Chapter3习题集及答案

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公司理财精要版原书第12版习题库答案Ross12e_Chapter03_TB

Fundamentals of Corporate Finance, 12e (Ross)Chapter 3 Working with Financial Statements1) Which one of the following is a source of cash for a tax-exempt firm?A) Increase in accounts receivableB) Increase in depreciationC) Decrease in accounts payableD) Increase in common stockE) Increase in inventory2) Which one of the following is a use of cash?A) Decrease in fixed assetsB) Decrease in inventoryC) Increase in long-term debtD) Decrease in accounts receivablesE) Decrease in accounts payable3) Which one of the following is a source of cash?A) Repurchase of common stockB) Acquisition of debtC) Purchase of inventoryD) Payment to a supplierE) Granting credit to a customer4) Which one of the following is a source of cash?A) Increase in accounts receivableB) Decrease in common stockC) Increase in fixed assetsD) Decrease in accounts payableE) Decrease in inventory5) On the statement of cash flows, which one of the following is considered a financing activity?A) Increase in inventoryB) Decrease in accounts payableC) Increase in net working capitalD) Dividends paidE) Decrease in fixed assets6) On the statement of cash flows, which one of the following is considered an operating activity?A) Increase in net fixed assetsB) Decrease in accounts payableC) Purchase of equipmentD) Dividends paidE) Repayment of long-term debt7) According to the statement of cash flows, an increase in inventory will ________ the cash flow from ________ activities.A) increase; operatingB) decrease; financingC) decrease; operatingD) increase; financingE) increase; investment8) According to the statement of cash flows, an increase in interest expense will ________ the cash flow from ________ activities.A) decrease; operatingB) decrease; financingC) increase; operatingD) increase; financingE) Increase; investment9) Activities of a firm that require the spending of cash are known as:A) sources of cash.B) uses of cash.C) cash collections.D) cash receipts.E) cash on hand.10) The sources and uses of cash over a stated period of time are reflected on the:A) income statement.B) balance sheet.C) tax reconciliation statement.D) statement of cash flows.E) statement of operating position.11) A common-size income statement is an accounting statement that expresses all of a firm's expenses as a percentage of:A) total assets.B) total equity.C) net income.D) taxable income.E) sales.12) Which one of the following standardizes items on the income statement and balance sheet relative to their values as of a chosen point in time?A) Statement of standardizationB) Statement of cash flowsC) Common-base year statementD) Common-size statementE) Base reconciliation statement13) On a common-size balance sheet all accounts for the current year are expressed as a percentage of:A) sales for the period.B) the base year sales.C) total equity for the base year.D) total assets for the current year.E) total assets for the base year.14) On a common-base year financial statement, accounts receivables for the current year will be expressed relative to which one of the following?A) Current year salesB) Current year total assetsC) Base-year salesD) Base-year total assetsE) Base-year accounts receivables15) Which one of the following ratios is a measure of a firm's liquidity?A) Cash coverage ratioB) Profit marginC) Debt-equity ratioD) Quick ratioE) NWC turnover16) An increase in current liabilities will have which one of the following effects, all else held constant? Assume all ratios have positive values.A) Increase in the cash ratioB) Increase in the net working capital to total assets ratioC) Decrease in the quick ratioD) Decrease in the cash coverage ratioE) Increase in the current ratio17) An increase in which one of the following will increase a firm's quick ratio without affecting its cash ratio?A) Accounts payableB) CashC) InventoryD) Accounts receivableE) Fixed assets18) A supplier, who requires payment within 10 days, should be most concerned with which one of the following ratios when granting credit?A) CurrentB) CashC) Debt-equityD) QuickE) Total debt19) A firm has an interval measure of 48. This means that the firm has sufficient liquid assets to do which one of the following?A) Pay all of its debts that are due within the next 48 hoursB) Pay all of its debts that are due within the next 48 daysC) Cover its operating costs for the next 48 hoursD) Cover its operating costs for the next 48 daysE) Meet the demands of its customers for the next 48 hours20) Ratios that measure a firm's liquidity are known as ________ ratios.A) asset managementB) long-term solvencyC) short-term solvencyD) profitabilityE) book value21) Which one of the following statements is correct?A) If the total debt ratio is greater than .50, then the debt-equity ratio must be less than 1.0.B) Long-term creditors would prefer the times interest earned ratio be 1.4 rather than 1.5.C) The debt-equity ratio can be computed as 1 plus the equity multiplier.D) An equity multiplier of 1.2 means a firm has $1.20 in sales for every $1 in equity.E) An increase in the depreciation expense will not affect the cash coverage ratio.22) If a firm has a debt-equity ratio of 1.0, then its total debt ratio must be which one of the following?A) 0B) .5C) 1.0D) 1.5E) 2.023) The cash coverage ratio directly measures the ability of a company to meet its obligation to pay:A) an invoice to a supplier.B) wages to an employee.C) interest to a lender.D) principal to a lender.E) a dividend to a shareholder.24) All-State Moving had sales of $899,000 in 2017 and $967,000 in 2018. The firm's current accounts remained constant. Given this information, which one of the following statements must be true?A) The total asset turnover rate increased.B) The days' sales in receivables increased.C) The net working capital turnover rate increased.D) The fixed asset turnover decreased.E) The receivables turnover rate decreased.25) The Corner Hardware has succeeded in increasing the amount of goods it sells while holding the amount of inventory on hand at a constant level. Assume that both the cost per unit and the selling price per unit also remained constant. This accomplishment will be reflected in the firm's financial ratios in which one of the following ways?A) Decrease in the inventory turnover rateB) Decrease in the net working capital turnover rateC) Increase in the fixed asset turnover rateD) Decrease in the day's sales in inventoryE) Decrease in the total asset turnover rate26) RJ's has a fixed asset turnover rate of 1.26 and a total asset turnover rate of .97. Sam's has a fixed asset turnover rate of 1.31 and a total asset turnover rate of .94. Both companies have similar operations. Based on this information, RJ's must be doing which one of the following?A) Utilizing its fixed assets more efficiently than Sam'sB) Utilizing its total assets more efficiently than Sam'sC) Generating $1 in sales for every $1.26 in net fixed assetsD) Generating $1.26 in net income for every $1 in net fixed assetsE) Maintaining the same level of current assets as Sam's27) Ratios that measure how efficiently a firm manages its assets and operations to generate net income are referred to as ________ ratios.A) asset managementB) long-term solvencyC) short-term solvencyD) profitabilityE) turnover28) If a company produces a return on assets of 14 percent and also a return on equity of 14 percent, then the firm:A) may have short-term, but not long-term debt.B) is using its assets as efficiently as possible.C) has no net working capital.D) has a debt-equity ratio of 1.0.E) has an equity multiplier of 1.0.29) Which one of the following will decrease if a firm can decrease its operating costs, all else constant?A) Return on equityB) Return on assetsC) Profit marginD) Total asset turnoverE) Price-earnings ratio30) Al's has a price-earnings ratio of 18.5. Ben's also has a price-earnings ratio of 18.5. Which one of the following statements must be true if Al's has a higher PEG ratio than Ben's?A) Al's has more net income than Ben's.B) Ben's is increasing its earnings at a faster rate than Al's.C) Al's has a higher market value per share than does Ben's.D) Ben's has a lower market-to-book ratio than Al's.E) Al's has a higher earnings growth rate than Ben's.31) Tobin's Q relates the market value of a firm's assets to which one of the following?A) Initial cost of creating the firmB) Current book value of the firmC) Average asset value of similar firmsD) Average market value of similar firmsE) Today's cost to duplicate those assets32) The price-sales ratio is especially useful when analyzing firms that have:A) volatile market prices.B) negative earnings.C) positive PEG ratios.D) a high Tobin's Q.E) increasing sales.33) Mortgage lenders probably have the most interest in the ________ ratios.A) return on assets and profit marginB) long-term debt and times interest earnedC) price-earnings and debt-equityD) market-to-book and times interest earnedE) return on equity and price-earnings34) Relationships determined from a company's financial information and used for comparison purposes are known as:A) financial ratios.B) identities.C) dimensional analysis.D) scenario analysis.E) solvency analysis.35) DL Farms currently has $600 in debt for every $1,000 in equity. Assume the company uses some of its cash to decrease its debt while maintaining its current equity and net income. Which one of the following will decrease as a result of this action?A) Equity multiplierB) Total asset turnoverC) Profit marginD) Return on assetsE) Return on equity36) Which one of these identifies the relationship between the return on assets and the return on equity?A) Profit marginB) Profitability determinantC) Balance sheet multiplierD) DuPont identityE) Debt-equity ratio37) Which one of the following accurately describes the three parts of the DuPont identity?A) Equity multiplier, profit margin, and total asset turnoverB) Debt-equity ratio, capital intensity ratio, and profit marginC) Operating efficiency, equity multiplier, and profitability ratioD) Return on assets, profit margin, and equity multiplierE) Financial leverage, operating efficiency, and profitability ratio38) An increase in which of the following must increase the return on equity, all else constant?A) Total assets and salesB) Net income and total equityC) Total asset turnover and debt-equity ratioD) Equity multiplier and total equityE) Debt-equity ratio and total debt39) Which one of the following is a correct formula for computing the return on equity?A) Profit margin × ROAB) ROA × Equity multiplierC) Profit margin × Total asset turnover × Debt-equity ratioD) Net income/Total assetsE) Debt-equity ratio × ROA40) The DuPont identity can be used to help managers answer which of the following questions related to a company's operations?I. How many sales dollars are being generated per each dollar of assets?II. How many dollars of assets have been acquired per each dollar in shareholders' equity? III. How much net profit is being generating per dollar of sales?IV. Does the company have the ability to meet its debt obligations in a timely manner?A) I and III onlyB) II and IV onlyC) I, II, and III onlyD) II, III and IV onlyE) I, II, III, and IV41) The U.S. government coding system that classifies a company by the nature of its business operations is known as the:A) Centralized Business Index.B) Peer Grouping codes.C) Standard Industrial Classification codes.D) Governmental ID codes.E) Government Engineered Coding System.42) Which one of the following statements is correct?A) Book values should always be given precedence over market values.B) Financial statements are rarely used as the basis for performance evaluations.C) Historical information is useful when projecting a company's future performance.D) Potential lenders place little value on financial statement information.E) Reviewing financial information over time has very limited value.43) The most acceptable method of evaluating the financial statements is to compare the company's current financial:A) ratios to the company's historical ratios.B) statements to the financial statements of similar companies operating in other countries.C) ratios to the average ratios of all companies located within the same geographic area.D) statements to those of larger companies in unrelated industries.E) statements to the projections that were created based on Tobin's Q.44) All of the following issues represent problems encountered when comparing the financial statements of two separate entities except the issue of the companies:A) being conglomerates with unrelated lines of business.B) having geographically varying operations.C) using differing accounting methods.D) differing seasonal peaks.E) having the same fiscal year.45) Which one of these is the least important factor to consider when comparing the financial situations of utility companies that generate electric power and have the same SIC code?A) Type of ownershipB) Government regulations affecting the firmC) Fiscal year endD) Methods of power generationE) Number of part-time employees46) At the beginning of the year, Brick Makers had cash of $183, accounts receivable of $392, accounts payable of $463, and