Chapter 12 课后答案
完整版投资学第7版TestBank答案12
Chapter 12 Behavioral Finance and Technical Analysis Multiple Choice Questions1. Conventional theories presume thatinvestors presumes that they __ .A)B)C)D)E) and behavioral finance2.3.are irrational; are irrational arerational; may not be rational arerational; are rational may not berational; may not be rational may notbe rational; are rationalAnswer: B Difficulty:EasyThe premise of behavioral finance isthat A)B)C)D)E)conventional financial theory ignores how real people make decisions and that people make a difference.conventional financial theory considers how emotional people make decisions but the market is driven by rational utility maximizing investors.conventional financial theory should ignore how the average person makesdecisions because the market is driven by investors that are much moresophisticated than the average person.B and Cnone of the aboveAnswer: A Difficulty:EasySome economists believe that the anomalies literature is consistent with investo'rs _________________ and .ability to always process information correctly and therefore they infercorrect probability distributions about future rates of return; given aprobability distribution of returns, they always make consistent and optimal decisions inability to always process information correctly and therefore they infer incorrect probability distributions about future rates of return;given a probability distribution of returns, they always make consistent and optimal decisions ability to always process information correctly andtherefore they infer correct probability distributions about future rates of return; given a probability distribution of returns, they often makeinconsistent or suboptimal decisions inability to always process information correctly and therefore they infer incorrect probability distributions about future rates of return; given a probability distribution of returns, they often make inconsistent or suboptimal decisions none of the aboveA)B)C)D)E)Answer: D Difficulty: ModerateInformation processing errors consist of I) forecastingII) overconfidenceIII conservatismIV) framingA) I and IIB) I and IIIC) III and IVD) IV onlyE) I, II and IIIAnswer: E Difficulty: Moderate research suggests that people underweight recentinformation. research suggeststhat people overweight recentinformation. research suggeststhat people correctly weightrecent information. either A orB depending on whether theinformation was good or bad.none of the above.Answer: B Difficulty: ModerateDeBondt and Thaler believe that high P/E result from investorsA) B) C) D) E) Answer: A Difficulty: ModerateIf a person gives too much weight to recent information compared to priorbeliefs, they would make errors.A) B) C) D) E) 4. 5. Forecasting errors are potentially important because A) B) C) D) E) 6. earnings expectations that are too extreme.earnings expectations that are not extreme enough.stock price expectations that are too extreme.stock price expectations that are not extremeenough. none of the above.7. framingselection biasoverconfidenceconservatismforecastingAnswer: E Difficulty: ModerateChapter 12 Behavioral Finance and Technical Analysis8. Single men trade far more often than women. This is due togreater men.A)B)C)D)E) framing regret avoidance overconfidence conservatism none of the aboveAnswer: C Difficulty: Moderate9. _____________ may be responsible for the prevalence of active versuspassive investments management.A) B) C) D) E)ForecastingerrorsOverconfidenceMental accountingConservatismRegret avoidanceAnswer: B Difficulty: Moderate10.11. amongBarber and Odean (2000) ranked portfolios by turnover and report that thedifference in return between the highest and lowest turnover portfolios is 7% per year. They attribute this to A) B) C) D) E)overconfidenceframing regretavoidance sampleneglect all ofthe aboveAnswer: A Difficulty: Moderate_________ bias means that investors are too slow in updating their beliefs in response to evidence.A) B) C) D) E)framing regretavoidanceoverconfidenceconservatism noneof the aboveAnswer: D Difficulty: ModeratePsychologists have found that people who make decisions that turn out badly blamethemselves more when that decision was unconventional. The name for thisphenomenon isA) B) C) D) E) Answer: A Difficulty: ModerateRationale: An investments example given in the text is buying the stock of a start-up firm that shows subsequent poor performance, versus buying blue chipstocks that perform poorly. Investors tend to have more regret if they chose the less conventional start-up stock. DeBondt and Thaler say that such regret theory is consistent with the size effect and the book-to-market effect.An example of_________ is that a person may reject an investment when it is posed interms of risk surrounding potential gains but may accept the same investment if it is posed in terms of risk surrounding potential losses.A) B) C) D) E) Answer: A Difficulty: ModerateStatman (1977) argues that________ is consistent with some investors' irrationalpreference for stocks with high cash dividends and with a tendency to hold losingpositions too long.A)B)12. regret avoidanceframing mentalaccountingoverconfidenceobnoxicity13. framing regretavoidanceoverconfidenceconservatism noneof the above14. mental accountingregret avoidanceoverconfidenceconservatism noneof the aboveC)D)E)Answer: A Difficulty: ModerateChapter 12 Behavioral Finance and Technical Analysis15. An example of ________ is that it is not as painful to have purchased a blue-chip stock that decreases in value, as it is to lose money on an unknown start-up firm. A) B) C) D) E) mental accounting regret avoidanceoverconfidenceconservatism none of the aboveAnswer: B Difficulty: Moderate16. Arbitrageurs may be unable to exploit behavioral biases duetoI) II) III ) IV) V)fundamental riskimplementation costsmodel riskconservatism regretavoidance17. A) B) C) D) E)I and II onlyI, II, andIIII, II, III,and V II,III, and IVIV and VAnswer: B Difficulty: Moderate _____________ are good examples of the limits to arbitrage because they show that the law of one price is violated.I) II) III ) IV) V)Siamese Twin CompaniesUnit trustsClosed end fundsOpen end fundsEquity carve outsA) B) C) D) E) I and III, II, andIII I, III,and V IVand VVAnswer: C Difficulty: ModerateChapter 12 Behavioral Finance and Technical Analysis___ was the grandfather of technical analysis. Harry Markowitz William SharpeCharles Dow Benjamin Graham none of the aboveAnswer: C Difficulty: EasyRationale: Charles Dow, the originator of the Dow Theory, was the grandfather of technical analysis. Benjamin Graham might be considered the grandfather offundamental analysis. Harry Markowitz and William Sharpe might be considered the grandfathers of modern portfolio theory.The goal of the Dow theory is toA) B) C) D) E) Answer: E Difficulty: EasyRationale: The Dow theory uses the Dow Jones Industrial Average as an indicator of long-term trends in market prices.A long-term movement of prices, lasting from several months to years is calleda minor trend a primary trend an intermediate trend trend analysis B and D Answer: B Difficulty: Easy Rationale: Minor trends are merely day-to-day price movements; intermediatetrends are or offsetting movements in one direction after longer-term movements in another direction; trends lasting for the period described above are primary trends.18. A) B)C) D) E) 19. identify head and shoulderpatterns. identify breakaway points. identify resistance levels. identify support levels. identifylong-term trends. 20. A)B)C)D)E)Chapter 12 Behavioral Finance and Technical Analysis21. A daily fluctuation of little importance iscalled A) B) C) D) E)a minor trend aprimary trend anintermediate trend amarket trend none ofthe aboveAnswer: A Difficulty:Easy22. Price movements that are caused by short-term deviations of prices from theunderlying trend line are calledA)B)C)D)E) primary trends. secondary trends. tertiary trends. Dow trends. contrary trends.Answer: B Difficulty: EasyRationale: The secondary trend is caused by these deviations, which areeliminated by corrections that bring the prices back to the trend lines.23. The Dow theory posits that the three forces that simultaneously affect stockprices areI) II) III ) IV) V) primary trend intermediate trend momentum trend minor trend contrarian trendA)B)C)D)E) I, II, and III II, III, and IV III, IV and VI, II, and IV I, III, and VAnswer: D Difficulty: ModerateChap ter 12 Behavioral Finance and Tech ni cal An alysisis a rece nt variati on of the Dow Theorysuggests that stock p rices can be described by a set of wavep atter ns is similar to the Kon dratieff Wave theory A and B A, B, and C An swer: E Difficulty: EasyRati on ale: Both the Elliot Wave Theory and the Kon dratieff Wave Theory are rece nt variati ons on the Dow Theory, which suggests that stock p rices move in ide ntifiable wave p atter ns.An swer: B Difficulty: EasyRati on ale: A trin ratio of less tha n 1.0 is con sidered bullish because thedecli ning stocks have lower average volume tha n the adva ncing stocks, in dicati ng net buying p ressure.On October 29, 1991 there were 1,031 stocks that adva need on the NYSE and 610 thatdecli ned. The volume in adva ncing issues was 112,866,000 and the volume in decli ning issues was 58,188,000. The trin ratio for that day was and tech ni cal an alystswere likely to be .A) B) C) D) E) An swer: A Difficulty: ModerateRatio nale: (1,031/610)/ (112,866,000/58,388,000) = 0.87. A trin ratio less than 1 is con sidered bullish because adva ncing stocks have a higher volume tha n decli24. The Elliot Wave Theory A) B)C)D)E)25. A trin ratio of less tha n 1.0 is considered as a A) B) D) E) bearish sig nalbullish sig nalbearish sig nal by some tech ni cal an alysts and a bullish sig nal byother tech nical an alystsbullish sig nal by some fun dame ntalistsC and D26. 0.87, bullish0.87, bearish1.15, bullish1.15, bearishnone of the aboveChapter 12 Behavioral Finance and Technical Analysis ning stocks, in dicat ing a buying p ressure.Chap ter 12 Behavioral Finance and Tech ni cal An alysisAnswer: E Difficulty: ModerateTwo popular moving average periods are A) B) C) D) E) Answer: D Difficulty: Moderate_____________ is a measure of the extent to which a movement in the market index is reflected in the price movements of all stocks in the market.A) B) C) D) E) Answer: C Difficulty: Moderate27. In regard to moving averages, it is considered tobe a market price breaks through the moving averagefrom A) B) C) D) E)bearish; below bullish: belowbearish; abovebullish aboveB and Csignal when28.90-day and 52 week180-day and three year180-day two year 200-day and 53 week 200-day and two year29.put-call ratiotrin ratioBreadthconfidence indexall of the above30. Then confidence index is computed fromconsidered _____________ signals.A) B) C) D) E) and higher values are bond yields; bearishodd lot trades;bearish odd lottrades; bullishput/call ratios;bullish bond yields;Answer: E Difficulty: Moderate31. The put/call ratio is computed as _________ signals. the number of outstanding put options divided by outstanding call options; bullish or bearish the number of outstanding put options divided by outstanding call options; bullish the number of outstanding put options divided by outstanding call options; bearish the number of outstanding call options divided by outstanding put options; bullish the number of outstanding call options divided by outstanding put options; bullish and higher values are considered 32. 33. 34. A) B) C) D) E) Answer: A Difficulty: Moderate The efficient market hypothesis A) B) C) D) E) implies that security prices properly reflect information available to investors has little empirical validity implies that active traders will find it difficult to outperform a buy-and-hold strategy B and C A and C Answer: E Difficulty: Moderate Tests of market efficiency have focused on A) B) C) D) E) the mean-variance efficiency of the selected market proxy strategies thatwould have provided superior risk-adjusted returns results of actual investments of professional managers B and C A and B Answer: D Difficulty: Moderate The anomalies literature A) B) C) D) E)provides a conclusive rejection of market efficiency provides a conclusive support of market efficiency suggests that several strategies would have provided superior returns A and C none of the above Answer: C Difficulty: ModerateAnswer: D Difficulty: ModerateAnswer: C Difficulty: Moderateand if prices are not correct . there are no easy profit opportunities; there are no easy profit opportunities there are no easy profit opportunities; there are easy profit opportunities there are easy profitopportunities; there are easy profit opportunities there areeasy profit opportunities; there are no easy profitopportunities none of the aboveAnswer: A Difficulty: Moderate___________ can lead investors to misestimate the true probabilities of possible events or associated rates of return.A)B)C)D)E)Answer: A Difficulty: Moderate35. Behavioral finance argues that A) B) C) D) E)even if security prices are wrong it may be difficult to exploit them the failure to uncover successful trading rules or traders cannot be taken as proof of market efficiency investors are rational A and B all of the above 36. Markets would be inefficient if irrationalinvestors arbitragers were .A) B) C) D) E) existed; unlimiteddid not exist;unlimited existed; limited did not exist; limited noneof the aboveand actions if 37. If prices arecorrect A) B) C)D)E) 38. Information processingerrors Framing errorsMental accounting errorsRegret avoidance all of theabove39.40.41.42.and ___________ .people give too little weight to recent experience compared to prior beliefs;tend to make forecasts that are too extreme given the uncertainty of theirinformation people give too much weight to recent experience compared to prior beliefs; tend to make forecasts that are too extreme given the uncertainty of their information people give too little weight to recent experience compared to prior beliefs; tend to make forecasts that are not extreme enough given the uncertainty of their informationpeople give too much weight to recent experience compared to prior beliefs;tend to make forecasts that are not extreme enough given the uncertainty of their information none of the aboveKahneman and Tversky (1973) report that peopleA)B)C)D)E)Answer: B Difficulty:DifficultErrors in information processing can lead investors tomisestimate A) B)C) D)E)true probabilities of possible events and associated rates ofreturn true probabilities of possible events rates of returnthe ability to uncover accounting manipulation fraudAnswer: A Difficulty: ModerateDeBondt and Thaler (1990) argue that the P/E effect can be explainedby A) B)C)D) E)forecasting errorsearnings expectations that are too extremeearnings expectations that are not extremeenough regret aviodanceA and BAnswer: E Difficulty: ModerateBarber and Odean (2001) report that men trade _the frequent trading leads to ________returns.A) B) C) D) E)frequently than women and less; superiorless; inferiormore; superiormore; inferiornone of the aboveAnswer: D Difficulty: ModerateAnswer: D Difficulty: Moderate If information processing were perfect, many studies conclude that individualswould tend to make A) B) C) D) E)Answer: A Difficulty: ModerateThe assumptions concerning the shape of utility functions of investors differ between conventional theory and prospect theory. Conventional theory assumesthat utility functions are whereas prospect theory assumes that utilityfunctions areAnswer: A Difficulty: Difficult43. Conservatism implies that investors are too ___ response to new evidence and that they initially A) B) C) D) E) in updating their beliefs in ___ react to news.quick; overreact quick; under react slow; overreact slow; under react none of the above A) B) C) D) E) concave and defined in terms of wealth; s-shaped (convex to losses and concave to gains) and defined in terms of loses relative to current wealth convex and defined loses relative to current wealth; s-shaped (convex to losses and concave to gains) and defined in terms of loses relative to current wealth s-shaped (convex to losses and concave to gains) and defined in terms of loses relative to current wealth; concave and defined in terms of wealth s-shaped (convex to losses and concave to gains) and defined in terms of wealth; concave and defined in terms of loses relative to current wealth convex and defined in terms of wealth; concave and defined in terms of gains relative to current wealth44. decision using that information dueto less-than-fully rational; behavioral biases fullyrational; behavioral biases less-than-fully rational; fundamental risk fully rational; fundamental risk fully rational; utility maximization 45.46. The law-of-one-price posits that ability to arbitrage would force prices ofidentical goods to trade at equal prices. However, empirical evidence suggeststhat __________________________________________________________________________ areSiamese Twin Companiesequity carve outs closed-end fundsA and C all of the aboveoften mispriced.A)B)C)D)E)Answer: E Difficulty: DifficultEssay Questionspare and contrast the efficient market hypothesis with the school of thought termedbehavioral finance.Difficulty: DifficultAnswer:The efficient market hypothesis posits that investors are fully informed, rational,utility maximizers. Thus, security prices will fully reflect all information available to the investors. If any security becomes mispriced, the collective buying and sellingactions of investors will quickly cause prices to change. Given an efficient market, itwould be difficult to find a trading rule that would consistently outperform the market.Moreover, failure to uncover profitable trading strategies may be taken as proof of market efficiency. Behavioral finance argues that conventional theory ignores how real peoplemake decisions and that people make a difference. Behavioral finance says that investors possess two “ irrationalities ” . First, investors do not always process information correctly and secondly they often make systematically suboptimal decisions.Given less than perfectly rational investors, prices may be wrong and it still may be hard to exploit them. Thus, failure to uncover profitable trading strategies may not be taken as proof of market efficiency.48.Behavioral finance posits that investors possess information processing errors. Discuss theimportance of information processing errors then list and explain the four informationprocessing errors discussed in the text.Difficulty: DifficultAnswer:Information processing errors are important because they can lead investors to misestimate the true probabilities of possible events or associated rates of return. The four information processing errors are forecasting errors, overconfidence, conservatism, and sample size neglect Forecasting errors arise when people give too much weight to recent experience. This leads to forecasts that are too extreme. Overconfidence refers to traders believing that they are better than average. This belief that they are superior leads to frequent trading (and according to empirical evidence, lower returns). Conservatism refers investors being slow in responding to new information rather than acting immediately. Sample size neglect refers to investors ignoring the size of a sample and making inferences based on a small sample.49.Behavioral finance posits that investors possess behavioral biases. Discuss the importance ofbehavioral biases then list and explain the four behavioral biases discussed in the text.Difficulty: DifficultAnswer:Behavioral biases are important because even if information processing was perfect, individuals may tend to make less-than-fully rational decisions using thatinformation.The four behavioral biases are framing, mental accounting, regret avoidance, and prospect theory (or loss aversion). Framing refers to the tendency of investors to change preferences due to the way an investment is “ framed ” (i.e., in terms of risk or in termsreturn). Mental accounting is a specific form of framing where an investor takes a lot of risk with one investment account but little risk with another account. Regret avoidance refers to the tendency of investors to blame themselves more for an unconventional investment that was unsuccessful than a conventional investment that was unsuccessful. Prospect theory (loss avoidance) suggests that the investor's utility curve is not concave and defined in terms of wealth. Instead, the investor's utility function would be defined in terms of losses relative to current wealth. Thus, the utility curve is convex to losses and concave to gains giving rise to an s-shaped utility curve.50.Discuss what technical analysis is, what technical analysts do, and the relationship betweentechnical analysis, fundamental analysis, and behavioral finance.Difficulty: DifficultAnswer:Technical analysis attempts to exploit recurring and predictable patterns in stock prices to generate superior portfolio performance. To determine recurring patterns, technical analysts examine historical returns by means of charts and or time-series analysis (such as moving averages). Technical analysts do not deny fundamental analysis but believe that pricesadjust slowly to new information. Therefore, the key is to exploit the slow adjustment to the correct new price when information is released. Technical analysts also use volume and other data to assess market sentiment in an attempt to ascertain the future direction of the market. Behaviorists believe that behavioral biases may be related to both price and volume data. Thus, technical analysis can be related to behavioral finance.。
公司理财课后习题及答案chapter12estimatingthecostofcapital
Corporate Finance, 3e (Berk/DeMarzo)Chapter 12 Estimating the Cost of CapitalThe Equity Cost of CapitalUse the following information to answer the question(s) below.Assume that the risk-free rate of interest is 3% and you estimate the market's expected return to be 9%.1) Which firm has the most total riskA) EenieB) MeenieC) MineyD) MoeAnswer: CExplanation: C) Total risk is measured using volatility and Miney has the highest volatility, hence the most total risk.Diff: 1Section: The Equity Cost of CapitalSkill: Analytical2) Which firm has the least market riskA) EenieB) MeenieC) MineyD) MoeAnswer: AExplanation: A) Market risk is measured using beta and Eenie has the lowest beta, hence the lowest market risk.Diff: 1Section: The Equity Cost of CapitalSkill: Analytical3) Which firm has the highest cost of equity capitalA) EenieB) MeenieC) MineyD) MoeAnswer: DExplanation: D) Cost of capital is measured using the CAPM and is a linear function of beta. Therefore the firm with the highest beta (Moe) has the highest cost of equity capital.Diff: 1Section: The Equity Cost of CapitalSkill: Analytical4) The equity cost of capital for "Miney" is closest to:A) %B) %C) %D) %Answer: CExplanation: C) r Miney = 3% + (9% - 3%) = %Diff: 1Section: The Equity Cost of CapitalSkill: Analytical5) The equity cost of capital for "Meenie" is closest to:A) %B) %C) %D) %Answer: BExplanation: B) r Meenie = 3% + (9% - 3%) = %Diff: 1Section: The Equity Cost of CapitalSkill: Analytical6) The risk premium for "Meenie" is closest to:A) %B) %C) %D) %Answer: AExplanation: A) risk premium Meenie = (9% - 3%) = % Diff: 2Section: The Equity Cost of CapitalSkill: AnalyticalThe Market PortfolioUse the following information to answer the question(s) below.Suppose all possible investment opportunities in the world are limited to the four stocks list in the table below:1) The weight on Taggart Transcontinental stock in the market portfolio is closest to:A) 15%B) 20%C) 25%D) 30%Answer: BExplanation: B)Section: The Market Portfolio Skill: Analytical2) The weight on Wyatt Oil stock in the market portfolio is closest to:A) 15%B) 20%C) 25%D) 30%Answer: AExplanation: A)Section: The Market PortfolioSkill: Analytical3) Suppose that you are holding a market portfolio and you have invested $9,000 in Rearden Metal. The amount that you have invested in Nielson Motors is closest to:A) $6,000B) $7,715C) $9,000D) $10,500Answer: DExplanation: D)Calculations B × C D/1950Stock Price perShareNumber of SharesOutstanding(Millions)MarketCap WeightTaggart Transcontinental$25$Rearden Metal$45$Wyatt Oil$10$Nielson Motors$26$Total$Amount Nielson = × Amount Rearden = × $9,000 = $10,500 Diff: 2Section: The Market PortfolioSkill: Analytical4) Suppose that you are holding a market portfolio and you have invested $9,000 in Rearden Metal. The amount that you have invested in Taggart Transcontinental is closest to:A) $4,500B) $6,000C) $7,715D) $9,000Answer: BExplanation: B)Calculations B × C D/1950Stock Price perShareNumber of SharesOutstanding(Millions)MarketCap WeightTaggart Transcontinental$25$Rearden Metal$45$Wyatt Oil$10$Nielson Motors$26$Total$Amount Nielson = × Amount Rearden = × $9,000 = $6,000Diff: 2Section: The Market PortfolioSkill: Analytical5) Suppose that you have invested $30,000 invested in the market portfolio. Then the amount that you have invested in Wyatt Oil is closest to:A) $4,500B) $6,000C) $7,715D) $9,000Answer: AExplanation: A)Amount WO = Weight WO × Amount Market= .15 × $30,000 = $4,500Diff: 2Section: The Market PortfolioSkill: Analytical6) Suppose that you have invested $30,000 in the market portfolio. Then the number of shares of Rearden Metal that you hold is closest to:A) 450 sharesB) 700 sharesC) 1,400 sharesD) 2,300 sharesAnswer: BExplanation: B)Calculations B × C D/1950Stock Price perShareNumber of SharesOutstanding(Millions)MarketCap WeightTaggart Transcontinental$25$ Rearden Metal$45$ Wyatt Oil$10$ Nielson Motors$26$Total$ Shares RM = = = sharesDiff: 2Section: The Market PortfolioSkill: Analytical7) Suppose that you have invested $30,000 in the market portfolio. Then the number of shares of Wyatt Oil that you hold is closest to:A) 150 sharesB) 300 sharesC) 350 sharesD) 450 sharesAnswer: AExplanation: A)Calculations B × C D/1950Stock Price perShareNumber of SharesOutstanding(Millions)MarketCap WeightTaggart Transcontinental$25$ Rearden Metal$45$ Wyatt Oil$10$ Nielson Motors$26$Total$ Shares WO = = = sharesDiff: 2Section: The Market PortfolioSkill: Analyticalin Taggart Transcontinental. The number of shares of Wyatt Oil that you hold is closest to:A) 90 sharesB) 460 sharesC) 615 sharesD) 770 sharesAnswer: BExplanation: B)Calculations B × C D/1950Stock Price perShareNumber of SharesOutstanding(Millions)MarketCap WeightTaggart Transcontinental$25$ Rearden Metal$45$ Wyatt Oil$10$ Nielson Motors$26$Total$= = sharesDiff: 2Section: The Market PortfolioSkill: Analyticalin Taggart Transcontinental. The number of shares of Rearden Metal that you hold is closest to:A) 780 sharesB) 925 sharesC) 1,730 sharesD) 2,075 sharesAnswer: BExplanation: B)Calculations B × C D/1950Stock Price perShareNumber of SharesOutstanding(Millions)MarketCap WeightTaggart Transcontinental$25$Rearden Metal$45$Wyatt Oil$10$Nielson Motors$26$Total$= = 2, sharesDiff: 2Section: The Market PortfolioSkill: Analytical10) Suppose that you have invested $100,000 invested in the market portfolio and that the stock price of Taggart Transcontinental suddenly drops to $ per share.Which of the following trades would you need to make in order to maintain your investment in the market portfolio:1. Buy approximately 1,140 shares of Taggart Transcontinental2. Sell approximately 256 shares of Rearden Metal3. Sell approximately 57 shares of Wyatt Oil4. Sell approximately 148 shares of Nielson MotorsA) 1 onlyB) 2 onlyC) 2, 3, and 4 onlyD) 1, 2, 3, and 4E) None of the aboveAnswer: EExplanation: E) There is no need to rebalance your portfolio. As an investor, you still hold the market portfolio and therefore there are no trades needed. Diff: 3Section: The Market PortfolioSkill: AnalyticalUse the following information to answer the question(s) below.Suppose that Merck (MRK) stock is trading for $ per share with billion shares outstanding while Boeing (BA) has million shares outstanding and a market capitalization of $ billion. Assume that you hold the market portfolio.11) Boeing's stock price is closest to:A) $B) $C) $D) $Answer: CExplanation: C) Price BA = = = $Diff: 1Section: The Market PortfolioSkill: Analytical12) Merck's market capitalization is closest to:A) $ billionB) $ billionC) $ billionD) $ billionAnswer: BExplanation: B) Market Cap = Price × shares outstanding = $ × 2,110 = $77,437 millionDiff: 1Section: The Market PortfolioSkill: Analytical13) If you hold 1,000 shares of Merck, then the number of shares of Boeing that you hold is closest to:A) 240 sharesB) 330 sharesC) 510 sharesD) 780 sharesAnswer: BExplanation: B) Shares BA== = sharesDiff: 3Section: The Market PortfolioSkill: Analytical14) Which of the following statements is FALSEA) All investors should demand the same efficient portfolio of securities in the same proportions.B) The Capital Asset Pricing Model (CAPM) allows corporate executives to identify the efficient portfolio (of risky assets) by using knowledge of the expected return of each security.C) If investors hold the efficient portfolio, then the cost of capital for any investment project is equal to its required return calculated using its beta with the efficient portfolio.D) The CAPM identifies the market portfolio as the efficient portfolio. Answer: BDiff: 1Section: The Market PortfolioSkill: Conceptual15) Which of the following statements is FALSEA) If investors have homogeneous expectations, then each investor will identify the same portfolio as having the highest Sharpe ratio in the economy.B) Homogeneous expectations are when all investors have the same estimates concerning future investments and returns.C) There are many investors in the world, and each must have identical estimates of the volatilities, correlations, and expected returns of the available securities.D) The combined portfolio of risky securities of all investors must equal the efficient portfolio.Answer: CDiff: 1Section: The Market PortfolioSkill: Conceptual16) Which of the following statements is FALSEA) If some security were not part of the efficient portfolio, then every investor would want to own it, and demand for this security would increase causing its expected return to fall until it is no longer an attractive investment.B) The efficient portfolio, the portfolio that all investors should hold, must be the same portfolio as the market portfolio of all risky securities.C) Because every security is owned by someone, the sum of all investors' portfolios must equal the portfolio of all risky securities available in the market.D) If all investors demand the efficient portfolio, and since the supply of securities is the market portfolio, then two portfolios must coincide. Answer: ADiff: 2Section: The Market PortfolioSkill: Conceptual17) Which of the following statements is FALSEA) The market portfolio contains more of the smallest stocks and less of the larger stocks.B) For the market portfolio, the investment in each security is proportional to its market capitalization.C) Because the market portfolio is defined as the total supply of securities, the proportions should correspond exactly to the proportion of the total market that each security represents.D) Market capitalization is the total market value of the outstanding shares of a firm.Answer: ADiff: 1Section: The Market PortfolioSkill: Conceptual18) Which of the following statements is FALSEA) A value-weighted portfolio is an equal-ownership portfolio: We hold an equal fraction of the total number of shares outstanding of each security in the portfolio.B) When buying a value-weighted portfolio, we end up purchasing the same percentage of shares of each firm.C) To maintain a value-weighted portfolio, we do not need to trade securities and rebalance the portfolio unless