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(Download PDF) International Relations 11th Edition Pevehouse Test Bank Full Chapter
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CHAPTER 9
MULTIPLE CHOICE
1. For centuries, the global currency that had value in all countries was __________.
A) the U.S. dollar
B) the British pound
C) precious metals
D) the SDR
Answer: C
Learning Objective: 9.2 Summarize the three types of exchange rate systems adopted by
states.
Topic: The Currency System
Difficulty Level: Easy
Skill Level: Remember the Facts
2. On average, what has the annual inflation rate of the industrialized Western states been
over the past three decades?
A) around 15 percent
B) around 50 percent
C) around 5 percent
D) around 10 percent
Answer: C
Learning Objective: 9.2 Summarize the three types of exchange rate systems adopted by
states.
Topic: The Currency System
Difficulty Level: Easy
Skill Level: Remember the Facts
3. What type of exchange rate system is typically utilized in the world today?
A) pegged rate system
B) U.S. dollar system
C) planned system
D) floating rate system
Answer: D
Learning Objective: 9.2 Summarize the three types of exchange rate systems adopted by
states.
Topic: The Currency System
Difficulty Level: Easy
Skill Level: Remember the Facts
4. Many states will bridge the gap between floating and fixed exchange rates by
periodically intervening in the currency markets, usually to promote stability. This type
1
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of intervention is called a(n) __________ system.
A) interventionist
B) periodic float
C) primary float
D) managed float
Answer: D
Learning Objective: 9.2 Summarize the three types of exchange rate systems adopted by
states.
Topic: The Currency System
Difficulty Level: Easy
Skill Level: Remember the Facts
5. Though private speculators may lose out because of it, a successful intervention in
__________ can make money for governments.
A) stock markets
B) free markets
C) large economies
D) global currency markets
Answer: D
Learning Objective: 9.2 Summarize the three types of exchange rate systems adopted by
states.
Topic: The Currency System
Difficulty Level: Easy
Skill Level: Remember the Facts
Answer: C
Learning Objective: 9.2 Summarize the three types of exchange rate systems adopted by
states.
Topic: The Currency System
Difficulty Level: Easy
Skill Level: Remember the Facts
2
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Answer: D
Learning Objective: 9.2 Summarize the three types of exchange rate systems adopted by
states.
Topic: The Currency System
Difficulty Level: Easy
Skill Level: Remember the Facts
8. Central banks in industrialized countries maintain the value of the state’s currency by
limiting the amount of __________ and by preventing high inflation.
A) gold on the market
B) money printed
C) credit
D) distribution
Answer: B
Learning Objective: 9.2 Summarize the three types of exchange rate systems adopted by
states.
Topic: The Currency System
Difficulty Level: Easy
Skill Level: Remember the Facts
9. The system established after World War II to manage the world economy was the
__________.
A) World Trade Organization
B) Bretton Woods system
C) International Monetary Fund
D) World Bank
Answer: B
Learning Objective: 9.2 Summarize the three types of exchange rate systems adopted by
states.
Topic: The Currency System
Difficulty Level: Easy
Skill Level: Remember the Facts
10. The pillars of the international monetary system continue to be the __________ and
the World Bank.
A) International Monetary Fund
B) International Trade Organization
C) Organization of Petroleum Exporting Countries
D) World Trade Organization
Answer: A
Learning Objective: 9.2 Summarize the three types of exchange rate systems adopted by
states.
Topic: The Currency System
3
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Difficulty Level: Easy
Skill Level: Remember the Facts
11. The IMF established __________ as the replacement for gold as a world standard.
A) the Special Drawing Right
B) silver
C) floating exchange rates
D) international exchange coins
Answer: A
Learning Objective: 9.2 Summarize the three types of exchange rate systems adopted by
states.
Topic: The Currency System
Difficulty Level: Easy
Skill Level: Remember the Facts
12. Under President Nixon, the international economic system moved from __________
exchange rates to __________ exchange rates.
A) managed float, floating
B) floating, managed float
C) fixed, floating
D) floating, fixed
Answer: C
Learning Objective: 9.2 Summarize the three types of exchange rate systems adopted by
states.
Topic: The Currency System
Difficulty Level: Easy
Skill Level: Remember the Facts
13. The interest rate the government charges when it loans money to private banks is
known as the __________ rate.
A) central bank
B) government
C) reserve
D) discount
Answer: D
Learning Objective: 9.2 Summarize the three types of exchange rate systems adopted by
states.
Topic: The Currency System
Difficulty Level: Easy
Skill Level: Remember the Facts
14. An exchange rate is the rate at which a state’s __________ can be exchanged for a
different state’s __________.
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A) currency, debt
B) currency, currency
C) debt, currency
D) goods, goods
Answer: B
Learning Objective: 9.2 Summarize the three types of exchange rate systems adopted by
states.
Topic: The Currency System
Difficulty Level: Easy
Skill Level: Remember the Facts
Answer: A
Learning Objective: 9.2 Summarize the three types of exchange rate systems adopted by
states.
Topic: The Currency System
Difficulty Level: Easy
Skill Level: Understand the Concepts
Answer: B
Learning Objective: 9.2 Summarize the three types of exchange rate systems adopted by
states.
Topic: The Currency System
Difficulty Level: Easy
Skill Level: Understand the Concepts
17. __________ exchange rates exist when a government establishes official rates of
exchange for its currency, whereas __________ exchange rates exist when exchange
rates are determined by global currency markets.
A) Managed float, fixed
B) Fixed, floating
C) Floating, hard
D) Hard, managed float
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Answer: B
Learning Objective: 9.2 Summarize the three types of exchange rate systems adopted by
states.
Topic: The Currency System
Difficulty Level: Easy
Skill Level: Understand the Concepts
18. International monetary relations immediately after World War II were based on
__________.
A) floating exchange rates
B) fixed exchange rates
C) the silver standard
D) managed exchange rates
Answer: B
Learning Objective: 9.2 Summarize the three types of exchange rate systems adopted by
states.
