International Finance
Exam Answer Key
Course Introduction
International Finance explores the dynamic environment of global financial markets, examining how multinational corporations, investors, and governments manage financial risks and opportunities across borders. The course covers topics such as exchange rate mechanisms, balance of payments, international monetary systems, foreign investment strategies, and the impact of global economic events on financial decision-making. Emphasis is placed on understanding currency markets, international financial instruments, risk management techniques, and policy issues shaping the movement of capital worldwide, equipping students with the analytical tools needed to navigate and succeed in the increasingly interconnected world of international finance.
Recommended Textbook
International Economics Theory and Policy 11th Edition by Paul R Krugman
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Page 2
Chapter 1: Introduction
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Sample Questions
Q1) The international capital market is
A) the place where you can rent earth moving equipment anywhere in the world.
B) a set of arrangements by which individuals and firms exchange money now for promises to pay in the future.
C) the arrangement where banks build up their capital by borrowing from the Central Bank.
D) the place where emerging economies accept capital invested by banks.
E) exclusively concerned with the debt crisis that ended in the 1990s.
Answer: B
Q2) Since 1994, trade rules have been enforced by A) the WTO.
B) the G10.
C) the GATT.
D) The U.S. Congress.
E) the European Union.
Answer: A
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Chapter 2: World Trade: an Overview
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Q1) The gravity model suggests that over time
A) trade between neighboring countries will increase.
B) trade between all countries will increase.
C) world trade will eventually be swallowed by a black hole.
D) trade between Earth and other planets will become important.
E) the value of trade between two countries will be proportional to the product of the two countries' GDP.
Answer: E
Q2) According to the gravity model, a characteristic that tends to affect the probability of trade existing between any two countries is
A) their cultural affinity.
B) the average weight/value of their traded goods.
C) their colonial-historical ties.
D) the distance between them.
E) the number of different product varieties produced by their industries.
Answer: D
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Chapter 3: Labor Productivity and Comparative Advantage: the Ricardian Model
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Q1) In the Ricardian model, comparative advantage is likely to be due to A) scale economies.
B) home product taste bias.
C) greater capital availability per worker.
D) labor productivity differences.
E) political pressure.
Answer: D
Q2) Given the information in the table above, if the world equilibrium price of widgets were 4 cloth, then
A) both countries could benefit from trade with each other.
B) neither country could benefit from trade with each other.
C) each country will want to export the good in which it enjoys comparative advantage.
D) neither country will want to export the good in which it enjoys comparative advantage.
E) both countries will want to specialize in cloth.
Answer: A
Q3) Given the information in the table above. What is the opportunity cost of Cloth in terms of Widgets in Foreign?
Answer: One half a widget.
Page 5
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Chapter 4: Specific Factors and Income Distribution
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Q1) A factor of production that can be used in any sector of an economy is a(an)
A) import-competing factor.
B) export-competing factor.
C) mobile factor.
D) variable factor.
E) specific factor.
Q2) In the specific factors model, which of the following is treated as a specific factor?
A) capital
B) technology
C) cloth
D) food
E) labor
Q3) International trade can have important effects on the distribution of income because
A) different industries employ different factors of production.
B) rich countries take advantage of poor countries.
C) of government corruption.
D) different countries use different currencies.
E) the more powerful country dictates the terms of trade.
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Page 6
Chapter 5: Resources and Trade: the Heckscher-Ohlin Model
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Q1) International trade leads to complete equalization of factor prices. Discuss.
Q2) Why is the H.O. model called the factor-proportions theory?
Q3) Empirical support for the Heckscher-Ohlin model was weakest when the study applied
A) all of the assumptions of the model.
B) all of the assumptions of the model except that regarding technology.
C) all of the assumptions of the model except those regarding technology, goods and shipping costs.
D) all of the assumptions of the model except those regarding technology, shipping costs and gravity.
E) all of the assumptions of the model except those regarding shipping costs.
Q4) Refer to the table above. You are told that Country B has no minimum wage or child labor laws. Now the correct answer is
A) country B will export good S.
B) country A will export good S.
C) both countries will export good S.
D) trade will not occur between these two countries.
E) both countries will import good S.
Q5) Countries do not in fact export the goods the H.O. theory predicts. Discuss.
