The effect of trade on income distribution

the Charterer has given his express or implied consent．

A.whether

B.if

C.unless

D.that

ate's receipts ______ universally adopted as documents of title as in same way as bills of lading．

A.are

B.takes

C.makes

D.has

form. of anunfavorable trade bal- ance (贸易逆差)with-other nations. Such an imbalance exists when the total valueof a country's imports ex- ceeds that of its exports. For example, if a countrybuys $ 250 billion of products from other countries, yet sells only $ 100billion of its own products overseas, its trade deficit is $ 150 billion. Manyunderdeveloped nations find themselves in this position because they lacknatural resources or the industrial capacity to use these resources, and thushave to import raw materials or manufactured goods. One effect of a trade deficit is the flowof currency (货币)out of a country. In the case of an underdeveloped nation, this cancause many financial difficulties, including failure to meet debt payments andobstacles to creation of an industrial base. Even in the case of a fullydeveloped nation such as the United States, a large tradedeficit is reason for alarm. American products, made by well-paid workers in USindustries, cost more to produce than those made in places like Asia, wherelabor and material costs are much lower. Money spent on foreign products ismoney not spent on items produced by domestic industries. Whatis the passage mainly about？

A. Several worldwide economic problems.

B. The causes and consequences of tradedeficit.

C. Lack of resources in underdevelopedcountries.

D. The value of exports against imports.

ed 31 December 2005

included the following figures:

$

Profit 684,000

Closing inventory 116,800

Trade receivables 248,000

Allowance for receivables 10,000

No adjustments have yet been made for the following matters:

(1) The company’s inventory count was carried out on 3 January 2006 leading to the figure shown above. Sales

between the close of business on 31 December 2005 and the inventory count totalled $36,000. There were no

deliveries from suppliers in that period. The company fixes selling prices to produce a 40% gross profit on sales.

The $36,000 sales were included in the sales records in January 2006.

(2) $10,000 of goods supplied on sale or return terms in December 2005 have been included as sales and

receivables. They had cost $6,000. On 10 January 2006 the customer returned the goods in good condition.

(3) Goods included in inventory at cost $18,000 were sold in January 2006 for $13,500. Selling expenses were

$500.

(4) $8,000 of trade receivables are to be written off.

(5) The allowance for receivables is to be adjusted to the equivalent of 5% of the trade receivables after allowing for

the above matters, based on past experience.

Required:

(a) Prepare a statement showing the effect of the adjustments on the company’s net profit for the year ended

31 December 2005. (5 marks)

相对价格不发生变化。在这种情形下，两国的贸易条件如何变化？两国的福利有何变化？另一方面，假定另一国针锋相对地对自己的出口产品进行补贴，其结果与上述情形有什么不同？请对比分析。

Suppose that one country subsidizes its exports and the other country imposes a“countervailing” tariff that offsets its effect，so that in the end relative prices in the second country are unchanged．What happens to the terms of trade？ What about welfare in the two countries？

Suppose，on the other hand，that the second country retaliates with an export subsidy of its own．Contrast the result．

21. Herewith please find enclosed a check for US $ 5,000 in payment of your invoice No. 2771.

22. We take the liberty of writing to you with a view to building up business relations with your firm.

23. To step up trade between us , we trust you would allow us a higher rate of discount.

24. Are your valuables protected from burglary？

25. Since this is our first order , we hope you will do everything possible to ensure punctual shipment.

a. Our lines are mainly textiles and handicrafts.

b. We are now pleased to send you our official receipt.

c. Let us here at Home Safe , Inf. help you make sure your family and home are fully protected.

d. We assure you that we shall effect shipment on the specified date in your order.

e. Since this is our first transaction with you , we decide , as an exception , to cut the price by 2%.

判断正误：Reporting sales figures

After a slow start at the beginning of the year when sales started out at $ 9 million and rose to $ 10 million for the month of January, there was a slight increase in February when sales went up to $ 14. 5m. Then in March we had a dramatic increase when sates shot up to a staggering $ 34m. This was after the big Trade Fair in Hong Kong, where we managed to promote our new products and capturé the SE Asin market: The-increase continued in April when sales peaked at $ 38. 5m. There was slight fall for the month of May, which was only to be expected after the rush of interest after Hong Kong, and figures hit the $ 30m. mark. They seem to stabilise there, as the June figures were much the same at $ 31. 4m. We have every to expect them to continue at this rate for the next few munths, but our target for the end of the year is to chase the $ 40m+ mark with a very aggressive marketing policy over the summer and the autumn.

