老师您好，能在仔细讲一下这道题吗？我选择B。美式期权在到期前不行权，公式为max(0，present value of strike price-S)，若在到期行权，则为max(0，X-S)，所以最大值应该是max(0，X-S）啊？不清楚哪里错了，请老师指点。

11.单选题 已收藏 已标记 纠错 The "per unit contribution margin" for a product is $16. Assuming fixed costs of $20,000, interest costs of $3,000, and taxes of $2,000, the operating breakeven point (in units) is closest to: ? 这个题The operating breakeven point=fixed costs/contribution margin=$20000/$16=1250.这里怎么理解

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？

06.单选题 已收藏 标记 纠错 If a country having a current account deficit, which of the following is most likely to consume more output than it produces? A restricting foreign direct investment. B increasing its net foreign liabilities. C adjusting interest rates to stimulate higher domestic savings. 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：48% The balance of payments accounts难度：一般 推荐：      答案解析 A current account deficit must be offset by a capital account surplus. Only by borrowing money from foreigners can a country have a current account deficit and consume more output than it produces. An increase in net foreign liabilities is the result of borrowing from foreigners. 问：此题为啥 capital account 是surplus的？

问：请问这里边的两个小点 翻译成中文分别是什么意思？他们的（+）（-）关系又是什么样的?

01.单选题 收藏 标记 纠错 Which of the following chronic deficit conditions is least alarming to the deficit country’s creditors? A High consumption. B High private investment. C High government spending. 查看解析 下一题 正确答案B 您的答案A本题平均正确率：43% The balance of payments accounts难度：一般 推荐：      答案解析 A current account deficit tends to result from low private saving, high private investment, low government savings, or a combination of the three. Of these choices, only high investments can increase productive resources and improve future ability to repay creditors. 问：这题题干是要增加国际债权人的信心，那不应该改变这种贸易赤字吗？即让NX增加才对吧？

03.单选题 已收藏 标记 纠错 For importing countries, which of the following trade restrictions is likely to result in the greatest welfare loss? A A tariff. B A voluntary export restraint. C An import quota. 查看解析 上一题 提交试卷 正确答案B 您的答案A本题平均正确率：55% Types of trade and capital restrictions难度：一般 推荐：      答案解析 With a voluntary export restraint, the price increase induced by restricting the quantity of imports (= quota rent for equivalent quota = tariff revenue for equivalent tariff) accrues to foreign exporters and/or the foreign government. 问：如图 绿色框内 是decrease，为什么VER是最高的？

金融计算器怎么开