While adjustment under a flexible exchange rate system relies on changing the external value of the national currency, adjustment under the gold standard relies on changing internal prices in each nation. ()
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The exchange rate between dollar and pound change from $2/£1 to $1/£1 implies( )
A. an appreciation of the dollar
B. a depreciation of the dollar
C. a devaluation of the dollar
D. an exchange rate overshooting
If spot rate is $2/£1 and the three-month forward rate is $2.02/£1( )
A. the pound is at a three-month forward premium of 1%
B. the pound is at a forward premium of 1% per year
C. the pound is at a three-month forward discount of 1%
D. the dollar is at a three-month forward discount of 1%
An effective exchange rate is a:( )
A. spot rate
B. forward rate
C. flexible exchange rates
D. weighted average of the exchange rates between the domestic currency and the nation's most important trade partners
The relative PPP theory gives better results ( )
A. in the long run than in the short run
B. when structural changes take place
C. the greater is the level of commodity aggregation
D. in tests including developed and developing countries
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