Chapter 7 参考答案

米什金货币金融学英文版习题答案chapter 7英文习题

Economics of Money, Banking, and Financial Markets, 11e, Global Edition (Mishkin) Chapter 7 The Stock Market, the Theory of Rational Expectations, and the Efficient Market Hypothesis7.1 Computing the Price of Common Stock1) A stockholder's ownership of a company's stock gives her the right toA) vote and be the primary claimant of all cash flows.B) vote and be the residual claimant of all cash flows.C) manage and assume responsibility for all liabilities.D) vote and assume responsibility for all liabilities.Answer: BAACSB: Analytical Thinking2) Stockholders are residual claimants, meaning that theyA) have the first priority claim on all of a company's assets.B) are liable for all of a company's debts.C) will never share in a company's profits.D) receive the remaining cash flow after all other claims are paid.Answer: DAACSB: Analytical Thinking3) Periodic payments of net earnings to shareholders are known asA) capital gains.B) dividends.C) profits.D) interest.Answer: BAACSB: Analytical Thinking4) The value of any investment is found by computing theA) present value of all future sales.B) present value of all future liabilities.C) future value of all future expenses.D) present value of all future cash flows.Answer: DAACSB: Analytical Thinking5) In the one-period valuation model, the value of a share of stock today depends uponA) the present value of both the dividends and the expected sales price.B) only the present value of the future dividends.C) the actual value of the dividends and expected sales price received in one year.D) the future value of dividends and the actual sales price.Answer: AAACSB: Analytical Thinking6) In the one-period valuation model, the current stock price increases ifA) the expected sales price increases.B) the expected sales price falls.C) the required return increases.D) dividends are cut.Answer: AAACSB: Reflective Thinking7) In the one-period valuation model, an increase in the required return on investments in equityA) increases the expected sales price of a stock.B) increases the current price of a stock.C) reduces the expected sales price of a stock.D) reduces the current price of a stock.Answer: DAACSB: Reflective Thinking8) In a one-period valuation model, a decrease in the required return on investments in equity causes a(n) ________ in the ________ price of a stock.A) increase; currentB) increase; expected salesC) decrease; currentD) decrease; expected salesAnswer: AAACSB: Reflective Thinking9) Using the one-period valuation model, assuming a year-end dividend of $0.11, an expected sales price of $110, and a required rate of return of 10%, the current price of the stock would beA) $110.11.B) $121.12.C) $100.10.D) $100.11Answer: CAACSB: Analytical Thinking10) Using the one-period valuation model, assuming a year-end dividend of $1.00, an expected sales price of $100, and a required rate of return of 5%, the current price of the stock would beA) $110.00.B) $101.00.C) $100.00.D) $96.19.Answer: DAACSB: Analytical Thinking11) In the generalized dividend model, if the expected sales price is in the distant futureA) it does not affect the current stock price.B) it is more important than dividends in determining the current stock price.C) it is equally important with dividends in determining the current stock price.D) it is less important than dividends but still affects the current stock price.Answer: AAACSB: Analytical Thinking12) In the generalized dividend model, a future sales price far in the future does not affect the current stock price becauseA) the present value cannot be computed.B) the present value is almost zero.C) the sales price does not affect the current price.D) the stock may never be sold.Answer: BAACSB: Analytical Thinking13) In the generalized dividend model, the current stock price is the sum ofA) the actual value of the future dividend stream.B) the present value of the future dividend stream.C) the present value of the future dividend stream plus the actual future sales price.D) the present value of the future sales price.Answer: BAACSB: Analytical Thinking14) Using the Gordon growth model, a stock's current price will increase ifA) the dividend growth rate increases.B) the growth rate of dividends falls.C) the required rate of return on equity rises.D) the expected sales price rises.Answer: AAACSB: Reflective Thinking15) Using the Gordon growth model, a stock's current price decreases whenA) the dividend growth rate increases.B) the required return on equity decreases.C) the expected dividend payment increases.D) the growth rate of dividends decreases.Answer: DAACSB: Reflective Thinking16) In the Gordon growth model, a decrease in the required rate of return on equityA) increases the current stock price.B) increases the future stock price.C) reduces the future stock price.D) reduces the current stock price.Answer: AAACSB: Reflective Thinking17) Using the Gordon growth formula, if D1 is $2.00, k e is 12% or 0.12, and g is 10% or 0.10, then the current stock price isA) $20.B) $50.C) $100.D) $150.Answer: CAACSB: Analytical Thinking18) Using the Gordon growth formula, if D1 is $1.00, k e is 10% or 0.10, and g is 5% or 0.05, then the current stock price isA) $10.B) $20.C) $30.D) $40.Answer: BAACSB: Analytical Thinking19) Using the Gordon growth model, if D1 is $.50, k e is 7%, and g is 5%, then the present value of the stock isA) $2.50.B) $25.C) $50.D) $46.73.Answer: BAACSB: Analytical Thinking20) One of the assumptions of the Gordon Growth Model is that dividends will continue growing at ________ rate.A) an increasingB) a fastC) a constantD) an escalatingAnswer: CAACSB: Analytical Thinking21) In the Gordon Growth Model, the growth rate is assumed to be ________ the required return on equity.A) greater thanB) equal toC) less thanD) proportional toAnswer: CAACSB: Analytical Thinking22) You believe that a corporation's dividends will grow 5% on average into the foreseeable future. If the company's last dividend payment was $5 what should be the current price of the stock assuming a 12% required return?Answer: Use the Gordon Growth Model.$5(1 + .05)/(.12 - .05) = $75AACSB: Analytical Thinking23) What rights does ownership interest give stockholders?Answer: Stockholders have the right to vote on issues brought before the stockholders, be the residual claimant, that is, receive a portion of any net earnings of the corporation, and the right to sell the stock.AACSB: Reflective Thinking7.2 How the Market Sets Stock Prices1) In asset markets, an asset's price isA) set equal to the highest price a seller will accept.B) set equal to the highest price a buyer is willing to pay.C) set equal to the lowest price a seller is willing to accept.D) set by the buyer willing to pay the highest price.Answer: DAACSB: Reflective Thinking2) Information plays an important role in asset pricing because it allows the buyer to more accurately judgeA) liquidity.B) risk.C) capital.D) policy.Answer: BAACSB: Analytical Thinking3) New information that might lead to a decrease in a stock's price might beA) an expected decrease in the level of future dividends.B) a decrease in the required rate of return.C) an expected increase in the dividend growth rate.D) an expected increase in the future sales price.Answer: AAACSB: Reflective Thinking4) A change in perceived risk of a stock changesA) the expected dividend growth rate.B) the expected sales price.C) the required rate of return.D) the current dividend.Answer: CAACSB: Reflective Thinking5) A stock's price will fall if there isA) a decrease in perceived risk.B) an increase in the required rate of return.C) an increase in the future sales price.D) current dividends are high.Answer: BAACSB: Reflective Thinking6) A monetary expansion ________ stock prices due to a decrease in the ________ and an increase in the ________, everything else held constant.A) reduces; future sales price; expected rate of returnB) reduces; current dividend; expected rate of returnC) increases; required rate of return; future sales priceD) increases; required rate of return; dividend growth rateAnswer: DAACSB: Reflective Thinking7) The global financial crisis lead to a decline in stock prices becauseA) of a lowered expected dividend growth rate.B) of a lowered required return on investment in equity.C) higher expected future stock prices.D) higher current dividends.Answer: AAACSB: Reflective Thinking8) Increased uncertainty resulting from the global financial crisis ________ the required return on investment in equity.A) raisedB) loweredC) had no impact onD) decreasedAnswer: AAACSB: Reflective Thinking7.3 The Theory of Rational Expectations1) Economists have focused more attention on the formation of expectations in recent years. This increase in interest can probably best be explained by the recognition thatA) expectations influence the behavior of participants in the economy and thus have a major impact on economic activity.B) expectations influence only a few individuals, have little impact on the overall economy, but can have important effects on a few markets.C) expectations influence many individuals, have little impact on the overall economy, but can have distributional effects.D) models that ignore expectations have little predictive power, even in the short run. Answer: AAACSB: Reflective Thinking2) The view that expectations change relatively slowly over time in response to new information is known in economics asA) rational expectations.B) irrational expectations.C) slow-response expectations.D) adaptive expectations.Answer: DAACSB: Analytical Thinking3) If expectations of the future inflation rate are formed solely on the basis of a weighted average of past inflation rates, then economists would say that expectation formation isA) irrational.B) rational.C) adaptive.D) reasonable.Answer: CAACSB: Analytical Thinking4) If expectations are formed adaptively, then peopleA) use more information than just past data on a single variable to form their expectations of that variable.B) often change their expectations quickly when faced with new information.C) use only the information from past data on a single variable to form their expectations of that variable.D) never change their expectations once they have been made.Answer: CAACSB: Reflective Thinking5) If during the past decade the average rate of monetary growth has been 5% and the average inflation rate has been 5%, everything else held constant, when the Federal Reserve announces that the new rate of monetary growth will be 10%, the adaptive expectation forecast of the inflation rate isA) 5%.B) between 5 and 10%.C) 10%.D) more than 10%.Answer: AAACSB: Reflective Thinking6) The major criticism of the view that expectations are formed adaptively is thatA) this view ignores that people use more information than just past data to form their expectations.B) it is easier to model adaptive expectations than it is to model rational expectations.C) adaptive expectations models have no predictive power.D) people are irrational and therefore never learn from past mistakes.Answer: AAACSB: Reflective Thinking7) In rational expectations theory, the term "optimal forecast" is essentially synonymous withA) correct forecast.B) the correct guess.C) the actual outcome.D) the best guess.Answer: DAACSB: Analytical Thinking8) If a forecast is made using all available information, then economists say that the expectation formation isA) rational.B) irrational.C) adaptive.D) reasonable.Answer: AAACSB: Analytical Thinking9) If a forecast made using all available information is NOT perfectly accurate, then it isA) still a rational expectation.B) not a rational expectation.C) an adaptive expectation.D) a second-best expectation.Answer: AAACSB: Analytical Thinking10) If expectations are formed rationally, then individualsA) will have a forecast that is 100% accurate all of the time.B) change their forecast when faced with new information.C) use only the information from past data on a single variable to form their forecast.D) have forecast errors that are persistently low.Answer: BAACSB: Analytical Thinking11) If additional information is not used when forming an optimal forecast because it is not available at that time, then expectations areA) obviously formed irrationally.B) still considered to be formed rationally.C) formed adaptively.D) formed equivalently.Answer: BAACSB: Analytical Thinking12) An expectation may fail to be rational ifA) relevant information was not available at the time the forecast is made.B) relevant information is available but ignored at the time the forecast is made.C) information changes after the forecast is made.D) information was available to insiders only.Answer: BAACSB: Analytical Thinking13) According to rational expectations theory, forecast errors of expectationsA) are more likely to be negative than positive.B) are more likely to be positive than negative.C) tend to be persistently high or low.D) are unpredictable.Answer: DAACSB: Analytical Thinking。

信号与系统奥本海姆英文版课后答案chapter7

137Chapter 7 Answers7.1 From the Nyquist sampling theorem , we know that only if X (j w)=0 for |w| > w s /2 will be signal be recoverable from its samples. Therefore, X(jw)>5000л.7.2 From the Nyquist theorem ,we know that the sampling frequency in this case must be at least w s =2000п.In other words ,the sampling period should be at most T=2п/ (w s )=1＊10-3.Clearly ,only (a) and (e) satisfy this condition.7.3 (a) We can easily show that X(j w)=0 for |w| >4000п.Therefore, the Nyquist rate for this signal is w N =2(4000п)=8000п.(b)From the Tables 4.1 and 4.2 we know that X(j w) is a rectangular pulse for which X(j w)=0 for |w| > 4000п.Therefore, the Nyquist rate for this signal is w N =2(4000п)=800п.(c) From the Tables 4.1 and 4.2 we know that X(j w) is the convolution of two rectangular pulses each of which is zero for |w| > 4000п.Therefore ,X(j w)=0 for |w| >8000пand the Nyquist rate for this signal is w N =2(8000п)=16000п.7.4 If the signal x(t) has a Nyquist rate of w o ,then its Fourier transform X (j w)=0 for |w| > w o /2. (a) From chapter 4,y(t) = x (t) + x (t-1) −→←FTY (jw) = X (jw) + e -jwt X (jw).Clearly, we can only guarantee that Y (jw) =0 for |w| > w o /2. Therefore, the Nyquist rate for y(t) is also w o . (b) From chapter 4,y(t) = dtt dx )( −→←FTY (jw)= jw X(jw).Clearly, we can only guarantee that Y (jw) =0 for |w| > w o /2. Therefore, the Nyquist rate for y(t) is also w o . (c) From chapter 4,y(t) =x 2(t) −→←FTY (jw)= (1/2п)[X(jw)*X(jw)]Clearly, we can only guarantee that Y (jw) =0 for |w| > w o . Therefore, the Nyquist rate for y(t) is also 2w o . (d) From chapter 4,y(t)=x(t)cos (w o t) −→←FTY (jw)= (1/2)X(j(w- w o )) +(1/2)X(j(w+ w o )).Clearly, we can guarantee that Y (jw) =0 for |w| > w o + w o /2. Therefore, the Nyquist rate for y(t) is 3w o. 7.5 Using Table 4.2,p(t) −→←FT Tπ2∑∞-∞=-K T K )/2(πωδFrom Table 4.1 p(t-1) −→←FT Tπ2 e -jw T jk k eTk ππωδ2)2(-∞-∞=∑-. Since y(t)=x(t)p(t-1),we haveY (jw)= (1/2п)[X(jw)*FT{P(t-1)}]=(1/T)T jk K e Tk j X ππω2))2((-∞-∞=∑-Therefore, Y(j ω) consists of replicates of X(j ω) shifted by k2π/T and added to earth other (see Figure⎩⎨⎧≤=otherwiseT j H c ,0||,)(ωωωWhere (2/0ω)<c ω<(2π/T) - (2/0ω).7.6 Consider the signal w(t)=x 1(t)x 2(t).The Fourier transform W(j ω) of w(t) is given by W(j ω)=π21[])(*)(21ωωj X j X .Since 0)(1=ωj X for |ω|≥1ωand X 2(j ω)=0 for |ω|≥2ω, we may conclude that W(j ω)=0 for |ω|≥1ω+2ω.Consequently ，the Nyquist rate for w(t) iss ω=2(1ω+2ω).Therefore ,the maximum sampling138period which would still allow w(t) to be recovered is T=2π/(s ω)=π/(1ω+2ω). 7.7 We note thatx 1(t) =h 1(t)*{∑∞-∞=-n nT t nT x )()(δ}Form Figure 7.7 in the book ,we know that the output of the zero-order hold may be written as x 0(t)=h 0(t)* {∑∞-∞=-n nT t nT x )()(δ}where h 0(t) is as shown in Figure S7.7 By taking the Fourier transform of the two above equations, we have X 1(j ω)=H 1( j ω)X p ( j ω)X 0(j ω)=H 0( j ω) X p ( j ω)We now need to determine a frequency response H d ( j ω) for a filter which produces x 1(t) at its output when x 0(t) is its input. Therefore, we needX 0(j ω) H d ( j ω)= X 1(j ω)The triangular function h 1(t) may be obtained by convolving two rectangular pulses as shown in Figure S7.7Therefore,h 1(t)={(1/T ) h 0(t+T/2)}*{( 1/T ) h 0(t+T/2)} Taking the Fourier transform of both sides of the above equation, H 1( j ω)=T1e T j ω H 0( j ω) H 0( j ω) ThereforeX 1(j ω)= H 1( j ω) X p ( j ω)=T 1e T j ω H 0( j ω) H 0( j ω) X p ( j ω) =T1e Tj ω H 0( j ω) X 0(j ω)ThereforeH d ( j ω)=T1eTj ω H 0( j ω)=e2/jwT TT ωω)2/sin(2 7.8 (a) Yes, aliasing does occur in this case .This may be easily shown by considering the sinusoidal term of x(t) for k=5. This term is a signal of the form y(t)=(1/2)5sin(5πt).If x(t) is sampled as T=0.2, then we will always be sampling y(t) at exactly its zero-crossings (This is similar to the idea presented in Figure 7.17 of your textbook). Therefore ,the signal y(t) appears to be identical to the signal (1/2)5sin(0πt) for frequency 5π is a liased into a sinusoid of frequency 0 in the sampled signal.(b) The lowpass filter performs band limited interpolation on the signal ∧x(t).But since aliasing has alreadyresulted in the loss of the sinusoid (1/2)5sin(5πt),the output will be of the formx γ(t)=k k )21(40∑= sin(k πt)The Fourier series representation of this signal is of the form139x γ(t)=∑-=44k k a e )/(t k j π-Where a k =-j(1/2)1+kj(1/2)1+-k7.9 The Fourier transform X(jWe know from the results on impulse-train sampling thatG(jw)=∑∞∞--ωωk j X T ((1s )),Where T=2π/s ω=1/75.therefore,G(jw) is as shown in Figure S7.9 .Clearly, G(jw)=(1/T)X(j ω)=75 X(j ω) for |ω|≤50π.7.10 (a) We know that x(t) is not a band-limited signal. Therefore, it cannot undergo impulse-train sampling without aliasing.(b) Form the given X(j ω) it is clear that the signal x(t) which is bandlimited. That is, X(j ω)=0 for |ω|>0ω.Therefore, it must be possible to perform impulse-train sampling on this signal without experiencing aliasing. The minimum sampling rate required would bes ω=20ω,This implies that thesampling period can at most be T=2π/s ω=π/0ω(c) When x(t) undergoes impulse train sampling with T=2π/0ω,we would obtain the signal g(t) with Fourier transformG(jw)= T1∑∞-∞=-k T k j X ))/2((πωFigure S7.10It is clear from the figure that no aliasing occurs, and that X(jw) can be recovered by using a filter with frequency response T 0≤ωω≤0 H(jw)= 0 otherwiseTherefore, the given statement is true. 7.11 We know from Section 7.4 thatX d (ωj e )= T1∑∞-∞=-k cT k j X ))/2((πω(a) Since X d (ωj e) is just formed by shifting and summing replicas of X(jw),we may argue that ifX d (ωj e ) is real , then X(jw) must also be real(b) X d (ωj e) consists of replicas of X(jw) which are scaled by 1/T,Therefore,if X d (ωj e) has amaximum of 1, then X(jw) must also be real.(c) The region πωπ≤≤||4/3in the discrete-time domain corresponds to the regionT T /||)4/(3πωπ≤≤ in the discrete-time domain. Therefore ,if X d (ωj e )=0 forπωπ≤≤||4/3,then X(jw)=0 for πωπ2000||1500≤≤,But since we already have X(jw)=0 for140πω2000||≥,we have X(jw)=0 for πω1500||≥(d) In this case, sinceπ in discrete-time frequency domain corresponds to 2000π in the continuous-time frequency domain, this condition translates to X(jw)=(j(ω-2000π))7.12 Form Section 7.4 ,we know that the discrete and continuous-time frequencies Ω and ω are related by Ω=ω.Therefore, in this case for Ω=43π,we find the corresponding value of ω toω=43πT1=3000π/4=7500π7.13 For this problem ,we use an approach similar to the one used in Example 7.2 .we assume thatx c (t)=tT t ππ)/sin(The overall output isy c (t)= x c (t-2T)= )2()]2)(/sin[(T t T t T --ππForm x c (t). We obtain the corresponding discrete-time signal x d [n] to be x d [n]= x c (nT)= T1][n δalso, we obtain from y c (t),the corresponding discrete-time signal y d [n] to be y d [n]= y c (nT) =)2()]2(sin[(--n T n ππWe note that the right-hand side of the above equation is always zero when n ≠2.When n=2 ,wemay evaluate the value of ratio using L ,Hospital ,s rule to be 1/T ,Thereforey d [n]= T1]2[-n δWe conclude that the impulse response of the filter is h d [n]= ]2[-n δ7.14 For this problem ,we use an approach similar to the one used in Example 7.2.We assume that x c (t)= tT t ππ)]/sin[(The overall output isy c (t)=)2(T t x dt d c -=)2/()]2/()/[()/(T t T t T COS T ---πππ-2))2/(()]2/)(/sin[(T t T t T --πππForm x c (t) , we obtain the corresponding discrete-time signal x d [n] to be x d [n]= x c (nT)= T1][n δAlso, we obtain from yc(t),the corresponding discrete-time signal y d [n] to beY d [n]=y c (nT)=)2/1()]2/1(cos[)/(--n T n T πππ- )2/1()]2/1(sin[--n T n ππThe first term in rig πht-hang side of the above equation is always zero because cos[π(n-1/2)]=0, therefore, y d [n]= )2/1()]2/1(sin[--n T n ππWe conclude that the impulse response of the filter is h d [n]= )2/1()]2/1(sin[--n T n ππ7.15. in this problem we are interested in the lowest rate which x[n] may be sampled without the possibility of aliasing, we use the approach used in Example 7.4 to solve this problem. To find the lowest rate at which x[n] may be sampled while avoiding the possibility of aliasing, we must find an N such that (22≥Nπ)73πN ≤7/37.16 Although the signal x 1[n]=2sin(πn/2)/( πn) satisfies the first tow conditions, it does not satisfy the thirdcondition . This is because the Flurries transform X 1(e j ω) of this signal is rectangular pulse which is zero for π/2<|ω|<π/2 We also note that the signal x[n]=4[sin(πn/2)/(πn)]2 satisfies the first tow conditions. Fromour numerous encounters with this signal, we know that its Fourier transform X(e j ω) is given by the periodic141convolution of X 1(e j ω) with itself. Therefore, X(e j ω) will be a triangular function in the range 0≤|ω|≤π. This obviously satisfies the third condition as well. T therefore, the desired signal is x[n]=4[sin(πn/2)/(πn)]2.7.17 In this problem .we wish to determine the effect of decimating the impulse response of the given filter by a factor of 2. As explained in Section 7.5.2 ,the process of decimation may be broken up into two steps. In the first step we perform impulse train sampling on h[n] to obtain H p [n]∑∞-∞=k h[2k]δ[n-2k]The decimated sequence is then obtained using h 1[n]=h[2n]=h p [2n]Using eq (7.37), we obtain the Fourier transform H p (e j ω) of h p [n] to beH 1(e j ω)=H p (e jω/2)In other words , H 1(e j ω) is H p (e j ω/2) expanded by a factor of 2. This is as shown in the figure above. Therefore, h 1[n]=h[2n] is the impulse response of an ideal lowpass filter with a passband gain of unity and a cutoff frequency of π/27.18 From Figure 7.37,it is clear interpolation by a factor of 2 results in the frequency response getting compressed by a factor of 2. Interpolation also results in a magnitude sealing by a factor of 2. Therefore, in this problem, the interpolated impulse response will correspond to an ideal lowpass filter with cutoff frequency π/ and a passband gain of 2.7.19 The Fourier transform of x[n] is given by1 |ω|≤ω1X(e j ω)= 0 otherwiseThis is as shown in Figure 7.19.(a) when ω1 ≤3π/5, the Fourier transform X 1(e j ω) of the output of the zero-insertion system is shown inFigure 7.19. The output w(e j ω) of the lowpass filter is as shown in Figure 7.19. The Fourier transform of theoutput of the decimation system Y(e j ω) is an expanded or stretched out version of W(e j ω). This is as shown in Figure 7.19.therefore, y[n]=51nn πω)3/5sin(1(b) When ω1＞3π/5, the Fourier’s transform X 1(e j ω) of the output of the zero-insertion system is as shownin Figure 7.19 The output W(e j ω142The Fourier transform of the output of the decimation system Y(e j ω) bis an expanded or stretched outversion of W(e j ω) .This is as shown in Figure S7.19. Therefore,y[n]=][51n δ7.20 Suppose that X(e j ω) is as shown in Figure S7.20, then the Fourier transform X A (e j ω) of the output of theoutput of S A , the Fourier transform X 1(e j ω) of the output of the lowpass filter , and the Fourier transform X B (e j ω) of the output of S B are all shown in the figures below. Clearly this system accomplishes the filtering task .Figure S7.20(b) Suppose that X(e j ω) is as shown in Figure S7.20 ,then the Fourier transform X B (e j ω) of the output ofS B ,the Fourier transform X 1(e j ω)of the output of the first lowpass filter ,the Fourier transfore X A (e j ω) of theoutput of S A ,the Fourier transform X 2(e j ω) of the output of the first lowpass filter are all shown in the figure below .Clearly this system does not accomplish the filtering task. 7.21(a) The Nyquist rate for the given signal is 2×5000π=10000π. Therefore in order to be able to recover x(t)from x p (t) ,the sampling period must at most be T max =2π/10000π=2×10-4 sec .Since the sampling period used is T=10-4＜T max ,x(t) can be recovered from x p (t).(b) The Nyquist rate for the given signal is 2×15000π=30000π. Therefore in order to be able to recover x(t)from x p (t) ,the sampling period must at most be T max =2π/30000π=0.66×10-4 sec .Since the sampling period used is T=10-4＞T max , x(t) can not be recovered from x p (t).(c) Here,I m {X(j ω)} is not specified. Therefore, the Nyquist rate for the signal x(t) is indeterminate. Thisimplies that one cannot guarantee that x(t) would be recoverable from x p (t).(d) Since x(t) is real,we may conclude that X(j ω)=0 for |ω|＞5000. Therefore the answer to this part isidentical to that of part (a)(e) Since x(t) is real, X(j ω)=0 for |ω|＞15000π. Therefore the answer to this part is identical to that of part(b)(f) If X(j ω)=0 for |ω|＞ω1,then X(j ω)*X(j ω)=0 for |ω|＞2ω1,Therefore in this part X(j ω)=0 for |ω|＞7500. The Nyquist rate for this signal is 2×7500π=15000π. Therefore in order to be able to recover x(t) from x p (t) ,the sampling period must at most be T max =2π/15000π=1.33×10-4 sec .Since the sampling period used is T=10-4＜T max , x(t) can be recovered from x p (t). (g)If |X(j ω)|=0 for ω＞5000π,then X(j ω)=0 for |ω|＞5000π. Therefore the answer to this part is identical to that of part (a).7.22 Using the properties of the Fourier transform, we obtain Y(j ω)=X 1(j ω)X 2(j ω).Therefore, Y(j ω)=0 for |ω|＞1000π.This implies that the Nyquist rate for y(t) is2×1000π=2000π.Therefore, the sampling period T can at most be 2π/(2000π)=10-3sec. Therefore we have to use T<10-3sec in order to be able to recover y(t) from y p (t). 7.23(a) We may express p(t) asP(t)=p 1(t)-p 1(t-△);Where p 1(t)=∑∞-∞=∆-k k t )2(δnow,143P 1(j ω)=∆π∑∞-∞=∆-k )/(πωδTherefore,P(j ω)= P 1(j ω)-e -j ω∆P 1(j )ωIs as shown in figure S7.23. Now,X p (j ω)=)](*)([21ωωπjP j XTherefore, X p (j ω) is as sketched below for △<π/(2ωM ),The corresponding Y(j ω) is also sketched in figure S7.23.(b) The system which can be used to recover x(t) from x p (t) is as shown in FigureS7.23. (c) The system which can be used to recover x(t) from x(t) is as shown in FigureS7.23.(d) We see from the figures sketched in part (a) that aliasing is avoided when ωM ≤π/△.therefore, △max =π/ωM.7.24 we may impress s(t) as s(t)=s(t)-1,where s(t) is as shown in Figure S7.24 we may easily show thats (j )ω= ∑∞-∞=-∆k T k kT k )/2()/2sin(4πωδπFrom this, we obtainS(j =-=)(2)()ωπδωωj S∑∞-∞=-∆k T k k T k )/2()/2sin(4πωδπ-2)(ωπδ Clearly, S(j ω) consists of impulses spaced every 2π/T.(a) If △=T/3, thenS(j =)ω∑∞-∞=-k T k kk )/2()3/2sin(4πωδπ-2)(ωπδNow, since w(t)=s(t)x(t),πω21)(=j W ∑∞-∞=--k X T k j X kk )(2))/2(()3/2sin(4ωππωπTherefore, W(j ω)consists of replicas of X(j ω) which are spaced 2π/T apart. Tn order to avoid aliasing,ωW should be less that π/T. Therefore, T max =2π/ωW. (b) If △=T/3, then(a)(b)()jw Figure S7.24x144S(j =)ω∑∞-∞=-k T k k k )/2()4/2sin(4πωδπ-2)(ωπδ we note that S(j ω)=0 for k=0,±2, ±4,…..This is as sketched in Figure S7.24.Therefore, the replicas of X(j ω)in W(j ω) are now spaced 4π/T apart. Tn order to avoid aliasing,ωW should be less that2π/T. Therefore, T max =2π/ωW. 7.25 Here, x T (kT) can be written asX T (kT)= ∑∞-∞=--k nT x n k n k )()()](sin[ππNote that when n ≠k,0)()](sin[=--n k n k ππAnd when n=k,1)()](sin[=--n k n k ππ Therefore,x τ(kT)=x(kT)7.26. We note thatp(j ω)=Tπ2δ(ω－k2π/T)Also, since x p (t)=x(t)p(t).X p (j ω)=12π{ x(j ω) * P(j ω)}=1Tx(j(ω－k2π/T))Figure S7.26Note that as T increase, Tπ2－ω2 approaches zero. Also, we note that there is aliasingWhen2ω1-ω2<Tπ2－ω2<ω2If 2ω1-ω2≥0(as given) then it is easy to see that aliasing does not occur when 0≤Tπ2－ω2≤2ω1－ω2For maximum T, we must choose the minimum allowable value for Tπ2－ω2 (which is zero).This implies that T max =2π/ω2. We plot x p (j ω) for this case in Figure S7.26. Therefore, A=T, ωb =2π/T, and ωa =ωb －ω11457.27.(a) Let x 1(j ω) denote the Fourier transform of the signal x 1(t) obtained by multiplyingx(t) with e -j ω0t Let x 2(j ω) be the Fourier transform of the signal x 2(t) obtained at the output of the lowpass filter. Then, x 1(j ω), x 2(j ω),and x p (j ω),are as shown in Figure S7.27(b) The Nyquist rate for the signal x 2(t) is 2×(ω2－ω1)/2=ω2－ω1.Therefore, thep 7.28. (a) The fundamental frequency of x(t) is 20π rad/sec.From Chapter 4 we know that the Fourier transform of x(t) is given byX(j ω)=2πk ∞=-∞∑a k δ(ω－20πk).This is as sketched below. The Fourier transform x c (j ω) of the signal x c (t) is also Sketched in Figure S7.28. Note thatP(j ω)=2510π⨯3(2/(510))k k δωπ∞-=-∞-⨯∑Andx p (j ω)=12π[ x c (j ω)* p(j ω)]Therefore, x p (j ω) is as shown in the Figure S7.28.Note that the impulses from adjacentReplicas of x c (j ω) add up at 200π.Now the Fourier transform x(e j Ω) of the sequence x[n] is given byx(e j Ω)= x p (j ω)|ω=ΩT. This is as shown in the Figure S7.28.Since the impulses in x(e j ω) are located at multiples of a 0.1π,the signal x[n] is146(b) The Fourier series coefficients of X[n] aT π2(12)k , k=0,±1,±2,….,±9 a k =4T π(12)10 , k=10 7.29. x p (j ω)=1T((2/))k x j k T ωπ∞=-∞-∑x(jwe ), Y(jwe ), Y p (j ω),and Y c (j ω) are as shown in Figure S7.29. 7.30. (a) Since x c (t)=δ(t),we have()c dy t dt+y c (t)= δ(t) Taking the Fourier transform we obtainj ωY(j ω)+ Y(j ω)=1 Therefore , Y c (j ω)=11j ω+, and y c (t) =e -t u(t). (b) Since y c (t) =e -tu(t) , y[n]= y c (nT)= e -nT u[n].Therefore, j ωH(e j ω)=()()j W e Y e ω=11/(1)T j e e ω---=1－e －T e －j ωTherefore,h[n]= δ[n]－e －T δ[n －1]7.31. In this problem for the sake of clarity we will use the variable Ωto denote discretefrequency. Taking the Fourier transform of both sides of the given difference equation we obtainH(j e Ω)=()()j j Y e X e ΩΩ=1112j e -Ω-Given that the sampling rate is greater than the Nyquist rate, we have147x(j eΩ)=1Tx c (j Ω/T), for －π≤Ω≤π Therefore,Y(j eΩ)=1(/)12c j x j T T e -ΩΩ-For －π≤Ω≤π.From this we getY(j ω)= Y(jw eT)= =1()12c j Tx j T e ωω--For －π/T ≤ω≤π/T. in this range, Y(j ω)= Y c (j ω).Therefore,H c (j ω)=()()c c Y j X j ωω=1/112j TT e ω--7.32. Let p[n]=[14]k n k δ∞=-∞--∑.Then from Chapter 5,p(jwe )= e -j ω24π(2/4)k k δωπ∞=-∞-∑=2π2/4(2/4)j k k k eπδωπ∞--=-∞∑Therefore, G(jw e )=()1()()2j j p e x e d πθωθπθπ--⎰=32/4(2/4)01()4j k j k k e x e πωπ--=∑jwjwFigure S7.32Clearly, in order to isolate just x(jwe ) we need to use an ideal lowpass filter with Cutoff frequency π/4 and passband gain of 4. Therefore, in the range |ω|<π, 4, |ω|<π/4H(e j ω)= 0, π/4≤|ω|≤π7.33. Let y[n]=x[n][3]k n k δ∞=-∞-∑.ThenY(e j ω)=3(2/3)1()3j k k x eωπ-=∑Note that sin(πn/3)/(πn/3) is the impulse response of an ideal lowpass filter with cutoff frequency π/3 and passband gain of 3.Therefore,we now require that y[n] when passed through this filter should yieldx[n].Therefore, the replicas of x(e j ω) contained in Y(e j ω) should not overlap with one another. This ispossible only if x(e j ω) =0 for π/3≤|ω|≤π.7.34. In order to make x(e j ω) occupy the entire region from －πto π,the signal x[n]148must be downsampled by a factor of 14/3.Since it is not possible to directly downsample by a noninteger factor, we first upsample the signal by a factor of 3. Therefore, after the upsampling we will need toreduce the sampling rate by 14/3× 3=14. Therefore, the overall system for performing the sampling rate conversion isy[n][]2nx ,n=0,±3,±6,… y[n]=p[14n] ω[n]= 0, otherwise Figure S7.34)(e xp)(ωj d e x 7.36. (a) Let us decnote the sampled signaled signal by x p (t). We have∑∞-∞=-=n pnT t nT x t x )()()(δSince the Nyquist rate for the signal x(t) is T /2π,we can reconstruct the signal from x p (t). From Section 7.2,we know that)(*)()(t h t x t x p = whereTt T t t h /)/sin()(ππ=Thereforedtt dh t x dtt dx p )(*)()(=Denoting dtt dh )( by g(t),we have∑∞-∞=-==n pnT t g nT x t g t x dtt dx )()()(*)()(Therefore,2)/sin()/cos()()(tT t T tT t dtt dh t g πππ-==(b) No.7.37. We may write p(t) asp(t)=p 1(t)+p 1(t-∆),where∑∞-∞=-=k W k t t p )/2()(1πδTherefore,)()1()(1ωωωj p e j p j ∆-+= where∑∞-∞=-=k kW w j p )()(1ωδω149Let us denote the product p(t)f(t) by g(t).Then,)()()()()()()(11t f t p t f t p t f t p t g ∆-+== This may be written as)()()(11∆-+=t bp t ap t g Therefore,)(()(1)ωωωj p be a j G j ∆-+= with )(1ωj p is specified in eq.(s7.37-1). Therefore [])()(kw be a w j G k w jk -+=∑∞-∞=∆-ωδωWe now have)()()()(1t f t p t x t y = Therefore,[])(*)(21)(1ωωπωj x j G j Y =This give us[]))((2)(1kW j x be a Wj Y wjk -+=∑∆-ωπωIn the range 0<ω<W, we may specify Y 1(j ω) as[]))(()()()(2)(1W j x be a j x b a w j Y w jk -+++=∆-ωωπωsince )()()(112ωωωj H j Y j Y =, in the range 0<ω<W we may specify Y 2(j ω) as []))(()()()(2)(2W j x be a j x b a jW j Y W j -+++=∆-ωωπωSince ),()()(3t p t x t y =in the range 0<ω<W we may specify Y 3(j ω) as []))(()1()(22)(3W j x e j x W j Y W j -++=∆-ωωπωGive that 0<W △<π,we require that )()()(32ωωωj kx j Y j Y =+ for 0<ω<W. That is[][])())(()1(2)()(2ωωπωπj kx W j x e W j x jb ja a Ww j =-++++∆-This implies that01=+++∆-∆-W j Wj jbe ja e Solving this we obtainA=1, b= -1, When W △=π/2. More generally, we also geta=sin(W △)+)tan())cos(1(∆∆+W W and )sin()cos(1∆∆+-=W W bexcept when 2/π=∆W Finally, we also get [])2/(12jb ja Wk ++=π。