the number of shares outstanding of some security changes.D) In a value weighted portfolio the fraction of money invested in any security corresponds to its share of the total number of shares outstanding of all securitiesin the portfolio.Answer: DDiff: 1Section: The Market PortfolioSkill: Conceptual19) Which of the following statements is FALSEA) The most familiar stock index in the United States is the Dow Jones Industrial Average (DJIA).B) A portfolio in which each security is held in proportion to its market capitalization is called a price-weighted portfolio.C) The Dow Jones Industrial Average (DJIA) consists of a portfolio of 30 large industrial stocks.D) The Dow Jones Industrial Average (DJIA) is a price-weighted portfolio. Answer: BExplanation: B) A portfolio in which each security is held in proportion to its market capitalization is called a value-weighted portfolio.Diff: 2Section: The Market PortfolioSkill: Conceptual20) Which of the following statements is FALSEA) Because very little trading is required to maintain it, an equal-weighted portfolio is called a passive portfolio.B) If the number of shares in a value weighted portfolio does not change, but only the prices change, the portfolio will remain value weighted.C) The CAPM says that individual investors should hold the market portfolio, a value-weighted portfolio of all risky securities in the market.D) A price weighted portfolio holds an equal number of shares of each stock, independent of their size.Answer: AExplanation: A) Because very little trading is required to maintain it, a value-weighted portfolio is called a passive portfolio.Diff: 3Section: The Market PortfolioSkill: Conceptual21) Which of the following statements is FALSEA) A market index reports the value of a particular portfolio of securities.B) The S&P 500 is the standard portfolio used to represent "the market" when using the CAPM in practice.C) Even though the S&P 500 includes only 500 of the more than 7,000 individual . Stocks in existence, it represents more than 70% of the . stock market in terms of market capitalization.D) The S&P 500 is an equal-weighted portfolio of 500 of the largest . stocks. Answer: DExplanation: D) The S&P 500 is a value-weighted portfolio of 500 of the largest .stocks.Diff: 2Section: The Market PortfolioSkill: Conceptual22) Which of the following statements is FALSEA) The S&P 500 and the Wilshire 5000 indexes are both well-diversified indexes that roughly correspond to the market of . stocks.B) Practitioners commonly use the S&P 500 as the market portfolio in the CAPM with the belief that this index is the market portfolio.C) Standard & Poor's Depository Receipts (SPDR, nicknamed "spider") trade on the American Stock Exchange and represent ownership in the S&P 500.D) The S&P 500 was the first widely publicized value weighted index and it has become a benchmark for professional investors.Answer: BDiff: 2Section: The Market PortfolioSkill: Conceptual23) In practice which market index is most widely used as a proxy for the market portfolio in the CAPMA) Dow Jones Industrial AverageB) Wilshire 5000C) S&P 500D) . Treasury BillAnswer: CDiff: 1Section: The Market PortfolioSkill: Conceptual24) In practice which market index would best be used as a proxy for the market portfolio in the CAPMA) S&P 500B) Dow Jones Industrial AverageC) . Treasury BillD) Wilshire 5000Answer: DDiff: 1Section: The Market PortfolioSkill: ConceptualUse the table for the question(s) below.Consider the following stock price and shares outstanding data:25) The market capitalization for Wal-Mart is closest to:A) $415 BillionB) $276 BillionC) $479 BillionD) $200 BillionAnswer: DExplanation: D)Diff: 1Section: The Market Portfolio Skill: Analytical26) The total market capitalization for all four stocks is closest to:A) $479 BillionB) $415 BillionC) $2,100 BillionD) $200 BillionAnswer: BExplanation: B)Section: The Market PortfolioSkill: Analytical27) If you are interested in creating a value-weighted portfolio of these four stocks, then the percentage amount that you would invest in Lowes is closest to:A) 25%B) 11%C) %D) 12%Answer: BExplanation: B)Section: The Market Portfolio Skill: Analyticalvalue-weighted portfolio of these four stocks. The number of shares of Wal-Mart that you would hold in your portfolio is closest to: A) 710 B) 1390 C) 1000 D) 870 Answer: C Explanation: C)Stock Name Price per Share SharesOutstanding (Billions)MarketCapitalization (Billions)Percent of Total Number ofSharesLowes $ $ % 368 Wal-Mart $ $ % 1,002 Intel $ $ % 1,387 Boeing $ $ %190Total$Number of shares =Diff: 2Section: The Market Portfolio Skill: Analyticalvalue-weighted portfolio of these four stocks. The percentage of the shares outstanding of Boeing that you would hold in your portfolio is closest to: A) .000018% B) .000020% C) .000024% D) .000031% Answer: C Explanation: C)Stock Name Price per Share SharesOutstanding (Billions)MarketCapitalization (Billions)Percent of Total Number ofSharesLowes $ $ % 368 Wal-Mart $ $ % 1,002 Intel $ $ % 1,387 Boeing $ $ %190Total$Number of shares =percentage shares outstanding = 190/0 = .000024% Diff: 2Section: The Market Portfolio Skill: Analytical30) Assume that you have $250,000 to invest and you are interested in creating a value-weighted portfolio of these four stocks. How many shares of each of the fourstocks will you hold What percentage of the shares outstanding of each stock will you holdAnswer:Stock Name Price perShareSharesOutstanding(Billions)MarketCapitalization(Billions)Percentof TotalNumber ofSharesLowes$ $ %368Wal-Mart$ $ %1,002Intel$ $ %1,387Boeing$ $ %190Total$% of Shares%Number of shares =In a value weighted portfolio, the percentage of shares of every stock will be the same.Diff: 3Section: The Market PortfolioSkill: AnalyticalBeta EstimationUse the following information to answer the question(s) below.Year Risk-freeReturnMarketReturnWyatt OilReturnMarketExcessReturnWyatt OilExcessReturn Beta2007%%%%% 2008%%%.40%% 2009%%%%%1) Wyatt Oil's average historical return is closest to:A) %B) %C) %D) %Answer: AExplanation: A) r average =Year Risk-freeReturnMarketReturnWyatt OilReturnMarketExcessReturnWyatt OilExcessReturn2007%%%%% 2008%%%%% 2009%%%%% Average%%%%%Section: Beta EstimationSkill: Analytical2) The Market's average historical return is closest to:A) %B) %C) %D) %Answer: BExplanation: B) r average =Year Risk-freeReturnMarketReturnWyatt OilReturnMarketExcessReturnWyattOilExcessReturn2007%%%%% 2008%%%%% 2009%%%%% Average%%%%%Section: Beta EstimationSkill: Analytical3) Wyatt Oil's average historical excess return is closest to:A) %B) %C) %D) %Answer: CExplanation: C) excess return average =Year Risk-freeReturnMarketReturnWyatt OilReturnMarketExcessReturnWyattOilExcessReturn2007%%%%% 2008%%%%% 2009%%%%% Average%%%%%Section: Beta EstimationSkill: Analytical4) The Market's average historical excess return is closest to:A) %B) %C) %D) %Answer: DExplanation: D) excess return average =Year Risk-freeReturnMarketReturnWyatt OilReturnMarketExcessReturnWyattOilExcessReturn2007%%%%% 2008%%%%% 2009%%%%% Average%%%%%Section: Beta EstimationSkill: Analytical5) Wyatt Oil's excess return for 2009 is closest to:A) %B) %C) %D) %Answer: AExplanation: A) excess return e = (r WO - r rf)2009Section: Beta Estimation Skill: Analytical6) The Market's excess return for 2008 is closest to:A) %B) %C) %D) %Answer: AExplanation: A) excess return e = (r WO - r rf)2009Section: Beta EstimationSkill: Analytical7) Using the average historical excess returns for both Wyatt Oil and the Market portfolio, your estimate of Wyatt Oil's Beta is closest to:A)B)C)D)Answer: BExplanation: B) excess return average = excess return average =Year Risk-freeReturnMarketReturnWyatt OilReturnMarketExcessReturnWyattOilExcessReturn2007%%%%% 2008%%%%% 2009%%%%% Average%%%%%βWO= = = .8375Diff: 3Section: Beta EstimationSkill: Analytical8) Using the average historical excess returns for both Wyatt Oil and the Market portfolio estimate of Wyatt Oil's Beta. When using this beta, the alpha for Wyatt oil in 2007 is closest to:A) %B) %C) %D) +%Answer: CExplanation: C) excess return average =excess return average =Year Risk-freeReturnMarketReturnWyatt OilReturnMarketExcessReturnWyattOilExcessReturn2007%%%%% 2008%%%%% 2009%%%%% Average%%%%%βWO = = = .8375α = actual return - expected return for CAPM = % - [3% + .8375(6% - 3%)] = %Diff: 3Section: Beta EstimationSkill: Analytical9) Using just the return data for 2009, your estimate of Wyatt Oil's Beta is closest to:A)B)C)D)Answer: BExplanation: B)Year Risk-freeReturnMarketReturnWyatt OilReturnMarketExcessReturnWyattOilExcessReturn2007%%%%%2008%%%%%2009%%%%% Average%%%%%βWO = = = .8651Diff: 2Section: Beta EstimationSkill: Analytical10) Using just the return data for 2008, your estimate of Wyatt Oil's Beta is closest to:A)B)C)D)Answer: A Explanation: A)Year Risk-freeReturnMarketReturnWyatt OilReturnMarketExcessReturnWyattOilExcessReturn2007%%%%% 2008%%%%% 2009%%%%% Average%%%%%βWO = - = .8525Diff: 2Section: Beta EstimationSkill: Analytical11) Which of the following statements is FALSEA) Beta is the expected percent change in the excess return of the security for a 1% change in the excess return of the market portfolio.B) Beta represents the amount by which risks that affect the overall market are amplified for a given stock or investment.C) It is common practice to estimate beta based on the historical correlation and volatilities.D) Beta measures the diversifiable risk of a security, as opposed to its market risk, and is the appropriate measure of the risk of a security for an investor holding the market portfolio.Answer: DExplanation: D) Beta measures the nondiversifiable risk of a security.Diff: 1Section: Beta EstimationSkill: Conceptual12) Which of the following statements is FALSEA) One difficulty when trying to estimate beta for a security is that beta depends on the correlation and volatilities of the security's and market's returns in the future.B) It is common practice to estimate beta based on the expectations of future correlations and volatilities.C) One difficulty when trying to estimate beta for a security is that beta depends on investors expectations of the correlation and volatilities of the security's and market's returns.D) Securities that tend to move less than the market have betas below 1.Answer: BExplanation: B) Beta is measured using past information.Diff: 1Section: Beta EstimationSkill: Conceptual13) Which of the following statements is FALSEA) Securities that tend to move more than the market have betas higher than 0.B) Securities whose returns tend to move in tandem with the market on average have a beta of 1.C) Beta corresponds to the slope of the best fitting line in the plot of the securities excess returns versus the market excess return.D) The statistical technique that identifies the bets-fitting line through a set of points is called linear regression.Answer: ADiff: 2Section: Beta EstimationSkill: ConceptualUse the equation for the question(s) below.Consider the following linear regression model:(R i - r f) = a i + b i(R Mkt - r f) + e i14) The b i in the regressionA) measures the sensitivity of the security to market risk.B) measures the historical performance of the security relative to the expected return predicted by the SML.C) measures the deviation from the best fitting line and is zero on average.D) measures the diversifiable risk in returns.Answer: ADiff: 2Section: Beta EstimationSkill: Conceptual15) The a i in the regressionA) measures the sensitivity of the security to market risk.B) measures the deviation from the best fitting line and is zero on average.C) measures the diversifiable risk in returns.D) measures the historical performance of the security relative to the expected return predicted by the SML.Answer: DDiff: 2Section: Beta EstimationSkill: Conceptual16) The e i in the regressionA) measures the market risk in returns.B) measures the deviation from the best fitting line and is zero on average.C) measures the sensitivity of the security to market risk.D) measures the historical performance of the security relative to the expected return predicted by the SML.Answer: BDiff: 2Section: Beta EstimationSkill: ConceptualThe Debt Cost of CapitalUse the following information to answer the question(s) below.Consider the following information regarding corporate bonds:1) Wyatt Oil has a bond issue outstanding with seven years to maturity, a yield to maturity of %, and a BBB rating. The corresponding risk-free rate is 3% and the market risk premium is 5%. Assuming a normal economy, the expected return on Wyatt Oil's debt is closest to:A) %B) %C) %D) %Answer: BExplanation: B) r d = r rf + β(r m - r rf) = 3% + (5%) = %Diff: 1Section: The Debt Cost of CapitalSkill: Analytical2) Wyatt Oil has a bond issue outstanding with seven years to maturity, a yield to maturity of %, and a BBB rating. The bondholders' expected loss rate in the event of default is 70%. Assuming a normal economy the expected return on Wyatt Oil'sdebt is closest to:A) %B) %C) %D) %Answer: DExplanation: D) r d = ytm - prob(default) × loss rate = 7% - %(70%) = % Diff: 2Section: The Debt Cost of CapitalSkill: Analytical3) Wyatt Oil has a bond issue outstanding with seven years to maturity, a yield to maturity of %, and a BBB rating. The bondholders' expected loss rate in the event of default is 70%. Assuming the economy is in recession, then the expected return on Wyatt Oil's debt is closest to:A) %B) %C) %D) %Answer: BExplanation: B) r d = ytm - prob(default) × loss rate = 7% - %(70%) = %Diff: 2Section: The Debt Cost of CapitalSkill: Analytical4) Rearden Metal has a bond issue outstanding with ten years to maturity, a yield to maturity of %, and a B rating. The corresponding risk-free rate is 3% and the market risk premium is 6%. Assuming a normal economy, the expected return on Rearden Metal's debt is closest to:A) %B) %C) %D) %Answer: CExplanation: C) r d = r rf + β(r m - r rf) = 3% + (6%) = %Diff: 1Section: The Debt Cost of Capital。
克鲁格曼-国际经济学理论与政策 (第七版)Chapter 12 课后习题答案
Chapter 12 第三题和第五题练习提示3. (a)Credit Debit An American buys a share of German stock(Financial account, U.S. asset import) -The American pays with a check on his Swiss bank account(Financial account, U.S. asset import) +(b) If the German stock seller deposits the U.S. check in its German bank,Credit Debit An American buys a share of German stock(Financial account, U.S. asset import) -The American pays with a check on his American bank account(Financial account, U.S. asset export) +(c)Credit Debit The sale of dollars by the Korean government(Financial account, U.S. asset export) -The Korean citizens who buy the dollars use them to buy American goods(Current account, U.S. goods export) +Credit Debit The sale of dollars by the Korean government(Financial account, U.S. asset export) -The Korean citizens who buy the dollars use them to buy American assets(Financial account, U.S. asset export) +(d) Suppose the company issuing the traveler’s check uses a checking account in France to make payments,Credit Debit The company issuing the traveler’s check pays the French restaurateur for the meal (Current account, U.S. service import) - Sale of claim on the company issuing the traveler’s check(Financial account, U.S. assets export) +(e)Credit Debit The California winemaker contributes a case of cabernet sauvignon abroad(Current account, U.S. unilateral current transfers) - Receivable of the California winemaker(Current account, U.S. goods export) +Credit Debit Receivable of the California winemaker(Current account, U.S. goods export) -The California winemaker contributes a case of cabernet sauvignon abroad(Current account, U.S. unilateral current transfers) +(f)Credit Debit The U.S. owned factory in Britain makes local earning(Current account, U.S. income receipts) +The U.S. owned factory in Britain deposits its local earning in a British bank(Financial account, U.S. asset import) -Credit Debit The U.S. owned factory in Britain uses its local earning to reinvest(Current account, U.S. income receipts) -The U.S. owned factory in Britain makes the payment for reinvestment(Financial account, U.S. asset import) +5.(a) Since Pecunia had a current account deficit of $1b and a nonreserve financial account surplus of $500m in 2002, the balance of Pecunia’s official reserve transaction should be +$500m as follow:Pecunia international transactionCredit Debit Current account -$1b Financial accountThe balance of Pecunia’s official reserve transaction +$500mThe balance of nonreserve assets +$500mThe balance of payment of Pecunia = the negative value of the balance of Pecunia’s official reserve transaction= -$500m.Pecunia had a financial account surplus of $1b in 2002; it implies Pecunia’s net foreign assets decreased by $1b in 2002.(b) Pecunian central bank had to sell $500m, so Pecunian central bank’s foreign reserves decreased by $500m:Pecunia international transactionCredit Debit Current account -$1b Financial accountPecunian official reserve assets +$500mForeign official reserve assets 0 0The balance of nonreserve assets +$500m(c) There was no need for Pecunian central bank to sell dollar, and Pecunian central bank’s foreign reserves increased by $100m as shown below:Pecunia international transactionCredit Debit Current account -$1b Financial accountPecunian official reserve assets -$100m Foreign official reserve assets + $600mThe balance of nonreserve assets +$500m(d)Pecunia international transactionCredit Debit Current account -$1b Financial accountPecunian official reserve assets -$100m Foreign official reserve assets + $600mThe balance of nonreserve assets +$500mThe following is for your reference:3.(a) The purchase of the German stock is a debit in the U.S. financial account. There is acorresponding credit in the U.S. financial account when the American pays witha check on his Swiss bank account because his claims on Switzerland fall by theamount of the check. This is a case in which an American trades one foreign assetfor another.(b) Again, there is a U.S. financial account debit as a result of the purchase of a Germanstock by an American. T he corresponding credit in this case occurs when theGerman seller deposits the U.S. check in its German bank and that bank lends themoney to a German importer (in which case the credit will be in the U.S. currentaccount) o r to an individual or corporation that purchases a U.S. asset (in whichcase the credit will be in the U.S. financial account). Ultimately, there will be someaction taken by the bank which results in a credit in the U.S. balance of payments.(c) The foreign exchange intervention by the French government involves the sale of aU.S. asset, the dollars it holds in the United States, and thus represents a debititem in the U.S. financial account. The French citizens who buy the dollars mayuse them to buy American goods, which would be an American current accountcredit,or an American asset, which would be an American financial accountcredit.(d) Suppose the company issuing the traveler’s check uses a checking account inFrance to make payments. When this company pays the French restaurateur for themeal, its payment represents a debit in the U.S. current account.The company issuing the traveler’s check must sell assets (deplete its checking account in France) to make this payment. This reduction in the French assetsowned by that company represents a credit in the American financial account.(e) There is no credit or debit in either the financial or the current account sincethere has been no market transaction.(f) There is no recording in the U.S. Balance of Payments of this offshore transaction.5.(a) Since non-central bank financial inflows fell short of the current-account deficit by$500 million, the balance of payments of Pecunia (official settlements balance) was–$500 million. The country as a whole somehow had to finance its $1 billioncurrent-account deficit, so Pecunia’s net foreign assets fell by $1 billion.(b) By dipping into its foreign reserves, the central bank of Pecunia financed theportion of the country’s current-account deficit not covered by private financialinflows. Only if foreign central banks had acquired Pecunian assets could thePecunian central bank have avoided using$500 million in reserves to complete the financing of the current account. Thus,Pecunia’s central bank lost $500 million in reserves, which would appear as anofficial financial inflow (of the same magnitude) in the country’s balance ofpayments accounts.(c) If foreign official capital inflows to Pecunia were $600 million, the Central Banknow increased its foreign assets by $100 million. Put another way, the countryneeded only $1 billion to cover its current-account deficit, but $1.1 billion flowed into the country (500 million private and600 million from foreign central banks). The Pecunian central bank must, therefore, have used the extra $100 million in foreign borrowing to increase its reserves. The balance of payments is still –500 million, but this is now comprised of 600 million in foreign Central Banks purchasing Pecunia assets and 100 million of Pecunia’s Central Bank purchasing foreign assets, as opposed to Pecunia selling 500 million in assets. Purchases of Pecunian assets by foreign central banks enter their countries’balance of payments accounts as outflows, which are debit items. The rationale is that the transactions result in foreign payments to the Pecunians who sell the assets.(d) Along with non-central bank transactions, the accounts would show an increase inforeign official reserve assets held in Pecunia of $600 million (a financial account credit, or inflow) and an increase Pecunian official reserve assets held abroad of $100 million (a financial account debit, or outflow). Of course, total net financial inflows of $1 billion just cover the current-account deficit.。
外贸英语函电课后练习参考答案
外贸英语函电课后练习参考答案（中英文对照版）课后翻译（汉译英）：Module Two1.我们从中国驻东京大使馆商务参赞处得知贵公司的行名和地址，并了解贵公司是经营家用电器产品有经验的出口商We obtained your name and address from commercial counsellor’s office of the Chinese embassy in Tokyo. They have informed us that you are experienced exporter in the market for home electrical appliances.2.我们的一个客户对你们的新产品感兴趣One of our customers is interested in your new production.3.我们的一个日本客户想要购买中国红茶One of our customers in Japan wants to be in the market for black tea.4.如你所知，我们的外贸政策是在平等互利的基础上与各国人民做生意As you know, our policy is to trade with merchants of various countries on the basis of equality and mutual benefit.5.我们希望你方尽最大努力促进业务又增进友谊。
We hope you can try your best to promote both trade and friendship.6.谢谢你方来函表示提供服务，我方愿与你方就扩大贸易的可能性进行讨论。
Thanks for your letter about service supply, we are willing to talk about the possibility of promoting trade.7.我们了解到你公司是中国手工艺品的出口商，因此冒昧的写信给你We have acknowledged that your company is the exporter of Chinese handicraft.8.我们相信，贵我双方的业务将随着时间的推移而得到发展。
旅游英语视听说第二版课后答案chapter12
旅游英语视听说第二版课后答案chapter121、My brother usually _______ his room after school. But now he _______ soccer. [单选题] *A. cleans; playsB. cleaning; playingC. cleans; is playing(正确答案)D. cleans; is playing the2、We _______ play basketball after school. [单选题] *A. were used toB. used to(正确答案)C. use toD. are used to3、My friend and classmate Selina（)running in her spare time. [单选题] *A.likeB. likes (正确答案)C. is likedD. is liking4、—______ pencils are these?—They are Tony’s.（）[单选题] *A. WhatB. WhereC WhoD. Whose(正确答案)5、56．Sam is in a hurry. Maybe he has got ________ important to do. [单选题] *A．everythingB．nothingC．anythingD．something(正确答案)6、She _______ so much _______ her mother. [单选题] *A. looks; like(正确答案)B. looks; forC. looks; afterD. looks forwards; to7、You should _______ fighting with your parents although you may have different ideas from time to time. [单选题] *A. suggestB. enjoyC. avoid(正确答案)D. practice8、72．I really don’t know how to thank you , but for your help, I （）my lost necklace．[单选题] *A.couldn’t have found(正确答案)B.mustn’t have foundC.couldn’t findD.wouldn’t find9、Nearly two thousand years have passed _____ the Chinese first invented the compass. [单选题] *A. whenB. beforeC. since(正确答案)D. after10、The reason I didn't attend the lecture was simply _____ I got a bad cold that day. [单选题] *A. becauseB. asC. that(正确答案)D. for11、--What’s the _______ like today?--Cloudy. [单选题] *A. skyB. airC. landD. weather(正确答案)12、40．—________ apples do we need to make fruit salad?—Let me think…We need three apples. [单选题] *A．How longB．How oftenC．How muchD．How many(正确答案)13、His picture is on show in London this month. [单选题] *A. 给...看B. 展出(正确答案)C. 出示D. 上演14、He gathered his courage and went on writing music. [单选题] *A. 从事B. 靠······谋生C. 继续(正确答案)D. 致力于15、—Whose book is it? Is it yours?—No, ask John. Maybe it’s ______.（）[单选题] *A. hersB. his(正确答案)C. he’sD. her16、My brother often does ______ homework first after school.（）[单选题] *A. heB. his(正确答案)C. sheD. her17、I’d like to know the _______ of the club. [单选题] *A. schedule(正确答案)B. schoolC. menuD. subject18、3．—Will you buy the black car?No, I won't. I will buya(n) ________ one because I don't have enough money. [单选题] *A．cheap(正确答案)B．expensiveC．highD．low19、95．-Dad, can we walk? ? ? ? ? ? ?the road now?-No,we? ? ? ? ? ? ? ? ? ? . We have to wait until the light turns green. [单选题] *A．across, needn’tB．across, mustn’t(正确答案)C．though, can’tD．through, mustn't20、Julia’s on holiday in Shanghai _______. [单选题] *A. in a momentB. after a momentC. at the moment(正确答案)D. at any moment21、9．—Will there be more cars in the future?—________. [单选题] *A．See youB．Well, I'm not sure(正确答案)C．You're welcomeD．Thank you22、You must pay more attention to your pronunciation. [单选题] *A. 词汇B. 拼写C. 发音(正确答案)D. 语法23、—These shoes look cool. ______ are they?—They are on sale, only $（）[单选题] *A. How much(正确答案)B. How longC. How manyD. How soon24、——Can you come on Monday or Tuesday? ——Im afraid（）of them is possible. [单选题] *A.neither(正确答案)B. eitherC. noneD.both25、I do not have my own room,_____. [单选题] *A. neither does Tom(正确答案)B. neither has TomC. so does TomD. so has Tom26、We need a _______ when we travel around a new place. [单选题] *A. guide(正确答案)B. touristC. painterD. teacher27、It is my _______ to meet you here. [单选题] *A. pleasure(正确答案)B. pleaseC. pleasedD. pleasant28、It’s raining heavily outside. Don’t leave _______ it stops. [单选题] *A. whileB. sinceC. until(正确答案)D. when29、Tom and Mary's house bought last year is（）Lucy, s. [单选题] *A. the three size ofB. three times the size of(正确答案)C. as three times large asD. three times as larger as30、Don’t read in bed. It’s _______ your eyes. [单选题] *A. good atB. good forC. bad atD. bad for(正确答案)。
操作系统第九版部分课后作业习题答案分析解析
CHAPTER 9 Virtual Memory Practice Exercises9.1 Under what circumstances do page faults occur? Describe the actions taken by the operating system when a page fault occurs.Answer:A page fault occurs when an access to a page that has not beenbrought into main memory takes place. The operating system veri?esthe memory access, aborting the program if it is invalid. If it is valid, a free frame is located and I/O is requested to read the needed page into the free frame. Upon completion of I/O, the process table and page table are updated and the instruction is restarted.9.2 Assume that you have a page-reference string for a process with m frames (initially all empty). The page-reference string has length p;n distinct page numbers occur in it. Answer these questions for anypage-replacement algorithms:a. What is a lower bound on the number of page faults?b. What is an upper bound on the number of page faults?Answer:a. nb. p9.3 Consider the page table shown in Figure 9.30 for a system with 12-bit virtual and physical addresses and with 256-byte pages. The list of freepage frames is D, E, F (that is, D is at the head of the list, E is second,and F is last).Convert the following virtual addresses to their equivalent physicaladdresses in hexadecimal. All numbers are given in hexadecimal. (Adash for a page frame indicates that the page is not in memory.)? 9EF? 1112930 Chapter 9 Virtual Memory? 700? 0FFAnswer:? 9E F - 0E F? 111 - 211? 700 - D00? 