Key to Exercises
Chapter 1
I. Please give the definitions of the key terms
1. Economics: Economics is the scientific study of the production, distribution, and consumption of goods and services. It is a science because it is an organized body of knowledge coordinated, arranged, and systematized according to certain general laws and principles.
2. Microeconomics: Microeconomics focuses on individual markets and decisions by individual households and firms. It applies the principle of supply and demand, investigates how the price for a product is determined, studies how individuals decide where to work and assess similar factors.
3. Macroeconomics: The study of the economy in the large is called macroeconomics. Macroeconomics treats the economy as a whole. It deals with the aggregates of economics, including total production, total employment, and general price level.
4. GDP: Gross domestic product shows the value of final goods and services produced by factors of production within a country in one year’s time.
5. Money: Money is a medium of exchange, a unit of value, and a store of value
II. Please answer the following questions briefly.
1. What does macroeconomics focus on?
Macroeconomics focuses on the economy as a whole. It deals with the aggregates of economics, including total production, total employment, and general price level.
2. What are the four major components of GDP?
GDP consists of four parts: GDP = C+G+I+(X-M)
1) C: personal consumption of goods and services
2) G: government expenditures for goods and services
3) I: investment
4) X-M: net exports of goods and services (Exports - Imports)
3. What are the functions of money?
The three functions of money
1) money is a medium of exchange
2) money is a unit of value
3) money is a store of value
III. Economists use more professional expressions than ordinary people to describe economic situation. Please match the expressions of the similar meaning.
1 — a ;2 — c; 3 — d; 4 — e; 5 — b
IV. Choose one of the four choices to best fit the sentence.
1.A 2.A 3.C 4.B 5.D 6.B 7.D 8.C 9.D
V. Please translate the following sentences into Chinese.
1. GDP稳定增长
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明经济健康发展；而GPD下滑预示经济出现问
题
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；GDP大幅下降则意味着经济进入衰退期。
2. GDP不能从长远的角度反映经济的发展潜力，尤其是对于资源出口型经济的第三世界国家。
3. 从另一个重要角度来说，GDP并不是衡量可持续性收入的好标准。
4. GDP 忽略了非市场交易的活动，不管这些活动对社会多么有益。
5. 货币有时被称为“通用商品”，因为它可以和任何其它商品进行交换。
6. 现金和活期账户上的钱没有什么区别。
7. 银行创造的货币量取决于存款的总量以及法定存款准备金的比率。
8. 如果联邦储备局想增加货币供应量，它必须提高银行的存款准备金率。
Case study (reference answer)
1. What is the relationship between economic development and environmental protection?
There is a link among environmental conditions, quality of life and economic growth. Economic growth needs natural resources, but it can not be pursued at the cost of environmental damage. Environmental protection is crucial to social welfare and sustainable economic development.
2. As a developing country, how can China coordinate economic growth and environmental protection?
It is not enough to rely on the enterprises’ self-consciousness to protect the environment since they are profit-driven. The government should shoulder the major responsibility of regulating and supervising environmental protection. Laws and regulations concerning environmental protection and anti-pollution should be formulated and enforced without delay.
3. How to reasonably utilize natural resources when China carries out its sustainable development plan?
The most important thing is to develop long-term plans for utilizing resources and protecting environment. Short-term economic growth does not mean sustainable development. When utilizing natural resources, the government should take measures to supplement natural resources, such as forestation and water conservancy. Energy-saving industry and the application of environment-friendly technologies and techniques should be encouraged and promoted.
Chapter 2
I. Definitions
1.E-commerce
Electronic commerce can be defined as the carrying out of once manual business transactions between cooperating parties using electronic means. The two main current classifications of e-commerce are business-to-business and business-to-consumer transactions. It involves more than the simple buying and selling of commodities and services - it includes such activities as share trading, electronic funds transfer, bills of lading, direct marketing to the consumer, and after-sales services, to mention but a few. New applications are being introduced on a daily basis.