《商务英语函电》 Chapter 7

II. Fill in the blanks with the proper forms of the following words or
expressions.
1. captioned
2. With regaห้องสมุดไป่ตู้d to, so far
3. enabling
4. see that, avoid
5. the fact that
6. stress v./n. 着重强调；重点
1) stress + that clause
2) stress + n.
The sellers stressed the importance of establishing L/C in strict accordance with the stipulations of the contract.
6. relevant
7. in exact accordance with
8. drawing near
9. call, attention
III. Identify and correct the mistakes in the following sentences.
1. A. have
2. C. be opened
谨启
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3. A. With regard to

英语语言学chapter 7

chapter 7Ⅱ. Fill in each of the blanks below with one word which begins with the letter given:1. The social group isolated for any given study is called the speech c_________.2. Speech v_________ refers to any distinguishable form of speech used by a speaker or group of speakers.3. From the sociolinguistic perspective, a speech variety is no more than a d_________ variety ofa language.4. Language standardization is also called language p_________.5. Social variation gives rise to s_________ which are subdivisible into smaller speech categories that reflect their socioeconomic, educational, occupational background, etc.6. S_________ variation in a person’s speech or writing usually ranges on a continuum from casual or colloquial to formal or polite according to the type of communicative situation.7. A regional dialect may gain status and become standardized as the national or o_________ language of a country.8. The standard language is a s_________, socially prestigious dialect of language.9. Language varieties other than the standard are called nonstandard, or v_________ languages.10. A pidgin typically lacks in i_________ morphemes.11. Linguistic taboo reflects s_________ taboo.12. The avoidance of using taboo language mirrors social attitudes, emotions and value judgments and has no l_________ basis.13.The four-letter words like “hell”, “shit” in English are called_________ .14.The process from pidgin to Creole is called .15.The term _________was first put forward by linguist Feuguson.16. _________is the type of British Standard English pronunciation which has been regarded as the prestige variety and which shows no regional variation.17.British educational sociologist_________ first made the distinction between elaborated code and restricted code.18. _________is a neutral term, and it can be used instead of regional dialect, social dialect, or pidgin.19.Linguist _________published his paper “The social stratification of English in New Y ork City” in 1966.20.L.L. Zamenhof invented the artificial language .21.Gumperz divided code switching into situational code switching and_________.22. _________is the language system of an individual as expressed by the way he or she speaks or writes within the overall system of a particular language.Ⅲ.There are four choices following each statement. Mark the choice that can best complete the statement:1. _______ is concerned with the social significance of language variation and language use in different speech ommunities.A. PsycholinguisticsB. SociolinguisticsC. Historical linguisticsD. General linguistics2. The most distinguishable linguistic feature of a regional dialect is its _____.A. use of wordsB. use of structuresC. accentD. morphemes3. ____ is speech variation according to the particular area where a speaker comes from.A. Regional variationB. Language variationC. Social variationD. Register variation4. _______ are the major source of regional variation of language.A. Geographical barriersB. Loyalty to and confidence in one’s native speechC. Physical discomfort and psychological resistance to changeD. Social barriers5. _________ means that certain authorities, such as the government choose, a particular speech variety, standardize it and spread the use of it across regional boundaries.A. Language interferenceB. Language changesC. Language planningD. Language transfer6. _________ in a person’s speech or writing usually ranges on a continuum from casual or colloquial to formal or polite according to the type of communicative situation.A. Regional variationB. Changes in emotionsC. V ariation in connotationsD. Stylistic variation7. A ____ is a variety of language that serves as a medium of communication among groups of people for diverse linguistic backgrounds.A. lingua francaB. registerC. CreoleD. national language8. Although _______ are simplified languages with reduced grammatical features, they are rule-governed, like any human language.A. vernacular languagesB. creolesC. pidginsD. sociolects9. In normal situations, ____ speakers tend to use more prestigious forms than their ____ counterparts with the same social background.A. female; maleB. male; femaleC. old; youngD. young; old10. A linguistic _______ refers to a word or expression that is prohibited by the “polite” society from general use.A. slangB. euphemismC. jargonD. taboo11. The sub-field of linguistics that studies the relation between language and society is called _______.A. SociolinguisticsB. NeurolinguisticsC. MacrolinguisticsD. Microlinguistics12. Which of the followings doesn’t belong to dialectal varieties? _______.A. Regional dialectsB. SociolectC. IdiolectD. Diglossia13. The dialect which is cause by social status is _______.A. regional dialectsB. sociolectC. idiolectD. diglossia14. Standard dialect is _______.A. designated as the official or national language of a countryB. a dialect a child acquires naturally like his regional dialectC. used by people who speak different languages for restricted purposeD. used by people who belong to the higher social status15. Sometimes, two varieties of a language exist side by side throughout the community, with each having a definite role to play. This phenomenon is ______.A. bilingualismB. diglossiaC. pidginD. creole16. Which of the followings does NOT constitute the reason for regional dialect?A. Geographical barrier.B. Loyalty to one’s native speech.C. The existence of standard dialect.D. Physical and psychological resistance to change.17. Which of the following statements is not the concern of sociolinguists?A. The language a person uses reveals his social background.B. There exist social norms that determine the type of language to be used on a certain occasion.C. How does the human mind work when they use language.D. To investigate the social aspects of language.18. The word “language” is someti mes used to refer to the whole of a person’s language. This is called ________.A. scientific languageB. idiolectC. colloquial languageD. formal language19. The form of a given language used in a certain geographical space is called ______.A. styleB. dialectC. registerD. pidgin20. According to Sapir-Whorf Hypothesis, which of the following is NOT true?A. Different languages offer people different ways of expressing the world around.B. Language filters people’s perception and the way they categorize experiences.C. Language patterns determine or influence people’s thinking and behavior.D. Language structure people habitually uses hows no influence on people’s behavior.21. Which of the following about the relationship between language and culture is NOT true?A. Language use is tinted with its culture.B. Language expresses cultural reality.C. The relationship is analogous to that of structures and processes.D. The relationship of language to cultures that of part to whole.22. The famous line “My love is a red, red rose”, stirs up vividly the imagination of a beautifullady. This is the ________meaning of “rose”.A. denotativeB. connotativeC. iconicD. dictionary23. The meaning that can be found in the dictionaries the _______ meaning of a word.A. denotativeB. connotativeC. iconicD. culture24. In English, “green” in the phrase “green-eyes” is associated with _______.A. unhappy feelingsB. high social positionsC. envy or jealousyD. negative qualities25. France has made special efforts to protect its language from being corrupted by other languages especially American English. This is a kind of ______.A. linguistic imperialismB. linguistic nationalismC. cultural imperialismD. cultural diffusion26. The Sapir-Whorf hypothesis is about_______.A. language and thoughtB. language and translationC. grammatical structureD. second language acquisition27. Sapir-Whorf hypothesis is also known as linguistic ________.A. reliabilityB. relativityC. reversibilityD. reach ability28. Which of the following statements about nonverbal communication is NOT true?A. Nonverbal communication and culture are similar in that both are learned, both are passed on from generation to generation, and both involve shared understandings.B. Studying nonverbal behavior can lead to the discovery of a culture’s underlyi ng attitudes and values.C. Nonverbal actions always occur in isolation.D. Nonverbal communication has five basic functions: to repeat, to complement, to substitute for a verbal action, to regulate, and to contradict a communication event.29. Which statement is NOT right in describing the behaviorists’ view?A. Behaviorists view stresses imitation, stimulation and reinforcement.B. Behaviorists offer a reasonable account of how children acquire some of the regular and routine aspects of the language.C. Behaviorists hold that children learn the language gradually in much the same way as habit-forming.D. Behaviorists’ accounts are convincing especially when it is used to explain children’s acquiring complex system.30. According to Chomsky, the Universal Grammar is ______.A. got through imitation and practiceB. acquired through the interaction with the environmentC. pre-equipped in children’s brainsD. gained specifically for each language31. Which of the following statement is true?A. All normal children plays equal ability in learning their first language.B. Linguistic environment plays an important role in first language learning.C. A child can begin his first language acquisition at any time.D. It is easy for parents to teach their children grammar.32. The child may get confused at hearing the color of white used for paper when he/she first thought is as the word for snow. This is an example for ______.A. under-extensionB. over-extensionC. hearing impairmentD. mental retardation33. Around the age of two, children begin to produce two-word utterances such as “mommy sock”, which of the following statements about this is NOT true. (B)A. This kind of speech is called telegraphic speech.B. This kind of speech is called caretaker talk.C. There are content words in the speech.D. There are not function elements in the speech.34. The children know the taboo words, the polite forms of address during______. (A)A. Pragmatic developmentB. Atypical developmentC. Grammatical developmentD. V ocabulary development35. The theory of universal grammar was proposed by _______.A. Noam ChomskyB. FirthC. F.D. Saussure D. Sapir。

形式语言与自动机Chapter7练习参考解答

Chapter 7 练习参考解答Exercise 7.1.3 从以下文法出发：S → 0A0 | 1B1 | BBA → CB → S | AC → S | εa) 有没有无用符号？如果有的话去除它们。

b) 去除ε-产生式。

c) 去除单位产生式。

d) 把该文发转化为乔姆斯基范式。

参考解答：a)没有无用符.b) 所有符号S,A,B,C都是可致空的，消去ε-产生式后得到新的一组产生式:S → 0A0 | 1B1 | BB | B | 00 | 11A → CB → S | AC → Sc) 单元偶对包括：（A,A）,（B,B）,（C,C）,（S,S）,（A,C）,（A,S）,（A,B）,（B,A）,（B,C）,（B,S）,（C,A）,（C,B）,（C,S）,（S,A）,（S,B）,（S,C）,消去单元产生式后得到新的一组产生式S → 0A0 | 1B1 | BB | B | 00 | 11A → CB → S | AC → SS → 0A0 | 1B1 | BB | 00 | 11A → 0A0 | 1B1 | BB | 00 | 11B → 0A0 | 1B1 | BB | 00 | 11C → 0A0 | 1B1 | BB | 00 | 11d)先消去无用符号C，得到新的一组产生式:S → 0A0 | 1B1 | BB | 00 | 11A → 0A0 | 1B1 | BB | 00 | 11B → 0A0 | 1B1 | BB | 00 | 11引入非终结符C，D，增加产生式C → 0和D → 1，得到新的一组产生式:S → CAC | DBD | BB | CC | DDA → CAC | DBD | BB | CC | DDB → CAC | DBD | BB | CC | DDC → 0D → 1引入非终结符E，F，增加产生式E → CA和F → DB，得到满足Chomsky范式的一组产生式:S → EC | FD | BB | CC | DDA → EC | FD | BB | CC | DDB → EC | FD | BB | CC | DDE → CAF → DBC → 0D → 1Exercise 7.2.1(b)用CFL泵引理来证明下面的语言都不是上下文无关的：b) {a n b n c i | i ≤n}。

