The optimal focus of transfer prices pre-tax profitability versus tax minimization

Chapter 18The International Monetary System, 1870–1973Chapter OrganizationMacroeconomic Policy Goals in an Open EconomyInternal Balance: Full Employment and Price-Level StabilityExternal Balance: The Optimal Level of the Current Account International Macroeconomic Policy under the Gold Standard, 1870–1914 Origins of the Gold StandardExternal Balance under the Gold StandardThe Price-Specie-Flow MechanismThe Gold Standard “Rules of the Game”: Myth and RealityBox: Hume v. the MercantilistsInternal Balance under the Gold StandardCase Study: The Political Economy of Exchange Rate Regimes:Conflict over America’s Monetary Standard During the 1890s The Interwar Years, 1918–1939The Fleeting Return to GoldInternational Economic DisintegrationCase Study: The International Gold Standard and the Great DepressionThe Bretton Woods System and the International Monetary Fund Goals and Structure of the IMFConvertibility and the Expansion of Private Capital FlowsSpeculative Capital Flows and CrisesAnalyzing Policy Options under the Bretton Woods System Maintaining Internal BalanceMaintaining External BalanceExpenditure-Changing and Expenditure-Switching PoliciesThe External-Balance Problem of the United StatesCase Study: The Decline and Fall of the Bretton Woods System Worldwide Inflation and the Transition to Floating Rates SummaryChapter OverviewThis is the first of five international monetary policy chapters. These chapters complement the preceding theory chapters in several ways. They provide the historical and institutional background students require to place their theoretical knowledge in a useful context. The chapters also allow students, through study of historical and current events, to sharpen their grasp of the theoretical models and to develop the intuition those models can provide. (Application of the theory to events of current interest will hopefully motivate students to return to earlier chapters and master points that may have been missed on the first pass.)Chapter 18 chronicles the evolution of the international monetary system from the gold standard of1870–1914, through the interwar years, and up to and including the post-World War II Bretton Woods regime that ended in March 1973. The central focus of the chapter is the manner in which each system addressed, or failed to address, the requirements of internal and external balance for its participants.A country is in internal balance when its resources are fully employed and there is price level stability. External balance implies an optimal time path of the current account subject to its being balanced over the long run. Other factors have been important in the definition of external balance at various times, and these are discussed in the text. The basic definition of external balance as an appropriate current-account level, however, seems to capture a goal that most policy-makers share regardless of the particular circumstances.The price-specie-flow mechanism described by David Hume shows how the gold standard could ensure convergence to external balance. You may want to present the following model of the price-specie-flow mechanism. This model is based upon three equations: 1. The balance sheet of the central bank. At the most simple level, this is justgold holdings equals the money supply: G M.2. The quantity theory. With velocity and output assumed constant and bothnormalized to 1, this yields the simple equation M P.3. A balance of payments equation where the current account is a function of thereal exchange rate and there are no private capital flows: CA f(E P*/P)These equations can be combined in a figure like the one below. The 45 line represents the quantity theory, and the vertical line is the price level where the real exchange rate results in a balanced current account. The economy moves along the 45 line back towards the equilibrium Point 0 whenever it is out of equilibrium. For example, the loss of four-fifths of a country’s gold would put that country at Point a with lower prices and a lower money supply. The resulting real exchange rate depreciation causes a current account surplus which restores money balances as the country proceeds up the 45 line froma to 0.FigureThe automatic adjustment process described by the price-specie-flow mechanism is expedited by following “rules of the game” under which governments contract the domestic source components oftheir monetary bases when gold reserves are falling (corresponding to a current-account deficit) and expand when gold reserves are rising (the surplus case).In practice, there was little incentive for countries with expanding gold reserves to follow the “rules of the game.” This increased the contractionary burden shouldered by countries with persistent current account deficits. The gold standard also subjugated internal balance to the demands of external balance. Research suggests price-level stability and high employment were attained less consistently under the gold standard than in the post-1945 period.The interwar years were marked by severe economic instability. The monetization of war debt and of reparation payments led to episodes of hyperinflation in Europe. Anill-fated attempt to return to thepre-war gold parity for the pound led to stagnation in Britain. Competitive devaluations and protectionism were pursued in a futile effort to stimulate domestic economic growth during the Great Depression.These beggar-thy-neighbor policies provoked foreign retaliation and led to the disintegration of the world economy. As one of the case studies shows, strict adherence to the Gold Standard appears to have hurt many countries during the Great Depression.Determined to avoid repeating the mistakes of the interwar years, Allied economic policy-makers metat Bretton Woods in 1944 to forge a new international monetary system for the postwar world. The exchange-rate regime that emerged from this conference had at its center the . dollar. All other currencies had fixed exchange rates against the dollar, which itself had a fixed value in terms of gold.An International Monetary Fund was set up to oversee the system and facilitate its functioning by lending to countries with temporary balance of payments problems.A formal discussion of internal and external balance introduces the concepts of expenditure-switching and expenditure-changing policies. The Bretton Woods system, with its emphasis on infrequent adjustmentof fixed parities, restricted the use of expenditure-switching policies. Increases in U.S. monetary growth to finance fiscal expenditures after the mid-1960s led to a loss of confidence in the dollar and the termination of the dollar’s convertibility into gold. The analysis presented in the text demonstrateshow the Bretton Woods system forced countries to “import” inflation from the United States and shows that the breakdown of the system occurred when countries were no longer willing to accept this burden.Answers to Textbook Problems1. a. Since it takes considerable investment to develop uranium mines, you wouldwant a larger current account deficit to allow your country to finance some of the investment with foreign savings.b. A permanent increase in the world price of copper would cause a short-termcurrent account deficit if the price rise leads you to invest more in coppermining. If there are no investment effects, you would not change yourexternal balance target because it would be optimal simply to spend youradditional income.c. A temporary increase in the world price of copper would cause a currentaccount surplus. You would want to smooth out your country’s consumption bysaving some of its temporarily higher income.d. A temporary rise in the world price of oil would cause a current accountdeficit if you were an importer of oil, but a surplus if you were an exporter of oil.2. Because the marginal propensity to consume out of income is less than 1, atransfer of income from B to A increases savings in A and decreases savings in B.Therefore, A has a current account surplus and B has a corresponding deficit.This corresponds to a balance of payments disequilibrium in Hume’s world, which must be financed by gold flows from B to A. These gold flows increase A’s money supply and decrease B’s money supply, pushing up prices in A and depressingprices in B. These price changes cease once balance of payments equilibrium has been restored.3. Changes in parities reflected both initial misalignments and balance of paymentscrises. Attempts to return to the parities of the prewar period after the war ignored the changes in underlying economic fundamentals that the war caused. This made some exchange rates less than fully credible and encouraged balance ofpayments crises. Central bank commitments to the gold parities were also less than credible after the wartime suspension of the gold standard, and as a result of the increasing concern of governments with internal economic conditions.4. A monetary contraction, under the gold standard, will lead to an increase in thegold holdings of the contracting country’s central bank if other countries do not pursue a similar policy. All countries cannot succeed in doing thissimultaneously since the total stock of gold reserves is fixed in the short run.Under a reserve currency system, however, a monetary contraction causes anincipient rise in the domestic interest rate, which attracts foreign capital. The central bank must accommodate the inflow of foreign capital to preserve theexchange rate parity. There is thus an increase in the central bank’s holdings of foreign reserves equal to the fall in its holdings of domestic assets. There is no obstacle to a simultaneous increase in reserves by all central banksbecause central banks acquire more claims on the reserve currency country while their citizens end up with correspondingly greater liabilities.5. The increase in domestic prices makes home exports less attractive and causes acurrent account deficit. This diminishes the money supply and causescontractionary pressures in the economywhich serve to mitigate and ultimately reverse wage demands and price increases.6. A “demand determined” increase in dollar reserve holdings would not affect theworld supply of money as central banks merely attempt to trade their holdings of domestic assets for dollar rese rves. A “supply determined” increase in reserve holdings, however, would result from expansionary monetary policy in the United States (the reserve center). At least at the end of the Bretton Woods era the increase in world dollar reserves arose in part because of an expansionarymonetary policyin the United States rather than a desire by other central banks to increasetheir holdings of dollar assets. Only the “supply determined” increase indollar reserves is relevant for analyzing the relationship between world holdings of dollar reserves by central banks and inflation.7. An increase in the world interest rate leads to a fall in a central bank’sholdings of foreign reserves as domestic residents trade in their cash forforeign bonds. This leads to a d ecline in the home country’s money supply. The central bank of a “small” country cannot offset these effects sinceit cannot alter the world interest rate. An attempt to sterilize the reserve loss through open market purchases would fail unless bonds are imperfect substitutes.8. Capital account restrictions insulate the domestic interest rate from the worldinterest rate. Monetary policy, as well as fiscal policy, can be used to achieve internal balance. Because there are no offsetting capital flows, monetary policy, as well as fiscal policy, can be used to achieve internal balance. The costs of capital controls include the inefficiency which is introduced when the domestic interest rate differs from the world rate and the high costs of enforcing the controls.9. Yes, it does seem that the external balance problem of a deficit country is moresevere. While the macroeconomic imbalance may be equally problematic in the long run regardless of whether it is a deficit or surplus, large external deficits involve the risk that the market will fix the problem quickly by ceasing to fund the external deficit. In this case, there may have to be rapid adjustment that could be disruptive. Surplus countries are rarely forced into rapid adjustments, making the problems less risky.10. An inflow attack is different from capital flight, but many parallels exist. Inan “outflow” attack, speculators sell the home currency and drain the central bank of its foreign assets. The central bank could always defend if it so chooses (they can raise interest rates to improbably high levels), but if it is unwilling to cripple the economy with tight monetary policy, it must relent. An “inflow”attack is similar in that the central bank can always maintain the peg, it is just that the consequences of doing so may be more unpalatable than breaking the peg. If money flows in, the central bank must buy foreign assets to keep thecurrency from appreciating. If the central bank cannot sterilize all the inflows (eventually they may run out of domestic assets to sell to sterilize thetransactions where they are buying foreign assets), it will have to either let the currency appreciate or let the money supply rise. If it is unwilling to allow and increase in inflation due to a rising money supply, breaking the peg may be preferable.11. a. We know that China has a very large current account surplus, placing them highabove the XX line. They also have moderate inflationary pressures (describedas “gathering” in the question, implying they are not yet very strong). This suggests that China is above the II line, but not too far above it. It wouldbe placed in Zone 1 (see below).b. China needs to appreciate the exchange rate to move down on the graph towardsbalance. (Shown on the graph with the dashed line down)c. China would need to expand government spending to move to the right and hitthe overall balance point. Such a policy would help cushion the negative aggregate demand pressurethat the appreciation might generate.。

