81. In documentary collection, the documents will not be delivered to the buyer until ______.
A. the goods have arrived
B. the buyer has cleared the goods
C. the bill is paid or accepted      
D. the seller says so
82. In documentary credit operations, all parties concerned deal in ______.
A. credits                     
B. documents
C. contracts                  
D. goods
83. A check involves______.
A. the writer, the signer, the cashier, and the bank
B. the drawer, the payee, and the bank
C. the drawer and the payee
D. the signer, the payee, and the company
84. Assume a bank has $200 million of assets with a duration of 2, and $ 100 million of liabilities with a duration of 3. What is the duration gap for the bank? ______.
A.2                      
B.－1
C.0.5                      
D.－4
85. When a central bank allows the purchase or sale of domestic currency to have an effect on the monetary base and hence on the money supply, the intervention is said to be a/an _____ foreign exchange intervention.
A. limited                
B. unlimited
C. sterilized                
D. unsterilized
86. The shipper wants assurance that his goods will reach their destination. The bill of lading gives him this assurance. It thus serves as a ______.
A. contract for delivery     
B. receipt for goods
C. title document          
D. negotiable instrument
87. A sound policy to combat a temporary liquidity shortage in the banking system would be         .
A. an increase in the discount rate
B. an increase in reserve requirements
C. a reduction in reserve requirements
D. the purchase of government securities under repurchase agreement
88. The narrowest definition of money is referred to as ______.
A. M o                   
B. M 1
C. M 2                  
D. M 3
89. Which of the following is the term used to describe the offsetting of the effects of intervention in the foreign exchange market on the domestic money supply?          .
A. Daily intervention              
B. Sterilization C. Discretionary monetary policy    
D. Discretionary fiscal policy
90. Under a fixed exchange rate system and freely flowing capital,       .
A. fiscal policy is ineffective
B. monetary policy is very effective
C. the supply of money is very important
D. monetary policy is ineffective