《新編商務(wù)英語閱讀教程》(第二版)練習(xí)參考答案.doc

新編商務(wù)英語閱讀教程（第二版）練習(xí)參考答案Unit OneI.1. 資產(chǎn)C2. 邊際變動(dòng)E3. 市場(chǎng)勢(shì)力I4. 勞動(dòng)生產(chǎn)力（率）J5. 經(jīng)濟(jì)學(xué)A6. 市場(chǎng)失靈G7. 市場(chǎng)經(jīng)濟(jì)F8. 機(jī)會(huì)成本D9. 通貨膨脹K10. 外部性H11. 效率B12. 菲利普斯曲線LII.Passage One經(jīng)濟(jì)學(xué)的研究主要分為兩部分：宏觀經(jīng)濟(jì)學(xué)與微觀經(jīng)濟(jì)學(xué)。宏觀經(jīng)濟(jì)學(xué)著眼于經(jīng)濟(jì)全局一幅宏觀的畫面。在宏觀經(jīng)濟(jì)學(xué)中，我們研究國(guó)家的政策目標(biāo)，例如充分就業(yè)、抑制通貨膨脹、經(jīng)濟(jì)增長(zhǎng)等，而不考慮個(gè)人或者單個(gè)團(tuán)體的利益和行為。對(duì)宏觀經(jīng)濟(jì)學(xué)的關(guān)注是為了從總體上認(rèn)識(shí)并改善經(jīng)濟(jì)的運(yùn)行。微觀經(jīng)濟(jì)學(xué)則關(guān)注宏觀畫面中的細(xì)節(jié)。在微觀經(jīng)濟(jì)學(xué)中，我們著眼于實(shí)際構(gòu)成宏觀經(jīng)濟(jì)的個(gè)人、廠商和政府機(jī)構(gòu)。我們感興趣的是這些獨(dú)立經(jīng)濟(jì)單位的行為。他們的目標(biāo)何在？以有限資源實(shí)現(xiàn)目標(biāo)的途徑是什么？如何對(duì)各種激勵(lì)和機(jī)會(huì)做出反應(yīng)？宏觀經(jīng)濟(jì)學(xué)主要關(guān)注，例如，總消費(fèi)性支出對(duì)總產(chǎn)出、就業(yè)及物價(jià)的影響。很少關(guān)注消費(fèi)性支出及其決定因素的實(shí)際內(nèi)涵。相反，微觀經(jīng)濟(jì)學(xué)關(guān)注的是個(gè)體消費(fèi)者具體的支出決策及其影響因素（愛好、物價(jià)水平、收入狀況）。宏、微觀經(jīng)濟(jì)學(xué)的區(qū)別還反映在關(guān)于企業(yè)投資的討論中。宏觀經(jīng)濟(jì)學(xué)中，我們需要了解決定企業(yè)總投資率的因素以及這些投資對(duì)一國(guó)的總產(chǎn)出、就業(yè)及物價(jià)水平產(chǎn)生影響的路徑。而微觀經(jīng)濟(jì)學(xué)中，我們關(guān)注的是各家企業(yè)關(guān)于生產(chǎn)率、生產(chǎn)要素的抉擇以及具體物品的定價(jià)決策。了解宏、微觀經(jīng)濟(jì)學(xué)的區(qū)別并非難事。在現(xiàn)實(shí)社會(huì)，宏觀經(jīng)濟(jì)的表現(xiàn)有賴于微觀行為，而微觀行為又受宏觀經(jīng)濟(jì)表現(xiàn)的影響。因此，人們只有了解了所有經(jīng)濟(jì)活動(dòng)的參與者的行為方式及其成因，才能充分了解整個(gè)經(jīng)濟(jì)的運(yùn)作方式。但是，就如你會(huì)開車而不懂發(fā)動(dòng)機(jī)的構(gòu)造原理那樣，你能觀察到經(jīng)濟(jì)運(yùn)行方式但并不能完全解開其中奧秘。在宏觀經(jīng)濟(jì)學(xué)中我們注意到經(jīng)濟(jì)這部汽車在踩油門時(shí)加速，踩剎車時(shí)減速。這就是我們?cè)诖蠖鄶?shù)情形下所需了解的一切。然而，汽車總有出故障的時(shí)候。如出了故障，我們必須更多地了解踏板的運(yùn)行原理。這就引導(dǎo)我們進(jìn)行微觀的研究。各個(gè)零件是如何發(fā)揮作用的？哪些零件能夠被修理亦或應(yīng)該得到修繕？Passage Two在尋找消費(fèi)者行為的解釋時(shí)，我們不得不承認(rèn)經(jīng)濟(jì)學(xué)中得不到所有的答案。但它確實(shí)提供了一個(gè)有別于其它研究領(lǐng)域的獨(dú)特視角。雖然精神病學(xué)家和社會(huì)學(xué)家為各種不同的消費(fèi)模式提供了諸多理由，但他們的解釋都顯得不夠充分。充其量，社會(huì)精神病學(xué)理論告訴我們?yōu)槭裁辞嗌倌辍⒛腥?、女人渴望某種特定的商品或服務(wù)。他們并未解釋該實(shí)際購買哪種商品。渴望只是消費(fèi)過程中的第一步。為了獲得商品和服務(wù)，一個(gè)人必須愿意并且能夠?yàn)樗胍臇|西付錢。生產(chǎn)者不會(huì)因?yàn)槟阆霛M足自己的渴望（如弗洛伊德所說）而把他們的產(chǎn)品給你。他們希望你用錢來交換他們的產(chǎn)品。因此，價(jià)格和收入與更基本的渴望和偏好一樣都與消費(fèi)決策相關(guān)。當(dāng)然，在解釋消費(fèi)者行為時(shí)，經(jīng)濟(jì)學(xué)家把重點(diǎn)放在商品和服務(wù)的需求上。說某人需要一件特定的商品意味著他有能力并且愿意按某種價(jià)格購買該商品。在市場(chǎng)上，金錢至上：支付意愿和能力是關(guān)鍵。決定一人購買特定商品的意愿和能力的因素有哪些？經(jīng)濟(jì)學(xué)家發(fā)現(xiàn)四大影響消費(fèi)者需求的因素：偏好、收入、預(yù)期以及其它商品的價(jià)格。請(qǐng)?jiān)俅巫⒁?，渴望（偏好）只是決定需求的其中一個(gè)因素。其它決定因素（收入、預(yù)期、其它商品）也會(huì)影響到一個(gè)人是否愿意并且能夠按特定價(jià)格購買某件商品。