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商务英语阅读(第二版)+大学英语翻译教程(第三版)答案
王关富《商务英语阅读（第二版）》 参考答案 Unit 1 Why China Works Exercises 1. Answer the questions on the text: 1) How does the author view the Chinese economy? It is the most important bright spot in the world economy under the global recession, the only major economy that is likely to show significant growth this year, and the only one that routinely breaks every rule in the economic textbook. 2) According to the author, why can the Chinese economy perform so well? Because of: (1) the capacity for state control by the Chinese government. (2) its rejection of exotic financial innovations that are the melting core of the global credit crisis. (3) the integration of its economic policies between traditional market tools and state control measures. 3) In what way does the author imply that western economists are erroneous in their bias toward “China’s market economic system”? The United States and Europe are moving toward state control by nationalizing their banking and car industries, and imposing heavy new regulation on the financial industry. 4) What is the view of Stephen Roach on the Chinese economy system? Investment is the backbone of sustainable growth in the Chinese economy, which works more effectively than other market based systems in times of economic stress. 5) Why can China work in the eye of the author? It has followed a radical pragmatism focusing on a slow but steady shift toward freer markets. 6) What is regarded as the strategic thinking of the Chinese leaders in market reforms? They understand even under the serious financial crisis that it can stabilize the Chinese market and economy to introduce more sophisticated forms of securitization, including stock index funds, corporate bonds and other debt products. They also realize that, in the course of doing this, they should learn from the mistakes the westerners have made. 7) What is the example given to illustrate the steadiness of the Chinese leaders in their policy execution? They continue to allow the value of yuan to rise despite of the American charges and the need for export competitiveness by their own enterprises. 8) What is “shock therapy”? It is the economic policy adopted in Russia from 1991 to 1992 that totally deregulated prices and lead to a runaway inflation. It proved to be all shock and no therapy. 9) In what ways does the Chinese economic system work efficiently? It can get things done quickly, move in a coherent manner, and marshal its people and resources to a common target: economic growth and prosperity. 11) What are the Internet and public opinion used for? For putting pressure on local officials and influencing policy decisions. 2. Fill in each blank of the following sentences with one of the phrases in the list given below. Make changes when necessary. 1) At a time when the need is growing for mental health services, many countries are unfortunately cutting back on its spending.12)There is an increasing number of people out of work. But the western media often unfairly label them as lazy and reliable. 3) Now that the flow of oil has been stopped by BP, the impact of all the spilled oil and natural gas is still being measured. 4) Once again its ability to steer economic policy will be tested against the ability to deliver on services and projects aimed at growing the economy and jobs. 5) Housing prices are incredibly high today. But he bought his house for a song about five years ago. 6) As people are complaining high prices, especially those related to daily necessities, the government feels rather urgent to hold down inflation rate immediately. 7) Under the new economy policy investors are invited to buy into state-owned enterprises. 8) Since a serious gun shooting occurred in Arizona last week, security concerns have trickled down to all places, including residential buildings. 9) Social unrest is a daily occurrence in the country nowadays. It is in the last place when it comes to investment for multinational companies. 10) Efforts to ban smoking in China are so effective yet. Some chain smokers never think of quitting while many others have battled in vain to quit. 3. Match the terms in column A with the definitions in column B: A_______________________ B__________________________________ 1) financial innovation A) A reduction in the general availability of loans (or credit) or a sudden tightening of the conditions required to obtain a loan from the banks.7 2) stimulus package B) A non-bank entity or organization such as investment companies and mutual funds that invests in large quantities. 8 3) overheating C)A legal entity created by a government to undertake commercial activities on its behalf. 6 4) stamp tax D) The trading of a corporation's stock or other securities (e.g. bonds or stock options) by individuals with potential access to non-public information.9 E) An industry that requires large amounts of capital, machinery and equipment to produce goods. 5 5) capital-intensive sector F) Generation of new and creative approaches to securities, money management or investing. 1 6) state-run firm G) An economy that is expanding so rapidly that too much money is chasing too few goods and economists fear a rise in inflation . 3 7) credit crisis H) tax levied on certain legal transactions such as the transfer of a property such as building, copyright, land, patent, and securities. 4 8) institutional investor I) A plan or a series of measures taken by a government to jump-start its ailing economy, generally as a part of its fiscal policy. 2 10) insider trading 4. Translate the following passage into Chinese.2我们所面临的来自中国的真正挑战并不是他们向我们大量销售的货物，而恰恰相反，是他们正在提升的价值链。 这在将来可能会对美国经济构成最严重的新挑战。 在过去三十年的大部分时间里，中国集中精力建设基础设施，这主要靠廉价的劳动力和勤劳苦干的工人就行了。 但工厂也都现代化、交通世界一流、港口大型化、机场高效化了，而且所有这些都是以人类历史上从未有过的速度 和规模完成的。 现在中国又想跨入更高质产品和服务的时代。这意味着由政府官员确定的经济发展的下一步是要以建设高速网 般的决心投资发展人力资本。自 1998 年来，中国政府已启动了大规模的教育发展计划，投入的资金按 GDP 比例计 算增加了两倍，在而后的十年，中国的大学增加了一倍，大学生增加了四倍，从 1997 年的 100 万增长到 2007 年的 550 万。中国列出了顶级的 9 所大学为其常青藤大学联盟。欧洲各大学以及美国的州立大学因受大规模经费削减影 响而处于崩溃状态，而中国的大学大发展趋势则恰恰相反。耶鲁大学校长理查德?雷文在今年年初的一次演讲中指 出： “这次中国大学的扩展是前所未有的，在仅十年的时间里就建起了世界上规模最大的高等教育。实际上，2000 年以来中国大学扩招的大学生人数超过了美国大学招生的总数。 那么这一史无前例的教育投资对中国和美国有何意义呢？诺贝尔经济学奖得主罗伯特?福格尔预测了训练有素 工人的经济影响。 在美国， 高中毕业的工人的生产率是只受过 9 年教育的人的 1.8 倍， 而大学毕业的则要高出两倍。 中国正在大规模地扩大高中和大学生的人数。尽管目前中国在服务业上仍远远落后他国，但中国企业将会很快进入 这一巨大市场。福格尔相信高技能工人的增多将在今后大大刺激中国的经济增长率，使其 GDP 在 2040 年之前达到 惊人的 123 万亿美元。 不管这一难以想象的数字是否准确，但有一点是很清楚的，中国正开始提升其价值链，进入一直来只有西方国 家独占的产业和工种，这才是来自中国的真正挑战。应对这一挑战的最佳和最有效的方法不是威胁和关税，而是深 层次的结构改革和大规模的投资，使美国经济重新获得活力，使美国工人再具竞争力。 5. Read the following text and choose the best sentence from the list (A-E) below to fill in each of the gaps in the text. 1) 2) 3) 4) It assembles more toys, stitches more shoes and sews more garments than any other nation in the world. China is home to 1.3 billion people and has 100 cities of more than a million people. Even at 25 cents an hour, Chinese workers cost more than laborers in the poorer countries of Southeast Asia or Africa. Indeed, the country's embrace of market economy over the last decade and the government's insistence that farmers fend for themselves are combining forces to all. 5) That disparity has set in motion the largest human migration in history. Supplementary Reading China: The next branding superpower? 