Topic: The Currency System
Difficulty Level: Easy
Skill Level: Remember the Facts
19. How does the IMF assist countries in balancing their economies?
A) by providing loans for particular development projects
B) by allowing states to borrow against their deposits of financial reserves and repay the
loans in subsequent years
C) by entering currency markets to support faltering currencies
D) by regulating the amount of currencies available to speculators
Answer: B
Learning Objective: 9.2 Summarize the three types of exchange rate systems adopted by
states.
Topic: The Currency System
Difficulty Level: Easy
Skill Level: Analyze It
20. The IMF and the World Bank use a __________ system.
A) one-nation, one-vote
B) consensus voting
C) weighted voting
D) hegemonic voting
Answer: C
Learning Objective: 9.2 Summarize the three types of exchange rate systems adopted by
states.
Topic: The Currency System
Difficulty Level: Easy
6
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Skill Level: Remember the Facts
21. There is lingering poverty in much of the global South. This is despite the IMF and
World Bank both attempting to promote __________ in poor countries, as part of each of
their missions.
A) state rebuilding
B) economic integration
C) global unity
D) economic development
Answer: D
Learning Objective: 9.2 Summarize the three types of exchange rate systems adopted by
states.
Topic: The Currency System
Difficulty Level: Easy
Skill Level: Remember the Facts
22. Because the U.S. economy no longer held the overwhelming dominance it had in
1944, the United States dropped the __________ in the 1970s.
A) gold economy
B) platinum standard
C) gold standard
D) exchange rate
Answer: C
Learning Objective: 9.2 Summarize the three types of exchange rate systems adopted by
states.
Topic: The Currency System
Difficulty Level: Easy
Skill Level: Remember the Facts
23. In the first three weeks of 2009, after the price of its main export, oil, plummeted,
Russia depreciated its ruble six times. This is an example of the principle of __________.
A) currency devaluation
B) currency easing
C) appreciated currency
D) reduced inflation
Answer: A
Learning Objective: 9.2 Summarize the three types of exchange rate systems adopted by
states.
Topic: The Currency System
Difficulty Level: Easy
Skill Level: Apply What You Know
24. In recent years, China has maintained a low currency value, relative to other states, in
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order to __________.
A) promote exports and boost export-related industries
B) force an increase in domestic consumption
C) improve trade relations with Western states
D) improve trade relations with Southeast Asian states
Answer: A
Learning Objective: 9.2 Summarize the three types of exchange rate systems adopted by
states.
Topic: The Currency System
Difficulty Level: Easy
Skill Level: Apply What You Know
Answer: A
Learning Objective: 9.1 Describe the effects of the 2008–2009 global financial crisis.
Topic: Globalization and Finance
Difficulty Level: Moderate
Skill Level: Analyze It
Answer: D
Learning Objective: 9.2 Summarize the three types of exchange rate systems adopted by
states.
Topic: The Currency System
Difficulty Level: Moderate
Skill Level: Remember the Facts
8
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Answer: B
Learning Objective: 9.2 Summarize the three types of exchange rate systems adopted by
states.
Topic: The Currency System
Difficulty Level: Moderate
Skill Level: Analyze It
Answer: C
Learning Objective: 9.2 Summarize the three types of exchange rate systems adopted by
states.
Topic: The Currency System
Difficulty Level: Moderate
Skill Level: Analyze It
Answer: C
Learning Objective: 9.2 Summarize the three types of exchange rate systems adopted by
states.
Topic: The Currency System
Difficulty Level: Easy
Skill Level: Remember the Facts
30. How does the International Monetary Fund (IMF) compare with the World Bank?
A) The IMF works to balance international payments, whereas the World Bank works to
balance national accounts.
B) The IMF coordinates international currency exchange and the balance of international
payments, whereas the World Bank provides development loans to developing countries.
C) The IMF has states as members, whereas the World Bank has regional banks such as
the European Bank for Reconstruction and Development as members.
D) The IMF prefers the operation of multinational corporations across borders, whereas
the World Bank prefers the operation of national companies across borders.
Answer: B
Learning Objective: 9.2 Summarize the three types of exchange rate systems adopted by
states.
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Topic: The Currency System
Difficulty Level: Moderate
Skill Level: Analyze It
31. Capital goods are products that can be used as __________ for further production.
A) extractions
B) loans
C) inputs
D) standing
Answer: C
Learning Objective: 9.3 Compare and contrast the financial positions of the United States
and China in regard to the potential for future economic growth.
Topic: State Financial Positions
Difficulty Level: Easy
Skill Level: Remember the Facts
32. The __________ is basically the balance of trade, whereas __________ are foreign
investments in and by a country.
A) capital account, changes in currency reserves
B) current account, capital flows
C) trade account, remittances
D) national account, government investments
Answer: B
Learning Objective: 9.3 Compare and contrast the financial positions of the United States
and China in regard to the potential for future economic growth.
Topic: State Financial Positions
Difficulty Level: Easy
Skill Level: Understand the Concepts
33. What is the approximate amount of the United States’ national debt today?
A) $1 trillion
B) $5 trillion
C) $18 trillion
D) $36 trillion
Answer: C
Learning Objective: 9.3 Compare and contrast the financial positions of the United States
and China in regard to the potential for future economic growth.
Topic: State Financial Positions
Difficulty Level: Easy
Skill Level: Remember the Facts
34. The 1997 Asian crisis started when currency speculators began selling off the
currencies of __________.
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A) China, Malaysia, the Philippines, and Taiwan
B) Thailand, Japan, Hong Kong, and Malaysia
C) Indonesia, Malaysia, Thailand, and the Philippines
D) Japan, China, Taiwan, and South Korea
Answer: C
Learning Objective: 9.3 Compare and contrast the financial positions of the United States
and China in regard to the potential for future economic growth.
Topic: State Financial Positions
Difficulty Level: Easy
Skill Level: Understand the Concepts
35. The summary of a state’s financial transactions with the rest of the world, including
trade, foreign aid, and the remittance of income by citizens employed abroad, is known as
a __________.
A) balance of payments
B) gross national product
C) merchandise trade
D) capital flow
Answer: A
Learning Objective: 9.3 Compare and contrast the financial positions of the United States
and China in regard to the potential for future economic growth.