0F F - EFF9.4 Consider the following page-replacement algorithms. Rank thesealgorithms on a ?ve-point scale from “bad” to “perfect” according to the page-fault rate. Separate those algorithms that suffer from Belady’ｓanomaly from those that do not.a. LRU replacementb. FIFO replacementc. Optimal replacementd. Second-chance replacementAnswer:Rank Algorithm Suffer from Belady’s anomaly1 Optimal no2 LRU no3 Second-chance yes4 FIFO yes9.5 Discuss the hardware support required to support demand paging. Answer:For every memory-access operation, the page table needs to be consulted to check whether the corresponding page is resident or not and whetherthe program has read or write privileges for accessing the page. These checks have to be performed in hardware. A TLB could serve as a cache and improve the performance of the lookup operation.9.6 An operating system supports a paged virtual memory, using a central processor with a cycle time of 1 microsecond. It costs an additional 1 microsecond to access a page other than the current one. Pages have 1000 words, and the paging device is a drum that rotates at 3000 revolutionsper minute and transfers 1 million words per second. The following statistical measurements were obtained from the system:page other than the? 1 percent of all instructions executed accessed acurrent page.?Of the instructions that accessed another page, 80 percent accesseda page already in memory.Practice Exercises 31?When a new page was required, the replaced page was modi?ed 50 percent of the time.Calculate the effective instruction time on this system, assuming that the system is running one process only and that the processor is idle during drum transfers.Answer:(2 sec)(1sec + 0.008 ×effective access time = 0.99 ×(10,000 sec + 1,000 sec)+ 0.002 ×(10,000 sec + 1,000 sec)+ 0.001 ×9.7 Consider the two-dimensional array A:int A[][] = new int[100][100];where A[0][0] is at location 200 in a paged memory system with pages of size 200. A small process that manipulates the matrix resides in page 0 (locations 0 to 199). Thus, every instruction fetch will be from page 0. For three page frames, how many page faults are generated bythe following array-initialization loops, using LRU replacement andassuming that page frame 1 contains the process and the other two are initially empty?a. for (int j = 0; j < 100; j++)for (int i = 0; i < 100; i++)A[i][j] = 0;b. for (int i = 0; i < 100; i++)for (int j = 0; j < 100; j++)A[i][j] = 0;Answer:a. 5,000b. 509.8 Consider the following page reference string:1, 2, 3, 4, 2, 1, 5, 6, 2, 1, 2, 3, 7, 6, 3, 2, 1, 2, 3, 6.How many page faults would occur for the following replacement algorithms, assuming one, two, three, four, ?ve, six, or seven frames? Remember all frames are initially empty, so your ?rst unique pages will all cost one fault each.?LRU replacement? FIFO replacement?Optimal replacement32 Chapter 9 Virtual MemoryAnswer:Number of frames LRU FIFO Optimal1 20 20 202 18 18 153 15 16 114 10 14 85 8 10 76 7 10 77 77 79.9 Suppose that you want to use a paging algorithm that requires a referencebit (such as second-chance replacement or working-set model), butthe hardware does not provide one. Sketch how you could simulate a reference bit even if one were not provided by the hardware, or explain why it is not possible to do so. If it is possible, calculate what the cost would be.Answer:You can use the valid/invalid bit supported in hardware to simulate the reference bit. Initially set the bit to invalid. On ?rst reference a trap to the operating system is generated. The operating system will set a software bit to 1 and reset the valid/invalid bit to valid.9.10 You have devised a new page-replacement algorithm that you thinkmaybe optimal. In some contorte d test cases, Belady’s anomaly occurs. Is thenew algorithm optimal? Explain your answer.Answer:No. An optimal algorithm will not suffer from Belady’s anomaly beca an optimal algorithm replaces the page that will not—by de?nition—be used for the longest time. Belady’s anomaly occurs when a pagereplacement a lgorithm evicts a page that will be needed in theimmediatefuture. An optimal algorithm would not have selected such a page.9.11 Segmentation is similar to paging but usesnevariable-sized“pages.”De?two segment-replacement algorithms based on FIFO and LRU pagereplacement s chemes. Remember that since segments are not thesamesize, the segment that is chosen to be replaced may not be big enoughto leave enough consecutive locations for the needed segment. Considerstrategies for systems where segments cannot be relocated, and thosefor systems where they can.Answer:a. FIFO. Find the ?rst segment large enough to accommodate theincoming segment. If relocation is not possible and no one segmentis large enough, select a combination of segments whose memoriesare contiguous, which are “closest to the ?rst of the list” and which can accommodate the new segment. If relocation is possible,rearrange the memory so that the ?rstNsegments large enough forthe incoming segment are contiguous in memory. Add any leftoverspace to the free-space list in both cases.Practice Exercises 33b. LRU. Select the segment that has not been used for the longestperiod of time and that is large enough, adding any leftover spaceto the free space list. If no one segment is large enough, selecta combination of the “oldest” segments that are contiguous inmemory (if relocation is not available) and that are large enough.If relocation is available, rearrange the oldest N segments to becontiguous in memory and replace those with the new segment.9.12 Consider a demand-paged computer system where the degree of multiprogramming is currently ?xed at four. The system was recentlymeasured to determine utilization of CPU and the paging disk. The resultsare one of the following alternatives. For each case, what is happening?Can the degree of multiprogramming be increased to increase the CPU utilization? Is the paging helping?a. CPU utilization 13 percent; disk utilization 97 percentb. CPU utilization 87 percent; disk utilization 3 percentc. CPU utilization 13 percent; disk utilization 3 percentAnswer:a. Thrashing is occurring.b. CPU utilization is suf?ciently high to leave things alone, andincrease degree of multiprogramming.c. Increase the degree of multiprogramming.9.13 We have an operating system for a machine that uses base and limit registers, but we have modi?ed the ma chine to provide a page table.Can the page tables be set up to simulate base and limit registers? How can they be, or why can they not be?Answer:The page table can be set up to simulate base and limit registers provided that the memory is allocated in ?xed-size segments. In this way, the base of a segment can be entered into the page table and the valid/invalid bit used to indicate that portion of the segment as resident in the memory. There will be some problem with internal fragmentation.9.27.Consider a demand-paging system with the following time-measured utilizations:CPU utilization 20%Paging disk 97.7%Other I/O devices 5%Which (if any) of the following will (probably) improve CPU utilization? Explain your answer.a. Install a faster CPU.b. Install a bigger paging disk.c. Increase the degree of multiprogramming.d. Decrease the degree of multiprogramming.e. Install more main memory.f. Install a faster hard disk or multiple controllers with multiple hard disks.g. Add prepaging to the page fetch algorithms.h. Increase the page size.Answer: The system obviously is spending most of its time paging, indicating over-allocationof memory. If the level of multiprogramming is reduced resident processeswould page fault less frequently and the CPU utilization would improve. Another way toimprove performance would be to get more physical memory or a faster paging drum.a. Get a faster CPU—No.b. Get a bigger paging drum—No.c. Increase the degree of multiprogramming—No.d. Decrease the degree of multiprogramming—Yes.e. Install more main memory—Likely to improve CPU utilization as more pages canremain resident and not require paging to or from the disks.f. Install a faster hard disk, or multiple controllers with multiple hard disks—Also animprovement, for as the disk bottleneck is removed by faster response and morethroughput to the disks, the CPU will get more data more quickly.g. Add prepaging to the page fetch algorithms—Again, the CPU will get more datafaster, so it will be more in use. This is only the case if the paging actionis amenableto prefetching (i.e., some of the access is sequential).h. Increase the page size—Increasing the page size will result in fewer page faults ifdata is being accessed sequentially. If data access is more or less random, morepaging action could ensue because f ewer pages c an be kept in memory and moredata is transferred per page fault. So this change is as likely to decrease utilizationas it is to increase it.10.1、Is disk scheduling, other than FCFS scheduling, useful in a single-userenvironment? Explain your answer.Answer: In a single-user environment, the I/O queue usually is empty. Requests g enerally arrive from a single process for one block or for a sequence of consecutive blocks. In these cases, FCFS is an economical method of disk scheduling. But LOOK is nearly as easy to program and will give much better performance when multiple processes are performing concurrent I/O, such as when aWeb browser retrieves data in the background while the operating system is paging and another application is active in the foreground.10.2.Explain why SSTF scheduling tends to favor middle cylindersover theinnermost and outermost cylinders.The center of the disk is the location having the smallest average distance to all other tracks.Thus the disk head tends to move away from the edges of the disk.Here is another way to think of it.The current location of the head divides the cylinders into two groups.If the head is not in the center of the disk and a new request arrives,the new request is more likely to be in the group that includes the center of the disk;thus,the head is more likely to move in that direction.10.11、Suppose that a disk drive has 5000 cylinders, numbered 0 to 4999. The drive is currently serving a request at cylinder 143, and the previous request was at cylinder 125. The queue of pending requests, in FIFO order, is86, 1470, 913, 1774, 948, 1509, 1022, 1750, 130Starting from the current head position, what is the total distance (in cylinders) that the disk arm moves to satisfy all the pending requests, for each of the following disk-scheduling algorithms?a. FCFSb. SSTFc. SCANd. LOOKe. C-SCANAnswer:a. The FCFS schedule is 143, 86, 1470, 913, 1774, 948, 1509, 1022, 1750, 130. The total seek distance is 7081.b. The SSTF schedule is 143, 130, 86, 913, 948, 1022, 1470, 1509, 1750, 1774. The total seek distance is 1745.c. The SCAN schedule is 143, 913, 948, 1022, 1470, 1509, 1750, 1774, 4999, 130, 86. The total seek distance is 9769.d. The LOOK schedule is 143, 913, 948, 1022, 1470, 1509, 1750, 1774, 130, 86. The total seek distance is 3319.e. The C-SCAN schedule is 143, 913, 948, 1022, 1470, 1509, 1750, 1774, 4999, 86, 130. The total seek distance is 9813.f. (Bonus.) The C-LOOK schedule is 143, 913, 948, 1022, 1470, 1509, 1750, 1774, 86, 130. The total seek distance is 3363.12CHAPTERFile-SystemImplementationPractice Exercises12.1 Consider a ?le currently consisting of 100 blocks. Assume that the?lecontrol block (and the index block, in the case of indexed allocation)is already in memory. Calculate how many disk I/O operations are required for contiguous, linked, and indexed (single-level) allocation strategies, if, for one block, the following conditions hold. In the contiguous-allocation case, assume that there is no room to grow atthe beginning but there is room to grow at the end. Also assume thatthe block information to be added is stored in memory.a. The block is added at the beginning.b. The block is added in the middle.c. The block is added at the end.d. The block is removed from the beginning.e. The block is removed from the middle.f. The block is removed from the end.Answer:The results are:Contiguous Linked Indexeda. 201 1 1b. 101 52 1c. 1 3 1d. 198 1 0e. 98 52 0f. 0 100 012.2 What problems could occur if a system allowed a ?le system to be mounted simultaneously at more than one location?Answer:4344 Chapter 12 File-System ImplementationThere would be multiple paths to the same ?le, which could confuse users or encourage mistakes (deleting a ?le with one path deletes the?le in all the other paths).12.3 Why must the bit map for ?le allocation be kept on mass storage, ratherthan in main memory?Answer:In case of system crash (memory failure) the free-space list would not be lost as it would be if the bit map had been stored in main memory.12.4 Consider a system that supports the strategies of contiguous, linked, and indexed allocation. What criteria should be used in deciding which strategy is best utilized for a particular ?le?Answer:?Contiguous—if ?le is usually accessed sequentially, if ?le isrelatively small.?Linked—if ?le is large and usually accessed sequentially.? Indexed—if ?le is large and usually accessed randomly.12.5 One problem with contiguous allocation is that the user must preallocate enough space for each ?le. If the ?le grows to be larger than thespace allocated for it, special actions must be taken. One solution to this problem is to de?ne a ?le structure consisting of an initial contiguousarea (of a speci?ed size). If this area is ?lled, the operating system automatically de?nes an over?ow area that is linked to the initial contiguous area. If the over?ow area is ?lled, another over?ow areais allocated. Compare this implementation of a ?le with the standard contiguous and linked implementations.Answer:This method requires more overhead then the standard contiguousallocation. It requires less overheadthan the standard linked allocation.12.6 How do caches help improve performance? Why do systems not use more or larger caches if they are so useful?Answer:Caches allow components of differing speeds to communicate moreef?ciently by storing data from the slower device, temporarily, ina faster device (the cache). Caches are, almost by de?nition, moreexpensive than the device they are caching for, so increasing the numberor size of caches would increase system cost.12.7 Why is it advantageous for the user for an operating system to dynamically allocate its internal tables? What are the penalties to the operating system for doing so?Answer:tablesDynamic tables allow more ?exibility in system use growth —are never exceeded, avoiding arti?cial use limits. Unfortunately, kernel structures and code are more complicated, so there is more potentialfor bugs. The use of one resource can take away more system resources (by growing to accommodate the requests) than with static tables.Practice Exercises 4512.8 Explain how the VFS layer allows an operating system to support multiple types of ?le systems easily.Answer:VFS introduces a layer of indirection in the ?le system implementation. In many ways, it is similar to object-oriented programming techniques. System calls can be made generically (independent of ?le system type). Each ?le system type provides its function calls and data structuresto the VFS layer. A system call is translated into the proper speci?c functions for the target ?le system at the VFS layer. The calling program has no ?le-system-speci?c code, and the upper levels of the system call structures likewise are ?le system-independent. The translation at the VFS layer turns these generic calls into ?le-system-speci?c operations.。
机械设计基础(第七版)陈云飞 卢玉明主编课后答案
chapter11-1什么是运动副？高副与低副有何区别？答：运动副：使两构件直接接触，并能产生一定相对运动的连接。
平面低副－凡是以面接触的运动副，分为转动副和移动副；平面高副－以点或线相接触的运动副。
1-2什么是机构运动简图？它有什么作用？答：用简单的线条和符号代表构件和运动副，并按比例定出各运动副位置，表示机构的组成和传动情况。
这样绘制出的简明图形就称为机构运动简图。
作用：机构运动简图不仅能表示出机构的传动原理，而且还可以用图解法求出机构上各有关点在所处位置的运动特性（位移，速度和加速度）。
它是一种在分析机构和设计机构时表示机构运动的简便而又科学的方法。
1-3平面机构具有确定运动的条件是什么？答：机构自由度F>0，且与原动件数相等，则机构各构件间的相对运动是确定的；这就是机构具有确定运动的条件。
（复习自由度4个结论P17）chapter22-1什么是曲柄摇杆机构的急回特性和死点位置？答：急回特性：曲柄等速回转的情况下，摇杆往复运动速度快慢不同，摇杆反行程时的平均摆动速度必然大于正行程时的平均摆动速度，此即急回特性。
死点位置：摇杆是主动件，曲柄是从动件，曲柄与连杆共线时，摇杆通过连杆加于曲柄的驱动力F正好通过曲柄的转动中心，所以不能产生使曲柄转动的力矩，机构的这种位置称为死点位置。
即机构的从动件出现卡死或运动不确定的现象的那个位置称为死点位置（从动件的传动角 =0°）。
chapter33-2通常采用什么方法使凸轮与从动件之间保持接触？答：力锁合：利用重力、弹簧力或其他外力使从动件与凸轮轮廓始终保持接触。
形锁合：利用高副元素本身的几何形状使从动件与凸轮轮廓始终保持接触。
3-3什么叫刚性冲击和柔性冲击？用什么方法可以避免刚性冲击？答：刚性冲击：从动件在运动开始和推程终止的瞬间，速度突变为零，理论上加速度为无穷大，产生无穷大的惯性力，机构受到极大的冲击，称为刚性冲击。
柔性冲击：当从动件做等加速或等减速运动时，在某些加速度突变处，其惯性力也随之有限突变而产生冲击，这种由有限突变而引起的冲击比无穷大惯性力引起的刚性冲击轻柔了许多，故被称为柔性冲击。
英语国家概况-谢福之-课后答案(全部)
判断题Chapter 11.People in different parts of Britain like to use the name England to refer to their country.(F)2.The Severn River is the longest river of Britain, which originates in Wales and flowsthrough western England.(T)3.Today more than half of the people in Wales still speak the ancient Welsh language. (F)4.In terms of population and area, Northern Ireland is the second largest part of Britain.(F)5.Although the climate in Britain is generally mild, the temperature in northern Scotlandoften falls below -10℃ in January . (F)6.The majority of the people in Britain are descendants of the Anglo-Saxons.(T)7.The Celtic people were the earliest known inhabitants of Britain.(T)8.English evolved into what is now described as Modern English from the late 16thcentury.(F)Chapter 21.British history before 55BC is basically undocumented.(T)2.The Anglo-Saxons came to Britain in the 5th century.(T)3.The chief or king of the Anglo-Saxons tribes exercised power at their own will. (F)4.The Vikings began to attack the English coast in the 8th century.(T)5.HenryⅡ built up a large empire which included England and most of France.(T)6.The Magna Carta was designed to protect the rights of both the privileged class and thetownspeople.(F)7.The Hundred Years’War (1337-1453) was a series of wars fought between the British andthe Vikings for trade and territory.(F)8.In an effort to make a compromise between different religious factions, QueenElizabethⅠactually defended the fruit of the Reformation.(T)Chapter 31.Conventions are regarded less important than the statutory law in the working of theBritish government.(T)2.The British monarchy has never been interrupted throughout the history.(F)3.In reality, the British King or Queen is the source of all government powers.(F)4.The British Parliament is the law-making body of the Commonwealth of Nations.(F)5.The members of the House of Commons are appointed rather than elected.(F)6.The British Prime Minister is the leader of the majority party in Parliament.(T)7.Cabinet members are chosen by the Prime Minister from various political parties inParliament.(F)8.The legal systems in England, Wales, Scotland and Northern Ireland are much similar interms of law, organization and practice.(T)Chapter 41.British was the first industrialized nation in the world.(T)2.The British economy experienced a relative decline during the post-war period.(T)3.Limited resources and high unemployment rate were persistent problems thatprevented rapid economic development in Britain after World WarⅡ.(F)4.Thatcher’s revolution turned out to be a great success in dealing with all the Britisheconomic and social problems.(F)5.The economic approach adopted by Tony Blair was different from that of the old LaborParty and the Conservative Party.(T)6.Blair made the Bank of England independent in order to separate politics from economicpolicy.(T)7.Britain is an important oil exporter since its oil industry has a long history.(F)8.Nuclear power is one of the major energy source in Britain.(T)Chapter 51.The British government has been responsible for education since the early 1800s.(F)cation in Britain is compulsory for all children between the ages of 6 and 15.(F)3.The National Curriculum is compulsory in both the state system and the independentsystem.(F)4.When children finish their schooling at 16, they are required to take a national GCSEexamination.(T)5.Graduates from state schools in Britain have a less favorable chance to enter famousuniversities than those from independent schools.(T)6.The Times is the wo rld’s oldest Sunday newspapers.(F)7.The BBC World Service broadcasts only in English throughout the world.(F)8.Some British holidays are celebrated to mark important events in the Christian calendar,and some others are related to local customs and traditions.(T)Chapter 81.The eastern highlands formed by the Appalachians hold one third of the country's continental territory.(F)2.The climate in the United States can be classified as temperate,with some mild subtropical and tropical zones.(T)3.Almost through the middle of the United States, north to south,runs a well--known 50-centimeter rainfall line.(T)4.New York is the commercial and financial center of the United States , and it is composed of five boroughs including Manhattan, Brooklyn, the Bronx, Staten Island, and Queens.(T)5.San Francisco is the second largest city after New York and the world famous Hollywoodand Disneyland are located here.(F)6.During the 1830s and 1840s, many northern Europeans and Irish immigrants came to America.(T)7.Almost half of the immigrants coming to the United States in the 1980s were Asians.(T)8.Basic American cultural values are freedom, equality and desire to work hard for a higher standard of living.(T)Chapter 91.America was named after Amerigo Vespucci, who arrived on the new continent after Columbus.(T)2.The second Continental Congress was held in Philadelphia, and the Continental Army and Navy were founded under the command of Thomas Jefferson.(F)3.The Civil War not only put an end to slavery, but also decided that America was a single, indivisible nation.(T)4.Most American people approved of the Vietnam War.(F)5.In 1990, American troops and the troops from allied nations launched Operation DesertStorm in order to drive Iraqi troops out of Kuwait.(T)6.According to the American administration, Saddam Hussein and Osama bin Laden were responsible for the terrorist event on September11,2001.(F)7.The America government regarded Iraq a nation among the "axis of evil".(T)8.On March 19,2003,American and United Nation's troops, supported by several other countries, began an invasion of Iraq.(F)Chapter 101.The Bill of Rights was written into the Constitution in 1787.(F)2.The form of American government is based on three main principles: federalism, the separation of powers, and respect for the Constitution and the rule of law.(T)3.The U.S. Congress is the legislative branch of the federal government and it consists of two houses: the House of Commons and the House of Lords.(F)4.The judicial branch of the federal government consists of a series of courts: the SupremeCourt, the courts of appeals and the district courts.(T)5.The Democratic Party is conservative in terms of its ideology.(F)6.The American presidential campaign adheres to the "winner-take-all" practice.(T)7.The American foreign policy throughout the World War II was neutrality.(F)8.The American foreign policy during the Cold War period was containment and intervention.(T)Chapter 111.America is the world's largest industrial nation.(T)2.In the U.S. Constitution, the recognition of the importance of "intellectual property" could be identified.(T)3.Although slavery was abolished as a result of the Civil War, the owners of plantation in the South made more profits from selling their agriculture products.(F)4.President Roosevelt's New Deal had little effect in dealing with the economic crisis in theearly 1930s.(F)5.The 1960s was a period of consolidation for the American businesses.(F)6.American agricultural exports outweigh imports, leaving a surplus in the agricultural balance of trade.(T)7.Auto production is one of the important sectors in American manufacturing industry.(T)8.The world economy has little to do with the growth and decline of the American foreigntrade.(F)Chapter 12cation is governed by state and local governments instead of the national government in America.(T)2.All American children are offered 12 years of compulsory public education.(T)3. After 12 years of schooling, American students receive a bachelor's degree at graduation.(F)4.When selecting a college or university, undergraduate students have a great concern forits size, location and academic quality.(T)ually, an undergraduate student has to earn 120 credits to receive a degree.(T)6.Yale university is the second eldest institution of higher learning in the United States.(F)7.It is The New York Times that first uncovered the Watergate Scandal in 1972 through theefforts of two reporters.(F)8.Thanksgiving Day falls on the fourth Tuesday in November.(F)选择题Chapter 1 ABDC DACC1.The two main islands of the British Isles are .A. Great Britain and IrelandB. Great Britain and ScotlandC. Great Britain and WalesD. Great Britain and England2.is the capital city of Scotland.A. BelfastB. EdinburghC. AberdeenD. Cardiff3.Among the four parts of the United Kingdom, is the smallest.A. EnglandB. ScotlandC. WalesD. Northern Ireland4.English belongs to the group of Indo-European family of languages.A. CelticB. Indo-IranianC. GermanicD. Roman5.The introduction of Christianity to Britain added the first element of words to English.A. Danish and FinnishB. Dutch and GermanC. French and ItalianD. Latin and Greek6.The evolution of Middle English was reinforced by the influence.A. NormanB. DutchC. GermanD. Danish7.Samuel Johnson’s dictionary was influential in establishing a standard form of .A. grammarB. handwritingC. spellingD. pronunciation8.At present, nearly of the world’s population communicate in English.A. halfB. a quarterC. one thirdD. one fifthChapter 2 DDCC ABAC1. The attack on Rome ended the Roman occupation in Britain in 410.A. NormanB. DanishC. CelticD. Germanic2.By the late 7th century, became the dominant religion in England.A. Celtic ChristianityB. Anglo-Saxon ChristianityC. Germanic ChristianityD. Roman Christianity3.The marked the establishment of feudalism in England.A. Viking invasionB. signing of the Magna CartaC. Norman ConquestD. Adoption of common law4.The end of the Wars of the Roses led to the rule of .A. the House of ValoisB. the House of YorkC. the House of TudorD. the House of Lancaster5.The direct cause for the Religious Reformation was King Henry VIII’s effort to .A. divorce his wifeB. break with RomeC. support the ProtestantsD. declare his supreme power over the church6.The English Civil War broke out in 1642 between .A. Protestants and PuritansB. Royalists and ParliamentariansC. nobles and peasantsD. aristocrats and Christians7.was passed after the Glorious Revolution.A. Bill of RightsB. Act of SupremacyC. Provisions of OxfordD. Magna Carta8.The Industrial Revolution was accomplished in Britain by the middle of the century.A. 17thB. 18thC. 19thD. 20thChapter 3 CDBA BBDC1. The British government is characterized by a division of powers between three of the followingbranches with the exception of the .A. judiciaryB. legislatureC. monarchyD. executive2.The importance of the British monarchy can be seen in its effect on .A. passing the billsB. advising the governmentC. political partiesD. public attitude3.As a revising chamber, the House of Lords is expected to the House of Commons.A. rivalB. complementC. criticizeD. inspect4.is at the center of the British political system.A. The CabinetB. The House of LordsC. The House of CommonsD. The Privy Council5.The main duty of the British Privy Council is to .A. make decisionsB. give adviceC. pass billsD. supervise the Cabinet6.Generally speaking, the British Parliament operates on a system.A. single-partyB. two-partyC. three-partyD. multi-party7.The policies of the Conservative Party are characterized by pragmatism and .A. government interventionB. nationalization of enterprisesC. social reformD. a belief in individualism8.In Britain, the parliamentary general election is held every years.A. threeB. fourC. fiveD. sixChapter 4 ACDC DBAC1. The in the early 1970s worsened an already stagnant economy in Britain.A. oil crisisB. high inflation ratesC. large importsD. unemployment problem2.Of the following practices, does not belong to Thatcher’s social welfare reform.A. reducing child benefitsB. shortening the unemployment benefits periodC. reducing the unemploymentD. lowering old age pensions3.The Blair government has been successful in all the following aspects except .A. limiting government spendingB. keeping inflation under controlC. reducing unemploymentD. reducing inequality4.Britain has devoted of its land area to agriculture.A. 54%B. 64%C. 74%D.84%5.Britain’s important fishing areas include all the following except .A. the North SeaB. the English ChannelC. The sea area around IrelandD. The sea area between Britain and Ireland6.Coal mining industry in Britain provides of the energy consumed in the country.A. 1/3B. 1/4C. 1/5D. 2/37.The car industry in Britain in mostly .A. foreign-ownedB. state-ownedC. joint-ventureD. privately-owned8.Of the following sectors in Britain, has experienced spectacular growth since the end ofWord War II.A. agricultureB. energy industryC. service industryD. manufacturing industry Chapter 5 DCBB CCDA1. In Britain, the division between grammar schools and vocational schools were ended by theintroduction of comprehensive schools in the .A. 1930sB. 1940sC. 1950sD. 1960s2.About of British children receive primary and secondary education through theindependent system.A. 5%B. 6%C. 7%D. 8%3.Partially funded by central government grants, the British universities receive their remaining fundsfrom all the following sources except .A. tuition feesB. loansC. donationsD. corporate contributions4.To be admitted to the Open University, one need .A. some educational qualificationsB. no educational qualificationsC. General Certificate of Education-AdvancedD. General National Vocational Qualifications5.Among Britain’s quality press, the following newspapers are regarded as the “Big Three” with theexception of .A. The TimesB. The GuardianC. The ObserverD. The Daily Telegraph6.Life on Earth is a kind of program produced by the BBC and is popular among 500 millionviewers worldwide.A. featureB. dramaC. documentaryD. soap opera7.is Britain’s top pay television provider.A. BSBB. SkyTVC. BBCD. BSkyB8.The following Christmas traditions are particularly British except .A. Trooping the ColorB. Queen’s Christmas messageC. Boxing DayD. Christmas pantomimeChapter 8 BCAB CDAD1. The U. S. lies in North America, with Canada to the north, Mexico to the south, the Atlanticto its and the Pacific to its .A. northern, east, westB. central, east, westC. southern, west, eastD. western, east, west2. The continental United States has statesA. 50B. 49C. 48D. 353.The state of is the largest in area of all the states.A. AlaskaB. HawaiiC. TexasD. Florida4.The largest river in the U. S. is .A. the Missouri RiverB. the Mississippi RiverC. the Ohio RiverD. the Colorado River5.Some of the world famous universities like Harvard, Yale and MIT are located in .A. the SouthB. the WestC. New EnglandD. the Midwest6.San Francisco, Los Angeles and San Diego all belong to .A. MontanaB. UtahC. MaineD.California7.The Immigrants Act of 1924 restricted the further immigration into the United States, particularlyfrom .A. EuropeB. AsiaC. AfricaD. South America8.The characteristic of the dominant American culture is .A. English-speaking, northern European, Roman Catholic and middle-classB. English-speaking, western European, Roman Catholic and upper-classC. English-speaking, northern European, Protestant and upper-classD. English-speaking, western European, Protestant and middle-classChapter 9 CCDB CACD1. The first successful English colony in North America was founded at in .A. Jamestown, LouisianaB. Boston, MassachusettsC. Jamestown, VirginiaD. Plymouth, Georgia2.The Seven Years’ War occurred between the .A. French and American IndiansB. French and SpaniardsC. French and BritishD. British and American Indians3.“No taxation without representation” was the rallying slogan of .A. the settlers of VirginiaB. the people of PennsylvaniaC. the colonists in New EnglandD. the people of the 13 colonies4.In May 1775, was held in Philadelphia and began to assume the functions of a nationalgovernment.A. the First Continental CongressB. the Second Continental CongressC. the Boston Tea PartyD. the Congress of Confederation5.Abraham Lincoln issued to grant freedom to all slaves.A. Declaration of IndependenceB. ConstitutionC. Emancipation ProclamationD. Bill of Rights6.The policy of the United States was at the beginning of the two world wars.A. neutralityB. full involvementC. partial involvementD. appeasement7.President applied New Deal to deal with the problems of the Great Depression.A. WilsonB. TrumanC. RooseveltD. Kennedy8.The Vietnam War was a long-time suffering for Americans, and it continued throughout the terms ofPresidents .A. Johnson, Nixon and FordB. Truman, Eisenhower and KennedyC. Kennedy, Johnson and NixonD. Eisenhower, Kennedy and JohnsonChapter 10 BCBD CCDC1. The U. S. Constitution came into effect in .A. 1787B. 1789C. 1791D. 17932.The Constitution of the United States .A. gives the most power to CongressB. gives the most power to the PresidentC. tries to give each branch enough power to balance the othersD. gives the most power to the Supreme Court3.The Bill of Rights .A. defines the rights of Congress and the rights of the PresidentB. guarantees citizens of the United States specific individual rights and freedomsC. is part of the Declaration of IndependenceD. has no relationship with the Constitution4.The terms for a Senator and Representative are and years respectively.A. two, fourB. two, threeC. two, sixD. six, two5.All the following except cannot make legislative proposal.A. the SenatorB. the RepresentativeC. the Secretary of StateD. the President6.The following except are all powers of the President.A. vetoing any bills passed by CongressB. appointing federal judges when vacancies occurC. making lawsD. issuing executive orders7.The Supreme Court is composed of justices.A. sixB. sevenC. eightD. nine8.The President is directly voted into office by .A. all citizens of AmericaB. the citizens over 18 years oldC. electors elected by the votersD. the senators and representativesChapter 11 BCBD CCDC1. America produces a major portion of the world’s products in the following fields except .A. machineryB. automobilesC. oreD. chemicals2.The modern American economy progressed from to , and eventually, to .A. colonial economy, handcraft economy, industrial economyB. farming economy, handcraft economy, industrial economyC. colonial economy, farming economy, industrial economyD. handcraft economy, farming economy, industrial economy3.Chartered companies were NOT granted the by the British King or Queen.A. political authorityB. economic rightsC. judicial authorityD. diplomatic authority4.urged the federal government to establish a national bank.A. George WashingtonB. President RooseveltC. Abraham LincolnD. Alexander Hamilton5.The following in ventions took place during the “second industrial revolution” except .A. typewriterB. telephoneC. electric lightD. refrigerator6.President Johnson tried to build a “Great Society” by introducing various programs like the followingexcept .A. MedicareB. Food StampsC. Education InitiativesD. Unemployment Pension7.The following statements are all true except .A. Agribusinesses reflect the big, corporate nature of many farm enterprises.B. Agribusinesses maintain a balanced trade pattern between agricultural imports and exports.C. Agribusinesses range from one-family corporations to multinational firms.D. Agribusinesses include a variety of farm businesses and structures.8. Employment in the sector has been increasing in the U.S. since the 1970s.A. serviceB. agricultureC. manufacturingD. high-tectChapter 12 CBBB CBBB1. Formal education in the United States consists of , secondary and higher education.A. kindergartenB. publicC. elementaryD. private2.Of the following subjects, are NOT offered to elementary school students.A. mathematics and languagesB. politics and business educationC. science and social studiesD. music and physical education3.Higher education in the United States began with the founding of .A. Yale UniversityB. Harvard UniversityC. Princeton UniversityD. New York University4.Of the following, are NOT among the categories of American higher education.A. universities and collegesB. research institutionsC. technical institutionsD. community colleges5.To get a bachelor’s degree, all undergraduate students are required to do the followingexcept .A. attending lectures and completing assignmentsB. passing examinationsC. working for communitiesD. earning a certain number of credits6.is sold especially to the upper or upper-middle class and it has a reputation for its seriousattitude and great bulk.A. The Washington PostB. The New York TimesC. Los Angeles TimesD. New York Daily News7.Of the following, is NOT among the three major radio and TV networks in America.A. the National Broadcasting System (NBS)B. the Public Broadcasting Service (PBS)C. the Columbia Broadcasting System (CBS)D. the American Broadcasting System (ABS)8.The National Day of the United States falls on .A. June 4thB. July 4thC. June 14thD. July 14th第三大题Chapter 11.Why do tourists from all over the world like to go to Scotland?