国际贸易双语教案问题答案
国际贸易双语教案问题答案Pugel14SGAKEY
CHAPTER 16PAYMENTS AMONG NATIONSObjectives of the ChapterThis chapter looks at how international exchanges of goods, services, and financial assets are recorded in official statistics. Two sets of statistics are presented: the balance of payments accounts and the international investment position accounts. The trade, current, financial, and official settlements accounts are specialized accounts within the balance of payments accounts, and are derived by grouping international transactions according to common characteristics.Although the details of international accounting may seem a bit dry, there are two important economic uses for the accounts. The first use is in determining the relationship between the saving of a country’s residents and the amount of capital formation going on in that country: S = I d + I f = CA. So, for example, if country A is running a current account deficit we know that it is saving less than it is investing at home (S<I d) and that other countries are investing in country A (I f < 0). Second, if there is a large difference between the value of the current account and the value of the financial account, it means that the country’s monetary authorities must be actively engaging in the buying or selling of official reserve assets.After studying Chapter 16 you should know1. what information the balance of payments accounts record.2. the distinction between debit and credit entries.3. t he meaning and scope of various accounts’ balances.4. why the current account balance equals the difference between national product and nationalexpenditure.5. the concept of an overall balance of payments surplus or deficit.6. the meaning and usefulness of the balance on international investment.7. the historical status of the U.S. as net creditor or debtor with respect to the rest of the world.Important ConceptsBalance of payments:The systematic set of accounts that records all economic transactionsbetween residents of a country and the rest of the world during a givenperiod of time.Financial account:Records the values of financial assets purchased and sold abroad byprivate residents (not monetary authorities) of the home country. Afinancial account surplus indicates that, on net, financial capital hasflowed into the country.Capital inflow: Either an increase in foreign assets in the nation, such as when aforeigner purchases a U.S. stock; or a reduction in the nation’s assetsabroad, such as when an American sells a foreign stock.Capital outflow:Either an increase in the nation’s assets abroad, such as when anAmerican purchases a foreign asset; or a reduction in foreign assets inthe nation, such as when a foreigner sells his American assets. Current account:Records the values of goods and services sold and purchased abroad,plus net interest and other factor payments and net unilateral transfersand gifts. A current account surplus shows that a country has positivenet foreign investment.International investment Measures a nation’s stock of foreign assets and liabilities at a point position: in time.Net foreign investment: The part of national saving invested abroad instead of being channeledinto domestic capital formation: (S = I d + I f). It is also the differencebetween purchases of financial assets (lending) abroad and asset salesto foreign ers (borrowing), that is, a country’s accumulation of netclaims on other countries.Official settlements balance: Also calle d the “official balance,” this is t he sum of the currentaccount balance plus the private financial account balance. Animbalance in the official balance must be paid for through officialreserves transactions.Official international The changes in domestic official reserve assets and in reserves transactions: domestic official liquid liabilities to foreign officials. It is derivedby dividing private transactions from official “accommodative”transactions in the balance of payments accounts.Reserve assets: Assets held by a nation’s monetary authorities as a kind of “war chest”to enable them to intervene in the foreign exchange market if andwhen they decide to do so. Reserve assets include key foreigncurrencies, gold, official reserves at the IMF, and holdings of SpecialDrawing Rights (SDRs). Recently, China has accumulated a very largestock of dollar-denominated reserve assets.Merchandise trade balance:The value of goods exported (credits) minus the value of goodsimported (debits). The value of exported goods and services minusimported goods and services is often referred to as “the trade balance.”Warm-up QuestionsTrue or False? Explain.1. T / F A negative net foreign investment on this year’s balance of payments accounts means thecountry is a net debtor.2. T / F A nation running a current account surplus is accumulating foreign assets.3. T / F Because the balance of payments accounts must balance, sub-accounts like the financialaccount must balance, too.4. T / F If GDP, consumption, and domestic investment are all constant, an increase ingovernment spending will cause the country to run a trade deficit.5. T / F The “statistical discrepancy” component of the balance of payments accounts is a refugefor scoundrels.Multiple Choice1. If a U.S. firm borrows one billion dollars in Mexican pesos from Citibank’s Mexico branch anduses the money to build a factory in Mexico, the transition will enter the U.S. balance ofpayments as a credit onA. short-term private capital inflow and a debit on direct investment payments.B. long-term private capital inflow and a debit on long-term private capital outflow.C. long-term private capital inflow and a debit on direct investment.D. short-term private capital inflow and a debit on short-term private capital outflow.2. An economic transaction is recorded in the balance of payments as a credit if it leads toA. a payment to foreigners.B. the receipt of a payment from foreigners.C. a decrease in foreign exchange reserves.D. neither an inflow nor an outflow of value.3. Which of the following is recorded as a debit item in the U.S. balance of payments accounts?A. An Italian firm pays $5 million in dividends to the holders of its stock in the U.S.B. The French Club Med hires four American scuba diving instructors for its new resort on theItalian island of Sardinia.C. Toyota builds a factory in the U.S. to manufacture automobiles.D. Remittances from Cambodian immigrants in the U.S. flow to their relatives in Thailand’srefugee centers.4. Borrowing from abroad is aA. capital import and therefore a debit item.B. capital export and therefore a credit item.C. capital import and therefore a credit item.D. capital export and therefore a debit item.5. If a country’s net foreign investment amounts to –$15 billion, this implies an equivalentA. current account deficit.B. current account surplus.C. trade balance surplus.D. overall balance deficit.Problems1. Number crunchers in Leinster have been working hard to come up with information about flowsof funds between Leinster and Saxony. Suppose they have derived the following data for thecurrent year in Leinster. (All numbers are in billions of the Leinster currency, the Leinster lira, which is abbreviated as Ll.)National product Ll 100.00Consumption Ll 60.00Government purchases Ll 15.00Formation of Leinster Capital Ll 15.00Exports to Saxony Ll 20.00a. What is the value of goods and services imported from Saxony?b. Is Leinster, on net, lending to or borrowing from Saxony?2. Assume the following is complete and accurate information about international transactions ofthe United States.▪Donald Trump buys a cottage in France for $1,008.▪American manufacturers export $998 in baseball bats.▪Profits from Costa Rican coffee plantations owned by residents of Seattle equal $1,002.▪Interest paid on a U.S. Treasury bond to a Japanese citizen is $1,004.▪An Irish worker in San Francisco sends $996 to her mother in Dublin.▪ A German tourist spends $1,006 on a fling in Las Vegas.▪ A Greek billionaire buys a hot dog stand in New York City for $1,006.▪Martha Stewart imports $1,002 of wine from France.a. Place each transaction in the proper place in the balance of payments accounts.b. Find the trade balance, the current account balance, and net private capital flows.c. Based on that information, was the Federal Reserve buying or selling foreign exchange?How much?d. Can you tell from the data whether there is a floating or a fixed exchange rate?3. Which of the following transactions would contribute to a U.S. current account surplus?a. McDonald’s makes a barter trade w ith Russia, providing hamburgers for the Kremlin inexchange for potatoes from Russian state farms.b. The U.S. borrows $100 million from Kuwait to buy $100 million of Kuwaiti oil this year.c. The U.S. sells Israel $100 million in automatic weapons, paid for with $100 million in bankdeposits.d. The U.S. government makes a gift of $100 million to the people of Rwanda to pay foremergency hospital care.e. The U.S. government sells $100 million in long-term bonds to Japan, is paid with bankdeposits in Tokyo, and promises to repay the loan in five years.f. American travel agents buy Olympic Games tickets from a Chinese scalper, paying withdollars (cash).4. The following information for 2008 was collected by Avalon’s Chief International Accou ntant:▪Sales of computers to Saxony $1,200▪Purchases of summer homes in Saxony $500▪Purchases of bread from Saxony $1,400▪Computer consulting performed in Leinster $1,600▪Vacations in Leinster $200▪Purchases of stock in Leinster Telecommunications Ltd. $800▪Sales of Avalon Computer Corporation bonds in Leinster $100Unfortunately, the accountant died of boredom, leaving you to figure out these numbers.a. What was Avalon’s merchandise trade balance and current account balance in 2008?b. Was Avalon an international lender or borrower in 2008?c. Was Avalon a net creditor or a net debtor in 2008?5. In the 1980s, there was a great deal of talk about the “twin deficits” experienced by the UnitedStates: the federal government was running a budget deficit at the same time that the nation was running a trade deficit. Are these two deficits always evil twins?Discussion Topics1. Is running a trade surplus always good?2. Should a country run an official balance surplus rather than an official balance deficit?3. Persistent trade deficits have made the United States the largest debtor country in the world.What are the costs (and/or benefits) of being in this position?。
国际贸易实务双语教程(第三版)课后答案解析
Unit 1 A brief introduction to international tradeKeyI. Answer my questions1. International trade is business whose activities involve the crossing of national borders. It includes not only international trade and foreign manufacturing but also encompasses the growing services industry in areas such as transportation, tourism, banking, advertising, construction, retailing, wholesaling, and mass communications. It includes all business transactions that involve two or more countries. Such business relationship may be private or governmental.2. Sales expansion, resource acquisition and diversification of sales and supplies.3. To gain profit.4. To seej out foreign markets and procurement.5. There are four major forms which are the following:Merchandise exports and Imports, Service Exports and Imports, Investment and Multinational Enterprise.6. It is the account which is a summary statement of the flow of all international economic and financial transactions between one nation (eg.the United States ) and the rest of the world over some period of time, usually one year.7. Merchandise Exporting and Importing.8. Yes. There are great differences between them.1) direct investment takes place when control follows the investment. It usually means high commitment of capital, personnel, and technology abroad. It aims at gaining of foreign resources and foreign markets. Direct investment may often get higher foreignsales than exporting. And sometimes it involves two or more parties.2) While portfolio investments are not under control. And they are used primarily for financial purposes. Treasures of companies, for example, routinely more funds from one country to another to get a higher yield on short term investments.9. MNE is the abbreviation of the multinational enterprise. Its synonyms are NNC (the multinational corporation) and TNC (transnational corporation).10. Examples are travel, transport, fee, royalties, dividends and interest.11. The choice of forms is influenced by the objective being pursued and the environments in which the company must operate.12. It is limited by the number of people interested in a firm’s products and services and by customers’ capacity to make purchase.13. This is because at an early stage of international involvement these operations usually take the least commitment and least risk of a firm’s resources.14. Royalties means the payment for use of assets from abroad, such as for trademarks patens, copyrights, or other expertise under contract known as licencing agreements.Royalties are also paid franchising.15. It is a way of doing business in which one party (the franchiser) the use ofa trademark that is an essential asset for the franchisers’ business.II Match each one on the left with its correct meaning on the right1. J2.A3.E4.B5.C6.D7.I8.G9.F 10.HIII Translate the following terms and phrases into Chinese1 购买力 11经济复苏；恢复2潜在销售量 12 经济衰退3加价，涨价 13间接投资4国内市场 14有形货物5制成品 15有形进出口6边际利润 16收入及支出；岁入及岁出7市场占有率 17超额能力8贸易歧视 18贸易中间人（商）；经纪人9时机选择 19全部包建的工程承包方式10经销周期 20许可证协定IV Case Study1 [Answer]：Batteries called "white elephant" exported from China were very popular in Southeast Asia, because "white elephant" was a lucky thing in Southeast Asia, but no one was interested in it in the market of Europe and the United States. The boss of the company was very strange that the quality of the battery or the price of reasons, so he asked his staff to investigate. Finally he found that is the brand "white elephant" to be blame. The brand's name translated into English was "white elephant" which meant something were no use but cumbersome in Western countries. It was really a bad translation from culture information perspective. The meaning derived from a legend. According to the legend, there was a king who hated a minister, so he gave a white elephant to the minister for punishment. The minister has to take care of the white elephant,he couldn't give it to others or kill it because it's the king gave it to him. However, the appetite of the white elephant was so great, and the minister became poorer. So it showed people in western countries would not buy the battery for the consumers have no willing to buy something useless but cumbersome.V. OpenVI.Translate the following into English1. Trade is often the ‘engine’ of growt h. However oversimplified this metaphor may be, it does serve to underline the importance of foreign trade in the process of growth. A healthy expansion of exports may not always be sufficient condition for rapid and sustained growth, but a strong positive association between the two is clearly undeniable. Trade expansion contributes to economic growth in many ways. Among them are the benefits of specialization; the favorable effects of international competition on domestic economic efficiency; the increased capacity to pay for the imports required in development and more generally the stimulus to investment.2. International trade is the exchange of goods and services produced in one country for goods and services produced in another country. In addition to visible trade, which involves the import and export of goods and merchandise, there is also invisible trade, which involves the exchange of services between nations. Nations such as Greece and Norway have large maritime fleets and provide transportation service. This is a kind of invisible trade. Invisible trade can be as important to some nations as the export of raw materials or commodities is to others. In both cases, the nations earn the moneyto buy necessities.3. There exist different ways of conducting international business. Exclusive sale means the seller gives the overseas client the exclusive right of selling a particular product in a designated area within a specified period of time. In this kind of business transaction, the product is bought by the exclusive seller and therefore he should sell the product by himself, assuming sole responsibilities for his profit and loss. Exclusive sale is different from agency where only commission is involved. And difference exists between general contract and exclusive sales because the exclusive seller enjoys exclusive right in a particular area.4. There is no country in the world that can produce all the products it needs. Thus countries join in international division of labor for effective production and reproduction. Sometimes a country can buy goods and services from abroad on a barter basis. Barter means doing business by exchanging goods of one sort for goods of another sort without using money. Barter trade itself is not enough to meat a country’s imp ort needs. But as a form of international trade, it is still attractive in developing countries where foreign exchange is in short supply and inflow of foreign funds is far from sufficient to meet their obligations in external trade.Unit 2 General Procedures of Export and Import TransactionI. Answer the following questions(Omited)II. Filling the blanks with the suitable words in the text:1.meeting/satisfying;2.agent, foreign/overseas;mission;4.own;5.setting;6.patent;7.profits;8.outlets;9.joint, venture; 10.subsidiaryIII. J udge the following statement, mark True (T) or False(F)1F 2. T 3. F 4. F 5.F 6.F 7.T 8.F 9.F 10. TIV. Explain the meaning of the words or phrases below as requested1. Offer: An offer is a proposal made by sellers to buyers in order to enter into the contract.2. Withdrawal: It means an offer by the offerer has been withdrawn before it is reached to the offeree in order to prevent its entry into force.3. Enquiry: An enquiry is a request for business information, such as price lists, catalogue, samples, and details of the goods or trade terms. It can be made either by the importer or the exporter.4. Acceptance: Acceptance is a statement made by other conduct of the offerees indicating unconditional consent to an offer.5. Shipping agent: Shipping agent(船代）is a ship owner's representative whose job is to find the ships to carry.V. Compose a letter of enquiry with the following particulars:KeysMessrs. Arthur Grey & Son,19 Cheapside,London, E.C.2Dear Sirs,We have obtained your name and address from China Council for Promotion of InternationalTrade and learned that you are one of the leading exporters of Ice Box in your district.We are now interested in 100 sets of the said article and should be pleased if you would let us know whether you can supply us with the quantity and quality we desire. Please quote us your best price on CIF Guangzhou basis. When offering, please state clearly terms of payment, time of delivery, packing conditions together with illustrated catalogue for our consideration.We are looking forward to your early reply.Yours faithfully,VI. Please make your offer according to the following particulars:KeyDear Sirs,Thank you for your letter of 5th May. We are glad to learn of the inquiries you have had from your customers for our raincoats. Our "D.D." range is particularly suitable for warm climates, and during the past years we have supplied this range to dealers in several tropical countries, from many of whom we have already had repeated orders. This range is popular not only because it is light in weight, but also because the material used has been specially treated to prevent excessive condensation on the inside surface.For the quantities you mention we are pleased to quote as follows:"D.D." Raincoats100 men's medium @ US$14.50 US$ 1,450100 men's small 14.0 1,400100 women's medium 13.2 1,320100 women's small 12.7 1,270US$ 5,440Payment: by irrevocable L/C at sightShipment: Shipment will be effected within three or four weeks after receiving the L/C.This offer is subject to our final confirmation. We feel you may be interested in our other products and enclose some pamphlets for your reference.We are awaiting your early orders.Yours sincerely,VII. Write a counter-offer according to the following particulars:Keys:Dear Sirs,We thank you for your quotation May 10 for 1,000 sets of Hair IceBox. We find your price as well as delivery date satisfactory, however, we would give our suggestions of an alternation of your payment terms.Our past purchase of other household electrical appliances from you has been paidas a rule by confirmed, irrevocable letter of credit at sight. On the basis, it has indeed cost us a great deal. From the moment to open credit till the time our buyers pay us, the tie-up of our funds lasts about four months. Under the present circumstances, this question is particular taxing owing to the tight money condition and unprecedentedly high bank interests.In view of our long business relations and our amicable cooperation prospects, we suggest that you accept either “cash against documents on arrival of goods” or “drawing on us at 60 day’s sight”.Your first priority to the consideration of the above request and an early favorable reply will be highly appreciated.Yours sincerely,VIII. Translate the followings into English1). Economic activity began with the cavemen, who was economically self-sufficient. He did his own hunting, found his own shelter, and provided for his own needs. As primitive populations grew and developed, the principle of division of labor evolved. One person was more able to perform some activity than another, and therefore each person concentrated on what he did best. While one hunted, another fished. The hunter then traded his surplus to the fisherman, and each benefited from the variety of diet.In today’s complex economic world, neither individuals nor nations are self-sufficient nations are self-sufficient. Nations have utilized different economic resources; people have developed different skills. This is the foundation of international trade and economic activities.Foreign trade, the exchange of goods between nations, takes place for many reasons. The first, as mentioned above, is that no nation has all of the commodities than it needs. Raw materials are scattered around the world. Large deposits of copper are mined in Peru and Zaire, diamonds are mined in South Africa, and petroleum is recovered in Middle East. Countries that do not have these resources within their own boundaries must buy from countries that export them.Foreign trade also occurs because a country often does not have enough of a particular item to meet its needs. Although the United States is a major producer of sugar, it consumes more than it can produce internally and thus must import sugar.Third, one nation can sell some items at a lower cost than other countries. Japan has been able to export large quantities of radios and television sets because it can produce them more efficiently than other countries. It is cheaper for the United States to buy these from Japan than to produce them domestically.Finally, foreign trade takes place because of innovation or style. Even though the United States produces more automobiles than any other country, it still imports large quantities of autos from Germany, Japan and Sweden, primarily because there is a market for them in the United States.2). The different kinds of trade nations engaged in are varied and complex, a mixture of visible and invisible trade. Most nations are more dependent on exports than on any other activity. The earnings from exports pay for the imports that they need and want.A nation’s balance of payment is a record of these complex transactions. By reflecting all of these transactions in monetary terms , a nation is able to combine the income it receives, for example, from exports, tourists expenditures, and immigrantremittances. This combined incomes is then spent on such items as manufactured goods from other countries, travel for its citizens to other countries, and the hiring of construction engineers.IX. Case Study[Answer]:A 公司与B公司的第一封信函可视为发盘，在该发盘中A公司对包装做出了要求。