如何改善价格策略英语作文Improving Pricing Strategies。

Pricing strategy plays a pivotal role in the success of any business. It not only affects the company's revenue but also influences customer behavior and market positioning. Therefore, it is crucial to continually evaluate and enhance pricing strategies to stay competitive and maximize profitability. Here are some effective ways to improve pricing strategies:1. Market Research and Analysis: Conduct thorough market research to understand the dynamics of supply and demand, customer preferences, and competitor pricing strategies. Analyze pricing data to identify trends and patterns, which can inform pricing decisions.2. Segmentation and Targeting: Divide the market into segments based on demographics, psychographics, or purchasing behavior. Develop tailored pricing strategiesfor each segment to better meet their needs and maximize revenue potential.3. Value-Based Pricing: Shift focus from cost-based pricing to value-based pricing, where the price is determined by the perceived value of the product or service to the customer. Highlight unique features, benefits, and competitive advantages to justify higher prices.4. Dynamic Pricing: Implement dynamic pricing algorithms that adjust prices in real-time based on factors such as demand, seasonality, and competitor pricing.Utilize data analytics and machine learning to optimize pricing for maximum revenue and profit.5. Promotions and Discounts: Use promotions, discounts, and loyalty programs strategically to stimulate demand, attract new customers, and retain existing ones. Monitor the effectiveness of promotions and adjust pricing accordingly to maintain profitability.6. Bundling and Packaging: Offer bundled products orservices at a discounted price to encourage upselling and increase the overall value proposition for customers. Experiment with different bundle configurations to find the most appealing options.7. Price Testing and Optimization: Conduct price tests and experiments to gauge customer response to different price points. Use A/B testing or price optimization software to identify the optimal pricing strategy that balances revenue maximization with customer satisfaction.8. Transparency and Communication: Be transparent about pricing policies and communicate value effectively to customers. Avoid hidden fees or confusing pricingstructures that can erode trust and deter potential buyers.9. Feedback and Iteration: Solicit feedback from customers regarding pricing perceptions and preferences. Use this feedback to iterate and refine pricing strategies continuously, ensuring alignment with customer needs and market dynamics.10. Monitoring and Adaptation: Regularly monitor market conditions, competitor actions, and customer feedback to stay agile and responsive in adjusting pricing strategies as needed. Flexibility and adaptability are key to sustaining a competitive edge in dynamic markets.In conclusion, improving pricing strategies requires a comprehensive understanding of market dynamics, customer behavior, and competitive landscape. By leveraging data-driven insights, adopting innovative pricing models, and prioritizing customer value, businesses can optimizepricing strategies to enhance profitability and sustain long-term success.。

焦度计foa原理The principle of a 焦度计(FOA) or focus chart is to measure the sharpness of an image and to determine the optimal focus point. The 原理 of an FOA involves using a specific chart or pattern with various areas of sharpness and blurriness to help determine the accuracy of the focus. This chart is then analyzed with specialized software or tools to evaluate the focal accuracy and make adjustments as needed. The ultimate goal of the FOA is to ensure that the subject of a photograph or the image being captured is as sharp and clear as possible.FOA的原理是通过使用特定的图表或图案，在其中具有各种清晰和模糊的区域，来帮助确定焦点的准确性。

通过专业的软件或工具来分析这张图表，以评估焦点的准确性，并根据需要进行调整。

FOA的终极目标是确保照片的主题或被拍摄的图像尽可能清晰和清晰。

From a photographer's perspective, the FOA is an essential tool for ensuring the quality and sharpness of the images they capture. It allows them to accurately measure the focus and make any necessary adjustments to produce high-quality, professional-looking images.Without a reliable method for measuring focus accuracy, photographers may struggle to achieve the level of sharpness and clarity required for their work. The FOA provides a systematic and precise way to evaluate and adjust the focus, ultimately enhancing the overall quality of the final images.从摄影师的角度来看，FOA是确保他们抓拍的图像质量和清晰度的重要工具。

