Chapter 12 课后答案
完整版投资学第7版TestBank答案12
Chapter 12 Behavioral Finance and Technical Analysis Multiple Choice Questions1. Conventional theories presume thatinvestors presumes that they __ .A)B)C)D)E) and behavioral finance2.3.are irrational; are irrational arerational; may not be rational arerational; are rational may not berational; may not be rational may notbe rational; are rationalAnswer: B Difficulty:EasyThe premise of behavioral finance isthat A)B)C)D)E)conventional financial theory ignores how real people make decisions and that people make a difference.conventional financial theory considers how emotional people make decisions but the market is driven by rational utility maximizing investors.conventional financial theory should ignore how the average person makesdecisions because the market is driven by investors that are much moresophisticated than the average person.B and Cnone of the aboveAnswer: A Difficulty:EasySome economists believe that the anomalies literature is consistent with investo'rs _________________ and .ability to always process information correctly and therefore they infercorrect probability distributions about future rates of return; given aprobability distribution of returns, they always make consistent and optimal decisions inability to always process information correctly and therefore they infer incorrect probability distributions about future rates of return;given a probability distribution of returns, they always make consistent and optimal decisions ability to always process information correctly andtherefore they infer correct probability distributions about future rates of return; given a probability distribution of returns, they often makeinconsistent or suboptimal decisions inability to always process information correctly and therefore they infer incorrect probability distributions about future rates of return; given a probability distribution of returns, they often make inconsistent or suboptimal decisions none of the aboveA)B)C)D)E)Answer: D Difficulty: ModerateInformation processing errors consist of I) forecastingII) overconfidenceIII conservatismIV) framingA) I and IIB) I and IIIC) III and IVD) IV onlyE) I, II and IIIAnswer: E Difficulty: Moderate research suggests that people underweight recentinformation. research suggeststhat people overweight recentinformation. research suggeststhat people correctly weightrecent information. either A orB depending on whether theinformation was good or bad.none of the above.Answer: B Difficulty: ModerateDeBondt and Thaler believe that high P/E result from investorsA) B) C) D) E) Answer: A Difficulty: ModerateIf a person gives too much weight to recent information compared to priorbeliefs, they would make errors.A) B) C) D) E) 4. 5. Forecasting errors are potentially important because A) B) C) D) E) 6. earnings expectations that are too extreme.earnings expectations that are not extreme enough.stock price expectations that are too extreme.stock price expectations that are not extremeenough. none of the above.7. framingselection biasoverconfidenceconservatismforecastingAnswer: E Difficulty: ModerateChapter 12 Behavioral Finance and Technical Analysis8. Single men trade far more often than women. This is due togreater men.A)B)C)D)E) framing regret avoidance overconfidence conservatism none of the aboveAnswer: C Difficulty: Moderate9. _____________ may be responsible for the prevalence of active versuspassive investments management.A) B) C) D) E)ForecastingerrorsOverconfidenceMental accountingConservatismRegret avoidanceAnswer: B Difficulty: Moderate10.11. amongBarber and Odean (2000) ranked portfolios by turnover and report that thedifference in return between the highest and lowest turnover portfolios is 7% per year. They attribute this to A) B) C) D) E)overconfidenceframing regretavoidance sampleneglect all ofthe aboveAnswer: A Difficulty: Moderate_________ bias means that investors are too slow in updating their beliefs in response to evidence.A) B) C) D) E)framing regretavoidanceoverconfidenceconservatism noneof the aboveAnswer: D Difficulty: ModeratePsychologists have found that people who make decisions that turn out badly blamethemselves more when that decision was unconventional. The name for thisphenomenon isA) B) C) D) E) Answer: A Difficulty: ModerateRationale: An investments example given in the text is buying the stock of a start-up firm that shows subsequent poor performance, versus buying blue chipstocks that perform poorly. Investors tend to have more regret if they chose the less conventional start-up stock. DeBondt and Thaler say that such regret theory is consistent with the size effect and the book-to-market effect.An example of_________ is that a person may reject an investment when it is posed interms of risk surrounding potential gains but may accept the same investment if it is posed in terms of risk surrounding potential losses.A) B) C) D) E) Answer: A Difficulty: ModerateStatman (1977) argues that________ is consistent with some investors' irrationalpreference for stocks with high cash dividends and with a tendency to hold losingpositions too long.A)B)12. regret avoidanceframing mentalaccountingoverconfidenceobnoxicity13. framing regretavoidanceoverconfidenceconservatism noneof the above14. mental accountingregret avoidanceoverconfidenceconservatism noneof the aboveC)D)E)Answer: A Difficulty: ModerateChapter 12 Behavioral Finance and Technical Analysis15. An example of ________ is that it is not as painful to have purchased a blue-chip stock that decreases in value, as it is to lose money on an unknown start-up firm. A) B) C) D) E) mental accounting regret avoidanceoverconfidenceconservatism none of the aboveAnswer: B Difficulty: Moderate16. Arbitrageurs may be unable to exploit behavioral biases duetoI) II) III ) IV) V)fundamental riskimplementation costsmodel riskconservatism regretavoidance17. A) B) C) D) E)I and II onlyI, II, andIIII, II, III,and V II,III, and IVIV and VAnswer: B Difficulty: Moderate _____________ are good examples of the limits to arbitrage because they show that the law of one price is violated.I) II) III ) IV) V)Siamese Twin CompaniesUnit trustsClosed end fundsOpen end fundsEquity carve outsA) B) C) D) E) I and III, II, andIII I, III,and V IVand VVAnswer: C Difficulty: ModerateChapter 12 Behavioral Finance and Technical Analysis___ was the grandfather of technical analysis. Harry Markowitz William SharpeCharles Dow Benjamin Graham none of the aboveAnswer: C Difficulty: EasyRationale: Charles Dow, the originator of the Dow Theory, was the grandfather of technical analysis. Benjamin Graham might be considered the grandfather offundamental analysis. Harry Markowitz and William Sharpe might be considered the grandfathers of modern portfolio theory.The goal of the Dow theory is toA) B) C) D) E) Answer: E Difficulty: EasyRationale: The Dow theory uses the Dow Jones Industrial Average as an indicator of long-term trends in market prices.A long-term movement of prices, lasting from several months to years is calleda minor trend a primary trend an intermediate trend trend analysis B and D Answer: B Difficulty: Easy Rationale: Minor trends are merely day-to-day price movements; intermediatetrends are or offsetting movements in one direction after longer-term movements in another direction; trends lasting for the period described above are primary trends.18. A) B)C) D) E) 19. identify head and shoulderpatterns. identify breakaway points. identify resistance levels. identify support levels. identifylong-term trends. 20. A)B)C)D)E)Chapter 12 Behavioral Finance and Technical Analysis21. A daily fluctuation of little importance iscalled A) B) C) D) E)a minor trend aprimary trend anintermediate trend amarket trend none ofthe aboveAnswer: A Difficulty:Easy22. Price movements that are caused by short-term deviations of prices from theunderlying trend line are calledA)B)C)D)E) primary trends. secondary trends. tertiary trends. Dow trends. contrary trends.Answer: B Difficulty: EasyRationale: The secondary trend is caused by these deviations, which areeliminated by corrections that bring the prices back to the trend lines.23. The Dow theory posits that the three forces that simultaneously affect stockprices areI) II) III ) IV) V) primary trend intermediate trend momentum trend minor trend contrarian trendA)B)C)D)E) I, II, and III II, III, and IV III, IV and VI, II, and IV I, III, and VAnswer: D Difficulty: ModerateChap ter 12 Behavioral Finance and Tech ni cal An alysisis a rece nt variati on of the Dow Theorysuggests that stock p rices can be described by a set of wavep atter ns is similar to the Kon dratieff Wave theory A and B A, B, and C An swer: E Difficulty: EasyRati on ale: Both the Elliot Wave Theory and the Kon dratieff Wave Theory are rece nt variati ons on the Dow Theory, which suggests that stock p rices move in ide ntifiable wave p atter ns.An swer: B Difficulty: EasyRati on ale: A trin ratio of less tha n 1.0 is con sidered bullish because thedecli ning stocks have lower average volume tha n the adva ncing stocks, in dicati ng net buying p ressure.On October 29, 1991 there were 1,031 stocks that adva need on the NYSE and 610 thatdecli ned. The volume in adva ncing issues was 112,866,000 and the volume in decli ning issues was 58,188,000. The trin ratio for that day was and tech ni cal an alystswere likely to be .A) B) C) D) E) An swer: A Difficulty: ModerateRatio nale: (1,031/610)/ (112,866,000/58,388,000) = 0.87. A trin ratio less than 1 is con sidered bullish because adva ncing stocks have a higher volume tha n decli24. The Elliot Wave Theory A) B)C)D)E)25. A trin ratio of less tha n 1.0 is considered as a A) B) D) E) bearish sig nalbullish sig nalbearish sig nal by some tech ni cal an alysts and a bullish sig nal byother tech nical an alystsbullish sig nal by some fun dame ntalistsC and D26. 0.87, bullish0.87, bearish1.15, bullish1.15, bearishnone of the aboveChapter 12 Behavioral Finance and Technical Analysis ning stocks, in dicat ing a buying p ressure.Chap ter 12 Behavioral Finance and Tech ni cal An alysisAnswer: E Difficulty: ModerateTwo popular moving average periods are A) B) C) D) E) Answer: D Difficulty: Moderate_____________ is a measure of the extent to which a movement in the market index is reflected in the price movements of all stocks in the market.A) B) C) D) E) Answer: C Difficulty: Moderate27. In regard to moving averages, it is considered tobe a market price breaks through the moving averagefrom A) B) C) D) E)bearish; below bullish: belowbearish; abovebullish aboveB and Csignal when28.90-day and 52 week180-day and three year180-day two year 200-day and 53 week 200-day and two year29.put-call ratiotrin ratioBreadthconfidence indexall of the above30. Then confidence index is computed fromconsidered _____________ signals.A) B) C) D) E) and higher values are bond yields; bearishodd lot trades;bearish odd lottrades; bullishput/call ratios;bullish bond yields;Answer: E Difficulty: Moderate31. The put/call ratio is computed as _________ signals. the number of outstanding put options divided by outstanding call options; bullish or bearish the number of outstanding put options divided by outstanding call options; bullish the number of outstanding put options divided by outstanding call options; bearish the number of outstanding call options divided by outstanding put options; bullish the number of outstanding call options divided by outstanding put options; bullish and higher values are considered 32. 33. 34. A) B) C) D) E) Answer: A Difficulty: Moderate The efficient market hypothesis A) B) C) D) E) implies that security prices properly reflect information available to investors has little empirical validity implies that active traders will find it difficult to outperform a buy-and-hold strategy B and C A and C Answer: E Difficulty: Moderate Tests of market efficiency have focused on A) B) C) D) E) the mean-variance efficiency of the selected market proxy strategies thatwould have provided superior risk-adjusted returns results of actual investments of professional managers B and C A and B Answer: D Difficulty: Moderate The anomalies literature A) B) C) D) E)provides a conclusive rejection of market efficiency provides a conclusive support of market efficiency suggests that several strategies would have provided superior returns A and C none of the above Answer: C Difficulty: ModerateAnswer: D Difficulty: ModerateAnswer: C Difficulty: Moderateand if prices are not correct . there are no easy profit opportunities; there are no easy profit opportunities there are no easy profit opportunities; there are easy profit opportunities there are easy profitopportunities; there are easy profit opportunities there areeasy profit opportunities; there are no easy profitopportunities none of the aboveAnswer: A Difficulty: Moderate___________ can lead investors to misestimate the true probabilities of possible events or associated rates of return.A)B)C)D)E)Answer: A Difficulty: Moderate35. Behavioral finance argues that A) B) C) D) E)even if security prices are wrong it may be difficult to exploit them the failure to uncover successful trading rules or traders cannot be taken as proof of market efficiency investors are rational A and B all of the above 36. Markets would be inefficient if irrationalinvestors arbitragers were .A) B) C) D) E) existed; unlimiteddid not exist;unlimited existed; limited did not exist; limited noneof the aboveand actions if 37. If prices arecorrect A) B) C)D)E) 38. Information processingerrors Framing errorsMental accounting errorsRegret avoidance all of theabove39.40.41.42.and ___________ .people give too little weight to recent experience compared to prior beliefs;tend to make forecasts that are too extreme given the uncertainty of theirinformation people give too much weight to recent experience