当代医学英语答案chapter7复旦

当代医学英语答案chapter7复旦1、His remarks _____me that I had made the right decision. [单选题] *A.ensuredB.insuredC.assured(正确答案)D.assumed2、—Where ______ you ______ for your last winter holiday?—Paris. We had a great time. （）[单选题] *A. did; go(正确答案)B. do; goC. are; goingD. can; go3、Though my best friend Jack doesn’t get（）education, he is knowledgeable. [单选题] *A. ManyB. littleC. fewD. much(正确答案)4、Mr. White likes to live in a _______ place. [单选题] *A. quiteB. quiet(正确答案)C. quickD. quietly5、—______ my surprise, Zhu Hui won the first prize in the speech contest. —But I think he could, because he kept practicing speaking.（）[单选题] *A. To(正确答案)B. AboutC. ForD. In6、Could you tell me _____ to fly from Chicago to New York? [单选题] *A.it costs how muchB. how much does it costC. how much costs itD.how much it costs(正确答案)7、The manager demanded that all employees _____ on time. [单选题] *A. be(正确答案)B. areC. to beD. would be8、He always did well at school _____ having to do part-time jobs every now and then. [单选题] *A despite ofB. in spite of(正确答案)C. regardless ofD in case of9、In crowded places like airports and railway stations, you___ take care of your luggage. [单选题] *A. canB. mayC. must(正确答案)D. will10、66．—How much meat do you want?—________．[单选题] *A．Sorry, there isn't anyB．I can't give you anyC．Half a kilo, please(正确答案)D．Twelve yuan a kilo11、He held his（）when the results were read out. [单选题] *A. breath(正确答案)B. voiceC. soundD. thought12、Becky is having a great time ______ her aunt in Shanghai. （）[单选题] *A. to visitB. visitedC. visitsD. visiting(正确答案)13、Don't tell me the answer, I'll work out the problem _____. [单选题] *A .by meB. myself(正确答案)C. meD. mine14、No writer will be considered（）of the name until he writes a work. [单选题] *A. worthlessB. worthy(正确答案)C. worthwhileD. worth15、Everyone here is _______ to me. [单选题] *A. happyB. wellC. kind(正确答案)D. glad16、I gave John a present but he gave me nothing_____. [单选题] *A.in advanceB.in vainC.in return(正确答案)D.in turn17、( ) What other books have you read___ this English novel? [单选题] *A. besides(正确答案)B. exceptC.inD. about18、_____ the project, we'll have to work two more weeks. [单选题] *A. CompletingB. CompleteC. Having completedD.To complete(正确答案)19、_______ your parents at home last week? [单选题] *A. IsB. WasC. AreD. Were(正确答案)20、He _______ maths. [单选题] *A. does well in(正确答案)B. good atC. is well inD. does well at21、Julia’s on holiday in Shanghai _______. [单选题] *A. in a momentB. after a momentC. at the moment(正确答案)D. at any moment22、( ) You had your birthday party the other day,_________ [单选题] *A. hadn't you?B. had you?C. did you?D. didn't you?(正确答案)23、6．Hi, boys and girls. How are you ________ your posters for the coming English Festival at school? [单选题] *A．getting onB．getting offC．getting with (正确答案)D．getting24、--Why are you late for school today?--I’m sorry. I didn’t catch the early bus and I had to _______ the next one. [单选题] *A. wait for(正确答案)B. ask forC. care forD. stand for25、This year our school is _____ than it was last year. [单选题] *A. much more beautiful(正确答案)B. much beautifulC. the most beautifulD. beautiful26、—Whose book is it? Is it yours?—No, ask John. Maybe it’s ______.（）[单选题] *A. hersB. his(正确答案)C. he’sD. her27、The Titanic is a nice film. I _______ it twice. [单选题] *A. sawB. seeC. have seen(正确答案)D. have saw28、There are about eight ______ students in my school.（）[单选题] *A. hundred(正确答案)B. hundredsC. hundred ofD. hundreds of29、Look at those black clouds! Take ______ umbrella or ______ raincoat with you. （）[单选题] *A. a; anB. an; a(正确答案)C. an; anD. a; a30、She serves as a secretary in a university. [单选题] *A. 为…服务B. 担任…职务(正确答案)C. 竞争…服务D. 申请…职务。

chap7中级宏观经济学答案华中科技大学

Microeconomics, 4e (Perloff)Chapter 7 Costs7.1 Measuring Costs1) Economic costs of an input includeA) only implicit costs.B) only explicit costs.C) both implicit and explicit costs.D) whatever management wishes to report to the shareholders.Answer: CTopic: Measuring Costs2) The cost of waiting two months for health care to address a debilitating problem in Canada is most accurately described asA) an explicit cost.B) an accounting cost.C) no real cost.D) an opportunity cost.Answer: DTopic: Measuring Costs3) Sarah earns $40,000 per year working for a large corporation. She is thinking of quitting this job to work full time in her own business. She will invest her savings of $50,000 (which currently has an annual 10% rate of return) into the business. Her annual opportunity cost of this new business isA) $0.B) $40,000.C) $45,000.D) $90,000.Answer: CTopic: Measuring Costs4) The Nifty Gum Co. has purchased a large parcel of land for $1 million. The company recently discovered that the land is contaminated and is worthless to all possible buyers. The opportunity cost of the land isA) $0.B) $1 million.C) some amount greater than $0 but less than $1 million.D) equal to the cost of the factory that was planned to be built there.Answer: ATopic: Measuring Costs5) Johnny has worked as a CPA for five years and wants to open his own public accounting practice. The cost of his college degree in accounting representsA) the opportunity cost of this endeavor.B) a sunk cost.C) an expense.D) a variable cost.Answer: BTopic: Measuring Costs6) Economists proclaim that competitive firms make zero economic profit in the long run. This shows howA) detached economists are from the real world.B) unrealistic economic theory is.C) firms cover all their cost, both monetary and non-monetary.D) firms cover only monetary cost when economic profits are zero.Answer: CTopic: Measuring Costs7) If a firm buys a building so as to have office space for its workers, the monthly opportunity cost of the building is best measured asA) the monthly mortgage payment the firm must pay.B) the price the firm paid divided by twelve.C) zero.D) the rent the firm could earn if it rented the building to another firm.Answer: DTopic: Measuring CostsFor the following, please answer "True" or "False" and explain why.8) When buying a piece of equipment, it is always best for the firm to pay cash instead of borrowing the funds since this renders the equipment less costly.Answer: False. It depends. The opportunity cost of the capital when paying cash is the interest the firm receives on its cash reserves. This is an implicit cost. The opportunity cost of the capital when the funds are borrowed is the interest the firm must pay to the lender. This is an explicit cost. If the rate the firm receives on its cash reserves exceeds the rate at which it borrows, the firm is better off borrowing the funds to buy the equipment.Topic: Measuring Costs9) Four years after graduating from college you must decide if you want to go on as an accountant (your college major) or if you want to make a career change and become a singer. The cost of your education will matter for your decision.Answer: False. At this point the cost of your education represents a sunk cost and therefore should not figure into your decision. You incur it no matter what decision you make.Topic: Measuring Costs10) An accountant may amortize the expense of a durable good by dividing the total amount spent on the good by the number of years the good is expected to last. An economist may amortize the expense of a durable and never fully account for the total expense.Answer: True. The accountant uses a set of predetermined rules to amortize the total expense of the good. The economist amortizes based on the opportunity cost of the good, which may never sum to the total expense of the good.Topic: Measuring Costs11) Your company makes copper pipes. Over the years, you have collected a large inventory of raw copper. The production process involves melting the copper and shaping it into pipes. You also have a large stockpile of pennies. Suppose the price of copper rises so much that the copper in the penny becomes worth more than one cent. Should you melt down your pennies?Answer: This problem appeared as a puzzle in the Journal of Economic Perspectives (Winter, 1988). It is true (in this problem) that the pennies when melted currently have a value greater than one cent. Yet, the price of copper can fluctuate. If the price of copper stays high, it does not matter if you melt pennies or not. However, if the price of copper falls so that the value of the copper in the penny falls below one cent, your unmelted pennies are still worth one cent. Your melted pennies would be worth less than one cent. Thus, as long as you have some other source of copper, you are better off melting that copper and not the pennies.Topic: Measuring Costs12) You have two career options. You can work for someone else for $50,000 a year, or, you can run your own business, with an annual revenue of $100,000, and explicit costs of $40,000 annually. Explain which career option a profit-maximizer would select and why.Answer: In the absence of other implicit costs a profit-maximizer will run their own business. The business owner will receive $100,000 - $40,000 = $60,000. The opportunity cost is only $50,000.Topic: Measuring Costs7.2 Short-Run Costs1) A firm's marginal cost can always be thought of as the change in total cost ifA) the firm produces one more unit of output.B) the firm buys one more unit of capital.C) the firm's average cost increases by $1.D) the firm moves to the next highest isoquant.Answer: ATopic: Short-run Costs2) Fixed costs areA) a production expense that does not vary with output.B) a production expense that changes with the quantity of output produced.C) equal to total cost divided by the units of output produced.D) the amount by which a firm's cost changes if the firm produces one more unit of output.Answer: ATopic: Short-run Costs3) Variable costs areA) a production expense that does not vary with output.B) a production expense that changes with the quantity of output produced.C) equal to total cost divided by the units of output produced.D) the amount by which a firm's cost changes if the firm produces one more unit of output.Answer: BTopic: Short-run Costs4) Which of the following statements is NOT true?A) AC = AFC + AVCB) C = F + VCC) AVC = wage/MP LD) AFC = AC - AVCAnswer: CTopic: Short-run Costs5) Joey's Lawncutting Service rents office space from Joey's dad for $300 per month. Joey's dad is thinking of increasing the rent to $400 per month. As a result Joey's marginal cost of cutting grass willA) increase by $100 divided by the amount of grass cut.B) increase by $100.C) decrease by $100.D) not change.Answer: DTopic: Short-run Costs6) Suppose a firm can only vary the quantity of labor hired in the short run. An increase in the cost of capital willA) increase the firm's marginal cost.B) decrease the firm's marginal cost.C) have no effect on the firm's marginal cost.D) More information is needed to answer the question.Answer: CTopic: Short-run Costs7) Suppose the total cost of producing T-shirts can be represented as TC = 50 + 2q. The marginal cost of the 5th T-shirt isA) 2.B) 10.C) 12.D) 60.Answer: ATopic: Short-run Costs8) Suppose the total cost of producing T-shirts can be represented as TC = 50 + 2q. The average cost of the 5th T-shirt isA) 2.B) 12.C) 52.D) 60.Answer: BTopic: Short-run Costs9) Suppose the total cost of producing T-shirts can be represented as TC = 50 + 2q. Which of the following statements is TRUE at all levels of production?A) MC = AVCB) MC = ACC) MC > AFCD) All of the above.Answer: ATopic: Short-run Costs10) Suppose the short-run production function is q = 10 * L. If the wage rate is $10 per unit of labor, then AVC equalsA) q.B) q/10.C) 10/q.D) 1.Answer: DTopic: Short-run Costs11) Suppose the short-run production function is q = 10 * L. If the wage rate is $10 per unit of labor, then MC equalsA) q.B) q/10.C) 10/q.D) 1.Answer: DTopic: Short-run Costs12) If average cost is decreasingA) Marginal cost equals average cost.B) Marginal cost exceeds average cost.C) Marginal cost is less average cost.D) Not enough informationAnswer: CTopic: Short-run Costs13) If average cost is positiveA) Marginal cost equals average cost.B) Marginal cost exceeds average cost.C) Marginal cost is less average cost.D) Not enough informationAnswer: DTopic: Short-run Costs14) Suppose the short-run production function is q = L0.5. If the marginal cost of producing the tenth unit is $5, what is the wage per unit of labor?A) $1B) $0.5C) $0.25D) It cannot be determined without more information.Answer: CTopic: Short-run Costs15) Suppose the short-run production function is q = 10 * L. If the wage rate is $10 per unit of labor, then AFC equalsA) 0.B) 1.C) 10/q.D) It cannot be determined from the information provided.Answer: DTopic: Short-run Costs16) When a firm produces one unit, the variable cost is $3. When the firm produces two units, the variable cost is $6. What is the marginal cost associated with two units of production?A) $2B) $0.5C) $6D) $3Answer: DTopic: Short-run Costs17) In the short run, the point at which diminishing marginal returns to labor begin is the point at which the marginal cost curveA) peaks.B) bottoms out.C) is upward sloping.D) is downward sloping.Answer: BTopic: Short-run Costs18) If the marginal cost of producing a good is increasing as a firm produces more of the good, then which of the following must be TRUE?A) AFC is rising.B) AVC is rising.C) MC > AVC.D) MPL is falling.Answer: DTopic: Short-run Costs19) If the average cost of producing a good is increasing as a firm produces more of the good, then which of the following must be TRUE?A) AFC is falling.B) AVC is rising.C) MC > AVC.D) All of the above.Answer: DTopic: Short-run Costs20) If a particular production process is subject to diminishing marginal returns to labor at every level of output, then at every level of outputA) AC is upward sloping.B) MC exceeds AVC.C) AFC is constant.D) All of the above.Answer: BTopic: Short-run Costs21) Marginal Cost is equal toA) the increase in total cost from increasing the amount of labor by one unit.B) the increase in average cost from increasing the amount of labor by one unit.C) Both A and B.D) Neither A nor B.Answer: CTopic: Short-run Costs22) Suppose each worker must use only one shovel to dig a trench, and shovels are useless by themselves. In the short run, an increase in the price of shovels will result inA) fewer shovels being purchased.B) more workers being hired.C) a decrease in the firm's output.D) no change in the firm's output.Answer: DTopic: Short-run Costs23) Which of the following will cause the marginal cost curve of making cigarettes to shift?A) A $5 million penalty charged to each cigarette maker.B) A $1 per pack tax on cigarettes.C) A $1 million advertising campaign by the American Cancer Society.D) All of the above.Answer: BTopic: Short-run Costs24) Which of the following will cause the average cost curve of making cigarettes to shift?A) A $5 million penalty charged to each cigarette maker.B) A $1 per pack tax on cigarettes.C) A $1 an hour wage increase paid to all cigarette production workers.D) All of the above.Answer: DTopic: Short-run Costs25) Which of the following will cause the average fixed cost curve of making cigarettes to shift?A) A $5 million penalty charged to each cigarette maker.B) A $1 per pack tax on cigarettes.C) A $3 per hour wage increase.D) An increase in the demand for cigarettes.Answer: ATopic: Short-run Costs26) A specific tax of $1 per unit of output will affect a firm'sA) average total cost, average variable cost, average fixed cost, and marginal cost.B) average total cost, average variable cost, and average fixed cost.C) average total cost, average variable cost, and marginal cost.D) marginal cost only.Answer: CTopic: Short-run CostsFor the following, please answer "True" or "False" and explain why.27) The "Law of Diminishing Marginal Returns" could also be termed the "Law of Increasing Marginal Costs."Answer: True. Since MC = w/MP L in the short run, the fact that MPL eventually declines means that MC must eventually increase.Topic: Short-run Costs28) The marginal cost curve intersects the average fixed cost curve at its minimum.Answer: False. Marginal cost intersects average variable cost (and average cost) at its minimum.Topic: Short-run Costs29) A consumer purchases a book by driving across town to a bookstore, standing in line for five minutes to pay the cashier, and then pays $5. The same book is purchased by another consumer who spends 2 minutes placing the order over the internet for $10. The book necessarily cost the first consumer less.Answer: False. The opportunity cost of driving across town and standing in line may have raised the total cost of the book to the first consumer to more than $10.Topic: Short-run Costs30) A firm's production function for pretzels is shown in the above figure. If the firm's fixed cost equals $100 per time period and the wage rate equals $1 per unit of labor per time period, calculate the firm's MC, AVC, and AC schedules. Do these cost functions follow the general rules concerning the relationships between MC, AVC and AC?Answer:❑✌☞ ✌✞✌ MC > AVC, AVC is rising.MC < AC, AC is falling.Topic: Short-run Costs31) Explain why the marginal cost curve intersects a U-shaped average cost curve at its minimum point. Answer: At low quantities, the average cost curve declines as the quantity increases. The marginal cost is below the average cost. The marginal cost represents the cost of an additional unit of production. Thus, as the marginal cost curve declines, this pulls the average cost down from its previous level. Then, the marginal cost curve will begin to rise. However, the marginal cost is still below the average cost, which will continue to lower the average cost. When the two costs are equal the marginal cost will leave the average cost unchanged. Then, the marginal cost will be above the average cost so it will start to pull up the average cost. Thus, the marginal cost curve will intersect the average cost curve at its minimum point.Topic: Short-run Costs7.3 Long-Run Costs1) In the long run, fixed costs areA) sunk.B) avoidable.C) larger than in the short run.D) not included in production decisions.Answer: BTopic: Long-run Costs2) The slope of the isocost line tells the firm how muchA) capital must be reduced to keep total cost constant when hiring one more unit of labor.B) capital must be increased to keep total cost constant when hiring one more unit of labor.C) more expensive a unit of capital costs relative a unit of labor.D) the isocost curve will shift outward if the firm wishes to produce more.Answer: ATopic: Long-run Costs3) Which of the following does NOT represent a possible shape of the long-run average cost curve?A) downward-slopingB) upward-slopingC) U-shapedD) verticalAnswer: DTopic: Long-run Costs4) The slope of the isoquant tells the firm how muchA) output increases when labor increases by one unit.B) output increases when capital and labor are doubled.C) capital must decrease to keep output constant when labor increases by one unit.D) a unit of capital costs relative to the cost of labor.Answer: CTopic: Long-run Costs5) If an isocost line crosses the isoquant twice, a cost minimizing firm willA) use a different isocost line to select the bundle of inputs.B) use the input bundle associated with the intersection on the higher point of the isoquant.C) use the input bundle associated with the intersection on the lower point of the isoquant.D) Both B and C.Answer: ATopic: Long-run Costs6) When the isocost line is tangent to the isoquant, thenA) MRTS = w/r.B) the firm is producing that level of output at minimum cost.C) the last dollar spent on capital yields as much extra output as the last dollar spent on labor.D) All of the above.Answer: DTopic: Long-run Costs7) A firm can minimize cost byA) picking the bundle of inputs where the lowest isocost line touches the isoquant.B) picking the bundle of inputs where the isoquant is tangent to the isocost line.C) picking the bundle of inputs where the last dollar spent on one input gives as much extra output as the last dollar spent on any other input.D) All of the above.Answer: DTopic: Long-run Costs8) When the isocost line is tangent to the isoquant, thenA) MPL = MPK.B) the firm is producing that level of output at minimum cost.C) the firm has achieved the right economies of scale.D) All of the above.Answer: BTopic: Long-run Costs9) If the wage in increases the isocost line willA) stay the same.B) shift outward in parallel fashion.C) rotate inward around the point where only capital is employed in production.D) shift inward in parallel fashion.Answer: CTopic: Long-run Costs10) If the isoquants are straight lines or L-shaped, then a cost-minimizing firm willA) not be able to minimize costs.B) find the lowest isocost line touching the relevant isoquant.C) find the highest isocost line touching the relevant isoquant.D) choose not to produce any output.Answer: BTopic: Long-run Costs11) If the marginal rate of technical substitution for a cost minimizing firm is 10, and the wage rate for labor is $5, what is the rental rate for capital in dollars?A) .5B) 1C) 2D) 10Answer: ATopic: Long-run Costs12) Suppose MPL = 0.5 * (q/L) and MPK = 0.5 * (q/K). In the long run, the firm will hire equal amounts of capital and laborA) all of the time.B) only when w = r.C) only when w = 0.5 * r.D) at no point in time.Answer: BTopic: Long-run Costs13) Suppose that each worker must use only one shovel to dig a trench, and shovels are useless by themselves. In the long run, an increase in the price of shovels will result inA) fewer shovels being purchased to produce the same number of trenches.B) more workers being hired to produce the same number of trenches.C) the firm wishing to produce more trenches.D) no change in the firm's input mix.Answer: DTopic: Long-run Costs14) Suppose that each worker must use only one shovel to dig a trench, and shovels are useless by themselves. In the long run, the firm will experienceA) increasing returns to scale.B) constant returns to scale.C) decreasing returns to scale.D) The returns to scale cannot be determined from the information provided.Answer: BTopic: Long-run Costs15) Suppose that each worker must use only one shovel to dig a trench, and shovels are useless by themselves. In the long run, the firm's cost function isA) TC = (w/r) * q.B) TC = (w + r)/q.C) TC = (w + r).D) TC = (w + r) * q.Answer: DTopic: Long-run Costs16) At the XYZ Co., a unit of capital costs 3 times as much as a unit of labor. If the isoquants are convex, and the firm does not change its input mix in the long run, we can conclude thatA) MPK = 3 * MP L.B) the firm will not hire any capital.C) the firm will hire 3 times as much labor as capital.D) the firm will hire 3 times as much capital as labor.Answer: ATopic: Long-run Costs17) The production of cigarettes is highly automated; however, a worker is required to monitor each machine. Machines and workers do not interact with one another. Given this information, there are most likelyA) economies of scale.B) economies of scope.C) constant returns to scale.D) increasing returns to scale.Answer: CTopic: Long-run Costs18) Suppose that capital and labor must be kept in a fixed proportion to produce a particular good. For example, digging a trench requires one worker who has one shovel. What does this imply about returns to scale?A) There are constant returns to scale.B) There are increasing returns to scale.C) There are decreasing returns to scale.D) Nothing.Answer: ATopic: Long-run Costs19) A change in relative factor prices will always result inA) a change in the slope of the isoquants.B) a tangency between the new isocost line and a new isoquant.C) a rotation of the isocost lines.D) All of the above.Answer: CTopic: Long-run Costs20) Assuming that w and r are both positive, if the long-run expansion path is horizontal, thenA) MP K = 0.B) MRTS is a function of capital only.C) w = r.D) All of the above.Answer: BTopic: Long-run Costs21) The above figure shows the long-run expansion path. The long-run average cost curve will beA) horizontal.B) downward sloping.C) upward sloping.D) vertical.Answer: BTopic: Long-run Costs22) The long run average cost curve may initially slope downward due toA) decreasing average fixed costs.B) increasing marginal returns.C) economies of scale.D) All of the above.Answer: CTopic: Long-run Costs23) If a production function is represented as q = LαKβ, the long-run average cost curve will be horizontal as long asA) a + b = 0.B) a + b = 1.C) q > 0.D) L = K.Answer: BTopic: Long-run Costs24) If there are diseconomies of scale within a given range of output, which of following is(are) TRUE?A) The short-run average cost curve must be upward sloping within that range of output.B) The long-run average cost curve must be upward sloping within that range of output.C) Long-run average cost must equal short-run average cost.D) All of the above.Answer: BTopic: Long-run Costs25) The total cost of producing one unit is $50. The total cost of producing two units is $75. At a production level of two units, the cost function exhibitsA) economies of scale.B) rising average costs.C) increasing marginal costs.D) constant returns to scale.Answer: ATopic: Long-run CostsFor the following, please answer "True" or "False" and explain why.26) If increasing returns to scale are present, the long-run average cost increases as more output is produced. Answer: False. Increasing returns to scale imply that with a doubling of inputs, output more than doubles. Since average cost is the ratio of total cost divided by output, this increase in inputs will cause the numerator to be just double the old value while the new denominator is more than double the old value. As a result, long-run average cost falls as more output is produced.Topic: Long-run Costs27) Economies of scale and Increasing Returns to Scale are the same thing looked at from either the production or cost perspective.Answer: False. Increasing returns to scale imply economies of scale but the reverse is not true. A firm can experience economies of scale for other reasons (without increasing returns to scale)Topic: Long-run Costs28) Explain the difference between fixed costs in the short run and fixed costs in the long run.Answer: In the short run fixed costs are sunk; in the long run, fixed costs are avoidable.Topic: Long-run Costs29) What are the functions for MC and AC if TC = 100q + 100q2? Are the returns to scale increasing, decreasing, or constant?Answer: MC = 100 + 200qAC = 100 + 100qSince AC increases with an increase in output, there are decreasing returns to scale.Topic: Long-run Costs30) Explain how a firm can have constant returns to scale in production and economies of scale in cost. Answer: A firm can have constant returns to scale in production at every output level. If the firm doubled all inputs the output would double. However, the firm may have a decreasing average cost. As more inputs areused and output increases, the average cost declines, which is known as economies of scale.Topic: Long-run Costs31) Explain why the long-run total cost curve, not the short-run total cost curve, shows the lowest cost of producing any level of output. Is there an exception?Answer: In the long run, all costs are variable so the firm can select the least-cost mix of all inputs to produce any given quantity. The exception would be at minimum long-run cost where min. LR and min. SR costs are equal.Topic: Long-run Costs32) A local non-profit group prints a weekly newsletter. Professional typists earn $10 per hour and can type 2 pages per hour. Unpaid volunteers can type only 1 page per hour. Measuring hours of professional typist services on the vertical axis and hours of unpaid volunteer typist services on the horizontal axis, draw the relevant isoquant and isocost curves if the newsletter is 10 pages long. What input mix is chosen by the non-profit group if they wish to minimize the cost of the newsletter? If the group will reimburse volunteers for expenses (lunch, driving), how much must the reimbursement be for your answer to change? Answer:See the above figure. The isoquant is a straight line with a slope of 1/2. The group can use either 5 pros, 10 volunteers, or some combination of the two. The isocost curves are horizontal since volunteers are free. As a result, the lowest isocost curve is achieved by hiring all volunteers. If the group reimbursed volunteers for expenses (lunch, driving, etc.) then the group will still hire all volunteers as long as they do not cost more than $5 per hour.Topic: Long-run Costs33) A firm pays $5 for each unit of capital. Labor costs $5 per hour for the first 10 hours and $10 per hour for every hour thereafter. Draw the isocost curves for total costs of $50 and $100.Answer:See the above figure.Topic: Long-run Costs34) To dig a trench, each worker needs a shovel. Workers can use only one shovel at a time. Workers without shovels do nothing, and shovels cannot operate on their own. Graphically determine the number of shovels and workers used by a firm to dig 2 trenches when:(a) w = 10 and r = 10(b) w = 10 and r = 5Answer:See the above figure. Because the production process requires fixed proportions of K and L, the firm cannot change input mix when the relative factor costs change.Topic: Long-run Costs35) Suppose the production function is q = 12 L0.25K0.75. Determine the long-run capital-to-labor ratio (K/L) if the cost a unit of capital (r) is three times the cost of a unit of labor (w).Answer: The firm minimizes costs by setting MRTS = w/r. MRTS = MP L/MP K = K/3L = 1/3 = w/r. This firm will set K/L equal to one.Topic: Long-run Costs36) "If the wage rate paid to one form of labor is twice the cost of another form of labor, the first type of labor must be twice as productive." Comment.Answer: This is true. Firms minimize cost by setting the ratio of marginal productivity per unit cost equally across all inputs. If one form of labor is twice as expensive as another, the firm will want the MP of the first type of labor to be twice that of the second.Topic: Long-run Costs。