1. China and the U.S disagree ________. A. whether the Chinese should buy more B. over who dominates the bilateral trade C. whether the value of RMB is deliberately held down D. over what the Chinese consumers should buy 2. The Americans assume that China will remain ________ so that it will continue to import American higher value added products and services. A. a manufacturing superpower B. a developing country C. a service-based economy D. a regional economic power 3. By moving up the value chain, China intends to become a ________. A. manufacturing giant34.5.6.7.B. branding superpower C. competitive nation D. political superpower According to the author, the work of branding in China would depend more on ________. A. domestic companies B. foreign investors C. the government D. multinational companies With better access to Chinese market for foreign companies, what do Chinese policy makers fear? A. Chinese consumers will prefer famous foreign brands. B. Chinese brands are unable to move up to the high end of the brand chain. C. China can also add values through marketing and distribution. D. China will have to spend billions building brands. The Space Rate between the U.S. and the Soviet Union is mentioned to reflect ________. A. military competition during the cold war B. the anxiety of the Americans in the space rate C. national economic security in China D. the national anxiety of China over their brand competitiveness The author believes in less than a century the consumer trends in the world will be overwhelmingly dominated by ________. A. consumer consciousness B. competitive market C. such brands as Coca-cola, Google, and Toyota D. Chinese brands Unit 2 A Changed Global RealityExercises 1. Answer the questions on the text: 1) What are the features of the two major economies that the world has seen for more than 200 years? One has dominated technological innovation and trade and amassed great wealth. The second―much of it politically under the thumb of the first―has remained poor and technologically dependent. 2) How much did low-and-middle-income countries contribute to world growth in 2010? Almost half (46%) 3) Taking a long term view, why is it good news that developing countries are growing fast? As billions of poor people become more prosperous, they will be able to afford comforts their counterparts in the rich world have long considered the normal appurtenances of life. 4) What are the worst-case scenarios that Europe has so far avoided? A collapse of the euro, a debt crisis that spills from small economies such as Greece and Ireland to much bigger ones like Italy and Spain, and bitter social unrest in those nations that are having to massage wages down while cutting public budgets. 5) Why does Jim Walker think that 2011 will be a “year of reckoning”? Because Jim Walker thinks that the rebound in the US is a mirage created by excessive stimulus. He expects the US to slip into the double dip it dodged in 2010. 6) Why has the private-sector debt crisis of
morphed into a public-sector debt crisis in 2010-11?4It has been the result of the debt and deficits amassed in the process of stimulating economies and bailing out banks during the downturn. 7) What are the risks that emerging economies face? a. sharp rise in inflation b. rising oil prices c. soaring food price 8) What did China and India do to cope with inflation and rising food prices? China raised the reserve- India resorted to diplomatic means when Pakistan temporarily cut off some exports of onions to the country. 9) How can the disaffection with global capitalism in the developed world be prevented from turning into a backlash against it? It would help if there were mechanisms in place to manage the stresses in the international economy. 10) What is the most serious division between countries that policymakers have to contend with? Economic disparity 2. Fill in each blank of the following sentences with one of the phrases in the list given below:1) The search for the child was scaled back sharply today, with almost a third of the volunteers heading home. 2) The former Federal Reserve Chairman says there is a risk that the US could slip into a recession by year’s end. 3) The CEO of the firm said that they would switch priority from traditional labor-intensive products to more hi-tech and value-added ones. 4) In the aftermath of the financial crisis the group has put on hold some of its ambitious regional expansion plans. 5) Toyota Motor Corp. is offering widespread job buyouts to its US workers for the first time and cutting the workweek at some of its American plants by 10% to contend with falling sales. 6) Eventually, it must morph into a system that functions on stability, or it will fail and cause an unstoppable breakdown and widespread hardship. 7) Unfortunately most of the central banks in the world today are still firmly under the thumb of politicians. 8) The stock market’s endurance could depend heavily on whether economic and corporate performance remains uncertain, or begins indicating that the economy truly is out of the woods. 9) Survivors were encouraged to talk about their horrible experiences to help them come to terms with the flood disaster. 10) Other countries―notably Australia―have also avoided a bust in their housing markets, and have instead seen prices increases flatten out. 3. Match the terms in column A with the explanations in column B: B ______ A) A physical substance, such as food, grains, and metals, which is interchangeable with another product of the same type, and which investors buy or sell, usually through future contracts 7 B) A measure that examines the weighted average of prices of foodstuffs, often used as an important factor to assess the cost of living. 9 C) A government policy of deficit-cutting, lower spending, and a reduction in the amount of benefits and public services provided, sometimes coupled with increases in taxes to pay back creditors to reduce debt. 3 D) A central bank regulation that sets the minimum reserves each commercial bank must hold to customer deposits and notes. 10 E) The part of the economy that is not state controlled, and is run by individuals and companies for profit. 45A 1）double-dip recession 2) credit rating 3) austerity4) private sector 5）protective tariff6）beggar thy neighbor7) commodity 8）sovereign-debt crisis 9）food-price index 10）reserve requirementF) An expression in economics describing policy that seeks benefits for one country at the expense of others. Such policies attempt to remedy the economic problems in one country by means which tend to worsen the problems of other countries. 6 G) A published ranking based on detailed financial analysis by a credit bureau, of one’s financial history, specifically as it relates to one’s ability to meet debt obligations. 2 H) A crisis in which a national government owes so much debt that it is unable to repay or on the edge of bankruptcy. 8 I) A tariff which tries to ban imports to stop them competing with local products 5 J) A situation where economic growth slides back to negative after a short-lived growth and the economy may move into a deeper and longer downturn. 14.Translate the following into Chinese:星期五，世界上 20 个主要经济体的领导人结束了在这座东北亚首都城市举行的为期两天的峰会。各国争论不 休，然而却没有就避免破坏性货币和贸易战争的具体措施达成一致意见。会议遭遇的挫折远多于收获，而奥巴马总 统最为沮丧，其采取统一方法推动全球经济的努力未能成功。 20 国集团成员国突然拒绝支持美国迫使中国提高币 值的尝试，延续了这场痛苦的争端，很多人认为争端最终会导致全球贸易战。 在离开这座城市之前，各国领导人发表了一项打了折扣的声明，仅仅同意避免货币的“竞争性贬值”。这份联 合声明大致描述了他们推动增长，并平衡贸易和汇率以及避免贸易保护主义政策的意图。美国官员称此为一份重要 协议，将会帮助减轻一些承受巨额贸易逆差的国家的压力。但是各国并没有义务遵守这些协议。 在最后的讲话中，奥巴马对这次令人失望的峰会持积极态度，说世界上的发达国家和发展中国家已经成功地把 世界经济引入通往复苏的道路。但是他也承认参与峰会的各国可能重陷一种险境：引起本次全球经济危机的经济失 衡。尽管如此，他不会承认在后门会议上遭遇的失败。这样的会议经常被认为是处于陷入敌对状态的边缘。 “我们在此所做的工作并不一定那么激动人心、始终能改变世界，但我们确实是在稳步地增强国际管理机制和 机构，减少世界各国间的摩擦” ，奥巴马说。他强调二十国集团领袖们作出了巨大的努力，包括建立国际社会所要 求的裁定当事国是否对贸易伙伴采取不公平做法的仲裁机制。 “有时我觉得人们本能地聚焦于分歧也是很自然的， ” 美国总统说，但实际上“我们在每次这样的峰会上都取得实质性的进展。 ” 但在首尔，世界领袖们一再显示他们无意妥协，只愿做出空泛的许诺，难以遮盖他们在寻求共识果敢行动上的 无能。不能达成共识有时则会促使世界各国去追求各自的利益，而会损害有协调的全球均衡增长。 5. Fill in each of the following gaps with one of the sentences given below:1) This week the IMF predicted that global GDP should expand by 4.8% this year. 2) Most obviously, there is the gap between the vitality of the big emerging economies, some of which have been sprinting along at close to 10%, and the sluggishness of many rich ones. 3) Poor countries, especially young ones, ought in theory to invest more than they save, and so be a net source of demand for richer, older ones, all the more so when the latter are in bad shape. 4) Rich countries are planning tax rises and spending cuts worth 1.25% of their collective GDP in 2011, the biggest synchronised fiscal tightening on record. 5) Even in America the ageing of the baby-boomers points to a slower-growing workforce. Supplementary Reading The Survival of the Safest 1. Which of the following is an important reason for the American economy’s persistent weakness?62.3.4.5.6.7.8.9.10.A. new risks B. damage to morale∨ C. distrust in one another D. John Maynard Keynes’ theory According to the passage, the book “Why Wages Don’t Fall During a Recession” focuses on: A. the recession of 1999 B. the recession of
C. the recession of ∨ D. the recession of 2008-now What is unusual about the market for labor compared with other productive factors? A. For other productive factors such as wheat, the price usually drops until the excess supply is mostly gone. B. Excess supply of labor shows up as unemployment. C. Unlike factors of productions such as wheat or trucks, human beings don’t have morale issues. D. For labor market, excess supply can be prominent and persistent. ∨ The managers that Professor Bewley interviewed consistently told that: A. they are concerned about both the emotional and physical state of their core employees. B. they are concerned about the emotional state of their core employees ∨ C. they are concerned about the physical state of their core employees D. they are concerned about the emotional state of all their employees The underlined part in the sentence “…they steel themselves against sentimentality…”means: A. Become hard-hearted ∨ B. Wrap themselves with steel. C. Be equipped with steel D. Fight against Why do managers often lay off more people than necessary? A. To ensure that they don’t have to repeat the ordeal anytime soon. ∨ B. To ensure that the remaining workers work harder. C. To cut down cost D. Because the remaining workers want to take extra work. Which of the following is TRUE according to the passage? A. The laid-off employees can directly “poison the atmosphere” in their former workplaces. B. The laid-off employees can never “poison the atmosphere” in their former workplaces once they get fired. C. The laid-off employees can indirectly “poison the atmosphere” in their former workplaces. ∨ D. The laid-off employees are forbidden to get in touch with those remaining employees. Which of the following will employees who stay employed not experience? A. survivor’s guilt B. pain C. empathy with the less fortunate D. extravagant vocations ∨ Which of the following is NOT a consequence of the reticence of employees? A. Preserving jobs in one’s own company ∨ B. Working against job growth elsewhere. C. Resulting in a loss of vigor in the aggregate economy. D. Leading to the sapping of creativity. The author suggests that the current unemployment may be solved by: A. Inspiring creativity in private sector. B. Initiating big government programs to create jobs ∨7C. Boosting work moral in businesses. D. Raising wages for employees.Unit 3 Time to rebalance Exercises 1. Answer the questions on the text. 1) How did Steve Hilton feel when Lehman Brothers collapsed? The world was coming to an end. 2) What did Mr. Hilton do to save his company? (1) Giving up options to buy thousands of lots. (2) Laying off 3/4 of his employees. (3) Redesigning his houses to cut construction cost. (4) Serving customers with guaranteed payment. 3) In what sense America as a country is similar to Mr. Hilton’s company? Dismissing workers in the whole country and experiencing one of the worst economic recessions in history. 4) What does “the biggest transformations” mean? Macroeconomically, the US will change from debt and consumption to saving and exports. Microeconomically, Americans will have different lifestyles and do different jobs in different places. 5) According to the McKinsey Global Institute, what is the common practice of consumers during economic crises? Consumers generally try to cut their debt to more manageable levels. 6) What is the major difference between credit cards and charge cards? Both are a line of credit for a customer. For a credit card, the customer can choose to pay in full or partially at the end of a month. When paying partially, the customer can pay interest on the balance until it is paid in full. Some people just keep making partial payments and pay interest on credit cards for years and years. But for a charge card, the customer has to pay the entire amount off each time he/she receives a bill. It is not allowed to make a partial payment and no interest is involved. 7) How is the current recession different from the previous ones? It was triggered by a financial crisis that made it impossible to channel savings to productive investment and left customers and enterprises struggling with things from the boom. 8) What is the dilemma the Obama administration in concerning the stimulus? On the one hand, the administration expects to reduce federal deficit. On the other hand, it worries that the withdrawing the stimulus may push the American economy back into recession. 9) What are the reasons for economic restructuring according to the report? Tighter credit, lower consumer borrowing, and higher energy prices. 10) What is said about business investment? It is expected to be robust, especially for equipment. But it can never substitute consumer spending. 11) What changes have occurred in the United States in terms of consumption? (1) American consumers spend less but save more. (2) American companies thus look to an export boom abroad. (3) The US has changed from a consuming nation to an exporting economy, accounting for only 27% of global consumption this year, much less than that of emerging markets. 12) What makes the report optimistic about the American economy? (1) The US has been increasing exports abroad, particularly emerging markets. (2) America’s current-account deficit dropped from 6% to 3%.8(3) American firms are busy preparing for their investment. 2. Fill in each blank of the following sentences with one of the phrases in the list given below. Make changes when necessary. 