compared to prior beliefs; tend to make forecasts that are too extreme given the uncertainty of their information people give too little weight to recent experience compared to prior beliefs; tend to make forecasts that are not extreme enough given the uncertainty of their informationpeople give too much weight to recent experience compared to prior beliefs;tend to make forecasts that are not extreme enough given the uncertainty of their information none of the aboveKahneman and Tversky (1973) report that peopleA)B)C)D)E)Answer: B Difficulty:DifficultErrors in information processing can lead investors tomisestimate A) B)C) D)E)true probabilities of possible events and associated rates ofreturn true probabilities of possible events rates of returnthe ability to uncover accounting manipulation fraudAnswer: A Difficulty: ModerateDeBondt and Thaler (1990) argue that the P/E effect can be explainedby A) B)C)D) E)forecasting errorsearnings expectations that are too extremeearnings expectations that are not extremeenough regret aviodanceA and BAnswer: E Difficulty: ModerateBarber and Odean (2001) report that men trade _the frequent trading leads to ________returns.A) B) C) D) E)frequently than women and less; superiorless; inferiormore; superiormore; inferiornone of the aboveAnswer: D Difficulty: ModerateAnswer: D Difficulty: Moderate If information processing were perfect, many studies conclude that individualswould tend to make A) B) C) D) E)Answer: A Difficulty: ModerateThe assumptions concerning the shape of utility functions of investors differ between conventional theory and prospect theory. Conventional theory assumesthat utility functions are whereas prospect theory assumes that utilityfunctions areAnswer: A Difficulty: Difficult43. Conservatism implies that investors are too ___ response to new evidence and that they initially A) B) C) D) E) in updating their beliefs in ___ react to news.quick; overreact quick; under react slow; overreact slow; under react none of the above A) B) C) D) E) concave and defined in terms of wealth; s-shaped (convex to losses and concave to gains) and defined in terms of loses relative to current wealth convex and defined loses relative to current wealth; s-shaped (convex to losses and concave to gains) and defined in terms of loses relative to current wealth s-shaped (convex to losses and concave to gains) and defined in terms of loses relative to current wealth; concave and defined in terms of wealth s-shaped (convex to losses and concave to gains) and defined in terms of wealth; concave and defined in terms of loses relative to current wealth convex and defined in terms of wealth; concave and defined in terms of gains relative to current wealth44. decision using that information dueto less-than-fully rational; behavioral biases fullyrational; behavioral biases less-than-fully rational; fundamental risk fully rational; fundamental risk fully rational; utility maximization 45.46. The law-of-one-price posits that ability to arbitrage would force prices ofidentical goods to trade at equal prices. However, empirical evidence suggeststhat __________________________________________________________________________ areSiamese Twin Companiesequity carve outs closed-end fundsA and C all of the aboveoften mispriced.A)B)C)D)E)Answer: E Difficulty: DifficultEssay Questionspare and contrast the efficient market hypothesis with the school of thought termedbehavioral finance.Difficulty: DifficultAnswer:The efficient market hypothesis posits that investors are fully informed, rational,utility maximizers. Thus, security prices will fully reflect all information available to the investors. If any security becomes mispriced, the collective buying and sellingactions of investors will quickly cause prices to change. Given an efficient market, itwould be difficult to find a trading rule that would consistently outperform the market.Moreover, failure to uncover profitable trading strategies may be taken as proof of market efficiency. Behavioral finance argues that conventional theory ignores how real peoplemake decisions and that people make a difference. Behavioral finance says that investors possess two “ irrationalities ” . First, investors do not always process information correctly and secondly they often make systematically suboptimal decisions.Given less than perfectly rational investors, prices may be wrong and it still may be hard to exploit them. Thus, failure to uncover profitable trading strategies may not be taken as proof of market efficiency.48.Behavioral finance posits that investors possess information processing errors. Discuss theimportance of information processing errors then list and explain the four informationprocessing errors discussed in the text.Difficulty: DifficultAnswer:Information processing errors are important because they can lead investors to misestimate the true probabilities of possible events or associated rates of return. The four information processing errors are forecasting errors, overconfidence, conservatism, and sample size neglect Forecasting errors arise when people give too much weight to recent experience. This leads to forecasts that are too extreme. Overconfidence refers to traders believing that they are better than average. This belief that they are superior leads to frequent trading (and according to empirical evidence, lower returns). Conservatism refers investors being slow in responding to new information rather than acting immediately. Sample size neglect refers to investors ignoring the size of a sample and making inferences based on a small sample.49.Behavioral finance posits that investors possess behavioral biases. Discuss the importance ofbehavioral biases then list and explain the four behavioral biases discussed in the text.Difficulty: DifficultAnswer:Behavioral biases are important because even if information processing was perfect, individuals may tend to make less-than-fully rational decisions using thatinformation.The four behavioral biases are framing, mental accounting, regret avoidance, and prospect theory (or loss aversion). Framing refers to the tendency of investors to change preferences due to the way an investment is “ framed ” (i.e., in terms of risk or in termsreturn). Mental accounting is a specific form of framing where an investor takes a lot of risk with one investment account but little risk with another account. Regret avoidance refers to the tendency of investors to blame themselves more for an unconventional investment that was unsuccessful than a conventional investment that was unsuccessful. Prospect theory (loss avoidance) suggests that the investor's utility curve is not concave and defined in terms of wealth. Instead, the investor's utility function would be defined in terms of losses relative to current wealth. Thus, the utility curve is convex to losses and concave to gains giving rise to an s-shaped utility curve.50.Discuss what technical analysis is, what technical analysts do, and the relationship betweentechnical analysis, fundamental analysis, and behavioral finance.Difficulty: DifficultAnswer:Technical analysis attempts to exploit recurring and predictable patterns in stock prices to generate superior portfolio performance. To determine recurring patterns, technical analysts examine historical returns by means of charts and or time-series analysis (such as moving averages). Technical analysts do not deny fundamental analysis but believe that pricesadjust slowly to new information. Therefore, the key is to exploit the slow adjustment to the correct new price when information is released. Technical analysts also use volume and other data to assess market sentiment in an attempt to ascertain the future direction of the market. Behaviorists believe that behavioral biases may be related to both price and volume data. Thus, technical analysis can be related to behavioral finance.。
公司理财课后习题及答案chapter12estimatingthecostofcapital
Corporate Finance, 3e (Berk/DeMarzo)Chapter 12 Estimating the Cost of CapitalThe Equity Cost of CapitalUse the following information to answer the question(s) below.Assume that the risk-free rate of interest is 3% and you estimate the market's expected return to be 9%.1) Which firm has the most total riskA) EenieB) MeenieC) MineyD) MoeAnswer: CExplanation: C) Total risk is measured using volatility and Miney has the highest volatility, hence the most total risk.Diff: 1Section: The Equity Cost of CapitalSkill: Analytical2) Which firm has the least market riskA) EenieB) MeenieC) MineyD) MoeAnswer: AExplanation: A) Market risk is measured using beta and Eenie has the lowest beta, hence the lowest market risk.Diff: 1Section: The Equity Cost of CapitalSkill: Analytical3) Which firm has the highest cost of equity capitalA) EenieB) MeenieC) MineyD) MoeAnswer: DExplanation: D) Cost of capital is measured using the CAPM and is a linear function of beta. Therefore the firm with the highest beta (Moe) has the highest cost of equity capital.Diff: 1Section: The Equity Cost of CapitalSkill: Analytical4) The equity cost of capital for "Miney" is closest to:A) %B) %C) %D) %Answer: CExplanation: C) r Miney = 3% + (9% - 3%) = %Diff: 1Section: The Equity Cost of CapitalSkill: Analytical5) The equity cost of capital for "Meenie" is closest to:A) %B) %C) %D) %Answer: BExplanation: B) r Meenie = 3% + (9% - 3%) = %Diff: 1Section: The Equity Cost of CapitalSkill: Analytical6) The risk premium for "Meenie" is closest to:A) %B) %C) %D) %Answer: AExplanation: A) risk premium Meenie = (9% - 3%) = % Diff: 2Section: The Equity Cost of CapitalSkill: AnalyticalThe Market PortfolioUse the following information to answer the question(s) below.Suppose all possible investment opportunities in the world are limited to the four stocks list in the table below:1) The weight on Taggart Transcontinental stock in the market portfolio is closest to:A) 15%B) 20%C) 25%D) 30%Answer: BExplanation: B)Section: The Market Portfolio Skill: Analytical2) The weight on Wyatt Oil stock in the market portfolio is closest to:A) 15%B) 20%C) 25%D) 30%Answer: AExplanation: A)Section: The Market PortfolioSkill: Analytical3) Suppose that you are holding a market portfolio and you have invested $9,000 in Rearden Metal. The amount that you have invested in Nielson Motors is closest to:A) $6,000B) $7,715C) $9,000D) $10,500Answer: DExplanation: D)Calculations B × C D/1950Stock Price perShareNumber of SharesOutstanding(Millions)MarketCap WeightTaggart Transcontinental$25$Rearden Metal$45$Wyatt Oil$10$Nielson Motors$26$Total$Amount Nielson = × Amount Rearden = × $9,000 = $10,500 Diff: 2Section: The Market PortfolioSkill: Analytical4) Suppose that you are holding a market portfolio and you have invested $9,000 in Rearden Metal. The amount that you have invested in Taggart Transcontinental is closest to:A) $4,500B) $6,000C) $7,715D) $9,000Answer: BExplanation: B)Calculations B × C D/1950Stock Price perShareNumber of SharesOutstanding(Millions)MarketCap WeightTaggart Transcontinental$25$Rearden Metal$45$Wyatt Oil$10$Nielson Motors$26$Total$Amount Nielson = × Amount Rearden = × $9,000 = $6,000Diff: 2Section: The Market PortfolioSkill: Analytical5) Suppose that you have invested $30,000 invested in the market portfolio. Then the amount that you have invested in Wyatt Oil is closest to:A) $4,500B) $6,000C) $7,715D) $9,000Answer: AExplanation: A)Amount WO = Weight WO × Amount Market= .15 × $30,000 = $4,500Diff: 2Section: The Market PortfolioSkill: Analytical6) Suppose that you have invested $30,000 in the market portfolio. Then the number of shares of Rearden Metal that you hold is closest to:A) 450 sharesB) 700 sharesC) 1,400 sharesD) 2,300 sharesAnswer: BExplanation: B)Calculations B × C D/1950Stock Price perShareNumber of SharesOutstanding(Millions)MarketCap WeightTaggart Transcontinental$25$ Rearden Metal$45$ Wyatt Oil$10$ Nielson Motors$26$Total$ Shares RM = = = sharesDiff: 2Section: The Market PortfolioSkill: Analytical7) Suppose that you have invested $30,000 in the market portfolio. Then the number of shares of Wyatt Oil that you hold is closest to:A) 150 sharesB) 300 sharesC) 350 sharesD) 450 sharesAnswer: AExplanation: A)Calculations B × C D/1950Stock Price perShareNumber of SharesOutstanding(Millions)MarketCap WeightTaggart Transcontinental$25$ Rearden Metal$45$ Wyatt Oil$10$ Nielson Motors$26$Total$ Shares WO = = = sharesDiff: 2Section: The Market PortfolioSkill: Analyticalin Taggart Transcontinental. The number of shares of Wyatt Oil that you hold is closest to:A) 90 sharesB) 460 sharesC) 615 sharesD) 770 sharesAnswer: BExplanation: B)Calculations B × C D/1950Stock Price perShareNumber of SharesOutstanding(Millions)MarketCap WeightTaggart Transcontinental$25$ Rearden Metal$45$ Wyatt Oil$10$ Nielson Motors$26$Total$= = sharesDiff: 2Section: The Market PortfolioSkill: Analyticalin Taggart Transcontinental. The number of shares of Rearden Metal that you hold is closest to:A) 780 sharesB) 925 sharesC) 1,730 sharesD) 2,075 sharesAnswer: BExplanation: B)Calculations B × C D/1950Stock Price perShareNumber of SharesOutstanding(Millions)MarketCap WeightTaggart Transcontinental$25$Rearden Metal$45$Wyatt Oil$10$Nielson Motors$26$Total$= = 2, sharesDiff: 2Section: The Market PortfolioSkill: Analytical10) Suppose that you have invested $100,000 invested in the market portfolio and that the stock price of Taggart Transcontinental suddenly drops to $ per share.Which of the following trades would you need to make in order to maintain your investment in the market portfolio:1. Buy approximately 1,140 shares of Taggart Transcontinental2. Sell approximately 256 shares of Rearden Metal3. Sell approximately 57 shares of Wyatt Oil4. Sell approximately 148 shares of Nielson MotorsA) 1 onlyB) 2 onlyC) 2, 3, and 4 onlyD) 1, 2, 3, and 4E) None of the aboveAnswer: EExplanation: E) There is no need to rebalance