√They like to enjoy the beautiful Scottish scenery, to drink Scotch whisky and to see Scotsmen wearing kilts and playing bagpipes.2.How many periods can the development of the English language be divided into and what are they?√√----The development of the English language can be divided into three periods: Old English, Middle English and Modern English.3. Why did English become more important after Black Death?----The laboring and merchant classes grew in economic and social importance after the Black Death, so English also grew in importance compared to French.Chapter 21.What were Queen Victoria’s major achievements?Queen Victoria made tremendous achievements in almost every aspect. She promoted further industrialization, the building of railways and the growth of trade and commerce. During her reign, Britain developed into an empire including about a quarter of the global population and a quarter of the world’s landmass.2.What were the two camps in World WarⅠ?√In WorldⅠthe two camps were the Central Powers-mainly Germany, Austria-Hungary, Turkey and the Allies-mainly France, Great Britain, Russia, Italy and from 1917,the United States.3.Why did Britain cooperate closely with the United States after World WarⅡ?Britain cooperated closely with the United States after World WarⅡsince they were allied during World WarⅡand shared the same concerns about the Soviet Union.Chapter 51.What used to be the major functions of grammar schools and vocational schools inBritain?Grammar schools were to train the most academically capable students and prepare them for university, whereas vocational schools were to help the less successful students to learn a trade.2.What kind of subjects do British comprehensive schools provide?British comprehensive schools provide a general education, offering both academic subjects like literature and science, and more practical subjects like cooking andcarpentry.3.In what ways do British universities enjoy complete academic freedom?British universities enjoy complete academic freedom because they can appoint their own staff, decide which students to admit, provide their own courses and award their own degrees.4.What role does the media play in British leisure culture?The media plays an essential role in Britain leisure culture since it helps to shape the public’s opinion, determine people’s moral and political orientation and consolidate or undermine the rule of a government.Chapter 81.How is the American population distributed?The distribution of the American population is rather uneven the most densely populated region is the northeastern part of the country. The great plains have a comparatively small population .the so uth also has a population of almost 57.5million. the west is not densely populated ,except for some metropolitan centers like los Angeles and san Francisco . it has about 20% of the nation’s population.2.Why was the immigration act of 1942 instituted ?The new immigrants in the united states , being poor and accustomed to poverty , were willing to w ork for very low wages .this made other workers afraid that the immigrants would ls and take jobs aw ay from them . this opposition led to the immigration act of 1942.Chapter 91.Why did American change its policy and enter world war II? √√Because of the formation of the axis , the American government feared that the axis countries were wining the war and it might threaten America’s security and interests . it began to provide war equip ment to the foreign nations resisting the aggression of the axis power . the Japanese air raid on pearl harbor became the direct cause for America’s entrance into the war.2.What were Nixon’s well-known contributions during his presidency?a) brought the Vietnam war to a closeb)reestablishing U.S. relations with chinac) negotiating the firststrategic arms limitation treaty with the former soviet union .3.What were the contents of Reagan’s economic program?Reagan’s economic program called for reductions in income taxes and business taxes in order to e ncourage investment , and it also requested that many government regulations be eliminated so as t o reduce the federal government’s role in the day-to-day operation of business.Chapter 101.What are the two characteristics of the U.S. constitution?One is “checks and balances”, the other is that the power of the federal government and of the state governments are specified in the Constitution.2.What are the qualifications for a senator and a representative respectively?A senator must be over 30 years old,a U.S. citizen for at least nine years, and a resident in the state which they represent . A representative should be at least 25 years old anda U.S. citizen for no less than seven years.3.What are the major powers of the Supreme Court in the USA？√√a)to interpret lawsb) to hear appeals from any federal court cases;c)to hear appeals from state court cases that involve the constitution or national lawsd)may declare a law unconstitutionale) may declare a presidential act unconstitutional.4.What is the difference between the democrats and the republicans in terms of politicalopinions?Generally speaking, the Democrats Party has a liberal ideology, while the Republicans Party is more conservative.The democrats want the government to play an important role in the economy and emp hasize full employment as a matter of national concern they favor civil rights laws , a str ong social security system which gives enterprises a greater freedom and demand that t he government control inflation. They stress the need for law and order, and oppose co mplete government social programs and free choice of abortion they also favor a strong military posture and assertive stand in international relations.Chapter 111.What industry developments took place during the colonial period of America?During the colonial period ,the secondary industries developed as the colonies grew .a variety of specialized sawmills and gristmills appeared. Colonists established shipyardsto build fishing fleets and trading vessels . they also built small iron forges . by the 18th century , regional patterns of development in America had become clear.2.How did the civil war affect the American economy? √√After the civil war , the large southern cotton plantations became much less profitable . northern industries , which had expanded rapidly because of the demands of the war ,s urged ahead.3.Why does America try to reduce trade barriers?Because the united states has increasingly realized that open bilateral trade will not onl y advance its own economic interests, but also enhance domestic stability and its peaceful relationship with other nations.Chapter 121.How does an American university choose its applicants?a)their high school records;b) recommendations from their high school teachers;c) the impression they make during interviews at the university;d) their scores on the SAT.2.What functions do American higher education institutions perform?。
英美文化(美国部分课后答案)
(判断题)Chapter 81. The eastern highlands formed by the Appalachians hold one third of the country's continental territory.(F)2. The climate in the United States can be classified as temperate,with some mild subtropical and tropical zones.(T)3. Almost through the middle of the United States, north to south,runs a well--known 50-centimeter rainfall line.(T)4. New York is the commercial and financial center of the United States , and it is composed of five boroughs including Manhattan, Brooklyn, the Bronx, Staten Island, and Queens.(T)5. San Francisco is the second largest city after New York and the world famous Hollywood and Disneyland are located here.(F)6. During the 1830s and 1840s, many northern Europeans and Irish immigrants came to America.(T)7. Almost half of the immigrants coming to the United States in the 1980s were Asians.(T)8. Basic American cultural values are freedom, equality and desire to work hard for a higher standard of living.(T)Chapter 91. America was named after Amerigo Vespucci, who arrived on the new continent after Columbus.(T)2. The second Continental Congress was held in Philadelphia, and the Continental Army and Navy were founded under the command of Thomas Jefferson.(F)3. The Civil War not only put an end to slavery, but also decided that America was a single, indivisible nation.(T)4. Many American people approved of the Vietnam War.(F)5. In 1990, American troops and the troops from allied nations launched Operation Desert Storm in order to drive Iraqi troops out of Kuwait.(T)6. According to the American administration, Saddam Hussein and Osama bin Laden were responsible for the terrorist event on September11,2001.(F)7. The America government regarded Iraq a nation among the "axis of evil".(T)8. On March 19,2003,American and United Nation's troops, supported by several other countries, began an invasion of Iraq.(F)Chapter 101. Bill of Rights was written into the Constitution in 1787.(F)2. The form of American government is based on three main principles: federalism, the separation of powers, and respect for the Constitution and the rule of law.(T)3. The U.S. Congress is the legislative branch of the federal government and it consists of two houses: the House of Commons and the House of Lords.(F)4. The judicial branch of the federal government consists of a series of courts: the Supreme Court, the courts of appeals and the district courts.(T)5. The Democratic Party is conservative in terms of its ideology.(F)6. American presidential campaign adheres to the "winner-take-all" practice.(T)7. American foreign policy throughout the World War II was neutrality.(F)8. American foreign policy during the Cold War period was containment and intervention.(T)Chapter 111. America is the world's largest industrial nation.(T)2. In the U.S. Constitution, the recognition of the importance of "intellectual property" could be identified.(T)3. Although slavery was abolished as a result of the Civil War, the owners of plantation in the South made more profits from selling their agriculture products.(F)4. President Roosevelt's New Deal had little effect in dealing with the economic crisis in the early 1930s.(F)5. The 1960s was a period of consolidation for the American businesses.(F)6. American agricultural exports outweigh imports, leaving a surplus in the agricultural balance of trade.(T)7. Auto production is one of the important sectors in American manufacturing industry.(T)8. The world economy has little to do with the growth and decline of the American foreign trade.(F)Chapter 121. Education is governed by state and local governments instead of the national government in America.(T)2. All American children are offered 12 years of compulsory public education.(T)3. After 12 years of schooling, American students receive a bachelor's degree at graduation.(F)4.When selecting a college or university, undergraduate students have a great concern for its size, location and academic quality.(T)5. Usually, an undergraduate student has to earn 120 credits to receive a degree.(T)6. Yale university is the second eldest institution of higher learning in the United States.(F)7. It is The New York Times that first uncovered the Watergate Scandal in 1972 through the efforts of two reporters.(F)8. Thanksgiving Day falls on the fourth Tuesday in November.(F)(选择题)Chapter 81. The U. S. lies in North America, with Canada to the north, Mexico tothe south, the Atlantic to its and the Pacific to its A. northern, east, west B. central, east, westC. southern, west, eastD. western, east, west2. The continental United States has statesA. 50B. 49C. 48D. 353. The state of is the largest in area of all the states.A. AlaskaB. HawaiiC. TexasD. Florida4. The largest river in the U. S. isA. the Missouri RiverB. the Mississippi RiverC. the Ohio RiverD. the Colorado River5. Some of the world famous universities like Harvard, Yale and MIT are located in .A. the SouthB. the WestC. New EnglandD. the Midwest6. San Francisco, Los Angeles and San Diego all belong to .A. MontanaB. UtahC. MaineD.California7. The Immigrants Act of 1924 restricted the further immigration into the United States, particularly fromA. EuropeB. AsiaC. AfricaD. South America8. The characteristic of the dominant American culture is .A. English-speaking, northern European, Roman Catholic and middle-classB. English-speaking, western European, Roman Catholic and upper-classC. English-speaking, northern European, Protestant and upper-classD. English-speaking, western European, Protestant and middle-classChapter 91. The first successful English colony in North America was founded at in .A. Jamestown, LouisianaB. Boston, MassachusettsC. Jamestown, VirginiaD. Plymouth, Georgia2. The Seven Years’ War occurred between the .A. French and American IndiansB. French and SpaniardsC. French and BritishD. British and American Indians3. “No taxation without representation” was the rallying slogan of .A. the settlers of VirginiaB. the people of PennsylvaniaC. the colonists in New EnglandD. the people of the 13 colonies4. In May 1775, was held in Philadelphia and began to assume the functions of a national government.A. the First Continental CongressB. the Second Continental CongressC. the Boston Tea PartyD. the Congress of Confederation5. Abraham Lincoln issued the to grant freedom to all slaves.A. Declaration of IndependenceB. ConstitutionC. Emancipation ProclamationD. Bill of Rights6. The policy of the United States was at the beginning of the two world wars.A. neutralityB. full involvementC. partial involvementD. appeasement7. President applied New Deal to deal with the problems of the Great Depression.A. WilsonB. TrumanC. RooseveltD. Kennedy8. The Vietnam War was a long-time suffering for Americans, and it continued throughout the terms of PresidentsA. Johnson, Nixon and FordB. Truman, Eisenhower and KennedyC. Kennedy, Johnson and NixonD. Eisenhower, Kennedy and JohnsonChapter 101. The U. S. Constitution came into effect inA. 1787B. 1789C. 1791D. 17932. The Constitution of the United StatesA. gives the most power to CongressB. gives the most power to the PresidentC. tries to give each branch enough power to balance the othersD. gives the most power to the Supreme Court3. The Bill of Rights .A. defines the rights of Congress and the rights of the PresidentB. guarantees citizens of the United States specific individual rights and freedomsC. is part of the Declaration of IndependenceD. has no relationship with the Constitution4. The terms for a Senator and Representative are and years respectively.A. two, fourB. two, threeC. two, sixD. six, two5. All the following can make legislative proposal except .A. the SenatorB. the RepresentativeC. the Secretary of StateD. the President6. The following are all powers of the President except .A. vetoing any bills passed by CongressB. appointing federal judges when vacancies occurC. making lawsD. issuing executive orders7. The Supreme Court is composed of justices.A. sixB. sevenC. eightD. nine8. The President is directly voted into office byA. all citizens of AmericaB. the citizens over 18 years oldC. electors elected by the votersD. the senators and representativesChapter 111. America produces a major portion of the world’s products in the following fieldsexcept .A. machineryB. automobilesC. oreD. chemicals2. The modern American economy progressed from to and eventually, toA. colonial economy, handcraft economy, industrial economyB. farming economy, handcraft economy, industrial economyC. colonial economy, farming economy, industrial economyD. handcraft economy, farming economy, industrial economy3. Chartered companies were NOT granted the by the British King or Queen.A. political authorityB. economic rightsC. judicial authorityD. diplomatic authority4. urged the federal government to establish a national bank.A. George WashingtonB. President RooseveltC. Abraham LincolnD. Alexander Hamilton5. The following inventio ns took place during the “second industrial revolution” except .A. typewriterB. telephoneC. electric lightD. refrigerator6. President Johnson tried to build a “Great Society” by introducing various programs likethe following except A. Medicare B. Food StampsC. Education InitiativesD. Unemployment Pension7. The following statements are all true exceptA. Agribusinesses reflect the big, corporate nature of many farm enterprises.B. Agribusinesses maintain a balanced trade pattern between agricultural imports and exports.C. Agribusinesses range from one-family corporations to multinational firms.D. Agribusinesses include a variety of farm businesses and structures.8. Employment in the sector has been increasing in the U.S. since the 1970s.A. serviceB. agricultureC. manufacturingD. high-tectChapter 121. Formal education in the United States consists of ,secondary and higher education.A. kindergartenB. publicC. elementaryD. private2. Of the following subjects, are NOT offered to elementary school students.A. mathematics and languagesB. politics and business educationC. science and social studiesD. music and physical education3. Higher education in the United States began with the founding of .A. Yale UniversityB. Harvard UniversityC. Princeton UniversityD. New York University4. Of the following, are NOT among the categories of American higher education.A. universities and collegesB. research institutionsC. technical institutionsD. community colleges5. To get a bachelor’s degree, all undergraduate students are required to do the following except .A. attending lectures and completing assignmentsB. passing examinationsC. working for communitiesD. earning a certain number of credits6. is sold especially to the upper or upper-middle class and it has a reputation for its serious attitude and great bulk.A. The Washington PostB. The New York TimesC. Los Angeles TimesD. New York Daily News7. Of the following, is NOT among the three major radio and TV networks in America.A. the National Broadcasting System (NBS)B. the Public Broadcasting Service (PBS)C. the Columbia Broadcasting System (CBS)D. the American Broadcasting System (ABS)8. The National Day of the United States falls on each year.A. June 4thB. July 4thC. June 14thD. July 14th(简答题)Chapter 81. How is the American population distributed?The distribution of the American population is rather uneven the most densely populated region is the northeastern part of the country. The great plains have a comparatively small population .the south also has a population of almost 57.5million. the west is not densely populated ,except for some metropolitan centers like los Angeles and san Francisco . it has about 20% of the nation’s population.2．Why was the immigration act of 1942 instituted ?The new immigrants in the united states , being poor and accustomed to poverty , were willing to work for very low wages .this made other workers afraid that the immigrants would ls and take jobs away from them . this opposition led to the immigration act of 1942.Chapter 9 history.1. Why did American change its policy and enter world war II?Because of the formation of the axis , the American government feared that the axis countries were wining the war and it might threaten America’s security and interests . it began to provide war equipment to the foreign nations resisting the aggression of the axis power . the Japanese air raid on pearl harbor became the direct cause for America’s entrance into the war.2. What were Nixon’s well-known contributions during his presidency?a) brought the Vietnam war to a close b)reestablishing U.S. relations with china c) negotiating the first strategic arms limitation treaty with the former soviet union .3. What were the contents of Reagan’s economic program?Reagan’s economic program called for reductions in income taxes and business taxes in order to encourage investment , and it also requested that many government regulations be eliminated so as to reduce the federal government’s role in the day-to-day operation of business.Chapter 10 government1. What are the two characteristics of the U.S. constitution?One is “checks and balances”, the other is that the power of the central government and the powers of state governments are specified.2. What are the qualifications for a senator and a representative respectively?A senator must be over 30 years old , a U.S. citizen for at least nine years, and a resident in the state which they represent . a representative should be at least 25 years old and a U.S. citizen for no less than seven years.3. What are the major powers of the supreme court?a)to interpret laws b)to hear appeals from any federal court cases; c)to hear appeals from state court cases that involve the constitution or national laws d)may declare a law unconstitutional e) may declare a presidential act unconstitutional.4. What is the difference between the democrats and the republicans in terms of political opinions?The democrats want the government to play an important role in the economy andemphasize full employment as a matter of national concern they favor civil rights laws , a strong social security system which gives enterprises a greater freedom and demand that the government control inflation. They stress the need for law and order, and oppose complete government social programs and free choice of abortion they also favor a strong military posture and assertive stand in international relations.Chapter 11 economy1. What industry developments took place during the colonial period of America? During the colonial period ,the secondary industries developed as the colonies grew . a variety of specialized sawmills and gristmills appeared. Colonists established shipyards to build fishing fleets and trading vessels . they also built small iron forges . by the 18th century , regional patterns of development in America had become clear.2. How did the civil war affect the American economy?After the civil war , the large southern cotton plantations became much less profitable . northern industries , which had expanded rapidly because of the demands of the war ,surged ahead.3. Why does America try to reduce trade barriers?Because the united states has increasingly realized that open bilateral trade will not only advance its own economic interests, but also enhance domestic stability and its peaceful relationship with other nations.Chapter 12 education , media and holidays1. How does an American university choose its applicants?a)their high school records; b) recommendations from their high school teachers; c) the impression they make during interviews at the university d) their scores on the SAT.2. What functions do American higher education institutions perform?Higher education institutions in the united states have three functions: teaching , research and public service , and each has its own emphasis with regard to its function .3. What similarities do four famous university share?They all have a long history , they all have an excellent faculty , a large number of students and have made extensive academic achievements. Some of their graduates are very successful or influential in some areas such as politics, arts and business.4. What are the origins of thanksgiving day?Thanksgiving is associated with the time when Europeans first came to the new world , in 1620,the mayflower arrived and brought about 150 pilgrims. Life at the beginning was very hard and there was not enough food , so many of them died. During the following summer the native America helped them and then they had a bountiful harvest. So they held a big celebration to thank god and the native Americans.。
《运营管理》课后习题标准答案
《运营管理》课后习题答案————————————————————————————————作者：————————————————————————————————日期：2Chapter 02 - Competitiveness, Strategy, and Productivity3. (1) (2) (3) (4) (5) (6) (7)Week Output WorkerCost@$12x40Overhead********MaterialCost@$6TotalCostMFP(2) ÷ (6)1 30,000 2,880 4,320 2,700 9,900 3.032 33,600 3,360 5,040 2,820 11,220 2.993 32,200 3,360 5,040 2,760 11,160 2.894 35,400 3,840 5,760 2,880 12,480 2.84*refer to solved problem #2Multifactor productivity dropped steadily from a high of 3.03 to about 2.84.4. a. Before: 80 ÷ 5 = 16 carts per worker per hour.After: 84 ÷ 4 = 21 carts per worker per hour.b. Before: ($10 x 5 = $50) + $40 = $90; hence 80 ÷ $90 = .89 carts/$1.After: ($10 x 4 = $40) + $50 = $90; hence 84 ÷ $90 = .93 carts/$1.c. Labor productivity increased by 31.25% ((21-16)/16).Multifactor productivity increased by 4.5% ((.93-.89)/.89).*Machine ProductivityBefore: 80 ÷ 40 = 2 carts/$1.After: 84 ÷ 50 = 1.68 carts/$1.Productivity increased by -16% ((1.68-2)/2)Chapter 03 - Product and Service Design6. Steps for Making Cash Withdrawal from an ATM1. Insert Card: Magnetic Strip Should be Facing Down2. Watch Screen for Instructions3. Select Transaction Options:1) Deposit2) Withdrawal3) Transfer4) Other4. Enter Information:1) PIN Number2) Select a Transaction and Account3) Enter Amount of Transaction5. Deposit/Withdrawal: 1) Deposit —place in an envelope (which you’ll find near or in the ATM) andinsert it into the deposit slot2) Withdrawal —lift the “Withdrawal Door,” being careful to remove all cash6. Remove card and receipt (which serves as the transaction record)8.TechnicalRequirements IngredientsHandlingPreparationCustomer RequirementsTaste √√ Appearance√ √√Texture/consistency√√Chapter 04 - Strategic Capacity Planning for Products and Services2. %80capacityEffective outputActual Efficiency ==Actual output = .8 (Effective capacity) Effective capacity = .5 (Design capacity) Actual output = (.5)(.8)(Effective capacity) Actual output = (.4)(Design capacity) Actual output = 8 jobs Utilization = .4capacityDesign outputActual =n Utilizatiojobs 204.8capacity Effective output Actual Capacity Design ===10. a. Given: 10 hrs. or 600 min. of operating time per day.250 days x 600 min. = 150,000 min. per year operating time.Total processing time by machineProductABC 1 48,000 64,000 32,000 2 48,000 48,000 36,000 3 30,000 36,000 24,000 460,000 60,000 30,000 Total 186,000208,000122,000machine181.000,150000,122machine 238.1000,150000,208machine224.1000,150000,186≈==≈==≈==C B A N N NYou would have to buy two “A” machines at a total cost of $80,000, or two “B” machines at a total cost of $60,000, or one “C” machine at $80,000.b.Total cost for each type of machine:A (2): 186,000 min ÷ 60 = 3,100 hrs. x $10 = $31,000 + $80,000 = $111,000B (2) : 208,000 ÷ 60 = 3,466.67 hrs. x $11 = $38,133 + $60,000 = $98,133 C(1): 122,000 ÷ 60 = 2,033.33 hrs. x $12 = $24,400 + $80,000 = $104,400Buy 2 Bs —these have the lowest total cost.Chapter 05 - Process Selection and Facility Layout3.3 adf752 b4 c4 e9 h5 i6 gDesired output = 4Operating time = 56 minutesunit per minutes 14hourper units 4hourper minutes 65output Desired time Operating CT ===Task # of Following tasksPositional WeightA 4 23B 3 20C 2 18D 3 25E 2 18F 4 29G 3 24H 1 14 I5a. First rule: most followers. Second rule: largest positional weight.Assembly Line Balancing Table (CT = 14)Work StationTask Task TimeTime RemainingFeasible tasksRemainingIF 5 9 A,D,G A 3 6 B,G G6 – – II D7 7 B, E B 2 5 C C4 1 – III E 4 10 H H9 1 – IV I59–b. First rule: Largest positional weight.Assembly Line Balancing Table (CT = 14)Work StationTask Task TimeTime RemainingFeasible tasks RemainingIF 5 9 A,D,G D7 2 – II G 6 8 A, E A 3 5 B,E B2 3 – III C 4 10 E E4 6 – IV H 95 I I5–c. %36.805645stations of no. x CT time Total Efficiency ===4. a. l.2. Minimum Ct = 1.3 minutesTask Following tasksa 4b 3c 3d 2e 3f 2g 1habd cfeghWork StationEligible Assign Time RemainingIdle TimeIa A 1.1 b,c,e, (tie)B 0.7C 0.4E 0.3 0.3 II d D 0.0 0.0 IIIf,g F 0.5G 0.2 0.2 IVh H 0.1 0.10.63. percent 54.11)3.1(46.CT x N time)(idle percent Idle ==∑=4. 420 min./day 323.1 ( 323)/1.3 min./OT Output rounds to copiers day CT cycle=== b. 1. inutes m 3.224.6N time Total CT ,6.4 time Total ==== 2. Assign a, b, c, d, and e to station 1: 2.3 minutes [no idle time]Assign f, g, and h to station 2: 2.3 minutes3. 420182.6 copiers /2.3OT Output day CT ===4.420 min./dayMaximum Ct is 4.6. Output 91.30 copiers /4.6 min./day cycle==7. 1 5 4 3 8 762Chapter 06 - Work Design and Measurement3. Element PR OT NT AF job ST1 .90.46.414 1.15 .4762 .85 1.505 1.280 1.15 1.4723 1.10.83.913 1.15 1.05041.00 1.16 1.160 1.15 1.334Total4.3328. A = 24 + 10 + 14 = 48 minutes per 4 hours.min 125.720.11x70.5ST .min 70.5)95(.6NT 20.24048A =-=====9. a. Element PR OT NT A ST1 1.10 1.19 1.309 1.15 1.5052 1.15 .83 .955 1.15 1.09831.05.56.588 1.15 .676b.01.A 00.2z 034.s 83.x ==== 222(.034)67.12~68.01(.83)zs n observations ax ⎛⎫⎛⎫===⎪ ⎪⎝⎭⎝⎭c. e = .01 minutes 47 to round ,24.4601.)034(.2e zs n 22=⎪⎭⎫⎝⎛=⎪⎭⎫ ⎝⎛=Chapter 07- Location Planning and Analysis1. Factor Local bank Steel mill Food warehouse Public school1. Convenience forcustomers H L M–H M–H2. Attractiveness ofbuilding H L M M–H3. Nearness to rawmaterials L H L M4. Large amounts ofpower L H L L5. Pollution controls L H L L6. Labor cost andavailability L M L L7. Transportationcosts L M–H M–H M8. Constructioncosts M H M M–HLocation (a) Location (b)4. Factor A B C Weight A B C1. Business Services 9 5 5 2/9 18/9 10/9 10/92. Community Services 7 6 7 1/9 7/9 6/9 7/93. Real Estate Cost 3 8 7 1/9 3/9 8/9 7/94. Construction Costs 5 6 5 2/9 10/9 12/9 10/95. Cost of Living 4 7 8 1/9 4/9 7/9 8/96. Taxes 5 5 5 1/9 5/9 5/9 4/97. Transportation 6 7 8 1/9 6/9 7/9 8/9Total 39 44 45 1.0 53/9 55/9 54/9 Each factor has a weight of 1/7.a. Composite Scores 39 44 45 7 7 7B orC is the best and A is least desirable.b. Business Services and Construction Costs both have a weight of 2/9; the other factors eachhave a weight of 1/9.5 x + 2 x + 2 x = 1 x = 1/9c. Composite ScoresA B C 53/9 55/9 54/9B is the best followed byC and then A.5.Locationx yA 3 7B 8 2C 4 6D 4 1E 6 4Totals 25 20-x =∑x i= 25 = 5.0 -y =∑y i= 20 = 4.0 n 5 n 5Hence, the center of gravity is at (5,4) and therefore the optimal location.Chapter 08 - Management of Quality1. ChecksheetWork Type FrequencyLube and Oil 12Brakes 7Tires 6Battery 4Transmission 1Total 30Pareto127641 Lube & Oil Brakes Tires Battery Trans.2 .The run charts seems to show a pattern of errors possibly linked to break times or the end of the shift. Perhaps workers are becoming fatigued. If so, perhaps two 10 minute breaks in the morning and again in the afternoon instead of one 20 minute break could reduce some errors. Also, errors are occurring during the last few minutes before noon and the end of the shift, and those periods should also be given management’s attention.4Power Per LamMissDidn’Not OutletDefectBurn LoosLampOtheCordbreak lunch3 2•• •• •• • ••• • ••• •••• ••• •• • •• • •••Chapter 9 - Quality Control4. Sample Mean Range179.48 2.6 Mean Chart: =X ± A 2-R = 79.96 ± 0.58(1.87) 2 80.14 2.3 = 79.96 ± 1.083 80.14 1.2UCL = 81.04, LCL = 78.884 79.60 1.7 Range Chart: UCL = D 4-R = 2.11(1.87) = 3.95 5 80.02 2.0LCL = D 3-R = 0(1.87) = 0680.381.4[Both charts suggest the process is in control: Neither has any points outside the limits.]6. n = 200 Control Limits = np p p )1(2-±Thus, UCL is .0234 and LCL becomes 0.Since n = 200, the fraction represented by each data point is half the amount shown. E.g., 1 defective = .005, 2 defectives = .01, etc.Sample 10 is too large.7. 