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1、CHAPTER 11THE BALANCE OF PAYMENTSMULTIPLE-CHOICE QUESTIONS1.On the balance-of-payments statements, merchandise imports are classified in the:a.Current accountb.Capital accountc.Unilateral transfer accountd.Official settlements account2.The balance of international indebtedness is a record of a count
2、rys international:a.Investment position over a period of timeb.Investment position at a fixed point in timec.Trade position over a period of timed.Trade position at a fixed point in time3.Which balance-of-payments item does not directly enter into the calculation of the U.S. gross domestic product?a
3、.Merchandise importsb.Shipping and transportation receiptsc.Direct foreign investmentd.Service exports4.Which of the following is considered a capital inflow?a.A sale of U.S. financial assets to a foreign buyerb.A loan from a U.S. bank to a foreign borrowerc.A purchase of foreign financial assets by
4、 a U.S. buyerd.A U.S. citizens repayment of a loan from a foreign bank5.Which of the following would call for inpayments to the United States?a.American imports of German steelb.Gold flowing out of the United Statesc.American unilateral transfers to less-developed countriesd.American firms selling i
5、nsurance to British shipping companies6.In a countrys balance of payments, which of the following transactions are debits?a.Domestic bank balances owned by foreigners are decreasedb.Foreign bank balances owned by domestic residents are decreasedc.Assets owned by domestic residents are sold to nonres
6、identsd.Securities are sold by domestic residents to nonresidents7.Which of the following is classified as a credit in the U.S. balance of payments?a.U.S. exportsb.U.S. gifts to other countriesc.A flow of gold out of the U.S.d.Foreign loans made by U.S. companiesTable 11.1 gives hypothetical figures
7、 for U.S. International Transactions. On the basis of this information, answer Questions 8 and 9.Table 11.1.U.S. International TransactionsAmountTransaction(billions of dollars)Merchandise imports110Military transactions, net5Remittances, pensions, transfers20U.S. private assets abroad50Merchandise
8、exports115Investment income, net15U.S. government grants(excluding military)5Foreign private assets in the U.S.25Compensation of employees5Allocation of SDRs5Travel and transportation receipts, net208.Based on the information provided in Table 11.1, the goods and services balance equals:a.$5 billion
9、b.$15 billionc.$20 billiond.$25 billion9.Based on the information provided in Table 11.1, the current account balance equals:a.$5 billionb.$10 billionc.$15 billiond.$20 billion10.Unlike the balance of payments, the balance of international indebtedness indicates the international:a.Investment positi
10、on of a country at a given moment in timeb.Investment position of a country over a one-year periodc.Trade position of a country at a given moment in timed.Trade position of a country over a one-year period11.Which of the following indicates the international investment position of a country at a giv
11、en moment in time?a.The balance of paymentsb.The capital account of the balance of paymentsc.The current account of the balance of paymentsd.The balance of international indebtedness12.Concerning the U.S. balance of payments, which account is defined in essentially the same way as the net export of
12、goods and services, which comprises part of the countrys gross domestic product?a.Merchandise trade accountb.Goods and services accountc.Current accountd.Capital account13.If an American receives dividends from the shares of stock she or he owns in Toyota, Inc., a Japanese firm, the transaction woul
13、d be recorded on the U.S. balance of payments as a:a.Capital account debitb.Capital account creditc.Current account debitd.Current account credit14.If the United States government sells military hardware to Saudi Arabia, the transaction would be recorded on the U.S. balance of payments as a:a.Curren
14、t account debitb.Current account creditc.Capital account debitd.Capital account credit15.The U.S. balance of trade is determined by:a.Exchange ratesb.Growth of economies overseasc.Relative prices in world marketsd.All of the above16.U.S. military aid granted to foreign countries is entered in the:a.
