专业英语阅读（国贸专业）课程作业（A）浙江外国语学院国际工商管理学院教师刘钢I. Translate the following economic terms.（2×10=20 points）（i）From English into Chinese：1. credit crunch 信贷危机2. liquidity 流动性3. junk bond 垃圾债券4. laissez-faire 自由放任5. convertible currency 可兑换货币（ii）From Chinese into English：6. 外国直接投资 foreigh direct investment7. 资产负债表balance sheet8. 微型萧条mini-depression9. 要素禀赋fact endowment10. 自愿出口限制VERs(Voluntary Export Restraints)Ⅱ. Fill in each of the following 10 blanks with an appropriate word（Choose 10 words from theInternational trade is often explained by the theory of comparative advantage, also called the comparative cost theory. This (1)_ theory was developed by David Ricardo, John Stuart Mill, and (2) other _ economists in the nineteenth century. The theory (3)_ emphasizes that different countries or regions have different (4) absolute _ possibilities. A tropical climate is better suited for growing bananas (5) than _ a cold one. A country like Norway could produce bananas in hot houses, (6) but _ it is cheaper for Norway to (7)import_ bananas than to produce them. Thus, climate establishes a trade pattern between a northern and a southern country. In other cases the availability of natural resources may be a trade factor.The theory of comparative cost points out that trade between countries can be (8) profitable _ for all, even if one of the countries can produce every commodity more cheaply. As long as there are minor, relative differences in the (9)efficiency_ of producing a commodity, even the poor country can (10)have_ a comparative advantage in producing it.III. Mark the following 20 statements T (True ) or F (False ) according to the information provided in the given text.（2×20=40 points）The development of modem nationalism during the 16th century shifted attention to the problem of increasingthe wealth and power of the various nation-states. The economic policy of the leaders of that time, known as mercantilism, sought to encourage national self-sufficiency. The heyday (兴盛期) of the mercantilist school (学派) in England and Western Europe occurred during the 16th through the early 18th centuries.Mercantilists valued gold and silver as an index of national power. Without the gold and silver mines in the New World from which Spain drew its riches, a nation could accumulate these precious metals only by selling more merchandise to foreigners than it bought from them. This favorable balance of trade necessarily compelled foreigners to cover their deficits by shipping gold and silver.Mercantilists took for granted that their own country was either at war with its neighbors, recovering from a recent conflict, or getting ready to plunge into a new war. With gold and silver, a ruler could hire mercenaries (唯利是图的人) to fight, a practice followed by King George III of the United Kingdom of Great Britain when he used Hessian troops during the American Revolution. As needed, the monarch (君主) could also buy weapons, uniforms, and food to supply the soldiers and sailors.Mercantilist preoccupation with precious metals also inspired several domestic policies.It was vital for anation to keep wages low and the population large and growing. A large, ill-paid population produced more goods to be sold at low prices to foreigners. Ordinary men and women were encouraged to work hard and avoid suchextravagances (奢侈品) as tea, gin（杜松子酒）, ribbons（缎带）, and silks. It also followed that the earlier thatchildren began to work, the better it was for their country's prosperity.One mercantilist writer had a plan for children of the poor: "When these children are four years old, they shall be sent to the county workhouse and theretaught to read two hours a day and be kept fully employed the rest of the time in any of the manufactures of thehouse which best suits their age, strength, and capacity."As a coherent economic theory, classical economics starts with Smith, continues with the British economistsThomas Robert Malthus and David Ricardo, and culminates in (告终于) the synthesis of John Stuart Mill, who asa young man was a follower of Ricardo. Although differences of opinions were numerous among the classical economists in the three-quarters of a century between Smith's Wealth of Nations and Mill's Principles of PoliticalEconomy (1848), members of the group agreed on major principles. All believed in private property, free markets,and, in Mill's words, that "only through the principle of competition has political economy any pretension (借口, 托词) to the character of a science." They shared Smith's strong suspicion of government and his ardent (坚定的) confidence in the power of self-interest represented by his famous "invisible hand," which reconciled (, 使一致) public benefit with individual pursuit of private gain.From Ricardo, classicists derived () the notion of diminishing returns, which held that as more labor and capital were applied to land, the increase in yields steadilydiminished.Through Smith's emphasis on consumption, rather than on production, the scope of economics was considerably broadened. Smith was optimistic about the chances of improving general standards of life. He called attention to the importance of permitting individuals to follow their self-interest as a means of promoting national prosperity.Malthus, on the other hand, in his enormously influential book An Essay on the Principle of Population(1798), imparted (给予) a tone of gloom to classical economics, arguing that hopes for prosperity were