CMA+Exam+Part1+Global+Business及答案解析.doc

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1、CMA+Exam+Part1+Global+Business 及答案解析(总分：17.00，做题时间：120 分钟)一、Global Business(总题数：17，分数：17.00)1.An industrial country recently decided to reduce tariffs on imported products. The most likely result of this policy change will be a（分数：1.00）A.decrease in domestic production of the affected product.B.redu

2、ction in the countrys consumption of affected products.C.reduction in economic efficiency due to the change in comparative advantage.D.benefit to domestic producers at the expense of consumers.2.A country has a comparative advantage in producing a good if that country（分数：1.00）A.can produce the good

3、at a lower absolute cost than any other country.B.can produce the good at a lower opportunity cost than any other country.C.can do a better job than any other country.D.spends less money in out-of-pocket expenses than any other country.3.If the U.S. sells goods that it produces more efficiently to o

4、ther countries, and buys goods produced more efficiently by other countries, its trade strategy is consistent with which one of the following?（分数：1.00）A.Comparative advantage.B.Autarky.C.Absolute advantage.D.Dumping.4.Arguments in favor of free trade include all of the following, except that（分数：1.00

5、）A.free trade permits emerging domestic industries to expand without foreign competition.B.tariffs and quotas increase the domestic price of imported goods.C.free trade permits countries and regions to specialize in those industries in which they have a comparative advantage.D.free trade permits dom

6、estic corporations to expand their sales into foreign markets.5.Which one of the following is not generally considered a significant non-tariff barrier?（分数：1.00）A.Restrictions on import quotas and countertrades.B.Different interest rates and price levels.C.Different standards in health and safety.D.

7、Different product quality standards.6.Which one of the following statements best illustrates dumping?（分数：1.00）A.Foreign automobiles, sold in limited quantities, cost more in the United States than abroad.B.Computers produced in Asia are sold into the United States at a price less than production cos

8、t.C.European farmers bear a limited portion of the cost of production of exportable foodstuffs.D.Televisions produced abroad are sold in the United States for more than the suppliers established price.7.All of the following are correct with regard to quotas and tariffs except that（分数：1.00）A.a quota

9、is a quantitative restriction on the quantity imported, while a tariff is a tax on imports.B.both tariffs and quotas raise the price of products.C.both tariffs and quotas are used to protect domestic industries.D.a tariff has the same economic impact as a quota.8.Which one of the following statement

10、s concerning the effects of international trade barriers is correct?（分数：1.00）A.If Country J imposes a tariff on imported grain, domestic grain producers in Country J will be harmed.B.Trade quotas imposed on imports to Country K are generally more harmful to Country K than tariffs.C.If Country L impo

11、ses import restrictions on manufactured goods, firms in Country L that export agricultural products will benefit.D.Tariffs imposed on electronic products imported to Country M will harm workers in Country M in the electronics industry.9.When calculating a countrys balance of payments, the balance in

12、 the current account reflects all of the following except（分数：1.00）A.merchandise trade balance.B.earnings and expenditures on service accounts.C.funds remitted by workers to people living outside the country.D.direct foreign investments.10.Under a floating exchange rate system, which one of the follo

13、wing should result in a depreciation of the Swiss franc?（分数：1.00）A.U.S. inflation declines relative to the Swiss inflation.B.U.S. income levels improve relative to the Swiss.C.Swiss interest rate rise relative to the U.S. rates.D.Decrease in outflows of Swiss capital to the U.S.11.If the U.S. dollar

14、 appreciated against the British pound, other things being equal, we would expect that（分数：1.00）A.the British demand for U.S. products would increase.B.U.S. demand for British products would decrease.C.U.S. demand for British products would increase.D.trade between the U.S. and Britain would decrease

15、.12.Country As currency would tend to appreciate relative to Country Bs currency when（分数：1.00）A.Country A has a higher rate of inflation than Country B.B.Country B has real interest rates that are greater than real interest rates in Country A.C.Country A has a slower rate of growth in income that ca

16、uses its imports to lag behind its exports.D.Country B switches to a more restrictive monetary policy.13.Country Rs currency would tend to depreciate relative to Country Ts currency when（分数：1.00）A.Country R switches to a more restrictive monetary policy.B.Country T has a rapid rate of growth in inco

17、me that causes imports to lag behind exports.C.Country R has a rate of inflation that is lower than the rate of inflation in Country T.D.Country R has real interest rates that are lower than real interest rates in Country T.14.Which one of the following is least likely to be a reason why U.S. multin

18、ational corporations utilize the foreign exchange market?（分数：1.00）A.To offset accounts payable transaction exposure to foreign firms.B.To hedge the currency risk of accounts receivable transactions in foreign currencies.C.To improve the return on investments of a foreign subsidiary.D.To counter some

19、 of the currency risk of dividend payments from foreign subsidiaries to the U.S. parent.15. （分数：1.00）A.B.C.D.16.Which one of the following statements with regard to World Bank loans is correct?（分数：1.00）A.They are limited to productive projects for which private funds are not readily available.B.They

20、 may be made for any project or activity deemed to be worthwhile.C.They are guaranteed, fully insured private loans.D.They are not made to developing countries.17.Countries sometimes privatize their state-owned enterprises. U.S. firms considering investing in these formerly state-owned enterprises m

21、ust consider many factors prior to making investments in these countries. Which one of the following is of least importance to U.S. investors when considering the acquisition of one of these former state-owned enterprises?（分数：1.00）A.Transfer of technology back to the U.S.B.Restrictions on capital fl

