The Tradeoff between Income republicsjustified their
国际贸易理论与政策
1. Real wage in free trade
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The Welfare of Free Trade
Changes in Real Wages (from Autarky to free trade）
The International Exchange and The Gains from Trade
1. The Gains-from-Trade Theorem
If the value of free trade consumption at free trade prices exceeds the value of autarky consumption at free trade prices, then the free trade consumption bundle must be preferred to the autarky bundle, because if it were not, consumers would pick the cheaper autarky.
Labor Productivity and Wages
2. International wage comparisons and productivities
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金融学双语考试复习资料
Chapter 1经济学关注的3个问题：⏹How scarce resources are allocated in the productionprocess among competing uses.⏹How income generated in the production and sale of goodsand services is distributed among members of society.⏹How people allocate their income through spending, saving,borrowing and lending decisions.Default（违约）- When a borrower fails to repay a financial claim.借方未能偿还金融债务Liquidity（流动性）- The ease with which a financial claim can be converted to cash without loss of value. 金融索取权可以比较容易地且不损失价值地转化成现金的特性。
Depository institutions （储蓄机构）– Financial intermediaries, such as commercial banks, savings and loan associations, credit unions, and mutual savings banks, that issue checkable deposits. 发放支票存款的金融中介，如商业银行、存储贷款、信用联盟、互助储蓄银行。
5. Why do financial intermediaries exist? What services do they provide to the public? Are all financial institutions financial intermediaries?Financial intermediaries exist to link up net lenders and net borrowers and to help minimize the transaction costs associated with borrowing and lending. Financial services provided by financialintermediaries include appraising and diversifying risk from individual net lenders. Not all financial intermediaries are institutions, such as stock and bond brokers merely link up net lenders and net borrowers for a fee and do not issue claims on themselves.16. Diane Weil earns wages of $45,000 and interest and dividend income of $5,000. She spends $8,000 as a down payment on a newly constructed mountain cabin and lends $4,000 in financial markets. Assuming that Diane spends the remainder of her income on consumption, what is her saving? Is she a net lender or a net borrower? What is her consumption?Chapter 2Money (货币)- Anything that functions as a means of payment (medium of exchange), unit of account, and store of value. 作为支付手段（即交换媒介）、记账单位和价值储藏手段的物品。
财经英语单元课后全部中译英
第一单元1.居民持有许多金融资产。
最重要的有货币、储蓄账户、政府证券、股票以及基金。
People hold many financial assets. The most important currency, savings accounts, government securities, stocks and funds.2.对货币需求的不同于对其他商品的需求。
持有货币是因为其间接价值而不是直接价值。
Demand for money is different from the demand for other goods. Holding currency because of its indirect value rather than direct value.3.人们持有货币的最重要的原因是需要偿付账单或购买商品。
People hold money the most important reason is the need to pay the bills or buy goods.4.行业中，商业银行以手头现金或在中央银行存款的形式持有准备金。
Industry, commercial Banks in the form of cash or deposits with the central bank to hold reserves.5.一般来说，商品货币本身具有内在的价值。
由于商品货币本身所固有的价值，政府也就没有必要再来保证它的价值。
Generally speaking, the commodity currencies of itself has intrinsic value. Due to the inherent value of commodity money, the government there would be no need to again to ensure that the value of it.第二单元1.外汇是指以外币表示的用于清偿国际交易的资产The foreign exchange refers to used for liquidation international trading assets denominated in foreign currencies.2.外汇市场是世界上最大、流动性最强的市场之一The foreign exchange market is one of the largest and most liquid market in the world 3.中央银行用其巨额的外汇储备来稳定货币市场The central bank with its huge foreign exchange reserves to stabilise the currency markets4.货物和服务贸易的盈余或赤字反映了一国经济的竞争力Goods and services trade surplus or deficit reflects a country's economic competitiveness5.如果一国通货膨胀水平很高或人们预期通货膨胀水平会提高，那么通常该国货币会贬值。
高二英语经济概念单选题50题
高二英语经济概念单选题50题1. The _____ is the total value of all goods and services produced within a country in a given year. It is an important measure of a country's economic size.A. GDP (Gross Domestic Product)B. GNP (Gross National Product)C. CPI (Consumer Price Index)D. PMI (Purchasing Managers' Index)答案：A。
解析：GDP（ 国内生产总值）是指一个国家（ 或地区）所有常住单位在一定时期内生产活动的最终成果，是衡量一个国家经济规模的重要指标。
GNP（国民生产总值）是一个国民概念，是指一个国家（或地区）的国民在一定时期（通常为一年）内所生产的最终产品和服务的市场价值总和，与题干中在一个国家内部生产的表述不符。
CPI 消费者物价指数）主要反映消费者支付商品和劳务的价格变化情况，与衡量经济规模无关。
PMI（采购经理人指数）是衡量制造业在生产、新订单、商品价格、存货、雇员、订单交货、新出口订单和进口等八个方面状况的指数，也不是衡量经济规模的指标。
2. Inflation refers to the general increase in _____. When inflation occurs, the purchasing power of money usually decreases.A. the quantity of goodsB. the quality of goodsC. prices over timeD. production efficiency答案：C。
解析：通货膨胀指的是物价随着时间的推移普遍上涨。
国际经济学_中英名词解释
国际经济学中英名词解释Absolute advantage: The greater efficiency that one nation may have over another in the production of a commodity. This was the basis for trade for Adam Smith.绝对优势Law of comparative advantage: The less efficient nation should specialize in and export the commodity in which its absolute disadvantage is smaller (this is the commodity of its comparative advantage), and should import the other commodity.比较优势原理Ad valorem tariff: A tariff expressed as a fixed percentage of the value of a traded commodity.从价税Specific tariff:从量税A tariff expressed as a fixed sum per unit of a traded commodity.Capital-intensive commodity: The commodity with the higher capital-labor ratio at all relative factor prices.资本密集型商品Labor-intensive commodity:The commodity with the higher labor-capital ratio (L/K) at all relative factor prices.劳动密集型产品Capital inflow: An increase of foreign assets in the nation or a reduction in the nation’s assets abroad.资本流入Capital outflow: A decrease of foreign assets in the nation or an increases the nation’s assets abroad.资本流出Community indifference curve: The curve that shows the various combinations of two commodities yielding equal satisfaction to the community or nation. Community indifference curves are negatively sloped, convex from the origin, and should not across.社会无差异曲线Consumer surplus: The difference between what consumers are willing to pay for a specific amount of a commodity and what they actually pay for it.消费者剩余Producer surplus: The revenue producers receive over and above the minimum amount required to induce them to supply the good.生产者剩余Current account: The account that includes all sales and purchases of currently produced goods and services, income on foreign investments, and unilateral transfers.经常项目Credit transactions:Transactions that involve the receipt of payments from foreigners. These include the export of goods and services, unilateral transfers from foreigners, and capital inflow.贷方交易Debit transactions: Transactions that involve payments to foreigners. These include the import of goods and services, unilateral transfers to foreigners, and capital outflows.借方交易Deficit in the balance of payments:The excess of debits over credits in the current and capital accounts, or autonomous transactions, equal to the net credit balance in the official reserve account, or accommodating transactions.国际收支逆差Factor abundance: The factor of production available in greater proportion and at a lower relative price in one nation than in another nation.要素丰裕度General equilibrium analysis: The study of the interdependence that exists among all markets in the economy.一般均衡分析General equilibrium model: An economic model that studies the behavior of all producers, and traders simultaneously.