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译林版高中英语必修第三册课后习题 UNIT 3 The world online 单元综合巩固练

UNIT3单元综合巩固练Ⅰ.单词拼写1.Many stations have wheelchair (通道) from the car park or entrance to the station platforms.2.The (大多数)of children are missing an opportunity to increase daily physical activity.3.The girl could learn from the living examples to (建立) a sense of security.4.He refused to (评论) before he saw all the relevant information.5.Are you upset about how to (去除) the most stubborn spots? Try our washing powder!6.A limit is the greatest amount, (范围),or degree of something that is possible.7.China’s image is improving steadily,with more countries recognizing its role in international (事务).8.If you want to know something about the details,please(点击) the website.9.In the 1990s,a group of thieves often sold stolen (货物) with the help of some beggars.10.It’s best not to try a new (食谱) for the first time on such an important occasion.Ⅱ.词形转换1. (obvious) we’re all absolutely delighted to welcome another calf to our black rhino family.2.How long until they go the way of gas street lamps and morning milk (deliver)?3.How she is one of the experts,writing books on flower (arrange).4.During that time,increasing environmental (aware) made it desirable.5.But when he looked to the side,he saw (instant) that it wasn’t a dog at all,but a wolf,quickly catching up with him.Ⅲ.单句写作1.只有在特殊的场合,他们才会把它拿出来,让我们拿在手里。

Chapter3习题集及答案

Chapter3习题集及答案Chapter 3 Foreign Currency Futures3.1 Multiple Choice and True/False Questions1) Financial derivatives are powerful tools that can be used by management for purposes ofA) speculation.B) hedging.C) arbitrage.D) A, B and C above.Answer: D2) A foreign currency ________ contract calls for the future delivery of a standard amount of foreign exchange at a fixed time, place, and price.A) futuresB) forwardC) optionD) swapAnswer: A3) Currency futures contracts have become standard fare and trade readily in the world money centers. Answer: TRUE4) The major difference between currency futures andforward contracts is that futures contracts are standardized for ease of trading on an exchange market whereas forward contracts are specialized and tailoredto meet the needs of clients.Answer: TRUE5) Which of the following is NOT a contract specification for currency futures trading on an organized exchange?A) size of the contractB) maturity dateC) last trading dayD) fixed gainsAnswer: D6) About ________ of all futures contracts are settled by physical delivery of foreign exchange between buyer and seller.A) 0%B) 5%C) 50%D) 95%Answer: B7) Futures contracts require that the purchaser deposit an initial sum as collateral. This deposit is called aA) collateralized deposit.B) marked market sum.C) margin.D) settlement.Answer: C8) A speculator in the futures market wishing to lock ina price at which they could ________ a foreign currency will ________ a futures contract.A) buy; sellB) sell; buyC) buy; buyD) none of the aboveAnswer: C9) A speculator that has ________ a futures contract has taken a ________ position.A) sold; longB) purchased; shortC) sold; shortD) purchased; soldAnswer: C10) Peter Simpson expects that the U.K. pound will cost $1.62/￡in six months. A 6-month currency futures contract is available today at a rate of $1.63/￡. If Peter was to speculate in the currency futures market, and his expectations are correct, which of the following strategies would earn him a profit?A) Sell a pound currency futures contract.B) Buy a pound currency futures contract.C) Sell pounds today.D) Sell pounds in six months.Answer: A11) Jack Hemmings bought a 3-month British pound futures contract for $1.6200/￡only to see the dollar appreciate to a value of $1.6118 at which time he sold the pound futures. If each pound futures contract is for an amount of ￡62,500, how much money did Jack gain or lose from his speculation with pound futures?A) $512.50 lossB) $512.50 gainC) ￡512.50 lossD) ￡512.50 gainAnswer: A12) Which of the following statements regarding currency futures contracts and forward contracts is true?A) A futures contract is a standardized amount per currency whereas the forward contact is for any size desired.B) A futures contract is for a fixed maturity whereas the forward contract is for any maturity you like up to one year.C) Futures contracts trade on organized exchanges whereas forwards take place between individuals and banks with other banks via telecom linkages.D) All of the above are true.Answer: D13) Which of the following is a difference between a currency futures contract and a forward contract?A) The futures contract is marked to market daily whereas the forward contract is only due to be settled at maturity.B) The counterparty to the futures participant is unknown with the clearinghouse stepping into each transaction whereas the forward contract participantsare in direct contact setting the forward specifications.C) A single sales commission covers both the purchase and sale of a futures contract whereas there is no specific sales commission with a forward contract because banks earn a profit through the bid-ask spread.D) All of the above are true.Answer: D14) As a general statement, it is safe to say that businesses generally use the ________ for foreign currency forward contracts, and individuals and financial institutions typically use the ________for foreign currency futures contracts.A) exchange markets; over-the-counterB) over-the-counter; exchange marketsC) private; government sponsoredD) government sponsored; privateAnswer: B15) All exchange-traded futures are settled through a clearing house but over-the-counter forwards are not and are thus subject to greater ________ risk.A) exchange rateB) countryC) counterpartyD) none of the aboveAnswer: C16) When reading the futures quotation in the financial section of the newspaper, the column heading indicating the number of contracts outstanding is called ________.A) contracts outstandingB) settleC) open interestD) short positionsAnswer: CTable 3.1Use the below mentioned table to answer following question(s). December 17, 2009, British Pound futures Prices for 2010 (US dollars per pound, 62,500 pound contracts).Maturity Open High Low Change Settle Volume March 10 1.6315 1.6333 1.6071 -0.0155 1.6146 127,234 June 10 1.6315 1.6323 1.6065 -0.0155 1.6137 14517)Refer to Table 3.1. What was the contract price ofthe British pound, if you need to lock the value of GBP for your GBP receivables in 3-month period?A) $1.6146/￡B) ￡1.6146/$C) $1.6315/￡D) ￡1.6315/$Answer: A18) Refer to Table 3.1. The price of ________ making you taking a short position to sell two pounds futures contracts have maturity date in June 10, 2010 has a total contract value of ________.A) ￡1.6137/$, ￡201,712.50B) $1.6137/￡, $201,712.50C) $1.6146/￡, $100,912.50D) ￡1.6146/$, $100,912.50Answer: B19) Refer to Table 3.1 and question 19. If the spot exchange rate of British pound proves to be $1.6128/￡in June 10, 2010, what is your gain or loss for your short position?A) $112.50 gainB) $112.50 lossC) $56.25 gainD) $56.25 lossAnswer: A20) Andrea Lee is a currency speculator who enjoys "betting" on changes in the foreign currency exchange market. Currently the spot price for the Japanese yen is ￥90.870/$ and the 6-month futures contract price is ￥90.530/$. Andrea thinks the yen will move to ￥90.120/$ in the next six months. Andrea should ________ at the futures price to profit from changing currency values.A) buy yenB) buy dollarsC) sell yenD) There is not enough information to answer this question.Answer: A3.2 Essay Questions1) Why are foreign currency futures contracts more popular with individuals and banks while foreign currency forwards are more popular with businesses? Answer: Foreign currency futures are standardizedcontracts that lendthemselves well to speculation purposes but less so for hedging purposes. The standardized nature of the futures contract makes it easy to trade futures and to make bets about general changes in the value of currencies. Forward contracts are better for hedging in that they are tailored to meet the specific needs of the client, typically a business, and can be quite useful in reducing exchange rate risk. Banks are involved in the foreign currency futures market in part to offset positions that they may have taken in the forward markets as dealers.2) How do currency forward and futures contracts differ with respect to maturity, settlement, and the size and timing of cash flows?Answer: see p36-37, Table 3.73) What is the primary role of the exchange clearinghouse?Answer: see p14-15※4) Draw and explain the payoff profile associated with a currency futures contract.Answer: refer to chapter 8。