inventory of $714. At year end, cash was $167, accounts payables was $447, inventory was $682, and accounts receivable was $409. What is the amount of the net source or use of cash by working capital accounts for the year?A) Net use of $16 cashB) Net use of $17 cashC) Net source of $17 cashD) Net source of $15 cashE) Net use of $15 cash47) During the year, Al's Tools decreased its accounts receivable by $160, increased its inventory by $115, and decreased its accounts payable by $70. How did these three accounts affect the sources of uses of cash by the firm?A) Net source of cash of $120B) Net source of cash of $205C) Net source of cash of $45D) Net use of cash of $115E) Net use of cash of $2548) Lani's generated net income of $911, depreciation expense was $47, and dividends paid were $25. Accounts payables increased by $15, accounts receivables increased by $28, inventory decreased by $14, and net fixed assets decreased by $8. There was no interest expense. What was the net cash flow from operating activity?A) $776B) $865C) $959D) $922E) $98549) For the past year, Jenn's Floral Arrangements had taxable income of $198,600, beginning common stock of $68,000, beginning retained earnings of $318,750, ending common stock of $71,500, ending retained earnings of $316,940, interest expense of $11,300, and a tax rate of 21 percent. What is the amount of dividends paid during the year?A) $157,280B) $159,935C) $163,200D) $153,555E) $158,70450) The Floor Store had interest expense of $38,400, depreciation of $28,100, and taxes of $19,600 for the year. At the start of the year, the firm had total assets of $879,400 and current assets of $289,600. By year's end total assets had increased to $911,900 while current assets decreased to $279,300. What is the amount of the cash flow from investment activity for the year?A) −$51,150B) $21,850C) $29,300D) −$70,900E) −$89,40051) Williamsburg Market is an all-equity firm that has net income of $96,200, depreciation expense of $6,300, and an increase in net working capital of $2,800. What is the amount of the net cash from operating activity?A) $91,300B) $99,700C) $93,400D) $105,300E) $113,70052) The accounts payable of a company changed from $136,100 to $104,300 over the course of a year. This change represents a:A) use of $31,800 of cash as investment activity.B) source of $31,800 of cash as an operating activity.C) source of $31,800 of cash as a financing activity.D) source of $31,800 of cash as an investment activity.E) use of $31,800 of cash as an operating activity.53) Oil Creek Auto has sales of $3,340, net income of $274, net fixed assets of $2,600, and current assets of $920. The firm has $430 in inventory. What is the common-size statement value of inventory?A) 12.22 percentB) 44.16 percentC) 16.54 percentD) 13.36 percentE) 46.74 percent54) Pittsburgh Motors has sales of $4,300, net income of $320, total assets of $4,800, and total equity of $2,950. Interest expense is $65. What is the common-size statement value of the interest expense?A) .89 percentB) 1.51 percentC) 1.69 percentD) 2.03 percentE) 1.35 percent55) Last year, which is used as the base year, a firm had cash of $52, accounts receivable of $223, inventory of $509, and net fixed assets of $1,107. This year, the firm has cash of $61,accounts receivable of $204, inventory of $527, and net fixed assets of $1,216. What is this year's common-base-year value of inventory?A) .67B) .91C) .88D) 1.04E) 1.1856) Duke's Garage has cash of $68, accounts receivable of $142, accounts payable of $235, and inventory of $318. What is the value of the quick ratio?A) 2.25B) .53C) .71D) .89E) 1.3557) Uptown Men's Wear has accounts payable of $2,214, inventory of $7,950, cash of $1,263, fixed assets of $8,400, accounts receivable of $3,907, and long-term debt of $4,200. What is the value of the net working capital to total assets ratio?A) .31B) .42C) .47D) .51E) .5658) DJ's has total assets of $310,100 and net fixed assets of $168,500. The average daily operating costs are $2,980. What is the value of the interval measure?A) 31.47 daysB) 47.52 daysC) 56.22 daysD) 68.05 daysE) 104.62 days59) Corner Books has a debt-equity ratio of .57. What is the total debt ratio?A) .36B) .30C) .44D) 2.27E) 2.7560) SS Stores has total debt of $4,910 and a debt-equity ratio of 0.52. What is the value of the total assets?A) $16,128.05B) $7,253.40C) $9,571.95D) $11,034.00E) $14,352.3161) JK Motors has sales of $96,400, costs of $53,800, interest paid of $2,800, and depreciation of $7,100. The tax rate is 21 percent. What is the value of the cash coverage ratio?A) 15.21B) 12.14C) 17.27D) 23.41E) 12.6862) Terry's Pets paid $2,380 in interest and $2,200 in dividends last year. The times interest earned ratio is 2.6 and the depreciation expense is $680. What is the value of the cash coverage ratio?A) 1.42B) 2.72C) 2.94D) 2.89E) 2.4663) The Up-Towner has sales of $913,400, costs of goods sold of $579,300, inventory of $123,900, and accounts receivable of $78,900. How many days, on average, does it take the firm to sell its inventory assuming that all sales are on credit?A) 74.19 daysB) 84.69 daysC) 78.07 daysD) 96.46 daysE) 71.01 days64) Flo's Flowers has accounts receivable of $4,511, inventory of $1,810, sales of $138,609, and cost of goods sold of $64,003. How many days does it take the firm to sell its inventory and collect the payment on the sale assuming that all sales are on credit?A) 11.88 daysB) 22.20 daysC) 16.23 daysD) 14.50 daysE) 18.67 days65) The Harrisburg Store has net working capital of $2,715, net fixed assets of $22,407, sales of $31,350, and current liabilities of $3,908. How many dollars' worth of sales are generated from every $1 in total assets?A) $1.08B) $1.14C) $1.19D) $84E) $9366) TJ's has annual sales of $813,200, total debt of $171,000, total equity of $396,000, and a profit margin of 5.78 percent. What is the return on assets?A) 8.29 percentB) 6.48 percentC) 9.94 percentD) 7.78 percentE) 8.02 percent67) Frank's Used Cars has sales of $807,200, total assets of $768,100, and a profit margin of 6.68 percent. The firm has a total debt ratio of 54 percent. What is the return on equity?A) 13.09 percentB) 12.04 percentC) 11.03 percentD) 8.56 percentE) 15.26 percent68) Bernice's has $823,000 in sales. The profit margin is 4.2 percent and the firm has 7,500 shares of stock outstanding. The market price per share is $16.50. What is the price-earnings ratio?A) 3.58B) 3.98C) 4.32D) 3.51E) 4.2769) Hungry Lunch has net income of $73,402, a price-earnings ratio of 13.7, and earnings per share of $.43. How many shares of stock are outstanding?A) 13,520B) 12,460C) 165,745D) 171,308E) 170,70270) A firm has 160,000 shares of stock outstanding, sales of $1.94 million, net income of $126,400, a price-earnings ratio of 21.3, and a book value per share of $7.92. What is the market-to-book ratio?A) 2.12B) 1.84C) 1.39D) 2.45E) 2.6971) Taylor's Men's Wear has a debt-equity ratio of 48 percent, sales of $829,000, net income of $47,300, and total debt of $206,300. What is the return on equity?A) 19.29 percentB) 11.01 percentC) 15.74 percentD) 18.57 percentE) 14.16 percent72) Nielsen's has inventory of $29,406, accounts receivable of $46,215, net working capital of $4,507, and accounts payable of $48,919. What is the quick ratio?A) 1.55B) .49C) 1.32D) .94E) .9273) The Strong Box has sales of $859,700, cost of goods sold of $648,200, net income of $93,100, and accounts receivable of $102,300. How many days of sales are in receivables?A) 57.60 daysB) 40.32 daysC) 54.53 daysD) 29.41 daysE) 43.43 days74) Corner Books has sales of $687,400, cost of goods sold of $454,200, and a profit margin of 5.5 percent. The balance sheet shows common stock of $324,000 with a par value of $5 a share, and retained earnings of $689,500. What is the price-sales ratio if the market price is $43.20 per share?A) 4.28B) 12.74C) 6.12D) 4.07E) 14.5175) Gem Jewelers has current assets of $687,600, total assets of $1,711,000, net working capital of $223,700, and long-term debt of $450,000. What is the debt-equity ratio?A) .87B) .94C) 1.21D) 1.15E) 1.0676) Russell's has annual sales of $649,200, cost of goods sold of $389,400, interest of $23,650, depreciation of $121,000, and a tax rate of 21 percent. What is the cash coverage ratio for the year?A) 8.43B) 10.99C) 11.64D) 5.87E) 18.2277) Lawn Care, Inc., has sales of $367,400, costs of $183,600, depreciation of $48,600, interest of $39,200, and a tax rate of 25 percent. The firm has total assets of $422,100, long-term debt of $102,000, net fixed assets of $264,500, and net working capital of $22,300. What is the return on equity?A) 24.26 percentB) 15.38 percentC) 38.96 percentD) 29.96 percentE) 17.06 percent78) Frank's Welding has net fixed assets of $36,200, total assets of $51,300, long-term debt of $22,000, and total debt of $29,700. What is the net working capital to total assets ratio?A) 12.18 percentB) 16.82 percentC) 14.42 percentD) 17.79 percentE) 9.90 percent79) The Green Fiddle has current liabilities of $28,000, sales of $156,900, and cost of goods sold of $62,400. The current ratio is 1.22 and the quick ratio is .71. How many days on average does it take to sell the inventory?A) 128.13 daysB) 74.42 daysC) 199.81 daysD) 147.46 daysE) 83.53 days80) Green Yard Care has net income of $62,300, a tax rate of 21 percent, and a profit margin of 6.7 percent. Total assets are $1,100,500 and current assets are $328,200. How many dollars of sales are being generated from every dollar of net fixed assets?A) $2.83B) $1.37C) $.84D) $1.20E) $1.2381) Jensen's Shipping has total assets of $694,800 at year's end. The beginning owners' equity was $362,400. During the year, the company had sales of $711,000, a profit margin of 5.2 percent, a tax rate of 21 percent, and paid $12,500 in dividends. What is the equity multiplier at year-end?A) 1.67B) 1.72C) 1.93D) 1.80E) 1.8682) Western Gear has net income of $12,400, a tax rate of 21 percent, and interest expense of $1,600. What is the times interest earned ratio for the year?A) 9.63B) 7.75C) 10.81D) 14.97E) 10.9783) Big Tree Lumber has earnings per share of $1.36. The firm's earnings have been increasing at an average rate of 2.9 percent annually and are expected to continue doing so. The firm has 21,500 shares of stock outstanding at a price per share of $23.40. What is the firm's PEG ratio?A) 2.27B) 11.21C) 4.85D) 3.94E) 5.9384) Townsend Enterprises has a PEG ratio of 5.3, net income of $49,200, a price-earnings ratio of 17.6, and a profit margin of 7.1 percent. What is the earnings growth rate?A) 2.48 percentB) 1.06 percentC) 3.32 percentD) 5.20 percentE) 10.60 percent85) A firm has total assets with a current book value of $71,600, a current market value of $82,300, and a current replacement cost of $90,400. What is the value of Tobin's Q?A) .85B) .87C) .90D) .94E) .9186) Dixie Supply has total assets with a current book value of $368,900 and a current replacement cost of $486,200. The market value of these assets is $464,800. What is the value of Tobin's Q?A) .79B) .76C) .96D) 1.26E) 1.0587) Dandelion Fields has a Tobin's Q of .96. The replacement cost of the firm's assets is $225,000 and the market value of the firm's debt is $101,000. The firm has 20,000 shares of stock outstanding and a book value per share of $2.09. What is the market-to-book ratio?A) 2.75 timesB) 3.18 timesC) 3.54 timesD) 4.01 timesE) 4.20 times88) The Tech Store has annual sales of $416,000, a price-earnings ratio of 18, and a profit margin of 3.7 percent. There are 12,000 shares of stock outstanding. What is the price-sales ratio?A) .97B) .67C) 1.08D) 1.15E) .8689) Lassiter Industries has annual sales of $328,000 with 8,000 shares of stock outstanding. The firm has a profit margin of 4.5 percent and a price-sales ratio of 1.20. What is the firm's price-earnings ratio?A) 21.9B) 17.4C) 18.6D) 26.7E) 24.390) Drive-Up has sales of $31.4 million, total assets of $27.6 million, and total debt of $14.9 million. The profit margin is 3.7 percent. What is the return on equity?A) 6.85 percentB) 9.15 percentC) 11.08 percentD) 13.31 percentE) 14.21 percent91) Corner Supply has a current accounts receivable balance of $246,000. Credit sales for the year just ended were $2,430,000. How many days on average did it take for credit customers to pay off their accounts during this past year?A) 44.29 daysB) 55.01 daysC) 55.50 daysD) 36.95 daysE) 41.00 days92) BL Industries has ending inventory of $302,800, annual sales of $2.33 million, and annual cost of goods sold of $1.41 million. On average, how long did a unit of inventory sit on the shelf before it was sold?A) 47.43 daysB) 22.18 daysC) 78.38 daysD) 61.78 daysE) 83.13 days93) Billings Inc. has net income of $161,000, a profit margin of 7.6 percent, and an accounts receivable balance of $127,100. Assume that 66 percent of sales are on credit. What is the days' sales in receivables?A) 21.90 daysB) 27.56 daysC) 33.18 daysD) 35.04 daysE) 36.19 days94) Stone Walls has a long-term debt ratio of .6 and a current ratio of 1.2. Current liabilities are $800, sales are $7,800, the profit margin is 6.5 percent, and return on equity is 15.5 percent. What is the amount of the firm's net fixed assets?A) $8,880.15B) $8,017.43C) $7,666.67D) $5,848.15E) $8,977.43。

