20 The Industrial Revolution started from the United Kingdom. Which country came next?
(A) The Netherlands.
(B) France.
(C) Spain.
(D) Belgium.

16 China was defeated in the First Opium War, as a consequence, China and the United Kingdom signed the Treaty of Nanjing in August 1842. Which of the following ports was NOT included in their agreement regarding the “Five Ports Trading”? (A) Wenzhou. (B) Guangzhou. (C) Xiamen. (D) Ningbo.

17 Historians regarded the term “Napoleon War” as Bonaparte Napoleon led the First Empire of France in fighting against the anti-Napoleon coalition. How did Napoleon call his strategic framework against the United Kingdom? (A) European Continent System. (B) Paris System. (C) Continental System. (D) North Sea System.

18 What was the cause that led to the breakout of Japan-Russo War in 1904?(A) Ownership of the Dongqing Railway. (B) Struggle over lease rights of Dalian and Lushun. (C) Protection of overseas Japanese in Manchuria. (D) Competition over the sphere of influence on Korea.

19 Japan and Russia, put aside their hatred caused by the 1904 Japan-Russo war, signed two secret treaties in July 1907 and June 1910. Which of the following consequences was NOT included? (A) The partition of sphere of influence on Manchuria between Japan and Russia. (B) Reached a consensus on U.S. “Open Door Policy of China.” (C) Russia began to instigate the independence of Outer Mongolia. (D) Japan’s annexation of Korea.

1 According to big Mac index, in January 2024 the price of big Mac in Taiwan is NT$72, while the price of that in the U.S. is US$5.67. If the actual exchange rate is 29.88NT$/US$, it implies that New Taiwan dollar is _________. (A) overvalued 57.5% (B) overvalued 12.7% (C) undervalued 57.5% (D) undervalued 12.7%

2 According to Mundell (1963), if one country is under perfect capital mobility, and the monetary authority does not implement sterilized intervention, then _________ policy together with _________ exchange rate regime has the biggest effect on output. (A) monetary, floating (B) monetary, fixed (C) fiscal , floating (D) fiscal, fixed

3 The impossible trinity is a concept which claims that it is impossible to have three goals achieved at the same time. Which of the following goals is not included? (A) Free capital movement. (B) A stable foreign exchange rate. (C) A stable inflation rate. (D) An independent monetary policy.

4 Under a managed floating exchange rate regime, what action does the central bank take in the foreign exchange market as part of a leaning against the wind policy to respond to the pressure of depreciation? (A) Sell foreign exchange. (B) Buy foreign exchange. (C) Increase interest rates. (D) Lower interest rates.

5 According to the relative purchasing power parity, the percentage change in the exchange rate equals the difference in _________ between two countries. (A) interest rates (B) spot exchange rates (C) forward exchange rates (D) inflation rates

6 Which of the following refers to the unbiased predictor for future spot exchange rate? (A) Current spot exchange rate. (B) The average of current and previous spot exchange rates. (C) Forward exchange rate. (D) The average of current spot exchange rate and forward exchange rate.