your portfolio. As an investor, you still hold the market portfolio and therefore there are no trades needed. Diff: 3Section: The Market PortfolioSkill: AnalyticalUse the following information to answer the question(s) below.Suppose that Merck (MRK) stock is trading for $ per share with billion shares outstanding while Boeing (BA) has million shares outstanding and a market capitalization of $ billion. Assume that you hold the market portfolio.11) Boeing's stock price is closest to:A) $B) $C) $D) $Answer: CExplanation: C) Price BA = = = $Diff: 1Section: The Market PortfolioSkill: Analytical12) Merck's market capitalization is closest to:A) $ billionB) $ billionC) $ billionD) $ billionAnswer: BExplanation: B) Market Cap = Price × shares outstanding = $ × 2,110 = $77,437 millionDiff: 1Section: The Market PortfolioSkill: Analytical13) If you hold 1,000 shares of Merck, then the number of shares of Boeing that you hold is closest to:A) 240 sharesB) 330 sharesC) 510 sharesD) 780 sharesAnswer: BExplanation: B) Shares BA== = sharesDiff: 3Section: The Market PortfolioSkill: Analytical14) Which of the following statements is FALSEA) All investors should demand the same efficient portfolio of securities in the same proportions.B) The Capital Asset Pricing Model (CAPM) allows corporate executives to identify the efficient portfolio (of risky assets) by using knowledge of the expected return of each security.C) If investors hold the efficient portfolio, then the cost of capital for any investment project is equal to its required return calculated using its beta with the efficient portfolio.D) The CAPM identifies the market portfolio as the efficient portfolio. Answer: BDiff: 1Section: The Market PortfolioSkill: Conceptual15) Which of the following statements is FALSEA) If investors have homogeneous expectations, then each investor will identify the same portfolio as having the highest Sharpe ratio in the economy.B) Homogeneous expectations are when all investors have the same estimates concerning future investments and returns.C) There are many investors in the world, and each must have identical estimates of the volatilities, correlations, and expected returns of the available securities.D) The combined portfolio of risky securities of all investors must equal the efficient portfolio.Answer: CDiff: 1Section: The Market PortfolioSkill: Conceptual16) Which of the following statements is FALSEA) If some security were not part of the efficient portfolio, then every investor would want to own it, and demand for this security would increase causing its expected return to fall until it is no longer an attractive investment.B) The efficient portfolio, the portfolio that all investors should hold, must be the same portfolio as the market portfolio of all risky securities.C) Because every security is owned by someone, the sum of all investors' portfolios must equal the portfolio of all risky securities available in the market.D) If all investors demand the efficient portfolio, and since the supply of securities is the market portfolio, then two portfolios must coincide. Answer: ADiff: 2Section: The Market PortfolioSkill: Conceptual17) Which of the following statements is FALSEA) The market portfolio contains more of the smallest stocks and less of the larger stocks.B) For the market portfolio, the investment in each security is proportional to its market capitalization.C) Because the market portfolio is defined as the total supply of securities, the proportions should correspond exactly to the proportion of the total market that each security represents.D) Market capitalization is the total market value of the outstanding shares of a firm.Answer: ADiff: 1Section: The Market PortfolioSkill: Conceptual18) Which of the following statements is FALSEA) A value-weighted portfolio is an equal-ownership portfolio: We hold an equal fraction of the total number of shares outstanding of each security in the portfolio.B) When buying a value-weighted portfolio, we end up purchasing the same percentage of shares of each firm.C) To maintain a value-weighted portfolio, we do not need to trade securities and rebalance the portfolio unless the number of shares outstanding of some security changes.D) In a value weighted portfolio the fraction of money invested in any security corresponds to its share of the total number of shares outstanding of all securitiesin the portfolio.Answer: DDiff: 1Section: The Market PortfolioSkill: Conceptual19) Which of the following statements is FALSEA) The most familiar stock index in the United States is the Dow Jones Industrial Average (DJIA).B) A portfolio in which each security is held in proportion to its market capitalization is called a price-weighted portfolio.C) The Dow Jones Industrial Average (DJIA) consists of a portfolio of 30 large industrial stocks.D) The Dow Jones Industrial Average (DJIA) is a price-weighted portfolio. Answer: BExplanation: B) A portfolio in which each security is held in proportion to its market capitalization is called a value-weighted portfolio.Diff: 2Section: The Market PortfolioSkill: Conceptual20) Which of the following statements is FALSEA) Because very little trading is required to maintain it, an equal-weighted portfolio is called a passive portfolio.B) If the number of shares in a value weighted portfolio does not change, but only the prices change, the portfolio will remain value weighted.C) The CAPM says that individual investors should hold the market portfolio, a value-weighted portfolio of all risky securities in the market.D) A price weighted portfolio holds an equal number of shares of each stock, independent of their size.Answer: AExplanation: A) Because very little trading is required to maintain it, a value-weighted portfolio is called a passive portfolio.Diff: 3Section: The Market PortfolioSkill: Conceptual21) Which of the following statements is FALSEA) A market index reports the value of a particular portfolio of securities.B) The S&P 500 is the standard portfolio used to represent "the market" when using the CAPM in practice.C) Even though the S&P 500 includes only 500 of the more than 7,000 individual . Stocks in existence, it represents more than 70% of the . stock market in terms of market capitalization.D) The S&P 500 is an equal-weighted portfolio of 500 of the largest . stocks. Answer: DExplanation: D) The S&P 500 is a value-weighted portfolio of 500 of the largest .stocks.Diff: 2Section: The Market PortfolioSkill: Conceptual22) Which of the following statements is FALSEA) The S&P 500 and the Wilshire 5000 indexes are both well-diversified indexes that roughly correspond to the market of . stocks.B) Practitioners commonly use the S&P 500 as the market portfolio in the CAPM with the belief that this index is the market portfolio.C) Standard & Poor's Depository Receipts (SPDR, nicknamed "spider") trade on the American Stock Exchange and represent ownership in the S&P 500.D) The S&P 500 was the first widely publicized value weighted index and it has become a benchmark for professional investors.Answer: BDiff: 2Section: The Market PortfolioSkill: Conceptual23) In practice which market index is most widely used as a proxy for the market portfolio in the CAPMA) Dow Jones Industrial AverageB) Wilshire 5000C) S&P 500D) . Treasury BillAnswer: CDiff: 1Section: The Market PortfolioSkill: Conceptual24) In practice which market index would best be used as a proxy for the market portfolio in the CAPMA) S&P 500B) Dow Jones Industrial AverageC) . Treasury BillD) Wilshire 5000Answer: DDiff: 1Section: The Market PortfolioSkill: ConceptualUse the table for the question(s) below.Consider the following stock price and shares outstanding data:25) The market capitalization for Wal-Mart is closest to:A) $415 BillionB) $276 BillionC) $479 BillionD) $200 BillionAnswer: DExplanation: D)Diff: 1Section: The Market Portfolio Skill: Analytical26) The total market capitalization for all four stocks is closest to:A) $479 BillionB) $415 BillionC) $2,100 BillionD) $200 BillionAnswer: BExplanation: B)Section: The Market PortfolioSkill: Analytical27) If you are interested in creating a value-weighted portfolio of these four stocks, then the percentage amount that you would invest in Lowes is closest to:A) 25%B) 11%C) %D) 12%Answer: BExplanation: B)Section: The Market Portfolio Skill: Analyticalvalue-weighted portfolio of these four stocks. The number of shares of Wal-Mart that you would hold in your portfolio is closest to: A) 710 B) 1390 C) 1000 D) 870 Answer: C Explanation: C)Stock Name Price per Share SharesOutstanding (Billions)MarketCapitalization (Billions)Percent of Total Number ofSharesLowes $ $ % 368 Wal-Mart $ $ % 1,002 Intel $ $ % 1,387 Boeing $ $ %190Total$Number of shares =Diff: 2Section: The Market Portfolio Skill: Analyticalvalue-weighted portfolio of these four stocks. The percentage of the shares outstanding of Boeing that you would hold in your portfolio is closest to: A) .000018% B) .000020% C) .000024% D) .000031% Answer: C Explanation: C)Stock Name Price per Share SharesOutstanding (Billions)MarketCapitalization (Billions)Percent of Total Number ofSharesLowes $ $ % 368 Wal-Mart $ $ % 1,002 Intel $ $ % 1,387 Boeing $ $ %190Total$Number of shares =percentage shares outstanding = 190/0 = .000024% Diff: 2Section: The Market Portfolio Skill: Analytical30) Assume that you have $250,000 to invest and you are interested in creating a value-weighted portfolio of these four stocks. How many shares of each of the fourstocks will you hold What percentage of the shares outstanding of each stock will you holdAnswer:Stock Name Price perShareSharesOutstanding(Billions)MarketCapitalization(Billions)Percentof TotalNumber ofSharesLowes$ $ %368Wal-Mart$ $ %1,002Intel$ $ %1,387Boeing$ $ %190Total$% of Shares%Number of shares =In a value weighted portfolio, the percentage of shares of every stock will be the same.Diff: 3Section: The Market PortfolioSkill: AnalyticalBeta EstimationUse the following information to answer the question(s) below.Year Risk-freeReturnMarketReturnWyatt OilReturnMarketExcessReturnWyatt OilExcessReturn Beta2007%%%%% 2008%%%.40%% 2009%%%%%1) Wyatt Oil's average historical return is closest to:A) %B) %C) %D) %Answer: AExplanation: A) r average =Year Risk-freeReturnMarketReturnWyatt OilReturnMarketExcessReturnWyatt OilExcessReturn2007%%%%% 2008%%%%% 2009%%%%% Average%%%%%Section: Beta EstimationSkill: Analytical2) The Market's average historical return is closest to:A) %B) %C) %D) %Answer: BExplanation: B) r average =Year Risk-freeReturnMarketReturnWyatt OilReturnMarketExcessReturnWyattOilExcessReturn2007%%%%% 2008%%%%% 2009%%%%% Average%%%%%Section: Beta EstimationSkill: Analytical3) Wyatt Oil's average historical excess return is closest to:A) %B) %C) %D) %Answer: CExplanation: C) excess return average =Year Risk-freeReturnMarketReturnWyatt OilReturnMarketExcessReturnWyattOilExcessReturn2007%%%%% 2008%%%%% 2009%%%%% Average%%%%%Section: Beta EstimationSkill: Analytical4) The Market's average historical excess return is closest to:A) %B) %C) %D) %Answer: DExplanation: D) excess return average =Year Risk-freeReturnMarketReturnWyatt OilReturnMarketExcessReturnWyattOilExcessReturn2007%%%%% 2008%%%%% 2009%%%%% Average%%%%%Section: Beta EstimationSkill: Analytical5) Wyatt Oil's excess return for 2009 is closest to:A) %B) %C) %D) %Answer: AExplanation: A) excess return e = (r WO - r rf)2009Section: Beta Estimation Skill: Analytical6) The Market's excess return for 2008 is closest to:A) %B) %C) %D) %Answer: AExplanation: A) excess return e = (r WO - r rf)2009Section: Beta EstimationSkill: Analytical7) Using the average historical excess returns for both Wyatt Oil and the Market portfolio, your estimate of Wyatt Oil's Beta is closest to:A)B)C)D)Answer: BExplanation: B) excess return average = excess return average =Year Risk-freeReturnMarketReturnWyatt OilReturnMarketExcessReturnWyattOilExcessReturn2007%%%%% 2008%%%%% 2009%%%%% Average%%%%%βWO= = = .8375Diff: 3Section: Beta EstimationSkill: Analytical8) Using the average historical excess returns for both Wyatt Oil and the Market portfolio estimate of Wyatt Oil's Beta. When using this beta, the alpha for Wyatt oil in 2007 is closest to:A) %B) %C) %D) +%Answer: CExplanation: C) excess return average =excess return average =Year Risk-freeReturnMarketReturnWyatt OilReturnMarketExcessReturnWyattOilExcessReturn2007%%%%% 2008%%%%% 2009%%%%% Average%%%%%βWO = = = .8375α = actual return - expected return for CAPM = % - [3% + .8375(6% - 3%)] = %Diff: 3Section: Beta EstimationSkill: Analytical9) Using just the return data for 2009, your estimate of Wyatt Oil's Beta is closest to:A)B)C)D)Answer: BExplanation: B)Year Risk-freeReturnMarketReturnWyatt OilReturnMarketExcessReturnWyattOilExcessReturn2007%%%%%2008%%%%%2009%%%%% Average%%%%%βWO = = = .8651Diff: 2Section: Beta EstimationSkill: Analytical10) Using just the return data for 2008, your estimate of Wyatt Oil's Beta is closest to:A)B)C)D)Answer: A Explanation: A)Year Risk-freeReturnMarketReturnWyatt OilReturnMarketExcessReturnWyattOilExcessReturn2007%%%%% 2008%%%%% 2009%%%%% Average%%%%%βWO = - = .8525Diff: 2Section: Beta EstimationSkill: Analytical11) Which of the following statements is FALSEA) Beta is the expected percent change in the excess return of the security for a 1% change in the excess return of the market portfolio.B) Beta represents the amount by which risks that affect the overall market are amplified for a given stock or investment.C) It is common practice to estimate beta based on the historical correlation and volatilities.D) Beta measures the diversifiable risk of a security, as opposed to its market risk, and is the appropriate measure of the risk of a security for an investor holding the market portfolio.Answer: DExplanation: D) Beta measures the nondiversifiable risk of a security.Diff: 1Section: Beta EstimationSkill: Conceptual12) Which of the following statements is FALSEA) One difficulty when trying to estimate beta for a security is that beta depends on the correlation and volatilities of the security's and market's returns in the future.B) It is common practice to estimate beta based on the expectations of future correlations and volatilities.C) One difficulty when trying to estimate beta for a security is that beta depends on investors expectations of the correlation and volatilities of the security's and market's returns.D) Securities that tend to move less than the market have betas below 1.Answer: BExplanation: B) Beta is measured using past information.Diff: 1Section: Beta EstimationSkill: Conceptual13) Which of the following statements is FALSEA) Securities that tend to move more than the market have betas higher than 0.B) Securities whose returns tend to move in tandem with the market on average have a beta of 1.C) Beta corresponds to the slope of the best fitting line in the plot of the securities excess returns versus the market excess return.D) The statistical technique that identifies the bets-fitting line through a set of points is called linear regression.Answer: ADiff: 2Section: Beta EstimationSkill: ConceptualUse the equation for the question(s) below.Consider the following linear regression model:(R i - r f) = a i + b i(R Mkt - r f) + e i14) The b i in the regressionA) measures the sensitivity of the security to market risk.B) measures the historical performance of the security relative to the expected return predicted by the SML.C) measures the deviation from the best fitting line and is zero on average.D) measures the diversifiable risk in returns.Answer: ADiff: 2Section: Beta EstimationSkill: Conceptual15) The a i in the regressionA) measures the sensitivity of the security to market risk.B) measures the deviation from the best fitting line and is zero on average.C) measures the diversifiable risk in returns.D) measures the historical performance of the security relative to the expected return predicted by the SML.Answer: DDiff: 2Section: Beta EstimationSkill: Conceptual16) The e i in the regressionA) measures the market risk in returns.B) measures the deviation from the best fitting line and is zero on average.C) measures the sensitivity of the security to market risk.D) measures the historical performance of the security relative to the expected return predicted by the SML.Answer: BDiff: 2Section: Beta EstimationSkill: ConceptualThe Debt Cost of CapitalUse the following information to answer the question(s) below.Consider the following information regarding corporate bonds:1) Wyatt Oil has a bond issue outstanding with seven years to maturity, a yield to maturity of %, and a BBB rating. The corresponding risk-free rate is 3% and the market risk premium is 5%. Assuming a normal economy, the expected return on Wyatt Oil's debt is closest to:A) %B) %C) %D) %Answer: BExplanation: B) r d = r rf + β(r m - r rf) = 3% + (5%) = %Diff: 1Section: The Debt Cost of CapitalSkill: Analytical2) Wyatt Oil has a bond issue outstanding with seven years to maturity, a yield to maturity of %, and a BBB rating. The bondholders' expected loss rate in the event of default is 70%. Assuming a normal economy the expected return on Wyatt Oil'sdebt is closest to:A) %B) %C) %D) %Answer: DExplanation: D) r d = ytm - prob(default) × loss rate = 7% - %(70%) = % Diff: 2Section: The Debt Cost of CapitalSkill: Analytical3) Wyatt Oil has a bond issue outstanding with seven years to maturity, a yield to maturity of %, and a BBB rating. The bondholders' expected loss rate in the event of default is 70%. Assuming the economy is in recession, then the expected return on Wyatt Oil's debt is closest to:A) %B) %C) %D) %Answer: BExplanation: B) r d = ytm - prob(default) × loss rate = 7% - %(70%) = %Diff: 2Section: The Debt Cost of CapitalSkill: Analytical4) Rearden Metal has a bond issue outstanding with ten years to maturity, a yield to maturity of %, and a B rating. The corresponding risk-free rate is 3% and the market risk premium is 6%. Assuming a normal economy, the expected return on Rearden Metal's debt is closest to:A) %B) %C) %D) %Answer: CExplanation: C) r d = r rf + β(r m - r rf) = 3% + (6%) = %Diff: 1Section: The Debt Cost of Capital。
克鲁格曼-国际经济学理论与政策 (第七版)Chapter 12 课后习题答案
Chapter 12 第三题和第五题练习提示3. (a)Credit Debit An American buys a share of German stock(Financial account, U.S. asset import) -The American pays with a check on his Swiss bank account(Financial account, U.S. asset import) +(b) If the German stock seller deposits the U.S. check in its German bank,Credit Debit An American buys a share of German stock(Financial account, U.S. asset import) -The American pays with a check on his American bank account(Financial account, U.S. asset export) +(c)Credit Debit The sale of dollars by the Korean government(Financial account, U.S. asset export) -The Korean citizens who buy the dollars use them to buy American goods(Current account, U.S. goods export) +Credit Debit The sale of dollars by the Korean government(Financial account, U.S. asset export) -The Korean citizens who buy the dollars use them to buy American assets(Financial account, U.S. asset export) +(d) Suppose the company issuing the traveler’s check uses a checking account in France to make payments,Credit Debit The company issuing the traveler’s check pays the French restaurateur for the meal (Current account, U.S. service import) - Sale of claim on the company issuing the traveler’s check(Financial account, U.S. assets export) +(e)Credit Debit The California winemaker contributes a case of cabernet sauvignon abroad(Current account, U.S. unilateral current transfers) - Receivable of the California winemaker(Current account, U.S. goods export) +Credit Debit Receivable of the California winemaker(Current account, U.S. goods export) -The California winemaker contributes a case of cabernet sauvignon abroad(Current account, U.S. unilateral current transfers) +(f)Credit Debit The U.S. owned factory in Britain makes local earning(Current account, U.S. income receipts) +The U.S. owned factory in Britain deposits its local earning in a British bank(Financial account, U.S. asset import) -Credit Debit The U.S. owned factory in Britain uses its local earning to reinvest(Current account, U.S. income receipts) -The U.S. owned factory in Britain makes the payment for reinvestment(Financial account, U.S. asset import) +5.(a) Since Pecunia had a current account deficit of $1b and a nonreserve financial account surplus of $500m in 2002, the balance of Pecunia’s official reserve transaction should be +$500m as follow:Pecunia international transactionCredit Debit Current account -$1b Financial accountThe balance of Pecunia’s official reserve transaction +$500mThe balance of nonreserve assets +$500mThe balance of payment of Pecunia = the negative value of the balance of Pecunia’s official reserve transaction= -$500m.Pecunia had a financial account surplus of $1b in 2002; it implies Pecunia’s net foreign assets decreased by $1b in 2002.(b) Pecunian central bank had to sell $500m, so Pecunian central bank’s foreign reserves decreased by $500m:Pecunia international transactionCredit Debit Current account -$1b Financial accountPecunian official reserve assets +$500mForeign official reserve assets 0 0The balance of nonreserve assets +$500m(c) There was no need for Pecunian central bank to sell dollar, and Pecunian central bank’s foreign reserves increased by $100m as shown below:Pecunia international transactionCredit Debit Current account -$1b Financial accountPecunian official reserve assets -$100m Foreign official reserve assets + $600mThe balance of nonreserve assets +$500m(d)Pecunia international transactionCredit Debit Current account -$1b Financial accountPecunian official reserve assets -$100m Foreign official reserve assets + $600mThe balance of nonreserve assets +$500mThe following is for your reference:3.(a) The purchase of the German stock is a debit in the U.S. financial account. There is acorresponding credit in the U.S. financial account when the American pays witha check on his Swiss bank account because his claims on Switzerland fall by theamount of the check. This is a case in which an American trades one foreign assetfor another.(b) Again, there is a U.S. financial account debit as a result of the purchase of a Germanstock by an American. T he corresponding credit in this case occurs when theGerman seller deposits the U.S. check in its German bank and that bank lends themoney to a German importer (in which case the credit will be in the U.S. currentaccount) o r to an individual or corporation that purchases a U.S. asset (in whichcase the credit will be in the U.S. financial account). Ultimately, there will be someaction taken by the bank which results in a credit in the U.S. balance of payments.(c) The foreign exchange intervention by the French government involves the sale of aU.S. asset, the dollars it holds in the United States, and thus represents a debititem in the U.S. financial account. The French citizens who buy the dollars mayuse them to buy American goods, which would be an American current accountcredit,or an American asset, which would be an American financial accountcredit.(d) Suppose the company issuing the traveler’s check uses a checking account inFrance to make payments. When this company pays the French restaurateur for themeal, its payment represents a debit in the U.S. current account.The company issuing the traveler’s check must sell assets (deplete its checking account in France) to make this payment. This reduction in the French assetsowned by that company represents a credit in the American financial account.(e) There is no credit or debit in either the financial or the current account sincethere has been no market transaction.(f) There is no recording in the U.S. Balance of Payments of this offshore transaction.5.(a) Since non-central bank financial inflows fell short of the current-account deficit by$500 million, the balance of payments of Pecunia (official settlements balance) was–$500 million. The country as a whole somehow had to finance its $1 billioncurrent-account deficit, so Pecunia’s net foreign assets fell by $1 billion.(b) By dipping into its foreign reserves, the central bank of Pecunia financed theportion of the country’s current-account deficit not covered by private financialinflows. Only if foreign central banks had acquired Pecunian assets could thePecunian central bank have avoided using$500 million in reserves to complete the financing of the current account. Thus,Pecunia’s central bank lost $500 million in reserves, which would appear as anofficial financial inflow (of the same magnitude) in the country’s balance ofpayments accounts.(c) If foreign official capital inflows to Pecunia were $600 million, the Central Banknow increased its foreign assets by $100 million. Put another way, the countryneeded only $1 billion to cover its current-account deficit, but $1.1 billion flowed into the country (500 million private and600 million from foreign central banks). The Pecunian central bank must, therefore, have used the extra $100 million in foreign borrowing to increase its reserves. The balance of payments is still –500 million, but this is now comprised of 600 million in foreign Central Banks purchasing Pecunia assets and 100 million of Pecunia’s Central Bank purchasing foreign assets, as opposed to Pecunia selling 500 million in assets. Purchases of Pecunian assets by foreign central banks enter their countries’balance of payments accounts as outflows, which are debit items. The rationale is that the transactions result in foreign payments to the Pecunians who sell the assets.(d) Along with non-central bank transactions, the accounts would show an increase inforeign official reserve assets held in Pecunia of $600 million (a financial account credit, or inflow) and an increase Pecunian official reserve assets held abroad of $100 million (a financial account debit, or outflow). Of course, total net financial inflows of $1 billion just cover the current-account deficit.。
外贸英语函电课后练习参考答案
外贸英语函电课后练习参考答案（中英文对照版）课后翻译（汉译英）：Module Two1.我们从中国驻东京大使馆商务参赞处得知贵公司的行名和地址，并了解贵公司是经营家用电器产品有经验的出口商We obtained your name and address from commercial counsellor’s office of the Chinese embassy in Tokyo. They have informed us that you are experienced exporter in the market for home electrical appliances.2.我们的一个客户对你们的新产品感兴趣One of our customers is interested in your new production.3.我们的一个日本客户想要购买中国红茶One of our customers in Japan wants to be in the market for black tea.4.如你所知，我们的外贸政策是在平等互利的基础上与各国人民做生意As you know, our policy is to trade with merchants of various countries on the basis of equality and mutual benefit.5.我们希望你方尽最大努力促进业务又增进友谊。
We hope you can try your best to promote both trade and friendship.6.谢谢你方来函表示提供服务，我方愿与你方就扩大贸易的可能性进行讨论。
Thanks for your letter about service supply, we are willing to talk about the possibility of promoting trade.7.我们了解到你公司是中国手工艺品的出口商，因此冒昧的写信给你We have acknowledged that your company is the exporter of Chinese handicraft.8.我们相信，贵我双方的业务将随着时间的推移而得到发展。
旅游英语视听说第二版课后答案chapter12