Topic: State Financial Positions
Difficulty Level: Easy
Skill Level: Remember the Facts
Answer: C
Learning Objective: 9.3 Compare and contrast the financial positions of the United States
and China in regard to the potential for future economic growth.
Topic: State Financial Positions
Difficulty Level: Easy
Skill Level: Apply What You Know
11
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Answer: D
Learning Objective: 9.3 Compare and contrast the financial positions of the United States
and China in regard to the potential for future economic growth.
Topic: State Financial Positions
Difficulty Level: Easy
Skill Level: Apply What You Know
38. With respect to its position in the international economy, the United States
__________.
A) has had a trade deficit since the early 1980s
B) is as strong relative to other countries as it was in the 1950s
C) has had high unemployment since the mid-1990s
D) was once the world’s leading debtor state, but is now the leading lender state
Answer: A
Learning Objective: 9.3 Compare and contrast the financial positions of the United States
and China in regard to the potential for future economic growth.
Topic: State Financial Positions
Difficulty Level: Easy
Skill Level: Remember the Facts
Answer: A
Learning Objective: 9.3 Compare and contrast the financial positions of the United States
and China in regard to the potential for future economic growth.
Topic: State Financial Positions
Difficulty Level: Easy
Skill Level: Analyze It
Answer: C
Learning Objective: 9.3 Compare and contrast the financial positions of the United States
12
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and China in regard to the potential for future economic growth.
Topic: State Financial Positions
Difficulty Level: Moderate
Skill Level: Analyze It
41. In attempting to join the world capitalist economy in 1991, Russia and Eastern
European countries faced which challenge?
A) integration into the national maritime system
B) devaluing their currencies to curb inflation
C) attracting foreign investment
D) creating instability in currency markets
Answer: C
Learning Objective: 9.3 Compare and contrast the financial positions of the United States
and China in regard to the potential for future economic growth.
Topic: State Financial Positions
Difficulty Level: Easy
Skill Level: Remember the Facts
Answer: C
Learning Objective: 9.4 Identify two risks to firms who engage in foreign direct
investment and two risks to countries who host foreign direct investment.
Topic: Multinational Business
Difficulty Level: Moderate
Skill Level: Remember the Facts
Answer: D
Learning Objective: 9.4 Identify two risks to firms who engage in foreign direct
investment and two risks to countries who host foreign direct investment.
Topic: Multinational Business
Difficulty Level: Easy
Skill Level: Remember the Facts
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44. The most important types of multinational corporations are __________ corporations.
A) financial
B) industrial
C) service
D) agricultural
Answer: B
Learning Objective: 9.4 Identify two risks to firms who engage in foreign direct
investment and two risks to countries who host foreign direct investment.
Topic: Multinational Business
Difficulty Level: Easy
Skill Level: Remember the Facts
45. The targets of most foreign direct investment in the world are __________.
A) Western industrialized states
B) OPEC members
C) states in the global South
D) Asia and the Pacific
Answer: A
Learning Objective: 9.4 Identify two risks to firms who engage in foreign direct
investment and two risks to countries who host foreign direct investment.
Topic: Multinational Business
Difficulty Level: Easy
Skill Level: Remember the Facts
46. A state in which a foreign MNC operates is called the __________ country, whereas
the state where the MNC has its headquarters is called the __________ country.
A) subsidiary, headquarters
B) host, home
C) home, host
D) investor, investing
Answer: B
Learning Objective: 9.4 Identify two risks to firms who engage in foreign direct
investment and two risks to countries who host foreign direct investment.
Topic: Multinational Business
Difficulty Level: Moderate
Skill Level: Understand the Concepts
47. An example of a U.S.-based MNC bending to pressure from the U.S. government
regarding foreign direct investment is __________.
A) Chevron in Angola
B) Unocal in Afghanistan
C) TotalFinaElf in Nigeria
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D) Conoco in Iran
Answer: D
Learning Objective: 9.4 Identify two risks to firms who engage in foreign direct
investment and two risks to countries who host foreign direct investment.
Topic: Multinational Business
Difficulty Level: Easy
Skill Level: Apply What You Know
48. MNCs and the countries in which they invest often come into conflict over
__________.
A) inflation rates
B) taxation and the method of transportation of goods to and from the country
C) monetary policy and trade policy
D) fiscal policy and the language to be used in negotiations
Answer: C
Learning Objective: 9.4 Identify two risks to firms who engage in foreign direct
investment and two risks to countries who host foreign direct investment.
Topic: Multinational Business
Difficulty Level: Easy
Skill Level: Remember the Facts
49. How does foreign direct investment compare with indirect portfolio investment?
A) Foreign direct investment involves investments such as owning a factory, company, or
real estate in a foreign country, whereas indirect portfolio investment involves such
things as buying stocks and bonds or making loans to a foreign company.
B) Foreign direct investment involves investments such as owning a factory, company, or
real estate in a foreign country, whereas indirect portfolio investment involves such
things as taking loans from a foreign company.
C) Foreign direct investment involves actions such as trading in the currency of a foreign
country, whereas indirect portfolio investment involves such things as buying stocks and
bonds or making loans to a foreign company.
D) Foreign direct investment involves making loans to a foreign company, whereas
indirect portfolio investment involves taking loans from a foreign company.
Answer: A
Learning Objective: 9.4 Identify two risks to firms who engage in foreign direct
investment and two risks to countries who host foreign direct investment.
Topic: Multinational Business
Difficulty Level: Moderate
Skill Level: Analyze It
50. What is the international business environment most conducive to the creation of
wealth by MNCs?
A) rapidly changing conditions so that no one government can exercise control over an
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MNC
B) countries being divided into rival trading blocs so that MNCs can take advantage of
bargaining
C) stable international security so investments are not threatened
D) policies of mercantilism
Answer: C
Learning Objective: 9.4 Identify two risks to firms who engage in foreign direct
investment and two risks to countries who host foreign direct investment.
Topic: Multinational Business
Difficulty Level: Moderate
Skill Level: Analyze It
TRUE/FALSE
51. Except for 19 states that share the euro, each state uses its own currency, which has
no inherent value.
