答案和详解如下： Q30. One year ago, the Canadian Dollar (CAD) was quoted at Australian Dollar (AUD) 0.79800. Today, the CAD is trading at AUD 0.82400. Assume that Canada and Australia are trading partners. Which of the following statements is most accurate? Over the past year, the Canadian:
A) government recently undertook an unanticipated expansionary fiscal policy action. B) real interest rate decreased (relative to Australia's real interest rate). C) economy grew at a faster rate than the Australian economy. Correct answer is A)
From the given exchange rates, we determine that the Canadian Dollar has appreciated against the Australian Dollar (the CAD now buys more units of AUD). An unanticipated shift to a more expansionary fiscal policy will, in the short run, lead to appreciation. The increased aggregate demand results in higher economic growth and higher inflation. These two factors normally result in currency depreciation. However, the third impact of the policy, increased budget deficits and government borrowing, increases real interest rates, resulting in currency appreciation. This last effect dominates in the short run. Both remaining statements are incorrect. Q31. A nation’s currency is least likely to depreciate on the foreign exchange market because the:
A) country runs a current account deficit. B) government recently undertook an unanticipated contractionary monetary policy action. C) country removes a high tariff on a major imported good. Correct answer is B) An unanticipated shift to contractionary monetary policy would lead to currency appreciation. The contractionary policy leads to lower economic growth, a lower inflation rate, and higher real interest rates. Domestic products are less expensive, foreign investment is encouraged, and exports increase. The other statements would result in currency depreciation by increasing the demand for foreign goods and the currency needed to purchase them. Removing a high tariff on a major imported good would increase the demand for imports and thus for foreign currency. A current account deficit means that a country imports more than it exports. As a result, there is increased demand for foreign currency. Q32. An unanticipated shift to an expansionary monetary policy will NOT lead to:
A) more rapid economic growth, an accelerated inflation rate, and lower real interest rates. B) more expensive domestic products, which reduces exports. C) an appreciating domestic currency. Correct answer is C) An unanticipated expansionary monetary policy will not lead to an appreciating domestic currency. Higher inflation will increase prices of domestic products and make them unattractive to foreigners. As a result, foreigners will reduce their demand for domestic products and will not demand the domestic currency as much as before. Coupled with declining foreign investment, which will also lead to reduced demand for the domestic currency, the domestic currency value will fall relative to other currencies. Q33. An unexpected increase in the growth rate of the money supply would: A) cause real interest rates to fall, causing a depreciation of the country's currency. B) cause real interest rates to rise, causing an appreciation of the country's currency. C) have no effect on exchange rates in the short run. Correct answer is A) Unanticipated shifts to an expansionary monetary policy would lead to a more rapid economic growth, an unexpected increase in inflation, and lower real interest rates. The more rapid economic growth would lead to an increase in demand for imports. The higher rate of inflation makes domestic goods more expensive, reducing exports. Lower real interest rates reduce investment by foreigners. These factors increase the demand for foreign currencies and reduce the demand for the country's domestic currency, causing it to depreciate. | 
发表于 2009-1-13 14:29
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