857.714110c ==Control limits: 409.8857.7c 3c ±=± UCL is 16.266, LCL becomes 0.All values are within the limits.14. Let USL = Upper Specification Limit, LSL = Lower Specification Limit,X = Process mean, σ = Process standard deviationFor process H:}{capablenot ,0.193.93.04.1 ,938.min 04.1)32)(.3(1516393.)32)(.3(1.14153<===-=σ-=-=σ-pk C X USL LSL X 0096.)200(1325==p 0138.0096.200)9904(.0096.20096.±=±=For process K:.1}17.1,0.1min{17.1)1)(3(335.3630.1)1)(3(30333===-=σ-=-=σ- C X USL LSL X pk Assuming the minimum acceptable pk C is 1.33, since 1.0 < 1.33, the process is not capable.For process T:33.1}33.1,67.1min{33.1)4.0)(3(5.181.20367.1)4.0)(3(5.165.183===-=σ-=-=σ- C X USL LSL X pk Since 1.33 = 1.33, the process is capable.Chapter 10 - Aggregate Planning and Master Scheduling7. a.No backlogs are allowedPeriod Mar. Apr. May Jun. July Aug. Sep. TotalForecast 50 44 55 60 50 40 51 350 Output Regular 40 40 40 40 40 40 40 280 Overtime 8 8 8 8 8 3 8 51 Subcontract 2 0 3 12 2 0 0 19 Output - Forecast 0 4 –4 0 0 3 –3 Inventory Beginning 0 0 4 0 0 0 3 Ending 0 4 0 0 0 3 0 Average 0 2 2 0 0 1.5 1.5 7 Backlog 0 0 0 0 0 0 0 0 Costs: Regular 3,200 3,200 3,200 3,200 3,200 3,200 3,200 22,400 Overtime 960 960 960 960 960 360 960 6,120 Subcontract 280 0 420 1,680280 0 0 2,660 Inventory 0 20 20 0 0 15 15 70 Total4,4404,1804,6005,8404,4403,575 4,17531,250b. Level strategyPeriod Mar. Apr. May Jun. July Aug. Sep. Total Forecast 50 44 55 60 50 40 51 350 OutputRegular 40 40 40 40 40 40 40 280 Overtime 8 8 8 8 8 8 8 56 Subcontract 2 2 2 2 2 2 2 14 Output - Forecast 0 6 –5 –10 0 10 –1InventoryBeginning 0 0 6 1 0 0 1Ending 0 6 1 0 0 1 0Average 0 3 3.5 .5 0 .5 .5 8 Backlog 0 0 0 9 9 0 0 18 Costs:Regular 3,200 3,200 3,200 3,200 3,200 3,200 3,200 22,400 Overtime 960 960 960 960 960 960 960 6,720 Subcontract 280 280 280 280 280 280 280 1,960 Inventory 30 35 5 0 5 5 80 Backlog 180 180 360 Total 4,440 4,470 4,475 4,625 4,620 4,445 4,445 31,520 8.Period 1 2 3 4 5 6 TotalForecast 160 150 160 180 170 140 960OutputRegular 150 150 150 150 160 160 920Overtime 10 10 0 10 10 10 50Subcontract 0 0 10 10 0 0 20Output- Forecast 0 10 0 –10 0 0InventoryBeginning 0 0 10 10 0 0Ending 0 10 10 0 0 0Average 0 5 10 5 0 0 20Backlog 0 0 0 0 0 0 0Costs:Regular 7,500 7,500 7,500 7,500 8,000 8,000 46,000Overtime 750 750 0 750 750 750 3,750Subcontract 0 0 800 800 0 0 1,600Inventory 20 40 20 80Backlog 0 0 0 0 0 0Total 8,250 8,270 8,340 9,070 9,050 8,750 51,430Chapter 11 - MRP and ERP1. a. F: 2 G: 1 H: 1J: 2 x 2 = 4 L: 1 x 2 = 2 A: 1 x 4 = 4D: 2 x 4 = 8 J: 1 x 2 = 2 D: 1 x 2 = 2Totals: F = 2; G = 1; H = 1; J = 6; D = 10; L = 2; A = 4b.4. Master Schedule Day Beg. Inv. 1 2 3 4 5 6 7 Quantity100 150 200 TableBeg. Inv. 1 2 3 4 5 6 7 Gross requirements 100 150 200 Scheduled receipts Projected on hand Net requirements 100 150 200 Planned-order receipts 100 150 200 Planned-order releases 100 150 200Wood Sections Beg. Inv. 1 2 3 4 5 6 7 Gross requirements 200300 400 Scheduled receipts 100 Projected on hand 100100 Net requirements 100 300 400 Planned-order receipts 100 300 400 Planned-order releases400 400Braces Beg. Inv. 1 2 3 4 5 6 7 Gross requirements 300 450 600 Scheduled receipts Projected on hand 60 60 60 60 Net requirements 240 450 600 Planned-order receipts 240 450 600Planned-order releases 240 450 600StaplerTopBaseCoveSpri SlideBase Strik RubberSlidSpriLegs Beg.Inv.1 2 3 4 5 6 7Gross requirements 400 600 800Scheduled receiptsProjected on hand 120 120 120 120 88 88 71 Net requirements 280 600 800Planned-order receipts 308 660 880Planned-order releases 968 88010. Week 1 2 3 4Material 40 80 60 70Week 1 2 3 4Labor hr. 160 320 240 280Mach. hr. 120 240 180 210a. Capacity utilizationWeek 1 2 3 4Labor 53.3% 106.7% 80% 93.3%Machine 60% 120% 90% 105%b. C apacity utilization exceeds 100% for both labor and machine in week 2, and formachine alone in week 4.Production could be shifted to earlier or later weeks in which capacity isunderutilized. Shifting to an earlier week would result in added carrying costs;shifting to later weeks would mean backorder costs.Another option would be to work overtime. Labor cost would increase due toovertime premium, a probable decrease in productivity, and possible increase inaccidents.Chapter 12 - Inventory Management2. The following table contains figures on the monthly volume and unit costs for a random sample of 16 items for a list of 2,000 inventory items. DollarItemUnit Cost UsageUsageCategoryK34 10 200 2,000 C K35 25 600 15,000 A K36 36 150 5,400 B M10 16 25 400 C M20 20 80 1,600 C Z45 80 250 16,000 A F14 20 300 6,000 B F95 30 800 24,000 A F99 20 60 1,200 C D45 10 550 5,500 B D48 12 90 1,080 C D52 15 110 1,650 C D57 40 120 4,800 B N08 30 40 1,200 C P05 16 500 8,000 BP091030300Ca. See table.b. To allocate control efforts.c. It might be important for some reason other than dollar usage, such as cost of astockout, usage highly correlated to an A item, etc.3. D = 1,215 bags/yr. S = $10 H = $75a. bags HDS Q 187510)215,1(22===b. Q/2 = 18/2 = 9 bagsc.orders ordersbags bags Q D 5.67/ 18 215,1== d . S QD H 2/Q TC +=350,1$675675)10(18215,1)75(218=+=+=e. Assuming that holding cost per bag increases by $9/bag/yearQ ==84)10)(215,1(217 bags71.428,1$71.714714)10(17215,1)84(217=+=+=TCIncrease by [$1,428.71 – $1,350] = $78.714.D = 40/day x 260 days/yr. = 10,400 packagesS = $60 H = $30a. oxes b 20496.2033060)400,10(2H DS 2Q 0====b. S QD H 2Q TC +=82.118,6$82.058,3060,3)60(204400,10)30(2204=+=+=c. Yesd. )60(200400,10)30(2200TC 200+=TC 200 = 3,000 + 3,120 = $6,1206,120 – 6,118.82 (only $1.18 higher than with EOQ, so 200 is acceptable.)7.H = $2/month S = $55D 1 = 100/month (months 1–6)D 2 = 150/month (months 7–12)a. 16.74255)100(2Q :D H DS2Q 010===83.90255)150(2Q :D 02==b. The EOQ model requires this.c. Discount of $10/order is equivalent to S – 10 = $45 (revised ordering cost)1–6 TC74 = $148.32180$)45(150100)2(2150TC 145$)45(100100)2(2100TC *140$)45(50100)2(250TC 15010050=+==+==+=7–12 TC 91 =$181.66195$)45(150150)2(2150TC *5.167$)45(100150)2(2100TC 185$)45(50150)2(250TC 15010050=+==+==+=10. p = 50/ton/day u = 20 tons/day200 days/yr. S = $100 H = $5/ton per yr.a. bags] [10,328 tons 40.5162050505100)000,4(2u p p H DS 2Q 0=-=-=b. ]bags 8.196,6 .approx [ tons 84.309)30(504.516)u p (P Q I max ==-=Average is92.154248.309:2I max =tons [approx. 3,098 bags] c. Run length =days 33.10504.516P Q == d. Runs per year = 8] approx .[ 7.754.516000,4QD == e. Q ' = 258.2TC =S QD H 2I max + TC orig. = $1,549.00 TC rev. = $ 774.50Savings would be $774.50D= 20 tons/day x 20015. RangeP H Q D = 4,900 seats/yr. 0–999 $5.00 $2.00 495 H = .4P 1,000–3,999 4.95 1.98 497 NF S = $50 4,000–5,999 4.90 1.96 500 NF 6,000+4.851.94503 NFCompare TC 495 with TC for all lower price breaks:TC 495 =495 ($2) + 4,900($50) + $5.00(4,900) = $25,490 2 495 TC 1,000 = 1,000 ($1.98) + 4,900($50) + $4.95(4,900) = $25,4902 1,000 TC 4,000 = 4,000 ($1.96) + 4,900($50) + $4.90(4,900) = $27,9912 4,000 TC 6,000 = 6,000 ($1.94) + 4,900($50) + $4.85(4,900) = $29,6262 6,000Hence, one would be indifferent between 495 or 1,000 units 22. d = 30 gal./day ROP = 170 gal. LT = 4 days,ss = Z σd LT = 50 galRisk = 9% Z = 1.34 Solving, σd LT = 37.31 3% Z = 1.88, ss=1.88 x 37.31 = 70.14 gal.Chapter 13 - JIT and Lean Operations1. N = ?N = DT(1 + X)D = 80 pieces per hourC T = 75 min. = 1.25 hr. = 80(1.25) (1.35)= 3C = 45 45X = .35• •• •495 497 500 5031,0004,000 6,000QuantityTC4. The smallest daily quantity evenly divisible into all four quantities is 3. Therefore, usethree cycles.Product Daily quantity Units per cycleA 21 21/3 = 7B 12 12/3 = 4C 3 3/3 = 1D 15 15/3 = 55.a. Cycle 1 2 3 4A 6 6 5 5B 3 3 3 3C 1 1 1 1D 4 4 5 5E 2 2 2 2 b. Cycle 1 2A 11 11B 6 6C 2 2D 8 8E 4 4c. 4 cycles = lower inventory, more flexibility2 cycles = fewer changeovers7. Net available time = 480 – 75 = 405. Takt time = 405/300 units per day = 1.35 minutes. Chapter 15 - Scheduling6. a. FCFS: A–B–C–DSPT: D–C–B–AEDD: C–B–D–ACR: A–C–D–BFCFS: Job time Flow time Due date DaysJob (days) (days) (days) tardyA 14 14 20 0B 10 24 16 8C 7 31 15 16D 6 37 17 2037 106 44SPT: Job time Flow time Due date Days Job (days) (days) (days) tardyD 6 6 17 0C 7 13 15 0B 10 23 16 7A 14 37 20 1737 79 24EDD: Job time Flow time Due date DaysJob (days) (days) (days) tardyC 7 7 15 0B 10 17 16 1D 6 23 17 6A 14 37 20 1784 24Critical RatioJob Processing Time(Days) Due Date Critical Ratio CalculationA 14 20 (20 – 0) / 14 = 1.43B 10 16 (16 – 0) /10 = 1.60C 7 15 (15 – 0) / 7 = 2.14D 6 17 (17 – 0) / 6 = 2.83Job A has the lowest critical ratio, therefore it is scheduled first and completed on day 14. After the completion of Job A, the revised critical ratios are:Job Processing Time(Days) Due Date Critical Ratio CalculationA –––B 10 16 (16 – 14) /10 = 0.20C 7 15 (15 – 14) / 7 = 0.14D 6 17 (17 – 14) / 6 = 0.50Job C has the lowest critical ratio, therefore it is scheduled next and completed on day 21. After the completion of Job C, the revised critical ratios are:Job Processing Time(Days) Due Date Critical Ratio CalculationA –––B 10 16 (16 – 21) /10 = –0.50C –––D 6 17 (17 – 21) / 6 = –0.67Job D has the lowest critical ratio therefore it is scheduled next and completed on day 27. The critical ratio sequence is A –C –D –B and the makespan is 37 days. Critical Ratio sequenceProcessing Time(Days)Flow time Due Date TardinessA 14 14 20 0 C 7 21 15 6 D 6 27 17 10 B1037 16 21 ∑9937b.ardi Flow time Average flow time Number of jobsDays tardy Average job t ness Number of jobs Flow timeAverage number of jobs at the center Makespan==∑=FCFS SPT EDD CR26.50 19.75 21.00 24.75 11.0 6.00 6.00 9.25 2.86 2.142.272.67c. SPT is superior.9.Time (hr.) Sequence of assignment:Order Step 1 Step 2A 1.20 1.40 .80 [C] last (or 7th)B 0.90 1.30 .90 [B] firstC 2.00 0.80 1.20 [A] 2ndD 1.70 1.50 1.30 [G] 3rdE 1.60 1.80 1.60 [E] 4thF 2.20 1.75 1.50 [D] 6th G1.301.401.75[F]5thThus, the sequence is b-a-g-e-f-d-c.。
新编简明英语语言学教程第二版课后参考答案
新编简明英语语言学教程第二版课后参考答案 Last updated on the afternoon of January 3, 2021《新编简明英语语言学教程》第二版练习题参考答案Chapter 1 Introduction1. How do you interpret the following definition of linguistics: Linguistics is the scientific study of language.答： Linguistics is based on the systematic investigation of linguistic data, conducted with reference to some general theory of language structure. In order to discover the nature and rules of the underlying language system, the linguists has to collect and observe language facts first, which are found to display some similarities, and generalizations are made about them; then he formulates some hypotheses about the language structure. The hypotheses thus formed have to be checked repeatedly against the observed facts to fully prove their validity. In linguistics, as in any other discipline, data and theory stand in a dialectical complementation, that is, a theory without the support of data can hardly claim validity, and data without being explained by some theory remain a muddled mass of things.2. What are the major branches of linguistics What does each of them study答： The major branches of linguistics are:(1) phonetics: it studies the sounds used in linguistic communication;(2) phonology: it studies how sounds are put together and used to convey meaning in communication;(3) morphology: it studies the way in which linguistic symbols representing sounds are arranged and combined to form words;(4) syntax: it studies the rules which govern how words are combined to form grammatically permissible sentences in languages;(5) semantics: it studies meaning conveyed by language;(6) pragmatics: it studies the meaning in the context of language use.3. In what basic ways does modern linguistics differ from traditional grammar?答： The general approach thus traditionally formed to the study of language over the years is roughly referred to as “traditional grammar.” Modern linguistics differs from traditional grammar in several basic ways.Firstly, linguistics is descriptive while traditional grammar is prescriptive.Second, modem linguistics regards the spoken language as primary, not the written. Traditional grammarians, on the other hand, tended to emphasize, maybe over-emphasize, the importance of the written word, partly because of its permanence.Then, modem linguistics differs from traditional grammar also in that it does not force languages into a Latin-based framework.4. Is modern linguistics mainly synchronic or diachronic Why答： In modem linguistics, a synchronic approach seems to enjoy priority over a diachronic one. Because people believed that unless the various states of a language in different historical periods are successfully studied, it would be difficult to describe the changes that have taken place in its historical development.5. For what reasons does modern linguistics give priority to speech rather than to writing? 答： Speech and writing are the two major media of linguistic communication. Modem linguistics regards the spoken language as the natural or the primary medium of human language for some obvious reasons. From the point of view of linguistic evolution, speech is prior to writing. The writing system of any language is always “invented” by its users to record speech when the need arises. Even in today's world there are still many languages that can only be spoken but not written. Then in everyday communication, speech plays a greater role than writing in terms of the amount of information conveyed. And also, speech is always the way in which every native speaker acquires his mother tongue, and writing is learned and taught later when he goes to school. For modern linguists, spoken language reveals many true features of human speech while written language is o nly the “revised” record of speech. Thus their data for investigation and analysis are mostly drawn from everyday speech, which they regard as authentic.6. How is Saussure's distinction between langue and parole similar to Chomsky's distinction between competence and performance?答： Saussure's distinction and Chomsky's are very similar, they differ at least in that Saussure took a sociological view of language and his notion of langue is a matter of social conventions, and Chomsky looks at language from a psychological point of view and to him competence is a property of the mind of each individual.7. What characteristics of language do you think should be included in a good, comprehensive definition of language?答： First of all, language is a system, ., elements of language are combined according to rules.Second, language is arbitrary in the sense that there is no intrinsic connection between a linguistic symbol and what the symbol stands for.Third, language is vocal because the primary medium for all languages is sound. Fourth, language is human-specific, i. e., it is very different from the communication systems other forms of life possess.8. What are the main features of human language that have been specified by C. Hockett to show that it is essentially different from animal communication system?答：The main features of human language are termed design features. They include:1) ArbitrarinessLanguage is arbitrary. This means that there is no logical connection between meanings and sounds. A good example is the fact that different sounds are used to refer to the same object in different languages.2) ProductivityLanguage is productive or creative in that it makes possible the construction and interpretation of new signals by its users. This is why they can produce and understand an infinitely large number of sentences, including sentences they have never heard before.3) DualityLanguage consists of two sets of structures, or two levels. At the lower or the basic level there is a structure of sounds, which are meaningless by themselves. But the sounds of language can be grouped and regrouped into a large number of units of meaning, which are found at the higher level of the system.4) DisplacementLanguage can be used to refer to things which are present or not present, real or imagined matters in the past, present, or future, or in far-away places. In other words, language can be used to refer to contexts removed from the immediate situations of the speaker. This is what “displacement” means.5) Cultural transmissionWhile human capacity for language has a genetic basis, ., we were all born with the ability to acquire language, the details of any language system are not genetically transmitted, but instead have to be taught and learned.9. What are the major functions of language Think of your own examples for illustration. 答： Three main functions are often recognized of language: the descriptive function, the expressive function, and the social function.The descriptive function is the function to convey factual information, which can be asserted or denied, and in some cases even verified. For examp le: “China is a large country with a long history.”The expressive function supplies information about the user’s feelings, preferences, prejudices, and values. For example: “I will never go window-shopping with her.”The social function serves to establish and maintain social relations between people. . For example: “We are your firm supporters.”Chapter 2 Speech Sounds1. What are the two major media of linguistic communication Of the two, which one is primary and why答： Speech and writing are the two major media of linguistic communication.Of the two media of language, speech is more primary than writing, for reasons, please refer to the answer to the fifth problem in the last chapter.2. What is voicing and how is it caused?答： Voicing is a quality of speech sounds and a feature of all vowels and some consonants in English. It is caused by the vibration of the vocal cords.3. Explain with examples how broad transcription and narrow transcription differ?答： The transcription with letter-symbols only is called broad transcription. This is the transcription normally used in dictionaries and teaching textbooks for general purposes. The latter, . the transcription with letter-symbols together with the diacritics is called narrow transcription. This is the transcription needed and used by the phoneticians in their study of speech sounds. With the help of the diacritics they can faithfully represent as much of the fine details as it is necessary for their purpose.In broad transcription, the symbol [l] is used for the sounds [l] in the four words leaf [li:f], feel [fi:l], build [bild], and health [helθ]. As a matter of fact, the sound [l] in all these four sound combinations differs slightly. The [l] in [li:f], occurring before a vowel, is called a dear [l], and no diacritic is needed to indicate it; the [1] in [fi:l] and [bild], occurring at the end of a word or before another consonant, is pronounced differently from the clear [1] as in “leaf”. It is called dark [] and in narrow transcription the d iacritic [] is used to indicate it. Then in the sound combination [helθ], the sound [l] is followed by the English dental sound [θ], its pronunciation is somewhat affected by the dental sound that follows it. It is thus called a dental [l], and in narrow transcription the diacritic [、] is used to indicate it. It istranscribed as [helθ].Another example is the consonant [p]. We all know that [p] is pronounced differently in the two words pit and spit. In the word pit, the sound [p] is pronounced with a strong puff of air, but in spit the puff of air is withheld to some extent. In the case of pit, the [p] sound is said to be aspirated and in the case of spit, the [p] sound is unaspirated. This difference is not shown in broad transcription, but in narrow transcription, a small raised “h” is used to show aspiration, thus pit is transcribed as [pht] and spit is transcribed as [spt].4. How are the English consonants classified答： English consonants can be classified in two ways: one is in terms of manner of articulation and the other is in terms of place of articulation. In terms of manner of articulation the English consonants can be classified into the following types: stops, fricatives, affricates, liquids, nasals and glides. In terms of place of articulation, it can be classified into following types: bilabial, labiodental, dental, alveolar, palatal, velar and glottal.5. What criteria are used to classify the English vowels?答： Vowels may be distinguished as front, central, and back according to which part of the tongue is held highest. To further distinguish members of each group, we need to apply another criterion, . the openness of the mouth. Accordingly, we classify the vowels into fourgroups: close vowels, semi-close vowels, semi-open vowels, and open vowels. A third criterion that is often used in the classification of vowels is the shape of the lips. In English, all the front vowels and the central vowels are unfounded vowels, i. e., without rounding the lips, and all the back vowels, with the exception of [a:], are rounded. It should be noted that some front vowels can be pronounced with rounded lips.6. A. Give the phonetic symbol for each of the following sound descriptions:1) voiced palatal affricate2) voiceless labiodental fricative3) voiced alveolar stop4) front, close, short5) back, semi-open, long6) voiceless bilabial stopB. Give the phonetic features of each of the following sounds:1) [ t ] 2) [ l ] 3) [] 4) [w] 5) [] 6) []答：A. (1) [] (2) [ f ] (3) [d ] (4) [ ] (5) [ :] (6) [p]B. (1) voiceless alveolar stop (2) voiced alveolar liquid(3) voiceless palatal affricate (4) voiced bilabial glide(5) back, close, short (6) front, open7. How do phonetics and phonology differ in their focus of study Who do you think will be more interested in the difference between, say, [l] and [], [ph] and [p], a phonetician or a phonologist Why答： (1) Both phonology and phonetics are concerned with the same aspect of language ––the speech sounds. But while both are related to the study of sounds,, they differ in their approach and focus. Phonetics is of a general nature; it is interested in all the speech sounds used in all human languages: how they are produced, how they differ from each other, what phonetic features they possess, how they can be classified, etc. Phonology, on the other hand, aims to discover how speech sounds in a language form patterns and how these sounds are used to convey meaning in linguistic communication.(2) A phonologist will be more interested in it. Because one of the tasks of the phonologists is to find out rule that governs the distribution of [l] and [], [ph] and [p].8. What is a phone How is it different from a phoneme How are allophones related to a phoneme答： A phone is a phonetic unit or segment. The speech sounds we hear and produce during linguistic communication are all phones. A phoneme is not any particular sound, but rather it is represented or realized by a certain phone in a certain phonetic context. The different phones which can represent a phoneme in different phonetic environments are called the allophones of that phoneme. For example, the phoneme /l/ in English can be realized as dark [], clear [l], etc. which are allophones of the phoneme /l/.9. Explain with examples the sequential rule, the assimilation rule, and the deletion rule. 答： Rules that govern the combination of sounds in a particular language are called sequential rules.There are many such sequential rules in English. For example, if a word begins with a [l] or a [r], then the next sound must be a vowel. That is why [lbik] [lkbi] are impossible combinations in English. They have violated the restrictions on the sequencing of phonemes. The assimilation rule assimilates one sound to another by “copying” a feature of a sequential phoneme, thus making the two phones similar. Assimilation of neighbouring sounds is, for the most part, caused by articulatory or physiological processes. When we speak, we tend to increase the ease of articulation. This “sloppy” tendency may become regularized as rules of language.We all know that nasalization is not a phonological feature in English, ., it does not distinguish meaning. But this does not mean that vowels in English are never nasalized in actual pronunciation; in fact they are nasalized in certain phonetic contexts. For example, the [i:] sound is nasalized in words like bean, green, team, and scream. This is because in all these sound combinations the [i:] sound is followed by a nasal [n] or [m].The assimilation rule also accounts for the varying pronunciation of the alveolar nasal [n] in some sound combinations. The rule is that within a word, the nasal [n] assumes the same place of articulation as the consonant that follows it. We know that in English the prefix in- can be added to ma adjective to make the meaning of the word negative, . discreet –indiscreet, correct – incorrect. But the [n] sound in the prefix in- is not always pronounced as an alveolar nasal. It is so in the word indiscreet because the consonant that follows it, . [d], is an alveolar stop, but the [n] sound in the word incorrect is actually pronounced as a velar nasal, . []; this is because the consonant that follows it is [k], which is a velar stop. So we can see that while pronouncing the sound [n], we are “copying” a feature of the consonant that follows it. Deletion rule tells us when a sound is to be deleted although it is orthographically represented. We have noticed that in the pronunciation of such words as sign, design, and paradigm, there is no [g] sound although it is represented in spelling by the letter g. But in their corresponding forms signature, designation, and paradigmatic, the [g] represented by the letter g is pronounced. The rule can be stated as: Delete a [g] when it occurs before a final nasal consonant. Given the rule, the phonemic representation of the stems in sign –signature, resign – resignation, phlegm – phlegmatic, paradigm – paradigmatic will include the phoneme /g/, which will be deleted according to the regular rule if no suffix is added. 10. What are suprasegmental features How do the major suprasegmental features of English function in conveying meaning答： The phonemic features that occur above the level of the segments are called suprasegmental features. The main suprasegmental features include stress, intonation, and tone. The location of stress in English distinguishes meaning. There are two kinds of stress:word stress and sentence stress. For example, a shift of stress may change the part of speechof a word from a noun, to a verb although its spelling remains unchanged. Tones are pitchvariations which can distinguish meaning just like phonemes.Intonation plays an important role in the conveyance of meaning in almost everylanguage, especially in a language like English. When spoken in different tones, the samesequence of words may have different meanings.Chapter 3 Morphology1. Divide the following words into th eir separate morphemes by placing a “+” between eachmorpheme and the next:a. microfile e. telecommunicationb. bedraggled f. forefatherc. announcement g. psychophysicsd. predigestion h. mechanist答：a. micro + file b. be + draggle + edc. announce + mentd. pre + digest + ione. tele + communicate + ionf. fore + fatherg. psycho + physics h. mechan + ist2. Think of three morpheme suffixes, give their meaning, and specify the types of stem theymay be suffixed to. Give at least two examples of each.Model: -orsuffix: -ormeaning: the person or thing performing the actionstem type: added to verbsexamples: actor, “one who acts in stage plays, motion pictures, etc.” translator, “onewho translates”答：(1) suffix: -ablemeaning: something can be done or is possiblestem type: added to verbsexamples: acceptable, “can be accepted”respectable, “can be respected”(2) suffix: -lymeaning: functionalstem type: added to adjectivesexamples: freely. “adverbial form of ‘free’ ”quickly, “adverbial form of 'quick' ”.(3) suffix: -eemeaning: the person receiving the actionstem type: added to verbsexamples: employee, “one who works in a company”interviewee, “one who is interviewed”3. Think of three morpheme prefixes, give their meaning, and specify the types of stem they may be prefixed to. Give at least two examples of each.Model: a-prefix: a-meaning: “without; not”stem type: added to adjectivesexamples: asymmetr ic, “lacking symmetry” asexual, “without sex or sex organs”答：(1) prefix: dis-meaning: showing an oppositestem type: added to verbs or nounsexamples : disapprove, “do not approve”dishonesty, “lack of honesty”.(2) prefix: anti-meaning: against, opposed tostem type: added to nouns or adjectivesexamples : antinuclear, “opposing the use of atomic weapons and power”antisocial, “opposed or harmful to the laws and customs of an organized community. ”(3) prefix: counter-meaning: the opposite ofstem type: added to nouns or adjectives.examples: counterproductive, “producing results opposite to those intended”counteract, “act against and reduce the force or effect of (sth.) ”4. The italicized part in each of the following sentences is an inflectional morpheme. Study each inflectional morpheme carefully and point out its grammatical meaning.Sue moves in high-society circles in London.A traffic warden asked John to move his car.The club has moved to Friday, February 22nd.The branches of the trees are moving back and forth.答：(1) the third person singular(2) the past tense(3) the present perfect(4) the present progressive5. Determine whether the words in each of the following groups are related to one another by processes of inflection or derivation.a) go, goes, going, goneb) discover, discovery, discoverer, discoverable, discoverabilityc) inventor, inventor’s, inventors, inventors’d) democracy, democrat, democratic, democratize答：(略)6. The following sentences contain both derivational and inflectional affixes. Underline all of the derivational affixes and circle the inflectional affixes.a) The farmer’s cows escaped.b) It was raining.c) Those socks are inexpensive.d) Jim needs the newer copy.e) The strongest rower continued.f) She quickly closed the book.g) The alphabetization went well.答：(略)Chapter 4 Syntax1. What is syntax?Syntax is a branch of linguistics that studies how words are combined to form sentences and the rules that govern the formation of sentences.2. What is phrase structure rule?The grammatical mechanism that regulates the arrangement of elements . specifiers, heads, and complements) that make up a phrase is called a phrase structure rule.The phrase structural rule for NP, VP, AP, and PP can be written as follows:NP →(Det) N (PP) ...VP →(Qual) V (NP) ...AP → (Deg) A (PP) ...PP → (Deg) P (NP) ...We can formulate a single general phrasal structural rule in which X stands for the3. What is category How to determine a word's category?Category refers to a group of linguistic items which fulfill the same or similar functions in a particular language such as a sentence, a noun phrase or a verb.To determine a word's category, three criteria are usually employed, namely meaning, inflection and distribution.