chapter 3&4提纲答案

• 40.It seems that she enjoys light music very much. • 41.He said nothing and went to the cinema. • 42.I don’t draw as well as her.或 • I draw worse than her. • 43.If you work hard, you’ll learn English well. • 44.If you don’t hurry up, you’ll be late for school. • 45.You will fail the exam unless you work hard.
• 54.Most boys are interested in playing football. • Most boys like playing football best. • 55.If it doesn’t rain, we will go to the park. • 56.My bike goes wrong. • 57.Could you show me how I can get to the station?
• 7. It is great fun walking along the paths near the river. • 8. What do you think of walking in the snow? • 9.It took them two years to build the museum. • 10.The shop is open between 9 a.m. and 10 p.m. • 11.To go hiking on the Great Wall in some other places is also great fun. • 12.It took a long time to build the bridge. • 13.We would thank you for information about places of interest in and around Beijing.

同济大学_汽车学院_汽车振动_郭荣_chapter3_作业答案

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

平狄克微观经济学第六版第三章课后答案

PART IIPRODUCERS, CONSUMERS, AND COMPETITIVE MARKETSCHAPTER 3CONSUMER BEHAVIORChapter 3 builds the foundation for deriving the demand curve in Chapter 4. In order tounderstand demand theory, students must have a firm grasp of indifference curves, the marginal rateof substitution, the budget line, and optimal consumer choice. It is possible to discuss consumer choicewithout going into extensive detail on utility theory. Many students find utility functions to be a moreabstract concept than preference relationships. However, if you plan to discuss uncertainty in Chapter5, you will need to cover marginal utility (section 3.5). Even if you cover utility theory only briefly,make sure students are comfortable with the term utility because it appears frequently in Chapter 4.When introducing indifference curves, stress that physical quantities are represented on thetwo axes. After discussing supply and demand, students may think that price should be on the verticalaxis. To illustrate the indifference curves, pick an initial bundle on the graph and ask which otherbundles are likely to be more preferred and less preferred to the initial bundle. This will divide thegraph into four quadrants, and it is then easier for students to figure out the set of bundles betweenwhich the consumer is indifferent. It is helpful to present a lot of examples with different types ofgoods and see if the class can figure out how to draw the indifference curves. The examples are alsouseful for explaining the significance of the assumptions made about preferences. In presentingdifferent examples, you can ask which assumption would be violated.Explaining utility follows naturally from the discussion of indifference curves. Though anabstract concept, it is possible to get students to understand the basic idea without spending too muchtime on the topic. You might point out that we as consumers have a goal in life, which is to maximizeour utility subject to our budget constraint. When we go to the store we pick the basket that we likebest and that stays within our budget. From this we derive demand curves. Emphasize that it is theranking that is important and not the utility number, and point out that if we can graph an indifferencecurve we can certainly find an equation to represent it. Finally, what is most important is the rate atwhich consumers are willing to exchange goods (the marginal rate of substitution) and this is based onthe relative satisfaction that they derive from each good at any particular time.The marginal rate of substitution, MRS, can be confusing to students. Some confuse the MRSwith the ratio of the two quantities. If this is the case, point out that the slope is equal to the ratio of the rise, ∆Y, and the run, ∆X. This ratio is equal to the ratio of the intercepts of a line just tangent to the indifference curve. As we move along a convex indifference curve, these intercepts and the MRSchange. Another problem is the terminology “of X for Y.” This is confus ing because we are notsubstituting “X for Y,” but Y for one unit of X. You may want to present a variety of examples in classto explain this important concept.1. What are the four basic assumptions about individual preferences? Explain thesignificance or meaning of each.(1) Preferences are complete: this means that the consumer is able to compare andrank all possible baskets; (2) Preferences are transitive: this means that preferencesare consistent, in that if bundle A is preferred to bundle B and bundle B is preferredto bundle C, then we should be able to conclude that bundle A is preferred to bundleC; (3) More is preferred to less: this means that all goods are desirable, and that theconsumer will always prefer to have more of a good; (4) Diminishing marginal rateof substitution: this means that indifference curves are convex, and that the slope ofthe indifference curve increases (becomes less negative) as we move down along thecurve. As a consumer moves down along her indifference curve she is willing to giveup fewer units of the good on the vertical axis in exchange for one more unit of thegood on the horizontal axis. This assumption also means that balanced marketbaskets are preferred to baskets that have a lot of one good and very little of theother good.2. Can a set of indifference curves be upward sloping? If so, what would this tell you about the two goods?A set of indifference curves can be upward sloping if we violate assumption numberthree; more is preferred to less. When a set of indifference curves is upward sloping,it means one of the goods is a “bad” in that the consumer prefers less of the goodrather than more of the good. The positive slope means that the consumer willaccept more of the bad good only if she also receives more of the other good in return.As we move up along the indifference curve the consumer has more of the good sheb.Draw a set of indifference curves for Jon.Since Jon is always willing to trade one can of coke for one can of sprite, hisindifference curves are linear with a slope of –1.c.Draw two budget lines with different slopes and illustrate the satisfaction-maximizing choice. What conclusion can you draw?Jon’s indifference curves are linear with a slope of –1. Jon’s budget line is alsolinear, and will have a slope that reflects the ratio of the two prices. If Jon’s budgetline is steeper than his indifference curves then he will choose to consume only thegood on the vertical axis. If Jon’s b udget line is flatter than his indifference curvesthen he will choose to consumer only the good on the horizontal axis. Jon willalways choose a corner solution, unless his budget line has the same slope as hisindifference curves. In this case any combination of Sprite and Coke that uses uphis entire income with maximize his satisfaction.5. What happens to the marginal rate of substitution as you move along a convex indifference curve? A linear indifference curve?The MRS measures how much of a good you are willing to give up in exchange for onemore unit of the other good, keeping utility constant. The MRS diminishes along aconvex indifference curve in that as you move down along the indifference curve, youare willing to give up less and less of the one good in exchange for the other. TheMRS is also the slope of the indifference curve, which increases (becomes lessnegative) as you move down along the indifference curve. The MRS is constantalong a linear indifference curve, since in this case the slope does not change. Theconsumer is always willing to trade the same number of units of one good inexchange for the other.6. Explain why an MRS between two goods must equal the ratio of the price of the goods for the consumer to achieve maximum satisfaction.The MRS describes the rate at which the consumer is willing to trade one good foranother to maintain the same level of satisfaction. The ratio of prices describes thetrade-off that the market is willing to make between the same two goods. Thetangency of the indifference curve with the budget line represents the point at whichthe trade-offs are equal and consumer satisfaction is maximized. If the MRS betweentwo goods is not equal to the ratio of prices, then the consumer could trade one good foranother at market prices to obtain higher levels of satisfaction. For example, if theslope of the budget line (the ratio of the prices) is –4 then the consumer can trade 4units of good 2 for one unit of good 1. If the MRS at the current bundle is –6, then theconsumer is willing to trade 6 units of good 2 for one unit of good 1. Since the twoslopes are not equal the consumer is not maximizing her satisfaction. The consumer iswilling to trade 6 but only has to trade 4, so she should make the trade. This tradingcontinues until the highest level of satisfaction is achieved. As trades are made, theMRS will change and become equal to the price ratio.7. Describe the indifference curves associated with two goods that are perfect substitutes. What if they are perfect complements?Two goods are perfect substitutes if the MRS of one for another is a constant number.Given the MRS is a constant number, the slope of the indifference curves will beconstant, and the indifference curves are therefore linear. If two goods are perfectcomplements, the indifference curves are L-shaped. In this case the consumerwants to consume the two goods in a fixed proportion, say one unit of good 1 for every1 unit of good 2. If she has more of one good but not more of the other then she doesnot get any extra satisfaction.8. What is the difference between ordinal utility and cardinal utility? Explain why the assumption of cardinal utility is not needed in order to rank consumer choices.Ordinal utility implies an ordering among alternatives without regard for intensity ofpreference. For example, if the consumer’s first choice is preferred to their secondchoice, then utility from the first choice will be higher than utility from the secondchoice. How much higher is not important. An ordinal utility function generates aranking of bundles and no meaning is given to the utility number itself. Cardinalutility implies that the intensity of preferences may be quantified, and that the utilitynumber itself has meaning. An ordinal ranking is all that is needed to rank consumerchoices. It is not necessary to know how intensely a consumer prefers basket A overbasket B; it is enough to know that A is preferred to B.9. Upon merging with the West German economy, East German consumers indicated a preference for Mercedes-Benz automobiles over Volkswagens. However, when they converted their savings into deutsche marks, they flocked to Volkswagen dealerships. How can you explain this apparent paradox?Three assumptions are required to address this question: 1) that a Mercedes costs morethan a Volkswagen; 2) that the East German consumers’ utility function comprises twogoods, automobiles and all other goods evaluated in deutsche marks; and 3) that EastGermans have incomes. Based on these assumptions, we can surmise that while EastGerman consumers may prefer a Mercedes to a Volkswagen, they either cannot afford aMercedes or they prefer a bundle of other goods plus a Volkswagen to a Mercedes alone.While the marginal utility of consuming a Mercedes exceeds the marginal utility ofconsuming a Volkswagen, the consumer will consider marginal utility per dollar foreach good. This means the marginal utility per dollar must have been higher for theVolkswagen since consumers flocked to the Volkswagen dealerships and not theMercedes dealerships.10. Draw a budget line and then draw an indifference curve to illustrate the satisfaction maximizing choice associated with two products. Use your graph to answer the following questions.a.Suppose that one of the products is rationed. Explain why the consumer is likelyto be worse off.When goods are not rationed, the consumer is able to choose the satisfaction-maximizing bundle where the slope of the budget line is equal to the slope of theindifference curve, or the price ratio is equal to the MRS. This is point A in the graphbelow. If good 1 is now rationed the consumer will not be able to attain the utilitymaximizing point. He or she will have to consume more of the other good instead.This is point B below.b.Suppose now that the price of one of the products is fixed at a level below thecurrent price. As a result, the consumer is not able to purchase as much as she would like of the product. Can you tell if the consumer is better off or worse off?When the price of the good is fixed at a level below the current (equilibrium) price,there will be a shortage of the good and the good will have to be effectively rationed.As in the question above, the consumer is worse off because she is not able to attainher utility maximizing point.11. Based on his preferences, Bill is willing to trade 4 movie tickets for 1 ticket to a basketball game. If movie tickets cost $8 each and a ticket to the basketball game costs $40, should Bill make the trade? Why or why not?No Bill should not make the trade. If he gives up the 4 movie tickets then he willsave $8 per ticket for a total of $32. However, this is not enough for a basketballticket. He would in fact have to give up 5 movie tickets if he wanted to buy anotherbasketball ticket. Notice also, that the marginal utility per dollar is higher for movietickets so Bill will be better off if he consumes more movie tickets and fewerbasketball tickets. To figure this out recall that what Bill is willing to do defines hisMRS. His MRS is 4 so this means that the marginal utility of a basketball game is 4and the marginal utility of a movie is 1:MRS=-4=-MUballMUmovie=-41.Now the marginal utility per dollar can be computed:MUball Pball =440=110MUmovie Pmovie =18.12. Describe the equal marginal principle. Explain why this principle may not hold if increasing marginal utility is associated with the consumption of one or both goods.The equal marginal principle states that the ratio of the marginal utility to price mustbe equal across all goods to obtain maximum satisfaction. In other words, utilitymaximization is achieved when the budget is allocated so that the marginal utility perdollar of expenditure is the same for each good. If the marginal utility per dollar is notequal then utility can be increased by allocating more dollars to the good with thehigher marginal utility per dollar. The consumer will obtain more “bang for the buck”if they reallocate their dollars.If marginal utility is increasing, the consumer maximizes satisfaction by consumingever larger amounts of the good. Thus, the consumer would spend all income on onegood, assuming a constant price, resulting in a corner solution. With a corner solution,the equal marginal principle cannot hold.13. The price of computers has fallen substantially over the past two decades. Use this drop in price to explain why the Consumer Price Index is likely to overstate substantially the cost-of-living index for individuals who use computers intensively.The consumer price index measures the cost of a typical basket of goods purchased bythe consumer in the current year relative to the cost of the basket in the base year.Each good in the basket is assigned a weight, which reflects the importance of the goodto the consumer, and the weights are kept fixed from year to year. The problem withfixing the weights is that consumers will shift their purchases from year to year to givemore weight to goods whose prices have fallen, and less weight to goods whose priceshave risen. The CPI will therefore give too much weight to goods whose prices haverisen, and too little weight to goods whose prices have fallen. For the individual whouses computers intensively, the fixed weight for computers in the basket willunderstate the importance of this good, and will hence understate the effect of the fallin the price of computers. The CPI will overstate the rise in the cost of living for thistype of individual.14. Explain why the Paasche index will generally understate the ideal cost-of-living index.The Paasche index measures the current cost of the current bundle of goods relativeto the base year cost of the current bundle of goods. The Paasche index willunderstate the ideal cost of living because it assumes the individual will buy thecurrent year bundle in the base period. In reality, at base year prices the consumerwould have been able to attain the same level of utility at a lower cost by alteringtheir consumption bundle. Since the base year cost is overstated, the denominatorwill be larger and the index will be lower, or understated.1. In this chapter, consumer preferences for various commodities did not change during the analysis. Yet in some situations, preferences do change as consumption occurs. Discuss why and how preferences might change over time with consumption of these two commodities:a. cigarettesThe assumption that preferences do not change is a reasonable one if choices areindependent across time. It does not hold, however, when “habit-forming” or addictivebehavior is involved, as in the case of cigarettes: the consumption of cigarettes in oneperiod influences their consumption in the next period.b. dinner for the first time at a restaurant with a special cuisineThis example is parallel to examples of adventure seeking. For some, a new diningexperience creates enthusiasm to seek out more exciting and different cuisines anddishes. For others, they develop a fondness for regularity and consistency or fear ofthe new and unknown. In either of these cases, choices change as consumption occurs.2. Draw indifference curves that represent the following individuals’ preferences for hamburgers and soft drinks. Indicate the direction in which the individuals’ satisfaction (or utility) is increasing.a.Joe has convex preferences and dislikes both hamburgers and soft drinks.Since Joe dislikes both goods, his set of indifference curves will be bowed inwardstowards the origin instead of outwards, as in the normal case where more is preferredto less. Given he dislikes both goods, his satisfaction is increasing in the direction ofthe origin. Convexity of preferences implies his indifference curves will have thenormal shape in that they are bowed towards the direction of increasing satisfaction.Convexity also implies that given any two bundles between which the consumer isindifferent, the “average” of the two bundles will be in the preferred set, or wi ll leavehim at least as well off.so ft dr in kb.Jane loves hamburgers and dislikes soft drinks. If she is served a soft drink, shewill pour it down the drain rather than drink it.Since Jane can freely dispose of the soft drink if it is given to her, she considers it to be aneutral good. This means she does not care about soft drinks one way or the other.With hamburgers on the vertical axis, her indifference curves are horizontal lines. Herso ft dr in kc.Bob loves hamburgers and dislikes soft drinks. If he is served a soft drink, he willdrink it to be polite.Since Bob will drink the soft drink in order to be polite, it can be thought of as a “bad”.When served another soft drink, he will require more hamburgers at the same timein order to keep his satisfaction constant. More soft drinks without morehamburgers will worsen his utility. More hamburgers and fewer soft drinks willincrease his utility.s o ft d rin kd.Molly loves hamburgers and soft drinks, but insists on consuming exactly one softdrink for every two hamburgers that she eats.Molly wants to consume the two goods in a fixed proportion so her indifference curvesare L-shaped. For any given amount of one good, she gets no extra satisfaction fromhaving more of the other good. She will only increase her satisfaction if she hasmore of both goods.s o ft d rin ke.Bill likes hamburgers, but neither likes nor dislikes soft drinks.Like Jane, Bill considers soft drinks to be a neutral good. Since he does not careabout soft drinks one way or the other we can assume that no matter how many hehas, his utility will be the same. His level of satisfaction depends entirely on hows o ft d rin kf.Mary always gets twice as much satisfaction from an extra hamburger as she doesfrom an extra soft drink.How much extra satisfaction Mary gains from an extra hamburger or soft drink tellsus something about the marginal utilities of the two goods, or about her MRS. If shealways receives twice the satisfaction from an extra hamburger then her marginalutility from consuming an extra hamburger is twice her marginal utility fromconsuming an extra soft drink. Her MRS, with hamburgers on the vertical axis, is1/2.so ft dr in k3. If Jane is currently willing to trade 4 movie tickets for 1 basketball ticket then she must like basketball better than movies. True or false? Explain.This statement is not necessarily true. If she is always willing to trade 4 movietickets for 1 basketball ticket then yes she likes basketball better because she willalways gain the same satisfaction from 4 movie tickets as she does from 1 basketballticket. However, it could be that she has convex preferences (diminishing marginalrate of substitution) and is at a bundle where she has a lot of movie tickets relative tobasketball tickets. This would make her willing to give up more movie tickets to getanother basketball ticket. It would not mean though that she liked basketball better.Her willingness to give up a good would in this case depend on the quantity of eachgood in her current basket.4. Janelle and Brian each plan to spend $20,000 on the styling and gas mileage features of a new car. They can each choose all styling, all gas mileage, or some combination of the two. Janelle does not care at all about styling and wants the best gas mileage possible. Brian likes both equally and wants to spend an equal amount on the two features. Using indifference curves and budget lines, illustrate the choice that each person will make.Assume styling is on the vertical axis and gas mileage is on the horizontal axis.Janelle has indifference curves that are vertical. If the styling is there she will takeit, but she otherwise does not care about it. As her indifference curves move over tothe right, she gains more gas mileage and more satisfaction. She will spend all$20,000 on gas mileage. Brian has indifference curves that are L-shaped. He willnot spend more on one feature than on the other feature. He will spend $10,000 onstyling and $10,000 on gas mileage.5. Suppose that Bridget and Erin spend their income on two goods, food (F) and clothing(C). Bridget’s preferences are represented by the utility function U(F,C)=10FC, while Erin’s preferences are represented by the utility function U(F,C)=.20F2C2.a.On a graph, with food on the horizontal axis and clothing on the vertical axis,identify the set of points that give Bridget the same level of utility as the bundle (10,5). Do the same for Erin on a separate graph.Bridget receives a utility of 10*10*5=500 from this bundle. The indifference curve isrepresented by the equation 10FC=500 or FC=50. Some bundles on this indifferencecurve are (5,10), (10,5), (25,2), and (2,25). Erin receives a utilityof .2*10*10*5*5=500 from the bundle (10,5). Her indifference curve is representedby the equation 500=.2F2C2, or 50=FC. This is the same indifference curve asBridget. Both indifference curves have the normal, convex shape.b.On the same two graphs, identify the set of bundles that give Bridget and Erin thesame level of utility as the bundle (15,8).For each person, plug in F=15 and C=8 into their respective utility functions. ForBridget, this gives her a utility of 1200, so her indifference curve is given by theequation 10FC=1200, or FC=120. Some bundles on this indifference curve are(12,10), (10,12), (3,40), and (40,3). For Erin, this bundle gives her a utility of 2880,so her indifference curve is given by the equation 2880=.2F2C2, or FC=120.This is the same indifference curve as Bridget.c.Do you think Bridget and Erin have the same preferences or different preferences?Explain.They have the same preferences because for any given bundle they have the samelevel of utility. This means that they will rank all bundles in the same order. Notehowever, that it is not necessary that they receive the same level of utility to have thesame set of preferences. All that is necessary is that they rank the bundles in thesame order.6. Suppose that Jones and Smith have each decided to allocate $1,000 per year to an entertainment budget in the form of hockey games or rock concerts. They both like hockey games and rock concerts and will choose to consume positive quantities of both goods. However, they differ substantially in their preferences for these two forms of entertainment. Jones prefers hockey games to rock concerts, while Smith prefers rock concerts to hockey games.a. Draw a set of indifference curves for Jones and a second set for Smith.Given they each like both goods and they will each choose to consume positivequantities of both goods, we can assume their indifference curves have the normalconvex shape. However since Jones has an overall preference for hockey and Smithhas an overall preference for rock concerts, their two sets of indifference curves willhave different slopes. Suppose that we place rock concerts on the vertical axis andhockey games on the horizontal axis, Jones will have a larger MRS than Smith.Jones is willing to give up more rock concerts in exchange for a hockey game since heprefers hockey games. The indifference curves for Jones will be steeper.b. Using the concept of marginal rate of substitution, explain why the two sets ofcurves are different from each other.At any combination of hockey games and rock concerts, Jones is willing to give up morerock concerts for an additional hockey game, whereas, Smith is willing to give up fewerrock concerts for an additional hockey game. Since the MRS is a measure of how manyof one good (rock concerts) an individual is willing to give up for an additional unit ofthe other good (hockey games), then the MRS, and hence the slope of the indifferencecurves, will be different for the two individuals.7. The price of DVDs (D) is $20 and the price of CDs (C) is $10. Philip has a budget of $100 to spend on the two goods. Suppose that he has already bought one DVD and one CD. In addition there are 3 more DVDs and 5 more CDs that he would really like to buy.a.Given the above prices and income, draw his budget line on a graph with CDs onthe horizontal axis.His budget line is PD D+PCC=I, or 20D+10C=100. If he spends his entire incomeon DVD’s he could afford to buy 5. If he spends his entire income on CD’s he couldafford to buy 10.b.Considering what he has already purchased, and what he still wants to purchase,identify the three different bundles of CDs and DVDs that he could choose.Assume that he cannot purchase fractional units for this part of the question.Given he has already purchased one of each, for a total of $30, he has $70 left. Sincehe wants 3 more DVD’s he can buy these for $60 and spend his remaining $10 on 1CD. This is the first bundle below. He could also choose to buy only 2 DVD’s for$40 and spend the remaining $30 on 3 CD’s. He can choose the following bundles: Purchased Quantities Total QuantitiesD C D C3 1 2 62 3 3 41 5 4 28. Anne has a job that requires her to travel three out of every four weeks. She has an annual travel budget and can either travel by train or by plane. The airline she typically flies with has a frequent traveler program that reduces the cost of her tickets depending on the number of miles she has flown in a given year. When she reaches 25,000 miles the airline will reduce the price of her tickets by 25% for the remainder of the year. When she reached 50,000 miles, the airline will reduce the price of her tickets by 50% for the remainder of the year. Graph Anne’s budget line, with train miles on the vertical axis and plane miles on the horizontal axis.The typical budget line is linear (with a constant slope) because the prices of the twogoods do not change as the consumer buys more or less of a particular good. In thiscase, the price of airline miles will change depending on how many miles shepurchases. As the price changes, the slope of the budget line will change. Sincethere are three prices, there will be three slopes, or two kinks, to the budget line.Since the price falls as she flies more miles, the budget line will become flatter withevery price change. See the graph in the problem below.9. Debra usually buys a soft drink when she goes to a movie theater, where she has a choice of three sizes: the 8 ounce drink costs $1.50, the 12 ounce drink, $2.00, and the 16 ounce drink, $2.25. Describe the budget constraint that Debra faces when deciding how many ounces of the drink to purchase. (Assume that Debra can costlessly dispose of any of the soft drink that she does not want.First notice that as the size of the drink increases, the price per ounce decreases.When she buys the 8-ounce soft drink she pays $1.508oz$0.19 per oz.When shebuys the 12-ounce size she pays $0.17 per ounce, and when she buys the 16-ounce size, she pays $0.14 per ounce. Given that there are three different prices per ounce of soft drink, the budget line will have two kinks in it, as illustrated below. Notice that at each kink, the slope of the budget line gets flatter (due to the decreasing cost per ounce relative to the “other good” on the vertical axis).O u n ces o fS o ft D rin k 81216。