III.Passage one The market for a good consists of the actual and potential buyers and sellers of that good. For any given price, the demand curve shows the quantity that demanders would be willing to buy, and the supply curve shows the quantity that suppliers of the good would be willing to sell. Suppliers are willing to sell more at higher prices (supply curves slope upward) and demanders are willing to buy less at higher prices (demand curves slope downward). Market equilibrium, the situation in which all buyers and sellers are satisfied with their respective quantities at the market price, occurs at the intersection of the supply and demand curves. The corresponding price and quantity are called the equilibrium price and the equilibrium quantity. Unless prevented by regulation, prices and quantities are driven toward their equilibrium values by the actions of buyers and sellers. If the price is initially too high, frustrated sellers will cut their price in order to sell more. If the price is initially too low, so that there is excess demand, competition among buyers drives the price upward. This process continues until equilibrium is reached.Passage twoSome of the broad issues that macroeconomists study are: sources of economic growth and improved living stands; trends in average labor productivity (or output per employed worker); short-term fluctuations in the pace of economic growth (recessions and expansions); causes and cures of unemployment and inflation, economic independence among nations. To help explain differences in economic performance among countries, or in economic performance in the same country at different times, macroeconomists study the implementation and effects of macroeconomic policies. We defined macroeconomic policies as government policies that affect the performance of the economy as a whole. There are three major types of macroeconomic policy: monetary policy, fiscal policy and structural policy. The term monetary policy refers to the determination of the nations money supply. Fiscal policy refers to decisions that determine the governments budget, and the term structural policy includes government policies aimed at changing the underlying structure, or institutions, of the nations economy.IV.Passage Onedriven, accounts, weaker, as, over, linked, dependent, firm, slow, share, contribution, impact, relying, growth, domesticPassage twocharges, perfectly, greater, inequality, level, reason, competitive, price, trends, structures, relatively, that, in, allocating, createdV.1.C 2. F 3. A 4. D 5. B 6. EUnit TwoI.1. 最惠國(guó)待遇J2. 關(guān)稅與貿(mào)易總協(xié)定I3. 服務(wù)貿(mào)易總協(xié)定K4. 與貿(mào)易相關(guān)的知識(shí)產(chǎn)權(quán)H5. 自由貿(mào)易區(qū)C6. 國(guó)民待遇B7. 貿(mào)易壁壘L8. 多哈發(fā)展議程D9. 傾銷E10. 政府采購A11. 烏拉圭回合G12. 過度型經(jīng)濟(jì)（體）FII.Passage One關(guān)貿(mào)總協(xié)定的主要條款序言締約各國(guó)政府認(rèn)為在處理它們的貿(mào)易和經(jīng)濟(jì)事業(yè)的關(guān)系方面，應(yīng)以提高生活水平、保證充分就業(yè)、保證實(shí)際收入和有效需求的巨大持續(xù)增長(zhǎng)、擴(kuò)大世界資源的充分利用以及發(fā)展商品的生產(chǎn)與交換為目的。