若详细回答，则要加上：Word categories often bear some relationship with its meaning. The meanings associated with nouns and verbs can be elaborated in various ways. The property or attribute of the entities denoted by nouns can be elaborated by adjectives. For example, when we say that pretty lady, we are attributing the property ‘pretty’ to the lady designated by the noun.Similarly, the properties and attributes of the actions, sensations and states designated by verbs can typically be denoted by adverbs. For example, in Jenny left quietly the adverb quietly indicates the manner of Jenny's leaving.The second criterion to determine a word's category is inflection. Words of different categories take different inflections. Such nouns as boy and desk take the plural affix -s. Verbs such as work and help take past tense affix -ed and progressive affix -ing. And adjectives like quiet and clever take comparative affix -er and superlative affix -est. Although inflection is very helpful in determining a word's category, it does not always suffice. Some words do not take inflections. For example, nouns like moisture, fog, do not usually take plural suffix -s and adjectives like frequent, intelligent do not take comparative and superlative affixes -er and -est.The last and more reliable criterion of determining a word's category is its distribution. That is what type of elements can co-occur with a certain word. For example, nouns can typically appear with a determiner like the girl and a card, verbs with an auxiliary such as should stay and will go, and adjectives with a degree word such as very cool and too bright.A word's distributional facts together with information about its meaning and inflectional capabilities help identify its syntactic category.4. What is coordinate structure and what properties does it have?The structure formed by joining two or more elements of the same type with the help of a conjunction is called coordinate structures.It has (或写Conjunction exhibits) four important properties:1) There is no limit on the number of coordinated categories that can appear prior to theconjunction.2) A category at any level (a head or an entire XP) can be coordinated.3) Coordinated categories must be of the same type.4) The category type of the coordinate phrase is identical to the category type of theelements being conjoined.5. What elements does a phrase contain and what role does each element play?A phrase usually contains the following elements: head, specifier and complement. Sometimes it also contains another kind of element termed modifier.The role each element can play:Head:Head is the word around which a phrase is formed.Specifier:Specifier has both special semantic and syntactic roles. Semantically, it helps tomake more precise the meaning of the head. Syntactically, it typically marks a phrase boundary.Complement:Complements are themselves phrases and provide information about entities andlocations whose existence is implied by the meaning of the head.Modifier:Modifiers specify optionally expressible properties of the heads.6. What is deep structure and what is surface structure?There are two levels of syntactic structure. The first, formed by the XP rule in accordance with the head's subcategorization properties, is called deep structure (or D-structure). The second, corresponding to the final syntactic form of the sentence which results from appropriate transformations, is called surface structure (or S-structure).（以下几题只作初步的的成分划分，未画树形图, 仅供参考）7. Indicate the category of each word in the following sentences.a) The old lady got off the bus carefully.Det A N V P Det N Advb) The car suddenly crashed onto the river bank.Det N Adv V P Det Nc) The blinding snowstorm might delay the opening of the schools.Det A N Aux V Det N P Det Nd) This cloth feels quite soft.Det N V Deg A8. The following phrases include a head, a complement, and a specifier. Draw the appropriate tree structure for each.a) rich in mineralsXP(AP) → head (rich) A + complement (in minerals) PPb) often read detective storiesXP(VP) →specifier (often) Qual +head (read) V +complement (detective stories) NP c) the argument against the proposalsXP(NP) →specifier (the) Det +head (argument) N +complement (against theproposals) PPd) already above the windowXP(VP) →specifier (already) Deg +head (above) P +complement (the window) NP d) The apple might hit the man.S →NP (The apple) + Infl (might) +VP (hit the man)e) He often reads detective stories.S →NP (He) +VP (often reads detective stories)9. The following sentences contain modifiers of various types. For each sentence, first identify the modifier(s), then draw the tree structures.（斜体的为名词的修饰语，划底线的为动词的修饰语）a) A crippled passenger landed the airplane with extreme caution.b) A huge moon hung in the black sky.c) The man examined his car carefully yesterday.d) A wooden hut near the lake collapsed in the storm.10. The following sentences all contain conjoined categories. Draw a tree structure for each of the sentences.（划底线的为并列的范畴）a) Jim has washed the dirty shirts and pants.b) Helen put on her clothes and went out.c) Mary is fond of literature but tired of statistics.11. The following sentences all contain embedded clauses that function as complements of a verb, an adjective, a preposition or a noun. Draw a tree structure for each sentence.a) You know that I hate war.b) Gerry believes the fact that Anna flunked the English exam.c) Chris was happy that his father bought him a Rolls-Royce.d) The children argued over whether bats had wings.12. Each of the following sentences contains a relative clause. Draw the deep structure and the surface structure trees for each of these sentences.a) The essay that he wrote was excellent.b) Herbert bought a house that she lovedc) The girl whom he adores majors in linguistics.13. The derivations of the following sentences involve the inversion transformation. Give the deep structure and the surface structure of each of these sentences. （斜体的为深层结构，普通字体的为表层结构）a) Would you come tomorrow?you would come tomorrowb) What did Helen bring to the party?Helen brought what to the partyc) Who broke the window?who broke the windowChapter 5 Semantics。
英国文学史部分课后答案
Chapter11. Given an account of the history of England from the Celtic settlement to the Nor man Conquest.●600 BC ,Celts (tribal)(Britons is a branch of Celts) began to migrate to the British Isles●55 BC-407 AD, Julius Caesar invaded Britain, defeated Celts, and began nearly four centuries ofRoman occupation●450 AD, The “Saxons”(the Teutonic or Germanic tribes of Angles, Saxons, Jutes) ( originallyseafaring people along the coast of Denmark and Germany)came to the British Isles and drove the Celts to Wales, Scotland and Ireland, and settled down themselves and named the central part of the island “England”, became the masters of England and the ancestors of the English people.●Late 8-9th century, Viking(the Danes from Scandinavia ) invasions and be defeated by theWessex King, Alfred the Great (849-c899)●1066, Norman Conquest (from Normandy in northern France) : William, Duke of Normandy,defeated Harold (the last Saxon king) and became the King of England.2. How did Christianity come to England? Name the most important monasteries of this period.●It was in the year of 597 that Pope Gregory the Great of the Roman Catholic Church sent St.Augustine to England to convert the Anglo-Saxons. King Ethelbert of the Kent was the first to be converted and he founded in Kent the Canterbury Abbey. In the north, the earlier Christianized Ireland was engaged in sending missionaries to the Angles. The monasteries built by them in North Umbria were the earliest civilizing influences, and the well-known North Umbria School in literary history refers to the learned monks in these monasteries. From Canterbury and North Umbria, Christianity spread throughout the country.3. Analyze the artistic features of Beowulf, using the quoted passage to illustrate your points.①he most noticeable artistic feature of Beowulf is alliteration.②Another peculiar feature characteristic is the frequent use of kennings, to poetically present the meaning of one single word through a compound simile of two elements.③Finally, the general mood and spirit of Anglo-Saxon epic poetry is both solemn and animated, Chapter 21. What was the social and class reality of the Anglo-Norman period?●After 1066, the Anglo-Norman period began. The Norman was in origin Scandinavian. Theyprotected their feudal monarchy by a strong power. William the Conqueror divided the land of England among his followers who became barons, which the defeated Anglo-Saxons worked as serfs and peasants for them and were cruelly exploited and oppressed. Besides the king and the lords, one third of the land in the land in the country was owned by the Church. Norman-Frenchwas made the official language of the state, while English was ignored. The lowly people kept to English and gradually the invaders were assimilated. the English language survived, and becamea richer and more mature language after absorbing a great many French words into its vocabulary.At this time that the English language lost most of its old Anglo-Saxons flexions.2. Tell the three divisions of romances according to subject matter and give an example of the Matter of Britain.●Romances can be divided according to their subjects into three groups: Matter of France, Matterof Rome, and Matter of Britain. Matter of Britain: e.g. the Arthurian cycle which has its origin in the Celtic legends and consists of adventures of King Arthur and his Round-Table Knights, and Sir Gawain and Lancelot, Merlin the Magician, the quest of the Holy Grail.3. Say as much as you know about Chaucer‟s life and works.●Geoffrey Chaucer, a great narrative poet, is thought of as Father of English Poetry. He was born ina well-to-do wine merchant‟s family in London and studied at Oxford and Cambridge. In 1836he was elected during Member of Parliament. In 1389 he was made Clerk of the King‟s W orks at Westminster and Windsor. After he died, he was buried in the Westminster Abbey.●Chaucer‟s creative career is usually divided into three phases. 1, the phase of French influence, inwhich he did translations from French authors, e.g. the famous Romance of the Rose,and experimented with rhythm and structure though mostly following the conventional images and ideas. He favored and wrote allegorical visions and satires in the manner of middle Ages. The most significant work of this period is The Book of Duchess. 2, the phase of Italian influence, in which he showed an effort to learn from the Italian great poets such as Dante. The House of Fame, The Parliament of Fowls and Troilus and Criseyde are poems of this phase. 3, the English phases, or the phase of realism, in which his masterpiece The Canterbury Tales wad created.4. Comment on the artistic features of Canterbury tales.● 1 Realistic Presentation of Characters and Contemporary life. First of all we must mentionChaucer‟s realistic presentation of characters. The poet tries to give a comprehensive picture of the English society of his time and arranges to present a colorful gallery of pilgrims that covers a great range of social life.2 Chaucer‟s Humor: The Canterbury Tales wins readers with its humo r.He is well-skilled in mild and subtle irony to create humorous effects.3 unity Through a Framed Story: the Canterbury Tales is a framed story.5. Sum up Chaucer‟s achievements and contributions.●Chaucer learned from both French and Latin poetry and then worked out a unique style for theEnglish poetry. The realism and humanistic concerns demonstrated in his works looked forward to the coming English Renaissance. Because he uses the English of the London dialect tocompose poetry, it becomes a literary language, that is a language rich and expressive enough to use for literary purposes. We call the English used and developed by Chaucer and his contemporaries Middle English, which was the foundation of modern English.Chapter 31) How did England become the most powerful country during the Tudor reign?●King Henry Ⅷ of the Tudor House, who reigned from 1509 to 1547 broke from the RomanCatholic Church, dissolved all the monasteries and abbeys in England, confiscated their lands and made himself head of the Church of England. Henry Ⅷ also adopted policies to please the rich merchants, handicraftsmen and manufacturers who formed the newly-born middle classes.The Tudor reign reached its summit during the time of Queen Elizabeth, who adopted moderate policies to achieve a balance both between the rising middle class and the feudal lords and between the Protestants and the Catholics. It was a peaceful time and England becomes a powerful state.2) What does the word …renaissance‟ mean and why do we call this historical period the Englishrenaissance period?●Renai ssance is a fence word, meaning …rebirth‟ or …revival‟, and in particular context, it means therevival of arts and sciences of ancient Greece and Rome after the long years of neglect in the medieval time. In England at first a great number of classical works were translated into English in the 15th and 16th centuries and English scholars and men of letters showed a strong interest in ancient Greek and Roman science. They followed in the wake of the intellectual and literary movement which began in the 14th century in Italy and later spread to France, Spain, Holland and other western European countries.3) Give a brief account of Thomas More‟s life and his major work Utopia.●Thomas More (1478~1535), a Parliament member and a judge by profession .he devoted hisspare time to writing and wrote the famous book Utopia in Latin, which was published in 1516.In the book More meets a traveler at Antwerp, who has seen a place called Utopia relend of nowhere‟, where communism is adopted as the social system, education is offered to all people, including women, and religious differences are tolerated. More is remembered for Utopia, which is first real significant expression of the English humanist ideal.4）Name Spenser`s major literary work and tell what it is about.●Edmund Spenser (1552~1599)●The Shepheardes Calender(1579), Spenser`s first important work, is a pastoral poem of 12 parts,one part for one month of the year, giving descriptions monthly of the English countryside. Thepoem is written in the tradition of Virgil`s verse dialogues with characters of shepherds and shepherdesses, but the main themes embodied are love, poetry and religion.●The Faerie Queene (1569), Spenser`s major achievement, however, is unfinished. It is anallegorical romance in verse. According to his plan, there should be 12 books, each telling the adventures of one knight dispatched by the Faerie Queen, Gloria, who represents glory in the general and Queen Elizabeth in particular.5）What are Bacon`s chief contributions?●The Advancement of Learning (1605), his classifies all branches of learning, which had a greatinfluence on the 18th~century compilers of encyclopedias and the 19th~century Comtians. In his Latin work Novum Organum(1620) Bacon presents his theory of scientific method which teaches how to interpret nature, discusses natural history including several natural phenomena such as the winds, and gives examples of his new method in use. Bacon is regarded as a forerunner of modern science and scientific learning.6). Who was the greatest playwright before Shakespeare? Discuss one of his plays.●Christopher Marlowe●Tamberlaine, the Great (1587), written in blank verse, is the life story of Timur the Tartar. In part 1,Marlowe shows how Tamburlaine rose to power from a shepherd-robber by defeating the king of Persia. Then he conquered the Turkish Emperor and the Soldan of Egypt. Part 2 tells more of his conquests, which went as far as Babylon. The play ended with tamburlaine`s death. In Tamburlaine we see the Renaissance pursuit of man`s power and authority. He is ruthless toward his enemies, but at the same time is capable of passionate love for the daughter of the Egyptian Soldan.7). What kind of comedy is Ben Jonson`s special contribution? And as a playwright how different is Ben Jonson from SP?●Jonson‟s theory of “humours” reduces his characters to types who represent greed,vanity,falsehood. They are flat, one-sided and have no development. Unlike him, Shakespeare digs deep into human nature and depicts the complexities of human relations. Also, Ben Jonson advocates classic Roman and Greek masters, strictly observes the three unities and disapproves of any mixture of the tragic with the comic, while Shakespeare creates according to his own judgment and the taste of the audience, and is very flexible in his handing of drama rules set by his predecessors. he was not pleased with Shakespeare for some time and criticized him for lacking good education. Their differences were so obvious that later Samuel Johnosn described one as the poet of art and the other as the poet of nature.Chapter 41) 。
科特勒市场营销第十二章习题与答案
Chapter 12 Marketing Channels: Delivering Customer Value1) Which of the following is NOT a typical supply chain member?A) resellersB) customersC) intermediariesD) government agenciesE) raw materials supplierAnswer: DDiff: 1 Page Ref: 337Skill: ConceptObjective: 12-12) ________ the manufacturer or service provider is the set of firms that supply the raw materials, components, parts, information, finances, and expertise needed to create a product or service.A) Downstream fromB) Upstream fromC) Separated fromD) Congruous toE) Parallel withAnswer: BDiff: 2 Page Ref: 337Skill: ConceptObjective: 12-13) Another term for the supply chain that suggests a sense and respond view of the market is________.A) supply and demand chainB) demand chainC) channel of distributionD) distribution channelE) physical distributionAnswer: BDiff: 3 Page Ref: 338Skill: ConceptObjective: 12-14) A company's channel decisions directly affect every ________.A) channel memberB) marketing decisionC) customer's choicesD) employee in the channelE) competitor's actionsAnswer: BDiff: 2 Page Ref: 339Skill: ConceptObjective: 12-15) Distribution channel decisions often involve ________ with other firms, particularly those that involve contracts or relationships with channel partners.A) short-term commitmentsB) long-term commitmentsC) major problemsD) financial lossesE) disagreementsAnswer: BDiff: 3 Page Ref: 339Skill: ConceptObjective: 12-16) Joe Blanco, like other producers, has discovered that his intermediaries usually offer his firm more than it can achieve on its own. Which of the following is most likely an advantage that Joe creates by working with intermediaries?A) financial supportB) fast serviceC) scale of operationD) working relationships with foreign distributorsE) promotional assistanceAnswer: CDiff: 2 Page Ref: 339Skill: ConceptObjective: 12-17) Intermediaries play an important role in matching ________.A) dealer with customerB) supply and demandC) product to regionD) manufacturer to productE) information and promotionAnswer: BDiff: 2 Page Ref: 340Skill: ConceptObjective: 12-18) A distribution channel is more than a collection of firms connected by various flows; it is a(n) ________ in which people and companies interact to accomplish individual, company, and channel goals.A) added value chainB) complex behavioral systemC) corporate marketing systemD) vertical marketing systemE) multichannel systemAnswer: BDiff: 2 Page Ref: 342AACSB: CommunicationSkill: ConceptObjective: 12-29) An advantage of a channel of distribution over selling direct to consumers is that each channel member plays a ________ in the channel.A) time-saving partB) specialized roleC) decisional roleD) informational roleE) disciplinary roleAnswer: BDiff: 2 Page Ref: 342Skill: ConceptObjective: 12-210) A channel consisting of one or more independent producers, wholesalers, or retailers that seek to maximize their own profits even at the expense of profits for the channel as a whole is a(n) ________.A) vertical marketing systemB) conventional distribution channelC) independent channel allocationD) corporate VMSE) administered vertical marketing systemAnswer: BDiff: 2 Page Ref: 344Skill: ConceptObjective: 12-211) A distinguishing feature of a contractual VMS is that coordination and conflict management among the independent members of the channel are attained through ________.A) agents and brokersB) working partnershipsC) limited liability incorporationD) contractual agreementsE) natural competitive forcesAnswer: DDiff: 1 Page Ref: 345AACSB: CommunicationSkill: ConceptObjective: 12-212) The most common type of contractual agreement in business is the ________.A) franchise organizationB) vertical marketing systemC) conventional marketing channelD) corporate VMSE) administered VMSAnswer: ADiff: 3 Page Ref: 345Skill: ConceptObjective: 12-213) Leadership in which type of marketing system is assumed not through common ownership or contractual ties but through the size and power of one or a few dominant channel members?A) horizontal marketing systemB) administered VMSC) corporate VMSD) multichannel distribution systemE) conventional marketing channelAnswer: BDiff: 2 Page Ref: 345Skill: ConceptObjective: 12-214) As marketing manager for Globe Imports and Exports, you want to start reaping the benefits ofa multichannel distribution system. You will likely enjoy all of the following EXCEPT which one?A) expanded salesB) expanded market coverageC) selling at a higher gross marginD) opportunities to tailor products and services to the needs of diverse segmentsE) A and CAnswer: CDiff: 3 Page Ref: 346Skill: Concept15) Sometimes a producer chooses only a few dealers in a territory to distribute its products or services. Generally these dealers are given a right to ________ distribution.A) exclusiveB) selectiveC) intensiveD) administeredE) corporateAnswer: ADiff: 1 Page Ref: 351Skill: ConceptObjective: 12-316) Channel members should be evaluated using all of the following criteria EXCEPT which one?A) economic factorsB) controlC) adaptive criteriaD) channel leadershipE) none of the aboveAnswer: DDiff: 3 Page Ref: 351Skill: ConceptObjective: 12-317) Marketing channel management calls for selecting, managing, ________, and evaluating channel members over time.A) reducing conflictB) reducing wasteC) motivatingD) pruningE) all of the aboveAnswer: CDiff: 2 Page Ref: 352Skill: ConceptObjective: 12-418) A company should think of its intermediaries as both its ________ and ________.A) competitors; partnersB) customers; partnersC) competitors; marketersD) customers; employeesE) competitors; customersAnswer: BDiff: 2 Page Ref: 353Skill: ConceptObjective: 12-419) Exclusive dealing is legal as long as it does not ________ or tend to create a monopoly and as long as both parties enter into the agreement ________.A) substantially lessen competition; coercivelyB) restrict trade; for a causeC) substantially lessen competition; voluntarilyD) interfere with competitors; forcefullyE) create a smaller market; permanentlyAnswer: CDiff: 3 Page Ref: 356AACSB: Ethical ReasoningSkill: ConceptObjective: 12-420) Marketing logistics involves getting the right product to the right customer in the right place at the right time. Which one of the following is NOT included in this process?A) planning the physical flow of goods and servicesB) implementing the plan for the flow of goods and servicesC) controlling the physical flow of goods, services, and informationD) gathering customer's ideas for new productsE) A and CAnswer: DDiff: 1 Page Ref: 356Skill: ConceptObjective: 12-521) The goal of marketing logistics should be to provide a ________ level of customer service at the least cost.A) maximumB) targetedC) moderateD) minimumE) competitiveAnswer: BDiff: 2 Page Ref: 357Skill: ConceptObjective: 12-522) To reduce inventory management costs, many companies use a system called ________, which involves carrying only small inventories of parts or merchandise, often only enough for a few days of operation.A) reduction-inventory managementB) just-in-time logisticsC) limited inventory logisticsD) supply chain managementE) economic order quantityAnswer: BDiff: 2 Page Ref: 359AACSB: Use of ITSkill: ConceptObjective: 12-523) Through the use of ________, or "smart tag" technology, a company is able to locate exactly where a product is within the supply chain.A) RFIDB) PRMC) VMSD) ITE) 3PLAnswer: ADiff: 2 Page Ref: 359AACSB: Use of ITSkill: ConceptObjective: 12-524) Which of the following transportation modes is used for digital products?A) trucksB) railC) the InternetD) airE) shipAnswer: CDiff: 1 Page Ref: 359AACSB: Use of ITSkill: ConceptObjective: 12-525) Joanie Calvert is experiencing a disagreement with intermediaries in the channel over who should do what and for what rewards. Joanie is experiencing ________.A) channel delusionB) channel conflictC) channel disintermediationD) channel mismanagementE) channel intermediationAnswer: BDiff: 1 Page Ref: 342AACSB: Reflective ThinkingSkill: ApplicationObjective: 12-226) Which of the following is an example of horizontal channel conflict?A) managers of two separate Holiday Inns disagreeing over what constitutes poor serviceB) United Airlines competing with Northwest Airlines for customersC) disgruntled factory workers complaining about a small pay raiseD) the BMW dealership in Fort Wayne complaining that the BMW dealership in Indianapolis is situated too closeE) A and DAnswer: EDiff: 3 Page Ref: 342AACSB: Reflective ThinkingSkill: ApplicationObjective: 12-227) Which of the following is an example of a multichannel distribution system?A) Wal-Mart locating to several countriesB) J. C. Penney's catalog and retail store salesC) Avon's door-to-door distributionD) Starbuck's location inside of book storesE) a hotel providing guest privileges at a health spa across the streetAnswer: BDiff: 2 Page Ref: 346AACSB: Reflective ThinkingSkill: ApplicationObjective: 12-228) Chewing gum is stocked in many outlets in the same market or community; in fact, it is placed in as many outlets as possible. This is an example of ________ distribution.A) exclusiveB) selectiveC) multichannelD) intensiveE) disintermediatedAnswer: DDiff: 2 Page Ref: 351AACSB: Reflective ThinkingSkill: ApplicationObjective: 12-329) Which product(s) will most likely be intensively distributed?A) Olympus digital camerasB) BMW carsC) Guess blue jeansD) Coca ColaE) Nike running shoesAnswer: DDiff: 1 Page Ref: 351AACSB: Analytic SkillsSkill: ApplicationObjective: 12-330) Caterpillar, the famous heavy equipment manufacturer, has a reputation for working in harmony with its worldwide distribution network of independent dealers. Caterpillar has shared its successes with its dealers and protected its dealers during difficult economic times. This is an example of ________.A) intensive distributionB) integrated logistics managementC) disintermediationD) third-party logisticsE) partner relationship managementAnswer: EDiff: 2 Page Ref: 353AACSB: Reflective ThinkingSkill: ApplicationObjective: 12-431) The term supply chain may be too limited because it takes a make-and-sell view of the business.Answer: TRUEDiff: 2 Page Ref: 338Skill: ConceptObjective: 12-132) Disintermediation as a trend is on the rise in U.S. business.Answer: TRUEDiff: 1 Page Ref: 347Skill: ConceptObjective: 12-333) Generally speaking, a company's marketing channel objectives are influenced by the level of customer service sought, the nature of the company, its products, its marketing intermediaries, its competitors, and the environment.Answer: TRUEDiff: 2 Page Ref: 350Skill: ConceptObjective: 12-334) Distribution systems are relatively consistent from county to country, making it easy for international marketers to design channels.Answer: FALSEDiff: 2 Page Ref: 352AACSB: Multicultural and DiversitySkill: ConceptObjective: 12-335) Distinguish between the three distribution strategies.Answer: Producers of convenience products and common raw materials typically seek intensive distribution as a strategy to stock their products in as many outlets as possible. The goods are available where and when consumers want them, such as chewing gum. Selective distribution is used when selling to more than one but fewer than all of the intermediaries who are willing to carry a company's products in a given market. Examples are name-brand blue jeans and computers. Exclusive distribution is used when the producer wants to stock its products with only one or a few dealers in an area. Examples are expensive cars and prestige clothing.Diff: 1 Page Ref: 351AACSB: Analytic SkillsSkill: ApplicationObjective: 12-336) What is the role of marketing intermediaries?Answer: The role of marketing intermediaries is to transform the assortments of products made by producers into the assortments wanted by consumers.Diff: 1 Page Ref: 340AACSB: Analytic SkillsSkill: ApplicationObjective: 12-137) Give an example of horizontal conflict.Answer: This type of conflict occurs among firms at the same level of the channel; an example would be two Chevrolet dealers in the St. Louis area that complain that each is being undercut by the other.Diff: 1 Page Ref: 342AACSB: Reflective ThinkingSkill: ApplicationObjective: 12-238) How can a firm benefit from participating in a horizontal marketing system?Answer: Two or more companies at one level join together to follow a new marketing opportunity; by working together, companies can combine their financial, production, or marketing resources to accomplish more than any one company could alone.Diff: 3 Page Ref: 345AACSB: Analytic SkillsSkill: ApplicationObjective: 12-239) Give two examples of multichannel distribution systems.Answer: Students' answers will vary. Examples will include J. C. Penney's catalog distribution option and the retail store locations as well as Avon's door-to-door distribution andover-the-counter distribution options.Diff: 2 Page Ref: 346AACSB: Reflective ThinkingSkill: ApplicationObjective: 12-240) Explain why a firm's suppliers tap into the firm's inventory levels with a vendor-managed inventory system (VMI).Answer: Some suppliers might actually be asked to generate orders and arrange deliveries for their customers, based on the customers' inventory levels; in these cases, the suppliers must know theircustomers' inventory levels.Diff: 3 Page Ref: 361AACSB: Analytic SkillsSkill: ApplicationObjective: 12-5477Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall。
《金融学（第二版）》讲义大纲及课后习题答案详解十二章
