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1、InternationalFinancialManagement,2e(Bekaert/Hodrick)Chapter9MeasuringandManagingRealExchangeRisk9.1MultipleChoiceEasy1)________profitabilityreferstothepurchasingpowerofafirm'snominalprofits.A)RealB)RelativeC)GlobalD)Inflation-adjustedAnswer:AComment:Howrealexchangeratesaffe
2、ctrealprofitability,p.2962)Whenthefirm'snominalprofitsaredividedbythepricelevel,theresultisknownas________.A)nominalprofitabilityB)realprofitabilityC)inflation-adjustedprofitabilityD)relativeprofitabilityAnswer:BComment:Howrealexchangeratesaffectrealprofitability,p.2963)Whe
3、nmanagersrespondtochangesintherealexchangeratewiththeirrelativeprice,itisknownas________.A)realexchangeriskB)economicexposureC)exchangeratepass-throughD)arealdepreciationAnswer:CComment:Afirm’srealexportrevenue,p.2984)Anexchangeratepass-throughdescribesthewaymanagersofthefi
4、rmchoosetorespondwiththeirrelativepricestochangesinthe________.A)nominalexchangerateB)realexchangerateC)tariffratesD)realappreciationofthenominalexchangeratesAnswer:BComment:Afirm’srealexportrevenue,p.2985)Thephenomenonwheretheprofitabilityofthefirmisatriskduetorealexchange
5、ratechangeisknownas________exposure.A)translationB)sovereignriskC)operatingD)accountingAnswer:CComment:Realexchangeriskandtheprofitabilityofdomesticandforeignfirms,p.2987Copyright©2012PearsonEducation,Inc.6)Anothernameforoperatingexposureis________exposure.A)translationB)so
6、vereignriskC)accountingD)economicAnswer:DComment:Realexchangeriskandtheprofitabilityofdomesticandforeignfirms,p.2987)Ingeneral,arealdepreciationofthedomesticcurrency________importersand________exporters.A)hurts,helpsB)helps,hurtsC)bypasses,helpsD)hurts,bypassesAnswer:AComme
7、nt:Realexchangeriskandtheprofitabilityofdomesticandforeignfirms,p.2988)Arealdepreciationofthedomesticcurrencyhurtsdomestic________firmswhomustthencompeteagainstlessexpensiveimports.A)exportingB)import-competingC)importingD)export-competingAnswer:BComment:Therealexchangerisk
8、ofanimportcompetitor,p.3029)Duringachangeintherealexchangerates,amajorfactordeterm