国际贸易实务双语教程第二版习题参考答案
Unit 1 A brief introduction to international tradeKeyI. Answer my questions1. International trade is business which involved the crossing of national borders2. Sales expansion, resource acquisition and diversification of sales and supplies.3. To gain profit.4. To seej out foreign markets and procurement.5. There are four major forms which are the following:Merchandise exports and Imports, Service Exports and Imports, Investment and Multinational Enterprise.6. It is the account which is a summary statement of the flow of all international economic and financial transactions between one nation (eg.the United States ) and the rest of the world over some period of time, usually one year.7. Merchandise Exporting and Importing.8. Yes. There are great differences between them.1) direct investment takes place when control follows the investment. It usually means high commitment of capital, personnel, and technology abroad. It aims at gaining of foreign resources and foreign markets. Direct investment may often get higher foreign sales than exporting. And sometimes it involves two or more parties.2) While portfolio investments are not under control. And they are used primarily for financial purposes. Treasures of companies, for example, routinely more funds from one country to another to get a higher yield on short term investments.9. MNE is the abbreviation of the multinational enterprise. Its synonyms are NNC (the multinational corporation) and TNC (transnational corporation).10. Examples are travel, transport, fee, royalties, dividends and interest.11. The choice of forms is influenced by the objective being pursued and the environments in which the company must operate.12. It is limited by the number of people intere sted in a firm‟s products and services and by customers‟ capacity to make purchase.13. This is because at an early stage of international involvement these operations usually take the least commitment and least risk of a firm‟s resources.14. Royalties means the payment for use of assets from abroad, such as for trademarks patens, copyrights, or other expertise under contract known as licencing agreements.Royalties are also paid franchising.15. It is a way of doing business in which one party (the franchiser) the use of a trademark that is an essential asset for the franchisers‟ business.II Match each one on the left with its correct meaning on the right1. J2.A3.E4.B5.C6.D7.I8.G9.F 10.HIII Translate the following terms and phrases into Chinese1 购买力11经济复苏；恢复2潜在销售量12 经济衰退3加价，涨价13间接投资4国内市场14有形货物5制成品15有形进出口6边际利润16收入及支出；岁入及岁出7市场占有率17超额能力8贸易歧视18贸易中间人（商）；经纪人9时机选择19全部包建的工程承包方式10经销周期20许可证协定IV Case Study1 [Answer]：Batteries called "white elephant" exported from China were very popular in Southeast Asia, because "white elephant" was a lucky thing in Southeast Asia, but no one was interested in it in the market of Europe and the United States. The boss of the company was very strange that the quality of the battery or the price of reasons, so he asked his staff to investigate. Finally he found that is the brand "white elephant" to be blame. The brand's name translated into English was "white elephant" which meant something were no use but cumbersome in Western countries. It was really a bad translation from culture information perspective. The meaning derived from a legend. According to the legend, there was a king who hated a minister, so he gave a white elephant to the minister for punishment. The minister has to take care of the white elephant, he couldn't give it to others or kill it because it's the king gave it to him. However, the appetite of the white elephant was so great, and the minister became poorer. So it showed people in western countries would not buy the battery for the consumers have no willing to buy something useless but cumbersome.V. OpenVI.Translate the following into English1. Trade is often the …engine‟ of growth. However oversimplified this metaphor may be, it does serve to underline the importance of foreign trade in the process of growth. A healthy expansion of exports may not always be sufficient condition for rapid and sustained growth, but a strong positive association between the two is clearly undeniable. Trade expansion contributes to economic growth in many ways. Among them are the benefits of specialization; the favorable effects of international competition on domestic economic efficiency; the increased capacity to pay for the imports required in development and more generally the stimulus to investment.2. International trade is the exchange of goods and services produced in one country for goods and services produced in another country. In addition to visible trade, which involves the import and export of goods and merchandise, there is also invisible trade, which involves the exchange of services between nations. Nations such as Greece and Norway have large maritime fleets and provide transportation service. This is a kind of invisible trade. Invisible trade can be as important to some nations as the export of raw materials or commodities is to others. In both cases, the nations earn the money to buy necessities.3. There exist different ways of conducting international business. Exclusive sale means the seller gives the overseas client the exclusive right of selling a particular product in a designated area within a specified period of time. In this kind of business transaction, the product is bought by the exclusive seller and therefore he should sell the product by himself, assuming sole responsibilities for his profit and loss. Exclusive sale is different from agency where only commission is involved. And difference exists between general contract and exclusive sales because the exclusive seller enjoys exclusive right in a particular area.4. There is no country in the world that can produce all the products it needs. Thus countries joinin international division of labor for effective production and reproduction. Sometimes a country can buy goods and services from abroad on a barter basis. Barter means doing business by exchanging goods of one sort for goods of another sort without using money. Barter trade itself is not enough to meat a cou ntry‟s import needs. But as a form of international trade, it is still attractive in developing countries where foreign exchange is in short supply and inflow of foreign funds is far from sufficient to meet their obligations in external trade.Unit 2 General Procedures of Export and Import TransactionI. Answer the following questions(Omited)II. Filling the blanks with the suitable words in the text:1.meeting/satisfying;2.agent, foreign/overseas;mission;4.own;5.setting;6.patent;7.profits;8.outlets; 9.joint, venture; 10.subsidiaryIII. J udge the following statement, mark True (T) or False(F)1F 2. T 3. F 4. F 5.F 6.F 7.T 8.F 9.F 10. TIV. Explain the meaning of the words or phrases below as requested1. Offer: An offer is a proposal made by sellers to buyers in order to enter into the contract.2. Withdrawal: It means an offer by the offerer has been withdrawn before it is reached to the offeree in order to prevent its entry into force.3. Enquiry: An enquiry is a request for business information, such as price lists, catalogue, samples, and details of the goods or trade terms. It can be made either by the importer or the exporter.4. Acceptance: Acceptance is a statement made by other conduct of the offerees indicating unconditional consent to an offer.5. Shipping agent: Shipping agent(船代）is a ship owner's representative whose job is to find the ships to carry.V. Compose a letter of enquiry with the following particulars:KeysMessrs. Arthur Grey & Son,19 Cheapside,London, E.C.2Dear Sirs,We have obtained your name and address from China Council for Promotion of International Trade and learned that you are one of the leading exporters of Ice Box in your district.We are now interested in 100 sets of the said article and should be pleased if you would let us know whether you can supply us with the quantity and quality we desire. Please quote us your best price on CIF Guangzhou basis. When offering, please state clearly terms of payment, time of delivery, packing conditions together with illustrated catalogue for our consideration.We are looking forward to your early reply.Yours faithfully,VI. Please make your offer according to the following particulars:KeyDear Sirs,Thank you for your letter of 5th May. We are glad to learn of the inquiries you have had from your customers for our raincoats. Our "D.D." range is particularly suitable for warm climates, and during the past years we have supplied this range to dealers in several tropical countries, from many of whom we have already had repeated orders. This range is popular not only because it is light in weight, but also because the material used has been specially treated to prevent excessive condensation on the inside surface.For the quantities you mention we are pleased to quote as follows:"D.D." Raincoats100 men's medium @ US$14.50 US$ 1,450100 men's small 14.0 1,400100 women's medium 13.2 1,320100 women's small 12.7 1,270US$ 5,440Payment: by irrevocable L/C at sightShipment: Shipment will be effected within three or four weeks after receiving the L/C.This offer is subject to our final confirmation. We feel you may be interested in our other products and enclose some pamphlets for your reference.We are awaiting your early orders.Yours sincerely, VII. Write a counter-offer according to the following particulars:Keys:Dear Sirs,We thank you for your quotation May 10 for 1,000 sets of Hair IceBox. We find your price as well as delivery date satisfactory, however, we would give our suggestions of an alternation of your payment terms.Our past purchase of other household electrical appliances from you has been paid as a rule by confirmed, irrevocable letter of credit at sight. On the basis, it has indeed cost us a great deal. From the moment to open credit till the time our buyers pay us, the tie-up of our funds lasts about four months. Under the present circumstances, this question is particular taxing owing to the tight money condition and unprecedentedly high bank interests.In view of our long business relations and our amicable cooperation prospects, we suggest that you accept either “cash against documents on arrival of goods” or “drawing on us at 60 day‟s sight”.Your first priority to the consideration of the above request and an early favorable reply will be highly appreciated.Yours sincerely,VIII. Translate the followings into English1). Economic activity began with the cavemen, who was economically self-sufficient. He did his own hunting, found his own shelter, and provided for his own needs. As primitive populations grewand developed, the principle of division of labor evolved. One person was more able to perform some activity than another, and therefore each person concentrated on what he did best. While one hunted, another fished. The hunter then traded his surplus to the fisherman, and each benefited from the variety of diet.In today‟s complex economic world, neither individuals nor nations are self-sufficient nations are self-sufficient. Nations have utilized different economic resources; people have developed different skills. This is the foundation of international trade and economic activities.Foreign trade, the exchange of goods between nations, takes place for many reasons. The first, as mentioned above, is that no nation has all of the commodities than it needs. Raw materials are scattered around the world. Large deposits of copper are mined in Peru and Zaire, diamonds are mined in South Africa, and petroleum is recovered in Middle East. Countries that do not have these resources within their own boundaries must buy from countries that export them.Foreign trade also occurs because a country often does not have enough of a particular item to meet its needs. Although the United States is a major producer of sugar, it consumes more than it can produce internally and thus must import sugar.Third, one nation can sell some items at a lower cost than other countries. Japan has been able to export large quantities of radios and television sets because it can produce them more efficiently than other countries. It is cheaper for the United States to buy these from Japan than to produce them domestically.Finally, foreign trade takes place because of innovation or style. Even though the United States produces more automobiles than any other country, it still imports large quantities of autos from Germany, Japan and Sweden, primarily because there is a market for them in the United States.2). The different kinds of trade nations engaged in are varied and complex, a mixture of visible and invisible trade. Most nations are more dependent on exports than on any other activity. The earnings from exports pay for the imports that they need and want. A nation‟s balance of payment is a record of these complex transactions. By reflecting all of these transactions in monetary terms , a nation is able to combine the income it receives, for example, from exports, tourists expenditures, and immigrant remittances. This combined incomes is then spent on such items as manufactured goods from other countries, travel for its citizens to other countries, and the hiring of construction engineers.IX. Case Study[Answer]:A 公司与B公司的第一封信函可视为发盘，在该发盘中A公司对包装做出了要求。
国际贸易实务双语教程课后题答案
K e y Chapter1I. Answer my questions1. International trade is business whose activities involve the crossing of national borders. It includes not only international trade and foreign manufacturing but also encompasses the growing services industry in areas such as transportation, tourism, banking, advertising, construction, retailing, wholesaling, and mass communications. It includes all business transactions that involve two or more countries. Such business relationship may be private or governmental.2. Sales expansion, resource acquisition and diversification of sales and supplies.3. To gain profit.4. To seej out foreign markets and procurement.5. There are four major forms which are the following:Merchandise exports and Imports, Service Exports and Imports, Investment and Multinational Enterprise.6. It is the account which is a summary statement of the flow of all international economic and financial transactions between one nation United States ) andthe rest of the world over some period of time, usually one year.7. Merchandise Exporting and Importing.8. Yes. There are great differences between them.1) direct investment takes place when control follows the investment. It usually means high commitment of capital, personnel, and technology abroad. It aims at gaining of foreign resources and foreign markets. Direct investment may often get higher foreign sales than exporting. And sometimes it involves two or more parties. 2) While portfolio investments are not under control. And they are used primarilyfor financial purposes. Treasures of companies, for example, routinely more funds from one country to another to get a higher yield on short term investments.9. MNE is the abbreviation of the multinational enterprise. Its synonyms are NNC (the multinational corporation) and TNC (transnational corporation).10. Examples are travel, transport, fee, royalties, dividends and interest.11. The choice of forms is influenced by the objective being pursued and the environments in which the company must operate.12. It is limited by the number of people interested in a firm’s products andservices and by customers’ capacity to make purchase.13. This is because at an early stage of international involvement these operations usually take the least commitment and least risk of a firm’s resources.14. Royalties means the payment for use of assets from abroad, such as for trademarks patens, copyrights, or other expertise under contract known as licencing are also paid franchising.15. It is a way of doing business in which one party (the franchiser) the use of a trademark that is an essential asset for the franchisers’ business.II Match each one on the left with its correct meaning on the right1. JIII Translate the following terms and phrases into Chinese1 购买力11 经济复苏；恢复2 潜在销售量12 经济衰退3 加价，涨价13 间接投资4 国内市场14 有形货物5 制成品15 有形进出口6 边际利润16 收入及支出；岁入及岁出7 市场占有率17 超额能力8 贸易歧视18 贸易中间人（商）；经纪人9 时机选择19 全部包建的工程承包方式10 经销周期20 许可证协定IV Translate the following into English1. Trade is often the ‘engine’ of g rowth. However oversimplified this metaphormay be, it does serve to underline the importance of foreign trade in the process of growth. A healthy expansion of exports may not always be sufficient condition for rapid and sustained growth, but a strong positive association between the two is clearly undeniable. Trade expansion contributes to economic growth in many ways. Among them are the benefits of specialization; the favorable effects of international competition on domestic economic efficiency; the increased capacity to pay for the imports required in development and more generally the stimulus to investment.2. International trade is the exchange of goods and services produced in one country for goods and services produced in another country. In addition to visible trade, which involves the import and export of goods and merchandise, there is also invisible trade, which involves the exchange of services between nations. Nations such as Greece and Norway have large maritime fleets and provide transportation service. This is a kind of invisible trade. Invisible trade can be as important to some nations as the export of raw materials or commodities is to others. In both cases, the nations earn the money to buy necessities.3. There exist different ways of conducting international business. Exclusive sale means the seller gives the overseas client the exclusive right of selling a particular product in a designated area within a specified period of time. In this kind of business transaction, the product is bought by the exclusive seller and therefore he should sell the product by himself, assuming sole responsibilities for his profit and loss. Exclusive sale is different from agency where only commission is involved. And difference exists between general contract and exclusive sales because the exclusive seller enjoys exclusive right in a particular area.4. There is no country in the world that can produce all the products it needs.Thus countries join in international division of labor for effective production and reproduction. Sometimes a country can buy goods and services from abroad on a barter basis. Barter means doing business by exchanging goods of one sort for goods of another sort without using money. Barter trade itself is not enough to meat a country’s import needs. But as a form of international trade, it is still attractive in developing countries where foreign exchange is in short supply and inflow of foreign funds is far from sufficient to meet their obligations in external trade.Chapter2I. Answer the following questions(Omited)II. Filling the blanks with the suitable words in the text:satisfying; , foreign/overseas; ; ; ;; ; ; , venture;the followings into English1). Economic activity began with the cavemen, who was economicallyself-sufficient. He did his own hunting, found his own shelter, and provided for his own needs. As primitive populations grew and developed, the principle of division of labor evolved. One person was more able to perform some activity than another, and therefore each person concentrated on what he did best. While one hunted, another fished. The hunter then traded his surplus to the fisherman, and each benefited from the variety of diet.In today’s complex economic world, neither individuals nor nations areself-sufficient nations are self-sufficient. Nations have utilized different economic resources; people have developed different skills. This is the foundation of international trade and economic activities.Foreign trade, the exchange of goods between nations, takes place for many reasons. The first, as mentioned above, is that no nation has all of the commodities than it needs. Raw materials are scattered around the world. Large deposits of copper are mined in Peru and Zaire, diamonds are mined in South Africa, and petroleum is recovered in Middle East. Countries that do not have these resources within their own boundaries must buy from countries that export them.Foreign trade also occurs because a country often does not have enough of a particular item to meet its needs. Although the United States is a major producer of sugar, it consumes more than it can produce internally and thus must import sugar. Third, one nation can sell some items at a lower cost than other countries. Japanhas been able to export large quantities of radios and television sets because it can produce them more efficiently than other countries. It is cheaper for the United States to buy these from Japan than to produce them domestically.Finally, foreign trade takes place because of innovation or style. Even though the United States produces more automobiles than any other country, it still imports large quantities of autos from Germany, Japan and Sweden, primarily because there is a market for them in the United States.2). The different kinds of trade nations engaged in are varied and complex, a mixture of visible and invisible trade. Most nations are more dependent on exports than on any other activity. The earnings from exports pay for the imports that they need and want. A nation’s balance of payment is a record of these complex transactions. By reflecting all of these transactions in monetary terms , a nation is able to combine the income it receives, for example, from exports, tourists expenditures, and immigrant remittances. This combined incomes is then spent on such items as manufactured goods from other countries, travel for its citizens to other countries, and the hiring of construction engineers.Chapter3I. Translate the followings from Chinese into English:1 terms of payment2 written form of contract3 execution of the contract4 sales contract5 purchase confirmation6 terms of transaction7 trading partners 8 the setting up of a contract9 trade agreement 10 consignment contract11 the contract proper 12 extension of the contract13 the contracting parties 14 special clause15 general terms and conditionsII. Answer the following questions in English:1 A contract is an agreement which sets forth bind obligations of the relevant parties. And any part that fails to fulfill his contractual obligations may be sued and forced to make compensation.2 There are two parties of business contract negotiations: oral and written. The former refers to direct discussions abroad; written negotiations often begin with enquiries made by the buyers.3 A written contract is generally prepared and signed as the proof of the agreement and as the basis for its execution. A sales or purchase confirmation is less detailed than a contract, covering only the essential terms of the transaction. It is usually used for smaller deals or between familiar trade partners.4 The setting up of a contract is similar to that of a trade agreement or any othertype of formal agreements. It generally contains: 1) the title. The type of the contract is indicated in the title; 2) the contract proper. It is the main part of a contract; 3) the signature of the contracting parties indicating their status as the seller or the buyer; 4) the stipulations on the back of the contract and are equally binding upon the contracting parties.5 It generally contains the time of shipment, the mode of payment described in addition to an exact description of the goods including the quantity, quality, specifications, packing methods, insurance, commodity inspection, claims, arbitration and force majeure, etc.III. Translate the following into Chinese:合同是在双方达成协议的基础上制定的，而协议又是双方进行商务谈判的结果。