Unit 3 Book III 三习题库

Unit 3 Happiness预习题Group Work(课前预习，小组讨论，课堂口头回答)Part 1 Discussion1) ①Are you happy with your college life? Why or why not?________________________________________________________________________________ ________________________________________________________________________________ ②What was the happiest moment in your life as far as you can remember?________________________________________________________________________________ ________________________________________________________________________________③Can money alone bring happiness? Why or why not?________________________________________________________________________________ _______________________________________________________________________________ 2) Proverb translation:1. Happiness takes no account of time.______________________________________________________________________________ 2. . Happiness is like a butterfly which, when pursued, is always beyond our grasp, but, if you will sit down quietly, may alight upon you.______________________________________________________________________________ _____________________________________________________________________________Part 2. Listen to the passage and fill in the blanks with what you hear.States associated with happiness include well-being, delight, health, safety, 1. , and love. Contrasting states include suffering, depression, grief, anxiety, and pain. Happiness is often associated with the 2. of favorable circumstances such as a supportive family life, a loving marriage, and economic 3. . Unfavorable circumstances, such as abusive relationships, accidents, loss of employment, and 4. , diminish the amount of happiness a person experiences. However, according to several ancient and modern thinkers, happiness is influenced by the attitude and 5. taken on such circumstances.6.____________________________________________________ _____________________________________________________ These terms vary in the intensity of the pleasure they describe, as well as the depth and longevity of the satisfaction. These include: bliss, joy, joyous, carefree, jubilant, exultant, cheerful, playful, amused, fun, glad, gay, gleeful, jolly, jovial, delighted, euphoric, ecstatic, thrilled, elated, enraptured, comfortable, harmonious, and triumphant.7.__________________________________________________________________________________________ _________________________________________________________________________Happiness can also be achieved in other various scenarios.Part 3 Global Reading: Read Paragraphs 1-7.See whether the following statements are true or false, AND give reasons.1. Even though individualism didn‟t make people happier, it still is a central part of the nation‟s policy. ( )2. The reason why in some western countries people overall don’t become happier with the increase of financial income is that the increase is not substantial at all. ( )________________________________________________________________________________ 3. According to the writer, a mature relationship demands as much take as give. ( )________________________________________________________________________________ 4. If we consider society as a whole, we really don’t need to work so hard for the increase in social status. ( )________________________________________________________________________________ 5. In order to preserve true friendship, people in a community should maintain the equal relationship between each other. ( )________________________________________________________________________________ Part 4.长难句及疑问（课前小组讨论，要求指出疑问具体出处,每个小组必须至少写一份）________________________________________________________________________________ ________________________________________________________________________________练习题(课中练习，课堂精讲及小组讨论)Part 1. Difficult sentences1. When most people exist near the breadline, material progress does indeed make them happier. (1) What does “exist near the breadline” mean in this passage?________________________________________________________________________________ (2) Paraphrase the sentence.________________________________________________________________________________ ________________________________________________________________________________ 2.But when material discomfort has been banished, extra income becomes much less importantthan our relationships with each other: with family, with friends and in the community.(1) What does “material discomfort has been banished” mean?________________________________________________________________________________ (2) Translate the sentence.________________________________________________________________________________ ________________________________________________________________________________ 3. The reason for this is that over time our standards and expectations rise to meet our income. (1) What does “our standards and expectations rise to meet our income” mean?)________________________________________________________________________________ (2) Translate the sentence.________________________________________________________________________________ 4. Since people are always comparing their incomes with what others have, or with what they are used to, they only feel better off if they move up relative to the norm.(1) What does …the norm” refer to in this sentence?________________________________________________________________________________ (2) Paraphrase “move up relative to the norm.”5. Since society as a whole cannot raise its position relative to itself, the effort which its members devote to that end could be said to be a waste the balance between leisure and work has been shifted “inefficiently” towards work.(1) What does “the effort which its members devote to that end” refer to in t his sentence?)________________________________________________________________________________ (2) What does “inefficiently” refer to in this sentence?________________________________________________________________________________ (3) Why does the author think these efforts are meaningless at all?________________________________________________________________________________ ________________________________________________________________________________ 6. It is a zero-sum game: private life sacrificed in order to increase status is a waste from the point of view of society as a whole.(1)What does “a zero-sum game” refer to in this sentence?________________________________________________________________________________ (2)Translate the sentence.________________________________________________________________________________ 7. In an increasingly competitive society, life will become tougher for people in the bottom half of the ability range unless we develop broader criteria for respect.(1)What does “people in the bottom half of the ability range” mean?________________________________________________________________________________ (2)What kind of ability does this sentence mean in your opinion?)________________________________________________________________________________ (3)What does “broader criteria for respect” refer to?)________________________________________________________________________________ 8. We should respect people who co-operate with others at no gain to themselves, and who show skill and effort at whatever level.Paraphrase the sentence.________________________________________________________________________________ ________________________________________________________________________________ 9. It seems likely that the extra comforts we now enjoy have increased our happiness somewhat, but that deteriorating relationships have made us less happy.(1) What extra comforts do we enjoy?)________________________________________________________________________________ (2) What kinds of relationships have been deteriorating?________________________________________________________________________________ (3) Paraphrase the sentence.________________________________________________________________________________ ________________________________________________________________________________ 10. We are left with no concept of the common good or collective meaning.(1) What does this sentence indicate?________________________________________________________________________________ (2) What does “the common good and collective meaning” refer to?)________________________________________________________________________________ 11. The old religious worldview is gone; so too is the postwar religion of social and national solidarity.(1)Translate the sentence.________________________________________________________________________________(2)What do “the old religious worldview” and “the postwar religion of social and nationalsolidarity” refer to?________________________________________________________________________________ Part 2. Useful expressions1. 史无前例的经济增长_____________________2. 为温饱而发愁_____________________3. 物质上的匮乏_____________________4. 追求更高的收入_____________________5. 这个时代的人生哲学_____________________6. 极端的个人主义_____________________7.和。

