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第一章 单元测试
1、单选题：
Recently, financial markets have become highly integrated. This development
选项：
A:allows minority investors to buy and sell stocks.
B:allows investors to diversify their portfolios internationally.
C:answers a and c are both correct.
D:has increased the cost of capital for firms.
答案: 【allows investors to diversify their portfolios internationally.】
2、单选题：
Although the world economy is much more integrated today than was the case 10 or 20 years ago, a variety of barriers still hamper free movements of people, goods, services, and capital across national boundaries. These barriers include
选项：
A:all of the above
B:excessive transportation costs.
C:legal restrictions.
D:information asymmetry.
答案: 【all of the above 】
3、单选题：
A purely domestic firm sources its products, sells its products, and raises its funds domestically
选项：
A:can still face exchange rate risk, just like a MNC.
B:can be more competitive than a MNC on its home turf due to superior knowledge of the local market.
C:all of the above are true
D: can face stiff competition from a multinational corporation that can source its products in one country, sell them in several countries, and raise its funds in a third country.
答案: 【all of the above are true 】
4、单选题：
Suppose your firm invests $100,000 in a project in Italy. At the time the exchange rate is $1.25 = €1.00. One year later the exchange rate is the same, but the Italian government has expropriated your firm’s assets paying only €80,000 in compensation. This is an example of
选项：
A:none of the above, since $100,000 = €80,000 × $1.25/€1.002
B: market imperfections.
C:political risk.
D:exchange rate risk.
答案: 【political risk. 】
5、单选题：
The ultimate guardians of shareholder interest in a corporation, are the
选项：
A:rank and file workers.
B:senior management.
C: all of the above.
D:boards of directors.
答案: 【boards of directors. 】
第二章 单元测试
1、单选题：
The price-specie-flow mechanism will work only if governments are willing to play by the rules of the game by letting the money stock rise and fall as gold flows in and out. Once the government demonetizes (neutralizes) gold, the mechanism will break down. In addition, the effectiveness of the mechanism depends on
选项：
A:the income elasticity of the supply of imports.
B: the price elasticity of the demand for imports.
C: the income elasticity of the demand for imports.
D:the price elasticity of the supply of imports.
答案: 【 the price elasticity of the demand for imports.】
2、单选题：
Under the Bretton Woods system each country established a par value for its currency in relation to the dollar. And the U.S. dollar was pegged to gold at
选项：
A: $350 per ounce.
B:$35 per ounce.
C: $1 per ounce.
D:$900 per ounce.
答案: 【$35 per ounce. 】
3、单选题：
When money can move freely across borders, policy makers must choose between
选项：
A:exchange-rate stability and capital controls.
B:exchange-rate stability and an independent monetary policy.
C:exchange-rate stability and an economic growth.
D:exchange-rate stability and inflation.
答案: 【exchange-rate stability and an independent monetary policy. 】
4、单选题：
During the period between World War I and World War II,
选项：
A: the major European powers and the U.S. returned to the gold standard and fixed exchange rates.
B:the U.S. dollar emerged as the dominant world currency, gradually replacing the British pound for the role.
C: None of the above.
D:while most countries abandoned the gold standard during World War I, international trade and investment flourished during the interwar period under a coherent international monetary system.
答案: 【the U.S. dollar emerged as the dominant world currency, gradually replacing the British pound for the role. 】
5、单选题：
During the period of the classical gold standard (1875-1914) there were
选项：
A: no exchange rates.
B:stable exchange rates.
C: highly volatile exchange rates.
D:volatile exchange rates.
E:moderately volatile exchange rates.
答案: 【stable exchange rates. 】
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