1) 2) 3) 4) 5) 6) 7) 8) 9) 10) 11) 12) Investors from big cities are quick to snap up real estates in this booming town for their rising future values. There are already clear signals that the investors will shift away from the financial firm in legal trouble. High input costs are likely to put pressure on steel prices in the domestic market even if demand still remains high. The prime minister said Thursday that a new international airport will be built in the southern city to cater to the rising number of passengers and air cargoes there. Many economists fear that the contraction of money supply may dry up financing needed for various economic activities. Professor Nil was, however, quick to warn the public to be on their guard against those counterfeits already in circulation. Academy Awards, Emmy Awards and dozens of prestigious awards from prominent film festivals around the world attest to the stellar quality of the films being featured at the annual World Community Film Festival. A neighborhood group in the district plans to hold a fundraiser to help children pay off overdue book fines so that they can resume using their library. The writer’s fame shrank last year because the public thought he was knocking out so many things. Business leaders have urged the government to snap up farmland overseas to grow basic staples as a buffer against soaring food prices. The Vancouver team vowed to get back to doing the little things right and knew it would add up to big things. What has happened over the past few years indicates that great political, social and economic transformations are in the making.3. Match the terms in column A with the definitions in column B. A_______________________ 1) emerging market B________________________________________ A) A contract that permits the owner, depending on the type of option held, to purchase or sell an asset at a fixed price until a specific date.6 B) A theoretical construct that represents economic processes by a set of variables and a set of logical and quantitative relationships between them.10 C) An economy, with fast growth rate but low to middle per capita income, has opened up its market and integrated itself into the global economy.1 D) The process of moving from a period of losses or low profitability into a more profitable stage for a firm, industry or economy.8 E) Ratio of profit after taxes to cost-of-sales, often expressed as a percentage, measuring the profitability of a firm and indicating its cost structure.2 F) Portion of the balance of payments consisting of exports and imports of goods and services, as92)profit margin3)consumer spending4)consumerism5)disposable income6)option7)economic restructuring8)turnaround9)current account10) economic modelwell as transfer payments such as foreign aid grants. 9 G) The amount of money spent by households, measured monthly, making up an important part of an economy.3 H) The phenomenon of an economy shifting from a manufacturing to a service sector economic base. 7 I) A movement equating personal happiness with purchasing material possessions and consumption. 4 J) The amount of income left to an individual after taxes have been paid, available for spending and saving. 54. Translate the following passage into Chinese: 目前石油价格飞涨，接近 110 美元一桶，食品和其他货物的成本也随之上涨。 然而不仅仅只是石油价格上升，实际上还有美元的贬值，去年在国际上对其他主要货币就贬值了 18%。 美元变得一文不值， 而与通常的经济衰退不同， 美国经济的 GDP 却仍在增长， 2007 年美国的 GDP 增长了 2.2%， 达到 13.8 万亿美元。但 2007 年究竟发生了什么，使美国经济遭受了毁灭性的打击呢？其答案并不简单。 房产和信贷危机损坏了美元的币值。想象一下，假如有人把成千上万的美元假币投入到美国经济中，而又被媒 体发现了，这肯定会导致经济混乱，触发社会骚动，百姓不再信任现钞，从而摧毁美元的币值。 不过，美国的情况并不是假币，而是泛滥的信贷。美国人的按揭抵押、信用卡和国债太多了。他们依赖来自中 国和其他国家的进口，本身的经济则过于强调服务业，而缺乏制造业的支撑。 其结果是美元实际上已不太值钱，只是一张纸币而已。可因其稳定和坚挺，过去数十年世界各国银行一直将美 元作为储备货币，其币值是由海外强劲的需求支撑的。然而在布什政府时代，乔治?布什心不在焉，不重视经济发 展与繁荣，经济基本上完全被他忽视了，而将精力放在国际反恐上。 在历史上，货币实际上曾经是由象黄金这样的贵金属支撑的，但那样的时代早已一去不复返了。现在货币的比 值是由政府和市场说了算，它们允许各国货币根据国际市场的需求浮动，但当一国的多数买卖是由信贷支付而没有 足够的实体经济来支撑这些买卖时，那该国的货币最终就会暴跌。 因此，美国现在所处的正是这种景况。商品价格飞涨，这意味着美国的 GDP 仍在增长，但这种增长是由于通货 膨胀抬高商品价格而促成的。不过，假如你调整我们的 GDP，把货币贬值的因素考虑进去，那么你马上就知道真相 了。美国现在处于经济衰退之中，美国人还未意识到是因为我们的 GDP 数字看起来仍在上升，但他们并不知情的 是：我们的 GDP 价值实际上已下降了。 由于上述状况再加上按揭抵押和信贷危机，美国势必经历一段失控而危险的经济旅程。5. Read the following text and choose the best sentence from the list A-E below to fill in each of the gaps in the text. 1) They would like to drive more money into the economy now to pump up the recovery as a hedge against the feared double dip. 2) In place of that $154 billion bill, the White House prompted the House to pass a narrower $54 billion plan in May. 3) But Senate Democrats couldn't pass that bill either. 4) In some cases that means a renewed push for ideas Obama has been touting since late 2009. 5) For instance, it is more aggressively promoting a $13 billion business-hiring tax credit that Congress has already passed.10Supplementary Reading The credit crunch has shattered America's 'neoliberal dream' 1. It was ________ that caused the end of the dominance of free-market capitalism. A. American budget deficit B. the global financial crisis∨ C. International Monetary fund D. anti-market movement The two writers argued in their book that in most of the 20th century the world ________. A. spent the time fighting wars B. tried to find out what the American dream was about C. bought up the American dream and all its products∨ D. looked into the Americans and their way life More than $800 billion national debt in the form of treasury bonds was due to ________. A. a decade-long borrowing binge by the Americans∨ B. transfer of power C. credit crunch in the United States D. unbridled free-market capitalism IMF chief economist Olivier Blanchard believes that a zero interest rate ________. A. gives more room for monetary policy to be eased B. result in less deterioration of fiscal positions C. frees your hands during times of trouble D. is a severe restriction on monetary policy∨ The author of this article feels it is ________ for the IMF to impose its policies with conditions. A. acceptable B. natural C. unfair∨ D. normal Lord Turner is regarded as a hate figure in the IMF because he ________. A. challenged the financialization of the world economy∨ B. praised the neoliberal dream C. came up with many of the financial innovations D. revealed the true value of underlying assets It can be inferred that ________ is one of the credit derivatives that were claimed to enhance the transparency of the financial market. A. interest rate B. market intervention C. capital transfer D. the credit default swap∨ The following are the reasons why India avoided the worst situation of the financial crisis EXCPT that ________. A. it did not blindly accept the neoliberal orthodoxy B. it looked woefully backward∨ C. it kept some control over the growth of credit D. it did not follow financial liberalization112.3.4.5.6.7.8.9. What does the term “spiritual homes” mean in the article? A. Places where people can live like their own homes. B. Hospitals where mentally ill patients are treated. C. Centers of neoliberal capitalism where its proponents feel they belong and can depend on psychologically. ∨ D. Schools where children receive spiritual education. 10. The author thinks it’s still too early to say that we have had ________ though many countries in the world have taken divergent paths to development. A. a success in dealing with the global warming issue B. a fully thought-through alternative economic orthodoxy∨ C. a growing role for governments and regulation D. a replacement for Coke, denim or hamburgersUnit 4 The Incredible Shrinking Europe Exercises1. Answers to the questions on the text: 1) What was the dream that the Europhiles were familiar with? Their dream was to make E.U. a newly emboldened world power stepping up to calm trouble spots, using aid and persuasion where it could, but prepared to send in troops when it had to. 2) Why does the passage say that Europe is a remarkably good place to live? Because Europe is more stable, safe, green and culturally diverse than most parts of the world and a quality life can be guaranteed in E.U. states. 3) Does the good life at home make Europe strong abroad ? Why? No, a good life at home doesn’t mean a strong Europe abroad. Because the E.U. may have all the soft-power credentials in the world, but on the grand stage it has lacked the weight and influence of others on some big issues. 