testB_ans

python中subtest用法
在Python中，`subtest`是一个用于测试框架的子测试功能。

它允许在单个测试函数中运行多个子测试，并为每个子测试生成单独的测试结果。

`subtest`在Python的`unittest`模块中定义。

使用`subtest`的语法如下：
```python
import unittest
class MyTestCase():
def test_something(self):
with ():
第一个子测试
(1 + 1, 2)
with ():
第二个子测试
(2 2, 4)
```
在上面的示例中，`test_something`函数包含两个子测试。

每个子测试都是使用`with ():`语句块包装的。

每个子测试运行后，将生成单独的测试结果。

除了使用`with`语句块外，还可以使用`subtest`的装饰器语法：
```python
import unittest
class MyTestCase():
()
def test_something(self):
第一个子测试
(1 + 1, 2)
()
def test_something_else(self):
第二个子测试
(2 2, 4)
```
在这个示例中，`()`装饰器用于标记函数为子测试。

每个子测试函数都独立运行，并生成单独的测试结果。

使用`subtest`可以方便地组织和管理多个相关的测试用例，并在单个测试函数中执行它们。

这对于编写复杂的测试用例非常有用，特别是当您需要验证多个方面或条件时。

Chapter 11 CarbohydratesMatching QuestionsUse the following to answer questions 1-10:Choose the correct answer from the list below. Not all of the answers will be used.a) Fehling’sb) enantiomersc) UDPd) glycogene) monosaccharidesf) celluloseg) lectinsh) Heparini) axialj) glycoproteinsk) epimersl) glycosyltransferases1 ____________ This class of compounds has the molecular formula of (CH2O)n.Ans: eSection: 11.12 ____________ These are stereoisomers that are mirror images of each other.Ans: bSection: 11.13 ____________ These monosaccharides differ at a single asymmetric carbon.Ans: kSection: 11.14 ____________ This is the most abundant organic molecule in the biosphere.Ans: fSection: 11.25 ____________ This is a test solution used to identify reducing and nonreducing sugars.Ans: aSection: 11.16 ____________ The storage form of glucose in animals.Ans: dSection: 11.27 ____________ This is an example of a glycosaminoglycan.Ans: hSection: 11.28 ____________ These are the enzymes that synthesize oligosaccharides.Ans: lSection: 11.29 ____________ Molecule to which most sugars are attached prior to transfer.Ans: cSection: 11.210 ____________ These proteins bind to specific carbohydrate structures.Ans: gSection: 11.3Fill in the Blank Questions11 A _______________ is a stereoisomer that is not a mirror image.Ans: diastereoisomer Section: 11.112 A _______________ is a five-membered ring formed from a monosaccharide.Ans: furanose Section: 11.113 A _______________ is formed when two monosaccharides are linked together via a glycosidicbond.Ans: disaccharide Section: 11.114 Plant starch is composed of amylose, a linear polymer of glucose, and a branched polymer ofglucose referred to as _______________.Ans: amylopectin Section: 11.215 Maltose is composed of two molecules of glucose linked together by ____________ glycosidicbond.Ans: α-1,4 Section: 11.216 _______________ is a galactose joined to a glucose by a β-1,4 glycosidic bond.Ans: Lactose Section: 11.217 In N-linked glycoproteins, the carbohydrate portion is attached to a(n)_____________ residue inthe protein.Ans: asparagine Section: 11.318 When the carbohydrate portion is attached to a serine or threonine residue in a glycoprotein, it isreferred to as a(n)_______________ glycoprotein.Ans: O-linked Section: 11.319 The influenza virus recognizes _______________ residues of glycoproteins present on cellsurface.Ans: sialic acid Section: 11.420 In C-type lectins, a _______________ acts as a bridge between the carbohydrate and the protein.Ans: calcium ion Section: 11.4Multiple Choice Questions21 Carbohydrates areA) polyhydroxy aldehydes.B) polyhydroxy ketones.C) polyhydroxy acids.D) polyhydroxy alcohols.E) a and b.Ans: E Section: Introduction22 The simplest carbohydrates areA) D- and L-glyceraldehyde.B) dihydroxyacetone and D- and L-glyceraldehyde.C) dihydroxyacetone and glycerate.D) All of the above.E) None of the above.Ans: B Section: 11.123 An aldehyde and alcohol can react to form aA) hemiaketal. D) All of the above.B) hemiketal. E) None of the above.C) hemiacetal.Ans: C Section: 11.124 Fructose can cyclize to (a)A) pyranose ring.B) furanose ring.C) both pyranose and furanose ring forms.D) All of the above.E) None of the above.Ans: C Section: 11.125 The nutritional storage form(s) of glucose in plants.A) glycogen B) amylose C) amylopectin D) b and c E) All of the aboveAns: D Section: 11.226 The enzyme that digests amylopectin.A) -amylase D) All of the above. B) amylose E) None of the above. C) celluloseAns: A Section: 11.227 To which amino acid residues in glycoproteins are the sugars commonly linked?A) tyrosine and asparagine D) serine and threonine B) serine, threonine, and asparagine E) a and d C) serine, tyrosine, and asparagine Ans: B Section: 11.328 Glycoproteins are normallyA) found on membranes.D) a and b.B) secreted as extracellular proteins. E) All of the above. C) found inside organelles.Ans: D Section: 11.329 At what sites in a cell are proteins glycosylated?A) ribosome D) b and c B) endoplasmic reticulum E) a, b, and c C) Golgi complexAns: D Section: 11.330 Which of the following is the anomer of β-D -glucopyranose?D)C)B)A)Ans: C Section: 11.231 Glycoforms refers toA) a single protein type that can have forms that vary in glycosylation. B) glycoproteins from the same gene family.C) a common core of sugars that can be found on many different proteins. D) all of the above. E) none of the above. Ans: A Section: 11.332 Selectins are proteins thatA) selectively bind proteins destined for lysozomes.B) aid in selection of proteins bound for the Golgi complex.C) bind immune-system cells as part of the inflammatory response.D) all of the above.E) none of the above.Ans: C Section: 11.433 What are lectins?A) proteins that bind the carbohydrates on glycoproteins and other macromoleculesB) proteins that promote cell-cell interactionC) proteins found in animals, plants, and microorganismsD) All of the above.E) None of the above.Ans: D Section: 11.4.34 How do some viruses gain entry into specific cells?A) by attaching to ion channelsB) by cleaving the glycosidic bonds and altering protein shapesC) by binding to glycoproteins on the cell surface that are unique to specific cellsD) All of the above.E) None of the above.Ans: C Section: 11.435 Inhibitors against this viral enzyme have potential as anti-influenza agents.A) calnexin D) All of the above.B) neuramidase E) None of the above.C) selectinAns: B Section: 11.4Short-Answer Questions36 List some of the reasons carbohydrates are considered important molecules.Ans: Carbohydrates serve several important functions as fuels, metabolic intermediates, and energy stores. They are the basis of most of the organic matter on our planet. Carbohydratesserve as the structural framework or building blocks for DNA, RNA, and polysaccharides.They are also linked to other molecules, such as proteins and lipids, and play importantroles in signaling and structure.Section: Introduction37 Draw the Fischer projection structures of all of the trioses.Ans: CH 2OH C CH 2OH O C C CH 2OHOH OH H C C 2OH O H HO H dihydroxyacetone D-glyceraldehyde L-glyceraldehyde Structures shown in Figure 11.1.Section: 11.1 and Figure 11.138 What is the difference between an enantiomer and a diastereoisomer?Ans: An enantiomer is a stereoisomer that is a perfect (nonsuperimposable or nonidentical)mirror image. A chiral molecule has one perfect mirror image. But for larger carbohydrates that have the same chemical formula and have multiple chiral centers, variations inasymmetric carbon structures mean that additional stereoisomers exist. The stereoisomers that are not mirror images of each other are called diastereoisomers.Section: 11.139 How is the D or L configuration determined?Ans: The D or L designation is determined by the asymmetric carbon farthest from the ketone oraldehyde group, and is related to the glyceraldehyde D and L structures.Section: 11.140 Draw the Haworth projections of the two pyranose forms of D -glucose.Ans:α-D -glycopyranose β-D -glucopyranose as shown in Figure 11.4 of the text.Section: 11.141 Draw the structure of lactose. Identify the monosaccharides involved and identify the type oflinkage in lactose? Ans:D-glucose (α anomer)Section: 11.242 Compare the structures of amylopectin and amylose.Ans: Both are homopolymers of glucose. Amylose consists of unbranched α-1,4 linkages of glucose. Amylopectin is a branched structure, and contains both α-1,4 linkages and α-1,6linkages, with the α-1,6 branches occurring about once every 30 glucose residues.Section: 11.243 What are the chemical and structural differences between cellulose and glycogen?Ans: Both are glucose homopolymers. Glycogen is a branched polymer and contains α-1,4 linkages with β-1,6 branchpoints about every 10 residues. Cellulose is a linear polymerthat contains β-1,4 linkages. Because of the β linkages, cellulose can form very longstraight chains which can form interchain hydrogen bonds to form fibrils.Section: 11.244 Describe some of the functions of glycosaminoglycans and proteoglycans.Ans: They function as lubricants, anticoagulents, and structural components; are important in pathways stimulating cell proliferation; and aid in mediating cell adhesion to extracellularmatrices.Section: 11.245 How does a genetic mutation account for some of the different human blood types?Ans: Blood type is determined by specific glycosyltransferases that add the end sugar to the glycoproteins found on red blood cells. Three different types of glycosyltransferase genescan be inherited, and each individual receives one from each parent. Two different formsresult in the A and B blood types. A mutation in a third type results in a truncated productthat is not active.Section: 11.246 What is the advantage of having different blood types within a species?Ans: Variations are protective because differences may be critical to protection against disease and infection. A microorganism that gains advantage over a host by mimicking and/orusing specific antigens, will not survive in host members that have differing antigens.Section: 11.247 Describe the mechanism by which N-linked sugars are synthesized and attached to proteins.Ans: The units are assembled in the ER attached to dolichol phosphate scaffold. Two N-acetylglucosamine residues and five mannose residues are added to form a commonprecursor, which is flipped into the ER lumen. Then specific enzymes adddolichol-phosphate-linked sugars, forming a 14-residue core. This is transferred to anasparagine residue on a protein, and the sugar core is processed by removal of three glucosemolecules. The addition and removal of other sugars in the Golgi complex further modifythe carbohydrate.Section: 11.3 and Figure 11.248 What are the two primary functions of the Golgi complex?Ans: The Golgi complex is 1) the site of carbohydrate addition and modification to glycoproteins, and 2) the major protein sorting center of the cell.Section: 11.349 What is the role of mannose 6-phosphate? What disease is caused by lack of this terminal sugar onglycoproteins?Ans: It acts as the marker that directs many lysozomal enzymes to their proper site. Without the modified mannose residue, the proteins are misdirected. For example, in I-cell disease,several enzymes are directed to blood and urine instead of the lysozomes. As a result,hydrolases required for glycosaminglycan and glycolipid degradation are missing, leadingto deformity and retardation.Section: 11.350 Why is it more difficult to determine the structure of the oligosaccharides, when compared toamino acid sequences?Ans: Amino acids are linked through peptide bonds and the side chains vary in size, charge, and chemical properties. In contrast, sugars can be branched, and can have α or β linkages,which makes determining the attachment difficult. Furthermore, many sugars have thesame or similar chemical formula, and similar chemical properties, making specificidentification and linkage difficult.Section: 11.3。

sub test的用法"sub test的用法"是指在编程领域中对于某个程序或模块进行逐步测试的方法。

在编写本文时，我们将一步一步回答以下问题并深入讨论sub test 的用法：1. sub test是什么？2. sub test的目的是什么？3. sub test的步骤是什么？4. sub test的优势和劣势是什么？5. 如何有效地编写sub test？6. sub test的最佳实践是什么？7. sub test在不同编程语言中的差异。

8. sub test与其他测试方法的比较。

9. 结论。

接下来，我们将逐步回答这些问题，以便更好地理解sub test的用法。

1. sub test是什么？在编程领域，sub test指的是对于程序中的某个子程序或模块进行测试的方法。

它通常是测试单个功能或小块代码的方式，以确保其正确性和可靠性。

2. sub test的目的是什么？sub test的主要目的是验证程序或模块的正确性。

它专注于测试小而独立的代码块，以便可以更容易地识别和修复错误。

通过使用sub test，可以逐步测试整个程序，并确保每个子程序运行正确且不会影响其他部分。

3. sub test的步骤是什么？在进行sub test时，一般会按照以下步骤进行：- 确定要进行测试的子程序或模块。

- 编写测试代码，包括输入参数和预期输出。

- 运行测试并记录实际输出。

- 比较预期输出和实际输出，确认是否一致。

- 如果测试通过，则将其标记为成功，否则标记为失败。

- 重复以上步骤，测试其他子程序或模块。

4. sub test的优势和劣势是什么？sub test具有以下优势：- 高度模块化：sub test专注于测试小而独立的代码块，使得代码更易于维护和调试。

- 容易定位错误：通过逐步测试每个子程序，可以更容易地定位和修复错误。

- 提高代码可读性：sub test将测试代码与实际功能代码分开，使得代码更加清晰易懂。

Chapter 9—Forecasting Exchange Rates1. Which of the following forecasting techniques would best represent the use of today's forwardexchange rate to forecast the future exchange rate?a. fundamental forecasting.b. market-based forecasting.c. technical forecasting.d. mixed forecasting.ANS: B PTS: 12. Which of the following forecasting techniques would best represent sole use of today's spot exchangerate of the euro to forecast the euro's future exchange rate?a. fundamental forecasting.b. market-based forecasting.c. technical forecasting.d. mixed forecasting.ANS: B PTS: 13. Which of the following forecasting techniques would best represent the use of relationships betweeneconomic factors and exchange rate movements to forecast the future exchange rate?a. fundamental forecasting.b. market-based forecasting.c. technical forecasting.d. mixed forecasting.ANS: A PTS: 14. Which of the following forecasting techniques would best represent the sole use of the pattern ofhistorical currency values of the euro to predict the euro's future currency value?a. fundamental forecasting.b. market-based forecasting.c. technical forecasting.d. mixed forecasting.ANS: C PTS: 15. If a particular currency is consistently declining substantially over time, then a market-based forecastwill usually have:a. underestimated the future exchange rates over time.b. overestimated the future exchange rates over time.c. forecasted future exchange rates accurately.d. forecasted future exchange rates inaccurately but without any bias toward consistentunderestimating or overestimating.ANS: B PTS: 16. According to the text, the analysis of currencies forecasted with use of the forward rate suggests that:a. currencies exhibited about the same mean forecast errors as a percent of the realized value.b. the Canadian dollar can be forecasted by U.S. firms with greater accuracy than othercurrencies.c. the Swiss franc can be forecasted by U.S. firms with greater accuracy than othercurrencies.d. none of the aboveANS: B PTS: 17. Assume the following information:Predicted Value of Realized Value ofPeriod New Zealand Dollar New Zealand Dollar1 $.52 $.502 .54 .603 .44 .404 .51 .50Given this information, the mean absolute forecast error as a percentage of the realized value is about:a. 1.5%.b. 26%.c. 6%.d. 6.5%.e. none of the aboveANS: DSOLUTION: [|$.52 - $.50|/$.50 + |$.54 - $.60|/$.60 + |$.44 - $.40|/$.40 + |$.51 -$.50|/$.50)]/4= [.04 + .10 + .10 + .02]/4= .065 = 6.50%PTS: 18. If it was determined that the movement of exchange rates was not related to previous exchange ratevalues, this implies that a ____ is not valuable for speculating on expected exchange rate movements.a. technical forecast techniqueb. fundamental forecast techniquec. all of the aboved. none of the aboveANS: A PTS: 19. Which of the following is true?a. Forecast errors cannot be negative.b. Forecast errors are negative when the forecasted rate exceeds the realized rate.c. Absolute forecast errors are negative when the forecasted rate exceeds the realized rate.d. None of the above.ANS: D PTS: 110. Which of the following is true according to the text?a. Forecasts in recent years have been very accurate.b. Use of the absolute forecast error as a percent of the realized value is a good measure touse in detecting a forecast bias.c. Forecasting errors are smaller when focused on longer term periods.d. None of the above.ANS: D PTS: 111. A fundamental forecast that uses multiple values of the influential factors is an example of:a. sensitivity analysis.b. discriminant analysis.c. technical analysis.d. factor analysis.ANS: A PTS: 112. When the value from the prior period of an influential factor affects the forecast in the future period,this is an example of a(n):a. lagged input.b. instantaneous input.c. simultaneous input.d. B and CANS: A PTS: 113. Assume a forecasting model uses inflation differentials and interest rate differentials to forecast theexchange rate. Assume the regression coefficient of the interest rate differential variable is -.5, and the coefficient of the inflation differential variable is .4. Which of the following is true?a. The interest rate variable is inversely related to the exchange rate, and the inflationvariable is directly (positively) related to the interest rate variable.b. The interest rate variable is inversely related to the exchange rate, and the inflationvariable is directly related to the exchange rate.c. The interest rate variable is directly related to the exchange rate, and the inflation variableis directly related to the exchange rate.d. The interest rate variable is directly related to the exchange rate, and the inflation variableis directly related to the interest rate variable.ANS: B PTS: 114. Which of the following is not a limitation of fundamental forecasting?a. uncertain timing of impact.b. forecasts are needed for factors that have a lagged impact.c. omission of other relevant factors from the model.d. possible change in sensitivity of the forecasted variable to each factor over time.e. none of the aboveANS: B PTS: 115. Assume that interest rate parity holds. The U.S. five-year interest rate is 5% annualized, and theMexican five-year interest rate is 8% annualized. Today's spot rate of the Mexican peso is $.20. What is the approximate five-year forecast of the peso's spot rate if the five-year forward rate is used as a forecast?a. $.131.b. $.226.c. $.262.d. $.140.e. $.174.ANS: ESOLUTION: (1.05)5/(1.08)5- 1 = -13%; $.20[1 + (-13%)] = $.174PTS: 116. Assume that the forward rate is used to forecast the spot rate. The forward rate of the Canadian dollarcontains a 6% discount. Today's spot rate of the Canadian dollar is $.80. The spot rate forecasted for one year ahead is:a. $.860.b. $.848.c. $.740.d. $.752.e. none of the aboveANS: DSOLUTION: $.80 ⨯ [1 + (-6%)] = $.752PTS: 117. If today's exchange rate reflects all relevant public information about the euro's exchange rate, but notall relevant private information, then ____ would be refuted.a. weak-form efficiencyb. semistrong-form efficiencyc. strong-form efficiencyd. A and Be. B and CANS: D PTS: 118. According to the text, research generally supports ____ in foreign exchange markets.a. weak-form efficiencyb. semistrong-form efficiencyc. strong-form efficiencyd. A and Be. B and CANS: D PTS: 119. Assume that the U.S. interest rate is 11 percent, while Australia's one-year interest rate is 12 percent.Assume interest rate parity holds. If the one-year forward rate of the Australian dollar was used to forecast the future spot rate, the forecast would reflect an expectation of:a. depreciation in the Australian dollar's value over the next year.b. appreciation in the Australian dollar's value over the next year.c. no change in the Australian dollar's value over the next year.d. information on future interest rates is needed to answer this question.ANS: A PTS: 120. If the forward rate was expected to be an unbiased estimate of the future spot rate, and interest rateparity holds, then:a. covered interest arbitrage is feasible.b. the international Fisher effect (IFE) is supported.c. the international Fisher effect (IFE) is refuted.d. the average absolute error from forecasting would equal zero.ANS: B PTS: 121. Which of the following is not a forecasting technique mentioned in your text?a. accounting-based forecasting.b. technical forecasting.c. fundamental forecasting.d. market-based forecasting.ANS: A PTS: 122. The following regression model was estimated to forecast the value of the Malaysian ringgit (MYR):MYR t = a0 + a1INC t- 1 + a2INF t- 1 + μt,where MYR is the quarterly change in the ringgit, INF is the previous quarterly percentage change in the inflation differential, and INC is the previous quarterly percentage change in the income growth differential. Regression results indicate coefficients of a0 = .005; a1 = .4; and a2 = .7. The most recent quarterly percentage change in the inflation differential is -5%, while the most recent quarterlypercentage change in the income differential is 3%. Using this information, the forecast for thepercentage change in the ringgit is:a. 4.60%.b. -1.80%.c. 5.2%.d. -4.60%.e. none of the aboveANS: BSOLUTION: MYR t = .005 + (.4)(.03) + (.7)(-.05) = -1.80%PTS: 123. The following regression model was estimated to forecast the value of the Indian rupee (INR):INR t = a0 + a1INT t + a2INF t- 1 + μt,where INR is the quarterly change in the rupee, INT is the real interest rate differential in period t between the U.S. and India, and INF is the inflation rate differential between the U.S. and India in the previous period. Regression results indicate coefficients of a0 = .003; a1 = -.5; and a2 = .8. Assume that INF t - 1 = 2%. However, the interest rate differential is not known at the beginning of period t and must be estimated. You have developed the following probability distribution:Probability Possible Outcome30% -2%40% -3%30% -4%The expected change in the Indian rupee in period t is:a. 3.40%.b. 0.40%.c. 3.10%.d. 1.70%.e. none of the aboveANS: ASOLUTION: E[INT t] = (-.02)(.3) + (-.03)(.4) + (-.04)(.3) = -3.00%INR t = .003 + (-.5)(-.03) + (.8)(.02) = 3.40%PTS: 124. Huge Corporation has just initiated a market-based forecast system using the forward rate as anestimate of the future spot rate of the Japanese yen (¥) and the Australian dollar (A$). Listed below are the forecasted and realized values for the last period:Currency Forecasted Value Realized ValueAustralian dollar $.60 $.55Japanese yen $.0067 $.0069According to this information and using the absolute forecast error as a percentage of the realized value, the forecast of the yen by Huge Corp. is ____ the forecast of the Australian dollar.a. more accurate thanb. less accurate thanc. more biased thand. the same asANS: ASOLUTION: Absolute forecast error for the Australian dollar = (|.60 - .55|)/.55 = 9.09%Absolute forecast error for the Japanese yen = (|.0067 - .0069|)/.0069 =2.90%Therefore, Huge Corp. has estimated the Japanese yen more accurately byapproximately 6.19%.PTS: 125. Gamma Corporation has incurred large losses over the last ten years due to exchange rate fluctuationsof the Egyptian pound (EGP), even though the company has used a market-based forecast based on the forward rate. Consequently, management believes its forecasts to be biased. The following regression model was estimated to determine if the forecasts over the last ten years were biased:S t = a0 + a1F t -1 + μt,where S t is the spot rate of the pound in year t and F t- 1 is the forward rate of the pound in year t -1.Regression results reveal coefficients of a0 = 0 and a1 = 1.3. Thus, Gamma has reason to believe that its past forecasts have ____ the realized spot rate.a. overestimatedb. underestimatedc. correctly estimatedd. none of the aboveANS: B PTS: 126. Which of the following is not a method of forecasting exchange rate volatility?a. using the absolute forecast error as a percentage of the realized value.b. using the volatility of historical exchange rate movements as a forecast for the future.c. using a time series of volatility patterns in previous periods.d. deriving the exchange rate's implied standard deviation from the currency option pricingmodel.ANS: A PTS: 127. If a foreign currency is expected to ____ substantially against the parent's currency, the parent mayprefer to ____ the remittance of subsidiary earnings.a. weaken; delayb. weaken; expeditec. appreciate; expedited. none of the aboveANS: B PTS: 128. If an MNC invests excess cash in a foreign county, it would like the foreign currency to ____; if anMNC issues bonds denominated in a foreign currency, it would like the foreign currency to ____.a. appreciate; depreciateb. appreciate; appreciatec. depreciate; depreciated. depreciate; appreciateANS: A PTS: 129. Severus Co. has to pay 5 million Canadian dollars for supplies it recently received from Canada.Today, the Canadian dollar has appreciated by 2 percent against the U.S. dollar. Severus hasdetermined that whenever the Canadian dollar appreciates against the U.S. dollar by more than 1percent, it experiences a reversal of 40 percent on the following day. Based on this information, the Canadian dollar is expected to ____ tomorrow, and Severus would prefer to make payment ____.a. depreciate by .8%; todayb. depreciate by .8%; tomorrowc. appreciate by .8%; todayd. appreciate by .8%; tomorrowANS: BSOLUTION: e t +1 = (2%) ⨯ (-40%) = -0.8%PTS: 130. Corporations tend to make only limited use of technical forecasting because it typically focuses on thenear future, which is not very helpful for developing corporate policies.a. Trueb. FalseANS: T PTS: 131. Sulsa Inc. uses fundamental forecasting. Using regression analysis, it has determined the followingequation for the euro:euro t = b0 + b1INF t- 1 + b2INC t- 1= .005 + .9INF t- 1 + 1.1INC t- 1The most recent quarterly percentage change in the inflation differential between the U.S. and Europe was 2 percent, while the most recent quarterly percentage change in the income growth differential between the U.S. and Europe was -1 percent. Based on this information, the forecast for the euro is a(n) ____ of ____%.a. appreciation; 3.4b. depreciation; 3.4c. appreciation; 0.7d. appreciation; 1.2ANS: DSOLUTION: euro t = .005 + .9(.02) + 1.1(-.01) = 1.2%PTS: 132. The U.S. inflation rate is expected to be 4 percent over the next year, while the European inflation rateis expected to be 3 percent. The current spot rate of the euro is $1.03. Using purchasing power parity, the expected spot rate at the end of one year is $____.a. 1.02b. 1.03c. 1.04d. none of the aboveANS: CSOLUTION:E(S t + 1) = $1.03(1.0097) = $1.04PTS: 133. If the one-year forward rate for the euro is $1.07, while the current spot rate is $1.05, the expectedpercentage change in the euro is ____%.a. 1.90b. 2.00c. -1.87d. none of the aboveANS: ASOLUTION: E(e) = 1.07/1.05 - 1 = 1.90%PTS: 134. If both interest rate parity and the international Fisher effect hold, then between the forward rate andthe spot rate, the ____ rate should provide more accurate forecasts for currencies in ____-inflation countries.a. spot; highb. spot; lowc. forward; highd. forward; lowANS: C PTS: 135. If a foreign country's interest rate is similar to the U.S. rate, the forward rate premium or discount willbe ____, meaning that the forward rate and spot rate will provide ____ forecasts.a. substantial; similarb. substantial; very differentc. close to zero; similard. close to zero; very differentANS: C PTS: 136. Factors such as economic growth, inflation, and interest rates are an integral part of ____ forecasting.a. technicalb. fundamentalc. market-basedd. none of the aboveANS: B PTS: 137. Silicon Co. has forecasted the Canadian dollar for the most recent period to be $0.73. The realizedvalue of the Canadian dollar in the most recent period was $0.80. Thus, the absolute forecast error as a percentage of the realized value was ____%.a. 9.6b. -9.6c. 8.8d. -8.8ANS: CSOLUTION:PTS: 138. The absolute forecast error of a currency is ____, on average, in periods when the currency is more____.a. lower; volatileb. higher; stablec. lower; stabled. none of the aboveANS: C PTS: 139. If the foreign exchange market is ____ efficient, then historical and current exchange rate informationis not useful for forecasting exchange rate movements.a. weak-formb. semistrong-formc. strong formd. all of the aboveANS: D PTS: 140. Foreign exchange markets are generally found to be at least ____ efficient.a. weak-formb. semistrong-formc. strong formd. none of the aboveANS: B PTS: 141. MNCs can forecast exchange rate volatility to determine the potential range surrounding theirexchange rate forecast.a. Trueb. FalseANS: T PTS: 142. If the pattern of currency values over time appears random, then technical forecasting is appropriate.a. Trueb. FalseANS: F PTS: 143. Inflation and interest rate differentials between the U.S. and foreign countries are examples ofvariables that could be used in fundamental forecasting.a. Trueb. FalseANS: T PTS: 144. A regression analysis of the Australian dollar value on the inflation differential between the U.S. andAustralia produced a coefficient of .8. Thus, for every 1% increase in the inflation differential, the Australian dollar is expected to depreciate by .8%.a. Trueb. FalseANS: F PTS: 145. The most sophisticated forecasting techniques provide consistently accurate forecasts.a. Trueb. FalseANS: F PTS: 146. If the forward rate is used as an indicator of the future spot rate, the spot rate is expected to appreciateor depreciate by the same amount as the forward premium or discount, respectively.a. Trueb. FalseANS: T PTS: 147. Research indicates that currency forecasting services almost always outperform forecasts based on theforward rate.a. Trueb. FalseANS: F PTS: 148. When measuring forecast performance of different currencies, it is often useful to adjust for theirrelative sizes. Thus, percentages, rather than nominal amounts, are often used to compute forecast errors.a. Trueb. FalseANS: T PTS: 149. The closer graphical points are to the perfect forecast line, the better is the forecast.a. Trueb. FalseANS: T PTS: 150. Foreign exchange markets appear to be strong-form efficient.a. Trueb. FalseANS: F PTS: 151. A motivation for forecasting exchange rate volatility is to obtain a range surrounding the forecast.a. Trueb. FalseANS: T PTS: 152. Two methods to assess exchange rate volatility are the volatility of historical exchange ratemovements and the exchange rate's implied standard deviation from the currency option pricingmodel.a. Trueb. FalseANS: T PTS: 153. Market-based forecasting involves the use of historical exchange rate data to predict future values.a. Trueb. FalseANS: F PTS: 154. Fundamental models examine moving averages over time and thus allow the development of aforecasting rule.a. Trueb. FalseANS: F PTS: 155. A forecasting technique based on fundamental relationships between economic variables and exchangerates, such as inflation, is referred to as technical forecasting.a. Trueb. FalseANS: F PTS: 156. Usually, fundamental forecasting is used for short-term forecasts, while technical forecasting is usedfor longer-term forecasts.a. Trueb. FalseANS: F PTS: 157. If points are scattered evenly on both sides of the perfect forecast line, then the forecast appears to bevery accurate.a. Trueb. FalseANS: F PTS: 158. If foreign exchange markets are strong-form efficient, then all relevant public and private informationis already reflected in today's exchange rates.a. Trueb. FalseANS: T PTS: 159. Exchange rates one year in advance are typically forecasted with almost perfect accuracy for the majorcurrencies, but not for currencies of smaller countries.a. Trueb. FalseANS: F PTS: 160. The potential forecast error is larger for currencies that are more volatile.a. Trueb. FalseANS: T PTS: 161. A forecast of a currency one year in advance is typically more accurate than a forecast one week inadvance since the currency reverts to equilibrium over a longer term period.a. Trueb. FalseANS: F PTS: 162. In general, any key managerial decision that is based on forecasted exchange rates should relycompletely on one forecast rather than alternative exchange rate scenarios.a. Trueb. FalseANS: F PTS: 163. Monson Co., based in the U.S., exports products to Japan denominated in yen. If the forecasted valueof the yen is substantially ____ than the forward rate, Monson Co. will likely decide ____ thepayments.a. higher; to hedgeb. lower; not to hedgec. higher; not to hedged. none of the aboveANS: C PTS: 164. When a U.S.-based MNC wants to determine whether to establish a subsidiary in a foreign country, itwill always accept that project if the foreign currency is expected to appreciate.a. Trueb. FalseANS: F PTS: 165. The following is not a limitation of technical forecasting:a. It's not suitable for long-term forecasts of exchange rates.b. It doesn't provide point estimates or a range of possible future values.c. It cannot be applied to currencies that exhibit random movements.d. It cannot be applied to currencies that exhibit a continuous trend for short-term forecast.ANS: D PTS: 166. The following regression model was estimated to forecast the percentage change in the AustralianDollar (AUD):AUD t = a0 + a1INT t + a2INF t- 1 + μt,where AUD is the quarterly change in the Australian Dollar, INT is the real interest rate differential in period t between the U.S. and Australia, and INF is the inflation rate differential between the U.S. and Australia in the previous period. Regression results indicate coefficients of a0 = .001; a1 = -.8; and a2 = .5. Assume that INF t- 1 = 4%. However, the interest rate differential is not known at the beginning of period t and must be estimated. You have developed the following probability distribution:Probability Possible Outcome20% -3%80% -4%There is a 20% probability that the Australian dollar will change by ____, and an 80% probability it will change by ____.a. 4.5%; 6.1%;b. 6.1%; 4.5%c. 4.5%; 5.3%d. None of the aboveANS: CSOLUTION: Probability 20% = .001 + (-.8)(-.03) + (.5)(.04) = 4.5%Probability 80% = .001 + (-.8)(-.04) + (.5)(.04) = 5.3%PTS: 167. Purchasing power parity is used in:a. technical forecasting.b. fundamental forecasting.c. market-based accounting.d. all of the above.ANS: B PTS: 168. If speculators expect the spot rate of the yen in 60 days to be ____ than the 60-day forward rate on theyen, they will ____ the yen forward and put ____ pressure on the yen's forward rate.a. higher; buy; upwardb. higher; sell; downwardc. higher; sell; upwardd. lower; buy; upwardANS: A PTS: 169. If speculators expect the spot rate of the Canadian dollar in 30 days to be ____ than the 30-day forwardrate on Canadian dollars, they will ____ Canadian dollars forward and put ____ pressure on theCanadian dollar forward rate.a. lower; sell; upwardb. lower; sell; downwardc. higher; sell; upwardd. higher; sell; downwardANS: B PTS: 170. Assume that U.S. annual inflation equals 8%, while Japanese annual inflation equals 5%. If purchasingpower parity is used to forecast the future spot rate, the forecast would reflect an expectation of:a. appreciation of yen's value over the next year.b. depreciation of yen's value over the next year.c. no change in yen's value over the next year.d. information about interest rates is needed to answer this question.ANS: A PTS: 171. Assume that U.S. interest rates are 6%, while British interest rates are 7%. If the international Fishereffect holds and is used to determine the future spot rate, the forecast would reflect an expectation of:a. appreciation of pound's value over the next year.b. depreciation of pound's value over the next year.c. no change in pound's value over the next year.d. not enough information to answer this question.ANS: B PTS: 172. If the foreign exchange market is ____ efficient, then technical analysis is not useful in forecastingexchange rate movements.a. weak-formb. semistrong-formc. strong formd. all of the aboveANS: D PTS: 173. If today's exchange rate reflects any historical trends in Canadian dollar exchange rate movements, butnot all relevant public information, then the Canadian dollar market is:a. weak-form efficient.b. semistrong-form efficient.c. strong-form efficient.d. all of the above.ANS: A PTS: 174. Leila Corporation used the following regression model to determine if the forecasts over the last tenyears were biased:S t = a0 + a1F t- 1 + μt,where S t is the spot rate of the yen in year t and F t- 1 is the forward rate of the yen in year t -1.Regression results reveal coefficients of a0 = 0 and a1 = .30. Thus, Leila Corporation has reason to believe that its past forecasts have ____ the realized spot rate.a. overestimatedb. underestimatedc. correctly estimatedd. none of the aboveANS: A PTS: 175. Assume that U.S. interest rate for the next three years is 5%, 6%, and 7% respectively. Also assumethat Canadian interest rates for the next three years are 3%, 6%, 9%. The current Canadian spot rate is $.840. What is the approximate three-year forecast of Canadian dollar spot rate if the three-yearforward rate is used as a forecast?a. $.840b. $.890c. $.856d. $.854ANS: CSOLUTION: {[(1.05)(1.06)(1.07)]/[(1.03)(1.05)(1.08)]} ⨯ $.84 = $.856PTS: 176. Which of the following is not one of the major reasons for MNCs to forecast exchange rates?a. to decide in which foreign market to invest the excess cash.b. to decide where to borrow at the lowest cost.c. to determine whether to require the subsidiary to remit the funds or invest them locally.d. to speculate on the exchange rate movements.ANS: D PTS: 177. Sensitivity analysis allows for all of the following except:a. accountability for uncertainty.b. focus on a single point estimate of future exchange rates.c. development of a range of possible future values.d. consideration of alternative scenarios.ANS: B PTS: 178. If graphical points lie above the perfect forecast line, than the forecast overestimated the future value.a. Trueb. FalseANS: F PTS: 179. A regression model was applied to explain movements in the Canadian dollar's value over time. Thecoefficient for the inflation differential between the U.S. and Canada was -0.2. The coefficient of the interest rate differential between the U.S. and Canada produced a coefficient of 0.8. Thus, theCanadian dollar depreciates when the inflation differential ____ and the interest rate differential ____.a. increases; increasesb. decreases; increasesc. increases; decreasesd. increases; decreasesANS: C PTS: 180. If the pattern of currency values over time appears random, then technical forecasting is appropriate.a. Trueb. FalseANS: F PTS: 181. Market-based forecasting is based on fundamental relationships between economic variables andexchange rates.。