一般均衡模型Heckscher-Ohlin(H-O) theory: 赫克歇尔—俄林理论The theory that postulates that(1)a nation exports commodities intensive in its relatively abundant and cheap factor and(2)international trade brings about equalization in returns to homogeneous factors across countries.Infant-industry argument: The argument that temporary trade protection is needed to set up an industry and to protect it during its infancy against competition from more established and efficient foreign firms.幼稚工业保护税Marginal rate of substitution,MRS: The amount of one commodity that a nation could give up in exchange for one extra unit of a second commodity and still remain on the same indifference curve. It is given by the slope of the community indifference curve at the point of consumption and declines as the nation consumes more of the second commodity.边际替代率Marginal rate of transformation,MRT:The amount of one commodity that a nation must give up to produce each additional unit of another commodity. This is another name for the opportunity cost of a commodity and is given by the slope of the production frontier at the point of production.边际转换率Opportunity cost theory: The theory that the cost of a commodity is the amount of a second commodity that must be given up to release just enough resources to produce one more unit of the firstcommodity.机会成本理论Dumping:The export of a commodity at below cost or at a lower price than sold domestically.倾销Persistent dumping:The continuous tendency of a domestic monopolist to maximize total profits by selling the commodity at a lower price abroad than domestically, also called international price discrimination.持久性倾销Predatory dumping: The temporary sale of commodity at a lower price abroad in order to drive foreign producers out of business, after which prices are raised to take advantage of the newly acquired monopoly power abroad.掠夺性倾销Sporadic dumping:偶尔倾销The occasional sale of a commodity at a lower price abroad than domestically in order to sell an unforeseen and temporary surplus of the commodity abroad without having to reduce domestic prices.Product cycle model:The hypothesis, advanced by Vernon, that new products introduced by industrial nations and produced with skilled labor eventually become standardized and can be produced in other nations with less skilled labor.产品周期模型Production possibility frontier:A curve showing the various alternative combinations of two commodities that a nation can produce by fully utilizing all of its resources with the best technology available to it.生产可能性边界Purchasing-power parity(PPP) theory:The theory that postulates that the change in the exchange rate between two currencies is proportional to the change in the ratio in the two countries’ general price levels.购买力平价理论Rate of effective protection:The tariff calculated on the domestic value added in the production of a commodity.有效保护率Relative purchasing-power parity theory:Postulates that the change in the exchange rate over a period of time should be proportional to the relative change in the price levels in the two nations. This version of the PPP theory has some value.相对购买力平价Small-country case:The situation where trade takes place at the pretrade-relative commodity prices in the large nation so that the small nation receives all of the benefits from trade.小国情况Specific tariff:A tariff expressed as a fixed sum per unit of a traded commodity.特别关税Terms of trade:The ratio of the index price of a nation’s export to its import commodities.贸易条件Free-trade area:自由贸易区Remove all tariff and nontariff barriers among members and maintain its own trade restrictions against outsiders.Customs union:关税同盟Removes all barriers on trade among members and harmonizes trade policies toward the rest of the world.The best example is the European Union(EU).Common market:共同市场Removes all barriers on trade among members,harmonizes trade policies toward the rest of the world,and also allows the free movement of labor and capital among member nations.An example is the European Union(EU)since January 1,1993. Economic union:经济同盟A supranational institution harmonize and administer national,social,taxation,and fiscal policies.Dumping:倾销The export of a commodity at below cost or at a lower price than sold domestically.Direct investments:直接投资Real investments in factories,capitalgoods,land,and inventories where both capital and management are involved and the investor retains control over the use of the invested capital.Interdependence: 相互依赖The (economic) relationships among nation.Increasing opportunity costs: 机会成本递增The increasing amounts of one commodity that a nation must give up to release just enough resources to produce each additional unit of another commodity.This is reflected in a production frontier that is concave from the origin.Income terms of trade:收入贸易条件The ratio of the price index of the nation’s exports to the price index of its imports times the index of the nation’s volume of exports.Immiserizing growth:悲惨性增长The situation where a nation’s terms of trade deteriorate so much as a result of growth that the nation is worse off after growth than before,even if growth without trade tends to improve the nation’s welfare.Leontief paradox:里昂惕夫之谜The empirical finding that U.S import substitutes were more K intensive than U.S exports.This is contrary to the H-O trade model,which predicts that,as the most K-abundant nation,the United States should import L-intensive products andexport K-intensive products.Multinational corporations(MNCs):跨国公司Firms that own,control,or manage production and distribution facilities in several countries.Optimum tariff:最有关税The rate of tariff that maximizes the benefit resulting from improvement in the nation's terms of trade against the negative effect resulting from reduction in the volume of trade. Pattern of trade:贸易模式The commodities exported and imported by each nation.Production possibility frontier:生产可能性曲线A curve showing the various alternative combinations of two commodities that a nation can produce by fully utilizing all of its resources with the best technology available to it.Prohibitive tariff:禁止性关税A tariff sufficiently high to stop all international trade so that the nation returns to autarky. Preferential trade arrangements:优惠贸易安排The loosest from of economic integration;provides lower barriers to trade among participating nations than on trade with nonparticipating nations.An example is the British Commonwealth Preference Scheme.Stolper-Samuelson theorem: 施托尔珀－萨缪尔森定理It postulates that free international trade reduces the real income of the nation's relatively scarce factor and increases the real income of the nation's relatively abundant factor.Terms of trade:贸易条件The ratio of the index price of a nation's export to its import commodities.Trade creation:贸易创造Occurs when some domestic production in a member of the customs union is replaced by lower-cost imports from another member nation.This increases welfare.Trade diversion:贸易转移Occurs when lowercost imports from outside the union are replaced by higher-cost imports from another union member.Byitself,this reduces welfare.Transfer pricing:转移价格The overpricing or underpricing of products in the intrafirm trade of multinational corporations in an attempt to shift income and profits from high-to low-tax nations.。
高二英语全球经济发展单选题30题
高二英语全球经济发展单选题30题1.The growth of a country's economy is often measured by its GDP. Which of the following is NOT a factor that can increase GDP?A.Increase in consumptionB.Decrease in investmentC.Rise in exportsD.Expansion of government spending答案：B。
解析：增加消费、出口增加和政府支出扩大都能促进经济增长从而增加GDP。
而减少投资会抑制经济增长，不利于GDP 的增加。
本题主要考查对GDP 影响因素的理解以及对相关经济术语的掌握。
