Ball 2nd Edition Full Test Bank

Module 08 The International Monetary System and Financial Forces

1) Sir Isaac Newton established the price of gold in 1717 in terms of British currency.

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Question Details
AACSB : Reflective Thinking
Bloom's : Remember
Difficulty : 1 Easy
Learning Objective : 08-01 Describe the international monetary systems history.
Topic : The History of the Global Monetary System
Accessibility : Keyboard Navigation

The great mathematician Newton headed the English Mint and established the price of gold in British currency at 3 pounds, 17 shillings, 10.5 pence. Britain's trading partners followed Britain's lead.

2) Representatives at the Bretton Woods meeting in 1944 agreed that floating exchange rates had proven satisfactory and should be continued.

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Representatives at the conference agreed that floating or fluctuating exchange rates had proved unsatisfactory. The Allied governments established a fixed rate system known as the Bretton Woods system with par value based on gold and the U.S. dollar.

3) The Bretton Woods system led to minimal growth in international trade but helped to reduce inflation levels.

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Actually, Bretton Woods led to substantial international trade growth through the 1950s and 1960s.

4) The International Monetary Fund uses the U.S. dollar as its unit of account.

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The IMF uses special drawing rights (SDR) as its unit of account, as do its 189 members and 16 other international institutions. The SDR refers to special drawing rights.

5) When President Nixon announced that the United States would no longer exchange gold for paper dollars held by foreign banks, currency markets were greatly affected and closed for several days.

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Question Details
AACSB : Reflective Thinking
Bloom's : Remember
Difficulty : 1 Easy
Learning Objective : 08-02 Describe todays floating currency exchange rate system, including the IMF currency arrangements.
Topic : Fixed versus Floating Exchange Rate Systems
Accessibility : Keyboard Navigation

In 1971, President Nixon announced that the United States would not exchange gold for the paper dollars held by foreign central banks, relieving the dollar of much of its role as a stabilizer for the international monetary system. The shock of Nixon’s announcement led currency exchange markets to remain closed for several days, and when they reopened, they began to develop a new system for which few rules existed.

6) The Bank for International Settlements (BIS) operates as the banker for central banks.

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The Bank for International Settlements is a part of the international monetary system that is often overlooked, since it is very discreet. (It doesn't even have a name on its building.) It does function to assist central banks, as a research center, as a forum for cooperation on monetary issues, and as an agent for governments.

7) In a currency board arrangement, a country’s government commits to adopt the currency of another.

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Question Details
AACSB : Reflective Thinking
Bloom's : Remember
Difficulty : 1 Easy
Topic : Currency Management and Business Strategy in the Global Monetary System
Learning Objective : 08-02 Describe todays floating currency exchange rate system, including the IMF currency arrangements.
Accessibility : Keyboard Navigation

A currency board arrangement commits the country’s government to hold foreign reserves of a specific currency in an amount equal to its domestic currency supply and exchange the two at a fixed rate.

8) The Jamaica Agreement demonetized gold.

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The Jamaica Agreement that established the rules for the floating system was both worked out and accepted by IMF members after the fact, in 1976. It allows for flexible exchange rates among IMF members while condoning central bank operations in the money markets to smooth out volatile periods. It also demonetized gold, which was abandoned as a reserve currency.

9) If freely floating currencies are allowed to fluctuate against one another, at times the fluctuations might be quite large.

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Question Details
AACSB : Reflective Thinking
Bloom's : Remember
Difficulty : 1 Easy
Learning Objective : 08-03 Describe the factors that influence exchange rate movement.
Topic : Currency Management and Business Strategy in the Global Monetary System
Accessibility : Keyboard Navigation

For the most part, the major currencies—the U.S. dollar, the British pound sterling, the Japanese yen, and the euro—are allowed by their central banks to fluctuate freely against each other. Fluctuations can be quite large.

10) The law of one price states that in an efficient market, like products will never have like prices.

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⊚ false

Question Details
AACSB : Reflective Thinking
Bloom's : Remember
Difficulty : 1 Easy
Learning Objective : 08-03 Describe the factors that influence exchange rate movement.
Topic : Foreign Exchange Risks
Accessibility : Keyboard Navigation

The law of one price suggests that in efficient markets, like products will have like prices.

11) The international Fisher effect states that the interest rate differentials for any two currencies will reflect the expected change in their exchange rates.

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⊚ false

Question Details
AACSB : Reflective Thinking
Bloom's : Remember
Difficulty : 1 Easy
Learning Objective : 08-03 Describe the factors that influence exchange rate movement.
Topic : Foreign Exchange Risks
Accessibility : Keyboard Navigation

The international Fisher effect connects exchange rates with interest rates. For example, if the nominal interest rate in the United States is 5 percent and in the EU is 3 percent, we would expect the dollar to decrease against the euro by 2 percent over the year or the euro to strengthen against the dollar by that same amount.

12) The Big Mac Index is an example of economies of scale, an international measure of junk food consumption.

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Question Details
AACSB : Reflective Thinking
Bloom's : Remember
Difficulty : 1 Easy
Learning Objective : 08-03 Describe the factors that influence exchange rate movement.
Topic : Foreign Exchange Risks
Accessibility : Keyboard Navigation

The Big Max index is a purchasing power parity (PPP) application that substitutes the Big Mac for a basket of goods. The Big Mac index suggests that in the long term, many of the developing countries’ currencies are undervalued and the euro and many European currencies are overvalued.

13) Exchange rate forecasting is an advanced science; with the correct data, we can predict with accuracy exchange rate movements.

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Question Details
AACSB : Reflective Thinking
Bloom's : Remember
Difficulty : 1 Easy
Learning Objective : 08-03 Describe the factors that influence exchange rate movement.
Topic : Foreign Exchange Risks
Accessibility : Keyboard Navigation

This is not the case. The closest we can come to accurate prediction is the random walk hypothesis, which suggests that the best predictor of tomorrow's rates is today's rates. The issue is the unpredictability of short-term factors.

14) Countries put limitations on the convertibility of their currencies when they are concerned that their foreign reserves could be depleted.