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Chapter 6: The Standard Trade Model
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Q1) Suppose Albania is exporting product B, and experienced economic growth biased in favor of product B as seen in the figure above. We are also told that Albania's new consumption point is at point d. Would you still consider the economic growth, which took place biased in favor of B?
If Albania were a large country how would this growth affect its terms of trade?
Q2) If the U.S. (a large country) imposes a tariff on its imported good, this will tend to A) cause a deterioration of U.S. terms of trade. B) have no effect on terms of trade.
C) improve the terms of trade of all countries.
D) raise the world price of the good imported by the United States.
E) improve the terms of trade of the United States.
Q3) What is intertemporal comparative advantage?
Q4) Describe the nature of trade between two countries based on intertemporal comparative advantage.
Q5) Other things being equal, a rise in a country's terms of trade increases its welfare. What would happen if we relax the ceteris paribus assumption, and allow for the law of demand to operate internationally?
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Page 8
Chapter 7: External Economies of Scale and the
International Location of Production
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Sample Questions
Q1) Is it possible for an equilibrium that is consistent with purely competitive conditions to arise in an industry with positive scale economies? If so, explain how this could happen. If not, why not?
Q2) If a scale economy is the dominant technological factor defining or establishing comparative advantage, then the underlying facts explaining why a particular country dominates world markets in some product may be pure chance, or historical accident. Explain, and compare this with the answer you would give for the Heckscher-Ohlin model of comparative advantage.
Q3) If some industries exhibit internal increasing returns to scale in each country, we should not expect to see
A) intra-industry trade between countries.
B) high levels of specialization in both countries.
C) inter-industry trade between countries.
D) perfect competition in these industries.
E) increased productivity in both countries.
Q4) Why are increasing returns to scale and fixed costs important in models of international trade and imperfect competition?
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Q1) If the market for products produced by firms in a monopolistically competitive industry becomes ________, then there will be ________ firms and each firm will produce ________ output and charge a ________ price.
A) smaller; fewer; less; higher B) smaller; fewer; less; lower C) smaller; more; less; lower D) smaller; more; less; higher E) smaller; fewer; more; higher
Q2) Refer to above figure. Given the opportunity to sell at world prices, the marginal (opportunity) cost of selling a ton domestically is what?
Q3) A monopolistic firm
A) can sell as much as it wants for any price it determines in the market. B) cannot sell additional quantity unless it raises the price on each unit.
C) chooses an output at which marginal revenue equals marginal cost.
D) cannot determine the price, which is determined by consumer demand. E) will always earn a profit in the long run.
Q4) Refer to above figure. The monopolist can export as much as it likes of its steel at the world price of $5/ton. How much steel will the monopolist sell, and at what price?
Page 10
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Chapter 9: The Instruments of Trade Policy
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Q1) Suppose the United States eliminates its tariff on ball bearings used in producing exports. Ball bearing prices in the United States would be expected to
A) increase, and the foreign demand for U.S. exports would increase.
B) decrease, and the foreign demand for U.S. exports would increase.
C) increase, and the foreign demand for U.S. exports would decrease.
D) decrease, and the foreign demand for U.S. exports would decrease.
E) decrease, and the foreign demand would be unchanged.
Q2) Tariffs are NOT defended on the grounds that they
A) improve the terms of trade of foreign nations.
B) protect jobs and reduce unemployment.
C) promote growth and development of young industries.
D) prevent over-dependence of a country on only a few industries.
E) protect domestic producers from foreign low prices.
Q3) The U.S. sugar quota
A) generates government revenue.
B) results in net welfare benefits to the U.S. economy.
C) results in benefits to sugar producers that exceed the cost to consumers.
D) results in costs to consumers that exceed the benefits to sugar producers.
E) does not result in an efficiency loss.
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Page 11
Chapter 10: The Political Economy of Trade Policy
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Sample Questions
Q1) The efficiency case made for free trade is that as trade distortions such as tariffs are dismantled and removed
A) government tariff revenue will decrease, and therefore national economic welfare will decrease.
B) government tariff revenue will decrease, and therefore national economic welfare will increase.
C) deadweight losses for producers and consumers will decrease, hence increasing national economic welfare.