国际投资第三章课后习题答案

Chapter 3Foreign Exchange Determination andForecasting1. Applying expansionary macroeconomic policy, which results in higher goods prices and lower realinterest rates, will not reduce the balance of payments deficit. Higher prices will make the country’s goods less competitive internationally, and lower interest rates will discourage foreign capital. Thus, the balance of payments deficit will worsen instead of improve. On the other hand, (a), (b), and (d) will help in remedying the balance of payments deficit. Accordingly, the answer is (c).2. a. One advantage of a wider band is “emotional.” France could claim that it did not devalue itscurrency. Another advantage is flexibility. If there were no long-term fundamental reasons(inflation, balance of payments deficit, etc.) for a devaluation, the temporary pressure on thefranc could ease and the franc could later revert to its previous level. The disadvantage of a wider band is exchange rate uncertainty for all firms. A “credible” small band is preferable for firmsconducting international trade,b. A wider band makes speculation less attractive, because there is no guarantee that a central bankwill defend its currency until the wide fluctuation margin is reached.3. a. The American investor has paid a 25 percent premium over the price paid by a domestic investor.Yet, he receives the same dividends as the domestic investor. Therefore, his investment bears asmaller yield than it would for a domestic investor.b. Lifting of the exchange controls would be bad news to an existing foreign investor in Paf, sinceher asset could only be repatriated at the normal pif rate (1.00), while she had bought it at thefinancial rate (1.25).c. Lifting of the exchange controls would be good news to foreign investors planning to invest inPaf in the future, because they would no longer have to pay the 25 percent premium when buying assets in Paf.4. Remember that the Eurozone is made up of those countries in the EU that have adopted the euro ascommon currency. Statements I and III are clearly correct. Statement II is clearly not correct, because there is a possibility that more countries may join the Eurozone in future. For example, the British are debating whether to join the Eurozone.5. The statement is true. Because of riskless arbitrage, interest rate parity between two currencies wouldhold if the markets for both are free and deregulated. Developed financial markets tend to be more free and deregulated. A developing country is more likely to impose various forms of capital controls and taxes that impede arbitrage. A developing country is economically not as well integrated with the world financial markets as the developed markets are. Also, some smaller currencies can only be borrowed and lent domestically, and the domestic money markets of developing countries are more likely to be subjected to political risk.Chapter 3 Foreign Exchange Determination and Forecasting 156. a. Using the first-order approximation of PPP relationship, the variation in rupee to dollar exchangerate should equal the inflation differential between rupee and dollar. So, the rupee to dollarexchange rate should increase by 6 − 2.5 = 3.5%. That is, the rupee should depreciate by 3.5%relative to the dollar.b. The nominal dollar return for the U.S. institutional investor is approximately 12 − 5 = 7%. Thereal return for the U.S. investor is approximately 7 − 2.5 = 4.5%. The real return for the Indianinvestor is approximately 12 − 6 = 6%. Thus, the U.S. investor has a lower real return than theIndian investor. This is so because the rupee depreciated with respect to the dollar by more thanwhat the PPP relationship would indicate. Indeed, the difference between the real returns is6 − 4.5 = 1.5%, which is the same as the difference between the actual depreciation of the rupeeand the depreciation that should have occurred as per PPP (5 − 3.5 = 1.5%).7. If a country’s currency is undervalued, it means that the real prices of assets in this country are lowcompared with other countries. Also, the wages are lower in real terms than in other countries. Thus, investors from other countries would invest in this country to take advantage of low prices andwages. This action would help in the appreciation of the undervalued currency and restoration of the PPP in the long run. In terms of foreign trade, an undervalued currency implies that exports from this country would get a boost while imports would become less attractive. This would also help in the appreciation of the undervalued currency and restoration of the PPP in the long run.8. In risk-neutral efficient foreign exchange markets, the forward rate is the expected value of the futurespot rate. The forward rate can be computed using the interest rate parity relation. Because the exchange rate is given in $:SFr terms, the appropriate expression for the interest rate parity relation isSFr $11r F Sr +=+ (that is, r SFr is a part of the numerator and r $ is a part of the denominator). Accordingly, the three-month forward rate is10.00951.4723 1.460010.0180F +==+ thus, the implied market prediction for the three-month ahead exchange rate is SFr1.4600 per $.9. As per the model, one € would be worth $0.9781 six months later. Based on the forward rate, one €would be worth $0.9976 six months later. Therefore, the market participants, who believe that the model is quite good, would buy the dollar in the forward market (sell euros). Consequently, the price of the euro forward would decrease (the dollar forward would increase) and the forward rate would become equal to $0.9781 per €. The spot exchange rate and the dollar and euro interest rates would change so as to be consistent with this forward rate. A look at the interest rate parity relationship— written in the form€$11r F S r+=+ as F and S are in €:$ terms—suggests that with the decrease in forward rate from $0.9976 per € to$0.9781 per €, the spot rate and interest rate in dollars are likely to go down and interest rate in euros is likely to go up.16 Solnik/McLeavey • Global Investments, Sixth Edition10. a. The forward rate can be computed using the interest rate parity relation. Because the exchange rate is given in £:$ terms, the appropriate expression for the interest rate parity relation is$£11r F S r +=+ (that is, r $ is a part of the numerator, and r £ is a part of the denominator). Accordingly, the one-year forward rate is1.02001.5620$1.5283 per £1.0425F .== b. Based on the forward rate, one pound would be worth $1.5283 one year later. The model predictsthat one pound would be worth $1.5315 one year later. Thus, as per the model, the pound isunderpriced in the forward market. Accordingly, Dustin Green would buy pounds forward at$1.5283/£.c. If everyone were to buy pounds forward, the price of pounds forward would increase and becomeequal to $1.5315 per £. The spot exchange rate and the dollar and pound interest rates wouldchange so as to be consistent with this forward rate. A look at the interest rate parity relationship suggests that the spot rate and the interest rate in dollars are likely to go up and the interest rate in pounds is likely to go down, to be consistent with the increase in the forward rate.11. a. If the market participants are risk-neutral, the expected future spot exchange rate would be thesame as the current forward rate. The forward rate is determined based on the current spotexchange rate and the interest rate differential between the two currencies. Thus, the expectedfuture spot exchange rate would depend on the current spot exchange rate and the interest ratedifferential.b. If the market participants are risk-averse, the forward rate would differ from the expected futurespot exchange rate by the risk premium. The risk premium, based on the extent of risk aversionof the market participants, could be positive or negative. So, the expected future spot exchangerate is the forward rate less the risk premium. Since the forward rate is based on the current spot exchange rate and the interest rate differential between the two currencies, the expected futurespot exchange rate would depend on the current spot exchange rate, the interest rate differential, and the risk premium.12. There is some evidence of positive serial correlation in exchange rate movements (real and nominal).Hence, when a currency is going up, a reasonable forecast is that it will continue going up. Similarly, when a currency is going down, a reasonable forecast is that it will continue going down. However, at some point in time, the trend would reverse, and the problem is that a trend-based forecasting model cannot forecast when this turning point would occur. Although these turning points may be infrequent, they can be the occasion of a huge swing. The Mexican peso is a good example. For a few years until the end of 1994, the real value of the peso appreciated steadily. So, forecasters using trendmodels for the real exchange rates were quite successful for many months. However, in December 1994, the peso suddenly crashed and lost around half of its value.13. Statements (a), (c), and (d) are true. Statement (b) is not true, because the objective of central bankactivity in the foreign exchange market is not to profit from trading activities, but to implementmonetary policy and exchange rate targets.Chapter 3 Foreign Exchange Determination and Forecasting 17 14. A mean-reverting time series is one that may diverge from its fundamental value in the short run butreverts to its fundamental value in the long run. Empirical evidence suggests that exchange rates are mean reverting. The real exchange rates (observed exchange rate minus inflation) do deviate from the fundamental value implied by PPP in the short run, but tend to revert to the fundamental value in the long run.15. Most econometric models are unsuitable for short-term exchange rate forecasts, as they model long-term structural economic relationships. For long-term exchange rate forecasts, the use of econometric models has some problems. First, most of them rely on predictions for certain key variables, such as money supply and interest rates. It is not easy to forecast these variables. Second, the structuralcorrelation estimated by the parameters of the equation can change over time, so that even if allcausative variables are correctly forecasted, the model can still yield poor exchange rate predictions.In periods when structural changes are rapid compared with the amount of time-series data required to estimate parameters, econometric models are of little help.16. Technical analysis is more likely to be used for short-term exchange rate movements, while theeconometric approach is more likely to be used for long-term exchange rate movements. The manager of a currency hedge fund and currency traders change their foreign exchange positions quite quickly, and are interested in short-term changes in exchange rates. On the other hand, the manager of an international stock portfolio is unlikely to change his foreign exchange positions quickly, because the transaction costs of buying and selling stocks are quite high. Therefore, the manager of aninternational stock portfolio is more interested in the long-term movements in exchange rates.Similarly, the long-term strategic planner of a corporation is interested in the long-term movements.Accordingly, the answers are:a. Technical analysisb. Econometric approachc. Technical analysisd. Econometric approach17. a. The absolute values of prediction errors are as follows: Forward rate: 1.440 − 1.308 = 0.132;Analyst A: 1.410 − 1.308 = 0.102; and Analyst B: 1.580 − 1.308 = 0.272. Thus, the forecast byAnalyst A was the most accurate.b. The forward rate and Analyst B erroneously predicted that the SFr to $ exchange rate would goup from the then-spot rate of SFr 1.420 per $; that is, the SFr would depreciate. Only Analyst Acorrectly predicted that the Swiss franc would appreciate.18. a. The absolute values of forecast errors are as follows: Forward rate: 148.148 − 144.697 = 3.451;Commerzbank: 148.148 − 142 = 6.148; and Harris Bank: 156 − 148.148 = 7.852. Thus, theforecast as per the forward rate was the most accurate, followed by Commerzbank, and then byHarris Bank.b. Although the forward rate and Commerzbank were more accurate than Harris Bank, both of themerroneously predicted that the yen would appreciate relative to the dollar. Only Harris Bankcorrectly predicted that the yen would depreciate.18 Solnik/McLeavey • Global Investments, Sixth Editionc. Commerzbank’s forecast was ¥142 per $, which was less than the forward rate. Therefore, DavidBrock bought yen forward (sold dollars) at the rate of ¥144.697 per $. Because the actual rateturned out to be ¥148.148 per $, buying yen forward did not turn out to be the right strategy. On the other hand, Harris Bank’s forecast was ¥156 per $, which was more than the forward rate.Therefore, Brian Lee sold yen forward (bought dollars) at the rate of ¥144.697 per $. Because the actual rate turned out to be ¥148.148 per $, selling yen forward turned out to be the right strategy. d. Commerzbank’s forecast had a lower forecast error than Harris Bank’s in Part (a). However, inPart (c), it was right to buy and sell based on Harris Bank’s forecast and not Commerzbank’s.The reason is that Harris Bank’s forecast turned out to be on the right side of the forward rate,while Commerzbank’s did not.19. Let the forecasts made by the Industrial Bank of Japan at the beginning of period t for the beginningof period t + 1 be E (S t + 1|φt ). Let the forward rates quoted at the beginning of period t for thebeginning of period t + 1 be F t , and the actual spot rates at the beginning of periods t and t + 1 be S t and S t +1, respectively. The percentage forecast errors (∈and e ) for each forecast made by the Industrial Bank of Japan and the forward rate are computed as εt +1 = [S t +1 − E (S t +1|φt )]/S t and e t +1 = [S t +1 − F t ]/S t , respectively. The following table details the computations.Pd. S t F t E (S t +1|φt ) S t +1 εt +1e t +1 ε2t +1 e 2t +1 1 143.164 142.511 140 144.3000.03000.01250.0009 0.0002 2 144.300 143.968 141 152.7500.08140.06090.0066 0.0037 3 152.750 153.600 151 149.400−0.0105−0.02750.0001 0.0008 4 149.400 149.400 143 129.600−0.0897−0.13250.0080 0.0176 5 129.600 129.700 130 129.500−0.0039−0.00150.0000 0.0000 6 129.500 129.800 131 139.2500.06370.07300.0041 0.0053 MSE0.0033 0.0046RMSE 0.0573 0.0678 The RMSE for the Industrial Bank of Japan is lower than that for the forward rate. Thus, as per thelimited data set in this problem, the Industrial Bank outperformed the forward rate in terms ofaccuracy of the forecasts, as measured by the RMSE. We have not tested whether the difference in forecast performances is statistically significant.。