IntroductionThe term "downstroke" carries a distinct connotation in various contexts, denoting a downward movement or action that is integral to diverse fields such as music, art, sports, technology, and even metaphorical expressions. This essay delves into the multi-faceted significance of the downstroke from different angles, highlighting its critical role in achieving precision, power, and artistic expression, while also underscoring its metaphorical implications in human experiences and societal phenomena. With an in-depth analysis of over 1400 words, this discussion aims to provide a comprehensive understanding of the downstroke's profound impact across disciplines.I. The Downstroke in Music and Performance ArtsA. Guitar Playing and Musical NotationIn the realm of music, particularly guitar playing, the downstroke refers to the downward motion of the pick or fingers when striking the strings. This fundamental technique is crucial for producing clear, articulate notes and driving rhythmic patterns. Mastering the downstroke involves developing proper hand positioning, wrist flexibility, and controlled force application to achieve consistent tone and timing. In musical notation, the downstroke symbolizes the beat, often represented by a downward-pointing arrow or a downward stem on a note, dictating the direction in which the musician should strike the instrument. It serves as the backbone of rhythm, providing stability and structure to a composition.B. Piano Playing and Keyboard TechniquesIn piano performance, the downstroke corresponds to the depression of a key, resulting in the sounding of a note. The pianist's ability to control the velocity, depth, and timing of the downstroke directly influences dynamics, articulation, and expressiveness in their playing. Techniques like staccato, legato, and accents rely heavily on precise downstrokes, enabling musicians to convey a wide range of emotions and interpretative nuances. Moreover, the downstroke initiates the hammer mechanism within the piano, translating the physical action into theauditory experience.C. Conducting and Orchestral DirectionIn conducting, the downstroke represents the initiation of a beat or a new musical phrase, serving as a visual cue for ensemble synchronization. Conductors use distinct downstroke gestures to indicate tempo changes, entrances, and cutoffs, ensuring cohesive interpretation and execution of a musical score. The clarity, energy, and precision of the conductor's downstroke are vital in conveying their artistic vision and maintaining ensemble unity.II. The Downstroke in Visual ArtsA. Painting and Drawing TechniquesIn painting and drawing, the downstroke refers to the movement of a brush, pen, or pencil in a downward direction. This technique is employed to create lines, textures, and shading effects, contributing to the overall visual depth, contrast, and mood of an artwork. Artists may vary the pressure, speed, and angle of the downstroke to achieve different aesthetic outcomes, such as bold, sweeping lines for emphasis or delicate, feathery strokes for subtlety. Moreover, the downstroke can be combined with other directional strokes to produce intricate patterns, cross-hatching, or layering effects, enhancing the complexity and richness of the piece.B. Calligraphy and TypographyIn calligraphy and typography, the downstroke plays a central role in defining the character and legibility of written forms. It typically constitutes the thicker, more prominent part of a letter, distinguishing it from the upstroke or cross-stroke. Skilled calligraphers carefully craft downstrokes to convey elegance, balance, and harmony within a script, while typographers design typefaces with meticulously proportioned downstrokes to ensure readability and aesthetic appeal across various sizes and applications.III. The Downstroke in Sports and Physical ActivitiesA. Athletics and BiomechanicsIn track and field events like running, jumping, and throwing, the downstrokedescribes the phase where the athlete's foot strikes the ground. Proper downstroke mechanics are essential for efficient force transfer, injury prevention, and optimal performance. For instance, in distance running, a midfoot or forefoot strike during the downstroke allows for better shock absorption and energy return compared to a heel strike. Similarly, in pole vaulting, the powerful downstroke against the pole propels the athlete upward, highlighting the downstroke's role in generating force and momentum.B. Swimming and Aquatic SportsIn swimming, the downstroke refers to the underwater pull phase of each stroke cycle, during which the swimmer's arm extends backward, pulling water towards the body. A strong, streamlined downstroke contributes significantly to propulsion, while an inefficient one can lead to energy loss and reduced speed. Swimmers must focus on maintaining proper elbow position, hand orientation, and forearm engagement throughout the downstroke to maximize hydrodynamic efficiency.IV. The Downstroke in Technology and EngineeringA. Printing and TypographyIn printing technologies, the downstroke is a fundamental element in the operation of printing presses, particularly in letterpress and flexography. The printing plate or die bearing the image is lowered (downstroked) onto the substrate, transferring ink or another medium to create the printed product. Precise control over the downstroke's speed, pressure, and alignment is crucial for achieving high print quality, consistency, and minimal waste.B. Robotics and AutomationIn robotics and automation, the downstroke describes the downward movement of robotic arms, grippers, or other mechanical components during tasks such as material handling, assembly, or inspection. Accurate control of the downstroke's velocity, force, and path is vital for ensuring safety, efficiency, and product quality in automated processes. Advanced sensors and control algorithms enable robots to adapt their downstroke dynamics in real-time based on environmentalfeedback, enhancing their versatility and performance.V. The Downstroke as a Metaphorical ConceptBeyond its literal applications, the downstroke serves as a rich metaphor in various contexts, symbolizing decline, descent, or conclusion:A. Economic and Market TrendsIn financial discourse, the downstroke may represent a downturn in economic indicators, market indices, or individual stock prices. This downward trajectory can evoke concerns about recession, bear markets, or company performance, prompting investors, policymakers, and analysts to reassess strategies and anticipate potential recovery measures.B. Environmental and Climate PhenomenaIn discussions of climate change and environmental issues, the downstroke might describe the downward trend of crucial ecological indicators, such as declining biodiversity, shrinking ice caps, or plummeting water tables. These downward movements underscore the urgency of addressing environmental challenges and implementing sustainable practices.C. Human Emotions and Psychological StatesMetaphorically, the downstroke can also reflect emotional states or psychological experiences, such as a person's downward spiral into depression, a relationship's downward drift into estrangement, or a society's downward slide into moral decay. In these instances, the downstroke symbolizes a negative progression or regression that necessitates intervention or transformation.ConclusionThe downstroke, a seemingly simple concept denoting a downward movement or action, holds profound significance across multiple disciplines. From shaping the rhythm and expression in music and art to determining performance and efficiency in sports and technology, the downstroke embodies precision, power, and artistic nuance. Furthermore, as a metaphorical device, it illuminates declines, descents, and conclusions in economic trends, environmental phenomena, and human experiences. This comprehensive analysis underscores the multifacetednature of the downstroke, revealing its ubiquitous influence on our understanding of the world and our endeavors within it.。