经济学原理曼昆课后答案chapter3

Problems and Applications1.In the text example of the farmer and the rancher, the farmer’s opportunity cost ofproducing one pound of meat is two pounds of potatoes because for every 20 hours of work, he can produce one pound of meat or two pounds of potatoes. Withlimited time at his disposal, producing a pound of meat means he gives up theopportunity to produce two pounds of potatoes. Similarly, the rancher’s opportunity cost of producing one pound of meat is 1/8 pound of potatoes because for everyhour of work, she can produce one pound of meat or 1/8 pound of potatoes. Withlimited time at her disposal, producing a pound of meat means she gives up theopportunity to produce 1/8 pound of potatoes.2. a.See Figure 3-2. If Maria spends all five hours studying economics, she canread 100 pages, so that is the vertical intercept of the production possibilitiesfrontier. If she spends all five hours studying sociology, she can read 250pages, so that is the horizontal intercept. The time costs are constant, sothe production possibilities frontier is a straight line.Figure 3-2b.It takes Maria two hours to read 100 pages of sociology. In that time, shecould read 40 pages of economics. So the opportunity cost of 100 pages ofsociology is 40 pages of economics.3. a.Workers needed to make:One Car One Ton of Grain U.S.1/41/10Japan1/41/5b.See Figure 3-3. With 100 million workers and four cars per worker, if eithereconomy were devoted completely to cars, it could make 400 million cars.Since a U.S. worker can produce 10 tons of grain, if the U.S. produced onlygrain it would produce 1,000 million tons. Since a Japanese worker canproduce 5 tons of grain, if Japan produced only grain it would produce 500million tons. These are the intercepts of the production possibilities frontiers shown in the figure. Note that since the tradeoff between cars and grain isconstant, the production possibilities frontier is a straight line.Figure 3-3c.Since a U.S. worker produces either 4 cars or 10 tons of grain, theopportunity cost of 1 car is 2½ tons of grain, which is 10 divided by 4.Since a Japanese worker produces either 4 cars or 5 tons of grain, theopportunity cost of 1 car is1 1/4 tons of grain, which is 5 divided by 4. Similarly, the U.S. opportunitycost of 1 ton of grain is 2/5 cars (4 divided by 10) and the Japaneseopportunity cost of 1 ton of grain is 4/5 cars (4 divided by 5). This gives the following table:Opportunity Cost of:1 Car (in terms of tons ofgrain given up)1 Ton of Grain (in termsof cars given up)U.S. 2 1/22/5Japan 1 1/44/5d.Neither country has an absolute advantage in producing cars, since they’reequally productive (the same output per worker); the U.S. has an absoluteadvantage in producing grain, since it’s more productive (greater output perworker).e.Japan has a comparative advantage in producing cars, since it has a loweropportunity cost in terms of grain given up. The U.S. has a comparativeadvantage in producing grain, since it has a lower opportunity cost in termsof cars given up.f.With half the workers in each country producing each of the goods, the U.S.would produce 200 million cars (that’s 50 million workers times 4 cars each)and 500 million tons of grain (50 million workers times 10 tons each).Japan would produce 200 million cars (50 million workers times 4 cars each)and 250 million tons of grain (50 million workers times 5 tons each).g.From any situation with no trade, in which each country is producing somecars and some grain, suppose the U.S. changed 1 worker from producingcars to producing grain. That worker would produce 4 fewer cars and 10additional tons of grain. Then suppose the U.S. offers to trade 7 tons ofgrain to Japan for 4 cars. The U.S. will do this because it values 4 cars at 10tons of grain, so it will be better off if the trade goes through. SupposeJapan changes 1 worker from producing grain to producing cars. Thatworker would produce 4 more cars and 5 fewer tons of grain. Japan willtake the trade because it values 4 cars at 5 tons of grain, so it will be betteroff. With the trade and the change of 1 worker in both the U.S. and Japan,each country gets the same amount of cars as before and both get additionaltons of grain (3 for the U.S. and 2 for Japan). Thus by trading and changingtheir production, both countries are better off.4. a.Pat’s opportunity cost of making a pizza is 1/2 gallon of root beer, since shecould brew 1/2 gallon in the time (2 hours) it takes her to make a pizza. Pathas an absolute advantage in making pizza since she can make one in twohours, while it takes Kris four hours. Kris’s opportunity cost of making apizza is 2/3 gallons of root beer, since she could brew 2/3 of a gallon in thetime (4 hours) it takes her to make a pizza. Since Pat’s opportunity cost ofmaking pizza is less than Kris’s, Pat has a comparative advantage in makingpizza.b.Since Pat has a comparative advantage in making pizza, she will make pizzaand exchange it for root beer that Kris makes.c.The highest price of pizza in terms of root beer that will make bothroommates better off is 2/3 gallons of root beer. If the price were higherthan that, then Kris would prefer making her own pizza (at an opportunitycost of 2/3 gallons of root beer) rather than trading for pizza that Pat makes.The lowest price of pizza in terms of root beer that will make bothroommates better off is 1/2 gallon of root beer. If the price were lower thanthat, then Pat would prefer making her own root beer (she can make 1/2gallon of root beer instead of making a pizza) rather than trading for rootbeer that Kris makes.5. a.Since a Canadian worker can make either two cars a year or 30 bushels ofwheat, the opportunity cost of a car is 15 bushels of wheat. Similarly, theopportunity cost of a bushel of wheat is 1/15 of a car. The opportunitycosts are the reciprocals of each other.b.See Figure 3-4. If all 10 million workers produce two cars each, theyproduce a total of 20 million cars, which is the vertical intercept of theproduction possibilities frontier. If all 10 million workers produce 30 bushelsof wheat each, they produce a total of 300 million bushels, which is thehorizontal intercept of the production possibilities frontier. Since thetradeoff between cars and wheat is always the same, the productionpossibilities frontier is a straight line.If Canada chooses to consume 10 million cars, it will need 5 million workersdevoted to car production. That leaves 5 million workers to produce wheat,who will produce a total of 150 million bushels (5 million workers times 30bushels per worker). This is shown as point A on Figure 3-4.c.If the United States buys 10 million cars from Canada and Canada continuesto consume 10 million cars, then Canada will need to produce a total of 20million cars. So Canada will be producing at the vertical intercept of theproduction possibilities frontier. But if Canada gets 20 bushels of wheat percar, it will be able to consume 200 million bushels of wheat, along with the10 million cars. This is shown as point B in the figure. Canada should acceptthe deal because it gets the same number of cars and 50 million morebushes of wheat.Figure 3-46.Though the professor could do both writing and data collection faster than thestudent (that is, he has an absolute advantage in both), his time is limited. If theprofessor’s comparative advantage is in writing, it makes sense for him to pay astudent to collect the data, since that’s the student’s comparative advantage.7. a.English workers have an absolute advantage over Scottish workers inproducing scones, since English workers produce more scones per hour (50vs. 40). Scottish workers have an absolute advantage over English workersin producing sweaters, since Scottish workers produce more sweaters perhour (2 vs. 1). Comparative advantage runs the same way. Englishworkers, who have an opportunity cost of 1/50 sweaters per scone (1sweater per hour divided by 50 scones per hour), have a comparativeadvantage in scone production over Scottish workers, who have anopportunity cost of 1/20 sweater per scone (2 sweaters per hour divided by40 scones per hour). Scottish workers, who have an opportunity cost of 20scones per sweater (40 scones per hour divided by 2 sweaters per hour),have a comparative advantage in sweater production over English workers,who have an opportunity cost of 50 scones per sweater (50 scones per hourdivided by 1 sweater per hour).b.If England and Scotland decide to trade, Scotland will produce sweaters andtrade them for scones produced in England. A trade with a price between20 and 50 scones per sweater will benefit both countries, as they’ll be gettingthe traded good at a lower price than their opportunity cost of producing thegood in their own country.c.Even if a Scottish worker produced just one sweater per hour, the countrieswould still gain from trade, because Scotland would still have a comparativeadvantage in producing sweaters. Its opportunity cost for sweaters wouldbe higher than before (40 scones per sweater, instead of 20 scones persweater before). But there are still gains from trade since England has ahigher opportunity cost (50 scones per sweater).8. a.Technological advance lowers the opportunity cost of producing meat for thefarmer. The opportunity cost of producing a point of meat was 2 pounds ofpotatoes; it’s now 1/5 pounds of potatoes. Thus the farmer’s opportunitycost of producing potatoes is now 5 pounds of meat. Since the rancher’sopportunity cost of producing potatoes is 8 pounds of meat, the farmer stillhas a comparative advantage in producing potatoes and the rancher still hasa comparative advantage in producing meat.b.Now the farmer won’t be willing to trade a pound of potatoes for 3 pounds ofmeat because if he produced one less pound of potatoes, he could produce 5more pounds of meat. So the trade would be bad for the farmer, as hewould then be consuming inside his production possibilities frontier.c.The farmer and rancher would now be willing to trade one pound of potatoesfor an amount between 5 and 8 pounds of meat, with the potatoes beingproduced by the farmer and the meat being produced by the rancher.9. a.With no trade, one pair of white socks trades for one pair of red socks inBoston, since productivity is the same for the two types of socks. The pricein Chicago is 2 pairs of red socks per pair of white socks.b.Boston has an absolute advantage in the production of both types of socks,since a worker in Boston produces more (3 pairs of socks per hour) than aworker in Chicago (2 pairs of red socks per hour or 1 pair of white socks perhour).Chicago has a comparative advantage in producing red socks, since theopportunity cost of producing a pair of red socks in Chicago is 1/2 pair ofwhite socks, while the opportunity cost of producing a pair of red socks inBoston is 1 pair of white socks. Boston has a comparative advantage inproducing white socks, since the opportunity cost of producing a pair ofwhite socks in Boston is 1 pair of red socks, while the opportunity cost ofproducing a pair of white socks in Chicago is 2 pairs of red socks.c.If they trade socks, Boston will produce white socks for export, since it hasthe comparative advantage in white socks, while Chicago produces red socksfor export, which is Chicago’s comparative advantage.d.Trade can occur at any price between 1 and 2 pairs of red socks per pair ofwhite socks. At a price lower than 1 pair of red socks per pair of whitesocks, Boston will choose to produce its own red socks (at a cost of 1 pair ofred socks per pair of white socks) instead of buying them from Chicago. Ata price higher than 2 pairs of red socks per pair of white socks, Chicago willchoose to produce its own white socks (at a cost of 2 pairs of red socks perpair of white socks) instead of buying them from Boston.10. a.The cost of all goods is lower in Germany than in France in the sense that allgoods can be produced with fewer worker hours.b.The cost of any good for which France has a comparative advantage is lowerin France than in Germany. Though Germany produces all goods with lesslabor, that labor is more valuable. So the cost of production, in terms ofopportunity cost, will be lower in France for some goods.c.Trade between Germany and France will benefit both countries. For eachgood in which it has a comparative advantage, each country should producemore goods than it consumes, trading the rest to the other country. Totalconsumption will be higher in both countries as a result.11. a.True; two countries can achieve gains from trade even if one of the countrieshas an absolute advantage in the production of all goods. All that’snecessary is that each country have a comparative advantage in some good.b.False; it is not true that some people have a comparative advantage ineverything they do. In fact, no one can have a comparative advantage ineverything. Comparative advantage reflects the opportunity cost of onegood or activity in terms of another. If you have a comparative advantagein one thing, you must have a comparative disadvantage in the other thing.c.False; it is not true that if a trade is good for one person, it can’t be good forthe other one. Trades can and do benefit both sides especially tradesbased on comparative advantage. If both sides didn’t benefit, trades wouldnever occur.。

商务英语阅读chapter3练习答案

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

chapter3-1

③高聚物聚集态
晶态
非极性
因此高分子溶解比小分子要复杂得多。
极性
聚合物溶解过程的特点
a 溶解过程缓慢，且先溶胀再溶解 b 非晶态聚合物比结晶聚合物易于溶解
c 交联聚合物只溶胀，不溶解
18
3.1.1 溶解过程 3.1.1.1非晶态聚合物的溶胀和溶解

线形非晶态聚合物溶解过程分两步进行：首先溶胀(溶剂分子和高分子的某些链段混合），然后溶解（溶剂分子和整个高分子链的混合）。溶解度与分子量有关。通常分子量大的，溶解度小；分子量小的，溶解度大。提高温度一般可以增加其溶解度；降低温度则减小其溶解度。
第3章高分子溶液

高分子溶液：聚合物以分子状态分散在溶剂中所形成的均相体系。高分子溶液的分类： (A)稀溶液：浓度＜ 1%，粘度小且稳定性好，处于热力学平衡态的真溶液； (B)高分子浓溶液：一般浓度＞ 5% ； (C)高分子的亚浓溶液对于稀溶液，随着浓度的提高，孤立存在的无规线团分子开始相互接触，继而交叠，形成所谓的“亚浓溶液”。
例：聚丙烯腈
混合溶剂的选择：
单一组分的溶剂对高聚物的溶解效果不好，可以考虑使用混合溶剂： δ混＝δ1Φ1＋δ2Φ2 Φ1，Φ2：两种纯溶剂的体积分数； δ1, δ2：两种纯溶剂的溶度参数。
(三) “高分子－溶剂相互作用参数 1小于 1/2 ” 原则
高分子－溶剂相互作用参数 1反映高分子与溶剂混合时相互作用能的变化。
1 ＜ 1/2 聚合物在溶剂中溶解 1 =1/2 θ溶液状态
1 2
1 ＞ 1/2 聚合物在溶剂中不溶解, 或者会从溶液中沉淀析出
小结

1名词：高分子溶液；溶度参数。 2掌握聚合物溶解过程的特点，以及典型的几种聚合物的良溶剂。 3掌握溶度参数的测定方法以及选择混合溶剂溶解聚合物的计算。 4熟练掌握对聚合物溶解能力的判定原则。