2.International trade plays a crucial role in the global economy. What is the main benefit of exporting goods for a country?A.Increase in domestic pricesB.Reduce unemployment rateC.Decrease in quality of productsD.Limit competition答案：B。
解析：出口商品可以增加就业机会，降低失业率。
出口一般不会导致国内价格上升、产品质量下降和限制竞争。
本题考查对国际贸易好处的理解。
3.Which of the following is an example of a primary sector in the economy?A.ManufacturingB.BankingC.AgricultureD.Telecommunications答案：C。
解析：农业属于第一产业。
制造业属于第二产业，银行业和电信业属于第三产业。
《国际经济学(英文版)》选择题汇总版(附答案)
《国际经济学》选择题汇总版（附答案）Ch1-Ch31.The United States is less dependent on trade than most other countries becauseA) the United States is a relatively large country with diverse resources.B) the United States is a “Superpower.”C)the military power of the United States makes it less dependent on anything.D) the United States invests in many other countries.E) many countries invest in the United States.2. Because the Constitution forbids restraints on interstate trade,A) the U.S. may not impose tariffs on imports from NAFTA countries.B) the U.S. may not affect the international value of the $ U.S.C) the U.S. may not put restraints on foreign investments in California if it involves a financial intermediary in New York State.D) the U.S. may not impose export duties.E) the U.S. may not disrupt commerce between Florida and Hawaii.3. International economics can be divided into two broad sub-fieldsA) macro and micro.B) developed and less developed.C) monetary and barter.D) international trade and international money.E) static and dynamic.4. International monetary analysis focuses onA) the real side of the international economy.B) the international trade side of the international economy.C) the international investment side of the international economy.D) the issues of international cooperation between Central Banks.E) the monetary side of the international economy, such as currency exchange.5. The gravity model offers a logical explanation for the fact thatA)trade between Asia and the U.S. has grown faster than NAFTA trade.B) trade in services has grown faster than trade in goods.C) trade in manufactures has grown faster than in agricultural products.D) Intra-European Union trade exceeds international trade by the European Union.E) the U.S. trades more with Western Europe than it does with Canada.6. The gravity model explains whyA)trade between Sweden and Germany exceeds that between Sweden and Spain.B)countries with oil reserves tend to export oil.C)capital rich countries export capital intensive products.D) intra-industry trade is relatively more important than other forms of trade between neighboringcountries.E) European countries rely most often on natural resources.7. Why does the gravity model work?A) Large economies became large because they were engaged in international trade.B) Large economies have relatively large incomes, and hence spend more on government promotion of trade and investment.C) Large economies have relatively larger areas which raises the probability that a productive activity will take place within the borders of that country.D) Large economies tend to have large incomes and tend to spend more on imports.E) Large economies tend to avoid trading with small economies.8. We see that the Netherlands, Belgium, and Ireland trade considerably more with the United States than with many other countries.A) This is explained by the gravity model, since these are all large countries.B) This is explained by the gravity model, since these are all small countries.C) This fails to be consistent with the gravity model, since these are small countries.D)This fails to be consistent with the gravity model, since these are large countries.E)This is explained by the gravity model, since they do not share borders.9. In the present, most of the exports from China areA) manufactured goods.B) services.C)primary products including agricultural.D) technology intensive products.E) overpriced by world market standards.10. A country engaging in trade according to the principles of comparative advantage gains from trade because itA) is producing exports indirectly more efficiently than it could alternatively.B) is producing imports indirectly more efficiently than it could domestically.C) is producing exports using fewer labor units.D) is producing imports indirectly using fewer labor units.E) is producing exports while outsourcing services.11. The Ricardian model attributes the gains from trade associated with the principle of comparative advantage result toA) differences in technology.B) differences in preferences.C)differences in labor productivity.D) differences in resources.E) gravity relationships among countries.12. A nation engaging in trade according to the Ricardian model will find its consumption bundleA) inside its production possibilities frontier.B)on its production possibilities frontier.C)outside its production possibilities frontier.D) inside its trade-partner's production possibilities frontier.E)on its trade-partner's production possibilities frontier.13. Assume that labor is the only factor of production and that wages in the United States equal $20 per hour while wages in Japan are $10 per hour. Production costs would be lower in the United States as compared to Japan ifA) U.S. labor productivity equaled 40 units per hour and Japan's 15 units per hour.B) U.S. labor productivity equaled 30 units per hour and Japan's 20 units per hour.C) U.S. labor productivity equaled 20 units per hour and Japan's 30 units per hour.D) U.S. labor productivity equaled 15 units per hour and Japan's 25 units per hour.E) U.S. labor productivity equaled 15 units per hour and Japan's 40 units per hour.14. In a two-country, two-product world, the statement “Germany enjoys a comparative advantage over France in autos relative to ships”is equivalent toA) France having a comparative advantage over Germany in ships.B) France having a comparative disadvantage compared to Germany in autos and ships.C) Germany having a comparative advantage over France in autos and ships.D) France having no comparative advantage over Germany.E) France should produce autos.15. If the United States' production possibility frontier was flatter to the widget axis, whereas Germany's was flatter to the butter axis, we know thatA) the United States has no comparative advantageB) Germany has a comparative advantage in butter.C) the U.S. has a comparative advantage in butter.D) Germany has comparative advantages in both products.E) the U.S. has a comparative disadvantage in widgets.Ch4-Ch51.The Ricardian model of international trade demonstrates that trade can be mutually beneficial. Why, then, do governments restrict imports of some goods?A)Trade can have substantial effects on a country's distribution of income.B) The Ricardian model is often incorrect in its prediction that trade can be mutually beneficial.C) Import restrictions are the result of trade wars between hostile countries.D) Imports are only restricted when foreign-made goods do not meet domestic standards of quality.E) Restrictions on imports are intended to benefit domestic consumers.2. Japan's trade policies with regard to rice reflect the fact thatA) japanese rice farmers have significant political power.B) Japan has a comparative advantage in rice production and therefore exports most of its rice crop.C) there would be no gains from trade available to Japan if it engaged in free trade in rice.D) there are gains from trade that Japan captures by engaging in free trade in rice.E) Japan imports most of the rice consumed in the country.3. In the specific factors model, which of the following is treated as a specific factor?A)LaborB) LandC) ClothD) FoodE) Technology4. The