2022 年 AIBA 認定貿易アドバイザー試験サンプル問題（貿易英語）
第１問 次の英⽂を読み、問１から問１０について、それぞれの指⽰に従って解答の番号を解答⽤紙に記⼊しなさい。

（配点２０点）Imagine you are a Parisian investor trying to decide whether to buy American orEuropean bonds. You compare the yields on offer. A ten-year bond issued by Americaʼs
Treasury today offers 3%; German （ア）bunds return only 1.2%. But buying American means
taking a gamble on the euro-dollar exchange rate. You are interested in the return in euros.
The bond issued in Washington will be attractive only if （イ）the extra yield exceeds anyexpected loss owing to swings in currency markets.
This thinking, known as “（ウ）uncovered interest parity” (UIP), explains why the dollar
has recently soared against the euro. On July 12th the greenback reached a one-for-one
exchange rate with the euro for the first time since 2002. (It has since fallen slightly.) UIP（エ）posits that changes in interest rates drive currency movements. If yields on Treasuries
rise relative to those on bunds, then the dollar should strengthen until investors expect it tofall over the lifetime of the bonds, so that there is no longer any extra return from buying
Treasuries. The Federal Reserve is expected to raise interest rates above 3.5% in 2023, morethan twice the rate expected to be reached by the European Central Bank. The dollar has also
risen by 20% against the yen in 2022 so far. That is probably because the Bank of Japan is notexpected to raise rates above 0.2% in the next three years.
Yet there is more to currency valuation than monetary policy. Another theory,purchasing-power parity (PPP), says currencies and prices should adjust until （オ）a basketof goods and services costs the same everywhere. The Economist has its own lighthearted
measure of PPP: the Big Mac index, which was updated on July 20th. Instead of a basket ofgoods and services, it uses differences in the price of the （ カ ） McDonaldʼs burger tojudge whether currencies are over- or undervalued.
Our measure suggests the weak euro may be justified （キ）(see chart). The headline
index, which assumes Big Macs should cost the same everywhere, predicts an exchange rateof 1.11 dollars per euro. But a secondary index, which adjusts for differences in GDP, says theeuro should trade just below dollar parity. The GDP-adjusted index takes into accountdifferences in the prices of inputs, such as land and labour, that are hard or impossible to tradeacross borders, and therefore reflect local incomes. At （ク）dollar-euro parity, a Big Mac is
11% more expensive stateside. But because America is richer than Europe, such a differencein prices could make sense.

1For the euro, then, the two theories of currency valuation look aligned. Not so for theyen, which is more than 40% undervalued against the dollar on both Big Mac indices. (Bookthat flight to Tokyo, American burger-lovers.) The yen has become more undervalued sinceJanuary, both because the dollar has surged and because inflation is much higher in America.
A Big Mac in Japan, including taxes, costs \390, a price that has not changed since 2018. TheAmerican price, $5.15, has gone up by 11.5% in that time, and by 2.2% since January.
That UIP is explaining recent movements better than PPP is no surprise. Whenexchange rates get out of whack with interest rates, traders can make a profit at the touch ofa button. To the extent that varying purchasing power presents opportunities, it is to peopleand firms who might change the site of production or ship goods across borders. That takes
time. And it is not always possible: the international delivery of Big Macs would be ill-advised.
PPP can fail even within currency zones. Our new index incorporates a change to thesource for American Big Mac prices. We used to collect an average price from restaurants infour cities: Atlanta, Chicago, New York and San Francisco. These are relatively expensive
places. Now we use a median price for the whole country, provided by McDonaldʼs, which islower. The result is that the dollar does not look quite as strong. The change has been madefor the whole history of the index, though the previous version is available online. We havealso refined our method for calculating the GDP-adjusted index. Fans of burgernomics shouldtuck in.
(Economist, July 21st 2022)
問１ 下線部（ア）bunds が⽰す内容として最も適切なものを下記から⼀つ選びなさい。
１ bonds issued by Deutsche Bank２ a bundle of securities３ debt securities issued by the German government
４ blue-chip companies in German market
問２ 下線部（イ）the extra yield が⽰す内容として適切なものを下記から⼀つ選びなさい。
１ 1.2%
２ 1.8%
３ 3.0%
４ 3.1%
問３ 下線部（ウ）uncovered interest parity の説明として最も適切なものを下記から⼀つ選びなさい。
1

