克鲁格曼《国际经济学》第八版课后答案(英文)-Ch10

Chapter 10

Trade Policy in Developing Countries

?Chapter Organization

Import-Substituting Industrialization

The Infant Industry Argument

Promoting Manufacturing through Protectionism

Case Study: Mexico Abandons Import-Substituting Industrialization

Results of Favoring Manufacturing: Problems of Import-Substituting Industrialization

Trade Liberalization Since 1985

Export-Oriented Industrialization: The East Asian Miracle

The Facts of Asian Growth

Trade Policy in the HPAEs

Industrial Policy in the HPAEs

Box: India’s Boom

Other Factors in Growth

Summary

?Chapter Overview

The final two chapters on international trade, Chapters 10 and 11, discuss trade policy considerations in the context of specific issues. Chapter 10 focuses on the use of trade policy in developing countries and Chapter 11 focuses on new controversies in trade policy.

While there is great diversity among the developing countries, they share some common policy concerns. These include the development of domestic manufacturing industries, the uneven degree of development within the country, and the desire to foster economic growth and improve living standards. This chapter discusses both the successful and unsuccessful trade policy strategies which have been applied by developing countries in attempts to address these concerns.

Many developing countries pose the creation of a significant manufacturing sector as a key goal of economic development. One commonly voiced argument for protecting manufacturing industries is the infant industry argument, which states that developing countries have a potential comparative advantage in manufacturing and can realize that potential through an initial period of protection. This argument assumes market failure in the form of imperfect capital markets or the existence of externalities in production. Such a market failure makes the social return to production higher than the private return. This implies that a firm will not be able to recapture rents or profits that are in line with the contribution to welfare made by the product or industry establishment of the firm. Without some government support, the argument goes, the amount of investment which will occur in this industry will be less than socially optimal levels.

Chapter 10 Trade Policy in Developing Countries 43 Given these arguments, many nations have attempted import-substitution-led industrialization. In the 1950s and 1960s the strategy was quite popular and did lead to a dramatic reduction in imports in some countries. The overall result, though, was not a success. The infant industry argument did not always hold, as protection could let young industries survive, but could not make them efficient. By the late 1980s, most countries had shifted away from the strategy, and the chapter includes a case study of Mexico’s change from import substitution to a more open strategy.

Since 1985 many developing countries had abandoned import substitution and pursued (sometimes aggressively) trade liberalization. The chapter notes two sides of the experience. On the one hand, trade has gone up considerably and changed in character. Developing countries export far more of the GDP than prior to liberalization, and more of it is in manufacturing as opposed to agricultural or mining sectors. At the same time, the growth experience of these countries has not been universally good and it is difficult to tell if the success stories are due to trade or due to reforms that came at the same time as liberalization. The East Asian “miracle” of the high-performing Asian economies (HPAEs) provides a striking and controversial example of export-oriented industrialization. While these countries encountered difficulties in the late 1990s (see Chapter 22), this chapter focuses on their spectacular growth from the 1960s to 1990s. It is acknowledged that the growth was extremely impressive; the controversy is over the source

of the success in these countries. Some observers argue that although these countries do not practice free trade, they have lower rates of protection (and more outward orientation) than other developing countries. Other observers argue that the interventionist industrial policies pursued by the HPAEs have been the reason for success, and outward orientation is just a by-product of active rather than passive government involvement in industry. Still others argue that high rates of domestic savings and rapid improvements in education are behind the stunning growth performance.

Answers to Textbook Problems

1. The countries that seem to benefit most from international trade include many of the countries of the

Pacific Rim, South Korea, Taiwan, Singapore, Hong Kong, Malaysia, Indonesia, and others. Though the experience of each country is somewhat different, most of these countries employed some kind of infant industry protection during the beginning phases of their development, but then withdrew protection relatively quickly after industries became competitive on world markets. Concerning

whether their experiences lend support to the infant industry argument or argues against it is still a matter of controversy. However, it appears that it would have been difficult for these countries to engage in export-led growth without some kind of initial government intervention.

2. The Japanese example gives pause to those who believe that protectionism is always disastrous.

However, the fact of Japanese success does not demonstrate that protectionist trade policy was

responsible for that success. Japan was an exceptional society that had emerged into the ranks of advanced nations before World War II and was recovering from wartime devastation. It is arguable that economic success would have come anyway, so that the apparent success of protection represents

a “pseudo-infant-industry” case of the kind discussed in the text.

3. a. The initial high costs of production would justify infant industry protection if the costs to the

society during the period of protection were less than the future stream of benefits from a mature, low cost industry.

b. An individual firm does not have an incentive to bear development costs itself for an entire

industry when these benefits will accrue to other firms. There is a stronger case for infant

industry protection in this instance because of the existence of market failure in the form of the

appropriability of technology.

44 Krugman/Obstfeld ?International Economics: Theory and Policy, Eighth Edition

4. India ceased being a colony of Britain in 1948, thus its dramatic break from all imports in favor of

home made products following WWII was part of a political break from colonialism. In fact, the preference for home made clothing production over British produced textiles was one of the early battles leading up to independence in India. The presence of a domestic manufacturing lobby in

Mexico (as opposed to recently deposed colonial firms in India) may have helped keep Mexico open to importing capital goods necessary in the manufacturing process.