4) What do Critics think of the selection of Herman Van Rompuy and Catherine Ashton as Europe's President and Foreign Minister? They consider the selection as symbolic of a lack of vision and it means the grouping will have to reconcile itself to five years of underperformance. 5) What can be listed as E.U.’s achievements in the years around 1980s according to the passage? By extending an area of peace and liberal government to the east, the E.U. has done much to calm a part of the world that not long ago was the cockpit for murderous rivalries. 6) In what way can Europe realize its own dreams and those of others according to the passage? It has to act as a true single bloc and win others to its side. 7) Why does the German government face enormous domestic challenges in admitting its forces in Afghanistan are there to fight, not to be humanitarian workers in uniform ? Because one of modern Europe's most cherished convictions is that the force of arms rarely settles political disputes for long and European public opinion in the 20th century seems unwilling to commit to the war in Afghanistan for the long haul. 8) What roles did Germany play in Europe in the 20th century? For the last half of the 20th century, Germany was at the heart of the European experiment. But since the end of the Cold12War, it has stepped back from the E.U. and begun strengthening ties with Russia. 9 What are the advantages for E.U. to be chosen as the White House’s partner? The advantages are that Europe is rich and democratic, and its values are closer to those of the U.S. than those of anywhere else. 2. Fill in each blank of the following sentences with one of the phrases in the list given below. Make changes when necessary. 1) China will adhere to the principle of developing high technology and realizing industrialization to step up the commercialization, industrialization and internationalization of scientific and technological achievements. 2) In the recent crisis no banks could manage to bail out the companies in financial pressure. 3) In terms of the information from the Universe he is apathetic and sometimes irritable, he is like an ostrich sticking his head in sand. 4) It will be up to the board to decide if the CEO should be removed. 5) All our hopes rest upon the arrival of the shipment. 6) The plan has already been worked out, and could be put into operation at a moment's notice. 7) The whole machinery of civilization will break down if this doctrine wins in the war. 8) His remarks hit home when he said that we did not work enough. 9) Some analysts suspected that Toyota had pulled strings to stifle probes into its auto quality problems. 10) Mercy is reaching out to those who have nothing to give back to you.3. Match the terms in column A with the explanations in column B: A ____________________ 1)free market B_____________________________________ A) Effects on the behavior of individuals caused by observation of the actions of others and their consequences. 3 B) An economic turmoil where companies go bankrupt, people are laid off, and markets are sluggish. There is a lot of panic in both business and daily lives.9 C) A market in which there is no economic interventionby the state, except to enforce private contracts and the ownership of property. 1 D) A qualified retirement plan set up by a corporation, labor union, government, or other organization for its employees. 6 E) A form of collectivism by means of which people collectively pool their risk, in this case the risk of incurring medical expenses. 4 F) The ability to obtain what one wants through economic or cultural means. It allows nations to exert their influence without using military means or coercion. 8 G) A fight or contention for territory, power, control, or resources between tow more parties in a place or area.. 7 H) Things of great importance to a nation, including its goals, visions and ambitions in political, economic, cultural fields, etc. and actions, circumstances, and decisions to132) coalition government 3) demonstration effects 4) health insurance5) national interest 6) pension scheme7) turf war8) soft power 9) economic crunchachieve them. 5 I) A cabinet of a parliamentary government in which several parties cooperate. 24.Translate the following into Chinese.有什么能让欧洲振奋起来吗？ 当然：如果欧洲领导人能像 20 年前那样抓住时机，欧盟就将繁荣昌盛。 欧洲人担心工作不保和储蓄减少，各国政府和公司无法轻易借款，银行倒闭，单一货币摇摇欲坠，此时，欧盟 面临的不仅仅是经济危机，还有政治危机。到目前为止，欧洲各国面临的威胁有所不同。在过去的 18 个月里，它 们常因金融市场表现低迷而饱受争议或遭到指责， 大多在被否定与威吓中寻求庇护。 尽管采取了新一轮的紧缩政策， 并且向最脆弱的经济体启动了 11 小时庞大经济救援，欧洲在世界上的实力似乎已经削弱。 不屑一顾地看着欧洲对金融危机束手无策已成为亚洲和美洲的时尚。人们说，欧洲时代已成历史。日渐衰老而 又故步自封的欧洲人已无战胜逆境的决心。然而病态的欧洲对谁都没有益处。即使如此，目前欧盟仍是世界最大经 济体。如果它的经济运行健康的话，那么最严重的全球经济危机也许早已结束。在政治上，人人都与关乎欧洲命运 的宏伟理想息息相关，即敌对国家之间可以进行战略协作取得双赢而非发动战争。在社会上，所有的民主国家最终 都必须应对欧洲的难题，即政府和社保体系不断膨胀，可能阻碍为其提供资金的经济增长。 所以，不要耻笑欧洲的无能为力，全世界都应探询欧洲能否恢复活力，如果能，该怎样做。本报的回答不合时 宜，但却积极乐观。欧洲的失败并非注定。如果欧盟领导人表现出一点点勇气，那么，此次危机就能转化为自 20 世纪 80 年代以来经济繁荣发展的最好机会。 在那个时代，欧洲遭遇了因两次石油危机而引起的低增长和高失业。当时被称为“欧洲硬化症” ，但在杰出而 又脾气暴躁的法国政治家欧共体主席雅克 德洛尔的领导下，欧洲于 1992 年建立了单一市场，并恢复了活力，获得 了新生。这些改革为欧盟进入最具活力的时代打下了坚实的基础。现在的政客们从此应该能得到点启示。 在过去的数十年中，欧洲享有特权的“圈内人”一直阻止欧洲的改革。但德洛尔先生克服重重困难，联手主张 自由市场的自由派人士和欧洲一体化的倡导者，继续了这一改革进程。现在这一危机又为欧洲领袖们提供了继续改 革联盟的机会，又重新聚焦到单一市场上。他们应该抓住这一机会。5. Fill in each of the following gaps with one of the sentences given below: 1) 2) 3) 4) 5) Not only is the region lagging in the global rebound, it is also facing daunting long-term challenges. Whether or not Europe can resolve these problems matters to everyone, whether they live in Europe or not. Neither goal has been achieved. At stake is the entire European economic system itself. Many financial analysts believe the euro may continue its descent, perhaps to parity with the dollar, which would represent a further depreciation of nearly 20%.Supplementary Reading Europe struggles to contain debt turmoil 1) Portugal government took radical austerity measures in order _______________.14A. to seek help from IMF B. to strike investors C. to fend off the speculative trades ∨ D. to improve the government’s image 2) The countries that refused to take financial aid from E.U. are ________________. A. Spain and Ireland B. Portugal and Spain ∨ C. Portugal and Ireland D. Ireland and Greece 3) The debt-reducing package approved by the Portuguese Parliament include______. A. receiving more international loans B. lowing bond yields C. laying off workers D. tax hikes and pay and welfare cuts ∨ 4) Why did some E.U. members force Portugal to consider a bailout? _________. A. Because they were afraid that the recession would threaten the 16-nation euro currency. ∨ B. Because they would like to see the countries which were most in the spotlight to accept assistance. C. Because they wanted to avoid a sharper deterioration in bond markets. D. Because they wanted to buy time. 5) Who denied pressure on Portugal to take financial aid according to the passage?________. A. the European Commission, the European Central Bank and the German government ∨ B. the European Commission, the European Central Bank and IMF C. the European Commission, IMF and the German government D. the European Commission, the European Central Bank and the French government 6) How long does portugal have to to show markets it is able to bring its spending under control? A. One year. B. Six months. ∨ C. Sixteen months. D. It doesn’t mention. 