15、Merchandise trade accountb.Capital accountc.Current accountd.Official settlements account17.If the U.S. faces a balance-of-payments deficit on the current account, it must run a surplus on:a.The official settlements accountb.The capital accountc.Either the official settlements account or the capital
16、 accountd.Both the official settlements account and the capital account18.The current account of the U.S. balance of payments does not include:a.Investment incomeb.Merchandise exports and importsc.The sale of securities to foreignersd.Unilateral transfers19.The U.S. has a balance of trade deficit wh
17、en its:a.Merchandise exports exceed its merchandise importsb.Merchandise imports exceed its merchandise exportsc.Goods and services exports exceed its goods and services importsd.Goods and services imports exceed its goods and services exports20.The value to American residents of income earned from
18、overseas investments shows up in which account in the U.S. balance of payments?a.Current accountb.Trade accountc.Unilateral transfers accountd.Capital accountUsing the data of Table 11.2, answer Question 21.Table 11.2.International Investment Position of the United StatesU.S. assets abroadU.S. gover
19、nment assets$800 billionU.S. private assets$200 billionForeign assets in the U.S.Foreign official assets$600 billionForeign private assets$300 billion21.Consider Table 11.2. The U.S. balance of international indebtedness suggests that the United States is a net:a.Debtorb.Creditorc.Spenderd.Exporter2
20、2.For the first time since World War I, in 1985 the United States became a net international:a.Exporterb.Importerc.Debtord.Creditor23.A country that is a net international debtor initially experiences:a.An augmented savings pool available to finance domestic spendingb.A higher interest rate, which l
21、eads to lower domestic investmentc.A loss of funds to trading partners overseasd.A decrease in its services exports to other countries24.Credit (+) items in the balance of payments correspond to anything that:a.Involves receipts from foreignersb.Involves payments to foreignersc.Decreases the domesti
22、c money supplyd.Increases the demand for foreign exchange25.Debt () items in the balance of payments correspond to anything that:a.Involves receipts from foreignersb.Involves payments to foreignersc.Increases the domestic money supplyd.Decreases the demand for foreign exchange26.When all of the debi
23、t or credit items in the balance of payments are combined:a.Merchandise imports equal merchandise exportsb.Capital imports equal capital exportsc.Services exports equal services importsd.The total surplus or deficit equals zero27.In the balance of payments, the statistical discrepancy is used to:a.E
24、nsure that the sum of all debits matches the sum of all creditsb.Ensure that trade imports equal the value of trade exportsc.Obtain an accurate account of a balance-of-payments deficitd.Obtain an accurate account of a balance-of-payments surplus28.All of the following are credit items in the balance
25、 of payments, except:a.Investment inflowsb.Merchandise exportsc.Payments for American services to foreignersd.Private gifts to foreign residents29.All of the following are debit items in the balance of payments, except:a.Capital outflowsb.Merchandise exportsc.Private gifts to foreignersd.Foreign aid
26、 granted to other nations30.The role of _ is to direct one nations savings into another nations investments.a.Merchandise trade flowsb.Services flowsc.Current account flowsd.Capital flows31.When a country realizes a deficit on its current account:a.Its net foreign investment position becomes positiv
27、eb.It becomes a net demander of funds from other countriesc.It realizes an excess of imports over exports on goods and servicesd.It becomes a net supplier of funds to other countries32.Reducing a current account deficit requires a country to:a.Increase private saving relative to investmentb.Increase
28、 private consumption relative to savingc.Increase private investment relative to consumptiond.Increase private investment relative to saving33.Reducing a current account deficit requires a country to:a.Increase the governments deficit and increase private investment relative to savingb.Increase the
29、governments deficit and decrease private investment relative to savingc.Decrease the governments deficit increase private investment relative to savingd.Decrease the governments deficit and decrease private investment relative to saving34.Reducing a current account surplus requires a country to:a.In
30、crease the governments deficit and increase private investment relative to savingb.Increase the governments deficit and decrease private investment relative to savingc.Decrease the governments deficit and increase private investment relative to savingd.Decrease the governments deficit and decrease p
31、rivate investment relative to saving35.Concerning a countrys business cycle, rapid growth of production and employment is commonly associated with:a.Large or growing trade deficits and current account deficitsb.Large or growing trade deficits and current account surplusesc.Small or shrinking trade d
32、eficits and current account deficitsd.Small or shrinking trade deficits and current account surpluses36.The burden of a current account deficit would be the least if a nation uses what it borrows to finance:a.Unemployment compensation benefitsb.Social Security benefitsc.Expenditures on food and recr
33、eationd.Investment on plant and equipment37.Concerning a countrys business cycle, _ is commonly associated with large or growing current account deficits:a.Rapid growth rates of production and employmentb.Slow growth rates of production and employmentc.Falling interest rates on government securities
34、d.Falling interest rates on corporate securities38.According to researchers at the Federal Reserve, the loss of jobs associated with a deficit in the current account tends to be:a.Offset by the increase of jobs associated with a surplus in the capital accountb.Reinforced by the decrease of jobs asso
35、ciated with a surplus in the capital accountc.A threat to the level of employment for the economy as a wholed.Of no long-run economic consequence for workers who lose their jobsTRUE-FALSE QUESTIONSTable 11.3 shows hypothetical transactions, in billions of U.S. dollars, that took place during a year.