5. In some countries the infant industry argument simply did not appear to work well. Such protection

will not create a competitive manufacturing sector if there are basic reasons why a country does not have a competitive advantage in a particular area. This was particularly the case in manufacturing where many low-income countries lack skilled labor, entrepreneurs, and the level of managerial

acumen necessary to be competitive in world markets. The argument is that trade policy alone cannot rectify these problems. Often manufacturing was also created on such a small-scale that it made the industries noncompetitive, where economies of scale are critical to being a low-cost producer.

Moreover protectionist policies in less-developed countries have had a negative impact on incentives, which has led to “rent-seeking” or corruption.

6. Question 6 involves assessing the impact of dual labor markets. The topic is not covered extensively

in the current edition of the book and instructors may not want to assign the question unless they bring additional material into the classroom to augment the text.

a. We know that the wages should be equivalent, so, given that 80 –L a=W a, we can substitute

W m for W a, and recall that W m= 100 –L m. Combined with the information that L a+L m= 100,

we get*40

L= and the equilibrium wage = 40.

a

b. Since W m= 50, L m= 50 and thus L a= 50 and W m= 30, we have a net loss of (0.5)(10)(20) = 100

in national income.

新视野大学英语翻译答案

汉译英 Unit1 1.无论你是多么富有经验的演说家，无论你做了多么充足的准备，你都很难在这样嘈杂的招待会上发表演讲。（no matter how） No matter how experienced a speaker you are, and how well you have prepared your speech ，you will have difficulty making a speech at such a noisy reception. 2.就像吉米妹妹的朋友都关系吉米一样，吉米也关系他们（just as） Just as all his sister ’ s friends cared about him, Jimmy cared about them 3.汽车生产商在新车的几处都印有汽车识别号码，以便帮助找回被盗的车辆。（track down）Car manufacturers stamp a vehicle identification number at several places on new cars to help track down stolen vehicles. 4.老师回来时你敢告我状的话，我就不再和你说话了。（tell on） If you dare tell on me when the teacher gets back I won’t say a word to you any more. 5.有些老年人愿意独自过日子，但大多数老人选择和儿女一起生活。（on one’s own） Some elderly people prefer to live on their own while the great majority choose to live with their children. 6.现在需要面对的事情是：如何筹集创建公司所需的资金。（reckon with） Here is something that needs to be reckoned with: how to get the necessary finances to establish the company. Unit2 1.被告是位年仅30岁的女子，她坚持称自己无罪 The defendant, a woman of only 30, kept insisting on her own innocence. 2.总体看来，枣、豆类以及一些多叶的绿色蔬菜是最好的铁质来源。 All tings considered, dates, beans and some leafy green vegetables are the best sources of iron . 3正餐时不供应饮料，饮料会影响消化。 No beverages are served with meals because they interfere with digestion. 4.考虑到那个地区受欢迎的程度，提前订旅馆是明智的。 Taking the popularity of the region into consideration, it is advisable to book hotels in advance. 5.服药后若有呕吐感，请立即停止服用并立刻咨询医生。 If you have a feeling of wanting to throw up after taking this drug, stop taking it immediately and consult your doctors as soon as possible. 6.总结这次讨论时，他说双方都要好好考虑怎样以最有效的方法来解决这一问题。 Summing up the discussion, he said both parties should consider the most effective way to solve the problem. Unit3 1.在思维方面，与他的行为一样，他是非常传统的。 In his thinking, as in his behavior, he is very traditional. 2..教师一旦同意接受新的教学计划，他们就得面对新计划所带给他们的压力。 Once the teachers agree to accept the new teaching program, they have to face the strain it puts on them. 3.从长远看，大学毕业后继续深造而不是直接参加工作是值得的。 In the long run, it is worthwhile to pursue one ’ s study after graduatin g from university instead of going to work directly. 4.由于这所学校的办学宗旨是品德第一，所以道德观和学习成绩受到同样的重视。 As the school operates on the Character First principle, moral values and academic achievements are stressed equally. 5.据说，原定于这个月召开的会议将推迟到下个月召开。

货币金融学考试复习题及参考答案

中南大学现代远程教育课程考试复习题及参考答 案 《货币金融学》 一．单项选择题 1．信用起源于（ ） A、商品交换 B、货币流通 C、生产社会化 D、私有制 2．在信用关系的价值运动中，货币执行的职能是（ ） A、价值尺度 B、流通手段 C、支付手段 D、储藏手段 3．美国同业拆借市场也称（ ） A、 贴现市场 B、 承兑市场 C、 联邦基金市场 D、 外汇交易市场 4．资本市场是指（ ） A、短期市场 B、一级市场 C、发行市场 D、长期市场 5．劣币是指实际价值（ ）的货币 A、等于零 B、等于名义价值 C、高于名义价值 D、低于名义价值 6．（ ）是提供金融服务和产品的企业。 A、金融市场 B、金融体系 C、金融中介 D、金融工具

