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With arbitrage, a trader attempts to purchase a foreign currency at a low price and, at a later date, resell the currency at a higher price in order to make a profit.

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Which of the following is NOT feature of the period 1914-1945?

A. The global economy was destroyed by the Two world wars and the Great Depression.
B. A rise in nationalism and increasingly noncooperative policy making.
Capital controls became widespread.
D. International investment was welcome.

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Assume the following: (1) the interest rate on 6-month treasury bills is 8 percent per annum in the United Kingdom and 4 percent per annum in the United States; (2) today's spot price of the pound is $1.50 , while the 6-month forward price of the pound is $1.485. By investing in U.K. treasury bills rather than U.S. treasury bills, and not covering exchange rate risk, U.S. investors earn an extra return of:

A. 4 percent per year, 1 percent for the 6 months
B. 4 percent per year, 2 percent for the 6 months
C. 2 percent per year, 0.5 percent for the 6 months
D. 2 percent per year, 1 percent for the 6 months

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Which is the second period of the evolution of capital mobility according to Obstfeld and Taylor(2002)?

A. Before 1914
B. 1914-1945
C. 1945-1971
D. After 1971

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Which of the following is NOT right?

A. Capital is one of the factors of production.
B. Capital is one of the most mobile factors on the international level.
Capital is traded mainly through international and domestic financial markets.
D. A country's capital can only be used for domestic production

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