D) deadweight losses for producers and consumers will decrease, hence decreasing national economic welfare.
E) government tariff revenue will increase, hence increasing national economic welfare.
Q2) Assume that a country has a domestic demand curve defined as Qd = 100 - 2P and a domestic supply curve defined as Qs = -20 + 3P. What is the autarchy equilibrium price and quantity?
Q3) Refer to above figure. What is the revenue gain or loss for Europe as a whole (including taxpayers)?
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Chapter 11: Trade Policy in Developing Countries
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Q1) The infant industry argument is that
A) comparative advantage is irrelevant to economic growth.
B) developing countries have a comparative advantage in agricultural goods.
C) developing countries have a comparative advantage in manufacturing.
D) developing countries have a potential comparative advantage in manufacturing.
E) developing countries have no chance to compete with industrialized countries.
Q2) The "East Asian Miracle" is
A) the ability of so many people to live in such small areas.
B) the fact that so many Influenza varieties originate from this region.
C) the fact that poor dualistic economies managed to escape the vicious circle of poverty.
D) the ability to maintain large positive trade balances with the U.S.
E) the advent of completely free labor mobility between east Asian countries.
Q3) The HPAE (High Performance Asian Economies) countries
A) have all consistently supported free trade policies.
B) have all consistently maintained import-substitution policies.
C) have all consistently maintained non-biased efficient free capital markets.
D) have all maintained openness to international trade.
E) have all outperformed the U.S.
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Page 13
Chapter 12: Controversies in Trade Policy
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Q1) The argument that strategic planning is NOT likely to be practical due to insufficient information means that
A) because of trade secrets, the government does not know true cost relationships in any given industry.
B) if the government had all the relevant information in a given industry then it could decide whether a subsidy would enhance the public's welfare.
C) even if the government had all the relevant information in a given industry, it still could not decide whether a subsidy would enhance the public's welfare.
D) due to recent cuts in the Department of the Census' sampling budgets, industry surveys are no longer reliable, so that there is no way to determine if a subsidy is in the public's interest.
E) the government would need to employ its intelligence agencies in order to gain a complete understanding of the market.
Q2) What is a pollution haven?
Q3) Refer to the above table. Suppose the U.S. government (but not Europe) offers a $10 million subsidy?
Q4) Describe the environmental Kuznets curve.
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Chapter 13: National Income Accounting and the Balance of Payments
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Q1) For most macroeconomists
A) national income accounts is much more important than national output accounts.
B) it is impossible to tell whether national income accounts equal to national output accounts.
C) national output accounts exceed national income accounts.
D) national income accounts exceed national output accounts.
E) national income accounts and national output accounts are equal to each other.
Q2) GDP is supposed to measure
A) the volume of production within a country's borders.
B) the volume of services generated within a country's borders.
C) the volume of production of a country's output.
D) GNP plus depreciation.
E) net unilateral transfers from foreigners.
Q3) "The balance of payments is seldom in balance in practice." Discuss.
Q4) Consider how the United States balance of payments accounts are affected when U.S. banks forgive two billion in debt owed to them by the government of Argentina.
Q5) What is the national income identity for a closed economy?
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Chapter 14: Exchange Rates and the Foreign Exchange
Market: an Asset Approach
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Q1) Which of the following statements is TRUE about a vehicle currency?
A) It is widely used to denominate contracts made by parties who reside in the country that issues the vehicle currency.
B) The dollar is sometimes called a vehicle currency because of its pivotal role in many foreign exchange deals.
C) There is much skepticism that the euro will ever evolve into a vehicle currency on par with the dollar.
D) The pound sterling, once second only to the dollar as a key international currency, is beginning to rise in importance.
E) Vehicle currencies include nondeliverable currencies like the renminbi.
Q2) If the goods' money prices do NOT change, an appreciation of the dollar against the pound
A) makes British sweaters cheaper in terms of American jeans.
B) makes British sweaters more expensive in terms of American jeans.
C) doesn't change the relative price of sweaters and jeans.
D) makes American jeans cheaper in terms of British sweaters.
E) makes British jeans more expensive in Britain.
Q3) What are the three factors that affect the demand for foreign currency?