7．货币市场交易与资本市场交易相比较，具有（ ）的特点。 A、期限短 B、流动性低 C、收益率高 D、风险大 8．同业拆借市场是金融机构之间为（ ）而相互融通的市场。 A、减少风险 B、提高流动性 C、增加收入 D、调剂短期资金余缺 9．政策性金融机构是（ ）的金融机构。 A、与商业银行没有区别 B、不以营利为目的 C、由政府支持不完全以营利为目的 E、 代表国家财 10．本位货币是指（ ） A、一个国家货币制度规定的标准货币 B、本国货币当局发行的货币 C、以黄金为基础的货币 D、可以与黄金兑换的货币 11．由政府或政府金融机构确定并强令执行的利率是（） A、公定利率 B、一般利率 C、官定利率 F、固定利率 12．信托最突出的特征是对信托财产（）的分割 A、使用权 B、租赁权 C、所有权 D、代理权 13．世界上第一家现代银行――英格兰银行产生于（） A、1690年 B、1694年 C、1580年 D、1587年 14．金融监管按大类分可分为证券、保险、（）等监管机构 A、信托

金融学原理彭兴韵课后答案章

《金融学》复习思考题 一、名词解释 1.货币的流动性结构：流动性高的货币和流动性低的货币之间的比率 2.直接融资：货币资金需求方通过金融市场与货币资金供给方直接发生 信用关系 3.货币时间价值：货币的时间价值就是指当前所持有的一定量货币比未 来持有的等量的货币具有更高的价值。货币的价值会随着时间的推移而增长 4.年金:一系列均等的现金流或付款称为年金。最现实的例子包括：零存 整取、均等偿付的住宅抵押贷款、养老保险金、住房公积金 5.系统性风险:一个经济体系中所有的资产都面临的风险,不可通过投资 组合来分散 6.财务杠杆:通过债务融资，在资产收益率一定的情况下，会增加权益性 融资的回报率。 7.表外业务：是指不在银行资产负债表中所反映的、但会影响银行所能 取得的利润的营业收入和利润的业务。分为广义的表外业务和狭义的表外业务。 8.缺口：是利率敏感型资产与利率敏感型负债之间的差额。 9.贷款五级分类法：把贷款分为正常、关注、次级、可疑和损失五类， 后三类称为不良贷款。 10.可转换公司债券：可转换公司债券是可以按照一定的条件和比例、在 一定的时间内转换成该公司普通股的债券。

11.市盈率：市盈率是指股票的市场价格与当期的每股收益之间的比率。 12.市场过度反应：是指某一事件引起股票价格剧烈波动，超过预期的理 论水平，然后再以反向修正的形式回归到其应有的价位上来的现象。 13.回购：债券一方以协议价格在双方约定的日期向另一方卖出债券，同 时约定在未来的某一天按约定价格从后者那里买回这些债券的协议。 14.贴现：票据的持有人在需要资金时，将其持有的未到期票据转让给银 行，银行扣除利息后将余款支付给持票人的票据行为。 15.汇率：一种货币换成另一种货币的比价关系，即以一国货币表示另一 国货币的价格 16.直接标价法：以一定单位的外国货币作为标准，折算成若干单位的本 国货币来表示两种货币之间的汇率。 17.期权：事先以较小的代价购买一种在未来规定的时间内以某一确定价 格买入或卖出某种金融工具的权利。 18.掉期：在买进某种外汇的同时，卖出金额相同的这种货币，但买入和 卖出的交割日期不同，但数量完全相同的同一种外汇。 19.基础货币：又称高能货币，在部分准备金制度下可以创造出多倍存款 货币的货币， MB（基础货币）=C（流通中的货币）+R（银行体系准备金总额） 20.货币乘数：表示基础货币的变动会引起货币供应量变动的倍数 21.利率风险结构：期限相同的各种信用工具利率之间的关系。包括违约 风险、流动性风险 22.利率期限结构：利率的期限结构是指不同期限债券的利率之间的关系 23.通货膨胀：一般物价水平的持续上涨的过程