SECTION 1: T rue and False<TOTAL20 marks>For each of the following, place a “T〞if the statement is “true〞, “F〞if the statement is false.(20 marks, 2 marks/ Question)___T__ petitive advantage is a unique strength relative to competitors, often based on quality, time, cost or, innovation.___F__2.Market share can be defined in both currency as well as in units sold. Because both ratios calculate market share, market share will be the same for a firm regardless which measurement is used.___F_3.A “high-involvement purchase〞usually involves a considerable amount of time researching the product and the product is a routine purchase.___T_ 4.A company engaged in environmental scanning is continually acquiring information on events occurring outside the organization to identify and interpret potential trends .__F__5.At the information search stage of the purchase decision process, a consumer compares the product with his or her expectations and is either satisfied or dissatisfied.____F__6.A cohesive marketing mix consists of the product, promotion, price, and personnel.____F__7.Publicity is any paid form of nonpersonal communication about an organization, good, service or idea by an identified sponsor.____T__8.Direct mail and catalog retailing are examples ofnonstore retailing.___F___9.Market segment would have a collection of prospective buyers that areready to buy。

Chapter 12 Behavioral Finance and Technical Analysis Multiple Choice Questions1. Conventional theories presume thatinvestors presumes that they __ .A)B)C)D)E) and behavioral finance2.3.are irrational; are irrational arerational; may not be rational arerational; are rational may not berational; may not be rational may notbe rational; are rationalAnswer: B Difficulty:EasyThe premise of behavioral finance isthat A)B)C)D)E)conventional financial theory ignores how real people make decisions and that people make a difference.conventional financial theory considers how emotional people make decisions but the market is driven by rational utility maximizing investors.conventional financial theory should ignore how the average person makesdecisions because the market is driven by investors that are much moresophisticated than the average person.B and Cnone of the aboveAnswer: A Difficulty:EasySome economists believe that the anomalies literature is consistent with investo'rs _________________ and .ability to always process information correctly and therefore they infercorrect probability distributions about future rates of return; given aprobability distribution of returns, they always make consistent and optimal decisions inability to always process information correctly and therefore they infer incorrect probability distributions about future rates of return;given a probability distribution of returns, they always make consistent and optimal decisions ability to always process information correctly andtherefore they infer correct probability distributions about future rates of return; given a probability distribution of returns, they often makeinconsistent or suboptimal decisions inability to always process information correctly and therefore they infer incorrect probability distributions about future rates of return; given a probability distribution of returns, they often make inconsistent or suboptimal decisions none of the aboveA)B)C)D)E)Answer: D Difficulty: ModerateInformation processing errors consist of I) forecastingII) overconfidenceIII conservatismIV) framingA) I and IIB) I and IIIC) III and IVD) IV onlyE) I, II and IIIAnswer: E Difficulty: Moderate research suggests that people underweight recentinformation. research suggeststhat people overweight recentinformation. research suggeststhat people correctly weightrecent information. either A orB depending on whether theinformation was good or bad.none of the above.Answer: B Difficulty: ModerateDeBondt and Thaler believe that high P/E result from investorsA) B) C) D) E) Answer: A Difficulty: ModerateIf a person gives too much weight to recent information compared to priorbeliefs, they would make errors.A) B) C) D) E) 4. 5. Forecasting errors are potentially important because A) B) C) D) E) 6. earnings expectations that are too extreme.earnings expectations that are not extreme enough.stock price expectations that are too extreme.stock price expectations that are not extremeenough. none of the above.7. framingselection biasoverconfidenceconservatismforecastingAnswer: E Difficulty: ModerateChapter 12 Behavioral Finance and Technical Analysis8. Single men trade far more often than women. This is due togreater men.A)B)C)D)E) framing regret avoidance overconfidence conservatism none of the aboveAnswer: C Difficulty: Moderate9. _____________ may be responsible for the prevalence of active versuspassive investments management.A) B) C) D) E)ForecastingerrorsOverconfidenceMental accountingConservatismRegret avoidanceAnswer: B Difficulty: Moderate10.11. amongBarber and Odean (2000) ranked portfolios by turnover and report that thedifference in return between the highest and lowest turnover portfolios is 7% per year. They attribute this to A) B) C) D) E)overconfidenceframing regretavoidance sampleneglect all ofthe aboveAnswer: A Difficulty: Moderate_________ bias means that investors are too slow in updating their beliefs in response to evidence.A) B) C) D) E)framing regretavoidanceoverconfidenceconservatism noneof the aboveAnswer: D Difficulty: ModeratePsychologists have found that people who make decisions that turn out badly blamethemselves more when that decision was unconventional. The name for thisphenomenon isA) B) C) D) E) Answer: A Difficulty: ModerateRationale: An investments example given in the text is buying the stock of a start-up firm that shows subsequent poor performance, versus buying blue chipstocks that perform poorly. Investors tend to have more regret if they chose the less conventional start-up stock. DeBondt and Thaler say that such regret theory is consistent with the size effect and the book-to-market effect.An example of_________ is that a person may reject an investment when it is posed interms of risk surrounding potential gains but may accept the same investment if it is posed in terms of risk surrounding potential losses.A) B) C) D) E) Answer: A Difficulty: ModerateStatman (1977) argues that________ is consistent with some investors' irrationalpreference for stocks with high cash dividends and with a tendency to hold losingpositions too long.A)B)12. regret avoidanceframing mentalaccountingoverconfidenceobnoxicity13. framing regretavoidanceoverconfidenceconservatism noneof the above14. mental accountingregret avoidanceoverconfidenceconservatism noneof the aboveC)D)E)Answer: A Difficulty: ModerateChapter 12 Behavioral Finance and Technical Analysis15. An example of ________ is that it is not as painful to have purchased a blue-chip stock that decreases in value, as it is to lose money on an unknown start-up firm. A) B) C) D) E) mental accounting regret avoidanceoverconfidenceconservatism none of the aboveAnswer: B Difficulty: Moderate16. Arbitrageurs may be unable to exploit behavioral biases duetoI) II) III ) IV) V)fundamental riskimplementation costsmodel riskconservatism regretavoidance17. A) B) C) D) E)I and II onlyI, II, andIIII, II, III,and V II,III, and IVIV and VAnswer: B Difficulty: Moderate _____________ are good examples of the limits to arbitrage because they show that the law of one price is violated.I) II) III ) IV) V)Siamese Twin CompaniesUnit trustsClosed end fundsOpen end fundsEquity carve outsA) B) C) D) E) I and III, II, andIII I, III,and V IVand VVAnswer: C Difficulty: ModerateChapter 12 Behavioral Finance and Technical Analysis___ was the grandfather of technical analysis. Harry Markowitz William SharpeCharles Dow Benjamin Graham none of the aboveAnswer: C Difficulty: EasyRationale: Charles Dow, the originator of the Dow Theory, was the grandfather of technical analysis. Benjamin Graham might be considered the grandfather offundamental analysis. Harry Markowitz and William Sharpe might be considered the grandfathers of modern portfolio theory.The goal of the Dow theory is toA) B) C) D) E) Answer: E Difficulty: EasyRationale: The Dow theory uses the Dow Jones Industrial Average as an indicator of long-term trends in market prices.A long-term movement of prices, lasting from several months to years is calleda minor trend a primary trend an intermediate trend trend analysis B and D Answer: B Difficulty: Easy Rationale: Minor trends are merely day-to-day price movements; intermediatetrends are or offsetting movements in one direction after longer-term movements in another direction; trends lasting for the period described above are primary trends.18. A) B)C) D) E) 19. identify head and shoulderpatterns. identify breakaway points. identify resistance levels. identify support levels. identifylong-term trends. 20. A)B)C)D)E)Chapter 12 Behavioral Finance and Technical Analysis21. A daily fluctuation of little importance iscalled A) B) C) D) E)a minor trend aprimary trend anintermediate trend amarket trend none ofthe aboveAnswer: A Difficulty:Easy22. Price movements that are caused by short-term deviations of prices from theunderlying trend line are calledA)B)C)D)E) primary trends. secondary trends. tertiary trends. Dow trends. contrary trends.Answer: B Difficulty: EasyRationale: The secondary trend is caused by these deviations, which areeliminated by corrections that bring the prices back to the trend lines.23. The Dow theory posits that the three forces that simultaneously affect stockprices areI) II) III ) IV) V) primary trend intermediate trend momentum trend minor trend contrarian trendA)B)C)D)E) I, II, and III II, III, and IV III, IV and VI, II, and IV I, III, and VAnswer: D Difficulty: ModerateChap ter 12 Behavioral Finance and Tech ni cal An alysisis a rece nt variati on of the Dow Theorysuggests that stock p rices can be described by a set of wavep atter ns is similar to the Kon dratieff Wave theory A and B A, B, and C An swer: E Difficulty: EasyRati on ale: Both the Elliot Wave Theory and the Kon dratieff Wave Theory are rece nt variati ons on the Dow Theory, which suggests that stock p rices move in ide ntifiable wave p atter ns.An swer: B Difficulty: EasyRati on ale: A trin ratio of less tha n 1.0 is con sidered bullish because thedecli ning stocks have lower average volume tha n the adva ncing stocks, in dicati ng net buying p ressure.On October 29, 1991 there were 1,031 stocks that adva need on the NYSE and 610 thatdecli ned. The volume in adva ncing issues was 112,866,000 and the volume in decli ning issues was 58,188,000. The trin ratio for that day was and tech ni cal an alystswere likely to be .A) B) C) D) E) An swer: A Difficulty: ModerateRatio nale: (1,031/610)/ (112,866,000/58,388,000) = 0.87. A trin ratio less than 1 is con sidered bullish because adva ncing stocks have a higher volume tha n decli24. The Elliot Wave Theory A) B)C)D)E)25. A trin ratio of less tha n 1.0 is considered as a A) B) D) E) bearish sig nalbullish sig nalbearish sig nal by some tech ni cal an alysts and a bullish sig nal byother tech nical an alystsbullish sig nal by some fun dame ntalistsC and D26. 0.87, bullish0.87, bearish1.15, bullish1.15, bearishnone of the aboveChapter 12 Behavioral Finance and Technical Analysis ning stocks, in dicat ing a buying p ressure.Chap ter 12 Behavioral Finance and Tech ni cal An alysisAnswer: E Difficulty: ModerateTwo popular moving average periods are A) B) C) D) E) Answer: D Difficulty: Moderate_____________ is a measure of the extent to which a movement in the market index is reflected in the price movements of all stocks in the market.A) B) C) D) E) Answer: C Difficulty: Moderate27. In regard to moving averages, it is considered tobe a market price breaks through the moving averagefrom A) B) C) D) E)bearish; below bullish: belowbearish; abovebullish aboveB and Csignal when28.90-day and 52 week180-day and three year180-day two year 200-day and 53 week 200-day and two year29.put-call ratiotrin ratioBreadthconfidence indexall of the above30. Then confidence index is computed fromconsidered _____________ signals.A) B) C) D) E) and higher values are bond yields; bearishodd lot trades;bearish odd lottrades; bullishput/call ratios;bullish bond yields;Answer: E Difficulty: Moderate31. The put/call ratio is computed as _________ signals. the number of outstanding put options divided by outstanding call options; bullish or bearish the number of outstanding put options divided by outstanding call options; bullish the number of outstanding put options divided by outstanding call options; bearish the number of outstanding call options divided by outstanding put options; bullish the number of outstanding call options divided by outstanding put options; bullish and higher values are considered 32. 33. 34. A) B) C) D) E) Answer: A Difficulty: Moderate The efficient market hypothesis A) B) C) D) E) implies that security prices properly reflect information available to investors has little empirical validity implies that active traders will find it difficult to outperform a buy-and-hold strategy B and C A and C Answer: E Difficulty: Moderate Tests of market efficiency have focused on A) B) C) D) E) the mean-variance efficiency of the selected market proxy strategies thatwould have provided superior risk-adjusted returns results of actual investments of professional managers B and C A and B Answer: D Difficulty: Moderate The anomalies literature A) B) C) D) E)provides a conclusive rejection of market efficiency provides a conclusive support of market efficiency suggests that several strategies would have provided superior returns A and C none of the above Answer: C Difficulty: ModerateAnswer: D Difficulty: ModerateAnswer: C Difficulty: Moderateand if prices are not correct . there are no easy profit opportunities; there are no easy profit opportunities there are no easy profit opportunities; there are easy profit opportunities there are easy profitopportunities; there are easy profit opportunities there areeasy profit opportunities; there are no easy profitopportunities none of the aboveAnswer: A Difficulty: Moderate___________ can lead investors to misestimate the true probabilities of possible events or associated rates of return.A)B)C)D)E)Answer: A Difficulty: Moderate35. Behavioral finance argues that A) B) C) D) E)even if security prices are wrong it may be difficult to exploit them the failure to uncover successful trading rules or traders cannot be taken as proof of market efficiency investors are rational A and B all of the above 36. Markets would be inefficient if irrationalinvestors arbitragers were .A) B) C) D) E) existed; unlimiteddid not exist;unlimited existed; limited did not exist; limited noneof the aboveand actions if 37. If prices arecorrect A) B) C)D)E) 38. Information processingerrors Framing errorsMental accounting errorsRegret avoidance all of theabove39.40.41.42.and ___________ .people give too little weight to recent experience compared to prior beliefs;tend to make forecasts that are too extreme given the uncertainty of theirinformation people give too much weight to recent experience compared to prior beliefs; tend to make forecasts that are too extreme given the uncertainty of their information people give too little weight to recent experience compared to prior beliefs; tend to make forecasts that are not extreme enough given the uncertainty of their informationpeople give too much weight to recent experience compared to prior beliefs;tend to make forecasts that are not extreme enough given the uncertainty of their information none of the aboveKahneman and Tversky (1973) report that peopleA)B)C)D)E)Answer: B Difficulty:DifficultErrors in information processing can lead investors tomisestimate A) B)C) D)E)true probabilities of possible events and associated rates ofreturn true probabilities of possible events rates of returnthe ability to uncover accounting manipulation fraudAnswer: A Difficulty: ModerateDeBondt and Thaler (1990) argue that the P/E effect can be explainedby A) B)C)D) E)forecasting errorsearnings expectations that are too extremeearnings expectations that are not extremeenough regret aviodanceA and BAnswer: E Difficulty: ModerateBarber and Odean (2001) report that men trade _the frequent trading leads to ________returns.A) B) C) D) E)frequently than women and less; superiorless; inferiormore; superiormore; inferiornone of the aboveAnswer: D Difficulty: ModerateAnswer: D Difficulty: Moderate If information processing were perfect, many studies conclude that individualswould tend to make A) B) C) D) E)Answer: A Difficulty: ModerateThe assumptions concerning the shape of utility functions of investors differ between conventional theory and prospect theory. Conventional theory assumesthat utility functions are whereas prospect theory assumes that utilityfunctions areAnswer: A Difficulty: Difficult43. Conservatism implies that investors are too ___ response to new evidence and that they initially A) B) C) D) E) in updating their beliefs in ___ react to news.quick; overreact quick; under react slow; overreact slow; under react none of the above A) B) C) D) E) concave and defined in terms of wealth; s-shaped (convex to losses and concave to gains) and defined in terms of loses relative to current wealth convex and defined loses relative to current wealth; s-shaped (convex to losses and concave to gains) and defined in terms of loses relative to current wealth s-shaped (convex to losses and concave to gains) and defined in terms of loses relative to current wealth; concave and defined in terms of wealth s-shaped (convex to losses and concave to gains) and defined in terms of wealth; concave and defined in terms of loses relative to current wealth convex and defined in terms of wealth; concave and defined in terms of gains relative to current wealth44. decision using that information dueto less-than-fully rational; behavioral biases fullyrational; behavioral biases less-than-fully rational; fundamental risk fully rational; fundamental risk fully rational; utility maximization 45.46. The law-of-one-price posits that ability to arbitrage would force prices ofidentical goods to trade at equal prices. However, empirical evidence suggeststhat __________________________________________________________________________ areSiamese Twin Companiesequity carve outs closed-end fundsA and C all of the aboveoften mispriced.A)B)C)D)E)Answer: E Difficulty: DifficultEssay Questionspare and contrast the efficient market hypothesis with the school of thought termedbehavioral finance.Difficulty: DifficultAnswer:The efficient market hypothesis posits that investors are fully informed, rational,utility maximizers. Thus, security prices will fully reflect all information available to the investors. If any security becomes mispriced, the collective buying and sellingactions of investors will quickly cause prices to change. Given an efficient market, itwould be difficult to find a trading rule that would consistently outperform the market.Moreover, failure to uncover profitable trading strategies may be taken as proof of market efficiency. Behavioral finance argues that conventional theory ignores how real peoplemake decisions and that people make a difference. Behavioral finance says that investors possess two “ irrationalities ” . First, investors do not always process information correctly and secondly they often make systematically suboptimal decisions.Given less than perfectly rational investors, prices may be wrong and it still may be hard to exploit them. Thus, failure to uncover profitable trading strategies may not be taken as proof of market efficiency.48.Behavioral finance posits that investors possess information processing errors. Discuss theimportance of information processing errors then list and explain the four informationprocessing errors discussed in the text.Difficulty: DifficultAnswer:Information processing errors are important because they can lead investors to misestimate the true probabilities of possible events or associated rates of return. The four information processing errors are forecasting errors, overconfidence, conservatism, and sample size neglect Forecasting errors arise when people give too much weight to recent experience. This leads to forecasts that are too extreme. Overconfidence refers to traders believing that they are better than average. This belief that they are superior leads to frequent trading (and according to empirical evidence, lower returns). Conservatism refers investors being slow in responding to new information rather than acting immediately. Sample size neglect refers to investors ignoring the size of a sample and making inferences based on a small sample.49.Behavioral finance posits that investors possess behavioral biases. Discuss the importance ofbehavioral biases then list and explain the four behavioral biases discussed in the text.Difficulty: DifficultAnswer:Behavioral biases are important because even if information processing was perfect, individuals may tend to make less-than-fully rational decisions using thatinformation.The four behavioral biases are framing, mental accounting, regret avoidance, and prospect theory (or loss aversion). Framing refers to the tendency of investors to change preferences due to the way an investment is “ framed ” (i.e., in terms of risk or in termsreturn). Mental accounting is a specific form of framing where an investor takes a lot of risk with one investment account but little risk with another account. Regret avoidance refers to the tendency of investors to blame themselves more for an unconventional investment that was unsuccessful than a conventional investment that was unsuccessful. Prospect theory (loss avoidance) suggests that the investor's utility curve is not concave and defined in terms of wealth. Instead, the investor's utility function would be defined in terms of losses relative to current wealth. Thus, the utility curve is convex to losses and concave to gains giving rise to an s-shaped utility curve.50.Discuss what technical analysis is, what technical analysts do, and the relationship betweentechnical analysis, fundamental analysis, and behavioral finance.Difficulty: DifficultAnswer:Technical analysis attempts to exploit recurring and predictable patterns in stock prices to generate superior portfolio performance. To determine recurring patterns, technical analysts examine historical returns by means of charts and or time-series analysis (such as moving averages). Technical analysts do not deny fundamental analysis but believe that pricesadjust slowly to new information. Therefore, the key is to exploit the slow adjustment to the correct new price when information is released. Technical analysts also use volume and other data to assess market sentiment in an attempt to ascertain the future direction of the market. Behaviorists believe that behavioral biases may be related to both price and volume data. Thus, technical analysis can be related to behavioral finance.。