Chapter3习题集及答案

同济大学_汽车学院_汽车振动_郭荣_chapter3_作业答案

2、拉格朗日法：
1 1 2 12 + m2 x 2 T = m1 x 2 2
U=
1 2 1 1 2 ⎤ k1 x1 + k2 (2 x2 − x1 ) 2 = ⎡ (k1 + k2 ) x12 + 4k2 x1 x2 + 4k2 x2 ⎣ ⎦ 2 2 2
Dr. Rong Guo
School of automotive studies, tongji university
取质量中心的平动和转动为两个运动坐标试确定该系统的刚度矩阵和质量矩阵并求系统的特征值和特征向量
《机械振动学》第三章习题答案
3.1 图示不计质量的刚杆，长度为 2l，在其中点和左端附以质量 m1 , m2 ，两端的（注：分别使用直接法和拉格朗日法，弹簧刚度为 k1 , k2 。求此系统的运动方程。运动方程写成矩阵形式）
-6-
⎡ k2 ⎢ −k Kb = ⎢ 2 ⎢ 0 ⎢ ⎣ 0
− k2 k 2 + k3 − k3 0
0 − k3 k3 + k 4 − k4
0 ⎤ 0 ⎥ ⎥ − k4 ⎥ ⎥ k4 ⎦
School of automotive studies, tongji university
《机械振动学》第三章习题答案
②
k 2 1 = k1 2 = 0
θ1 = 0, θ 2 = 1
k22 = m2 gl2
⎡( m + m2 ) gl1 0 ⎤ K =⎢ 1 ⎥ m2 gl2 ⎦ 0 ⎣
质量矩阵：
= 1, θ = 0 ① θ 1 2
m21 = m12 = m2l1l2 m11 = m1l12 + m2l1 ( l1 + l2 ) − m2l1l2 = ( m1 + m2 ) l12