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Question Details
AACSB : Reflective Thinking
Bloom's : Remember
Difficulty : 1 Easy
Learning Objective : 08-04 Discuss financial forces governments can exert.
Topic : Currency Management and Business Strategy in the Global Monetary System
Accessibility : Keyboard Navigation

Often this may be the case with developing countries, which is why monitoring the balance of payments account is a good idea.

15) The value-added tax (VAT) can be rebated to exporters, according to World Trade Organization (WTO) rules.

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Question Details
AACSB : Reflective Thinking
Bloom's : Remember
Difficulty : 1 Easy
Learning Objective : 08-04 Discuss financial forces governments can exert.
Topic : Factors Influencing Strategic Choice
Accessibility : Keyboard Navigation

This rebate makes the exports less expensive, and thus, more competitive.

16) Increasing inflation rates act as encouragement for borrowing because loans can be repaid in the future with cheaper money.

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Question Details
AACSB : Reflective Thinking
Difficulty : 1 Easy
Bloom's : Understand
Learning Objective : 08-04 Discuss financial forces governments can exert.
Topic : Factors Influencing Strategic Choice
Accessibility : Keyboard Navigation

Further, rising inflation rates encourage borrowing (debt) because loans can be repaid in the future with inflated, cheaper money. But high inflation rates also bring high-interest rates because banks have to offer more reward to draw in deposits.

17) The balance of payments (BOPs) is a record of a country's transactions with its major trading partners.

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Question Details
AACSB : Reflective Thinking
Bloom's : Remember
Difficulty : 1 Easy
Learning Objective : 08-05 Explain the significance of the balance of payments to international business decisions.
Topic : Balance of Payments
Accessibility : Keyboard Navigation

The BOP is a record of a nation's transactions with the rest of the world, not simply major trading partners.

18) BOP accounts are recorded in a double-entry bookkeeping method, with each transaction having a debit and credit side.

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Payments to other countries are a debit, and payments from other countries are a credit.

19) In BOP accounting, a deficit in the current account is always accompanied by a surplus in the capital account.

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⊚ false

Question Details
AACSB : Reflective Thinking
Bloom's : Understand
Difficulty : 2 Medium
Learning Objective : 08-05 Explain the significance of the balance of payments to international business decisions.
Topic : Balance of Payments
Accessibility : Keyboard Navigation

This is the case with all double-entry bookkeeping.

20) The United States in recent years has had a significant deficit in its current account. This means that the U.S. citizens are exporting more than they are importing.

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A current account deficit suggests that a country is importing more than it is exporting.

21) Historically, gold has been used as a way for people to store value because of its

A) purity and scarcity.
B) high transportation and security costs.
C) lack of interest-earning ability.
D) accessibility and convenience.

Based on gold's scarcity and purity, gold has been trusted as a way to store value.

22) Sir Isaac Newton put England on the gold standard when he

A) declared, as master of the English mint, that he would sell gold for 1 pound, 1 shilling, 1 pence, under the law of one price.
B) set a market price for gold, the British pound and the U.S. dollar.
C) established a fixed equivalency between gold and the British currency.
D) brought the matter to Queen Anne, who declared Britain would follow the gold standard.

Newton established the gold standard for Britain by fixing 3 pounds, 17 shillings, and 10.5 pence as the price for 1 ounce of gold. Previously, silver had been used commonly.

23) Bretton Woods led to an exchange rate agreement known as the Bretton Woods System or

A) the floating rate system.
B) the India Accord system.
C) the gold exchange standard.
D) the French rate system.

This system was a part of the IMF articles, developed at the Bretton Woods meeting.

24) The fixed exchange rates set up at Bretton Woods were based on gold and

A) the Japanese yen.
B) the British pound.
C) the Mexican peso.
D) the U.S. dollar.

Bretton Woods set up fixed exchange rates among member nations’ currencies, with par value based on gold and the U.S. dollar, which was valued at $35 per ounce of gold.

25) The price of gold since about 1200 AD has been

A) trending downward.
B) flat, keeping its value.
C) wildly fluctuating.
D) trending upward.

The trend in the price of gold has been upward.

26) In 1717, Sir Isaac Newton took Britain from the silver standard to

A) floating exchange rates.
B) fixed exchange rates, using silver.
C) the gold standard, with fixed rates.
D) pegged rates.

Britain went from silver to gold under the leadership of Newton.

27) What was originally appealing about the gold standard was its

A) flexibility.
B) simplicity.
C) transportability.
D) carrying costs.

The simplicity of the gold standard was a large part of its appeal.

28) What has been the most used central reserve asset in the world since World War II?

A) English pound
B) U.S. dollar
C) gold
D) Japanese yen

Question Details
Bloom's : Remember
Difficulty : 1 Easy
Learning Objective : 08-01 Describe the international monetary systems history.
Topic : The History of the Global Monetary System
AACSB : Analytical Thinking
Accessibility : Keyboard Navigation

The U.S. dollar has been the most used central reserve asset in the world since the end of World War I.

29) SDR refers to

A) a special deposit for corporate reimbursement.
B) special drawing rights, an international reserve asset.
C) a special deficit refund, made to compensate for currency devaluation.
D) a paper credit issued by the Bank for International Settlements.

Question Details
AACSB : Reflective Thinking
Learning Objective : 08-01 Describe the international monetary systems history.
Topic : The History of the Global Monetary System
Bloom's : Understand
Difficulty : 2 Medium
Accessibility : Keyboard Navigation

The SDR is an international reserve currency.

30) Countries maintain reserve accounts in order to

A) control imports.
B) provide low-interest loans to struggling businesses.
C) earn higher interest rates.
D) intervene in currency markets when needed.

Every member of the IMF keeps a reserve account, a bit like a savings account, with holdings the country can draw on when needed to finance trade or investments or to intervene in currency markets.

31) Who took the United States off the gold system?

A) President Eisenhower
B) President Kennedy
C) the Supreme Court
D) President Nixon

President Nixon took the United States off the gold standard in response to pressure by Charles De Gaulle.

32) What does the international monetary system consists of?

A) institutions, rules, procedures, and processes
B) treaties among nations in trade blocks
C) bilateral legal arrangements among nations and then, belief in the system
D) relationships among sellers in the international market

The system is a combination of these arrangements: institutions, rules, procedures, and processes.

