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若然 · 2023年03月14日

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  1. CFA I
  2. Economics Analysis

NO.PZ2016010801000105

问题如下：

Last year, the nominal exchange rate for CAD/USD was 1.40. This year, the real exchange rate has decreased by 2%. Which of the following statement is most likely correct?

选项：

A.

One US dollar can exchange for more than 1.4 Canada dollars.

B.

There is a decrease of 2% in purchasing power of USD relative to CAD.

C.

Inflation in Canada is about 2% lower than that in USA.

解释：

B is correct. The real exchange rate is to assess changes in the relative purchasing power of one currency compared with another. The 2% decrease in real exchange rate indicates the 2% depreciation of USD compared to CAD.

考点：实际汇率

解析：实际汇率是用来评估一种货币相对于另一种货币的相对购买力的变化。实际汇率下降2%表明美元对加元贬值2%。所以B选项正确。

此时1单位美元换汇的加拿大的数目就少于1.4单位，A选项不正确。

C的说法不一定，所以也不入选。

老师好，C选项如果改成higher than 应该也是对的吧？

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1 个答案

笛子_品职助教 · 2023年03月14日

嗨，爱思考的PZer你好：


Hello，亲爱的同学！

实际汇率是用来评估一种货币相对于另一种货币的相对购买力的变化，公式如下：


我们把数据带入实际汇率公式，注意汇率表达式为：CAD/USD形式，USD为base currency。


去年的名义汇率是1.4，实际汇率下降2%表明美元对加元贬值2%，而加元相对美元的升值并不是2%，而是【1/（1-2%） -1】/1大于2%。


所以C是错在2%这个数字，这个数字要大于2%。


同学记忆一下这种情况，A货币相对B货币贬值2%，并不等于B货币相对于A货币就升值2%，升值贬值的幅度可以是不想等的。

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