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1、InternationalEconomics,8e(Krugman)Chapter21TheGlobalCapitalMarket:PerformanceandPolicyProblems21.1 TheInternationalCapitalMarketandtheGainsfromTrade1) Ifyouareofferedagambleinwhichyouwin500dollars3/8ofthetimeandyoulose500dollars5/8ofthetime,whatisyourexpectedpayoffandyourbehaviorgiventhatyouarearisk
2、-lover?A) $500,takethegambleB) -$125,takethegambleC) -$125,itisunclearwhatyouwoulddowithoutfurtherinformationD) $500,declinethegambleE) -$125,declinethegambleAnswer:CQuestionStatus:PreviousEdition2) Thetwotypesoftrade,intertemporalandpureassetswapperfectsubstitutes,because:A) are;theybothofferconsid
3、erablepayoffandareequalinthelongrun.B) are;theybothinvolvethesmoothingoutofnowandfutureconsumption.C) arenot;assetswappingisimmediateandinvolvesonlyassets,whileintertamporaltradetakestwotimeperiodsandinvolvesbothassetsandgoods/services.D) couldpossiblybe;differenteconomicstatesoccuratdi仔erentpointsi
4、ntime.E) BandC.Answer:DQuestionStatus:PreviousEdition3) Forthefollowingquestionassumethefollowingfacts:(1) BalanceofPayments=0priortothetransactions.(2) PersonA(wholivesintheUnitedStates)purchasesanairplanefromBritishAirwaysfor$150,000.(3) PersonApaysVV让hacheckfromhisaccountatFirstUnionBankintheUnit
5、edStates.(4) Britishairways,sinceitwillneeddollarsin1month,depositsthecheckattheBankofEngland.(5) BankofEnglanddepositsthe$150,000atCommonwealthbank,whichislocatedintheUnitedStates.Duetothetransactionsabove,whataretheeffectsonthebalanceofpayments?A) -$150,000duetoimportofgood(currentaccountdebit)B)
6、+$150,000duetoimportofgood(currentaccountcredit)C) -$150,000duetodepositofBankofEngland(capitalaccountdebit)D) +$150,000duetodepositofBankofEngland(capitalaccountcredit)E) Noeffect(150z000currentaccountdebitand150z000capitalaccountcredit)Answer:EQuestionStatus：PreviousEdition4) Forthefollowingquesti
7、onsassumethefollowingfacts:(1) BalanceOfPayments=Opriortothetransactions.(2) PersonA(wholivesintheUnitedStates)purchasesanairplanefromBritishAirwaysfor$150,000.(3) PersonApayswithacheckfromhisaccountatFirstUnionBankintheUnitedStates.(4) Britishairways,sinceitwillneeddollarsin1month,depositsthechecka
8、ttheBankofEngland.(5) BankofEnglanddepositsthe$150,000atCommonwealthbank,whichislocatedintheUnitedStates.Duetothetransactionsabove,whataretheeffectsonthereserveattheFed?A) Noeffectsatall.B) Fact3isadecreaseof$150,000,fact5isanincreaseof$150,000,aneteffectof0.C) Fact3isanincreaseof$150,000,fact5isade
9、creaseOf$150,000,aneteffectof0.D) Bothfact3andfact5resultinincreasesof$150,000,aneteffectOf+$300,000.E) Bothfact3andfact5resultindecreaseof$150,000,aneteffectof-$300,000.Answer:BQuestionStatus:PreviousEdition5) Supposeoneisofferedagambleinwhichyouwin$1,000halfthetimebutlose$1,000halfthetime.Sinceint
10、hiscaseoneisaslikelytowinastolosethe$1,000,theaveragepayoffonthisgamble-itsexpectedvalue-is:0.5*$1,000+0.5*(-$1x000)=0.Undersuchcircumstances:A) noonewilltakethegamble.B) riskaverseindividualswilltakethegamble.C) riskloversindividualswilltakethegamble.D) riskneutralindividualsmaytakethegamble.E) Can
11、dD.Answer:EQuestionStatus:PreviousEdition6) Formostpracticalmatters,economistsassumethat:A) individualsareriskneutral.B) individualsarerisklovers.C) individualsareriskaverse.D) mostindividualsarerisklovers.E) mostindividualsareriskneutral.Answer:CQuestionStatus：PreviousEdition7) Peoplewhoareriskaver
12、se,A) valueacollectionofassetsonlyonthebasisofitsexpectedreturns.B) valueacollectionofassetsonlyonthebasisoftheriskofthatreturn.C) valueacollectionofassetsnotonlyonthebasisofitsexpectedreturnsbutalsoonthebasisoftheriskofthatreturn.D) noclearcutcriteriaexist.E) Noneoftheabove.Answer:CQuestionStatus：P
13、reviousEdition8) TheideaofriskaversionA) isatoddswiththeideaofinsurance.B) helpexplaintheprofitabilityofinsurancecompanies.C) hasnothingtodowithinsurancecompanies.D) helpexplainthelossessuffersbytheinsuranceindustry.E) helpexplainwhyinsurancecompaniesinthelongrunarezeroprofitcompanies.Answer:BQuesti
14、onStatus:PreviousEdition9) RiskaversepeopleA) willneverholdbondsdenominatedinseveraldifferentcurrenciesbecauseoftransactioncosts.B) willalwaysholdbondsdenominatedinseveraldifferentcurrenciesbecauseoftransactioncosts.C) mayholdbondsdenominatedinseveraldifferentcurrenes.D) mayholdbondsdenominatedinsev
15、eraldifferentcurrenciesonlyifsatisfyingthewellknowninterestpartycondition.E) willholdonlydomesticbondsbecauseofthehomebiaseffect.Answer:CQuestionStatus:PreviousEdition10) Imaginethattherearetwocountries,HomeandFarFarAway,andthatresidentsofeachownonlyoneasset,domesticlandyieldinganannualharvestofmang
16、oes.Assumethattheyieldonthelandisuncertain.Halfthetime,Homeslandyieldsaharvestof5z000tonsofmangoesatthesametimeasFarFarAway,slandyieldsaharvestof2,500tons.Theotherhalfofthetimetheoutcomesarereversed.Theaverageforeachcountrymangoharvestis:A) 2500.B) 2750.C) 3500.D) 3750.E) Notenoughinformationisgiven.Answer:DQue
