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International Economics, 8e (Krugman)
II
Chapter 12
National Income Accounting and the Balance of Payments
1) A country's 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
all
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 factors 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:
A
2
）
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).
E) None of the above.
Answer:
A
3
）
For open economies,
A) S = I.
B) S = I + CA.
C) S = I - CA.
D) S > I + CA.
E) S < I + CA.
Answer:
B
4
）
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 York. 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:
A
1
5) The earnings of a Spanish factory with British owners are
A) counted in Spain's GDP.
B) are part of Britain's GNP.
C) are counted in Britain's GDP.
D) are part of Spain's GNP.
E) Only A and B.
Answer:
E
6
）
Answer:
True.
Every
international
transaction
automatically
enters
the
balance
of
payments twice, once as a credit and once as a debit.
Current account + financial account + capital account = 0
7)
Answer:
True. The main reasons are due to the fact that data collected or received
from different 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:
2
Chapter
13
Exchange
Rates
and
the
Foreign
Exchange
Market:
An
Asset
Approach
1
）
How many British pounds would it cost to buy a pair of American designer jeans
costing $$45 if the exchange rate is 1.80 dollars per British pound?
A) 10 British pounds
B) 25 British pounds
C) 20 British pounds
D) 30 British pounds
E) 40 British pounds
Answer:
B
2) An appreciation of a country's currency,
A)
decreases
the
relative
price
of
its
exports
and
lowers
the
relative
price
of
its
imports.
B) raises the relative price of its exports and raises the relative price of its imports.
C) lowers the relative price of its exports and raises the relative price of its imports.
D) raises the relative price of its exports and lowers the relative price of its imports.
E) None of the above.
Answer:
D
3) Which major actor is at the center of the foreign exchange market?
A) corporations
B) central banks
C) commercial banks
D) non-bank financial institutions
E) None of the above.
Answer:
C
4) What is the expected dollar rate of return on euro deposits with today's exchange
rate
at
$$1.10
per
euro,
next
year's
expected
exchange
rate
at
$$1.166
per
euro,
the
dollar interest rate at 10%, and the euro interest rate at 5%?
A) 10%
B) 11%
C) -1%
D) 0%
E) None of the above.
Answer:
B
5) What is the expected dollar rate of return on dollar deposits with today's exchange
rate
at
$$1.10
per
euro,
next
year's
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%
3
C) -1%
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 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 the expected exchange rate
were to rise, then the current exchange rate would also rise. (See figure 13-6 from the
text.)
8) Calculate the interest rate in the euro zone if interest parity condition holds, for the
following 15 cases:
4
Answer:
Chapter 14
Money, Interest Rates, and Exchange Rates
1
）
Money includes
A) currency.
B) checking deposits held by households and firms.
C) deposits in the foreign exchange markets.
D) Both A and B.
E) A, B, and C.
5
Answer:
D
2
）
The aggregate money demand depends on
A) the interest rate.
B) the price level.
C) real national income.
D) All of the above.
E) Only A and C.
Answer:
D
3
）
Using a figure describing both the U.S. money market and the foreign exchange
market, analyze the effects of a temporary increase in the European money supply on
the dollar/euro exchange rate.
Answer:
An increase in the European money supply will reduce the interest rate on
the
euro
and
thus
will
cause
the
schedule
of
the
expected
euro
return
expresses
in
dollars
to
shift
down,
causing
a
reduction
in
the
dollar/euro
exchange
rate,
i.e.,
an
appreciation
of
the
U.S.
Dollar.
The
euro
depreciates
against
the
dollar.
The
U.S.
money demand and money supply are not going to be affected, and thus the interest
rate in the U.S. will remain the same.
6
4) A permanent increase in a country's money supply
A) causes a more than proportional increase in its price level.
B) causes a less than proportional increase in its price level.
C) causes a proportional increase in its price level.
D) leaves its price level constant in long-run equilibrium.
E) None of the above.
Answer:
C
5
）
After a permanent increase in the money supply,
A) the exchange rate overshoots in the short run.
B
）
the exchange rate overshoots in the long run.
C) the exchange rate smoothly depreciates in the short run.
D) the exchange rate smoothly appreciates in the short run.
E) None of the above.
Answer:
A
6
）
a
change
in
the
money
supply
creates
immediate
demand
and
cost
pressures
that
eventually lead to future increase in the price level.
Answer: The statement is true. The pressures come from three main sources: excess
demand for output and labor; inflationary expectations; and, raw material prices.
7
）
The long run effects of money supply change:
A)
ambiguous
effect
on
the
long- run
values
of
the
interest
rate
or
real
output,
a
proportional change in the price level's long- run value in the opposite direction.
B
）
proportional
effect
on
the
long-run
values
of
the
interest
rate
or
real
output,
a
proportional change in the price level's long-run value in the same direction.
C) no effect on the long-run values of the interest rate or real output, a proportional
change in the
price level's long-run value in the same direction.
D) no effect on the long-run values of the interest rate or real output, no change in the
price level's long-run value.
E)
ambiguous
effect
on
the
long-run
values
of
the
interest
rate
or
real
output,
A
disproportional change in the price level's long-run value in the same direction.
Answer:
C
Chapter 15
Price Levels and the Exchange Rate in the Long Run
1
）
Under Purchasing Power Parity,
A) E$$/E = PUS/PE.
B) E$$/E = PE/PES.
C) E$$/E = PUS + PE.
D) E$$/E = PUS - PE.
E) None of the above.
Answer:
A
7
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