36、 Answer the next seven questions on the basis of this information.Table 11.3.International Transactions of the United StatesAmountTransaction(billions of dollars)Allocation of SDRs10Changes in U.S. assets abroad100Statistical discrepancy15Merchandise imports400Payments on foreign assets in U.S.20Rem
37、ittances, pensions, transfers60Travel and transportation receipts, net30Military transactions, net10Investment income, net100Merchandise exports350U.S. government grants(excluding military)20Changes in foreign assets in the U.S.190Other services, net80Receipts on U.S. investments abroad30Compensatio
38、n of employees10TF1.Consider Table 11.3. The merchandise-trade balance registered a deficit of $50 billion.TF2.Consider Table 11.3. The services balance registered a surplus of $100 billion.TF3.Consider Table 11.3. The goods-and-services balance registered a surplus of $50 billion.TF4.Consider Table
39、 11.3. The unilateral-transfers balance registered a deficit of $40 billion.TF5.Consider Table 11.3. The current-account balance registered a surplus of $30 billion.TF6.Consider Table 11.3. The “net exports” component of the U.S. gross domestic product registered $110 billion.TF7.Consider Table 11.3
40、. The payments data suggest that the United States was a “net demander” of $30 billion from the rest of the world.TF8.The balance of payments refers to the stock of trade and investment transactions that exists at a particular point in time.TF9.Referring to the balance-of-payments statement, an inte
41、rnational transaction refers to the exchange of goods, services, and assets between residents of one country and those abroad.TF10.The balance of payments includes international transactions of households and businesses, but not government.TF11.Because the balance of payments utilizes double-entry a
42、ccounting, merchandise exports will always be in balance with merchandise imports.TF12.On the U.S. balance-of-payments statement, the following transactions are credits, leading to the receipt of dollars from foreigners: merchandise exports, transportation receipts, income received from investments
43、abroad, and investments in the United States by foreign residents.TF13.On the U.S. balance of payments, the following transactions are debits, leading to payments to foreigners: merchandise imports, travel expenditures, gifts to foreign residents, and overseas investments by U.S. residents.TF14.The
44、“goods and services” account of the balance of payments shows the monetary value of international flows associated with transactions in goods, services, and unilateral transfers.TF15.An increase in import restrictions by the U.S. government tends to promote a merchandise-trade surplus.TF16.Services
45、transactions on Canadas balance-of-payments statement would include Canadian ships transporting lumber to Japan, foreign tourists spending money in Canada, and Canadian engineers designing bridges in China.TF17.On the balance-of-payments statement, dividend and interest income are classified as capi
46、tal-account transactions.TF18.A surplus on Germanys goods-and-services balance indicates that Germany has sold more goods and services to foreigners than it has bought from them over a one-year period.TF19.The merchandise-trade account on the balance-of-payments statement is defined the same way as “net exports” which constitutes part of the nations gross domestic product.TF20.A positive balance on the goods-and-services account of the balance of payments indicates an excess of exports over imports which must be added to the nations gross domestic product.TF21.For the United States