Chapter 7 - Multiple-Choice Questions

Chapter 7 - Multiple-Choice Questions1. Which one of the following is not an objective of a system of internal controls?a. Safeguard company assetsb. Overstate liabilities in order to be conservativec. Enhance the accuracy and reliability of accounting recordsd. Reduce the risks of errorsB is correct.Section "Internal control" –Internal controls incorporate policies to safeguard assets, enhance the completeness, accuracy and reliability of accounting records and reduce the risk of errors.2. Which one of the following is not an objective of a system of internal controls?a. Safeguard company assetsb. Enhance the accuracy and reliability of accounting recordsc. Fairness of the financial statementsd.Reduce the risks of errorsC is correct.Section "Internal control" –Internal controls incorporate policies to safeguard assets, enhance the completeness, accuracy and reliability of accounting records and reduce the risk of errors.3. All of the following are examples of internal control procedures excepta. using pre-numbered documentsb. reconciling the bank statementc. customer satisfaction surveysd. insistence that employees take vacationsC is correct.Section "Internal control" –Customer satisfaction surveys are not an internal control procedure.4. Each of the following is a feature of internal control excepta. an extensive marketing planb. safeguard its assets from theftc. separation of dutiesd. recording of all transactionsA is correct.Section "Internal control" –An extensive marketing plan is not a feature of internal control.5. Each of the following is a feature of internal control excepta. limited access to assetsb. independent internal verificationsc. authorisation of transactionsd. adequate design of documentsD is correct.Section "Internal control" – Adequate document design is not a feature of internal control.6. Which of the following is not a limitation of internal control?a. cost of establishing control procedures should not exceed their benefitb. the human elementc. collusiond. the size of the companyC is correct.Section "Internal control" – Collusion is not a limitation of internal control.7. Internal controls are concerned witha. only manual systems of accountingb. the extent of government regulationsc. safeguarding assetsd. preparing income tax returnsC is correct.Section "Internal control" – Internal controls include a focus on safeguarding assets.8. Internal control is defined, in part, as a plan that safeguardsa. all balance sheet accounts.b. assetsc. liabilitiesd. capitalB is correct.Section "Internal control" – Internal control is defined, in part, as a plan that safeguards a company’s assets.9. Internal controls are not designed to safeguard assets froma. natural disastersb. employee theftc. robberyd. unauthorised useA is correct.Section "Internal control" –Internal controls are not designed to safeguard assets from natural disasters.10. Having one person responsible for the related activities of ordering merchandise,receiving goods, and paying for thema. increases the potential for errors and fraudb. decreases the potential for errors and fraudc. is an example of good internal controld. is a good example of safeguarding the company's assetsA is correct.Section "Internal control" –Having one person responsible for the related activities of ordering merchandise, receiving goods, and paying for them increases the potential for errors and fraud.11. The custodian of a company asset shoulda. have access to the accounting records for that assetb. be someone outside the companyc. not have access to the accounting records for that assetd. be an accountantC is correct.Section "Internal control" – The custodian of a company asset should not have access to the accounting records for that asset.12. Internal auditorsa. are external consultants hired to audit business firmsb. are employees of the ATO who evaluate the internal controls ofcompanies filing tax returnsc. evaluate the system of internal controls for the companies that employthemd. cannot evaluate the system of internal controls of the company thatemploys them because they are not independentC is correct.Section "Internal control" – Internal auditors evaluate the system of internal controls for the companies that employ them.13. When two or more people get together for the purpose of circumventingprescribed controls, it is calleda. a fraud committeeb. collusionc. a division of dutiesd. bonding of employeesB is correct.Section "Internal control" – Collusion is when two or more people get together for the purpose of circumventing prescribed controls.14. The principle of establishing responsibility does not includea. one person being responsible for one taskb. authorisation of transactionsc. independent internal verificationd. approval of transactionsC is correct.Section "Internal control" – Independent internal verification is not one of the principles of establishing authority.15. The control principle related to not having the same person authorise and pay forgoods is known asa. establishment of responsibilityb. independent internal verificationc. separation of dutiesd. rotation of dutiesC is correct.Section "Internal control" – Separation of duties does not have the same person authorise and pay for goods.16. Two individuals at a retail store work the same cash register. You evaluate thissituation asa. a violation of establishment of responsibilityb. a violation of separation of dutiesc. supporting the establishment of responsibilityd. supporting internal independent verificationA is correct.Section "Internal control over cash" –When two individuals work at the same cash register it violates the establishment of responsibility.17. An accounts payable clerk has access to the approved supplier master file forpurchases. The control principle ofa. establishment of responsibility is violatedb. independent internal verification is violatedc. documentation procedures is violatedd. separation of duties is violatedD is correct.Section "Internal control" –If one person has access to a supplier master file and is responsible for making payments to those suppliers the control principle of separation of duties is violated.18. Related selling activities do not includea. ordering the merchandiseb. making a salec. shipping the goodsd. billing the customerA is correct.Section "Internal control" – Ordering the merchandise is not related to selling activities, it is related to purchasing activities.19. Related buying activities includea. ordering, receiving, payingb. ordering, selling, payingc. ordering, shipping, billingd. selling, shipping, payingA is correct.Section "Internal control" – Ordering, receiving and paying are related buying activities.20. Physical controls to safeguard assets do not includea. cashier department supervisorsb. vaultsc. safety deposit boxesd. locked warehousesA is correct.Section "Internal control" – Cashier department supervisors are not safeguards to assets.21. In large companies, the independent internal verification procedure is oftenassigned toa. computer operatorsb. managementc. internal auditorsd. outside accounting firmsC is correct.Section "Internal control" –Internal auditors often provide an independent internal verification for large companies.22. Maximum benefit from independent internal verification is obtained whena. it is made on a pre-announced basisb. it is done by the employee possessing custody of the assetc. discrepancies are reported to managementd. it is done at the time of the auditC is correct.Section "Internal control" – The maximum benefit from independent internal verification is obtained when discrepancies are reported to management.23. A system of internal controla. is infallibleb. can be rendered ineffective by employee collusionc. invariably will have costs exceeding benefitsd. is premised on the concept of absolute assuranceB is correct.Section "Internal control" – A system of internal control can be rendered ineffective by employee collusion.24. From an internal control standpoint, the asset most susceptible to improperdiversion and use isa. prepaid insuranceb. cashc. buildingsd. landB is correct.Section "Internal control over cash" – Cash is most susceptible to improper diversion and use from an internal control point.25. Which one of the following items would not be considered cash?a. Coinsb. Money ordersc. Currencyd. Postdated chequesD is correct.Section "Internal control over cash" Postdated cheques are not considered cash.26. Cash equivalents do not includea. money market accountsb. commercial paperc. Treasury billsd. investment securitiesD is correct.Section "Internal control over cash" –Investment securities are not considered cash or cash equivalents.27. The reconciliation of the cash register tape with the cash in the register is anexample ofa. other controlsb. independent internal verificationc. establishment of responsibilityd. segregation of dutiesB is correct.Section "Internal control over cash" – The reconciliation of the cash register tape with the cash in the register is an example of independent internal verification.28. Which of the following is not an internal control procedure for cash?a. Payments should be made with cashb There should be limited access to cashc. The amount of cash on hand should be kept to a minimumd. Cash should be deposited dailyA is correct.Section "Internal control over cash" –Making payments with cash is not an internal control procedure for cash.29. Control over cash disbursements is generally more effective whena. all bills are paid in cashb. disbursements are made by the accounts payable subsidiary clerkc.payments are made by chequed.all purchases are made on creditC is correct.Section "Internal control over cash" – when payments are made by cheque, control over cash disbursements is generally more effective.30. Supervisors counting cash receipts daily is an example ofa. other controlsb. independent internal verificationc. establishment of responsibilityd. segregation of dutiesB is correct.Section "Internal control over cash" –A supervisor counting cash receipts daily is an example of independent internal verification.31. Which of the following is not a suggested procedure to establish internal controlover cash disbursements?a. Anyone can sign the chequesb. Different individuals approve and make the paymentsc. Blank cheques are stored with limited accessd. The bank statement is reconciled monthlyA is correct.Section "Internal control over cash" –One suggested procedure to establish internal control over cash disbursements is to have only authorised persons such as a manager sign the cheques.32. Which of the following is not an internal control procedure for cash?a. Only designated personnel are authorised to handle cashb. The same individual receives the cash and pays the billsc. Surprise audits of cash on hand should be made occasionallyd. Access to cash is limitedB is correct.Section "Internal control over cash" – Having the same individual receive the cash and pay the bills is not an internal control procedure for cash.33. The use of pre-numbered cheques is an example ofa. documentation proceduresb. independent internal verificationc. establishment of responsibilityd. segregation of dutiesA is correct.Section "Internal control over cash" –Using pre-numbered cheques is an example of documentation.34. An exception to disbursements being made by cheque is acceptable when cash ispaida. to an ownerb. to employees as wagesc. from petty cashd. to employees as loansC is correct.Section "Internal control over cash" – Making payments from petty cash is an exception to making disbursements by cheque.35. Allowing only the financial controller to sign cheques is an example ofa. documentation proceduresb. separation of dutiesc. other controlsd. establishment of responsibilityD is correct.Section "Internal control over cash" –Allowing only the financial controller to sign cheques is an example of the establishment of responsibility.36. An employee authorised to sign cheques should not recorda. owner cash contributionsb. mail receiptsc. cash disbursement transactionsd. sales transactionsC is correct.Section "Internal control over cash" –An employee who is authorised to sign cheques should not record cash disbursement transactions.37. Electronic funds transfer (EFT) is a disbursement system that transfers cashfrom one location to another usinga. telephoneb. telegraphc. computerd. all of theseD is correct.Section "Internal control over cash" – electronic funds transfers can be made using any of these methods.38. A bank statementa. lets a depositor know the financial position of the bank as of a certaindateb. is a credit reference letter written by the depositor’s bankc. is a bill from the bank for services renderedd. shows the activity that increased or decreased the depositor’s accountbalanceD is correct.Section "Bank reconciliation" – A bank statement shows the activities that caused changes to the depositor’s bank balance.39. Which one of the following would not cause a bank to debit a depositor’saccount?a. Bank service chargeb. Collection of a note receivablec. EFT of funds to other locationsd. Cheques marked NSFB is correct.Section "Bank reconciliation" – The collection of a not receivable would cause a bank to credit a depositor’s account.40. A company maintains the asset account, Cash, on its books, while the bankmaintains a reciprocal account that isa. a contra asset accountb. a liability accountc. also an asset accountd. an owner's equity accountB is correct.Section "Bank reconciliation" – If a company maintains an asset account, Cash, then the bank maintains a reciprocal account that is a liability account.41. A deposit made by a company will appear on the bank statement as aa. debitb. creditc. debit memorandumd. credit memorandumB is correct.Section "Bank reconciliation" –a deposit made by a company will appear on the bank statement as a credit.42. Which of the following would be deducted from the balance per books on a bankreconciliation?a. Outstanding chequesb. Deposits in transitc. Notes collected by the bankd. Service chargesB is correct.Section "Bank reconciliation" – Deposits in transit are deducted from the book balance ona bank reconciliation.43. Which of the following would be added to the balance per books on a bankreconciliation?a. Outstanding chequesb. Deposits in transitc. Notes collected by the bankd. Service chargesC is correct.Section "Bank reconciliation" –Notes collected by the bank are added to the book balance on a bank reconciliation.44. Which of the following would be deducted from the balance per bank on a bankreconciliation?a. Outstanding chequesb. Deposits in transitc. Notes collected by the bankd. Service chargesA is correct.Section "Bank reconciliation" – Outstanding cheques are deducted from the bank balance on a bank reconciliation.45. Which of the following would be added to the balance per bank on a bankreconciliation?a. Outstanding chequesb. Deposits in transitc. Notes collected by the bankd. Service chargesB is correct.Section "Bank reconciliation" –Deposits in transit are added to the bank balance on a bank reconciliation.46. A bank reconciliation should be prepareda. whenever the bank refuses to lend the company moneyb. when an employee is suspected of fraudc. to explain any difference between the depositor's balance per bookswith the balance per bankd. by the person who is authorised to sign chequesC is correct.Section "Bank reconciliation" – A bank reconciliation should be prepared to explain any difference between the dep ositor’s balance per books and the balance per bank.47. Deposits in transita. have been recorded on the company's books but not yet by the bankb. have been recorded by the bank but not yet by the companyc. have not been recorded by the bank or the companyd. are customers’ cheques that have not yet been received by the company A is correct.Section "Bank reconciliation" –Deposits in transit have been recorded on the company’s books but not yet by the bank.48. In preparing a bank reconciliation, outstanding cheques area. added to the balance per bankb. deducted from the balance per booksc. added to the balance per booksd. deducted from the balance per bankD is correct.Section "Bank reconciliation" – In preparing a bank reconciliation, outstanding cheques are deducted from the balance per bank.49. If a cheque correctly written and paid by the bank for $438 is incorrectlyrecorded on the company's books for $483, the appropriate treatment on the bank reconciliation would be toa. add $45 to the bank's balanceb. add $45 to the book's balancec. deduct $45 from the bank's balanced. deduct $438 from the book's balanceB is correct.Section "Bank reconciliation" – The appropriate treatment in this situation is to add $45 t o the book’s balance.50. A cheque for $157 is incorrectly recorded by a company as $175. On the bankreconciliation, the $18 error should bea. added to the balance per booksb. deducted from the balance per booksc. added to the balance per bankd. deducted from the balance per bankA is correct.Section "Bank reconciliation" –In this situation the $18 error should be added to the balance per books.51. For which of the following errors should the appropriate amount be added to thebalance per bank on a bank reconciliation?a. Cheque for $43 recorded as $34b. Deposit of $500 recorded by bank as $50c. A returned $200 cheque recorded by bank as $20d. Cheque for $35 recorded as $53B is correct.Section "Bank reconciliation" – A deposit recorded by the bank as less than it actually is would be added to the balance per bank on a bank reconciliation.52. Which of the following bank reconciliation items would not result in anadjusting entry?a. Service chargeb. Outstanding chequesc. A dishonoured cheque of customerd. Collection of a note by the bankB is correct.Section "Bank reconciliation" – Outstanding cheques do not require an adjusting entry in a bank reconciliation.53. Which of the following items on a bank reconciliation would require anadjusting entry on the company’s books?a. An error by the bankb. Outstanding chequesc. A bank service charged. A deposit in transitC is correct.Section "Bank reconciliation" – A bank service charge would require an adjusting entry following a bank reconciliation.54. Management of cash is the responsibility of the companya. accountantb. finance director or finance managerc. presidentd. chief executive officerB is correct.Section "Managing and monitoring cash" –Cash management is usually the responsibility of the finance director or finance manager.55. Which of the following is not a basic principle of cash management?a. Increase collection of receivablesb. Keep inventory levels highc. Delay payment of liabilitiesd. Invest idle cashB is correct.Section "Managing and monitoring cash" –Maintaining high inventory levels is not a principle of cash management.56. Which of the following is not a basic principle of cash management?a. Increase collection of receivablesb. Keep inventory levels lowc. Pay all liabilities earlyd. Invest idle cashC is correct.Section "Managing and monitoring cash" – Paying liabilities when they are due i.e. not late and not early, is a principle of cash management.57. The ratio of cash to daily cash expenses is calculated by dividinga. cash by total expensesb. cash and cash equivalents by total expensesc. cash by daily cash expensesd. cash and cash equivalents by average daily cash expensesD is correct.Section "assessing cash adequacy" – The ratio of cash to daily cash expenses is calculated by dividing cash and cash equivalents by average daily cash expenses.58. The following information is available for Gibson Company: net income $1,200million; net cash provided by operating activities $950 million; total expenses$1,700 million; depreciation expense $240 million; cash dividends $200 million;capital expenditures $500 million; and cash and cash equivalents $800 million.Gibson’s cash to daily cash expenses ratio is calculated asa. $950 ÷ ($1,700 ÷ 365)b. $800 ÷ ($1,700 ÷ 365)c.$950 ÷ [($1,700 - $240) ÷ 365]d.$800 ÷ [($1,700 - $240) ÷ 365]D is correct.Section "assessing cash adequacy" – The ratio of cash to daily cash expenses is calculated by dividing cash and cash equivalents by average daily cash expenses.59. The following information is available for Donner Company: net income $1,100million; net cash provided by operating activities $800 million; total expenses$1,500 million; depreciation expense $240 million; cash dividends $200 million;capital expenditures $500 million; and cash and cash equivalents $600 million.Donner’s cash to daily cash expenses ratio is calculated asa. $800 ÷ ($1,500 ÷ 365)b. $600 ÷ ($1,500 ÷ 365)c. $800 ÷ [($1,500 - $240) ÷ 365]d. $600 ÷ [($1,500 - $240) ÷ 365]D is correct.Section "assessing cash adequacy" – The ratio of cash to daily cash expenses is calculated by dividing cash and cash equivalents by average daily cash expenses.60. Receivables are claims that are expected to be met ina. cashb. inventoryc. liabilitiesd. sharesA is correct.Section "Receivables" – receivables are claims that are expected to be met in cash.61. Accounts receivable includesa. non-trade receivablesb. amounts owed by customers on accountc. interest receivabled. loans to company officersB is correct.Section "Receivables" –Accounts receivable includes amounts owed by customers on account.62. Accounts receivable are reported on the balance sheet as a/ana. liabilityb. equityc. assetd. revenueC is correct.Section "Receivables" – Accounts receivable are reported on the balance sheet as an asset.63. Under the direct write-off method, when a particular account is considered to beuncollectible, the loss is charged toa. revenueb. accounts receivablec. allowance for doubtful debtsd. bad debts expenseD is correct.Section "Receivables" – Under the direct write-off method, when a particular account is considered to be uncollectible, the loss is charged to bad debts expense.64. The method being used to determine the amount of the allowance for doubtfuldebts that relies on a schedule in which customers balances are classified by thelength of time they have been unpaid, is known as thea. direct write-off methodb. net realisable methodc. aged accounts receivable methodd. conservatism methodC is correct.Section "Receivables" –Ageing the accounts receivable allows the allowance for doubtful debts to be determined.65. Receivables that mature within the entity’s operating cycle are classified in thebalance sheet asa. equityb. liabilitiesc. non-current assetsd. current assetsD is correct.Section "Receivables" – Receivables that mature wit hin the entity’s operating cycle are classified in the balance sheet as current assets.66. The recoverable amount of trade receivables is shown in thea. income statementb. balance sheetc. statement of changes in equityd. cash flow statementB is correct.Section "Receivables" – The recoverable amount of receivables is shown in the balance sheet.67. Managing accounts receivable involves five steps of which the following occursfirsta. determine to whom to extend creditb. accelerate cash receipts from receivablesc. establish a payment periodd. monitor the collectionsA is correct.Section "Managing receivables" –The management of accounts receivable firstly involves the determination of whom to extend credit to.68. The credit risk ratio is calculated by dividing the allowance for doubtful debts bya. total salesb. total assetsc. accounts receivabled. 365 daysC is correct.Section "Managing receivables" –The credit risk ratio is calculated by dividing the allowance for doubtful debts by accounts receivable.69. Which of the following will not help minimise potential losses resulting fromcredit customersa. Letters of credit/bank guaranteesb. Cash on deliveryc. bank/supplier referencesd. Extended payment periodD is correct.Section "Cash" –An extended payment period will not minimise potential losses from credit customers.70. The receivables turnover ratio is used to assess the liquidity of the:a. customerb. receivablesc. businessd. assetsB is correct.Section "Managing receivables" –The receivables turnover ratio is used to assess the liquidity of the receivables.71. A factor is used toa. borrow moneyb. apply for creditc. accelerate cash receiptsd. increase salesC is correct.Section "Managing receivables" – a factor is one way of accelerating cash receipts.。

