外贸英语1-11章课后题

Chapter 1

Translate the following into English:

1.Some people are afraid that excessive money supply will contribute to inflation.

2.In a period of high economic growth there will be growing capital flows.

3.We must reform the international financial institutions so as to enable the developing countries to have a greater voice and representation and let them play even bigger role in developing the world’s economy.

4.Like other countries China has taken strong fiscal and monetary measures to ensure 8% GDP growth for 2008.

Translate the following into Chinese:

1. 在20国集团峰会上世界领袖们保证国际货币基金组织与世界银行在克服当前全球经济危机中将有足够的资源继续发挥他们的作用。

2. 在过去几个月许多国家为支撑全球经济，稳定金融市场都采取了紧急和卓有成效的措施。 Paraphrasing the following sentences, esp. the underlined parts(改述)

1.In some developed countries policy-makers, regulators and supervisors failed to fully understand and make serious efforts to prevent the increasing risks on the financial markets.

2.We must help the newly-industrialized countries to get financial resources in current difficult situations.

Define the following terms:

Recession: a period of widespread decreases in employment, income, and production throughout an economic system.

Budget deficit: excess of expenditure over revenues.

Liquidity: an immediate capacity to meet one’s financial commitments. The degree of liquidity depends upon the relationship between a company’s cash assets plus those assets which can be quickly turned into cash, and the liabilities awaiting payment; sometimes “liquidity” also mean an ability to turn certain assets into cash

Macroeconomic policy: economic policy which affects the performance of the economy as a whole, the main goals of it are the maintenance of high level of employment or full employment, reasonable price stability, sustainable and balanced economic growth, and balance of international payments/or balanced international trade.

Chapter2

Translate the following into English:

1.Thanks to huge policy stimulus by the authorities, yields on corporate bonds have edged lower.

2.Except for Chinese credit, there is little encouraging in the rest of the world.

Translate the following into Chinese:

1． 我们已经采取了强力有效的措施来刺激经济，提供流动性和增强金融机构的资本。

2． 2008年12月后的1月份美国零售额增加1%，这是自2008年6月份来首次月增长。 Define the following economic terms:

Money supply: the quantity of money issued by a country ’s monetary authorities, usually the central bank. If the demand for money is stable, the widely accepted quantity theory of money implies that increases in the money supply will lead directly to an increase in the price level, i.e. to inflation. Since the 1970s most Western governments have attempted to reduce inflation by controlling money supply.

Junk bond: a bond that offers a high rate of interest because it carries a higher than usual

probability of default.

Corporate bond: a bond issued by a corporation; a corporate bond is a safer investment than common stock in the same company

Interbank rate:interest rate at which banks lend to each other

Mini-depression: less severe than normal depression but more serious than ordinary recesssion. When there is depression (slamp) there is an extended or severe period of recession. Depressions occur infrequently and some economists believe they occur in long (about 50 year) cycle Housing start: the act of starting to construct a house

Chapter 3

Translate the following into English:

According to the estimate made by experts China’s GDP growth is likely to continue to fall during the first half of 2009.

It ’s often wrongly assumed that the slump in China ’s economic growth has been caused by a collapse in its exports to America and other developed countries. Yet in 2008 the fall in net exports accounted for less than half of its slowdown.

Translate the following into Chines:

中国经济正在蹒跚地行进。它能变得多糟？

一些额外的开支确实已经宣布，但对经济重要的是今年的支出会增加多少。

为帮助房地产部门的发展，最少的首付款已经从房价的30-40%减到20%，至少拥有两年的房产交易税已被放弃，更多的公共住房将建成。

银行似乎正在服从政府的命令。截止该年12月总贷款已猛增了19%。

Paraphrase the following, esp. the under lined parts:

Very unkind governmental interference or intervention may be more effective than using tools based on market forces, in getting an economy out of slump.

We have a good reason to hope that in the middle of 2009 China’s economy will pick up when the stock runs out and government’s extra financial reasources are made available.