旅游英语视听说第二版课后答案chapter121、My brother usually _______ his room after school. But now he _______ soccer. [单选题] *A. cleans; playsB. cleaning; playingC. cleans; is playing(正确答案)D. cleans; is playing the2、We _______ play basketball after school. [单选题] *A. were used toB. used to(正确答案)C. use toD. are used to3、My friend and classmate Selina（)running in her spare time. [单选题] *A.likeB. likes (正确答案)C. is likedD. is liking4、—______ pencils are these?—They are Tony’s.（）[单选题] *A. WhatB. WhereC WhoD. Whose(正确答案)5、56．Sam is in a hurry. Maybe he has got ________ important to do. [单选题] *A．everythingB．nothingC．anythingD．something(正确答案)6、She _______ so much _______ her mother. [单选题] *A. looks; like(正确答案)B. looks; forC. looks; afterD. looks forwards; to7、You should _______ fighting with your parents although you may have different ideas from time to time. [单选题] *A. suggestB. enjoyC. avoid(正确答案)D. practice8、72．I really don’t know how to thank you , but for your help, I （）my lost necklace．[单选题] *A.couldn’t have found(正确答案)B.mustn’t have foundC.couldn’t findD.wouldn’t find9、Nearly two thousand years have passed _____ the Chinese first invented the compass. [单选题] *A. whenB. beforeC. since(正确答案)D. after10、The reason I didn't attend the lecture was simply _____ I got a bad cold that day. [单选题] *A. becauseB. asC. that(正确答案)D. for11、--What’s the _______ like today?--Cloudy. [单选题] *A. skyB. airC. landD. weather(正确答案)12、40．—________ apples do we need to make fruit salad?—Let me think…We need three apples. [单选题] *A．How longB．How oftenC．How muchD．How many(正确答案)13、His picture is on show in London this month. [单选题] *A. 给...看B. 展出(正确答案)C. 出示D. 上演14、He gathered his courage and went on writing music. [单选题] *A. 从事B. 靠······谋生C. 继续(正确答案)D. 致力于15、—Whose book is it? Is it yours?—No, ask John. Maybe it’s ______.（）[单选题] *A. hersB. his(正确答案)C. he’sD. her16、My brother often does ______ homework first after school.（）[单选题] *A. heB. his(正确答案)C. sheD. her17、I’d like to know the _______ of the club. [单选题] *A. schedule(正确答案)B. schoolC. menuD. subject18、3．—Will you buy the black car?No, I won't. I will buya(n) ________ one because I don't have enough money. [单选题] *A．cheap(正确答案)B．expensiveC．highD．low19、95．-Dad, can we walk? ? ? ? ? ? ?the road now?-No,we? ? ? ? ? ? ? ? ? ? . We have to wait until the light turns green. [单选题] *A．across, needn’tB．across, mustn’t(正确答案)C．though, can’tD．through, mustn't20、Julia’s on holiday in Shanghai _______. [单选题] *A. in a momentB. after a momentC. at the moment(正确答案)D. at any moment21、9．—Will there be more cars in the future?—________. [单选题] *A．See youB．Well, I'm not sure(正确答案)C．You're welcomeD．Thank you22、You must pay more attention to your pronunciation. [单选题] *A. 词汇B. 拼写C. 发音(正确答案)D. 语法23、—These shoes look cool. ______ are they?—They are on sale, only $（）[单选题] *A. How much(正确答案)B. How longC. How manyD. How soon24、——Can you come on Monday or Tuesday? ——Im afraid（）of them is possible. [单选题] *A.neither(正确答案)B. eitherC. noneD.both25、I do not have my own room,_____. [单选题] *A. neither does Tom(正确答案)B. neither has TomC. so does TomD. so has Tom26、We need a _______ when we travel around a new place. [单选题] *A. guide(正确答案)B. touristC. painterD. teacher27、It is my _______ to meet you here. [单选题] *A. pleasure(正确答案)B. pleaseC. pleasedD. pleasant28、It’s raining heavily outside. Don’t leave _______ it stops. [单选题] *A. whileB. sinceC. until(正确答案)D. when29、Tom and Mary's house bought last year is（）Lucy, s. [单选题] *A. the three size ofB. three times the size of(正确答案)C. as three times large asD. three times as larger as30、Don’t read in bed. It’s _______ your eyes. [单选题] *A. good atB. good forC. bad atD. bad for(正确答案)。
操作系统第九版部分课后作业习题答案分析解析
CHAPTER 9 Virtual Memory Practice Exercises9.1 Under what circumstances do page faults occur? Describe the actions taken by the operating system when a page fault occurs.Answer:A page fault occurs when an access to a page that has not beenbrought into main memory takes place. The operating system veri?esthe memory access, aborting the program if it is invalid. If it is valid, a free frame is located and I/O is requested to read the needed page into the free frame. Upon completion of I/O, the process table and page table are updated and the instruction is restarted.9.2 Assume that you have a page-reference string for a process with m frames (initially all empty). The page-reference string has length p;n distinct page numbers occur in it. Answer these questions for anypage-replacement algorithms:a. What is a lower bound on the number of page faults?b. What is an upper bound on the number of page faults?Answer:a. nb. p9.3 Consider the page table shown in Figure 9.30 for a system with 12-bit virtual and physical addresses and with 256-byte pages. The list of freepage frames is D, E, F (that is, D is at the head of the list, E is second,and F is last).Convert the following virtual addresses to their equivalent physicaladdresses in hexadecimal. All numbers are given in hexadecimal. (Adash for a page frame indicates that the page is not in memory.)? 9EF? 1112930 Chapter 9 Virtual Memory? 700? 0FFAnswer:? 9E F - 0E F? 111 - 211? 700 - D00? 0F F - EFF9.4 Consider the following page-replacement algorithms. Rank thesealgorithms on a ?ve-point scale from “bad” to “perfect” according to the page-fault rate. Separate those algorithms that suffer from Belady’ｓanomaly from those that do not.a. LRU replacementb. FIFO replacementc. Optimal replacementd. Second-chance replacementAnswer:Rank Algorithm Suffer from Belady’s anomaly1 Optimal no2 LRU no3 Second-chance yes4 FIFO yes9.5 Discuss the hardware support required to support demand paging. Answer:For every memory-access operation, the page table needs to be consulted to check whether the corresponding page is resident or not and whetherthe program has read or write privileges for accessing the page. These checks have to be performed in hardware. A TLB could serve as a cache and improve the performance of the lookup operation.9.6 An operating system supports a paged virtual memory, using a central processor with a cycle time of 1 microsecond. It costs an additional 1 microsecond to access a page other than the current one. Pages have 1000 words, and the paging device is a drum that rotates at 3000 revolutionsper minute and transfers 1 million words per second. The following statistical measurements were obtained from the system:page other than the? 1 percent of all instructions executed accessed acurrent page.?Of the instructions that accessed another page, 80 percent accesseda page already in memory.Practice Exercises 31?When a new page was required, the replaced page was modi?ed 50 percent of the time.Calculate the effective instruction time on this system, assuming that the system is running one process only and that the processor is idle during drum transfers.Answer:(2 sec)(1sec + 0.008 ×effective access time = 0.99 ×(10,000 sec + 1,000 sec)+ 0.002 ×(10,000 sec + 1,000 sec)+ 0.001 ×9.7 Consider the two-dimensional array A:int A[][] = new int[100][100];where A[0][0] is at location 200 in a paged memory system with pages of size 200. A small process that manipulates the matrix resides in page 0 (locations 0 to 199). Thus, every instruction fetch will be from page 0. For three page frames, how many page faults are generated bythe following array-initialization loops, using LRU replacement andassuming that page frame 1 contains the process and the other two are initially empty?a. for (int j = 0; j < 100; j++)for (int i = 0; i < 100; i++)A[i][j] = 0;b. for (int i = 0; i < 100; i++)for (int j = 0; j < 100; j++)A[i][j] = 0;Answer:a. 5,000b. 509.8 Consider the following page reference string:1, 2, 3, 4, 2, 1, 5, 6, 2, 1, 2, 3, 7, 6, 3, 2, 1, 2, 3, 6.How many page faults would occur for the following replacement algorithms, assuming one, two, three, four, ?ve, six, or seven frames? Remember all frames are initially empty, so your ?rst unique pages will all cost one fault each.?LRU replacement? FIFO replacement?Optimal replacement32 Chapter 9 Virtual MemoryAnswer:Number of frames LRU FIFO Optimal1 20 20 202 18 18 153 15 16 114 10 14 85 8 10 76 7 10 77 77 79.9 Suppose that you want to use a paging algorithm that requires a referencebit (such as second-chance replacement or working-set model), butthe hardware does not provide one. Sketch how you could simulate a reference bit even if one were not provided by the hardware, or explain why it is not possible to do so. If it is possible, calculate what the cost would be.Answer:You can use the valid/invalid bit supported in hardware to simulate the reference bit. Initially set the bit to invalid. On ?rst reference a trap to the operating system is generated. The operating system will set a software bit to 1 and reset the valid/invalid bit to valid.9.10 You have devised a new page-replacement algorithm that you thinkmaybe optimal. In some contorte d test cases, Belady’s anomaly occurs. Is thenew algorithm optimal? Explain your answer.Answer:No. An optimal algorithm will not suffer from Belady’s anomaly beca an optimal algorithm replaces the page that will not—by de?nition—be used for the longest time. Belady’s anomaly occurs when a pagereplacement a lgorithm evicts a page that will be needed in theimmediatefuture. An optimal algorithm would not have selected such a page.9.11 Segmentation is similar to paging but usesnevariable-sized“pages.”De?two segment-replacement algorithms based on FIFO and LRU pagereplacement s chemes. Remember that since segments are not thesamesize, the segment that is chosen to be replaced may not be big enoughto leave enough consecutive locations for the needed segment. Considerstrategies for systems where segments cannot be relocated, and thosefor systems where they can.Answer:a. FIFO. Find the ?rst segment large enough to accommodate theincoming segment. If relocation is not possible and no one segmentis large enough, select a combination of segments whose memoriesare contiguous, which are “closest to the ?rst of the list” and which can accommodate the new segment. If relocation is possible,rearrange the memory so that the ?rstNsegments large enough forthe incoming segment are contiguous in memory. Add any leftoverspace to the free-space list in both cases.Practice Exercises 33b. LRU. Select the segment that has not been used for the longestperiod of time and that is large enough, adding any leftover spaceto the free space list. If no one segment is large enough, selecta combination of the “oldest” segments that are contiguous inmemory (if relocation is not available) and that are large enough.If relocation is available, rearrange the oldest N segments to becontiguous in memory and replace those with the new segment.9.12 Consider a demand-paged computer system where the degree of multiprogramming is currently ?xed at four. The system was recentlymeasured to determine utilization of CPU and the paging disk. The resultsare one of the following alternatives. For each case, what is happening?Can the degree of multiprogramming be increased to increase the CPU utilization? Is the paging helping?a. CPU utilization 13 percent; disk utilization 97 percentb. CPU utilization 87 percent; disk utilization 3 percentc. CPU utilization 13 percent; disk utilization 3 percentAnswer:a. Thrashing is occurring.b. CPU utilization is suf?ciently high to leave things alone, andincrease degree of multiprogramming.c. Increase the degree of multiprogramming.9.13 We have an operating system for a machine that uses base and limit registers, but we have modi?ed the ma chine to provide a page table.Can the page tables be set up to simulate base and limit registers? How can they be, or why can they not be?Answer:The page table can be set up to simulate base and limit registers provided that the memory is allocated in ?xed-size segments. In this way, the base of a segment can be entered into the page table and the valid/invalid bit used to indicate that portion of the segment as resident in the memory. There will be some problem with internal fragmentation.9.27.Consider a demand-paging system with the following time-measured utilizations:CPU utilization 20%Paging disk 97.7%Other I/O devices 5%Which (if any) of the following will (probably) improve CPU utilization? Explain your answer.a. Install a faster CPU.b. Install a bigger paging disk.c. Increase the degree of multiprogramming.d. Decrease the degree of multiprogramming.e. Install more main memory.f. Install a faster hard disk or multiple controllers with multiple hard disks.g. Add prepaging to the page fetch algorithms.h. Increase the page size.Answer: The system obviously is spending most of its time paging, indicating over-allocationof memory. If the level of multiprogramming is reduced resident processeswould page fault less frequently and the CPU utilization would improve. Another way toimprove performance would be to get more physical memory or a faster paging drum.a. Get a faster CPU—No.b. Get a bigger paging drum—No.c. Increase the degree of multiprogramming—No.d. Decrease the degree of multiprogramming—Yes.e. Install more main memory—Likely to improve CPU utilization as more pages canremain resident and not require paging to or from the disks.f. Install a faster hard disk, or multiple controllers with multiple hard disks—Also animprovement, for as the disk bottleneck is removed by faster response and morethroughput to the disks, the CPU will get more data more quickly.g. Add prepaging to the page fetch algorithms—Again, the CPU will get more datafaster, so it will be more in use. This is only the case if the paging actionis amenableto prefetching (i.e., some of the access is sequential).h. Increase the page size—Increasing the page size will result in fewer page faults ifdata is being accessed sequentially. If data access is more or less random, morepaging action could ensue because f ewer pages c an be kept in memory and moredata is transferred per page fault. So this change is as likely to decrease utilizationas it is to increase it.10.1、Is disk scheduling, other than FCFS scheduling, useful in a single-userenvironment? Explain your answer.Answer: In a single-user environment, the I/O queue usually is empty. Requests g enerally arrive from a single process for one block or for a sequence of consecutive blocks. In these cases, FCFS is an economical method of disk scheduling. But LOOK is nearly as easy to program and will give much better performance when multiple processes are performing concurrent I/O, such as when aWeb browser retrieves data in the background while the operating system is paging