高中英语 Unit3Artandarchitecture练习

感顿市安乐阳光实验学校Unit 3 Art and architectureI. SpeakingTask 1 What is modern architecture?Directions: Have a look at the modern buildings in your city and find out what they have in common. Then give at least 3 characteristics of modern architecture.Task 2 Disadvantages of modern buildingsDirections: Read the report in the form and discuss the following questions in groups.1.If you were a designer, what could be done to prevent birds frombeing killed by collisions?2.What harm do modern buildings do to people in and outside them?and try to imaginesuggested steps.Step 1 Discussions(1)What will houses of the future look like?(2)Will people live on other planets? Or underground or under the sea?(3)What new building materials will we use?(4)Where will your house be built?(5)What will your building site be like?(6)Will you use recycled materials or invent new ones?(7)Will there be new ways to power your house?(8)Will there be new ways your house functions?(9)Will there be new rooms and spaces we don't have now?(10)W ho will live in your house? How many people?(11)W hat form will your future house have? How will it look?Step 2 DrawingDraw a rough sketch of your future house and color it.Step 3 DescribingWrite a short description about your house and how you think the future will be. You can put your drawing and paragraph together on a piece of colored paper for display. A possible version is given to help you.A possible version: My future building is a passive solar, earth shelter house with lots of room to grow food. There are plenty of windows, so it doesn't feel like living underground! I also converted the yard to food growing space. I invented a water collector that also filters the rainwater. For electricity, there are plenty of "windmills." My house is built with materials found on the site and takes little wood.II. Understanding the text1. Buildings, streets, squares and parks are in different styles because_________.A.they were all designed by different architectsB.different ideas of beauty are expressed in themC.they are part of the man-made living environmentD.they are built out of modern building materials.2. Which of the following is NOT true about modernism?A.It has existed for 70 years or soB.Steel, glass and concrete are used as modern architecture materialsC.All the buildings in developing countries belong to modernism.D.Sometimes traditional materials are used in modern architecture3.According to the text, most people think modern buildings are______________.A. hugeB. beautifulC. friendlyD. welcoming4. Antonio Gaudi _________________.A.was a traditional architectB.invented modernism in order to change societyC.preferred steel, glass and concrete to natural materialsD.knew that there aren’t any straight lines in nature.5. Which of the following will NOT probably make people think about nature?A.The Opera House in SydneyB.All the art museums in New YorkC.The 2008 Olympic Stadium in BeijingD.Most of Gaudi’s works in and around BarcelonaIII. Post-reading activitiesSydney Opera House an image of timeless beauty. It is famous for beinga (1) , not only of a city, but a whole country and continent too. Its (2) , Danish architect Jorn Utzon, turned 85 last Wednesday. And he was awarded the Pritzker prize, (3) as the Nobel Prize of architecture, on April 6.But Utzon has never seen his Opera House. The story began in 1957 when Utzon won an international competition to (4) an opera house in Sydney. But not everyone was excited. Utzon left his Opera project in 1966 after an argument with the local government and a storm of public criticism (批评) over the building's design. It was not completed until seven years later and Utzon has (5) returned to Australia to see the result of his work."Utzon made a building well ahead of its time, and he persevered (坚持) through criticism to build a building that changed the image of an entire country," said Frank Gehry, a Pritzker Architecture Prize judge.(6) the Sydney Opera House was Utzon's masterpiece, it damaged his career. Upon his (7) to Denmark, he found work hard to come by,so he became a teacher at a university in Hawaii.Utzon said he once saw posters of the Opera House. The interiors (内部构造) were different from his designs. But, he said: "There is no (8) , for it gave me such a wonderful experience in Australia, towards which I only have (9) and appreciation." Britain's Queen Elizabeth opened the Opera House in 1973, and it now holds around 3,000 events every year. It is (10) as one of the great symbolic buildings of the 20th century.1 symbol;2 creator;3 known;4 design;5 never;6 Although;7 return;8 regret;9 love; 10 recognizedIV. Language focus1. Usage of words(1)We have both red and white wine. Do you have a p______ for one or theother?(2)The a___________ showed several designs for the new theatre; but nonewas satisfying.(3)The couple only moved into the new flat recently and they haven’tgot much f____________.(4)Can I a t__________ piece of that cheese to see what it’s like?(5)Pollution is one of the major problems in the m_________ world.(6)It isn’t c________ to talk at the moment; I’m in the middle of ameeting.(7)These shoes have gone out of s__________, but I like them.(8)Early houses were c____________ out of mud and sticks.(9)Ann is always trying to i____________ people with her new clothes.(10)O ur hotel room had a b__________ where we could sit and look at thelake.age of phrasesour guide.(2)Don’t take anything that doesn’t __________ you.(3)There weren’t many people at first but then the room __________.(4)Have you __________ some money for your child’s education?(5)Martha __________ her parents’ wishes and married a poor artist.(6)The old cinema has been __________ and a new one will be constructed.(7)—Did you enjoy your holiday? —No, __________ it. It was terrible.(8)__________ the village where I grew up, the city is really exciting.(9)It was __________ midnight when dad came back from work.(10)M ore trees have been planted __________ the village.3. Multiple choice(1) A net is to a fisherman is _________ a gun is to a hunter.A. whatB. whoC. whichD. whom(2) —Which do you ________, the red or the blue one?—I like the blue one better.A. expectB. preferC. wishD. hope(3) We have little in common; our ________ and interests are so different.A. stylesB. tasteC. qualityD. appearance(4) Wherever you go, you can see the product ____________.A. advertiseB. advertisedC. to be advertisedD. being advertised(5) As we all know, modernism was invented ________________.A. in the 1920B. in 1920’sC. in the 1920’sD. in 1920s(6) Jessica _________ a flat near the college with three other girls.A. constructedB. hiredC. preferredD. rented(7) _________ the bad weather we enjoyed our holiday.A. AlthoughB. DespiteC. Because ofD. According to(8) The result of the entrance exams was not made ________ to the publicuntil last Thursday.A. knowingB. knownC. to knowD. to be known(9) The PLA soldiers _____ ready to do what’s necessary to fight against the flood.A. stoodB. belongedC. createdD. acted(10) Antonio Gaudi is the first architect ________ that nature doesn’tnot have any straight lines.A. understandingB. understandsC. to understandD. understood(11) The girl asked him not to leave the door ____________ .A. to closeB. closedC. to be closedD. closing(12) It took quite a long time before we felt we ________ in the city.A. impressedB. constructedC. belongedD. created(13) All the buildings in the district are _____________.A. a colorB. of colorC. of a colorD. of color.(14) ________ the grandparents love the children, they are strict withthemA. WhenB. DespiteC. WhileD. Unless(15) With many flowers _______around the house，it looks like a beautifulgarden.A. plantedB. be plantedC. to plantD. to be planted4. ClozeBuilding a house costs quite a lot of money suppose you plan to builda house. Your first (1) will be to find a (2) piece of land. Your(3) will depend on many different things. You will probably try to finda sunny place, with (4) surroundings near shops and bus stops, not too far from your friends and the place where you work.(5) you will find an excellent (6) , and together with the builder you will work out a (7) . The builder will draw the plan. It will (8) the number of rooms, their position and (9) , and other (10) which must be noticed, (11) windows, doors, and electric outlets. The builder will work out how much money is (12) to buildyour house. He will work out the (13) of the wood, bricks, the glass, and (14) else that must be used in building the house. Later on, when he starts to build, this estimate must be corrected and revised. His estimate is based on (15) price, but prices of such things may change, and many other things may happen (16) the time when he makes the (17) and the time when he builds the house.When the builder gives his estimate, you may wish to change your plan. (You may also wish to change your builder, if his estimate is too (18) !) You may find that some of the features you wanted at first cost too much, or that you can spend a little more and (19) something to your plan. The builder’s estimate depends on the plan, (20) the final plan depends on the builder’s estimate.