国际贸易双语教案问题答案
CHAPTER 7GROWTH AND TRADEObjectives of the ChapterIn this chapter, the Heckscher-Ohlin model of international trade is extended to include growth in the endowment of a country’s f actors of production and technological improvements. The impact of economic growth on international trade will depend on whether the growth is balanced in all goods or is biased toward one good, and on whether the country experiencing growth is large or small.An interesting result emerges from the interaction of growth and international trade: g rowth in one’s own country may not be an unmitigated blessing. First, as the Rybczynski theorem shows, growth in one sector can cause production in non-growing sectors to decline. Second, under certain conditions, export-biased growth may lead to an adverse terms of trade effect, and national well-being may actually decline. After reading Chapter 7 you should be able to1. show how trade patterns are influenced by the source of economic growth.2. show how economic growth can change the production patterns of a country.3. discuss how growth affects the terms of trade and the well-being of the country experiencing it.4. relate the rate of growth in a country to its openness to international trade.Important ConceptsDutch disease: A famous example of the phenomenon described by the Rybczynskitheorem. The term was used to describe a problem experienced bythe Netherlands, in which the discovery of new natural gas fieldswas thought to have led to a decline in the production ofmanufactured goods.Immiserizing growth: In a large trading country which is heavily dependent on trade,growth in the export sector may lead to a deterioration in its terms oftrade large enough to reduce the country’s welfare.Product cycle hypothesis: Predicts that as the technology of a product becomes morestandardized and static, production shifts from high-skilled laborcountries to countries abundant in low-cost, low-skilled labor. Rybczynski theorem: In a two-product world with constant prices, the growth of one factorof production results in a decrease in the output of the product thatdoes not use this factor intensively.Small/large country assumption: A small country has no impact on international commodity prices; alarge country can have an impact on international prices.Warm-up QuestionsTrue or False? Explain.1. T / F A country which is “large” may improve its terms of trade by investing in the growth ofthe import-competing sector rather than in the export sector.2. T / F Growth in a small country, by definition, will leave the terms of trade unchanged.3. T / F Adolescence is an example of “immiserizing growth.”4. T / F Growth in a country’s factors of production always makes the country more self-sufficient and less reliant on international trade.5. T / F A country that isolates itself from the rest of the world may doom its citizens to a lowerstandard of living.Multiple Choice1. “Rapid accumulation of new capital in a fast-growing trading country can make the countryimport more natural res ources.” This statement is implied by theA. Heckscher-Ohlin theorem.B. Stolper-Samuelson theorem.C. Rybczynski theorem.D. factor price equalization theorem.2. According to trade theory, if a nation has a comparative advantage in a capital-intensivelyproduced good, and the rate of growth of capital is greater than the rate of growth of other inputs(e.g., labor), the pattern of growth which results will beA. import-replacing.B. neutral as between capital-intensive and other products.C. export-expanding.D. none of the above.3. A necessary condition for immiserizing growth is that theA. c ountry’s growth is biased toward the export sector.B. f oreign demand for the country’s export is price elastic.C. c ountry’s consumption pref erences are heavily biased in favor of the export good.D. l evel of trade is not a significant part of the country’s economy.4. The Heckscher-Ohlin theory successfully explains theA. product-innovation process and the location of industries in countries other than the UnitedStates.B. rising importance of a country both exporting and importing the same product.C. rising trade between the United States and Canada because both are similar in factorendowments.D. trade patterns between industrialized countries and the developing countries, which differ infactor endowments.5.Which of the following is most likely to undergo a product cycle?A. Rice.B. Television sets.C. Crude oil.D. Minerals. Problems1.Back to our countries of Leinster and Saxony. PPCs for each of the countries are drawn on the following graph with the free trade price of 0.25 telephones/loaf indicated. (From this question forward, you should consider Leinster a “large country” and Saxony a “small country.”)Figure 7.1LeinsterT e l e p h o n e sSuppose that Saxony discovers a way of irrigating previously arid land.a. What would you expect to happen to the volume of trade between Leinster and Saxony?b. What would happen to the level of economic well-being in Saxony as a result of the growth itexperienced after the expansion of irrigation?Suppose, instead, that a plague wipes out 20 percent of Leinster’s labor force.c. What would you expect to happen to the volume of trade between Leinster and Saxony?d. What would happen to the level of economic well-being in Leinster after the populationdecline?2. Assume that Canada exports land-intensive wheat and imports cloth that uses unskilled laborintensively, even though Canada does make some cloth at home. If a major breakthrough inbiotechnology doubles Canada’s ability to grow wheat, and if the extra wheat supply lowers the world price of wheat (in yards of cloth per bushel of wheat),a. will this set of events make Canada better off or worse off as a nation?b. will this set of events make the rest of the world better off or worse off?c. will these events raise or lower the real wage rate of unskilled Canadian laborers?If, instead, the rest of the world’s labor supply doubles while i ts land supply remains the same,d. will this event and its effects make Canada better off or worse off as a nation?3. The trade minister for Saxony is a nationalist, a mercantilist, an isolationist, and nearly everyother kind of “ist” you can think of. She has sugge sted that Saxony close its doors to telephone imports from Leinster. Focusing on the role of technology in economic growth, try to talk her out of her anti-import stance.4. Suppose Kazakhstan is land- and unskilled-labor abundant and capital- and skilled-labor scarce.a. According to the Heckscher-Ohlin model, what type of goods will Kazakhstan export, andwhat type will it import?b. Suppose that Kazakhstan wants to achieve “import replacing” growth. What change in itsendowments would achieve this growth? If Kazakhstan were large, what would be the effecton its terms of trade?5. Some oil executives are urging Congress to open up the wildlife preserves in the Arctic region ofAlaska to oil exploration. If, indeed, huge new oil reserves are discovered there,a. what is likely to be the impact on American imports of oil?b. what is likely to be the impact on national welfare?c. could the United States ult imately suffer from “the Dutch disease?”d. in broad terms, what other costs might the country face?6. For decades the U.S. government has tried to boost the country’s savings rate. Since the U.S. isan exporter of capital-intensive goods, explain how increased saving may affect economicgrowth.Discussion Topics1. If growth can make a country worse off, why is it allowed to happen?2. Are the developed countries or the developing countries more prone to experiencingimmiserizing growth?3. What “new” goods in the U.S. do you foresee going through the product cycle in the near future?What countries do you think will ultimately end up producing these goods?。
国际贸易实务双语教程(第三版)课后答案
Unit 1 A brief introduction to international tradeKeyI. Answer my questions1. International trade is business whose activities involve the crossing of national borders. It includes not only international trade and foreign manufacturing but also encompasses the growing services industry in areas such as transportation, tourism, banking, advertising, construction, retailing, wholesaling, and mass communications. It includes all business transactions that involve two or more countries. Such business relationship may be private or governmental.2. Sales expansion, resource acquisition and diversification of sales and supplies.3. To gain profit.4. To seej out foreign markets and procurement.5. There are four major forms which are the following:Merchandise exports and Imports, Service Exports and Imports, Investment and Multinational Enterprise.6. It is the account which is a summary statement of the flow of all international economic and financial transactions between one nation (eg.the United States ) and the rest of the world over some period of time, usually one year.7. Merchandise Exporting and Importing.8. Yes. There are great differences between them.1) direct investment takes place when control follows the investment. It usually means high commitment of capital, personnel, and technology abroad. It aims at gaining of foreign resources and foreign markets. Direct investment may often get higher foreign sales than exporting. And sometimes it involves two or more parties.2) While portfolio investments are not under control. And they are used primarily for financial purposes. Treasures of companies, for example, routinely more funds from one country to another to get a higher yield on short term investments.9. MNE is the abbreviation of the multinational enterprise. Its synonyms are NNC (the multinational corporation) and TNC (transnational corporation).10. Examples are travel, transport, fee, royalties, dividends and interest.11. The choice of forms is influenced by the objective being pursued and the environments in which the company must operate.12. It is limited by the number of people interested in a firm’s products and services and by customers’ capacity to make purchase.13. This is because at an early stage of international involvement these operations usually take the least commitment and least risk of a firm’s resources.14. Royalties means the payment for use of assets from abroad, such as for trademarks patens, copyrights, or other expertise under contract known as licencing agreements.Royalties are also paid franchising.15. It is a way of doing business in which one party (the franchiser) the use of a trademark that is an essential asset for the franchisers’ business.II Match each one on the left with its correct meaning on the right1. J2.A3.E4.B5.C6.D7.I8.G9.F 10.HIII Translate the following terms and phrases into Chinese1 购买力11经济复苏；恢复2潜在销售量12 经济衰退3加价，涨价13间接投资4国内市场14有形货物5制成品15有形进出口6边际利润16收入及支出；岁入及岁出7市场占有率17超额能力8贸易歧视18贸易中间人（商）；经纪人9时机选择19全部包建的工程承包方式10经销周期20许可证协定IV Case Study1 [Answer]：Batteries called "white elephant" exported from China were very popular in Southeast Asia, because "white elephant" was a lucky thing in Southeast Asia, but no one was interested in it in the market of Europe and the United States. The boss of the company was very strange that the quality of the battery or the price of reasons, so he asked his staff to investigate. Finally he found that is the brand "white elephant" to be blame. The brand's name translated into English was "white elephant" which meant something were no use but cumbersome in Western countries. It was really a bad translation from culture information perspective. The meaning derived from a legend. According to the legend, there was a king who hated a minister, so he gave a white elephant to the minister for punishment. The minister has to take care of the white elephant, he couldn't give it to others or kill it because it's the king gave it to him. However, the appetite of the white elephant was so great, and the minister became poorer. So it showed people in western countries would not buy the battery for the consumers have no willing to buy something useless but cumbersome.V. OpenVI.Translate the following into English1. Trade is often the ‘engine’ of growth. However oversimplified this metaphor may be, it does serve to underline the importance of foreign trade in the process of growth. A healthy expansion of exports may not always be sufficient condition for rapid and sustained growth, but a strong positive association between the two is clearly undeniable. Trade expansion contributes to economic growth in many ways. Among them are the benefits of specialization; the favorable effects of international competition on domestic economic efficiency; the increased capacity to pay for the imports required in development and more generally the stimulus to investment.2. International trade is the exchange of goods and services produced in one country for goods and services produced in another country. In addition to visible trade, which involves the import and export of goods and merchandise, there is also invisible trade, which involves the exchange of services between nations. Nations such as Greece and Norway have large maritime fleets and provide transportation service. This is a kind of invisible trade. Invisible trade can be as important to some nations as the export of raw materials or commodities is to others. In both cases, the nations earn the money to buy necessities.3. There exist different ways of conducting international business. Exclusive sale means the seller gives the overseas client the exclusive right of selling a particular product in a designated area within a specified period of time. In this kind of business transaction, the product is bought by the exclusive seller and therefore he should sell the product by himself, assuming sole responsibilities for his profitand loss. Exclusive sale is different from agency where only commission is involved. And difference exists between general contract and exclusive sales because the exclusive seller enjoys exclusive right in a particular area.4. There is no country in the world that can produce all the products it needs. Thus countries join in international division of labor for effective production and reproduction. Sometimes a country can buy goods and services from abroad on a barter basis. Barter means doing business by exchanging goods of one sort for goods of another sort without using money. Barter trade itself is not enough to meat a country’s import needs. But as a form of international trade, it is still attractive in developing countries where foreign exchange is in short supply and inflow of foreign funds is far from sufficient to meet their obligations in external trade.Unit 2 General Procedures of Export and Import TransactionI. Answer the following questions(Omited)II. Filling the blanks with the suitable words in the text:1.meeting/satisfying;2.agent, foreign/overseas;mission;4.own;5.setting;6.patent;7.profits;8.outlets; 9.joint, venture; 10.subsidiaryIII. J udge the following statement, mark True (T) or False(F)1F 2. T 3. F 4. F 5.F 6.F 7.T 8.F 9.F 10. TIV. Explain the meaning of the words or phrases below as requested1. Offer: An offer is a proposal made by sellers to buyers in order to enter into the contract.2. Withdrawal: It means an offer by the offerer has been withdrawn before it is reached to the offeree in order to prevent its entry into force.3. Enquiry: An enquiry is a request for business information, such as price lists, catalogue, samples, and details of the goods or trade terms. It can be made either by the importer or the exporter.4. Acceptance: Acceptance is a statement made by other conduct of the offerees indicating unconditional consent to an offer.5. Shipping agent: Shipping agent(船代）is a ship owner's representative whose job is to find the ships to carry.V. Compose a letter of enquiry with the following particulars:KeysMessrs. Arthur Grey & Son,19 Cheapside,London, E.C.2Dear Sirs,We have obtained your name and address from China Council for Promotion of International Trade and learned that you are one of the leading exporters of Ice Box in your district.We are now interested in 100 sets of the said article and should be pleased if you would let us know whether you can supply us with the quantity and quality we desire. Please quote us your best price on CIF Guangzhou basis. When offering, please state clearly terms of payment, time of delivery, packingconditions together with illustrated catalogue for our consideration.We are looking forward to your early reply.Yours faithfully,VI. Please make your offer according to the following particulars:KeyDear Sirs,Thank you for your letter of 5th May. We are glad to learn of the inquiries you have had from your customers for our raincoats. Our "D.D." range is particularly suitable for warm climates, and during the past years we have supplied this range to dealers in several tropical countries, from many of whom we have already had repeated orders. This range is popular not only because it is light in weight, but also because the material used has been specially treated to prevent excessive condensation on the inside surface.For the quantities you mention we are pleased to quote as follows:"D.D." Raincoats100 men's medium @ US$14.50 US$ 1,450100 men's small 14.0 1,400100 women's medium 13.2 1,320100 women's small 12.7 1,270US$ 5,440Payment: by irrevocable L/C at sightShipment: Shipment will be effected within three or four weeks after receiving the L/C.This offer is subject to our final confirmation. We feel you may be interested in our other products and enclose some pamphlets for your reference.We are awaiting your early orders.Yours sincerely, VII. Write a counter-offer according to the following particulars:Keys:Dear Sirs,We thank you for your quotation May 10 for 1,000 sets of Hair IceBox. We find your price as well as delivery date satisfactory, however, we would give our suggestions of an alternation of your payment terms.Our past purchase of other household electrical appliances from you has been paid as a rule by confirmed, irrevocable letter of credit at sight. On the basis, it has indeed cost us a great deal. From the moment to open credit till the time our buyers pay us, the tie-up of our funds lasts about four months. Under the present circumstances, this question is particular taxing owing to the tight money condition and unprecedentedly high bank interests.In view of our long business relations and our amicable cooperation prospects, we suggest that you accept either “cash against documents on arrival of goods” or “drawing on us at 60 day’s sight”.Your first priority to the consideration of the above request and an early favorable reply will be highly appreciated.Yours sincerely,VIII. Translate the followings into English1). Economic activity began with the cavemen, who was economically self-sufficient. He did his own hunting, found his own shelter, and provided for his own needs. As primitive populations grew and developed, the principle of division of labor evolved. One person was more able to perform some activity than another, and therefore each person concentrated on what he did best. While one hunted, another fished. The hunter then traded his surplus to the fisherman, and each benefited from the variety of diet.In today’s complex economi c world, neither individuals nor nations are self-sufficient nations are self-sufficient. Nations have utilized different economic resources; people have developed different skills. This is the foundation of international trade and economic activities.Foreign trade, the exchange of goods between nations, takes place for many reasons. The first, as mentioned above, is that no nation has all of the commodities than it needs. Raw materials are scattered around the world. Large deposits of copper are mined in Peru and Zaire, diamonds are mined in South Africa, and petroleum is recovered in Middle East. Countries that do not have these resources within their own boundaries must buy from countries that export them.Foreign trade also occurs because a country often does not have enough of a particular item to meet its needs. Although the United States is a major producer of sugar, it consumes more than it can produce internally and thus must import sugar.Third, one nation can sell some items at a lower cost than other countries. Japan has been able to export large quantities of radios and television sets because it can produce them more efficiently than other countries. It is cheaper for the United States to buy these from Japan than to produce them domestically.Finally, foreign trade takes place because of innovation or style. Even though the United States produces more automobiles than any other country, it still imports large quantities of autos from Germany, Japan and Sweden, primarily because there is a market for them in the United States.2). The different kinds of trade nations engaged in are varied and complex, a mixture of visible and invisible trade. Most nations are more dependent on exports than on any other activity. The earnings from exports pay for the imports that they need and want. A nation’s balance of payment is a record of these complex transactions. By reflecting all of these transactions in monetary terms , a nation is able to combine the income it receives, for example, from exports, tourists expenditures, and immigrant remittances. This combined incomes is then spent on such items as manufactured goods from other countries, travel for its citizens to other countries, and the hiring of construction engineers.IX. Case Study[Answer]:A 公司与B公司的第一封信函可视为发盘，在该发盘中A公司对包装做出了要求。