33) Problems of the gold standard include

A) storage cost, weight, doesn’t earn interest.
B) nations' willingness to agree to it.
C) its interference in the jewelry market.
D) its purity levels.

As trade grew, carrying large amounts of gold became impractical: gold is heavy, it has transportation and storage costs, it does not earn interest, and it makes an obvious target for thieves.

34) The Bretton Woods system was in place from

A) after World War II to 1971.
B) between World War I and World War II.
C) from 1952 to 1990.
D) World War II to the present.

It was in place from after World War II to 1971.

35) The Triffin paradox refers to what occurs when

A) a national currency that is also a reserve currency runs a deficit.
B) a reserve currency replaces a national currency.
C) inflation occurs as the result of a lower currency rating.
D) spot exchange rates replace forward exchange rates.

The Triffin paradox refers to a problem in which a national currency that is also a reserve currency will eventually run a deficit, leading to lack of confidence in the reserve currency and a financial crisis.

36) The monetary arrangements made at Bretton Woods resulted in what type of exchange rates assigned to member nations’ currencies?

A) fixed
B) forward
C) spot
D) floating

Bretton Woods set up fixed exchange rates among member nations’ currencies, with par value based on gold and the U.S. dollar, which was valued at $35 per ounce of gold.

37) How did the Jamaica Agreementaffect IMF members?

A) It established the rules for the floating rate currency exchange rate system.
B) It led to the free trade agreement in the Caribbean.
C) It created guidelines for the gold standard.
D) It controlled exchange rates in the South Atlantic region.

Question Details
AACSB : Reflective Thinking
Bloom's : Understand
Difficulty : 2 Medium
Learning Objective : 08-02 Describe todays floating currency exchange rate system, including the IMF currency arrangements.
Topic : The Influence of Exchange Rates
Accessibility : Keyboard Navigation

The Jamaica Agreement that established the rules for the floating system was both worked out and accepted by IMF members after the fact, in 1976.

38) A currency exchange arrangement with no separate legal tender is essentially

A) adopting the currency of another country.
B) allowing the currency to float freely.
C) giving up the possibility of holding reserves.
D) a stabilized arrangement for maximum monetary control.

Question Details
AACSB : Reflective Thinking
Bloom's : Remember
Difficulty : 1 Easy
Learning Objective : 08-02 Describe todays floating currency exchange rate system, including the IMF currency arrangements.
Topic : The Influence of Exchange Rates
Accessibility : Keyboard Navigation

Exchange arrangement with no separate legal tender: One country adopts the currency of another, or a group of countries adopt a common currency.

39) In a managed float currency arrangement, the currency fluctuates while

A) the country’s monetary authority intervenes on the currency market without making its goals and targets public.
B) the currency uses the currencies of trading partners as ballast.
C) a group of nations decide to manage their currencies jointly and publicly, relying on the market.
D) gold is used to stabilize the currency values, hence, managed.

In a managed float, the currency fluctuates, while the country’s monetary authority actively intervenes on the exchange market without specifying or making public its goals and targets. Peru, Korea, Mexico, the Philippines, South Africa, Turkey, and India are among the many countries that follow this arrangement.

40) A fixed peg currency arrangement means that

A) a country’s exchange rates fluctuate around a fixed rate within a narrow band.
B) monetary authorities will approve any movement; the peg is national.
C) currency relationships are under the control of the central bank.
D) allied nations' currencies will move in opposition, creating a balance.

A fixed-peg or fixed-rate relationship allows a currency’s exchange rates with one or a basket of currencies to fluctuate around a fixed rate within a narrow band of less than 1 percent.

41) How can the current free floating and managed exchange rate system best be described?

A) It seems to be meeting its present challenges, including the 2008 liquidity crisis.
B) It is in dire need for redesign due to debt defaults.
C) It can continue as is for a while but is holding back international finance.
D) It will need to be replaced with a fixed rate system soon.

Question Details
AACSB : Reflective Thinking
Bloom's : Remember
Difficulty : 1 Easy
Learning Objective : 08-02 Describe todays floating currency exchange rate system, including the IMF currency arrangements.
Topic : The Influence of Exchange Rates
Accessibility : Keyboard Navigation

The floating exchange rate system, both managed and free-floating, seems to be meeting its recent challenges, several of which—including a central bank liquidity crisis in the spring of 2008 and an ensuing global financial crisis—have been severe.

42) The Bank for International Settlements is

A) a bank for central bankers.
B) a last resort for overdue national debt.
C) an organized arbitration panel sponsored by the UN.
D) an arbitrage clearinghouse for Organisation for Economic Co-operation and Development (OECD) economies.

Question Details
AACSB : Reflective Thinking
Bloom's : Remember
Difficulty : 1 Easy
Learning Objective : 08-02 Describe todays floating currency exchange rate system, including the IMF currency arrangements.
Topic : The Influence of Exchange Rates
Accessibility : Keyboard Navigation

BIS is a bank for central bankers and critical in achieving international financial stability.

43) What is known to be the most discreet financial institution in the world?

A) Bank for International Settlements
B) World Bank
C) International Monetary Fund
D) Federal Deposit Insurance Corporation

Question Details
AACSB : Reflective Thinking
Bloom's : Remember
Difficulty : 1 Easy
Learning Objective : 08-02 Describe todays floating currency exchange rate system, including the IMF currency arrangements.
Topic : The Influence of Exchange Rates
Accessibility : Keyboard Navigation

The BIS is known as the most discreet financial institution in the world, which may explain why it is often overlooked as an institution and even as a physical site.

44) How was the yen affected after the devastating earthquake and tsunami in Japan in the spring of 2011?

A) The yen strengthened.
B) The yen reached all-time lows against the dollar and the euro.
C) The Japanese monetary authorities allowed the yen to trade against the renminbi.
D) The yen stabilized at a 10-year low.

Question Details
AACSB : Reflective Thinking
Bloom's : Remember
Difficulty : 1 Easy
Learning Objective : 08-02 Describe todays floating currency exchange rate system, including the IMF currency arrangements.
Topic : The Influence of Exchange Rates
Accessibility : Keyboard Navigation

The yen strengthened.