Q4) Who are the major participants in the foreign exchange market?
Page 16
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Chapter 15: Money, Interest Rates, and Exchange Rates
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Q1) In the United States at the end of 2012, the total money supply, M1, amounted to approximately
A) 16 percent of that year's GNP.
B) 20 percent of that year's GNP.
C) 30 percent of that year's GNP.
D) 40 percent of that year's GNP.
E) 50 percent of that year's GNP.
Q2) In a classic paper, Columbia University economist Phillip Cagan drew the line between inflation and hyperinflation at an inflation rate of
A) more than 120 percent per year.
B) more than 100 percent per year.
C) more than 200 percent per year.
D) more than 12,000 percent per year.
E) more than 1,000 percent per year.
Q3) What are the factors that determine the amount of money an individual desires to hold?
Q4) Explain the exchange rate over-shooting hypothesis.
Q5) What are the main functions of money?
Q6) What are the main factors that determine aggregate money demand?
Q7) What will be the effects of an increase in real output on the interest rate?
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Chapter 16: Price Levels and the Exchange Rate in the Long Run
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Q1) Under the monetary approach to the exchange rate
A) a reduction in the money supply will cause immediate currency depreciation.
B) a rise in the money supply will cause currency depreciation.
C) a rise in the money supply will cause immediate currency appreciation.
D) a rise in the money supply will cause depreciation.
E) a rise in the money supply will cause immediate currency depreciation.
Q2) When the domestic money prices of goods are held constant
A) a nominal dollar appreciation makes U.S. goods cheaper compared with foreign goods.
B) a nominal dollar depreciation makes U.S. goods less appealing in foreign markets.
C) a nominal dollar appreciation does not affect the prices of U.S. goods.
D) a nominal dollar depreciation makes U.S. goods more expensive compared with foreign goods.
E) a nominal dollar depreciation makes U.S. goods cheaper compared with foreign goods and a nominal dollar appreciation makes U.S. goods more expensive compared with foreign goods.
Q3) Explain why an exchange rate model based on PPP is a long run theory.
Q4) Explain Purchasing Power Parity.
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Q5) What are the predictions for the long-run equilibrium of the Monetary Approach?
Chapter 17: Output and the Exchange Rate in the Short Run
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Q1) If the representative basket of European goods and services costs 40 euros, the representative U.S. basket costs $50, and the dollar/euro exchange rate is $0.90 per euro, then the price of the European basket in terms of U.S. basket is
A) [(0.9 $/euro) (40 euro per a European basket)]/[(50 $/U.S. basket)].
B) [(0.9 $/euro) (50 $/U.S. basket)]/[(40 euro per a European basket)].
C) [(40 euro per a European basket)]/[(50 $/U.S. basket) (0.9 $/euro)].
D) [(50 $/U.S. basket)].
E) [(0.9 $/euro) (40 euro per a European basket) (50 $ U.S. basket)].
Q2) The domestic currency price of a representative foreign expenditure basket is
A) P, the domestic price level.
B) E, the nominal exchange rate.
C) P times E, the domestic price level times the domestic price level.
D) P*, the foreign price level.
E) P* times E, the foreign price level times the nominal exchange rate.
Q3) Give 4 examples of situations that would cause the DD-curve to shift to the left.
Q4) Discuss the main factors affecting the position of the DD schedule.
Q5) A naïve implication of the DD-AA framework is that either fiscal or monetary policy can lead to full employment. Discuss why this view is naïve.
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Chapter 18: Fixed Exchange Rates and Foreign Exchange Intervention
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Q1) Which of the following best describes a deliberate government decision to lower the exchange rate, E?
A) appreciation
B) depreciation
C) revaluation
D) devaluation
E) accumulation
Q2) A balance sheet for the central bank of Pecunia is shown below: Central Bank Balance Sheet AssetsLiabilities
Foreign assets
$1,000Deposits held by private banks $500 Domestic assets $1,500Currency in circulation$2,000
Please write the new balance sheet if the bank purchased $100 in foreign bonds by writing a check on itself.
Q3) Describe the effect of the 2008-2009 global financial crisis on the Swiss franc and the central bank's efforts to respond to the resulting problems.
Q4) Briefly discuss the main advantage of the bimetallic standard over the gold standard.