期望達(dá)成互惠互利協(xié)議，導(dǎo)致大幅度地削減關(guān)稅和其他貿(mào)易壁壘，取消國(guó)際貿(mào)易中的歧視待遇，以對(duì)上述目的作出貢獻(xiàn)。經(jīng)各國(guó)代表談判達(dá)成如下協(xié)議：第一條 一般最惠國(guó)待遇1在關(guān)稅方面，在輸出和輸入的規(guī)章手續(xù)方面一締約國(guó)對(duì)來自或運(yùn)往其他國(guó)家的產(chǎn)品所給予的利益、優(yōu)待、特權(quán)或豁免，應(yīng)當(dāng)立即無條件地給予來自或運(yùn)往所有其他締約國(guó)的相同產(chǎn)品。第三條 國(guó)內(nèi)稅與國(guó)內(nèi)規(guī)章的國(guó)民待遇1各締約國(guó)認(rèn)為：國(guó)內(nèi)稅和其他國(guó)內(nèi)費(fèi)用，影響產(chǎn)品的國(guó)內(nèi)銷售的法令、條例和規(guī)定在對(duì)進(jìn)口產(chǎn)品或國(guó)產(chǎn)品實(shí)施時(shí)，不應(yīng)用來對(duì)國(guó)內(nèi)生產(chǎn)提供保護(hù)。第六條 反傾銷稅和反貼補(bǔ)稅1各締約國(guó)認(rèn)為：用傾銷的手段將一國(guó)產(chǎn)品以低于正常價(jià)值的辦法擠入另一國(guó)貿(mào)易內(nèi)，如因此對(duì)某一締約國(guó)領(lǐng)土內(nèi)已建立的某項(xiàng)工業(yè)造成重大的損害或產(chǎn)生重大威脅，或者對(duì)某一國(guó)內(nèi)工業(yè)的新建產(chǎn)生嚴(yán)重阻礙，這種傾銷應(yīng)該受到譴責(zé) 本條所稱一產(chǎn)品以低于它的正常價(jià)值擠入進(jìn)口國(guó)的貿(mào)易內(nèi)，系指從一國(guó)向另一國(guó)出口的產(chǎn)品的價(jià)格：a. 低于相同產(chǎn)品在出口國(guó)用于國(guó)內(nèi)消費(fèi)時(shí)在正常情況下的可比價(jià)格，或b. 如果沒有這種國(guó)內(nèi)價(jià)格，低于：（）相同產(chǎn)品在正常貿(mào)易情況下向第三國(guó)出口的最高可比價(jià)格；或(）產(chǎn)品在原產(chǎn)國(guó)的生產(chǎn)成本加合理的推銷費(fèi)用和利潤(rùn)第十一條 數(shù)量限制的一般取消1任何締約國(guó)除征收稅捐或其他費(fèi)用以外，不得設(shè)立或維持配額、進(jìn)出口許可證或其他措施以限制或禁止其他締約國(guó)領(lǐng)土的產(chǎn)品的輸入，或向其他締約國(guó)領(lǐng)土輸出或銷售出口產(chǎn)品。第十六條 貼補(bǔ)1任何締約國(guó)如果給予或維持任何貼補(bǔ)，包括任何形式的收入支持或價(jià)格支持在內(nèi)，以直接或間接增加從它的領(lǐng)土輸出某種產(chǎn)品或減少向它的領(lǐng)土輸入某種產(chǎn)品，它應(yīng)將這項(xiàng)貼補(bǔ)的性質(zhì)和范圍、這項(xiàng)貼補(bǔ)對(duì)輸出入的產(chǎn)品數(shù)量預(yù)計(jì)可能產(chǎn)生的影響以及使得這項(xiàng)貼補(bǔ)成為必要的各種情況，書面通知締約國(guó)全體。如這項(xiàng)貼補(bǔ)經(jīng)判定對(duì)另一締約國(guó)的利益造成嚴(yán)重?fù)p害或產(chǎn)生嚴(yán)重威脅，給予貼補(bǔ)的締約國(guó)，應(yīng)在接到要求后與有關(guān)的其他締約國(guó)或締約國(guó)全體討論限制這項(xiàng)貼補(bǔ)的可能性。第十七條 為保障國(guó)際收支而實(shí)施的限制1雖有本協(xié)定第十一條第一款的規(guī)定，任何締約國(guó)為了保障其對(duì)外金融地位和國(guó)際收支，可以限制準(zhǔn)許進(jìn)口的商品數(shù)量或價(jià)值。第十九條 對(duì)某些產(chǎn)品的進(jìn)口的緊急措施1（a）如因意外情況的發(fā)展或因一締約國(guó)承擔(dān)本協(xié)定義務(wù)（包括關(guān)稅減讓在內(nèi)）而產(chǎn)生的影響，使某一產(chǎn)品輸入到這一締約國(guó)領(lǐng)土的數(shù)量大為增加，對(duì)這一領(lǐng)土內(nèi)相同產(chǎn)品或與它直接競(jìng)爭(zhēng)產(chǎn)品的國(guó)內(nèi)生產(chǎn)者造成嚴(yán)重?fù)p害或產(chǎn)生嚴(yán)重的威脅時(shí)，這一締約國(guó)在防止或糾正這種損害所必需的程度和時(shí)間內(nèi)，可以對(duì)上述產(chǎn)品全部或部分地暫停實(shí)施其所承擔(dān)的義務(wù)，或者撤銷或修改減讓。Passage Two雖然每次（貿(mào)易政策）審議強(qiáng)調(diào)的是各成員國(guó)的具體問題和措施，但在2007年的審議中出現(xiàn)了一些共性的議題，包括：政策制定及實(shí)施的透明度問題；經(jīng)濟(jì)環(huán)境及貿(mào)易自由化問題；區(qū)域性貿(mào)易協(xié)定及其與多邊貿(mào)易體制的關(guān)系；關(guān)稅問題，包括：關(guān)稅上限、關(guān)稅升級(jí)、關(guān)稅優(yōu)惠、關(guān)稅的合理調(diào)整及適用稅率和約束稅率的差額；清關(guān)程序；進(jìn)出口限制措施及許可證審批程序；應(yīng)急措施的啟用，如反傾銷稅及反補(bǔ)貼稅；技術(shù)性及衛(wèi)生措施和市場(chǎng)準(zhǔn)入問題；實(shí)施的標(biāo)準(zhǔn)及遵循國(guó)際規(guī)范的情況；知識(shí)產(chǎn)權(quán)的立法與執(zhí)法情況；政府采購政策及措施；國(guó)有化及私有化計(jì)劃；與貿(mào)易相關(guān)的競(jìng)爭(zhēng)及投資政策；激勵(lì)措施，如補(bǔ)貼和稅收減免；各行業(yè)的貿(mào)易政策問題，尤其是農(nóng)業(yè)與服務(wù)業(yè)的開放問題；服務(wù)貿(mào)易總協(xié)定的承諾情況；特殊差別待遇，包括市場(chǎng)準(zhǔn)入及執(zhí)行情況，尤其在海關(guān)估價(jià)、與貿(mào)易相關(guān)的知識(shí)產(chǎn)權(quán)及與貿(mào)易相關(guān)的投資措施方面；實(shí)施世貿(mào)組織協(xié)定的技術(shù)支持、貿(mào)易援助的經(jīng)驗(yàn)及綜合框架。