45) A currency arrangement that is based on free floating exchange rates relies on

A) income from tariffs.
B) the markets.
C) the government.
D) reserve funds.

Question Details
AACSB : Reflective Thinking
Bloom's : Remember
Difficulty : 1 Easy
Learning Objective : 08-02 Describe todays floating currency exchange rate system, including the IMF currency arrangements.
Topic : The Influence of Exchange Rates
Accessibility : Keyboard Navigation

Free floating exchange rates: Free floating exchange rates rely on the market. Governments may intervene, but to moderate the rate of change rather than to establish the currency’s level.

46) In which type of currency arrangement would a currency be readjusted periodically at a fixed, preannounced rate?

A) stabilized
B) crawling peg
C) managed floating
D) conventional fixed-peg

In a crawling peg strategy, a currency is readjusted periodically at a fixed, preannounced rate or in response to changes in indicators.

47) In order to strengthen the U.S. dollar, the Federal Reserve might sell yen and buy dollars, in which case the yen functions as

A) a stronger currency than the dollar.
B) an intervention currency.
C) an arbitrage currency.
D) none of these alternatives.

Question Details
AACSB : Reflective Thinking
Learning Objective : 08-03 Describe the factors that influence exchange rate movement.
Topic : Currency Management and Business Strategy in the Global Monetary System
Difficulty : 2 Medium
Bloom's : Apply
Accessibility : Keyboard Navigation

This would make the dollar scarcer, so its value would increase.

48) A vehicle currency is a currency

A) used to trade in the transportation sector, usually dollar, euro, or yen.
B) whose value lies in its function in transfer pricing.
C) specifically used in arbitrage deals as a trading medium only.
D) used for international trade or investment.

A vehicle currency is a currency that is used for international trade or investment.

49) Financial forces such as inflation and taxation are considered uncontrollable because

A) only developing nations have to deal with them.
B) they are external forces beyond the influence of the firm.
C) they are easily avoided.
D) they are predictable.

Question Details
AACSB : Reflective Thinking
Bloom's : Remember
Difficulty : 1 Easy
Learning Objective : 08-03 Describe the factors that influence exchange rate movement.
Topic : Factors Influencing Strategic Choice
Accessibility : Keyboard Navigation

Having reviewed the basics of the international monetary system, we now are ready to focus on the financial forces, external to the firm and largely uncontrollable, that influence the context in which international managers make decisions. These forces include currency exchange rate fluctuation and exchange risk, currency exchange controls, taxation, inflation, and national-level balance-of-payments account balances. Although uncontrollable means that these financial forces originate outside the business and are beyond its influence, financial managers of a company are not helpless about them.

50) The present floating exchange rate system is not a totally free float because

A) free floating exists in theory only.
B) some governments refuse to manage their free float.
C) some central banks from time to time intervene in the market to buy or sell large amounts of currency.
D) fixed exchange rates limit the amount of transactions that affect the currency.

Question Details
AACSB : Reflective Thinking
Bloom's : Remember
Difficulty : 1 Easy
Learning Objective : 08-03 Describe the factors that influence exchange rate movement.
Topic : Fixed versus Floating Exchange Rate Systems
Accessibility : Keyboard Navigation

For the most part, the major currencies float freely against each other, but there is interference from time to time. At times, central banks intervene in the foreign exchange markets by buying and selling large amounts of a currency in order to affect the supply and demand of that particular currency.

51) Fordham Fresh Foods relies on an exchange rate that is based on trade for delivery within two business days. What type of exchange rate does the company use?

A) spot rate
B) ask rate
C) bid rate
D) forward rate

Question Details
AACSB : Reflective Thinking
Learning Objective : 08-03 Describe the factors that influence exchange rate movement.
Difficulty : 2 Medium
Topic : The Main Instruments and Institutions of the Foreign Exchange Market
Bloom's : Apply
Accessibility : Keyboard Navigation

The exchange rate for a purchase or trade for delivery within two business days is known as the spot rate.

52) Jason wants to lock in today’s exchange rate because he is worried rates might skyrocket in the next few months. He wants to lock in this rate for the shipments he has due in the next 60 days. What type of rate is Jason interested in?

A) forward rate
B) spot rate
C) ask rate
D) bid rate

The forward rate is the exchange rate, the cost today, of a commitment to buy or sell an agreed amount of a currency at a fixed future date, usually 30, 60, 90, or 180 days from now.

53) A spot exchange rate is the

A) rate for exchange within two business days.
B) best rate in the market for exchange within 10 days.
C) rate for preferred exchanges among central bankers.
D) rate established by the BIS.

Question Details
AACSB : Reflective Thinking
Bloom's : Remember
Difficulty : 1 Easy
Learning Objective : 08-03 Describe the factors that influence exchange rate movement.
Topic : The Main Instruments and Institutions of the Foreign Exchange Market
Accessibility : Keyboard Navigation

The exchange rate between two currencies for delivery within two business days.

54) The bid price is the

A) highest-priced buy order currently in the market.
B) lowest-priced buy order currently in the market.
C) highest-priced sell order currently in the market.
D) lowest-priced sell order currently in the market.

Question Details
AACSB : Reflective Thinking
Bloom's : Remember
Difficulty : 1 Easy
Learning Objective : 08-03 Describe the factors that influence exchange rate movement.
Topic : The Main Instruments and Institutions of the Foreign Exchange Market
Accessibility : Keyboard Navigation

The bid price is the highest-priced buy order currently in the market.

55) Exchange rate fluctuations are best described as

A) not yet fully understood by economists.
B) well understood and supported by solid theory.
C) random phenomena.
D) the result of so many variables that they cannot be explained.

Question Details
AACSB : Reflective Thinking
Bloom's : Remember
Difficulty : 1 Easy
Learning Objective : 08-03 Describe the factors that influence exchange rate movement.
Topic : The Main Instruments and Institutions of the Foreign Exchange Market
Accessibility : Keyboard Navigation

While economists have not yet developed an accepted theory to explain exchange rate fluctuations, they have been able to identify several parity relationships among some of the factors that influence them.

56) The international Fisher effect says that interest rate differentials

A) predict exchange rate movement.
B) can be used to determine purchasing power parity.
C) are an example of the law of one price.
D) illustrate production levels.