英美文化课后答案Chapter3Politics

英美文化课后答案Chapter3Politics英美文化课后答案3Lecture 3 PoliticsTell whether each of the following statement is true or false.1-10: FTTFF/FTTTF 11-20: TTFTF/FFTFT 21-30: TFTFF/TFFTT Fill in the blanks with the correct information.1. Lords; Commons2. the Prime Minister; the Sovereign/Queen3. the Queen; the House of Commons4. Conservative Party; Labour Party5. Conservative6. a federal system7. executive; judicial8. one; eight9. Senate; Representatives; two 10. the Democratic Party; the Republican Party 11. Elizabeth the Second, by the Grace of God, of the United Kingdom of Great Britain and Northern Ireland and of Her Other Realms and Territories, Queen, Head of Commonwealth, Defender of the Faith. 12. legislature, monarch 13. the Queen 14. Commons, resigns, dissolve 15. not, most, majority, Prime Minister, Opposition, frontbenches, Shadow 16. supreme law 17. the Articles of Confederation18. republic, state, president 19. ratification 20. Bill of Rights, amendments 21. executive, checks and balances 22. bicameral, the Senate, the House of Representatives 23. President, Constitutional Amendment, two 24. Supreme Court 25. Democratic, Republican 26. the Electoral CollegeChoose the correct answer on the basis of what is stated in the text.1-10: CDAAC/ADDAD 11-20: DCDBC/ADDAC 21-28: BCDAB/BDBExplain the following terms.1. British ParliamentThe British Parliament today consists of three parts: the Queen, the House of Lords and the House of Commons. The Parliament has a number of different functions. First and foremost, it passes laws. Another role of the Parliament is to scrutinize, or examine the government.2. Life peerLife peers receive their noble titles from the Queen on the advice of the Prime Minister. However, a life peer cannot pass the title on to his or her children. These appointments are usually made for people’s outstanding careers or contributions to society. Famous people who have been made peers are former British Prime Ministers Winston Churchill and Margaret Thatcher.3. British ConstitutionThe U.K. does not have a written constitution, which most countries have. While much of the constitution is written down, it is not systematically written into a single document. The British Constitution is made up of three main parts: Statutes, Common Laws and Conventions.4. The Labour PartyThe Labour Party was developed by the growing trade union movement at the end of the 19th century. It quickly replaced the Liberal Party as one of the two largest political parties in the U.K. The Labour Party supported state control of important industries and a more equal distribution of wealth. It has drawn financial support from the trade unions.5. The U.S. ConstitutionThe Constitution of the United States was written as a single political document in 1787. There were only 7 articles in it. The Constitution demands the election of the president, and provides that federal laws would only be made by a Congress. It also provides for a national court system headed by a Supreme Court. The Constitution follows these principles: federal system, “checks and balances” of the powers and respect for the Constitution.6. A federal systemA federal system is one in which power is shared between the central government and the state government. Therefore, each of the Americans is under the two governments--the federal government and the state government. The federal government has the right to declare war, to tax, to borrow or coin money and to regulate business and trade. Generally speaking, the federal government deals with foreign affairs and matters of general concern to all the states.7. Checks and balancesWhen Americans talk about the system of “checks and balances”, they often refer to the three-part government. The system limits the powers of the three branches. Each branch has powers that the others do not have, and each branch is given power to check the operations of the others, so that no one branch can become too powerful.8. The CongressThe Congress is the supreme legislative branch of the U.S. government. Under the Constitution, it is the only branch that can make federal laws, levy federal taxes, and declare war upon other countries. The American Congress is made up of two houses: the Senate and the House of Representatives. BothSenators and Representatives of the House are chosen by a direct election from all of the states.9. Bill of RightsMany of the recommendations of the states ratifying conventions were considered later by James Madison as he drafted what became the Bill of The Rights. It is commonly viewed as consisting of the first 10 articles of Amendments to the Constitution. These amendments give all Americans rights to believe in any religion; to speak, write and publish as they like; to gather together peaceably and to petition the government; to be secure in their homes without fear of unreasonable searches and seizure of persons and property; and to receive fair and just treatment in courts of law. The Bill of Rights was added in 1791.10. jurisdictionJurisdiction is the authority to hear and decide cases. According to the Constitution, the federal courts exercise jurisdiction over cases in which the subject involves either the U.S. Constitution, statutes, or treaties; maritime law; or cases in which the litigants include either the U.S. government, more than one state government, one state government and a citizen of another state, citizens of more than one state, or a foreign government or citizen. The state courts exercise jurisdiction over the remaining cases. These include most criminal cases.11. Electoral CollegeIt is a body that elects the president and vice president. Each state is represented by the same number of members as in its congressional delegation. In another word, each has as many electors as the total representation in Congress (House plus Senate). The voters vote for electors who will cast their ballots in the Electoral College. Because of the winner-take-all feature ofthe Electoral College, the system gives an advantage to large states and their urban populations.12. Manifest DestinyThe 19th century journalist John O’Sullivan coined the phrase “manifest destiny”in an 1839 article. It conveyed the belief in the divinely conferred right of the republic to expand westward and bring more of the continent into “the great experiment of Liberty and Federated self-government”.Questions for Discussion1.The Articles of Confederation was the first governing Constitution of the United States ofAmerica. Although serving a crucial role in the victory in the American Revolutionary War, a group of reformers felt that the Articles lacked the necessary provisions for a sufficiently effective government. Another problem is that the government lacked taxing authority; it had to request funds from the states. Another criticism of the Articles was that they did not strike the right balance between large and small states in the legislative decision making process. 2.Legislature is a type of representative assembly with the power to create and change laws.The President has the authority to appoint federal judges as vacancies occur. Under the Constitution, the President is responsible for foreign relations with other nations. He also has the right to veto or sign any bills passed by Congress. He can call into service of the National Guard. The judicial branch is headed by the Supreme Court, which is the only court specifically created by the Constitution. The Supreme Court is the ultimate appellate court in the United States. It usually hears cases on appeal. If Congress proposes a law that the President thinks is unwise, the President can veto it. That means the proposal does not becomelaw. If Congress passes a law which is then challenged in the courts as unconstitutional, the Supreme Court has the power to declare the law unconstitutional and therefore no longer in effect.。

chap3习题答案

(n 2)r q2 = 2(n 1)
(n 2)r 像在球的右侧, 像在球的右侧,离球的右边 2(n 1)
,
处
5,一个双凸薄透镜,两表面的曲率半径均为20 cm,透 ,一个双凸薄透镜,两表面的曲率半径均为 , 镜材料的折射率为n 镜材料的折射率为 2 = 1.50.此透镜嵌在水箱的侧壁上, .此透镜嵌在水箱的侧壁上, 一面的媒质是水,其折射率为n 一面的媒质是水,其折射率为 1 =1.33,另一面是空气, ,另一面是空气, 折射率为n 折射率为 3 = 1.00.试问:平行光束从水中沿光轴方向入 .试问: 射到透镜上,光束会聚的焦点离透镜多远? 射到透镜上,光束会聚的焦点离透镜多远?平行光束从空气入射,会聚点又离透镜多远? 气入射,会聚点又离透镜多远?
2 2
2
f′ f 又Q + = 1 f′ = f s′ s f′ f ′ ∴ + =1 s s′ 1 1 1 1 1 = + = + = 0.0756 s′ s f ′ 20 39.12
2 2 2 2 2
∴ s′ = s′ = 13.23 cm
凹 2
作图1 作图
P'
作图2 作图
P
F'
F'
P P'
1 1 1 1 1 1 1
1 1 2 经第二界面(涂银面)反射成像: 经第二界面(涂银面)反射成像: Q s′ + s = r s = s′ → ∞ r = 15cm 1 r 15 s2′ = = ∴ = 7.5 (cm) 2 s′ 2
2 1 2 2 2
再经第一界面折射成像
n′ n n′ n Q = s′ s r n = 1.5, n′ = 1, r = 10cm, s′ = s = 7.5cm n′ n′ n n ∴ = + s′ s r 1 1 1.5 1.5 0 0.5 1.5 即: = + = = 0.25 10 7.5 10 7.5 s′

chapter3.课后习题答案

How was the Jewish Civilization developed after a tortuous history of split and unification?The major explanation for the development of the Jewish Civilization is its strong cohesiveness and vitality, which supports its unsubmissive and persistent advance by putting up its three spiritual and physical pillars as one of the scholars suggests: “the national identity based on the Jewish cultural tradition, the common belief and values enshrined in Judaism, and the community network centered on the synagogue”.Much of the Jewish culture was safeguarded and well preserved by exiled Jews. Under the guidance of rabbis, they put into effect their Judaist beliefs and what they read of Judaist scriptures. They collected and systematically recomposed the scattered legends and manuscripts into the Torah and the Mishna before they compiled finally the Talmud.The Jewish Civilization had thus progressed with each passing day until the Haskalah Movement came forward in the 18th century，which brought about spiritual awakening and a drastic change of their cultural and social conditions.From then on Jews have begun to become aware of the necessity to liberate themselves from the restrictive laws and acquire new knowledge and modern ideas from the Europeans, which enabled them to secure a position for themselves as a race by keeping pace with the advanced levels of social, economic and cultural developments. Most of the Jews thus received a good education, fully armed with cultural and scientific knowledge and did well in their own position whatever it was though they had not yet established or recovered their own land. Thus they have prepared personnel of various kinds for the revival of their civilizationcivilization and once that country was founded, they could quickly turn it into a well-developed nation in spite of its small size and small population just as what has happened in Israel in recent decades.。

新编英语教程3第三单元答案

Unit 3TEXT IVocabularyA.Guessing the meanings of words:1. g2. a3. f4. h5. b6. e7. d8. cB.Looking up words in a dictionary:1. money or property left to someone by a will2. privately owned piece of land with a large house on it3. talented man4. a mixed feeling of respect, fear and wonder5. prosperous, successful6. work out an outline for7. become engaged8. something that helps to find an answer to a question9. clearly, obviously10. very firm belief11. enough12. powerful and wealthyComprehensionAnswers for reference:B. 1. …in all probability (most likely), the money he made from his estate reached about £200 ayear…2. People all over the world read Shakespeare’s work with a feeling of profound respect andwonderment because there is something about him which made people charmed…3. We do not base every minute and particular detail of his personal life so much on facts ason guesswork.4. We are so uncertain about his activities that we might as well say that he was born whenthe Romans occupied Britain a long time ago.5. Because of its most famous citizen, Stratford-upon-Avon has made a lot of money for along time.6. …he enjoys such high prestige that it is worthwhile to make a journey toStratford-upon-Avon just to be able...7. …after that we know he was in London in 1592.8. Soon Shakespeare became so famous that managers and other powerful people oftenmentioned him in their writings.TEXT IIComprehension1. According to a local legend…2. It is said that…3. A different legend says…4. Whatever caused him…5. …there is no mention of…6. From what we know of his later life…7. It is not certain…8. He is not recorded…9. …but he may have shared…TEXT IIIComprehension1. a programme for a 1979 Shanghai Youth Theatre production of Much Ado about Nothing2. a 1955 Parisian poster for a performance of Hector Berlioz’s opera Romeo Et Juliette3. a 1979 Belgian poster for a production of Macbeth4. a 1936 Netherlands poster for a production of a Midsummer Night’s Dream5. a 1937 Greek poster for a production of Hamlet6. a 1933 USSR programme for a Moscow performance of HamletGUIDED WRITINGSentence CombinationReference version:Shakespeare has been the subject of an enormous amount of study by many nations through many many generations, and it is impossible to suggest how broad and how deep his effect has been upon the world. Any schoolboy, however, must feel something of the power of his invention. We have been studying him in connection with Elizabethan drama, of which his work was a part. And we have found him often using old stories, always writing with an effort for theatrical success, and frequently following the methods of his contemporaries. But the power and copiousness of his invention nevertheless stand out unparalleled. The invention is accompanied by superb powers of characterization and poetical expression. Shakespeare has created a host of persons to live with us and he has made us see their virtues and failings and their likeness to ourselves, and their meaning for our lives.Precis WritingReference version:Thousands of books have been written on William Shakespeare, but very little is known of his personal life. The only handwriting left by Shakespeare which we have now is a number of his signatures, one of which is on his will dated 25 March, 1616. It seems that he died a man of considerable means. His birthplace, Stratford-upon-Avon, has also made a thriving business out of him though tourists understand little of his work and know even less of his life. He might have had some experience with some visiting theatrical companies or even got a job with them. However, he disappeared completely in 1585 and did not “reappear” until seven years later when he emerged in London as an actor and playwright. Over the next 15 years he contributed more than 30 plays to the world as well as marvellous verse. Where did he get such a wealth of knowledge on such a wide range of subjects? Who was the “dark lady” that made him so sad?Where had his manuscripts gone to? Maybe some day we will uncover a bundle of his letters which could shed light on these and other questions.IV. TranslationA. 1. No one who has heard about her misfortune will not feel deep sympathy for her.2. He asked the question out of curiosity rather than out of his desire for knowledge.3. This young scholar devoted all his attention to the development of a new type ofcomputer translation software in the full conviction that he would make a name in thenear future.4. Don’t take it seriously. What I’ve just said is not meant for you.5. It was such a low doorway that the tall man had to bend his head rather than keepupright when entering the room.6. Our monitor was suddenly down with a high fever two weeks ago and has beenkeeping to his bed since then.7. It’s unbelievable that he made world-class long distance runners out of these ordinarygirls within two years.8. They tried their best to talk her into giving up the lawsuit, but in vain.9. I t never occurred to those comfortably off farmers that they would move to ametropolitan city.10. While enjoying his delicious dinner in a restaurant, he heard the car alarm andrealized in a flash that he left his car outside in the street unlocked.B. Reference version:Our house is full of things which no one cares even to look at, nor does anyone know if they will be used again. There is the old bicycle without wheels in the garage, and the attic has enough wares for a small department store. There are baskets full of children’s toys, big cases of used clothes; there is a broken mirror, a cracked teapot, bundles of old newspapers, a clock without hands, and many more other things, all gathering dust. As a matter of fact, there is no other house where there is so much useless stuff.I have tried several times to talk my wife into throwing away everything that is no longer needed, but each time she disagrees, arguing with great conviction that they will amount to a large sum of money.Now there is so much junk in our house that perhaps the family had better move out so as to make room for more junk.V. Blank FillingA.1.would2.needn’t3.might / may / could4.must5.could6.could7.would8.can / could / would9.must10.may / might11.may / might / could12.mustB.Unusual odd, queer, strangeCruel brutal, heartless, inhumanWonderful magnificent, marvelous, splendid, superb Clear obvious, plainSurprising amazing, astonishing, astounding Certain doubtless, positive, sureDistinct well-defined, well-markedExact accurate, definite, preciseUnlikely improbable, unbelievableC.1./2.To3.of4.in5.on6.at7.to8.in9.until10.In11.about12.in13.from14.In15.about16.in17.in18.by19.of20.In21.of22.between23.In24.in25.ofD.1 – 5 B D D B B6 – 10 A C C C A11 – 15 B B B C DE.1. fascinating2. No, not3. puzzled4. proves5. made a name for himself6. Of all the disasters, most likely7. historically speaking, well worth, can be traced toVI. Sentence rewritingA.1. … such a famouse writer that thousands …2. … such a genius that he could …3. … such an excellent play that …4. … such a … performance that it …5. … such a .. play that it …6. … in such a hurry that he forgot …B.1.Most people hold the belief that Shakespeare ….2.The fact that Shakespeare … has been proved.3.Nobody doubts the fact that Shakespeare died ….4.The suspicion that William … else rests on no evidence for this.5.The fact that you went … play shows that you should ….。

Chapter 3 参考答案

第三章练习题(参考答案)I. Define the following terms (名词解释) ：标准答案：略II. Multiple Choice Questions (单项选择)：III. Fill in the Blanks Questions (填空题)IV. True/False Questions (判断题)标准答案：1-5: FTFTF 6-10: TFTTT 11-15:FTFTTV. Essay Questions(问答题)1.参考答案：Culture can be defined as a society's accepted basis for responding toexternal and internal events. If a marketer is to interpret a culture's behavior and attitudes, it is essential to have some idea of a country's history and geography. By understanding culture, a marketer is better able to design products that are appropriate to the culture or be able to adapt those products.2.参考答案：Current population, rural/urban population shifts, rates of growth, agelevels, and population control help determine today's demand for various categories of goods. Although not the only determinant, the existence of sheer numbers of people is significant in appraising potential consumer markets.Changes in the composition and distribution of population among the world's countries will profoundly affect future demand.3.参考答案：First, immigration will not help to reduce the problem if political andcultural opposition to immigration cannot be overcome. Immigration will impact our lifestyles, standards of living, workforce composition, tastes, and relationships.4.参考答案：Sustainable development, a joint approach among those who seekeconomic growth with wise resource management, equitable distribution of benefits and reduction of negative efforts on people and the environment from the process of economic growth, is the concept that guides many governments and multinational companies today.5.参考答案：The students are free to construct their own lists (and then justifythem); however, a beginning point might be to include climate, knowledge of the Central American countries, and knowledge of this portion of a continent, the peoples, industries, and resources of the area, topography of the region, altitude, humidity, soil conditions, and temperature extremes. Other variables could be added.。