III. Passage oneThe mercantilists believed that a nation could gain in international trade only at the expense of other nations. As a result, they advocated restrictions on imports, incentives for exports, and strict government regulation of all economic activities. According to Adam Smith, trade is based on absolute advantage and benefits both nations. That is, when each nation specializes in the production of the commodity of its absolute advantage and exchange part of its output for the commodity of its absolute disadvantage, both nations end up consuming more of both commodities. Absolute advantage, however, explains only a small portion of international trade today. David Ricardo introduced the law of comparative advantage. This postulates that even if one nation is less efficient than the other nation in the production of both commodities, there is still a basis for mutually beneficial trade. The less efficient nation should specialize in the production and export of the commodity in which its absolute disadvantage is less. Gottfried Haberler came to the “rescue” by explaining the law of comparative advantage in terms of the opportunity cost theory. This states that the cost of a commodity is the amount of a second commodity that must be given up to release just enough resources produce one additional unit of the first commodity.Passage twoThe Uruguay Round of trade negotiations was completed in December 1993. It called for the reduction of average tariffs on industrial goods from 4.7 percent to 3 percent, for quotas to be replaced by tariffs, and for antidumping and safeguards to be tightened. The agreement also called for reduction in agricultural export subsidies and industrial subsidies, and for protection of intellectual property. During 1996 and 1997, agreements were reached to open up trade in telecommunications, financial services, and information technology. In July 2000, EU-Mexico free trade agreement became effective; in November 2001, the Doha Round was initiated; in December 2001, China became the 144th member of WTO; and in August 2002, Congress granted the president trade negotiating authority or fast track. The attempt to launch a new “Millennium Round” failed when nations were unable to reach agreement on the agenda at the trade conference in November 2001. Nevertheless, protectionism remains high, especially in agriculture and textile, which are of great importance to developing countries, and antidumping and safeguards are abused. In