Question Details
AACSB : Reflective Thinking
Bloom's : Remember
Difficulty : 1 Easy
Learning Objective : 08-03 Describe the factors that influence exchange rate movement.
Topic : Foreign Exchange Risks
Accessibility : Keyboard Navigation

The interest rate differentials for any two currencies will reflect their expected change in exchange rates.

57) The law of one price says that

A) only one price can be charged for an item in a contract deal.
B) in an efficient market, one price only is the permissible price.
C) in an efficient market, like goods will have like prices.
D) the cost to produce a product must reflect the cost at which it is sold.

Question Details
AACSB : Reflective Thinking
Bloom's : Remember
Difficulty : 1 Easy
Learning Objective : 08-03 Describe the factors that influence exchange rate movement.
Topic : Foreign Exchange Risks
Accessibility : Keyboard Navigation

They both rest on and are applications of the law of one price, which states that in an efficient market, like products will have like prices.

58) The Fisher effect states that the real interest rate

A) is the nominal rate plus the recorded inflation rate.
B) is the only measure to use in calculating PPP.
C) is the nominal rate minus the expected inflation rate.
D) is the difference between the nominal rate and the inflation rate.

Question Details
AACSB : Reflective Thinking
Bloom's : Remember
Difficulty : 1 Easy
Learning Objective : 08-03 Describe the factors that influence exchange rate movement.
Topic : Foreign Exchange Risks
Accessibility : Keyboard Navigation

Interest rates vary to take into account differing rates of inflation.

59) The Economist’s Big Mac Index suggests that

A) if currencies are trading equivalently, the prices of a Big Mac will be similar.
B) if a currency is undervalued, the price of a Big Mac in that currency will be up to 50 percent more expensive than the United States dollar price of a Big Mac.
C) the dollar price of the Big Mac will always be higher, because it is the home market.
D) when the dollar is trading at a historical premium, the price of a Big Mac will be cheaper in the United States.

Question Details
AACSB : Reflective Thinking
Bloom's : Remember
Difficulty : 1 Easy
Learning Objective : 08-03 Describe the factors that influence exchange rate movement.
Topic : Foreign Exchange Risks
Accessibility : Keyboard Navigation

Similar prices suggest balanced exchange rates.

60) Most of the transactions in the foreign currency market are OTC which means that

A) they can take place in the domestic or foreign market.
B) trades are done electronically.
C) that its categories are quite general and easy to apply.
D) trades are conducted on a trading floor.

Question Details
AACSB : Reflective Thinking
Bloom's : Remember
Difficulty : 1 Easy
Learning Objective : 08-03 Describe the factors that influence exchange rate movement.
Topic : Foreign Exchange Risks
Accessibility : Keyboard Navigation

Most of the transactions are over the counter (OTC), meaning that there is no actual trading floor; trades are done electronically.

61) What is a characteristic of the FX markets?

A) They are largely unregulated.
B) They operate from 7:00 am to 7:00 pm even on weekends.
C) They are governed by trading partners.
D) They tend to be small but highly competitive.

Question Details
AACSB : Reflective Thinking
Bloom's : Remember
Difficulty : 1 Easy
Learning Objective : 08-03 Describe the factors that influence exchange rate movement.
Topic : Foreign Exchange Risks
Accessibility : Keyboard Navigation

As you can imagine, the FX markets are large, liquid, and quite competitive, with trading occurring 24 hours a day through international banks. The global average daily turnover for FX is $3 trillion to $5 trillion. FX markets are largely unregulated as well.

62) Jala works for a diamond importer. The company uses the U.S. dollar for international trade deals. In this instance, the U.S. dollar is acting as a(n)

A) vehicle currency.
B) spot currency.
C) intervention currency.
D) reciprocal currency.

Question Details
AACSB : Reflective Thinking
Learning Objective : 08-03 Describe the factors that influence exchange rate movement.
Topic : Foreign Exchange Risks
Difficulty : 2 Medium
Bloom's : Apply
Accessibility : Keyboard Navigation

A vehicle currency is a currency that is used for international trade or investment.

63) Cooper Electric locked in today’s exchange rate for all trades occurring 60–90 days from now. What rate will the company use in these transactions?

A) bid price
B) ask price
C) forward rate
D) spot rate

The forward rate is the exchange rate, the cost today, of a commitment to buy or sell an agreed amount of a currency at a fixed future date, usually 30, 60, 90, or 180 days from now.

64) Arbitrage functions to

A) provide French markets access to other EU markets.
B) exploit price differences between markets, so as to profit with no risk.
C) create wealth through interest rate swaps.
D) create increased trading in commodity markets.

Question Details
AACSB : Reflective Thinking
Bloom's : Remember
Difficulty : 1 Easy
Learning Objective : 08-03 Describe the factors that influence exchange rate movement.
Topic : Foreign Exchange Risks
Accessibility : Keyboard Navigation

Arbitrage—simultaneous buying and selling to make a profit with no risk—will quickly close any gaps and the markets will be back at equilibrium. Arbitrage evens out the currency exchange markets; in efficient markets, the law of one price states that like products will have like prices.

65) When the law of one price is applied to interest rates, it suggests that

A) interest rates do not differ much across national borders.
B) inflation is not affected by interest rates.
C) inflation and interest rates do not follow the law of one price.
D) varying interest rates take into account anticipated differences in inflation rates.

Question Details
AACSB : Reflective Thinking
Learning Objective : 08-03 Describe the factors that influence exchange rate movement.
Topic : Foreign Exchange Risks
Bloom's : Understand
Difficulty : 2 Medium
Accessibility : Keyboard Navigation

The law of one price applied to interest rates suggests that they differ to reflect varying inflation rates.

66) The international Fisher effect says that the interest rate differentials in any two currencies reflect

A) the ratio of their inflation rates minus COL.
B) arbitrary differences in the two economies.
C) PPP differences in the two economies.
D) the expected change in their exchange rates.

Question Details
AACSB : Reflective Thinking
Difficulty : 1 Easy
Learning Objective : 08-03 Describe the factors that influence exchange rate movement.
Topic : Foreign Exchange Risks
Bloom's : Understand
Accessibility : Keyboard Navigation

An application of the concept of interest rate parity, the international Fisher effect, says that the interest rate differentials for any two currencies will reflect the expected change in their exchange rates.

