Unit11．Translation(1) 国内生产总值(full name) (6) market economy(2) 固定资产(7) security market(3) 通胀率(8) capital resources(4) 机会成本(9) macroeconomics(5) 失业率(10) current assets(11) 由于资源的有限性和需求的无限性，人类常常不得不做出一些选择。

这是经济学研究的中心问题。

(12) 在市场经济下，价格的波动在调节个人需求方面起着核心的作用。

(13) GDP is used to measure economic activity and is both a procyclical and coincident economic indicator.(14) Today market economic system is the most dominant system in the world, which based upon private property and thefree market.2. True or False(1) Inventories is an important procyclical and coincident economic indicator.(2) Even the amount of capital resources, such as corporate stocks and bonds that can be raisedduring specific period, is limited.(3) Microeconomics deals primarily with aggregates (total mount of goods and services produced by society) a nd absolutelevels of prices.(4) Opportunity cost is the “next-best” choice to the choice you have made.(5) The reason why there re some people drive cars but some people ride bikes is because the different resource allocationof the society.(6) GDP is the total market value of all the final goods & services produced by people of a country during a given period(usually one year). ( )(7) When the interest rate is high, the investors would be likely to invest. ( )(8) Macroeconomics is the study of the economy as a whole. ( )(9) Fixed capital is the capital resource with a long life and can be used repeatedly in the production process, like machinesand factory buildings. ( )(10) Unemployment rate is both a countercyclical and leading economic indicator. ( )3.choices1．GDP refers to the Gross Domestic Product which is used to measure economic activity and thus is both a __________ and ____________economic indicator.A. procyclicalB. countercyclicalC. leadingD. laggedE. coincident2. Inventory tends to be a ________and ________ economic indicator.A. procyclicalB. countercyclicalC. leadingD. laggedE.coincident3. _____ is where an economy that had previously been growing slows down.A. depressionB. increaseC. recessionD. inflation4. When the quantity supplied rises as the price rises and falls as the price falls , we say that the quantity supplied is________to the price of the goods.A. negative relatedB. positive relatedC. negatively relatedD. positively related5. ___ is the study of how limited resources are used to satisfy people’s unlimited material wants and needs.A. economicsB. economic theoryC. economic policyD. economy6. In most of the free markets, surplus and shortages are _______phenomenon since Prices eventually move towardstheir equilibrium levels.A. contemporaryB. constantC. permanentD. temporary7. The policy to slow sales of foreign cars could improve U.S. car sales and employment for automakers, butforeign nations could ________by taxing products the U.S. exports, thus decreasing employment in a different industry.A. increaseB. decreaseC. retaliateD. underline8. Some people thought that it was hard to find a job because the economy in general had _________.A. boostedB. increasedC. constructedD. weakened9. With the help of the local government, the small company finally __________the economic crisis which had beenwidespread in that country for some time .A. suspendedB. survivedC. suspectedD. sustained10. Fishing in this river is forbidden -----______$10. A. penalty B. punishment C. price D. sentence11.If the economy is doing well, GDP is usually ____.A. increaseB. increasingC. decreaseD. decreasing12. Production and Business Activity must cover how much business are ____.A. producingB. being producedC. producedD. produce13. Prices include both the ____ and ____ for raw materials.A. the prices business pay and the prices producer payB. producers prices and consumer pricesC. the prices consumer pay and the prices business payD. the prices consumer pay and the prices producer pay14. Federal Finance are measures of government spending and government ____ and debts.A. deficitsB. deficitC. creditD. credits15. Economics is the study of _____A. economiesB. economyC. economicD. economism16.National resources are provided by nature in _____amounts .A. limitB. unlimitedC. limitingD. limited17. Capital resources include ____A. paper, timber and waterB. crude oil, mineral and waterC. money, fuel and paperD. Natural gas, fuel and raw material18. ____ are goods and services people must have simply to exist.A. NeedB. NeedsC. WantsD. Want19. The Market is ____ upon to see what people want to get, and want to do, is consistent ____ what’s available.A. rely, withB. relied, forC. relied, withD. relied, for20. ____ is frequently called “ Prices theory”.A. MicroeconomicB. MacroeconomicsC. MacroeconomicD. Microeconomics21. A nation’s resources consist _____ three broad areas.A. inB. ofC. forD. with22. ____ is the next-best choice to the choice you have made.A. incentivesB. opportunity