英专综合教程6册课文翻译及课后答案Answer-to-unit1

Chinese Translation of Paragraphs 1. 二战时，曼彻斯特饱受空袭之苦。成长在那里，意味着岁月艰难、钱财短缺、心情焦虑，也意味着许多家庭都是当铺的常客，包括我家。 2. 不过，我的父母最是乐观向上。他们用勤劳、自尊和满屋子的欢笑撑起了这个家。我父亲身体结实，心灵手巧，他那双手几乎无所不能，从不缺木匠和手工活儿。他甚至偶尔还会参加偏僻街道的拳击比赛，补贴家用。我母亲勤俭节约，把家收拾得干净利落。尽管条件艰苦，但她总能让自己的五个孩子吃得饱饱、穿得整整齐齐、干干净净地上学去。 3. 问题是：虽说我的衣服熨得有棱有角，皮鞋擦得铮亮铮亮的，可总有些地方不符合标准校服的要求。尽管母亲缩衣节食为我筹到了大部分装束，但我仍然没能凑齐学校指定的蓝色运动上衣和帽圈。 4. 由于战争影响，开始实施配给制度，大部分学校也放宽了对正规校服的要求，因为学校明白能有衣服穿已属不易。然而，我就读的女子学校却严格规定，每位学生必须穿正规的校服。于是那位负责每天集合的副校长就将训斥我视为她的任务来做。 5. 尽管我试图去解释我为何没能按规定着装，尽管我也正逐渐向全套校服靠近，我每天依然会被揪出队列，在台上罚站，作为对违反校服规定者的警戒。 6. 我每天站在同学面前，只能强忍泪水，不仅羞愧难耐，而且常常只有我一人挨罚。对我的惩罚还扩大到不能上体操课或者我钟爱的每周一次的交谊舞课。我多么希望在这所可怕的学校里，哪怕只有一位老师能睁开双眼看看我能够做什么，而不是不停地告诉我不能做什么啊！ 7. 不过，12 岁的我在心里也毫无选择，只有眼睁睁地挨受惩罚。我明白不能让仁厚的母亲知道我所遭受的这种习惯性羞辱，这点非常重要。我也不敢冒险让她到学校替我求情，因为我知道那些心胸狭隘、不讲情面的教员们也同样会令她难堪，这意味着到时我们母女俩都要伤心、愤怒。老天！要是母亲再告诉父亲的话，他立马会大发雷霆，冲到学校来保护我。 8. 一天，我们全家在一家报纸举办的不收取费用的肖像模特摄影比赛中获了奖。我为此兴奋不已： 那些好莱坞女星魅力四射的照片更令我想入非非。我迫不及待地想把这个激动人心的消息告诉朋友们。 9. 在那之前，母亲告诉我必须穿那件绿色蕾丝镶边裙——我最好的服装——去上学，因为摄影比赛正好安排在放学之后。她丝毫没有意识到我所要面临的痛苦。 10. 那天，我没有往常穿上这件心爱衣服时的喜悦。我心情郁闷地拖着沉重的步伐来到学校，发现自己成为了蓝色海洋中的一颗绿宝石。集合的时候，我没等人下命令就慢步走上台，去承受其他女生的窃笑和副校长那尖刻的眼神。 11. 当我第无数次想到，这位老师怎么会如此麻木不仁，竟然从未透过我的着装，看看这颗顺从听话、渴望参与的女孩的心灵的时候，沮丧的泪水几欲夺眶而出。 12. 集合之后的第一节课是我钟爱的英国文学，上课的教师也是我所钟爱的。我安慰自己 说，至少我可以在后排座位上暂时沉浸在查尔斯狄更斯的《双城记》之中，以便能回过神

新视野大学英语第三版第一册课后翻译答案.doc

新视野大学第三版book1英语课后翻译答案 Unit1 苏格拉底是古希腊哲学家，被誉为现代西方哲学的奠基人。他是一个谜一般的人物，人们主要通过后来的一些古典作家的叙述，尤其是他最著名的学生柏拉图的作品去了解他。苏格拉底以他对伦理学的贡献而闻名。他的教学法亦称为苏格拉底法，即通过提问和回答来激发批判性思维以及阐述观点。该方法在各种讨论中仍被普遍使用。他还在认识论和逻辑领域作出了重大而深远的贡献。他的思想和方法所带来的影响一直是后来的西方哲学的坚实基础。苏格拉底是古代哲学史上最丰富多彩的人物。他在他那个时代已威名远扬。虽然他未曾建立什么哲学体系，未曾设立什么学派，也未曾创立什么宗派，但他的名字很快就变得家喻户晓了。 Confucius was a great thinker and educator in Chinese history. He was the founder of Confucianism and was respectfully referred to as an ancient “sage”. His words and life story were recorded in The Analects. An enduring classic of ancient Chinese culture, The Analectshas had a great influence on the thinkers, writers, and statesmen that came after Confucius. Without studying this book, one could hardly truly understand the thousands-of-years’traditional Chinese culture. Much of Confucius’thought, especially his thought on education, has had a profound influence on Chinese society. In the 21st century, Confucian thought not only retains the attention of the Chinese, but it also wins an increasing attention from the international community. Unit2 圣诞节是一个被广泛庆祝的文化节日，全世界有许许多多的人在12月25日庆祝这一节日。它是为了纪念耶稣基督的诞辰。该节日最早可追溯到公元336年。渐渐地，这一节日演变为一个既是宗教又是非宗教的节日，越来越多的非基督徒也庆祝圣诞节。如今，圣诞节在全球被作为一个重大的节日和公共假日来庆祝。不同国家的圣诞节风俗也各不相同。现代流行的圣诞接风俗包括交换圣诞贺卡和圣诞礼物、唱圣诞歌曲、参加教堂活动、摆放各种圣诞装饰品和圣诞树、举行家庭聚会以及准备一顿特别的大餐。对小孩子们来说，这个节日充满了幻想和惊喜。据传说，圣诞老人会在圣诞夜从烟囱进入每户人家，给乖巧听话的孩子带来礼物。由于圣诞节送礼物以及许多其他方面推动了基督徒和非基督徒的经济活动，圣诞节也因此成为商家的一个重大活动和主要销售季。 According to the Chinese lunar calendar, August 15 of every year is a traditional Chinese festival-the Mid-Autumn Festival. This day is the middle of autumn, so it is called Mid-Autumn. One of the important Mid-Autumn Festival activities is to enjoy the moon. On that night, people gather together to celebrate the Mid-Autumn Festival, looking up at the bright moon and eating moon cakes. The festival is also a time for family reunion. People living far away from home will express their feelings of missing their hometowns and families at this festival, all expressing people’s love and hope for a happy life. Since 2008, the Mid-Autumn Festival has become an official national holiday in China.