经济学原理曼昆课后答案chapter7.doc

Problems and Applications1.If an early freeze in California sours the lemon crop, the supply curve for lemons shiftsto the left, as shown in Figure 7-5.The result is a rise in the price of lemons and adecline in consumer surplus from A + B + C to just A. So consumer surplus declines by the amount B + C.Figure 7-5In the market for lemonade, the higher cost of lemons reduces the supply of lemonade,as shown in Figure 7-6.The result is a rise in the price of lemonade and a decline inconsumer surplus from D + E + F to just D, a loss of E + F. Note that an event that affectsconsumer surplus in one market often has effects on consumer surplus in other markets.Figure 7-62. A rise in the demand for French bread leads to an increase in producer surplus in themarket for French bread, as shown in Figure 7-7.The shift of the demand curve leads to an increased price, which increases producer surplus from area A to area A + B + C.Figure 7-7The increased quantity of French bread being sold increases the demand for flour, asshown in Figure 7-8.As a result, the price of flour rises, increasing producer surplusfrom area D to D + E + F. Note that an event that affects producer surplus in onemarket leads to effects on producer surplus in related markets.Figure 7-83. a.Bert’ s demand schedule is:Price Quantity DemandedMore than $7 0$5 to $7 1$3 to $5 2$1 to $3 3$1 or less 4Bert’ s demand curve is shown in Figure 7 -9.Figure 7-9b.When the price of a bottle of water is $4, Bert buys two bottles of water.Hisconsumer surplus is shown as area A in the figure.He values his first bottle ofwater at $7, but pays only $4 for it, so has consumer surplus of $3.He valueshis second bottle of water at $5, but pays only $4 for it, so has consumersurplus of $1.Thus Bert’ s total consumer surplus is $3 + $1 = $4, which isthe area of A in the figure.c.When the price of a bottle of water falls from $4 to $2, Bert buys three bottlesof water, an increase of one. His consumer surplus consists of both areas Aand B in the figure, an increase in the amount of area B. He gets consumersurplus of $5 from the first bottle ($7 value minus $2 price), $3 from thesecond bottle ($5 value minus $2 price), and $1 from the third bottle ($3 valueminus $2 price), for a total consumer surplus of $9. Thus consumer surplusrises by $5 (which is the size of area B) when the price of a bottle of water fallsfrom $4 to $2.4. a. Ernie ’ s supply schedule for water is:Price Quantity SuppliedMore than $7 4$5 to $7 3$3 to $5 2$1 to $3 1Less than $1 0Ernie’ s supply curve is shown in Figure 7 -10.Figure 7-10b.When the price of a bottle of water is $4, Ernie sells two bottles of water.Hisproducer surplus is shown as area A in the figure.He receives $4 for his firstbottle of water, but it costs only $1 to produce, so Ernie has producer surplusof $3.He also receives $4 for his second bottle of water, which costs $3 toproduce, so he has producer surplus of$1. Thus Ernie’ s total producersurplus is $3 + $1 = $4, which is the area of A in the figure.c.When the price of a bottle of water rises from $4 to $6, Ernie sells three bottlesof water, an increase of one.His producer surplus consists of both areas Aand B in the figure, an increase by the amount of area B.He gets producersurplus of $5 from the first bottle ($6 price minus $1 cost), $3 from the secondbottle ($6 price minus $3 cost), and $1 from the third bottle ($6 price minus $5price), for a total producer surplus of $9.Thus producer surplus rises by $5(which is the size of area B) when the price of a bottle of water rises from $4to $6.5. a. From Ernie ’ s supply schedule and Bert ’ s demand schedule, the quantitydemanded and supplied are:Price Quantity Supplied Quantity Demanded$ 2 1 34 2 26 3 1Only a price of $4 brings supply and demand into equilibrium, withan equilibrium quantity of 2.b.At a price of $4, consumer surplus is $4 and producer surplus is $4, as shownin problems 3 and 4.Total surplus is $4 + $4 = $8.c.If Ernie produced one fewer bottle, his producer surplus would decline to $3,as shown in problem 4.If Bert consumed one fewer bottle, his consumersurplus would decline to $3, as shown in problem 3. So total surplus would declineto $3 + $3 = $6.d.If Ernie produced one additional bottle of water, his cost would be $5, but theprice is only $4, so his producer surplus would decline by $1.If Bertconsumed one additional bottle of water, his value would be $3, but the priceis $4, so his consumer surplus would decline by $1.So total surplus declinesby $1 + $1 = $2.6. a.The effect of falling production costs in the market for stereos results in a shiftto the right in the supply curve, as shown in Figure 7-11.As a result, theequilibrium price of stereos declines and the equilibrium quantity increases.b.The decline in the price of stereos increases consumer surplus from area A to A+ B + C + D, an increase in the amount B + C + D.Prior to the shift in supply,producer surplus was areas B + E (the area above the supply curve and belowthe price).After the shift in supply, producer surplus is areas E + F + G.Soproducer surplus changes by the amount F + G - B, which may be positive ornegative.The increase in quantity increases producer surplus, while thedecline in the price reduces producer surplus.Since consumer surplus risesby B + C + D and producer surplus rises by F + G - B, total surplus rises by C+ D+F+G.c.If the supply of stereos is very elastic, then the shift of the supply curvebenefits consumers most.To take the most dramatic case, suppose thesupply curve were horizontal, as shown in Figure 7-12.Then there is noproducer surplus at all.Consumers capture all the benefits of fallingproduction costs, with consumer surplus rising from area A to area A + B.Figure 7-11Figure 7-127. Figure 7-13 shows supply and demand curves for haircuts. Supply equals demand ata quantity of three haircuts and a price between $4 and $5. Firms A, C, and D shouldcut the hair of Sally Jessy, Jerry, and Montel. Oprah ’ s willingness to pay is too low and firm B ’ s costs are too high, so they do not participate. The maximum total surplus isthe area between the demand and supply curves, which totals $11 ($8 value minus$2 cost for the first haircut, plus $7 value minus $3 cost for the second, plus $5 valueminus $4 cost for the third).Figure 7-138. a.The effect of falling production costs in the market for computers results in ashift to the right in the supply curve, as shown in Figure 7-14.As a result, theequilibrium price of computers declines and the equilibrium quantity increases.The decline in the price of computers increases consumer surplus from area Ato A + B + C + D, an increase in the amount B + C + D.Figure 7-14Prior to the shift in supply, producer surplus was areas B + E (the area abovethe supply curve and below the price).After the shift in supply, producersurplus is areas E + F + G.So producer surplus changes by the amount F + G- B, which may be positive or negative.The increase in quantity increasesproducer surplus, while the decline in the price reduces producer surplus. Sinceconsumer surplus rises by B + C + D and producer surplus rises by F + G - B,total surplus rises by C + D + F + G.——Figure 7-15b.Since adding machines are substitutes for computers, the decline in the priceof computers means that people substitute computers for adding machines,shifting the demand for adding machines to the left, as shown in Figure 7-15.The result is a decline in both the equilibrium price and equilibrium quantity ofadding machines.Consumer surplus in the adding-machine market changesfrom area A + B to A + C, a net gain of C - B.Producer surplus changes fromarea C + D + E to area E, a net loss of C + D.Adding machine producers aresad about technological advance in computers because their producersurplus declines.c.Since software and computers are complements, the decline in the price andincrease in the quantity of computers means that people’ s demand forsoftware increases, shifting the demand for software to the right, as shown inFigure 7-16. The result is an increase in both the price and quantity of software.Consumer surplus in the software market changes from B + C to A+B, a net increase of A - C. Producer surplus changes from E to C + D + E, anincrease of C + D, so software producers should be happy about the technologicalprogress in computers.d.Yes, this analysis helps explain why Bill Gates is one the world’ s richest msince his company produces a lot of software that’ s a complement withcomputers and there has been tremendous technological advance incomputers.——Figure 7-169. a. Figure 7-17 illustrates the demand for medical care. If each procedure has aprice of $100, quantity demanded will be Q 1 procedures.Figure 7-17b.If consumers pay only $20 per procedure, the quantity demanded will be Q 2procedures.Since the cost to society is $100, the number of proceduresperformed is too large to maximize total surplus.The quantity thatmaximizes total surplus is Q 1 procedures, which is less than Q2.c.The use of medical care is excessive in the sense that consumers getprocedures whose value is less than the cost of producing them.As a result,——the economy’ s total surplus is reduced.d.To prevent this excessive use, the consumer must bear the marginal cost ofthe procedure.But this would require eliminating insurance.Anotherpossibility would be that the insurance company, which pays most of themarginal cost of the procedure ($80, in this case) could decide whether theprocedure should be performed.But the insurance company doesn’ t get thebenefits of the procedure, so its decisions may not reflect the value to theconsumer.10. a. Figure 7-18 illustrates the effect of the drought. The supply curve shifts tothe left, leading to a rise in the equilibrium price from P 1 to P 2 and a decline inthe equilibrium quantity from Q 1 to Q 2 .Figure 7-18b.If the price of water is not allowed to change, there will be an excess demandfor water, with the shortage shown on the figure as the difference between Q 1and Q 3 .c.The system for allocating water is inefficient because it no longer allocateswater to those who value it most highly.Some people who value water atmore than its cost of production will be unable to obtain it, so societysurplus isn’ t maximized.The allocation system seems unfair as well.Water is allocated simply on pastusage, rewarding past wastefulness.If a family’ s demand for water increases,——say because of an increase in family size, the policy doesn ’ t allow them to obtain more water. Poor families, who probably used water mostly fornecessary uses like drinking, would suffer more than wealthier families whowould have to cut back only on luxury uses of water like operating backyardfountains and pools. However, the policy also keeps the price of water lower,which benefits poor families, since otherwise more of their family budgetwould have to go for water.d. If the city allowed the price of water to rise to its equilibrium price P 2 , theallocation would be more efficient. Quantity supplied would equal quantitydemanded and there would be no shortage. Total surplus would bemaximized.Whether the market allocation would be more or less fair than theproportionate reduction in water under the old policy is difficult to say, but it islikely to be more fair. Notice that the quantity supplied would be higher (Q 2)in this case than under the water restrictions (Q 3 ), so there ’ s less reduction inwater usage. To make the market solution even more fair, the governmentcould provide increased tax relief or welfare payments for poor families whosuffer from paying the higher water prices.。

Chapter7-Multiple-ChoiceQuestions

Chapter7-Multiple-ChoiceQuestionsChapter 7 - Multiple-Choice Questions1. Which one of the following is not an objective of a system of internal controls?a. Safeguard company assetsb. Overstate liabilities in order to be conservativec. Enhance the accuracy and reliability of accounting recordsd. Reduce the risks of errorsB is correct.Section "Internal control" –Internal controls incorporate policies to safeguard assets, enhance the completeness, accuracy and reliability of accounting records and reduce the risk of errors.2. Which one of the following is not an objective of a system of internal controls?a. Safeguard company assetsb. Enhance the accuracy and reliability of accounting recordsc. Fairness of the financial statementsd.Reduce the risks of errorsC is correct.Section "Internal control" –Internal controls incorporate policies to safeguard assets, enhance the completeness, accuracy and reliability of accounting records and reduce the risk of errors.3. All of the following are examples of internal control procedures excepta. using pre-numbered documentsb. reconciling the bank statementc. customer satisfaction surveysd. insistence that employees take vacationsC is correct.Section "Internal control" –Customer satisfaction surveys are not an internal control procedure.4. Each of the following is a feature of internal control excepta. an extensive marketing planb. safeguard its assets from theftc. separation of dutiesd. recording of all transactionsA is correct.Section "Internal control" –An extensive marketing plan is not a feature of internal control.5. Each of the following is a feature of internal control excepta. limited access to assetsb. independent internal verificationsc. authorisation of transactionsd. adequate design of documentsD is correct.Section "Internal control" –Adequate document design is not a feature of internal control.6. Which of the following is not a limitation of internal control?a. cost of establishing control procedures should not exceed their benefitb. the human elementc. collusiond. the size of the companyC is correct.Section "Internal control" –Collusion is not a limitation of internal control.7. Internal controls are concerned witha. only manual systems of accountingb. the extent of government regulationsc. safeguarding assetsd. preparing income tax returnsC is correct.Section "Internal control" – Internal controls include a focus on safeguarding assets.8. Internal control is defined, in part, as a plan that safeguardsa. all balance sheet accounts.b. assetsc. liabilitiesd. capitalB is correct.Section "Internal control" – Internal control is defined, in part, as a plan that safeguards a company’s assets.9. Internal controls are not designed to safeguard assets froma. natural disastersb. employee theftc. robberyd. unauthorised useA is correct.Section "Internal control" –Internal controls are not designed to safeguard assets from natural disasters.10. Having one person responsible for the related activities of ordering merchandise,receiving goods, and paying for thema. increases the potential for errors and fraudb. decreases the potential for errors and fraudc. is an example of good internal controld. is a good example of safeguarding the company's assetsA is correct.Section "Internal control" –Having one person responsible for the related activities of ordering merchandise, receiving goods, and paying for them increases the potential for errors and fraud.11. The custodian of a company asset shoulda. have access to the accounting records for that assetb. be someone outside the companyc. not have access to the accounting records for that assetd. be an accountantC is correct.Section "Internal control" –The custodian of a company asset should not have access to the accounting records for that asset.12. Internal auditorsa. are external consultants hired to audit business firmsb. are employees of the ATO who evaluate the internal controls ofcompanies filing tax returnsc. evaluate the system of internal controls for the companies that employthemd. cannot evaluate the system of internal controls of the company thatemploys them because they are not independentC is correct.Section "Internal control" –Internal auditors evaluate the system of internal controls for the companies that employ them.13. When two or more people get together for the purpose of circumventingprescribed controls, it is calleda. a fraud committeeb. collusionc. a division of dutiesd. bonding of employeesB is correct.Section "Internal control" –Collusion is when two or more people get together for the purpose of circumventing prescribed controls.14. The principle of establishing responsibility does not includea. one person being responsible for one taskb. authorisation of transactionsc. independent internal verificationd. approval of transactionsC is correct.Section "Internal control" –Independent internal verification is not one of the principles of establishing authority.15. The control principle related to not having the same person authorise and pay forgoods is known asa. establishment of responsibilityb. independent internal verificationc. separation of dutiesd. rotation of dutiesC is correct.Section "Internal control" –Separation of duties does not have the same person authorise and pay for goods.16. Two individuals at a retail store work the same cash register. You evaluate thissituation asa. a violation of establishment of responsibilityb. a violation of separation of dutiesc. supporting the establishment of responsibilityd. supporting internal independent verificationA is correct.Section "Internal control over cash" –When two individuals work at the same cash register it violates the establishment of responsibility.17. An accounts payable clerk has access to the approved supplier master file forpurchases. The control principle ofa. establishment of responsibility is violatedb. independent internal verification is violatedc. documentation procedures is violatedd. separation of duties is violatedD is correct.Section "Internal control" –If one person has access to a supplier master file and is responsible for making payments to those suppliers the control principle of separation of duties is violated.18. Related selling activities do not includea. ordering the merchandiseb. making a salec. shipping the goodsd. billing the customerA is correct.Section "Internal control" – Ordering the merchandise is not related to selling activities, it is related to purchasing activities.19. Related buying activities includea. ordering, receiving, payingb. ordering, selling, payingc. ordering, shipping, billingd. selling, shipping, payingA is correct.Section "Internal control" – Ordering, receiving and paying are related buying activities.20. Physical controls to safeguard assets do not includea. cashier department supervisorsb. vaultsc. safety deposit boxesd. locked warehousesA is correct.Section "Internal control" – Cashier department supervisors are not safeguards to assets.21. In large companies, the independent internal verification procedure is oftenassigned toa. computer operatorsb. managementc. internal auditorsd. outside accounting firmsC is correct.Section "Internal control" –Internal auditors often provide an independent internal verification for large companies.22. Maximum benefit from independent internal verification is obtained whena. it is made on a pre-announced basisb. it is done by the employee possessing custody of the assetc. discrepancies are reported to managementd. it is done at the time of the auditC is correct.Section "Internal control" –The maximum benefit from independent internal verification is obtained when discrepancies are reported to management.23. A system of internal controla. is infallibleb. can be rendered ineffective by employee collusionc. invariably will have costs exceeding benefitsd. is premised on the concept of absolute assuranceB is correct.Section "Internal control" –A system of internal control can be rendered ineffective by employee collusion.24. From an internal control standpoint, the asset most susceptible to improperdiversion and use isa. prepaid insuranceb. cashc. buildingsd. landB is correct.Section "Internal control over cash" –Cash is most susceptible to improper diversion and use from an internal control point.25. Which one of the following items would not be considered cash?a. Coinsb. Money ordersc. Currencyd. Postdated chequesD is correct.Section "Internal control over cash" Postdated cheques are not considered cash.26. Cash equivalents do not includea. money market accountsb. commercial paperc. Treasury billsd. investment securitiesD is correct.Section "Internal control over cash" –Investment securities are not considered cash or cash equivalents.27. The reconciliation of the cash register tape with the cash in the register is anexample ofa. other controlsb. independent internal verificationc. establishment of responsibilityd. segregation of dutiesB is correct.Section "Internal control over cash" – The reconciliation of the cash register tape with the cash in the register is an example of independent internal verification.28. Which of the following is not an internal control procedure for cash?a. Payments should be made with cashb There should be limited access to cashc. The amount of cash on hand should be kept to a minimumd. Cash should be deposited dailyA is correct.Section "Internal control over cash" –Making payments with cash is not an internal control procedure for cash.29. Control over cash disbursements is generally more effective whena. all bills are paid in cashb. disbursements are made by the accounts payable subsidiary clerkc.payments are made by chequed.all purchases are made on creditC is correct.Section "Internal control over cash" –when payments are made by cheque, control over cash disbursements is generally more effective.30. Supervisors counting cash receipts daily is an example ofa. other controlsb. independent internal verificationc. establishment of responsibilityd. segregation of dutiesB is correct.Section "Internal control over cash" –A supervisor counting cash receipts daily is an example of independent internal verification.31. Which of the following is not a suggested procedure to establish internal controlover cash disbursements?a. Anyone can sign the chequesb. Different individuals approve and make the paymentsc. Blank cheques are stored with limited accessd. The bank statement is reconciled monthlyA is correct.Section "Internal control over cash" –One suggested procedure to establish internal control over cash disbursementsis to have only authorised persons such as a manager sign the cheques.32. Which of the following is not an internal control procedure for cash?a. Only designated personnel are authorised to handle cashb. The same individual receives the cash and pays the billsc. Surprise audits of cash on hand should be made occasionallyd. Access to cash is limitedB is correct.Section "Internal control over cash" –Having the same individual receive the cash and pay the bills is not an internal control procedure for cash.33. The use of pre-numbered cheques is an example ofa. documentation proceduresb. independent internal verificationc. establishment of responsibilityd. segregation of dutiesA is correct.Section "Internal control over cash" –Using pre-numbered cheques is an example of documentation.34. An exception to disbursements being made by cheque is acceptable when cash ispaida. to an ownerb. to employees as wagesc. from petty cashd. to employees as loansC is correct.Section "Internal control over cash" – Making payments frompetty cash is an exception to making disbursements by cheque.35. Allowing only the financial controller to sign cheques is an example ofa. documentation proceduresb. separation of dutiesc. other controlsd. establishment of responsibilityD is correct.Section "Internal control over cash" –Allowing only the financial controller to sign cheques is an example of the establishment of responsibility.36. An employee authorised to sign cheques should not recorda. owner cash contributionsb. mail receiptsc. cash disbursement transactionsd. sales transactionsC is correct.Section "Internal control over cash" –An employee who is authorised to sign cheques should not record cash disbursement transactions.37. Electronic funds transfer (EFT) is a disbursement system that transfers cashfrom one location to another usinga. telephoneb. telegraphc. computerd. all of theseD is correct.Section "Internal control over cash" –electronic fundstransfers can be made using any of these methods.38. A bank statementa. lets a depositor know the financial position of the bank as of a certaindateb. is a credit reference letter written by the depositor’s bankc. is a bill from the bank for services renderedd. shows the activity that increased or decreased the depositor’s accountbalanceD is correct.Section "Bank reconciliation" – A bank statement shows the activities that caused changes to the depositor’s bank balance.39. Which one of the following would not cause a bank to debit a depositor’saccount?a. Bank service chargeb. Collection of a note receivablec. EFT of funds to other locationsd. Cheques marked NSFB is correct.Section "Bank reconciliation" –The collection of a not receivable would cause a bank to credit a depositor’s account.40. A company maintains the asset account, Cash, on its books, while the bankmaintains a reciprocal account that isa. a contra asset accountb. a liability accountc. also an asset accountd. an owner's equity accountB is correct.Section "Bank reconciliation" –If a company maintains an asset account, Cash, then the bank maintains a reciprocal account that is a liability account.41. A deposit made by a company will appear on the bank statement as aa. debitb. creditc. debit memorandumd. credit memorandumB is correct.Section "Bank reconciliation" –a deposit made by a company will appear on the bank statement as a credit.42. Which of the following would be deducted from the balance per books on a bankreconciliation?a. Outstanding chequesb. Deposits in transitc. Notes collected by the bankd. Service chargesB is correct.Section "Bank reconciliation" –Deposits in transit are deducted from the book balance ona bank reconciliation.43. Which of the following would be added to the balance per books on a bankreconciliation?a. Outstanding chequesb. Deposits in transitc. Notes collected by the bankd. Service chargesC is correct.Section "Bank reconciliation" –Notes collected by the bank are added to the book balance on a bank reconciliation.44. Which of the following would be deducted from the balance per bank on a bankreconciliation?a. Outstanding chequesb. Deposits in transitc. Notes collected by the bankd. Service chargesA is correct.Section "Bank reconciliation" –Outstanding cheques are deducted from the bank balance on a bank reconciliation.45. Which of the following would be added to the balance per bank on a bankreconciliation?a. Outstanding chequesb. Deposits in transitc. Notes collected by the bankd. Service chargesB is correct.Section "Bank reconciliation" –Deposits in transit are added to the bank balance on a bank reconciliation.46. A bank reconciliation should be prepareda. whenever the bank refuses to lend the company moneyb. when an employee is suspected of fraudc. to explain any difference between the depositor's balance per bookswith the balance per bankd. by the person who is authorised to sign chequesC is correct.Section "Bank reconciliation" – A bank reconciliation should be prepared to explain any difference between the dep ositor’s balance per books and the balance per bank.47. Deposits in transita. have been recorded on the company's books but not yet by the bankb. have been recorded by the bank but not yet by the companyc. have not been recorded by the bank or the companyd. are customers’ cheques that have not yet been re ceived by the company A is correct.Section "Bank reconciliation" –Deposits in transit have been recorded on the company’s books but not yet by the bank.48. In preparing a bank reconciliation, outstanding cheques area. added to the balance per bankb. deducted from the balance per booksc. added to the balance per booksd. deducted from the balance per bankD is correct.Section "Bank reconciliation" –In preparing a bank reconciliation, outstanding cheques are deducted from the balance per bank.49. If a cheque correctly written and paid by the bank for $438 is incorrectlyrecorded on the company's books for $483, the appropriate treatment on thebank reconciliation would be toa. add $45 to the bank's balanceb. add $45 to the book's balancec. deduct $45 from the bank's balanced. deduct $438 from the book's balanceB is correct.Section "Bank reconciliation" –The appropriate treatment in this situation is to add $45 t o the book’s balance.50. A cheque for $157 is incorrectly recorded by a company as $175. On the bankreconciliation, the $18 error should bea. added to the balance per booksb. deducted from the balance per booksc. added to the balance per bankd. deducted from the balance per bankA is correct.Section "Bank reconciliation" –In this situation the $18 error should be added to the balance per books.51. For which of the following errors should the appropriate amount be added to thebalance per bank on a bank reconciliation?a. Cheque for $43 recorded as $34b. Deposit of $500 recorded by bank as $50c. A returned $200 cheque recorded by bank as $20d. Cheque for $35 recorded as $53B is correct.Section "Bank reconciliation" –A deposit recorded by the bank as less than it actually is would be added to the balance per bank on a bank reconciliation.52. Which of the following bank reconciliation items would not result in anadjusting entry?a. Service chargeb. Outstanding chequesc. A dishonoured cheque of customerd. Collection of a note by the bankB is correct.Section "Bank reconciliation" – Outstanding cheques do not require an adjusting entry in a bank reconciliation.53. Which of the following items on a bank reconciliation would require anadjusting entry on the company’s books?a. An error by the bankb. Outstanding chequesc. A bank service charged. A deposit in transitC is correct.Section "Bank reconciliation" –A bank service charge would require an adjusting entry following a bank reconciliation.54. Management of cash is the responsibility of the companya. accountantb. finance director or finance managerc. presidentd. chief executive officerB is correct.Section "Managing and monitoring cash" –Cash management is usually the responsibility of the finance director or finance manager.55. Which of the following is not a basic principle of cash management?a. Increase collection of receivablesb. Keep inventory levels highc. Delay payment of liabilitiesd. Invest idle cashB is correct.Section "Managing and monitoring cash" –Maintaining high inventory levels is not a principle of cash management.56. Which of the following is not a basic principle of cash management?a. Increase collection of receivablesb. Keep inventory levels lowc. Pay all liabilities earlyd. Invest idle cashC is correct.Section "Managing and monitoring cash" – Paying liabilities when they are due i.e. not late and not early, is a principle of cash management.57. The ratio of cash to daily cash expenses is calculated by dividinga. cash by total expensesb. cash and cash equivalents by total expensesc. cash by daily cash expensesd. cash and cash equivalents by average daily cash expensesD is correct.Section "assessing cash adequacy" – The ratio of cash to daily cash expenses is calculated by dividing cash and cash equivalents by average daily cash expenses.58. The following information is available for Gibson Company: net income $1,200million; net cash provided by operating activities $950 million; total expenses$1,700 million; depreciation expense $240 million; cash dividends $200 million;capital expenditures $500 million; and cash and cash equivalents $800 million.Gibson’s cash to daily cash expenses ratio is calculated asa. $950 ÷ ($1,700 ÷ 365)b. $800 ÷ ($1,700 ÷ 365)c.$950 ÷ [($1,700 - $240) ÷ 365]d.$800 ÷ [($1,700 - $240) ÷ 365]D is correct.Section "assessing cash adequacy" – The ratio of cash to daily cash expenses is calculated by dividing cash and cash equivalents by average daily cash expenses.59. The following information is available for Donner Company: net income $1,100million; net cash provided by operating activities $800 million; total expenses$1,500 million; depreciation expense $240 million; cash dividends $200 million;capital expenditures $500 million; and cash and cash equivalents $600 million.Donner’s cash to daily cash expenses ratio is calculated asa. $800 ÷ ($1,500 ÷ 365)b. $600 ÷ ($1,500 ÷ 365)c. $800 ÷ [($1,500 - $240) ÷ 365]d. $600 ÷ [($1,500 - $240) ÷ 365]D is correct.Section "assessing cash adequacy" – The ratio of cash to daily cash expenses is calculated by dividing cash and cash equivalents by average daily cash expenses.60. Receivables are claims that are expected to be met ina. cashb. inventoryc. liabilitiesd. sharesA is correct.Section "Receivables" –receivables are claims that are expected to be met in cash.61. Accounts receivable includesa. non-trade receivablesb. amounts owed by customers on accountc. interest receivabled. loans to company officersB is correct.Section "Receivables" –Accounts receivable includes amounts owed by customers on account.62. Accounts receivable are reported on the balance sheet as a/ana. liabilityb. equityc. assetd. revenueC is correct.Section "Receivables" – Accounts receivable are reported on the balance sheet as an asset.63. Under the direct write-off method, when a particular account is considered to beuncollectible, the loss is charged toa. revenueb. accounts receivablec. allowance for doubtful debtsd. bad debts expenseD is correct.Section "Receivables" –Under the direct write-off method, when a particular account is considered to be uncollectible, the loss is charged to bad debts expense.64. The method being used to determine the amount of the allowance for doubtfuldebts that relies on a schedule in which customers balances are classified by thelength of time they have been unpaid, is known as thea. direct write-off methodb. net realisable methodc. aged accounts receivable methodd. conservatism methodC is correct.Section "Receivables" –Ageing the accounts receivable allows the allowance for doubtful debts to be determined.65. Receivables that mature within the entity’s operating cycle are classified in thebalance sheet asa. equityb. liabilitiesc. non-current assetsd. current assetsD is correct.Section "Receivables" –Receivables that mature wit hin the entity’s operating cycle are classified in the balance sheet as current assets.66. The recoverable amount of trade receivables is shown inthea. income statementb. balance sheetc. statement of changes in equityd. cash flow statementB is correct.Section "Receivables" –The recoverable amount of receivables is shown in the balance sheet.67. Managing accounts receivable involves five steps of which the following occursfirsta. determine to whom to extend creditb. accelerate cash receipts from receivablesc. establish a payment periodd. monitor the collectionsA is correct.Section "Managing receivables" –The management of accounts receivable firstly involves the determination of whom to extend credit to.68. The credit risk ratio is calculated by dividing the allowance for doubtful debts bya. total salesb. total assetsc. accounts receivabled. 365 daysC is correct.Section "Managing receivables" –The credit risk ratio is calculated by dividing the allowance for doubtful debts by accounts receivable.69. Which of the following will not help minimise potentiallosses resulting fromcredit customersa. Letters of credit/bank guaranteesb. Cash on deliveryc. bank/supplier referencesd. Extended payment periodD is correct.Section "Cash" –An extended payment period will not minimise potential losses from credit customers.70. The receivables turnover ratio is used to assess the liquidity of the:a. customerb. receivablesc. businessd. assetsB is correct.Section "Managing receivables" –The receivables turnover ratio is used to assess the liquidity of the receivables.。