costC. voluntary exchangeD. competition23. Incentives are created to guide people ____ a predictable behavior.A. towardB. forC. toD. with4. Reading Comprehension(A)Public goods are those commodities whose enjoyment nobody can be effectively excluded. Everybody is free to enjoy the benefits of these commodities, and one person’s utilization does not reduce the possibilities of anybody else’s enjoying the same good.Examples of public goods are not as rare as one might expect. A flood control dam is a public good. Once the dam is built, all persons living in the area will benefit—irrespective of their own contribution to the construction cost of the dam. The same holds true for high way signs or aids to navigation. Once a lighthouse is built, no ship of any nationality can be effectively excluded from the utilization of the lighthouse for navigation purposes. National defense is another example. Even a person who voted against military expenditures or did not pay any taxes will benefit from the protection afforded.It is no easy task to determine the social costs and social benefit associated with a public good. There is no practicable way of charging drivers for looking at high way signs, sailors for watching a lighthouse and citizens for the security provided to them through national defense. Because the market does not provide the necessary signals, economic analysis to be substituted for the impersonal judgment of the marketplace.1, What does the passage mainly discuss?A. Mechanisms for safer navigationB. The economic structure of the marketplaceC. A specific group of commoditiesD. The advantage of lowering taxes2.Which of the following would NOT be an example of a public good as described in the passage?A. A taxicabB. A bridgeC. A five truckD. A stoplight3.In Paragraph 2, the word “holds” could best be replaced by which of the following?A. hasB. isC. graphsD. carries4.According to the passage, finding out the social cost of a public good is a ____.A. difficult procedureB. daily administrative dutyC. matter of personal judgmentD. citizen’s responsibility5.Which of the following statements best describes the organization of the first paragraphs?A.Suggestions for the application of an economic concept are offeredB.Several generalizations are presented from which various conclusions are drawnC.Persuasive language is used to argue against a popular ideaD.A general concept is defined and then examples are given(B)Adam Smith, writing in the 1770s, was the first person to see the importance of the division of labor and to explain part of its advantages. He gives as an example the process by which pins were made in England.One man draws out the wire, another strengthens it, a third cuts it, a fourth points it, a fifth grinds it at the top to prepare it to receive the head. To make the head requires two or three distinct operations. To put it on is a separate operation, to polish the pins is another. It ids even a trade by itself to put them into the paper. And the important business of making pins is, in this manner, divided into about eighteen distinct operations, which in some factories are all performed by different people, though in others the same man will sometimes perform two or three of them.Ten man, Smith said, in this way, turned out twelve pounds of pins a day or about 4800 pins apiece. But if all of them had worked separately and independently without division of labor they certainly could not reach each of them have madetwenty pins a day and perhaps not even one.There can be no doubt that division of labor provided that it is not taken too far is an efficient way of organizing work. Fewer people can make more pins. Adam Smith saw this but he also took it for granted that division of labor is in itself responsible for economic growth and development and that it accounts for the difference between expanding economies and those that stand still. But division of labor adds nothing new; it only enables people to produce more of what they already have..1.According to the passage, Adam Smith was the first person to ______.A. take advantage of the division of laborB. introduce the division of labor into EnglishC. understand the effects of the division of laborD. explain the causes of the division of labor2. Which of the following was believed by Adam Smith as the advantages of the division of labo r?A. The workers qualities were improved.B. The output per worker was increased.C. The number of people employed in factories was increased.D. The quality of pins produced was improved.3. Why did Adam Smith mention the number 4800?A. To show the advantages of the division of labor.B. To show the advantages of the old craft system.C. To emphasize how powerful the individual worker was.D. To emphasize the importance of increased production.4.According to the writer, Adam