货币金融学课后答案解析米什金

货币金融学课后答案 1、假如我今天以5000美元购买一辆汽车，明年我就可以赚取10000额外收入，因为拥有了这辆车，我就可以成为推销员。假如没有人愿意贷款给我，我是否应该从放高利贷者拉利处以90%的利率贷款呢？你能否列出高利贷合法的依据？ 我应该去找高利贷款，因为这样做的结果会更好。我支付的利息是4500（90%×5000）,但实际上，我赚了10000美元，所以我最后赚得了5500美元。因为拉利的高利贷会使一些人的结果更好，所以高利贷会产生一些社会效益。（一个反对高利贷的观点认为它常常会造成一种暴利活动）。 2、“在没有信息和交易成本的世界里，不会有金融中介机构的存在。”这种说法是正确的、错误的还是不确定？说明你的理由。 正确。如果没有信息和交易成本，人们相互贷款将无成本无代价进行交易，因此金融机构就没有存在的必要了。 3、风险分担是如何让金融中介机构和私人投资都从中获益的？ 风险分担是指金融中介机构所设计和提供的资产品种的风险在投资者所承认 的范围之内，之后，金融中介机构将销售这些资产所获取的资产去购买风险大得多的资产。 低交易成本允许金融中介机构以较低的成本进行风险分担，使得它们能够获取风险资产的收益与出售资产的成本间的差额，这也是金融中介机构的利润。对投资者而言，金融资产被转化为安全性更高的资产，减少了其面临的风险。 4、在美国，货币是否在20世纪50年代比70年代能更好地发挥价值储藏的功能？为什么？在哪一个时期你更愿意持有货币？ 在美国，货币作为一种价值储藏手段，在20世纪50年代比70年代好。因为50年代比70年代通货膨胀率更低，货币贬值的贬值程度也较低。 货币作为价值储藏手段的优劣取决于物价水平，因为货币价值依赖于价格水平。在通货膨胀时期，物价水平迅速上升，货币也急速贬值，人们也就不愿意以这种形式来持有财富。因此，人们在物价水平比较稳定的时期更愿意持有货币。 5、为什么有些经济学家将恶性通货膨胀期间的货币称做“烫手的山芋”，在人们手中快速传递？ 在恶性通货膨胀期间，货币贬值速度非常快，所以人们希望持有货币的时间越短越好，因此此时的货币就像一个烫手的山芋快速的从一个人手里传到另一个人手里。 6、巴西在1994年之前经历快速通货膨胀，很多交易时通过美元进行的，而不是本国货币里亚尔，为什么？ 因为巴西快速的通货膨胀，国内的货币里亚尔实际上的储藏价值很低，所以人们宁愿持有美元，美元有更好的储藏价值，并在日常生活中用美元支付。 7、为了支付大学学费，你获得一笔1000美元的政府贷款。这笔贷款需要你每年支付126美元共25年。不过，你不必现在就开始偿还贷款，而是从两年后你大学毕业时才开始。通常每年支付126美元共25年的1000美元固定支付贷款的到期收益率为12%，但是为何上述政府贷款的到期收益率一定低于12%？ 如果利润率是12%，由于是在毕业两年后而不是现在开始贷款，那么政