国际贸易实务双语教程课后题答案解析
国际贸易实务双语教程课后题答案解析KeyChapter1I. Answer my questions1. International trade is business whose activities involve the crossing of national borders. It includes not only international trade and foreign manufacturing but also encompasses the growing services industry in areas such as transportation, tourism, banking, advertising, construction, retailing, wholesaling, and mass communications. It includes all business transactions that involve two or more countries. Such business relationship may be private or governmental.2. Sales expansion, resource acquisition and diversification of sales and supplies.3. To gain profit.4. To seej out foreign markets and procurement.5. There are four major forms which are the following:Merchandise exports and Imports, Service Exports and Imports, Investment and Multinational Enterprise.6. It is the account which is a summary statement of the flow of all international economic and financial transactions between one nation (eg.the United States ) and the rest of the world over some period of time, usually one year.7. Merchandise Exporting and Importing.8. Yes. There are great differences between them.1) direct investment takes place when control follows the investment. It usually means high commitment of capital, personnel, and technology abroad. It aims at gaining of foreign resources and foreign markets. Direct investment may often get higher foreign sales than exporting. And sometimes it involves two or more parties. 2) While portfolio investments are not under control. And they are used primarilyfor financial purposes. Treasures of companies, for example, routinely more funds from one country to another to get a higher yield on short term investments.9. MNE is the abbreviation of the multinational enterprise. Its synonymsare NNC(the multinational corporation) and TNC (transnational corporation).10. Examples are travel, transport, fee, royalties, dividends and interest.11. The choice of forms is influenced by the objective being pursued and the environments in which the company must operate.12. It is limited by the number of people interested in a firm’s products andservices and by customers’ capacity to make purchase.13. This is because at an early stage of international involvement these operationsusually take the least commitme nt and least risk of a firm’s resources.14. Royalties means the payment for use of assets from abroad, such as fortrademarks patens, copyrights, or other expertise under contract known as licencingagreements.Royalties are also paid franchising.15. It is a way of doing business in which one party (the franchiser) the use of atrademark that is an essential asset for the franchisers’ business.II Match each one on the left with its correct meaning on the right 1. J 2.A 3.E 4.B 5.C 6.D 7.I 8.G 9.F 10.H III Translate the following terms and phrases into Chinese1 购买⼒ 11 经济复苏；恢复2 潜在销售量 12 经济衰退3 加价，涨价 13 间接投资4 国内市场 14 有形货物5 制成品 15 有形进出⼝6 边际利润 16 收⼊及⽀出；岁⼊及岁出7 市场占有率 17 超额能⼒8 贸易歧视 18 贸易中间⼈（商）；经纪⼈9 时机选择 19 全部包建的⼯程承包⽅式10 经销周期 20 许可证协定IV Translate the following into English1. Trade is often the ‘engine’ of growt h. However oversimplified this metaphormay be, it does serve to underline the importance of foreign trade in the process ofgrowth. A healthy expansion of exports may not always be sufficient condition forrapid and sustained growth, but a strong positive association between the two isclearly undeniable. Trade expansion contributes to economic growth inmany ways.Among them are the benefits of specialization; the favorable effects of internationalcompetition on domestic economic efficiency; the increased capacity to pay for theimports required in development and more generally the stimulus to investment.2. International trade is the exchange of goods and services produced in onecountry for goods and services produced in another country. In addition to visibletrade, which involves the import and export of goods and merchandise, there is alsoinvisible trade, which involves the exchange of services between nations. Nationssuch as Greece and Norway have large maritime fleets and provide transportationservice. This is a kind of invisible trade. Invisible trade can be as important to somenations as the export of raw materials or commodities is to others. In both cases, thenations earn the money to buy necessities.3. There exist different ways of conducting international business. Exclusive salemeans the seller gives the overseas client the exclusive right of selling a particularproduct in a designated area within a specified period of time. In this kind of businesstransaction, the product is bought by the exclusive seller and therefore he should sellthe product by himself, assuming sole responsibilities for his profit and loss.Exclusive sale is different from agency where only commission is involved. Anddifference exists between general contract and exclusive sales because the exclusiveseller enjoys exclusive right in a particular area.4. There is no country in the world that can produce all the products it needs.Thus countries join in international division of labor for effective production andreproduction. Sometimes a country can buy goods and services from abroad on abarter basis. Barter means doing business by exchanging goods of one sortfor goodsof another sort without using money. Barter trade itself is not enough to meat acountry’s imp ort needs. But as a form of international trade, it is still attractive indeveloping countries where foreign exchange is in short supply and inflow of foreignfunds is far from sufficient to meet their obligations in external trade.Chapter2I. Answer the following questions(Omited)II. Filling the blanks with the suitable words in the text:1.meeting/satisfying;2.agent, foreign/overseas;/doc/72314187.htmlmission;4.own;5.setting;6.patent;7.profits;8.outlets;9.joint, venture; 10.subsidiaryIII.Translate the followings into English1). Economic activity began with the cavemen, who was economically self-sufficient. He did his own hunting, found his ownshelter, and provided for hisown needs. As primitive populations grew and developed, the principle of division oflabor evolved. One person was more able to perform some activity than another, andtherefore each person concentrated on what he did best. While one hunted, anotherfished. The hunter then traded his surplus to the fisherman, and each benefited fromthe variety of diet.In today’s complex economic world, neither individuals nor nations are self-sufficient nations are self-sufficient. Nations have utilized different economicresources; people have developed different skills. This is the foundation ofinternational trade and economic activities.Foreign trade, the exchange of goods between nations, takes place for many reasons. The first, as mentioned above, is that no nation has all of the commoditiesthan it needs. Raw materials are scattered around the world. Large deposits of copperare mined in Peru and Zaire, diamonds are mined in South Africa, and petroleum isrecovered in Middle East. Countries that do not have these resources within their ownboundaries must buy from countries that export them.Foreign trade also occurs because a country often does not have enough of aparticular item to meet its needs. Although the United States is a major producer ofsugar, it consumes more than it can produce internally and thus must import sugar.Third, one nation can sell some items at a lower cost than other countries. Japanhas been able to export large quantities of radios and television sets because it canproduce them more efficiently than other countries. It is cheaper for the United Statesto buy these from Japan than to produce them domestically.Finally, foreign trade takes place because of innovation or style. Even though theUnited States produces more automobiles than any other country, it still imports largequantities of autos from Germany, Japan and Sweden, primarily because there is amarket for them in the United States.2). The different kinds of trade nations engaged in are varied and complex, amixture of visible and invisible trade. Most nations are more dependent on exportsthan on any other activity. The earnings from exports pay for the imports that theyneed and want. A nation’s balance of payment is a record of these complex transactions. By reflecting all of these transactions in monetary terms , a nation is ableto combine the income it receives, for example, from exports, tourists expenditures,and immigrant remittances. This combined incomes is then spent on such items asmanufactured goods from other countries, travel for its citizens to other countries, andthe hiring of construction engineers.Chapter3I. Translate the followings from Chinese into English:1 terms of payment2 written form of contract3 execution of the contract4 sales contract5 purchase confirmation6 terms of transaction7 trading partners 8 the setting up of a contract9 trade agreement 10 consignment contract11 the contract proper 12 extension of the contract13 the contracting parties 14 special clause15 general terms and conditionsII. Answer the following questions in English:1 A contract is an agreement which sets forth bind obligations of the relevant parties. And any part that fails to fulfill his contractual obligations may be sued and forced to make compensation.2 There are two parties of business contract negotiations: oral and written. The former refers to direct discussions abroad; written negotiations often begin with enquiries made by the buyers.3 A written contract is generally prepared and signed as the proof of the agreement and as the basis for its execution. A sales or purchase confirmation is less detailed than a contract, covering only the essential terms of the transaction. It is usually used for smaller deals or between familiar trade partners.4 The setting up of a contract is similar to that of a trade agreement or any other type of formal agreements. It generally contains: 1) the title. The type of the contract is indicated in the title; 2) the contract proper. It is the main part of a contract; 3) the signature of the contracting parties indicating their status as the seller or the buyer; 4) the stipulations on the back of the contract and are equally binding upon the contracting parties.5 It generally contains the time of shipment, the mode of payment described in addition to an exact description of the goods including the quantity, quality, specifications, packing methods, insurance, commodity inspection, claims, arbitration and force majeure, etc.III. Translate the following into Chinese:合同是在双⽅达成协议的基础上制定的，⽽协议⼜是双⽅进⾏商务谈判的结果。
清华大学国际贸易实务双语教程最新版练习题答案
Unit 1 A brief introduction to international tradeKeyI. Answer my questions1. International trade is business whose activities involve the crossing of national borders. It includes not only international trade and foreign manufacturing but also encompasses the growing services industry in areas such as transportation, tourism, banking, advertising, construction, retailing, wholesaling, and mass communications. It includes all business transactions that involve two or more countries. Such business relationship may be private or governmental.2. Sales expansion, resource acquisition and diversification of sales and supplies.3. To gain profit.4. To seej out foreign markets and procurement.5. There are four major forms which are the following:Merchandise exports and Imports, Service Exports and Imports, Investment and Multinational Enterprise.6. It is the account which is a summary statement of the flow of all international economic and financial transactions between one nation (eg.the United States ) and the rest of the world over some period of time, usually one year.7. Merchandise Exporting and Importing.8. Yes. There are great differences between them.1) direct investment takes place when control follows the investment. It usually means high commitment of capital, personnel, and technology abroad. It aims at gaining of foreign resources and foreign markets. Direct investment may often get higher foreign sales than exporting. And sometimes it involves two or more parties.2) While portfolio investments are not under control. And they are used primarily for financial purposes. Treasures of companies, for example, routinely more funds from one country to another to get a higher yield on short term investments.9. MNE is the abbreviation of the multinational enterprise. Its synonyms are NNC (the multinational corporation) and TNC (transnational corporation).10. Examples are travel, transport, fee, royalties, dividends and interest.11. The choice of forms is influenced by the objective being pursued and the environments in which the company must operate.12. It is limited by the number of people interested in a firm’s products and services and by customers’ capacity to make purchase.13. This is because at an early stage of international involvement these operations usually take the least commitment and least risk of a firm’s resources.14. Royalties means the payment for use of assets from abroad, such as for trademarks patens, copyrights, or other expertise under contract known as licencing agreements.Royalties are also paid franchising.15. It is a way of doing business in which one party (the franchiser) the use of a trademark that is an essential asset for the franchisers’ business.II Match each one on the left with its correct meaning on the right1. J2.A3.E4.B5.C6.D7.I8.G9.F 10.HIII Translate the following terms and phrases into Chinese1 购买力11经济复苏；恢复2潜在销售量12 经济衰退3加价，涨价13间接投资4国内市场14有形货物5制成品15有形进出口6边际利润16收入及支出；岁入及岁出7市场占有率17超额能力8贸易歧视18贸易中间人（商）；经纪人9时机选择19全部包建的工程承包方式10经销周期20许可证协定IV Case Study1 [Answer]：Batteries called "white elephant" exported from China were very popular in Southeast Asia, because "white elephant" was a lucky thing in Southeast Asia, but no one was interested in it in the market of Europe and the United States. The boss of the company was very strange that the quality of the battery or the price of reasons, so he asked his staff to investigate. Finally he found that is the brand "white elephant" to be blame. The brand's name translated into English was "white elephant" which meant something were no use but cumbersome in Western countries. It was really a bad translation from culture information perspective. The meaning derived from a legend. According to the legend, there was a king who hated a minister, so he gave a white elephant to the minister for punishment. The minister has to take care of the white elephant, he couldn't give it to others or kill it because it's the king gave it to him. However, the appetite of the white elephant was so great, and the minister became poorer. So it showed people in western countries would not buy the battery for the consumers have no willing to buy something useless but cumbersome.V. OpenVI.Translate the following into English1. Trade is often the ‘engine’ of growt h. However oversimplified this metaphor may be, it does serve to underline the importance of foreign trade in the process of growth. A healthy expansion of exports may not always be sufficient condition for rapid and sustained growth, but a strong positive association between the two is clearly undeniable. Trade expansion contributes to economic growth in many ways. Among them are the benefits of specialization; the favorable effects of international competition on domestic economic efficiency; the increased capacity to pay for the imports required in development and more generally the stimulus to investment.2. International trade is the exchange of goods and services produced in one country for goods and services produced in another country. In addition to visible trade, which involves the import and export of goods and merchandise, there is also invisible trade, which involves the exchange of services between nations. Nations such as Greece and Norway have large maritime fleets and provide transportation service. This is a kind of invisible trade. Invisible trade can be as important to some nations as the export of raw materials or commodities is to others. In both cases, the nations earn the money to buy necessities.3. There exist different ways of conducting international business. Exclusive sale means the seller gives the overseas client the exclusive right of selling a particular product in a designated area within a specified period of time. In this kind of business transaction, the product is bought by the exclusive seller and therefore he should sell the product by himself, assuming sole responsibilities for his profitand loss. Exclusive sale is different from agency where only commission is involved. And difference exists between general contract and exclusive sales because the exclusive seller enjoys exclusive right in a particular area.4. There is no country in the world that can produce all the products it needs. Thus countries join in international division of labor for effective production and reproduction. Sometimes a country can buy goods and services from abroad on a barter basis. Barter means doing business by exchanging goods of one sort for goods of another sort without using money. Barter trade itself is not enough to meat a country’s imp ort needs. But as a form of international trade, it is still attractive in developing countries where foreign exchange is in short supply and inflow of foreign funds is far from sufficient to meet their obligations in external trade.Unit 2 General Procedures of Export and Import TransactionI. Answer the following questions(Omited)II. Filling the blanks with the suitable words in the text:1.meeting/satisfying;2.agent, foreign/overseas;mission;4.own;5.setting;6.patent;7.profits;8.outlets; 9.joint, venture; 10.subsidiaryIII. J udge the following statement, mark True (T) or False(F)1F 2. T 3. F 4. F 5.F 6.F 7.T 8.F 9.F 10. TIV. Explain the meaning of the words or phrases below as requested1. Offer: An offer is a proposal made by sellers to buyers in order to enter into the contract.2. Withdrawal: It means an offer by the offerer has been withdrawn before it is reached to the offeree in order to prevent its entry into force.3. Enquiry: An enquiry is a request for business information, such as price lists, catalogue, samples, and details of the goods or trade terms. It can be made either by the importer or the exporter.4. Acceptance: Acceptance is a statement made by other conduct of the offerees indicating unconditional consent to an offer.5. Shipping agent: Shipping agent(船代）is a ship owner's representative whose job is to find the ships to carry.V. Compose a letter of enquiry with the following particulars:KeysMessrs. Arthur Grey & Son,19 Cheapside,London, E.C.2Dear Sirs,We have obtained your name and address from China Council for Promotion of International Trade and learned that you are one of the leading exporters of Ice Box in your district.We are now interested in 100 sets of the said article and should be pleased if you would let us know whether you can supply us with the quantity and quality we desire. Please quote us your best price on CIF Guangzhou basis. When offering, please state clearly terms of payment, time of delivery, packingconditions together with illustrated catalogue for our consideration.We are looking forward to your early reply.Yours faithfully,VI. Please make your offer according to the following particulars:KeyDear Sirs,Thank you for your letter of 5th May. We are glad to learn of the inquiries you have had from your customers for our raincoats. Our "D.D." range is particularly suitable for warm climates, and during the past years we have supplied this range to dealers in several tropical countries, from many of whom we have already had repeated orders. This range is popular not only because it is light in weight, but also because the material used has been specially treated to prevent excessive condensation on the inside surface.For the quantities you mention we are pleased to quote as follows:"D.D." Raincoats100 men's medium @ US$14.50 US$ 1,450100 men's small 14.0 1,400100 women's medium 13.2 1,320100 women's small 12.7 1,270US$ 5,440Payment: by irrevocable L/C at sightShipment: Shipment will be effected within three or four weeks after receiving the L/C.This offer is subject to our final confirmation. We feel you may be interested in our other products and enclose some pamphlets for your reference.We are awaiting your early orders.Yours sincerely, VII. Write a counter-offer according to the following particulars:Keys:Dear Sirs,We thank you for your quotation May 10 for 1,000 sets of Hair IceBox. We find your price as well as delivery date satisfactory, however, we would give our suggestions of an alternation of your