Define the following economic terms:

Rebate: a discount offered on the price of a good or service

Public house: a house built to benefit the public

Bad loan: non-performing loan or an amount of money owed by a debtor that is not paid in time. Credit crunch: credit freeze (shortage of funds for bank lending)

Fiscal stimulus: It refers to China’s 4 trillion yuan package of infrastructure spending.

Net exports: exports minus imports

Chapter 4

Translate the following into English:

1.International trade can bring about the following benefits:

(1) helping to make good use of foreign resources and coordinate its national economy

(2) helping to introduce advanced technology equipments and improve the productivity

(3) helpint to accumulate capital

(4) helping to import products which can ’t be produced in home country and meet the requirements of people

(5) helping to participate in the international division of labour

(6) helping to accelerate its economic growth

(7) helping to develop foreign relations and expand its effects

2.The reason why the WTO mechanism was attacked is that some of its results are not popular. For instance, during the Uruguay Round the developing countries were forced to accept the Intellectual Property Agreement which could bring them little benefit while the developed countries were reluctant or unwilling to make considerable concession on the issues of agriculture, anti-dumping and anti-subsidies about which the developing countries have shown the biggest concerns.

3.The exchange of goods and services between different nations is international trade.

Paraphrasing the following, esp. the underlined parts:

Some countries ’ governments carried out policies that encourage their businesses to do international trade; in contrast, some other nations ’ leaders did not want their domestic manufacutrers to be active in trading with other countries.

Chapter 5

Translate the following into English

1.In Ricado ’s opinion not necessarily every country has to produce all sorts of goods. What a nation should do is to concentrate its efforts and resources on producing those goods which can generatte the biggest advantages, bring about the least disadvantages, and then receive benefits from international trade together with its trading partners,

2. Ricardo ’s comparative advantage theory has only pointed out one basis for international division of labor but not the fundamental reason for the formation and development of it. Definie the following terms:

Opportunity cost: benefit lost by not employing an economic resource in the most profitable alternative activity. For example, the opportunity cost to a self-employed person is the highest salary he or she could earn elsewhere. (taken from “The Oxford Dictionary for the Business World ”) It can also be defined as the sacrifice of doing something else.

Capitalism: economic and political system in which individual owners of capital are free to dispose of it and exploit the workers, esp. for their own benefits.

Economics: the social science that analyzes the production, distribution, and consumption of goods and services.

Trade balance: also balance of trade which means accounts setting out the results of a country ’strading position: the difference between its total export value and its total import value. It is a component of the balance of payments, forming a part of the current account. It includes both the visible trade and the invisible trade balance.

PPF: also P-P frontier. It means production possibility frontier which marks a boundary betweenproduction levels that can and cannot be attained.

Productivity: the rate at which a worker, a company or a country produces goods, and the amount produced, compared with how much time, work and money is needed to produce them

Chapter 6

Translate the following into English:

Product cycle or product life cycle theory was worked out or propounded by Vernor and further developed by L.T. Wells and others. According to this theory the life-cycle of a new product undergoes mainly the following 4 stayes: (1) introduction stage, (2) growth stage, (3)maturity stage and, (4) decline stage. The sales and profit of an export commodity vary greatly at different stages.

Differences in relative factor endowment and factor price constitute the most important

explanation of the basis for international trade.

In 2000 an economist by name of Andrew Rose from the University of California at Berkeley worked out the “Gravity ” model of trade. He pointed out by analogy with Newton’s theory of the gravitational pull of planets, trade between two countries increases with their economic size, but decreases with the distance between them. Mr. Rose’s theory also argued that joining a currency union might influence trade.

Paraphrase the following, esp. the underlined parts:

Ricardo ’s puts a lot of stress on factor productivity. In contrast, the H-theory attaches more importance to other trade matters which include the impact of all resources or production factor supplies on foreign trade and trade influence on the division of income.

Define the following terms:

Factor endowment: supplies of production factors like labor, land and capital

Arable land: land which is capable of being plowed

Manufactures: goods or products made by machinery

Paradox: “paradox ” in English language means “a statement that seems contradictory, unbelievable or absurd but that may actually be true in fact”.