addition, the trade and restructuring problems of former communist countries have not been adequately addressed, the world is breaking down into a few major trading blocs, and a serious antiglobalization movement has come into existence.IV.Passage one growth, partly, post, agreement, tariffs, each, exchange, reductions, completed, extending, liberalization, goods, quota, adhere to, intellectual, created, regular, disputes, entry, called, increasinglyPassage twopush, come, over, announced, trading, arisen, interdependence, strategic, open, trend, globalization, environmental, interconnect, most, increasingly, globalV.1C 2. A 3. F 4. E 5. D 6. BUnit ThreeI.1. 通貨膨脹C 2. 中央銀行E 3. 經(jīng)常賬戶O 4. 匯率H 5. 貿(mào)易收支K 6. 貿(mào)易赤字N 7. 財(cái)政政策M(jìn) 8. 直接投資L 9. 現(xiàn)金流量表B 10. 復(fù)式記賬法D 11. 證券投資G 12. 國(guó)際貨幣基金組織I 13. 浮動(dòng)匯率A 14. J曲線效應(yīng)J 15.供應(yīng)鏈管理F.Passage one美聯(lián)儲(chǔ)的貨幣政策和行為注重所謂的貨幣總量。貨幣總量的作用是度量任何時(shí)候可供給經(jīng)濟(jì)社會(huì)的貨幣總額。最基礎(chǔ)的貨幣總量是基礎(chǔ)貨幣，也稱為高能貨幣?；A(chǔ)貨幣被定義為流通中的現(xiàn)金（硬幣和公眾持有的聯(lián)邦儲(chǔ)備發(fā)行的鈔票）加上銀行體系中所有的準(zhǔn)備金。值得注意的是，準(zhǔn)備金構(gòu)成基礎(chǔ)貨幣的一部分，而準(zhǔn)備金受美聯(lián)儲(chǔ)控制。因此，基礎(chǔ)貨幣是美聯(lián)儲(chǔ)運(yùn)用各種貨幣工具最能影響的一種貨幣總量。具有交換媒介職能的工具貨幣和活期存款也包含在貨幣總量中，有時(shí)也稱為狹義貨幣量，以M1表示。因此M1度量的是經(jīng)濟(jì)社會(huì)中交換媒介（貨幣和活期存款）的總量。M2是更廣義的貨幣量，包括所有具有價(jià)值儲(chǔ)藏功能、用以替代貨幣的工具。因此，M2 定義為M1加上銀行及儲(chǔ)蓄機(jī)構(gòu)定期和活期存款、投資于零售貨幣市場(chǎng)共同基金的美元及其他賬戶，如隔夜回購協(xié)議。一些分析家又發(fā)展了其他兩種貨幣量M3和L（針對(duì)流動(dòng)資產(chǎn)）。這些貨幣量等于M2 加上某些其他金融資產(chǎn)，包括長(zhǎng)期定期存款、商業(yè)票據(jù)、銀行承兌票據(jù)和某些國(guó)庫券。Passage two通過對(duì)國(guó)際經(jīng)濟(jì)的分析可將貿(mào)易平衡的調(diào)整過程分為三個(gè)階段：1）外匯合約期；2）傳遞期；3）數(shù)量調(diào)整期。這三個(gè)過程及其產(chǎn)生的整個(gè)貿(mào)易平衡的調(diào)整路徑呈現(xiàn)倒“J”形。這一調(diào)整路徑稱為J曲線調(diào)整路徑。在第一階段，即外匯合約期，沒有預(yù)期的本幣的突然貶值其影響并不確定，因?yàn)樗谐隹诤瓦M(jìn)口合約都已生效。無論是盈利還是虧損，簽署這些合約的公司都必須履行合約義務(wù)。貿(mào)易平衡調(diào)整路徑的第二階段稱為傳遞期。當(dāng)匯率變動(dòng)時(shí)，進(jìn)口商和出口商最終必定將匯率變動(dòng)轉(zhuǎn)嫁到其產(chǎn)品價(jià)格上。例如，在美元大幅貶值后，向美國(guó)市場(chǎng)銷售產(chǎn)品的外國(guó)生產(chǎn)商必須彌補(bǔ)其國(guó)內(nèi)生產(chǎn)成本。這一需求使該外國(guó)公司必須報(bào)更高的美元價(jià)格以獲取足夠多的本幣。該外國(guó)公司必須在美國(guó)市場(chǎng)提價(jià)。美國(guó)的進(jìn)口價(jià)格大幅提高，所有的匯率變動(dòng)最終都轉(zhuǎn)嫁到價(jià)格上。相似的，因?yàn)槊涝阋肆?，美?guó)的出口價(jià)與國(guó)外競(jìng)爭(zhēng)對(duì)手比廉價(jià)得多。第三個(gè)也是最后一個(gè)階段，數(shù)量調(diào)整期，完成了本幣貶值后的貿(mào)易平衡調(diào)整。隨著傳遞期之后進(jìn)口和出口價(jià)格發(fā)生變化，美國(guó)國(guó)內(nèi)市場(chǎng)和出口市場(chǎng)的消費(fèi)者將根據(jù)新的價(jià)格調(diào)整需求。進(jìn)口相對(duì)更貴，所以需求量下降。出口相對(duì)更便宜，所以需求量增加。貿(mào)易平衡出口消費(fèi)少于進(jìn)口消費(fèi)得到改善。遺憾的是，這三個(gè)過程不會(huì)一夜間完成。