国际金融Fi na n c e Te s t Ba nk4Chapter 4—Exchange Rate Determination加息会降低通货膨胀本国货币就增值涨价了，出口就会减少进口就会增加1. The value of the Australian dollar (A$) today is $0.73. Yesterday, thevalue of the Australian dollar was $0.69. The Australian dollar ____ by ____%.a. depreciated; 5.80b. depreciated; 4.00c. appreciated; 5.80d. appreciated; 4.00ANS: CSOLUTION: ($0.73 $0.69)/$0.69 =5.80%PTS: 12. If a currency's spot rate market is ____, its exchange rate is likely to be____ to a single large purchase or sale transaction.a. liquid; highly sensitiveb. illiquid; insensitivec. illiquid; highly sensitived. none of the above.ANS: C PTS: 13. ____ is not a factor that causes currency supply and demand schedulesto change.a. Relative inflation ratesb. Relative interest ratesc. Relative income levelsd. Expectationse. All of the above are factorsthat cause currency supplyand demand schedules tochange.ANS: E PTS: 14. A large increase in the income level in Mexico along with no growth inthe U.S. income level is normally expected to cause (assuming nochange in interest rates or other factors) a(n) ____ in Mexican demand for U.S. goods, and the Mexican peso should ____.a. increase; appreciateb. increase; depreciatec. decrease; depreciated. decrease; appreciateANS: B PTS: 15. An increase in U.S. interest rates relative to German interest rateswould likely ____ the U.S. demand for euros and ____ the supply of euros for sale.a. reduce; increaseb. increase; reducec. reduce; reduced. increase; increaseANS: A PTS: 16. Investors from Germany, the United States, and the U.K. frequentlyinvest in each other based on prevailing interest rates. If Britishinterest rates increase, German investors are likely to buy ____ dollar-denominated securities, and the euro is likely to ____ relative to the dollar.a. fewer; depreciateb. fewer; appreciatec. more; depreciated. more; appreciateANS: A PTS: 17. When the "real" interest rate is relatively low in a given country, thenthe currency of that country is typically expected to be:a. weak, since the country'squoted interest rate would behigh relative to the inflationrate.b. strong, since the country'squoted interest rate would below relative to the inflationrate.c. strong, since the country'squoted interest rate would behigh relative to the inflationrate.d. weak, since the country'squoted interest rate would below relative to the inflationrate.ANS: D PTS: 18. Assume that the inflation rate becomes much higher in the U.K.relative to the U.S. This will place ____ pressure on the value of theBritish pound. Also, assume that interest rates in the U.K. begin torise relative to interest rates in the U.S. The change in interest rateswill place ____ pressure on the value of the British pound.a. upward; downwardb. upward; upwardc. downward; upwardd. downward; downwardANS: C PTS: 19. In general, when speculating on exchange rate movements, thespeculator will borrow the currency that is expected to appreciate andinvest in the country whose currency is expected to depreciate.a. Trueb. FalseANS: F PTS: 110. Baylor Bank believes the New Zealand dollar will appreciate over thenext five days from $.48 to $.50. The following annual interest ratesapply:Currency Lending Rate Borrowing Rate Dollars 7.10% 7.50%6.80%7.25%New Zealand dollar(NZ$)Baylor Bank has the capacity to borrow either NZ$10 million or $5million. If Baylor Bank's forecast is correct, what will its dollar profitbe from speculation over the five-day period (assuming it does not useany of its existing consumer deposits to capitalize on its expectations)?a. $521,325.b. $500,520.c. $104,262.d. $413,419.e. $208,044.ANS: ESOLUTION:1. Borrow $5 million.2. Convert to NZ$:$5,000,000/$.48 =NZ$10,416,667.3. Invest the NZ$ at anannualized rate of 6.80% overfive days.NZ$10,416,667 [1+ 6.80% (5/360)]= NZ$10,426,5054. Convert the NZ$ back todollars:NZ$10,426,505$.50 = $5,213,2525. Repay the dollars borrowed.The repayment amount is:$5,000,000 [1 +7.5% (5/360)]= $5,000,000[1.00104]= $5,005,2086. After repaying the loan, theremaining dollar profit is:$5,213,252$5,005,208 = $208,044 PTS: 111. Assume the following information regarding U.S. and Europeanannualized interest rates:Currency Lending Rate Borrowing Rate U.S. Dollar ($) 6.73% 7.20%Eu ro (?) 6.80% 7.28%Trensor Bank can borrow either $20 million or ?20 million. Thecurrent spot rate of the euro is $1.13. Furthermore, Trensor Bankexpects the spot rate of the euro to be $1.10 in 90 days. What isTrensor Bank's dollar profit from speculating if the spot rate of theeuro is indeed $1.10 in 90 days?a. $579,845.b. $583,800.c. $588,200.d. $584,245.e. $980,245.ANS: ASOLUTION:1. Borrow ?20 million.2. Convert the ?20 million to?20,000,000 $1.13 =$22,600,000.3. Invest the $22,600,000 at anannualized rate of 6.73% for90 days.$22,600,000 [1 +6.73% (90/360)]= $22,980,2454. Determine euros owed:?20,000,000 [1 + 7.28%(90/360)] = ?20,364,000.5. Determine dollars needed torepay euro loan:?20,364,000 $1.10 =$22,400,400.6. The dollar profit is$22,980,245 $22,400,400= $579,845.PTS: 112. The equilibrium exchange rate of pounds is $1.70. At an exchangerate of $1.72 per pound:a. U.S. demand for pounds wouldexceed the supply of poundsfor sale and there would be ashortage of pounds in theforeign exchange market.b. U.S. demand for pounds wouldbe less than the supply ofpounds for sale and therewould be a shortage of poundsin the foreign exchangemarket.c. U.S. demand for pounds wouldexceed the supply of poundsfor sale and there would be asurplus of pounds in theforeign exchange market.d. U.S. demand for pounds wouldbe less than the supply ofpounds for sale and therewould be a surplus of poundsin the foreign exchangemarket.e. U.S. demand for pounds wouldbe equal to the supply ofpounds for sale and therewould be a shortage of poundsin the foreign exchangemarket.ANS: D PTS: 113. Assume that Swiss investors have francs available to invest insecurities, and they initially view U.S. and British interest rates asequally attractive. Now assume that U.S. interest rates increase whileBritish interest rates stay the same. This would likely cause:a. the Swiss demand for dollarsto decrease and the dollar willdepreciate against the pound.b. the Swiss demand for dollarsto increase and the dollar willdepreciate against the Swissfranc.c. the Swiss demand for dollarsto increase and the dollar willappreciate against the Swissfranc.d. the Swiss demand for dollarsto decrease and the dollar willappreciate against the pound.ANS: C PTS: 114. The real interest rate adjusts the nominal interest rate for:a. exchange rate movements.b. income growth.c. inflation.d. government controls.e. none of the aboveANS: C PTS: 115. If U.S. inflation suddenly increased while European inflation stayed thesame, there would be:a. an increased U.S. demand foreuros and an increased supplyof euros for sale.b. a decreased U.S. demand foreuros and an increased supplyof euros for sale.c. a decreased U.S. demand foreuros and a decreased supplyof euros for sale.d. an increased U.S. demand foreuros and a decreased supplyof euros for sale.ANS: D PTS: 116. If inflation in New Zealand suddenly increased while U.S. inflationstayed the same, there would be:a. an inward shift in the demandschedule for NZ$ and anoutward shift in the supplyschedule for NZ$.b. an outward shift in thedemand schedule for NZ$ andan inward shift in the supplyschedule for NZ$.c. an outward shift in thedemand schedule for NZ$ andan outward shift in the supplyschedule for NZ$.d. an inward shift in the demandschedule for NZ$ and aninward shift in the supplyschedule for NZ$.ANS: A PTS: 117. If the U.S. and Japan engage in substantial financial flows but littletrade, ____ directly influences their exchange rate the most. If the U.S.and Switzerland engage in much trade but little financial flows, ____directly influences their exchange rate the most.a. interest rate differentials;interest rate differentialsb. inflation and interest ratedifferentials; interest ratedifferentialsc. income and interest ratedifferentials; inflationdifferentialsd. interest rate differentials;inflation and incomedifferentialse. inflation and incomedifferentials; interest ratedifferentialsANS: D PTS: 118. If inflation increases substantially in Australia while U.S. inflationremains unchanged, this is expected to place ____ pressure on the value of the Australian dollar with respect to the U.S. dollar.a. upwardb. downwardc. either upward or downward(depending on the degree ofthe increase in Australianinflation)d. none of the above; there willbe no impactANS: B PTS: 119. Assume that British corporations begin to purchase more suppliesfrom the U.S. as a result of several labor strikes by British suppliers.This action reflects:a. an increased demand forBritish pounds.b. a decrease in the demand forBritish pounds.c. an increase in the supply ofBritish pounds for sale.d. a decrease in the supply ofBritish pounds for sale.ANS: C PTS: 120. The exchange rates of smaller countries are very stable because themarket for their currency is very liquid.a. Trueb. FalseANS: F PTS: 121. The phrase "the dollar was mixed in trading" means that:a. the dollar was strong in someperiods and weak in otherperiods over the last month.b. the volume of trading wasvery high in some periods andlow in other periods.c. the dollar was involved insome currency transactions,but not others.d. the dollar strengthenedagainst some currencies andweakened against others.ANS: D PTS: 122. Assume that the U.S. places a strict quota on goods imported fromChile and that Chile does not retaliate. Holding other factors constant,this event should immediately cause the U.S. demand for Chilean pesos to ____ and the value of the peso to ____.a. increase; increaseb. increase; declinec. decline; declined. decline; increaseANS: C PTS: 123. Any event that increases the U.S. demand for euros should result ina(n) ____ in the value of the euro with respect to ____, other thingsbeing equal.a. increase; U.S. dollarb. increase; nondollar currenciesc. decrease; nondollar currenciesd. decrease; U.S. dollarANS: A PTS: 124. Any event that reduces the U.S. demand for Japanese yen shouldresult in a(n) ____ in the value of the Japanese yen with respect to ____, other things being equal.a. increase; U.S. dollarb. increase; nondollar currenciesc. decrease; nondollar currenciesd. decrease; U.S. dollarANS: D PTS: 125. Any event that increases the supply of British pounds to be exchangedfor U.S. dollars should result in a(n) ____ in the value of the Britishpound with respect to ____, other things being equal.a. increase; U.S. dollarb. increase; nondollar currenciesc. decrease; nondollar currenciesd. decrease; U.S. dollarANS: D PTS: 126. Any event that reduces the supply of Swiss francs to be exchanged forU.S. dollars should result in a(n) ____ in the value of the Swiss francwith respect to ____, other things being equal.a. increase; U.S. dollarb. increase; nondollar currenciesc. decrease; nondollar currenciesd. decrease; U.S. dollarANS: A PTS: 127. Assume that the U.S. experiences a significant decline in income, whileJapan's income remains steady. This event should place ____ pressure on the value of the Japanese yen, other things being equal. (Assumethat interest rates and other factors are not affected.)a. upwardb. downwardc. nod. upward and downward(offsetting)ANS: B PTS: 128. News of a potential surge in U.S. inflation and zero Chilean inflationplaces ____ pressure on the value of the Chilean peso. The pressure will occur ____.a. upward; only after the U.S.inflation surgesb. downward; only after the U.S.inflation surgesc. upward; immediatelyd. downward; immediatelyANS: C PTS: 129. Assume that Canada places a strict quota on goods imported from theU.S. and that the U.S. does not retaliate. Holding other factorsconstant, this event should immediately cause the supply of Canadian dollars to be exchanged for U.S. dollars to ____ and the value of theCanadian dollar to ____.a. increase; increaseb. increase; declinec. decline; declined. decline; increaseANS: D PTS: 130. Assume that Japan places a strict quota on goods imported from theU.S. and the U.S. places a strict quota on goods imported from Japan.This event should immediately cause the U.S. demand for Japaneseyen to ____, and the supply of Japanese yen to be exchanged for U.S.dollars to ____.a. increase; increaseb. increase; declinec. decline; declined. decline; increaseANS: C PTS: 131. Which of the following is not mentioned in the text as a factoraffecting exchange rates?a. relative interest rates.b. relative inflation rates.c. government controls.d. expectations.e. all of the above are mentionedin the text as factors affectingexchange rates.ANS: E PTS: 132. If a country experiences high inflation relative to the U.S., its exportsto the U.S. should ____, its imports should ____, and there is ____pressure on its currency's equilibrium value.a. decrease; increase; upwardb. decrease; decrease; upwardc. increase; decrease; downwardd. decrease; increase; downwarde. increase; decrease; upwardANS: D PTS: 133. If a country experiences an increase in interest rates relative to U.S.interest rates, the inflow of U.S. funds to purchase its securities should____, the outflow of its funds to purchase U.S. securities should ____,and there is ____ pressure on its currency's equilibrium value.a. increase; decrease; downwardb. decrease; increase; upwardc. increase; decrease; upwardd. decrease; increase; downwarde. increase; increase; upwardANS: C PTS: 134. An increase in U.S. inflation relative to Singapore inflation placesupward pressure on the Singapore dollar.a. Trueb. FalseANS: T PTS: 135. When expecting a foreign currency to depreciate, a possible way tospeculate on this movement is to borrow dollars, convert the proceedsto the foreign currency, lend in the foreign country, and use theproceeds from this investment to repay the dollar loan.a. Trueb. FalseANS: F PTS: 136. Since supply and demand for a currency are constant (primarily dueto government intervention), currency values seldom fluctuate.a. Trueb. FalseANS: F PTS: 137. Relatively high Japanese inflation may result in an increase in thesupply of yen for sale and a reduction in the demand for yen.a. Trueb. FalseANS: T PTS: 138. The main effect of interest rate movements on exchange rates isthrough their effect on international trade.a. Trueb. FalseANS: F PTS: 139. Country X frequently engages in trade flows with the U.S. (such asimports and exports). Country Y frequently engages in capital flowswith the U.S. (such as financial investments). Everything else heldconstant, an increase in U.S. interest rates would affect the exchange rate of Country X's currency more than the exchange rate of Country Y's currency.a. Trueb. FalseANS: F PTS: 140. Increases in relative income in one country vs. another result in anincrease in the first country's currency value.a. Trueb. False41. Trade-related foreign exchange transactions are more responsive tonews than financial flow transactions.a. Trueb. FalseANS: F PTS: 142. Signals regarding future actions of market participants in the foreignexchange market sometimes result in overreactions.a. Trueb. FalseANS: T PTS: 143. The markets that have a smaller amount of foreign exchange tradingfor speculatory purposes than for trade purposes will likely experience more volatility than those where trade flows play a larger role.a. Trueb. FalseANS: T PTS: 144. Liquidity of a currency can affect the extent to which speculation canimpact the currency's value.a. Trueb. False45. Forecasting a currency's future value is difficult, because it is difficultto identify how the factors affecting the currency value will change,and how they will interact to impact the currency's value.a. Trueb. FalseANS: T PTS: 146. The standard deviation should be applied to values rather thanpercentage movements when comparing volatility among currencies.a. Trueb. FalseANS: F PTS: 147. Movements of foreign currencies tend to be more volatile for shortertime horizons.a. Trueb. FalseANS: F PTS: 148. If a currency's spot market is ____, its exchange rate is likely to be ____to a single large purchase or sale transaction.a. liquid; highly sensitiveb. illiquid; insensitivec. liquid; insensitived. none of the aboveANS: C PTS: 149. The value of euro was $1.30 last week. During last week the eurodepreciated by 5%. What is the value of euro today?a. $1.365b. $1.235c. $1.330d. $1.30ANS: BSOLUTION: $1.3 (1 .05) = $1.235 PTS: 150. Government controls can only affect the supply of a given currencyfor sale and not the demand.a. Trueb. FalseANS: F PTS: 151. If one foreign currency will appreciate against the dollar, then allforeign currencies will appreciate against the dollar but by differentdegrees.a. Trueb. FalseANS: F PTS: 152. Assume that the income levels in U.K. start to rise, while U.S. incomelevels remain unchanged. This will place ____ pressure on the value of British pound. Also, assume that U.S. interest rates rise, while theBritish pound remains unchanged. This will place ____ pressure on the value of British pound.a. downward; downwardb. upward; downwardc. upward; upwardd. downward; upwardANS: D PTS: 153. If the Fed announces that it will decrease the U.S. interest rates, andEuropean Central Bank takes no action, then the value of euro will____ against the value of U.S. dollar. The Fed's action is called ____intervention.a. appreciate; directb. depreciate; directc. appreciate; indirectd. depreciate; indirectANS: C PTS: 154. Assume that the total value of investment transactions between U.S.and Mexico is minimal. Also assume that total dollar value of tradetransactions between these two countries is very large. Now assumethat Mexico's inflation has suddenly increased, and Mexican interestrates have suddenly increased. Overall, this would put ____ pressure on the value of Mexican peso. The inflation effect should be ____pronounced than the interest rate effect.a. downward; moreb. upward; morec. downward; lessd. upward; lessANS: A PTS: 155. If U.S. experiences a sudden surge in inflation and surge in interestrates while Japanese inflation and interest rates remain unchanged,the value of Japanese yen will ____ against the U.S. dollar.a. appreciateb. depreciatec. remain unchangedd. cannot be determined fromthe information provided.ANS: D PTS: 156. If the Japanese yen is expected to appreciate against the U.S. dollarand interest rates in the U.S. and Japan are similar, banks may tryspeculating on this anticipated exchange rate movement by borrowing ____ and investing in ____.a. yen; dollarsb. yen; yenc. dollars; yend. dollars; dollarsANS: C PTS: 157. British investors frequently invest in the U.S. or Italy, depending onthe prevailing interest rates. If Italian interest rates suddenly rise high above U.S. rates, the investors will ____ the supply of pounds to beexchanged for dollars and thus put ____ pressure on the value of the pound against the U.S. dollar.a. increase; downwardb. decrease; upwardc. increase; upwardd. decrease; downwardANS: B PTS: 158. The equilibrium exchange rate of the Swiss franc is $0.90. At anexchange rate $.83:a. U.S. demand for Swiss francswould exceed the supply offrancs for sale and therewould be a shortage of francsin the foreign exchangemarket.b. U.S. demand for Swiss francswould be less than the supplyof francs for sale and therewould be a shortage of francsin the foreign exchangemarket.c. U.S. demand for Swiss francswould exceed the supply offrancs for sale and therewould be a surplus of francs inthe foreign exchange market.d. U.S. demand for Swiss francswould be less than the supplyof francs for sale and therewould be a surplus of Swissfrancs in the foreign exchangemarket.ANS: A PTS: 159. Financial flow foreign exchange transactions are more responsive tonews than trade-related transactions.a. Trueb. FalseANS: T PTS: 160. Assume that the British government eliminates all controls on importsby British companies. Other things being equal, the U.S. demand forpounds would ____, the supply of pounds for sale would ____, and the equilibrium value of the pound would ____.a. increase; increase; increaseb. decrease; increase; decreasec. remain unchanged; increase;decreased. remain unchanged; increase;increaseANS: C PTS: 161. Country X frequently engages in trade flows with the U.S. (such asimports and exports). Country Y frequently engages in capital flowswith the U.S. (such as financial investments). Everything else heldconstant, an increase in U.S. inflation would affect the exchange rateof Country Y's currency more than the exchange rate of Country X'scurrency.a. Trueb. FalseANS: F PTS: 162. Assume that U.S. inflation is expected to surge in the near future. Theexpectation of surge in inflation will most likely place ____ pressure on U.S. dollar immediately.a. upwardb. downwardc. nod. cannot be determinedANS: A PTS: 163. When the Japanese yen appreciates against the U.S. dollar, this meansthat the U.S. dollar is strengthening relative to the yen.a. Trueb. FalseANS: F PTS: 164. Illiquid currencies tend to exhibit less volatile exchange ratemovements than liquid currencies.a. Trueb. FalseANS: F PTS: 165. The supply curve for a currency is downward sloping since U.S.corporations would be encouraged to purchase more foreign goodswhen the foreign currency is worth less.a. Trueb. FalseANS: F PTS: 166. Relatively high Japanese inflation may result in an increase in thesupply of yen for sale and a reduction in the demand for yen, otherthings being equal.a. Trueb. FalseANS: T PTS: 167. If the British government desires an appreciation in its currency withrespect to the U.S. dollar, it would consider intervening in the foreign exchange market by buying dollars with pounds.a. Trueb. FalseANS: F PTS: 168. Country X frequently engages in trade flows with the U.S. (such asimports and exports). Country Y frequently engages in financial flows with the U.S. (such as financial investments). Everything else heldconstant, an increase in U.S. interest rates would affect the exchange rate of Country X's currency more than the exchange rate of Country Y's currency.a. Trueb. FalseANS: F PTS: 169. Illiquid currencies tend to exhibit ____ volatile exchange ratemovements, as the equilibrium prices of their currencies adjust to ____changes in supply and demand conditions.a. less; even minorb. less; only largec. more; even minord. more; only largee. none of the aboveANS: C PTS: 170. Which of the following is not mentioned in the text as a factoraffecting exchange rates?a. Relative interest ratesb. Relative inflation ratesc. Government controlsd. Expectationse. All of the above are mentionedin the text as factors affectingexchange rates.ANS: E PTS: 171. Which of the following events would most likely result in anappreciation of the U.S. dollar?a. U.S. inflation is very high.b. The Fed indicates that it willraise U.S. interest rates.c. Future U.S. interest rates areexpected to decline.d. Japan is expected to increaseinterest rates in the nearfuture.ANS: B PTS: 172. Which of the following interactions will likely have the least effect onthe dollar's value? Assume everything else is held constant.a. A reduction in U.S. inflationaccompanied by an increase inreal U.S. interest ratesb. A reduction in U.S. inflationaccompanied by an increase innominal U.S. interest ratesc. An increase in U.S. inflationaccompanied by an increase innominal, but not real, U.S.interest ratesd. An increase in Singapore'sinflation accompanied by anincrease in real U.S. interestratese. An increase in Singapore'sinterest rates accompanied byan increase in U.S. inflation.ANS: C PTS: 173. If a country experiences high inflation relative to the U.S., its exportsto the U.S. should ____, its imports should ____, and there is ____pressure on its currency's equilibrium value.a. decrease; increase; upwardb. decrease; decrease; upwardc. increase; decrease; downwardd. decrease; increase; downwarde. increase; decrease; upwardANS: D PTS: 174. If a country experiences an increase in interest rates relative to U.S.interest rates, the inflow of U.S. funds to purchase its securities should____, the outflow of its funds to purchase U.S. securities should ____,and there is ____ pressure on its currency's equilibrium value.a. increase; decrease; downwardb. decrease; increase; upwardc. increase; decrease; upwardd. decrease; increase; downwarde. increase; increase; upward ANS: C PTS: 1。

Package‘ptest’October14,2022Type PackageTitle Periodicity Tests in Short Time SeriesVersion1.0-8Date2016-11-12Author Yuanhao Lai and A.I.McLeodMaintainer A.I.McLeod<***************>Depends R(>=3.0),Description Implements p-value computations using an approximation to the cumulative distribu-tion function for a variety of tests for periodicity.These tests include harmonic regres-sion tests with normal and double exponential errors as well as modifica-tions of Fisher's g test.An accompanying vignette illustrates the application of these tests. License GPL(>=2)LazyData trueNeedsCompilation yesImports quantreg(>=5.0)RoxygenNote5.0.1Suggests knitr,boot,lattice,rmarkdown,GeneCycle,VignetteBuilder knitrRepository CRANDate/Publication2016-11-1221:41:37R topics documented:alpha (2)B1 (3)B2 (4)B3 (5)Cc (6)cdc15 (7)cdc28 (7)12alpha fitHReg (8)pgram (9)ptestg (10)ptestReg (12)simHReg (14)Index16 alpha Microarray time series experiment for yeast cell cycle from alpha ex-perimentDescription6,178yeast genes expression measures(log-ratios)with series length18from the alpha factor ex-periment.Usagedata(alpha)FormatMatrix with6178rows and18columns.Some missing data.Rows and columns are labelled.-attr(*,"dimnames")=List of2..$:chr[1:6178]"Y AL001C""Y AL002W""Y AL003W""Y AL004W".....$:chr[1:18]"alpha0""alpha7""alpha14""alpha21"...SourceThe data is extracted from the ExpressionSet of the R package yeastCC.ReferencesSpellman,P.T.,Sherlock,G.,Zhang,M.Q.,Iyer,V.R.,Anders,K.,Eisen,M.B.,...&Futcher,B.(1998).Comprehensive identification of cell cycle-regulated genes of the yeast Saccharomycescerevisiae by microarray hybridization.Molecular biology of the cell,9(12),3273-3297.Dudoit S(2016).yeastCC:Spellman et al.(1998)and Pramila/Breeden(2006)yeast cell cycle microarray data.R package version1.12.0.Examplesdata(alpha)qqnorm(colMeans(alpha,na.rm=TRUE))qqnorm(rowMeans(alpha,na.rm=TRUE))B13 B1Benchmark set B1DescriptionList for yeast genes which are most likely to be periodic(the benchmark set1in de Lichtenberg et al.(2005)).Usagedata(B1)FormatA vector containg113genes’names.DetailsA total of113genes previously identified as periodically expressed in small-scale experiments.Theset encompasses the104genes used by Spellman et al.(1998)and nine genes added by Johansson et al.(2003).SourceThe raw data can be downloaded from http://www.cbs.dtu.dk/cellcycle/yeast_benchmark/ benchmark.php.ReferencesDe Lichtenberg,U.,Jensen,L.J.,Fausboll,A.,Jensen,T.S.,Bork,P.,&Brunak,S.(2005).Compar-ison of computational methods for the identification of cell cycle-regulated genes.Bioinformatics, 21(7),1164-1171.Examplesdata(alpha)data(B1)alphaB1<-alpha[rownames(alpha)\%in\%B1,]4B2 B2Benchmark set B2DescriptionList for yeast genes which are most likely to be periodic(the benchmark set2in de Lichtenberg et al.(2005)).Usagedata(B2)FormatA vector containg352genes’names.DetailsGenes whose promoters were bound(P-value below0.01)by at least one of nine known cell cycle transcription factors in both of the Chromatin IP studies by Simon et al.(2001)and Lee et al.(2002).To obtain a benchmark set that is independent of B1,we removed all genes included in B1(50).The resulting benchmark set,B2,consists of352genes of which many should be expectedto be cell cycle regulated,since their promoters are associated with known stage-specific cell cycle transcription factors.SourceThe raw data can be downloaded from http://www.cbs.dtu.dk/cellcycle/yeast_benchmark/ benchmark.php.ReferencesDe Lichtenberg,U.,Jensen,L.J.,Fausboll,A.,Jensen,T.S.,Bork,P.,&Brunak,S.(2005).Compar-ison of computational methods for the identification of cell cycle-regulated genes.Bioinformatics, 21(7),1164-1171.Examplesdata(alpha)data(B2)alphaB2<-alpha[rownames(alpha)\%in\%B2,]B35 B3Benchmark set B3DescriptionList for yeast genes which are less likely to be periodic(the benchmark set3in de Lichtenberg et al.(2005)).Usagedata(B3)FormatA vector containg518genes’names.DetailsGenes annotated in MIPS(Mewes et al.,2002)as’cell cycle and DNA processing’.From these,we removed genes annotated specifically as’meiosis’and genes included in B1(67),leaving518genes.As a large number of genes involved in the cell cycle are not subject to transcriptional regulation (not periodic),and because B1was explicitly removed,a relatively small fraction of these genes should be expected to be periodically expressed.SourceThe raw data can be downloaded from http://www.cbs.dtu.dk/cellcycle/yeast_benchmark/ benchmark.php.ReferencesDe Lichtenberg,U.,Jensen,L.J.,Fausboll,A.,Jensen,T.S.,Bork,P.,&Brunak,S.(2005).Compar-ison of computational methods for the identification of cell cycle-regulated genes.Bioinformatics, 21(7),1164-1171.Examplesdata(alpha)data(B3)alphaB3<-alpha[rownames(alpha)\%in\%B3,]6Cc Cc Microarray time series experiment for Caulobacter crescentus bacte-rial cell cycleDescriptionIn this microarray experiment there are3062genes measured every1hour.There are19is missing gene labels and these have been given labels ORFna1,...,ORFna19.There310with duplicate labels.Of these duplicate labels,295are duplicated twice,12are duplicated3times and3are duplicated 4times.Duplicate labels are renamed ORF...to ORF...a and ORF...b etc.Usagedata(Cc)FormatMatrix with3062rows and11columns.Some missing data.Rows and columns are labelled.-attr(*,"dimnames")=List of2..$:chr[1:3062]"ORF06244a""ORF03152a""ORF03156a""ORF03161a".....$:chr[1:11]"1""2""3""4"...DetailsGene expression from synchronized cultures of the bacterium Caulobacter crescentus(Laub et al., 2000).(Laub et al.,2000)identified553genes whose messenger RNA levels varied as a function of the cell cycle but their statistical analysis was not very sophisticated and they probably identified too many genes.Wichert et al.(2004)found that44genes were found which displayed periodicity based on the Fisher’s g-test using a FDR with q=0.05.ReferencesLaub,M.T.,McAdams,H.H.,Feldblyum,T.,Fraser,C.M.and Shapiro,L.(2000)Global analysis of the genetic network controlling a bacterial cell cycle Science,290,2144-2148.Wichert,S.,Fokianos K.and Strimmer K.(2004)Identifying periodically expressed transcrips in microarray time series data.Bioinformatics,18,5-20.Examplesdata(Cc)qqnorm(colMeans(Cc,na.rm=TRUE))qqnorm(rowMeans(Cc,na.rm=TRUE))cdc157 cdc15Microarray time series experiment for yeast cell cycle from cdc15ex-perimentDescription6,178yeast genes expression measures(log-ratios)with series length24from the cdc15experiment. Usagedata(cdc15)FormatMatrix with6178rows and24columns.Some missing data.Rows and columns are labelled.-attr(*,"dimnames")=List of2..$:chr[1:6178]"Y AL001C""Y AL002W""Y AL003W""Y AL004W".....$:chr[1:24]"cdc15.10""cdc15.30""cdc15.50""cdc15.70"...SourceThe data is extracted from the ExpressionSet of the R package yeastCC.ReferencesSpellman,P.T.,Sherlock,G.,Zhang,M.Q.,Iyer,V.R.,Anders,K.,Eisen,M.B.,...&Futcher,B.(1998).Comprehensive identification of cell cycle-regulated genes of the yeast Saccharomycescerevisiae by microarray hybridization.Molecular biology of the cell,9(12),3273-3297.Dudoit S(2016).yeastCC:Spellman et al.(1998)and Pramila/Breeden(2006)yeast cell cycle microarray data.R package version1.12.0.Examplesdata(cdc15)qqnorm(colMeans(cdc15,na.rm=TRUE))qqnorm(rowMeans(cdc15,na.rm=TRUE))cdc28Microarray time series experiment for yeast cell cycle from cdc28ex-perimentDescription6,178yeast genes expression measures(log-ratios)with series length17from the cdc28experiment. Usagedata(cdc28)8fitHRegFormatMatrix with6178rows and17columns.Some missing data.Rows and columns are labelled.-attr(*,"dimnames")=List of2..$:chr[1:6178]"Y AL001C""Y AL002W""Y AL003W""Y AL004W".....$:chr[1:17]"cdc28.0""cdc28.10""cdc28.20""cdc28.30"...SourceThe data is extracted from the ExpressionSet of the R package yeastCC.ReferencesSpellman,P.T.,Sherlock,G.,Zhang,M.Q.,Iyer,V.R.,Anders,K.,Eisen,M.B.,...&Futcher,B.(1998).Comprehensive identification of cell cycle-regulated genes of the yeast Saccharomycescerevisiae by microarray hybridization.Molecular biology of the cell,9(12),3273-3297.Dudoit S(2016).yeastCC:Spellman et al.(1998)and Pramila/Breeden(2006)yeast cell cycle microarray data.R package version1.12.0.Examplesdata(cdc28)qqnorm(colMeans(cdc28,na.rm=TRUE))qqnorm(rowMeans(cdc28,na.rm=TRUE))fitHReg Fits Three Parameter Harmonic RegressionDescriptionEstimates A,B and f in the harmonic regression,y(t)=mu+A*cos(2*pi*f*t)+B*sin(2*pi*f*t)+e(t).The default algorithm is enumerative but an exact non-linear LS option is also provided.UsagefitHReg(y,t=1:length(y),algorithm=c("enumerative","exact"))Argumentsy series.t Time points.algorithm method for the optimizationDetailsProgram is interfaced to C for efficient computation.ValueObject of class"HReg"produced.pgram9 Author(s)A.I.McLeod and Yuanhao LaiExamplesset.seed(193)z<-simHReg(10,f=2.5/10,1,1)ans<-fitHReg(z)ans$freq#optimal frequency=0.2376238##ORF06806in Cc dataset.z<-c(0.42,0.89,1.44,1.98,2.21,2.04,0.82,0.62,0.56,0.8,1.33)ans2<-fitHReg(z,algorithm="exact")sum(resid(ans2)^2)#0.2037463ans1<-fitHReg(z)sum(resid(ans1)^2)#0.242072#compare with nls()t<-1:length(z)ans<-nls(z~mu+alpha*cos(2*pi*lambda*t+phi),start=list(mu=1,alpha=1,lambda=0.1,phi=0.0))coefficients(ans)sum(resid(ans)^2)#0.2037pgram Periodogram computationDescriptionThe periodogram is computed.Usagepgram(z,fr="default",method=c("periodogram","regression"))Argumentsz time series vector of length n,say.fr use"default"for usual Fourier frequencies,1/n,...,floor(n/2)/n.Set fr=N,to evaluate the periodogram at the Fourier frequencies corresponding to a time se-ries of length N.Finally set fr to any desired set of frequencies.Note frequenciesare in cycles per unit time sometimes called temoral frequency to distinguishfrom angular frequency.Both are widely used in time series.method either periodogram or regression10ptestg DetailsUses FFT.So if the length of z is a highly composite number,the computation is very efficient.Otherwise the usual DFT is used.ValuePeriodogram evaluated at the Fourier frequencies or R-square.Author(s)A.I.McLeod and Yuanhao LaiExamplesz<-sunspot.yearn<-length(z)I<-pgram(z)f<-I[,1]I<-I[,2]plot(f,I,xlab="f",ylab="f",type="l")title(main="Periodogram for Annual Sunpots,1700-1988")#z<-c(0.42,0.89,1.44,1.98,2.21,2.04,0.82,0.62,0.56,0.8,1.33)fr<-(1:50)/101pgram(z)pgram(z,fr=101)pgram(z,fr=fr)pgram(z,method="regression")pgram(z,method="regression",fr=101)pgram(z,method="regression",fr=fr)ptestg Test short time series for periodicity based on periodogramsDescriptionThis function is used to test the existence of the periodicity for a short time series(length<=100).Several methods based on periodograms are provided with the response surface method imple-mented for efficiently obtaining accurate p-values.Usageptestg(z,method=c("Fisher","robust","extended","extendedRobust","FisherRSR"),multiple=FALSE)ptestg11Argumentsz A series or a matrix containg series as columnsmethod The statistical test to be used.See details for more information.multiple Indicating whether z contains multiple series.DetailsThe null hypothesis is set as no peridicities,H0:f=0.Discriptions of different test statistics(meth-ods)are as follow:Fisher:The Fisher’s g test statistic.The p-value is computed directly from the exact distribution.robust:The robust g test proprosed in Ahdesmaki et al.(2005),where the p-value is computed bythe response surface regression method.extended:The extended Fisher’s g test statistic,which extend the Fisher’s g test by enlarging thesearching region of the frequency from the fourier frequencies to be En=j/101|j=1,...,50andj/101≥1/n.The p-value is computed by the response surface regression method.extendedRobust:Extend the frequency searching region of the robust En=j/101|j=1,...,50andj/101≥1/n.The p-value is computed by the response surface regression method.FisherRSR:Only for experimental purposes,the Fisher;s g test with p-value computed form theresponse surface regression method.ValueObject of class"Htest"produced.An object of class"Htest"is a list containing the following components:obsStat Vector containing the observed test statistics.pvalue Vector containing the p-values of the selected tests.freq Vector containing the estimated frequencies.Author(s)Yuanhao Lai and A.I.McLeodReferencesFisher,R.A.(1929).Tests of significance in harmonic analysis.Proc.Roy.Soc.A,125,54-59.Ahdesmaki,M.,Lahdesmaki,H.,Pearson,R.,Huttunen,H.,and Yli-Harja O.(2005).BMC Bioin-formatics6:117./1471-2105/6/117.MacKinnon,James(2001):Computing numerical distribution functions in econometrics,Queen’sEconomics Department Working Paper,No.1037.See AlsoptestRegExamples#Simulate the harmonic regression model with standard Gaussian error termsset.seed(193)##Non-Fourier frequencyz<-simHReg(n=14,f=2/10,A=2,B=1,model="Gaussian",sig=1)ptestg(z,method="Fisher")ptestg(z,method="robust")ptestg(z,method="extended")ptestg(z,method="extendedRobust")ptestg(z,method="FisherRSR")#Performe tests on the alpha factor experimentdata(alpha)##Eliminate genes with missing observationsalpha.nonNA<-alpha[complete.cases(alpha),]##Using the multiple option to do the test for all the genes##Transpose the data set so that each column stands for a genealpha.nonNA<-t(alpha.nonNA)result<-ptestg(alpha.nonNA,method="extended",multiple=TRUE)str(result)#The movtivating example:gene ORF06806in Ccdata(Cc)x<-Cc[which(rownames(Cc)=="ORF06806"),]plot(1:length(x),x,type="b",main="ORF06806",xlab="time",ylab="Gene expression")ptestg(x,method="Fisher")#Fail to detect the periodicityptestg(x,method="robust")ptestg(x,method="extended")ptestReg Test short time series for periodicity with maximum likelihood ratiotestsDescriptionThis function is used to test the existence of the periodicity for a short time series(length<=100).Likelihood ratio tests under the Gaussian or the Laplace assumptions are provided with the response surface method implemented for efficiently obtaining accurate p-values.UsageptestReg(z,method=c("LS","L1"),multiple=FALSE)Argumentsz A series or a matrix containg series as columnsmethod The statistical test to be used.See details for more information.multiple Indicating whether z contains multiple series.DetailsThe null hypothesis is set as no peridicities,H0:f=0.Discriptions of different test statistics(meth-ods)are as follow:LS:The-2loglikelihood ratio test statistic based on the likelihood ratio test with normal noises, where the p-values are efficiently computed by the response surface method.L1:The-2loglikelihood ratio test statistic based on the likelihood ratio test with Laplace noises, where the p-values are efficiently computed by the response surface method.ValueObject of class"Htest"produced.An object of class"Htest"is a list containing the following components:obsStat Vector containing the observed test statistics.pvalue Vector containing the p-values of the selected tests.freq Vector containing the estimated frequencies.Author(s)Yuanhao Lai and A.I.McLeodReferencesIslam,M.S.(2008).Peridocity,Change Detection and Prediction in Microarrays.Ph.D.Thesis,The University of Western Ontario.Li,T.H.(2010).A nonlinear method for robust spectral analysis.Signal Processing,IEEE Trans-actions on,58(5),2466-2474.MacKinnon,James(2001):Computing numerical distribution functions in econometrics,Queen’s Economics Department Working Paper,No.1037.See AlsofitHReg,ptestgExamples#Simulate the harmonic regression model with standard Gaussian error termsset.seed(193)#Non-Fourier frequencyz<-simHReg(n=14,f=2/10,A=2,B=1,model="Gaussian",sig=1)ptestReg(z,method="LS")#Normal likelihood ratio testptestReg(z,method="L1")#Laplace likelihood ratio testfitHReg(z,algorithm="exact")#the nls fitted result#Performe tests on the alpha factor experimentdata(alpha)##Eliminate genes with missing observationsalpha.nonNA<-alpha[complete.cases(alpha),]##Using the multiple option to do the test for all the genes##Transpose the data set so that each column stands for a genealpha.nonNA<-t(alpha.nonNA)result<-ptestReg(alpha.nonNA,method="LS",multiple=TRUE)str(result)#The movtivating example:gene ORF06806in Ccdata(Cc)x<-Cc[which(rownames(Cc)=="ORF06806"),]plot(1:length(x),x,type="b",main="ORF06806",xlab="time",ylab="Gene expression")ptestg(x,method="Fisher")#Fail to detect the periodicityptestReg(x,method="LS")#The periodicity is significantly not zeroptestReg(x,method="L1")#The periodicity is significantly not zerosimHReg Simulate harmonic regression modelsDescriptionSimulates a harmonic regression.Possible types of models are normal,t(5),Laplace,cubic and AR1.UsagesimHReg(n,f,A,B,model=c("Gaussian","t5","Laplace","cubic","AR1"),phi=0,sig=1)Argumentsn Length of series.f Frequency.A Cosine amplitude.B Sine amplitude.model The model used for generating the error term.See details.phi Only used if AR1error distribution is selected.sig The standard error of the series.DetailsGenerate a harmonic series y with length n,where y t=A∗cos(2∗pi∗f∗t)+B∗sin(2∗pi∗f∗t)+sig∗e t,t=1,...,n,and e comes from one of the following specified distributions with mean0and standard error1:Gaussian:A standard normal distribution(i.i.d.).t5:A t distribution with5degrees of freedom(i.i.d.,standardized to mean0and variance1).Laplace:A Laplace(double exponential)distribution(i.i.d.,standardized to mean0and variance1).cubic:A standard normal distribution for e,but y=y3this time.AR1:An AR(1)series with autocorrelation paramater phi(standardized to mean0and variance1).ValueVector of length n,simulated harmonic series.Author(s)A.I.McLeod and Yuanhao LaiReferencesMcLeod,A.I.,Yu,Hao and Krougly,Z.(2007),Algorithms for Linear Time Series Analysis:With R Package,Journal of Statistical Software23,51-26.See AlsofitHReg,ptestRegExamples#Simulate the harmonic regression model with standard Gaussian error termsz<-simHReg(10,f=2/10,1,2,model="Gaussian",sig=1)#Fourier Frequencyplot(1:10,z,type="b")#Simulate the AR(1)errorsz<-simHReg(10,f=0/10,0,0,model="AR1",phi=0.2,sig=1)acf(z)Index∗datasetsalpha,2B1,3B2,4B3,5Cc,6cdc15,7cdc28,7∗tsfitHReg,8pgram,9ptestg,10ptestReg,12simHReg,14alpha,2B1,3B2,4B3,5Cc,6cdc15,7cdc28,7fitHReg,8,13,15pgram,9ptestg,10,13ptestReg,11,12,15simHReg,1416。