Absolute advantage The greater efficiency that one nation may have over another in the production of a commodity. This was the basis for trade for Adam Smith.Aggregate demand (AD) curve The graphical relationship between the total quantity demanded of goods and services at various prices.Aggregate supply (AS) curve The graphical relationship between the nation’s output and the price level over a given time period.Anti-globalization movement The loose organization that blames globalization for many human and environmental problems throughout the world and for sacrificing human and environmental well-being to the corporate profits of multinationals (Sect.9.7B).BBasis for trade The forces that give rise to trade between two nations. This was absolute advantage according to Adam Smith andcomparative advantage according toDavid Ricardo.Bilateral agreements Agreementsbetween two nations regarding quantitiesand terms of specific trade transactions. Bilateral trade Trade between any two nations.Brain drain The migration of highly skilled and trained people from developing to developed nations and from other industrial nations to the United States.CCentrally planned economies Economies in which factors of production are owned by the government and prices are determined by government directives.Closed economy An economy in autarky or not engaging in international transactions.Cobb-Douglas production function The production function exhibiting a unitary elasticity of substitution between labor and capital.Common market Removes all barriers on trade among members, harmonizes trade policies toward the rest of the world, and also allows the free movement of labor and capital among member nations. An example is the European Union (EU) since January 1, 1993.Community indifference curve The curve that shows the various combinations of two commodities yielding equal satisfaction to community or nation. Community indifference curves are negatively sloped, convex from the origin, and should not cross.Complete specialization The utilization of all of a nation’s resources in the production of only one commodity with trade. This usually occurs under constant cosrs.Constant opportunity costs The constant amount of a commodity that must be given up to produce each additional unit of another commodity.Constant returns to The condition under which output growsscale in the proportion as factor inputs.Consumer surplus The difference between what consumers are willing to pay for a specific amount of a commodity and what they actually pay for it .Consumption effect of a tariff The reduction in domestic consumption of a commodity resulting from the increase in its price due to a tariff.Customs union Removes all barriers on reade among members and harmonizes trade policies toward the rest of the world. The best example is the European Union (EU).DDerived demand The demand for factors of production that arises from the denand For final commodities that are produced using the particular factors.Direct investments Real investments in factories, capital goods ,land, and inventories where both capital and management are involved and the investor retains control over t5heuse of the invested capital.Doha Round The multilateral trade negotiations launched in November 2001in Daha (Qatar ) and scheduled to be completed in 2004, that will address, among other things greater trade access by developing countries in developed countries’s markets.Dumping The export of a commodity at below cost or at a lower price than sold domestically.Dynamic external economies The decline in the average cost of production as cumulative industry output increases and firms accumulate knowledge over time.EEconomic integration The commercial policy of discriminatively reducing or eliminating trade barriers only among the nations joining together.Economic union Renoves all barriers on rtade amongmembers, harmonizes trade policies toard the rest of the world, allows the free movement of labor and capital among member nations, and alst harmonizes the monetary, fiscal, and tax policies of its members.European Union The customs union formed by West Germany, France, Italy, Belgium, the Netherlands, Luxembourg that came into existence in 1958,and expanded to 15 nations with the joining of the United Kingdom, Denmark, and Ireland in 1973 , Greece in 1981, Spain and Portugal in 1986,and Austria, and Sweden in 1995.FFactor abundance he factor of production available in greater proportion and at a lower relative price in one nation than in another nation.Factor-intensity reversal The situation where a commodity is L intensive when the relative price of laboris low and K intensive when the relativeprice of capital is low. If prevalent, thiswould lead to rejection of the H-O trademodel.GGains from specialization The increase in consumption resulting from specialization in production.Gains from trade The increase in consumption in each nation resolution from specialization in production and trading.Game theory Amethod of choosing the optimal strategy in conflict situations.HHunan capital The education, job training, and health embodied in workers, which increase increase their productivity.IIncomplete specialization The continued production of both commodities in both nations with increasing costs, even in a small nationwith trade.Increasing returns to scale the production situation where output grows proportionately more than the increase in inputs or factors of production. For example all inputs more than doubles output.International cartel An organization of suppliers of a commodity located in different nations (or a group of governments ) that agrees to restrict output and exports of the commodity with the aim of maximizing or increasing the total profits of the organization. An international cartel that behaves as a monopolist is called a centralized cartel.International trade policy Examines the reasons for and effects of trade restrictions.International trade theory Analyzes the basis and the gains from trade.Intra-industry trade International in the differentiated products of the same industry or broadproduct group.Intra-industry trade index It is given by 1 minus the ratio of the absolute value of exports minus imports over exports plus imports.Laissez-faire The policy of minimum government interference in or regulation of economic activity ,advocated by Adam Smith and other classical economists.LLaw of comparative advantage Explains how mutually beneficial trade can take place even when one nation is less efficient than ,or has an absolute disadvantage with respect to, another nation in the production of all commodities. The less efficient nation should specialize in and export the commodity in which its absolute disadvantage is smaller (this is the commodity of its comparative advantage ),and should import the other commodity.MMarginal rate of substitution (MRS) The amount of one commodity that a mation could give up in exchange for one extra unit of a second commodity and still remain on the same indifference curve. It is given by the slope of the community indifference curve at the point of consumption and declines as the nation consumes more of the second commodity.Most-favord –nation principle The extension to all trade partners of any recirocal tariff reduction negotiated by the United States with any other nation.NNeutral technical progress Technical progress that increases the productivity of labor and capital in the same proportion and leaves K/L constant at constant relative factor prices.Nominal tariff A tariff (such as an ad valorem one) calculated on the price of a final commodity.OOffer curve A curve that shows how much of its import commodity a nation demands to be willing to supply various amounts of its export commodity, or the willingness of the nation to import and export at various relative commodity prices.Optimum tariff The rate of tariff that maximizes the benefit resulting from improvement in the nation’s terms of trade against the negative effect resulting from reduction in the volume of trade.PPerfect competition The market condition where (1) there are many buyers and sellers of a given commodity of factor, each too small to affect the price of the commodity of factor; (2) all units of the same commodity or factor are homogeneous, or of the same quality; (3) there is perfect knowledge and information on allmarkets; and (4) there is perfect internal mobility of factors of production.Preferential trade arrangements The loosest form of economic integration; provides lower barriers to trade among participating nations than on trade with nonparticipating nations. An example is the British Commonwealth Preference Scheme.Production effect of a tariff The increase in domestic production of a commodity resulting from the increase in its price due to a tariff.Prohibitive tariff A tariff sufficiently high to stop all international trade so that the nation returns to autarky.RRevenue effect of a tariff The revenue collected by the government from the tariff.Rybczynski theorem Postulates that at constant commodity prices, an increase in the endowment of one factor will increase by a greater proportion the output of the commodityintensive in that factor and will reducethe output of the other commodity.SSpecific-factors model The model to analyze the effect of a change in commodity price on the returns of factors in a nation when at least one factor is not mobile between industries.Stolper-Samuelson theorem Postulates that an increase in the relative price of a commodity (for example, as a result of a tariff) raise the return or earnings of the factor used intensively in the production of the commodity.Strategic trade policy The argument that an activist trade policy in oligopolistic markets subject to extensive external economies can increase a nation’s welfare.TTrade creation Occurs when some domestic production in a member of the customs union isreplaced by lower-cost imports from another member nation. This increases welfare.Trade deflection The entry of imports from the rest of the world into the low-tariff member of a free trade area to avoid the higher tariffs of other members.UUruguay Round The multilateral trade negotiations started in 1986 and completed at the end of 1993 aimed at reversing the trend of rising no tariff trade barriers. It replaced the GATT with the World Trade Organization (WTO), brought services and agriculture into the WTO, and improved the dispute settlement mechanism.VVertical integration The expansion of a firm backward to supply its own raw materials and intermediate products and/or for ward toprovide its own sales or distributionnetworks.WWealth effect The change in the output per worker or per person as a result of growth in the nation.。

收益管理英文名言Profit Management: The Art of Maximizing OpportunitiesIn the ever-evolving world of business, the concept of profit management has become a crucial aspect of success. Profit management is the strategic process of maximizing revenue, controlling expenses, and optimizing the overall financial performance of an organization. It requires a deep understanding of market dynamics, customer behavior, and efficient resource allocation to ensure long-term sustainability and growth.One of the key principles of profit management is the effective utilization of resources. This involves identifying and prioritizing the most profitable products or services, streamlining operations, and eliminating waste. By focusing on the most lucrative areas of the business, organizations can optimize their revenue streams and enhance their overall profitability.Another important aspect of profit management is cost control. Businesses must carefully analyze their expenses and find ways to reduce unnecessary spending without compromising the quality of their offerings. This may involve renegotiating supplier contracts,implementing cost-saving measures, or identifying areas where efficiency can be improved.Effective pricing strategies are also essential in profit management. Businesses must carefully analyze market trends, competitor pricing, and customer willingness to pay to determine the optimal prices for their products or services. This requires a deep understanding of the target market and the ability to adapt pricing strategies as market conditions change.In addition to these core principles, successful profit management also involves a strong focus on customer satisfaction. By understanding the needs and preferences of their target audience, businesses can develop products and services that meet or exceed customer expectations, leading to increased loyalty, repeat business, and positive word-of-mouth.To further illustrate the importance of profit management, let us consider the insightful words of renowned business leaders and thinkers:"Profit in business comes not from repeat sale, but from repeat customers." - Peter Drucker, management consultant and author.This quote emphasizes the significance of building long-termrelationships with customers, as it is the key to sustained profitability. By focusing on customer retention and loyalty, businesses can ensure a steady stream of revenue and minimize the cost of acquiring new customers."The goal of a successful business is to make money, make people happy, and make the world a better place." - Richard Branson, founder of the Virgin Group.This statement highlights the multifaceted nature of profit management, where the ultimate objective is not just to maximize profits, but to create value for all stakeholders, including customers, employees, and the broader community. By aligning business goals with social responsibility, organizations can enhance their reputation, attract and retain top talent, and contribute to the greater good."Profit is not the legitimate purpose of business. The legitimate purpose of business is to provide a product or service that people need and do it so well that it's profitable." - James Rouse, real estate developer and urban planner.This quote challenges the traditional notion of profit as the sole driver of business success. Instead, it suggests that the primary focus should be on delivering high-quality products or services that address genuine customer needs. By prioritizing customer value overshort-term profits, businesses can build a sustainable competitive advantage and achieve long-term profitability.In conclusion, profit management is a multifaceted discipline that requires a holistic approach to business strategy. By optimizing resource utilization, controlling costs, implementing effective pricing strategies, and maintaining a strong focus on customer satisfaction, organizations can enhance their profitability and ensure long-term success. The insights and wisdom shared by renowned business leaders serve as a guiding light for entrepreneurs and managers alike, inspiring them to pursue profit management as a means of creating value, driving growth, and making a positive impact on the world.。