許多國(guó)家，像美國(guó)，已經(jīng)歷了匯率的大幅變動(dòng)，也看到了這一調(diào)整過程在較長(zhǎng)的時(shí)期內(nèi)發(fā)生。.Passage one A financial market is a market where financial assets are exchanged (i.e., traded). Although the existence of a financial market is not a necessary condition for the creation and exchange of a financial asset, in most economies financial assets are created and subsequently traded in some type of financial market. The market in which a financial asset trades for immediate delivery is called the spot market or cash market. Financial markets provide the following economic functions: First, the interactions of buyers and sellers in a financial market determine the price of the traded asset. Or, equivalently, they determine the required return on a financial asset. As the inducement for firms to acquire funds depends on the required return that investors demand, it is this feature of financial markets that signals how the funds in the economy should be allocated among financial assets. This is called the price discovery process. Second, financial markets provide a mechanism for an investor to sell a financial asset. Because of this feature, it is said that a financial market offers liquidity, an attractive feature when circumstances either force or motivate an investor to sell. If there were not liquidity, the owner would be forced to hold a debt instrument until it matures and an equity instrument until the company is either voluntarily or involuntarily liquidated. While all financial markets provide some form of liquidity, the degree of liquidity is one of the factors that characterize different markets. The third economic function of a financial market is that it reduces the cost of transacting. There are two costs associated with transacting: search costs and information costs. Passage two The foreign exchange market provides the physical and institutional structure through which the money of one country is exchanged for that of another country, the rate of exchange between currencies is determined, and foreign exchange transactions are physically completed. Foreign exchange means the money of a foreign country; that is, foreign currency bank balances, banknotes, checks, and drafts. A foreign exchange transaction is an agreement between a buyer and seller that a fixed amount of one currency will be delivered for some other currency at a specified rate. The foreign exchange market is the mechanism by which participants transfer purchasing power between countries, obtain or provide credit for international trade transactions, and minimize exposure to the risks of exchange rate changes. The foreign exchange market consists of two tiers: the interbank or wholesale market, and the client or retail market. Individual transactions in the interbank market are usually for large sums that are multiples of a million U.S. dollars or the equivalent value in other currencies. By contrast, contracts between a bank and its clients are usually for specific amounts. Banks, and