7) The Athens government’s tougher reforms for 2011 resulted in __________. A. political turmoil B. high debt and low growth C. stocks slumped across the board D. public outrage and a planned general strike. ∨ 8) Why is Portugal especially vulnerable to market jitters according to the passage? _______. A. Portugal’s banks are said to be sound. B. Portugal’s high debt load compared to its gross domestic product and its meagre growth ∨ C. Portugal’s budget deficit last year was lower than those of Greece, Ireland and Spain D. Portugal’s poor financial management159) Which of the following is not the problem that Portugal faces in a long term? __________. A. A congested legal system and education levels among the lowest in Europe. B. Industry’s reluctance to risk adopting more modern work practices. C. Portugal hopes to cut the deficit to 4.6 per cent, below the EU average. ∨ D. Labour laws that make Portugal hard to fire workers. 10) Which of the following countries are not among the four highest budget deficit countries in the eurozone? __________. A. France and Spain B. Germany and Ireland ∨ C. Britain and France D. Portugal and SpainUnit 5 Japan Goes From Dynamic to Disheartened Exercises 1. Answer the questions on the text: 1) What were the two major factors comprising Japan’s economic bubble in the 1980’s? # speculative stock # property bubbles What were the methods Japanese government adopted to stimulate its economy, but turned out to be a failure? # budget deficits # flood of easy money What does “economic Godzilla” mean in the text? It means economic giant with enormous power. It is so quoted because it is a Japan cultural icon. What are the reasons that the U.S. would not follow Japan’s suit, according to some economists? # the greater responsiveness of the American political system # Americans’ greater tolerance for capitalism’s creative destruction What are the specified steps in the “deflationary trap”? Demand decreases→supply decreases→unemployment/reluctance in investing→less spending→less demand. What are the factors contributing to Japan’s even dimmer future? # the world’s largest government debt (around 200% of GDP) # a shrinking population # rising rates of poverty and suicide Why do people today refer to the Japanese youth as “herbivores”? Because: under the background of long-term economic stagnation, younger generation of Japan become pessimistic and fatalistic, and they lack ambitions that their parents once valued and become mildly tempered and behaved in both career and sex. What do you think of Japan’s real estate industry? During the period of deflation, property keeps losing its value, and people then refuse to buy new houses and house-owners are burdened with large sums of loan. They have to come up with different ways to cut expenses, which sabotages people’s expectations towards a better future. Why is Mr. Kaiami expecting inflation to come back again? Because the Japanese economy has been depressed and sluggish for so long. If inflation comes back he expects to see vibrancy of the Japanese economy again.162)3) 4)5) 6)7)8)9)10) According to the article, how would you explain “destructive destruction”? On the contrary to creative destruction, which describes the chaotic changes that occur when a new product (i.e., technology) or service is introduced into the market, and entrepreneurs can make great profit by innovation, destructive destruction here means people’s pessimistic expectation renders them making their living by cutting expenses and selling current property rather than risking creating new fortune. 2. Fill in each blank of the following sentences with one of the phrases in the list given below: 1) 2) I have discovered that paying down your loan can result in being cash poor when a need or emergency arises. The road to recovery is a long one, so the politicians must wake up to the recession, accept it and get us where we need to go. 3) All signs point to Apple’s iPad sales as the recovery of tablet PCs and future spending boom. 4) During this urgent period, journalists were told to hold back on some stories in case they might do damage to the delicate administration. 5) According to some analysts, BP Plc's oil spill in the Gulf of Mexico will drive down rental prices for deep- sea drilling vessels by about 20 percent. 6) Consolidation is likely to increase since no one player controls more than 10 percent of the market, there’s a golden opportunity for big fish to gobble up smaller businesses. 7) According to a survey, teachers and lawyers are put in the most overtime, they toil for ten hours a week unpaid. 8) They also added that they would not surrender the future of their children to a few people who are bent on enslaving them for life. 9) China's top legislature is to deliberate about the draft amendment to the personal income tax law, a major move that is meant to narrow the widening gap between the country's rich and poor. 10) We must bridge the gap between the supply and demand of power if we are to achieve higher rates of economic growth on a sustainable basis in the next decade. 3. Match the terms in column A with the explanations in column B: A B 1) budget deficit a) A procedure which, in certain jurisdictions, allows an individual to declare bankruptcy. 10 2) stagnation b) The highest-ranking corporate administrator in charge of total management of an organization. 9 3) price war c) The amount by which a government, company, or individual's spending exceeds its income over a particular period of time. 1 4) speculative stock d) A procedure with rapid increases in valuations of real estate until they reach unsustainable levels relative to incomes and other economic elements, followed by a reduction in price levels. 8 5) deflation e) Commerce money that can be borrowed at a low interest rate. 7 6) gross domestic product f) A period of time in which an economy experiences difficulties and achieves little or no growth. 2 7) easy money g) Market situation in which (usually two)178)property bubble9)chief executive officer10) personal bankruptcyPowerful competitors try to usurp each other's market share by progressively reducing prices until one of them retreats, at least temporarily. 3 h) The monetary value of all the finished goods and services produced within a country's borders in a specific time period. 6 i) A general decline in prices, often caused by a reduction in the supply of money or credit. 5 j) a stock with high risk relative to any potential positive returns. 46.Translate the following into Chinese:自 2008 年经济震荡以来酋长国城市迪拜遭受了媒体的负面宣传。假如该城市国的统治者们在这时退缩的话， 他们只能怪自己了。不管怎么说，是他们自己首先招徕了媒体的关注。只在二十来年之前，迪拜还只不过是空旷的 沙漠而已，没有任何理由建曼哈顿式的高楼大厦，更不用说世界最高楼了。也就是说，除了浮华的抱负外没有任何 其他理由能使荒芜之地变为世界上最具活力的城市之一。 当迪拜塔 （世界最高塔最初的名称）开建时，迪拜正处于由国外投机商促成的划时代繁荣之中，奢华发展项 目接连不断。1 月 4 日迪拜塔正式开张时虽烟花绚丽多睬，但实际上这种哗众取宠的表现已开始衰减了。在这数周 之前，迪拜最大的国有开发公司就已宣布无力偿债。官方公布的数据显示迪拜欠债主 800 亿美元，但阿拉伯地区最 大的投资银行 EFG-Hermes 估计其债务可能高达 1700 亿美元。 后来为了避免这一十分尴尬的局面， 石油资源丰富的 阿布扎比的统治者 Sheik Khalifa al-Nahyan 注入了 100 亿美元，而且该摩天大楼的主人把该楼改名为哈利法塔。对 于一个习惯于华丽辞藻的城市来说，这已是相当的落魄了。 不过，在接踵而来的恐慌、指控和幸灾乐祸之中，人们可能很容易忘记，海湾不仅仅只有迪拜。临近的竞争对 手们从金融危机中恢复的状态比其伤痕累累邻居要好，其中有些因更丰富的石油天然气资源比迪拜要富得多。根据 里雅得沙特法国银行和巴黎农业信贷银行首席经济学家 John Sfakianakis 的预测， 海湾地区今年不光能从全球衰退中 复苏，而且可能成为继东南亚经济后第二个最重要的全球经济增长中心。他说：“世界一直来只关注迪拜，但迪拜 不是海湾合作委员会，”他指的是比较松散的海湾国家政治和经济联盟。“从短期看，迪拜的问题可能会影响世界 对该地区的看法。但从长远看，海湾地区一定会展现强劲的增长势头。” 7. 