Answer: True
Learning Objective: 9.2 Summarize the three types of exchange rate systems adopted by
states.
Topic: The Currency System
Difficulty Level: Easy
Skill Level: Remember the Facts
52. Reserves of hard currency and gold maintained by states back a national currency and
cover short-term imbalances in international financial flows.
Answer: True
Learning Objective: 9.2 Summarize the three types of exchange rate systems adopted by
states.
Topic: The Currency System
Difficulty Level: Easy
Skill Level: Understand the Concepts
53. Though limited in efforts to do so, governments cooperate to manage the fluctuations
of exchange rates.
Answer: True
Learning Objective: 9.2 Summarize the three types of exchange rate systems adopted by
states.
Topic: The Currency System
Difficulty Level: Easy
Skill Level: Understand the Concepts
54. Governments often prefer a weak value for their own currency.
16
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Answer: True
Learning Objective: 9.2 Summarize the three types of exchange rate systems adopted by
states.
Topic: The Currency System
Difficulty Level: Easy
Skill Level: Remember the Facts
55. The rise of the dollar–gold standard in 1971 reflected the decline of America’s
preeminent financial position.
Answer: False
Learning Objective: 9.2 Summarize the three types of exchange rate systems adopted by
states.
Topic: The Currency System
Difficulty Level: Easy
Skill Level: Remember the Facts
56. From 1945 to 1971, the World Bank and IMF worked with states’ central banks to
maintain stable international monetary relations by pegging state currencies to the U.S.
dollar and the dollar to gold.
Answer: True
Learning Objective: 9.2 Summarize the three types of exchange rate systems adopted by
states.
Topic: The Currency System
Difficulty Level: Easy
Skill Level: Remember the Facts
57. International debt results from a protracted imbalance in capital flows—a state
borrowing more than it lends—to cover a chronic trade deficit or government budget
deficit.
Answer: True
Learning Objective: 9.3 Compare and contrast the financial positions of the United States
and China in regard to the potential for future economic growth.
Topic: State Financial Positions
Difficulty Level: Easy
Skill Level: Remember the Facts
Answer: False
Learning Objective: 9.4 Identify two risks to firms who engage in foreign direct
investment and two risks to countries who host foreign direct investment.
Topic: Multinational Business
17
Copyright © 2017, 2014, 2013 by Pearson Education, Inc. All rights reserved.
Difficulty Level: Easy
Skill Level: Remember the Facts
Answer: True
Learning Objective: 9.4 Identify two risks to firms who engage in foreign direct
investment and two risks to countries who host foreign direct investment.
Topic: Multinational Business
Difficulty Level: Easy
Skill Level: Remember the Facts
60. Multinational corporations try to maneuver to obtain positive terms and search for
states with stable currencies and political environments in which to make direct
investments.
Answer: True
Learning Objective: 9.4 Identify two risks to firms who engage in foreign direct
investment and two risks to countries who host foreign direct investment.
Topic: Multinational Business
Difficulty Level: Easy
Skill Level: Remember the Facts
61. The relative value of __________ can be set by fixed exchange rates.
Answer: currencies
Learning Objective: 9.2 Summarize the three types of exchange rate systems adopted by
states.
Topic: The Currency System
Difficulty Level: Easy
Skill Level: Remember the Facts
63. Use of the gold standard was an example of a(n) __________ exchange rate.
18
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Answer: fixed
Learning Objective: 9.2 Summarize the three types of exchange rate systems adopted by
states.
Topic: The Currency System
Difficulty Level: Easy
Skill Level: Understand the Concepts
64. The __________ is the interest rate that the government charges when it loans money
to private banks.
65. Industrialized states turn __________ policy over to semiautonomous central banks to
ensure discipline in printing money.
Answer: monetary
Learning Objective: 9.3 Compare and contrast the financial positions of the United States
and China in regard to the potential for future economic growth.
Topic: State Financial Positions
Difficulty Level: Easy
Skill Level: Remember the Facts
66. In an effort to keep track of the flow of money in and out of states, the __________
operates a system of national accounts.
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68. __________ investments involve tangible goods, unlike portfolio investments.
69. Some multinational corporations sell goods, whereas others, such as McDonald’s, sell
__________.
Answer: services
Learning Objective: 9.4 Identify two risks to firms who engage in foreign direct
investment and two risks to countries who host foreign direct investment.
Topic: Multinational Business
Difficulty Level: Easy
Skill Level: Understand the Concepts
70. Foreign direct investment in Russia, Bolivia, and Venezuela dropped significantly
after the host country __________ foreign assets.
SHORT ANSWER
71. What institutions were created at Bretton Woods? How did they work? What were
their mandates?
Learning Objective: 9.2 Summarize the three types of exchange rate systems adopted by
states.
Topic: The Currency System
Difficulty Level: Moderate
Skill Level: Apply What You Know
72. Since governments have the power to print money as they need it, why/how do states
fall into debt? Why is it so difficult for states to get out of debt?
Learning Objective: 9.2 Summarize the three types of exchange rate systems adopted by
states.
20
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Topic: The Currency System
Difficulty Level: Difficult
Skill Level: Analyze It
73. When looking at the data presented in Figure 9.1, and at the fact that U.S. national
debt is now more than $18 trillion, in what ways do you expect this to impact U.S.
foreign policy, both economically and politically?
Learning Objective: 9.3 Compare and contrast the financial positions of the United States
and China in regard to the potential for future economic growth.
Topic: State Financial Positions
Difficulty Level: Moderate
Skill Level: Analyze It
74. Given the presence of fierce trade competition, is there any evidence that
governments have an incentive to cut business regulations, labor standards,
environmental laws, and business taxes? What do you believe can or should be done
about it?
Learning Objective: 9.4 Identify two risks to firms who engage in foreign direct
investment and two risks to countries who host foreign direct investment.
Topic: Multinational Business
Difficulty Level: Moderate
Skill Level: Apply What You Know
75. Explain what kinds of concessions a host state might offer an MNC it wanted to host.
What kinds of incentives would it look to gain?