a few nonblank foreign exchange dealers, operate in both the interbank and client markets. They profit from buying foreign exchange at a bid price and reselling it at a slightly higher ask (also called offer) price. Competition among dealers worldwide narrows the spread between bid and ask and so contributes to making the foreign exchange market efficient in the same sense as in securities markets. Importers and exporters, international portfolio investors, MNEs, tourists, and others use the foreign exchange market to facilitate execution of commercial or investment transactions. Their use of the foreign exchange market is necessary but nevertheless incidental to their underlying commercial or investment purpose. Some of these participants use the market to “hedge” foreign exchange risk.Passage one thoughtful annual recovered relatively outgrowing well inevitably process charge discussion topics deposits flight liberalization between extremely deal with stimulus, expectation reliedPassage two support tightly provide confidence currency improve clients further decade set up makes sense keen restore engaged accounting for. 1.C 2.A 3.D 4.E 5.BUnit Four I.1. 戰(zhàn)略規(guī)劃B 2戰(zhàn)略家A 3顧客忠誠(chéng)度E 4戰(zhàn)略制定I 5競(jìng)爭(zhēng)優(yōu)勢(shì)G 6廣告效果L 7核心競(jìng)爭(zhēng)力F 8員工士氣H 9 公司使命J 10合資企業(yè)C 11戰(zhàn)略管理K 12戰(zhàn)略評(píng)估DII. Passage One戰(zhàn)略家組織企業(yè)收集、分析和整理信息。他們跟蹤產(chǎn)業(yè)和競(jìng)爭(zhēng)態(tài)勢(shì)，建立預(yù)測(cè)模型并進(jìn)行場(chǎng)景分析，評(píng)價(jià)公司和下屬部門的績(jī)效，評(píng)估正在出現(xiàn)的市場(chǎng)機(jī)會(huì)，識(shí)別經(jīng)營(yíng)威脅，提出創(chuàng)造性的行動(dòng)計(jì)劃。通常，在企業(yè)管理高層可能設(shè)置戰(zhàn)略計(jì)劃人員，他們經(jīng)常提供支持服務(wù)工作或獨(dú)立發(fā)揮作用，為企業(yè)決策提供頗有價(jià)值的依據(jù)。首席執(zhí)行官是顯而易見的最挑剔的管理者。所有對(duì)某一單位或部門負(fù)責(zé)的經(jīng)理人員，無論是對(duì)盈虧結(jié)果負(fù)責(zé)，還是直接對(duì)某項(xiàng)業(yè)務(wù)的經(jīng)營(yíng)活動(dòng)負(fù)責(zé)，都可以統(tǒng)稱為戰(zhàn)略管理者（或戰(zhàn)略家）。企業(yè)千差萬別，戰(zhàn)略家也因此各不相同。我們必須從戰(zhàn)略制定、實(shí)施和評(píng)價(jià)三個(gè)不同階段考察戰(zhàn)略家之間的不同。戰(zhàn)略家不選擇某些類型的戰(zhàn)略常常是因?yàn)樗鶊?jiān)持的經(jīng)營(yíng)哲學(xué)與眾不同。戰(zhàn)略家的差異主要表現(xiàn)在如下方面：態(tài)度、價(jià)值觀、倫理道德、承擔(dān)風(fēng)險(xiǎn)的意愿、社會(huì)責(zé)任感、對(duì)盈利的關(guān)注、對(duì)短期目標(biāo)和長(zhǎng)期目標(biāo)的偏愛、管理風(fēng)格。Passage Two在戰(zhàn)略實(shí)施中非常重要的管理問題包括：確定年度目標(biāo)，出臺(tái)政策，配置資源，調(diào)整已有組織結(jié)構(gòu)，重組或流程再造，修正薪酬與激勵(lì)計(jì)劃，將變革的阻力減小到最低程度，將管理人員與戰(zhàn)略相匹配，開發(fā)戰(zhàn)略支持性文化，調(diào)整生產(chǎn)與作業(yè)過程，開發(fā)有效的人力資源功能系統(tǒng)，如果需要，還有規(guī)模小型化等。當(dāng)戰(zhàn)略實(shí)施促使企業(yè)沿著一個(gè)全新重要方向前進(jìn)時(shí)，管理的變革將變得非常重要。企業(yè)全體人員都應(yīng)盡早地、直接地參與戰(zhàn)略實(shí)施決策。他們?cè)趹?zhàn)略實(shí)施中的作用以對(duì)戰(zhàn)略制定活動(dòng)的參與為基礎(chǔ)。戰(zhàn)略家切實(shí)就戰(zhàn)略實(shí)施承擔(dān)起個(gè)人職責(zé)，對(duì)管理人員和員工來說，是必要而有力的激勵(lì)。很多時(shí)候，戰(zhàn)略家因過于忙亂而不能積極支持戰(zhàn)略實(shí)施。