习题Chapter 93. You are a consultant to a large manufacturing corporation that is considering a project with the following net after-tax cash flows (in millions of dollars):The project’s beta is 1.8. Assuming that, what is the net present value of the project? What is the highest possible beta estimate for the project before its NPV becomes negative?4. Are the following true or false? Explain.a. Stocks with a beta of zero offer an expected rate of return of zero.b. The CAPM implies that investors require a higher return to hold highly volatile securities.c. You can construct a portfolio with beta of .75 by investing .75 of the investment budget in T-bills and the remainder in the market portfolio.In problems 13 to 15 assume that the risk-free rate of interest is 6% and the expected rate of return on the market is 16%.13. Ashare of stock sells for $50 today. It will pay a dividend of $6 per share at the end of the year. Its beta is 1.2. What do investors expect the stock to sell for at the end of the year?14. I am buying a firm with an expected perpetual cash flow of $1,000 but am unsure of its risk. If I think the beta of the firm is .5, when in fact the beta is really 1, how much more will I offer for the firm than it is truly worth?15. A stock has an expected rate of return of 4%. What is its beta?17. Suppose the rate of return on short-term government securities (perceived to be riskfree) is about 5%. Suppose also that the expected rate of return required by the market for a portfolio with a beta of 1 is 12%. According to the capital asset pricing model (security market line):a. What is the expected rate of return on the market portfolio?b. What would be the expected rate of return on a stock with beta＝0?c. Suppose you consider buying a share of stock at $40. The stock is expected to pay $3 dividends next year and you expect it to sell then for $41. The stock risk has been evaluated at beta＝－0.5. Is the stock overpriced or underpriced?21. The security market line depicts:a. A security’s expected return as a function of its systematic risk.b. The market portfolio as the optimal portfolio of risky securities.c. The relationship between a security’s return and the return on an index.d. The complete portfolio as a combination of the market portfolio and the risk-free asset.22. Within the context of the capital asset pricing model (CAPM), assume:• Expected return on the market ＝15%.• Risk-free rate _ 8%.• Expected rate of return on XYZ security ＝17%.• Beta of XYZ security ＝1.25.Which one of the following is correct?a. XYZ is overpriced.b. XYZ is fairly priced.c. XYZ’s alpha is＝-0.25%.d. XYZ’s alpha is=0 .25%.The following table shows risk and return measures for two portfolios. answer question 26 and 2726. When plotting portfolio R on the preceding table relative to the SML, portfolio R lies:a. On the SML.b. Below the SML.c. Above the SML.d. Insufficient data given.27. When plotting portfolio R relative to the capital market line, portfolio R lies:a. On the CML.b. Below the CML.c. Above the CML.d. Insufficient data given.31. Karen Kay, a portfolio manager at Collins Asset Management, is using the capital asset pricing model for making recommendations to her clients. Her research department has developed the information shown in the following exhibit.a. Calculate expected return and alpha for each stock.b. Identify and justify which stock would be more appropriate for an investor who wants toi. add this stock to a well-diversified equity portfolio.ii. hold this stock as a single-stock portfolio.Chapter 111. A portfolio management organization analyzes 60 stocks and constructs a meanvariance efficient portfolio using only these 60 securities.a. How many estimates of expected returns, variances, and covariances are needed to optimize this portfolio?b. If one could safely assume that stock market returns closely resemble a single index structure, how many estimates would be needed?2. The following are estimates for two of the stocks in problem 1.The market index has a standard deviation of 22% and the risk-free rate is 8%.a. What is the standard deviation of stocks A and B?b. Suppose that we were to construct a portfolio with proportions:Stock A: .30Stock B: .45T-bills: .25Compute the expected return, standard deviation, beta, and nonsystematic standard deviation of the portfolio.4. Consider the two (excess return) index model regression results for A and B:a. Which stock has more firm-specific risk?b. Which has greater market risk?c. For which stock does market movement explain a greater fraction of return variability?d. Which stock had an average return in excess of that predicted by the CAPM?e. If rf were constant at 6% and the regression had been run using total rather than excess returns, what would have been the regression intercept for stock A ?Use the following data for problems 5 through 9. Suppose that the index model for stocks A and B is estimated from excess returns with the following results:5. What is the standard deviation of each stock?6. Break down the variance of each stock to the systematic and firm-specific components.7. What are the covariance and correlation coefficient between the two stocks?8. What is the covariance between each stock and the market index?9. Are the intercepts of the two regressions consistent with the CAPM? Interpret their values.15. Based on current dividend yields and expected growth rates, the expected rates of return on stocks A and B are 11% and 14%, respectively. The beta of stock A is .8, while that of stock B is 1.5. The T-bill rate is currently 6%, while the expected rate of return on the S&P 500 index is 12%. The standard deviation of stock A is 10% annually, while that of stock B is 11%.a. If you currently hold a well-diversified portfolio, would you choose to add either of these stocks to your holdings?b. If instead you could invest only in bills and one of these stocks, which stock would you choose? Explain your answer using either a graph or a quantitative measure of the attractiveness of the stocks.16. Assume the correlation coefficient between Baker Fund and the S&P 500 Stock Index is .70. What percentage of B aker Fund’s total risk is specific (i.e., nonsystematic)?a. 35%b. 49%c. 51%d. 70%17. The correlation between the Charlottesville International Fund and the EAFE Market Index is 1.0. The expected return on the EAFE Index is 11%, the expected return on Charlottesville International Fund is 9%, and the risk-free return in EAFE countries is 3%. Based on this analysis, the implied beta of Charlottesville International is:a. Negativeb. .75c. .82d. 1.00chapter 122. Which of the following most appears to contradict the proposition that the stock market is weakly efficient? Explain.a. Over 25% of mutual funds outperform the market on average.b. Insiders earn abnormal trading profits.c. Every January, the stock market earns abnormal returns.3. Suppose that, after conducting an analysis of past stock prices, you come up with the following observations. Which would appear to contradict the weak form of the efficient market hypothesis? Explain.a. The average rate of return is significantly greater than zero.b. The correlation between the return during a given week and the return during the following week is zero.c. One could have made superior returns by buying stock after a 10% rise in price and selling after a 10% fall.d. One could have made higher-than-average capital gains by holding stocks with low dividend yields.4. Which of the following statements are true if the efficient market hypothesis holds?a. It implies that future events can be forecast with perfect accuracy.b. It implies that prices reflect all available information.c. It implies that security prices change for no discernible reason.d. It implies that prices do not fluctuate.5. Which of the following observations would provide evidence against the semistrong form of the efficient market theory? Explain.a. Mutual fund managers do not on average make superior returns.b. You cannot make superior profits by buying (or selling) stocks after the announcement of an abnormal rise in dividends.c. Low P/E stocks tend to have positive abnormal returns.d. In any year approximately 50% of pension funds outperform the market.6. The semistrong form of the efficient market hypothesis asserts that stock prices:a. Fully reflect all historical price information.b. Fully reflect all publicly available information.c. Fully reflect all relevant information including insider information.d. May be predictable.7. Assume that a company announces an unexpectedly large cash dividend to its shareholders.In an efficient market without information leakage, one might expect:a. An abnormal price change at the announcement.b. An abnormal price increase before the announcement.c. An abnormal price decrease after the announcement.d. No abnormal price change before or after the announcement.8. Which one of the following would provide evidence against the semistrong form of the efficient market theory?a. About 50% of pension funds outperform the market in any year.b. All investors have learned to exploit signals about future performance.c. Trend analysis is worthless in determining stock prices.d. Low P/E stocks tend to have positive abnormal returns over the long run. Chapter 141. Which security has a higher effective annual interest rate?a. A 3-month T-bill selling at $97,645 with par value $100,000.b. A coupon bond selling at par and paying a 10% coupon semiannually.2. Treasury bonds paying an 8% coupon rate with semiannual payments currently sell at par value. What coupon rate would they have to pay in order to sell at par if they paid their coupons annually? (Hint: what is the effective annual yield on the bond?)3. Two bonds have identical times to maturity and coupon rates. One is callable at 105, the other at 110. Which should have the higher yield to maturity? Why?4. Consider a bond with a 10% coupon and with yield to maturity _ 8%. If the bond’s yield to maturity remains constant, then in 1 year, will the bond price be higher, lower, or unchanged? Why?5. Consider an 8% coupon bond selling for $953.10 with 3 years until maturity making annual coupon payments. The interest rates in the next 3 years will be, with certainty, . Calculate the yield to maturity and realized compound yield of the bond.6. Philip Morris may issue a 10-year maturity fixed-income security, which might include a sinking fund provision and either refunding or call protection.a. Describe a sinking fund provision.b. Explain the impact of a sinking-fund provision on:i. The expected average life of the proposed security.ii. Total principal and interest payments over the life of the proposed security.c. From the investor’s point of view, explain the rationale for demanding a sinking fund provision.7. Bonds of Zello Corporation with a par value of $1,000 sell for $960, mature in 5 years, and have a 7% annual coupon rate paid semiannually.a. Calculate the:i. Current yield.ii. Yield to maturity (to the nearest whole percent, i.e., 3%, 4%, 5%, etc.).iii. Realized compound yield for an investor with a 3-year holding period and a reinvestment rate of 6% over the period. At the end of 3 years the 7% coupon bonds with 2 years remaining will sell to yield 7%.b. Cite one major shortcoming for each of the following fixed-income yield measures:i. Current yield.ii. Yield to maturity.iii. Realized compound yield.9. A 20-year maturity bond with par value of $1,000 makes semiannual coupon payments at a coupon rate of 8%. Find the bond equivalent and effective annual yield to maturity of the bond if the bond price is:a. $950.b. $1,000.c. $1,050.12. Consider a bond paying a coupon rate of 10% per year semiannually when the market interest rate is only 4% per half year. The bond has 3 years until maturity.a. Find the bond’s price today and 6 months from now after the next coupon is paid.b. What is the total (6 month) rate of return on the bond?14. A bond with a coupon rate of 7% makes semiannual coupon payments on January15 and July 15 of each year. The Wall Street Journal reports the asked price for the bond on January 30 at 100:02. What is the invoice price of the bond? The coupon period has 182 days.20. A 30-year maturity, 8% coupon bond paying coupons semiannually is callable in 5 years at a call price of $1,100. The bond currently sells at a yield to maturity of 7% (3.5% per half-year).a. What is the yield to call?b. What is the yield to call if the call price is only $1,050?c. What is the yield to call if the call price is $1,100, but the bond can be called in 2 years instead of 5 years?22. A 2-year bond with par value $1,000 making annual coupon payments of $100 is priced at $1,000. What is the yield to maturity of the bond? What will be the realized compound yield to maturity if the 1-year interest rate next year turns out to be (a) 8%,(b) 10%26. Alarge corporation issued both fixed and floating-rate notes 5 years ago, with terms given in the following table:a. Why is the price range greater for the 9% coupon bond than the floatingrate note?b. What factors could explain why the floating-rate note is not always sold at par value?c. Why is the call price for the floating-rate note not of great importance to investors?d. Is the probability of call for the fixed-rate note high or low?e. If the firm were to issue a fixed-rate note with a 15-year maturity, what coupon rate would it need to offer to issue the bond at par value?f. Why is an entry for yield to maturity for the floating-rate note not appropriate?27. On May 30, 1999, Janice Kerr is considering one of the newly issued 10-year AAA corporate bonds shown in the following exhibit.a. Suppose that market interest rates decline by 100 basis points (i.e., 1%). Contrast the effect of this decline on the price of each bond.b. Should Kerr prefer the Colina over the Sentinal bond when rates are expected to rise or to fall?c. What would be the effect, if any, of an increase in the volatility of interest rates on the prices of each bond?Chapter 152. Which one of the following statements about the term structure of interest rates is true?a. The expectations hypothesis indicates a flat yield curve if anticipated futureshort-term rates exceed current short-term rates.b. The expectations hypothesis contends that the long-term rate is equal to the anticipated short-term rate.c. The liquidity premium theory indicates that, all else being equal, longer maturities will have lower yields.d. The liquidity preference theory contends that lenders prefer to buy securities at the short end of the yield curve.8. Suppose the following table shows yields to maturity of zero coupon U.S. Treasury securities as of January 1, 1996:a. Based on the data in the table, calculate the implied forward 1-year rate of interest at January 1, 1999.b. Describe the conditions under which the calculated forward rate would be an unbiased estimate of the 1-year spot rate of interest at January 1, 1999.c. Assume that 1 year earlier, at January 1, 1995, the prevailing term structure for U.S. Treasury securities was such that the implied forward 1-year rate of interest at January 1, 1999, was significantly higher than the corresponding rate implied by the term structure at January 1, 1996. On the basis of the pure expectations theory of the term structure, briefly discuss two factors that could account for such a decline in the implied forward rate.16. Below is a list of prices for zero-coupon bonds of various maturities.a. An 8.5% coupon $1,000 par bond pays an annual coupon and will mature in 3years. What should the yield to maturity on the bond be?b. If at the end of the first year the yield curve flattens out at 8%, what will be the1-year holding-period return on the coupon bond?21. The yield to maturity (YTM) on 1-year zero-coupon bonds is 5% and the YTM on 2-year zeros is 6%. The yield to maturity on 2-year-maturity coupon bonds with coupon rates of 12% (paid annually) is 5.8%. What arbitrage opportunity is available for an investment banking firm? What is the profit on the activity?22. Suppose that a 1-year zero-coupon bond with face value $100 currently sells at $94.34, while a 2-year zero sells at $84.99. You are considering the purchase of a2-year-maturity bond making annual coupon payments. The face value of the bond is $100, and the coupon rate is 12% per year.a. What is the yield to maturity of the 2-year zero? The 2-year coupon bond?b. What is the forward rate for the second year?c. If the expectations hypothesis is accepted, what are (1) the expected price of the coupon bond at the end of the first year and (2) the expected holding-period return on the coupon bond over the first year?d. Will the expected rate of return be higher or lower if you accept the liquidity preference hypothesis?。