邹勇《新编实用商务英语》第二版课后翻译答案

III. Translate the following sentences into English 1. Negotiation plays a basic part in conclusion of a contract and has direct influence on the conclusion and implementation of a contract, and also has a great bearing on the economic interest of the parties concerned. 2. Both parties must change as required of them by situations, if either of them fails to find out which type of negotiation is necessary in a particular situation, the odds are he will fail. 3. How to mak e both “sides” meet in negotiations without causing much loss to either, which may bring both out of the win-lose mix and help accomplish their objectives, requires creativity. 4. Every party must be aware of the danger of relying mainly on the competitive approach if a long-term relationship is to be developed and maintained. 5. Establishing credibility from the outset is essential if the discussions are to progress towards agreements. 6. One of the advantages of using conditional questions is that they do not bind either side to a specific offer and do not require unilateral concessions by one party. 7. With a growing number of countries are becoming actively engaged in world trade, business executives are faced with such a demanding environment for their commercial negotiations that they need to master negotiation skills in a global setting. IV. Translate the following passages into Chinese 1.任何一位团队成员都不可能具有使公司战略获得成功所需要的所有才能。首席谈判必须选拔那些具有综合专业技能以及个人素质的人才形成一支精干的队伍。一名成员的弱点必须能被另一名成员的优点所弥补。他们的人不仅要懂专业技术知识，而且还须具有交流和应用这些知识的能力。团队的组织与玩拼图游戏类似，只有将所有的拼板与其相应的位置进行对应，游戏才能成功。 2.要想获得一个理想的协议，谈判者需要懂得谈判原则和谈判技巧。在国际商务谈判中有两条原则：谈判初期，谈判者对自己的预期目标要心中有数，不受对方任意操纵；谈判者需要提出要求，表明态度并坚持立场。 3.随着越来越多的国家积极地从事国际贸易，商务谈判环境对企业经理提出了更高的要求，所以他们需要掌握在国际环境下的谈判技巧。

大学英语翻译答案

Unit1 1. 背离传统需要极大的勇气。(departure, enormous) {It takes an enormous amount of courage to make a departure from the tradition.} 2. 汤姆过去很腼腆，但这次却非常勇敢能在大庭广众面前上台表演了。(performance, bold) {Tom used to be very shy, but this time he was bold enough to give a performance in front of a large audience.} 3. 很多教育家认为从小培养孩子的创新精神是很可取的。 (creative, desirable) {Many educators think it desirable to foster the creative spirit in the child at an early age.} 4. 假设（assume）那幅画确实是名作（masterpiece），你觉得值得购买吗？(worthwhile) {Assuming (that) this painting really is a masterpiece, do you think it's worthwhile to buy / purchase it?} 5. 如果这些数据统计上是站得住脚的，那它将会帮助我们认识正在调查的问题。(throw light on , investigate, valid) {If the data is statistically valid, it will throw light on the problem we are investigating.} Unit2 1) 该公司否认其捐款有商业目的。(deny, commercial) {The company denied that its donations had a commercial purpose.} 2) 每当他生气的时候，他说话就有一点结巴。(stammer) {Whenever he was angry, he would begin to stammer slightly.} 3) 教育是我们家庭最看重的传统，这就是为什么我父母从不带我到昂贵的饭店吃饭，却送我到最好的私立学校上学。(cherish) {Education is the most cherished tradition in our family. That’s why my parents never took me to dinner at expensive restaurants, but sent me to the best private school.} 4) 手术康复后不久，他失业了，因此经历了人生的又一个困难阶段。(shortly after, go through) {Shortly after he recovered from the surgery, he lost his job and thus had to go through another difficult phase of his life.} 5) 与我们的富裕邻居相比，我们的父母就相当穷了，但是他们总是努力满足我们最起码的需求。(affluent, minimal) {In contrast to our affluent neighbors, my parents are rather poor, but they have always tried hard to meet our minimal needs.} Unit3 1) 科学家们找到火星上有水的证据了吗？(proof) {Have scientists found proof of water on Mars?} 2) 计划委员会已经将建核电厂的可能地点缩小到了两个沿海城镇。(location, narrow down) {The planning committee has narrowed down the possible locations for the nuclear power plant to two coastal towns.} 3) 任何一个有尊严的人都不会一辈子依靠社会救济过活。(welfare)

商务英语写作课后翻译答案

欢迎各位员工及家人参与。 . , . 董事会将于月日星期五下午点在室召开会议。 . 我们的门诊政策有所变动，希望大家注意。 ’. 这个星期三的公司例会宣布成立公司研发部。 . 有关详情请联系张文，电话是。 . 借此机会感谢大家的配合。 . 我们非常希望你能参加我们的结婚典礼，希望能在月日那天见到你。 . . ’. 夫妇很荣幸能邀请您参加庆祝他们女儿大学毕业的花园聚会。 . 我们盛情邀请您和家人参加的周年舞会。 . 希望您能接受邀请，并在月日之前回复。 . . 晚宴开始前在室会有茶点，欢迎前往。 . 请于天内汇款以维持您的信用等级。 , , . 虽然公司已预订在星期六使用会所，但是我们仍能为您提供人的会议室。 . 您要求报销差旅费的请求已被批准，相信您一定很高兴得知这一消息。 . 凭借在饮食业的丰富经验，我们能为顾客提供最好的服务。 . 从您的来信得知，已发现五把椅子在装运过程中受到损坏。 . 我们希望本月底以前收到您应付的金额。 , . 我们希望你们能对货物满意，并期待收到你们更多的订单。 . 对于任何不便之处我们再次表示歉意。 . 如能尽早回复，不胜感激。 . 我们期待与你们的合作愉快而成功。 ’. 请注意公司周年舞会的日期变动。