图1是原程序中在DDC中他们设计的fir2_32x 4倍抽取滤波器图2是原程序中DUC模块中fir2_4x_duc 模块2倍内插fir滤波器图3 为原程序中DUC模块中fir8_4x_duc 模块4倍fir插值滤波器文件读写 %fdisplay %readmem默认分类 2009-12-16 16:54:07 阅读123 评论0 字号：大中小系统函数＄fopen用于打开一个文件，并还回一个整数指针．然后，＄fdisplay就可以使用这个文件指针在文件中写入信息，写完后，则可以使用＄fclose系统关闭这个文件例如：integer write_out_file;／／定义一个文件指针integer write_out_file=$fopen("write_out_file.txt");$fdisplay(write_out_file,"@%hn％h"，addr，data)；＄fclose("write_out_file");以上语法是将addr，data分别显示在＂@%hn％h＂中的２个％h的位置，并写入write_out_file文件指针所指向的write_out_file.txt中．从文件中读取数据，可以用 $readmemb $readmemh 从文件中读入数据，该文件格式是一定的．reg［７：０］data［４７：０］；$readmemh（"file_name．txt",data ）；就是将file_name．txt中的数据读入到data数组中，然后就可以使用这些数据了．还有一种方式可以把指定的数据放入指定的存储器地址单元内，就是在存放数据的文本文件内，给相应的数据规定其内存地址，形式如下：@address_in_hexadecimal data＠2f 20两个系统任务可以在仿真的任何时刻被执行使用，其使用格式共有以下六种：1) $readmemb("<数据文件名>",<存贮器名>);2) $readmemb("<数据文件名>",<存贮器名>,<起始地址>);3) $readmemb("<数据文件名>",<存贮器名>,<起始地址>,<结束地址>);4) $readmemh("<数据文件名>",<存贮器名>);5) $readmemh("<数据文件名>",<存贮器名>,<起始地址>);6) $readmemh("<数据文件名>",<存贮器名>,<起始地址>,<结束地址>);在这两个系统任务中，被读取的数据文件的内容只能包含：空白位置(空格，换行，制表格(tab)和form-feeds)，注释行(//形式的和形式的都允许)，二进制或十六进制的数字。

Package‘anscombiser’October12,2022Title Create Datasets with Identical Summary StatisticsVersion1.1.0Date2022-10-03Description Anscombe's quartet are a set of four two-variable datasets that have several common summary statistics but which have very different jointdistributions.This becomes apparent when the data are plotted,whichillustrates the importance of using graphical displays in Statistics.Thispackage enables the creation of datasets that have identical marginal samplemeans and sample variances,sample correlation,least squares regressioncoefficients and coefficient of determination.The user supplies an initialdataset,which is shifted,scaled and rotated in order to achieve targetsummary statistics.The general shape of the initial dataset is retained.The target statistics can be supplied directly or calculated based on auser-supplied dataset.The'datasauRus'package<https:///package=datasauRus>provides further examples of datasets that have markedly different scatter plots but share manysample summary statistics.Imports graphics,statsLicense GPL(>=2)LazyData TRUEEncoding UTF-8Depends R(>=3.3.0)RoxygenNote7.2.1Suggests datasauRus,datasets,gganimate,ggplot2,maps,testthat,knitr,rmarkdownVignetteBuilder knitrURL https://paulnorthrop.github.io/anscombiser/,https:///paulnorthrop/anscombiserBugReports https:///paulnorthrop/anscombiser/issuesConfig/testthat/edition312anscombiser-packageNeedsCompilation noAuthor Paul J.Northrop[aut,cre,cph]Maintainer Paul J.Northrop<*****************.uk>Repository CRANDate/Publication2022-10-0223:30:02UTCR topics documented:anscombiser-package (2)anscombe (3)anscombise (4)anscombise_gif (5)get_stats (7)input_datasets (8)mapdata (9)mimic (9)mimic_gif (11)plot.anscombe (13)print.anscombe (14)set_stats (14)trump (15)Index16 anscombiser-package anscombiser:Create Datasets with Identical Summary StatisticsDescriptionAnscombe’s quartet(Anscombe,1973)are a set of four two-variable datasets that have several com-mon summary statistics but which have very different joint distributions.This becomes apparent when the data are plotted,which illustrates the importance of using graphical displays in Statistics.This package enables the creation of datasets that have identical marginal sample means and sample variances,sample correlation,least squares regression coefficients and coefficient of determination.The user supplies an initial dataset,which is shifted,scaled and rotated in order to achieve target summary statistics.The general shape of the initial dataset is retained.The target statistics can be supplied directly or calculated based on a user-supplied dataset.DetailsThe main functions in anscombiser are•anscombise,which modifies a user-supplied dataset so that it shares sample summary statis-tics with Anscombe’s quartet.•mimic,which modified a user-supplied dataset so that is shares sample summary statistics with another user-supplied dataset.anscombe3 See vignette("intro-to-anscombiser",package="anscombiser")for an overview of the package.Author(s)Maintainer:Paul J.Northrop<*****************.uk>[copyright holder]ReferencesAnscombe,F.J.(1973).Graphs in Statistical Analysis.The American Statistician27(1):17–21.doi:10.1080/00031305.1973.10478966See Alsoanscombise and mimicanscombe Anscombe’s Quartet SeparatedDescriptionProvides Anscombe’s Quartet as separate data frames.Usageanscombe1anscombe2anscombe3anscombe4FormatAll datasets are objects of class data.frame with11rows and2columns.SourceAnscombe’s Quartet of’Identical’Simple Linear Regressions:datasets::anscombe in the datasets package.The i th dataset is datasets::anscombe[,c(i,i+4)].ReferencesAnscombe,Francis J.(1973).Graphs in statistical analysis.The American Statistician,27,17-21.doi:10.2307/26828994anscombise anscombise Create new versions of Anscombe’s quartetDescriptionModifies a dataset x so that it shares sample summary statistics with Anscombe’s quartet.Usageanscombise(x,which=1,idempotent=TRUE)Argumentsx A numeric matrix or data frame.Each column contains observations on a dif-ferent variable.Missing observations are not allowed.which An integer in{1,2,3,4}.Which of Anscombe’s datasets to use as the target dataset.Obviously,this makes very little difference.idempotent A logical scalar.If idempotent=TRUE then applying anscombise to one of the datasets in Anscombe’s Quartet will return the dataset unchanged,apart froma change of class.If idempotent=FALSE then the returned dataset will be arotated version of the original dataset,with the same summary statistics.SeeDetails.DetailsThe input dataset x is modified by shifting,scaling and rotating it so that its sample mean and covariance matrix match those of the Anscombe quartet.The rotation is based on the square root of the sample correlation matrix.If idempotent=FALSE then this square root is based on the Cholesky decomposition this matrix,using chol.If idempotent =TRUE the square root is based on the spectral decomposition of this matrix,using the output from eigen.This is a minimal rotation square root,which means that if the input data x al-ready have the exactly/approximately the required summary statistics then the returned dataset is exactly/approximately the same as the target dataset.ValueAn object of class c("anscombe","matrix","array")with plot and print methods.This re-turned dataset has the following summary statistics in common with Anscombe’s quartet.•The sample means of each variable.•The sample variances of each variable.•The sample correlation matrix.•The estimated regression coefficients from least squares linear regressions of each variable on each other variable.The target and new summary statistics are returned as attributes old_stats and new_stats and the chosen Anscombe’s quartet dataset as an attribute old_data.See Alsomimic to modify a dataset to share sample summary statistics with another dataset.datasets::anscombe for Anscombe’s Quartet and anscombe for Anscombe’s Quartet as4separate datasets.input_datasets:input1to input8for some input datasest of the same size as those in Anscombe’s quartet.Examples#Produce Anscombe-like datasets using input1to input8a1<-anscombise(input1,idempotent=FALSE)plot(a1)a2<-anscombise(input2)plot(a2)a3<-anscombise(input3,idempotent=FALSE)plot(a3)a4<-anscombise(input4,idempotent=FALSE)plot(a4)a5<-anscombise(input5,idempotent=FALSE)plot(a5)a6<-anscombise(input6)plot(a6)a7<-anscombise(input7,idempotent=FALSE)plot(a7)a8<-anscombise(input8,idempotent=FALSE)plot(a8)#Old faithful to new faithfulnew_faithful<-anscombise(datasets::faithful,which=4)plot(new_faithful)#Then check that the sample summary statistics are the sameplot(new_faithful,input=TRUE)#Map of Italygot_maps<-requireNamespace("maps",quietly=TRUE)if(got_maps){italy<-mapdata("Italy")new_italy<-anscombise(italy,which=4)plot(new_italy)}anscombise_gif Animation of several Anscombised datasetsDescriptionCreate an animation to show datasets that share sample summary statistics with Anscombe’s quartet.Usageanscombise_gif(x,which=1,idempotent=TRUE,theme_name="classic",ease="cubic-in-out",transition_length=3,state_length=1,wrap=TRUE)Argumentsx A list of input datasets.Each one must be a suitable argument x for anscombise.which,idempotentVectors that provide the arguments of the same names to anscombise for eachdataset.If necessary,rep_len is used to replicate these arguments so that theyeach have length length(x).theme_name A character scalar used to set the ggtheme.One of"grey","gray","bw", "linedraw","light","dark","minimal","classic","void"or"test".ease A character scalar passed to ease_aes to control how the points move in transi-tioning from one dataset to the next.transition_length,state_length,wrapArguments passed to transition_states.DetailsFor this function to work the packages ggplot2and gganimate must be installed.ValueAn object of class c("gganim","gg","ggplot")with an additional attribute new_data that is a data frame with3variables,x,y and dataset containing the datasets output from anscombise.The returned object may be displayed using by typing its name,e.g.,anim or saved as a GIFfile using anim_save,e.g.,gganimate::anim_save("anscombe.gif",anim).See Alsoanscombise modifies a dataset so that it shares sample summary statistics with Anscombe’s quartet.input_datasets:input1to input8for some input datasets of the same size as those in Anscombe’s quartet.Examples#Animate some Anscombe-like datasets produced using input1to input8x<-list(input1,input2,input3,input4,input5,input6,input7,input8)idem<-c(FALSE,TRUE,FALSE,FALSE,FALSE,TRUE,FALSE,FALSE)get_stats7 anim<-anscombise_gif(x,idempotent=idem)get_stats Calculate Anscombe’s summary statisticsDescriptionCalculates a particular set of summary statistics for a dataset.Usageget_stats(x)Argumentsx a numeric matrix or data frame with at least2columns/variables.Each col-umn contains observations on a different variable.Missing observations are notallowed.ValueA named list of summary statistics containing•n The sample size.•means The sample means of each variable.•variances The sample means of each variable.•correlation The sample correlation matrix.•intercepts,slopes,rsquared Matrices whose(i,j)th entries are the estimated regression co-efficients in a regression of x[,i]on x[,j]and the resulting coefficient of determination R2.Examplesget_stats(anscombe[,c(1,5)])8input_datasets input_datasets Input datasets for use by anscombise()DescriptionProvides input datasets from which anscombe will produce transformed datasets that behave like Anscombe’s quartet of datasets,that is,with the same traditional statistical properties but different general e plot(input1),for example,to see the behaviours of the datasets.Usageinput1input2input3input4input5input6input7input8FormatAll datasets are objects of class matrix(inherits from array)with11rows and2columns.SourceNone.Created for use in‘anscombiser‘.ReferencesAnscombe,Francis J.(1973).Graphs in statistical analysis.The American Statistician,27,17-21.doi:10.2307/2682899mapdata9 mapdata Extract longitude and latitude valuesDescriptionExtracts longitude and latitude values for a particular region from the world map supplied by the maps package.Usagemapdata(region=".",map="world",exact=FALSE,...)Argumentsregion Passed to map as the argument regions.map Passed to map as the argument databaseexact The argument exact passed to the map function....Additional arguments to be passed to map.ValueA dataframe with two columns:long and lat for longitude and latitude.ExamplesSee the examples in mimic.mimic Modify a dataset to mimic another datasetDescriptionModifies a dataset x so that it shares sample summary statistics with a target dataset x2.Usagemimic(x,x2,idempotent=TRUE,...)10mimicArgumentsx,x2Numeric matrices or data frames.Each column contains observations on a dif-ferent variable.Missing observations are not allowed.get_stats(x2)sets thetarget summary statistics.If x2is missing then set_stats is called with d=ncol(x)and any additional arguments supplied via....This can be used to settarget summary statistics(means,variances and/or correlations).idempotent A logical scalar.If idempotent=TRUE then mimic(x,x)returns x,apart froma change of class.If idempotent=FALSE then the returned dataset may be arotated version of the original dataset,with the same summary statistics.SeeDetails....Additional arguments to be passed to set_stats.DetailsThe input dataset x is modified by shifting,scaling and rotating it so that its sample mean and covariance matrix match those of the target dataset x2.The rotation is based on the square root of the sample correlation matrix.If idempotent=FALSE then this square root is based on the Cholesky decomposition this matrix,using chol.If idempotent =TRUE the square root is based on the spectral decomposition of this matrix,using the output from eigen.This is a minimal rotation square root,which means that if the input data x al-ready have the exactly/approximately the required summary statistics then the returned dataset is exactly/approximately the same as the target dataset x2.ValueAn object of class c("anscombe","matrix","array")with plot and print methods.This re-turned dataset has the following summary statistics in common with x2.•The sample means of each variable.•The sample variances of each variable.•The sample correlation matrix.•The estimated regression coefficients from least squares linear regressions of each variable on each other variable.The target and new summary statistics are returned as attributes old_stats and new_stats.If x2 is supplied then it is returned as a attribute old_data.See Alsoanscombise modifies a dataset so that it shares sample summary statistics with Anscombe’s quartet.Examples###2D examples#The UK and a dinosaurgot_maps<-requireNamespace("maps",quietly=TRUE)got_datasauRus<-requireNamespace("datasauRus",quietly=TRUE)if(got_maps&&got_datasauRus){library(maps)library(datasauRus)dino<-datasaurus_dozen_wide[,c("dino_x","dino_y")]UK<-mapdata("UK")new_UK<-mimic(UK,dino)plot(new_UK)}#Trump and a dinosaurif(got_datasauRus){library(datasauRus)dino<-datasaurus_dozen_wide[,c("dino_x","dino_y")]new_dino<-mimic(dino,trump)plot(new_dino)}##Examples of passing summary statistics#The default is zero mean,unit variance and no correlation new_faithful<-mimic(faithful)plot(new_faithful)#Change the correlationmat<-matrix(c(1,-0.9,-0.9,1),2,2)new_faithful<-mimic(faithful,correlation=mat)plot(new_faithful)###A3D examplenew_randu<-mimic(datasets::randu,datasets::trees)#The samples summary statistics are equalget_stats(new_randu)get_stats(datasets::trees)mimic_gif Animation of several mimicking datasetsDescriptionCreate an animation to show datasets that mimic a target dataset x2. Usagemimic_gif(x,x2,idempotent=TRUE,theme_name="classic",ease="cubic-in-out",transition_length=3,state_length=1,wrap=TRUE)Argumentsx A list of input datasets.Each one must be suitable argument x for for mimic.x2A suitable argument x2for mimic.idempotent A logical vector that provides the argument of the same names to mimic for each dataset.If necessary,rep_len is used to replicate this argument so that it haslength length(x).theme_name A character scalar used to set the ggtheme.One of"grey","gray","bw", "linedraw","light","dark","minimal","classic","void"or"test".ease A character scalar passed to ease_aes to control how the points move in transi-tioning from one dataset to the next.transition_length,state_length,wrapArguments passed to transition_states.DetailsFor this function to work the packages ggplot2and gganimate must be installed.ValueAn object of class c("gganim","gg","ggplot")with an additional attribute new_data that is a data frame with3variables,x,y and dataset containing the datasets output from mimc.The returned object may be displayed using by typing its name,e.g.,anim or saved as a GIFfile using anim_save,e.g.,gganimate::anim_save("anscombe.gif",anim).See Alsomimic to modify a dataset to share sample summary statistics with another dataset.input_datasets:input1to input8for some input datasets of the same size as those in Anscombe’s quartet.Examples#Create8datasets that mimic Anscombe s first datasetx<-list(input1,input2,input3,input4,input5,input6,input7,input8)anim<-mimic_gif(x,anscombe1)plot.anscombe13 plot.anscombe Plot method for objects of class"anscombe"Descriptionplot method for objects inheriting from class"anscombe".Usage##S3method for class anscombeplot(x,input=FALSE,stats=TRUE,digits=3,legend_args=list(),...) Argumentsx an object of class anscombe ,a result of a call to anscombise or mimic.input A logical scalar.Should the old,input data,that is,the Anscombe’s datasetchosen for anscombise or the argument x2to mimic,be plotted?If old=FALSEthen the new,output data are plotted.If old=TRUE then the old data are plotted.stats A logical scalar.Should the sample summary statistics n,means,variancesand correlation be added to the plot?digits An integer.The argument digits passed to signif to round the values of thestatistics before adding them to the plot.legend_args A list of arguments to be passed to legend when stats=TRUE,especiallylegend_args$x to control the position of the legend....Further arguments to be passed to plotDetailsThis function is only applicable in2dimensions,that is,when length(attr(x,"new_stats")$means) =2.ValueNothing is returned.ExamplesSee the examples in anscombise and mimic.See Alsoanscombise and mimic.14set_stats print.anscombe Print method for objects of class"anscombe"Descriptionprint method for class"anscombe".Usage##S3method for class anscombeprint(x,...)Argumentsx an object of class"anscombe",a result of a call to anscombise or mimic....Additional optional arguments to be passed to print.DetailsJust extracts the new dataset from x and prints it using print.ValueThe argument x,invisibly.See Alsoanscombise and mimicset_stats Create a list of summary statisticsDescriptionCreates a list of summary statistics to pass to mimic.Usageset_stats(d=2,means=0,variances=1,correlation=diag(2))Argumentsd An integer that is no smaller than2.means A numeric vector of sample means.variances A numeric vector of positive sample variances.correlation A numeric correlation matrix.None of the off-diagonal entries in correlation are allowed to be equal to1in absolute value.trump15DetailsThe vectors means and variances are recycled using rep_len to have length d.ValueA list containing the following components.•means a d-vector of sample means.•variances a d-vector sample variances.•correlation a d by d correlation matrix.Examples#Uncorrelated with zero means and unit variancesset_stats()#Sample correlation=0.9set_stats(correlation=matrix(c(1,0.9,0.9,1),2,2))trump Donald TrumpDescriptionA dataset that provides an image of Donald Trump’s face.UsagetrumpFormatA matrix with4885rows and2columns:x and y.SourceThis image was created by Accentaur from the Noun Project.https:/// term/donald-trump/727774/Examplesplot(trump)Index∗datasetsanscombe,3input_datasets,8trump,15_PACKAGE(anscombiser-package),2 anim_save,6,12anscombe,3,5,8Anscombe’s quartet,4–6,8,10 anscombe1(anscombe),3 anscombe2(anscombe),3 anscombe3(anscombe),3 anscombe4(anscombe),3 anscombise,2,3,4,6,10,13,14 anscombise_gif,5anscombiser(anscombiser-package),2 anscombiser-package,2chol,4,10class,4,10datasets,3datasets::anscombe,3,5ease_aes,6,12eigen,4,10get_stats,7,10gganimate,6,12ggplot2,6,12ggtheme,6,12input1(input_datasets),8input2(input_datasets),8input3(input_datasets),8input4(input_datasets),8input5(input_datasets),8input6(input_datasets),8input7(input_datasets),8input8(input_datasets),8input_datasets,5,6,8,12legend,13map,9mapdata,9mimic,2,3,5,9,9,12–14mimic_gif,11plot,4,10,13plot.anscombe,13print,4,10,14print.anscombe,14rep_len,6,12,15set_stats,10,14signif,13transition_states,6,12trump,1516。