67) Purchasing power parity is a way to compare

A) the purchasing power between two currencies.
B) the cost savings of economies of scale.
C) the impact of financial aid in several economies.
D) meals in different economic systems, via the Big Mac Index.

Question Details
AACSB : Reflective Thinking
Bloom's : Remember
Difficulty : 1 Easy
Learning Objective : 08-03 Describe the factors that influence exchange rate movement.
Topic : Foreign Exchange Risks
Accessibility : Keyboard Navigation

PPP is the amount of adjustment that must be made in the exchange rates for two currencies in order for them to have equivalent purchasing power.

68) Exchange rate forecasting is

A) important because exchange rates influence many aspects of business.
B) important because markets depend on solid information and not estimates.
C) unimportant because exchange rate forecasting does not have a theoretical model.
D) unimportant because exchange rate movements do not impact international transactions.

Question Details
AACSB : Reflective Thinking
Bloom's : Remember
Difficulty : 1 Easy
Learning Objective : 08-03 Describe the factors that influence exchange rate movement.
Topic : Foreign Exchange Risks
Accessibility : Keyboard Navigation

Exchange rate forecasting is important because exchange rates influence many aspects of business.

69) The three main approaches to exchange rate forecasting are

A) the efficient market approach, the fundamental approach, and the technical analysis.
B) the efficient market approach, the random walk hypothesis, and the pragmatic approach.
C) the random walk hypothesis, the pragmatic approach, and the fundamental approach.
D) guesswork, estimation, and approximation.

Question Details
AACSB : Reflective Thinking
Bloom's : Remember
Difficulty : 1 Easy
Learning Objective : 08-03 Describe the factors that influence exchange rate movement.
Topic : Foreign Exchange Risks
Accessibility : Keyboard Navigation

There are several approaches to forecasting, and three of the main ones are the efficient market approach, the fundamental approach, and technical analysis.

70) Currency exchange controls are found most frequently in

A) developing countries.
B) developed countries.
C) countries with pegged exchange rates.
D) nondemocratic countries.

Question Details
AACSB : Reflective Thinking
Difficulty : 1 Easy
Bloom's : Understand
Learning Objective : 08-04 Discuss financial forces governments can exert.
Topic : Currency Management and Business Strategy in the Global Monetary System
Accessibility : Keyboard Navigation

Currency controls are found most frequently in developing countries that are having balance of payment issues and concerned about the depletion of their foreign reserves.

71) The Japanese yen is an example of a convertible currency because it can be

A) converted to gold at a higher rate.
B) assigned an arbitrary value higher than its value in the free market.
C) exchanged for other currencies without restriction.
D) exchanged at the spot forward rate.

Convertible currencies can be exchanged for other currencies without restrictions. Also known as hard currencies, these include the Japanese yen, the U.S. dollar, the British pound, and the euro.

72) In general, with regard to exchange controls, developed countries

A) rarely use them.
B) use them only to discourage foreign investment.
C) use them when needed to implement monetary policy.
D) use them secretly.

Developed countries have few or no exchange controls.

73) Countries put limitations on the convertibility of their currency when they are concerned that

A) there is too much domestic spending.
B) foreigners will hold control of their monetary policy.
C) their foreign reserves could be depleted.
D) there is not enough domestic spending.

Currency controls must be carefully monitored by the international manager. The ability to repatriate could be altered overnight.

74) When a government requires a permit to purchase foreign currency, the exchange rates

A) are market-driven.
B) can be negotiated by the firm.
C) are unpredictable.
D) are often above the free market rate.

When a government requires the firm to have permission to purchase foreign currency, exchange rates are often above the free market rate.

75) The three major taxes governments use to generate revenue are

A) VAT, income tax, and withholding tax.
B) sales tax, VAT, and income tax.
C) property tax, VAT, and sales tax.
D) income tax, property tax, and sales tax.

Governments around the world widely use three types of taxation to generate revenue: income tax, value-added tax (VAT), and withholding tax.

76) A value-added tax is actually a sales tax that is

A) paid by the firm rather than the consumer.
B) paid in stages along the process from raw materials to consumer.
C) paid by the government.
D) voluntarily paid on exports.

A value-added tax (VAT) is a tax charged on the value added to a good as it moves through production from raw materials to final purchaser.

77) Withholding tax isdescribed as

A) an indirect tax paid by employers before employees receive salaries.
B) a direct tax levied on earned income.
C) a 30 percent tax levied on foreign residents.
D) an indirect tax levied on passive income.

Withholding tax is levied on passive income such as interest, dividends, and royalties.

78) As a way to decrease their tax rate, Shiller Supply Corp. moved its profits out of the United States to a location with lower tax rates. What strategy is the company using?

A) tax conversion
B) profit sharing
C) tax inversion
D) profit shifting

Question Details
AACSB : Reflective Thinking
Learning Objective : 08-04 Discuss financial forces governments can exert.
Topic : Factors Influencing Strategic Choice
Difficulty : 2 Medium
Bloom's : Apply
Accessibility : Keyboard Navigation

In addition to using tax benefits to decrease their effective tax rates, corporations also use two basic strategies to minimize their taxes, profit shifting and tax inversion. Profit shifting is moving profits to locations with lower tax rates, while tax inversion is buying a foreign company in a lower-taxed location and then using that company as the legal location for the corporation.

79) A company can use the inflation rate to determine the

A) capital structure of the firm.
B) growth rate of sales.
C) real cost of borrowing in capital markets.
D) equilibrium point.

Question Details
AACSB : Reflective Thinking
Bloom's : Understand
Learning Objective : 08-04 Discuss financial forces governments can exert.
Topic : Factors Influencing Strategic Choice
Difficulty : 2 Medium
Accessibility : Keyboard Navigation

Inflation, a financial force external to a company, affects a firm in several major ways. First, the inflation rate determines the real cost of borrowing in capital markets.

80) With increasing inflation, borrowing becomes

A) more attractive because repayment can be made with cheaper money.
B) less attractive because repayment is made with dearer money.
C) impossible because money has lost its value.
D) a moot issue because of liquidity issues.