《⾦融学（第⼆版）》讲义⼤纲及课后习题答案详解⼗⼆章CHAPTER 12CHOOSING AN INVESTMENT PORTFOLIOObjectivesTo understand the process of personal investing in theory and in practice.To build a quantitative model of the tradeoff between risk and reward.Outline12.1 The Process of Personal Portfolio Selection12.2 The Trade-off between Expected Return and Risk12.3 Efficient Diversification with Many Risky AssetsSummaryThere is no single portfolio selection strategy that is best for all people.Stage in the life cycle is an imp ortant determinant of the optimal composition of a person’s optimal portfolio of assets and liabilities.Time horizons are important in portfolio selection. We distinguish among three time horizons: the planning horizon, the decision horizon, and the trading horizon.In making portfolio selection decisions, people can in general achieve a higher expected rate of return only by exposing themselves to greater risk.One can sometimes reduce risk without lowering expected return by diversifying more completely either withina given asset class or across asset classes.The power of diversification to reduce the riskiness of an investor’s portfolio depends on the correlations among the assets that make up the portfolio. In practice, the vast majority of assets are positively correlated with each other because they are all affected by common economic factors. Consequently, one’s ability to reduce risk through diversification among risky assets without lowering expected return is limited.Although in principle people have thousands of assets to choose from, in practice they make their choices from a menu of a few final products offered by financial intermediaries such as bank accounts, stock and bond mutual funds, and real estate. In designing and producing the menu of assets to offer to their customers theseintermediaries make use of the latest advances in financial technology.Solutions to Problems at End of Chapter1. Suppose that your 58-year-old father works for the Ruffy Stuffed Toy Company and has contributed regularly to his company-matched savings plan for the past 15 years. Ruffy contributes $0.50 for every $1.00 your father puts into the savings plan, up to the first 6% of his salary. Participants in the savings plan can allocate their contributions among four different investment choices: a fixed-income bond fund, a “blend” option that invests in large companies, small companies, and the fixed-income bond fund, a growth-income mutual fund whose investments do not include other toy companies, and a fund whose sole investment is stock in the Ruffy Stuffed Toy Company. Over Thanksgiving vacation, Dad realizes that you have been majoring in finance and decides to reap some early returns on that tuition money he’s been investing in your education. He shows you the most recent quarterly statement for his savings plan, and you see that 98% of its current value is in the fourth investment option, that of the Ruffy Company stock..a.Assume that your Dad is a typical risk-averse person who is considering retirement in five years. Whenyou ask him why he has made the allocation in this way, he responds that the company stock has continually performed quite well, except for a few declines that were caused by problems in a division that the company has long since sold off. Inaddition, he says, many of his friends at work have done the same. What advice would you give your dad about adjustments to his plan allocations? Why?b.If you consider the fact that your dad works for Ruffy in addition to his 98% allocation to the Ruffy stockfund, does this make his situation more risky, less risky, or does it make no difference? Why? SOLUTION:a.Dad has exposed himself to risk by concentrating almost all of his plan money in the Ruffy Stock fund. This is analogous to taking 100% of the money a family has put aside for investment and investing it in a single stock.First, Dad needs to be shown that just because the company stock has continually performed quite well is no guarantee that it will do so indefinitely. The company may have sold off the divisions which produced price declines in the past, but future problems are unpredictable, and so is the movement of the stock price. “Past performance is no guarantee of future results” is the lesson.Second, Dad needs to hear about diversification. He needs to be counseled that he can reduce his risk by allocating his money among several of the options available to him. Indeed, he can reduce his risk considerably merely by moving all of his money into the “blend” fund because it is diversifi ed by design: it has a fixed-income component, a large companies component, and a small companies component. Diversification isachieved not only via the three differing objectives of these components, but also via the numerous stocks that comprise each of the three components.Finally, Dad’s age and his retirement plans need to be considered. People nearing retirement age typically begin to shift the value of their portfolios into safer investments. “Safer” normally connotes less variability, so that the risk of a large decline in the value of a portfolio is reduced. This decline could come at any time, and it would be very unfortunate if it were to happen the day before Dad retires. In this example, the safest option would be the fixed-income bond fund because of its diversified composition and interest-bearing design, but there is still risk exposure to inflation and the level of interest rates. Note that the tax-deferred nature of the savings plan encourages allocation to something that produces interest or dividends. As it stands now, Dad is very exposed to a large decline in the value of his savings plan because it is dependent on the value of one stock.Individual equities over time have proven to produce the most variable of returns, so Dad should definitely move some, probably at least half, of his money out of the Ruffy stock fund. In fact, a good recommendation given his retirement horizon of five years would be to re-align the portfolio so that it has 50% in the fixed- income fund and the remaining 50% split between the Ruffy stock fund (since Dad insists) and the “blend” fund.Or, maybe 40% fixed-income, 25% Ruffy, 15% growth-income fund, and 20% “blend” fund. This latterallocation has the advantage of introducing another income-producing component that can be shielded by the tax-deferred status of the plan.b.The fact that Dad is employed by the Ruffy Company makes his situation more risky. Let’s say that the companyhits a period of slowed business activities. If the stock price declines, so will th e value of Dad’s savings plan. If the company encounters enough trouble, it may consider layoffs. Dad’s job may be in jeopardy. At the same time that his savings plan may be declining in value, Dad may also need to look for a job or go onunemployment. Thus, Dad is exposed on two fronts to the same risk. He has invested both his human capital and his wealth almost exclusively in one company.2. Refer to Table 12.1.a.Perform the calculations to verify that the expected returns of each of the portfolios (F, G, H, J, S) in thetable (column 4) are correct.b.Do the same for the standard deviations in column 5 of the table.c.Assume that you have $1million to invest. Allocate the money as indicated in the table for each of the fiveportfolios and calculate the expected dollar return of each of the portfolios.d.Which of the portfolios would someone who is extremely risk tolerant be most likely to select? SOLUTION:d.An extremely risk tolerant person would select portfolio S, which has the largest standard deviation but also thelargest expected return.3. A mutual fund company offers a safe money market fund whose current rate is4.50% (.045). The same company also offers an equity fund with an aggressive growth objective which historically has exhibited an expected return of 20% (.20) and a standard deviation of .25.a.Derive the equation for the risk-reward trade-off line.b.How much extra expected return would be available to an investor for each unit of extra risk that shebears?c.What allocation should be placed in the money market fund if an investor desires an expected return of15% (.15)?SOLUTION:a.E[r] = .045 + .62b.0.62c.32.3% [.15 = w*(.045) + (1-w)*(.020) ]4. If the risk-reward trade-off line for a riskless asset and a risky asset results in a negative slope, what does that imply about the risky asset vis-a-vis the riskless asset?SOLUTION:A trade-off line wit h a negative slope indicates that the investor is “rewarded” with less expected return for taking on additional risk via allocation to the risky asset.5. Suppose that you have the opportunity to buy stock in AT&T and Microsoft.a.stocks is 0? .5? 1? -1? What do you notice about the change in the allocations between AT&T andMicrosoft as their correlation moves from -1 to 0? to .5? to +1? Why might this be?b.What is the variance of each of the minimum-variance portfolios in part a?c.What is the optimal combination of these two securities in a portfolio for each value of the correlation,assuming the existence of a money market fund that currently pays 4.5% (.045)? Do you notice any relation between these weights and the weights for the minimum variance portfolios?d.What is the variance of each of the optimal portfolios?e.What is the expected return of each of the optimal portfolios?f.Derive the risk-reward trade-off line for the optimal portfolio when the correlation is .5. How much extraexpected return can you anticipate if you take on an extra unit of risk?SOLUTION:a.Minimum risk portfolios if correlation is:-1: 62.5% AT&T, 37.5% Microsoft0: 73.5% AT&T, 26.5% Microsoft.5: 92.1% AT&T, 7.9% Microsoft1: 250% AT&T, short sell 150% MicrosoftAs the correlation moves from -1 to +1, the allocation to AT&T increases. When two stocks have negativec orrelation, standard deviation can be reduced dramatically by mixing them in a portfolio. It is to the investors’benefit to weight more heavily the stock with the higher expected return since this will produce a high portfolio expected return while the standard deviation of the portfolio is decreased. This is why the highest allocation to Microsoft is observed for a correlation of -1, and the allocation to Microsoft decreases as the correlationbecomes positive and moves to +1. With correlation of +1, the returns of the two stocks will move closely together, so you want to weight most heavily the stock with the lower individual standard deviation.b. Variances of each of the minimum variance portfolios:62.5% AT&T, 37.5% Microsoft Var = 073.5% AT&T, 26.5% Microsoft Var = .016592.1% AT&T, 7.9% Microsoft Var = .0222250% AT&T, short 150% Microsoft Var = 0c. Optimal portfolios if correlation is:-1: 62.5% AT&T, 37.5% Microsoft0: 48.1% AT&T, 51.9% Microsoft.5: 11.4% AT&T, 88.6% Microsoft1: 250% AT&T, short 150% Microsoftd. Variances of the optimal portfolios:62.5% AT&T, 37.5% Microsoft Var = 048.1% AT&T, 51.9% Microsoft Var = .022011.4% AT&T, 88.6% Microsoft Var = .0531250% AT&T, short 150% Microsoft Var = 0e. Expected returns of the optimal portfolios:62.5% AT&T, 37.5% Microsoft E[r] = 14.13%48.1% AT&T, 51.9% Microsoft E[r] = 15.71%11.4% AT&T, 88.6% Microsoft E[r] = 19.75%250% AT&T, short 150% Microsoft E[r] = -6.5%f.Risk-reward trade-off line for optimal portfolio with correlation = .5:E[r] = .045 + .66/doc/31dbf23b580216fc700afd59.html ing the optimal portfolio of AT&T and Microsoft stock when the correlation of their price movements is 0.5, along with the results in part f of question 12-5, determine:a.the expected return and standard deviation of a portfolio which invests 100% in a money market fundreturning a current rate of 4.5%. Where is this point on the risk-reward trade-off line?b.the expected return and standard deviation of a portfolio which invests 90% in the money market fundand 10% in the portfolio of AT&T and Microsoft stock.c.the expected return and standard deviation of a portfolio which invests 25% in the money market fundand 75% in the portfolio of AT&T and Microsoft stock.d.the expected return and standard deviation of a portfolio which invests 0% in the money market fundand 100% in the portfolio of AT&T and Microsoft stock. What point is this?SOLUTION:a.E[r] = 4.5%, standard deviation = 0. This point is the intercept of the y (expected return) axis by the risk-rewardtrade-off line.b.E[r] = 6.03%, standard deviation = .0231c.E[r] = 15.9%, standard deviation = .173d.E[r] = 19.75%, standard deviation = .2306. This point is the tangency between the risk-reward line from 12-5part f and the risky asset risk-reward curve (frontier) for AT&T and Microsoft.7. Again using the optimal portfolio of AT&T and Microsoft stock when the correlation of their price movements is 0.5, take $ 10,000 and determine the allocations among the riskless asset, AT&T stock, and Microsoft stock for:a. a portfolio which invests 75% in a money market fund and 25% in the portfolio of AT&T and Microsoftstock. What is this portfolio’s expected return?b. a portfolio which invests 25% in a money market fund and 75% in the portfolio of AT&T and Microsoftstock. What is this portfolio’s expect ed return?c. a portfolio which invests nothing in a money market fund and 100% in the portfolio of AT&T andMicrosoft stock. What is this portfolio’s expected return?SOLUTION:a.$7,500 in the money-market fund, $285 in AT&T (11.4% of $2500), $2215 in Microsoft. E[r] = 8.31%, $831.b.$2,500 in the money-market fund, $855 in AT&T (11.4% of $7500), $6645 in Microsoft. E[r] = 15.94%, $1,594.c.$1140 in AT&T, $8860 in Microsoft. E[r] = 19.75%, $1,975.8. What strategy is implied by moving further out to the right on a risk-reward trade-off line beyond the tangency point between the line and the risky asset risk-reward curve? What type of an investor would be most likely to embark on this strategy? Why?SOLUTION:This strategy calls for borrowing additional funds and investing them in the optimal portfolio of AT&T and Microsoft stock. A risk-tolerant, aggressive investor would embark on this strategy. This person would be assuming the risk of the stock portfolio with no risk-free component; the money at risk is not onl y from this person’s own wealth but also represents a sum that isowed to some creditor (such as a margin account extended by the investor’s broker).9. Determine the correlation between price movements of stock A and B using the forecasts of their rate of return and the assessments of the possible states of the world in the following table. The standard deviations for stock A and stock B are0.065 and 0.1392, respectively. Before doing the calculation, form an expectation of whether that correlation will be closer to1 or -1 by merely inspecting the numbers.SOLUTION:Expectation: correlation will be closer to +1.E[r A] = .05*(-.02) + .15*(-.01) + .60*(.15) + .20*(.15) = .1175, or, 11.75%E[r B] = .05*(-.20) + .15*(-.10) + .60*(.15) + .20*(.30) = .1250, or, 12.50%Covariance = .05*(-.02-.1175)*(-.20-.125) + .15*(-.01-.1175)*(-.10-.125) +.60*(.15-.1175)*(.15-.125) + .20*(.15-.1175)*(.30-.125) =.008163Correlation = .008163/(.065)*(.1392) = .90210.Analyze the “expert’s” answers to the following questions:a.Question:I have approx. 1/3 of my investments in stocks, and the rest in a money market. What do you suggestas a somewhat “safer” place to invest another 1/3? I like to keep 1/3 accessible for emergencies.Expert’s answer:Well, you could try 1 or 2 year Treasury bonds. You’d get a little bit more yie ld with no risk.b.Question:Where would you invest if you were to start today?Expert’s answer:That depends on your age and short-term goals. If you are very young – say under 40 –and don’tneed the money you’re investing for a home or college tuition or such, you would put it in a stockfund. Even if the market tanks, you have time to recoup. And, so far, nothing has beaten stocks overa period of 10 years or more. But if you are going to need money fairly soon, for a home or for yourretirement, you need to play it safer.SOLUTION:a.You are not getting a little bit more yield with no risk. The real value of the bond payoff is subject to inflationrisk. In addition, if you ever need to sell the Treasury bonds before expiration, you are subject to the fluctuation of selling price caused by interest risk.b.The expert is right in pointing out that your investment decision depends on your age and short-term goals. In addition, the investment decision also depends on other characteristics of the investor, such as the special character of the labor income (whether it is highly correlated with the stock market or not), and risk tolerance.Also, the fact that over any period of 10 years or more the stock beats everything else cannot be used to predict the future.。
金融学(博迪)英文版课后习题答案
金融学(博迪)英文版课后习题答案CONTENTSChapter 1: Financial Economics 1-1Chapter 2: Financial Markets and Institutions 2-1Chapter 3: Managing Financial Health and Performance 3-1Chapter 4: Allocating Resources Over Time 4-1Chapter 5: Household Saving and Investment Decisions 5-1Chapter 6: The Analysis of Investment Projects 6-1Chapter 7: Principles of Market Valuation 7-1Chapter 8: Valuation of Known Cash Flows: Bonds 8-1Chapter 9: Valuation of Common Stocks 9-1Chapter 10: Principles of Risk Management 10-1Chapter 11: Hedging, Insuring, and Diversifying 11-1Chapter 12 Portfolio Opportunities and Choice 12-1Chapter 13: Capital Market Equilibrium 13-1Chapter 14: Forward and Futures Markets 14-1Chapter 15: Markets for Options and Contingent Claims 15-1Chapter 16: Financial Structure of the Firm 16-1Chapter 17: Real Options 17-1CHAPTER 1 – Financial EconomicsEnd-of-Chapter ProblemsDefining Finance1. What are your main goals in life? How does finance play a part in achieving those goals? What are themajor tradeoffs you face?SAMPLE ANSWER:Finish schoolGet good paying job which I likeGetmarried and have childrenOwn my own homeProvide for familyPay for children’s educationRetireHow Finance Plays a Role:SAMPLE ANSWER:Finance helps me pay for undergraduate and graduate education and helps me decide whether spending themoney on graduate education will be a good investment decision or not.Higher education should enhance my earning power and ability to obtain a job I like.Once I am married and have children I will have additional financial responsibilities (dependents) and Iwill have to learn how to allocate resources among individuals in the householdand learn how to set aside enoughmoney to pay for emergencies, education, vacations etc. Finance also helps me understand how to manage risks suchas for disability, life and health.?Finance helps me determine whether the home I want to buy is a good value or not. The study of financealso helps me determine the cheapest source of financing for the purchase of that home.Finance helps me determine how much money I will have to save in order to pay for my children’seducation as well as my own retirement.Major Tradeoffs:SAMPLE ANSWERSpend money now by going to college (and possibly graduate school) but presumably make more moneyonce I graduate due to my higher education.Consume now and have less money saved for future expenditures such as for a house and/or car or savemore money now but consume less than some of my friends。
国际贸易实务双语教程课后题答案
Chapter1I. Answer my questions1. International trade is business whose activities involve the crossing of nationalborders. It includes not only international trade and foreign manufacturing but alsoencompasses the growing services industry in areas such as transportation, tourism,banking, advertising, construction, retailing, wholesaling, and mass communications.It includes all business transactions that involve two or more countries. Such businessrelationship may be private or governmental.2. Sales expansion, resource acquisition and diversification of sales and supplies.3. To gain profit.4. To seej out foreign markets and procurement.5. There are four major forms which are the following:Merchandise exports and Imports, Service Exports and Imports, Investment andMultinational Enterprise.6. It is the account which is a summary statement of the flow of all internationaleconomic and financial transactions between one nation United States ) andthe rest of the world over some period of time, usually one year.7. Merchandise Exporting and Importing.8. Yes. There are great differences between them.1) direct investment takes place when control follows the investment. It usuallymeans high commitment of capital, personnel, and technology abroad. It aims atgaining of foreign resources and foreign markets. Direct investment may often gethigher foreign sales than exporting. And sometimes it involves two or more parties.2) While portfolio investments are not under control. And they are used primarilyfor financial purposes. Treasures of companies, for example, routinely more fundsfrom one country to another to get a higher yield on short term investments.9. MNE is the abbreviation of the multinational enterprise. Its synonyms are NNC(the multinational corporation) and TNC (transnational corporation). 10. Examples are travel, transport, fee, royalties, dividends and interest.11. The choice of forms is influenced by the objective being pursued and theenvironments in which the company must operate.12. It is limited by the number of people interested in a firm’s products andservices and by customers’ capacity to make purchase.13. This is because at an early stage of international involvement these operationsusually take the least commitment and leas t risk of a firm’s resources.14. Royalties means the payment for use of assets from abroad, such as fortrademarks patens, copyrights, or other expertise under contract known as licencingare also paid franchising.15. It is a way of doing business in which one party (the franchiser) the use of atrademark that is an essential asset for the franchisers’ business.II Match each one on the left with its correct meaning on the right 1. JIII Translate the following terms and phrases into Chinese1 购买力 11 经济复苏；恢复2 潜在销售量 12 经济衰退3 加价，涨价 13 间接投资4 国内市场 14 有形货物5 制成品 15 有形进出口6 边际利润 16 收入及支出；岁入及岁出7 市场占有率 17 超额能力8 贸易歧视 18 贸易中间人（商）；经纪人9 时机选择 19 全部包建的工程承包方式10 经销周期 20 许可证协定IV Translate the following into English1. Trade is often the ‘engine’ of growth. However oversimplified this metaphormay be, it does serve to underline the importance of foreign trade in the process ofgrowth. A healthy expansion of exports may not always be sufficient condition forrapid and sustained growth, but a strong positive association between the two isclearly undeniable. Trade expansion contributes to economic growth in many ways.Among them are the benefits of specialization; the favorable effects of internationalcompetition on domestic economic efficiency; the increased capacity to pay for theimports required in development and more generally the stimulus to investment.2. International trade is the exchange of goods and services produced in onecountry for goods and services produced in another country. In addition to visibletrade, which involves the import and export of goods and merchandise, there is alsoinvisible trade, which involves the exchange of services between nations. Nationssuch as Greece and Norway have large maritime fleets and provide transportationservice. This is a kind of invisible trade. Invisible trade can be as important to somenations as the export of raw materials or commodities is to others. In both cases, thenations earn the money to buy necessities.3. There exist different ways of conducting international business. Exclusive salemeans the seller gives the overseas client the exclusive right of selling a particularproduct in a designated area within a specified period of time. In this kind of businesstransaction, the product is bought by the exclusive seller and therefore he should sellthe product by himself, assuming sole responsibilities for his profit and loss.Exclusive sale is different from agency where only commission is involved. Anddifference exists between general contract and exclusive sales because the exclusiveseller enjoys exclusive right in a particular area.4. There is no country in the world that can produce all the products it needs.Thus countries join in international division of labor for effective production andreproduction. Sometimes a country can buy goods and services from abroad on abarter basis. Barter means doing business by exchanging goods of one sort for goodsof another sort without using money. Barter trade itself is not enough to meat acountry’s impo rt needs. But as a form of international trade, it is still attractive indeveloping countries where foreign exchange is in short supply and inflow of foreignfunds is far from sufficient to meet their obligations in external trade.Chapter2I. Answer the following questions(Omited)II. Filling the blanks with the suitable words in the text: satisfying; , foreign/overseas; ; ; ;; ; ; , venture;the followings into English1). Economic activity began with the cavemen, who was economicallyself-sufficient. He did his own hunting, found his own shelter, and provided for hisown needs. As primitive populations grew and developed, the principle of division oflabor evolved. One person was more able to perform some activity than another, andtherefore each person concentrated on what he did best. While one hunted, anotherfished. The hunter then traded his surplus to the fisherman, and each benefited fromthe variety of diet.In today’s complex economic world, neither individuals nor nations are self-sufficient nations are self-sufficient. Nations have utilized different economicresources; people have developed different skills. This is the foundation ofinternational trade and economic activities.Foreign trade, the exchange of goods between nations, takes place for many reasons. The first, as mentioned above, is that no nation has all of the commoditiesthan it needs. Raw materials are scattered around the world. Large deposits of copperare mined in Peru and Zaire, diamonds are mined in South Africa, and petroleum isrecovered in Middle East. Countries that do not have these resources within their ownboundaries must buy from countries that export them.Foreign trade also occurs because a country often does not have enoughof aparticular item to meet its needs. Although the United States is a major producer ofsugar, it consumes more than it can produce internally and thus must import sugar.Third, one nation can sell some items at a lower cost than other countries. Japanhas been able to export large quantities of radios and television sets because it canproduce them more efficiently than other countries. It is cheaper for the United Statesto buy these from Japan than to produce them domestically.Finally, foreign trade takes place because of innovation or style. Even though theUnited States produces more automobiles than any other country, it still imports largequantities of autos from Germany, Japan and Sweden, primarily because there is amarket for them in the United States.2). The different kinds of trade nations engaged in are varied and complex, amixture of visible and invisible trade. Most nations are more dependent on exportsthan on any other activity. The earnings from exports pay for the imports that theyneed and want. A nation’s balance of p ayment is a record of these complex transactions. By reflecting all of these transactions in monetary terms , a nation is ableto combine the income it receives, for example, from exports, tourists expenditures,and immigrant remittances. This combined incomes is then spent on such items asmanufactured goods from other countries, travel for its citizens to other countries, andthe hiring of construction engineers.Chapter3I. Translate the followings from Chinese into English:1 terms of payment2 written form of contract3 execution of the contract4 sales contract5 purchase confirmation6 terms of transaction7 trading partners 8 the setting up of a contract9 trade agreement 10 consignment contract11 the contract proper 12 extension of the contract13 the contracting parties 14 special clause15 general terms and conditionsII. Answer the following questions in English:1 A contract is an agreement which sets forth bind obligations of the relevantparties. And any part that fails to fulfill his contractual obligations may be sued andforced to make compensation.2 There are two parties of business contract negotiations: oral and written. Theformer refers to direct discussions abroad; written negotiations often begin withenquiries made by the buyers.3 A written contract is generally prepared and signed as the proof of the agreementand as the basis for its execution. A sales or purchase confirmation is less detailedthan a contract, covering only the essential terms of the transaction. It is usually usedfor smaller deals or between familiar trade partners.4 The setting up of a contract is similar to that of a trade agreement or any othertype of formal agreements. It generally contains: 1) the title. The type of the contractis indicated in the title; 2) the contract proper. It is the main part of a contract; 3) thesignature of the contracting parties indicating their status as the seller or the buyer; 4)the stipulations on the back of the contract and are equally binding upon thecontracting parties.5 It generally contains the time of shipment, the mode of payment described inaddition to an exact description of the goods including the quantity, quality,specifications, packing methods, insurance, commodity inspection, claims, arbitrationand force majeure, etc.III. Translate the following into Chinese:合同是在双方达成协议的基础上制定的，而协议又是双方进行商务谈判的结果。
公司理财精要版原书第12版习题库答案Ross12e_Chapter12_TB