2.WTO
WTO is the successor of GATT (General Agreement on Tariffs and Trade), it is the multinational institution that polices the globe trading system, promoting free trade, and resolving trade disputes between member nations. Nowadays, as the most influential global trade organization, WTO coordinates efforts to further reduce the trade barriers and facilitates the globalization
3. Green trade barrier
The so-called green trade barrier is refers to one kind take to protect the limited resources, the environment and the people's health, through deliberately formulates the environmental protection standard which a series of makes excessive demands, to comes performs from the overseas product or the service to limit. It belongs to one kind of new non- pass sharp barrier form, has more and more become some national international trade policy measure a part.
II. Choose one of the four choices to best fit the sentence.
1. A 2.C 3.D 4.D 5.D
III. Please answer the following questions briefly.
1. Accession to the WTO meets China's own need for reform, opening up and economic development. The WTO is an important international organization handling trading problems in today's world. Its basic functions are to formulate and supervise the implementation of multilateral trading rules, to organize multilateral trade negotiations and solve trade disputes among its Members, and to play an irreplaceable role in world economic and trade development. At present, the trade volume among the WTO Members accounts for 95 percent of the global trade total. China's entry into the WTO, the world's largest multilateral trading system, will further strengthen China' s economic and trade relations with various countries and regions around the world. It will expand new areas for China' s opening to the outside world, and will help promote the improvement of China's socialist market economic system. It will inject fresh life into the national economy for the promotion of sustained, rapid and sound development(持续、快速、健康的发展). This is identical to(与…相符的) China's objective for reform, opening up and establishing a socialist market economic system. Accession to the WTO is required for China's in-depth participation in the process of economic globalization. Economic globalization is an important characteristic of today' s world economic development. Under the impetus of the rapid development of science and technology, it is a profound industrial structural readjustment(产业结构调整) carried out globally with the global operation of transnational companies(跨国公司) as the carrier. Economic globalization is the trend of world economic development.
Accession to the WTO will help China continue to intensify economic restructuring and promote the national economic structural readjustment and the upgrading of industry (产业升级);
·It will help expand total employment volume and raise people's living standards;
·It will help display comparative advantages(比较优势), further expand exports and make better use of foreign capital;
·It is conducive(有利于) to implementing the strategy of "going globe-wide", and to participating in international competition and cooperation in a broader world;
·It is advantageous to China's participation in the formulation of international economic and trading rules, and to China's share of the benefits brought about by the multilateral trading system and economic globalization.
2. China's accession to the WTO is also required by the WTO itself. China is the largest developing country in the world. Without China's participation, the WTO will be incomplete and will be unable to express the universality(普遍性) and fairness of the multilateral trading system. China's entry into the WTO will play an active and constructive role in starting a new round of multilateral trade talks and in establishing a new international economic order. After entry into the WTO, China's economic system will conform more closely to the common international rules and will greatly help improve China' s industrial and investment environment. In the meantime, China's huge market potential will be gradually transformed into real purchasing power, thereby providing an enormous market and business opportunity for various countries and regions around the world. This will definitely enable China to make new contributions that will benefit all mankind.
3. It is a double-edged sword(双刃剑). When it is properly used, China will benefit from it; when it is improperly used, China will suffer harm. The crux(关健)of the matter is how to comprehensively treat this trend. This requires that China should join in the international division of labor and cooperation under the conditions of economic globalization, pursue the benefits while avoiding the detriments(避害), make full use of its favorable factors and resources to speed up its own development and expansion, and provide against possible unfavorable factors and risks. Through joining the WTO, China will further speed up the pace of improving the socialist market economic structure, and opening to the outside world in a wider scope and at a deeper level. This will create an important structural condition and policy guarantee for our effective participation in economic globalization.
Government departments are required to make necessary conceptual and structural adjustments(观念上和结构上的调整) in economic management, and corresponding changes should also be made in enterprises' management and system(管理机制); Along with the inflow of more foreign products and service trades into the domestic market, some Chinese industries will face fiercer competition. and even be threatened with bankruptcy; Enterprises without scale economy, or strong capacity for technological transformation and innovation, or modern management, will even be threatened with bankruptcy. China must make adequate provision for this.
4. The main functions of WTO can be described in very simple terms.
These are:
1. To oversee implementing and administering WTO agreements;
2. To provide a forum for negotiations;
3. To provide a dispute settlement mechanism.
5. The principles of WTO
1). Trade without discrimination
(A). Most-favored-nation（MFN）：
(B). National treatment; Treating foreigners and locals equally
2). Freer trade
3). Predictability
4). Promoting fair competition
5). Encouraging development and economic reform
6)．Transparency
(A).Keeping the WTO informed
(B).Keeping the public informed
The main functions of WTO can be described in very simple terms.