22、ows out of the foreign country.C.Stability of the foreign currency.D.Political stability of the country.CMA+Exam+Part1+Global+Business 答案解析(总分：17.00，做题时间：120 分钟)一、Global Business(总题数：17，分数：17.00)1.An industrial country recently decided to reduce tariffs on imported products. The most likely result o

23、f this policy change will be a（分数：1.00）A.decrease in domestic production of the affected product. B.reduction in the countrys consumption of affected products.C.reduction in economic efficiency due to the change in comparative advantage.D.benefit to domestic producers at the expense of consumers.解析：

24、2.A country has a comparative advantage in producing a good if that country（分数：1.00）A.can produce the good at a lower absolute cost than any other country.B.can produce the good at a lower opportunity cost than any other country. C.can do a better job than any other country.D.spends less money in ou

25、t-of-pocket expenses than any other country.解析：3.If the U.S. sells goods that it produces more efficiently to other countries, and buys goods produced more efficiently by other countries, its trade strategy is consistent with which one of the following?（分数：1.00）A.Comparative advantage. B.Autarky.C.A

26、bsolute advantage.D.Dumping.解析：4.Arguments in favor of free trade include all of the following, except that（分数：1.00）A.free trade permits emerging domestic industries to expand without foreign competition. B.tariffs and quotas increase the domestic price of imported goods.C.free trade permits countri

27、es and regions to specialize in those industries in which they have a comparative advantage.D.free trade permits domestic corporations to expand their sales into foreign markets.解析：5.Which one of the following is not generally considered a significant non-tariff barrier?（分数：1.00）A.Restrictions on im

28、port quotas and countertrades.B.Different interest rates and price levels. C.Different standards in health and safety.D.Different product quality standards.解析：6.Which one of the following statements best illustrates dumping?（分数：1.00）A.Foreign automobiles, sold in limited quantities, cost more in the

29、 United States than abroad.B.Computers produced in Asia are sold into the United States at a price less than production cost. C.European farmers bear a limited portion of the cost of production of exportable foodstuffs.D.Televisions produced abroad are sold in the United States for more than the sup

30、pliers established price.解析：7.All of the following are correct with regard to quotas and tariffs except that（分数：1.00）A.a quota is a quantitative restriction on the quantity imported, while a tariff is a tax on imports.B.both tariffs and quotas raise the price of products.C.both tariffs and quotas ar

31、e used to protect domestic industries.D.a tariff has the same economic impact as a quota. 解析：8.Which one of the following statements concerning the effects of international trade barriers is correct?（分数：1.00）A.If Country J imposes a tariff on imported grain, domestic grain producers in Country J wil

32、l be harmed.B.Trade quotas imposed on imports to Country K are generally more harmful to Country K than tariffs. C.If Country L imposes import restrictions on manufactured goods, firms in Country L that export agricultural products will benefit.D.Tariffs imposed on electronic products imported to Co

33、untry M will harm workers in Country M in the electronics industry.解析：9.When calculating a countrys balance of payments, the balance in the current account reflects all of the following except（分数：1.00）A.merchandise trade balance.B.earnings and expenditures on service accounts.C.funds remitted by wor

34、kers to people living outside the country.D.direct foreign investments. 解析：10.Under a floating exchange rate system, which one of the following should result in a depreciation of the Swiss franc?（分数：1.00）A.U.S. inflation declines relative to the Swiss inflation. B.U.S. income levels improve relative

35、 to the Swiss.C.Swiss interest rate rise relative to the U.S. rates.D.Decrease in outflows of Swiss capital to the U.S.解析：11.If the U.S. dollar appreciated against the British pound, other things being equal, we would expect that（分数：1.00）A.the British demand for U.S. products would increase.B.U.S. d

36、emand for British products would decrease.C.U.S. demand for British products would increase. D.trade between the U.S. and Britain would decrease.解析：12.Country As currency would tend to appreciate relative to Country Bs currency when（分数：1.00）A.Country A has a higher rate of inflation than Country B.B

37、.Country B has real interest rates that are greater than real interest rates in Country A.C.Country A has a slower rate of growth in income that causes its imports to lag behind its exports. D.Country B switches to a more restrictive monetary policy.解析：13.Country Rs currency would tend to depreciate

38、 relative to Country Ts currency when（分数：1.00）A.Country R switches to a more restrictive monetary policy.B.Country T has a rapid rate of growth in income that causes imports to lag behind exports.C.Country R has a rate of inflation that is lower than the rate of inflation in Country T.D.Country R ha

39、s real interest rates that are lower than real interest rates in Country T. 解析：14.Which one of the following is least likely to be a reason why U.S. multinational corporations utilize the foreign exchange market?（分数：1.00）A.To offset accounts payable transaction exposure to foreign firms.B.To hedge t

40、he currency risk of accounts receivable transactions in foreign currencies.C.To improve the return on investments of a foreign subsidiary. D.To counter some of the currency risk of dividend payments from foreign subsidiaries to the U.S. parent.解析：15. （分数：1.00）A.B.C. D.解析：16.Which one of the followin

41、g statements with regard to World Bank loans is correct?（分数：1.00）A.They are limited to productive projects for which private funds are not readily available. B.They may be made for any project or activity deemed to be worthwhile.C.They are guaranteed, fully insured private loans.D.They are not made

42、to developing countries.解析：17.Countries sometimes privatize their state-owned enterprises. U.S. firms considering investing in these formerly state-owned enterprises must consider many factors prior to making investments in these countries. Which one of the following is of least importance to U.S. investors when considering the acquisition of one of these former state-owned enterprises?（分数：1.00）A.Transfer of technology back to the U.S. B.Restrictions on capital flows out of the foreign country.C.Stability of the foreign currency.D.Political stability of the country.解析：