Chapter 7 A trip to the theatre答案(1)1

Chapter 7 A trip to the theatreI. Phrases 1. 让某人戴上面具 2. 强迫某人离开家 3. 在岛上安家 4. 爱上某人 5. 在深夜给某人唱歌 6. 同意与某人结婚 7. 在…中间 8. 把某人投进监狱 9. 拉下他的面具 10. 对…感到震惊 11. 在所有的观众前 12. 同情某人 13. 喜极而泣 14. 把某人带到安全地方 15. 闯进来；闯进公寓 16. 在那时 17. 与某人的关系 18. 远离、不介入 19. 改变主意 II. Sentence patterns1. be/ keep/ get in touch with 与 … 保持联系be out of touch with 和 ... 失去联系(和 ... 不接触)I kept in touch with my good friend by writing letters.= I contacted with my good friend by writing letters.2. v. 给……赠送 present sb. with sth. = present sth, to sb.Jan’s parents presented her with a piano.= Jan’s parents gave her a piano as a present.3. fall in love with …“爱上”强调动作be in love with …“爱着”强调状态4. pull on / off “穿上” “脱下” 强调瞬间动作；“有费力，用力拉”含义。

Pull on the socks!put on /off “穿上” “脱下” 强调瞬间动作；很容易，不费劲Put on your raincoat! It is raining hard!5. act as…充当、担任 Mr. Lin works as an engineer. =Mr. Lin acts as an engineer.make someone wear a maskforce sb. to leave homemake one ’s home on the islandfall in love with someonesing to someone late at nightagree to marry someonein the middle ofput sb. in a prisonpull off his maskbe shocked at …in front of the whole audiencefeel sorry for someonecry with joytake someone to safetyburst in / into the flatat that momentone ’s relationship with sb.stay out ofchange one ’s mind6. so… that …. “如此…以致…”也可以跟“too…to…”转换。

CCNA_EWAN_Chapter_7_答案

参加考试- EWAN Chapter 7 - CCNA Exploration: 接入WAN (版本 4.0)1主管要求技术人员在尝试排除NAT 连接故障之前总是要清除所有动态转换。

主管为什么提出这一要求？主管希望清除所有的机密信息，以免被该技术人员看见。

因为转换条目可能在缓存中存储很长时间，主管希望避免技术人员根据过时数据进行决策。

转换表可能装满，只有清理出空间后才能进行新的转换。

清除转换会重新读取启动配置，这可以纠正已发生的转换错误。

2请参见图示。

技术人员使用SDM 为一台Cisco 路由器输入了NAT 配置。

哪种说法正确描述了配置结果？内部用户会看到192.168.1.3 使用端口8080 发来了一个web 流量。

地址172.16.1.1 会被转换为以192.168.1.3 开头的地址池中的一个地址。

外部用户会看到192.168.1.3 使用端口80 发来了一个请求。

外部用户必须将流量发往端口8080 才能到达地址172.16.1.1。

3请参见图示。

R1 为网络10.1.1.0/24 执行NAT，R2 为网络192.168.1.2/24 执行NAT。

主机A 与网络服务器通信时，主机A 在其IP 报头中加的地址是什么？10.1.1.1172.30.20.2192.168.1.2255.255.255.2554网络管理员应该使用哪种NAT 来确保外部网络一直可访问内部网络中的web 服务器？NAT 过载静态NAT静态NATPAT5请参见图示。

流出R1 的流量转换失败。

最可能出错的是配置的哪个部分？ip nat pool语句access-list语句ip nat inside配置在错误的接口上接口s0/0/2 应该拥有一个私有IP 地址6网络管理员希望将两个IPv6 岛连接起来。

最简单的方式是通过仅使用IPv4 设备的公共网络来连接。

哪种简单的解决方案可解决此问题？将公共网络中的设备替换为支持IPv6 的设备。

国际财务管理课后习题答案chapter 7doc资料

CHAPTER 7 FUTURES AND OPTIONS ON FOREIGN EXCHANGESUGGESTED ANSWERS AND SOLUTIONS TO END-OF-CHAPTERQUESTIONS AND PROBLEMSQUESTIONS1. Explain the basic differences between the operation of a currency forward market and a futures market.Answer: The forward market is an OTC market where the forward contract for purchase or sale of foreign currency is tailor-made between the client and its international bank. No money changes hands until the maturity date of the contract when delivery and receipt are typically made. A futures contract is an exchange-traded instrument with standardized features specifying contract size and delivery date. Futures contracts are marked-to-market daily to reflect changes in the settlement price. Delivery is seldom made in a futures market. Rather a reversing trade is made to close out a long or short position.2. In order for a derivatives market to function most efficiently, two types of economic agents are needed: hedgers and speculators. Explain.Answer: Two types of market participants are necessary for the efficient operation of a derivatives market: speculators and hedgers. A speculator attempts to profit from a change in the futures price. To do this, the speculator will take a long or short position in a futures contract depending upon his expectations of future price movement. A hedger, on-the-other-hand, desires to avoid price variation by locking in a purchase price of the underlying asset through a long position in a futures contract or a sales price through a short position. In effect, the hedger passes off the risk of price variation to the speculator who is better able, or at least more willing, to bear this risk.3. Why are most futures positions closed out through a reversing trade rather than held to delivery?Answer: In forward markets, approximately 90 percent of all contracts that are initially established result in the short making delivery to the long of the asset underlying the contract. This is natural because the terms of forward contracts are tailor-made between the long and short. By contrast, only about one percent of currency futures contracts result in delivery. While futures contracts are useful for speculation and hedging, their standardized delivery dates make them unlikely to correspond to the actual future dates when foreign exchange transactions will occur. Thus, they are generally closed out in a reversing trade. In fact, the commission thatbuyers and sellers pay to transact in the futures market is a single amount that covers the round-trip transactions of initiating and closing out the position.4. How can the FX futures market be used for price discovery?Answer: To the extent that FX forward prices are an unbiased predictor of future spot exchange rates, the market anticipates whether one currency will appreciate or depreciate versus another. Because FX futures contracts trade in an expiration cycle, different contracts expire at different periodic dates into the future. The pattern of the prices of these cont racts provides information as to the market’s current belief about the relative future value of one currency versus another at the scheduled expiration dates of the contracts. One will generally see a steadily appreciating or depreciating pattern; however, it may be mixed at times. Thus, the futures market is useful for price discovery, i.e., obtaining the market’s forecast of the spot exchange rate at different future dates.5. What is the major difference in the obligation of one with a long position in a futures (or forward) contract in comparison to an options contract?Answer: A futures (or forward) contract is a vehicle for buying or selling a stated amount of foreign exchange at a stated price per unit at a specified time in the future. If the long holds the contract to the delivery date, he pays the effective contractual futures (or forward) price, regardless of whether it is an advantageous price in comparison to the spot price at the delivery date. By contrast, an option is a contract giving the long the right to buy or sell a given quantity of an asset at a specified price at some time in the future, but not enforcing any obligation on him if the spot price is more favorable than the exercise price. Because the option owner does not have to exercise the option if it is to his disadvantage, the option has a price, or premium, whereas no price is paid at inception to enter into a futures (or forward) contract.6. What is meant by the terminology that an option is in-, at-, or out-of-the-money?Answer: A call (put) option with S t > E (E > S t) is referred to as trading in-the-money. If S t E the option is trading at-the-money. If S t< E (E < S t) the call (put) option is trading out-of-the-money.7. List the arguments (variables) of which an FX call or put option model price is a function. How does the call and put premium change with respect to a change in the arguments?Answer: Both call and put options are functions of only six variables: S t, E, r i, r$, T andσ. When all else remains the same, the price of a European FX call (put) option will increase:1. the larger (smaller) is S,2. the smaller (larger) is E,3. the smaller (larger) is r i,4. the larger (smaller) is r$,5. the larger (smaller) r$ is relative to r i, and6. the greater is σ.When r$ and r i are not too much different in size, a European FX call and put will increase in price when the option term-to-maturity increases. However, when r$ is very much larger than r i, a European FX call will increase in price, but the put premium will decrease, when the option term-to-maturity increases. The opposite is true when r i is very much greater than r$. For American FX options the analysis is less complicated. Since a longer term American option can be exercised on any date that a shorter term option can be exercised, or a some later date, it follows that the all else remaining the same, the longer term American option will sell at a price at least as large as the shorter term option.PROBLEMS1. Assume today’s settlement price on a CME EUR futures contract is $1.3140/EUR. You have a short position in one contract. Your performance bond account currently has a balance of $1,700. The next three day s’ settlement prices are $1.3126, $1.3133, and $1.3049. Calculate the changes in the performance bond account from daily marking-to-market and the balance of the performance bond account after the third day.Solution: $1,700 + [($1.3140 - $1.3126) + ($1.3126 - $1.3133)+ ($1.3133 - $1.3049)] x EUR125,000 = $2,837.50,where EUR125,000 is the contractual size of one EUR contract.2. Do problem 1 again assuming you have a long position in the futures contract.Solution: $1,700 + [($1.3126 - $1.3140) + ($1.3133 - $1.3126) + ($1.3049 - $1.3133)] x EUR125,000 = $562.50,where EUR125,000 is the contractual size of one EUR contract.With only $562.50 in your performance bond account, you would experience a margin call requesting that additional funds be added to your performance bond account to bring the balance back up to the initial performance bond level.3. Using the quotations in Exhibit 7.3, calculate the face value of the open interest in the June 2005 Swiss franc futures contract.Solution: 2,101 contracts x SF125,000 = SF262,625,000.where SF125,000 is the contractual size of one SF contract.4. Using the quotations in Exhibit 7.3, note that the June 2005 Mexican peso futures contract has a price of $0.08845. You believe the spot price in June will be $0.09500. What speculative position would you enter into to attempt to profit from your beliefs? Calculate your anticipated profits, assuming you take a position in three contracts. What is the size of your profit (loss) if the futures price is indeed an unbiased predictor of the future spot price and this price materializes?Solution: If you expect the Mexican peso to rise from $0.08845 to $0.09500, you would take a long position in futures since the futures price of $0.08845 is less than your expected spot price.Your anticipated profit from a long position in three contracts is: 3 x ($0.09500 - $0.08845) x MP500,000 = $9,825.00, where MP500,000 is the contractual size of one MP contract.If the futures price is an unbiased predictor of the expected spot price, the expected spot price is the futures price of $0.08845/MP. If this spot price materializes, you will not have any profits or losses from your short position in three futures contracts: 3 x ($0.08845 - $0.08845) x MP500,000 = 0.5. Do problem 4 again assuming you believe the June 2005 spot price will be $0.08500.Solution: If you expect the Mexican peso to depreciate from $0.08845 to $0.07500, you would take a short position in futures since the futures price of $0.08845 is greater than your expected spot price.Your anticipated profit from a short position in three contracts is: 3 x ($0.08845 - $0.07500) x MP500,000 = $20,175.00.If the futures price is an unbiased predictor of the future spot price and this price materializes, you will not profit or lose from your long futures position.6. George Johnson is considering a possible six-month $100 million LIBOR-based, floating-rate bank loan to fund a project at terms shown in the table below. Johnson fears a possible rise in the LIBOR rate by December and wants to use the December Eurodollar futures contract to hedge this risk. The contract expires December 20, 1999, has a US$ 1 million contract size, and a discount yield of7.3 percent.Johnson will ignore the cash flow implications of marking to market, initial margin requirements, and any timing mismatch between exchange-traded futures contract cash flows and the interest payments due in March.Loan TermsSeptember 20, 1999 December 20, 1999 March 20, 2000 • Borrow $100 million at • Pay interest for first three • Pay back principal September 20 LIBOR + 200 months plus interestbasis points (bps) • Roll loan over at• September 20 LIBOR = 7% December 20 LIBOR +200 bpsLoan First loan payment (9%) Second paymentinitiated and futures contract expires and principal↓↓↓•••9/20/99 12/20/99 3/20/00a. Formulate Johnson’s September 20 floating-to-fixed-rate strategy using the Eurodollar future contracts discussed in the text above. Show that this strategy would result in a fixed-rate loan, assuming an increase in the LIBOR rate to 7.8 percent by December 20, which remains at 7.8 percent through March 20. Show all calculations.Johnson is considering a 12-month loan as an alternative. This approach will result in two additional uncertain cash flows, as follows:Loan First Second Third Fourth payment initiated payment (9%) payment payment and principal ↓↓↓↓↓•••••9/20/99 12/20/99 3/20/00 6/20/00 9/20/00 b. Describe the strip hedge that Johnson could use and explain how it hedges the 12-month loan (specify number of contracts). No calculations are needed.CFA Guideline Answera. The basis point value (BPV) of a Eurodollar futures contract can be found by substituting the contract specifications into the following money market relationship:BPV FUT = Change in Value = (face value) x (days to maturity / 360) x (change in yield)= ($1 million) x (90 / 360) x (.0001)= $25The number of contract, N, can be found by:N = (BPV spot) / (BPV futures)= ($2,500) / ($25)= 100ORN = (value of spot position) / (face value of each futures contract)= ($100 million) / ($1 million)= 100ORN = (value of spot position) / (value of futures position)= ($100,000,000) / ($981,750)where value of futures position = $1,000,000 x [1 – (0.073 / 4)]102 contractsTherefore on September 20, Johnson would sell 100 (or 102) December Eurodollar futures contracts at the 7.3 percent yield. The implied LIBOR rate in December is 7.3 percent as indicated by the December Eurofutures discount yield of 7.3 percent. Thus a borrowing rate of 9.3 percent (7.3 percent + 200 basis points) can be locked in if the hedge is correctly implemented.A rise in the rate to 7.8 percent represents a 50 basis point (bp) increase over the implied LIBOR rate. For a 50 basis point increase in LIBOR, the cash flow on the short futures position is:= ($25 per basis point per contract) x 50 bp x 100 contracts= $125,000.However, the cash flow on the floating rate liability is:= -0.098 x ($100,000,000 / 4)= - $2,450,000.Combining the cash flow from the hedge with the cash flow from the loan results in a net outflow of $2,325,000, which translates into an annual rate of 9.3 percent:= ($2,325,000 x 4) / $100,000,000 = 0.093This is precisely the implied borrowing rate that Johnson locked in on September 20. Regardless of the LIBOR rate on December 20, the net cash outflow will be $2,325,000, which translates into an annualized rate of 9.3 percent. Consequently, the floating rate liability has been converted to a fixed rate liability in the sense that the interest rate uncertainty associated with the March 20 payment (using the December 20 contract) has been removed as of September 20.b. In a strip hedge, Johnson would sell 100 December futures (for the March payment), 100 March futures (for the June payment), and 100 June futures (for the September payment). The objective is to hedge each interest rate payment separately using the appropriate number of contracts. The problem is the same as in Part A except here three cash flows are subject to rising rates and a strip of futures is used to hedge this interest rate risk. This problem is simplified somewhat because the cash flow mismatch between thefutures and the loan payment is ignored. Therefore, in order to hedge each cash flow, Johnson simply sells 100 contracts for each payment. The strip hedge transforms the floating rate loan into a strip of fixed rate payments. As was done in Part A, the fixed rates are found by adding 200 basis points to the implied forward LIBOR rate indicated by the discount yield of the three different Eurodollar futures contracts. The fixed payments will be equal when the LIBOR term structure is flat for the first year.7. Jacob Bower has a liability that:• has a principal balance of $100 million on June 30, 1998,• accrues interest quarterly starting on June 30, 1998,• pays interest quarterly,• has a one-year term to maturity, and• calculates interest due based on 90-day LIBOR (the London Interbank OfferedRate).Bower wishes to hedge his remaining interest payments against changes in interest rates.Bower has correctly calculated that he needs to sell (short) 300 Eurodollar futures contracts to accomplish the hedge. He is considering the alternative hedging strategies outlined in the following table.Initial Position (6/30/98) in90-Day LIBOR Eurodollar ContractsStrategy A Strategy BContract Month (contracts) (contracts)September 1998 300 100December 1998 0 100March 1999 0 100a. Explain why strategy B is a more effective hedge than strategy A when the yield curveundergoes an instantaneous nonparallel shift.b. Discuss an interest rate scenario in which strategy A would be superior to strategy B.CFA Guideline Answera. Strategy B’s SuperiorityStrategy B is a strip hedge that is constructed by selling (shorting) 100 futures contracts maturing in each of the next three quarters. With the strip hedge in place, each quarter of the coming year is hedged against shifts in interest rates for that quarter. The reason Strategy B will be a more effective hedge than Strategy A for Jacob Bower is that Strategy B is likely to work well whether a parallel shift or a nonparallel shift occurs over the one-year term of Bower’s liability. That is, regardless of what happens to the term structure, Strategy B structures the futures hedge so that the rates reflected by the Eurodollar futures cash price match the applicable rates for the underlying liability-the 90day LIBOR-based rate on Bower’s liability. The same is not true for Strategy A. Because Jacob Bower’s liability carries a floating interest rate that resets quarterly, he needs a strategy that provides a series of three-month hedges. Strategy A will need to be restructured when the three-month September contract expires. In particular, if the yield curve twists upward (futures yields rise more for distant expirations than for near expirations), Strategy A will produce inferior hedge results.b. Scenario in Which Strategy A is SuperiorStrategy A is a stack hedge strategy that initially involves selling (shorting) 300 September contracts. Strategy A is rarely better than Strategy B as a hedging or risk-reduction strategy. Only from the perspective of favorable cash flows is Strategy A better than Strategy B. Such cash flows occur only in certain interest rate scenarios. For example Strategy A will work as well as Strategy B for Bower’s liability if interest rates (instantaneously) change in parallel fashion. Another interest rate scenario where Strategy A outperforms Strategy B is one in which the yield curve rises but with a twist so that futures yields rise more for near expirations than for distant expirations. Upon expiration of the September contract, Bower will have to roll out his hedge by selling 200 December contracts to hedge the remaining interest payments. This action will have the effect that the cash flow from Strategy A will be larger than the cash flow from Strategy B because the appreciation on the 300 short September futures contracts will be larger than the cumulative appreciation in the 300 contracts shorted in Strategy B (i.e., 100 September, 100 December, and 100 March). Consequently, the cash flow from Strategy A will more than offset the increase in the interest payment on the liability, whereas the cash flow from Strategy B will exactly offset the increase in the interest payment on the liability.8. Use the quotations in Exhibit 7.7 to calculate the intrinsic value and the time value of the 97 September Japanese yen American call and put options.Solution: Premium - Intrinsic Value = Time Value97 Sep Call 2.08 - Max[95.80 – 97.00 = - 1.20, 0] = 2.08 cents per 100 yen97 Sep Put 2.47 - Max[97.00 – 95.80 = 1.20, 0] = 1.27 cents per 100 yen9. Assume spot Swiss franc is $0.7000 and the six-month forward rate is $0.6950. What is the minimum price that a six-month American call option with a striking price of $0.6800 should sell for in a rational market? Assume the annualized six-month Eurodollar rate is 3 ½ percent.Solution:Note to Instructor: A complete solution to this problem relies on the boundary expressions presented in footnote 3 of the text of Chapter 7.C a≥Max[(70 - 68), (69.50 - 68)/(1.0175), 0]≥Max[ 2, 1.47, 0] = 2 cents10. Do problem 9 again assuming an American put option instead of a call option.Solution: P a≥Max[(68 - 70), (68 - 69.50)/(1.0175), 0]≥Max[ -2, -1.47, 0] = 0 cents11. Use the European option-pricing models developed in the chapter to value the call of problem 9 and the put of problem 10. Assume the annualized volatility of the Swiss franc is 14.2 percent. This problem can be solved using the FXOPM.xls spreadsheet.Solution:d1 = [ln(69.50/68) + .5(.142)2(.50)]/(.142)√.50 = .2675d2 = d1 - .142√.50 = .2765 - .1004 = .1671N(d1) = .6055N(d2) = .5664N(-d1) = .3945N(-d2) = .4336C e = [69.50(.6055) - 68(.5664)]e-(.035)(.50) = 3.51 centsP e = [68(.4336) - 69.50(.3945)]e-(.035)(.50) = 2.03 cents12. Use the binomial option-pricing model developed in the chapter to value the call of problem 9.The volatility of the Swiss franc is 14.2 percent.Solution: The spot rate at T will be either 77.39¢ = 70.00¢(1.1056) or 63.32¢ = 70.00¢(.9045), where u = e.142 .50 = 1.1056 and d = 1/u = .9045. At the exercise price of E = 68, the option will only be exercised at time T if the Swiss franc appreciates; its exercise value would be C uT= 9.39¢ = 77.39¢ - 68. If the Swiss franc depreciates it would not be rational to exercise the option; its value would be C dT = 0.The hedge ratio is h = (9.39 – 0)/(77.39 – 63.32) = .6674.Thus, the call premium is:C0 = Max{[69.50(.6674) – 68((70/68)(.6674 – 1) +1)]/(1.0175), 70 – 68}= Max[1.64, 2] = 2 cents per SF.MINI CASE: THE OPTIONS SPECULATORA speculator is considering the purchase of five three-month Japanese yen call options with a striking price of 96 cents per 100 yen. The premium is 1.35 cents per 100 yen. The spot price is 95.28 cents per 100 yen and the 90-day forward rate is 95.71 cents. The speculator believes the yen will appreciate to $1.00 per 100 yen over the next three months. As the speculator’s assistant, you have been asked to prepare the following:1. Graph the call option cash flow schedule.2. Determine the speculator’s profit if the yen appreciates to $1.00/100 yen.3. Determine the speculator’s profit if the yen only appreciates to the forward rate.4. Determine the future spot price at which the speculator will only break even.Suggested Solution to the Options Speculator:1.-2. (5 x ¥6,250,000) x [(100 - 96) - 1.35]/10000 = $8,281.25.3. Since the option expires out-of-the-money, the speculator will let the option expire worthless. He will only lose the option premium.4. S T = E + C = 96 + 1.35 = 97.35 cents per 100 yen.。

组合数学第五版第七章答案

1
0
1
9 34
0
1
2
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·
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The sequence repeats with period 3 (resp. 8) (resp. 6) if m = 2 (resp. m = 3) (resp. m = 4). The result follows.
4. For an integer n ≥ 5 we have
8. By construction h0 = 1 and h1 = 2. We now ﬁnd hn for n ≥ 2. Consider a coloring of the 1 × n chessboard. The ﬁrst square is colored red or blue. If it is blue, then there are hn−1 ways to color the remaining n − 1 squares. If it is red, then the second square is blue, and there are hn−2 ways to color the remaining n − 2 squares. Therefore hn = hn−1 + hn−2. Comparing the above data with the Fibonacci sequence we ﬁnd hn = fn+2.
m = qn + r
1 ≤ r ≤ n − 1.
Observe that
GCD(n, r) = GCD(m, n) = d.
By induction and since r ≤ n − 1,