⾦利差によって物価が⾃然と調整され、各国の物価レベルが等しくなるという理論
22

どの通貨に投資しても⾦利が等しくなるよう、為替の変動によって⾦利が⾃然と調整されるという理論

3

投資は為替変動の影響を受けるため、⾦利が⾼い資産に投資するほうが良い収益を得られるという理論

4

どの通貨に投資しても収益率が等しくなるよう、⾦利差によって為替が変動するという理論

問４ 下線部（エ）posits が⽰す内容として最も適切なものを下記から⼀つ選びなさい。
１ forcefully asks for
２ fails to understand correctly
３ assumes as a basis of a theory
４ calls into question the truth of
問５ 下線部（オ）a basket of goods and services が⽰す内容として最も適切なものを下記から⼀つ選びなさい。
１ 同⼀内容で構成される財・サービス
２ 多くの⼈からの善意と奉仕
３ 同⼀価格で購⼊可能な財・サービス
４ カゴ⼀杯の商品やサービス
問６ ⽂章の前後関係から⾒て、空欄（ カ ）に⼊る語句として最も適切なものを下記から⼀つ選びなさい。
１ most delicious
２ cheapest
３ American
４ ubiquitous
問７ 下線部（キ）(see chart) とありますが、chart は問題⽂には表⽰していません。どのような表であると推測できるか、適切でないものを下記から⼀つ選びなさい。
１ Big Mac の価格に関する表である。
２ ユーロとドルの関係を⽰している。
３ ２つ以上の指標を⽰している。
４ GDP の変動要因を説明している。
問８ 下線部（ク）dollar-euro parity が⽰す内容として最も適切なものを下記から⼀つ選びなさい。
3

１ １ドルと１ユーロで購買できる商品がまったく同じである状態
２ １．１１ドル＝１ユーロである状態
３ １ドル＝１ユーロである状態
４ ⽶国と EU の経済規模が等しい状態
問９ ７⽉２０⽇付の Big Mac index の調査によれば、ヨーロッパでの Big Mac の価格は次のいずれに⼀番近いと考えられるか、最も適切なものを下記から⼀つ選びなさい。
１ 3.90 ユーロ
２ 4.64 ユーロ
３ 5.15 ユーロ
４ 5.72 ユーロ
問１０ 本⽂の内容として最も適切なものを下記から⼀つ選びなさい。
1

PPP 理論は通貨の変動を必ずしも適切に説明できないが、同⼀通貨圏では常に適切である。

2ドルの対円相場では、UIP と PPP の理論値はおおむね⼀致した。

3

PPP 理論に基づく為替の調整が⾏われるには、⽣産場所の移動や国境を越えた商取引を必要とする。

4

通貨の短期的変動を説明するには、UIP よりも PPP のほうが適切と考えられる。

第２問 次の説明⽂に、それぞれ該当する語句として適切なものを⼀つ選び、解答⽤紙にその番号を記⼊しなさい。

（配点 10 点）

問 1 This term is a delivery agreement whereby the seller assumes all of the responsibility,
risk, and costs associated with transporting goods until the buyer receives them. Thisagreement includes paying for shipping costs, export and import duties, insurance, and anyother expenses incurred during shipping to an agreed-upon location in the buyer's country.
1DAP

2

EXW

3DDP

4DPU

問2

This represents the sales amount̶in either unit (quantity) or revenue (sales) terms̶

that is required to cover total costs, consisting of both fixed and variable costs to the company.
Total profit at this point is zero. This means that the selling price of the goods must be higher
4

than what the company paid for the good or its components for them to cover the initial pricethey paid (variable and fixed costs).
1

Break-even point

2

Cutoff point

3

Critical point

4

Inflection point

問 ３ This system describes physical objects (or groups of such objects) with sensors,
processing ability, software, and other technologies that connect and exchange data with otherdevices and systems over communications networks. The field has evolved due to theconvergence of multiple technologies, including ubiquitous computing, commodity sensors,
increasingly powerful embedded systems, and machine learning.
1

Internet of things

2

Artificial intelligence3

Computer-aided design

4Management information system

問 4 This is a procedure where in international transactions the disputing parties appoint
third party persons and disputes are attempted to be resolved through the decision of suchpersons. The procedure has many advantages such as: the facileness of enforcement in foreigncountries, it is undisclosed and corporate secrets are kept confidential, the parties may appoint
specialized and neutral persons, there is generally no appeal so dispute resolution may bemade promptly.
1International trial

2

International mediation

3

International arbitration

4

Amicable settlement

問 5 This management is a practice designed to manage all aspects of the products a company
sells. This involves evaluating their performance, identifying risks and opportunities,
prioritizing high-value products, optimizing resource allocation across the portfolio andbalancing the product mix among strategic buckets. Done right, this practice aligns theproduct portfolio with business strategies to achieve target revenue and profitability.
1OEM

2PPM

3

TQM
5

4SBU

6

＜解答＞
第１問
問１

３問２

２問３

４問４

３問５

１問６

４問７

４問８

３問９

２

問１０ ３
第２問
問１

３問２

１問３

１問４

３問５

２7