cfa一级investmenttools∶economics∶globaleconomicanalysis(编辑修改稿)

cfa一级investmenttools∶economics∶globaleconomicanalysis(编辑修改稿)内容摘要：

otect the number of jobs in a country. Trade restrictions prevent trading partners from developing the purchasing power needed to buy your import goods thereby depressing your export industry reducing those jobs that would have been created through increased exports. Question ID: 12803 The following chart indicates the production possibilities of food and drink per day in Country A and Country B. Units of Output Per Day Country A Country B Food 9 5 Drink 7 5 Which of the following statements is TRUE? A. Mutual gains could be realized from trade if A specialized in drink production and B specialized in the food production. B. Since B workers can produce more of food and drink than A workers, no gains from trade are possible. C. B is the lowcost producer of both food and drink. D. Mutual gains could be realized from trade if A specialized in food production and B specialized in drink production. D Mutual gains could be realized from trade if A specialized in food production and B specialized in drink production. The reason centers on parative advantage. Country A must give up 7/9th unit of drink to produce one unit of food. Country B must give up 1 unit of drink to produce one unit of food. Therefore, the opportunity cost of producing food is greater for B than for A. If B produces 5 units of drink and A produces 9 units of food, each country can have units of food and units of drink and they will both benefit pared to other possible binations of production. Question ID: 12808 The table below outlines the possible tradeoffs of producing beer and cheese for Germany and Holland. Germany Holland Cheese Beer Cheese Beer 0 10 0 6 5 0 4 0 Which of the following statements is TRUE? A. Germany would not gain from trade, because it has an absolute advantage in the production of both goods. B. Neither country would gain from trade. C. Both countries would gain if Germany traded beer for Holland39。 s cheese. D. Both countries would gain if Germany traded cheese for Holland39。 s beer. C Question ID: 12809 Why does trading with lowwage countries not depress wage rates in highwage countries? A. Comparative advantage and worker productivity determine who should produce what, given other factors of production. A highwage country with higher worker productivity in one sector can produce those goods more efficiently than the lowwage country and trade with a lowwage country that has higher worker productivity in another sector. B. The law of supply and demand for labor will provide a floor below which wages cannot fall in either country and therefore, neither country39。 s workers lose in terms of their respective wages. C. Because low wage countries buy products from high wage countries thereby increasing demand for workers and maintaining the wage level. D. Because if the wage rates were to start falling, the government of the high wage country would impose tariffs on the products of the low wage country to prevent the wages from falling. A Question ID: 12868 Which of the following is a reason why trade with lowwage countries does NOT depress wage rates in highwage countries? A. When each country produces goods for which it has a parative advantage, both countries benefit. B. Lowwage countries have an advantage in high tech manufacturing. C. High hourly wage rates mean high per unit labor costs. D. Highwage countries have an advantage in laborintensive goods. A When both countries produce the goods in which they have an advantage, total output and the availability of goods will increase. Question ID: 12860 Who benefits least from tariffs? A. The domestic government. B. Domestic producers. C. Domestic consumers. D. The foreign government. C A tax imposed on imports is called a tariff, which benefits domestic producers and domestic governments. Domestic consumers lose through higher prices, less choice of products, and lower quality products. : International Finance and the Foreign Exchange Market Question ID: 12871 In a floating exchange rate system, if there is an excess demand for: A. British pounds by the Belgians, Belgians will lower their interest rates so as to enable their citizens to borrow more easily in order to buy British goods. B. Swiss francs by Germans, Germans will sell marks and buy francs. This will cause the mark to depreciate relative to the franc. C. Italian liras by Spaniards, Italians will lower their interest rates so as to enable Spaniards to buy Italian goods on credit and satisfy their demand for Italian products. D. German goods by Americans, Americans will have to sell more goods to Germans so as to be able to buy more German goods. B In a floating exchange rate system, exchange rates between countries are based on the demand and supply of currencies relative to each other. If Germans demand francs, they will sell marks and buy francs in exchange, thus depressing their own currency. The franc will appreciate relative to the mark. Other choices are incorrect because they are not based on the supply and demand argument underlying floating exchange rates. Question ID: 25000 In a flexible exchange rate system, exchange rates are determined by: A. supply and demand in the market for the currency. B. governmental fiat. C. trade restrictions. D. the total value of the country39。 s gold reserves. A Exchange rates are determined by supply and demand. British importers needing dollars to purchase . goods will buy . dollars and sell British pounds. British exporters needing to convert dollars to pounds will sell dollars and buy pounds. Question ID: 12870 A . tourist planning to visit Germany exchanges $500 for German marks at a rate of $.65/DM, but her trip is cancelled. When she exchanges her marks。