国际财务管理课后习题答案chapter-7

CHAPTER 7 FUTURES AND OPTIONS ON FOREIGN EXCHANGESUGGESTED ANSWERS AND SOLUTIONS TO END-OF-CHAPTERQUESTIONS AND PROBLEMSQUESTIONS1. Explain the basic differences between the operation of a currency forward market and a futures market.Answer: The forward market is an OTC market where the forward contract for purchase or sale of foreign currency is tailor-made between the client and its international bank. No money changes hands until the maturity date of the contract when delivery and receipt are typically made. A futures contract is an exchange-traded instrument with standardized features specifying contract size and delivery date. Futures contracts are marked-to-market daily to reflect changes in the settlement price. Delivery is seldom made in a futures market. Rather a reversing trade is made to close out a long or short position.2. In order for a derivatives market to function most efficiently, two types of economic agents are needed: hedgers and speculators. Explain.Answer: Two types of market participants are necessary for the efficient operation of a derivatives market: speculators and hedgers. A speculator attempts to profit from a change in the futures price. To do this, the speculator will take a long or short position in a futures contract depending upon his expectations of future price movement. A hedger, on-the-other-hand, desires to avoid price variation by locking in a purchase price of the underlying asset through a long position in a futures contract or a sales price through a short position. In effect, the hedger passes off the risk of price variation to the speculator who is better able, or at least more willing, to bear this risk.3. Why are most futures positions closed out through a reversing trade rather than held to delivery?Answer: In forward markets, approximately 90 percent of all contracts that are initially established result in the short making delivery to the long of the asset underlying the contract. This is natural because the terms of forward contracts are tailor-made between the long and short. By contrast, only about one percent of currency futures contracts result in delivery. While futures contracts are useful for speculation and hedging, their standardized delivery dates make them unlikely to correspond to the actual future dates when foreign exchange transactions will occur. Thus, they are generally closed out in a reversing trade. In fact, the commission thatbuyers and sellers pay to transact in the futures market is a single amount that covers the round-trip transactions of initiating and closing out the position.4. How can the FX futures market be used for price discovery?Answer: To the extent that FX forward prices are an unbiased predictor of future spot exchange rates, the market anticipates whether one currency will appreciate or depreciate versus another. Because FX futures contracts trade in an expiration cycle, different contracts expire at different periodic dates into the future. The pattern of the prices of these cont racts provides information as to the market’s current belief about the relative future value of one currency versus another at the scheduled expiration dates of the contracts. One will generally see a steadily appreciating or depreciating pattern; however, it may be mixed at times. Thus, the futures market is useful for price discovery, i.e., obtaining the market’s forecast of the spot exchange rate at different future dates.5. What is the major difference in the obligation of one with a long position in a futures (or forward) contract in comparison to an options contract?Answer: A futures (or forward) contract is a vehicle for buying or selling a stated amount of foreign exchange at a stated price per unit at a specified time in the future. If the long holds the contract to the delivery date, he pays the effective contractual futures (or forward) price, regardless of whether it is an advantageous price in comparison to the spot price at the delivery date. By contrast, an option is a contract giving the long the right to buy or sell a given quantity of an asset at a specified price at some time in the future, but not enforcing any obligation on him if the spot price is more favorable than the exercise price. Because the option owner does not have to exercise the option if it is to his disadvantage, the option has a price, or premium, whereas no price is paid at inception to enter into a futures (or forward) contract.6. What is meant by the terminology that an option is in-, at-, or out-of-the-money?Answer: A call (put) option with S t > E (E > S t) is referred to as trading in-the-money. If S t E the option is trading at-the-money. If S t< E (E < S t) the call (put) option is trading out-of-the-money.7. List the arguments (variables) of which an FX call or put option model price is a function. How does the call and put premium change with respect to a change in the arguments?Answer: Both call and put options are functions of only six variables: S t, E, r i, r$, T andσ. When all else remains the same, the price of a European FX call (put) option will increase:1. the larger (smaller) is S,2. the smaller (larger) is E,3. the smaller (larger) is r i,4. the larger (smaller) is r$,5. the larger (smaller) r$ is relative to r i, and6. the greater is σ.When r$ and r i are not too much different in size, a European FX call and put will increase in price when the option term-to-maturity increases. However, when r$ is very much larger than r i, a European FX call will increase in price, but the put premium will decrease, when the option term-to-maturity increases. The opposite is true when r i is very much greater than r$. For American FX options the analysis is less complicated. Since a longer term American option can be exercised on any date that a shorter term option can be exercised, or a some later date, it follows that the all else remaining the same, the longer term American option will sell at a price at least as large as the shorter term option.PROBLEMS1. Assume today’s settlement price on a CME EUR futures contract is $1.3140/EUR. You have a short position in one contract. Your performance bond account currently has a balance of $1,700. The next three day s’ settlement prices are $1.3126, $1.3133, and $1.3049. Calculate the changes in the performance bond account from daily marking-to-market and the balance of the performance bond account after the third day.Solution: $1,700 + [($1.3140 - $1.3126) + ($1.3126 - $1.3133)+ ($1.3133 - $1.3049)] x EUR125,000 = $2,837.50,where EUR125,000 is the contractual size of one EUR contract.2. Do problem 1 again assuming you have a long position in the futures contract.Solution: $1,700 + [($1.3126 - $1.3140) + ($1.3133 - $1.3126) + ($1.3049 - $1.3133)] x EUR125,000 = $562.50,where EUR125,000 is the contractual size of one EUR contract.With only $562.50 in your performance bond account, you would experience a margin call requesting that additional funds be added to your performance bond account to bring the balance back up to the initial performance bond level.3. Using the quotations in Exhibit 7.3, calculate the face value of the open interest in the June 2005 Swiss franc futures contract.Solution: 2,101 contracts x SF125,000 = SF262,625,000.where SF125,000 is the contractual size of one SF contract.4. Using the quotations in Exhibit 7.3, note that the June 2005 Mexican peso futures contract has a price of $0.08845. You believe the spot price in June will be $0.09500. What speculative position would you enter into to attempt to profit from your beliefs? Calculate your anticipated profits, assuming you take a position in three contracts. What is the size of your profit (loss) if the futures price is indeed an unbiased predictor of the future spot price and this price materializes?Solution: If you expect the Mexican peso to rise from $0.08845 to $0.09500, you would take a long position in futures since the futures price of $0.08845 is less than your expected spot price.Your anticipated profit from a long position in three contracts is: 3 x ($0.09500 - $0.08845) x MP500,000 = $9,825.00, where MP500,000 is the contractual size of one MP contract.If the futures price is an unbiased predictor of the expected spot price, the expected spot price is the futures price of $0.08845/MP. If this spot price materializes, you will not have any profits or losses from your short position in three futures contracts: 3 x ($0.08845 - $0.08845) x MP500,000 = 0.5. Do problem 4 again assuming you believe the June 2005 spot price will be $0.08500.Solution: If you expect the Mexican peso to depreciate from $0.08845 to $0.07500, you would take a short position in futures since the futures price of $0.08845 is greater than your expected spot price.Your anticipated profit from a short position in three contracts is: 3 x ($0.08845 - $0.07500) x MP500,000 = $20,175.00.If the futures price is an unbiased predictor of the future spot price and this price materializes, you will not profit or lose from your long futures position.6. George Johnson is considering a possible six-month $100 million LIBOR-based, floating-rate bank loan to fund a project at terms shown in the table below. Johnson fears a possible rise in the LIBOR rate by December and wants to use the December Eurodollar futures contract to hedge this risk. The contract expires December 20, 1999, has a US$ 1 million contract size, and a discount yield of7.3 percent.Johnson will ignore the cash flow implications of marking to market, initial margin requirements, and any timing mismatch between exchange-traded futures contract cash flows and the interest payments due in March.Loan TermsSeptember 20, 1999 December 20, 1999 March 20, 2000 • Borrow $100 million at • Pay interest for first three • Pay back principal September 20 LIBOR + 200 months plus interestbasis points (bps) • Roll loan over at• September 20 LIBOR = 7% December 20 LIBOR +200 bpsLoan First loan payment (9%) Second paymentinitiated and futures contract expires and principal↓↓↓•••9/20/99 12/20/99 3/20/00a. Formulate Johnson’s September 20 floating-to-fixed-rate strategy using the Eurodollar future contracts discussed in the text above. Show that this strategy would result in a fixed-rate loan, assuming an increase in the LIBOR rate to 7.8 percent by December 20, which remains at 7.8 percent through March 20. Show all calculations.Johnson is considering a 12-month loan as an alternative. This approach will result in two additional uncertain cash flows, as follows:Loan First Second Third Fourth payment initiated payment (9%) payment payment and principal ↓↓↓↓↓•••••9/20/99 12/20/99 3/20/00 6/20/00 9/20/00 b. Describe the strip hedge that Johnson could use and explain how it hedges the 12-month loan (specify number of contracts). No calculations are needed.CFA Guideline Answera. The basis point value (BPV) of a Eurodollar futures contract can be found by substituting the contract specifications into the following money market relationship:BPV FUT = Change in Value = (face value) x (days to maturity / 360) x (change in yield)= ($1 million) x (90 / 360) x (.0001)= $25The number of contract, N, can be found by:N = (BPV spot) / (BPV futures)= ($2,500) / ($25)= 100ORN = (value of spot position) / (face value of each futures contract)= ($100 million) / ($1 million)= 100ORN = (value of spot position) / (value of futures position)= ($100,000,000) / ($981,750)where value of futures position = $1,000,000 x [1 – (0.073 / 4)]102 contractsTherefore on September 20, Johnson would sell 100 (or 102) December Eurodollar futures contracts at the 7.3 percent yield. The implied LIBOR rate in December is 7.3 percent as indicated by the December Eurofutures discount yield of 7.3 percent. Thus a borrowing rate of 9.3 percent (7.3 percent + 200 basis points) can be locked in if the hedge is correctly implemented.A rise in the rate to 7.8 percent represents a 50 basis point (bp) increase over the implied LIBOR rate. For a 50 basis point increase in LIBOR, the cash flow on the short futures position is:= ($25 per basis point per contract) x 50 bp x 100 contracts= $125,000.However, the cash flow on the floating rate liability is:= -0.098 x ($100,000,000 / 4)= - $2,450,000.Combining the cash flow from the hedge with the cash flow from the loan results in a net outflow of $2,325,000, which translates into an annual rate of 9.3 percent:= ($2,325,000 x 4) / $100,000,000 = 0.093This is precisely the implied borrowing rate that Johnson locked in on September 20. Regardless of the LIBOR rate on December 20, the net cash outflow will be $2,325,000, which translates into an annualized rate of 9.3 percent. Consequently, the floating rate liability has been converted to a fixed rate liability in the sense that the interest rate uncertainty associated with the March 20 payment (using the December 20 contract) has been removed as of September 20.b. In a strip hedge, Johnson would sell 100 December futures (for the March payment), 100 March futures (for the June payment), and 100 June futures (for the September payment). The objective is to hedge each interest rate payment separately using the appropriate number of contracts. The problem is the same as in Part A except here three cash flows are subject to rising rates and a strip of futures is used to hedge this interest rate risk. This problem is simplified somewhat because the cash flow mismatch between thefutures and the loan payment is ignored. Therefore, in order to hedge each cash flow, Johnson simply sells 100 contracts for each payment. The strip hedge transforms the floating rate loan into a strip of fixed rate payments. As was done in Part A, the fixed rates are found by adding 200 basis points to the implied forward LIBOR rate indicated by the discount yield of the three different Eurodollar futures contracts. The fixed payments will be equal when the LIBOR term structure is flat for the first year.7. Jacob Bower has a liability that:• has a principal balance of $100 million on June 30, 1998,• accrues interest quarterly starting on June 30, 1998,• pays interest quarterly,• has a one-year term to maturity, and• calculates interest due based on 90-day LIBOR (the London Interbank OfferedRate).Bower wishes to hedge his remaining interest payments against changes in interest rates.Bower has correctly calculated that he needs to sell (short) 300 Eurodollar futures contracts to accomplish the hedge. He is considering the alternative hedging strategies outlined in the following table.Initial Position (6/30/98) in90-Day LIBOR Eurodollar ContractsStrategy A Strategy BContract Month (contracts) (contracts)September 1998 300 100December 1998 0 100March 1999 0 100a. Explain why strategy B is a more effective hedge than strategy A when the yield curveundergoes an instantaneous nonparallel shift.b. Discuss an interest rate scenario in which strategy A would be superior to strategy B.CFA Guideline Answera. Strategy B’s SuperiorityStrategy B is a strip hedge that is constructed by selling (shorting) 100 futures contracts maturing in each of the next three quarters. With the strip hedge in place, each quarter of the coming year is hedged against shifts in interest rates for that quarter. The reason Strategy B will be a more effective hedge than Strategy A for Jacob Bower is that Strategy B is likely to work well whether a parallel shift or a nonparallel shift occurs over the one-year term of Bower’s liability. That is, regardless of what happens to the term structure, Strategy B structures the futures hedge so that the rates reflected by the Eurodollar futures cash price match the applicable rates for the underlying liability-the 90day LIBOR-based rate on Bower’s liability. The same is not true for Strategy A. Because Jacob Bower’s liability carries a floating interest rate that resets quarterly, he needs a strategy that provides a series of three-month hedges. Strategy A will need to be restructured when the three-month September contract expires. In particular, if the yield curve twists upward (futures yields rise more for distant expirations than for near expirations), Strategy A will produce inferior hedge results.b. Scenario in Which Strategy A is SuperiorStrategy A is a stack hedge strategy that initially involves selling (shorting) 300 September contracts. Strategy A is rarely better than Strategy B as a hedging or risk-reduction strategy. Only from the perspective of favorable cash flows is Strategy A better than Strategy B. Such cash flows occur only in certain interest rate scenarios. For example Strategy A will work as well as Strategy B for Bower’s liability if interest rates (instantaneously) change in parallel fashion. Another interest rate scenario where Strategy A outperforms Strategy B is one in which the yield curve rises but with a twist so that futures yields rise more for near expirations than for distant expirations. Upon expiration of the September contract, Bower will have to roll out his hedge by selling 200 December contracts to hedge the remaining interest payments. This action will have the effect that the cash flow from Strategy A will be larger than the cash flow from Strategy B because the appreciation on the 300 short September futures contracts will be larger than the cumulative appreciation in the 300 contracts shorted in Strategy B (i.e., 100 September, 100 December, and 100 March). Consequently, the cash flow from Strategy A will more than offset the increase in the interest payment on the liability, whereas the cash flow from Strategy B will exactly offset the increase in the interest payment on the liability.8. Use the quotations in Exhibit 7.7 to calculate the intrinsic value and the time value of the 97 September Japanese yen American call and put options.Solution: Premium - Intrinsic Value = Time Value97 Sep Call 2.08 - Max[95.80 – 97.00 = - 1.20, 0] = 2.08 cents per 100 yen97 Sep Put 2.47 - Max[97.00 – 95.80 = 1.20, 0] = 1.27 cents per 100 yen9. Assume spot Swiss franc is $0.7000 and the six-month forward rate is $0.6950. What is the minimum price that a six-month American call option with a striking price of $0.6800 should sell for in a rational market? Assume the annualized six-month Eurodollar rate is 3 ½ percent.Solution:Note to Instructor: A complete solution to this problem relies on the boundary expressions presented in footnote 3 of the text of Chapter 7.C a≥Max[(70 - 68), (69.50 - 68)/(1.0175), 0]≥Max[ 2, 1.47, 0] = 2 cents10. Do problem 9 again assuming an American put option instead of a call option.Solution: P a≥Max[(68 - 70), (68 - 69.50)/(1.0175), 0]≥Max[ -2, -1.47, 0] = 0 cents11. Use the European option-pricing models developed in the chapter to value the call of problem 9 and the put of problem 10. Assume the annualized volatility of the Swiss franc is 14.2 percent. This problem can be solved using the FXOPM.xls spreadsheet.Solution:d1 = [ln(69.50/68) + .5(.142)2(.50)]/(.142)√.50 = .2675d2 = d1 - .142√.50 = .2765 - .1004 = .1671N(d1) = .6055N(d2) = .5664N(-d1) = .3945N(-d2) = .4336C e = [69.50(.6055) - 68(.5664)]e-(.035)(.50) = 3.51 centsP e = [68(.4336) - 69.50(.3945)]e-(.035)(.50) = 2.03 cents12. Use the binomial option-pricing model developed in the chapter to value the call of problem 9.The volatility of the Swiss franc is 14.2 percent.Solution: The spot rate at T will be either 77.39¢ = 70.00¢(1.1056) or 63.32¢ = 70.00¢(.9045), where u = e.142 .50 = 1.1056 and d = 1/u = .9045. At the exercise price of E = 68, the option will only be exercised at time T if the Swiss franc appreciates; its exercise value would be C uT= 9.39¢ = 77.39¢ - 68. If the Swiss franc depreciates it would not be rational to exercise the option; its value would be C dT = 0.The hedge ratio is h = (9.39 – 0)/(77.39 – 63.32) = .6674.Thus, the call premium is:C0 = Max{[69.50(.6674) – 68((70/68)(.6674 – 1) +1)]/(1.0175), 70 – 68}= Max[1.64, 2] = 2 cents per SF.MINI CASE: THE OPTIONS SPECULATORA speculator is considering the purchase of five three-month Japanese yen call options with a striking price of 96 cents per 100 yen. The premium is 1.35 cents per 100 yen. The spot price is 95.28 cents per 100 yen and the 90-day forward rate is 95.71 cents. The speculator believes the yen will appreciate to $1.00 per 100 yen over the next three months. As the speculator’s assistant, you have been asked to prepare the following:1. Graph the call option cash flow schedule.2. Determine the speculator’s profit if the yen appreciates to $1.00/100 yen.3. Determine the speculator’s profit if the yen only appreciates to the forward rate.4. Determine the future spot price at which the speculator will only break even.Suggested Solution to the Options Speculator:1.-2. (5 x ¥6,250,000) x [(100 - 96) - 1.35]/10000 = $8,281.25.3. Since the option expires out-of-the-money, the speculator will let the option expire worthless. He will only lose the option premium.4. S T = E + C = 96 + 1.35 = 97.35 cents per 100 yen.。

Chapter 7 课后答案

Chapter 7 答案Discourse Analysis1.Define the following terms briefly.(1)discourse: a general term for examples of language use, i.e. language producedas the result of an act of communication. It refers to the larger units oflanguage such as paragraphs, conversations and interviews.(2)discourse analysis: the study of how sentences in written and spoken languageform larger meaning units such as paragraphs, conversations and interviews.(3)given information: the information that the addresser believes is known to the addressee.(4)new information: the information that the addresser believes is not knownto the addressee.(5)topic: the main center of attention in a sentence.(6)cohesion: the grammatical and/or lexical relationships between the differentelements of a text. This may be the relationship between different sentencesor different parts of a sentence.(7)coherence: the relationship that links the meanings of utterances ina discourseor of the sentences in a text.(8)discourse marker: the technical term for all the items that are used to helpconstruct discourse, such as signifying the beginning or ending of a paragraphor a turn in conversation. They are commonly used in the initial positionof an utterance and are syntactically detachable from a sentence, such aswell, I mean, now, then, first, second, finally.(9)adjacency pair: a set of two consecutive, ordered turns that “go together” in aconversation, such as sequences of question/answer, greeting/greeting, invitation/acceptance, criticism/denial.(10) preference structure: in the conversations there can be several second partsrelated to one first part, but they are not of equal status. The structural likelihoodis called preference, and this likely structure is the preference structurethat divides second parts into preferred and dispreferred. The former is thestructurally expected and the latter unexpected. In answering the question“Have you got a light?”, the reply “Here you are” is preferred and “Sorry, no, I don’t smoke” is dispr eferred.(11 presequence: the opening sequences that are used to set up some special potentialactions, such as greetings before formal conversations. “What are youdoing tonight?” can be used as a presequence if it is followed by “If nothingspecial, come over and have dinner with us please.”(12) critical discourse analysis: the analysis of language use directed at, and committedto, discovering the concealed ideological bias, injustice, inequality in the power relations among speakers and hearers.2.In the study of discourse, cohesion refers to the grammatical and/or lexical relationshipsbetween the different parts of a text. This may be the relationship betweendifferent sentences or different parts of a sentence. It concerns the questionof how sentences are explicitly linked together in a discourse by different kinds ofovert devices. Such cohesive devices include reference, substitution, ellipses, conjunction and lexical cohesion.3.one→the look-out4.them (line 4)→plant and animal species (line 3)that (line 7)→“Every ecosystem everywhere can’t be preserved intact.”it (line 7)→“Every ecosystem everywhere can’t be preserved intact.”it (1st one, line 8)→how can it be made consistent with the earlier objective?it (2nd one, line 8)→to deprive some people in some parts of the world of a pieceof their ecosystem but not others.5.It is not a coherent discourse. Although it has connection words such as a Ford–– a car and black –– Black, which look like cohesive devices, they refer to entirelydifferent things. There is a total lack of internal relation among the sentences. Atext can’t be only based on superficial connections between the words to pursuecoherence; there must be some relationship that links the meanings of the sentencesin a text, too. This text is not in line with our real experience of the way theworld is. Thus, we can’t make sense of it directly unless we are laborious to createmeaningful connections which are not actually expressed by the words and sentences.So it’s not a coheren t discourse.6.Coherence is the relationship that links the meanings of utterances ina discourse or of the sentences in a text. This extract is coherent. All the sentences (questions in fact) are organized around the topic “interview”, and they are arrang ed from the general to the more specific in a logical order so that the text is easy to follow.。

细胞生物学课后练习题及答案chapter7

第七章线粒体与叶绿体一、名词解释：1. 类囊体（thylakoid）2. 光合磷酸化（photophosphorylation）3. 半自主细胞器（semiautonomous organelle）4. 氧化磷酸化5. 呼吸链6. 细胞色素7. 捕光色素8. 质体醌9. 非循环光合磷酸化10. 光反应11. 暗反应二、选择题：请在以下每题中选出正确答案，每题正确答案为1-6个，多选和少选均不得分1. 以下哪一种情况有A TP合成A.用高钾低钠溶液浸泡细胞，然后转入低钾高钠溶液B.用酸性溶液浸泡亚线粒体颗粒，然后转入中性溶液C.用溶液碱性浸泡类囊体，然后转入中性溶液2. 叶绿体质子动力势的产生是因为A.膜间隙的pH值低于叶绿体基质的pH值B.膜间隙的pH值高于叶绿体基质的pH值C.内囊体腔的pH值低于叶绿体基质的pH值D.内囊体腔的pH值高于叶绿体基质的pH值3. 信号肽引导蛋白质进入线粒体、叶绿体之后，被信号肽酶切除，这种现象叫做A.co-translationB.post-translationC.co-transcriptionD.post-transcription4. 以下哪一种复合体能将蛋白质转运到线粒体膜间隙A.TOMC.TIM22D.OXA5. 绿色植物的细胞内存在几个遗传系统A.1B.2C.3D.46. 类囊体膜上电子传递的方向为A.PSI → PSII → NADP+B.PSI → NADP+ → PSIIC.PSI → PSII → H2OD.PSII → PSI → NADP+7. 植物光合作用释放的氧气来源于A.二氧化碳B.水分子8. 当植物在缺乏NADP+时，会发生A.循环式光合磷酸化B.非循环式光合磷酸化9. 光系统Ⅰ的中心色素为A.叶绿素bB.叶绿素aC.类胡萝卜素D.叶黄素10. 叶绿素是含有哪一类原子的卟啉衍生物A.Mn2+B.Mg2+C.Ca2+D.Fe2+11. 以下哪些复合物位于类囊体膜上B.光系统ⅡC.CF1-CF0D.细胞色素b6/f复合体12. 以下关于线粒体增殖的描述哪些是错误的A.线粒体来源于原有线粒体的分裂B.线粒体的分裂与细胞分裂同步C.细胞质中合成的蛋白质在信号序列的帮助下，被运入线粒体D.线粒体不能合成自身需要的蛋白质13. 细胞核的RNA聚合酶能被哪一种药物抑制A.放线菌素DB.溴化乙锭14. 线粒体的蛋白质合成能被哪一种药物抑制A.氯霉素B.放线菌酮15. 线粒体质子动力势的产生是因为膜间隙的pH值A.低于线粒体基质的pH值B.高于线粒体基质的pH值16. 2,4-二硝基酚(DNP) 抑制线粒体的A TP合成，因为它是一种A.质子载体B.质子通道C.是一种质子通道的阻断剂17. 寡霉素（oligomycin）抑制线粒体的ATP合成，因为它是一种A.质子载体B.质子通道C.质子通道的阻断剂18. 叠氮钠可抑制以下部位的电子传递A.NADH→CoQB.Cyt b→Cyt c1C.细胞色素氧化酶→O2。