Chapter 1—Multinational Financial Management: An Overview1. The commonly accepted goal of the MNC (跨国公司) is to:a. maximize short-term earnings.b. maximize shareholder wealth (股东财富).c. minimize risk.d. A and C.e. maximize international sales.ANS: B PTS: 12. With regard to corporate goals, an MNC (跨国公司) is mostly concerned with maximizing ____, and apurely domestic firm (纯粹的国内企业) is mostly concerned with maximizing ____.a. shareholder wealth (股东财富); short-term earningsb. shareholder wealth (股东财富); shareholder wealth (股东财富)c. short-term earnings; sales volumed. short-term earnings; shareholder wealth (股东财富)ANS: B PTS: 13. For the MNC (跨国公司), agency costs (代理成本) are typically:a. non-existent.b. larger than agency costs (代理成本) of a small purely domestic firm (纯粹的国内企业).c. smaller than agency costs (代理成本) of a small purely domestic firm (纯粹的国内企业).d. the same as agency costs (代理成本) of a small purely domestic firm (纯粹的国内企业).ANS: B PTS: 14. Which of the following (下列哪个) could reduce agency problems (代理问题) for an MNC (跨国公司)?a. stock options as managerial compensation.b. hostile takeover (收购) threat.c. investor monitoring.d. all of the above (上述全部) are forms of corporate control that could reduce agencyproblems (代理问题) for an MNC (跨国公司).ANS: D PTS: 15. The valuation (评价) of an MNC (跨国公司) should rise when an event causes the expected cashflows (预期的现金流) from foreign to ____ and when foreign currencies denominating these cashflows are expected to ____.a. decrease; appreciateb. increase; appreciatec. decrease; depreciated. increase; depreciateANS: B PTS: 16. Which of the following (下列哪个) theories identifies specialization (专业化) as a reason forinternational business (国际商务)?a. Theory of Comparative Advantage (比较优势理论) (比较优势).b. Imperfect markets (不完全的市场) theory.c. product cycle (产品周期) theory.d. none of the aboveANS: A PTS: 17. Which of the following (下列哪个) theories identifies the non-transferability of resources (资源的不可转移性) as a reason for international business (国际商务)?a. Theory of Comparative Advantage (比较优势理论) (比较优势).b. Imperfect markets (不完全的市场) theory.c. product cycle (产品周期) theory.d. none of the aboveANS: B PTS: 18. Which of the following (下列哪个) theories suggests that firms seek to penetrate new markets (进入新的市场) over time?a. Theory of Comparative Advantage (比较优势理论) (比较优势).b. Imperfect markets (不完全的市场) theory.c. product cycle (产品周期) theory.d. none of the aboveANS: C PTS: 19. Which of the following (下列哪个) industries would most likely take advantage of lower costs insome less developed foreign countries?a. assembly line production.b. specialized professional services.c. nuclear missile planning.d. planning for more sophisticated computer technology.ANS: A PTS: 110. Due to the risks involved in international business (国际商务), firms should:a. only consider international business (国际商务) in major countries.b. maintain international business (国际商务) to no more than 20% of total business.c. maintain international business (国际商务) to no more than 35% of total business.d. none of the aboveANS: D PTS: 111. A product cycle (产品周期) is the process by which a firm provides a specialized sales or servicestrategy, support assistance, and possibly an initial investment in the franchise in exchange for periodic fees.a. Trueb. FalseANS: F PTS: 112. Licensing (许可) is the process by which a firm provides its technology (copyrights, patents,trademarks, or trade names) in exchange for fees or some other specified benefits.a. Trueb. FalseANS: T PTS: 113. The agency costs (代理成本) of an MNC (跨国公司) are likely to be lower if it:a. scatters its subsidiaries across many foreign countries.b. increases its volume of international business (国际商务).c. uses a centralized management style.d. A and B.ANS: C PTS: 114. An MNC (跨国公司) may be more exposed to agency problems (代理问题) if most of its shares areheld by:a. a few mutual funds (共同基金)b. a widely dispersed set of individual investorsc. a few pension funds (养老基金)d. all of the above (上述全部) would prevent agency problems (代理问题)ANS: B PTS: 115. The Sarbanes-Oxley Act improves corporate governance (公司治理) of MNCs (跨国公司) because it:a. makes executives more accountable for verifying financial statementsb. eliminates stock options as a form of compensationc. ties executive compensation to firm performanced. places a limit on the amount of funds that managers can spendANS: A PTS: 116. MNCs (跨国公司) can improve their internal control (内部控制) process by all of the following,except (除了):a. establishing a centralized data base of informationb. ensuring that all data are reported consistently among subsidiariesc. ensuring that the MNC (跨国公司) always borrows from countries where interest rates arelowestd. using a system that checks internal data for unusual discrepanciesANS: C PTS: 117. Franchising (特许经营) is the process by which national governments sell state owned operations tocorporations and other investors.a. Trueb. FalseANS: F PTS: 118. The parent of MNC (跨国公司) can implement compensation plans (补偿计划) that directly rewardthe subsidiary (子公司) managers for enhancing the value (价值) of the MNC (跨国公司).a. Trueb. FalseANS: T PTS: 119. If a publicly-traded MNC (跨国公司)'s managers make poor decisions that reduce its value (价值), itmay encourage other firms to acquire it.a. Trueb. FalseANS: T PTS: 120. Institutional investors such as mutual funds (共同基金) or pension funds (养老基金) which have largeholdings (控股) of an MNC (跨国公司)'s stock do not normally want to take control of it and therefore have no influence over management of the MNC (跨国公司).a. Trueb. FalseANS: F PTS: 121. In comparing exporting (出口) to direct foreign investment (国外直接投资) (DFI), an exporting (出口)operation will likely incur ____ fixed production costs (固定生产成本) and ____ transportation costs (运输成本) than DFI.a. higher; higherb. higher; lowerc. lower; lowerd. lower; higherANS: D PTS: 122. Which of the following (下列哪个) is an example of direct foreign investment (国外直接投资)?a. exporting (出口) to a country.b. establishing Licensing (许可) arrangements in a country.c. purchasing existing companies in a country.d. investing directly (without brokers) in foreign stocks.ANS: C PTS: 123. According to the text (教科书), a disadvantage of Licensing (许可) is that:a. it prevents a firm from importing (进口).b. it is difficult to ensure quality control of the production process.c. it prevents a firm from exporting (出口).d. none of the aboveANS: B PTS: 124. ____ are most commonly classified as a direct foreign investment (国外直接投资).a. Foreign acquisitions (国外并购)b. Purchases of international stocksc. Licensing (许可) agreementsd. Exporting (出口) transactionsANS: A PTS: 125. Imperfect markets (不完全的市场) represent conditions under which factors of production (生产要素)are immobile.a. Trueb. FalseANS: T PTS: 126. The Sarbanes-Oxley Act (SOX) was enacted in 2002 required MNCs (跨国公司) and other firms toimplement an internal reporting process that could be easily monitored by executives and the board of directors.a. Trueb. FalseANS: T PTS: 127. If markets were perfect, then labor and other costs of production would be perfectly stable (nomovement across borders).a. Trueb. FalseANS: F PTS: 128. The valuation (评价) of an MNC (跨国公司) is reduced if the required return on its investments inforeign countries is reduced.a. Trueb. FalseANS: F PTS: 129. Which of the following (下列哪个) is not mentioned in the text (教科书) as an additional riskresulting from international business (国际商务)?a. exchange rate fluctuations.b. political risk (政治风险).c. interest rate risk.d. exposure (曝险) to foreign economies.ANS: C PTS: 130. Licensing (许可) obligates a firm to provide ____, while Franchising (特许经营) obligates a firm toprovide ____.a. a specialized sales or service strategy; its technologyb. its technology; a specialized sales or service strategyc. its technology; its technologyd. a specialized sales or service strategy; a specialized sales or service strategye. its technology; an initial investmentANS: B PTS: 131. Which of the following (下列哪个) is not a way in which agency problems (代理问题) can be reducedthrough corporate control?a. executive compensation.b. threat of hostile takeover (收购).c. acquisition of a foreign subsidiary (子公司).d. monitoring by large shareholders.ANS: C PTS: 132. The goal of a multinational corporation (MNC (跨国公司)) is the maximization of shareholder wealth(股东财富).a. Trueb. FalseANS: T PTS: 133. A centralized management style, where major decisions about a foreign subsidiary (子公司) are madeby the parent company, results in an increase in agency costs (代理成本).a. Trueb. FalseANS: F PTS: 134. If a U.S. firm sets up a plant in Mexico to benefit from (受益于) low cost labor, it will likely have acomparative advantage (比较优势) over other firms in Mexico that sell the same product.a. Trueb. FalseANS: F PTS: 135. Although MNCs (跨国公司) may need to convert currencies occasionally, they do not face anyexchange rate risk (汇率风险), as exchange rates are stable over time.a. Trueb. FalseANS: F PTS: 136. One of the most prevalent factors conflicting with the realization of the goal of an MNC (跨国公司) isthe existence of agency problems (代理问题).a. Trueb. FalseANS: T PTS: 137. A centralized management style for an MNC (跨国公司) results in relatively (相对) high agency costs(代理成本).a. Trueb. FalseANS: F PTS: 138. The Imperfect markets (不完全的市场) theory states that factors of production (生产要素) aresomewhat immobile, allowing firms to capitalize on a foreign country's resources.a. Trueb. FalseANS: T PTS: 139. If a U.S.-based MNC (跨国公司) focused completely on importing (进口), then its valuation (评价)would likely be adversely affected (受到不利影响) if most currencies were expected to appreciate against the dollar over time.a. Trueb. FalseANS: T PTS: 140. The acquisition of a foreign subsidiary (子公司) is commonly considered by MNCs (跨国公司)because the cost is less expensive than establishing a new subsidiary (子公司) of the same size.a. Trueb. FalseANS: F PTS: 141. If a U.S.-based MNC (跨国公司) focused completely on exporting (出口), then its valuation (评价)would likely be adversely affected (受到不利影响) if most currencies were expected to appreciate against the dollar over time.a. Trueb. FalseANS: F PTS: 142. If markets were perfect, then labor and other costs of production would be easily transferable.a. Trueb. FalseANS: T PTS: 143. International trade (国际贸易):a. is a relatively (相对) conservative approach to foreign market penetration (市场渗透).b. entails minimal risk.c. does not require large amount of investment.d. all of the above (上述全部).ANS: D PTS: 144. Assume that (假设) an American firm wants to engage in international business (国际商务) withoutmajor investment (重大投资) in the foreign country. Which method is least (最不)appropriate in this situation?a. International trade (国际贸易)b. Licensing (许可)c. Franchising (特许经营)d. Direct foreign investment (国外直接投资)ANS: D PTS: 145. The valuation (评价) of MNC (跨国公司) accounts for all the cash flows received by the foreignsubsidiaries plus all the cash flows remitted by the subsidiaries.a. Trueb. FalseANS: F PTS: 146. The MNC (跨国公司)'s value (价值) depends on all of the following, except (除了):a. MNC (跨国公司)'s required rate of return (必要回报率)b. Amount of MNC (跨国公司)'s cash flows in particular currencyc. The exchange rate at which cash flows are converted to dollarsd. The value (价值) of MNC (跨国公司) depends on all of the above (上述全部) factorsANS: D PTS: 147. Which of the following (下列哪个) is not an example of political risk (政治风险)?a. Government may impose taxes on subsidiary (子公司)b. Government may impose barriers on subsidiary (子公司)c. Consumers may boycott the MNC (跨国公司)d. Consumers' income levels will decrease, thus decreasing consumption.ANS: D PTS: 148. A microeconomic perspective focuses on external forces such as economic conditions that can affectthe value (价值) of an MNC (跨国公司).a. Trueb. FalseANS: F PTS: 149. Assume that (假设) an MNC (跨国公司) has a subsidiary (子公司) in Italy, which exports its productsto various countries in Europe. Since all of the countries where it exports use Euro as their currency, this MNC (跨国公司) is not subject to the exchange rate risk (汇率风险).a. Trueb. FalseANS: F PTS: 150. International trade (国际贸易) generally results in ____ exposure (曝险) to international political risk(政治风险) and ____ exposure (曝险) to international economic conditions, when compared to other methods of international business (国际商务).a. higher; lowerb. higher; higherc. lower; higherd. lower; lowerANS: D PTS: 151. Assume that (假设) Boca Co. wants to expand its business to Japan, and wants complete control overthe operations in Japan. Which method of international business (国际商务) is most appropriate for Boca Co?a. Joint ventureb. Licensing (许可)c. Partial acquisition of existing Japanese firmd. Establishment (建立) of Japanese subsidiary (子公司)ANS: B PTS: 152. A decentralized management style of MNC (跨国公司) results in relatively (相对) high agency costs(代理成本).a. Trueb. FalseANS: T PTS: 153. The Establishment (建立) of a new subsidiary (子公司) is commonly considered by MNCs (跨国公司)because the cost is less expensive than acquiring a foreign subsidiary (子公司) of the same size.a. Trueb. FalseANS: T PTS: 154. Assume that (假设) Live Co. has expected cash flows (预期的现金流) of $200,000 from domesticoperations, SF200,000 from Swiss operations, and 150,000 euros from Italian operations at the end of the year. The Swiss franc's value (价值) and euro's value (价值) are expected to be $.83 and $1.29 respectively, at the end this year. What are the expected dollar cash flows of Live Co?a. $200,000b. $559,500c. $582,500d. $393,500ANS: B PTS: 155. Saller Co. has a subsidiary (子公司) in Mexico. The expected cash flows (预期的现金流) in pesos tobe received in the future from this subsidiary (子公司) have not changed since last month, but thevaluation (评价) of Saller Co. has declined since last month. What could've caused this decline invalue (价值)?a. A weaker Mexican economyb. Lower Mexican interest ratesc. Depreciation of the Mexican pesod. Appreciation of the Mexican peso.ANS: C PTS: 156. Jensen Co. wants to establish a new subsidiary (子公司) in Mexico that will sell computers to Mexicancustomers and remit earnings back to the U.S. parent. The value (价值) of this project will befavorably affected if the value (价值) of the peso ____ while it establishes the new subsidiary (子公司) and ____ when the subsidiary (子公司) starts operations.a. depreciates; appreciatesb. appreciates; appreciatesc. appreciates; depreciatesd. depreciates; depreciatesANS: A PTS: 157. A macroeconomic perspective focuses on the financial management decisions that affect the value (价值) of MNC (跨国公司).a. Trueb. FalseANS: F PTS: 158. An MNC (跨国公司) will always use the same required rate of return (必要回报率) in the valuation(评价) of foreign projects, as it would for its domestic projects.a. Trueb. FalseANS: F PTS: 159. Livingston Co. has a subsidiary (子公司) in Korea. The subsidiary (子公司) reinvests half of its netcash flows into operations and remits half to the parent. Livingston's expected cash flows (预期的现金流) from domestic business are $100,000 and the Korean subsidiary (子公司) is expected to generate 100 million Korean won at the end of the year. The expected value (价值) of won is $.0012. What are the expected dollar cash flows of Livingston Co.?a. $100,000b. $200,000c. $160,000d. $60,000ANS: C PTS: 160. A U.S.-based MNC (跨国公司) has many foreign subsidiaries in Europe and does not expect toincrease its investment there. Its value (价值) should increase if the value (价值) of the euro weakens over time.a. Trueb. FalseANS: F PTS: 161. If managers of foreign subsidiaries make decisions that maximize the value (价值)s of their respectivesubsidiaries, they automatically maximize the value (价值) of the entire corporation.a. Trueb. FalseANS: F PTS: 162. A decentralized management style, where subsidiary (子公司) managers make the relevant decisionsregarding their subsidiary (子公司), may result in better decision making, as subsidiary (子公司) managers are generally better informed about their subsidiary (子公司)'s operations.a. Trueb. FalseANS: T PTS: 163. U.S.-based MNCs (跨国公司) are typically not monitored by mutual funds (共同基金) and pensionfunds (养老基金), as these institutions (机构) rarely hold stock in MNCs (跨国公司).a. Trueb. FalseANS: F PTS: 164. The Sarbanes-Oxley Act ensures a more transparent process for managers to report on the productivityand financial condition of their firm.a. Trueb. FalseANS: T PTS: 165. The Theory of Comparative Advantage (比较优势理论) (比较优势) begins by assuming that a givenfirm first becomes established in its home country and may subsequently penetrate foreign markets via geographic or product differentiation.a. Trueb. FalseANS: F PTS: 166. Under the Imperfect markets (不完全的市场) Theory, it is assumed that factors of production (生产要素) are entirely mobile, so that firms can capitalize on a foreign country's resources.a. Trueb. FalseANS: F PTS: 167. Under the Product cycle (产品周期) Theory, foreign demand can be initially satisfied by exporting (出口).a. Trueb. FalseANS: T PTS: 168. Licensing (许可) allows firms to use their technology in foreign markets without a major investment(重大投资) in foreign countries.a. Trueb. FalseANS: T PTS: 169. International trade (国际贸易) is the most common form of direct foreign investment (国外直接投资)(DFI).a. Trueb. FalseANS: F PTS: 170. When the parent's home currency (本国货币) is weak, remitted funds from foreign subsidiaries willconvert to a smaller amount of the home currency (本国货币).a. Trueb. FalseANS: F PTS: 171. A purely domestic firm (纯粹的国内企业) may be affected by exchange rate fluctuations if it faces atleast (最不)some foreign competition.a. Trueb. FalseANS: T PTS: 172. One form of an exposure (曝险) to political risk (政治风险) is terrorism (恐怖主义).a. Trueb. FalseANS: T PTS: 173. The goal of a multinational corporation (MNC (跨国公司)) isa. The minimization of taxes remitted from foreign subsidiaries.b. The Establishment (建立) of subsidiaries in any country where operations would provide areturn over and above the cost of capital, even if better projects are available domestically.c. The maximization of shareholder wealth (股东财富).d. The maximization of social benefits resulting from actions such as the employment offoreign managers.ANS: C PTS: 174. Agency costs (代理成本) faced by multinational corporations (MNCs (跨国公司)) may be larger thanthose faced by purely domestic firm (纯粹的国内企业)s becausea. Monitoring of managers located in foreign countries is more difficult.b. Foreign subsidiary (子公司) managers raised in different cultures may not follow uniformgoals.c. MNCs (跨国公司) are relatively (相对) large.d. All of the above (上述全部)e. A and B onlyANS: D PTS: 175. Which of the following (下列哪个) is not one of the more common methods used by MNCs (跨国公司) to improve their internal control (内部控制) process?a. Establishing a centralized database of informationb. Ensuring that all data are reported consistently among subsidiariesc. Speeding the process by which all departments and all subsidiaries have access to the datathat they needd. Making executives more accountable for financial statements by personally verifying theiraccuracye. All of the above (上述全部) are common methods used by MNCs (跨国公司) to improvetheir internal control (内部控制) process.ANS: E PTS: 176. Which of the following (下列哪个) is not mentioned in the text (教科书) as a theory of internationalbusiness (国际商务)?a. Theory of Comparative Advantage (比较优势理论)b. Imperfect markets (不完全的市场) Theoryc. Product cycle (产品周期) Theoryd. Globalization of Business Theorye. All of the above (上述全部) are mentioned in the text (教科书) as theories of internationalbusiness (国际商务)ANS: D PTS: 177. The most risky method(s) by which firms conduct international business (国际商务) is (are):a. Franchising (特许经营).b. The acquisitions of existing operations (现有业务的收购).c. The Establishment (建立) of new subsidiaries.d. All of the above (上述全部)e. B and C onlyANS: E PTS: 178. The least (最不)risky method by which firms conduct international business (国际商务) is:a. Franchising (特许经营).b. The acquisitions of existing operations (现有业务的收购).c. International trade (国际贸易).d. The Establishment (建立) of new subsidiaries.e. Licensing (许可)ANS: C PTS: 179. Which of the following (下列哪个) does not constitute (构成) a form of direct foreign investment (国外直接投资)?a. Franchising (特许经营)b. International trade (国际贸易)c. Joint ventures (合资企业)d. Acquisitions of existing operationse. Establishment (建立) of new foreign subsidiariesANS: B PTS: 1。

Chapter 2—International Flow of Funds1. Recently, the U.S. experienced an annual balance of trade representing a ____.large surplus (exceeding $100 billion)a.small surplusb.clevel of zero.deficitd.ANS: D PTS: 12. A high home inflation rate relative to other countries would ____ the home country'scurrent account balance, other things equal. A high growth in the home income levelrelative to other countries would ____ the home country's current account balance, other things equal.aincrease; increase.increase; decreaseb.cdecrease; decrease.decrease; increased.ANS: C PTS: 13. If a country's government imposes a tariff on imported goods, that country's currentaccount balance will likely ____ (assuming no retaliation by other governments).decreasea.bincrease.cremain unaffected.deither A or C are possible.ANS: B PTS: 14. ____ purchases more U.S. exports than the other countries listed here.aItaly.Spainb.cMexico.Canadad.ANS: D PTS: 15. An increase in the current account deficit will place ____ pressure on the home currencyvalue, other things equal.upwarda.bdownward.noc.upward or downward (depending on the size of the deficit)d.ANS: B PTS: 16. If the home currency begins to appreciate against other currencies, this should ____ thecurrent account balance, other things equal (assume that substitutes are readily available in the countries, and that the prices charged by firms remain the same).increasea.bhave no impact on.reducec.dall of the above are equally possible.ANS: C PTS: 17. The International Financial Corporation was established to:a.enhance development solely in Asia through grants.b . enhance economic development through non-subsidized loans (at market interest rates).c . enhance economic development through low-interest rate loans (below-market rates).d . enhance economic development of the private sector through investment in stock of corporations.ANS: D PTS: 18. The World Bank was established to:a.enhance development solely in Asia through grants.b . enhance economic development through non-subsidized loans (at market interest rates).c . enhance economic development through low-interest rate loans (below-market rates).d . enhance economic development of the private sector through investment in stock of corporations.ANS: B PTS: 19. The International Development Association was established to:a.enhance development solely in Asia through grants.b . enhance economic development through non-subsidized loans (at market interest rates).c . enhance economic development through low-interest rate loans (below-market rates).d . enhance economic development of the private sector through investment in stock of corporations.ANS: C PTS: 110. Which of the following would likely have the least direct influence on a country's currentaccount?a.inflation.b.national income.c.exchange rates.d.tariffs.e.a tax on income earned from foreign stocks.ANS: E PTS: 111. The "J curve" effect describes:a . the continuous long-term inverse relationship between a country's current account balance and the country's growth in gross national product.b . the short-run tendency for a country's balance of trade to deteriorate even while its currency is depreciating.c . the tendency for exporters to initially reduce the price of goods when their own currency appreciates.d . the reaction of a country's currency to initially depreciate after the country's inflation rate declines.ANS: B PTS: 112. An increase in the use of quotas is expected to:a . reduce the country's current account balance, if other governments do not retaliate.b . increase the country's current account balance, if other governments do not retaliate.c . have no impact on the country's current account balance unless other governments retaliate.d.increase the volume of a country's trade with other countries.ANS: B PTS: 113. The U.S. typically has a balance-of-trade surplus in its trade with ____.a.Chinab.Japanc.A and Bd none of the aboveANS: D PTS: 114. The North American Free Trade Agreement (NAFTA) increased restrictions on:a.trade between Canada and Mexico.b.trade between Canada and the U.S.c.direct foreign investment in Mexico by U.S. firms.d.none of the above.ANS: D PTS: 115. According to the text, international trade (exports plus imports combined) as a percentageof GDP is:a.higher in the U.S. than in European countries.b.lower in the U.S. than in European countries.c . higher in the U.S. than in about half the European countries, and lower in the U.S. than the others.d.about the same in the U.S. as in European countries.ANS: B PTS: 116. The direct foreign investment positions by U.S. firms have generally ____ over time; thedirect foreign investment positions in the U.S. by non-U.S. firms have generally ____ over time.a.increased; increasedb.increased; decreasedc.decreased; decreasedd.decreased; increasedANS: A PTS: 117. Which of the following is the biggest target of direct foreign investment by U.S. firms?Mexico.a.Japan.b.cUnited Kingdom..Germany.d.ANS: C PTS: 118. The primary component of the current account is the:balance of trade.a.bbalance of money market flows..balance of capital market flows.c.dunilateral transfers..ANS: A PTS: 119. As a result of the European Union, restrictions on exports between ____ were reduced oreliminated.amember countries and the U.S..member countriesb.cmember countries and European non-members.none of the aboved.ANS: B PTS: 120. Over the last several years, international trade (exports plus imports) as a percentage ofGDP has generally:aincreased for most major countries..decreased for most major countries.b.cstayed about constant for most major countries..increased for about half the major countries and decreased for the others.d.ANS: A PTS: 121. Which is not a concern about the North American Free Trade Agreement (NAFTA)?its impact on U.S. inflation.a.bits impact on U.S. unemployment..lower environmental standards in Mexico.c.different health laws for workers in Mexico.d.ANS: A PTS: 122. A General Agreement on Tariffs and Trade (GATT) accord in 1993 called for:aincreased trade restrictions outside of North America..lower trade restrictions around the world.b.uniform environmental standards around the world.c.uniform worker health laws.d.ANS: B PTS: 123. Which of the following is mentioned in the text as a possible means by which thegovernment may attempt to improve its balance of trade position (increase its exports or reduce its imports).It could attempt to strengthen its local currency value.a.b . Firms based in a country receive subsidies from their government, produce products, and then export those products at a cheap price.c . Firms based in one country are allowed by their government to offer bribes to large customers when pursuing business deals in a particular industry.d.All of the above are mentioned.ANS: A PTS: 124. The demand for U.S. exports tends to increase when:a.economic growth in foreign countries decreases.b.the currencies of foreign countries strengthen against the dollar.c.U.S. inflation rises.d.none of the above.ANS: B PTS: 125. "Dumping" is used in the text to represent the:a.exporting of goods that do not meet quality standards.b.sales of junk bonds to foreign countries.c.removal of foreign subsidiaries by the host government.d.exporting of goods at prices below cost.ANS: D PTS: 126. ____ is (are) income received by investors on foreign investments in financial assets(securities).a.Portfolio incomeb.Direct foreign incomec.Unilateral transfersd.Factor incomeANS: D PTS: 127. A weak home currency may not be a perfect solution to correct a balance of trade deficitbecause:a.it reduces the prices of imports paid by local companies.b.it increases the prices of exports by local companies.c.it prevents international trade transactions from being prearranged.d . foreign companies may reduce the prices of their products to stay competitive.ANS: D PTS: 128. Intracompany trade makes up approximately ____ percent of all international trade.a.50b.70c.25d.13e.5ANS: A PTS: 129. Like the International Monetary Fund (IMF), the ____ is composed of a collection ofnations as members. However, unlike the IMF, it uses the private rather than thegovernment sector to achieve its objectives.a.World Bankb.International Financial Corporation (IFC)c.World Trade Organization (WTO)dInternational Development Association (IDA).Bank for International Settlements (BIS)e.ANS: B PTS: 130. The World Bank's Multilateral Investment Guarantee Agency (MIGA):aoffers various forms of export insurance..offers various forms of import insurance.b.coffers various forms of exchange rate risk insurance..provides loans to developing countries.d.offers various forms of political risk insurance.e.ANS: E PTS: 131. Also known as the "central banks' central bank," the ____ attempts to facilitatecooperation among countries with regard to international transactions and provides assistance to countries experiencing a financial crisis.World Banka.bInternational Financial Corporation (IFC).World Trade Organizationc.dInternational Development Association (IDA).Bank for International Settlements (BIS)e.ANS: E PTS: 132. Direct foreign investment into the U.S. represents a ____.capital inflowa.b trade inflow.ccapital outflow.trade outflowd.ANS: A PTS: 147. A country's net outflow of funds ____ affect its interest rates, and ____ affect itseconomic conditions.does; doesa.bdoes; does not.does not; does notc.does not; doesd.ANS: A PTS: 151. In recent years, the U.S. has had a relatively (compared to other countries) ____ balanceof trade ____ with China.small; surplusa.blarge; surplus.small; deficitc.large; deficitd.ANS: D PTS: 155. Assume the U.S. has a balance of trade surplus with the Country of Thor. Whenindividuals in Thor manufacture CDs and DVDs that look almost exactly like the original product produced in the U.S. and other countries, they ____ the U.S. balance of trade surplus with Thor. This activity is called ____.areduce; flipping.breduce; pirating.increase; piratingc.dincrease; flipping.ANS: B PTS: 156. Japan's annual interest rate has been relatively ____ compared to other countries forseveral years, because the supply of funds in its credit market has been very ____.alow; small.high; smallb.clow; large.high; larged.ANS: C PTS: 157. Without the international capital flows, there would be ____ funding available in the U.S.across all risk levels, and the cost of funding would be ____ regardless of the firm's risk level.more; lowera.bmore; higher.less; lowerc.less; higherd.ANS: D PTS: 166. The ____ is the difference between exports and imports.abalance of trade.b balance on goods and services.cbalance of payments.current accountd.ecapital account.ANS: A PTS: 167. Which of the following will probably not result in an increase in a country's currentaccount balance (assuming everything else constant)?aA decrease in the country's rate of inflation.A decrease in the country's national income levelb.cAn increase in government restrictions in the form of tariffs or quotas .An appreciation of the country's currencyd.eAll of the above will result in an increased current account balance..ANS: D PTS: 168. Which of the following factors probably does not directly affect a country's capitalaccount and its components?Inflationa.Interest ratesb.cWithholding taxes on foreign income.Exchange rate movementsd.eAll of the above will directly affect a country's capital account..ANS: A PTS: 169. The ____, an accord among 117 nations, called for lower tariffs around the world.a.General Agreement on Tariffs and Trade (GATT)b.North American Free Trade Agreement (NAFTA)c.Single European Act of 1987d.European Union Accorde.None of the aboveANS: A PTS: 170. Which of the following is not a "subtle" trade restriction Country X may use againstCountry Y?a.The government of Country X eliminates environmental restrictions.b . The government of Country X subsidizes firms in its country to facilitate dumping.c . The government of Country X provides tax breaks to firms in specific industries.d . The government of Country X imposes a tariff on goods imported from Country Y.e . The government of Country X allows its firms to offer bribes to large customers when pursuing business deals.ANS: D PTS: 171. Which of the following statements is not true?a . Exporters may complain that they are being mistreated because the currency of their country is too weak.b . Outsourcing affects the balance of trade because it means that a service is purchased in another country.c.Sometimes, trade policies are used to punish countries for various actions.d . Tariffs imposed by the EU have caused some friction between EU countries that commonly import products and other EU countries.e.All of the above are true. ANS: A PTS: 172. Which of the following would increase the current account of Country X? Country Y isCountry X's sole trading partner.a.Inflation increases in countries X and Y by comparable amounts.b.Country X's and Country Y's currencies depreciate by the same amount.c . Country X imposes tariffs on imports from Country Y, and Country Y retaliates by imposing an identical tax on X's exports.d . The central banks of Country X and Country Y reduce the money supply to increase interest rates.e . Country X imposes a quota on imports, and Country Y retaliates by imposing an identical quota on X's exports.ANS: D PTS: 173. ____ represent aid, grants, and gifts from one country to another.a.Transfer paymentsb.Factor incomec.The balance of traded.The balance of paymentse.The capital accountANS: A PTS: 174. Which of the following is not a goal of the International Monetary Fund (IMF)?a.To promote cooperation among countries on international monetary issuesb.To promote stability in exchange ratesc . To enhance a country's long-term economic growth via the extension of structural adjustment loansd.To promote free tradee.To promote free mobility of capital funds across countriesANS: C PTS: 175. According to the "J curve effect," a weakening of the U.S. dollar relative to its tradingpartners' currencies would result in an initial ____ in the current account balance,followed by a subsequent ____ in the current account balance.decrease; increasea.increase; decreaseb.cdecrease; decrease.increase; increased.ANS: A PTS: 1。