specific factors model assumes that there are ________ goods and ________ factor(s) of production.A) two; threeB) two; twoC) two; oneD) three; twoE) four; three5. The slope of a country's production possibility frontier with cloth measured on the horizontal and food measured on the vertical axis in the specific factors model is equal to________ and it ________ as more cloth is produced.A) -MPLF/MPLC; becomes steeperB) -MPLF/MPLC; becomes flatterC) -MPLF/MPLC; is constantD) -MPLC/MPLF; becomes steeperE) -MPLC/MPLF; is constant6. Under perfect competition, the equilibrium price of labor used to produce cloth will be equal toA)the slope of the production possibility frontier.B) the average product of labor in the production of cloth times the price of cloth.C) the ratio of the marginal product of labor in the production of cloth to the marginal product of labor in the production of food times the ratio of the price of cloth. to the price of food.D) the marginal product of labor in the production of cloth times the price of cloth.E) the price of cloth divided by the marginal product of labor in the production of cloth.7. In the specific factors model, which of the following will increase the quantity of labor used in cloth production?A)an increase in the price of cloth relative to that of foodB) an increase in the price of food relative to that of clothC) a decrease in the price of laborD) an equal percentage decrease in the price of food and clothE) an equal percentage increase in the price of food and cloth8. A country that does not engage in trade can benefit from trade only ifA)it has an absolute advantage in at least one good.B) it employs a unique technology.C) pre-trade and free-trade relative prices are not identical.D) its wage rate is below the world average.E) pre-trade and free-trade relative prices are identical.9. In the specific factors model, the effects of trade on welfare are ________ for mobile factors, ________ for fixed factors used to produce the exported good, and ________ for fixed factors used to produce the imported good.A)ambiguous; positive; negativeB) ambiguous; negative; positiveC) positive; ambiguous; ambiguousD) negative; ambiguous; ambiguousE) positive; positive; positive10.The effect of trade on specialized employees of import-competing industries will be ________ jobs and ________ pay because they are relatively ________.A)fewer; lower; mobileB) fewer; lower; immobileC) more; lower; immobileD) more; higher; mobileE) more; higher; immobile11. There is a bias in the political process against free trade becauseA)there is a high correlation between the volume of imports and the unemployment rate.B) the gains from free trade cannot be measured.C) those who gain from free trade can't compensate those who lose.D) foreign governments make large donations to U.S. political campaigns.E) those who lose from free trade are better organized than those who gain.12.In the 2-factor, 2 good Heckscher-Ohlin model, the two countries differ inA)tastes and preferences.B) military capabilities.C) the size of their economies.D) relative abundance of factors of production.E) labor productivities.13. If a country produces good Y (measured on the vertical axis) and good X (measured on the horizontal axis), then the absolute value of the slope of its production possibility frontier is equal toA)the opportunity cost of good X.B) the price of good X divided by the price of good Y.C) the price of good X divided by the price of good Y.D) the opportunity cost of good Y.E) the cost of capital (assuming that good Y is capital intensive) divided by the cost of labor.14. In the 2-factor, 2 good Heckscher-Ohlin model, trade will ________ the owners of a country's ________ factor and will ________ the good that uses that factor intensively.A)benefit; abundant; exportB)harm; abundant; importC) benefit; scarce; exportD) benefit; scarce; importE) harm; scarce; export15. The assumption of diminishing returns in the Heckscher-Ohlin model means that, unlike in the Ricardian model, it is likely thatA) countries will consume outside their production possibility frontier.B) countries will benefit from free international trade.C) countries will not be fully specialized in one product.D) comparative advantage will not determine the direction of trade.E) global production will decrease under trade.16.If Japan is relatively capital rich and the United States is relatively land rich, and if food is relatively land intensive then trade between these two, formerly autarkic countries will result inA)an increase in the relative price of food in the U.S.B) an increase in the relative price of food in Japan.C) a global increase in the relative price of food.D) a decrease in the relative price of food in both countries.E) an increase in the relative price of food in both countries.17. Starting from an autarky (no-trade) situation with Heckscher-Ohlin model, if Country H is relatively labor abundant, then once trade beginsA) rent will be unchanged but wages will rise in H.B) wages and rents should rise in H.C) wages and rents should fall in H.D) wages should fall and rents should rise in H.E) wages should rise and rents should fall in H.18.The Leontieff ParadoxA) failed to support the validity of the Heckscher-Ohlin model.B) supported the validity of the Ricardian theory of comparative advantage.C) supported the validity of the Heckscher-Ohlin model.D) failed to support the validity of the Ricardian theory.E) proved that the U.S. economy is different from all others.19. Which of the following is an assertion of the Heckscher-Ohlin model?A) Factor price equalization will occur only if there is costless mobility of all factors across borders.B) An increase in a country's labor supply will increase production of both the capital-intensive and the labor-intensive good.C) In the long-run, labor is mobile and capital is not.D) The wage-rental ratio determines the capital-labor ratio in a country's industries.E) Factor endowments determine the technology that is available to a country, which determines the good in which the country will have a comparative advantage.20. Which of the following is an assertion of the Heckscher-Ohlin model?A) An increase in a country's labor supply will increase production of the labor-intensive good and decrease production of the capital-intensive good.B) An increase in a country's labor supply will increase production of both the capital-intensive and the labor-intensive good.C) In the long-run, labor is mobile and capital is not.D) Factor price equalization will occur only if there is costless mobility of all factors across borders.E) Factor endowments determine the technology that is available to a country, which determines the good in which the country will have a comparative advantage.Ch6-Ch101.If the ratio of price of cloth (PC) divided by the price of food (PF) increases in the international marketplace, thenA) the terms of trade of cloth exporters will improve.B) all countries would be better off.C) the terms of trade of food exporters will improve.D) the terms of trade of all countries will improve.E) the terms of trade of cloth exporters will worsen.2.If the ratio of price of cloth (PC) divided by the price of food (PF) increases in the international marketplace, thenA) world relative quantity of cloth supplied will increase.B) world relative quantity of cloth supplied and demanded will increase.C) world relative quantity of cloth supplied and demanded will decrease.D) world relative quantity of cloth demanded will decrease.E) world relative quantity of food will increase.3.If the