and another application is active in the foreground.10.2.Explain why SSTF scheduling tends to favor middle cylindersover theinnermost and outermost cylinders.The center of the disk is the location having the smallest average distance to all other tracks.Thus the disk head tends to move away from the edges of the disk.Here is another way to think of it.The current location of the head divides the cylinders into two groups.If the head is not in the center of the disk and a new request arrives,the new request is more likely to be in the group that includes the center of the disk;thus,the head is more likely to move in that direction.10.11、Suppose that a disk drive has 5000 cylinders, numbered 0 to 4999. The drive is currently serving a request at cylinder 143, and the previous request was at cylinder 125. The queue of pending requests, in FIFO order, is86, 1470, 913, 1774, 948, 1509, 1022, 1750, 130Starting from the current head position, what is the total distance (in cylinders) that the disk arm moves to satisfy all the pending requests, for each of the following disk-scheduling algorithms?a. FCFSb. SSTFc. SCANd. LOOKe. C-SCANAnswer:a. The FCFS schedule is 143, 86, 1470, 913, 1774, 948, 1509, 1022, 1750, 130. The total seek distance is 7081.b. The SSTF schedule is 143, 130, 86, 913, 948, 1022, 1470, 1509, 1750, 1774. The total seek distance is 1745.c. The SCAN schedule is 143, 913, 948, 1022, 1470, 1509, 1750, 1774, 4999, 130, 86. The total seek distance is 9769.d. The LOOK schedule is 143, 913, 948, 1022, 1470, 1509, 1750, 1774, 130, 86. The total seek distance is 3319.e. The C-SCAN schedule is 143, 913, 948, 1022, 1470, 1509, 1750, 1774, 4999, 86, 130. The total seek distance is 9813.f. (Bonus.) The C-LOOK schedule is 143, 913, 948, 1022, 1470, 1509, 1750, 1774, 86, 130. The total seek distance is 3363.12CHAPTERFile-SystemImplementationPractice Exercises12.1 Consider a ?le currently consisting of 100 blocks. Assume that the?lecontrol block (and the index block, in the case of indexed allocation)is already in memory. Calculate how many disk I/O operations are required for contiguous, linked, and indexed (single-level) allocation strategies, if, for one block, the following conditions hold. In the contiguous-allocation case, assume that there is no room to grow atthe beginning but there is room to grow at the end. Also assume thatthe block information to be added is stored in memory.a. The block is added at the beginning.b. The block is added in the middle.c. The block is added at the end.d. The block is removed from the beginning.e. The block is removed from the middle.f. The block is removed from the end.Answer:The results are:Contiguous Linked Indexeda. 201 1 1b. 101 52 1c. 1 3 1d. 198 1 0e. 98 52 0f. 0 100 012.2 What problems could occur if a system allowed a ?le system to be mounted simultaneously at more than one location?Answer:4344 Chapter 12 File-System ImplementationThere would be multiple paths to the same ?le, which could confuse users or encourage mistakes (deleting a ?le with one path deletes the?le in all the other paths).12.3 Why must the bit map for ?le allocation be kept on mass storage, ratherthan in main memory?Answer:In case of system crash (memory failure) the free-space list would not be lost as it would be if the bit map had been stored in main memory.12.4 Consider a system that supports the strategies of contiguous, linked, and indexed allocation. What criteria should be used in deciding which strategy is best utilized for a particular ?le?Answer:?Contiguous—if ?le is usually accessed sequentially, if ?le isrelatively small.?Linked—if ?le is large and usually accessed sequentially.? Indexed—if ?le is large and usually accessed randomly.12.5 One problem with contiguous allocation is that the user must preallocate enough space for each ?le. If the ?le grows to be larger than thespace allocated for it, special actions must be taken. One solution to this problem is to de?ne a ?le structure consisting of an initial contiguousarea (of a speci?ed size). If this area is ?lled, the operating system automatically de?nes an over?ow area that is linked to the initial contiguous area. If the over?ow area is ?lled, another over?ow areais allocated. Compare this implementation of a ?le with the standard contiguous and linked implementations.Answer:This method requires more overhead then the standard contiguousallocation. It requires less overheadthan the standard linked allocation.12.6 How do caches help improve performance? Why do systems not use more or larger caches if they are so useful?Answer:Caches allow components of differing speeds to communicate moreef?ciently by storing data from the slower device, temporarily, ina faster device (the cache). Caches are, almost by de?nition, moreexpensive than the device they are caching for, so increasing the numberor size of caches would increase system cost.12.7 Why is it advantageous for the user for an operating system to dynamically allocate its internal tables? What are the penalties to the operating system for doing so?Answer:tablesDynamic tables allow more ?exibility in system use growth —are never exceeded, avoiding arti?cial use limits. Unfortunately, kernel structures and code are more complicated, so there is more potentialfor bugs. The use of one resource can take away more system resources (by growing to accommodate the requests) than with static tables.Practice Exercises 4512.8 Explain how the VFS layer allows an operating system to support multiple types of ?le systems easily.Answer:VFS introduces a layer of indirection in the ?le system implementation. In many ways, it is similar to object-oriented programming techniques. System calls can be made generically (independent of ?le system type). Each ?le system type provides its function calls and data structuresto the VFS layer. A system call is translated into the proper speci?c functions for the target ?le system at the VFS layer. The calling program has no ?le-system-speci?c code, and the upper levels of the system call structures likewise are ?le system-independent. The translation at the VFS layer turns these generic calls into ?le-system-speci?c operations.。
机械设计基础(第七版)陈云飞 卢玉明主编课后答案
chapter11-1什么是运动副？高副与低副有何区别？答：运动副：使两构件直接接触，并能产生一定相对运动的连接。
平面低副－凡是以面接触的运动副，分为转动副和移动副；平面高副－以点或线相接触的运动副。
1-2什么是机构运动简图？它有什么作用？答：用简单的线条和符号代表构件和运动副，并按比例定出各运动副位置，表示机构的组成和传动情况。
这样绘制出的简明图形就称为机构运动简图。
作用：机构运动简图不仅能表示出机构的传动原理，而且还可以用图解法求出机构上各有关点在所处位置的运动特性（位移，速度和加速度）。
它是一种在分析机构和设计机构时表示机构运动的简便而又科学的方法。
1-3平面机构具有确定运动的条件是什么？答：机构自由度F>0，且与原动件数相等，则机构各构件间的相对运动是确定的；这就是机构具有确定运动的条件。
（复习自由度4个结论P17）chapter22-1什么是曲柄摇杆机构的急回特性和死点位置？答：急回特性：曲柄等速回转的情况下，摇杆往复运动速度快慢不同，摇杆反行程时的平均摆动速度必然大于正行程时的平均摆动速度，此即急回特性。
死点位置：摇杆是主动件，曲柄是从动件，曲柄与连杆共线时，摇杆通过连杆加于曲柄的驱动力F正好通过曲柄的转动中心，所以不能产生使曲柄转动的力矩，机构的这种位置称为死点位置。
即机构的从动件出现卡死或运动不确定的现象的那个位置称为死点位置（从动件的传动角 =0°）。
chapter33-2通常采用什么方法使凸轮与从动件之间保持接触？答：力锁合：利用重力、弹簧力或其他外力使从动件与凸轮轮廓始终保持接触。
形锁合：利用高副元素本身的几何形状使从动件与凸轮轮廓始终保持接触。
3-3什么叫刚性冲击和柔性冲击？用什么方法可以避免刚性冲击？答：刚性冲击：从动件在运动开始和推程终止的瞬间，速度突变为零，理论上加速度为无穷大，产生无穷大的惯性力，机构受到极大的冲击，称为刚性冲击。
柔性冲击：当从动件做等加速或等减速运动时，在某些加速度突变处，其惯性力也随之有限突变而产生冲击，这种由有限突变而引起的冲击比无穷大惯性力引起的刚性冲击轻柔了许多，故被称为柔性冲击。
英语国家概况-谢福之-课后答案(全部)
判断题Chapter 11.People in different parts of Britain like to use the name England to refer to their country.(F)2.The Severn River is the longest river of Britain, which originates in Wales and flowsthrough western England.(T)3.Today more than half of the people in Wales still speak the ancient Welsh language. (F)4.In terms of population and area, Northern Ireland is the second largest part of Britain.(F)5.Although the climate in Britain is generally mild, the temperature in northern Scotlandoften falls below -10℃ in January . (F)6.The majority of the people in Britain are descendants of the Anglo-Saxons.(T)7.The Celtic people were the earliest known inhabitants of Britain.(T)8.English evolved into what is now described as Modern English from the late 16thcentury.(F)Chapter 21.British history before 55BC is basically undocumented.(T)2.The Anglo-Saxons came to Britain in the 5th century.(T)3.The chief or king of the Anglo-Saxons tribes exercised power at their own will. (F)4.The Vikings began to attack the English coast in the 8th century.(T)5.HenryⅡ built up a large empire which included England and most of France.(T)6.The Magna Carta was designed to protect the rights of both the privileged class and thetownspeople.(F)7.The Hundred Years’War (1337-1453) was a series of wars fought between the British andthe Vikings for trade and territory.(F)8.In an effort to make a compromise between different religious factions, QueenElizabethⅠactually defended the fruit of the Reformation.(T)Chapter 31.Conventions are regarded less important than the statutory law in the working of theBritish government.(T)2.The British monarchy has never been interrupted throughout the history.(F)3.In reality, the British King or Queen is the source of all government powers.(F)4.The British Parliament is the law-making body of the Commonwealth of Nations.(F)5.The members of the House of Commons are appointed rather than elected.(F)6.The British Prime Minister is the leader of the majority party in Parliament.(T)7.Cabinet members are chosen by the Prime Minister from various political parties inParliament.(F)8.The legal systems in England, Wales, Scotland and Northern Ireland are much similar interms of law, organization and practice.(T)Chapter 41.British was the first industrialized nation in the world.(T)2.The British economy experienced a relative decline during the post-war period.(T)3.Limited resources and high unemployment rate were persistent problems thatprevented rapid economic development in Britain after World WarⅡ.(F)4.Thatcher’s revolution turned out to be a great success in dealing with all the Britisheconomic and social problems.(F)5.The economic approach adopted by Tony Blair was different from that of the old LaborParty and the Conservative Party.(T)6.Blair made the Bank of England independent in order to separate politics from economicpolicy.(T)7.Britain is an important oil exporter since its oil industry has a long history.(F)8.Nuclear power is one of the major energy source in Britain.(T)Chapter 51.The British government has been responsible for education since the early 1800s.(F)cation in Britain is compulsory for all children between the ages of 6 and 15.(F)3.The National Curriculum is compulsory in both the state system and the independentsystem.(F)4.When children finish their schooling at 16, they are required to take a national GCSEexamination.(T)5.Graduates from state schools in Britain have a less favorable chance to enter famousuniversities than those from independent schools.(T)6.The Times is the wo rld’s oldest Sunday newspapers.(F)7.The BBC World Service broadcasts only in English throughout the world.(F)8.Some British holidays are celebrated to mark important events in the Christian calendar,and some others are related to local customs and traditions.(T)Chapter 81.The eastern highlands formed by the Appalachians hold one third of the country's continental territory.(F)2.The climate in the United States can be classified as temperate,with some mild subtropical and tropical zones.(T)3.Almost through the middle of the United States, north to south,runs a well--known 50-centimeter rainfall line.(T)4.New York is the commercial and financial center of the United States , and it is composed of five boroughs including Manhattan, Brooklyn, the Bronx, Staten Island, and Queens.(T)5.San Francisco is the second largest city after New York and the world famous Hollywoodand Disneyland are located here.(F)6.During the 1830s and 1840s, many northern Europeans and Irish immigrants came to America.(T)7.Almost half of the immigrants coming to the United States in the 1980s were Asians.(T)8.Basic American cultural values are freedom, equality and desire to work hard for a higher standard of living.(T)Chapter 91.America was named after Amerigo Vespucci, who arrived on the new continent after Columbus.(T)2.The second Continental Congress was held in Philadelphia, and the Continental Army and Navy were founded under the command of Thomas Jefferson.(F)3.The Civil War not only put an end to slavery, but also decided that America was a single, indivisible nation.(T)4.Most American people approved of the Vietnam War.(F)5.In 1990, American troops and the troops from allied nations launched Operation DesertStorm in order to drive Iraqi troops out of Kuwait.(T)6.According to the American administration, Saddam Hussein and Osama bin Laden were responsible for the terrorist event on September11,2001.(F)7.The America government regarded Iraq a nation among the "axis of evil".(T)8.On March 19,2003,American and United Nation's troops, supported by several other countries, began an invasion of Iraq.(F)Chapter 101.The Bill of Rights was written into the Constitution in 1787.(F)2.The form of American government is based on three main principles: federalism, the separation of powers, and respect for the Constitution and the rule of law.(T)3.The U.S. Congress is the legislative branch of the federal government and it consists of two houses: the House of Commons and the House of Lords.(F)4.The judicial branch of the federal government consists of a series of courts: the SupremeCourt, the courts of appeals and the district courts.(T)5.The Democratic Party is conservative in terms of its ideology.(F)6.The American presidential campaign adheres to the "winner-take-all" practice.(T)7.The American foreign policy throughout the World War II was neutrality.(F)8.The American foreign policy during the Cold War period was containment and intervention.(T)Chapter 111.America is the world's largest industrial nation.(T)2.In the U.S. Constitution, the recognition of the importance of "intellectual property" could be identified.