Smith’s mistake was in believing that division of labor ______.A. was an efficient way of organizing workB. was an important development in methods of productionC. inevitable led to economic developmentD. increased the production of existing goods5.Line 4, Para4, the phrase “took…for granted” could best be replaced by ______.A. took…into accountB. consider…seriouslyC. regard…as trueD. accepted…as interesting(C)One phase of business cycle is the expansion phase. This phase is a two-fold one, including recovery and prosperity. During the recovery period there is ever-growing expansion of existing facilities, and new facilities for production are created. More businesses are created and older ones expanded. Improvements of various kinds are made. There is an ever increasing optimism about the future of economic growth. Much capital is invested in machinery or “heavy” industry. More labor is employed. More raw materials are required. As one part of the economy grows, other parts are affected. For example, a great expansion in automobiles results in an expansion of the steel, glass, and rubber industries. Roads are requires, thus the cement and machinery industries are stimulated. Demand for labor and materials result in greater prosperity for workers and suppliers of raw materials, including farmers. This increases purchasing power and the volume of goods bought and sold. Thus prosperity is diffused among the various segments of the population. This prosperity period may continue to rise without an apparent end. However, a time comes when this phase reaches a peak and stops spiraling upwards. This is the end of the expansion phase.1.We may assume that in the next paragraph the writer will discuss______.A. cyclical industriesB. the status of the farmerC. the higher cost of livingD. the recession period2.The title below that best expresses the ideas of this passage is ______.A. the business cycleB. the phase of recessionC. an expanding societyD. the phase of expansion3.Prosperity in one industry______.A.will influence many other industriesB.will spiral upwardsC.will affect the steel industryD.will help all segments of society except the farmers4.Which of the following industries will probably be a good indicator of a period of expansion?A. ToysB. Machine toolsC. FoodD. Farming5.During the period of expansion, people regard the future _____.A. cautiouslyB. in a confident mannerC. opportunityD. indifferently5.ClozeIn export business, so called “Shipment at first Settlement later” method is mainly used, i.e., before receipt of money, the seller __1__ the shipping documents or goods. Then the buyer __2__payment on his own __3__. __4__the money can be received smoothly, in the final analysis, it relies on the buyers __5__only. If the buyer refuses or delays __6__his obligation of payment, __7__will occur that the seller sustains great loss __8__receive nothing or receiving money late.This method is __9_much benefit to the _10__. He can get the shipping documents __11__represent the title __12__the goods or the goods themselves at first. He makes payments afterwards. It is _13___to the turnover of funds. __14__he can save money which has to be __15__by other terms of payment, __16__letter of credit. The buyer is willing to do business by this method. __17__, if the financial standing of the buyer is __18__and he has special business relations with the seller, __19__can adopt it. The export __20__can be expanded by this way.1. A. hand in B. hand out C. hand over D. hand up2. A. exercises B. makes C. spends D. affects3. A. money B. initiative C. bill D. account4. A. Whether B. That C. When D. How5. A. credit B. confidence C. business D. decision6. A. paying B. realizing C. executing D. fulfilling7. A. then B. what C. it D. so8. A. for B. on C. because of D. instead of9. A. of B. in C. like D. so10. A. seller B. buyer C. dealer D. businessman11. A. and B. before C. which D. who12. A. to B. of C. for D. in13. A. detrimental B. advantageous C. necessary D. essential14. A. Adopting B. Taking C. Without D. within15. A. spent B. cost C. demanded D. raised16. A. and B. such as C. for D. just like17. A. Therefore B. Hereafter C. On the contrary D. In contrast18. A. doubtful B. suspicious C. reliable D. available19. A. the seller B. the buyer C. one D. anyone20. A. scope B. line C. potential D. volumeKEY1．(1) Gross Domestic Product (6) 市场经济(2) fixed capital(assets) (7) 证券市场(3) inflation rate (8) 生产资料(4) opportunity cost (9) 宏观经济学(5) unemployment rate (10) 流动资产(11) As resources are limited and wants are unlimited, man is continually forced to make choices. It is the making of thesechoices that is central to the study of economics.(12) Under market economies, fluctuations in prices play a central role in coordinating individual’s wants.(13) 国内生产总值是用来衡量经济活动的，它是一个顺经济周期而且与经济走势同步的经济指数。