答案和详解如下： 11．Which of the following would be most likely to cause a nation’s currency to depreciate? A) Domestic real interest rates that are lower than those of other countries. B) A rate of inflation that is lower than that of one’s trading partners. C) Slow growth of income relative to one’s trading partners. D) Discouraging imports and encouraging exports. The correct answer was A) Three major factors cause a country’s currency to appreciate or depreciate: 1.
The growth rate of income relative to trading partners (high growth → depreciation). 2. The rate of inflation relative to trading partners (high inflation → depreciation). 3. Domestic real interest rates relative to those of other countries (low real rates → depreciation). 12．Which of the following factors is least likely to affect foreign exchange rates? A) Real interest rates. B) The government sets a price floor for the price of wheat. C) Income growth. D) Differential inflation rates. The correct answer was B) The three major factors that cause a country's currency to appreciate or depreciate relative to another's are: §
Differences in income growth among nations will cause nations with the highest income growth to demand more imported goods. Heightened demand for imports will increase demand for foreign currencies, and foreign currencies will appreciate relative to the domestic currency. §
Differences in inflation rates
will cause the residents of the country with the highest inflation rate to demand more imported (cheaper) goods. If a country’s inflation rate is higher than its trading partner’s, the demand for the country’s currency will be low, and the currency will depreciate. §
Differences in real interest rates will cause a flow of capital into those countries with the highest available real rates of interest. Therefore, there will be an increased demand for those currencies, and they will appreciate relative to countries whose available real rate of return is low. 13．If the domestic inflation rate is lower than the foreign rate of inflation: A) the domestic currency will appreciate relative to the foreign currency. B) the domestic currency will depreciate relative to the foreign currency. C) the foreign currency will appreciate relative to the domestic currency. D) there is no effect on the domestic currency value. The correct answer was A) If a nation's trading partners prices are increasing twice as fast as the domestic country A, then foreign citizens will increase their demand for A's goods. This increased demand will cause country A's currency to appreciate making country A's goods more expensive offsetting the effects of inflation differences. 14．How would an unanticipated shift to a more expansionary monetary policy in the United States typically affect the demand for foreign currencies and the value of the dollar?
| Demand for
Foreign Currencies | Foreign Exchange
Value of the Dollar |
A) increase no change B) no change decrease C) increase decrease D) decrease increase The correct answer was C) An unanticipated shift to an expansionary monetary policy will lead to higher income, an accelerated inflation rate, and lower real interest rates. The higher income and higher domestic prices stimulate imports and discourage exports causing the current account balance to move toward deficit. 15．If incomes in the U.S. are increasing rapidly compared to those in Mexico, how will the value of the U.S. dollar and the Mexican peso move relative to each other?
A) Depreciate No change B) Appreciate Depreciate C) Depreciate Appreciate D) No change No change The correct answer was C) Rapid growth of U.S. incomes relative to incomes in Mexico will stimulate imports from Mexico, causing an increased demand for the peso. The increased demand for pesos will cause the peso to appreciate relative to the dollar. | 
发表于 2008-5-19 16:48
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