Q5) Please describe in detail a self-fulfilling currency crisis.
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Chapter 19: International Monetary Systems: an Historical Overview
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Q1) Due to macroeconomics interdependence between large countries, the effect of a permanent monetary policy expansion by Home is as follows: Home output
A) rises, Home's currency depreciates, and Foreign output may rise or fall.
B) falls, Home's currency depreciates, and Foreign output may rise or fall.
C) rises, Home's currency appreciates, and Foreign output may rise or fall.
D) rises, Home's currency depreciates, and Foreign output rises.
E) falls, Home's currency appreciates, and Foreign output may rise or fall.
Q2) The IMF agreement forced the U.S. to exchange gold for dollars at what price?
A) $25/ ounce
B) $35/ ounce
C) $45/ ounce
D) $55/ ounce
E) $20/ ounce
Q3) The case of New Zealand, as described in the text, draws what simple conclusion regarding the country's international debt position?
Q4) The case of New Zealand, described in the text, draws what technical conclusion regarding the country's international debt position?
Q5) "The line distinguishing external from internal goals can be fuzzy." Discuss.
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Chapter 20: Financial Globalization: Opportunity and Crisis
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Q1) Why might a country's savings rate have a high positive correlation to its investment rate?
A) A country's gains from intertemporal trade may have been large.
B) governments' regulation to avoid inflation
C) A country's savings rate and investment rate are generally not positively correlated but rather have negative correlation.
D) governments' regulation to avoid large current account balances
E) A government has not practiced sufficient fiscal regulation.
Q2) A bank faced with a large and sudden loss of deposits is likely to shut down despite a fundamentally sound balance sheet. Why could this be?
A) Banks have accountants that are too optimistic.
B) Banks purposely lie about their balance sheets in order to attract more clients.
C) Many bank assets are illiquid and cannot be sold quickly to meet deposit obligations without substantial loss to the bank.
D) Many banks operate on a budget that exceeds their actual reserves.
E) Many banks will shut down to preserve their interest profits.
Q3) What is securitization?
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Chapter 21: Optimum Currency Areas and the Euro
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Q1) How did the European single currency evolve?
Q2) Draw the graph of the GG and LL schedules and explain the logic behind the slopes of each of the schedules.
Q3) Fiscal federalism in the EU refers to
A) one nation's control of the monetary policy of all the other nations.
B) freedom of member countries to leave the EU at any time.
C) the transfer of economic resources from members with healthy economies to those suffering economic setbacks.
D) one nation's freedom to abandon the Euro and use its own currency.
E) the transfer of economic resources between members with healthy economies.
Q4) What behavior by central and private banks in euro zone countries created the conditions for the 2009 euro crisis?
Q5) When the economy is disturbed by a change in the output market
A) a fixed exchange rate has an advantage over a flexible rate.
B) a floating exchange rate has an advantage over a fixed rate.
C) a crawling peg exchange rate has an advantage over a flexible rate.
D) a floating exchange rate has the same effect as a fixed rate.
E) a flexible exchange rate is not as effective as a fixed exchange rate.
Q6) Discuss the benefits and costs of joining a fixed-exchange area.
Page 23
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Chapter 22: Developing Countries: Growth, Crisis, and Reform
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Q1) Compare currency board to conventional fixed exchange rate.
Q2) Which of the following is NOT a common characteristic of a developing country?
A) extensive direct government control of the economy
B) history of low inflation
C) many weak credit institutions
D) "pegged" exchange rates
E) agricultural commodities make up a large share of its exports
Q3) Why may equity finance be preferred to debt finance for developing countries?
A) A fall in domestic income automatically reduces the earnings of foreign shareholders without violating any loan agreement.
B) There are laws insuring against any default with equity finance.
C) The risk is shared between debtor and creditor with debt finance.
D) The tax structure leaves equity finance unconstrained.
E) Repayments are unaffected by falls in real income.
Q4) Explain why East Asian countries have done so well relative to South American countries.
Q5) Explain the basic macroeconomic policy trilemma for open economies.
Q7) Explain the extensive economic role of government within a developing country. Page 24
Q6) Write an essay on the importance of a sound banking system in developing countries.
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Page 25