U.S. (a large country) imposes a tariff on its imported good, this will tend toA) have no effect on terms of trade.B) improve the terms of trade of the United States.C) improve the terms of trade of all countries.D) because a deterioration of U.S. terms of trade.E) raise the world price of the good imported by the United States.4.If Slovenia were a large country in world trade, then if it instituted a large set of subsidies for its exports, this mustA) decrease its marginal propensity to consume.B) have no effect on its terms of trade.C) improve its terms of trade.D) harm its terms of trade.E) harm world terms of trade.5.Internal economies of scale arise when the cost per unitA) falls as the average firm grows larger.B) rises as the industry grows larger.C) falls as the industry grows larger.D) rises as the average firm grows larger.E) remains constant over a broad range of output.6. External economies of scale will ________ average cost when output is ________ by________.A) reduce; increased; the industryB) reduce; increased; a firmC) increase; increased; a firmD) increase; increased; the industryE) reduce; reduce; the industry7. If some industries exhibit internal increasing returns to scale in each country, we should not expect to seeA) perfect competition in these industries.B) intra-industry trade between countries.C) inter-industry trade between countries.D) high levels of specialization in both countries.E) increased productivity in both countries.8. A learning curve relates ________ to ________ and is a case of ________ returns.A) unit cost; cumulative production; dynamic decreasing returnsB) output per time period; long-run marginal cost; dynamic increasing returnsC) unit cost; cumulative production; dynamic increasing returnsD) output per time period; long-run marginal cost; dynamic decreasing returnsE) labor productivity; education; increasing marginal returns9.Patterns of interregional trade are primarily determined by ________ rather than ________ because factors of production are generally ________.A) external economies; natural resources; mobileB) internal economies; external economies; mobileC) external economies; population; immobileD) internal economies; population; immobileE) population; external economies; immobile10. Monopolistic competition is associated withA) product differentiation.B) price-taking behavior.C) explicit consideration at the firm level of the strategic impact of other firms' pricing decisions.D) high profit margins in the long run.E) increasing returns to scale.11. A firm in long-run equilibrium under monopolistic competition will earnA) positive monopoly profits because each sells a differentiated product.B) zero economic profits because of free entryC) positive oligopoly profits because each firm sells a differentiated product.D) negative economic profits because it has economies of scale.E) positive economic profit if it engages in international trade.12. The most common form of price discrimination in international trade isA) dumping.B) non-tariff barriers.C) Voluntary Export Restraints.D) preferential trade arrangements.E) product boycotts.13.Consider the following two cases. In the first, a U.S. firm purchases 18% of a foreign firm. In the second, a U.S. firm builds a new production facility in a foreign country. Both are________, with the first referred to as ________ and the second as ________.A) foreign direct investment (FDI) outflows; brownfield; greenfieldB) foreign direct investment (FDI) inflows; greenfield; brownfieldC) foreign direct investment (FDI) outflows; greenfield; brownfieldD) foreign direct investment (FDI) inflows; brownfield; greenfieldE) foreign direct investment (FDI); inflows; outflows14. Specific tariffs areA) import taxes stated in specific legal statutes.B) import taxes calculated as a fixed charge for each unit of imported goods.C) import taxes calculated as a fraction of the value of the imported goods.D) the same as import quotas.E) import taxes calculated based solely on the origin country.15. A problem encountered when implementing an "infant industry" tariff is thatA) domestic consumers will purchase the foreign good regardless of the tariff.B) the industry may never "mature."C) most industries require tariff protection when they are mature.D) the tariff may hurt the industry's domestic sales.E) the tariffs fail to protect the domestic producers.16. In the country levying the tariff, the tariff willA) increase both consumer and producer surplus.B) decrease both the consumer and producer surplus.C) decrease consumer surplus and increase producer surplus.D) increase consumer surplus and decrease producer surplus.E) decrease consumer surplus but leave producers surplus unchanged.17. If the tariff on computers is not changed, but domestic computer producers shift from domestically produced semiconductors to imported components, then the effective rate of protection in the computer industry willA) increase.B) decreaseC) remain the same.D) depend on whether computers are PCs or "Supercomputers."E) no longer apply.18. When a government allows raw materials and other intermediate products to enter a country duty free, this generally results in a(an)A) effective tariff rate less than the nominal tariff rate.B) nominal tariff rate less than the effective tariff rate.C) rise in both nominal and effective tariff rates.D) fall in both nominal and effective tariff rates.E) rise in only the effective tariff rate.19. Should the home country be "large" relative to its trade partners, its imposition of a tariff on imports would lead to an increase in domestic welfare if the terms of the trade rectangle exceed the sum of theA) revenue effect plus redistribution effect.B) protective effect plus revenue effect.C) consumption effect plus redistribution effect.D) production distortion effect plus consumption distortion effect.E) terms of trade gain.20. The efficiency case made for free trade is that as trade distortions such as tariffs are dismantled and removed,A) government tariff revenue will decrease, and therefore national economic welfare will decrease.B) government tariff revenue will decrease, and therefore national economic welfare will increase.C) deadweight losses for producers and consumers will decrease, hence increasing national economic welfare.D) deadweight losses for producers and consumers will decrease, hence decreasing national economic welfare.E) government tariff revenue will increase, hence increasing national economic welfare.21. Which organization determines procedures for the settlement of international trade disputes?A) World BankB) World Trade OrganizationC) International Monetary OrganizationD) International Bank for Reconstruction and DevelopmentE) The League of Nations22. Today U.S. protectionism is concentrated inA) high-tech industries.B) labor-intensive industries.C) industries in which Japan has a comparative advantage.D) computer intensive industries.E) capital-intensive industries.23. The quantitative importance of U.S. protection of the domestic clothing industry is best explained by the fact thatA) this industry is an important employer of highly skilled labor.B) this industry is an important employer of low skilled labor.C) most of the exporters of clothing into the U.S. are poor countries.D) this industry is a politically well organized sector in the U.S.E) the technology involved is very advanced.24. The optimum tariff is most likely to apply toA) a small tariff imposed by a small country.B) a small tariff imposed by a large country.C) a large tariff imposed by a small country.D) a large tariff imposed by a large country.E) an ad valorem tariff on a small country.25. The median voter modelA) works well in the area of trade policy.B) is not intuitively reasonable.C) tends to result in biased tariff rates.D) does not work well in the area of trade policy.E) is not widely practiced in the United States.By：某某。