⑴A. way B. plan C. step D. idea⑵A. small B. large C. right D. exact⑶A. land B. choice C. house D. preference⑷A. quiet B. pleased C. lonely D. pleasant⑸A. Yet B. Next C. However D. Though⑹A. worker B. engineer C. builder D. drawer⑺A. plan B. cost C. suggestion D. price⑻A. appear B. design C. show D. recite⑼A. height B. width C. length D. size⑽A. rooms B. doors C. parts D. roofs ⑾A. for example B. such as C. in other words D. on the other hand⑿A. collected B. spent C. needed D. taken⒀A. numbers B. amount C. cost D. level⒁A. something B. everything C. whatever D. others⒂A. rising B. falling C. existing D. remaining⒃A. by B. in C. among D. between⒄A. plans B. design C. estimate D. cost⒅A. expensive B. high C. cheap D. low⒆A. reduce B. place C. add D. lay⒇A. and B. so C. but D. thenV. More language inputArt museums are places where people can learn about various cultures. The increasingly popular “design museums” that are opening today, however, perform quite a different role. Unlike most art museums, the design museum shows objects that are easily found by the general public. These museums sometimes even place things like fridges and washing machines in the center of the hall.People have argued that design museums are often made use of as advertisements for new industrial technology. But their role is not simply a matter of sales-it is the honoring of excellently invented products. The difference between the window of a department store and the showcase in a design museum is that the first tries to sell yousomething, while the second tells you the success of a sale.One advantage of design museums is that they are places where people feel familiar with the exhibits. Unlike the average art museum visitors, design museum visitors seldom feel frightened or puzzled. This is partly because design museums clearly show how and why mass-produced products work and look as they do, and how design has improved the quality of our lives. Art museum exhibits , on the other hand , would most probably fill visitors with a feeling that there is something beyond their understanding .In recent years, several new design museums have opened their doors. Each of these museums has tried to satisfy the public’s growing interest in the field with new ideas. London’s Design Museum, for example, shows a collection of mass-produced objects from Zippo lighters to electric typewriters to a group of Italian fish-tins. The choices open to design museums seem far less strict than those to art museums , and visitors may also sense the humorous part of our society while walking around such exhibits as interesting and unusually attractive toys collected in our everyday life .1. Showcases in design museums are different from store windows becausethey .A. show more technologically advanced productsB. help increase the sales of productsC. show why the products have sold wellD. attract more people than store windows do2. The author believes that most design museum visitors .A. do not admire mass-produced productsB. are puzzled with technological exhibitsC. dislike exhibits in art museumsD. know the exhibits very well3. The choices open to design museums .A. are not as strict as those to art museumsB. are not aimed to interest the publicC. may fail to bring some pleasure to visitorsD. often contain precious exhibits4. The best title for this passage is .A. The forms of design museumsB. The exhibits of design museumsC. The nature of design museumsD. The choices open to design museumsUnit 4 A garden of poemsI. SpeakingTask 1 Your comment!Directions: Read aloud a poem by a writer of your age and tell what it’s about. What does the writer try to tell you? Do you enjoy it? Why?Why not?You want to fly,But you can't.You just can't seem to get free.To let your wings spread.Just let them feel the breeze.All you have is earned,But yet your told you are spoiledAnd give in everything.I don't understand,What did I do to make you shield me?Did I not try at what you wanted.I thought it would please you, but it didn't.Why?What did I ever do to you?Let me free.Let me breath.Just let my wings spreadAnd feel the breeze.Pleas.....Let go and grow on my own.If I need you I will go to you.I have to solve my own problems, you can't.You will not be here all my life;So I ask one thing of you.Let my wings spread and let me fly.Task 2 A promising poet?Directions: First, use the words in the form to complete the passage and then work in groups to discuss the following questions1.What made Wu Bin full marks in his Chinese writing in the NCEE?2.Do a survey to see how many of your classmates are crazy about poems.If any, which do you they prefer, ancient or modern poems? Chinese or foreign poems?3.Some people think teenagers should be encouraged to learn moreabout Chinese ancient famous poems. Do you agree?writing in the National College Entrance Examination (NCEE; 高考). But Wu Bin, who has just taken the exam, is (1) to be one of those rare students. He wrote a poem."I've never (2) my poem to be given full marks. I only thought that it would not be that bad," said the 18-year-old boy. Wu (3) from Ruiquan Middle School in Weinan, Shaanxi Province. He said when he heard the news, two strong feelings (4) up inside him —surprise and excitement.Writing a poem in the NCEE is always considered a (5) becauseteachers find it hard to mark students' poems. Also, there are seldom opportunities for students to read or practice writing poems. And only in the last three years have students been allowed to hand in a poem in their writing test. It's (6) for students to write a good argumentative (议论的) or narrative (记叙的) story.Wu started working on his piece in the last 50 minutes of the test. Since he spent almost half that time (7) his ideas, Wu decided to save time by writing a poem that needed fewer words than other types of writing.In the exam, he was asked to (8) why it's not wise for people to make judgments using their hearts rather than their heads."When I looked out the window, the shining sun gave me some ideas on a similar truth. People with sunglasses will say the sunlight is red, orange, yellow, or blue, but everyone knows that its real color is white," he said. So Wu's 27-line modern (9) philosophically (富有哲理地) showed his ideas on the topic. And it turned out to be a great success with the teachers who (10) his paper.II. Understanding the text1. Which is the correct order of time about the following English poets?A.Shakespeare → Alexander Pope → John DonneB.John Donne → Alexander Pope → John KatesC.William Wordsworth → George Gordon Byron → John MiltonD.John Milton → Robert Frost → Gorge Gordon Byron2. When did modern English come into being?A. Towards the end of 16th centuryB. In the 18th centuryC. Towards the end of 19th centuryD. Between 1910 and the late 1930s3. Whose poems do NOT have rhyme at the end of each line?A. Wang Wei’sB. Shakespeare’sC. Su Dongpo’sD. John Milton’s4. Which group of poets did NOT come from the same country?A. Li Bai, Wang Wei, and Su DongpoB. William Wordsworth, Robert Frost and ShakespeareC. John Keats, John Donne, and John MiltonD. George Gordon Byron, Shakespeare and John Keats5. The introduction of English poetry to China began ___________.A. at the start of the 20th centuryB. in the late 1930sC. at the end of the 19th centuryD. between 1910 and the 1930s6. How is an English poem different from its Chinese version（译文）?A. It will become more difficult to understandB. Some of the information in the original poem is missingC. Chinese version will offer readers much less choice.D. Something of the spirit of the original poem will be lostIII. Language focus1. Usage of words(1)I live near an airport; the noises of passing planes drive mem_________!(2)Our new china has a flower p__________ on it. It looks great!(3)They have begun d___________ to improve understanding between the twocountries.(4)Bob has so many friends, but deep down, at the bottom of his heart,he has a fear of l____________.(5)Your head teacher will be away for days; I will be in charge in hisa________.(6)There was a tense a____________ during the final minutes of the game.(7)—Well, you don’t need an i____________ to each other, do you?—No. We’ve been friends for years.(8)The popular novel has been t___________ from French into English.