16. The product under discussion is not stated.

17. The year started with a rush.

18. January saw a decline in sales.

19. In February sales declined slightly.

20. In March sales reached $34m.

21. The Hong Kong Trade Fair made little effect on sales.

22. In May the sales figures exceeded those of March.

23. The June figures were similar to the May figures.

24. If the business reaches $ 40 +, the target for the end of the year will have been reached.

25. There would be more ups than down in a chart of the January to June' figures.

payments. Besides the value of imports and exports (the balance of trade), the balance of payments includes private foreign loans (and interest); loans by governments, central banks, and international organizations; and movements of gold or reserve currencies.

An international medium of exchange is required for international trade. From the late 1800s until World War I, most countries operated on the gold standard. Gold coins of standard specifications circulated freely between countries, making gold in effect an international currency. This system provided an automatic correction for some trade imbalances, but it had little liquidity (the money supply could not expand as rapidly as required by expanding trade), and it was vulnerable to short-term changes in the gold supply.

After the financial instability of the 1930s, the international monetary system was rebuilt following World War Ⅱ on the gold-exchange standard. The values of most national currencies were fixed in relation to the U. S. dollar; reserves were kept in dollars, which could be exchanged on demand for gold at a set price (#35 on ounce until 1968). The International Monetary Fund (IMF), a key institution set up under this system, makes international loans with capital subscribed by its members which include most noncommunist states. Voting rights are proportional to the amounts subscribed. The IMF has been able, through its loans, to stabilize fluctuating currencies and to influence the internal financial policies of recipient countries, a frequently criticized practice.

The success of the gold-exchange standard, however, depended on the superior position of the United States in world trade. In the 1960s, continual balance of payments deficits lowered U. S. gold reserves and fatally undermined the system. In 1968 a two-tiered system was adopted. Government banks maintained fixed gold prices, while non-governmental buyers traded freely. Simultaneously, non-dollar special drawing rights (SDRs) were assigned to IMF members in proportion to their contributions. But these changes did not relieve strain on the U. S. dollar. In 1971 President Richard Nixon announced that dollars would no longer automatically be exchanged for gold, and since then there has been no single international monetary standard.

As a measure of money flow, the balance of payments differs from the balance of trade primarily because of its greater

A．specificity.

B．accuracy.

C．usefulness.

D．comprehensiveness.

yet very few domestically based sales organizations have an understanding of how to cake advantage of the opportunities that these shows present. Unlike U.S. trade shows. at which there is an open display of one&39;s goods and services and a 1ot of looking but no buying. a European trade show is relatively closed and only open to those who are there to conduct business.The U.S. company often will spend a lot of money to set up an open display with charming sales people with little seniority or authority. The exhibit is saying. in effect, everyone and anyone is welcome but do not ask too many questions or expect to conduct any serious business. A comparable German exhibit will be more like a fortress where savvy gatekeepers will quickly weed out all but the most important clients who. once allowed into the inner sanctum, will meet directly with senior managers. The message that this exhibit is sending out is that only very special people are welcome and that is its privilege to be allowed to stay.

In some societies. the first thing people care about is quality ("Is it the best？"); in other societies, the first thing on a customer&39;s mind is the cost("How cheap is it？"); and in other countries. the concern is style. "&39;How does it look？"). The color. size. and quantity of items need to be. considered in the packaging of any product. The color blue is for funerals in some countries,smaller items are preferred over large items, and number of items in a package can be critical. For example. a golf ball manufacturer unknowingly packaged their golf balls in groups of four and then set 50.000 units to their Asian distributor who promptly sent them all back, advising the manufacturer to repackage the golf balls in packages of three.In many of the countries where the golf balls were to be distributed, the number 4 was equated with death whereas the number 3 is symbolic of long life. For golfers who are known to he superstitious, the number of golf balls in each package was more important to the distributor than the quality of the product.

测试题

The author may most probably agree that the U.S. trade shows are___________.

A.unsatisfactorily-conducted

B.businessman-targeted

C.delicately-decorated

D.profit-oriented