调整价格作文英文英文：Adjusting prices is a common practice in business, and it can be done for various reasons. As a business owner, I have had to adjust prices several times to stay competitive and profitable. One reason for adjusting prices is to respond to changes in the market. For example, if a competitor lowers their prices, I may need to adjust mine to remain competitive. Another reason for adjusting prices is to reflect changes in the cost of goods or services. If the cost of materials or labor increases, I may need to adjust my prices accordingly.When adjusting prices, it is important to consider the impact on customers. If prices are raised too high, customers may be deterred from purchasing my products or services. On the other hand, if prices are too low, I may not be able to cover my costs and make a profit. It is a delicate balance that requires careful consideration.One strategy I have used to adjust prices is to offer discounts or promotions. For example, I may offer a temporary discount on a product to attract customers and increase sales. This can be an effective way to adjustprices without alienating customers.Overall, adjusting prices is an important part of running a successful business. It requires careful consideration and a willingness to adapt to changes in the market and costs.中文：调整价格是商业中常见的做法，可以出于多种原因进行调整。

金融研究生必读书目和经典文献1、《经济学原理》N·格里高利·曼昆（N.Gregory Mankiw），中国人民大学出版社。

2、《应用经济计量学》拉姆·拉玛纳山（Ramu Ramanathan），机械工业出版社。

3、《货币金融学》弗雷德里克·S·米什金（Fredcric S.Mishkin），中国人民大学出版社。

/viewthread.php?tid=401英文/viewthread.php?tid=52364中文4、《金融学》兹维·博迪、罗伯特·默顿，中国人民大学出版社。

/viewthread.php?tid=18995、《公司理财》斯蒂芬·A·罗斯，机械工业出版社。

/viewthread.php?tid=222106、《投资学精要》兹维·博迪，中国人民大学出版社。

/viewthread.php?tid=294687、《国际金融管理》 Jeff.Madura，北京大学出版社。

8、《固定收入证券市场及其衍生产品》 Suresh.M.Sundaresan，北京大学出版社。

9、《银行管理——教程与案例》（第五版），乔治·H·汉普尔，中国人民大学出版社。

10、《投资组合管理：理论及应用》小詹姆斯·法雷尔，机械工业出版社。

11、《衍生金融工具与风险管理》唐·M·钱斯（Don.M.Chanc），中信出版社，/thread-78855-1-2.html英文7版12、《金融经济学》（德）于尔根·艾希贝格尔，西南财经大学出版社。