(T)3.Although slavery was abolished as a result of the Civil War, the owners of plantation in the South made more profits from selling their agriculture products.(F)4.President Roosevelt's New Deal had little effect in dealing with the economic crisis in theearly 1930s.(F)5.The 1960s was a period of consolidation for the American businesses.(F)6.American agricultural exports outweigh imports, leaving a surplus in the agricultural balance of trade.(T)7.Auto production is one of the important sectors in American manufacturing industry.(T)8.The world economy has little to do with the growth and decline of the American foreigntrade.(F)Chapter 12cation is governed by state and local governments instead of the national government in America.(T)2.All American children are offered 12 years of compulsory public education.(T)3. After 12 years of schooling, American students receive a bachelor's degree at graduation.(F)4.When selecting a college or university, undergraduate students have a great concern forits size, location and academic quality.(T)ually, an undergraduate student has to earn 120 credits to receive a degree.(T)6.Yale university is the second eldest institution of higher learning in the United States.(F)7.It is The New York Times that first uncovered the Watergate Scandal in 1972 through theefforts of two reporters.(F)8.Thanksgiving Day falls on the fourth Tuesday in November.(F)选择题Chapter 1 ABDC DACC1.The two main islands of the British Isles are .A. Great Britain and IrelandB. Great Britain and ScotlandC. Great Britain and WalesD. Great Britain and England2.is the capital city of Scotland.A. BelfastB. EdinburghC. AberdeenD. Cardiff3.Among the four parts of the United Kingdom, is the smallest.A. EnglandB. ScotlandC. WalesD. Northern Ireland4.English belongs to the group of Indo-European family of languages.A. CelticB. Indo-IranianC. GermanicD. Roman5.The introduction of Christianity to Britain added the first element of words to English.A. Danish and FinnishB. Dutch and GermanC. French and ItalianD. Latin and Greek6.The evolution of Middle English was reinforced by the influence.A. NormanB. DutchC. GermanD. Danish7.Samuel Johnson’s dictionary was influential in establishing a standard form of .A. grammarB. handwritingC. spellingD. pronunciation8.At present, nearly of the world’s population communicate in English.A. halfB. a quarterC. one thirdD. one fifthChapter 2 DDCC ABAC1. The attack on Rome ended the Roman occupation in Britain in 410.A. NormanB. DanishC. CelticD. Germanic2.By the late 7th century, became the dominant religion in England.A. Celtic ChristianityB. Anglo-Saxon ChristianityC. Germanic ChristianityD. Roman Christianity3.The marked the establishment of feudalism in England.A. Viking invasionB. signing of the Magna CartaC. Norman ConquestD. Adoption of common law4.The end of the Wars of the Roses led to the rule of .A. the House of ValoisB. the House of YorkC. the House of TudorD. the House of Lancaster5.The direct cause for the Religious Reformation was King Henry VIII’s effort to .A. divorce his wifeB. break with RomeC. support the ProtestantsD. declare his supreme power over the church6.The English Civil War broke out in 1642 between .A. Protestants and PuritansB. Royalists and ParliamentariansC. nobles and peasantsD. aristocrats and Christians7.was passed after the Glorious Revolution.A. Bill of RightsB. Act of SupremacyC. Provisions of OxfordD. Magna Carta8.The Industrial Revolution was accomplished in Britain by the middle of the century.A. 17thB. 18thC. 19thD. 20thChapter 3 CDBA BBDC1. The British government is characterized by a division of powers between three of the followingbranches with the exception of the .A. judiciaryB. legislatureC. monarchyD. executive2.The importance of the British monarchy can be seen in its effect on .A. passing the billsB. advising the governmentC. political partiesD. public attitude3.As a revising chamber, the House of Lords is expected to the House of Commons.A. rivalB. complementC. criticizeD. inspect4.is at the center of the British political system.A. The CabinetB. The House of LordsC. The House of CommonsD. The Privy Council5.The main duty of the British Privy Council is to .A. make decisionsB. give adviceC. pass billsD. supervise the Cabinet6.Generally speaking, the British Parliament operates on a system.A. single-partyB. two-partyC. three-partyD. multi-party7.The policies of the Conservative Party are characterized by pragmatism and .A. government interventionB. nationalization of enterprisesC. social reformD. a belief in individualism8.In Britain, the parliamentary general election is held every years.A. threeB. fourC. fiveD. sixChapter 4 ACDC DBAC1. The in the early 1970s worsened an already stagnant economy in Britain.A. oil crisisB. high inflation ratesC. large importsD. unemployment problem2.Of the following practices, does not belong to Thatcher’s social welfare reform.A. reducing child benefitsB. shortening the unemployment benefits periodC. reducing the unemploymentD. lowering old age pensions3.The Blair government has been successful in all the following aspects except .A. limiting government spendingB. keeping inflation under controlC. reducing unemploymentD. reducing inequality4.Britain has devoted of its land area to agriculture.A. 54%B. 64%C. 74%D.84%5.Britain’s important fishing areas include all the following except .A. the North SeaB. the English ChannelC. The sea area around IrelandD. The sea area between Britain and Ireland6.Coal mining industry in Britain provides of the energy consumed in the country.A. 1/3B. 1/4C. 1/5D. 2/37.The car industry in Britain in mostly .A. foreign-ownedB. state-ownedC. joint-ventureD. privately-owned8.Of the following sectors in Britain, has experienced spectacular growth since the end ofWord War II.A. agricultureB. energy industryC. service industryD. manufacturing industry Chapter 5 DCBB CCDA1. In Britain, the division between grammar schools and vocational schools were ended by theintroduction of comprehensive schools in the .A. 1930sB. 1940sC. 1950sD. 1960s2.About of British children receive primary and secondary education through theindependent system.A. 5%B. 6%C. 7%D. 8%3.Partially funded by central government grants, the British universities receive their remaining fundsfrom all the following sources except .A. tuition feesB. loansC. donationsD. corporate contributions4.To be admitted to the Open University, one need .A. some educational qualificationsB. no educational qualificationsC. General Certificate of Education-AdvancedD. General National Vocational Qualifications5.Among Britain’s quality press, the following newspapers are regarded as the “Big Three” with theexception of .A. The TimesB. The GuardianC. The ObserverD. The Daily Telegraph6.Life on Earth is a kind of program produced by the BBC and is popular among 500 millionviewers worldwide.A. featureB. dramaC. documentaryD. soap opera7.is Britain’s top pay television provider.A. BSBB. SkyTVC. BBCD. BSkyB8.The following Christmas traditions are particularly British except .A. Trooping the ColorB. Queen’s Christmas messageC. Boxing DayD. Christmas pantomimeChapter 8 BCAB CDAD1. The U. S. lies in North America, with Canada to the north, Mexico to the south, the Atlanticto its and the Pacific to its .A. northern, east, westB. central, east, westC. southern, west, eastD. western, east, west2. The continental United States has statesA. 50B. 49C. 48D. 353.The state of is the largest in area of all the states.A. AlaskaB. HawaiiC. TexasD. Florida4.The largest river in the U. S. is .A. the Missouri RiverB. the Mississippi RiverC. the Ohio RiverD. the Colorado River5.Some of the world famous universities like Harvard, Yale and MIT are located in .A. the SouthB. the WestC. New EnglandD. the Midwest6.San Francisco, Los Angeles and San Diego all belong to .A. MontanaB. UtahC. MaineD.California7.The Immigrants Act of 1924 restricted the further immigration into the United States, particularlyfrom .A. EuropeB. AsiaC. AfricaD. South America8.The characteristic of the dominant American culture is .A. English-speaking, northern European, Roman Catholic and middle-classB. English-speaking, western European, Roman Catholic and upper-classC. English-speaking, northern European, Protestant and upper-classD. English-speaking, western European, Protestant and middle-classChapter 9 CCDB CACD1. The first successful English colony in North America was founded at in .A. Jamestown, LouisianaB. Boston, MassachusettsC. Jamestown, VirginiaD. Plymouth, Georgia2.The Seven Years’ War occurred between the .A. French and American IndiansB. French and SpaniardsC. French and BritishD. British and American Indians3.“No taxation without representation” was the rallying slogan of .A. the settlers of VirginiaB. the people of PennsylvaniaC. the colonists in New EnglandD. the people of the 13 colonies4.In May 1775, was held in Philadelphia and began to assume the functions of a nationalgovernment.A. the First Continental CongressB. the Second Continental CongressC. the Boston Tea PartyD. the Congress of Confederation5.Abraham Lincoln issued to grant freedom to all slaves.A. Declaration of IndependenceB. ConstitutionC. Emancipation ProclamationD. Bill of Rights6.The policy of the United States was at the beginning of the two world wars.A. neutralityB. full involvementC. partial involvementD. appeasement7.President applied New Deal to deal with the problems of the Great Depression.A. WilsonB. TrumanC. RooseveltD. Kennedy8.The Vietnam War was a long-time suffering for Americans, and it continued throughout the terms ofPresidents .A. Johnson, Nixon and FordB. Truman, Eisenhower and KennedyC. Kennedy, Johnson and NixonD. Eisenhower, Kennedy and JohnsonChapter 10 BCBD CCDC1. The U. S. Constitution came into effect in .A. 1787B. 1789C. 1791D. 17932.The Constitution of the United States .A. gives the most power to CongressB. gives the most power to the PresidentC. tries to give each branch enough power to balance the othersD. gives the most power to the Supreme Court3.The Bill of Rights .A. defines the rights of Congress and the rights of the PresidentB. guarantees citizens of the United States specific individual rights and freedomsC. is part of the Declaration of IndependenceD. has no relationship with the Constitution4.The terms for a Senator and Representative are and years respectively.A. two, fourB. two, threeC. two, sixD. six, two5.All the following except cannot make legislative proposal.A. the SenatorB. the RepresentativeC. the Secretary of StateD. the President6.The following except are all powers of the President.A. vetoing any bills passed by CongressB. appointing federal judges when vacancies occurC. making lawsD. issuing executive orders7.The Supreme Court is composed of justices.A. sixB. sevenC. eightD. nine8.The President is directly voted into office by .A. all citizens of AmericaB. the citizens over 18 years oldC. electors elected by the votersD. the senators and representativesChapter 11 BCBD CCDC1. America produces a major portion of the world’s products in the following fields except .A. machineryB. automobilesC. oreD. chemicals2.The modern American economy progressed from to , and eventually, to .A. colonial economy, handcraft economy, industrial economyB. farming economy, handcraft economy, industrial economyC. colonial economy, farming economy, industrial economyD. handcraft economy, farming economy, industrial economy3.Chartered companies were NOT granted the by the British King or Queen.A. political authorityB. economic rightsC. judicial authorityD. diplomatic authority4.urged the federal government to establish a national bank.A. George WashingtonB. President RooseveltC. Abraham LincolnD. Alexander Hamilton5.The following in ventions took place during the “second industrial revolution” except .A. typewriterB. telephoneC. electric lightD. refrigerator6.President Johnson tried to build a “Great Society” by introducing various programs like the followingexcept .A. MedicareB. Food StampsC. Education InitiativesD. Unemployment Pension7.The following statements are all true except .A. Agribusinesses reflect the big, corporate nature of many farm enterprises.B. Agribusinesses maintain a balanced trade pattern between agricultural imports and exports.C. Agribusinesses range from one-family corporations to multinational firms.D. Agribusinesses include a variety of farm businesses and structures.8. Employment in the sector has been increasing in the U.S. since the 1970s.A. serviceB. agricultureC. manufacturingD. high-tectChapter 12 CBBB CBBB1. Formal education in the United States consists of , secondary and higher education.A. kindergartenB. publicC. elementaryD. private2.Of the following subjects, are NOT offered to elementary school students.A. mathematics and languagesB. politics and business educationC. science and social studiesD. music and physical education3.Higher education in the United States began with the founding of .A. Yale UniversityB. Harvard UniversityC. Princeton UniversityD. New York University4.Of the following, are NOT among the categories of American higher education.A. universities and collegesB. research institutionsC. technical institutionsD. community colleges5.To get a bachelor’s degree, all undergraduate students are required to do the followingexcept .A. attending lectures and completing assignmentsB. passing examinationsC. working for communitiesD. earning a certain number of credits6.is sold especially to the upper or upper-middle class and it has a reputation for its seriousattitude and great bulk.A. The Washington PostB. The New York TimesC. Los Angeles TimesD. New York Daily News7.Of the following, is NOT among the three major radio and TV networks in America.A. the National Broadcasting System (NBS)B. the Public Broadcasting Service (PBS)C. the Columbia Broadcasting System (CBS)D. the American Broadcasting System (ABS)8.The National Day of the United States falls on .A. June 4thB. July 4thC. June 14thD. July 14th第三大题Chapter 11.Why do tourists from all over the world like to go to Scotland?