视频8分钟多左右，βi=K=△Ri/△Rm，如何等于定义中的β=Cov/（δm*δm）,请老师解释下，谢谢

老师好，书300页 图片中的分离理论的第一步，说"optimal risky portfolio和optimal CAL线对所有投资者一样"，所以不同投资者的optimal CAL线是相同的? 只是其无差异曲线和这个相同的CAL线的切点不同才得到了不同的optimal investor portfolio? 是这样理解吗? 谢谢老师

老师好，连接EF上任意一点和无风险资产，线上的点都是fully diversified吗? 对于不同投资者，只是无差异曲线不同，但是他们的EF和CAL线是一样的?

老师你好，原版书327页16题所描述的现象对进出口以及汇率是如何影响的？

老师你好，费雪方程式与货币中性有直接联系吗？

老师你好，选项A是说货币与通胀之间具有因果关系，为什么不对？视频解析说causal relationship是偶然关系不是因果关系？

这个Fv是不是110？

01.单选题 已收藏 标记 纠错 If Brazil and South Africa have free trade with each other, a common trade policy against all other countries, but no free movement of factors of production between them, then Brazil and South Africa are part of a: A customs union. B free trade area (FTA). C common market. 查看解析 下一题 正确答案A 您的答案A本题平均正确率：76% Trading blocs, common markets and economic unions难度：一般 推荐：      答案解析 A customs union extends a free trade area (FTA) by not only allowing free movement of goods and services among members, but also creating common trade policy against non-members. Unlike a more integrated common market, a customs union does not allow free movement of factors of production among members. 问：能否用中文简单解释一下？无解析

08.单选题 已收藏 标记 纠错 Supposing that a country has a persistent trade surplus and is being pressured to let its currency appreciate. If currency appreciation is to be effective in reducing the trade surplus, which of the following best describes the adjustment that must occur? A Domestic investment must decline relative to saving. B Global capital flows must shift toward the domestic market. C Foreigners must increase investment relative to saving. 查看解析 上一题 下一题 正确答案B 您的答案A本题平均正确率：55% The balance of payments accounts难度：一般 推荐：      答案解析 The trade surplus cannot decline unless the capital account deficit also declines. Regardless of the mix of assets bought and sold, foreigners must buy more assets from (or sell fewer assets to) domestic issuers/investors. 问：请问如公式，B选项是公式中的哪一项，是X或者M吗？B选项中文是什么，怎么理解？

09.单选题 已收藏 标记 纠错 If a country has a trade deficit, which of the following is correct regarding to its other account? A Save enough to fund its investment spending. B Have an offsetting capital account surplus. C Buy assets from foreigners to fund the imbalance. 查看解析 上一题 下一题 正确答案B 您的答案A本题平均正确率：65% The balance of payments accounts难度：一般 推荐：      答案解析 A trade deficit must be exactly matched by an offsetting capital account surplus to fund the deficit. A capital account surplus reflects borrowing from foreigners (an increase in domestic liabilities) and/or selling assets to foreigners (a decrease in domestic assets). A capital account surplus is often referred to as a "capital inflow" because the net effect is foreign investment in the domestic economy. 问：紫色框框中 的部分 为什么没有考虑capital account？？不是总共有三个账户吗？