或者《金融经济学》黄辅奇，清华大学出版社。

/viewthread.php?tid=4334613、《货币金融学》弗雷德里克·S·米什金（Fredcric S.Mishkin），中国人民大学出版社。

14、《国际经济学》（美）保罗·克鲁德曼，中国人民大学出版社。

读哈耶克的36句经典名言1. "The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design."This quote highlights Hayek's belief in the limitations of human knowledge and the importance of spontaneous order in economics.2. "The market system is the only system of economic cooperation that is compatible with individual freedom."Hayek believed that the market system was the most efficient and equitable method of organizing economic activity while preserving individual liberty.3. "Socialism is the abolition of private property."Hayek argued that socialist systems that sought to eliminate private property were fundamentally flawed because they ignored the role of knowledge and incentives in economic decision-making.4. "The peculiar character of the problem of a rational economic order is determined precisely by the fact that the knowledge of the circumstances of which we must make use never exists in concentrated or integrated form but solely as the dispersed bits of incomplete and frequently contradictory knowledge which all the separate individuals possess."This quote highlights the importance of decentralized decision-making and the limits of centralized planning.5. "The price system is a mechanism for communicating information and coordinating the actions of dispersed individuals."Hayek believed that market prices reflected the dispersed knowledge and preferences of individuals, and could serve as a guide for economic decision-making.6. "The most important single central fact about a free market is that no exchange takes place unless both parties benefit."Hayek believed that markets were self-organizing and self-regulating, with competition ensuring that exchanges occurred only when both parties saw value in them.7. "The curious task of economics is to teach us how little we know about what we imagine we can design."In this quote, Hayek emphasizes the importance of humility in economic decision-making, and warns against overconfidence in our ability to control economic outcomes.8. "Individualism...is based on the recognition of the value of the individual, and holds that it is desirable that the individual should be free to choose and to act upon his own beliefs and convictions." Hayek believed in the fundamental importance of individual liberty, both for ethical and economic reasons.9. "The success of a market economy, both in its functioning andin its ability to transform an economy, depends on the existence ofa set of institutions which permit mutually beneficial exchange and the recognition of private property rights."Hayek argued that economic institutions were critical for creating the conditions for economic growth and development.10. "There is all the difference in the world between treating people equally and attempting to make them equal."Hayek was a strong critic of policies aimed at equalizing wealth or income, arguing that they were both unsustainable and incompatible with individual liberty.11. "The conflict between the market economy and comprehensive economic planning is not between two different systems of organization, but between two different kinds of systems of organization."In this quote, Hayek highlights the fundamental difference between decentralized, market-based decision-making and centralized planning.12. "The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design."Hayek believed that economic planning was inherently flawed because it ignored the dispersed knowledge and incentives that underlie economic decision-making.13. "The liberal is not necessarily averse to coercion or compulsion,but to the use of coercion to infringe on the free choice of the individual."Hayek believed in the importance of using limited coercion to protect individual freedom, while also acknowledging the need for some degree of social organization.14. "The preservation of freedom is the protective reason for limiting and decentralizing governmental power."Hayek believed that limiting the power of government was critical for protecting individual liberty and preventing the abuses of centralized authority.15. "The welfare state is designed to achieve a social result that is incompatible with preserving the freedom of the individual."Hayek was critical of the welfare state, arguing that it was fundamentally incompatible with individual freedom and would lead to economic stagnation.16. "The rule of law means that government in all its actions is bound by rules fixed and announced beforehand."Hayek believed in the importance of the rule of law as a check on arbitrary power and a safeguard for individual freedom.17. "The market order is always in the process of becoming, and becoming otherwise than it was before."Hayek believed that markets were self-organizing and dynamic, constantly evolving and adapting to changing conditions.18. "The ultimate result of shielding men from the effects of folly is to fill the world with fools."In this quote, Hayek argues that interventions aimed at protecting individuals from the consequences of their actions can lead to a lack of personal responsibility and poor decision-making.19. "The peculiar character of the problem of a rational economic order is determined precisely by the fact that the knowledge of the circumstances of which we must make use never exists in concentrated or integrated form but solely as the dispersed bits of incomplete and frequently contradictory knowledge which all the separate individuals possess."This quote highlights the importance of decentralized decision-making and the limits of centralized planning.20. "The curious task of economics is to teach us how little we know about what we imagine we can design."Hayek emphasized the inherent uncertainty and complexity of economic decision-making, and the importance of acknowledging our limits in this regard.21. "The fatal flaw of socialism is its ignorance of the fact that knowledge is dispersed, and that no single central authority can possibly know enough to make optimal decisions for everyone."Hayek believed that socialist systems were fundamentally flawed because they ignored the limits of human knowledge and the importance of decentralized decision-making.22. "The spontaneous order of a free society is superior to the deliberate design of a planned society."In this quote, Hayek highlights the importance of spontaneous order and the limitations of centralized planning.23. "The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design."Hayek believed that economic planning was inherently flawed because it ignored the dispersed knowledge and incentives that underlie economic decision-making.24. "The welfare state is not really about the welfare of the masses, but about the power of the state."Hayek was a critic of the welfare state, arguing that it was primarily focused on expanding the power and control of the state.25. "The idea of social justice is a dangerous fantasy, as it presumes an ability to engineer desirable outcomes that simply does not exist."Hayek argued that the concept of social justice was illusory and dangerous, as it implied a degree of centralized control andplanning that was incompatible with individual freedom.26. "The curious task of economics is to teach us how little we know about what we imagine we can design."Hayek emphasized the importance of humility and acknowledging our limits in economic decision-making.27. "The market is not a place but a process, a process of discovery."Hayek believed that markets were dynamic and constantly evolving processes of discovery, rather than static entities.28. "A government which sets out to abolish inflation also sets out to abolish capitalism."Hayek believed that attempts to eliminate inflation through government intervention could undermine the market system and lead to problems such as inflationary spirals and economic stagnation.29. "The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design."This quote highlights Hayek's skepticism about the potential for centralized planning to achieve efficient economic outcomes.30. "The essence of capitalist morality is respect for the value of other people's property."Hayek believed in the importance of property rights as a cornerstone of individual liberty and economic growth.31. "The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design."Hayek argued that economic planning was often motivated by a desire for control and centralization, rather than a genuine concern for economic efficiency and individual freedom.32. "The control of the production of wealth is the control of human life itself."Hayek believed that attempts to centralize economic decision-making in the hands of the state represented a dangerous threat to individual freedom and autonomy.33. "The problem of knowledge is not how to attain it, but how to utilize it effectively."This quote highlights the importance of knowledge and information in economic decision-making, and the need to use it effectively rather than attempting to attain an unattainable level of perfect knowledge.34. "The curious task of economics is to teach us how little we know about what we imagine we can design."Hayek believed that economic knowledge was inherently dispersedand incomplete, and that attempts to centralize decision-making were ultimately doomed to failure.35. "The great aim of the struggle for liberty has been equality before the law."Hayek argued that the rule of law was critical for ensuring individual freedom and limiting the power of government.36. "The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design." Hayek believed that economics should focus on illuminating our limitations and encouraging humility in decision-making, rather than promoting grandiose schemes for centralized control and planning.。

