18 Which of the following is NOT a feature of a common market?
(A) Free trade in goods and services between the members.
(B) Common external barriers to trade.
(C) Substantial coordination of macroeconomic policies among the members.
(D) Factor mobility.

1 The depreciation of a currency may cause an initial worsening of the balance of payments before it improves. This is called the _____. (A) J-curve effect (B) Marshall Lerner condition (C) exchange rate overshooting (D) price-specie flow mechanism

2 A Japanese bank buys U.S. government bonds, and this purchase _____. (A) increases U.S. net capital outflow and has no impact on Japanese net capital outflow (B) increases U.S. net capital outflow and increases Japanese net capital outflow (C) increases U.S. net capital outflow, but decreases Japanese net capital outflow (D) decreases U.S. net capital outflow, but increases Japanese net capital outflow

3 In order to determine how strong or weak a currency is, you should pay more attention to the _____. (A) real exchange rate (B) forward exchange rate (C) bilateral exchange rate (D) effective exchange rate

4 If covered interest parity holds, then _____. (A) firms should be able to identify opportunities for arbitrage in investments (B) the difference between two countries’ interest rates should roughly equal the forward discount or premium between their currencies (C) international interest rates should be equal (D) forward rates should equal spot rates

5 If the dollar depreciates relative to the Swiss franc, then _____. (A) Swiss chocolate will become cheaper in the United States (B) American computers will become more expensive in Switzerland (C) Swiss chocolate will become more expensive in the United States (D) Swiss computers will become cheaper in the United States

6 The theory of purchasing power parity (PPP) suggests that if the price level of one country rises relative to that of the other country, its currency should _____. (A) depreciate in the long run (B) appreciate in the long run (C) depreciate in the short run (D) appreciate in the short run

7 One of the most important and most visible roles of the IMF is to _____. (A) investigate countries that are charged with being unfair traders (B) provide loans to countries that need capital to develop their economies (C) intercede by invitation when countries cannot pay their international debts (D) hold regular negotiations over tariff reductions

8 If a central bank makes a sterilized purchase of foreign assets, then the domestic currency will _____. (A) appreciate (B) depreciate (C) either appreciate, depreciate, or remain constant (D) not be affected

9 The WTO permits the creation of a regional trade agreement (RTA) _____. (A) only if the RTA is a partial trade agreement (B) when the RTA includes a most-favored nation clause (C) when the RTA leads to more trade creation than trade diversion (D) if all members of the RTA are also members of the WTO

10 The following table shows the production of wheat (bushels per hour) and cloth (yards per hour) for Country A and Country B. In order for both countries to gain from trade, one bushel of wheat must trade for_____. (A) between 1/2 and 2 yards of cloth (B) between 6 and 18 yards of cloth (C) between 1/2 and 3 yards of cloth (D) between 1/3 and 3 yards of cloth

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