Learning Objective: 9.4 Identify two risks to firms who engage in foreign direct
investment and two risks to countries who host foreign direct investment.
Topic: Multinational Business
Difficulty Level: Moderate
Skill Level: Analyze It
ESSAY
76. Using the case of Russia and Eastern Europe since 1991, analyze the primary hurdles
confronting states that hope to make the transition from state-ownership economies to
market-based economies. What recommendations would you make to countries that are
currently transitioning based on your assessment?
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3. Explain the particular obstacles that a nation transitioning to a market-based
economy might face, including civil unrest, corruption, the growth of plutocratic culture,
and unstable state infrastructure and installations.
4. Outline the policies that would aid countries in making a successful transition,
including an emphasis on a strong and fair rule of law, expanding civil rights and
liberties, and innovating industry.
5. Offer a concise summary and effective conclusion.
Learning Objective: 9.3 Compare and contrast the financial positions of the United States
and China in regard to the potential for future economic growth.
Topic: State Financial Positions
Difficulty Level: Difficult
Skill Level: Apply What You Know
77. Describe and assess the paths to economic decline the United States followed after
World War II. What policy choices might we have made to achieve a different outcome?
What global consequences might have followed had we chosen a different path? Explain
your reasoning.
78. What are the impacts of foreign direct investment? If you were an adviser to a
multinational corporation that was considering foreign direct investments, what factors
would you recommend that the MNC look at in determining where to invest? Why?
22
Copyright © 2017, 2014, 2013 by Pearson Education, Inc. All rights reserved.
4. Outline the particular characteristics of a country that should be sought by the
MNC.
5. Offer a concise summary and effective conclusion.
Learning Objective: 9.4 Identify two risks to firms who engage in foreign direct
investment and two risks to countries who host foreign direct investment.
Topic: Multinational Business
Difficulty Level: Difficult
Skill Level: Apply What You Know
79. How might a stable international monetary regime be considered a collective good?
What are the implications inherent in it being a collective good? Are there structures or
influences that impel greater cooperation in monetary relations than in trade or security?
Be sure to use sound logic to support your argument.
80. Who would you say has benefited the most and who has benefited the least from the
international economic system that was created at Bretton Woods and after? Why do you
suppose that is? Is the global economic system unfair?
23
Copyright © 2017, 2014, 2013 by Pearson Education, Inc. All rights reserved.
Learning Objective: 9.2 Summarize the three types of exchange rate systems adopted by
states; 9.3 Compare and contrast the financial positions of the United States and China in
regard to the potential for future economic growth; 9.4 Identify two risks to firms who
engage in foreign direct investment and two risks to countries who host foreign direct
investment.
Topic: The Currency System; State Financial Positions; Multinational Business
Difficulty Level: Difficult
Skill Level: Analyze It
24
Copyright © 2017, 2014, 2013 by Pearson Education, Inc. All rights reserved.
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But make such expiation as you can—prove at least that there is some truth
in your words."
"Your death would not redeem it. What is your paltry life to me?
Neither do I require it—the sacrifice I would have you make is easier. Give
him up!"
"Oh! anything but that! Sibyl, that is worse than death!" said the
stricken child-bride, in a fainting voice.
"Did you not say you would atone? Prove it now—give him up—it is
my right, and I demand it. Promise."
"And this is your repentance—this, your atonement for what you have
done?" said Sibyl, stepping back, and regarding her with superb scorn.
"This, then, is the end of all your fine promises. Girl, I tell you, you dare
not; it is at your peril you see him more. My claim is above yours. I warn, I
insist, I demand you to give him up. It is my right, and you shall do it. What
are you, little reptile, that you should stand in the path of Sibyl Campbell?"
"I am his wife!" arose to the lips of Christie. That little sentence she
well knew would have silenced Sibyl's claim forever, but she remembered
her promise in time, and was silent.
"Rise, girl, don't cower there at my feet," said Sibyl, stepping back in
bitter contempt. "It is your place, it is true; but his love has ennobled you,
since it has raised you to the rank of my rival. Am I to understand you
promise your intimacy with him is at an end?"
"Miss Sibyl, I cannot. I love him!" And pale and sad, Christie rose and
stood before her.
The blaze, the dark, scorching, flaming glance from those eyes of fire
might have killed her.
"And you dare utter this to me?" she said, or rather hissed, through her
tightly clenched teeth. "Audacious girl, do you not fear that I will strike you
dead where you stand?"
"Promise!" she said, in a hollow voice, coming nearer, and raising her
arm threateningly.
"I cannot! Oh, Miss Sibyl, I cannot!" faltered the almost fainting
Christie.
"Promise!" again cried Sibyl, glaring upon her with her wild, dark eyes.
"I cannot!" still wailed Christie, pressing her hand over her heart.
"Promise, or die!" exclaimed the mad girl, grasping her by the arm in a
vise-like grip.
"I cannot—I would sooner die!" said Christie, as, unable to stand, she
again sank at the feet of her vindictive foe.
An hour later Aunt Moll entered, and beholding Sibyl, with her
streaming hair, lying prone on the floor, grew alarmed, and coming over,
she shook her gently, saying:
"Miss Sibyl, is yer sick? Come, git up now, like a good chile, 'fore you
catch your def o' cold, a lyin' on de bare floor. 'Deed, honey, 'taint right for
young people to heave derselves into de draft, dis way."
But Aunt Moll went through all the phases of the potential mood
—"commanding, exhorting"—in vain. Her young mistress neither moved
nor stirred.
"Now, Miss Sibyl, do get up—please do. De Lord knows I's 'fraid you'll
cotch de rheumatiz in yer bones. Most oncomfortablest thing as ever was;
'specially fore a rain storm, when ebery j'int feels as if dere was forty
hundred cross-cut saws a going t'rough it. Come, chile—come, git up, an'
let yer ole mammy ondress you, an' put yer to bed."
Sibyl lifted her head, and half rose, disclosing a face so pale and
haggard, a form so sunken and collapsed, that Aunt Moll started back in
terror.
"What on airth de matter in you, Miss Sibyl? I 'clare to man, if yer ain't
almost skeered me out o' my wits, sure 'nuff! Is you sick, chile?"