payment terms.Our past purchase of other household electrical appliances from you has been paid as a rule by confirmed, irrevocable letter of credit at sight. On the basis, it has indeed cost us a great deal. From the moment to open credit till the time our buyers pay us, the tie-up of our funds lasts about four months. Under the present circumstances, this question is particular taxing owing to the tight money condition and unprecedentedly high bank interests.In view of our long business relations and our amicable cooperation prospects, we suggest that you accept either “cash against documents on arrival of goods” or “drawing on us at 60 day’s sight”.Your first priority to the consideration of the above request and an early favorable reply will be highly appreciated.Yours sincerely,VIII. Translate the followings into English1). Economic activity began with the cavemen, who was economically self-sufficient. He did his own hunting, found his own shelter, and provided for his own needs. As primitive populations grew and developed, the principle of division of labor evolved. One person was more able to perform some activity than another, and therefore each person concentrated on what he did best. While one hunted, another fished. The hunter then traded his surplus to the fisherman, and each benefited from the variety of diet.In today’s complex economic world, neither individuals nor nations are self-sufficient nations are self-sufficient. Nations have utilized different economic resources; people have developed different skills. This is the foundation of international trade and economic activities.Foreign trade, the exchange of goods between nations, takes place for many reasons. The first, as mentioned above, is that no nation has all of the commodities than it needs. Raw materials are scattered around the world. Large deposits of copper are mined in Peru and Zaire, diamonds are mined in South Africa, and petroleum is recovered in Middle East. Countries that do not have these resources within their own boundaries must buy from countries that export them.Foreign trade also occurs because a country often does not have enough of a particular item to meet its needs. Although the United States is a major producer of sugar, it consumes more than it can produce internally and thus must import sugar.Third, one nation can sell some items at a lower cost than other countries. Japan has been able to export large quantities of radios and television sets because it can produce them more efficiently than other countries. It is cheaper for the United States to buy these from Japan than to produce them domestically.Finally, foreign trade takes place because of innovation or style. Even though the United States produces more automobiles than any other country, it still imports large quantities of autos from Germany, Japan and Sweden, primarily because there is a market for them in the United States.2). The different kinds of trade nations engaged in are varied and complex, a mixture of visible and invisible trade. Most nations are more dependent on exports than on any other activity. The earnings from exports pay for the imports that they need and want. A nation’s balance of payment is a record of these complex transactions. By reflecting all of these transactions in monetary terms , a nation is able to combine the income it receives, for example, from exports, tourists expenditures, and immigrant remittances. This combined incomes is then spent on such items as manufactured goods from other countries, travel for its citizens to other countries, and the hiring of construction engineers.IX. Case Study[Answer]:A 公司与B公司的第一封信函可视为发盘，在该发盘中A公司对包装做出了要求。
国际贸易实务双语教程第二版习题参考答案
1 Unit 1 A brief introduction to international tradeKeyI. Answer my questions1. International trade is business which involved the crossing of national borders 2. Sales expansion, resource acquisition and diversification of sales and supplies. 3. To gain profit. 4. To seej out foreign markets and procurement. 5. There are four major forms which are the following: Merchandise exports and Imports, Service Exports and Imports, Investment and and Multinational Multinational Enterprise. 6. It is the account which is a summary statement of the flow of all international economic and financial transactions between one nation (eg.the United States ) and the rest of the world over some period of time, usually one year. 7. Merchandise Exporting and Importing. 8. Yes. There are great differences between them. 1) 1) direct direct direct investment investment investment takes takes takes place place place when when when control control control follows follows follows the the the investment. investment. investment. It It It usually usually usually means means means high high commitment of capital, personnel, and technology abroad. It aims at gaining of foreign resources and foreign markets. Direct investment may often get higher foreign sales than exporting. And sometimes it involves two or more parties. 2) 2) While While While portfolio portfolio portfolio investments investments investments are are are not not not under under under control. control. control. And And And they they they are are are used used used primarily primarily primarily for for for financial financial purposes. Treasures of companies, for example, routinely more funds from one country to another to get a higher yield on short term investments. 9. MNE is the abbreviation of the multinational enterprise. Its synonyms are NNC (the multinational corporation) and TNC (transnational corporation). 10. Examples are travel, transport, fee, royalties, dividends and interest. 11. 11. The The The choice choice choice of of of forms forms forms is is is influenced influenced influenced by by by the the the objective objective objective being being being pursued pursued pursued and and and the the the environments environments environments in in which the company must operate. 12. 12. It It It is is is limited limited limited by by by the the the number number number of of of people people people intere intere interested sted sted in in in a a a firm‟s firm‟s products products and and and services services services and and and by by customers‟ capacity to make purchase.13. This is because at an early stage of international involvement these operations usually take the least commitment and least risk of a firm‟s resources.14. 14. Royalties Royalties Royalties means means means the the the payment payment payment for for for use use use of of of assets assets assets from from from abroad, abroad, abroad, such such such as as as for for for trademarks trademarks trademarks patens, patens, copyrights, copyrights, or other expertise under or other expertise under contract contract known as licencing agreements.Royalties are also paid known as licencing agreements.Royalties are also paid franchising. 15. It is a way of doing business in which one party (the franchiser) the use of a trademark that is an essential asset for the franchisers‟ business.II Match each one on the left with its correct meaning on the right1. J 2.A 3.E 4.B 5.C 6.D 7.I 8.G 9.F 10.H III Translate the following terms and phrases into Chinese1 购买力11经济复苏；恢复2潜在销售量12 经济衰退3加价，涨价13间接投资4国内市场14有形货物5制成品15有形进出口6边际利润边际利润 16收入及支出；岁入及岁出收入及支出；岁入及岁出7市场占有率市场占有率 17超额能力超额能力 8贸易歧视贸易歧视 18贸易中间人（商）；经纪人；经纪人9时机选择时机选择 19全部包建的工程承包方式全部包建的工程承包方式10经销周期经销周期 20许可证协定许可证协定IV Case Study 1 [Answer]：Batteries Batteries called called called "white "white "white elephant" elephant" elephant" exported exported exported from from from China China China were were were very very very popular popular popular in in in Southeast Southeast Southeast Asia, Asia, because "white elephant" was a lucky thing in Southeast Asia, but no one was interested in it in the market of Europe and the United States. The boss of the company was very strange that the quality of the the battery battery battery or or or the the the price price price of of of reasons, reasons, reasons, so so so he he he asked asked asked his his his staff staff staff to to to investigate. investigate. investigate. Finally Finally Finally he he he found found found that that that is is is the the brand "white elephant" to be blame. The brand's name translated into English was "white elephant" which which meant meant meant something something something were were were no no no use use use but but but cumbersome cumbersome cumbersome in in in Western Western Western countries. countries. countries. It It It was was was really really really a a a bad bad translation from culture information perspective. The meaning derived from a legend. According to the legend, legend, there there there was was was a a a king king king who who who hated hated hated a a a minister, minister, minister, so so so he he he gave gave gave a a a white white white elephant elephant elephant to to to the the the minister minister minister for for punishment. The minister has to take care of the white elephant, he couldn't give it to others or kill it because it's the king gave it to him. However, the appetite of the white elephant was so great, and the minister became poorer. So it showed people in western countries would not buy the battery for the consumers have no willing to buy something useless but cumbersome. V . OpenVI.Translate the following into English 1. Trade is often the …engine‟ of growth. However oversimplified this metaphor may be, it does serve to underline the importance of foreign trade in the process of growth. A healthy expansion of exports may not always be sufficient condition for rapid and sustained growth, but a strong positive association between the two is clearly undeniable. Trade expansion contributes to economic growth in many many ways. ways. ways. Among Among Among them them them are are are the the the benefits benefits benefits of of of specialization; specialization; specialization; the the the favorable favorable favorable effects effects effects of of of international international competition on domestic economic efficiency; the increased capacity to pay for the imports required in development and more generally the stimulus to investment. 2. International trade is the exchange of goods and services produced in one country for goods and services produced in another country. In addition to visible trade, which involves the import and export of goods and merchandise, there is also invisible trade, which involves the exchange of services between between nations. nations. nations. Nations Nations Nations such such such as as as Greece Greece Greece and and and Norway Norway Norway have have have large large large maritime maritime maritime fleets fleets fleets and and and provide provide transportation transportation service. service. service. This This This is is is a kind a kind of invisible trade. I nvisible trade Invisible trade can be as important to to some some nations as the export of raw materials or commodities is to others. In both cases, the nations earn the money to buy necessities. 3. There exist different ways of conducting international business. Exclusive sale means the seller gives the overseas client the exclusive right of selling a particular product in a designated area within a specified period of time. In this kind of business transaction, the product is bought by the exclusive seller and therefore he should sell the product by himself, assuming sole responsibilities for his profit and loss. Exclusive sale is different from agency where only commission is involved. And difference exists between general contract and exclusive sales because the exclusive seller enjoys exclusive right in a particular area. 4. There is no country in the world that can produce all the products it needs. Thus countries join in international division of labor for effective production and reproduction. Sometimes a country can buy buy goods goods goods and and and services services services from from from abroad abroad abroad on on on a a a barter barter barter basis. basis. basis. Barter Barter Barter means means means doing doing doing business business business by by by exchanging exchanging goods of one sort for goods of another sort without using money. Barter trade itself is not enough to meat a cou n try‟s import needs. But as a form of international trade, it is still attractive in developing ntry‟s import needs. But as a form of international trade, it is still attractive in developing countries where foreign exchange is in short supply and inflow of foreign funds is far from sufficient to meet their obligations in external trade. Unit 2 General Procedures of Export and Import TransactionI. Answer the following questions(Omited) II. Filling the blanks with the suitable words in the text:1.meeting/satisfying; 2.agent, foreign/overseas; mission; 4.own; 5.setting; 6.patent; 7.profits; 8.outlets; 9.joint, venture; 10.subsidiary III. J udge the following statement, mark True (T) or False(F)1F 2. T 3. F 4. F 5.F 6.F 7.T 8.F 9.F 10. T IV . Explain the meaning of the words or phrases below as requested 1. Offer: An offer is a proposal made by sellers to buyers in order to enter into the contract. 2. 2. Withdrawal: Withdrawal: It It means means means an an an offer offer offer by by by the the the offerer offerer offerer has has has been been been withdrawn withdrawn withdrawn before before before it it it is is is reached reached reached to to to the the offeree in order to prevent its entry into force. 3. Enquiry: An enquiry is a request for business information, such as price lists, catalogue, samples, and details of the goods or trade terms. It can be made either by the importer or the exporter. 4. Acceptance: Acceptance is a statement made by other conduct of the offerees indicating unconditional consent to an offer. 5. Shipping agent: Shipping agent(船代）is a ship owner's representative whose job is to find the ships to carry.V . Compose a letter of enquiry with the following particulars:KeysMessrs. Arthur Grey & Son, 19 Cheapside, London, E.C.2 Dear Sirs, We have obtained y our name and address from China Council for Promotion of International Trade your name and address from China Council for Promotion of International Trade and learned that you are one of the leading exporters of Ice Box in your district. We are now interested in 100 sets of the said article and should be pleased if you would let us know whether you can supply us with the quantity and quality we desire. Please quote us your best price on CIF Guangzhou basis. When offering, please state clearly terms of payment, time of delivery, packing conditions together with illustrated catalogue for our consideration. We are looking forward to your early reply. Yours faithfully, VI. Please make your offer according to the following particulars: KeyDear Sirs, Thank you for your letter of 5th May. We are glad to learn of the inquiries you have had from your your customers customers customers for for for our our our raincoats. raincoats. raincoats. Our Our Our "D.D." "D.D." "D.D." range range range is is is particularly particularly particularly suitable suitable suitable for for for warm warm warm climates, climates, climates, and and during the past years we have supplied this range to dealers in several tropical countries, from many of whom we have already had repeated orders. This range is popular not only because it is light in weight, but also because the material used has been specially treated to prevent excessive condensation on the inside surface. For the quantities you mention we are pleased to quote as follows: "D.D." Raincoats 100 men's medium @ US$14.50 US$ 1,450 100 men's small 14.0 1,400 100 women's medium 13.2 1,320 100 women's small 12.7 1,270 US$ 5,440 Payment: by irrevocable L/C at sight Shipment: Shipment will be effected within three or four weeks after receiving the L/C. This This offer offer offer is is is subject subject subject to to to our our our final final final confirmation. confirmation. confirmation. We We We feel feel feel you you you may may may be be be interested interested interested in in in our our our other other products and enclose some pamphlets for your reference. We are awaiting your early orders. Yours sincerely, VII. Write a counter-offer according to the following particulars:Keys: Dear Sirs, We thank you for your quotation May 10 for 1,000 sets of Hair IceBox. We find your price as well as delivery date satisfactory, however, we would give our suggestions of an alternation of your payment terms. Our past purchase of other household electrical appliances from you has been paid as a rule by confirmed, irrevocable letter of credit at sight. On the basis, it has indeed cost us a great deal. From the moment to open credit till the time our buyers pay us, the tie-up of our funds lasts about four months. Under the present circumstances, this question is particular taxing owing to the tight money condition and unprecedentedly high bank interests. In view of our long business relations and our amicable cooperation prospects, we suggest that you accept either “cash against documents on arrival of goods ” or “drawing on us at 60 day ‟s sight ”. Your first priority to the consideration of the above request and an early favorable reply will be highly appreciated. Yours sincerely,VIII. Translate the followings into English1). Economic activity began with the cavemen, who was economically self-sufficient. He did his own hunting, found his own shelter, and provided for his own needs. As primitive populations grew and developed, the principle of division of labor evolved. One person was more able to perform some activity than another, and therefore each person concentrated on what he did best. While one hunted, another fished. The hunter then traded his surplus to the fisherman, and each benefited from the variety of diet. In today‟s complex economic world, neither individuals nor nations are self -sufficient nations are self-sufficient. self-sufficient. Nations Nations Nations have have have utilized utilized utilized different different different economic economic economic resources; resources; resources; people people people have have have developed developed developed different different skills. This is the foundation of international trade and economic activities. Foreign trade, the exchange of goods between nations, takes place for many reasons. The first, as mentioned mentioned above, above, above, is is is that that that no no no nation nation nation has has has all all all of of of the the the commodities commodities commodities than than than it it it needs. needs. needs. Raw Raw Raw materials materials materials are are scattered around the world. Large deposits of copper are mined in Peru and Zaire, diamonds are mined in South Africa, and petroleum is recovered in Middle East. Countries that do not have these resources within their own boundaries must buy from countries that export them. Foreign trade also occurs because a country often does not have enough of a particular item to meet its needs. Although the United States is a major producer of sugar, it consumes more than it can produce internally and thus must import sugar. Third, one nation can sell some items at a lower cost than other countries. Japan has been able to export large quantities of radios and television sets because it can produce them more efficiently than other other countries. countries. countries. It It It is is is cheaper cheaper cheaper for for for the the the United United United States States States to to to buy buy buy these these these from from from Japan Japan Japan than than than to to to produce produce produce them them domestically. Finally, foreign trade takes place because of innovation or style. Even though the United States produces produces more more more automobiles automobiles automobiles than than than any any any other other other country, country, country, it it it still still still imports imports imports large large large quantities quantities quantities of of of autos autos autos from from Germany, Japan and Sweden, primarily because there is a market for them in the United States.2). The different kinds of trade nations engaged in are varied and complex, a mixture of visible and invisible trade. Most nations are more dependent on exports than on any other activity. The earnings from exports pay for the imports that they need and want. A nation‟s balance of payment is a record of these complex transactions. By reflecting all of these transactions in monetary terms , a nation is able to to combine combine combine the the the income income income it it it receives, receives, receives, for for for example, example, example, from from from exports, exports, exports, tourists tourists tourists expenditures, expenditures, expenditures, and and and immigrant immigrant remittances. This combined incomes is t hen spent then spent on such items as manufactured goods from o ther other countries, travel for its citizens to other countries, and the hiring of construction engineers. IX. Case Study [Answer]: A 公司与B 公司的第一封信函可视为发盘，在该发盘中A 公司对包装做出了要求。
国际贸易实务双语教程课后题答案修订稿