These are:
1. To oversee implementing and administering WTO agreements;
2. To provide a forum for negotiations;
3. To provide a dispute settlement mechanism.
VI. Please translate the following sentences into Chinese.
1. 在虚拟空间里，政府发现几乎不可能实行在现实世界贸易里运用的法规。
2. 有谁会为50个个别的州，而去责备那些没有想追踪调查每个州、市的销售税，然后再从每个购买产品的人手中征收、记录的人呢。
3. 那是个有钱有权的集团，他们花大量的时间精力去维护贸易壁垒，以获得药品销售的巨大利润。
4. 美国所有进口关税壁垒的取消，可以创造135,000个新工作机会，且绝大多数都比国家平均工资水平高。
5. 环境和劳工条款条款附带在贸易协议里，出口限制和贸易禁令成为试图影响别国政府越来越流行的手段。
6. 出口控制没有成功的希望，除非美国公司是唯一的产品受控者。
V. Please analyze the following questions.
1. Relating to the strict trade requirements of EU and principles of WTO, analyze the current situation of Chinese enterprises and give your own opinion and suggestion.
2. 参照第三题第三小题答案。
3. Open.
Case study：
1） The EU average level of customs duty protection amounts to around 4% on industrial goods, taking into account MFN (Most Favored Nations) rates. EU tariffs for industrial products are among the lowest in the world. Moreover imports from many of the EU's suppliers of industrial products enter the Community at preferential rates under the terms of bilateral agreements, the Generalized System of Preference (GSP) or tariff suspension regimes.
2） Because EU tariffs for industrial products have already been among the lowest in the world, and the EU considers that modalities for the market access negotiations must aim at tariff cuts at single line level for all WTO Members, if we want to remove the disparities existing between tariff profiles.
3） In the 6th WTO Ministerial Conference in Hong Kong in December 2005 it was agreed DFQF for all products from the LDCs.
4） The key point of the Doha mandate concerns the reduction or elimination of tariff peaks, high tariffs and tariff escalation, in particular for products of export interest to developing countries and for environmental goods.
5） China should agree to deeper cuts for textiles, clothing, and footwear, with a view to bringing these tariffs within a narrow common range as close to zero as possible, but even bolder approaches are needed to target products of specific interest to developing and least developed countries with reductions well above the ones that could be obtained through the compression mechanism alone
Chapter 3
I. Definitions
1. Letter of Credit:
This document is issued by the buyer’s bank, which promises to pay the seller a specified amount when the bank has received certain documents stipulated in the letter of credit by a specified time.
2. Telegraphic transfer
The periodic settlement on an open account could be in the form of a telegraphic transfer. This is an instruction from the importer’s bank to the exporter’s bank (or some other bank in the exporter’s country) to transfer some of the balance on its account to the person named in the transfer (the exporter). The importer must pay his bank the local currency equivalent of the sum in foreign currency that the correspondent bank hands over to the exporter. As the transfer is telegraphic this is the speediest form of payment.
3. Bill of exchange:
It is addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand or at a fixed determinable future time a sum certain in money to, or to the order of, a specified person, or to bearer.
There are three main parties to a bill, the drawer, the drawee and the payee. The drawer is the person who draws the bill (i.e. the person to whom a debt is dun). The drawee is the person to whom the bill is addressed and the payee is the person to whom the payment is to be made. Usually, though by no means always, the drawer and the payee are the same person or company.
II. Choose one of the four choices to best fit the sentence.
1. What are separate transactions from sales contracts on which they may be based and banks are in no way bound by such contracts
A. credits B. standby C. guarantee
2. Under an irrevocable credit, who must undertake primary liability for payment?
A. the applicant B. the issuing bank C. the nominated bank
3. Negotiation means that the Negotiating Ban gives value of drafts and /or documents to the Beneficiary. Once the value has been given, the Negotiating Bank would become:
A. the creditor of the drafts
B. the holder of the draft
C. the holder in due course of the draft
4. A Marine Bill of Loading acts as:
1) an acknowledgement of receipt of the goods by the carrier
2) evidence of a contract of carriage
3) a document of title for the goods
4) evidence of the contract between the seller and the forwarding agent
A. 1) and 3) only B. 2) and 4) only C. 1), 2) and 3) only D. 2), 3) and 4) only
III. Please answer the following questions briefly.
1. What are the functions of the issuing bank?
The issuing bank is the party that substitutes its credit for that of the buyer, to whom it looks for reimbursement for payments made under the letter of credit.