"I knowed sumfin' was de matter wid yer. Well, git up like a good chile,
and let me git some catnip tea for you, it's the best cure in the world for sich
complaints."
"Oh, Aunt Moll, leave me. My illness is beyond your art. 'Not poppy
nor mandragora can ever medicine me to that sweet sleep' I once slept
beneath this roof."
"Now, chile, don't say so," said Aunt Moll, touched by her hopeless
tone. "Folks ain't tuk so sudden as all dat, you know. I ain't got no poppy
nor man dragoon; but catnip tea is jes' as good, cordin' to my way o'
thinkin'. An' when you take a good night's res', you'll be all well in de
mornin'—please de Lor'."
"Rest! Rest! When shall I rest again? Aunt Moll, leave me. I want to be
alone."
"Yes, chile, I knows; I 'spects it's de cramps you'se got, an' I 'vises of
you to get up. Come, honey, come." And Aunt Moll put her arm coaxingly
round her young lady's neck, and attempted to lift her up.
"You mustn't talk so, Miss Sibyl; 'taint right, nor likewise 'spectful to de
Lord, who sends us cramps, as well as healf, sometimes. 'Tis r'ally
'stonishin', de way you takes on 'bout it."
"Dear heart! don't take on so about it. I's real sorry, I is."
And good Aunt Moll passed her hand gently and caressingly over the
glossy, dark locks of the young girl.
"Oh! there is nothing but falsehood and treachery in this world! I, who
loved and trusted so much, to be now deceived! I would have staked my
life, my soul, my hopes of heaven on his fidelity! And now, this awakening
from my blissful, delusive dream is worse than death. Oh, Aunt Moll! my
dear old friend, is there any one who really loves me in this world but you?"
"Aunt Moll," she said, suddenly, "what time does Lem go over to
Westport to-morrow?"
"Then tell him to be ready to take me to N—— before he goes for him!
And now, Aunt Moll, I will follow your advice, and retire."
"But won't you take the catnip tea, chile?" persisted the old woman,
who had some vague idea of the all-powerful virtues of the herb.
"But it'll do you good, chile; you'll feel more comfortable for it."
"Comfort! comfort! Can anything ever restore comfort here?" And she
struck her breast with her hand.
"Good-night, Aunt Moll." And Sibyl flitted, like a shadow, up the long
staircase, and disappeared in the gloom beyond.
CHAPTER XIV.
JEALOUSY.
——"Trifles, light as air,
Are to the jealous confirmation strong
As proofs of holy writ.—OTHELLO.
The next morning, Sibyl made her appearance in the sitting-room, pale,
wan, and haggard, as though she had spent a sleepless night. But she
appeared calm. Whatever course she had determined to pursue, seemed
fully settled, and now she was calm; but it was like the calmness of a
sleeping volcano, from which fire and flame, hurling destruction on all,
might at any moment burst forth.
Answering gravely all Aunt Moll's anxious inquiries after her health,
she seated herself at the breakfast-table, but touched nothing, save a cup of
hot coffee. And, after this slight refreshment, she put on her hat and mantle
and descended to the beach, where Lem, with the boat, was already
awaiting her coming.
Seating herself, she wrapped her mantle closely around her, and fixing
her eyes steadily on the dancing waves, the journey was performed in stern
silence. Two hours brought them to N——, and, leaving her there, Lem set
out for Westport to meet Drummond. Arrived there, he found that young
gentleman, accompanied by Captain Campbell and a florid, bald-headed,
old man, who proved to be the surgeon.
On their way, Willard explained to them how the wounded man and his
wife had been saved from the wreck. And when they reached the island,
Captain Campbell, unconscious that his sister was gone, hastened to the
lodge, while Willard accompanied the surgeon to the cottage of Mrs. Tom.
As they entered, Christie, who in spite of her hidden grief, was busily
employed as usual, looked hastily up, and turned, if possible, a shade paler
than before.
Mrs. Courtney sat listlessly turning over the leaves of a novel, with a
bored look on her pretty face; while opposite her, supported by pillows, on
Mrs. Tom's wooden sofa, lay her wounded husband, whose eyes never for a
moment, wandered from her face.
He was a man of thirty, at least, and would have been handsome but for
his ghastly pallor and a certain sour, querulous, suspicious expression his
face were. His complexion, naturally dark, had faded to a sickly yellow,
looking almost white in contrast with his black hair, and thick, black
whiskers and mustache. But it was the expression of his face that was
particularly unprepossessing—in the thin, compressed lips, and watchful,
cunning eyes you could read suspicion, distrust, and doubt. Two things
would have struck you instantly, had you seen him sitting there—one, was
his passionate love for his wife; the other, a slumbering fire of jealousy, that
the faintest breath might have fanned into a never-dying flame.
At first little Laura submitted to his caprices, because she loved him, or
thought she did; but as he grew more and more exacting, this love died
wholly away, and the little bride awoke one morning in dismay to find she
had made a life-long mistake. Still, she was too good and generous to strive
to lay the blame on him for taking advantage of her youth and romantic
impulse to fly with him, and would have laughed and danced on as merrily
as ever with him through life, without letting him know it, had not his own
conduct brought on the denouement.
All this long digression is necessary, that too much blame may not be
thrown upon the shoulders of the poor little girl-bride for her reckless
conduct and the awful catastrophe that followed.
When Willard and the doctor entered, Christie, who had anxiously
waited for this opportunity, seeing Mrs. Tom busily engaged, touched her
husband on the arm, and, whispering "Follow me," left the house.
He unhesitatingly obeyed, and overtook her near the end of the garden,
where, pale and troubled, she stood, leaning against a tree.
"Willard," she said, lifting her reproachful eyes to his face, "Sibyl
Campbell was here last night!"
"Oh, Willard! she told me all—how you had deceived her, and deceived
me! Oh, Willard! how could you do so?"
"Oh, Willard! you do! You promised to love only her—to marry her; yet
you deceived her, and married me!"
"Well, a moment ago, you said I deceived you likewise. And how, I pray
you, madam? Go on," he said, with a sneer.