fated to founder (, ) on the rock of excessive population growth. Food, he believed, would increase in arithmetic ratio (2-4-6-8-10 and so on), but population tended to double in each generation (2-4-8-16-32 and so on) unless that doubling was checked either by nature or human prudence (谨慎). According to Malthus, nature's check was "positive": "The power of population is so superior to the power of the earth to produce subsistence (口粮, 给养) for man that premature (过早的) death must occur in some shapes." The shapes it took included war, epidemics, pestilence (恶性传染病) and plague (瘟疫), human vices (人类罪恶), and famine (饥荒), all combining to level (使相等) the world's population with the world's food supply.Mill's Principles of Political Economy was the leading text on the subject until the end of the 19th century.Although Mill accepted the major theories of his classical predecessors, he held out more hope than did Ricardoand Malthus that the working class could be educated into rational limitation of their own numbers. Mill was also a reformer who was quite willing to tax inheritances (遗产) heavily and even to allow government a larger role in protecting children and workers. He was far more critical than other classical economists of business behavior and favored worker ownership of factories. Mill thus represents a bridge between classical laissez-faire economics and an emerging welfare state.T 1. The economic policy executed in England and Western Europe during the 16th through the early 18th centuries is known as mercantilism.T 2. Mercantilists regarded gold and silver as an index of national power.T 3. Mercantilists argued that a nation without the gold and silver mines could accumulate these precious metals only by selling more merchandise to foreigners and buying less from them.F 4. Mercantilists kept their own country from any war with other countries.F 5. Mercantilism had little influence on domestic policies.F 6. Mercantilists opposed to hiring children to work.F 7. Mercantilists paid much attention to common people’s living standard.T 8. All classical economists agreed on major principles shown in both Smith's Wealth of Nations and Mill's Principles of Political Economy.F 9. John Stuart Mill was not a classical economist.F 10. Thomas Robert Malthus finished the synthesis of classical economics.T 11. Classical economists agreed to Smith's strong suspicion of government and his ardent confidence in "invisible hand".F 12. The notion of diminishing returns was derived by Smith.F 13. Smith opposed to permitting individuals to follow their self-interest.T14. An Essay on the Principle of Population argued that hopes for prosperity would become impossible because of excessive population growth.T 15. Malthus believed food increased much slowly than population did.F 16. Malthus’s An Essay on the Principle of Population fully supported classical economics.F 17.Ricardo and Malthus argued that the working class could be educated into rational limitation of their own numbers.T 18. Mill favored worker ownership of factories.T 19. Mill thus represents a bridge between free economy and an emerging welfare state.T 20. The above text is mainly about the points of view of Mercantilists and classical economists.IV. Read the following two texts and answer each of the following questions by choosing the right answer from the four given choices marked with A、B、C and D.（2×10=20 points）Agricultural reform in the early years led to substantial growth in grain output and, around the mid 1980s, China for the first time in its socialist history was able to feed its population from its own resources at reasonably high levels of consumption. China has about 21 per cent of the world's population but only 10 percent of the world's arable (可耕种的) land. As China continues its trade liberalization, industrialization and rapid growth, the volume of its net grain imports will rise significantly. Changes throughout the 1990s confirmed these trends.A 1. Agricultural reform in China from the 1980s to 1990s was very important mainly because ___. A. China has a large population but limited arable land. B. China's net grain import is increasing.C. China has a higher level of consumption of goods.D. agricultural reform is more important than other reforms.It has been argued that a problem of food supply is posed by the liberalization of the agricultural sector in China. One response has been to say that China will feed itself through domestic production and trade. From this perspective, China has strong interests in seeing developed economies dealing with sensitive economic sectors. Another response has been that China can feed itself through the exchange of 'food for food'. A strong export growth of food products in China has been observed, and may be consistent with China's comparative advantage within the agricultural sector.D 2. "The problem of food supply is posed by the liberalization of the agricultural sector in China, " (paragraph 2 line l ) What does the word "posed" mean? A. affected B. made C. solved D. createdA shift in the focus of policy towards the efficiency objective might therefore lead to the growth of exports of some foods as well as imports of others. Cooperation with industrialized economies may be in the form of technology transfers and mobilization of funding for rural infrastructure development. All of these developments would facilitate a reorientation to exports or competition with