2. What is the purpose of documents in international settlement?
Certain documents are called for in a documentary credit as evidence that the goods have been dispatched and that they purport to be of the type and quality ordered. Furthermore, the documents are required to ensure that the goods are being properly transported and in order that the buyer can claim possession of the goods when they arrive.
VI. Please translate the following sentences into Chinese.
1. Firms engaged in international trade face the problem of having to trust someone they may have never seen, who lives in a different country, who speaks a different language, who abides by (or does not abide by) a different legal system, and who could be very difficult to track down if he or she defaults on an obligation.
对参与国际贸易的公司来说，他们不得不信任一个不熟悉的合作伙伴，这些伙伴位于不同的国家，使用不同的语言，适用不同或相同的法律体系，一旦违约很难追踪其去处。
2. When the exporter believes the political and commercial risks are not sufficient to require a letter of credit, the exporter may agree to payment on a documentary draft basis, which is less costly to the buyer.
当出口方相信对方的政治和商业风险都不是很大，不必采用信用证的结算方式时，出口方可能同意采取跟单汇票这种付款方式，以降低买方的成本。
3. Clean collection is applicable to valuable vouchers under various trade and non-trade items.
光票托收适用于各种贸易方式下的重要凭证和非贸易项目。
4. Compared with the letter of credit and collection, the remittance has the characteristics of simple formality and low charge.
与信用证和托收相比较，汇款简单而且成本低廉。
5. Outward remittance means the remitting bank, entrusted by the remitter, remit funds to his sister-banks or his correspondent banks by the certain instrument and instruct them to pay the certain amount to the nominated payee.
汇出汇款指汇出行受汇款人的委托，通过特定的指示将资金汇到资金的姊妹银行或者合作银行，并指示该行将资金支付给指定的收款人。
6. Finance Lease is a unique trilateral trade involving at least three parties ---- the lessor, the lessee and the supplier.
金融租赁是一种独特的三边贸易，涉及出租人、承租人和供应商三方。
7. Invariably, the documentary credit will call for a commercial invoice specifying the quality and the quantity of the goods consigned and the price that is being charged.
通常，发票是跟单信用证必须的单据，发票上应注明商品的品质、数量和价格。
8. A bill of lading is a document signed by, or on behalf of, a master of a ship, certifying that goods have been received on board in good order for transportation and delivery as specified in the document.
提单由船长或者其代表签署，证明货物已经装上船而且货物状况完好，适合运输和交货。
V. Please analyze the following questions.
1. What is meant by trading on open account?
Where the credit status and general reputation of the importer is high, the exporter may agree to supply his goods on an open account basis. By this it is meant that they would carry on their trade very much in the same way that they would if the two firms were both located same country. The exporter would dispatch his goods, debiting his customer’s account with their cost, and send the documents relating to the consignment direct to the importer. At some agreed period of time such as every month or three month, the importer would send a remittance to settle the outstanding balance on the open account. This settlement could, alternatively take place at some agreed time after each shipment has been received.
2. Distinguish between D/P bills and D/A bills?
Documentary bills, as the name suggests, are bills which are accompanied by the documents to goods. The exporter sends his documents through his bank for delivery to the importer upon acceptance of the accompanying bill of exchange (D/A, i.e. documents against acceptance) or upon payment of the bill (D/P, i.e. documents upon payment). If the bill is a sight or demand bill, the documents will only be handed over against payment of the bill because acceptance is not involved. If the bill is a usance bill the documents are handed over against the drawee’s acceptance of the bill if it is a D/A bill or against payment if it is a D/P bill, but in some distances, particularly in trade with the Far East, the documents may not be handed over until payment of the usance bill, even if it is a D/A bill
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