1) 2) 3) 4) 5) Fill in each of the following gaps with one of the sentences given below: This is a nightmare for all but the most innovative businesses. Well, the Japanese are starting to do that. They might be living with their parents, saving their salaries for designer handbags. Always conscious that it has no oil of its own, Japan is now the most energy-efficient large economy. The capital's public-transport system also makes it easy and cheap to get around.Supplementary Reading Asian Economies Rebound in Spite of the West 1. The word &decoupling& in the first paragraph refers to the process that __________. A. U.S. economy is still reliant on Asia countries’ export so as to revive in a short time. B. U.S. economy doesn’t necessarily have to depend on Asian countries’ export.182.3.4.5.6.7.8.C. Asian economies become independent on U.S. consumption and boom all by themselves. ∨ D. Asian economies still have to depend on U.S. consumer spending. According to the context, what does “R.I.P.” in “decoupling R.I.P.” in the second paragraph mean? A. Rest in Peace. ∨ B. Routing Information Protocol. C. Render Immense Power. D. Recovery Is Possible. Which of the following is true as the signs of Asian economy recovery? A. China’s export has increased by 17% every month this year. B. India’s 5.8% growth is not as good as estimated. C. Indonesia has achieved a quick and smooth growth of 4.4%. D. India’s performance has exceeded previous expectation. ∨ What is the core of the decoupling thesis? A. The West will consume the majority of products that Asian economies produce. B. Asian economies can achieve growth among themselves by domestic demands. ∨ C. Consumer spending in Asia can't fill the gap left by falling exports to the U.S.. D. U.S. can hold up its economy by domestic demand. What is one important reason of Asian revival according to Merrill Lynch? A. The West is getting richer and begins to consume more goods from Asia.. B. China has a larger domestic demand which results in a jump in import from the rest of the region. ∨ C. Japan is more economically interrelated with other Asian countries. D. U.S. has declined the import from Europe and Japan, instead, it import more from Asia. Why does Chinese government spend large sum of money to cover 90% population with health-care? A. To build a good image in international community. B. To fulfill its commitment to upholding human rights. C. To persuade Chinese people into buying heath insurance. D. To remove the poor people’s economic burden and encourage them to consume more. ∨ In the last paragraph, what does “The American economy matters a lot less than people thought.” mean? A. American economy is less developed than Asia. B. American economy doesn’t matter to Asia any longer. C. People thought that American economy is not as good as Asia’s. D. American economy is far less important than it was considered to be. ∨ From this article, it can be inferred that__________? A. decoupling theory has already shifted from an idea to promise. B. Asia has begun to look into itself for future growth rather than outside economies. ∨ C. Japan is leading Asia to develop with its high technology and export. D. China is leading Asia to develop with its productivity and export.Unit 6 Goodbye, Free Trade?Exercises 1. Answer the questions on the text.191) What was the result when the House of Representatives passed the Hawley-Smoot Tariff Act in 1930? The economic recession in the United States became even worse. 2) According to the author, what happens when a currency appreciates? It diminishes the export advantage of the country and makes it difficult to increase exports or even maintain the status quo. 3) How did American politicians take advantage of the public’s strong anti-free-trade sentiment in the United States? They created a talking point in charges of unfair trade so that they thought they could benefit in the mid-term elections. 4) What did American politicians and economists agree and disagree over the Hawley-Smoot Tariff Act? Almost all of them agreed that it was a bad law, but they disagreed whether it triggered the Great Depression in the 1930s. 5) What did Milton Friedman think were the more important reasons for the Great Depression? The malfunctioning gold standard system and inept monetary policy of the Federal Reserve. 6) What was the foreign reaction unexpected by the American lawmakers after the Hawley-Smoot Tariff Act was enacted? The trading partners were angered and imposed discriminatory tariffs on American goods. Canada in particular, as the largest export market for the US, reacted fiercely and handed its market over to the British competitors. 7) Why is it unlikely for the US to adopt another Smoot-Hawley today in the eye of the author? (1) The US is much more integrated into the world economy today than it was in the 1930s. (2) Import restrictions seldom achieve their intended goals, instead, often end up hurting American industries and consumers. (3) The Americans have learned to consider the possible strong foreign retaliation against US exporters. 8) What were the respective results for those countries withdrawing from the gold standard and those clinging to it during the 1930s according to the author? Those countries going off the gold standard allowed their currencies to depreciate, avoided protectionist trade policies and, instead, used monetary policy to end price deflation and stimulate economic growth. Those countries choosing to stay on pursued protectionist trade policies by imposing high tariffs, import quotas and exchange controls, which did little in boosting their economic growth. Thus they suffered a longer economic depression. 9) How does the author justify his support for the policy of &quantitative easing&? (1) Historically, the most important tool for resisting protectionist sentiment in the 1930s was a monetary policy that would promote economic growth. Today the US is in a similar situation. Taking right monetary policy can alleviate the pressure on Washington to adopt protectionist trade policy and can help to raise output before it leads to a high inflation. (2) He also quotes what Charles Evens said: Additional measures taken by the Fed to stimulate growth should condoned, not condemned. (3) What Mr. Friedman wrote 1997 about Japan: The surest road to a healthy economic recovery is to increase the rate of monetary growth, to shift from tight money to easier money. 10) What does the author imply about the US Congress? In comparison with the Fed, the US Congress is following a trade protectionist policy in blaming other countries for its unemployment and may cause serious trade retaliations from trading partners. 2. Fill in each blank of the following sentences with one of the phrases in the list given below. Make changes when necessary. 1) As the financial scandal involves so many people, the probe in to it could drag on for another year.202) 3) 4)In the age of globalization more individuals are forced to integrate into multinational work teams. Many in Europe are now very much worried that it may sink into a Japan-style economic recession. But the business leaders yesterday warned against interest rate rises, arguing that inflation was being driven not by consumer spending, but by rising commodity prices. 5) After the call scandal, the American automakers and some politicians there were so eager to keep their rival Toyota at bay in the auto market. 6) Under the current labor law, two categories of employees are exempt from minimum wage and overtime requirements. 7) Though the local partner made a revised offer, the foreigner investor refused and reverted back to the original agreement conditions. 8) Last Friday the two parties met for more than five hours only to end up walking away from the table once again, reaching no agreement at all. 9) When the government supervises banks, it should take into account their pay and bonus structures which may often be the source of corruption. 