imported products in the food sector in China.Chinese policymakers face a turning point in managing agricultural policy. Reforms and structural adjustments within the Chinese economy have pushed domestic prices of major grain products above the international counterparts (对应物) since 1994. Continued liberalization of Chinese agriculture is argued as the best policy choice, despite the strong forces for protection within the Chinese political economy. Agricultural protection policy would not only impose a very high cost on the economy but would also fail to achieve some of its policy goals.Researchers completed a joint research project on China's grain marketing system with the University of Adelaide and the Chinese Ministry of Agriculture. The ACIAR-sponsored project produced more than a hundred research papers, several books and two international workshops. The research findings were well received by the Chinese senior officials and international scholars.A 3. From the text we know that ____.A. the change of China's agricultural policy may lead to the increase in export and import of agricultural productsB. China will never be able to feed itself through domestic production and tradeC. China should not cooperate with developed countries in agricultureD. China will have a strong net export growth of food productsD 4. Which of the following is NOT the reason for the liberalization of Chinese agriculture ?A. Agricultural protection policy would impose a high cost on the economy.B. Agricultural protection could not achieve the economic objectives.C. The liberalization of Chinese agriculture is argued as the best policy.D. A joint research project has produced many research findings.5. The above text is mainly about ____.A. China's food export and importB. China's problem of food supplyC. China's agricultural reform and food policyD. China's agricultural protection and liberalizationHow can more "Made in the U.S.A.' goods get into store shelves in China? Under current trade restrictions, imports from the United States have barely flowed into that nation. However, imports will flood in, if China, the largest emerging market in Asia, joins the World Trade Organization. Although U.S. exports to China have increased over the past decade, the yearly total is still only about $ 12 billion, a tiny piece of all U.S. exports. Meanwhile, the United States has been a very good market for China' s goods: U.S. imports about $ 50 billion worth of goods from China every year, up from roughly 8-10 billion worth of yearly imports just a decade ago.D 6. How can more "Made in the U.S.A.' goods enter into China?A. To make China economy stronger.B. To ask China to import less from other countries.C. To improve the relationship between China and U.S.A.D. To let China join the World Trade Organization.B 7. According to above text, the yearly U.S. export to China was _ _.A. about $ 50 billionsB. about $12 billionsC. $8-10 billionD. a large part of all U.S. exports.If China joins the WTO, the level of U.S. exports to China will skyrocket because high tariffs and various other trade restrictions will be removed. Today tariffs on imports into China range as high as 120 percent. As part of its bid for WTO membership, China has agreed to cut the average tariff rate to 15 percent by the year 2000. In addition, WTO membership would put trade with China under a more standardized legal framework, giving exporters and importers alike more consistent treatment.A8. China has agreed to cut the average tariff rate to 15 percent by the year 2000 ____.A. To get WTO membershipB. To improve the relationship between China and U.S.A.C. To balance its foreign tradeD. To buy more from other countries excerpt U.S.A.Another benefit of China's proposed WTO membership is that U.S. companies would within a few years be allowed to deal directly with Chinese companies instead of going through a trading company. Just as important, U.S. manufacturers would finally be able to market directly to Chinese consumers. Such an import-friendly environment would be bound to open new trade opportunities for U.S. businesses — which is why many U.S. officials favor WTO membership for China.C.9. If China obtains WTO membership, China will trade with other countries ____.A. with more different treatmentsB. on the basis of zero-sum gameC. under a more standardized legal frameworkD. with a slight increase in its total trade volumeC 10. The above text is mainly about ____.A. United States has been a very good market for China' s goodsB. U.S. exports to China have increased over the past decadeC. China's WTO membership will benefit U.S. businessesD. China wants to get WTO membership（标准答题纸在下页！）专业英语阅读（国贸专业）课程作业（A）答题纸班级：姓名：学号：成绩：I. Translate the following economic terms.（2×10=20 points）（i）From English into Chinese：1.2.3.4.5.（ii）From Chinese into English：6.7.8.9.10.Ⅱ. Fill in each of the following 10 blanks with an appropriate word（Choose 10 words from the given 12 words in the box, but each word can be used only once.）(2×10=20 points)1. 2. 3. 4. 5.6. 7. 8. 9. 10.III. Mark the following 20 statements T (True ) or F (False ) according to the information provided in the text.（2×20=40 points）1. 2. 3. 4. 5. 6. 7. 8. 9. 10.11. 12. 13. 14. 15. 16. 17. 18. 19. 20.IV. Read the following two texts and answer each question by choosing the right answer from the four given choices marked with A、B、C and D.（2×10=20 points）1. 2. 3. 4. 5. 6. 7. 8. 9. 10.。