国际商务选择题
国际商务选择题Chapter1The shift toward a more integrated and interdependent world economy is referred to asa) economic integrationb) economic interdependencyc) globalizationd) internationalizationThe merging of historically distinct and separate national markets into one huge global marketplace is known asa) global market facilitationb) cross-border tradec) supranational market integrationd) the globalization of marketsFirms that are involved in international business tend to bea) largeb) smallc) medium-sizedd) large, small, and medium-sizedWhich is not a factor of production?a) tradeb) landc) capitald) energyThe sourcing of good and services from around the world to take advantage of national differences in the cost and quality of factors of production is calleda) economies of scaleb) the globalization of productionc) global integrationd) global sourcingWhich organization is responsible for policing the world trading system?a) the International Monetary Fundb) the United Nationsc) the World Trade Organizationd) the World BankWhat is the single most important innovation to the globalization of markets and production?a) advances in transportation technologyb) the development of the microprocessorc) advances in communicationd) the InternetWhich of the following trends is true?a) the United States is accounting for a greater percentage of world trade than ever beforeb) the United States is accounting for a greater percentage of foreign direct investment than ever beforec) the share of world trade accounted for by developing countries is risingd) the share of foreign direct investment by developing countries is decliningWhich of these is not a concern of anti-globalization protesters?a) globalization raises consumer incomeb) globalization contributes to environmental degradationc) globalization is causing a loss of manufacturing jobs in developing countriesd) globalization implies a loss of national sovereigntychapter2A political system that stresses the primacy of collective goals over individual goals is calleda) individualismb) collectivismc) a democracyd) a market economy_____ believe (s) that socialism can only be achieved through violent revolution and totalitarian dictatorship.a) communistsb) social democratsc) social republicansd) PlatoA form of government in which one person or political party exercises complete control over all spheres of human life and prohibits opposing political parties isa) a democracyb) a representative democracyc) totalitarianismd) socialism______ is found in states where political power is monopolized by a party according to religious principles.a) tribal totalitarianismb) right-wing totalitarianismc) theocratic totalitarianismd) communist totalitarianismIn which type of economic system are all productive activities privately owned?a) a mixed economyb) a command economyc) a representative economyd) a market economyWhich type of law is based on tradition, precedent, and custom?a) civil lawb) common lawc) theocratic lawd) contract lawWhich country among the four is the most corrupt?a) Indiab) Indonesiac) Italyd) BrazilDesign and names by which merchants or manufacturers designate and differentiate their products are calleda) trademarksb) copyrightsc) patentsd) name brandschapter3Which is not a primary determinant of a nation’s rate of economic development?a) its political systemb) its economic systemc) its geographyd) its currencychapter5Which is not an area where multinational firms are concerned about ethics?a) Human rightsb) Trade regulationsc) Environmental regulationsd) CorruptionAll of the following except ____ contribute to unethical behavior by international managers.a) Decision-making processesb) Leadershipc) Personal ethicsd) National cultureAccording to ________, a company’s home-country standards of ethics are the appropriate ones to follow in foreign countries.a) the righteous moralistb) the na?ve immoralistc) the Friedman doctrined) cultural relativism________ recognize that human beings have fundamental rights and privileges which transcend national boundaries and cultures.a) Kantian ethicsb) Utilitarian approachesc) Straw mend) Rights theoriesThe _____ suggests that everyone is imagined to be ignorant of all his or her particular characteristics.a) tragedy of the commonsb) veil of ignorancec) code of ethicsd) the Universal Declaration of Human RightsWhat is a company’s formal statemen t of ethical prioritiescalled?a) Mission statementb) Code of ethicsc) Code of valuesd) Organizational culturechapter6All of the following theories advocated free trade excepta)Mercantilismb)Comparative Advantagec)Absolute Advantaged)Hecksher-OhlinWhich theory suggested that comparative advantage arises from differences in national factor endowments?a) mercantilismb) absolute advantagec) Heckscher-ohlind) comparative advantageWhich theory suggests that as products mature the optimal production location will change?a) Mercantilismb) Comparative Advantagec) Absolute Advantaged) Product life-cycleEconomies of scale and first mover advantages are important to which trade theory?a) Mercantilismb) Product life cyclec) New trade theoryd) Comparative advantagePorter’s diamond of competitive advantage includes all ofthe following excepta) Factor endowmentsb) Demand conditionsc) First-mover advantagesd) Firm strategy, structure, and rivalry_________ refer to the nature of home demand for the industry’s product or service.a) Demand conditionsb) Factor endowmentsc) Firm strategy, structure, and rivalryd) Related and supporting industrieschapter7When tariffs are levied as a fixed charge for each unit of a good imported, they are calleda) Specific tariffsb) Ad valorem tariffsc) Tariff rate quotasd) Transit tariffsA ________ demands that some specific fraction of a good be produced domesticallya) subsidyb) quota rentc) voluntary export requirementd) local content requirementWhich of the following is not a political argument for government intervention?a) protecting jobsb) protecting infant industriesc) protecting industries deemed important for national securityd) protecting consumers from “dangerous”productsWhat is the most common political reason for trade barriers?a) To protect infant industriesb) Strategic trade policyc) To protect jobsd) To protect industries that are important for national securityWhich theory suggests that in cases where there may be important first mover advantages, governments can help firms from their countries attain these advantages?a) The infant industry argumentb) Strategic trade theoryc) Comparative advantage theoryd) The Leontief paradoxAll of the following except _____ are key issues on the table at the Doha Round.a) Anti-dumping policiesb) Protectionism in agriculturec) Intellectual property rightsd) Infant industry protectionchapter8The establishment of a wholly new operation in a foreign country is calledA) an acquisitionB) a mergerC) a greenfield investmentD) a multinational ventureThe amount of FDI undertaken over a given time period is known asA) the flow of FDIB) the stock of FDIC) FDI outflowD) FDI inflowMost FDI is direct towarda) developed countriesb) emerging economiesc) the United Statesd) ChinaAdvantages that arise from using resource endowments or assets that are tied to a particular location and that a firm finds