下面我将罗列有关结果。 . 以下政策立即生效。 . 请于星期五告知你假期里的联系电话。 . 与的合作将对公司未来发展有帮助。 ’. 这份备忘录将展示与上海总公司会议的结果。 , . 我代表公司所有职员衷心祝贺你被委任为诺丁汉办公署的总经理。 . 祝你前程锦绣。 , , . 这是一个了不起的成就，我相信你的家人朋友还有你自己一定会引以为豪。 . 我们知道你为此付出了很多努力，你得奖是实至名归的。 . 祝你和你的事业继续走向辉煌。 . 这是董事会年五月份会议有关决策的报告。 . 目前调查的主要结果可总结为以下几点。 ’, . 这个建议是在我前三年研究的基础上提出的，我相信会行得通。 . 还有些其他方法可以降价。 , , ’. 目前我正在进行该项目的调查工作，已取得了下列成绩。 . 调查表明这类产品的市场正处于成长期。 “”. 我们希望能紧扣贵公司在广交会上展出的“象牙牌”照相机。 . 请告知您能给我们什么样的优惠。 , , . 我们公司希望能进口摩托车，如果贵公司能给我们寄上你们公司最新的产品目录、价格单和出后条款，我们将不胜感激。 . 我们有意采用贵公司现有的部分产品用于家具生产。 . 在此先感谢您对我们提供的帮助。 .

(完整版)大学英语翻译答案-1

大学英语（B）1翻译练习参考译文 1、元宵节是春节后的第一个重要节日。元宵节的习俗在全国各地不尽相同，其 中赏花灯（lanterns exhibits）、猜灯谜、吃元宵等是几项最常见的民间习俗。据说， 吃元宵的习俗起源于汉代，唐宋时期开始盛行。如今，元宵已成为人们的日常饮 食之一，在超市一年四季都可以买到。 The Yuanxiao Festival is the first important festival after the Spring Festival. Although customs of the festival vary from region to region, the most common ones include appreciating lantern exhibits, trying to solve riddles written on lanterns, and eating yuanxiao. It is said that the custom of eating yuanxiao originated from the Han Dynasty and became popular during the Tang and Song periods. Nowadays, yuanxiao has become a food in people’s daily life, which is available in supermarkets a ll the year round. 8、如今，越来越多的大学生抱怨很难找到好的工作。造成这一现象的原因如下： 首先，大学生把在校的大多数时间都用在了专业学科的学习上，只有当他们开始 找工作的时候，才意识到自己缺乏必要的专业培训。其次，大学生之间的竞争也 越来越激烈，这导致任何一名大学生找到工作的机会都变小了。 Nowadays, more and more university students complain about having great difficulties in finding a good job. The reasons f or this phenomenon are as follows: First, college students spend most of their time at school studying academic subjects and it is only when they start looking for a job that they realize they lack necessary job training. Second, competition among graduates has become more and more fierce. And this results in a decreased chance for any individual graduate to find a job. 7、杭州是中国著名的六大古都之一，已有两千多年的历史。这个城市不仅以自 然美闻名于世，而且有着传统的文化魅力。不仅有历代文人墨客（men of letters） 的题咏，而且有美味佳肴和漂亮的工艺品。一般来说，游览杭州西湖及其周边景 点花上两天较为合适。到杭州旅游，既令人愉快，又能得到文化享受。 Hangzhou, one of China’s six ancient capital cities, has a history of more than 2,000 years. It is famous not only for its natural beauty but also for its charm of cultural traditions. Besides many poems and inscriptions by men of letters through the dynasties, it also boasts local delicacies and pretty handicrafts. Generally speaking, a two-day tour of West Lake and scenic spots around it is advisable for a tourist. As a tourist, you will find it a pleasant and culturally rewarding trip to Hangzhou. 6、说到中国古代的科技文明（civilization），人们自然就会想到“四大发明”，即 指南针、火药、造纸术和印刷术。这四种发明是古代先进科技的象征，具有重大 的历史意义。它们对中国古代政治、经济、文化的发展产生了巨大的推动作用， 也对世界的文明进程产生了巨大影响。 Speaking of ancient Chinese civilization in science and technology, people will naturally think of the Four Great Inventions, namely the compass, gunpowder, paper-making and printing. These four inventions are symbols of ancient China’s

金融学第十五章课后答案翻译

第十五章课后答案翻译 1. a 如果你持有多头：价值为s 的股票为基础资产发行的，执行价格为E的欧式卖出期权的收益曲线为： PUT OPTION PAYOFF DIAGRAM O00Q0OG0O0Q ◎希a7'&s 卑 3N 1 1 I 专 恳 霆 3 IP 1 70 F 簿。 O SO 4-0 ?O 1 QO 1 ZO 1 40 1 10 HO 50 70 0 0 1 1 c> 11 3 0 11 50 STOCK PRICE AT EXPIRATION DATE

b. 如果你持有空头：价值为s的股票为基础资产发行的，执行价格为E的欧式卖出 期权的收益曲线为： Short a Put 2. 持有一份欧式卖出期权和一份欧式买入期权的投资组合的收益图（E= 100）: n °Long a Call and a Put a a Straddle i 3. a?为了保证你至少能够收回你初始的一百万美元，你需要投资孔000，000和000， 000 $961,538.46 1 r f 1 .04 在till股票上。 你可以购买 $1,000,000 $961,538.46 $38,461.54 4807 69 .08 100 8 . 的期权。 104股指的报酬线斜率是4807.69,正如图表所显示的 B. Probability of Globalex Stock In dex cha nge0.50.250.25 n

