商务英语阅读第二版王关富优选资料UnitTime to rebalanc 课后答案e

商务英语阅读第二版王关富优选资料UnitTime to rebalanc 课后答案e
商务英语阅读第二版王关富优选资料UnitTime to rebalanc 课后答案e

U n i t 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%.

(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)Investors from big cities are quick to snap up real estates in this booming town for their

rising future values.

2)There are already clear signals that the investors will shift away from the financial firm

in legal trouble.

3)High input are likely to put pressure on steel prices in the domestic market even if

demand still remains high.

4)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.

5)Many economists fear that the contraction of money supply may dry up financing needed

for various economic activities.

6)Professor Nil was, however, quick to warn the public to be on their guard against those

counterfeits already in circulation.

7)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.

8) 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.

9)The writer’s fame shrank last year because the public thought he was knocking out so

many things.

10)Business leaders have urged the government to snap up farmland overseas to grow

basic staples as a buffer against soaring food prices.

11)The Vancouver team vowed to get back to doing the little things right and knew it would

add up to big things.

12)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_______________________ B________________________________________

1)emerging market 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

2)profit margin B) A construct that represents economic

by a set of and a set of

and quantitative relationships between

3)consumer spending 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

4)consumerism D) The process of moving from a period of losses

or low profitability into a more profitable stage

for a firm, industry or

5)disposable income E) of after to cost-of-sales, often

expressed a , ing the

of a and indicating its

6)option F) Portion of the consisting

of exports and imports of goods and services, as

well as transfer payments such as foreign aid

grants. 9

7)economic restructuring G) The amount of money spent by households,

measured monthly, making up an important part

of an

8)turnaround H) The phenomenon of an economy shifting from

a to a economic

base. 7

9)current account I) A movement equating personal happiness with

purchasing material possessions and

. 4

10)economic model J) The of to an

have been , for

spending and . 5

4.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%,达到万亿美元。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.

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

2. 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

3. 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

4. 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∨

5. 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

6. 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

7. 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∨

8. 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 liberalization

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 hamburgers

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商务英语词汇大全(一)economist 经济学家socialist economy 社会主义经济capitalist economy 资本主义经济collective economy 集体经济planned economy 计划经济controlled economy 管制经济rural economics 农村经济liberal economy 经济mixed economy 混合经济political economy 政治经济学protectionism 保护主义autarchy 闭关自守primary sector 初级成分private sector 私营成分,私营部门public sector 公共部门,公共成分economic channels 经济渠道economic balance 经济平衡economic fluctuation 经济波动economic depression 经济衰退economic stability 经济稳定economic policy 经济政策economic recovery 经济复原understanding 约定concentration 集中holding company 控股公司trust 托拉斯cartel 卡特尔rate of growth 增长economic trend 经济趋势economic situation 经济形势infrastructure 基本建设standard of living 生活标准,生活水平purchasing power, buying power 购买力scarcity 短缺stagnation 停滞,萧条,不景气underdevelopment 不发达underdeveloped 不发达的developing 发展中的initial capital 创办资本frozen capital 冻结资金frozen assets 冻结资产fixed assets 固定资产 房地产,不动产real estate circulating capital, working capital 流动资本available capital 可用资产capital goods 资本货物reserve 准备金, 储备金calling up of capital 催缴资本allocation of funds 资金分配contribution of funds 资金捐献working capital fund 周转基金revolving fund 循环基金,周转性基金contingency fund 意外开支,准备金reserve fund 准备金buffer fund 缓冲基金,平准基 金sinking fund 偿债基金investment 投资,资产investor 投资人self-financing 自筹经费, 经费自给bank 银行current account 经常帐户(美作:checking account )current-account holder 支票帐户(美作:checking -account holder )cheque 支票(美 作:check )bearer cheque, cheque payable to bearer 无记名支票,来人支票crossed cheque 划线支票traveller's cheque 旅行支票chequebook 支票簿, 支票本(美作:checkbook )endorsement 背书transfer 转让,转帐,过户money 货币issue 发行ready money 现钱cash 现金ready money business, no credit given 现金交易,概不赊欠change 零钱banknote, note 钞票, 纸币(美作:bill )to pay (in)cash 付现金domestic currency, local currency] 本国货币convertibility 可兑换性convertible currencies 可兑换货币exchange rate 汇率,兑换率foreign exchange 外汇floating exchange rate 浮动汇率free exchange rates 汇兑市场 外汇兑换券foreign exchange certificate hard currency 硬通货speculation 投机saving 储装,存款depreciation 减价, 贬值devaluation (货币)贬值revaluation 重估价runaway inflation 无法控制的通货膨胀deflation 通货紧缩capital flight 资本外逃

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