√They like to enjoy the beautiful Scottish scenery, to drink Scotch whisky and to see Scotsmen wearing kilts and playing bagpipes.2.How many periods can the development of the English language be divided into and what are they?√√----The development of the English language can be divided into three periods: Old English, Middle English and Modern English.3. Why did English become more important after Black Death?----The laboring and merchant classes grew in economic and social importance after the Black Death, so English also grew in importance compared to French.Chapter 21.What were Queen Victoria’s major achievements?Queen Victoria made tremendous achievements in almost every aspect. She promoted further industrialization, the building of railways and the growth of trade and commerce. During her reign, Britain developed into an empire including about a quarter of the global population and a quarter of the world’s landmass.2.What were the two camps in World WarⅠ?√In WorldⅠthe two camps were the Central Powers-mainly Germany, Austria-Hungary, Turkey and the Allies-mainly France, Great Britain, Russia, Italy and from 1917,the United States.3.Why did Britain cooperate closely with the United States after World WarⅡ?Britain cooperated closely with the United States after World WarⅡsince they were allied during World WarⅡand shared the same concerns about the Soviet Union.Chapter 51.What used to be the major functions of grammar schools and vocational schools inBritain?Grammar schools were to train the most academically capable students and prepare them for university, whereas vocational schools were to help the less successful students to learn a trade.2.What kind of subjects do British comprehensive schools provide?British comprehensive schools provide a general education, offering both academic subjects like literature and science, and more practical subjects like cooking andcarpentry.3.In what ways do British universities enjoy complete academic freedom?British universities enjoy complete academic freedom because they can appoint their own staff, decide which students to admit, provide their own courses and award their own degrees.4.What role does the media play in British leisure culture?The media plays an essential role in Britain leisure culture since it helps to shape the public’s opinion, determine people’s moral and political orientation and consolidate or undermine the rule of a government.Chapter 81.How is the American population distributed?The distribution of the American population is rather uneven the most densely populated region is the northeastern part of the country. The great plains have a comparatively small population .the so uth also has a population of almost 57.5million. the west is not densely populated ,except for some metropolitan centers like los Angeles and san Francisco . it has about 20% of the nation’s population.2.Why was the immigration act of 1942 instituted ?The new immigrants in the united states , being poor and accustomed to poverty , were willing to w ork for very low wages .this made other workers afraid that the immigrants would ls and take jobs aw ay from them . this opposition led to the immigration act of 1942.Chapter 91.Why did American change its policy and enter world war II? √√Because of the formation of the axis , the American government feared that the axis countries were wining the war and it might threaten America’s security and interests . it began to provide war equip ment to the foreign nations resisting the aggression of the axis power . the Japanese air raid on pearl harbor became the direct cause for America’s entrance into the war.2.What were Nixon’s well-known contributions during his presidency?a) brought the Vietnam war to a closeb)reestablishing U.S. relations with chinac) negotiating the firststrategic arms limitation treaty with the former soviet union .3.What were the contents of Reagan’s economic program?Reagan’s economic program called for reductions in income taxes and business taxes in order to e ncourage investment , and it also requested that many government regulations be eliminated so as t o reduce the federal government’s role in the day-to-day operation of business.Chapter 101.What are the two characteristics of the U.S. constitution?One is “checks and balances”, the other is that the power of the federal government and of the state governments are specified in the Constitution.2.What are the qualifications for a senator and a representative respectively?A senator must be over 30 years old,a U.S. citizen for at least nine years, and a resident in the state which they represent . A representative should be at least 25 years old anda U.S. citizen for no less than seven years.3.What are the major powers of the Supreme Court in the USA？√√a)to interpret lawsb) to hear appeals from any federal court cases;c)to hear appeals from state court cases that involve the constitution or national lawsd)may declare a law unconstitutionale) may declare a presidential act unconstitutional.4.What is the difference between the democrats and the republicans in terms of politicalopinions?Generally speaking, the Democrats Party has a liberal ideology, while the Republicans Party is more conservative.The democrats want the government to play an important role in the economy and emp hasize full employment as a matter of national concern they favor civil rights laws , a str ong social security system which gives enterprises a greater freedom and demand that t he government control inflation. They stress the need for law and order, and oppose co mplete government social programs and free choice of abortion they also favor a strong military posture and assertive stand in international relations.Chapter 111.What industry developments took place during the colonial period of America?During the colonial period ,the secondary industries developed as the colonies grew .a variety of specialized sawmills and gristmills appeared. Colonists established shipyardsto build fishing fleets and trading vessels . they also built small iron forges . by the 18th century , regional patterns of development in America had become clear.2.How did the civil war affect the American economy? √√After the civil war , the large southern cotton plantations became much less profitable . northern industries , which had expanded rapidly because of the demands of the war ,s urged ahead.3.Why does America try to reduce trade barriers?Because the united states has increasingly realized that open bilateral trade will not onl y advance its own economic interests, but also enhance domestic stability and its peaceful relationship with other nations.Chapter 121.How does an American university choose its applicants?a)their high school records;b) recommendations from their high school teachers;c) the impression they make during interviews at the university;d) their scores on the SAT.2.What functions do American higher education institutions perform?。
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新编语言学教程Chapter 12答案Applied Linguistics1. Define the following terms briefly.(1)applied linguistics: the study of language and linguistics in relation to practicalissues, e.g. speech therapy, language teaching, testing, and translation.More often than not nowadays, it is used in the narrow sense, and refers tolanguage teaching in particular.(2)grammar-translation method: a method of foreign or second languageteaching which makes use of translation and grammar study as the mainteaching and learning activities.(3) audiolingual method: the teaching of a second language through imitation,repetition, and reinforcement. It emphasizes the teaching of speaking andlistening before reading and writing and the use of mother tongue in theclassroom is not allowed.(4)communicative language teaching: an approach to foreign or second languageteaching which emphasizes that the goal of language learning is toachieve communicative competence.(5)testing: the use of tests, or the study of the theory and practice of their use,development, evaluation, etc.(6)achievement test: a test which measures how much of a language someone haslearned with reference to a particular course of study or program of instruction.(7)validity: (in testing) the degree to which a test measures what it is supposedto measure, or can be used successfully for the purposes for which it is intended.A number of different statistical procedures can be applied to a testto estimate its validity. Such procedures generally seek to determine what thetest measures, and how well it does so.(8)reliability: (in testing) a measure of the degree to which a test gives consistentresults; a test is said to be reliable if it gives the same results when it isgiven on different occasions or when it is taken by different people.(9)proficiency test: a test which measures how much of a language someone haslearned without considering the syllabus, duration and manner of learning.(10) subjective test: a test which is scored according to the personal judgment ofthe marker, such as essay writing or translation.(11) objective test: a test that can be marked without the use of the examiner’spersonal judgment.(12) language aptitude test: a test which measures a person’s aptitude for secondor foreign language learning and it can be used to identify those learners who are most likely to succeed.(13) diagnostic test: a test which is designed to show what skills or knowledge alearner knows and doesn’t know. For example, a diagnostic pronunciationtest may be used to measure the learner’s pronunciation of English sounds.It would show which sounds a student is and is not able to pronounce. Diagnostictests may be used to find out how much a learner knows or to measure how successful an instruction program has been.(14) backwash effect: Tests strongly affect what actually occurs in the classroomand the effect of tests on classroom L2 teaching and learning is known as thebackwash effect.2. The advantages of grammar-translation method:(1)As the grammars described in this method contain very detailed descriptionsof the correct construction of phrases and sentences of a language, accuracyis stressed and improved.(2)Students’ ability to read and write is encouraged and improved since themethod focuses on the written work.(3)This method is less demanding than some other approaches for a teacherwhose oral proficiency may not be adequate.(4)This method is popular with people who would like to study English independently,especially the adult learners who want to learn grammar rules anduse them to approach new materials by themselves.The disadvantages of grammar-translation method:(1)It emphasizes language at the sentence level regardless of context, so the organizationof language above the sentence level is not so carefully studied.(2)As the focus is on written work, oral fluency and spontaneity is not so welldeveloped and common everyday language is not taught enough.(3)The basic techniques in this method are rote learning of the rules and vocabulary,and grammar rules are taught deductively as general statements tobe applied in particular exercises in translation, so the learners may find itboring to learn.(4)With the emphasis on grammar, students typically know a lot about the languagebut are unable to actually use it. As a result, their use of the new languageoften tends to be literal or unnatural.3.Changes required would include:(1)Change in teacher’s role. The teacher can no longer be the source of knowledgeand trut h about the language. The teacher’s role has more to do withinitiating activities.(2)Change in learner’s role. The learner can no longer be passive. The learnermust actively participate in the activities.(3)Change of materials. These should, as far as possible, preserve the features ofauthentic instances of language use.(4)Change of techniques. These should emphasize the tasks (not drills) to beperformed and identify the skills being practiced.(5)Change in attitude. If the above are to be achieved then we are involved inchanging our attitudes towards teaching and learning in general.4.Achievement tests are based on a particular language syllabus, or part of a syllabus,or chapters in a textbook that learners are known to have studied and theyaim to know how well learners know what they have been taught. For example,the Chinese MET test, which is based on the Middle School English Syllabus andtaken by students leaving Senior Middle School, and Mid-Term tests, designed forUniversity English Majors based on just a few chapters from a textbook.5.The validity of a test relates to what the test claims to measure and how well itdoes so. If we know that a test is valid, then we know what we can confidently sayabout a person who passes or fails it. The two most important aspects of validityare content validity and construct validity. If a test has content validity it meansthat the test questions cover a fair sample of the language structures and skillsthat the test claims to be measuring. If a test has construct validity, it shows that itmeasures only what it claims to measure and nothing else.6.A test is said to be reliable if it gives the same results when it is given on differentoccasions or when it is taken by different people. There are two aspects to reliability:test reliability and scorer reliability. Test reliability refers to how consistent scoresare on a test. If, for example, there are two versions of a particular test and the sameperson takes them on consecutive days and his scores are almost the same on eachversion, then such a test has test reliability. A test has scorer reliability if there is ahigh level of agreement between different people marking the same test paper.。