他們對(duì)戰(zhàn)略實(shí)施關(guān)心不夠，直接影響著企業(yè)的成功。企業(yè)制定目標(biāo)與戰(zhàn)略的依據(jù)，應(yīng)當(dāng)?shù)玫狡髽I(yè)全體員工的充分理解，并在企業(yè)內(nèi)部充分交流。企業(yè)的所有成員，都應(yīng)當(dāng)了解主要競(jìng)爭(zhēng)對(duì)手的經(jīng)營(yíng)結(jié)果、產(chǎn)品、計(jì)劃、行動(dòng)和業(yè)績(jī)狀況。企業(yè)應(yīng)當(dāng)明確面臨的主要外部機(jī)會(huì)與威脅，應(yīng)當(dāng)對(duì)管理人員和員工提出的問題做出回答。自上而下的信息傳遞，常常是得到內(nèi)部成員自下而上支持的必要條件。企業(yè)需要在各個(gè)方面高度關(guān)注競(jìng)爭(zhēng)對(duì)手，以便收集并在企業(yè)內(nèi)部廣泛傳播競(jìng)爭(zhēng)情報(bào)。企業(yè)中的每一位員工，都應(yīng)將自己的努力與行業(yè)領(lǐng)先企業(yè)的相應(yīng)水平對(duì)比，從而將來自競(jìng)爭(zhēng)對(duì)手的挑戰(zhàn)分解到每個(gè)人身上。對(duì)企業(yè)戰(zhàn)略家來說，這是一項(xiàng)極大的挑戰(zhàn)。企業(yè)應(yīng)該對(duì)管理者和雇員進(jìn)行培訓(xùn)，確保他們擁有并保持成為世界領(lǐng)先水平的工作者所必需的技能。III.Passage OneObjectives, strategies, and policies have little chance of succeeding if employees and managers are not motivated to implement strategies once they are formulated. The motivating function of management includes at least four major components: leadership, group dynamics, communication, and organizational change. When managers and employees of a firm strive to achieve high levels of productivity, this indicates that the firms strategists are good leaders. Good leaders establish rapport with subordinates, empathize with their needs and concerns, set a good example, and are trustworthy and fair. Leadership includes developing a vision of the firms future and inspiring people to work hard to achieve that vision.Communication, perhaps the most important word in management, is a major component in motivation. An organizations system of communication determines whether strategies can be implemented successfully. Good two-way communication is vital for gaining support for departmental and divisional objectives and policies. Top-down communication can encourage bottom-up communication. The strategic-management process becomes a lot easier when subordinates are encouraged to discuss their concerns, reveal their problems, provide recommendations, and give suggestions. A primary reason for instituting strategic management is to build and support effective communication networks throughout the firm.Passage TwoStrategy evaluation is necessary for all sizes and kinds of organization. Strategy evaluation should initiate managerial questioning of expectations and assumptions, should trigger a review of objectives and values, and should stimulate creativity in generating alternative and formulating criteria of evaluation. Strategy-evaluation activities should be performed on a continuing basis, rather than at the end of specified periods of time or just after problems occur. Managers and employees of the firm should be continually aware of progress being made towards achieving the firms objectives. As a critical success factors change, organization memb