Perce ntage cha nge of Global Stock in dex12%40%-20% Next Year's Globalex Stock In dex11214080 Payoff of 4807.69 shares of optio ns38461.52173076.80 Payoff of your portfolio103846211730771000000 Portfolio rate of return 3.85%17.31%0 4. a.要复制一个面值为100美元的纯贴现债券，应买一份股票：其欧式买入期权价格和欧式卖出期权价格均为100。 b. S = $100, P = $10, and C = $15. E/(1+r) = S + P- C $100/(1+r) = $100 + $10 - $15 = $95 r = 100/95 -1 =0 .053 or 5.3% c. 如果1年期无风险利率小于b的答案，则说明纯贴现债券的价格过高，人们便会通过便宜购买综合性产品(一份其欧式买入期权价格和欧式卖出期权价格均为100的股票)来替换价格较高的纯贴现债券以从中套利。 5 ?用P = -S + E/(1+r)T + C这个表达式来表示卖出期权 S是股价，P是卖出的执行价，C是买入期权的价格，E是执行价格，既然政府债券是以9855日元每10000日元的价格出售，这就是计算执行价格现值的贴现率，而无须用风险利率进行折现。 用平价的替代等式来计算，我们可以得到： P = 2,400 + 500 x .9855 +2,000 = 92.75 yen 6. a根据卖出—买入平价，Gekko投资组合中买入期权的价格： C = S E/(1+r)T + P = $215 $50 X 0 .9901 + $25 = $190.495 b. Gekko 的投资组合的总价值：10 x $990.10 + 200 x $190.495 = $48,000 而300 股股票的总价值：$64,500。所以我们应该拒绝Gekko的提议。 7. a利用卖出-买入平价，我们可以如下推算出美国政府债券的收益率大概为8.3 6%:购买股票，卖出期权以及卖出买入期权的投资策略与购买一年期面值为E的政府债券是等价的.因此这样的政府债券价格应该是184.57美圆： E心+r)T=S+P-C=500+84.57-400=184.57 1+r=200/184.57=1.0836 r=0.0836 or 8.36% b当前"一价原则"被破坏,利用这一状况进行套利的方法有很多种.由于现行收益率是9%而复制投资组合中隐含的利率却是8.36%,所以我们可以卖出复制投 资组合,并投资于政府债券?比如说,在现行价格下，卖出一个单位的包括卖出期权和一股股票的投资组合并签下一份买入期权，就可以马上获得184.57美圆.你卖出去的投资组合从现在起每年将减少你200美圆的应收帐款?但如果你将184. 57投资于1年期政府债券，从现在起每年你将获得1.09*184.57=201.18美圆.因此,你将赚取无风险收入1.18美圆,并且无须你掏出一分钱. 8. 我们通过构造一个综合性卖出期权为卖出期权定价.我们卖出部分股票(卖出的 股票的比例为a),并借入无风险借款b美圆.用S表示股票价格,P表示卖出期权的价

商务英语写作课后习题答案整理

国贸1094班商务英语写作课后习题答案整理 考试题型： 1. 词汇（汉译英）15% 2. 介词填空 15% 3.选择题(课后) 15% 4. 句子翻译 25% 5. 写信 30% 第一单元：商务书信写作的基础知识 1．(1) Shaanxi Machinery & Equipment Imp. & Exp. Corporation (2) 29 ChangleZhong Road Xi’an, China (3) Tel: (86 29) 85332653 (4) Fax:（86 29）85335496 (5) Sept. 9, 20 (6) The Pakistan Trading Company (7) 15 Broad Street Karachi, Pakistan (8) Attebtion: Export Dept. (9) Dear Sirs, (10) Re: (Oil Tools) (11) We thank you for your letter dated……(message) (12) Yours Faithfully, (13) Shaanxi Machinery & Equipment Imp. & Exp. Corporation (Signature) Wang Wei Manager

第二单元：建立贸易关系及信用调查 1.(1)-(5) cdbbb (6)-(10) bdcbb 2.(1) regards, say (2)specialized,with(3)with,by (4) If,interesting,enquiry(5)available (6) popularity (7)finances, to (8) compliance 3. (1) We are one of the leading importers dealing in electronic products in the area, and take this opportunity to approach you in the hope of establishing business relations. (2) We have been engaged in handling importing and exporting of machinery and equipment for many years, and our products have enjoyed great popularity in many countries. (3) We owe your name and address to the Commercial Counselor’s office of our Embassy in Beijing. (4) We are given to understand that you are a manufacturer of daily chemicals. One of our clients intends to buy cosmetics from your country. We will appreciate it highly if you can airmail the catalogue and the price list of your products available at present. (5) For our credit standing, please refer to the Bank of China, Shanghai Branch