valuable to combine with its own unique assets area) First mover advantagesb) Location advantagesc) Externalitiesd) Proprietary advantagesBenefits of FDI include all of the following excepta) The resource transfer effectb) The employment effectc) The balance of payments effectd) National sovereignty and autonomyWhich of the following is not a cost of outward FDI for host countries?a) the initial capital outflow required to finance the FDIb) when FDI is a substitute for direct exportsc) gains from learning valuable skills from foreign marketsd) the effect on employment is FDI is a substitute for domestic productionchapter9All barriers to the free flow of goods and services between member countries are removed, and a common policy towardnonmembers is established in aa) Free trade areab) Customs unionc) Common marketd) Economic unionNAFTA is an example of a(n)a) Free trade areab) Customs unionc) Common marketd) Economic unionWhen higher cost suppliers within the free trade area replace lower cost external suppliersa) The bloc as a whole benefitsb) There is trade creationc) There is trade diversiond) External suppliers benefit_______ is the ultimate decision making body of the European Union.a) Council of the European Unionb) European Parliamentc) Court of Justiced) European Commission_______ is responsible for proposing EU legislation.a) Council of the European Unionb) European Parliamentc) Court of Justiced) European CommissionWhich of the following is not true of NAFTA?a) It created a free trade area of nearly 800 million peopleb) It created the background for increased political stabilityin Mexicoc) Several other Latin American countries have indicated their desire to eventually join NAFTAd) Its participants are the United States, Canada, and Mexicochapter10The ________ is the rate at which one currency is converted into another.a) Exchange rateb) Cross ratec) Conversion rated) Foreign exchange marketThe _______ is the rate at which a foreign exchange dealer converts one currency into another currency on a particular day.a) Currency swap rateb) Forward ratec) Specific rated) Spot rateWhich of the following does not impact future exchange rate movements?a) A country’s price inflationb) A country’s interest ratec) A country’s arbitrage opportunitiesd) Market psychologyWhen a government of a country allows both residents and non-residents to purchase unlimited amounts of foreign currency with the domestic currency, the currency isa) Nonconvertibleb) Freely convertiblec) Externally convertibled) Internally convertibleThe extent to which a firm’s future international earning power is affected by changes in exchange rates is calleda) Accounting exposureb) Translation exposurec) Transaction exposured) Economic exposureFirms that want to minimize transaction and translation exposure can do all of the following excepta) buy forwardb) have central control of exposurec) use swapsd) lead and lag payables and receivableschapter11A ________ exchange rate system exists when the foreign exchange market determines the relative value of a currency.a) Fixedb) Floatingc) Peggedd) MarketWhat type of exchange rates system was the gold standard?a) Fixedb) Floatingc) Peggedd) MarketWhich agreement deemed floating exchange rates to be acceptable?a) The Bretton Woods Agreementb) The Gold Standardc) The Jamaica Agreementd) The Louvre AccordWhich type of exchange rate system do most IMF countries follow today?a) Free floatb) Managed floatc) Fixed pegd) Adjustable pegA _________ is a situation in which a country cannot service its foreign debt obligations, whether private sector or government debt.a) currency crisisb) banking crisisc) foreign debt crisisd) foreign exchange crisisManagers need to understand the implications of changing exchange rates from all of the following perspectives exceptA) corporate-governance relationsB) business strategyC) foreign relationsD) currency managementChapter12Which of the following are market makers?a) commercial banksb) pension fundsc) insurance companiesd) governmentsCompared to developed nations, less developed nations havea) smaller capital marketsb) more investment opportunitiesc) similar costs of capitald) greater liquidityWhich of the following is not true of global capital marketsa) they benefit borrowersb) they benefit sellersc) they raise the cost of capitald) they provide a wider range of investment opportunitiesIn 2006, the stock of cross-border bank loans was abouta) $3,600b) $7,800c) $17,800d) $33,600Historically, the most tightly regulated industry has beena) agricultureb) consumer electronicsc) automotivesd) financial servicesThe term eurocurrency refers toa) the currency used by the European Union countriesb) any currency banked outside its country of originc) currencies purchased in the international equities marketd) bonds sold outside the borrower’s country that are denominated in the currency of the country in which they are issuedchapter13What is the rate of return the firm makes on its invested capital?a) Profit growthb) Profitabilityc) Net returnd) Value createdWhich of the following is not an example of a primary activity?a) Logisticsb) Marketing and salesc) Customer serviced) ProductionWhat is created when different stages of a value chain are dispersed to locations where value added is maximized or where the costs of value creation are minimized?a) Experience effectsb) Learning effectsc) Economies of scaled) A global webWhich of the following is not a pressure for local responsiveness?a) Excess capacityb) Host government demandsc) Differences in consumer tastes and preferencesd) Differences in distribution channelsWhich strategy tries to simultaneously achieve low costs through location economies, economies of scale, and learning effects, and differentiate the product offering across geographic markets to account for local differences?a) Internationalizationb) Localizationc) Global standardizationd) TransnationalWhich strategy makes sense when pressures are high for local responsiveness, but low for cost reductions?a) Global standardization strategyb) International strategyc) Transnational strategyd) Localization strategychapter14The norms and value systems that are shared among the employees of an organization are calleda) processesb) organizational culturec) control systemsd) incentivesWhich of the following is not an advantage of centralized decision-making?a) It facilitates coordinationb) It motivates employeesc) It gives top-level managers the means to bring about organizational changed) It avoids duplication of activitiesMost firms begin their international expansion with a(n) ________ structure.a) Matrixb) Worldwide product divisionc) Worldwide area divisiond) International divisionWhich type of organization structure has a dual decision-making system?a) Matrixb) Worldwide product divisionc) Worldwide area divisiond) International divisionWhich is not one of the four types of control systems?a) Cultural controlb) Personal controlc) Input controld) Bureaucratic controlWhich type of organizational structure is often associated with a transnational strategy?a) worldwide area divisionb) worldwide product divisionc) matrixd) international divisionchapter15_______ refers to the time and effort spent learning the rules of a new market.a) First mover advantagesb) Strategic commitmentsc) Pioneering costsd) Market entry costsHow do most firms begin their international expansion?a) with a joint ventureb) with a wholly owned subsidiaryc) with licensing or franchisingd) with exportingIf a firm wants the option of global strategic coordination, the firm