"You made me your wife while pledged to another!"
"Oh, Willard! you know being your wife is the greatest happiness on
earth for me; but when I saw her, last night, so wild, passionate, and
despairing, I felt as if I could have died for very shame to think I had been
the cause of her misery!"
"Then she did seem despairing!" he said, while his face flushed.
"Oh, yes! almost crazed, mad, frenzied. Her eyes seemed killing me!"
"Oh, no—no! I do not know how she heard it; but she knew all."
"What! our marriage, and all?" he cried, starting up, and speaking in a
tone that made Christie start back.
"Oh! why will you speak to me in that tone, dearest Willard? I did not
mean to reproach you."
"But may I not tell her, Willard? She wanted me to give you up; and I
thought she would have killed me because I refused. I fear she may come
again; and, indeed, such another interview would kill me! If she knew all,
she would desist. Oh, Willard, dearest! will you not tell her—or may I not
tell her?"
"Not for the world—not for ten thousand worlds! Would you ruin me,
Christie?" he exclaimed, impetuously.
"Ruin you, Willard?" she said, faintly.
"And will keep that promise when the proper time comes. At present it
is impossible—utterly impossible, I tell you. You must have faith in me, and
wait, Christie."
Faith! Was he worthy of it? The thought arose in the mind of Christie, to
be instantly banished, as she heroically kept back her rising tears and strove
to say, in a calm voice:
"Wait! But for how long? Willard, this secrecy is dreadful! this
deception weighs on my heart like lead!"
"I do not know; I cannot tell. How often have I said, when the proper
time comes, when I may safely avow it, all shall be revealed. Christie, you
are selfish—you have no consideration for any one but yourself. If I loved
you better than Miss Campbell, you should be the last one to reproach me
with it. Take care that many such scenes as this do not banish that love
altogether."
His deeply offended tone sent the coldness of death to the very heart of
Christie. She had not meant to anger him; and now he was deeply
displeased. He had never looked nor spoken to her so before. And, totally
overcome, she covered her face with her hands and wept aloud.
He was not proof against her tears. All the old tenderness returned at the
sight, and, going over, he removed her hands, saying, gently:
"My dearest love, forgive me, I was vexed, surprised, grieved, and in
the wrong. Look up, little wife. Lift those blue eyes and say you forgive
me!"
Before she could reply a footstep was heard approaching, and she had
only time to bestow on him one look of love and pardon, and dart away, ere
Captain Campbell came in view.
"I have not seen him since he went in. But here he comes, to answer for
himself."
"Oh, it's nothing serious, sir! He'll be better in a day or two," replied the
doctor. "Meantime, how am I to get home?"
"My servant is down on the shore, waiting to take you over," said
Captain Campbell.
"I'll attend you down, doctor," said Willard, taking the old gentleman's
arm.
Equally surprised and pleased to find so pretty and piquant a little lady
in Mrs. Courtney, the young captain took a seat beside her, and entered,
forthwith, into conversation. Mr. Courtney scowled at the handsome young
captain from under his black eyebrows, but said nothing.
"My sister, will, doubtless, be here in a day or two, Mrs. Courtney, and
then you must become our guest. Meantime, I shall be delighted to show
you my island home, and assist, in every way I can, to make the time of
your stay pass as pleasantly as possible."
"Shall you, madam?" muttered her husband, between his teeth. "We
shall see about that!"
All the rest of the evening Mr. Courtney was just as silent, sulky, and
sour as he knew how to be, which is saying a good deal. And that night,
after they had retired to the inner room which Mrs. Tom had vacated to their
use, he took her to task in the following manner:
"Pray, madam, may I ask what business you had, giving that fellow any
such promise as you did?"
Now Mrs. Courtney had seen her husband's groundless jealousy all the
evening, and had been excessively annoyed thereby, fearing Captain
Campbell might observe it, too, and wonder at it. Therefore, feeling justly
indignant, she coolly replied:
"Because, sir, it was my good pleasure to do so."
"Sir, I shall go!" said the lady, imitating his tone exactly.
"Silence, madam!" he thundered, grinding his teeth with rage. "Do not
dare to be impertinent, or you will repent it."
"Mr. Courtney, allow me to observe, the inmates of this house are trying
to sleep. How they will succeed, if you go on in that manner, is a question
easily answered," said Mrs. Courtney, sitting down, with a most provoking
coolness, and beginning to unbutton her boots.
"Mr. Courtney, you may command till you are black in the face; but I've
promised, and I'll go!" said his rebellious spouse.
He half sprang up from the bed in which he was lying, his eyes fairly
scintillating with rage.
"Would you dare disgrace me in this way?" he said, in a voice hoarse
with passion.
"Disgrace you? Disgrace a fiddlestick! Are you losing all the little sense
you ever had, Mr. Courtney?" said his wife, now really indignant.
"Are you really smitten with—do you love this man?" he asked, in a
hoarse, fierce whisper, keeping his gleaming, black eyes still fixed on her
face.
For a moment a flash of intense anger shot from the eyes of Mrs.
Courtney; then, as if the absurdity of the question overcame every other
feeling, she threw herself back in her chair, and broke out in a hearty peal of
laughter.
The action might have dispelled his absurd doubts; but, as nothing can
convince jealous souls, he even looked upon this, as another proof of her
guilt, and, raising himself up in his bed, he grasped her arm, while again he
hissed:
"Mr. Courtney, don't bother me!" said his polite spouse, indignantly
shaking off his hand; "and don't make a greater simpleton of yourself than
nature made you. Love him indeed! I've had enough of love for one while, I
can tell you. I found it dose enough the last time I was fool enough to try it,
and now that I've got nicely over it, nobody'll catch me at it again."
This was a most unfortunate speech, for Courtney's fear, day and night,
was, lest his wife should cease to love him. He closed his teeth with a snap,
and fell back on his pillow with a sepulchral moan.
There was a pause, during which Mrs. Courtney leisurely combed out
her curls, and Mr. Courtney lay with knit brows, and deep, labored
breathing. At length, he turned over, and said huskily:
"Laura!"