10) The customers severely affected in the incident demanded that the company put in place effective measures to avoid occurrence of such things in the future. 11) It’s critical to take hold of any opportunity coming your way because it will never come back again once lost. 12) At times of economic depression, people are more inclined to unethical means in their business.3. Match the terms in column A with the definitions in column B: A__________________________ 1) unfair trade B____________________________________ A) Restrictions that governments put in place on the purchase or sale of a foreign or local currency, particularly by those in shortage of hard currencies. 6 2) real estate B) Escalation of protectionism between two or more countries that impose punitive tariffs and barriers in retaliation for each other. 8 3) business cycle C) A general decline in prices often caused by a reduction in the money supply or a decrease in spending. 5 4) trade protectionism D) Unjustifiable and discriminatory policies and supports by a government to its own firms, ranging from export subsidies to anticompetitive practices. 1 5) price deflation E) Land, buildings, homes or anything fixed, immovable, or permanently attached that can be traded in the market. 2 6) exchange control F) The policy of imposing duties or quotas on imports in order to protect home jobs, markets or industries from overseas competition. 9 7) competitive currency devaluation G) A company or country with whom you have an ongoing business relationship and engage in importing or exporting activities. 10218) trade war9) import barriers10) trading partnerH) A predictable long-term pattern of economic activity that an economy experiences four stages including decline, recession, recovery and boom. 3 I) The currency devaluation by a government to make its goods more competitive in the international markets. 7 L) The economic policy of restraining business between states through a variety of government actions to discourage imports and prevent foreign take-over of domestic markets and companies. 44. Translate the following passage into Chinese. 按官方的说法，中美间过去三天日益严重的贸易纠纷涉及轮胎、鸡肉和汽车，但实际上远远超出此范围。 双方政府都面临着压力，需要在经济问题上向对方采取更为强硬的立场。尽管双方都试图进行合作以期恢复全 球经济并共同去应对所面临的安全威胁，但贸易摩擦却使其政治关系越来越紧张。 本周五奥巴马宣布美国将对中国轮胎征收高达 35%的关税，中国商务部对美国的行动做出快速反应，提出了程 式化的批评，并在周日晚间宣布它将采取第一批措施，对美国出口的汽车配件和鸡肉征收关税。 中国政府的严厉反制措施是在周末中国网站出现民族主义怒潮后宣布的。有个网民说， “美国真无耻！，另一 ” 个网民则要求中国政府把持有的所有美国国债抛售掉。在中国兴起的民族主义使中国政府官员更难掩饰对美国的批 评。 “所有的政策制订，不光贸易政策，都需更多地考虑网民的意见， ”经济政策制订方面的美国专家 Victor Shih 说。 奥巴马对中国轮胎征求关税的决定说明，他打算实现其向工会所做的许诺：更严格地实施贸易法，尤其是对中 国，因为中国已成为世界的加工厂而美国则已失去了数百万个制造业的就业机会。2008 年与中国的贸易赤字达到 创纪录的 2680 亿美元。 多年来美国政客只要对中国显示强硬立场，对其严格分类的出口产品提出象征性的惩罚措施就能在国内政治中 得分获益。在过去 5 年内，美国限制进口的中国货物种类繁多，包括胸罩和油井设备。 在多数情况下，中国官员会抱怨但很少采取实际行动，更愿意维持一种不平衡的贸易关系，美国向中国 销售每 1 美元的货物就得从中国购买 4.46 美元的中国货物。 现在这种微妙的平衡正在被打破。中国商务部周日宣布它将对来自美国的一些汽车配件和鸡肉产品的进 口展开调查，以确认这些产品是否得到了补贴或是否在中国市场上以低于成本的价格进行倾销。如果这些产 品被发现有补贴或倾销，那中国就可以对其征收关税。 商务部在这一宣布中没有提及轮胎纠纷一事，把其展开的调查描述为是“根据国内法律和世界贸易组织规则” 进行的。但是这一宣布的时间选择（是在华盛顿宣布轮胎决定后的周末）发出了一个明显的信号：进行贸易报复。 官方的新华社网站则在其报道中很明显地将轮胎纠纷和中国的调查联系在一起。 5. Read the following text and choose the best sentence from the list A-E below to fill in each of the gaps in the text. 1) 2) 3) 4) 5) It is also prompting concern among US businesses reliant on the rest of the world for growth. That is up from 46 per cent three years ago and 32 per cent in 1999. Therefore, they have shifted their opinion and are now expressing significant concern about the notion of free trade. The rhetoric about these effects may be heated by approaching congressional elections. They even believe that China has replaced Wall Street as the villain du jour.22Supplementary Reading Global Trade's New Direction Reading Comprehension Questions: 1) We can infer from the first paragraph that Singapore Port is very ________ mainly because of its trade relations with ________. A. India B. Saudi Arabia C. China∨ D. the United States 2) Why are Ramadan, Diwali and Chinese New Year given more attention to now? A. Because Asia has grown to be the trading center in international trade. ∨ B. Because people are getting more interested in their cultures. C. Because they are not so famous outside Asia. D. Because people want to find out what they really are. 3) Booming trade among Asian countries is challenging ________. A. the current international trade system B. the economic dominance in the world C. the traditional way of trading D. the dominant position the US dollar in global trade ∨ 4) According to the article, China has become ________ for Asian countries. A. a major import market B. a major export market ∨ C. a big FDI source D. a big FDI destination 5. As Planned by Yap, his company’s export to China will increase to ________ in the next five years. A. 30% ∨ B. 20% C. 10% D. 40% 6. In ancient times, it was ________ that linked the whole Asia in trading. A. Persia B. South Asian deserts C. Silk Road ∨ D. caravan routes 7. A HSBC commercial banking official says that trade transactions between Asian countries will ________ in the future. A. be more attractive to them B. be more settled in yuan ∨ C. be settled only in US dollar D. be settled only in yuan 8. As indicated by the author, the purchase of APL by Singapore’s Neptune symbolizes ________. A. the loss of the US as the superpower B. the dominant position of Singapore in global shipping C. the financial power of Singapore in consolidation D. the rising of Asia in global trade ∨Unit 7 Can Detroit Be Retooled ― Before It's Too Late?23Exercises 1. Answer the questions on the text: 1) what is the problem the would-be car buyers may face according to Rod Buscher, CEO of Summit Automotive Partners in Denver? The would-be buyers lack either the income or the access to credit that would allow them to drive a new car off the lot. 2) Why is GM said to have a stark and steep job to do when the President’s auto task force presented the to-do list? According to the list GM has to shrink labor costs, including retiree health- kill or sell low- and reduce the number of models for sale and the number of dealers selling them. Should all the parties concerned fail to accomplish that by the deadline of June 1, GM may go into bankcruptcy. 3) How can U.S. automakers take advantage of the coming car boom? Companies that can meet consumers' needs for fuel-efficient yet stylish cars ― and that have flexible manufacturing plants to turn out the hot products on demand ― are likely to find huge opportunities for growth in the coming car boom. 4) What does the White House’s auto-task-force working group plan to do with Chrysler? It plans to close the deal on Chrysler's sale to Fiat. Ron Bloom, one head of the group, has taken the lead in trying to negotiate the sale of 20% (at least initially) of Chrysler to Fiat. 5) What is VEBA approach to solve GM’s problem of retiree health and pension benefits? In a VEBA, the union agrees to accept a cash payment to fund a new health-care system that trustees administer, thus taking future liabilities off the company's books. 6) Why does the UAW feel particularly aggrieved about the task force's approach? Because it has agreed to an unending series of givebacks over the past 20 years. Even before this latest crisis, the UAW’s agreement to the 2007 contract would have put Detroit's labor cost per car within a couple of hundred dollars of Toyota's and the other foreign automakers’. 7) Why are analysts so optimistic about the future car sales? Because Americans have be