国际贸易实务双语教程课后题答案内部编号：（YUUT-TBBY-MMUT-URRUY-UOOY-DBUYI-0128）KeyChapter1I. Answer my questions1. International trade is business whose activities involve the crossing of nationalborders. It includes not only international trade and foreign manufacturing but alsoencompasses the growing services industry in areas such as transportation, tourism,banking, advertising, construction, retailing, wholesaling, and mass communications.It includes all business transactions that involve two or more countries. Such businessrelationship may be private or governmental.2. Sales expansion, resource acquisition and diversification of sales and supplies.3. To gain profit.4. To seej out foreign markets and procurement.5. There are four major forms which are the following:Merchandise exports and Imports, Service Exports and Imports, Investment andMultinational Enterprise.6. It is the account which is a summary statement of the flow of all internationaleconomic and financial transactions between one nation (eg.the United States ) andthe rest of the world over some period of time, usually one year.7. Merchandise Exporting and Importing.8. Yes. There are great differences between them.1) direct investment takes place when control follows the investment. It usuallymeans high commitment of capital, personnel, and technology abroad. It aims atgaining of foreign resources and foreign markets. Direct investment may often gethigher foreign sales than exporting. And sometimes it involves two or more parties.2) While portfolio investments are not under control. And they are used primarilyfor financial purposes. Treasures of companies, for example, routinely more fundsfrom one country to another to get a higher yield on short term investments.9. MNE is the abbreviation of the multinational enterprise. Its synonyms are NNC(the multinational corporation) and TNC (transnational corporation). 10. Examples are travel, transport, fee, royalties, dividends and interest.11. The choice of forms is influenced by the objective being pursued and theenvironments in which the company must operate.12. It is limited by the number of people interested in a firm’s products andservices and by customers’ capacity to make purchase.13. This is because at an early stage of international involvement these operationsusually take the least commitment and least risk of a firm’s resources.14. Royalties means the payment for use of assets from abroad, such as fortrademarks patens, copyrights, or other expertise under contract known as licencingagreements.Royalties are also paid franchising.15. It is a way of doing business in which one party (the franchiser) the use of atrademark that is an essential asset for the franchisers’ business.II Match each one on the left with its correct meaning on the right 1. J 2.A 3.E 4.B 5.C 6.D 7.I 8.G 9.F 10.HIII Translate the following terms and phrases into Chinese1 购买力 11 经济复苏；恢复2 潜在销售量 12 经济衰退3 加价，涨价 13 间接投资4 国内市场 14 有形货物5 制成品 15 有形进出口6 边际利润 16 收入及支出；岁入及岁出7 市场占有率 17 超额能力8 贸易歧视 18 贸易中间人（商）；经纪人9 时机选择 19 全部包建的工程承包方式10 经销周期 20 许可证协定IV Translate the following into English1. Trade is often the ‘engine’ of growth. However oversimplified this metaphormay be, it does serve to underline the importance of foreign trade in the process ofgrowth. A healthy expansion of exports may not always be sufficient condition forrapid and sustained growth, but a strong positive association between the two isclearly undeniable. Trade expansion contributes to economic growth in many ways.Among them are the benefits of specialization; the favorable effects of internationalcompetition on domestic economic efficiency; the increased capacity to pay for theimports required in development and more generally the stimulus to investment.2. International trade is the exchange of goods and services produced in onecountry for goods and services produced in another country. Inaddition to visibletrade, which involves the import and export of goods and merchandise, there is alsoinvisible trade, which involves the exchange of services between nations. Nationssuch as Greece and Norway have large maritime fleets and provide transportationservice. This is a kind of invisible trade. Invisible trade can be as important to somenations as the export of raw materials or commodities is to others. In both cases, thenations earn the money to buy necessities.3. There exist different ways of conducting international business. Exclusive salemeans the seller gives the overseas client the exclusive right of selling a particularproduct in a designated area within a specified period of time. Inthis kind of businesstransaction, the product is bought by the exclusive seller and therefore he should sellthe product by himself, assuming sole responsibilities for his profit and loss.Exclusive sale is different from agency where only commission is involved. Anddifference exists between general contract and exclusive sales because the exclusiveseller enjoys exclusive right in a particular area.4. There is no country in the world that can produce all the products it needs.Thus countries join in international division of labor for effective production andreproduction. Sometimes a country can buy goods and services from abroad on abarter basis. Barter means doing business by exchanging goods of one sort for goodsof another sort without using money. Barter trade itself is not enough to meat acountry’s import needs. But as a form of international trade, it is still attractive indeveloping countries where foreign exchange is in short supply and inflow of foreignfunds is far from sufficient to meet their obligations in external trade.Chapter2I. Answer the following questions(Omited)II. Filling the blanks with the suitable words in the text:1.meeting/satisfying;2.agent, foreign/overseas;mission;4.own;5.setting;6.patent;7.profits;8.outlets;9.joint, venture; 10.subsidiaryIII.Translate the followings into English1). Economic activity began with the cavemen, who was economicallyself-sufficient. He did his own hunting, found his own shelter, and provided for hisown needs. As primitive populations grew and developed, the principle of division oflabor evolved. One person was more able to perform some activity than another, andtherefore each person concentrated on what he did best. While one hunted, anotherfished. The hunter then traded his surplus to the fisherman, and each benefited fromthe variety of diet.In today’s complex economic world, neither individuals nor nations areself-sufficient nations are self-sufficient. Nations have utilized different economicresources; people have developed different skills. This is the foundation ofinternational trade and economic activities.Foreign trade, the exchange of goods between nations, takes place for manyreasons. The first, as mentioned above, is that no nation has all of the commoditiesthan it needs. Raw materials are scattered around the world. Large deposits of copperare mined in Peru and Zaire, diamonds are mined in South Africa, and petroleum isrecovered in Middle East. Countries that do not have these resources within their ownboundaries must buy from countries that export them.Foreign trade also occurs because a country often does not have enough of aparticular item to meet its needs. Although the United States is a major producer ofsugar, it consumes more than it can produce internally and thus must import sugar.Third, one nation can sell some items at a lower cost than other countries. Japanhas been able to export large quantities of radios and television sets because it canproduce them more efficiently than other countries. It is cheaper for the United Statesto buy these from Japan than to produce them domestically.Finally, foreign trade takes place because of innovation or style. Even though theUnited States produces more automobiles than any other country, itstill imports largequantities of autos from Germany, Japan and Sweden, primarily because there is amarket for them in the United States.2). The different kinds of trade nations engaged in are varied and complex, amixture of visible and invisible trade. Most nations are more dependent on exportsthan on any other activity. The earnings from exports pay for the imports that theyneed an d want. A nation’s balance of payment is a record of these complextransactions. By reflecting all of these transactions in monetary terms , a nation is ableto combine the income it receives, for example, from exports, tourists expenditures,and immigrant remittances. This combined incomes is then spent on such items asmanufactured goods from other countries, travel for its citizens to other countries, andthe hiring of construction engineers.Chapter3I. Translate the followings from Chinese into English:1 terms of payment2 written form of contract3 execution of the contract4 sales contract5 purchase confirmation6 terms of transaction7 trading partners 8 the setting up of a contract9 trade agreement 10 consignment contract11 the contract proper 12 extension of the contract13 the contracting parties 14 special clause15 general terms and conditionsII. Answer the following questions in English:1 A contract is an agreement which sets forth bind obligations of the relevantparties. And any part that fails to fulfill his contractualobligations may be sued andforced to make compensation.2 There are two parties of business contract negotiations: oral and written. Theformer refers to direct discussions abroad; written negotiations often begin withenquiries made by the buyers.3 A written contract is generally prepared and signed as the proof of the agreementand as the basis for its execution. A sales or purchase confirmationis less detailedthan a contract, covering only the essential terms of the transaction. It is usually usedfor smaller deals or between familiar trade partners.4 The setting up of a contract is similar to that of a trade agreement or any othertype of formal agreements. It generally contains: 1) the title. The type of the contractis indicated in the title; 2) the contract proper. It is the main part of a contract; 3) thesignature of the contracting parties indicating their status as the seller or the buyer; 4)the stipulations on the back of the contract and are equally binding upon thecontracting parties.5 It generally contains the time of shipment, the mode of payment described inaddition to an exact description of the goods including the quantity, quality,specifications, packing methods, insurance, commodity inspection, claims, arbitrationand force majeure, etc.III. Translate the following into Chinese:合同是在双方达成协议的基础上制定的，而协议又是双方进行商务谈判的结果。
国际贸易实务双语教程第三版课后答案
U n i t1A b r i e f i n t r o d u c t i o n t o i n t e r n a t i o n a l t r a d e KeyI. Answer my questions1. International trade is business whose activities involve the crossing of national borders. It includes not only international trade and foreign manufacturing but also encompasses the growing services industry in areas such as transportation, tourism, banking, advertising, construction, retailing, wholesaling, and mass communications. It includes all business transactions that involve two or more countries. Such business relationship may be private or governmental.2. Sales expansion, resource acquisition and diversification of sales and supplies.3. To gain profit.4. To seej out foreign markets and procurement.5. There are four major forms which are the following:Merchandise exports and Imports, Service Exports and Imports, Investment and Multinational Enterprise.6. It is the account which is a summary statement of the flow of all international economic and financial transactions between one nation (eg.the United States ) and the rest of the world over some period of time, usually one year.7. Merchandise Exporting and Importing.8. Yes. There are great differences between them.1) direct investment takes place when control follows the investment. It usually means high commitment of capital, personnel, and technology abroad. It aims at gaining of foreign resources and foreign markets. Direct investment may often get higher foreign sales than exporting. And sometimes it involves two or more parties.2) While portfolio investments are not under control. And they are used primarily for financial purposes. Treasures of companies, for example, routinely more funds from one country to another to get a higher yield on short term investments.9. MNE is the abbreviation of the multinational enterprise. Its synonyms are NNC (the multinational corporation) and TNC (transnational corporation).10. Examples are travel, transport, fee, royalties, dividends and interest.11. The choice of forms is influenced by the objective being pursued and the environments in which the company must operate.12. It is limited by the number of people interested in a firm’s products and services and by customers’ capacity to make purchase.13. This is because at an early stage of international involvement these operations usually take the least commitment and least risk of a firm’s resources.14. Royalties means the payment for use of assets from abroad, such as for trademarks patens, copyrights, or other expertise under contract known as licencing agreements.Royalties are also paid franchising.15. It is a way of doing business in which one party (the franchiser) the use of a trademark that is an essential asset for the franchisers’ business.II Match each one on the left with its correct meaning on the right1. J2.A3.E4.B5.C6.D7.I8.G9.F 10.HIII Translate the following terms and phrases into Chinese1 购买力11经济复苏；恢复2潜在销售量12 经济衰退3加价，涨价13间接投资4国内市场14有形货物5制成品15有形进出口6边际利润16收入及支出；岁入及岁出7市场占有率17超额能力8贸易歧视18贸易中间人（商）；经纪人9时机选择19全部包建的工程承包方式10经销周期20许可证协定IV Case Study1 [Answer]：Batteries called "white elephant" exported from China were very popular in Southeast Asia, because "white elephant" was a lucky thing in Southeast Asia, but no one was interested in it in the market of Europe and the United States. The boss of the company was very strange that the quality of the battery or the price of reasons, so he asked his staff to investigate. Finally he found that is the brand "white elephant" to be blame. The brand's name translated into English was "white elephant" which meant something were no use but cumbersome in Western countries. It was really a bad translation from culture information perspective. The meaning derived from a legend. According to the legend, there was a king who hated a minister, so he gave a white elephant to the minister for punishment. The minister has to take care of the white elephant, he couldn't give it to others or kill it because it's the king gave it to him. However, the appetite of the white elephant was so great, and the minister became poorer. So it showed people in western countries would not buy the battery for the consumers have no willing to buy something useless but cumbersome.V. OpenVI.Translate the following into English1. Trade is often the ‘engine’ of growth. However oversimplified this metaphor may be, it does serve to underline the importance of foreign trade in the process of growth. A healthy expansion of exports may not always be sufficient condition for rapid and sustained growth, but a strong positive association between the two is clearly undeniable. Trade expansion contributes to economic growth in many ways. Among them are the benefits of specialization; the favorable effects of international competition on domestic economic efficiency; the increased capacity to pay for the imports required in development and more generally the stimulus to investment.2. International trade is the exchange of goods and services produced in one country for goods and services produced in another country. In addition to visible trade, which involves the import and export of goods and merchandise, there is also invisible trade, which involves the exchange of services between nations. Nations such as Greece and Norway have large maritime fleets and provide transportation service. This is a kind of invisible trade. Invisible trade can be as important to some nations as the export of raw materials or commodities is to others. In both cases, the nations earn the money to buy necessities.3. There exist different ways of conducting international business. Exclusive sale means the seller gives the overseas client the exclusive right of selling a particular product in a designatedarea within a specified period of time. In this kind of business transaction, the product is bought by the exclusive seller and therefore he should sell the product by himself, assuming sole responsibilities for his profit and loss. Exclusive sale is different from agency where only commission is involved. And difference exists between general contract and exclusive sales because the exclusive seller enjoys exclusive right in a particular area.4. There is no country in the world that can produce all the products it needs. Thus countries join in international division of labor for effective production and reproduction. Sometimes a country can buy goods and services from abroad on a barter basis. Barter means doing business by exchanging goods of one sort for goods of another sort without using money. Barter trade itself is not enough to meat a country’s import needs. But as a form of international trade, it is still attractive in developing countries where foreign exchange is in short supply and inflow of foreign funds is far from sufficient to meet their obligations in external trade.Unit 2 General Procedures of Export and Import TransactionI. Answer the following questions(Omited)II. Filling the blanks with the suitable words in the text:1.meeting/satisfying;2.agent, foreign/overseas;mission;4.own;5.setting;6.patent;7.profits;8.outlets;9.joint, venture;10.subsidiaryIII. J udge the following statement, mark True (T) or False(F)1F 2. T 3. F 4. F 5.F 6.F 7.T 8.F 9.F 10. TIV. Explain the meaning of the words or phrases below as requested1. Offer: An offer is a proposal made by sellers to buyers in order to enter into the contract.2. Withdrawal: It means an offer by the offerer has been withdrawn before it is reached to the offeree in order to prevent its entry into force.3. Enquiry: An enquiry is a request for business information, such as price lists, catalogue, samples, and details of the goods or trade terms. It can be made either by the importer or the exporter.4. Acceptance: Acceptance is a statement made by other conduct of the offerees indicating unconditional consent to an offer.5. Shipping agent: Shipping agent(船代）is a ship owner's representative whose job is to find the ships to carry.V. Compose a letter of enquiry with the following particulars:KeysMessrs. Arthur Grey & Son,19 Cheapside,London, E.C.2Dear Sirs,We have obtained your name and address from China Council for Promotion of International Trade and learned that you are one of the leading exporters of Ice Box in your district.We are now interested in 100 sets of the said article and should be pleased if you would let us know whether you can supply us with the quantity and quality we desire. Please quote us your best price on CIF Guangzhou basis. When offering, please state clearly terms of payment, time of delivery, packing conditions together with illustrated catalogue for our consideration.We are looking forward to your early reply.Yours faithfully,VI. Please make your offer according to the following particulars:KeyDear Sirs,Thank you for your letter of 5th May. We are glad to learn of the inquiries you have had from your customers for our raincoats. Our "D.D." range is particularly suitable for warm climates, and during the past years we have supplied this range to dealers in several tropical countries, from many of whom we have already had repeated orders. This range is popular not only because it is light in weight, but also because the material used has been specially treated to prevent excessive condensation on the inside surface.For the quantities you mention we are pleased to quote as follows:"D.D." Raincoats100 men's medium @ US$14.50 US$ 1,450100 men's small 14.0 1,400100 women's medium 13.2 1,320100 women's small 12.7 1,270US$ 5,440Payment: by irrevocable L/C at sightShipment: Shipment will be effected within three or four weeks after receiving the L/C.This offer is subject to our final confirmation. We feel you may be interested in our other products and enclose some pamphlets for your reference.We are awaiting your early orders.Yours sincerely, VII. Write a counter-offer according to the following particulars:Keys:Dear Sirs,We thank you for your quotation May 10 for 1,000 sets of Hair IceBox. We find your price as well as delivery date satisfactory, however, we would give our suggestions of an alternation of your payment terms.Our past purchase of other household electrical appliances from you has been paid as a rule by confirmed, irrevocable letter of credit at sight. On the basis, it has indeed cost us a great deal. From the moment to open credit till the time our buyers pay us, the tie-up of our funds lasts about four months. Under the present circumstances, this question is particular taxing owing to the tight money condition and unprecedentedly high bank interests.In view of our long business relations and our amicable cooperation prospects, we suggest that you accept either “cash against documents on arrival of goods”or “drawing on us at 60 day’s sight”.Your first priority to the consideration of the above request and an early favorable reply will be highly appreciated.Yours sincerely,VIII. Translate the followings into English1). Economic activity began with the cavemen, who was economically self-sufficient. He did his own hunting, found his own shelter, and provided for his own needs. As primitive populations grew and developed, the principle of division of labor evolved. One person was more able to perform some activity than another, and therefore each person concentrated on what he did best. While one hunted, another fished. The hunter then traded his surplus to the fisherman, and each benefited from the variety of diet.In today’s complex economic world, neither individuals nor nations are self-sufficient nations are self-sufficient. Nations have utilized different economic resources; people have developed different skills. This is the foundation of international trade and economic activities.Foreign trade, the exchange of goods between nations, takes place for many reasons. The first, as mentioned above, is that no nation has all of the commodities than it needs. Raw materials are scattered around the world. Large deposits of copper are mined in Peru and Zaire, diamonds are mined in South Africa, and petroleum is recovered in Middle East. Countries that do not have these resources within their own boundaries must buy from countries that export them.Foreign trade also occurs because a country often does not have enough of a particular item to meet its needs. Although the United States is a major producer of sugar, it consumes more than it can produce internally and thusmust import sugar.Third, one nation can sell some items at a lower cost than other countries. Japan has been able to export large quantities of radios and television sets because it can produce them more efficiently than other countries. It is cheaper for the United States to buy these from Japan than to produce them domestically.Finally, foreign trade takes place because of innovation or style. Even though the United States produces more automobiles than any other country, it still imports large quantities of autos from Germany, Japan and Sweden, primarily because there is a market for them in the United States.2). The different kinds of trade nations engaged in are varied and complex, a mixture of visible and invisible trade. Most nations are more dependent on exports than on any other activity. The earnings from exports pay for the imports that they need and want. A nation’s balance of payment is a record of these complex transactions. By reflecting all of these transactions in monetary terms , a nation is able to combine the income it receives, for example, from exports, tourists expenditures, and immigrant remittances. This combined incomes is then spent on such items as manufactured goods from other countries, travel for its citizens to other countries, and the hiring of construction engineers.IX. Case Study[Answer]:A 公司与B公司的第一封信函可视为发盘，在该发盘中A公司对包装做出了要求。