"Well?" said Laura, going on with her combing and brushing.
"Most decidedly. And now, Mr. Courtney, hold your tongue, for I'm
going to sleep."
He clenched his teeth with impotent rage, and his jealous soul shone
forth hideously from his glittering eyes. And, angry and indignant, Mrs.
Courtney went to sleep, muttering:
"I vow to Cupid, you shall have some cause for jealousy, my wise lord
and master. Pity to have you jealous for nothing; so, handsome Captain
Campbell, look out, for I mean to flirt like fury!"
CHAPTER XV.
SELF-TORTURE.
"And to be wroth with one we love,
Doth work like madness on the brain."—COLERIDGE.
That night of deepest woe to the passionate heart of Sibyl had been
spent in pacing up and down her room, now hurling fierce, bitter
maledictions on the head of him who had deceived her, and on this puny
girl for whose sake she had been thrown aside; then in breathing wild,
passionate vows of vengeance for the wrong, the deep humiliation that had
been done her, and anon, throwing herself upon the floor in a convulsive fit
of weeping. Then another mood would come, when she would forget all but
the blissful days of the past, and all her despised love and tenderness would
flood back to her soul, and her very heart would cry out to be with him
again. And then would come the thought that this could never, never be
again, and she would spring up with blazing eyes, her very tears seemingly
turned to sparks of fire.
The flame that leaped like forked lightning from her black eyes, the
deep smile that curled her lips, better than words, spoke the rest.
Leaning her head on her hand, she thought intently. She would return to
the parsonage, and remain there until her future course was decided upon.
She could easily feign some plausible pretext for leaving the island, and
good Mrs. Brantwell, she knew, would be but too happy to have her.
And, in pursuance of this resolution, she went early the following
morning back to N——.
"And you know, my dear," said Mrs. Brantwell, "now that you are an
heiress, it is time that you should come out. Next winter you must go to
New York and spend the gay season there; for, of course, you are quite too
young to think of being married yet. I do not believe, for my part, in this
new fashion of marrying girls before they are out of their bibs and tuckers,
and having them settled down into old women before they are five-and-
twenty. So, my dear, just politely inform Mr. Drummond that he must wait
your ladyship's sovereign pleasure; and if he rebels, as of course he will,
give him to understand he is not your lord and master yet, and you intend
doing as you please. Men need to be put down, you know, my dear; it does
them good, and takes the nonsense out of them." And Mrs. Brantwell
laughed her jolly little laugh.
Sibyl averted her head to conceal the deadly paleness of her face.
"And now, Sibyl," continued the good old lady, "I want you to go with
me to the island. Guy has told me of a lady and gentlemen who were saved
from the wreck, and are stopping at that cottage, and I wish to invite them
here to-morrow. So go and get ready."
"Mrs. Brantwell, excuse me, I would rather not go," said Sibyl, still
keeping her face averted.
"Not go! What now, Mistress Sibyl? This is certainly something new,"
said the astonished old lady.
"I have a—headache, and would prefer lying down," said Sibyl, without
turning round.
"Oh, in that case I suppose I must go alone. I'll send Betty up with some
vinegar to bathe your head before I go," said the unsuspecting lady of the
mansion, as she left the room to dress for her journey.
Captain Campbell, who was waiting for her on the shore, accompanied
her to Mrs. Tom's and presented her to pretty little Mrs. Courtney, who took
captive, almost instantly, the good lady's heart as she did that of most other
people, and promptly accepted the invitation, to the manifest annoyance of
her husband.
Mr. Courtney, though still quite weak and ailing, resolved also upon
going, to watch his wife, under the conviction that her sole intent and
purpose in going was to meet Captain Campbell.
The evening for the party came; and at an early hour the drawing-room
of the parsonage was all ablaze with lights. Carriage after carriage rolled up
to the door, and bevy after bevy of fair ladies, elegantly dressed, flocked
like bright-plumaged birds, through the brilliant rooms, and carried on gay
flirtations with their friends in broadcloth.
Surpassingly beautiful she looked, with her crisp, shining curls of jet,
shading on either side the burning crimson cheeks, her splendid Syrian eyes
emitting a vivid streaming light, the rich dark robe of sheeney satin falling
with classic elegance from her rounded waist; but the light in her eye was
the fire of fever—the glow on her cheek the blaze of excitement, for the
hour she had waited for was come, and Willard Drummond would stand
arraigned before her that night.
The company were all assembled, chatting, laughing, fluting, all but
one. Sibyl stood in the midst of a gay group, the "bright particular star" of
the evening, carrying on a spirited conversation, but ever and anon her eyes
would wander to the door with fierce impatience. Why did he not come?
And now he saw them before him, she leaning on his arm; her head
bent, as with downcast eyes and smiling lips she listened to his low words.
He gnashed his teeth, and glared upon them like a madman. At that moment
his face was like that of a demon.
There was no dancing. Mr. Brantwell was a clergyman, and did not
approve of it; but there was music, and as if to excite his jealous soul to
madness, Captain Campbell led Laura to the piano, and hung over her,
while she glanced slyly at him from under her long lashes, and sang "Oh,
had we some bright little isle of our own," as though every word was meant
for him alone.
Loud and long was the applause which followed. And then Captain
Campbell led her to a seat, and took another beside her, and this low
conversation was resumed.
Full with jealous rage, the self-tortured Courtney watched them, until, at
the end of an hour or so, he saw Captain Campbell rise and leave her alone
for a moment. Then, going over, and seeing all were too much engaged, by
some one who was singing, to notice him, he grasped her fiercely by the
arm, saying, in a hoarse whisper:
"No need; you're that already," said Mrs. Courtney, startled out of a
reverie she had fallen into, but instantly remembering to be provoking.
"Mrs. Courtney, will you tell me what you mean by permitting the
attentions of this puppy?" he said, clenching his teeth to keep down his
passion.
"Ah-h!"
It was like a groan from a sepulcher, that deep, hollow respiration from
his labored chest. He looked really a pitiable object, as he sat there, white,
ghastly, and rigid. It touched with remorse his wife's heart, and, laying her
hand on his arm, she said, more seriously: