorelationbetweencurrentaccountsurplusandbetweensavingsandinvestment.E) Noneoftheabove.Answer:BQuestionStatus:PreviousEdition14) Whichoneofthefollowingstatementsistrue?A) Countrieswithstronginvestmentopportunitiesshouldinvestlittleathomeandchanneltheirsavingsintomoreproductiveinvestmentactivityabroad.B) Countrieswithweakinvestmentopportunitiesshouldinvestlittleathomeandchanneltheirsavingsintomoreproductiveinvestmentactivityabroad.C) Countrieswithweakinvestmentopportunitiesshouldinvestmoreathome.D) Countrieswithweakinvestmentopportunitiesshouldinvestlittleabroad.E) Noneoftheabove.Answer:BQuestionStatus:PreviousEdition15) CountrieswithA) stronginvestmentopportunitiesshouldinvestlittleathomeandchanneltheirsavingsintomoreproductiveinvestmentactivityabroad.B) stronginvestmentopportunitiesshouldinvestmoreathomeandlessabroad.C) weakinvestmentopportunitiesshouldinvestmoreathome.D) weakinvestmentopportunitiesshouldinvestlittleabroad.E) Noneoftheabove.Answer:BQuestionStatus:PreviousEdition16) CountrieswhereinvestmentisrelativelyA) productiveshouldbenetexportersofcurrentlyavailableoutput.B) unproductiveshouldbenetimportersofcurrentlyavailableoutput.C) unproductiveshouldbenetexportersofcurrentlyavailableoutput.D) unproductiveshouldbenetexportersoffutureavailableoutput.E) Noneoftheabove.Answer:CQuestionStatus:PreviousEdition17) CountrieswhereinvestmentisrelativelyA) productiveshouldhavecurrentaccountdeficits.B) productiveshouldhavecurrentaccountsurpluses.C) unproductiveshouldhavecurrentaccountsurpluses.D) productiveshouldbalancedcurrentaccountsurpluses.E) Noneoftheabove.Answer:BQuestionStatus:PreviousEdition18) Whichoneofthefollowingstatementsistrue?A) Countrieswhereinvestmentisrelativelyproductiveshouldbenetimportersofcurrentoutput.B) Countrieswhereinvestmentisrelativelyunproductiveshouldbenetimportersofcurrentoutput.C) Countrieswhereinvestmentisrelativelyproductiveshouldbenetexportersofcurrentoutput.D) Countrieswhereinvestmentisrelativelyproductiveshouldnotexportorimportcurrentoutput.E) Noneoftheabove.Answer:AQuestionStatus：PreviousEdition19) CountrieswhereinvestmentisA) relativelyunproductiveshouldhavecurrentaccountdeficits.B) relativelyproductiveshouldhavecurrentaccountsurpluses.C) relativelyproductiveshouldhavecurrentaccountdeficits.D) relativelyproductiveshouldhavebalancedcurrentaccounts.E) Noneoftheabove.Answer:CQuestionStatus:PreviousEditionA) thereturnstodomesticsavingsmaybeeasiertotaxthanthoseonassetsabroad.B) anadditiontothehomecapitalstockmayreducedomesticunemploymentandthereforeleadtohighernationalincome.C) domesticinvestmentbyonefirmmayhavebeneficialtechnologicalspillovereffectsonotherdomesticproducersthattheinvestingfirmdoesnotcapture.D) Alloftheabove.E) Noneoftheabove.Answer:DQuestionStatus:PreviousEdition21) Underthegoldstandarderaof1870-1914zA) Tokyowasthecenteroftheinternationalmonetarysystem.B) Pariswasthecenteroftheinternationalmonetarysystem.C) Berlinthecenteroftheinternationalmonetarysystem.D) NewYorkwasthecenteroftheinternationalmonetarysystem.E) 1.ondonwasthecenteroftheinternationalmonetarysystem.Answer:EQuestionStatus:PreviousEdition22) Underthegoldstandarderaof1870-1914,A) centralbankstriedtohavesharpfluctuationsinthebalanceofpayments.B) centralbankstriedtoavoidsharpfluctuationsinthecurrentaccountofthebalanceofpayments.C) centralbankstriedtoavoidsharpfluctuationsinthetradeaccountofthebalanceofpayments.D) centralbankstriedtoavoidsharpfluctuationsinthecapitalaccountofthebalanceofpayments.E) centralbankstriedtoavoidsharpfluctuationsinthebalanceofpayments.Answer:EQuestionStatus:PreviousEdition23) Acountryissaidtobeinbalanceofpaymentsequilibrium,whenthesumofitscurrentanditsA) non-reservedcapitalaccountsequalszero.B) reservedcapitalaccountsequalszero.C) non-reservedcapitalaccountsequalstothesurplusinthecapitalaccount.D) non-reservedcapitalaccountsequalstothedeficitinthecapitalaccountE) Noneoftheabove.Answer:AQuestionStatus：PreviousEdition24) UndertheGoldstandard,acountryissaidtobeinbalanceofpaymentsequilibriumwhenthecurrentaccountbalanceisA) financedentirelybyinternationallendingwithoutreservemovements.B) financedbyinternationallendingandwithreservemovements.C) equaltozero.D) financedentirelybyinternationallendingandpastgoldreserves.E) Noneoftheabove.Answer:AQuestionStatus：PreviousEdition25) MercantilismheldthatA) silveralonewasthemainstayofnationalwealth.B) goldalonewasthemainstayofnationalwealth.C) silverandgoldwerethemainstaysofnationalwealth.D) silverandgoldarenotimportantfornationalwealthofacountry.E) Noneoftheabove.Answer:CQuestionStatus:PreviousEdition26) ThemainpolicygoalforacountryaccordingtothemercantilistsisA) tocreateaone-timedeficitinthebalanceofpayments.B) tocreateacontinuingdeficitinthebalanceofpayments.C) tocreateaone-timesurplusinthebalanceofpayments.D) tocreateacontinuingsurplusinthebalanceofpayments.E) Noneoftheabove.Answer:DQuestionStatus:PreviousEdition27) Theviewofmercantilistscanbesummarizedasfollows:A) toselllesstostrangersyearlythanweconsumeoftheirsinvalue.B) tosellmoretostrangersyearlythanweconsumeoftheirsinvalue.C) toconsumemoreoftheirsinvaluethanweselltostrangers.D) toconsumethesameamountastheirsinvalueasWeselltostrangers.E) Noneoftheabove.Answer:BQuestionStatus:PreviousEdition28) Underthegoldstandard,A) aperpetualsurplusispossible.B) aperpetualdeficitispossible.C) aperpetualsurplusisimpossible,butaperpetualdeficitispossible.D) aperpetualdeficitisimpossible,butaperpetualsurplusispossible.E) aperpetualsurplusisimpossible.Answer:EQuestionStatus：PreviousEdition29) UnderthegoldStandardzA) ashortageofcurrencyleadstolowdomesticpricesandaforeignpaymentssurplus.B) ashortageofcurrencyleadstohighdomesticpricesandaforeignpaymentssurplus.C) ashortageofcurrencyleadstolowdomesticpricesandaforeignpaymentsdeficit.D) ashortageofcurrencyleadstolowdomesticpricesbutleavestheforeignbalanceofpaymentsatequilibrium.E) Noneoftheabove.Answer:AQuestionStatus：PreviousEdition30) UntiltheUnitedStatesCivilWar,TheUnitesStateshadaA) gold-basedmonetarystandard.B) silver-basedmonetarystandard.C) bimetallicmonetarystandardconsistingofsilverandgold.D) bimetallicmonetarystandardconsistingofcopperandsilver.E) bimetallicmonetarystandardconsistingofcopperandgold.Answer:CQuestionStatus:PreviousEdition31) OncetheUnitedStatesCivilWarbrokeout,theUnitedStatesmovedtoaA) goldstandard.B) silverstandard.C) bimetallicmonetarystandardconsistingofsilverandgold.D) bimetallicmonetarystandardconsistingofcopperandgold.E) papercurrency,calledthe"greenback."Answer:E32) QuestionStatus:PreviousEdition33) 1.FrankBaum'sclassic1900children'sbook,TlieWonderfulWizardofOz,isA) anallegoricalrenditionoftheU.S.politicalstruggleoversilver.B) anallegoricalrenditionoftheU.S.politicalstruggleovercopper.C) anallegoricalrenditionOftheU.S.politicalstruggleoverbothsilverandgold.D) Noneofthestatementsistrue.E) anallegoricalrenditionoftheU.S.politicalstruggleovergold.Answer:EQuestionStatus:PreviousEdition34) InL.FrankBaum'sclassic1900children'sbook,TheWonderfulWizardofOz,thename"oz"isareferencetoA) anounce(oz.)ofgold.B) anounce(oz.)ofsilver.C) anounce(oz.)ofcopper.D) anounce(oz.)ofeithergoldorsilver.E) Noneoftheabove.Answer:AQuestionStatus：PreviousEdition35) Theprice-specie-flowmechanismA) isanautomaticmechanismforassuringexternalbalanceunderfloatingexchangerates.B) isanautomaticmechanismforassuringexternalbalanceunderthegoldstandard.C) isanautomaticmechanismforassuringinternalbalanceunderfloatingexchangerates.D) isanautomaticmechanismforassuringinternalbalanceunderthegoldstandard.E) Noneoftheabove.Answer:BQuestionStatus:New36) Howdidtheinternationalmonetarysysteminfluencedmacroeconomicpolicy-makingandperformanceduringthegoldstandardera(1870-1914)?Answer:Londonwasthecenteroftheinternationalmonetarysystem.Theprimaryresponsibilityofthecentralbankwastopreservetheo仔icialparitybetweenitscurrencyandgold.Tomaintainthisprice,thecentralbankneededanadequatestockofgoldreserves.Centralbankstriedtoavoidsharpfluctuationsinthebalanceofpayments.QuestionStatus:PreviousEdition37) "Thelinedistinguishingbetweenexternalandinternalgoalscanbefuzzy."Discuss.Answer:Thisstatementistrue.Forexample,employmenttargetforexportindustrieswhenexportgrowthinfluencestheabilityoftheeconomytorepayitsforeigndebts.QuestionStatus:PreviousEdition38) Whydogovernmentsprefertoavoidcurrentaccountdeficitsthataretoolarge?Answer:Acurrentaccountdeficitmayposenoproblemiftheborrowedfundsarechanneledintoproductivedomesticinvestmentprojectsthatpayforthemselveswiththerevenuetheygenerateinthefuture.However,sometimes,largecurrentaccountdeficitsrepresenttemporarilyhighconsumptionresultingfrommisguidedgovernmentpoliciesorsomeothermalfunctioningoftheeconomy.Sometimes,theinvestmentprojectsthatdrawonforeignfundsmaybebadlyplanned,etc.Insuchcases,thegovernmentmightwishtoreducethecurrentaccountdeficitimmediatelyratherthanfaceproblemsinrepayingitsforeigndebtinthefuture.QuestionStatus:PreviousEdition39) Whydogovernmentsprefertoavoidexcessivecurrentaccountsurpluses?Or,whyaregrowingdomesticclaimstoforeignwealtheveraproblem?Answer:Foragivenlevelofnationalsaving,anincreasedcurrentaccountsurplusimplieslowerinvestmentindomesticplantandequipment.Afewreasonswhy:first,thereturnstodomesticsavingsmaybeeasiertotaxthanthoseonassetsabroad;second,anadditiontothehomecapitalstockmayreducedomesticunemploymentandthereforeleadtohighernationalincome;third,domesticinvestmentbyonefirmmayhavebeneficialtechnologicalspillovereffectsonotherdomesticproducersthattheinvestingfirmdoesnotcapture.Inaddition,thecountrymayinthefuturefinditselfunabletocollectthemoneyitisowed.Furthermore,countrieswithlargesurplusescanbecometargetsfordiscriminatoryprotectionistmeasuresbytradingpartnerswithexternaldeficits.QuestionStatus:PreviousEdition40) Refutetheclaimbymercantilistswhoclaimedthatwithoutsevererestrictionsoninternationaltradeandpayments,acountrymightfinditselfimpoverishedandwithoutanadequatesupplyofcirculatingmonetarygoldasaresultofbalanceofpaymentsdeficits.Answer:Thebalanceofpaymentswouldautomaticallyregulateitselftoensureanadequatesupplyofmoneyineverycountry.QuestionStatus:PreviousEdition41) Explainwhyunderthegoldstandardaperpetualsurplusoraperpetualdeficitisimpossible.Answer:Sincespecieinflowsdriveupdomesticpricesandrestoreequilibriuminthebalanceo