国际贸易实务双语教程课后题答案
Chapter1I. Answer my questions1. International trade is business whose activities involve the crossing of nationalborders. It includes not only international trade and foreign manufacturing but alsoencompasses the growing services industry in areas such as transportation, tourism,banking, advertising, construction, retailing, wholesaling, and mass communications.It includes all business transactions that involve two or more countries. Such businessrelationship may be private or governmental.2. Sales expansion, resource acquisition and diversification of sales and supplies.3. To gain profit.4. To seej out foreign markets and procurement.5. There are four major forms which are the following:Merchandise exports and Imports, Service Exports and Imports, Investment andMultinational Enterprise.6. It is the account which is a summary statement of the flow of all internationaleconomic and financial transactions between one nation United States ) andthe rest of the world over some period of time, usually one year.7. Merchandise Exporting and Importing.8. Yes. There are great differences between them.1) direct investment takes place when control follows the investment. It usuallymeans high commitment of capital, personnel, and technology abroad. It aims atgaining of foreign resources and foreign markets. Direct investment may often gethigher foreign sales than exporting. And sometimes it involves two or more parties.2) While portfolio investments are not under control. And they are used primarilyfor financial purposes. Treasures of companies, for example, routinely more fundsfrom one country to another to get a higher yield on short term investments.9. MNE is the abbreviation of the multinational enterprise. Its synonyms are NNC(the multinational corporation) and TNC (transnational corporation). 10. Examples are travel, transport, fee, royalties, dividends and interest.11. The choice of forms is influenced by the objective being pursued and theenvironments in which the company must operate.12. It is limited by the number of people interested in a firm’s products andservices and by customers’ capacity to make purchase.13. This is because at an early stage of international involvement these operationsusually take the least commitment and leas t risk of a firm’s resources.14. Royalties means the payment for use of assets from abroad, such as fortrademarks patens, copyrights, or other expertise under contract known as licencingare also paid franchising.15. It is a way of doing business in which one party (the franchiser) the use of atrademark that is an essential asset for the franchisers’ business.II Match each one on the left with its correct meaning on the right 1. JIII Translate the following terms and phrases into Chinese1 购买力 11 经济复苏；恢复2 潜在销售量 12 经济衰退3 加价，涨价 13 间接投资4 国内市场 14 有形货物5 制成品 15 有形进出口6 边际利润 16 收入及支出；岁入及岁出7 市场占有率 17 超额能力8 贸易歧视 18 贸易中间人（商）；经纪人9 时机选择 19 全部包建的工程承包方式10 经销周期 20 许可证协定IV Translate the following into English1. Trade is often the ‘engine’ of growth. However oversimplified this metaphormay be, it does serve to underline the importance of foreign trade in the process ofgrowth. A healthy expansion of exports may not always be sufficient condition forrapid and sustained growth, but a strong positive association between the two isclearly undeniable. Trade expansion contributes to economic growth in many ways.Among them are the benefits of specialization; the favorable effects of internationalcompetition on domestic economic efficiency; the increased capacity to pay for theimports required in development and more generally the stimulus to investment.2. International trade is the exchange of goods and services produced in onecountry for goods and services produced in another country. In addition to visibletrade, which involves the import and export of goods and merchandise, there is alsoinvisible trade, which involves the exchange of services between nations. Nationssuch as Greece and Norway have large maritime fleets and provide transportationservice. This is a kind of invisible trade. Invisible trade can be as important to somenations as the export of raw materials or commodities is to others. In both cases, thenations earn the money to buy necessities.3. There exist different ways of conducting international business. Exclusive salemeans the seller gives the overseas client the exclusive right of selling a particularproduct in a designated area within a specified period of time. In this kind of businesstransaction, the product is bought by the exclusive seller and therefore he should sellthe product by himself, assuming sole responsibilities for his profit and loss.Exclusive sale is different from agency where only commission is involved. Anddifference exists between general contract and exclusive sales because the exclusiveseller enjoys exclusive right in a particular area.4. There is no country in the world that can produce all the products it needs.Thus countries join in international division of labor for effective production andreproduction. Sometimes a country can buy goods and services from abroad on abarter basis. Barter means doing business by exchanging goods of one sort for goodsof another sort without using money. Barter trade itself is not enough to meat acountry’s impo rt needs. But as a form of international trade, it is still attractive indeveloping countries where foreign exchange is in short supply and inflow of foreignfunds is far from sufficient to meet their obligations in external trade.Chapter2I. Answer the following questions(Omited)II. Filling the blanks with the suitable words in the text: satisfying; , foreign/overseas; ; ; ;; ; ; , venture;the followings into English1). Economic activity began with the cavemen, who was economicallyself-sufficient. He did his own hunting, found his own shelter, and provided for hisown needs. As primitive populations grew and developed, the principle of division oflabor evolved. One person was more able to perform some activity than another, andtherefore each person concentrated on what he did best. While one hunted, anotherfished. The hunter then traded his surplus to the fisherman, and each benefited fromthe variety of diet.In today’s complex economic world, neither individuals nor nations are self-sufficient nations are self-sufficient. Nations have utilized different economicresources; people have developed different skills. This is the foundation ofinternational trade and economic activities.Foreign trade, the exchange of goods between nations, takes place for many reasons. The first, as mentioned above, is that no nation has all of the commoditiesthan it needs. Raw materials are scattered around the world. Large deposits of copperare mined in Peru and Zaire, diamonds are mined in South Africa, and petroleum isrecovered in Middle East. Countries that do not have these resources within their ownboundaries must buy from countries that export them.Foreign trade also occurs because a country often does not have enoughof aparticular item to meet its needs. Although the United States is a major producer ofsugar, it consumes more than it can produce internally and thus must import sugar.Third, one nation can sell some items at a lower cost than other countries. Japanhas been able to export large quantities of radios and television sets because it canproduce them more efficiently than other countries. It is cheaper for the United Statesto buy these from Japan than to produce them domestically.Finally, foreign trade takes place because of innovation or style. Even though theUnited States produces more automobiles than any other country, it still imports largequantities of autos from Germany, Japan and Sweden, primarily because there is amarket for them in the United States.2). The different kinds of trade nations engaged in are varied and complex, amixture of visible and invisible trade. Most nations are more dependent on exportsthan on any other activity. The earnings from exports pay for the imports that theyneed and want. A nation’s balance of p ayment is a record of these complex transactions. By reflecting all of these transactions in monetary terms , a nation is ableto combine the income it receives, for example, from exports, tourists expenditures,and immigrant remittances. This combined incomes is then spent on such items asmanufactured goods from other countries, travel for its citizens to other countries, andthe hiring of construction engineers.Chapter3I. Translate the followings from Chinese into English:1 terms of payment2 written form of contract3 execution of the contract4 sales contract5 purchase confirmation6 terms of transaction7 trading partners 8 the setting up of a contract9 trade agreement 10 consignment contract11 the contract proper 12 extension of the contract13 the contracting parties 14 special clause15 general terms and conditionsII. Answer the following questions in English:1 A contract is an agreement which sets forth bind obligations of the relevantparties. And any part that fails to fulfill his contractual obligations may be sued andforced to make compensation.2 There are two parties of business contract negotiations: oral and written. Theformer refers to direct discussions abroad; written negotiations often begin withenquiries made by the buyers.3 A written contract is generally prepared and signed as the proof of the agreementand as the basis for its execution. A sales or purchase confirmation is less detailedthan a contract, covering only the essential terms of the transaction. It is usually usedfor smaller deals or between familiar trade partners.4 The setting up of a contract is similar to that of a trade agreement or any othertype of formal agreements. It generally contains: 1) the title. The type of the contractis indicated in the title; 2) the contract proper. It is the main part of a contract; 3) thesignature of the contracting parties indicating their status as the seller or the buyer; 4)the stipulations on the back of the contract and are equally binding upon thecontracting parties.5 It generally contains the time of shipment, the mode of payment described inaddition to an exact description of the goods including the quantity, quality,specifications, packing methods, insurance, commodity inspection, claims, arbitrationand force majeure, etc.III. Translate the following into Chinese:合同是在双方达成协议的基础上制定的，而协议又是双方进行商务谈判的结果。
国际贸易实务双语教程课后题答案
KeyChapter1I. Answer my questions1. International trade is business whose activities involve the crossing of national borders. It includes not only international trade and foreign manufacturing but also encompasses the growing services industry in areas such as transportation, tourism, banking, advertising, construction, retailing, wholesaling, and mass communications. It includes all business transactions that involve two or more countries. Such business relationship may be private or governmental.2. Sales expansion, resource acquisition and diversification of sales and supplies.3. To gain profit.4. To seej out foreign markets and procurement.5. There are four major forms which are the following:Merchandise exports and Imports, Service Exports and Imports, Investment and Multinational Enterprise.6. It is the account which is a summary statement of the flow of all international economic and financial transactions between one nation (eg.the United States ) and the rest of the world over some period of time, usually one year.7. Merchandise Exporting and Importing.8. Yes. There are great differences between them.1) direct investment takes place when control follows the investment. It usually means high commitment of capital, personnel, and technology abroad. It aims at gaining of foreign resources and foreign markets. Direct investment may often get higher foreign sales than exporting. And sometimes it involves two or more parties. 2) While portfolio investments are not under control. And they are used primarilyfor financial purposes. Treasures of companies, for example, routinely more funds from one country to another to get a higher yield on short term investments.9. MNE is the abbreviation of the multinational enterprise. Its synonyms are NNC (the multinational corporation) and TNC (transnational corporation).10. Examples are travel, transport, fee, royalties, dividends and interest.11. The choice of forms is influenced by the objective being pursued and the environments in which the company must operate.12. It is limited by the number of people interested in a firm’s products and services and by customers’ capacity to make purchase.13. This is because at an early stage of international involvement these operations usually take the least commitme nt and least risk of a firm’s resources.14. Royalties means the payment for use of assets from abroad, such as for trademarks patens, copyrights, or other expertise under contract known as licencing agreements.Royalties are also paid franchising.15. It is a way of doing business in which one party (the franchiser) the use of a trademark that is an essential asset for the franchisers’ business.II Match each one on the left with its correct meaning on the right1. J2.A3.E4.B5.C6.D7.I8.G9.F 10.HIII Translate the following terms and phrases into Chinese1 购买力 11 经济复苏；恢复2 潜在销售量 12 经济衰退3 加价，涨价 13 间接投资4 国内市场 14 有形货物5 制成品 15 有形进出口6 边际利润 16 收入及支出；岁入及岁出7 市场占有率 17 超额能力8 贸易歧视 18 贸易中间人（商）；经纪人9 时机选择 19 全部包建的工程承包方式10 经销周期 20 许可证协定IV Translate the following into English1. Trade is often the ‘engine’ of growth. However oversimplified this metaphormay be, it does serve to underline the importance of foreign trade in the process of growth. A healthy expansion of exports may not always be sufficient condition for rapid and sustained growth, but a strong positive association between the two is clearly undeniable. Trade expansion contributes to economic growth in many ways. Among them are the benefits of specialization; the favorable effects of international competition on domestic economic efficiency; the increased capacity to pay for the imports required in development and more generally the stimulus to investment.2. International trade is the exchange of goods and services produced in onecountry for goods and services produced in another country. In addition to visible trade, which involves the import and export of goods and merchandise, there is also invisible trade, which involves the exchange of services between nations. Nations such as Greece and Norway have large maritime fleets and provide transportation service. This is a kind of invisible trade. Invisible trade can be as important to some nations as the export of raw materials or commodities is to others. In both cases, the nations earn the money to buy necessities.3. There exist different ways of conducting international business. Exclusive sale means the seller gives the overseas client the exclusive right of selling a particular product in a designated area within a specified period of time. In this kind of business transaction, the product is bought by the exclusive seller and therefore he should sell the product by himself, assuming sole responsibilities for his profit and loss. Exclusive sale is different from agency where only commission is involved. And difference exists between general contract and exclusive sales because the exclusive seller enjoys exclusive right in a particular area.4. There is no country in the world that can produce all the products it needs.Thus countries join in international division of labor for effective production and reproduction. Sometimes a country can buy goods and services from abroad on abarter basis. Barter means doing business by exchanging goods of one sort for goods of another sort without using money. Barter trade itself is not enough to meat a country’s import needs. But as a form of international trade, it is still attractive in developing countries where foreign exchange is in short supply and inflow of foreign funds is far from sufficient to meet their obligations in external trade.Chapter2I. Answer the following questions(Omited)II. Filling the blanks with the suitable words in the text:1.meeting/satisfying;2.agent, foreign/overseas;mission;4.own;5.setting;6.patent;7.profits;8.outlets;9.joint, venture; 10.subsidiaryIII.Translate the followings into English1). Economic activity began with the cavemen, who was economicallyself-sufficient. He did his own hunting, found his own shelter, and provided for his own needs. As primitive populations grew and developed, the principle of division of labor evolved. One person was more able to perform some activity than another, and therefore each person concentrated on what he did best. While one hunted, another fished. The hunter then traded his surplus to the fisherman, and each benefited from the variety of diet.In today’s complex economic world, neither individuals nor nations areself-sufficient nations are self-sufficient. Nations have utilized different economic resources; people have developed different skills. This is the foundation of international trade and economic activities.Foreign trade, the exchange of goods between nations, takes place for manyreasons. The first, as mentioned above, is that no nation has all of the commodities than it needs. Raw materials are scattered around the world. Large deposits of copper are mined in Peru and Zaire, diamonds are mined in South Africa, and petroleum is recovered in Middle East. Countries that do not have these resources within their own boundaries must buy from countries that export them.Foreign trade also occurs because a country often does not have enough of aparticular item to meet its needs. Although the United States is a major producer of sugar, it consumes more than it can produce internally and thus must import sugar. Third, one nation can sell some items at a lower cost than other countries. Japanhas been able to export large quantities of radios and television sets because it can produce them more efficiently than other countries. It is cheaper for the United States to buy these from Japan than to produce them domestically.Finally, foreign trade takes place because of innovation or style. Even though the United States produces more automobiles than any other country, it still imports large quantities of autos from Germany, Japan and Sweden, primarily because there is a market for them in the United States.2). The different kinds of trade nations engaged in are varied and complex, amixture of visible and invisible trade. Most nations are more dependent on exports than on any other activity. The earnings from exports pay for the imports that they need and want. A nation’s balance of payment is a record of these complex transactions. By reflecting all of these transactions in monetary terms , a nation is able to combine the income it receives, for example, from exports, tourists expenditures, and immigrant remittances. This combined incomes is then spent on such items as manufactured goods from other countries, travel for its citizens to other countries, and the hiring of construction engineers.Chapter3I. Translate the followings from Chinese into English:1 terms of payment2 written form of contract3 execution of the contract4 sales contract5 purchase confirmation6 terms of transaction7 trading partners 8 the setting up of a contract9 trade agreement 10 consignment contract11 the contract proper 12 extension of the contract13 the contracting parties 14 special clause15 general terms and conditionsII. Answer the following questions in English:1 A contract is an agreement which sets forth bind obligations of the relevantparties. And any part that fails to fulfill his contractual obligations may be sued and forced to make compensation.2 There are two parties of business contract negotiations: oral and written. The former refers to direct discussions abroad; written negotiations often begin with enquiries made by the buyers.3 A written contract is generally prepared and signed as the proof of the agreement and as the basis for its execution. A sales or purchase confirmation is less detailed than a contract, covering only the essential terms of the transaction. It is usually used for smaller deals or between familiar trade partners.4 The setting up of a contract is similar to that of a trade agreement or any other type of formal agreements. It generally contains: 1) the title. The type of the contract is indicated in the title; 2) the contract proper. It is the main part of a contract; 3) thesignature of the contracting parties indicating their status as the seller or the buyer;4)the stipulations on the back of the contract and are equally binding upon the contracting parties.5 It generally contains the time of shipment, the mode of payment described in addition to an exact description of the goods including the quantity, quality, specifications, packing methods, insurance, commodity inspection, claims, arbitration and force majeure, etc.III. Translate the following into Chinese:合同是在双方达成协议的基础上制定的，而协议又是双方进行商务谈判的结果。
国际贸易实务_双语教案_附术语中英文对译