(9)Barbara speaks 5 languages; she has an e____________ ability to learnforeign languages.(10)T he little girl hopes to meet a handsome prince, just like a princessin a fairy t____________.2. Usage of phrases(2)They say they would like to _______ more _______ charity（慈善）, butmoney is tight this year.(3)John’s eyes __________ when his dad promised him a sports car as hisbirthday gift.(4)The road sign is easy to read; the words __________ well.(5)—When did the organization__________? —It started in 1978.(6)When the country was at war, all the men between the ages of 18 and35 were __________.(7)Stop _______ the knife, Tommy! It’s very sharp and you may cut yourfingers.(8)The boy took his da d’s watch apart piece by piece, and ______ it back_______ again.(9)It was a difficult time but I __________ it and then things improved.(10)A nimals __________ two groups, those with backbones and those without.3. Multiple choice⑴Once the data is collected, the computer will _________ it by date.A. translateB. sortC. reciteD. follow⑵Unless _________ to speak, you should remain silent at the conference.A. invitedB. being invitedC. having invitedD. inviting⑶I’m going to Paris tomorrow. Which hotel can you __________ me to stay in?A. contributeB. suggestC. translateD. recommend⑷The old men like being together and telling stories that can ________old times.A. call atB. call forC. call onD. call up⑸We've worked out a method ____________ our production can be greatly raised.A. thatB. whatC. of whichD. by which⑹You’ll have to ________ what he says very carefully if you want tounderstand it.A. followB. sortC. intendD. share⑺This is the first time that Jane has spoken to _______ public abouther experience in ________ public.A. / ; /B. the; /C. / ; theD. the; the⑻Mr. Smith，________ of the _________ speech，started to read a novel.A. tired; boringB. tiring; boredC. tired; boredD. tiring;boring⑼Generally speaking, when ___________ according to the directions, thedrug has no side effect.A. takingB. takenC. to takeD. to be taken⑽________ the general state of his health，it may take him a while to recover from the operation.A. GivenB. To giveC. GivingD. Having given⑾I’ve got no ___________ of staying indoors on a nice sunny day like this.A. lonelinessB. intentionC. patternD. fantasy ⑿It was so hot that the farmers had to go and sit in the _____________.A. shadeB. shadowC. absenceD. district⒀Pearl’s bright clothes always maker her _________in a crowd.A. light upB. call upC. send outD. stand out⒁When you’ve finished, put the books back where they __________.A. collectB. gatherC. belongD. place⒂When the wounded soldier waked up in the hospital, he found ______ by doctors and nurses.A. it to surroundB. himself surroundedC. to be surroundedD. himself surrounding4. ClozeI had offered to watch my 3-year-old daughter, so that my wife could go out with a friend. I was getting some work done in my study while she (1) to be having a good time in the other room .No problem ,Ifigured .But then it got a little too (2) and I shouted ,“What are you doing ?”No answer. I (3) my question and heard her say ,“Oh,…nothing.”Nothing？I got up from my desk and ran out (4) the living room ,where I saw her running across the hall. I followed and watched her as her little behind made a quick (5) into the bathroom .I had her (6) ! I told her to turn around .She (7) . I pulled out my big Daddy voice ,“Young lady ,I said turn around !”(8) , she turned toward me. In her hand was what was left of my wife’s new lipstick. And every square inch of her face was (9) with bright red ! As she looked up at me with fearful eyes, I heard (10) voice that had been shouted to me as a child .“How could you …You should know …How many times have you been (11) …What a bad thing to do …”It was just a matter of my picking out which old (12) I was going to use on her so that she would know what a bad girl she had been .But (13) I could let loose ,I looked (14) at the sweater on her .In big (15) it said,“I’M A PERFECT LITTLE ANGEL （天使）！”I looked back up into her tearful eyes and, (16) seeing a bad girl who didn’tlisten ,I saw a little angel full of (17) that I had come dangerously close to (18) .“Sweetheart ,let’s take a picture so Mommy can see how (19) you look .”I took the picture and thanked God that Ididn’t (20) the chance to prove what a perfect little angel He had given me .⑴. A. happened B. liked C. appeared D. pretended ⑵. A. long B. quiet C. calm D. strange⑶. A. asked B. answered C. raised D. repeated ⑷. A. into B. of C. from D. for⑸. A. way B. turn C. change D. progress ⑹. A. followed B. scolded C. cornered D. fooled ⑺. A. laughed B. listened C. agreed D. refused⑻. A. Slowly B. Eagerly C. Angrily D. Unfortunately ⑼. A. filled B. marked C. printed D. covered ⑽. A. every B. such C. any D. one⑾. A. told B. beaten C. frightened D. forbidden ⑿. A. reports B. notice C. advice D. words ⒀. A. as B. when C. since D. before ⒁. A. up B. down C. in D. on⒂. A. signs B. letters C. messages D. figures⒃. A. because of B. instead of C. in spite of D. as a result of ⒄. A. value B. sadness C. pities D. tricks⒅. A. preventing B. getting rid of C. destroying D. doing wrong on⒆. A. dirty B. ugly C. special D. silly⒇. A. have B. get C. take D. miss IV. More language inputMany a young person tells me he wants to be a writer. I always encourage such people, but I also explain that there's a big difference between “being a writer ”and writing. In most cases these people are dreaming of wealth and fame, not the long hours alone at a typewriter. “You've got to want to write,” I say to them, “not want to be a writer.”The reality is that writing is a lonely, private and poor-paying affair. For every writer kissed by fortune there are thousands more whoselonging is never rewarded (报答). When I left a 20-year job in the U. S. Coast Guard to become a writer, I had no hopes at all. What I did have was a friend who found me my room in a New York apartment building. It didn't even matter that it was cold and had no bathroom. I immediately bought a used typewriter and felt like a real writer.After a year or so, however, I still hadn't gotten a break and began to doubt myself. It was so hard to sell a story that barely made enough to eat. But I knew I wanted to write. I had dreamed about it for years.I wasn't going to be one of those people who die wondering, what if? I would keep putting my dream to the test ---- even though it meant living with uncertainty and fear of failure. This is the shadow land of hope, and anyone with a dream must learn to live there.1.The passage is meant to ________.E.warn young people of the hardship that a successful writer has toexperienceF.advise young people to give up their idea of becoming a professionalwriterG.show young people it's unrealistic for writers to seek wealth andfameH.encourage young people to seek good jobs2.What can be concluded from the passage?A. Real writers often find their work interesting and rewarding.B. A writer's success depends on luck rather than on effort.C. Famous writers usually live in poverty.D. The chances for a writer to become successful are small.3. .Why did the author begin to doubt himself after the first year of his writing work?A. He wasn't able to produce a single book.B. He hadn't seen a change for the better.C. He wasn't able to have a rest for a whole year.D. He found his dream would never come true.4.“Shadow land”in the last sentence refers to ________.A. the wonderland one often dreams aboutB. the bright future that one is looking forward toC. a world that exists only in one's imaginationD. the state of uncertainty before one's final goal is reached Key:Unit 3II. Understanding the text1-5 BCADBIII. Post-reading activities1 symbol;2 creator;3 known;4 design;5 never;6 Although;7 return;8 regret;9 love; 10 recognizedIV. Language focus ⑴⑵⑶⑷⑸⑹⑺⑻⑼⑽1. Usage of words⑴mad ⑵pattern ⑶dialogues ⑷loneliness ⑸absence⑹atmosphere ⑺introduction ⑻translated ⑼extraordinary ⑽tale2. Usage of phrases⑴act as ⑵belong to ⑶filled up ⑷set aside ⑸went against⑹pulled down ⑺far from ⑻Compared with ⑼close to ⑽in andaround3. Multiple choice1-5 ABBBC 6-10 DBBAC 11-15 BCCCA4. Cloze1-5 CCBDB 6-10 CACDC 11-15 BCCBC 16-20 DCBCCV. More language input1-4 CDACUnit 4I. SpeakingTask 21 proud;2 expected;3 graduated;4 rose;5 risk;6 easier;7 organizing;8 explain;9 marked; 10 poem;II. Understanding the text1-5 BADBC 6 DIII. Language focus1. Usage of words⑴preference ⑵architect ⑶furniture ⑷taste ⑸modern⑹convenient ⑺style ⑻constructed ⑼impress ⑽balcony2. Usage of phrases⑴Send for ⑵contribute to ⑶lit up ⑷stand out ⑸come into being⑹called up ⑺playing with ⑻put together ⑼got through ⑽fall into3. Multiple choice1-5 BADDD 6-10 ABABA 11-15 BADCB4. Cloze1-5 CBDAB 6-10 ADDBB 11-15 CDADA 16-20 BACCDIV. More language input1-4 ADBD。