Increasing inflation rates tend to encourage borrowing because loans can be repaid in the future with inflated, cheaper money.

81) Taxation is a financial force in that

A) firms achieving a lower tax burden than their competitors can generate higher revenues.
B) governments enacting taxes are formal institutions that enforce tax law via force.
C) businesses are compelled by foreign governments to pay taxes.
D) it is not controlled by the firm.

From the firm's perspective, taxation is a financial force whose impact is significant. Lower tax burdens than competitors can lead to competitive advantages.

82) Along with using tax benefits to decrease their tax rates, companies might also employ two basic strategies: tax inversion and

A) the gold standard.
B) a greenfield investment.
C) purchasing power parity.
D) profit shifting.

In addition to using tax benefits to decrease their effective tax rates, corporations also use two basic strategies to minimize their taxes, profit shifting and tax inversion.

83) When a country experiences a sustained increase in prices, it is feeling the effects of

A) a depression.
B) inflation.
C) recession.
D) capital gains.

Inflation is a sustained increase in prices. Some economists hold that it is caused by demand exceeding supply, while others view the cause to be an increase in the money supply.

84) The balance of payments account is a record of

A) the total tangible trade flows of a country over a five-year period.
B) a country's transactions with the rest of the world.
C) a country's total debt service payments during a one-year period.
D) the outstanding balance of a country's debt payments for the fiscal year.

The BOP account is a record of a country's transactions with the rest of the world. So it actually tracks the flows of capital in and out of the country.

85) The balance of payments account is divided into the following three major subaccounts:

A) trade, capital, and debt.
B) cash flow, assets, and official reserves.
C) services, cash flow, and debt.
D) current, capital, and official reserves.

Question Details
Difficulty : 1 Easy
Bloom's : Understand
Learning Objective : 08-05 Explain the significance of the balance of payments to international business decisions.
Topic : Balance of Payments
AACSB : Analytical Thinking
Accessibility : Keyboard Navigation

The three major accounts are current account, capital account, and reserve account. This is illustrated in Figure 8.3.

86) Most significantly for the international manager, the balance of payments reveals

A) demand for a firm's products.
B) a firm's financial position.
C) a country's import and export patterns.
D) demand for a country's currency.

Question Details
AACSB : Reflective Thinking
Difficulty : 1 Easy
Bloom's : Understand
Learning Objective : 08-05 Explain the significance of the balance of payments to international business decisions.
Topic : Balance of Payments
Accessibility : Keyboard Navigation

The BOP reveals the record of a country's transactions with the rest of the world. First, a country’s balance of payments reveals the demand for the country’s currency. The BOP trend also helps managers predict what sort of changes in the economic environment might develop in the country.

87) Balance of payments data is used by countries to

A) reveal a country's assets.
B) suggest areas of concern in monetary and fiscal policy.
C) predict changes in the economic environment.
D) show how the country's currency arrangement (fixed, pegged, floating) is valued.

Question Details
AACSB : Reflective Thinking
Bloom's : Remember
Difficulty : 2 Medium
Learning Objective : 08-05 Explain the significance of the balance of payments to international business decisions.
Topic : Balance of Payments
Accessibility : Keyboard Navigation

BOP data are of interest to international businesspeople for several reasons. First, a country’s balance of payments reveals the demand for the country’s currency. The BOP trend also helps managers predict what sort of changes in the economic environment might develop in the country.

88) The current account on the BOP has three subaccounts:

A) export, import, and capital.
B) tangible exports, tariff revenues, and capital.
C) fixed assets, current liabilities, and long-term debt.
D) merchandise, services, and unilateral transfers.

The three accounts are merchandise or goods, services, and unilateral transfers (those with no reciprocity).

89) The balance part of the BOP is explained by

A) the accounts being double-entry, so they are always balanced.
B) imbalances showing immediately.
C) actions governments take to achieve the balance.
D) equal payments being made to all parties.

The BOP by definition is always balanced; there are deficits and surpluses in accounts.

90) The U.S. current account deficit can be explained partially by

A) citizens of other nations wanting to hold dollars, and invest in the United States.
B) citizens of other nations wanting to avoid the dollar.
C) U.S. citizens exporting more than they are importing.
D) a lack of investment opportunities in the United States.

In the case of the United States, a current account deficit could occur because investments in the United States are secure and profitable, so that many foreigners want to own them (foreign direct investment, an import of capital) and export their earnings (repatriation).

91) A purchase of foreign goods in the United States (goods that were imported from another country) will be recorded in the BOP as

A) an asset in the current account.
B) a debit in the current account.
C) no record, because the purchase is made in the United States.
D) a liability in the foreign transfer account.

If you purchase a case of French wine in the United States for $200, your payment, as it heads out of the United States and to the French winery, will be recorded as a debit in the United States current account.

92) In the Bretton Woods system, the only currency redeemable for gold was ________.

Bretton Woods set up fixed exchange rates among member nations’ currencies, with par value based on gold and the U.S. dollar, which was valued at $35 per ounce of gold.

93) Charles de Gaulle pushed the Bank of ________ to redeem its dollar holdings for gold, resulting in the end of the Bretton Woods system.

President Charles de Gaulle pushed the Bank of France to redeem its dollar holdings for gold. Eventually, in 1971, President Nixon suspended the dollar’s convertibility into gold.

94) A ________ contains holdings a country can draw on when needed to finance trade or investments or to intervene in currency markets.

Question Details
AACSB : Reflective Thinking
Bloom's : Remember
Learning Objective : 08-01 Describe the international monetary systems history.
Topic : The History of the Global Monetary System
Difficulty : 2 Medium
Accessibility : Keyboard Navigation

Every member of the IMF keeps a reserve account, a bit like a savings account, with holdings the country can draw on when needed to finance trade or investments or to intervene in currency markets.

95) The ________ describes that when a national currency becomes a reserve currency, over time, people lose confidence in it due to inevitable domestic deficits, and it loses value.

Triffin paradox is a problem in which a national currency that is also a reserve currency will eventually run a deficit, leading to lack of confidence in the reserve currency and a financial crisis.

96) The general process of managing the risks incurred in wide currency rate shifts in the floating exchange market is known as ________.