Fundamentals of Corporate Finance, 12e (Ross)Chapter 12 Some Lessons from Capital Market History1) Stacy purchased a stock last year and sold it today for $4 a share more than her purchase price. She received a total of $1.15 per share in dividends. Which one of the following statements is correct in relation to this investment?A) The dividend yield is expressed as a percentage of the par value.B) The capital gain would have been less had Stacy not received the dividends.C) The total dollar return per share is $2.85.D) The capital gains yield is positive.E) The dividend yield is greater than the capital gains yield.2) Which one of the following correctly describes the dividend yield?A) Next year's annual dividend divided by today's stock priceB) This year's annual dividend divided by today's stock priceC) This year's annual dividend divided by next year's expected stock priceD) Next year's annual dividend divided by this year's annual dividendE) The increase in next year's dividend over this year's dividend divided by this year's dividend3) Bayside Marina just announced it is decreasing its annual dividend from $1.48 per share to $1.45 per share effective immediately. If the dividend yield remains at its pre-announcement level, then you know the stock price:A) was unaffected by the announcement.B) increased proportionately with the dividend decrease.C) decreased proportionately with the dividend decrease.D) decreased by $.03 per share.E) increased by $.03 per share.4) Which one of the following statements related to capital gains is correct?A) The capital gains yield includes only realized capital gains.B) An increase in an unrealized capital gain will increase the capital gains yield.C) The capital gains yield must be either positive or zero.D) The capital gains yield is expressed as a percentage of a security's total return.E) The capital gains yield represents the total return earned by an investor.5) Which of the following yields on a stock can be negative?A) Dividend yieldB) Capital gains yieldC) Capital gains yield and total returnD) Dividend yield, capital gains yield, and total returnE) Dividend yield and total return6) Small-company stocks, as the term is used in the textbook, are best defined as the:A) 500 newest corporations in the U.S.B) companies whose stock trades OTC.C) smallest 20 percent of the companies listed on the NYSE.D) smallest 25 percent of the companies listed on NASDAQ.E) companies whose stock is listed on NASDAQ.7) The historical record for the period 1926–2016 supports which one of the following statements?A) When large-company stocks have a negative return, they will have a negative return for at least two consecutive years.B) The return on U.S. Treasury bills exceeds the inflation rate by at least .5 percent each year.C) There was only one year during the period when double-digit inflation occurred.D) Small-company stocks have lost as much as 50 percent and gained as much as 100 percent in a single year.E) The inflation rate was positive each year throughout the period.8) Which one of the following time periods is associated with low rates of inflation?A) 1941–1942B) 1973–1974C) 2014–2015D) 1979–1980E) 1946–19479) For the period 1926–2016, U.S. Treasury bills always:A) provided an annual rate of return that exceeded the annual inflation rate.B) had an annual rate of return in excess of 1.2 percent.C) provided a positive annual rate of return.D) earned a higher annual rate of return than long-term government bonds.E) had a greater variation in returns year-over-year than did long-term government bonds.10) Which one of the following statements is a correct reflection of the U.S. financial markets for the period 1926–2016?A) U.S. Treasury bill returns never exceeded a return of 9 percent in any one year.B) U.S. Treasury bills had an annual return in excess of 10 percent in three or more years.C) Inflation equaled or exceeded the return on U.S. Treasury bills every year during the period.D) Long-term government bonds outperformed U.S. Treasury bills every year during the period.E) National deflation occurred in at least one year during every decade during the period.11) For the period 2009–2016, U.S. Treasury bills had an annual rate of return that was:A) between .5 and 1 percent.B) between 1 and 2 percent.C) negative in at least one year.D) negative for two or more years.E) between 0 and .25 percent.12) Which one of the following categories of securities had the highest average annual return for the period 1926–2016?A) U.S. Treasury billsB) Large-company stocksC) Small-company stocksD) Long-term corporate bondsE) Long-term government bonds13) Which one of the following categories of securities had the lowest average risk premium for the period 1926–2016?A) Long-term government bondsB) Small-company stocksC) Large-company stocksD) Long-term corporate bondsE) U.S. Treasury bills14) The rate of return on which type of security is normally used as the risk-free rate of return?A) Long-term Treasury bondsB) Long-term corporate bondsC) Treasury billsD) Intermediate-term Treasury bondsE) Intermediate-term corporate bonds15) For the period 1926–2016, the average risk premium on large-company stocks was about:A) 12.7 percent.B) 10.4 percent.C) 8.6 percent.D) 6.9 percent.E) 7.3 percent.16) Assume that last year T-bills returned 2.8 percent while your investment in large-company stocks earned an average of 7.6 percent. Which one of the following terms refers to the difference between these two rates of return?A) Risk premiumB) Geometric average returnC) Arithmetic average returnD) Standard deviationE) Variance17) Which one of the following statements correctly applies to the period 1926–2016?A) Large-company stocks earned a higher average risk premium than did small-company stocks.B) The average inflation rate exceeded the average return on U.S. Treasury bills.C) Large-company stocks had an average annual return of 14.7 percent.D) Inflation averaged 2.6 percent for the period.E) Long-term corporate bonds outperformed long-term government bonds.18) The excess return is computed as the:A) return on a security minus the inflation rate.B) return on a risky security minus the risk-free rate.C) risk premium on a risky security minus the risk-free rate.D) risk-free rate plus the inflation rate.E) risk-free rate minus the inflation rate.19) Which one of the following earned the highest risk premium over the period 1926–2016?A) Long-term corporate bondsB) U.S. Treasury billsC) Small-company stocksD) Large-company stocksE) Long-term government bonds20) What was the average rate of inflation over the period of 1926–2016?A) Less than 2.0 percentB) Between 2.0 and 2.4 percentC) Between 2.4 and 2.8 percentD) Between 2.8 and 3.2 percentE) Greater than 3.2 percent21) Assume you invest in a portfolio of long-term corporate bonds. Based on the period 1926–2016, what average annual rate of return should you expect to earn?A) Less than 5 percentB) Between 5 and 6 percentC) Between 6 and 7 percentD) Between 7 and 8 percentE) More than 8 percent22) The average annual return on small-company stocks was about ________ percent greater than the average annual return on large-company stocks over the period 1926–2016.A) 3B) 5C) 7D) 9E) 1123) Based on the period 1926-2016, the actual real return on large-company stocks has been around:A) 9 percent.B) 10 percent.C) 6 percent.D) 7 percent.E) 8 percent.24) To convince investors to accept greater volatility, you must:A) decrease the risk premium.B) increase the risk premium.C) decrease the real return.D) decrease the risk-free rate.E) increase the risk-free rate.25) Which one of the following best defines the variance of an investment's annual returns over a number of years?A) The average squared difference between the arithmetic and the geometric average annual returnsB) The squared summation of the differences between the actual returns and the average geometric returnC) The average difference between the annual returns and the average return for the periodD) The difference between the arithmetic average and the geometric average return for the periodE) The average squared difference between the actual returns and the arithmetic average return26) Which one of the following categories of securities had the most volatile annual returns over the period 1926–2016?A) Long-term corporate bondsB) Large-company stocksC) Intermediate-term government bondsD) U.S. Treasury billsE) Small-company stocks27) If the variability of the returns on large-company stocks were to decrease over the long-term, you would expect which one of the following as related to large-company stocks to occur as a result?A) Increase in the risk premiumB) Increase in the average long-term rate of returnC) Decrease in the 68 percent probability range of returnsD) Increase in the standard deviationE) Increase in the geometric average rate of return28) Which one of the following statements is correct based on the historical record for the period 1926–2016?A) The standard deviation of returns for small-company stocks was double that of large-company stocks.B) U.S. Treasury bills had a zero standard deviation of returns because they are considered to be risk-free.C) Long-term government bonds had a lower return but a higher standard deviation on average than did long-term corporate bonds.D) Inflation was less volatile than the returns on U.S. Treasury bills.E) Long-term government bonds were less volatile than intermediate-term government bonds.29) What is the probability that small-company stocks will produce an annual return that is more than one standard deviation below the average?A) 1.0 percentB) 2.5 percentC) 5.0 percentD) 16 percentE) 32 percent30) Which one of the following is a correct ranking of securities based on the volatility of their annual returns over the period of 1926–2016? Rank from highest to lowest.A) Large-company stocks, U.S. Treasury bills, long-term government bondsB) Small-company stocks, long-term corporate bonds, large-company stocksC) Long-term government bonds, long-term corporate bonds, intermediate-term government bondsD) Large-company stocks, small-company stocks, long-term government bondsE) Intermediate-term government bonds, long-term corporate bonds, U.S. Treasury bills31) Which one of the following had the least volatile annual returns over the period of 1926–2016?A) Large-company stocksB) InflationC) Long-term corporate bondsD) U.S. Treasury billsE) Intermediate-term government bonds32) Which one of the following statements is correct based on the period 1926–2016?A) Long-term government bonds had more volatile annual returns than did the long-term corporate bonds.B) The standard deviation of the annual rate of inflation was less than 3 percent.C) U.S Treasury bills have a zero variance in returns because they are risk-free.D) The risk premium on small-company stocks was less than 10 percent.E) The risk premium on all U.S. government securities is 0 percent.33) Generally speaking, which of the following best correspond to a wide frequency distribution?A) High standard deviation, low rate of returnB) Low rate of return, large risk premiumC) Small risk premium, high rate of returnD) Small risk premium, low standard deviationE) High standard deviation, large risk premium34) Standard deviation is a measure of which one of the following?A) Average rate of returnB) VolatilityC) ProbabilityD) Risk premiumE) Real returns35) Which one of the following is defined by its mean and its standard deviation?A) Arithmetic nominal returnB) Geometric real returnC) Normal distributionD) VarianceE) Risk premium36) Which of the following statements are true based on the historical record for 1926–2016?A) Risk-free securities produce a positive real rate of return each year.B) Bonds are generally a safer, or less risky, investment than are stocks.C) Risk and potential reward are inversely related.D) The normal distribution curve for large-company stocks is narrower than the curve for small-company stocks.E) Returns are more predictable over the short term than they are over the long term.37) Estimates of the rate of return on a security based on the historical arithmetic average will probably tend to ________ the expected return for the long-term and estimates using the historical geometric average will probably tend to ________ the expected return for the short-term.A) overestimate; overestimateB) overestimate; underestimateC) underestimate; overestimateD) underestimate; underestimateE) accurately estimate; accurately estimate38) The primary purpose of Blume's formula is to:A) compute an accurate historical rate of return.B) determine a stock's true current value.C) consider compounding when estimating a rate of return.D) determine the actual real rate of return.E) project future rates of return.39) The average compound return earned per year over a multiyear period is called the ________ average return.A) arithmeticB) standardC) variantD) geometricE) real40) The return earned in an average year over a multiyear period is called the ________ average return.A) arithmeticB) standardC) variantD) geometricE) real41) Assume all stock prices fairly reflect all of the available information on those stocks. Which one of the following terms best defines the stock market under these conditions?A) Riskless marketB) Evenly distributed marketC) Zero volatility marketD) Blume's marketE) Efficient capital market42) Which one of the following statements best defines the efficient market hypothesis?A) Efficient markets limit competition.B) Security prices in efficient markets remain steady as new information becomes available.C) Mispriced securities are common in efficient markets.D) All securities in an efficient market are zero net present value investments.E) All securities provide the same positive rate of return when the market is efficient.43) Which one of the following is the most likely reason why a stock price might not react at all on the day that new information related to the stock's issuer is released? Assume the market is semistrong form efficient.A) Company insiders were aware of the information prior to the announcement.B) Investors do not pay attention to daily news.C) Investors tend to overreact.D) The news was positive.E) The information was expected.44) Which one of the following is most indicative of a totally efficient stock market?A) Extraordinary returns earned on a routine basisB) Positive net present values on stock investments over the long-termC) Zero net present values for all stock investmentsD) Arbitrage opportunities which develop on a routine basisE) Realizing negative returns on a routine basis45) Which one of the following statements is correct concerning market efficiency?A) Real asset markets are more efficient than financial markets.B) If a market is efficient, arbitrage opportunities should be common.C) In an efficient market, some market participants will have an advantage over others.D) A firm will generally receive a fair price when it issues new shares of stock if the market is efficient.E) New information will gradually be reflected in a stock's price to avoid any sudden price changes in an efficient market.46) Efficient financial markets fluctuate continuously because:A) the markets are continually reacting to old information as that information is absorbed.B) the markets are continually reacting to new information.C) arbitrage trading is limited.D) current trading systems require human intervention.E) investments produce varying levels of net present values.47) Inside information has the least value when financial markets are:A) weak form efficient.B) semiweak form efficient.C) semistrong form efficient.D) strong form efficient.E) inefficient.48) Evidence seems to support the view that studying public information to identify mispriced stocks is:A) effective as long as the market is only semistrong form efficient.B) effective provided the market is only weak form efficient.C) ineffective.D) effective only in strong form efficient markets.E) ineffective only in strong form efficient markets.49) Which one of the following statements related to market efficiency tends to be supported by current evidence?A) It is easy for investors to earn abnormal returns.B) Short-run price movements are easy to predict.C) Markets are most likely only weak form efficient.D) Mispriced stocks are easy to identify.E) Markets tend to respond quickly to new information.50) Which form of market efficiency would most likely offer the greatest profit potential to an outstanding professional stock analyst?A) WeakB) SemiweakC) SemistrongD) StrongE) Perfect51) You are aware that your neighbor trades stocks based on confidential information he overhears at his workplace. This information is not available to the general public. This neighborcontinually brags to you about the profits he earns on these trades. Given this, you would tend to argue that the financial markets are at best ________ form efficient.A) weakB) semiweakC) semistrongD) strongE) perfect52) The U.S. Securities and Exchange Commission periodically charges individuals with insider trading and claims those individuals have made unfair profits. Given this, you would be most apt to argue that the markets are less than ________ form efficient.A) weakB) semiweakC) semistrongD) strongE) perfect53) Individual investors who continually monitor the financial markets seeking mispriced securities:A) earn excess profits on all of their investments.B) make the markets increasingly more efficient.C) are never able to find a security that is temporarily mispriced.D) are overwhelmingly successful in earning abnormal profits.E) are always quite successful using only historical price information as their basis of evaluation.54) One year ago, you purchased a stock at a price of $43.20 per share. The stock pays quarterly dividends of $.18 per share. Today, the stock is selling for $45.36 per share. What is your capital gain on this investment?A) $1.44B) $2.16C) $2.80D) $1.74E) $2.3455) Six months ago, you purchased 300 shares of stock in Global Trading at a price of $26.19 a share. The stock pays a quarterly dividend of $.12 a share. Today, you sold all of your shares for $27.11 per share. What is the total amount of your dividend income on this investment?A) $36B) $72C) $348D) $144E) $20456) One year ago, you purchased 200 shares of SL Industries stock at a price of $18.97 a share. The stock pays an annual dividend of $1.42 per share. Today, you sold all of your shares for $17.86 per share. What is your total dollar return on this investment?A) $50B) $91C) $58D) $62E) $8257) You own 850 shares of Western Feed Mills stock valued at $53.15 per share. What is the dividend yield if your total annual dividend income is $1,256?A) 2.67 percentB) 2.78 percentC) 1.83 percentD) 2.13 percentE) 2.54 percent58) West Wind Tours stock is currently selling for $52.30 a share. The stock has a dividend yield of 2.48 percent. How much dividend income will you receive per year if you purchase 600 shares of this stock?A) $824.96B) $836.20C) $724.80D) $762.00E) $778.2259) One year ago, you purchased a stock at a price of $38.22 a share. Today, you sold the stock and realized a total loss of 11.09 percent on your investment. Your capital gain was –$4.68 a share. What was your dividend yield?A) 1.15 percentB) .88 percentC) 1.02 percentD) .67 percentE) .38 percent60) You just sold 427 shares of stock at a price of $19.07 a share. You purchased the stock for $18.83 a share and have received total dividends of $614. What is the total capital gain on this investment?A) $716.48B) $511.52C) $102.48D) $618.48E) $476.5261) Last year, you purchased 400 shares of Analog stock for $12.92 a share. You have received a total of $136 in dividends and $4,301 in proceeds from selling the shares. What is your capital gains yield on this stock?A) 9.09 percentB) 6.73 percentC) −16.78 percentD) −14.14 percentE) −11.02 percent62) Today, you sold 540 shares of stock and realized a total return of 7.3 percent. You purchased the shares one year ago at a price of $24 a share and have received a total of $86 in dividends. What is your capital gains yield on this investment?A) 5.68 percentB) 6.64 percentC) 6.39 percentD) 7.26 percentE) 7.41 percent63) Four months ago, you purchased 900 shares of LBM stock for $7.68 a share. Last month, you received a dividend payment of $.12 a share. Today, you sold the shares for $9.13 a share. What is your total dollar return on this investment?A) $1,305B) $1,413C) $1,512D) $1,394E) $1,08064) One year ago, you purchased 100 shares of Best Wings stock at a price of $38.19 a share. The company pays an annual dividend of $.46 per share. Today, you sold for the shares for $37.92 a share. What is your total percentage return on this investment?A) 2.62 percentB) 1.93 percentC) 2.72 percentD) 1.08 percentE) .50 percent65) Suppose a stock had an initial price of $76 per share, paid a dividend of $1.42 per share during the year, and had an ending share price of $81. What was the capital gains yield?A) 6.17 percentB) 6.69 percentC) 7.05 percentD) 6.58 percentE) 5.44 percent66) Suppose you bought a $1,000 face value bond with a coupon rate of 5.6 percent one year ago. The purchase price was $987.50. You sold the bond today for $994.20. If the inflation rate last year was 2.6 percent, what was your exact real rate of return on this investment?A) 4.88 percentB) 5.32 percentC) 3.65 percentD) 3.78 percentE) 4.47 percent67) Leo purchased a stock for $63.80 a share, received a dividend of $2.68 a share and sold the shares for $59.74 each. During the time he owned the stock, inflation averaged 2.8 percent. What is his approximate real rate of return on this investment?A) −.64 percentB) −4.96 percentC) −2.16 percentD) 2.16 percentE) 4.96 percent68) Christina purchased 500 shares of stock at a price of $62.30 a share and sold the shares for $64.25 each. She also received $738 in dividends. If the inflation rate was 3.9 percent, what was her exact real rate of return on this investment?A) 4.20 percentB) 1.54 percentC) 1.60 percentD) 3.95 percentE) 5.50 percent69) What is the amount of the risk premium on a U.S. Treasury bill if the risk-free rate is 3.1 percent, the inflation rate is 2.6 percent, and the market rate of return is 7.4 percent?A) 0 percentB) 2.8 percentC) .5 percentD) 1.7 percentE) 4.3 percent70) You've observed the following returns on Crash-n-Burn Computer's stock over the past five years: 7 percent, 13 percent, 19 percent, −8 percent, and 15 percent. Suppose the average inflation rate over this time period was 2.6 percent and the average T-bill rate was 3.1 percent. Based on this information, what was the average nominal risk premium?A) 6.6 percentB) 6.1 percentC) 9.2 percentD) 1.2 percentE) 3.5 percent71) You bought one of Shark Repellant's 6 percent coupon bonds one year ago for $867. These bonds pay annual payments, have a face value of $1,000, and mature 12 years from now. Suppose you decide to sell your bonds today when the required return on the bonds is 7.4 percent. The inflation rate over the past year was 2.9 percent. What was your total real return on this investment?A) 6.48 percentB) 6.61 percentC) 8.18 percentD) 7.44 percentE) 9.70 percent72) You find a certain stock that had returns of 8 percent, −3 percent, 12 percent, and 17 percent for four of the last five years. The average return of the stock for the past five-year period was 6 percent. What is the standard deviation of the stock's returns for the five-year period?A) 10.39 percentB) 4.98 percentC) 7.16 percentD) 9.25 percentE) 5.38 percent73) A stock had returns of 5 percent, 14 percent, 11 percent, −8 percent, and 6 percent over the past five years. What is the standard deviation of these returns?A) 7.74 percentB) 8.21 percentC) 9.68 percentD) 8.44 percentE) 7.49 percent74) The common stock of Air Express had annual returns of 11.7 percent, 8.8 percent,16.7 percent, and −7.9 percent over the last four years, respectively. What is thestandard deviation of these returns?A) 8.29 percentB) 9.14 percentC) 11.54 percentD) 7.78 percentE) 10.66 percent75) A stock had annual returns of 5.3 percent, −2.7 percent, 16.2 percent, and 13.6 percentover the past four years. Which one of the following best describes the probability that this stock will produce a return of 20 percent or more in a single year?A) Less than 2.5 percent but more than .5 percentB) More than 16 percentC) Less than .5 percentD) Less than 1 percent but more than .5 percentE) Less than 16 percent but more than 2.5 percent76) A stock has an expected rate of return of 9.8 percent and a standard deviation of 15.4 percent. Which one of the following best describes the probability that this stock will lose at leasthalf of its value in any one given year?A) less than 16 percentB) less than .5 percentC) less than 1.0 percentD) less than 2.5 percentE) less than 5.0 percent77) A stock had annual returns of 11.3 percent, 9.8 percent, −7.3 percent, and 14.6percent for the past four years. Based on this information, what is the 95 percentprobability range of returns for any one given year?A) −2.4 to 17.5 percentB) −2.60 to 11.80 percentC) −12.5 to 26.7 percentD) −10.4 to 12.3 percentE) −10.9 to 25.1 percent78) Aimee is the owner of a stock with annual returns of 17.6 percent, −11.7 percent, 5.6 percent, and 9.7 percent for the past four years. She thinks the stock may achieve a returnof 17 percent again this coming year. What is the probability that your friend is correct?A) Less than .5 percentB) Greater than .5 percent but less than 1 percentC) Greater than 1 percent but less than 2.5 percentD) Greater than 2.5 percent but less than 16 percentE) Greater than 16 percent79) A stock had returns of 3 percent, 12 percent, 26 percent, −14 percent, and −1 percent for the past five years. Based on these returns, what is the approximate probability that this stock will return at least 20 percent in any one given year?A) Approximately .1 percentB) Approximately 5 percentC) Approximately 2.5 percentD) Approximately .5 percentE) Approximately 16 percent80) A stock had returns of 14 percent, 13 percent, −10 percent, and 7 percent for thepast four years. Which one of the following best describes the probability that this stockwill lose no more than 10 percent in any one year?A) Greater than .5 but less than 1.0 percentB) Greater than 1 percent but less than 2.5 percentC) Greater than 2.5 percent but less than 16 percentD) Greater than 84 percent but less than 97.5 percentE) Greater than 95 percent。
数据、模型与决策（运筹学）课后习题和案例答案012s
数据、模型与决策（运筹学）课后习题和案例答案012sCD SUPPLEMENT TO CHAPTER 12DECISION CRITERIA Review Questions12s-1 It might be desirable to use a decision criterion that doesn’t rely on the prior probabilities if these probabilities are not reliable.12s-2 The maximax criterion is a very optimistic criterion that focuses on the best that can happen by choosing the alternative that can yield the maximum of the maximum payoffs.12s-3 The maximin criterion is a very pessimistic criterion that focuses on the worst that can happen by choosing the alternative that can yield the maximum of the minimum payoffs.12s-4 The pessimism-optimism index measures where the decision-maker falls on a scale from totally pessimistic to totally optimistic. This index is used with the realism criterion tocombine the maximax and maximin criteria.12s-5 The maximax and maximin criteria are special cases of the realism criterion where the decision-maker is totally optimistic (index = 1) or totally pessimistic (index = 0).12s-6 The regret from having chosen a particular decision alternative is the maximum payoff minus the actual payoff.12s-7 The regret that can be felt afterward if the decision does not turn out well is being minimized with the minimax regret criterion.12s-8 A totally optimistic person would find the maximax criterion appealing, while a totally pessimistic person would find the maximin criterion appealing. The realism criterionwould appeal to someone who wants to be able to choose how aggressive to be. Theminimax regret criterion would appeal to someone who spends time regretting pastdecisions.12s-9 There is no uniformly reasonable criterion that doesn’t use prior probabilities.12s-10 The maximum likelihood criterion focuses on the most likely state of nature.12s-11 The main criticism of the maximum likelihood criterion is that it does not consider the payoffs for the other states of nature besides the most likely.12s-12 The equally likely criterion assumes that the states of nature are equally likely.12s-13 The main criticism of the equally likely criterion is that it ignores any prior information about the relative likelihood of the various states of nature.Problems 12s.1 a)b)c)d)12s.2 a)b)c)d)12s.3 a)b)c)d)12s.4 a)b)c)d)e)f)12s.5 a)b)c)The above answers demonstrate the objection that making choices between serious alternatives can depend on irrelevant alternatives with this criterion.12s.6 a)b) Choose either the conservative or the counter-cyclical investmentc)d)e) Choose the speculative investment (maximum payoff when stable economy = $10f)。
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新编语言学教程Chapter 12答案Applied Linguistics1. Define the following terms briefly.(1)applied linguistics: the study of language and linguistics in relation to practicalissues, e.g. speech therapy, language teaching, testing, and translation.More often than not nowadays, it is used in the narrow sense, and refers tolanguage teaching in particular.(2)grammar-translation method: a method of foreign or second languageteaching which makes use of translation and grammar study as the mainteaching and learning activities.(3) audiolingual method: the teaching of a second language through imitation,repetition, and reinforcement. It emphasizes the teaching of speaking andlistening before reading and writing and the use of mother tongue in theclassroom is not allowed.(4)communicative language teaching: an approach to foreign or second languageteaching which emphasizes that the goal of language learning is toachieve communicative competence.(5)testing: the use of tests, or the study of the theory and practice of their use,development, evaluation, etc.(6)achievement test: a test which measures how much of a language someone haslearned with reference to a particular course of study or program of instruction.(7)validity: (in testing) the degree to which a test measures what it is supposedto measure, or can be used successfully for the purposes for which it is intended.A number of different statistical procedures can be applied to a testto estimate its validity. Such procedures generally seek to determine what thetest measures, and how well it does so.(8)reliability: (in testing) a measure of the degree to which a test gives consistentresults; a test is said to be reliable if it gives the same results when it isgiven on different occasions or when it is taken by different people.(9)proficiency test: a test which measures how much of a language someone haslearned without considering the syllabus, duration and manner of learning.(10) subjective test: a test which is scored according to the personal judgment ofthe marker, such as essay writing or translation.(11) objective test: a test that can be marked without the use of the examiner’spersonal judgment.(12) language aptitude test: a test which measures a person’s aptitude for secondor foreign language learning and it can be used to identify those learners who are most likely to succeed.(13) diagnostic test: a test which is designed to show what skills or knowledge alearner knows and doesn’t know. For example, a diagnostic pronunciationtest may be used to measure the learner’s pronunciation of English sounds.It would show which sounds a student is and is not able to pronounce. Diagnostictests may be used to find out how much a learner knows or to measure how successful an instruction program has been.(14) backwash effect: Tests strongly affect what actually occurs in the classroomand the effect of tests on classroom L2 teaching and learning is known as thebackwash effect.2. The advantages of grammar-translation method:(1)As the grammars described in this method contain very detailed descriptionsof the correct construction of phrases and sentences of a language, accuracyis stressed and improved.(2)Students’ ability to read and write is encouraged and improved since themethod focuses on the written work.(3)This method is less demanding than some other approaches for a teacherwhose oral proficiency may not be adequate.(4)This method is popular with people who would like to study English independently,especially the adult learners who want to learn grammar rules anduse them to approach new materials by themselves.The disadvantages of grammar-translation method:(1)It emphasizes language at the sentence level regardless of context, so the organizationof language above the sentence level is not so carefully studied.(2)As the focus is on written work, oral fluency and spontaneity is not so welldeveloped and common everyday language is not taught enough.(3)The basic techniques in this method are rote learning of the rules and vocabulary,and grammar rules are taught deductively as general statements tobe applied in particular exercises in translation, so the learners may find itboring to learn.(4)With the emphasis on grammar, students typically know a lot about the languagebut are unable to actually use it. As a result, their use of the new languageoften tends to be literal or unnatural.3.Changes required would include:(1)Change in teacher’s role. The teacher can no longer be the source of knowledgeand trut h about the language. The teacher’s role has more to do withinitiating activities.(2)Change in learner’s role. The learner can no longer be passive. The learnermust actively participate in the activities.(3)Change of materials. These should, as far as possible, preserve the features ofauthentic instances of language use.(4)Change of techniques. These should emphasize the tasks (not drills) to beperformed and identify the skills being practiced.(5)Change in attitude. If the above are to be achieved then we are involved inchanging our attitudes towards teaching and learning in general.4.Achievement tests are based on a particular language syllabus, or part of a syllabus,or chapters in a textbook that learners are known to have studied and theyaim to know how well learners know what they have been taught. For example,the Chinese MET test, which is based on the Middle School English Syllabus andtaken by students leaving Senior Middle School, and Mid-Term tests, designed forUniversity English Majors based on just a few chapters from a textbook.5.The validity of a test relates to what the test claims to measure and how well itdoes so. If we know that a test is valid, then we know what we can confidently sayabout a person who passes or fails it. The two most important aspects of validityare content validity and construct validity. If a test has content validity it meansthat the test questions cover a fair sample of the language structures and skillsthat the test claims to be measuring. If a test has construct validity, it shows that itmeasures only what it claims to measure and nothing else.6.A test is said to be reliable if it gives the same results when it is given on differentoccasions or when it is taken by different people. There are two aspects to reliability:test reliability and scorer reliability. Test reliability refers to how consistent scoresare on a test. If, for example, there are two versions of a particular test and the sameperson takes them on consecutive days and his scores are almost the same on eachversion, then such a test has test reliability. A test has scorer reliability if there is ahigh level of agreement between different people marking the same test paper.。