Competitive advantage: group of factors that give a company or a country an advantage over its rivals. Sometimes it is also defined as competitiveness-ability to compete with rivals.

Economies of scale: the reduction in long-run average and mariginal costs arising from an increase in size of an operating unit (a factory or plant, for example). Economies of scale can be internal to an organization (cost reduction due to technological and management factors) or external (cost reduction due to the effect of technology in an industry).

Chapter 7

Translate the following into Chinese:

1. 为什么美国很努力地来保护它的半导体产业以免受外国竞争的损害？回答是简单的：因

为许多美国官员认为半导体是他们防卫产品的主要组成部分。在这方面将主要依赖放在外国生产厂商身上是危险的。

2. 然而，报复是一种高风险的战略。如果受威胁的外国政府比方说以针锋相对政策拒绝后

退或让步，那将导致贸易战略或其他冲突的发生。最后进行威胁的国家和被威胁的国家都会遭受损失。

Define the following terms;

GM food: genetically modified food

National income: total annual money value of the goods and services produced by a country

Infant industry: new industry that may merit some protection against foreign competition in the short term. The argument in favour of providing protection, say in the form of a tariff on imported competitor ’s goods, is that it would provide a period during which the new industry could streamline its process and make the necessary economies in order for it to become truly competitive with all market producers.

Consortium: a grouping of corporations formed on a temporary basis to fulfill a combined ojective or a large project that usually requires interbusiness cooperation and sharing resourses(也可用P91 Economic Terms中第七个来给它下定义)

VER: It means “voluntary export restraints which is a typical orderly marketing agreement involving limitions on export sales administered by one or more exporting nations or industries .” Paraphrase the following, esp. the underlined parts:

The reason for supporting protection (of a new industry) is that it can give an industry some time to modernize its production process and save more resources so that it can compete well with other producers in the same industry, especially those in the industrialized countries.

Chapter 8

Translate the following into English:

1. After the founding of the United States of America, A. Hamilton, the first Secretary of

Finance, on behalf of the American bourgeoisie wanting to develop American economy independently, expressed the view that for the purpose for bringing about self-reliance for the U.S. economy, the main method of protecting its infant industry was to raise import tariffs on imports.

2. After the middle of 1970s there emerged new protectionism in the process of the liberalization

of international trade, which is characterized by (1) increasing the number of products for protection; (2) diversifying trade protective measures under the pretext of “orderly marketing arrangement ” taking gray area measures to go round the basic GATT principles; (3) turning to the systemization of protectionism.

Paraphrase the following, esp. the underlined parts:

1. The purpose of free trade policy is to get rid of all limitations on trade with other nations.

Governments following this kind of trade policy do not try to prevent/restrict import and export trade at all.

2. Dumping is regarded as a way in which enterprises dispose of their excess products at lower

prices in the markets of foreign countries than in the home market.

Define the following economic terms:

VERS: The abbreviation of voluntary export restraints, a kind of non-tariff barriers practised to prevent imports from increasing. Some also define it as arrangements between exporting and importing countries in which the exporting country agrees to limit the quantity of specific exports below a certain level in order to avoid imposition of mandatory restrictions by the importing country.

Dumping: In the text, dumping is defined as selling goods in a foreign market at below their cost of production or as selling goods in a foreign market at below their “fair ” market value.

Specific tariff: payment of a fixed amount of money as import tax per physical unit of the imported product.

Ad valorem tariff: It means payment of a fixed percentage of the value of the imported good as import tax as it enters the country.

Punitive tariff: protective tariffs become punitive tariffs when their rate is over 100%

Local content requirement: It calls for some specific fraction of a good to be produced domestically.

Import quota: protective ruling establishing limits on the quantity of a particular product that can be imported.

Administrative policies: They are bureaucratic rules designed to make it difficult for imports to enter a country.