CHAPTER 2CONCEPTUAL FRAMEWORK UNDERLYINGFINANCIAL ACCOUNTINGCHAPTER LEARNING OBJECTIVES1. Describe the usefulness of a conceptual framework.2. Describe efforts to construct a conceptual framework.3. Understand the objective of financial reporting.4. Identify the qualitative characteristics of accounting information.5. Define the basic elements of financial statements.6. Describe the basic assumptions of accounting.7. Explain the application of the basic principles of accounting.8. Describe the impact that constraints have on reporting accounting information.Test Bank for Intermediate Accounting: IFRS Edition2 - 2TRUE-FALSE—Conceptual1. The conceptual framework for accounting has been discovered through empirical research.2. A conceptual framework is a coherent system of interrelated objectives and fundamentalsthat can lead to consistent standards.3. The International Accounting Standards Board (IASB) uses a conceptual framework basedon individual concepts developed by each member of the standard-setting body.4. A soundly developed conceptual framework enables the International Accounting StandardsBoard (IASB) to issue more useful and consistent pronouncements over time.5. A soundly developed conceptual framework enables the International Accounting StandardsBoard (IASB) to quickly solve new and emerging practical problems by referencing basic theory.6. The IASB has issued a conceptual framework that is broadly consistent with that of theUnited States.7. The International Accounting Standards Board’s (IASB’s) Conceptual Framework includessupplementary information.8. The International Accounting Standards Board’s (IASB’s) Conceptual Framework includesthe elements of financial statements.9. The 2nd level of the IASB’s conceptual framework provides the qualitative characteristicsthat make accounting information useful and the elements of financial statements.10. One of the challenges in developing a common conceptual framework will be to agree onhow the framework should be organized since the FASB and IASB conceptual frameworks are organized in very different ways.11. The first level of the conceptual framework identifies the recognition and measurementconcepts used in establishing accounting standards.12. Decision usefulness is the underlying theme of the conceptual framework.13. Users of financial statements are assumed to have no knowledge of business and financialaccounting matters by financial statement preparers.14. The foundation of the International Accounting Standards Board’s (IASB’s) ConceptualFramework is found on the third level of the Framework and includes assumptions, principles, and constraints.15. An implicit assumption of the International Accounting Standards Board’s (IASB’s)Conceptual Framework is that users need to be experts in business and financial accounting matters to understand the information contained in financial statements.16. Relevance and reliability are the two primary qualities that make accounting informationuseful for decision making.Conceptual Framework Underlying Financial Accounting 2 - 3 17. The idea of consistency does not mean that companies cannot switch from one accountingmethod to another.18. Timeliness and neutrality are two ingredients of relevance.19. Verifiability and predictive value are two ingredients of reliability.20. The second level of the International Accounting Standards Board’s (IASB’s) ConceptualFramework serves as a bridge between the “why” of accounting and the “how” of accounting.21. In the International Accounting Standards Board’s (IASB’s) Conceptual Framew ork,qualitative characteristics are considered either relevant or prudent.22. In the International Accounting Standards Board’s (IASB’s) Conceptual Framework,qualitative characteristics distinguish better information from inferior information for decision-making purposes.23. In the International Accounting Standards Board’s (IASB’s) Conceptual Framework, anenhancing qualitative characteristic is predictive value.24. In the International Accounting Standards Board’s (IASB’s) Conceptual Framework,aningredient of a fundamental qualitative characteristic is understandability.25. To be a faithful representation as described by the International Accounting StandardsBoard’s (IASB’s) Conceptual Framework, information must be confirmatory.26. An enhancing quality as described by the International Accounting Standards Board’s(IASB’s) Conceptual Framework is comparability.27. Moon, Inc. applies different accounting treatments to similar events from period to period.Moon, Inc. is violating verifiability as described by the International Accounting Standards Board’s (IASB’s) Conceptual Framework.28. The International Accounting Standards Board’s (IASB) definition of retained earnings is“the residual interest in the assets of the entity after deducting all its liabilities.”29. The historical cost principle would be of limited usefulness if not for the going concernassumption.30. The economic entity assumption means that economic activity can be identified with aparticular legal entity.31. Materiality is one of the basic assumptions of accounting used by the InternationalAccounting Standards Board (IASB).32. Periodicity is one of the basic assumptions of accounting used by the InternationalAccounting Standards Board (IASB).33. Timeliness is one of the basic assumptions of accounting used by the InternationalAccounting Standards Board (IASB).Test Bank for Intermediate Accounting: IFRS Edition2 - 434. The periodicity basic assumptions of accounting (used by the International AccountingStandards Board) makes depreciation and amortization policies justifiable and appropriate.35. The IASB conceptual framework specifically identifies accrual basis accounting as one of itsfundamental assumptions.36. One of two assumptions made by the IASB conceptual framework is that the reporting entityis a going concern.37. The expense recognition principle states that debits must equal credits in each transaction.38. Revenues are realizable when assets received or held are readily convertible into cash orclaims to cash.39. Supplementary information may include details or amounts that present a differentperspective from that adopted in the financial statements.40. Companies consider only quantitative factors in determining whether an item is material.41. The International Accounting Standards Board has given companies the option of using fairvalue to report financial liabilities.42. Under International Financial Reporting Standards (IFRS) product costs are charged off inthe immediate period and period costs may be carried into future periods.43. Under International Financial Reporting Standards (IFRS) notes to the financial statementsmust qualify as an element.44. Under International Financial Reporting Standards (IFRS) supplementary information maybe information that is high in relevance but low in reliability.45. The cost-benefit constraint included in the International Accounting Standards Board’sconceptual framework states that financial information should be free from cost to users of the information.46. Th e International Accounting Standards Board’s (IASB) rule for materiality is any item under5% of net income is considered immaterial.47. The International Accounting Standards Board’s (IASB) conceptual framework includes theconcept of prudence or conservatism which means when in doubt, choose the solution that will be least likely to overstate assets or income and/or understate liabilities or expenses.48. Under International Financial Reporting Standards (IFRS) companies must consider bothquantitative and qualitative factors in determining whether an item is material.49. Under International Financial Reporting Standards (IFRS) companies need not reportimmaterial items within the body of the financial statements, but must disclose them in the notes or supplementary information that accompany the financial statements.50. The conceptual framework underlying U.S. GAAP is similar to that underlying IFRS.Conceptual Framework Underlying Financial Accounting 2 - 5MULTIPLE CHOICE—Conceptual51. A soundly developed conceptual framework of concepts and objectives shoulda. increase financial statement users' understanding of and confidence in financialreporting.b. enhance comparability among companies' financial statements.c. allow new and emerging practical problems to be more quickly solved.d. all of these.52. Which of the following (a-c) are not true concerning a conceptual framework in account-ing?a. It should be a basis for standard-setting.b. It should allow practical problems to be solved more quickly by reference to it.c. It should be based on fundamental truths that are derived from the laws of nature.d. All of the above (a-c) are true.53. What is a purpose of having a conceptual framework?a. To enable the profession to more quickly solve emerging practical problems.b. To provide a foundation from which to build more useful standards.c. Neither a nor b.d. Both a and b.S54. Which of the following is not a benefit associated with the FASB Conceptual Framework Project?a. A conceptual framework should increase financial statement users' understanding ofand confidence in financial reporting.b. Practical problems should be more quickly solvable by reference to an existingconceptual framework.c. A coherent set of accounting standards and rules should result.d. Business entities will need far less assistance from accountants because the financialreporting process will be quite easy to apply.Test Bank for Intermediate Accounting: IFRS Edition2 - 655. A soundly developed conceptual framework enables the International AccountingStandards Board (IASB) toI. Issue more useful and consistent pronouncements over time.II. More quickly solve new and emerging practical problems by referencing basic theory.a. I only.b. II only.c. Both I and II.d. Neither I nor II.56. In the conceptual framework for financial reporting, what provides "the why"--the goalsand purposes of accounting?a. Measurement and recognition concepts such as assumptions, principles, andconstraintsb. Qualitative characteristics of accounting informationc. Elements of financial statementsd. Objective of financial reporting57. The underlying theme of the conceptual framework isa. decision usefulness.b. understandability.c. reliability.d. comparability.58. What is the objective of financial reporting as indicated in the conceptual framework?a. provide information that is useful to those making investing and credit decisions.b. provide information that is useful to management.c. provide information about those investing in the entity.d. All of the above.59. The International Accounting Standards Board’s (IASB’s) Conceptual Framework includesall of the following except:a. Objective of financial reporting.b. Supplementary informationc. Elements of financial statements.d. Qualitative characteristics of accounting information.60. The second level in the International Accounting Standards Board’s (IASB’s) ConceptualFrameworka. Identifies the objective of financial reporting.b. Identifies recognition, measurement, and disclosure concepts used in establishing andapplying accounting standards.c. Provides the elements of financial statements.d. Includes assumptions, principles, and constraints.Conceptual Framework Underlying Financial Accounting 2 - 7 61. The objective of financial reporting in the Internatio nal Accounting Standards Board’s(IASB’s) Conceptual Frameworka. Is the foundation for the Framework.b. Includes the qualitative characteristics that make accounting information useful.c. Is found on the third level of the Framework.d. All of the choices are correct regarding the objective of financial reporting.62. An implicit assumption of the International Accounting Standards Board’s (IASB’s)Conceptual Framework is thata. Information must be decision-useful to all potential users of financial reporting.b. General-purpose financial reporting is the primary source of information for users offinancial reporting.c. Users need reasonable knowledge of business and financial accounting matters tounderstand the information contained in financial statements.d. All of the choices are correct.63. The overriding criterion by which accounting information can be judged is that ofa. usefulness for decision making.b. freedom from bias.c. timeliness.d. comparability.64. Which of the following is a fundamental quality of useful accounting information?a. Comparability.b. Relevance.c. Consistency.d. Materiality.65. Which of the following is a fundamental quality of useful accounting information?a. Conservatism.b. Comparability.c. Faithful representation.d. Consistency.66. What is meant by comparability when discussing financial accounting information?a. Information has predictive or feedback value.b. Information is reasonably free from error.c. Information that is measured and reported in a similar fashion across companies.d. Information is timely.67. What is meant by consistency when discussing financial accounting information?a. Information that is measured and reported in a similar fashion across points in time.b. Information is timely.c. Information is measured similarly across the industry.d. Information is verifiable.Test Bank for Intermediate Accounting: IFRS Edition2 - 868. Which of the following is an ingredient of relevance?a. Completeness.b. Representational faithfulness.c. Neutrality.d. Predictive value.69. Which of the following is an ingredient of faithful representation?a. Predictive value.b. Timeliness.c. Neutrality.d. Feedback value.70. Changing the method of inventory valuation should be reported in the financial statementsunder what qualitative characteristic of accounting information?a. Understandability.b. Verifiability.c. Timeliness.d. Comparability.71. Company A issuing its annual financial reports within one month of the end of the year isan example of which enhancing quality of accounting information?a. Neutrality.b. Timeliness.c. Predictive value.d. Representational faithfulness.72. What is the quality of information that enables users to better forecast future operations?a. Reliability.b. Materiality.c. Comparability.d. Relevance.73. Which of the following ingredients of fundamental qualities is part of faithful representation?a. Neutrality.b. Productive value.c. Confirmatory value.d. Timeliness.74. Decision makers vary widely in the types of decisions they make, the methods of decisionmaking they employ, the information they already possess or can obtain from other sources, and their ability to process information. Consequently, for information to be useful there must be a linkage between these users and the decisions they make. This link isa. relevance.b. reliability.c. understandability.d. materiality.Conceptual Framework Underlying Financial Accounting 2 - 9 75. The two fundamental qualities that make accounting information useful for decisionmaking area. comparability and consistency.b. materiality and timeliness.c. relevance and faithful representation.d. reliability and comparability.76. Accounting information is considered to be relevant when ita. can be depended on to represent the economic conditions and events that it isintended to represent.b. is capable of making a difference in a decision.c. is understandable by reasonably informed users of accounting information.d. is verifiable and neutral.77. The quality of information that gives assurance that it is reasonably free of error and biasa. relevance.b. faithful representation.c. verifiability.d. neutrality.78. Financial information does not demonstrate consistency whena. firms in the same industry use different accounting methods to account for the sametype of transaction.b. a company changes its estimate of the salvage value of a fixed asset.c. a company fails to adjust its financial statements for changes in the value of themeasuring unit.d. none of these.79. When information about two different enterprises has been prepared and presented in asimilar manner, the information exhibits the characteristic ofa. relevance.b. reliability.c. consistency.d. none of these.80. The second level of the International Accounting Standards Board’s (IASB’s) ConceptualFrameworka. provides conceptual building blocks that explain the qualitative characteristics ofaccounting information.b. defines the elements of financial statements.c. serves as a bridge between the “why” of accounting and the “how” of accounting.d. all of the choices are correct.81. In the Intern ational Accounting Standards Board’s (IASB’s) Conceptual Framework,qualitative characteristicsa. Are considered either fundamental or enhancing.b. Contribute to the decision-usefulness of financial reporting information.c. Distinguish better information from inferior information for decision-making purposes.d. All of the choices are correct.Test Bank for Intermediate Accounting: IFRS Edition2 - 1082. In the International Accounting Standards Board’s (IASB’s) Conceptual Framework, anenhancing qualitative characteristic isa. Predictive value.b. Free from error.c. Timeliness.d. Confirmatory value.83. In the International Accounting Standards Board’s (IASB’s) Conceptual Framework, aningredient of a fundamental qualitative characteristic isa. Neutrality.b. Verifiability.c. Timeliness.d. Understandability.84. In the International A ccounting Standards Board’s (IASB’s) Conceptual Framework, afundamental qualitative characteristic isa. Materiality.b. Faithful representation.c. Decision usefulness.d. Neutrality.85. To be a faithful representation as described by the International Accounting StandardsBoard’s (IASB’s) Conceptual Framework, information must be all of the following except:a. Complete.b. Free from error.c. Confirmatory.d. Neutral.86. Enhancing qualities as described by the International Accounting Standards Board’s(IASB’s) Conceptua l Framework, include all of the following except:a. Comparability.b. Neutrality.c. Understandability.d. Verifiability.87. Erin Company applies the same accounting treatment to similar events from period toperiod. Erin Company is exhibiting which of the following qualities as described by the International Accounting Standards Board’s (IASB’s) Conceptual Framework?a. Verifiability.b. Consistency.c. Predictive value.d. All of the choices are correct.S88. According to the IASB Conceptual Framework, the elements−assets, liabilities, and equity−describe amounts of resources and claims to resources at/during aMoment in Time Period of Timea. Yes Nob. Yes Yesc. No Yesd. No No89. Which of the following is not a basic element of financial statements?a. Assets.b. Statement of financial position.c. Equity.d. Income.90. Which of the following basic elements of financial statements is not associated with thestatement of financial position?a. Income.b. Equity.c. Liability.d. Asset.91. Issuance of common stock for cash affects which basic element of financial statements?a. Revenues.b. Losses.c. Liabilities.d. Equity.92. The International Accounting Standards Board (IASB) defines five interrelated elements offinancial statements. Which of the following is not one of those elements?a. Asset.b. Income.c. Equity.d. All of the choices are elements defined by the IASB.93. The International Accounting Standards Board (IASB) defines one of the 5 elements asfollows: “the residual interest in the assets of the entity after deducting all its liabilities”Which element matches this description?a. Retained earnings.b. Income.c. Equity.d. All of the choices match this definition.94. Which of the following is not a basic assumption underlying the financial accountingstructure?a. Economic entity assumption.b. Going concern assumption.c. Periodicity assumption.d. Historical cost assumption.95. Which basic assumption is illustrated when a firm reports financial results on an annualbasis?a. Economic entity assumption.b. Going concern assumption.c. Periodicity assumption.d. Monetary unit assumption.96. Which basic assumption may not be followed when a firm in bankruptcy reports financialresults?a. Economic entity assumption.b. Going concern assumption.c. Periodicity assumption.d. Monetary unit assumption.97. Which accounting assumption or principle is being violated if a company provides financialreports in connection with a new product introduction?a. Economic entity.b. Periodicity.c. Revenue recognition.d. Full disclosure.S98. Which of the following basic accounting assumptions is threatened by the existence of severe inflation in the economy?a. Monetary unit assumption.b. Periodicity assumption.c. Going-concern assumption.d. Economic entity assumption.S99. During the lifetime of an entity accountants produce financial statements at artificial points in time in accordance with the concept ofObjectivity Periodicitya. No Nob. Yes Noc. No Yesd. Yes Yes100. Under current IFRS, inflation is ignored in accounting due to thea. economic entity assumption.b. going concern assumption.c. monetary unit assumption.d. periodicity assumption.101. The economic entity assumptiona. is inapplicable to unincorporated businesses.b. recognizes the legal aspects of business organizations.c. requires periodic income measurement.d. is applicable to all forms of business organizations.102. Preparation of consolidated financial statements when a parent-subsidiary relationship exists is an example of thea. economic entity assumption.b. relevance characteristic.c. comparability characteristic.d. neutrality characteristic.103. During the lifetime of an entity, accountants produce financial statements at arbitrary points in time in accordance with which basic accounting concept?a. Cost/benefit constraintb. Periodicity assumptionc. Materiality constraintd. Expense recognition principle104. The assumption that a business enterprise will not be sold or liquidated in the near future is known as thea. economic entity assumption.b. monetary unit assumption.c. materiality assumption.d. none of these.105. Which of the following is an implication of the going concern assumption?a. The historical cost principle is credible.b. Depreciation and amortization policies are justifiable and appropriate.c. The current-noncurrent classification of assets and liabilities is justifiable and signify-cant.d. All of these.106. The basic assumptions of accounting used by the International Accounting Standards Board (IASB) include all of the following except:a. Going concern.b. Periodicity.c. Accrual basis.d. Materiality.107. The basic assumptions of accounting used by the International Accounting Standards Board (IASB) includea. Neutrality.b. Periodicity.c. Understandability.d. Materiality.108. The basic assumptions of accounting used by the International Accounting Standards Board (IASB) includea. Monetary unit.b. Decision usefulnessc. Timeliness.d. All of the choices are basic assumptions of accounting.109. Which of the following basic assumptions of accounting (used by the International Accounting Standards Board) makes depreciation and amortization policies justifiable and appropriate?a. Periodicity.b. Decision usefulnessc. Monetary unit.d. Going concern.110. Proponents of historical cost ordinarily maintain that in comparison with all other valuation alternatives for general purpose financial reporting, statements prepared using historical costs are morea. verifiable.b. relevant.c. indicative of the entity's purchasing power.d. conservative.111. Valuing assets at their liquidation values rather than their cost is inconsistent with thea. periodicity assumption.b. matching principle.c. materiality constraint.d. historical cost principle.112. Revenue is generally recognized when a sale occurs. This statement describes thea. consistency characteristic.b. matching principle.c. revenue recognition principle.d. relevance characteristic.113. Generally, revenue from sales should be recognized at a point whena. management decides it is appropriate to do so.b. the product is available for sale to the ultimate consumer.c. the entire amount receivable has been collected from the customer and there remainsno further warranty liability.d. none of these.114. Revenue generally should be recognizeda. at the end of production.b. at the time of cash collection.c. when realized.d. when a sale occurs.115. Which of the following is not a time when revenue may be recognized?a. At time of saleb. At receipt of cashc. During productiond. All of these are possible times of revenue recognition.116. The Allowance for Doubtful Accounts, which appears as a deduction from Accounts Receivable on a statement of financial position and which is based on an estimate of bad debts, is an application of thea. consistency characteristic.b. expense recognition principle.c. materiality constraint.d. revenue recognition principle.117. The accounting principle of expense recognition is best demonstrated bya. not recognizing any expense unless some revenue is realized.b. associating effort (expense) with accomplishment (revenue).c. recognizing prepaid rent received as revenue.d. establishing an Appropriation for Contingencies account.118. Application of the full disclosure principlea. is theoretically desirable but not practical because the costs of complete disclosureexceed the benefits.b. is violated when important financial information is buried in the notes to the financialstatements.c. is demonstrated by the use of supplementary information presenting the effects ofchanging prices.d. requires that the financial statements be consistent and comparable.119. Which of the following is an argument against using historical cost in accounting?a. Fair values are more relevant.b. Historical costs are based on an exchange transaction.c. Historical costs are reliable.d. Fair values are subjective.120. When is revenue generally recognized?a. When cash is received.b. When the warranty expires.c. When production is completed.d. When the sale occurs.121. Which of the following are the two components of the revenue recognition principle?a. Cash is received and the amount is material.b. It is probable that future economic benefits will flow to the company and it is possibleto reliably measure the amount.c. Production is complete and there is an active market for the product.d. Cash is realized or realizable and production is complete.122. Which of the following practices may not be an acceptable deviation from recognizing revenue at the point of sale?a. Upon receipt of cash.b. During production.c. Upon receipt of order.d. End of production.。

