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 Service imports Merchandise exports Merchandise imports Income flows, net Unilateral transfers, net Increase in the country抯 holding of foreign assets, net (excluding official reserves assets) Increase in foreign holdings of the country抯 assets, net (excluding official reserve assets) Statistical discrepancy, net $346 $354 $480 $348 $153 $142 $352 $252 $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 . increasing the holding of official reserve assets.

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 呢题太简单,不屑翻译…自己睇 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.