国际贸易实务教案Chapter 1 Brief Introduction to International Trade国际贸易简介1.1 Reasons for international trade1.1.1Resources Reasons(1) Natural resources.(2) Favorable climate conditions and terrain.(3) Skilled workers and capital resources.(4) Favorable geographic location and transportation costs.1.1.2Economic Reasons(1) Comparative advantage(2) Strong domestic demand(3) Innovation or style1.1.3Political Reasons1.2 Problems Concerning International Trade1.2.1Cultural Problems(1) Language.(2) Customs and manners.1.2.2Monetary Conversions1.2.3Trade BarriersIndividual countries put controls on trade for the following three reasons:(1) To correct a balance-of-payments deficit.(2) For reasons of national security.(3) To protect their own industries against the competition of foreign goods.Although tariffs have been lowered substantially by international agreements, countries continue to use other devices to limit imports or to increase exports. Some of these are:(1) requiring import licenses that permit only specific volumes or values imports;(2) setting quotas that limit the total value or volume of a product to be imported;(3) limiting government purchases to firms within the country;(4) applying standards for safety, consumer protection, or other reasons, which foreign products may not be able to meet;(5) making special payments called export subsidies to encourage local exporters to increase foreign sales;(6) targeting——a new term meaning the imposition of a package of measures to give certain local industries a competitive advantage in export markets. It might include export subsidies, technical assistance, subsidies for research and development, and financial assistance;(7) requiring licenses to obtain foreign currencies by those who want to buy goods from abroad——thus limiting the quantity of imports they can buy;(8) reducing the value of a nation’s currency in relation to that of the rest of the world so that its exported goods cost less in other countries and its imports cost more;(9) imposing conditions on foreign products such as requiring that their goods contain a certain amount of locally produced products;(10) restricting trade in banking, insurance, and other service professions.练习一：导论思考题：1国际贸易实务课程的主要任务和研究对象是什么？本课程包括哪些主要内容？2与国内贸易相比进出口贸易有何特点？3国际贸易中影响较大的惯例、条约有哪些？其主要内容是什么？有何特点？4根据我国合同法规定，合同应包括哪些主要内容？5进出口贸易一般要经过哪几个步骤？在进出口业务中，出口商/进口商的主要工作是什么？Chapter 5. Trade Terms and Export PricingPart I. Outline本章要点5.1 Trade Terms and International Trade Practices贸易术语与国际贸易惯例5.2 13 Trade Terms in INCOTERMS 2000《2000通则》中的13中贸易术语5.3 Selection of Trade Terms贸易术语的选用5.4 Export Pricing出口定价5.1Trade Terms and International Trade Practices贸易术语与国际贸易惯例5.1.1 国际货物买卖适用的法律与惯例1、交易双方当事人所在国的国内法2、国家对外缔结或参加的有关国际贸易、国际运输、商标、专利、仲裁等方面的条约和协定。
国际贸易双语教案问题答案
CHAPTER 19WHAT DETERMINES EXCHANGE RATES?Objectives of the ChapterIn the short run, fluctuations in exchange rates can be related to demands for and supplies of assets denominated in different currencies—what we call “the asset market approach to exchange rates.” Here, we revisit the international financial investors and incorporate the impact of interest rate differentials and exchange rate expectations into the determination of the current spot exchange rate.In the long run, purchasing power parity suggests that movements in exchange rates are determined by differences in countries’ inflation rates. The “monetary approach to exchange rates” explains inflation rates as functions of relative demands for and supplies of domestic and foreign monies. Linking the two, we get a model that ties exchange rates to “fundamentals” such as incomes and relative money supplies. After studying Chapter 19 you should be able to explain1. the impact of interest rates on the current exchange rate.2. the impact of expectations about future spot rates on the current exchange rate.3. what exchange rate overshooting is, and why it can occur.4. how short-run exchange rate movements can diverge from what would be predicted by marketfundamentals.5. the purchasing power parity hypothesis, in both its absolute and relative forms.6. the quantity theory of money in a two-country world.7. the difference between nominal and real exchange rates.Important ConceptsAsset market approach Explains exchange rates in terms of demands and supplies to exchange rates: of all assets denominated in different currencies. The monetaryapproach to exchange rates is a variant of this approach in whichonly demands and supplies of the money asset are considered. Bandwagon: A situation in which investors expect the recent trend in exchangerates to extend into the future.Law of one price:Asserts that a single commodity will have the same price everywhereonce the prices are expressed in the same currency. This is anotherway of stating the purchasing power parity hypothesis. It seems to betrue chiefly for commodities that are standardized and heavily tradedinternationally.Monetary approach Seeks to explain exchange rates by focusing on the demands to exchange rates: for and supplies of national monies.Nominal bilateral exchange rate: The exchange rate we see quoted in foreign exchange markets.Nominal effective exchange rate: The weighted-average exchange value of a country’s currency,where the weights reflect the importance of the other countries int he home country’s total international trade.Overshooting: When the exchange rate is driven past its ultimate equilibrium rate(usually thought to be the PPP level), and then back to that rate later,during the adjustment of the macroeconomy to an exogenous shock.This effect is the consequence of goods prices that are sticky in theshort run.Purchasing power parity: In its absolute form, this hypothesis says that the exchange rate willequal the ratio of the domestic price level to the foreign price level,or e= P/P f. (In its relative form, the hypothesis states that thedifference over time in inflation rates will be offset by changes inthe exchange rate over that period)] An approximation of relativepurchasing power parity is [e future–e today]= [(inflation rate at home)minus (inflation rate in the foreign country]).Quantity theory Theorizes that, in any country, the money supply is equal to the of money: demand for money, which is directly proportional to the value ofnominal gross domestic product. This is symbolized as M = kPY.Here, money’s only role is as a medium of exchange.Real exchange rate: A way of measuring the price of foreign goods, not just in currency-adjusted terms, but also in price-level-adjusted terms. The realexchange rate on a currency at any moment in time is calculated as:[(foreign cost of home currency) x (P/P f) x (100)]. If purchasingpower parity holds between the two countries, the real exchange ratewill be 100. When the real exchange rate is above 100, the homecurrency is overvalued and the foreign currency is undervalued;when the real exchange rate is less than 100, the home currency isundervalued and the foreign currency is overvalued.Speculative bubble: A self-confirming upward or downward movement in a price (here,the exchange rate) that is out of line with the changes in thefundamental factors that determine the price of that object.Warm-up QuestionsTrue or False? Explain.1. T / F An expectation that the yen will appreciate can cause the yen to appreciate.2. T / F An increase in the domestic interest rate will cause the home currency to depreciate.3. T / F International interest rate differentials drive exchange rates in the short run; internationalprice differentials drive exchange rates in the long run.4. T / F The purchasing power parity hypothesis is unlikely to be true for countries that do nottrade commodities internationally.5. T / F If the inflation rate in the United States is lower than the inflation rate in France, the eurowill depreciate relative to the dollar.Multiple Choice1. If there is a sudden five percent decrease in the domestic money supply, we should expectA. the domestic currency to appreciate by five percent in the long run.B. the domestic currency to appreciate by six percent in the short run.C. the foreign currency to depreciate as demand for foreign assets decreases.D. all of the above.2. Under the asset market approach, if both U.S. and British interest rates rise by three percentagepoints, we could expectA. the dollar to appreciate.B. the dollar to depreciate.C. the exchange rate between the dollar and the pound to remain unchanged.D. investors to move their funds to a third country.3. If a country’s nominal interest rate increases b y the same percentage that the inflation rate hasincreased,A. international investors will withdraw their funds from the country.B. international investors will pour more funds into the country.C. international investors will demand an increase in the real interest rate they are paid.D. none of the above.4. All other things being equal, if the British government increases the money supply by 5% whilethe British economy is experiencing 5% real growth, the exchange rate on the pound will beA. unaffected.B. higher.C. lower.D. a mystery.5. All other things being equal, which of the following would not cause the price of a foreigncurrency (e) to fall?A. A rise in the home country’s expected inflation rate.B. A rise in the foreign coun try’s expected inflation rate.C. A drop in the foreign country’s real income.D. A rise in the foreign country’s money supply.Problems1. What impact will each of the following events have on the current spot exchange rate betweenthe Saxon scudo (Ss) and the Leinster lira (Ll)? You should assume that each event was notpredicted in advance.a. Leinster residents expect the scudo to appreciate.b. Saxony’s new government was voted in on a “Whip Inflation Now” platform.c. A change in saving behavior causes the real interest rate in Leinster to increase.d. The Minister of Trade announces that Saxony has incurred a much larger trade deficit thanhad been predicted.e. An earthquake flattens the major telephone factory in Leinster.f. The Minister of Finance in Leinster is charged with embezzling one billion lira from theTreasury.2. Consider the following information:▪Today’s spot exchange rate between the scudo and the lira is Ss 100/Ll.▪People believe that in the next 90 days the lira is going to appreciate to Ss 101/Ll.▪The 90-day interest rate in Saxony is 2 percent; the 90-day interest rate in Leinster is1.5 percent.a. Does uncovered interest parity hold?b. If it does not hold, at what current spot rate would it hold?3. A group of Saxon economics students is planning to spend a summer in Leinster when theygraduate from college in two years. Obviously, they are concerned about how much it will cost to vacation in Leinster. They know that, currently, the typical vacation basket of goods costs 12,000 scudos in Saxony; the same array of goods costs 120 lira in Leinster. The exchange rate now isSs 100/Ll. Suppose they have taken a course in international finance and know that the newlyelected Finance Minister of Leinster is going to decrease the lira supply by one-third in the next two weeks.a. What can the students expect the exchange rate on the lira to be when they graduate in twoyears?b. Will that exchange rate be the same one they can expect to see in the next few months?4. Suppose the Saxon monetary authorities are prone to flooding their country with new scudo,whereas Leinster’s government officials hate t o increase the supply of lira. In light of this, what would you expect to be the long-run trend in the exchange rate between the scudo and the lira?5. Calculate the real exchange rate on the British pound, assuming the following hypothetical data:e = $2/₤P UK = ₤150P US = $2006. Suppose the U.S. price level in 2008 is 120 (where the year 1998 = 100) and the price level inMexico is 180 (where the year 1998 = 100). The exchange rate in 1998 was 150 Mexican pesos per U.S. dollar. According to the purchasing power parity hypothesis, what would be theequilibrium exchange rate between the peso and the dollar in 2008?7. The “Cambridge k” from the money demand formula is thought to depend on behavioralvariables that do not change much in the short run. Suppose that some sort of financialinnovation in the United States causes “k” to decrease. (A good example might be theproliferation of credit cards.)a. What impact would this have on the demand for money in the U.S.?b. What impact would this have on the exchange rate between the dollar and the Mexican peso?Discussion Topics1. If the prices of goods and services are flexible even in the short run, will exchange rateovershooting occur?2. Try to match recent changes in the exchange rate of some currency to political events in thatcountry, such as elections or new criminal investigations; also compare changes in the exchange rate to economic “news” about the country’s budget or trade balance.3. Discuss how a substantial movement away from free trade would nullify the purchasing powerparity hypothesis.4. If a country wants to peg its exchange rate, should it peg its nominal rate or its real rate?5. What would you expect to happen to the currency value of a country engaged in war? Relateyour answer to the observation that few countries maintain fixed exchange rates during periods of war.。
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CHAPTER 19WHAT DETERMINES EXCHANGE RATES?Objectives of the ChapterIn the short run, fluctuations in exchange rates can be related to demands for and supplies of assets denominated in different currencies—what we call “the asset market approach to exchange rates.” Here, we revisit the international financial investors and incorporate the impact of interest rate differentials and exchange rate expectations into the determination of the current spot exchange rate.In the long run, purchasing power parity suggests that movements in exchange rates are determined by differences in countries’ inflation rates. The “monetary approach to exchange rates” explains inflation rates as functions of relative demands for and supplies of domestic and foreign monies. Linking the two, we get a model that ties exchange rates to “fundamentals” such as incomes and relative money supplies. After studying Chapter 19 you should be able to explain1. the impact of interest rates on the current exchange rate.2. the impact of expectations about future spot rates on the current exchange rate.3. what exchange rate overshooting is, and why it can occur.4. how short-run exchange rate movements can diverge from what would be predicted by marketfundamentals.5. the purchasing power parity hypothesis, in both its absolute and relative forms.6. the quantity theory of money in a two-country world.7. the difference between nominal and real exchange rates.Important ConceptsAsset market approach Explains exchange rates in terms of demands and supplies to exchange rates: of all assets denominated in different currencies. The monetaryapproach to exchange rates is a variant of this approach in whichonly demands and supplies of the money asset are considered. Bandwagon: A situation in which investors expect the recent trend in exchangerates to extend into the future.Law of one price:Asserts that a single commodity will have the same price everywhereonce the prices are expressed in the same currency. This is anotherway of stating the purchasing power parity hypothesis. It seems to betrue chiefly for commodities that are standardized and heavily tradedinternationally.Monetary approach Seeks to explain exchange rates by focusing on the demands to exchange rates: for and supplies of national monies.Nominal bilateral exchange rate: The exchange rate we see quoted in foreign exchange markets.Nominal effective exchange rate: The weighted-average exchange value of a country’s currency,where the weights reflect the importance of the other countries int he home country’s total international trade.Overshooting: When the exchange rate is driven past its ultimate equilibrium rate(usually thought to be the PPP level), and then back to that rate later,during the adjustment of the macroeconomy to an exogenous shock.This effect is the consequence of goods prices that are sticky in theshort run.Purchasing power parity: In its absolute form, this hypothesis says that the exchange rate willequal the ratio of the domestic price level to the foreign price level,or e= P/P f. (In its relative form, the hypothesis states that thedifference over time in inflation rates will be offset by changes inthe exchange rate over that period)] An approximation of relativepurchasing power parity is [e future–e today]= [(inflation rate at home)minus (inflation rate in the foreign country]).Quantity theory Theorizes that, in any country, the money supply is equal to the of money: demand for money, which is directly proportional to the value ofnominal gross domestic product. This is symbolized as M = kPY.Here, money’s only role is as a medium of exchange.Real exchange rate: A way of measuring the price of foreign goods, not just in currency-adjusted terms, but also in price-level-adjusted terms. The realexchange rate on a currency at any moment in time is calculated as:[(foreign cost of home currency) x (P/P f) x (100)]. If purchasingpower parity holds between the two countries, the real exchange ratewill be 100. When the real exchange rate is above 100, the homecurrency is overvalued and the foreign currency is undervalued;when the real exchange rate is less than 100, the home currency isundervalued and the foreign currency is overvalued.Speculative bubble: A self-confirming upward or downward movement in a price (here,the exchange rate) that is out of line with the changes in thefundamental factors that determine the price of that object.Warm-up QuestionsTrue or False? Explain.1. T / F An expectation that the yen will appreciate can cause the yen to appreciate.2. T / F An increase in the domestic interest rate will cause the home currency to depreciate.3. T / F International interest rate differentials drive exchange rates in the short run; internationalprice differentials drive exchange rates in the long run.4. T / F The purchasing power parity hypothesis is unlikely to be true for countries that do nottrade commodities internationally.5. T / F If the inflation rate in the United States is lower than the inflation rate in France, the eurowill depreciate relative to the dollar.Multiple Choice1. If there is a sudden five percent decrease in the domestic money supply, we should expectA. the domestic currency to appreciate by five percent in the long run.B. the domestic currency to appreciate by six percent in the short run.C. the foreign currency to depreciate as demand for foreign assets decreases.D. all of the above.2. Under the asset market approach, if both U.S. and British interest rates rise by three percentagepoints, we could expectA. the dollar to appreciate.B. the dollar to depreciate.C. the exchange rate between the dollar and the pound to remain unchanged.D. investors to move their funds to a third country.3. If a country’s nominal interest rate increases b y the same percentage that the inflation rate hasincreased,A. international investors will withdraw their funds from the country.B. international investors will pour more funds into the country.C. international investors will demand an increase in the real interest rate they are paid.D. none of the above.4. All other things being equal, if the British government increases the money supply by 5% whilethe British economy is experiencing 5% real growth, the exchange rate on the pound will beA. unaffected.B. higher.C. lower.D. a mystery.5. All other things being equal, which of the following would not cause the price of a foreigncurrency (e) to fall?A. A rise in the home country’s expected inflation rate.B. A rise in the foreign coun try’s expected inflation rate.C. A drop in the foreign country’s real income.D. A rise in the foreign country’s money supply.Problems1. What impact will each of the following events have on the current spot exchange rate betweenthe Saxon scudo (Ss) and the Leinster lira (Ll)? You should assume that each event was notpredicted in advance.a. Leinster residents expect the scudo to appreciate.b. Saxony’s new government was voted in on a “Whip Inflation Now” platform.c. A change in saving behavior causes the real interest rate in Leinster to increase.d. The Minister of Trade announces that Saxony has incurred a much larger trade deficit thanhad been predicted.e. An earthquake flattens the major telephone factory in Leinster.f. The Minister of Finance in Leinster is charged with embezzling one billion lira from theTreasury.2. Consider the following information:▪Today’s spot exchange rate between the scudo and the lira is Ss 100/Ll.▪People believe that in the next 90 days the lira is going to appreciate to Ss 101/Ll.▪The 90-day interest rate in Saxony is 2 percent; the 90-day interest rate in Leinster is1.5 percent.a. Does uncovered interest parity hold?b. If it does not hold, at what current spot rate would it hold?3. A group of Saxon economics students is planning to spend a summer in Leinster when theygraduate from college in two years. Obviously, they are concerned about how much it will cost to vacation in Leinster. They know that, currently, the typical vacation basket of goods costs 12,000 scudos in Saxony; the same array of goods costs 120 lira in Leinster. The exchange rate now isSs 100/Ll. Suppose they have taken a course in international finance and know that the newlyelected Finance Minister of Leinster is going to decrease the lira supply by one-third in the next two weeks.a. What can the students expect the exchange rate on the lira to be when they graduate in twoyears?b. Will that exchange rate be the same one they can expect to see in the next few months?4. Suppose the Saxon monetary authorities are prone to flooding their country with new scudo,whereas Leinster’s government officials hate t o increase the supply of lira. In light of this, what would you expect to be the long-run trend in the exchange rate between the scudo and the lira?5. Calculate the real exchange rate on the British pound, assuming the following hypothetical data:e = $2/₤P UK = ₤150P US = $2006. Suppose the U.S. price level in 2008 is 120 (where the year 1998 = 100) and the price level inMexico is 180 (where the year 1998 = 100). The exchange rate in 1998 was 150 Mexican pesos per U.S. dollar. According to the purchasing power parity hypothesis, what would be theequilibrium exchange rate between the peso and the dollar in 2008?7. The “Cambridge k” from the money demand formula is thought to depend on behavioralvariables that do not change much in the short run. Suppose that some sort of financialinnovation in the United States causes “k” to decrease. (A good example might be theproliferation of credit cards.)a. What impact would this have on the demand for money in the U.S.?b. What impact would this have on the exchange rate between the dollar and the Mexican peso?Discussion Topics1. If the prices of goods and services are flexible even in the short run, will exchange rateovershooting occur?2. Try to match recent changes in the exchange rate of some currency to political events in thatcountry, such as elections or new criminal investigations; also compare changes in the exchange rate to economic “news” about the country’s budget or trade balance.3. Discuss how a substantial movement away from free trade would nullify the purchasing powerparity hypothesis.4. If a country wants to peg its exchange rate, should it peg its nominal rate or its real rate?5. What would you expect to happen to the currency value of a country engaged in war? Relateyour answer to the observation that few countries maintain fixed exchange rates during periods of war.。