Chapter 11—Managing Transaction Exposure1. Assume zero transaction costs. If the 90-day forward rate of the euro is an accurate estimate of the spotrate 90 days from now, then the real cost of hedging payables will be:a. positive.b. negative.c. positive if the forward rate exhibits a premium, and negative if the forward rate exhibits adiscount.d. zero.ANS: D PTS: 12. Assume zero transaction costs. If the 180-day forward rate overestimates the spot rate 180 days fromnow, then the real cost of hedging payables will be:a. positive.b. negative.c. positive if the forward rate exhibits a premium, and negative if the forward rate exhibits adiscount.d. zero.ANS: A PTS: 13. Assume the following information:U.S. deposit rate for 1 year = 11%U.S. borrowing rate for 1 year = 12%Swiss deposit rate for 1 year = 8%Swiss borrowing rate for 1 year = 10%Swiss forward rate for 1 year = $.40Swiss franc spot rate = $.39Also assume that a U.S. exporter denominates its Swiss exports in Swiss francs and expects to receive SF600,000 in 1 year.Using the information above, what will be the approximate value of these exports in 1 year in U.S.dollars given that the firm executes a forward hedge?a. $234,000.b. $238,584.c. $240,000.d. $236,127.ANS: CSOLUTION: SF600,000 $.40 = $240,000PTS: 14. Assume the following information:U.S. deposit rate for 1 year = 11%U.S. borrowing rate for 1 year = 12%New Zealand deposit rate for 1 year = 8%New Zealand borrowing rate for 1 year = 10%New Zealand dollar forward rate for 1 year = $.40New Zealand dollar spot rate = $.39Also assume that a U.S. exporter denominates its New Zealand exports in NZ$ and expects to receive NZ$600,000 in 1 year. You are a consultant for this firm.Using the information above, what will be the approximate value of these exports in 1 year in U.S.dollars given that the firm executes a money market hedge?a. $238,584.b. $240,000.c. $234,000.d. $236,127.ANS: DSOLUTION:1. Borrow NZ$545,455 (NZ$600,000/1.1) = NZ$545,455.2. Convert NZ$545,455 to $212,727 (at $.39 per NZ$).3. Invest $212,727 to accumulate $236,127 ($212,727 1.11) = $236,127.PTS: 15. An example of cross-hedging is:a. find two currencies that are highly positively correlated; match the payables of the onecurrency to the receivables of the other currency.b. use the forward market to sell forward whatever currencies you will receive.c. use the forward market to buy forward whatever currencies you will receive.d. B and CANS: A PTS: 16. Which of the following reflects a hedge of net receivables in British pounds by a U.S. firm?a. purchase a currency put option in British pounds.b. sell pounds forward.c. borrow U.S. dollars, convert them to pounds, and invest them in a British pound deposit.d. A and BANS: D PTS: 17. Which of the following reflects a hedge of net payables on British pounds by a U.S. firm?a. purchase a currency put option in British pounds.b. sell pounds forward.c. sell a currency call option in British pounds.d. borrow U.S. dollars, convert them to pounds, and invest them in a British pound deposit.e. A and BANS: D PTS: 18. If Lazer Co. desired to lock in the maximum it would have to pay for its net payables in euros butwanted to be able to capitalize if the euro depreciates substantially against the dollar by the time payment is to be made, the most appropriate hedge would be:a. a money market hedge.b. purchasing euro put options.c. a forward purchase of euros.d. purchasing euro call options.e. selling euro call options.ANS: D PTS: 19. If Salerno Inc. desired to lock in a minimum rate at which it could sell its net receivables in Japaneseyen but wanted to be able to capitalize if the yen appreciates substantially against the dollar by the time payment arrives, the most appropriate hedge would be:a. a money market hedge.b. a forward sale of yen.c. purchasing yen call options.d. purchasing yen put options.e. selling yen put options.ANS: D PTS: 110. The real cost of hedging payables with a forward contract equals:a. the nominal cost of hedging minus the nominal cost of not hedging.b. the nominal cost of not hedging minus the nominal cost of hedging.c. the nominal cost of hedging divided by the nominal cost of not hedging.d. the nominal cost of not hedging divided by the nominal cost of hedging.ANS: A PTS: 111. From the perspective of Detroit Co., which has payables in Mexican pesos and receivables in Canadiandollars, hedging the payables would be most desirable if the expected real cost of hedging payables is ____, and hedging the receivables would be most desirable if the expected real cost of hedgingreceivables is ____.a. negative; positiveb. zero; positivec. zero; zerod. positive; negativee. negative; negativeANS: E PTS: 112. Use the following information to calculate the dollar cost of using a money market hedge to hedge200,000 pounds of payables due in 180 days. Assume the firm has no excess cash. Assume the spot rate of the pound is $2.02, the 180-day forward rate is $2.00. The British interest rate is 5%, and the U.S. interest rate is 4% over the 180-day period.a. $391,210.b. $396,190.c. $388,210.d. $384,761.e. none of the aboveANS: ESOLUTION:1. Need to invest £190,476 (£200,000/1.05) = £190,476.2. Need to exchange $384,762 to obtain the £190,476 (£190,476 ⨯ $2.02) = $384,762.3. At the end of 180 days, need $400,152 to repay loan ($384,762 ⨯ 1.04) = $400,152.PTS: 113. Assume that Cooper Co. will not use its cash balances in a money market hedge. When decidingbetween a forward hedge and a money market hedge, it ____ determine which hedge is preferable before implementing the hedge. It ____ determine whether either hedge will outperform an unhedged strategy before implementing the hedge.a. can; canb. can; cannotc. cannot; cand. cannot; cannotANS: B PTS: 114. Foghat Co. has 1,000,000 euros as receivables due in 30 days, and is certain that the euro willdepreciate substantially over time. Assuming that the firm is correct, the ideal strategy is to:a. sell euros forward.b. purchase euro currency put options.c. purchase euro currency call options.d. purchase euros forward.e. remain unhedged.ANS: A PTS: 115. Spears Co. will receive SF1,000,000 in 30 days. Use the following information to determine the totaldollar amount received (after accounting for the option premium) if the firm purchases and exercises a put option:Exercise price = $.61Premium = $.02Spot rate = $.60Expected spot rate in 30 days = $.5630-day forward rate = $.62a. $630,000.b. $610,000.c. $600,000.d. $590,000.e. $580,000.ANS: DSOLUTION: ($.61 - $.02) ⨯ SF1,000,000 = $590,000PTS: 116. A ____ involves an exchange of currencies between two parties, with a promise to re-exchangecurrencies at a specified exchange rate and future date.a. long-term forward contractb. currency option contractc. parallel loand. money market hedgeANS: C PTS: 117. If interest rate parity exists and transactions costs are zero, the hedging of payables in euros with aforward hedge will ____.a. have the same result as a call option hedge on payablesb. have the same result as a put option hedge on payablesc. have the same result as a money market hedge on payablesd. require more dollars than a money market hedgee. A and DANS: C PTS: 118. Assume that Parker Company will receive SF200,000 in 360 days. Assume the following interestrates:U.S. Switzerland360-day borrowing rate 7% 5%360-day deposit rate 6% 4%Assume the forward rate of the Swiss franc is $.50 and the spot rate of the Swiss franc is $.48. IfParker Company uses a money market hedge, it will receive ____ in 360 days.a. $101,904b. $101,923c. $98,769d. $96,914e. $92,307ANS: DSOLUTION:1. Borrow SF190,476 (SF200,000/1.05) = SF190,476.2. Convert SF190,476 to $91,428 (SF190,476 ⨯ $.48) = $91,428.3. Invest $91,428 at 6% to accumulate $96,914 ($91,428 ⨯ 1.06) = $96,914.PTS: 119. The forward rate of the Swiss franc is $.50. The spot rate of the Swiss franc is $.48. The followinginterest rates exist:U.S. Switzerland360-day borrowing rate 7% 5%360-day deposit rate 6% 4%You need to purchase SF200,000 in 360 days. If you use a money market hedge, the amount of dollars you need in 360 days is:a. $101,904.b. $101,923.c. $98,770.d. $96,914.e. $92,307.ANS: CSOLUTION:1. Need to invest SF192,308 (SF200,000/1.04) = SF192,308.2. Need to borrow $92,308 to exchange for SF192,308 (SF192,308 ⨯ $.48) = $92,308.3. At the end of 360 days, need $98,769 to repay the loan ($92,308 ⨯ 1.07) = $98,770.PTS: 120. Your company will receive C$600,000 in 90 days. The 90-day forward rate in the Canadian dollar is$.80. If you use a forward hedge, you will:a. receive $750,000 today.b. receive $750,000 in 90 days.c. pay $750,000 in 90 days.d. receive $480,000 today.e. receive $480,000 in 90 days.ANS: ESOLUTION: C$600,000 ⨯ $0.80 = $480,000PTS: 121. A call option exists on British pounds with an exercise price of $1.60, a 90-day expiration date, and apremium of $.03 per unit. A put option exists on British pounds with an exercise price of $1.60, a 90-day expiration date, and a premium of $.02 per unit. You plan to purchase options to cover your future receivables of 700,000 pounds in 90 days. You will exercise the option in 90 days (if at all).You expect the spot rate of the pound to be $1.57 in 90 days. Determine the amount of dollars to be received, after deducting payment for the option premium.a. $1,169,000.b. $1,099,000.c. $1,106,000.d. $1,143,100.e. $1,134,000.ANS: CSOLUTION: ($1.60 - $.02) ⨯ £700,000 = $1,106,000PTS: 122. Assume that Smith Corporation will need to purchase 200,000 British pounds in 90 days. A call optionexists on British pounds with an exercise price of $1.68, a 90-day expiration date, and a premium of $.04. A put option exists on British pounds, with an exercise price of $1.69, a 90-day expiration date, and a premium of $.03. Smith Corporation plans to purchase options to cover its future payables. It will exercise the option in 90 days (if at all). It expects the spot rate of the pound to be $1.76 in 90 days. Determine the amount of dollars it will pay for the payables, including the amount paid for the option premium.a. $360,000.b. $338,000.c. $332,000.d. $336,000.e. $344,000.ANS: ESOLUTION: ($1.68 + $.04) ⨯ £200,000 = $344,000PTS: 123. Assume that Kramer Co. will receive SF800,000 in 90 days. Today's spot rate of the Swiss franc is$.62, and the 90-day forward rate is $.635. Kramer has developed the following probabilitydistribution for the spot rate in 90 days:$.64 40%$.65 30%The probability that the forward hedge will result in more dollars received than not hedging is:a. 10%.b. 20%.c. 30%.d. 50%.e. 70%.ANS: CSOLUTION: The forward hedge will result in more dollars if the spot rate is less than theforward rate, which is true in the first two cases.PTS: 124. Assume that Jones Co. will need to purchase 100,000 Singapore dollars (S$) in 180 days. Today's spotrate of the S$ is $.50, and the 180-day forward rate is $.53. A call option on S$ exists, with an exercise price of $.52, a premium of $.02, and a 180-day expiration date. A put option on S$ exists, with an exercise price of $.51, a premium of $.02, and a 180-day expiration date. Jones has developed the following probability distribution for the spot rate in 180 days:Possible Spot Ratein 90 Days Probability$.48 10%$.53 60%$.55 30%The probability that the forward hedge will result in a higher payment than the options hedge is ____ (include the amount paid for the premium when estimating the U.S. dollars required for the options hedge).a. 0%b. 10%c. 30%d. 40%e. 70%ANS: BSOLUTION: There is a 10% probability that the call option will not be exercised. In thatcase, Jones will pay $.48 ⨯ S$100,000 = $48,000, which is less than theamount paid with the forward hedge ($.53 ⨯ S$100,000 = $53,000).PTS: 125. Assume that Patton Co. will receive 100,000 New Zealand dollars (NZ$) in 180 days. Today's spotrate of the NZ$ is $.50, and the 180-day forward rate is $.51. A call option on NZ$ exists, with an exercise price of $.52, a premium of $.02, and a 180-day expiration date. A put option on NZ$ exists with an exercise price of $.51, a premium of $.02, and a 180-day expiration date. Patton Co. hasdeveloped the following probability distribution for the spot rate in 180 days:$.55 30%The probability that the forward hedge will result in more U.S. dollars received than the options hedge is ____ (deduct the amount paid for the premium when estimating the U.S. dollars received on the options hedge).a. 10%b. 30%c. 40%d. 70%e. none of the aboveANS: DSOLUTION: The put option will be exercised in the first two cases, resulting in an amountreceived per unit of $.51 - $.02 = $.49. Thus, the forward hedge will result inmore U.S. dollars received ($.51 per unit).PTS: 126. The ____ hedge is not a technique to eliminate transaction exposure discussed in your text.a. indexb. futuresc. forwardd. money markete. currency optionANS: A PTS: 127. Money Corp. frequently uses a forward hedge to hedge its Malaysian ringgit (MYR) receivables. Forthe next month, Money has identified its net exposure to the ringgit as being MYR1,500,000. The 30-day forward rate is $.23. Furthermore, Money's financial center has indicated that the possiblevalues of the Malaysian ringgit at the end of next month are $.20 and $.25, with probabilities of .30 and .70, respectively. Based on this information, the revenue from hedging minus the revenue from not hedging receivables is____.a. $0.b. -$7,500.c. $7,500.d. none of the aboveANS: CSOLUTION: RCH(1) = (MYR1,500,000 ⨯ $0.20) - (MYR1,500,000 ⨯ $0.23)= -$45,000RCH(2) = (MYR1,500,000 ⨯ $0.25) - (MYR1,500,000 ⨯ $0.23)= $30,000E[RCH] = (.30)(-45,000) + (.7)(30,000) = 7,5000PTS: 128. Hanson Corp. frequently uses a forward hedge to hedge its British pound (£) payables. For the nextquarter, Hanson has identified its net exposure to the pound as being £1,000,000. The 90-day forward rate is $1.50. Furthermore, Hanson's financial center has indicated that the possible values of theBritish pound at the end of next quarter are $1.57 and $1.59, with probabilities of .50 and .50,respectively. Based on this information, what is the expected real cost of hedging payables?a. $80,000.b. -$80,000.c. $1,570,000.d. $1,580,000.ANS: BSOLUTION: RCH(1) = (£1,000,000 ⨯ $1.50) - (£1,000,000 ⨯ $1.57) = -$70,000RCH(2) = (£1,000,000 ⨯ $1.50) - (£1,000,000 ⨯ $1.59) = -$90,000E[RCH] = (.50)(-70,000) + (.50)(-$90,000) = -$80,000PTS: 1Exhibit 11-1U.S. Jordan360-day borrowing rate 6% 5%360-day deposit rate 5% 4%29. Refer to Exhibit 11-1. Perkins Corp. will receive 250,000 Jordanian dinar (JOD) in 360 days. Thecurrent spot rate of the dinar is $1.48, while the 360-day forward rate is $1.50. How much will Perkins receive in 360 days from implementing a money market hedge (assume any receipts before the date of the receivable are invested)?a. $377,115.b. $373,558.c. $363,019.d. $370,000.ANS: DSOLUTION:1. Borrow JOD238,095.24 (JOD250,000/1.05) = JOD238,095.24.2. Convert JOD238,095.24 to $352,380.95 (JOD238,095.24 ⨯ $1.48) = $352,380.95.3. Invest $352,380.95 at 5% to accumulate $370,000 ($352,280.95 ⨯ 1.05) = $370,000.PTS: 130. Refer to Exhibit 11-1. Pablo Corp. will need 150,000 Jordanian dinar (JOD) in 360 days. The currentspot rate of the dinar is $1.48, while the 360-day forward rate is $1.46. What is Pablo's cost fromimplementing a money market hedge (assume Pablo does not have any excess cash)?a. $224,135.b. $226,269.c. $224,114.d. $223,212.ANS: BSOLUTION:1. Need to invest JOD144,230.76 (JOD150,000/1.04) = JOD144,230.76.2. Need to convert $213,461.52 to obtain the JOD144,230.76 dinar (JOD144,230.76 ⨯ $1.48)= $213,461.52.3. At the end of 360 days, need $226,269.22 ($213,461.52 ⨯ 1.06) = $226,269.21.PTS: 131. Lorre Company needs 200,000 Canadian dollars (C$) in 90 days and is trying to determine whether ornot to hedge this position. Lorre has developed the following probability distribution for the Canadian dollar:Possible Value ofCanadian Dollar in 90 Days Probability$0.54 15%0.57 25%0.58 35%0.59 25%The 90-day forward rate of the Canadian dollar is $.575, and the expected spot rate of the Canadian dollar in 90 days is $.55. If Lorre implements a forward hedge, what is the probability that hedging will be more costly to the firm than not hedging?a. 40%.b. 60%.c. 15%.d. 85%.ANS: ASOLUTION: Since Lorre locks into the $.575 with a forward contract, the first two caseswould have been cheaper had Lorre not hedged (15% + 25% = 40%).PTS: 132. Quasik Corporation will be receiving 300,000 Canadian dollars (C$) in 90 days. Currently, a 90-daycall option with an exercise price of $.75 and a premium of $.01 is available. Also, a 90-day put option with an exercise price of $.73 and a premium of $.01 is available. Quasik plans to purchase options to hedge its receivable position. Assuming that the spot rate in 90 days is $.71, what is the net amount received from the currency option hedge?a. $219,000.b. $222,000.c. $216,000.d. $213,000.ANS: CSOLUTION: ($.73 - $.01) ⨯ 300,000 = $216,000.PTS: 133. FAB Corporation will need 200,000 Canadian dollars (C$) in 90 days to cover a payable position.Currently, a 90-day call option with an exercise price of $.75 and a premium of $.01 is available. Also,a 90-day put option with an exercise price of $.73 and a premium of $.01 is available. FAB plans topurchase options to hedge its payable position. Assuming that the spot rate in 90 days is $.71, what is the net amount paid, assuming FAB wishes to minimize its cost?a. $144,000.b. $148,000.c. $152,000.d. $150,000.ANS: ASOLUTION: ($.71 + $.01) 200,000 = $144,000. Note: the call option is not exercisedsince the spot rate is less than the exercise price.PTS: 134. You are the treasurer of Arizona Corporation and must decide how to hedge (if at all) futurereceivables of 350,000 Australian dollars (A$) 180 days from now. Put options are available for a premium of $.02 per unit and an exercise price of $.50 per Australian dollar. The forecasted spot rate of the Australian dollar in 180 days is:Future Spot Rate Probability$.46 20%$.48 30%$.52 50%The 90-day forward rate of the Australian dollar is $.50.What is the probability that the put option will be exercised (assuming Arizona purchased it)?a. 0%.b. 80%.c. 50%.d. none of the aboveANS: CSOLUTION: Arizona will exercise when the exercise price is greater than the future spot(20% + 30% = 50%).PTS: 135. If interest rate parity exists, and transaction costs do not exist, the money market hedge will yield thesame result as the ____ hedge.a. put optionb. forwardc. call optiond. none of the aboveANS: B PTS: 136. Which of the following is the least effective way of hedging exposure in the long run?a. long-term forward contract.b. currency swap.c. parallel loan.d. money market hedge.ANS: D PTS: 137. When a perfect hedge is not available to eliminate transaction exposure, the firm may considermethods to at least reduce exposure, such as ____.a. leadingb. laggingc. cross-hedgingd. currency diversificatione. all of the aboveANS: E PTS: 138. Sometimes the overall performance of an MNC may already be insulated by offsetting effects betweensubsidiaries and it may not be necessary to hedge the position of each individual subsidiary.a. Trueb. FalseANS: T PTS: 139. To hedge a ____ in a foreign currency, a firm may ____ a currency futures contract for that currency.a. receivable; purchaseb. payable; sellc. payable; purchased. none of the aboveANS: C PTS: 140. A forward contract hedge is very similar to a futures contract hedge, except that ____ contracts arecommonly used for ____ transactions.a. forward; smallb. futures; largec. forward; larged. none of the aboveANS: C PTS: 141. Celine Co. will need €500,000 in 90 days to pay for German imports. Today's 90-day forward rate ofthe euro is $1.07. There is a 40 percent chance that the spot rate of the euro in 90 days will be $1.02, and a 60 percent chance that the spot rate of the euro in 90 days will be $1.09. Based on thisinformation, the expected value of the real cost of hedging payables is $____.a. -35,000b. 25,000c. -1,000d. 1,000ANS: DSOLUTION: E[RCH p] = -$35,000 ⨯ 0.40 + $25,000 ⨯ 0.60 = $1,000PTS: 142. In a forward hedge, if the forward rate is an accurate predictor of the future spot rate, the real cost ofhedging payables will be:a. highly positive.b. highly negative.c. zero.d. none of the aboveANS: C PTS: 143. If an MNC is hedging various currencies, it should measure the real cost of hedging in each currencyas a dollar amount for comparison purposes.a. Trueb. FalseANS: F PTS: 144. Samson Inc. needs €1,000,000 in 30 days. Samson can earn 5 percent annualized on a German security.The current spot rate for the euro is $1.00. Samson can borrow funds in the U.S. at an annualizedinterest rate of 6 percent. If Samson uses a money market hedge, how much should it borrow in the U.S.?a. $952,381.b. $995,851.c. $943,396.d. $995,025.ANS: BSOLUTION: 1,000,000/[1 + (5% ⨯ 30/360) = $995,851PTS: 145. Blake Inc. needs €1,000,000 in 30 days. It can earn 5 percent annualized on a Ge rman security. Thecurrent spot rate for the euro is $1.00. Blake can borrow funds in the U.S. at an annualized interest rate of 6 percent. If Blake uses a money market hedge to hedge the payable, what is the cost ofimplementing the hedge?a. $1,000,000.b. $1,055,602.c. $1,000,830.d. $1,045,644.ANS: CSOLUTION:1. Borrow $995,851 from a U.S. bank (€1,000,000 ⨯ $1.00 ⨯ [1 + (.05 ⨯ 30/360)]2. Convert $995,851 to €995,851, given the exchange rate of $1.00 per euro.3. Use the euros to purchase a German security that offers 0.42% interest over 30 days.4. Repay the U.S. loan in 30 days, plus interest; the amount owed is $1,000,830 (computed as$995,851 ⨯ [1 + (.06 ⨯ 30/360)]).PTS: 146. Since the results of both a money market hedge and a forward hedge are known beforehand, an MNCcan implement the one that is more feasible.a. Trueb. FalseANS: T PTS: 147. If interest rate parity exists, the forward hedge will always outperform the money market hedge.a. Trueb. FalseANS: F PTS: 148. To hedge a contingent exposure, in which an MNC's exposure is contingent on a specific eventoccurring, the appropriate hedge would be a(n) ____ hedge.a. money marketb. futuresc. forwardd. optionsANS: D PTS: 149. A ____ is not normally used for hedging long-term transaction exposure.a. long-term forward contactb. futures contractc. currency swapd. parallel loanANS: B PTS: 150. The ____ does not represent an obligation.a. long-term forward contractb. currency swapc. parallel loand. currency optionANS: D PTS: 151. Hedging the position of individual subsidiaries is generally necessary, even if the overall performanceof the MNC is already insulated by the offsetting positions between subsidiaries.a. Trueb. FalseANS: F PTS: 152. If an MNC is extremely risk-averse, it may decide to hedge even though its hedging analysis indicatesthat remaining unhedged will probably be less costly than hedging.a. Trueb. FalseANS: T PTS: 153. A money market hedge involves taking a money market position to cover a future payables orreceivables position.a. Trueb. FalseANS: T PTS: 154. To hedge a payable position with a currency option hedge, an MNC would write a call option.a. Trueb. FalseANS: F PTS: 155. MNCs generally do not need to hedge because shareholders can hedge their own risk.a. Trueb. FalseANS: F PTS: 156. Currency futures are very similar to forward contracts, except that they are standardized and are moreappropriate for firms that prefer to hedge in smaller amounts.a. Trueb. FalseANS: T PTS: 157. To hedge payables with futures, an MNC would sell futures; to hedge receivables with futures, anMNC would buy futures.a. Trueb. FalseANS: F PTS: 158. When the real cost of hedging is positive, this implies that hedging was more favorable than nothedging.a. Trueb. FalseANS: F PTS: 159. A futures hedge involves taking a money market position to cover a future payables or receivablesposition.a. Trueb. FalseANS: F PTS: 160. If interest rate parity (IRP) exists, then the money market hedge will yield the same result as theoptions hedge.a. Trueb. FalseANS: F PTS: 161. The price at which a currency put option allows the holder to sell a currency is called the settlementprice.a. Trueb. FalseANS: F PTS: 162. A put option essentially represents two swaps of currencies, one swap at the inception of the loancontract and another swap at a specified date in the future.a. Trueb. FalseANS: F PTS: 163. The hedging of a foreign currency for which no forward contract is available with a highly correlatedcurrency for which a forward contract is available is referred to as cross-hedging.a. Trueb. FalseANS: T PTS: 164. The exact cost of hedging with call options (as measured in the text) is not known with certainty at thetime that the options are purchased.a. Trueb. FalseANS: T PTS: 165. The tradeoff when considering alternative call options to hedge a currency position is that an MNC canobtain a call option with a higher exercise price, but would have to pay a higher premium.a. Trueb. FalseANS: F PTS: 166. When comparing the forward hedge to the options hedge, the MNC can easily determine which hedgeis more desirable, because the cost of each hedge can be determined with certainty.a. Trueb. FalseANS: F PTS: 167. When comparing the forward hedge to the money market hedge, the MNC can easily determine whichhedge is more desirable, because the cost of each hedge can be determined with certainty.a. Trueb. FalseANS: T PTS: 168. Assume zero transaction costs. If the 90-day forward rate of the euro underestimates the spot rate 90days from now, then the real cost of hedging payables will be:a. positive.b. negative.c. positive if the forward rate exhibits a premium, and negative if the forward rate exhibits adiscount.d. zero.ANS: B PTS: 169. Johnson Co. has 1,000,000 euros as payables due in 30 days, and is certain that euro is going toappreciate substantially over time. Assuming the firm is correct, the ideal strategy is to:a. sell euros forwardb. purchase euro currency put options.c. purchase euro currency call options.d. purchase euros forward.e. remain unhedged.ANS: D PTS: 1。