供应链管理第三版unit3习题与答案

Chapter 3Supply Chain Drivers and ObstaclesTrue/False1.The major drivers of supply chain performance are facilities, inventory,transportation, and information.Answer: TrueDifficulty: Moderate2.The major drivers of supply chain performance are customers, facilities,inventory, transportation, and information.Answer: FalseDifficulty: Moderate3.The two major types of facilities are production sites and storage sites.Answer: TrueDifficulty: Moderate4.The two major types of facilities are distribution sites and storagesites.Answer: FalseDifficulty: Moderate5.Inventory is an important supply chain driver because changing inventorypolicies can dramatically alter the supply chain’s efficiency andresponsiveness.Answer: TrueDifficulty: Moderatermation is potentially the biggest driver of performance in thesupply chain as it directly affects each of the other drivers.Answer: TrueDifficulty: Easyrmation is potentially the biggest driver of performance in thesupply chain even though it has little impact on each of the otherdrivers.Answer: FalseDifficulty: Easy8. A facility with little excess capacity will likely be more efficient perunit of product it produces than one with a lot of unused capacity.Answer: TrueDifficulty: Easy9. A facility with little excess capacity will likely be no more or lessefficient per unit of product it produces than one with a lot of unused capacity.Answer: FalseDifficulty: Easy10.The high utilization facility will have difficulty responding to demandfluctuations.Answer: TrueDifficulty: Easy11.The high utilization facility will have no more difficulty responding todemand fluctuations than one with a lot of unused capacity.Answer: FalseDifficulty: Easy12.Stock keeping unit (SKU) storage is the warehousing methodology thatuses a traditional warehouse to store all of one type of producttogether.Answer: TrueDifficulty: Moderate13.Warehouse unit storage is the warehousing methodology that uses atraditional warehouse to store all of one type of product together.Answer: FalseDifficulty: Moderate14.The components of inventory decisions include cycle inventory, safetyinventory, seasonal inventory, and sourcing.Answer: TrueDifficulty: Easy15.The components of inventory decisions include capacity, cycle inventory,safety inventory, seasonal inventory, and sourcing.Answer: FalseDifficulty: Easy16.Cycle inventory is inventory that is built up to counter predictablevariability in demand.Answer: FalseDifficulty: Easy17.Seasonal inventory is inventory that is built up to counter predictablevariability in demand.Answer: TrueDifficulty: Moderatepanies using seasonal inventory will build up inventory in periods oflow demand and store it for periods of high demand when they will nothave the capacity to produce all that is demanded.Answer: TrueDifficulty: Moderatepanies using seasonal inventory will maintain a level inventoryincrease rate of production for periods of high demand.Answer: FalseDifficulty: Easy20. A company’s ability to find a balance b etween responsiveness andefficiency that best matches the needs of the customer it is targetingis the key to achieving strategic fit.Answer: TrueDifficulty: Moderate21.Many obstacles, such as growing product variety and shorter life cycles,have made it increasingly difficult for supply chains to achievestrategic fit.Answer: TrueDifficulty: ModerateMultiple Choice1.Which of the following is not a major driver of supply chain performancea.Facilitiesb.Inventoryc.Transportationrmatione.All of the above are major drivers of supply chain performance.Answer: eDifficulty: Easy2.Which of the following is not a major driver of supply chain performancea.Customersb.Facilitiesc.Inventoryd.TransportationrmationAnswer: aDifficulty: Moderate3.The places in the supply chain network where product is stored, assembled,or fabricated are known asa.facilities.b.inventory.c.transportation.rmation.e.customers.Answer: aDifficulty: Easy4.All raw materials, work in process, and finished goods within a supplychain are known asa.facilities.b.inventory.c.transportation.rmation.e.customers.Answer: bDifficulty: Easy5.Moving inventory from point to point in the supply is known asa.facilities.b.inventory.c.transportation.rmation.e.customers.Answer: cDifficulty: Easy6.The data and analysis concerning facilities, inventory, transportation, andcustomers throughout the supply chain is known asa.facilities.b.inventory.c.transportation.rmation.e.customers.Answer: dDifficulty: Easy7.The two major types of facilities area.distribution sites and storage sites.b.production sites and distribution sites.c.production sites and storage sites.d.retail sites and distribution sites.e.distribution sites and inventory sites.Answer: cDifficulty: Moderate8.Which component of the supply chain decision-making framework would beestablished firsta.Customer strategyb.Supply chain strategyc.Supply chain structurepetitive strategye.Replenishment strategyAnswer: dDifficulty: Moderate9.Which component of the supply chain decision-making framework would beestablished seconda.Customer strategyb.Supply chain strategyc.Supply chain structurepetitive strategye.Replenishment strategyAnswer: bDifficulty: Moderate10.Which component of the supply chain decision-making framework would be usedto reach the performance level dictated by the supply chain strategya.Customer strategyb.Supply chain strategyc.Supply chain structurepetitive strategye.Replenishment strategyAnswer: cDifficulty: Easy11.Which of the following is not a component of facilities decisionsa.Locationb.Capacityc.Operations methodologyd.Warehousing methodologye.All of the above are components of facilities decisions.Answer: eDifficulty: Moderate12.Which of the following is not a component of facilities decisionsa.Warehousing methodologyb.Forecasting methodologyc.Operations methodologyd.Capacitye.LocationAnswer: bDifficulty: Moderate13.Which of the following statements concerning decisions regarding locationof facilities is falsea.Deciding where a company will locate its facilities constitutes alarge part of the design of a supply chain.b. A basic trade-off here is whether to centralize to gain economiesof scale or decentralize to become more responsive by beingcloser to the customer.panies must also consider a host of issues related to thevarious characteristics of the local area in which the facilitymay be situated.d.All of these statements are true.e.None of these statements are true.Answer: dDifficulty: Moderate14.Which of the following is not an issue companies need to consider infacility location decisionsa.quality of workersb.product developmentc.proximity to customers and the rest of the networkd.cost of facilitye.tax effectsAnswer: bDifficulty: Moderate15.Which of the following is not an issue companies need to consider infacility location decisionsa.quality of workersb.availability of infrastructurec.proximity to customers and the rest of the networkd.cost of facilitye.All of the above are issues companies need to consider in facilitylocation decisions.Answer: eDifficulty: Moderate16.Excess capacitya.allows a facility to be very flexible and to respond to wideswings in the demands placed on it.b.costs money and therefore can decrease efficiency.c.requires proximity to customers and the rest of the network.d.both a and be.all of the aboveAnswer: dDifficulty: Moderate17.Which of the following is a characteristic of a facility with excesscapacitya.will likely be more efficient per unit of product it producesthan one with a lot of unused capacityb.would be very flexible and to respond to wide swings in thedemands placed on itc.would be considered a high utilization facilityd.will have difficulty responding to demand fluctuationse.none of the aboveAnswer: aDifficulty: Easy18.A facility with little excess capacitya.will likely be more efficient per unit of product it producesthan one with a lot of unused capacity.b.would be considered a high utilization facility.c.will have difficulty responding to demand fluctuations.d.All of the above are true.e.None of the above are true.Answer: dDifficulty: Moderate19.Which of the following would be a characteristic of a facility with littleexcess capacitya.allows a facility to be very flexible and to respond to wide swingsin the demands placed on itb.costs money and therefore can decrease efficiencyc.requires proximity to customers and the rest of the networkd.will likely be more efficient per unit of product it producese.none of the aboveAnswer: dDifficulty: Moderate20.Which of the following is not a warehousing methodologya.Warehouse unit storageb.Stock keeping unit (SKU) storagec.Job lot storaged.Cross-dockinge.All of the above are warehousing methodologies.Answer: aDifficulty: Moderate21.The warehousing methodology that uses a traditional warehouse to store allof one type of product together isa.warehouse unit storage.b.stock keeping unit (SKU) storage.c.job lot storage.d.cross-docking.e.none of the aboveAnswer: bDifficulty: Moderate22.The warehousing methodology in which all the different types of productsneeded to perform a particular job or satisfy a particular type of customer are stored together isa.warehouse unit storage.b.stock keeping unit (SKU) storage.c.job lot storage.d.cross-docking.e.none of the aboveAnswer: cDifficulty: Moderate23.The following warehousing methodology is one in which goods are notactually warehoused in a facility. Instead, trucks from suppliers, each carrying a different type of product, deliver goods to a facility. There the inventory is broken into smaller lots and quickly loaded onto store-bound trucks that carry a variety of products, some from each of thesupplier trucks.a.warehouse unit storageb.stock keeping unit (SKU) storagec.job lot storaged.cross-dockinge.none of the aboveAnswer: dDifficulty: Moderate24.All of the following are components of inventory decisions excepta.cycle inventory.b.safety inventory.c.seasonal inventory.d.sourcing.e.All of the above are components of inventory decisions.Answer: eDifficulty: Easy25.All of the following are components of inventory decisions excepta.capacity.b.cycle inventory.c.safety inventory.d.seasonal inventory.e.sourcing.Answer: aDifficulty: Easy26.The average amount of inventory used to satisfy demand between receipt ofsupplier shipments is referred to asa.cycle inventory.b.safety inventory.c.seasonal inventory.d.sourcing.e.none of the aboveAnswer: aDifficulty: Moderate27.The inventory that is built up to counter predictable variability in demandis calleda.cycle inventory.b.safety inventory.c.seasonal inventory.d.sourcing.e.none of the aboveAnswer: cDifficulty: Moderate28.The inventory held in case demand exceeds expectation in order to counteruncertainty is calleda.cycle inventory.b.safety inventory.c.seasonal inventory.d.sourcing.e.none of the aboveAnswer: bDifficulty: Moderate29.The set of business processes required to purchase goods and services isknown asa.cycle inventory.b.safety inventory.c.seasonal inventory.d.sourcing.e.none of the aboveAnswer: dDifficulty: Easy30.Cycle inventory decisions involvea.how much to order for replenishment.b.how often to place orders.c. a basic trade-off between the cost of holding larger lots ofinventory and the cost of ordering product frequently.d.all of the abovee. a and b onlyAnswer: dDifficulty: Moderate31.Cycle inventory is used becausea.the world is perfectly predictable.b.demand is uncertain and may exceed expectations.c.it involves making a trade-off between the costs of having toomuch inventory and the costs of losing sales due to not havingenough inventory.d.it focuses on processes that are external to the firm.e.it focuses on processes that are internal to the firm.Answer: bDifficulty: Moderate32.Seasonal inventory should be used whena. a company can rapidly change the rate of its production system ata very low cost.b.changing the rate of production is expensive ., when workers mustbe hired or fired).c.adjusting to a period of low demand without incurring large costs.d.the world is perfectly predictable.e.production rate is flexible.Answer: aDifficulty: Hard33.Sourcing involvesa.deciding the tasks that will be outsourced and those that will beper-formed within the firm.b.deciding whether to source from a single supplier or a portfolioof suppliers.c.identifying the set of criterion that will be used to selectsuppliers and measure their performance.d.selecting suppliers and negotiating contracts with them.e.all of the aboveAnswer: eDifficulty: Easy34.Which of the following are key components of transportation decisions whendesigning and operating a supply chaina.Mode of transportationb.Route and network selectionc.In-house or outsourced.all of the abovee.none of the aboveAnswer: dDifficulty: Moderate35.Which of the following are key components of transportation decisions whendesigning and operating a supply chaina.Software selectionb.Mode of transportationc.Source selectiond.Warehouse selectione.none of the aboveAnswer: bDifficulty: Easy36.Which of the following are key components of information that must beanalyzed to increase efficiency and improve effectiveness in a supply chaina.Push versus pullb.Coordination and information sharingc.Forecasting and aggregate planningd.Pricing and revenue managemente.all of the aboveAnswer: eDifficulty: Moderate37.Which of the following are key components of information that must beanalyzed to increase efficiency and improve effectiveness in a supply chaina.Software selectionb.Source selectionc.Warehouse selectiond.Forecasting and aggregate planninge.none of the aboveAnswer: dDifficulty: Moderate38.When all the different stages of a supply chain work toward the objectiveof maximizing total supply chain profitability, rather than each stage devoting itself to its own profitability without considering total supply chain profit, it is known asa.supply chain coordination.b.forecasting.c.aggregate planning.d.revenue management.e.pricing.Answer: aDifficulty: Easy39.The art and science of making projections about what future demand andconditions will be isa.supply chain coordination.b.forecasting.c.aggregate planning.d.revenue management.e.pricing.Answer: bDifficulty: Easy40.Transforming forecasts into plans of activity to satisfy the projecteddemand is known asa.supply chain coordination.b.forecasting.c.aggregate planning.d.revenue management.e.pricing.Answer: cDifficulty: Easy41.The process by which a firm decides how much to charge customers for itsgoods and services isa.supply chain coordination.b.forecasting.c.aggregate planning.d.revenue management.e.pricing.Answer: eDifficulty: Easy42.The use of differential pricing over time or customer segments to maximizeprofits from a limited set of supply chain assets isa.supply chain coordination.b.forecasting.c.aggregate planning.d.revenue management.e.pricing.Answer: dDifficulty: Moderate43.Which of the following are technologies that share and analyze informationin the supply chaina.Electronic Data Interchange (EDI)b.Internetc.Enterprise Resource Planning (ERP)d.Supply Chain Management (SCM) softwaree.all of the aboveAnswer: eDifficulty: Easy44.Which of the following are technologies that share and analyze informationin the supply chaina.Internetb.Enterprise Data Planning (EDP)c.Electronic Resource Interchange (ERI)d.Chain Management (CM) softwaree.none of the aboveAnswer: aDifficulty: Moderate45.Which of the following are obstacles to achieving strategic fita.Increasing variety of productsb.Decreasing product lifecyclesc.Increasingly demanding customersd.Fragmentation of supply chain ownershipe.all of the aboveAnswer: eDifficulty: Easy46.Which of the following are obstacles to achieving strategic fita.Difficulty executing new strategiesb.Globalizationc.Increasingly demanding customersd.Fragmentation of supply chain ownershipe.all of the aboveAnswer: eDifficulty: Moderate47.Which of the following is not an obstacle to achieving strategic fita.Increasing variety of productsb.Decreasing product lifecyclesc.Increasingly demanding customersd.Consolidation of supply chain ownershipe.none of the aboveAnswer: dDifficulty: ModerateEssay/Problems1.List and define the four major drivers of supply chain performance.Answer: Facilities are the places in the supply chain network whereproduct is stored, assembled, or fabricated. The two major types offacilities are production sites and storage sites.Inventory is all raw materials, work in process, and finished goodswithin a supply chain. Inventory is an important supply chain driverbecause changing inventory policies can dramatically alter the supply chain’s efficie ncy and responsiveness.Transportation entails moving inventory from point to point in thesupply chain. Transportation can take the form of many combinations of modes and routes.Information consists of data and analysis concerning facilities,inventory, transportation, and customers throughout the supply chain.Information is potentially the biggest driver of performance in thesupply chain as it directly affects each of the other drivers.Difficulty: Moderate2.Explain the supply chain decision-making framework and the role of thefour major drivers.Answer: The goal of a supply chain strategy is to strike the balancebetween responsiveness and efficiency, resulting in a strategic fit with the competitive strategy. To reach this goal, a company uses the foursupply chain drivers discussed earlier. For each of the individualdrivers, supply chain managers must make a trade-off between efficiency and responsiveness. The combined impact of these four drivers thendetermines the responsiveness and efficiency of the entire supply chain.Most companies begin with a competitive strategy and then decide whattheir supply chain strategy ought to be. The supply chain strategydetermines how the supply chain should perform with respect toefficiency and responsiveness. The supply chain must then use the supply chain drivers to reach the performance level the supply chain strategydictates.Difficulty: Moderate3.Explain the basic trade-off between responsiveness and efficiency foreach of the major drivers of supply chain performance.Answer: The fundamental trade-off when making facilities decisions isbetween the cost of the number, location, and type of facilities(efficiency) and the level of responsiveness that these facilitiesprovide the company’s customers.The fundamental trade-off when making inventory decisions is betweenresponsiveness and efficiency. Increasing inventory will generally make the supply chain more responsive to the customer. This choice, however, comes at a cost as the added inventory decreases efficiency. Therefore,a supply chain manager can use inventory as one of the drivers forreaching the level of responsiveness and efficiency the competitivestrategy targets.The fundamental trade-off for transportation is between the cost oftransporting a given product (efficiency) and the speed with which that product is transported (responsiveness). The transportation choiceinfluences other drivers such as inventory and facilities. When supplychain managers think about making transportation decisions, they framethe decision in terms of this trade-off.Good information systems can help a firm improve both its responsiveness and efficiency. The information driver is used to improve theperformance of other drivers and the use of information is based on the strategic position the other drivers support. Accurate information canhelp a firm improve efficiency by decreasing inventory andtransportation costs. Accurate information can improve responsiveness by helping a supply chain better match supply and demand.Difficulty: Moderate4.Explain the role of each of the major drivers of supply chainperformance.Answer: Facilities are the where of the supply chain if we think ofinventory as what is being passed along the supply chain andtransportation as how it is passed along. They are the locations to orfrom which the inventory is transported. Within a facility, inventory is either processed or transformed into another state (manufacturing) or it is stored before being shipped to the next stage (warehousing).Inventory exists in the supply chain because of a mismatch betweensupply and demand. An important role that inventory plays in the supplychain is to increase the amount of demand that can be satisfied byhaving product ready and available when the customer wants it. Anothersignificant role inventory plays is to reduce cost by exploiting anyeconomies of scale that may exist during both production anddistribution. Inventory is spread throughout the supply chain from rawmaterials to work in process to finished goods that suppliers,manufacturers, distributors, and retailers hold.Inventory is a major source of cost in a supply chain and it has a hugeimpact on responsiveness. The location and quantity of inventory canmove the supply chain from one end of the responsiveness spectrum to the other.Inventory also has a significant impact on the material flow time in asupply chain. Material flow time is the time that elapses between thepoint at which Another important area where inventory has a significantimpact is throughput.Inventory and flow time are synonymous in a supply chain. Managersshould use actions that lower the amount of inventory needed withoutincreasing cost or reducing responsiveness, because reduced flow timecan be a significant advantage in a supply chain.Transportation moves product between different stages in a supply chain.Like the other supply chain drivers, transportation has a large impacton both responsiveness and efficiency. Faster transportation, whether in the form of different modes of transportation or different amounts being transported, allows a supply chain to be more responsive but reduces its efficiency. The type of transportation a company uses also affects theinventory and facility locations in the supply chain.Information could be overlooked as a major supply chain driver becauseit does not have a physical presence. Information, however, deeplyaffects every part of the supply chain. Its impact is easy tounderestimate as information affects a supply chain in many differentways. Information serves as the connection between the supply chain’svarious stages, allowing them to coordinate and bring about many of thebenefits of maximizing total supply chain profitability. Information isalso crucial to the daily operations of each stage in a supply chain.For instance, a production scheduling system uses information on demandto create a schedule that allows a factory to produce the right products in an efficient manner. A warehouse management system uses informationto create visibility of the warehouse’s inventory. The company can then use this information to determine whether new orders can be filled.Difficulty: Hard5.Explain the role of each of the major drivers of supply chainperformance in the competitive strategy.Answer: Facilities and their corresponding capacities to perform theirfunctions are a key driver of supply chain performance in terms ofresponsiveness and efficiency. For example, companies can gain economies of scale when a product is manufactured or stored in only one location;this centralization increases efficiency. The cost reduction, however,comes at the expense of responsiveness, as many of a company’scustomers may be located far from the production facility. The oppositeis also true. Locating facilities close to customers increases thenumber of facilities needed and consequently reduces efficiency. If thecustomer demands and is willing to pay for the responsiveness thathaving numerous facilities adds, however, then this facilities decisionhelps meet the company’s competitive strategy goals.Inventory plays a significant role in a supply chain’s ability tosupport a firm’s competitive strategy. If a firm’s competitivestrategy requires a very high level of responsiveness, a company can use inventory to achieve this responsiveness by locating large amounts ofinventory close to the customer. Conversely, a company can also useinventory to make itself more efficient by reducing inventory throughcentralized stocking. The latter strategy would support a competitivestrategy of being a low-cost producer. The trade-off implicit in theinventory driver is between the responsiveness that results from moreinventory and the efficiency that results from less inventory.The role of transportation in a company’s competitive strategy figuresprominently when the company is considering the target customer’s needs.If a firm’s competitive strategy targets a customer that demands a very high level of responsiveness, and that customer is willing to pay forthis responsiveness, then a firm can use transportation as one driverfor making the supply chain more responsive. The opposite is true aswell. If a company’s competitive strategy targets customers whose maindecision criterion is price, then the company can use transportation tolower the cost of the product at the expense of responsiveness. As acompany may use both inventory and transportation to increaseresponsiveness or efficiency, the optimal decision for the company often means finding the right balance between the two.Information is a driver whose importance has grown as companies have used it to become both more efficient and more responsive. The tremendous growth of the importance of information technology is a testimony to the impact information can have on improving a company. Like all the other drivers, however, even with information, companies reach a point when they must make the trade-off between efficiency and responsiveness.Difficulty: Hard。