Chapter 9

Translate the following into English:

1. Although ASEAN has made some preferential arrangements since its formation in 1976, so

far no benefits have been brought about as expected due to too much consideration of each

member ’s own interests.

2. Full economic integration is the highest stage of economic integration, at which there is full

unification of economic, financial, fiscal policies, etc. among the nations within the region and abolition of all barriers to the free flow of goods, capital, labor, service, etc. The EU is on the road towards this direction (or moving forward in this direction).

Translate the following into Chinese:

1. 北美自由贸易区是一个关于在北美三国间（加拿大、美国和墨西哥）进行货物与服务交

换的协议。该协议要求废除或逐步取消这三国间对货物劳务交换所征之关税。

2. 北美自由贸易协定还要求制定有关外国直接投资、知识产权保护、争端解决、劳动标准

和环境问题的规则。

Paraphrase the following, esp. the underlined parts:

1. There is a difference between a free trade area and a customs union. The former is politically

easy but administratively difficult.

2. Some people believed that one of the negative results of NAFTA is that the U.S. and Canada

have lost many job opportunities to Mexico because the leaders of the businesses have tried to benefit themselves from Mexico’s lower labour costs and less tough environmental and labour laws.

Chapter 10

Translate the following into English:

1. Since July 2003, on several open occasions, Mr. Snow, Secretary of the Treasury, expressed

his opinion that China’s yuan should be revalued. And at a Congress hearing, Mr. Greenspan, the Fed chairman, also expressed his worries about yuan’s exchange rate.

2. To bring about considerable revaluation of yuan is not only detrimental to China’s economy

but also to foreign companies which have made direct investment in China.

3. Some of the Japanese and Americans do not expect yuan to be revalued, because it would lead

to prices increases for the Chinese products sold to their countries, thus affecting their standard(s) of living.

4. The Chinese government has decided to keep basically stable its yuan’s exchange rate for its

own benefits as well as those of foreign investors.

Paraphrase the following, esp. the underlined parts:

1. Flexible exchange rates react quickly to the ups and downs caused by the forces of demand

and supply in the (foreign) exchange market. As a result, shortage or surplus of a given currency can be easily removed.

2. For the same reason the U.S. was active in cooperation with Japan in putting pressure on

China to make its yuan rise in value.

Translate the following into Chinese:

1. 由于高失业率美国在过去三年里已饱受了艰难痛苦。现在美国的政治家和商人已找到了

一个替罪羊——中国，或更确切低讲是人民币元——中国的货币。

2. 关键是人民币的价值。北京采取了让人民币盯住美元的方法。批评家们指出，用此方法

人民币的价值被低估了40%。

Chapter 11

Translate the following into English:

1. The balance of payments, also called the balance of internaitonal payments can reflect a

nation ’s international payments and receipts during a period of time or within certain dates.

2. Although different countries have different ways of presenting the balance of international

payments, the basic items entered are more or less the same. All the payment items are entered as debits and all the receipt itmes are entered as credits.

3. When receipts are in excess of payments there is a balance-of-payments deficit; coversely

there is the balance of payments surplus. The balance of payments is negative when payments exceed receipts. And positive when the receipts exceed payments.

4. The BOP is mainly composed of the current account and the capital account. Current account

records international flows of goods and services, and property income received from abroad and paid abroad, and current fransfers received from abroad and paid abroad; Capital account records internatioanl fransactions in assets and any other things representing a change in financial claims among nations.

Translate the following into Chinese:

1. 在记录一国的国际经济交易时，用的是复式簿记制。

2. 国际收支的资本项目记录资产的国际交易状况和代表国家之间金融要求权变化的其他

项目。

3. 借贷原则在编制记录国际收支中交易时是一种被广泛采用的会计原则。另一个被广泛运

用的会计原则是复式簿记原则。

Paraphrase the following sentences:

1. The two major parts of the balance of payments are as follows.

2. A debit transaction is one that results in a payment to foreigners.

3. A country can either have a deficit or a surplus in the balance of payments.

4. It is called a credit transaction when it involves a receipt a payment from foreigners.