chapter7

1练习九恒定电流一、选择题1.室温下,铜导线内自由电子数密度n = 8.85⨯1028m -3,导线中电流密度j = 2⨯106A/m 2，则电子定向漂移速率为：(A) 1.4⨯10-4m/s. (B) 1.4⨯10-2m/s. (C) 5.4⨯102m/s. (D) 1.1⨯105m/s.2.在一个半径为R 1的导体球外面套一个与它共心的内半径为R 2的导体球壳,两导体的电导可以认为是无限大.在导体球与导体球壳之间充满电导率为γ的均匀导电物质,如图9.1所示.当在两导体间加一定电压时,测得两导体间电流为I , 则在两导体间距球心的距离为r 的P 点处的电场强度大小E 为：(A) I γ/(4πr 2) . (B) I /(4πγr 2) . (C) I /(4πγR 12) . (D) IR 22/(4πγR 12r 2) .3. 一平行板电容器极板间介质的介电常数为ε，电导率为γ，当极板上充电Q 时，则极板间的漏电流为(A) Q/(γε). (B) γε/Q . (C) εQ/γ. (D) γQ/ε .4.有一根电阻率为ρ、截面直径为d 、长度为L 的导线，若将电压U 加在该导线的两端，则单位时间内流过导线横截面的自由电子数为N ；若导线中自由电子数密度为n ，则电子平均漂移速度为v d . 下列哪个结论正确：(A) Lne U v Le Ud N d ρρπ==,42. (B) L ne U v ed LUN d ρπρ==,42.(C) LUnev Le Ud N d ρρπ==,82.图9.12(D) LUnev ed LUN d ρπρ==,42.5. 在氢放电管中充有气体，当放电管两极间加上足够高的电压时，气体电离. 如果氢放电管中每秒有4⨯1018个电子和1.5⨯1018个质子穿过放电管的某一截面向相反方向运动，则此氢放电管中的电流为(A) 0.40A . (B) 0.64A . (C) 0.88A . (D) 0.24A .二、填空题1. 如图9.2所示为某复杂电路中的某节点,所设电流方向如图.则利用电流连续性列方程为 .2. 如图9.3所示为某复杂电路中的某回路,所设电流方向及回路中的电阻,电源如图.则利用基尔霍夫定律列方程为 .3. 有两个相同的电源和两个相同的电阻,按图9.4和图9.5所示两种方式连接. 在图9.3中I = ,U AB = ；在图9.3中I = ,U AB = .三、计算题1. 把大地看作电阻率为ρ的均匀电介质,如图9.6.所示. 用一个半径为a 的球形电极与大地表面相接，半个球体埋在地面下，电极本身的电阻可忽略.求(1)电极的接地电阻；(2)当有电流流入大地时，距电极中心分别为r 1和r 2的两点A 、B 的电流密度j 1与j 2的比值.2. 一同轴电缆，长L = 1500m ，内导体外半径a = 1.0 mm ，外导体内半径b = 5.0 mm ，中间填充绝缘介质，由于电缆受潮，测得绝缘介质的电阻率降低到6.4⨯105Ω·m. 若信号源是电动势ε= 24V ，内阻r = 3.0Ω图9.2图9.3图9.4图9.5图9.63的直流电源. 求在电缆末端负载电阻R 0=1.0 k Ω上的信号电压为多大.练习十磁感应强度毕奥—萨伐尔定律一、选择题1. 如图10.1所示，边长为l 的正方形线圈中通有电流I ，则此线圈在A 点（如图）产生的磁感强度为:(A) l I πμ420. (B) l I πμ220. (C)lIπμ02(D) 以上均不对.2. 电流I 由长直导线1沿对角线AC 方向经A 点流入一电阻均匀分布的正方形导线框，再由D 点沿对角线BD 方向流出，经长直导线2返回电源, 如图10.2所示. 若载流直导线1、2和正方形框在导线框中心O 点产生的磁感强度分别用B 1、B 2和B 3表示，则O 点磁感强度的大小为:(A) B = 0. 因为 B 1 = B 2 = B 3 = 0 .(B) B = 0. 因为虽然B 1 ≠ 0, B 2 ≠ 0, B 1+B 2 = 0, B 3=0 (C) B ≠ 0. 因为虽然B 3 = 0, 但 B 1+B 2 ≠ 0 (D) B ≠ 0. 因为虽然B 1+B 2 = 0, 但 B 3 ≠ 03. 如图10.3所示，三条平行的无限长直导线，垂直通过边长为a 的正三角形顶点，每条导线中的电流都是I ，这三条导线在正三角形中心O(A) B = 0 .(B)B =3μ0I /(πa ) . (C) B =3μ0I /(2πa ) . (D) B =3μ0I /(3πa ) . . 4. 如图10.4所示，无限长直导线在P 处弯成半径为R 的圆，当通以电流I 时，则在圆心O 点的磁感强度大小等于：(A) R Iπμ20. (B)RI 40μ.图10.1图10.2图10.3图10.44(C) )11(20πμ-R I. (D) )11(40πμ+RI .5. 一匝数为N 的正三角形线圈边长为a ,通有电流为I , 则中心处的磁感应强度为 (A) B = 33μ0N I /(πa ) . (B) B =3μ0NI /(πa ) . (C) B = 0 .(D) B = 9μ0NI /(πa ) . 二、填空题1.平面线圈的磁矩为p m =IS n ，其中S 是电流为I 的平面线圈 , n 是平面线圈的法向单位矢量,按右手螺旋法则,当四指的方向代表方向时,大拇指的方向代表方向.2 两个半径分别为R 1、R 2的同心半圆形导线，与沿直径的直导线连接同一回路，回路中电流为I .(1) 如果两个半圆共面，如图10.5.a 所示，圆心O 点的磁感强度B 0的大小为，方向为 .(2) 如果两个半圆面正交，如图10.5b 所示，则圆心O 点的磁感强度B 0的大小为，B 0的方向与y 轴的夹角为 .3. 如图10.6所示,在真空中,电流由长直导线1沿切向经a 点流入一电阻均匀分布的圆环,再由b 点沿切向流出,经长直导线2返回电源.已知直导线上的电流强度为I ,圆环半径为R ，∠aob =180︒.则圆心O 点处的磁感强度的大小B = .三、计算题1. 如图10.7所示, 一宽为2a 的无限长导体薄片, 沿长度方向的电流I 在导体薄片上均匀分布. 求中心轴线OO '上方距导体薄片为a 的磁感强度.2. 如图10.8所示，半径为R 的木球上绕有密集的细导线，线圈图10.5图10.6b图10.85平面彼此平行，且以单层线圈覆盖住半个球面. 设线圈的总匝数为N ，通过线圈的电流为I . 求球心O 的磁感强度.练习十一毕奥—萨伐尔定律(续) 磁场的高斯定理一、选择题1. 在磁感强度为B 的均匀磁场中作一半径为r 的半球面S ，S 边线所在平面的法线方向单位矢量n 与B 的夹角为θ，如图11.1所示. 则通过半球面S 的磁通量为：(A) πr 2B . (B) 2πr 2B . (C) -πr 2B sin θ.(D) -πr 2B cos θ. 2. 如图11.2所示，六根长导线互相绝缘，通过电流均为I ，区域Ⅰ、Ⅱ、Ⅲ、Ⅳ均为相等的正方形，哪个区域指向纸内的磁通量最大.(A) Ⅰ区域. (B) Ⅱ区域. (C) Ⅲ区域. (D) Ⅳ区域.(E) 最大不止一个区域.3. 如图11.3所示，有一无限大通有电流的扁平铜片，宽度为a ，厚度不计，电流I 在铜片上均匀分布，在铜片外与铜片共面，离铜片左边缘为b 处的P 点的磁感强度的大小为：(A) )(20b a I+πμ.(B) a b a bI+ln 20πμ. (C) bb a aI+ln20πμ. (D)])2/[(20b a I+πμ.4. 有一半径为R 的单匝圆线圈，通以电流I . 若将该导线弯成匝数N =2的平面圆线圈，导线长度不变，并通以同样的电流，则线圈中心的磁感强度和线圈的磁矩分别是原来的:(A) 4倍和1/2倍.(B) 4倍和1/8倍 . (C) 2倍和1/4倍 .(D) 2倍和 1/2倍 .5. 如图11.4,载流圆线圈(半径为R )与正方形线圈(边长为a )通有相同电流I ,若两线圈中心图11.1Ⅱ Ⅰ ⅢⅣ图11.2P图11.36O 1与O 2处的磁感应强度大小相同,则半径R 与边长a 之比R : a 为(A) 1:1.(B) π2:1. (C) π2:4. (D)π2:8二、填空题1. 一电子以速度v =1.0⨯107m/s 作直线运动，在与电子相距d =1.0⨯10-9m 的一点处，由电子产生的磁场的最大磁感强度B max = .2. 如图11.5,长为l 带电量为Q 的均匀带电直线平行于y 轴,在xy 平面内沿x 正向以速率v 运动,近端距x 轴也为l,当它运动到与y 轴重合时,坐标原点的磁感应强度B 的大小为 ,方向沿 .3.半径为R 的无限长圆筒形螺线管,在内部产生的是均匀磁场,方向沿轴线,与I 成右手螺旋;大小为μ0nI ,其中n 为单位长度上的线圈匝数,则通过螺线管横截面磁通量的大小为 .三、计算题1.在无限长直载流导线的右侧有面积为S 1和S 2的两个矩形回路, 回路旋转方向如图11.6所示, 两个回路与长直载流导线在同一平面内, 且矩形回路的一边与长直载流导线平行. 求通过两矩形回路的磁通量及通过S 1回路的磁通量与通过S 2回路的磁通量之比.2. 半径为R 的薄圆盘均匀带电，总电量为Q . 令此盘绕通过盘心且垂直盘面的轴线作匀速转动，角速度为ω，求轴线上距盘心x 处的磁感强度的大小和旋转圆盘的磁矩.练习十二安培环路定律一、选择题1. 用相同细导线分别均匀密绕成两个单位长度匝数相等的半径为R 和r 的长直螺线管(R =2r )，螺线管长度远大于半径.今让两螺线管载有电流均为I ，则两螺线管中的磁感强度大小B R 和B r 应满足：(A) B R = 2B r . (B) B R = B r . (C) 2B R = B r . (D) B R = 4B r .2. 无限长直圆柱体，半径为R ，沿轴向均匀流有电流. 设圆柱体内(r < R )的磁感强度为图11.67B 1，圆柱体外(r >R )的磁感强度为B 2，则有：(A) B 1、B 2均与r 成正比. (B) B 1、B 2均与r 成反比. (C) B 1与r 成正比, B 2与r 成反比. (D) B 1与r 成反比, B 2与r 成正比.3. 在图12.1(a )和12.1(b )中各有一半径相同的圆形回路L 1和L 2，圆周内有电流I 2和I 2，其分布相同，且均在真空中，但在图12.1(b ）中，L 2回路外有电流I 3，P 1、P 2为两圆形回路上的对应点，则：(A) ⎰⋅1d L l B =⎰⋅2d L l B ,21P P B B =.(B) ⎰⋅1d L l B ≠⎰⋅2d L l B , 21P P B B =.(C) ⎰⋅1d L l B =⎰⋅2d L l B , 21P P B B ≠.(D)⎰⋅1d L l B ≠⎰⋅2d L l B ,21P P B B ≠.3. 无限长直圆柱体，半径为R ，沿轴向均匀流有电流. 设圆柱体内(r < R )的磁感强度为B 1，圆柱体外(r >R )的磁感强度为B 2，则有：(A) B 1、B 2均与r 成正比. (B) B 1、B 2均与r 成反比. (C) B 1与r 成正比, B 2与r 成反比. (D) B 1与r 成反比, B 2与r 成正比.4. 如图12.2所示，两根直导线ab 和cd 沿半径方向被接到一个截面处处相等的铁环上，恒定电流I 从a 端流入而从d 端流出，则磁感强度B 沿图中闭合路径的积分⎰⋅Ll B d 等于：(A) μ0I . (B) μ0I /3. (C) μ0I /4. (D) 2μ0I /3 . 5. 如图12.3,在一圆形电流I 所在的平面内,选取一个同心圆形闭合回路L ,则由安培环路定理可知(A)0 d =⋅⎰L l B ,且环路上任意点B ≠0. (B) 0 d =⋅⎰Ll B ,且环路上任意点B =0.(C)0 d ≠⋅⎰Ll B ,且环路上任意点B ≠0.图12.1P 1(a )3 2 P2 (b )图12.28(D) 0 d ≠⋅⎰Ll B ,且环路上任意点B =0.二、填空题1.在安培环路定理中i LI ∑=⋅⎰0d μl B , 其中∑I i 是指 ;B 是指 ,B 是由环路的电流产生的.2. 两根长直导线通有电流I ,图12.3所示有三种环路, 对于环路a ,=⋅⎰a LlB d ;对于环路b , =⋅⎰bL l B d ;对于环路c , =⋅⎰cL l B d .3. 圆柱体上载有电流I ，电流在其横截面上均匀分布，一回路L 通过圆柱内部，将圆柱体横截面分为两部分，其面积大小分别为S 1和S 2，如图12.4所示. 则=⋅⎰Ll B d .三、计算题1. 如图12.5所示，一根半径为R 的无限长载流直导体，其中电流I 沿轴向流过，并均匀分布在横截面上. 现在导体上有一半径为R '的圆柱形空腔，其轴与直导体的轴平行，两轴相距为 d . 试求空腔中任意一点的磁感强度.2. 设有两无限大平行载流平面,它们的电流密度均为j ,电流流向相反. 求：(1) 载流平面之间的磁感强度； (2) 两面之外空间的磁感强度.练习十三安培力一、选择题1.有一由N 匝细导线绕成的平面正三角形线圈，边长为a , 通有电流I ，置于均匀外磁场B 中，当线圈平面的法向与外磁场同向时，该线圈所受的磁力矩M m 为:(A)3Na 2IB /2;图12.3图12.5(B) 3Na2IB/4;(C) 3Na2IB sin60︒ .(D) 0 .2. 如图13.1所示. 匀强磁场中有一矩形通电线圈，它的平面与磁场平行，在磁场作用下，线圈发生转动，其方向是：(A) ab边转入纸内，cd边转出纸外.(B) ab边转出纸外，cd边转入纸内.(C) ad边转入纸内，bc边转出纸外.(D) ad边转出纸外，cd边转入纸内.3. 若一平面载流线圈在磁场中既不受力，也不受力矩作用，这说明：(A) 该磁场一定不均匀，且线圈的磁矩方向一定与磁场方向平行.(B) 该磁场一定不均匀，且线圈的磁矩方向一定与磁场方向垂直.(C) 该磁场一定均匀，且线圈的磁矩方向一定与磁场方向平行.(D) 该磁场一定均匀，且线圈的磁矩方向一定与磁场方向垂直.4. 一张气泡室照片表明，质子的运动轨迹是一半径为10cm的圆弧，运动轨迹平面与磁感强度大小为0.3Wb·m2的磁场垂直. 该质子动能的数量级为(A) 0.01MeV.(B) 1MeV.(C) 0.1MeV.(D) 10Mev5. 一电子以速度v垂直地进入磁感强度为B的均匀磁场中，此电子在磁场中运动的轨道所围的面积内的磁通量是(A) 正比于B，反比于v2.(B) 反比于B，正比于v2.(C) 正比于B，反比于v.(D) 反比于B，反比于v.二、填空题1. 如图13.2所示, 在真空中有一半径为R的3/4圆弧形的导线, 其中通以稳恒电流I, 导线置于均匀外磁场中, 且B与导线所在平面平行.则该载流导线所受的大小为.2. 磁场中某点磁感强度的大小为2.0Wb/m2,在该点一圆形试验线圈所受的磁力矩为最大磁力矩6.28×10-6m⋅N,如果通过的电流为10mA,则可知线圈的半径为m,这时线圈平面法线方向与该处图13.2图13.1I910 磁场方向的夹角为 .3. 一半圆形闭合线圈, 半径R = 0.2m , 通过电流I = 5A , 放在均匀磁场中. 磁场方向与线圈平面平行, 如图13.3所示. 磁感应强度B = 0.5T. 则线圈所受到磁力矩为 . 若此线圈受磁力矩的作用从上述位置转到线圈平面与磁场方向成30︒的位置, 则此过程中磁力矩作功为 .三、计算题1. 一边长a =10cm 的正方形铜导线线圈(铜导线横截面积S =2.00mm 2, 铜的密度ρ=8.90g/cm 3), 放在均匀外磁场中. B 竖直向上, 且B = 9.40⨯10-3T, 线圈中电流为I =10A . 线圈在重力场中求:(1) 今使线圈平面保持竖直, 则线圈所受的磁力矩为多少.(2) 假若线圈能以某一条水平边为轴自由摆动,当线圈平衡时,线圈平面与竖直面夹角为多少.2. 如图13.4所示，半径为R 的半圆线圈ACD 通有电流I 2, 置于电流为I 1的无限长直线电流的磁场中, 直线电流I 1 恰过半圆的直径, 两导线相互绝缘. 求半圆线圈受到长直线电流I 1的磁力.B图13.3I 图13.4练习9 恒定电流一、选择题 A B D A C 二、填空题1. I 1+ I 2+ I 3+ I 4=02. -ε1+ I 1r 1+ I 2R 1-ε2+ I 3r 2+ I 4R 2=03. ε/(R+r ), 0；0, ε.三、计算题1.(1)在距球心r 处沿电流方向取微元长度d r ,导电截面为2πr 2.则此微元长度电阻为 d R=ρd r/(2πr 2) 接地电阻为()[]⎰∞=adr r R 22πρ=ρ/(2πa )(2) j=I/S=I/(2πr 2)j 1/j 2=[I/(2πr 12)]/[I/(2πr 22)]= r 22/r 122. 其等效电路如图,R '为电缆漏电阻,其大小为()[]⎰='ba dr rl R πρ2=ρln(b/a )/(2πl )=109Ω 1/R=1/R '+1/R 0R=R 'R 0/(R '+R 0)=98.5Ω负载信号电压 V=V 0R/(R+r )=23.3V练习10 磁感应强度毕奥—萨伐尔定律一、选择题 A A B C D 二、填空题1. 所围面积,电流,法线(n ).2. μ0I/(4R 1)+ μ0I/(4R 2),垂直向外;(μ0I/4)(1/R 12+1/R 22)1/2,π+arctan(R 1/R 2). 3. 0.三、计算题1.取宽为d x 的无限长电流元d I=I d x/(2a ) d B=μ0d I/(2πr ) =μ0I d x/(4πar )d B x =d B cos α=[μ0I d x/(4πar )](a/r )=μ0I d x/(4πr 2)= μ0I d x/[4π(x 2+a 2)] d B y =d B sin α= μ0Ix d x/[4πa (x 2+a 2)]()⎰⎰-+==a ax x a x xI B B 2204d d πμ =[μ0I/(4π)](1/a )arctan(x/a )a a-d I=μ0I/(8a ) ()⎰⎰-+==aay y ax a x Ix B B 2204d d πμ=[μ0I/(8πa )]ln(x 2+a 2)a a-=0d I=I d N=I [N/(πR/2)]R d θ 2. 取宽为d L 细圆环电流, =(2IN/π)d θd B=μ0d Ir 2/[2(r 2+x 2)3/2] r=R sin θ x=R cos θ d B=μ0NI sin 2θ d θ /(πR ) ⎰⎰==πππθθμ220d sin d RNI B B=μ0NI/(4R )练习11 毕—萨定律(续) 磁场的高斯定理一、选择题 D B C A D 二、填空题1. 0.16T.2. μ0Qv /(8πl 2), z 轴负向.3. μ0nI πR 2. 三、计算题1.取窄条面元d S =b d r , 面元上磁场的大小为 B =μ0I /(2πr ), 面元法线与磁场方向相反.有Φ1=⎰-=aabIbdr rI2002ln 2cos 2πμππμΦ2=⎰-=aabIbdr rI42002ln 2cos 2πμππμΦ1/Φ2=12. 在圆盘上取细圆环电荷元d Q =σ2πr d r , [σ=Q /(πR 2) ],等效电流元为d I =d Q /T =σ2πr d r/(2π/ω)=σωr d r(1)求磁场, 电流元在中心轴线上激发磁场的方向沿轴线,且与ω同向,大小为d B=μ0d Ir 2/[2(x 2+r 2)3/2]=μ0σωr 3d r /[2(x 2+r 2)3/2]()()()⎰⎰++=+=RRxrxr r xr r r B 02322222002/32230d 42d σωμσωμ =()()()⎰+++Rxrxrxr23222222d 4σωμ-()()⎰++Rxrxrx 023222220d 4σωμ=⎪⎪⎭⎫⎝⎛+++RRx r xx r 02222202σωμ =⎪⎪⎭⎫ ⎝⎛-++x xR x R RQ 222222220πωμ(2)求磁距. 电流元的磁矩 d P m =d IS=σωr d r πr 2=πσωr 2d r ⎰=Rm dr r P 03πσω=πσωR 4/4=ωQR 2/4练习12 安培环路定律一、选择题 B C C D A 二、填空题1. 环路L 所包围的电流, 环路L 上的磁感应强度,内外.2. μ0I , 0, 2μ0I .3. -μ0IS 1/(S 1+S 2),三、计算题1. 此电流可认为是由半径为R 的无限长圆柱电流I 1和一个同电流密度的反方向的半径为R '的无限长圆柱电流I 2组成.I 1=J πR 2 I 2=-J πR '2 J =I/[π (R 2-R '2)] 它们在空腔内产生的磁感强度分别为 B 1=μ0r 1J/2B 2=μ0r 2J/2 方向如图.有B x =B 2sin θ2-B 1sin θ1=(μ0J/2)(r 2sin θ2-r 1sin θ1)=0 ＋B 1cos θ1B y =B 2cos θ2=(μ0J/2)(r 2cos θ2＋r 1cos θ1)=(μ0J/2)d 所以 B= B y = μ0dI/[2π(R 2－R '2)] 方向沿y 轴正向2. 两无限大平行载流平面的截面如图.平面电流在空间产生的磁场为 B 1=μ0J /2在平面①的上方向右,在平面①的下方向左; 电流②在空间产生的磁场为 B 2=μ0J /2 在平面②的上方向左,在平面②的下方向右.(1) 两无限大电流流在平面之间产生的磁感强度方向都向左,故有 B=B 1+B 2=μ0J (2) 两无限大电流流在平面之外产生的磁感强度方向相反,故有 B=B 1-B 2=0 练习13 安培力一、选择题 D B C A B 二、填空题1 IBR .2 10－2, π/23 0.157N·m ; 7.85×10－2J .I 1I 2①②三、计算题1. (1) P m =IS=Ia 2方向垂直线圈平面. 线圈平面保持竖直,即P m 与B 垂直.有M m =P m ×BM m =P m B sin(π/2)=Ia 2B =9.4×10－4m ⋅N(2) 平衡即磁力矩与重力矩等值反向M m =P m B sin(π/2－θ)=Ia 2B cos θ M G = M G 1 + M G 2 + M G 3= mg (a/2)sin θ+ mga sin θ+ mg (a/2)sin θ =2(ρSa )ga sin θ=2ρSa 2g sin θ Ia 2B cos θ=2ρSa 2g sin θ tan θ=IB/(2ρSg )=0.2694θ=15︒2.在圆环上取微元 I 2d l = I 2R d θ 该处磁场为 B =μ0I 1/(2πR cos θ) I 2d l 与B 垂直,有d F= I 2d lB sin(π/2) d F=μ0I 1I 2d θ/(2πcos θ)d F x =d F cos θ=μ0I 1I 2d θ /(2π)d F y =d F sin θ=μ0I 1I 2sin θd θ /(2πcos θ)⎰-=222102πππθμd I I F x =μ0I 1I 2/2因对称F y =0.故 F =μ0I 1I 2/2 方向向右.I。

商务英语笔译 chapter 7

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例如： ①The type CYJ15-18-18 oil pumping machine is of simple and compact construction. 译文：CYJ15-18-18型抽油机的结构紧凑。 ②The wiring should be in good condition and core flex should not be exposed. 译文：这些配线必须完好无算，中心导体不得裸露。
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（4）现在分词 + 名词这种句型用于说明维修或操作程序及说明有关技术要求。例如： Simultaneously cutting two pieces of sheet is strictly forbidden. 译文：绝对禁止同时冲剪两块板材。
Translation of Product Descriptions
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产品说明书在英语中通常有不同的说法，即 Instruction Direction Description
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II. 产品说明书的翻译技巧（2）（2）注意语言的可读性和感染力。
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由于说明书对广告具有辅助作用，其语言要做到通俗易懂，适当时候可以运用一些文学语言，以完成其广告效应。例如： ① Add sugar and milk to taste. 译文：加入适量的牛奶和糖，味道更佳。 ② A nourishing beverage for all ages. An excellent gift in all seasons.

商务英语Chapter 7参考译文及答案

Chapter 7Learning Aims1．了解国际货运保险的概念；2．掌握保险相关表达方式和术语；3．熟悉一些灯具产品词汇；4．学会分析案例并撰写保险信函。

Background Information保险最初常用于风险大的海运损失。

现在保险已是一个涉及面甚广的项目，几乎牵涉人们的每一种活动。

保险的目的是向那些遭受损失的人提供赔偿。

换句话说，它是一种赔偿契约，即向某人赔偿其所遭受的全部或特定比例的损失。

就外贸而言，保险单上有各种各样的投保险别，如：①平安险（FPA）；②水渍险（WA 或WPA）；③一切险（综合险）；④偷窃提货不着险（TPND）；⑤淡水雨淋险；⑥缺量险（短量险）；⑦混杂沾污险；⑧渗漏险；⑨破损破碎险；⑩串味险；11 受潮受热险；12 钩损险；13 锈损险；14 包装破裂险；15 罢工、暴力、民变险；16 战争险；17 进口关税险；18 舱面险；19 拒收险；20 交货不到险；21 黄曲霉素险；22 海关检验条款险；23 码头检验条款险。

保险信函内容可能包括：①要求办理保险函；②答复保险要求；③要求额外保险；④澄清保险条款。

Case studyLetter 1 要求卖方代办保险Letter 2 为买方代办保险Letter 3 要求卖方办理保险Letter 4 为买方代办额外保险Letter 5 保险单ExercisesI．Fill in the following blanks.1. it2. for; above/over3. at/for; plus4. at5. against6. to7. for8. based9. covered; premium10. coverage; covered11. comply/meet; insurance12. premiumII．Translate the following sentences into Chinese.1．在没有得到你方明确的保险要求情况下，我们按惯例把你们所订购货物按发票金额110%投保了水渍险。