should choosea) franchisingb) joint venturesc) licensingd) a wholly owned subsidiaryAll of the following are advantages of acquisitions excepta) they are quicker to executeb) it is easy to realize synergies by integrating the operationsof the acquired entitiesc) they enable firms to preempt their competitorsd) they may be less riskyWhich of the following is not important to a successful strategic alliance?a) establishing a 50:50 relationship with partnerb) creating strong interpersonal relationshipsc) a shared visiond) learning from the partnerchapter16Which of the following is not a common pitfall of exporting?a) a product offering that is customized to the local marketb) a poor understanding of competitive conditions in he foreign marketc) poor market analysisd) problems securing financingA _______ is an order written by an exporter instructing an importer to pay a specified amount of money at a specified time.a) letter of creditb) draftc) bill of ladingd) confirmed letter of creditWhich of the following is not a purpose of the bill of lading?a) It is a contractb) It is a document of titlec) It is a form of paymentd) It is a receiptWhich type of countertrade arrangement involves the use of a specialized third-party trading house?a) a buybackb) an offsetc) a counterpurchased) switch tradingCountertrade is attractive for all of the following reasons excepta) It may involve the exchange of unusable or poor-quality goods that the firm cannot dispose of profitablyb) It can give a firm a way to finance an export deal when other means are not availablec) It can be a strategic marketing weapond) It can give a firm an advantage over firms that are unwilling to engage in countertrade arrangements________ is the most restrictive countertrade arrangement.a) counterpurchaseb) switch tradingc) barterd) offset。
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POLICY
RESEARCH WORKING PAPER
U1
1675
Nations, Conglomerates, and Empires
The Tradeoff between Income
Why afterthe breakup of
such multinationalstates as
The Policy Research Working Paper Series disseminates the findings of work in progress to encourage the exchange of ideas about development issues. An objective of the series is to get the findings out quickly, even if the presentations are less than fully polished. The papers carry the names of the authors and should he used and cited accordingly. The findings, interpretations, and conclusions are the authots ownand should nr,t beattributed to the World Bank, its Executiv'eBoard of Directors, or any of its member countries.
The World Bank Policy and Research Department Poverty and Human Resources Division October 1996
I
POLICYRESEARCHWORKING PAPER 1675
Summary findings
One of the apparent inconsistencies in the breakup of such multinational states as the Soviet Union, Czechoslovakia, and Yugoslavia is that while the republics justified their decision by claiming that they wanted to increase ("regain") their sovereignty, the new states' strong desire to join the European Union shows their intention to dissipate the very same newly acquired sovereignty. How can the two desires be reconciled? Why would someone go through the ordeal of secession in order to quickly get rid of the very sovereignty that justified the secession? Or was sovereignty not the real (or sole) goal behind the secessionist drive? Milanovic explains that full sovereignty (like the individual's "full freedom") is neither reachable for most countries nor desirable - because greater sovereignty is often traded for reduced income. Economic sovereignty is normally limited in key areas: exchange rate policy (by rules stemming from IMF membership, for example, or participation in regional currency systems), trade policy (by GATT rules, for example), labor and banking regulations, accounting practices, and so on. There is a tradeoff curve between sovereignty and income. Countries do not choose maximum sovereignty, but an optimal one. They choose a combination of income and sovereignty that allows them to maximize welfare. But that combination ssnot the same for all countries. * Larger countries (measured by their GDP) have the "luxury" of choosing more sovereignty per unit of income, simply because for them domestic markets are more important than for small countries. * Countries with abundant natural resources or very skilled labor (that is, with high per capita human and natural wealth) tend to be more integrated internationally. For them, economic sovereignty is less important because they need to export their resources and the returns to their labor increase with international integration. a More democratic countries also tend to be better integrated because in democracies the power of the political elite - who may often prefer not to be bound by international rules - is lessened. Testing these hypotheses on the 1993-94 data for 165 countries, Milanovic finds a statistically strong impact of per capita wealth and democracy on international integration. The effect of country size is weaker. Milanovic discusses why different countries may wish to form conglomerates, defined as looser or tighter unions that imply shared sovereignty and redistribution from richer to poorer members. He finds that the willingness to join conglomerates (free trade associations) is greater for countries that are relatively poor (compared with the average income of the "target" conglomerate), and for democracies. The country size effect is U-shaped: the willingness to join conglomerates is high for small countries (whose sovereignty might actually increase in a conglomerate because of the conglomerate's sovereignty-sharing features) and for very large countries that may expect to play the role of "core" states. The key gain from independence for the relatively rich republics that were former members of the Communist conglomerates was not economic sovereignty in itself but the ability to switch from a poor to a rich conglomerate.
Produced by ton Center
NATIONS, CONGLOMERA TES AND EMPIRES: TRADE-OFFBETWEEN INCOME AND SOVEREIGNTY Branko Milanovic'
[Thereare three waysin which countriesgrow. First, by] "forminga league consistingof several republics in which no one of them had preference, authority or rank above the others; and in which, when other cities were acquired, they made them constituentmembersin the same way as the Swiss act in our time, and as in Greece the Acheans and the Aetolians acted in olden times....The reason why such a republic cannotexpand is that its membersare distinct...which makes it difficultfor them to consult and to make decisions.It means that they are less keen on acquiringdominion, for, since manycommunitiesshare in that dominion,they do not appreciate further acquisitionin the same way as does a single republic which hopes to enjoy the whole. Furthermore,a league is governedby a council, which must needs be slower in arriving at any decision....The secondmethodconsists in formingalliancesin which you reserveto yourselfthe headship,the seat in which the central authorityresides, and the right of initiative.This was the method adopted by the Romans. The third method is to make other states subjects instead of allies, as the Spartansand the Atheniansdid... [This method] is quite useless, as can be seen in the caseof the two republicsjust mentioned.For they cameto disasterfor the simplereason that they had acquired a dominion they could not hold. For to undertake the responsibility of governingcities by force...is a difficult and tiresome business". NiccoloMachiavelli,The Discourses..., Chapter II.4, pp. 283-6; Pinguins edition.