Chapter 3—International Financial Markets1. Assume that a bank's bid rate on Swiss francs is $.45 and its ask rate is $.47. Its bid-ask percentagespread is:a. about 4.44%.b. about 4.26%.c. about 4.03%.d. about 4.17%.ANS: BSOLUTION: Bid-ask percentage spread = ($.47 − $.45)/$.47 = 4.26%PTS: 12. Assume that a bank's bid rate on Japanese yen is $.0041 and its ask rate is $.0043. Its bid-askpercentage spread is:a. about 4.99%.b. about 4.88%.c. about 4.65%.d. about 4.43%.ANS: CSOLUTION: Bid-ask percentage spread = ($.0043 − $.0041)/$.0043 = 4.65%PTS: 13. The bid/ask spread for small retail transactions is commonly in the range of ____ percent.a. 3 to 7b. .01 to .03c. 10 to 15d. .5 to 1ANS: A PTS: 14. ____ is not a factor that affects the bid/ask spread.a. Order costsb. Inventory costsc. Volumed. All of the above factors affect the bid/ask spreadANS: D PTS: 15. The forward rate is the exchange rate used for immediate exchange of currencies.a. Trueb. FalseANS: F PTS: 16. The ask quote is the price for which a bank offers to sell a currency.a. Trueb. FalseANS: T PTS: 17. According to the text, the forward rate is commonly used for:a. hedging.b. immediate transactions.c. previous transactions.d. bond transactions.ANS: A PTS: 18. If a U.S. firm desires to avoid the risk from exchange rate fluctuations, and it is receiving 100,000 in90 days, it could:a. obtain a 90-day forward purchase contract on euros.b. obtain a 90-day forward sale contract on euros.c. purchase euros 90 days from now at the spot rate.d. sell euros 90 days from now at the spot rate.ANS: B PTS: 19. If a U.S. firm desires to avoid the risk from exchange rate fluctuations, and it will need C$200,000 in90 days to make payment on imports from Canada, it could:a. obtain a 90-day forward purchase contract on Canadian dollars.b. obtain a 90-day forward sale contract on Canadian dollars.c. purchase Canadian dollars 90 days from now at the spot rate.d. sell Canadian dollars 90 days from now at the spot rate.ANS: A PTS: 110. Assume the Canadian dollar is equal to $.88 and the Peruvian Sol is equal to $.35. The value of thePeruvian Sol in Canadian dollars is:a. about .3621 Canadian dollars.b. about .3977 Canadian dollars.c. about 2.36 Canadian dollars.d. about 2.51 Canadian dollars.ANS: BSOLUTION: $.35/$.88 = .3977PTS: 111. Which of the following is not true with respect to spot market liquidity?a. The more willing buyers and sellers there are, the more liquid a market is.b. The spot markets for heavily traded currencies such as the Japanese yen are very liquid.c. A currency's liquidity affects the ease with which an MNC can obtain or sell that currency.d. If a currency is illiquid, an MNC is typically able to quickly purchase that currency at areasonable exchange rate.ANS: D PTS: 112. Forward markets for currencies of developing countries are:a. prohibited.b. less liquid than markets for developed countries.c. more liquid than markets for developed countries.d. only available for use by government agencies.ANS: B PTS: 113. A forward contract can be used to lock in the ____ of a specified currency for a future point in time.a. purchase priceb. sale pricec. A or Bd. none of the aboveANS: C PTS: 114. The forward market:a. for euros is very illiquid.b. for Eastern European countries is very liquid.c. does not exist for some currencies.d. none of the aboveANS: C PTS: 115. ____ is not a bank characteristic important to customers in need of foreign exchange.a. Quote competitivenessb. Speed of executionc. Forecasting adviced. Advice about current market conditionse. All of the above are important bank characteristics to customers in need of foreignexchange.ANS: E PTS: 116. The Basel II accord is focused on eliminating inconsistencies in ____ across countries.a. capital requirementsb. deposit ratesc. deposit insuranced. bank failure policiesANS: A PTS: 117. The international money market primarily concentrates on:a. short-term lending (one year or less).b. medium-term lending.c. long-term lending.d. placing bonds with investors.e. placing newly issued stock in foreign markets.ANS: A PTS: 118. The international credit market primarily concentrates on:a. short-term lending (less than one year).b. medium-term lending.c. long-term lending.d. providing an exchange of foreign currencies for firms who need them.e. placing newly issued stock in foreign markets.ANS: B PTS: 119. The main participants in the international money market are:a. consumers.b. small firms.c. large corporations.d. small European firms needing European currencies for international trade.ANS: C PTS: 120. LIBOR is:a. the interest rate commonly charged for loans between banks.b. the average inflation rate in European countries.c. the maximum loan rate ceiling on loans in the international money market.d. the maximum deposit rate ceiling on deposits in the international money market.e. the maximum interest rate offered on bonds that are issued in London.ANS: A PTS: 121. A syndicated loan:a. represents a loan by a single bank to a syndicate of corporations.b. represents a loan by a single bank to a syndicate of country governments.c. represents a direct loan by a syndicate of oil-producing exporters to a less developedcountry.d. represents a loan by a group of banks to a borrower.e. A and BANS: D PTS: 122. The international money market is primarily served by:a. the governments of European countries, which directly intervene in foreign currencymarkets.b. government agencies such as the International Monetary Fund that enhance developmentof countries.c. several large banks that accept deposits and provide loans in various currencies.d. small banks that convert foreign currency for tourists and business visitors.ANS: C PTS: 123. International money market transactions normally represent:a. the equivalent of $1 million or more.b. the equivalent of $1,000 to $10,000.c. the equivalent of between $10,000 and $100,000.d. the equivalent of between $100,000 and $200,000.ANS: A PTS: 124. A put option is the amount or percentage by which the existing spot rate exceeds the forward rate.a. Trueb. FalseANS: F PTS: 125. From 1944 to 1971, the exchange rate between any two currencies was typically:a. fixed within narrow boundaries.b. floating, but subject to central bank intervention.c. floating, and not subject to central bank intervention.d. nonexistent; that is currencies were not exchanged, but gold was used to pay for all foreigntransactions.ANS: A PTS: 126. As a result of the Smithsonian Agreement, the U.S. dollar was:a. the currency to be used by all countries as a medium of exchange for international trade.b. forced to be freely floating relative to all currencies without any boundaries.c. devalued relative to major currencies.d. revalued (upward) relative to major currencies.ANS: C PTS: 127. According to the text, the average foreign exchange trading around the world ____ per day.a. equals about $200 billionb. equals about $400 billionc. equals about $700 billiond. exceeds $1 trillionANS: D PTS: 128. Assume a Japanese firm invoices exports to the U.S. in U.S. dollars. Assume that the forward rate andspot rate of the Japanese yen are equal. If the Japanese firm expects the U.S. dollar to ____ against the yen, it would likely wish to hedge. It could hedge by ____ dollars forward.a. depreciate; buyingb. depreciate; sellingc. appreciate; sellingd. appreciate; buyingANS: B PTS: 129. The bid-ask spread on an exchange rate can be used to directly determine:a. how an exchange rate will change.b. the transaction cost of foreign exchange.c. the forward premium.d. the currency option premium.ANS: B PTS: 130. Futures contracts are typically ____; forward contracts are typically ____.a. sold on an exchange; sold on an exchangeb. offered by commercial banks; sold on an exchangec. sold on an exchange; offered by commercial banksd. offered by commercial banks; offered by commercial banksANS: C PTS: 131. Eurobonds:a. are usually issued in bearer form.b. typically carry several protective covenants.c. cannot contain call provisions.d. A and BANS: A PTS: 132. Which of the following is true?a. Non-U.S. firms may desire to issue bonds in the U.S. due to less regulations in the U.S.b. U.S. firms may desire to issue bonds in the U.S. due to less regulations in the U.S.c. U.S. firms may desire to issue bonds in the non-U.S. markets due to less regulations innon-U.S. countries.d. A and BANS: C PTS: 133. Eurobonds:a. can be issued only by European firms.b. can be sold only to European investors.c. A and Bd. none of the aboveANS: D PTS: 134. Which currency is used the most to denominate Eurobonds?a. the British pound.b. the Japanese yen.c. the U.S. dollar.d. the Swiss franc.ANS: C PTS: 135. When the foreign exchange market opens in the U.S. each morning, the opening exchange ratequotations will be based on the:a. closing prices in the U.S. during the previous day.b. closing prices in Canada during the previous day.c. prevailing prices in locations where the foreign exchange markets have been open.d. officially set by central banks before the U.S. market opens.ANS: C PTS: 136. The U.S. dollar is not ever used as a medium of exchange in:a. industrialized countries outside the U.S.b. in any Latin American countries.c. in Eastern European countries where foreign exchange restrictions exist.d. none of the aboveANS: D PTS: 137. Which of the following is not true regarding the Bretton Woods Agreement?a. It called for fixed exchange rates between currencies.b. Governments intervened to prevent exchange rates from moving more than 1 percentabove or below their initially established levels.c. The agreement lasted from 1944 until 1971.d. Each country used gold to back its currency.e. All of the above are true regarding the Bretton Woods Agreement.ANS: D PTS: 138. A Japanese yen is worth $.0080, and a Fijian dollar (F$) is worth $.5900. What is the value of the yenin Fijian dollars (i.e., how many Fijian dollars do you need to buy a yen)?a. 73.75.b. 125.c. 1.69.d. 0.014.e. none of the aboveANS: DSOLUTION: ($.008/$.59) = F$.014/¥PTS: 139. The existence of imperfect markets has prevented the internationalization of financial markets.a. Trueb. FalseANS: F PTS: 140. Under the gold standard, each currency was convertible into gold at a specified rate, and the exchangerate between two currencies was determined by their relative convertibility rates per ounce of gold.a. Trueb. FalseANS: T PTS: 141. An investor engaging in a transaction whereby he or she contracts to purchase British pounds one yearfrom now is an example of a spot market transaction.a. Trueb. FalseANS: F PTS: 142. The Single European Act prevented a trend toward increased globalization in the banking industry.a. Trueb. FalseANS: F PTS: 143. A cross exchange rate expresses the amount of one foreign currency per unit of another foreigncurrency.a. Trueb. FalseANS: T PTS: 144. A currency put option provides the right, but not the obligation, to buy a specific currency at a specificprice within a specific period of time.a. Trueb. FalseANS: F PTS: 145. The strike price is also known as the premium price.a. Trueb. FalseANS: F PTS: 146. The interest rate commonly charged for loans between banks is called the cross rate.a. Trueb. FalseANS: F PTS: 147. The Bretton Woods Agreement is an agreement to standardize banks' capital requirements acrosscountries; the resulting capital ratios are computed using risk-weighted assets.a. Trueb. FalseANS: F PTS: 148. The Basel Accord is an agreement among the major European countries to make regulations moreuniform across European countries and to reduce taxes on goods traded between these countries.a. Trueb. FalseANS: F PTS: 149. A futures contract is a contract specifying a standard volume of a particular currency to be exchangedon a specific settlement date.a. Trueb. FalseANS: T PTS: 150. Eurobonds are certificates representing bundles of stock.a. Trueb. FalseANS: F PTS: 151. A share of the ADR of a Dutch firm represents one share of that firm's stock that is traded on a Dutchstock exchange. The share price of the firm was 15 euros when the Dutch market closed. As the U.S.market opens, the euro is worth $1.10. Thus, the price of the ADR should be ____.a. $13.64b. $15.00c. $16.50d. 16.50 eurose. none of the aboveANS: CSOLUTION: 15 × $1.10 = $16.50PTS: 152. The ADR of a British firm is convertible into 3 shares of stock. The share price of the firm was 30pounds when the British market closed. When the U.S. market opens, the pound is worth $1.63. The price of this ADR should be $____.a. 48.90b. 146.70c. 55.21d. none of the aboveANS: BSOLUTION: 3 × 30 × $1.63 = $146.70PTS: 153. If there is a large supply of savings relative to the demand for short-term funds, the interest rate forthat country will be relatively low.a. Trueb. FalseANS: T PTS: 154. If there is a strong demand to borrow a currency, and a low supply of savings in that currency, theinterest rate will be relatively low.a. Trueb. FalseANS: F PTS: 155. The preferences of corporations and governments to borrow in foreign currencies and of investors tomake short-term investments in foreign currencies resulted in the creation of the international bond market.a. Trueb. FalseANS: F PTS: 156. Large commercial banks play a major role in the international money market by accepting short-termdeposits in large amounts (such as the equivalent of $1 million or more) and in various currencies, and channeling the money to corporations and government agencies that need to borrow those short-term funds in the desired currencies.a. Trueb. FalseANS: T PTS: 157. The term "eurobor" is widely used to reflect the interbank offer rate on euros.a. Trueb. FalseANS: T PTS: 158. The term "eurobor" is widely used to reflect the total amount of euros borrowed by the firms in Europeper month to finance their growth.a. Trueb. FalseANS: F PTS: 159. Institutional investors such as commercial banks, mutual funds, insurance companies, and pensionfunds from many countries are major participants in the international bond market.a. Trueb. FalseANS: T PTS: 160. In response to the Sarbanes-Oxley Act, the reporting costs were reduced, and many non-U.S. firms thatissued new shares of stock decided to place their stock in the United States.a. Trueb. FalseANS: F PTS: 161. Global regulations require that shareholders in all countries have the same rights wherever there arestock markets.a. Trueb. FalseANS: F PTS: 162. Shareholders have more voting power in some countries than others.a. Trueb. FalseANS: T PTS: 163. Shareholders can have influence on a wider variety of management issues in some countries.a. Trueb. FalseANS: T PTS: 164. The legal protection of shareholders is the same among countries.a. Trueb. FalseANS: F PTS: 165. Shareholders in some countries may have more power to effectively sue publicly-traded firms if theirexecutives or directors commit financial fraud.a. Trueb. FalseANS: T PTS: 166. In general, common law countries such as the U.S., Canada, and the United Kingdom allow for morelegal protection than French civil law countries such as France or Italy.a. Trueb. FalseANS: T PTS: 167. The government enforcement of securities laws varies among countries.a. Trueb. FalseANS: T PTS: 168. The degree of financial information that must be provided by public companies is the same amongcountries.a. Trueb. FalseANS: F PTS: 169. In general, stock markets allow for more price efficiency and attract more investors when they have allof the following except:a. more voting rights for shareholders.b. more legal protection.c. more enforcement of the laws.d. less stringent accounting requirements.ANS: D PTS: 170. In general, companies are attracted to the stock market in which there are very limited voting rights forshareholders.a. Trueb. FalseANS: F PTS: 171. If companies can rely on stock markets to obtain funds, they will have to rely more heavily on the____ market to raise long-term funds.a. derivativeb. long-term creditc. moneyd. foreign exchangeANS: B PTS: 172. The strike price on a currency option is also known as an exercise price.a. Trueb. FalseANS: T PTS: 173. Assume that the bank's bid quote of Mexican peso is $.126 and ask price is $.129. If you have Mexicanpesos, what is the amount of pesos that you need to purchase $100,000?a. 12,600b. 775,194c. 793,651d. 12,900ANS: C PTS: 174. When receiving quotations on a currency's exchange rate, the bank's bid quote is the rate at which thebank is willing to sell currency.a. Trueb. FalseANS: F PTS: 175. An obligation to purchase a specific amount of currency at a future point in time is called a:a. call optionb. spot contractc. put optiond. forward contracte. both B and D76. Which of the following is not a method that can be used to invest internationally?a. Investment in MNC stocksb. American depository receipts (ADRs)c. World Equity benchmark Shares (WEBS)d. International mutual fundse. All of the above are methods that can be used to invest internationally.ANS: E PTS: 177. The interest rate in developing countries is usually very low.a. Trueb. FalseANS: F PTS: 178. Assume that $1 is equal to .85 Euros and 98 yen. The value of yen in euros isa. .01b. 118c. 1.18d. .0087ANS: D PTS: 179. When obtaining a loan, the risk premium paid above LIBOR depends on the:a. risk-free interest rate of the borrower.b. credit risk of the borrower.c. borrower's stock price.d. lender's stock price.ANS: B PTS: 180. The largest global exchange is:a. NASDAQb. Tokyo Stock Exchangec. NYSE Euronextd. London Stock ExchangeANS: C PTS: 181. Which of the following is not true about syndicated loans?a. A borrower that receives a syndicated loan incurs various fees besides the interest rate.b. The loans are only denominated in U.S. dollars.c. The loans are provided by a group of banks to a borrower.d. The loans are usually formed in 6 weeks or less.ANS: B PTS: 182. The interest rate on the syndicated loan depends on the:a. currency denominating the loan.b. maturity of the loan.c. creditworthiness of the borrower.d. interbank lending rate.e. all of the above.83. Assume a U.S. firm has to pay for Korean imports in 60 days. It expects that Korean won willdepreciate, but it still wants to hedge its risk. What type of hedging is more appropriate in thissituation:a. Buy dollars forwardb. Sell dollars forwardc. Purchase call optiond. Purchase put optionANS: C PTS: 184. Certificates representing bundles of stock of non-U.S. firms are called:a. Eurobondsb. ADRsc. FRNsd. EuroborANS: B PTS: 185. Assume that the spot rate of the Singapore dollar is $.664. The ADR of a Singapore firm is convertibleinto 3 shares of stock. The price of an ADR is $20. What is the share price of the firm in Singapore dollars?a. 10b. 13.28c. 30.12d. 39.84ANS: A PTS: 186. Which of the following is not true regarding ADRs?a. ADRs are denominated in the currency of the stock's home country.b. ADRs enable U.S. investors to avoid cross-border transactionsc. ADRs allow non-U.S. firms to tap into U.S. market for funds.d. ADRs sometimes allow for arbitrage opportunities.ANS: A PTS: 187. The more intense the competition for the traded currency, the larger the bid/ask spread.a. Trueb. FalseANS: F PTS: 188. Banks charge larger bid/ask spreads than they would on less liquid, less traded currencies.a. Trueb. FalseANS: F PTS: 189. At any given point in time, a bank's bid quote will be greater than its ask quote.a. Trueb. FalseANS: F PTS: 190. An MNC with receivables in Japanese Yen purchases yen forward to hedge its exposure to exchangerate fluctuations.a. Trueb. FalseANS: F PTS: 191. A currency put option provides the right, but not the obligation, to buy a specific currency at a specificprice within a specific period of time.a. Trueb. FalseANS: F PTS: 192. The LIBOR varies among currencies because the market supply of and demand for funds vary amongcurrencies.a. Trueb. FalseANS: T PTS: 193. The international money market is frequently accessed by MNCs for short-term investment andfinancing decisions, while longer term financing decisions are made in the international credit market or the international bond market and in international stock markets.a. Trueb. FalseANS: T PTS: 194. Which of the following is not a possible bid/ask quotation for the Barbados dollar?a. $.50/$.51b. $.49/$.50c. $.52/$.51d. $.51/$.52e. All of the above are possible bid/ask quotations.ANS: C PTS: 195. Your company expects to receive 5,000,000 Japanese yen 60 days from now. You decide to hedgeyour position by selling Japanese yen forward. The current spot rate of the yen is $.0089, while the forward rate is $.0095. You expect the spot rate in 60 days to be $.0090. How many dollars will you receive for the 5,000,000 yen 60 days from now if you sell yen forward?a. $44,500b. $45,000c. $526 milliond. $47,500e. $556 millionANS: D PTS: 196. Which of the following is probably not an example of the use of forward contracts by an MNC?a. Hedging pound payables by selling pounds forwardb. Hedging peso receivables by selling pesos forwardc. Hedging yen payables by purchasing yen forwardd. Hedging peso payables by purchasing pesos forwarde. All of the above are examples of using forward contracts.ANS: A PTS: 197. A quotation representing the value of a foreign currency in dollars is referred to as a(n) ____ quotation;a quotation representing the number of units of a foreign currency per dollar is referred to as a(n) ____quotation.a. direct; indirectb. indirect; directc. direct; directd. indirect; indirecte. cannot be answered without more informationANS: A PTS: 198. You observe a quotation of the Japanese yen (¥) of $0.007. You are, however, interested in the numberof yen per dollar. Thus, you calculate the ____ quotation of ____ ¥/$.a. direct; 142.86b. indirect; 142.86c. indirect; 150d. direct; 150e. indirect; 0ANS: B PTS: 199. Which of the following is not true regarding electronic communications networks (ECNs)?a. They have a visible trading floor.b. Trades are executed by a computer network.c. They have been created in many countries to match orders between buyers and sellers.d. They allow investors to place orders on their computers.e. All of the above are true.ANS: A PTS: 1100. Which of the following is probably not appropriate for an MNC wishing to reduce its exposure to British pound payables?a. Purchase pounds forwardb. Buy a pound futures contractc. Buy a pound put optiond. Buy a pound call optionANS: C PTS: 1101. Futures contracts are sold on exchanges and are consequently ____ than forward contracts, which can be ____ to satisfy an MNC's needs.a. more standardized; standardizedb. more standardized; custom-tailoredc. more custom-tailored; standardizedd. more custom-tailored; custom-tailorede. less standardized; custom-tailoredANS: B PTS: 1102. An MNC's short-term financing decisions are satisfied in the ____ market, while its medium debt financing decisions are satisfied in the ____ market.a. international money; international creditb. international money; international bondc. international credit; international moneyd. international bond; international credite. international money; international stockANS: A PTS: 1。

ErläuterungenAblauf In der Prüfung erhalten Sie die Aufgabenblätter zum Leseverstehen und zu denwissenschaftssprachlichen Strukturen getrennt. Sie haben insgesamt 90 Minuten Zeit für dieBearbeitung (Leseverstehen: ca. 60 Minuten, wissenschaftssprachliche Strukturen: ca. 30Minuten).Bewertung Die maximal zu erreichende Punktzahl ist jeweils bei den Aufgaben angegeben: Zum Beispiel können Sie bei Aufgabe 2 1,5 Punkte erreichen.Bei den wissenschaftssprachlichen Strukturen wird jede richtig ausgefüllte Lücke mit einemPunkt gewertet.Insgesamt können Sie erreichenLeseverstehen: 20 PunkteStrukturen: 10 PunkteGesamt: 30 PunkteDas bedeutet: FürDSH 1 (57 Prozent) brauchen Sie 17 PunkteDSH 2 (67 Prozent) brauchen Sie 20 PunkteDSH 3 (82 Prozent) brauchen Sie 25 PunkteDie Punkteverteilung in diesem Modelltest kann von der tatsächlichen Bewertung in der DSH abweichen. Lösungen auf Seite 7Andere Länder, andere ZeitsittenDie haben ein völlig anderes Zeitgefühl.« Diesen Satz hört man regelmäßig von Deutschen, die in einem südlichen Land Urlaub machen. Und wer sich be-ruflich für längere Zeit zum Beispiel in einem Land Südamerikas aufhält, muss zunächst einmal lernen, sein Lebenstempo zu drosseln.Der Psychologe Robert Levine von der California State University in Fresno hat mit seiner Forschungsgruppe eine Reihe von Zeitstudien in 31 Ländern durch-geführt und bestätigt die Erfahrung von Urlaubern und Auslandsreisenden: andere Länder , andere Zeitsitten.Um das »Lebenstempo« unterschiedlicher Kulturen zu vergleichen, ist Robert Levine um die Welt gereist. In verschiedenen Experimenten maßen er und seine Mitarbeiter in 31 Ländern beispielsweise die Geschwindigkeit, mit der Fußgänger im Bereich der Innenstadt 20 Meter zurücklegen. Oder wie lange Postangestellte brauchen, um eine Standardbriefmarke zu verkaufen. Oder sie protokollierten die Genauigkeit öffentlicher Uhren.Bei aller gebotenen Vorsicht lässt sich aus den Untersuchungen folgenderTrend herauslesen: Sämtliche westeuropäischen Länder liegen an der Spitze(Deutschland auf Rang drei), während die letzten acht Plätze von nichtindustri-alisierten Ländern in Afrika, Asien und Lateinamerika belegt werden. Die USAbefinden sich auf Platz 16.Es dürfte wenig überraschen, dass auch die Wahrscheinlichkeit, einen Herz-infarkt zu erleiden, an »schnellen Orten« deutlich höher liegt. »Unsere Datenzeigen«, schreibt Levine, »dass man anhand des Tempos in der Umgebungeines Menschen eine mindestens ebenso gute Vorhersage darüber treffenkann, ob er an einer Herzattacke stirbt, wie anhand seiner Werte bei einemPersönlichkeitstest.«Dies gilt allerdings nicht für Japan, das auf Rang 4 der Temposkala liegt. Zwarweisen die Japaner mit das höchste Arbeitstempo auf, haben zudem nur 1,5Wochen Urlaub im Jahr und sterben mitunter am karôshi, dem Tod durch Über-arbeiten – dennoch leiden dort auffallend wenig Menschen an stressbedingtenHerzkrankheiten. Das hängt einerseits mit der cholesterinarmen japanischenErnährung zusammen. Zum anderen spielen jedoch auch kulturelle Einstellun-gen eine große Rolle. Während in Europa oder den USA ein individualistischerArbeitsstil vorherrscht, arbeiten die Japaner im Kollektiv. Dadurch bleibt ihnenein Großteil jenes Konkurrenzdruckes erspart, der in amerikanischen odere uropäischen Firmen zu Stress und Zeitnot führt.Levine und seine Kollegen fanden fünf Faktoren, die entscheiden, wie schnelloder wie langsam das Lebenstempo in den verschiedenen Kulturen ist. Dazugehört vor allen Dingen Reichtum und Wohlstand eines Landes: »Ein schnelleresAllgemeintempo ist auf jeder Ebene eng mit dem Wohlstand eines Landesverbunden.«In Zusammenhang damit ist der Grad der Industrialisierung ein weiteresK riterium für das Lebenstempo. Levine hält es für eine »Ironie der Moderne, dass wir von zeitsparenden Maschinen umgeben sind und dennoch wenigerZeit zur Verfügung haben als frühere Generationen«.Oft waren gerade die zeitsparenden Erfindungen verantwortlich für das Anstei-gen der Arbeitsbelastung. Ein Grund dafür ist, dass fast jeder technische Fort-schritt mit einer Steigerung der Erwartungen einhergeht. Die modernen Staub-sauger und Reinigungsmittel beispielsweise haben die Sauberkeitsstandards 123456789101112131415161718192021222324252627282930313233343536373839404142434445464748der Völker gesteigert: Seitdem es diese Geräte und Produkte gibt, muss alles blitzblank und staubfrei sein.Weitere Faktoren, die das Lebenstempo bestimmen, sind die Größe der Städte und das Klima. Menschen in größeren Städten bewegen sich schneller als die in kleineren Orten. Auch das alte Stereotyp über das langsamere Leben in w ärmeren Gegenden besitzt eine gewisse Gültigkeit. Die langsamsten Völker der Studie – Mexiko, Brasilien und Indonesien – liegen in den Tropen, in G ebieten also, in denen Menschen aus den schnellsten Ländern – Schweiz, Irland, Deutschland – gern ihren Winterurlaub verbringen.Schließlich vermutet Levine, dass in Kulturen, die individualistisch geprägt sind, das Tempo generell höher ist als in Gesellschaften, in denen es noch intakte Gemeinschaften gibt. »Die Konzentration auf Leistung führt zu einer Zeit-ist-Geld-Einstellung, die wiederum in den Zwang mündet, jede Zeiteinheit mit irgendeiner Tätigkeit zu nutzen«. In Kulturen, in denen soziale Beziehungen Vorrang haben, findet sich eine entspanntere Haltung der Zeit gegenüber . Im ostafrikanischen Burkina Faso gibt es keine »verschwendete Zeit«. Dort wäre es »Verschwendung«, wenn man für seine Mitmenschen nicht ausreichend Zeit hätte.Insgesamt hat sich bei der Untersuchung gezeigt, dass industrialisierte Ge-sellschaften aufgrund ihrer Ausrichtung auf Gewinn und Erfolg dazu tendieren,Zeit als knappe Ressource zu betrachten. Sie entwickeln deshalb ein höheresLebenstempo als traditionelle Gesellschaften, in denen stabile soziale Positionenund Gemeinschaften im Vordergrund stehen.4914 Zeichen, 661 Wörter. Nach: Die Zeit 7. 5. 19984950515253545556575859606162636465666768697071WorterklärungenZ. 4 drosselnhier: die Geschwindigkeit reduzieren Z. 30 das CholesterinFett, das in allen Zellen des Körpers vorkommt Z. 42 die Modernedie moderne, neue oder neueste Zeit Z. 47 einhergehen mitgleichzeitig mit etw. erscheinen; mit etw. verbunden sein Z. 59 intaktso, das etw. funktioniert oder keine größeren Störungen aufweist Z. 67 ausrichten auf hier: in bestimmter Weise, an etw. orientieren (z.B. an einer Ideologie, an einem Prinzip)1 Was ist das Thema der Studie von Levine? (Stichworte) (1 P)_________________________________________________________________________________________ 2 Auf welche Fragen suchten die Mitarbeiter von Levine Antworten bei ihrer Studie?(direkte Fragesätze) (à 0,5 P = 1,5 P)a) ______________________________________________________________________________________b) ______________________________________________________________________________________c) _______________________________________________________________________________________3 In welchen vier Ländern ist das Lebenstempo am schnellsten? (1 P)1. _______________________________________ 3.___________________________________________2. _______________________________________ 4.___________________________________________ 4 Welche Aussage trifft die Studie über die Wahrscheinlichkeit eines Herzinfarkts? (Satz, verwendenSie »Je ... desto ...«) (2 P)Je ______________________________________________________________________________________ desto____________________________________________________________________________________ 5 Ergänzen Sie das Schema zu den Textinformationen aus Zeile 26 – 35. (Stichworte) (à 0,5 P = 2 P)Gründe:6 Wovon hängt das Lebenstempo der Kulturen ab? Antworten Sie in nominaler Form. (à 0,5 P = 2,5 P)1. _______________________________________________________________________________________2. _______________________________________________________________________________________3._______________________________________________________________________________________4._______________________________________________________________________________________5._______________________________________________________________________________________7 Erläutern Sie, warum die Erfindung des Staubsaugers zur »Ironie der Moderne« gehört.(Sätze) (2 P)_________________________________________________________________________________________ _________________________________________________________________________________________ _________________________________________________________________________________________ _________________________________________________________________________________________ _________________________________________________________________________________________ 8 Worauf bezieht sich »In Zusammenhang damit« (Z. 41)? (1 P)_________________________________________________________________________________________ 9 Aus welchem Grund ist das Lebenstempo in »individualistischen« Gesellschaften hoch?(Satz) (2 P)_________________________________________________________________________________________ _________________________________________________________________________________________ 10Im letzten Absatz werden »industrialisierte« und »traditionelle« Gesellschaften gegenübergestellt.Mit welchen vier Begriffen werden Sie charakterisiert? (Stichworte) (2 P)a) industrialisierte Gesellschaften ______________________________________________________________b) traditionelle Gesellschaften ________________________________________________________________ 11Ergänzen Sie die Gliederung. Schreiben Sie für jeden Gliederungspunkt eine Überschrift.(a 0,5 P = 3 P)A __________________________________________________________________________________B Ergebnisse1. ________________________________________________________________________________2. ________________________________________________________________________________3. ________________________________________________________________________________C __________________________________________________________________________________D ____________________________________________________________________________________Vervollständigen Sie die Sätze und formen Sie die unterstrichenen Satzteile um, ohne die Textinformation zu verändern. (Pro Lücke 1 P = 10 P)In verschiedenen Experimenten maß er die Geschwindigkeit, mit der Fußgänger 20 Meter zu-rücklegen.→ In verschiedenen Experimenten wurde ____________________________________________________, ____________________________________________________, mit der Fußgänger 20 Meter zurücklegen.Bei aller gebotenen Vorsicht lässt sich aus den Untersuchungen folgender Trend herauslesen:→ Bei aller gebotenen Vorsicht ist __________________________________________________________ ______________________________________________________________________________________Zwar weisen die Japaner mit das höchste Arbeitstempo auf, dennoch leiden dort wenig Men-schen an stressbedingten Herzkrankheiten.→ ________________________________________ die Japaner mit das höchste Arbeitstempo aufweisen, leiden dort wenige Menschen an Herzkrankheiten, die __________________________________________ ______________________________________________________________________________________.Das hängt einerseits mit der cholesterinarmen Ernährung zusammen. Zum anderen spielen auch kulturelle Einstellungen eine große Rolle. → Das hängt sowohl __________________________ ______________________________________________________________________________________ ____________________________________________________________________________ zusammen.Levine hält es für eine Ironie der Moderne, dass wir von zeitsparenden Maschinen umgeben sind und dennoch weniger Zeit zur Verfügung haben als frühere Generationen.→ Levine hält es für eine Ironie der Moderne, dass wir von Maschinen umgeben sind, _________________ ________________________________________________und dennoch weniger Zeit zur Verfügung haben als frühere Generationen.Oft waren gerade die zeitsparenden Erfindungen verantwortlich für das Ansteigen der Arbeits-belastung.→ Oft waren gerade die zeitsparenden Erfindungen dafür verantwortlich, ___________________________ ______________________________________________________________________________________Schließlich vermutet Levine, dass in Kulturen, die individualistisch geprägt sind, das Tempo generell höher ist als in Gesellschaften, in denen es intakte Gemeinschaften gibt.→ Schließlich vermutet Levine, dass in ______________________________________________________ Kulturen das Tempo generell höher ist als in Gesellschaften mit ___________________________________ _______________________________________.Bei der Untersuchung hat sich gezeigt, dass industrialisierte Gesellschaften aufgrund ihrer Aus-richtung auf Gewinn und Erfolg dazu tendieren, Zeit als knappe Ressource zu betrachten.→ Bei der Untersuchung hat sich gezeigt, dass industrialisierte Gesellschaften dazu tendieren, Zeit als knappe Ressource zu betrachten, __________________________________________________________ ______________________________________________________________________________________a)b)c)d)e)f)g)h)Lösungen »Leseverstehen«1. Lebenstempo in unterschiedlichen Kulturen2. a) Wie schnell gehen Fußgänger in der Innenstadt?b) Wie lange brauchen Postangestellte, um eine Briefmarke zu verkaufen?c) Wie genau gehen öffentliche Uhren?3. 1. Schweiz; 2. Irland; 3. Deutschland;4. Japan4. Je schneller der Ort, desto höher ist das Risiko eines Herzinfarkts.5.Gründe:6. 1. Reichtum, Wohlstand; 2. Grad der Industrialisierung; 3. Größe der Städte; 4. Klima; 5. individualistische oder soziale Kulturen7. Lösungsbeispiel: Der Staubsauer könnte Zeit für das Saubermachen einsparen. Aber das Gegenteil ist der Fall. Weil sich mit der Erfindung auch die Ansprüche an Sauberkeit geändert haben, ist der Zeitaufwand sogar größer geworden.8. Reichtum und Wohlstand eines Landes9. Es ist hoch, weil man die Einstellung hat, dass Zeit Geld sei.10. a) Gewinn, Erfolg; b) stabile soziale Beziehungen, Gemeinschaften11. A Zeitstudie in 31 LändernB Ergebnisse1. Trend: Westeuropa an der Spitze2. Herzinfarktrisiko an schnellen Orten3. Ausnahme JapanC Faktoren, die das Lebenstempo beeinflussenD Industrialisierte und traditionelle GesellschaftenLösungen »Wissenschaftliche Strukturen«a) wurde von ihm die Geschwindigkeit gemessen;b) aus den Untersuchungen folgender Trend herauszulesen;c) Obwohl – durch Stress bedingt sind;d) mit der cholesterinarmen Ernährung als auch mit kulturellen Einstellungen;e) die Zeit sparen;f) dass die Arbeitsbelastung anstieg;g) individualistisch geprägten – intakten Gemeinschaften;h) weil sie auf Gewinn und Erfolg ausgerichtet sind.zurück zu Bestellungen。

电子科技大学UNIVERSITY OF ELECTRONIC SCIENCE AND TECHNOLOGY OF CHINA数字逻辑设计实验报告实验题目: 4bit模9加法器学生姓名:指引教师:一、实验内容设计一种4bit模9加法器。

输入为两个4bit二进制数, 输出为两数相加后模9成果。

其数学表达式为: y=(x1+x2)mod 9。

二、实验规定1.功能性规定:可以实现4bit无符号数模9加法运算, 即输入两个4比特数据时可以对的输出其相加并模9运算成果。

2.算法规定:模加法器有各种算法, 可采用任意算法进行设计。

3.设计性规定:采用全加器、半加器和基本门构造化描述。

可以编写Test Bench文献, 并运用Modelsim进行仿真。

在Modelsim仿真对的基本上, 可以生成bit文献并上板验证其对的性。

4.基本上板规定:在上板实验时, 输入两个4bit数采用拨码开关输入, 输出采用LED灯进行显示。

三、设计思路1.整体思路:为了实现4bit无符号数模9加法运算, 可以先将两个4bit加数a和b先分别模9, 相加之后再模9得到最后成果。

2.模9器:先找出读入5bit数与模9后4bit数之间关系, 画出卡诺图, 再依照卡诺图得出其相应逻辑表达式即可。

设读入5bit数为carry、a、b、c、d, 模9后得到4bit 数为w、x、y、z。

则化简后得到逻辑表达式分别为:w = carry’ab’c’d’,x= carry’bc + carry’a’b + carry’bd + carrya’b’c’d’,y = carry’a’c + carry’cd + carry’abc’d’+ carrya’b’c’d’,z= carry’a’d + carry’acd’ + carry’abd’ + carry a’b’c’d’。

3.全加器:全加器可以实现两个1bit数a、b和进位输入cin相加, 其真值表如下所示：这里全加器由半加器和或门构成, 其原理图如下:半加器:半加器是全加器基本构成单元, 可以实现两个1bit数a和b相加, 并将进位输出, 其真值表如下：半加器由一种异或门和一种与门构成, 其原理图如下所示:5.数码管显示:单个数码管一共有7个端（不含小数点）, 用来表达构成一种数字7个某些, 故只要找到这7个段和模9后4bit数间相应关系, 将其画出卡诺图并化简成逻辑表达式即可。

函数视图中的鼠标和键盘快捷操作在校准页面中勾选所有想要校准的通道。

建议在高级标签中，将“超时终止”勾选项取消。

这样你就有足够的时间在校准完一个传感器后换下一个校准。

或者把“检测时间”改长一些，改到足够换一个传感器标定的时间长度。

然后点击看“开始校准”，软件会基于信噪比自动识别有信号的通道，当一个通道校准完时，取下标定器上的传感器换下一个传感器。

在前后图显示中右键选择“预览模式”。

在预览模式下，你可以用Ctrl键选择一条或多条曲线显示在前后图上。

按一下右箭头，光标移到下一个采样点；按一下左箭头，光标移到上一个参考点。

按一下Ctrl+右箭头，光标移动到下一个最大值点；按一下Ctrl+左箭头，光标移动到上一个最大值点。

双击光标输入x轴数值可以移动光标到该位置。

改变默认光标1)在前后视图上右键选中选项。

2)更改光标的线条风格，比如说线条类型。

3)保存视图布局。

你可以新建一个视图布局，或者覆盖默认的前后视图布局。

如果你覆盖默认视图，所有新建的前后视图都会使用新的线条风格。

4)对其他的视图布局做类似的更改。

123复制视图设置到其他视图无需每次打开新视图时都重新设置视图布局。

可以复制一个视图的设置到另一个。

在需要被复制的视图下点击右键-> 视图格式-> 复制。

在需要改变的视图中点击右键-> 视图格式-> 粘贴在一组视图内，如果需要把所有的视图统一成一种格式，则点击右键-> 视图格式->匹配前后视图格式。

在视图上添加标题添加标题：1)视图背景上右键。

2)选择“标题注释”会产生一个标题框，在标题框上右键选择“注释选项”。

3)在标签“标题内容”下添加标题，在标签“标题布局”下改变标题的字体等。

123调整视图大小：按下Crtl键并拖动视图边框在LMS b中可以快捷改变视图尺寸——按下Ctrl键并且拖动视图边框。

视图的快捷复制在视图的标签上左键弹出下拉菜单，选择“复制”会生成该视图的复本。