Chapter 3 课后答案

Chapter 3答案Morphology1. Define the following terms briefly.(1)morphology: the study of the structure of words.(2)morpheme: the smallest unit of language that carries meaning or serves a grammatical function.(3)free morpheme: a morpheme that can stand alone as a word.(4)bound morpheme: a morpheme that can not stand alone as a word, e.g. -ment (as in establishment), and -er (as in painter).(5)morph: the smallest meaningful phonetic segments of an utterance on the level of parole.(6)allomorph: a phonetic form in which a morpheme is realized, e.g. -s, -es, and -en are all allomorphs (in writing) of the plural morpheme. (7)derivation: the formation of new words by adding affixes to other words or morphemes in morphology and word formation.(8)clipping: the process by which parts of a word of more than one syllable have been cut off, and reduced to a shorter form.(9)acronym: words which are composed of the first letter of a series of words and are pronounced as single words. Examples: NATO, radar and yuppy.(10) initialism: Some new words are composed of the first letters of a series of words and pronounced by saying each letter in them. Such words are calledinitialism.(11) blending: A single new word can be formed by combining two separate forms. Typically, blending is finished by taking only the beginning of one word and joining it to the end of another word. For example, brunch isformed by the shortened forms of breakfast and lunch.(12) root: the morpheme that remains when all affixes are stripped from a complex word, e.g. system from un- + system + atic + ally. (13) stem: the base to which one or more affixes are attached to create a more complex form that may be another stem or a word. For example, book is the stem of bookish.(14) prefix: Affixes can be joined to the beginning of the root or stem, in which case they are called prefixes.(15) suffix: Affixes can be joined to the end of the root or stem, in which case they are called suffixes.2. (3), (5), (7)3. (1) simple: fly tree suite(2)bound morpheme root fly / flyreuse re-usespiteful -ful spite preplan pre-plandesks -s desk triumphed -ed triumph suite / suiteoptionality -ality option untie un-tiedelight de-lightfastest -est fastprettier -ier prettytree / treejustly -ly justdeform de-form mistreat mis-treat dislike dis-like payment -ment pay disobey dis-obey premature pre-mature4.(1) Column I: ablaut (vowel modification)Column II: suppletionColumn III: stress modification(2)The process in the Column I is finished by changing the vowel of each word,while in Column II, the process is finished by changing vowel and consonant of each word.(3)Column I: awake/awoke bear/bore arise/aroseblow/blew bite/bit hide/hidlie/lay know/knew foot/feetgoose/geese tooth/teeth louse/liceColumn II: bad/worse are/were many/moreColumn III: #combine/com#bine #compress/com#press#conduct/con#duct #insert/in#sert#insult/in#sult #intern/in#tern5. (1) Omitted.(2)Other examples:#rerun (n.) – re#run (v.) #contrast (n.) – con#trast (v.)#convert (n.) – con#vert (v.) #desert (n.) – de#sert (v.)#export (n.) – ex#port (v.) #increase (n.) – in#crease (v.)#conduct (n.) – con#duct (v.) #object (n.) – ob#ject (v.)#content (n.) – con#tent (v.) #protest (n.) – pro#test (v.)#insult (n.) – in#sult (v.) #produce (n.) – pro#duce (v.)When a word belongs to different word classes, the stress of the word will be sometimes placed on different syllables. When all the words above are stressed on the first syllables, they are nouns, but if they have the second syllables stressed, the words become verbs.6. (1) It means “the inhabitant of ”.(2)It means “the person who does”.(3)The morphological rule working here is “n. + -er ––n.”, and the last phoneme of the noun, which the suffix -er is added to, should be a consonant.(4)The rule in (3) doesn’t work in the word discoverer because the last phoneme of discoverer is a vowel /2/.7. (1) inflection (2) derivation (3) inflection (4) inflection (5) derivation。