商务英语阅读chapter3练习答案

10
• In a time when customers change constantly and rapidly in their needs, only companies who are quick to respond can survive and succeed in the end.
Exercise 4
1
• Experts have attributed the main cause of the company’s poor performance to its poor HR functions, especially the appointment if the senior management.
9
• With the efforts of these university students, it was brought to light that this world-famous multinational had established some sweat factories in China.
• 熟悉原则其实非常简单易懂:熟悉的食物总是比那些陌生的事物更能激起我们的信心。
• 熟悉机制在广告界中一直备受忽略。
• 但是，在现实生活中，当一个消费者在面对两个产品并对他们的物理特性一无所知的情况下，几乎肯定会选择较为熟悉的那一个品牌。
• 因此，一个广告，哪怕是那些乏善可陈的广告---只要提到了产品名称，就会有助于该产品的销售，这种广告的作用就在于它建立了品牌意识，并在消费者心中树立了上面所讲的最低程度的信心。
4
• After financial scandals, many companies can only resort to charity activities to improve their corporate image.

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Chapter 3 Foreign Currency Futures3.1 Multiple Choice and True/False Questions1) Financial derivatives are powerful tools that can be used by management for purposes ofA) speculation.B) hedging.C) arbitrage.D) A, B and C above.Answer: D2) A foreign currency ________ contract calls for the future delivery of a standard amount of foreign exchange at a fixed time, place, and price.A) futuresB) forwardC) optionD) swapAnswer: A3) Currency futures contracts have become standard fare and trade readily in the world money centers.Answer: TRUE4) The major difference between currency futures and forward contracts is that futures contracts are standardized for ease of trading on an exchange market whereas forward contracts are specialized and tailoredto meet the needs of clients.Answer: TRUE5) Which of the following is NOT a contract specification for currency futures trading on an organized exchange?A) size of the contractB) maturity dateC) last trading dayD) fixed gainsAnswer: D6) About ________ of all futures contracts are settled by physical delivery of foreign exchange between buyer and seller.A) 0%B) 5%C) 50%D) 95%Answer: B7) Futures contracts require that the purchaser deposit an initial sum as collateral. This deposit is called aA) collateralized deposit.B) marked market sum.C) margin.D) settlement.Answer: C8) A speculator in the futures market wishing to lock in a price at which they could ________ a foreign currency will ________ a futures contract.A) buy; sellB) sell; buyC) buy; buyD) none of the aboveAnswer: C9) A speculator that has ________ a futures contract has taken a ________ position.A) sold; longB) purchased; shortC) sold; shortD) purchased; soldAnswer: C10) Peter Simpson expects that the U.K. pound will cost $1.62/£ in six months. A 6-month currency futures contract is available today at a rate of $1.63/£. If Peter was to speculate in the currency futures market, and his expectations are correct, which of the following strategies would earn him a profit?A) Sell a pound currency futures contract.B) Buy a pound currency futures contract.C) Sell pounds today.D) Sell pounds in six months.Answer: A11) Jack Hemmings bought a 3-month British pound futures contract for $1.6200/£ only to see the dollar appreciate to a value of $1.6118 at which time he sold the pound futures. If each pound futures contract is for an amount of £62,500, how much money did Jack gain or lose from his speculation with pound futures?A) $512.50 lossB) $512.50 gainC) £512.50 lossD) £512.50 gainAnswer: A12) Which of the following statements regarding currency futures contracts and forward contracts is true?A) A futures contract is a standardized amount per currency whereas the forward contact is for any size desired.B) A futures contract is for a fixed maturity whereas the forward contract is for any maturity you like up to one year.C) Futures contracts trade on organized exchanges whereas forwards take place between individuals and banks with other banks via telecom linkages.D) All of the above are true.Answer: D13) Which of the following is a difference between a currency futures contract and a forward contract?A) The futures contract is marked to market daily whereas the forward contract is only due to be settled at maturity.B) The counterparty to the futures participant is unknown with the clearinghouse stepping into each transaction whereas the forward contract participants are in direct contact setting the forward specifications.C) A single sales commission covers both the purchase and sale of a futures contract whereas there is no specific sales commission with a forward contract because banks earn a profit through the bid-ask spread.D) All of the above are true.Answer: D14) As a general statement, it is safe to say that businesses generally use the ________ for foreign currency forward contracts, and individuals and financial institutions typically use the ________for foreign currency futures contracts.A) exchange markets; over-the-counterB) over-the-counter; exchange marketsC) private; government sponsoredD) government sponsored; privateAnswer: B15) All exchange-traded futures are settled through a clearing house but over-the-counter forwards are not and are thus subject to greater ________ risk.A) exchange rateB) countryC) counterpartyD) none of the aboveAnswer: C16) When reading the futures quotation in the financial section of the newspaper, the column heading indicating the number of contracts outstanding is called ________.A) contracts outstandingB) settleC) open interestD) short positionsAnswer: CTable 3.1Use the below mentioned table to answer following question(s). December 17, 2009, British Pound futures Prices for 2010 (US dollars per pound, 62,500 pound contracts).March 10 1.6315 1.6333 1.6071 -0.0155 1.6146 127,234 June 10 1.6315 1.6323 1.6065 -0.0155 1.6137 145 17)Refer to Table 3.1. What was the contract price of the British pound, if you need to lock the value of GBP for your GBP receivables in 3-month period?A) $1.6146/£B) £1.6146/$C) $1.6315/£D) £1.6315/$Answer: A18) Refer to Table 3.1. The price of ________ making you taking a short position to sell two pounds futures contracts have maturity date in June 10, 2010 has a total contract value of ________.A) £1.6137/$, £201,712.50B) $1.6137/£, $201,712.50C) $1.6146/£, $100,912.50D) £1.6146/$, $100,912.50Answer: B19) Refer to Table 3.1 and question 19. If the spot exchange rate of British pound proves to be $1.6128/£ in June 10, 2010, what is your gain or loss for your short position?A) $112.50 gainB) $112.50 lossC) $56.25 gainD) $56.25 lossAnswer: A20) Andrea Lee is a currency speculator who enjoys "betting" on changes in the foreign currency exchange market. Currently the spot price for the Japanese yen is ¥90.870/$ and the 6-month futures contract price is ¥90.530/$. Andrea thinks the yen will move to ¥90.120/$ in the next six months. Andrea should ________ at the futures price to profit from changing currency values.A) buy yenB) buy dollarsC) sell yenD) There is not enough information to answer this question.Answer: A3.2 Essay Questions1) Why are foreign currency futures contracts more popular with individuals and banks while foreign currency forwards are more popular with businesses?Answer: Foreign currency futures are standardized contracts that lendthemselves well to speculation purposes but less so for hedging purposes. The standardized nature of the futures contract makes it easy to trade futures and to make bets about general changes in the value of currencies. Forward contracts are better for hedging in that they are tailored to meet the specific needs of the client, typically a business, and can be quite useful in reducing exchange rate risk. Banks are involved in the foreign currency futures market in part to offset positions that they may have taken in the forward markets as dealers.2) How do currency forward and futures contracts differ with respect to maturity, settlement, and the size and timing of cash flows?Answer: see p36-37, Table 3.73) What is the primary role of the exchange clearinghouse?Answer: see p14-15※4) Draw and explain the payoff profile associated with a currency futures contract.Answer: refer to chapter 8。