Question Details
AACSB : Reflective Thinking
Bloom's : Remember
Topic : Approaches to Exchange Rate Forecasting
Difficulty : 2 Medium
Learning Objective : 08-02 Describe todays floating currency exchange rate system, including the IMF currency arrangements.
Accessibility : Keyboard Navigation

These currency fluctuations create major uncertainties that international managers must protect against, through a process called hedging, which is a way to manage risk.

97) The Jamaica Agreement established the rules for the ________ exchange rate system.

Question Details
AACSB : Reflective Thinking
Bloom's : Remember
Difficulty : 1 Easy
Learning Objective : 08-02 Describe todays floating currency exchange rate system, including the IMF currency arrangements.
Topic : The Influence of Exchange Rates
Accessibility : Keyboard Navigation

The Jamaica Agreement that established the rules for the floating system was both worked out and accepted by IMF members after the fact, in 1976.

98) After Bretton Woods, the major currencies floated in the currency markets, with their value determined by ________.

Question Details
AACSB : Reflective Thinking
Bloom's : Remember
Difficulty : 2 Medium
Learning Objective : 08-02 Describe todays floating currency exchange rate system, including the IMF currency arrangements.
Topic : Functions of the Foreign Exchange Market
Accessibility : Keyboard Navigation

By March 1973, the major currencies were floating in the foreign exchange (FX) markets, with their value determined by supply and demand, and this system of floating exchange rates still prevails.

99) In a ________ currency arrangement strategy, a currency is readjusted periodically at a fixed, preannounced rate or in response to changes in indicators.

In a crawling peg strategy, a currency is readjusted periodically at a fixed, preannounced rate or in response to changes in indicators. Honduras and Nicaragua both have this arrangement with the U.S. dollar.

100) ________ currencies can move against one another quickly and in large swings.

Floating currencies can move against one another quickly and in large swings. Such changes have many causes, including political events, expectations, disasters, and government economic policies that encourage trade imbalances and deficits.

101) The Bank for ________ is an international organization of central banks that exists to build cooperation to promote monetary stability

The Bank for International Settlements (BIS) is an international organization of central banks that exists to build cooperation in order to foster monetary and financial stability.

102) The ________ approach to exchange rate forecasting assumes that current fully prices reflect all available information.

Question Details
AACSB : Reflective Thinking
Bloom's : Remember
Learning Objective : 08-03 Describe the factors that influence exchange rate movement.
Topic : Approaches to Exchange Rate Forecasting
Difficulty : 2 Medium
Accessibility : Keyboard Navigation

The efficient market approach assumes that current prices fully reflect all available relevant information. This assumption also suggests that forward exchange rates are the best possible predictor of future spot rates because they will have taken into account all the available information.

103) ________ policies are those that control the amount of money in circulation.

Question Details
AACSB : Reflective Thinking
Bloom's : Remember
Difficulty : 1 Easy
Learning Objective : 08-03 Describe the factors that influence exchange rate movement.
Topic : Approaches to Exchange Rate Forecasting
Accessibility : Keyboard Navigation

Monetary policies control the amount of money in circulation, whether it is growing, and, if so, at what pace. Fiscal policies address the collecting and spending of money by the government.

104) The ________ states that in an efficient market, like products will have like prices.

The law of one price, states that in an efficient market, like products will have like prices.

105) ________ is the simultaneous buying and selling to make a profit with no risk.

If price differences exist, the process of arbitrage—simultaneous buying and selling to make a profit with no risk—will quickly close any gaps and the markets will be back at equilibrium.

106) The real interest rate will be the nominal interest rate minus the expected rate of inflation, known as the ________.

Question Details
AACSB : Reflective Thinking
Learning Objective : 08-03 Describe the factors that influence exchange rate movement.
Topic : Approaches to Exchange Rate Forecasting
Bloom's : Understand
Difficulty : 2 Medium
Accessibility : Keyboard Navigation

The economic explanation of this relationship, which results in interest rate parity, is known as the Fisher effect. It states that the real interest rate will be the nominal interest rate minus the expected rate of inflation.

107) ________ is the amount of adjustment that must be made in the exchange rates for two currencies for them to have equivalent purchasing power.

Question Details
AACSB : Reflective Thinking
Bloom's : Remember
Difficulty : 1 Easy
Learning Objective : 08-03 Describe the factors that influence exchange rate movement.
Topic : Approaches to Exchange Rate Forecasting
Accessibility : Keyboard Navigation

A second important parity relationship is purchasing power parity (PPP). PPP is the amount of adjustment that must be made in the exchange rates for two currencies in order for them to have equivalent purchasing power.

108) A currency that is used for international trade is known as a ________ currency.

Question Details
AACSB : Reflective Thinking
Bloom's : Remember
Difficulty : 1 Easy
Learning Objective : 08-03 Describe the factors that influence exchange rate movement.
Topic : Approaches to Exchange Rate Forecasting
Accessibility : Keyboard Navigation

A vehicle currency is a currency that is used for international trade or investment.

109) Foreign exchange quotations tend to be reported in international markets in terms of the U.S. dollar and ________.

Question Details
AACSB : Reflective Thinking
Bloom's : Remember
Difficulty : 1 Easy
Learning Objective : 08-03 Describe the factors that influence exchange rate movement.
Topic : Approaches to Exchange Rate Forecasting
Accessibility : Keyboard Navigation

Foreign exchange quotations—the price of one currency expressed in terms of another—are reported in the world’s currency exchange markets in terms of the U.S. dollar, and increasingly the euro and the local currency.

110) ________ is a sustained increase in prices.

Inflation is a sustained increase in prices. Some economists hold that it is caused by demand exceeding supply, while others view the cause to be an increase in the money supply.

111) The record of a country's transactions with the rest of the world is the ________.

The balance of payments (BOP) is a record of a country’s transactions with the rest of the world.

112) Describe how the Bretton Woods system affected international trade growth during the 1950s and 1960s.

113) Compare and contrast spot and forward exchange rates. Explain how each can be useful to investors.

114) Discuss purchasing power parity. Relate the Big Mac application of this theory.

115) Describe the three major types of taxation used by governments around the world to generate revenue.

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