供应链管理第三版Unit3习题与答案上课讲义

Chapter 3Supply Cha in Drivers and ObstaclesTrue/False1.The major drivers of supply chain performance are facilities, inventory,transportation, and information. An swer: TrueDifficulty: Moderate2.The major drivers of supply chain performance are customers, facilities, inventory, transportation, andinformation.An swer: FalseDifficulty: Moderate3.The two major types of facilities are producti on sites and storage sites. An swer: TrueDifficulty: Moderate4.The two major types of facilities are distributi on sites and storage sites.An swer: FalseDifficulty: Moderate5.Inven tory is an importa nt supply cha in driver because cha nging inven tory policiescan dramatically alter the supply chain ' s efficiency and responsiveness.An swer: TrueDifficulty: Moderate6.In formati on is pote ntially the biggest driver of performa nce in the supply cha in as it directly affectseach of the other drivers.An swer: TrueDifficulty: Easy7.In formati on is pote ntially the biggest driver of performa nce in the supply cha in even though it has littleimpact on each of the other drivers.An swer: FalseDifficulty: Easy8. A facility with little excess capacity will likely be more efficient per unit of product it produces than onewith a lot of unused capacity.An swer: TrueDifficulty: Easy9. A facility with little excess capacity will likely be no more or less efficient per unit of product it producesthan one with a lot of unused capacity.An swer: FalseDifficulty: Easy10.The high utilization facility will have difficulty responding to demand fluctuations.Answer: True Difficulty: Easy11.The high utilization facility will have no more difficulty responding to demandfluctuations than one with a lot of unused capacity. Answer: False Difficulty: Easy12.Stock keeping unit (SKU) storage is the warehousing methodology that uses atraditional warehouse to store all of one type of product together. Answer: True Difficulty: Moderate 13.Warehouse unit storage is the warehousing methodology that uses a traditionalwarehouse to store all of one type of product together. Answer: False Difficulty: Moderate14.The components of inventory decisions include cycle inventory, safety inventory,seasonal inventory, and sourcing.Answer: True Difficulty: Easy15.The components of inventory decisions include capacity, cycle inventory, safetyinventory, seasonal inventory, and sourcing. Answer: False Difficulty: Easy16.Cycle inventory is inventory that is built up to counter predictable variability indemand. Answer: False Difficulty: Easy17.Seasonal inventory is inventory that is built up to counter predictable variability indemand. Answer: True Difficulty: Moderatepanies using seasonal inventory will build up inventory in periods of lowdemand and store it for periods of high demand when they will not have the capacity to produce all that is demanded.Answer: True Difficulty: Moderatepanies using seasonal inventory will maintain a level inventory increase rateof production for periods of high demand.Answer: False Difficulty: Easy20. A company' s ability to find a balanee b etween responsiveness and efficiency that best matches theneeds of the customer it is targeting is the key to achieving strategic fit.An swer: TrueDifficulty: Moderate21.Many obstacles, such as grow ing product variety and shorter life cycles, have made it increasingly difficultfor supply chains to achieve strategic fit.An swer: TrueDifficulty: ModerateMultiple Choice1.Which of the following is not a major driver of supply chain performanee?a.Facilitiesb.Inven toryc.Tran sportati ond.In formati one.All of the above are major drivers of supply cha in performa nee. An swer: eDifficulty: Easy2.Which of the following is not a major driver of supply chain performanee?a. Customersb. Facilitiesc. Inven toryd. Tran sportatie. In formati onAn swer: aDifficulty: Moderate3.The places in the supply chain network where product is stored, assembled, or fabricated are known asa. facilities.b. inven tory.c. tran sportatiod. in formatio n.e. customers.An swer: aDifficulty: Easy4.All raw materials, work in process, and finished goods within a supply chain are known asa.facilities.b.inven tory.c.tran sportati on.rmation.e.customers. Answer: b Difficulty: Easy5.Moving inventory from point to point in the supply is known asa. facilities.b. inventory.c. transportation.d. information.e. customers.Answer: cDifficulty: Easy6.The data and analysis concerning facilities, inventory, transportation, and customers throughout the supplychain is known asa. facilities.b. inventory.c. transportation.d. information.e. customers.Answer: dDifficulty: Easy7.The two major types of facilities area.distribution sites and storage sites.b.production sites and distribution sites.c.production sites and storage sites.d.retail sites and distribution sites.e.distribution sites and inventory sites.Answer: cDifficulty: Moderate8.Which component of the supply chain decision-making framework would be established first?a. Customer strategyb. Supply chain strategyc. Supply chain structured. Competitive strategye. Replenishment strategyAnswer: dDifficulty: Moderate9.Which component of the supply chain decision-making framework would beestablished second?a. Customer strategyb. Supply chain strategyc. Supply chain structured. Competitive strategye. Replenishment strategyAnswer: bDifficulty: Moderate10.Which component of the supply chain decision-making framework would be used to reach the performancelevel dictated by the supply chain strategy?a.Customer strategyb.Supply chain strategyc.Supply chain structurepetitive strategye.Replenishment strategyAnswer: cDifficulty: Easy11.Which of the following is not a component of facilities decisions?a.Locationb.Capacityc.Operations methodologyd.Warehousing methodologye.All of the above are components of facilities decisions.Answer: eDifficulty: Moderate12.Which of the following is not a component of facilities decisions?a. Warehousing methodologyb. Forecasting methodologyc. Operations methodologyd. Capacitye. LocationAnswer: bDifficulty: Moderate13.Which of the following statements concerning decisions regarding location of facilities is false?a.Deciding where a company will locate its facilities constitutes a large partof the design of a supply chain.b. A basic trade-off here is whether to centralize to gain economies of scaleor decentralize to become more responsive by being closer to the customer.panies must also consider a host of issues related to the variouscharacteristics of the local area in which the facility may be situated.d.All of these statements are true.e.None of these statements are true.Answer: dDifficulty: Moderate14.Which of the following is not an issue companies need to consider in facility location decisions?a.quality of workersb.product developmentc.proximity to customers and the rest of the networkd.cost of facilitye.tax effectsAnswer: bDifficulty: Moderate15.Which of the following is not an issue companies need to consider in facility location decisions?a.quality of workersb.availability of infrastructurec.proximity to customers and the rest of the networkd.cost of facilitye.All of the above are issues companies need to consider in facility location decisions.Answer: e Difficulty: Moderate16.Excess capacitya.allows a facility to be very flexible and to respond to wide swings in thedemands placed on it.b.costs money and therefore can decrease efficiency.c.requires proximity to customers and the rest of the network.d.both a and be.all of the aboveAnswer: d Difficulty: Moderate17.Which of the following is a characteristic of a facility with excess capacity?a.will likely be more efficient per unit of product it produces than one with alot of unused capacityb.would be very flexible and to respond to wide swings in the demandsplaced on itc.would be considered a high utilization facilityd.will have difficulty responding to demand fluctuationse.none of the aboveAnswer: a Difficulty: Easy18. A facility with little excess capacitya.will likely be more efficient per unit of product it produces than one with alot of unused capacity.b.would be considered a high utilization facility.c.will have difficulty responding to demand fluctuations.d.All of the above are true.e.None of the above are true.Answer: dDifficulty: Moderate19.Which of the following would be a characteristic of a facility with little excess capacity?a.allows a facility to be very flexible and to respond to wide swings in the demands placed on itb.costs money and therefore can decrease efficiencyc.requires proximity to customers and the rest of the networkd.will likely be more efficient per unit of product it producese.none of the above Answer: d Difficulty: Moderate20.Which of the following is not a warehousing methodology?a.Warehouse unit storageb.Stock keeping unit (SKU) storagec.Job lot storaged.Cross-dockinge.All of the above are warehousing methodologies.Answer: aDifficulty: Moderate21.The warehousing methodology that uses a traditional warehouse to store all of one type of product togetherisa. warehouse unit storage.b. stock keeping unit (SKU) storagec. job lot storage.d. cross-docking.e. none of the aboveAnswer: bDifficulty: Moderate22.The warehousing methodology in which all the different types of products needed to perform a particular jobor satisfy a particular type of customer are stored together isa. warehouse unit storage.b. stock keeping unit (SKU) storagec. job lot storage.d. cross-docking.e. none of the aboveAnswer: cDifficulty: Moderate23.The following warehousing methodology is one in which goods are not actually warehoused in a facility.Instead, trucks from suppliers, each carrying a different type of product, deliver goods to a facility. There the inventory is broken into smaller lots and quickly loaded onto store-bound trucks that carry a variety of products, somefrom each of the supplier trucks.a. warehouse unit storageb. stock keeping unit (SKU) storagec. job lot storaged. cross-dockinge. none of the aboveAnswer: dDifficulty: Moderate24.All of the following are components of inventory decisions excepta.cycle inventory.b.safety inventory.c.seasonal inventory.d.sourcing.e.All of the above are components of inventory decisions.Answer: e Difficulty: Easy25.All of the following are components of inventory decisions excepta. capacity.b. cycle inventory.c. safety inventory.d. seasonal inventorye. sourcing.Answer: aDifficulty: Easy26.The average amount of inventory used to satisfy demand between receipt of supplier shipments is referred to asa. cycle inventory.b. safety inventory.c. seasonal inventoryd. sourcing.e. none of the aboveAnswer: aDifficulty: Moderate27.The inventory that is built up to counter predictable variability in demand is calleda. cycle inventory.b. safety inventory.c. seasonal inventoryd. sourcing.e. none of the aboveAnswer: cDifficulty: Moderate28.The inventory held in case demand exceeds expectation in order to counteruncertainty is calleda. cycle inventory.b. safety inventory.c. seasonal inventoryd. sourcing.e. none of the aboveAnswer: bDifficulty: Moderate29.The set of business processes required to purchase goods and services is known asa. cycle inventory.b. safety inventory.c. seasonal inventoryd. sourcing.e. none of the aboveAnswer: dDifficulty: Easy30.Cycle inventory decisions involvea.how much to order for replenishment.b.how often to place orders.c. a basic trade-off between the cost of holding larger lots of inventory andthe cost of ordering product frequently.d.all of the abovee. a and b onlyAnswer: dDifficulty: Moderate31.Cycle inventory is used becausea.the world is perfectly predictable.b.demand is uncertain and may exceed expectations.c.it involves making a trade-off between the costs of having too muchinventory and the costs of losing sales due to not having enough inventory.d.it focuses on processes that are external to the firm.e.it focuses on processes that are internal to the firm.Answer: bDifficulty: Moderate32.Seasonal inventory should be used whena. a company can rapidly change the rate of its production system at a verylow cost.b.changing the rate of production is expensive (e.g., when workers must behired or fired).c.adjusting to a period of low demand without incurring large costs.d.the world is perfectly predictable.e.production rate is flexible.Answer: aDifficulty: Hard33.Sourcing involvesa.deciding the tasks that will be outsourced and those that will be performed within the firm.b.deciding whether to source from a single supplier or a portfolio ofsuppliers.c.identifying the set of criterion that will be used to select suppliers andmeasure their performance.d.selecting suppliers and negotiating contracts with them.e.all of the aboveAnswer: eDifficulty: Easy34.Which of the following are key components of transportation decisions when designing and operating a supply chain?a. Mode of transportationb. Route and network selectionc. In-house or outsourced. all of the abovee. none of the aboveAnswer: dDifficulty: Moderate35.Which of the following are key components of transportation decisions whendesigning and operating a supply chain?a. Software selectionb. Mode of transportationc. Source selectiond. Warehouse selectione. none of the aboveAnswer: bDifficulty: Easy36.Which of the following are key components of information that must be analyzed to increase efficiency andimprove effectiveness in a supply chain?a.Push versus pullb.Coordination and information sharingc.Forecasting and aggregate planningd.Pricing and revenue managemente.all of the aboveAnswer: eDifficulty: Moderate37.Which of the following are key components of information that must be analyzed to increase efficiency andimprove effectiveness in a supply chain?a. Software selectionb. Source selectionc. Warehouse selectiond. Forecasting and aggregate planninge. none of the aboveAnswer: dDifficulty: Moderate38.When all the different stages of a supply chain work toward the objective of maximizing total supply chainprofitability, rather than each stage devoting itself to its own profitability without considering total supply chain profit, it is known asa. supply chain coordination.b. forecasting.c. aggregate planning.d. revenue management.e. pricing.Answer: aDifficulty: Easy39.The art and science of making projections about what future demand and conditionswill be isa. supply chain coordination.b. forecasting.c. aggregate planning.d. revenue management.e. pricing.Answer: bDifficulty: Easy40.Transforming forecasts into plans of activity to satisfy the projected demand is known asa. supply chain coordination.b. forecasting.c. aggregate planning.d. revenue management.e. pricing.Answer: cDifficulty: Easy41.The process by which a firm decides how much to charge customers for its goods and services isa. supply chain coordination.b. forecasting.c. aggregate planning.d. revenue management.e. pricing.Answer: eDifficulty: Easy42.The use of differential pricing over time or customer segments to maximize profits from a limited setof supply chain assets isa. supply chain coordination.b. forecasting.c. aggregate planning.d. revenue management.e. pricing.Answer: dDifficulty: Moderate43. Which of the following are technologies that share and analyze information in the supply chain?a. Electronic Data Interchange (EDI)b. Internetc. Enterprise Resource Planning (ERP)d. Supply Chain Management (SCM) softwaree. all of the aboveAnswer: eDifficulty: Easy44. Which of the following are technologies that share and analyze information in the supply chain?a. Internetb. Enterprise Data Planning (EDP)c. Electronic Resource Interchange (ERI)d. Chain Management (CM) softwaree. none of the aboveAnswer: aDifficulty: Moderate45. Which of the follow ing are obstacles to achiev ing strategic fit?a. In creas ing variety of productsb. Decreas ing product lifecyclesc. In creas in gly dema nding customersd. Fragme ntati on of supply cha in own ershipe. all of the aboveAn swer: eDifficulty: EasyWhich of the follow ing are obstacles to achiev ing strategic fit?a. Difficulty execut ing new strategiesb. Globalizati onc. In creas in gly dema nding customersd. Fragme ntati on of supply cha in own ershipe. all of the aboveAn swer: eDifficulty: Moderate47. Which of the following is not an obstacle to achieving strategic fit?a.In creas ing variety of productsb.Decreas ing product lifecyclesc.In creas in gly dema nding customersd.Con solidati on of supply cha in own ershipe.none of the aboveAn swer: dDifficulty: ModerateEssay/Problems1.List and defi ne the four major drivers of supply cha in performa nee.Answer: Facilities are the places in the supply chain network where product is stored, assembled, orfabricated. The two major types of facilities are product ion sites and storage sites.Inventory is all raw materials, work in process, and finished goods within a supply cha in. Inven tory is an importa nt supply cha in driver because cha nging inven tory policies can dramatically alter the supplychain ' s efficiency and responsiveness. Transportation entails moving inventory from point to point in the supply chain.Tran sportati on can take the form of many comb in ati ons of modes and routes.Information consists of data and analysis concerning facilities, inventory, transportation, and customers throughout the supply chain. Information is potentially the biggest driver of performance in the supply chain as it directly affects each of the other drivers.Difficulty: Moderate2.Explain the supply chain decision-making framework and the role of the fourmajor drivers.Answer: The goal of a supply chain strategy is to strike the balance between responsiveness and efficiency, resulting in a strategic fit with the competitive strategy. To reach this goal, a company uses the foursupply chain drivers discussed earlier. For each of the individual drivers, supply chain managers mustmake a trade-off between efficiency and responsiveness. The combined impact of these four drivers thendetermines the responsiveness and efficiency of the entire supply chain.Most companies begin with a competitive strategy and then decide what their supply chain strategyought to be. The supply chain strategy determines how the supply chain should perform with respect to efficiency and responsiveness. The supply chain must then use the supply chain drivers to reach theperformance level the supply chain strategy dictates.Difficulty: Moderate3.Explain the basic trade-off between responsiveness and efficiency for each of themajor drivers of supply chain performance.Answer: The fundamental trade-off when making facilities decisions is between the cost of the number, location, and type of facilities (efficiency) and the level of responsiveness that these facilities provide thecompany' s customers.The fundamental trade-off when making inventory decisions is between responsiveness and efficiency.Increasing inventory will generally make the supply chain more responsive to the customer. This choice, however, comes at a cost as the added inventory decreases efficiency. Therefore, a supply chain manager can use inventory as one of the drivers for reaching the level of responsiveness and efficiency thecompetitive strategy targets.The fundamental trade-off for transportation is between the cost of transporting a given product(efficiency) and the speed with which that product is transported (responsiveness). The transportationchoice influences other drivers such as inventory and facilities. When supply chain managers think about making transportation decisions, they frame the decision in terms of this trade-off. Good informationsystems can help a firm improve both its responsiveness and efficiency. The information driver is used to improve the performance of other drivers and the use of information is based on the strategic position the other drivers support. Accurate information can help a firm improve efficiency by decreasinginventory and transportation costs. Accurate information can improve responsiveness by helping a supply chain better match supply and demand. Difficulty: Moderate4.Explain the role of each of the major drivers of supply chain performance.Answer: Facilities are the where of the supply chain if we think of inventory as what is being passed along the supply chain and transportation as how it ispassed along. They are the locations to or from which the inventory is transported. Within a facility,inventory is either processed or transformed into another state (manufacturing) or it is stored beforebeing shipped to the next stage (warehousing).Inven tory exists in the supply cha in because of a mismatch betwee n supply and dema nd. An importa nt role that inven tory plays in the supply cha in is to in crease the amount of dema nd that can be satisfied by hav ing product ready and available when the customer wants it. Another significant role inventoryplays is to reduce cost by exploit ing any econo mies of scale that may exist duri ng both product ion and distributi on. Inven tory is spread throughout the supply cha in from raw materials to work in process to fini shed goods that suppliers, manufacturers, distributors, and retailers hold.Inven tory is a major source of cost in a supply cha in and it has a huge impact on resp on sive ness. The locati on and qua ntity of inven tory can move the supply cha in from one end of the resp on sive nessspectrum to the other.Inventory also has a significant impact on the material flow time in a supply chain. Material flow time is the time that elapses betwee n the point at which Ano ther importa nt area where inven tory has a significa nt impact is throughput.Inven tory and flow time are synonym ous in a supply cha in. Man agers should use actions that lower the amount of inven tory n eeded without in creas ing cost or reduci ng resp on sive ness, because reduced flow time can be a sig nifica nt adva ntage in a supply cha in.Tran sportati on moves product betwee n differe nt stages in a supply cha in. Likethe other supply cha in drivers, tran sportati on has a large impact on both resp on sive ness and efficie ncy. Faster tran sportati on, whether in the form of differe nt modes of tra nsportati on or differe ntamounts being tra nsported, allows a supply cha in to be more resp on sive but reduces its efficie ncy. The type of transportation a company uses also affects the inventory and facility locations in the supply chai n.In formati on could be overlooked as a major supply cha in driver because it does not have a physicalprese nee. In formati on, however, deeply affects every part of the supply chain. Its impact is easy tounderestimate as information affects a supply chain in many different ways. Information serves as theconnection between the supply chain ' s various stages, allowing them to coordinate and bringabout many of the ben efits of maximizi ng total supply cha in profitability.In formati on is also crucial to the daily operati ons of each stage in a supply cha in. For in sta nee, aproduct ion scheduli ng system uses in formati on on dema nd to create a schedule that allows a factory to produce the right products in an efficie nt manner. A warehouse man ageme nt system uses in formati on to create visibility of the warehouse ' s inventory. The company can then use thisinformation to determine whether new orders can be filled.Difficulty: Hard5.Expla in the role of each of the major drivers of supply cha in performa nee in thecompetitive strategy.Answer: Facilities and their corresponding capacities to perform their functions are a key driver of supply cha in performa nee in terms of resp on sive ness and efficie ncy. For example, compa nies can gain econo mies of scale whe n a product is manu factured or stored in only one locati on; this cen tralizati on increases efficie ncy. The cost reducti on, however, comes at the expe nse of resp on sive ness, as many of a company ' s customers may be located far from the production facility. The opposite is also true. Locati ng facilities close to customers in creases the number of facilities needed and consequently reducesefficiency. If the customer dema nds and is willi ng to pay for the resp on sive ness that hav ing numerous facilities adds, however, then this facilities decision helps meet the company' s competitive strategygoals.Inventory plays a significant role in a supply chain ' s ability to support a firm ' s competitive strategy. If a firm ' s competitive strategy requires a very high loefvel responsiveness, a company can use inventory to achieve this responsiveness by locating large amounts of inventory close to the customer. Conversely, a company can also use inventory to make itself more efficient by reducing inventory through centralized stocking. The latter strategy would support a competitive strategy of being a low-cost producer. The trade-off implicit in the inventory driver is between the responsiveness that results from more inventory and the efficiency that results from less inventory.The role of transportation in a company ' s competitive strategy figures prominently when the company is considering the target customer ' s needs. If afirm ' s competitive strategy targets a customer that demands a very high level of responsiveness, and that customer is willing to pay for this responsiveness, then a firm can use transportation as one driver for making the supply chain more responsive. The opposite is true as well. If a company ' s competitive strategytargets customers whose main decision criterion is price, then the company can use transportation to lower the cost of the product at the expense of responsiveness. As a company may use both inventory and transportation to increase responsiveness or efficiency, the optimal decision for the company often means finding the right balance between the two.Information is a driver whose importance has grown as companies have used it to become both more efficient and more responsive. The tremendous growth of the importance of information technology is a testimony to the impact information can have on improving a company. Like all the other drivers, however, even with information, companies reach a point when they must make the trade-off between efficiency and responsiveness. Difficulty: Hard。

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