数字通信中的多抽样率信号处理中英⽂翻译（部分）Multirate Signal Processing Concepts in Digital CommunicationsBojan VrceljIn Partial Fulfillment of the Requirementsfor the Degree ofDoctor of PhilosophyCalifornia Institute of TechnologyPasadena, California2004 (Submitted June 2, 2003)AbstractMultirate systems are building blocks commonly used in digital signal processing (DSP). Their function is to alter the rate of the discrete-time signals, which is achieved by adding or deleting a portion of the signal samples. Multirate systems play a central role in many areas of signal processing, such as filter bank theory and multiresolution theory. They are essential in various standard signal processing techniques such as signal analysis, denoising, compression and so forth. During the last decade, however, they have increasingly found applications in new and emerging areas of signal processing, as well as in several neighboring disciplines such as digital communications.The main contribution of this thesis is aimed towards better understanding of multirate systems and their use in modern communication systems. To this end, we first study a property of linear systems appearing in certain multirate structures. This property is called biorthogonal partnership and represents a terminology introduced recently to address a need for a descriptive term for such class of filters. In the thesis we especially focus on the extensions of this simple idea to the case of vector signals (MIMO biorthogonal partners) and to accommodate for nonintegral decimation ratios (fractional biorthogonal partners).Some of the main results developed here pertain to a better understanding of the biorthogonal partner relationship. These include the conditions for the existence of stable and of finite impulse response (FIR) biorthogonal partners. A major result that we establish states that under some generally mild conditions, MIMO and fractional biorthogonal partners exist. Moreover, when they exist, FIR solutions are not unique. We develop the parameterization of FIR solutions, which makes the search for the best partner in a given application analytically tractable. This proves very useful in the central application of biorthogonal partners, namely, channel equalization in digital communications with signal oversampling at the receiver. Sampling the received signal at a rate higher than that defined by the transmitter provides some flexibility in the design of the equalizer. A good channel equalizer in this context is one that helps neutralize the distortion on the signal introduced by the channel propagation but not at the expense of amplifying the channel noise. This presents the rationale behind the partner design problem which is formulated and solved. Theperformance of such equalizers is then compared to several other equalization methods by computer simulations. These findings point to the conclusion that the communication system performance can be improved at the expense of an increased implementational cost of the receiver.While the multirate DSP in the aforementioned communication systems serves to provide additional degrees of freedom in the design of the receiver, another important class of multirate structures is used at the transmitter side in order to introduce the redundancy in the data stream. This redundancy generally serves to facilitate the equalization process by forcing certain structure on the transmitted signal. If the channel is unknown, this procedure helps to identify it; if the channel is ill-conditioned, additional redundancy helpsVavoid severe noise amplification at the receiver, and so forth. In the second part of the thesis, we focus on this second group of multirate systems, derive some of their properties and introduce certain improvements of the communication systems in question.We first consider the transmission systems that introduce the redundancy in the form of a cyclic prefix. The examples of such systems include the discrete multitone (DMT) and the orthogonal frequency division multiplexing (OFDM) systems. The cyclic prefix insertion helps to effectively divide the channel in a certain number of nonoverlaping frequency bands. We study the problem of signal precoding in such systems that serves to adjust the signal properties in order to fully take advantage of the channel and noise properties across different bands. Our ultimate goal is to improve the overall system performance by minimizing the noise power at the receiver. The special case of our general solution corresponds to the white channel noise and the best precoder under these circumstances simply performs the optimal power allocation.Finally, we study a different class of communication systems with induced signal redundancy, namely, the multiuser systems based on code division multiple access (CDMA). We specifically focus on the special class of CDMA systems called `a mutually orthogonal usercode receiver' (AMOUR). These systems use the transmission redundancy to facilitate the user separation at the receiver regardless of the (different) communication channels. While the method also guarantees the existence of the zero-forcing equalizers irrespective of the channel zero locations, the performance of these equalizers can be further improved by exploiting the inherent flexibility in their design. Weshow how to find the best equalizer from the class of zero-forcing solutions and then increase the size of this class by employing alternative sampling strategies at the receiver. Our method retains the separability properties of AMOUR systems while improving their robustness in the noisy environment.Chapter 1 IntroductionThe theory of multirate digital signal processing (DSP) has traditionally been applied to the contexts of filter banks [61], [13], [50] and wavelets [31], [72]. These play a very important role in signal decomposition, analysis, modeling and reconstruction. Many areas of signal processing would be hard to envision without the use of digital filter banks. This is especially true for audio, video and image compression, digital audio processing, signal denoising, adaptive and statistical signal processing. However, multirate DSP has recently found increasing application in digital communications as well. Multirate building blocks are the crucial ingredient in many modern communication systems, for example, the discrete multitone (DMT), digital subscriber line (DSL) and the orthogonal frequency division multiplexing (OFDM) systems as well as general filter bank precoders, just to name a few. The interested reader is referred to numerous references on these subjects, such as [7]-[9], [17]-[18], [27], [30], [49], [64], [89], etc.This thesis presents a contribution to further understanding of multirate systems and their significance in digital communications. To that end, we introduce some new signal processing concepts and investigate their properties. We also consider some important problems in communications especially those that can be formulated using the multirate methodology. In this introductory chapter, we give a brief overview of the multirate systems and introduce some identities, notations and terminology that will prove useful in the rest of the thesis. Every attempt is made to make the present text as self-contained as possible and the introduction is meant to primarily serve this purpose. While some parts of the thesis, especially those that cover the theory of biorthogonal partners and their extensions provide a rather extensive treatment of the concepts, the material regarding the applications of the multirate theory in communication systems should be viewed as a contribution to a better understanding and by no means the exhaustive treatment of such systems. For a more comprehensive coverage the reader is referred to a range of extensive texts on the subject, for example, [71], [18], [19], [39], [38], [53], etc.1.1 Multirate systems 1.1.1 Basic building blocks The signals of interest in digital signal processing are discrete sequences of real or complex numbers denoted by x(n), y(n), etc. The sequence x(n) is often obtained by sampling a continuous-time signal x c(t). The majority of natural signals (like the audio signal reaching our ears or the optical signal reaching our eyes) are continuous-time. However, in order to facilitate their processing using DSP techniques, they need to be sampled and converted to digital signals. This conversion also includes signal quantization, i.e.,discretization in amplitude, however in practice it is safe to assume that the amplitude of x(n) can be any real or complexSignal processing analysis is often simplified by considering the frequency domain representation of signals and systems. Commonly used alternative representations of x(n) are its z-transform X (z) and the discrete-time Fourier transform X (O'). The z-transform is defined as X(z) = E _.x(n)z-"', and X (e j") is nothing but X(z) evaluated on the unit circle z = e3".Multirate DSP systems are usually composed of three basic building blocks, operating on a discrete-time signal x(n). Those are the linear time invariant (LTI) filter, the decimator and the expander. An LTI filter, like the one shown in Fig.1.1, is characterized by its impulse response h(n), or equivalently by its z-transform (also called the transfer function) H(z). Examples of the M-fold decimator and expander for M = 2 are shown in Fig.1.2. The rate of the signal at the output of an expander is M times higher than the rate at its input, while the converse is true for decimators. That is why the systems containing expanders and decimators are called `multirate' systems. Fig.1.2 demonstrates the behavior of the decimator andthe expander in both the time and the frequency domains.XE(z) = [X (z)]IM XD(z) = [X (z)]iM = X(z M)1 M-1 1 j2 k =M E X(z e n a)k=0for M-fold expander, and (1.1)for M-fold decimator. (1.2)The systems shown in Figs.1.1 and 1.2 operate on scalar signals and thus are called single input-single output (SISO) systems. The extensions to the case of vector signals are ratherstraightforward: the decimation and the expansion are performed on each element separately. The corresponding vector sequence decimators/expanders are denoted within square boxes in block diagrams. In Fig.1.3 this is demonstrated for vector expanders. The LTI systems operating on vector signals are called multiple input-multiple output (MIMO) systems and they are characterized by a (possibly rectangular) matrix transfer function H(z).1.1.2 Some multirate definitions and identitiesThe vector signals are sometimes obtained from the corresponding scalar signals by blocking. Conversely, the scalar signals can be recovered from the vector signals by unblocking. The blocking/unblocking operations can be defined using the delay or the advance chains [61], thus leading to two similar definitions. One way of defining these operations is shown in Fig.1.4, while the other is obtained trivially by switching the delay and the advance operators. Instead of drawing the complete delay/advance chain structure, we often use the simplified block notation as in Fig.1.4. It is usually clear from the context which of the two definitions数字通信中的多抽样率信号处理Bojan Vrcelj博⼠学位论⽂加州技术学会Pasadena, 加州2004 (委托于2003.6.2)摘要多抽样率系统普遍是被运⽤在处理数字信号⽅⾯。

PART IIANSWERS TO END-OF-CHAPTER QUESTIONSCHAPTER 1: AN OVERVIEW OF LOGISTICS1-1. Did it surprise you that logistics has such an important economic impact? Why or why not?The answer to this question likely depends on the student’s prior exposure to logistics. A typical student in an undergraduate, introductory logistics course likely has had limited exposure to and knowledge about logistics and thus might be unaware as to logistics’ economic impact. As such, a student might be pleasantly surprised to learn that logistics is important for a country’s economic growth and development.1-2. Distinguish between possession, form, time, and place utility.Possession utility refers to the value or usefulness that comes from a customer being able to take possession of a product and can be influenced by the relevant payment terms. Form utility refers to a product’s being in a form that (1) can be used by the customer and (2) is of value to the customer. Time utility refers to having products available when they are needed by customers while place utility refers to having products available where they are needed by customers.1-3. How does logistics contribute to time and place utility?Logistics contributes to time utility by recognizing that different products have different sensitivities to time. For example, a three-day-late delivery of bananas likely has more serious consequences than a three-day-late delivery of a box of pencils. As for place utility, logistics facilitates the movement of products from points of lesser value to points of greater value.1-4. How can a particular logistics system be effective but not efficient? Effectiveness can be thought of as “how well a company does what it says it’s going to do;” efficiency focuses on how well (or poorly) company resources are used to achieve what a company promises it can do. There are a multitude of examples that would illustrate an effective, but inefficient, logistics system. For example, some companies routinely use premium and expedited methods of transportation—which increase transportation costs—to meet customer delivery requirements. As such, the logistics system could be considered effective (meeting delivery deadlines) but perhaps not efficient (increased transportation costs).1-5. Explain the significance of the fact that the purpose of logistics is to meet customer requirements.One reason for this significance is that meeting customer requirements means that companies must know—rather than assume—customer needs and wants. This knowledge is facilitated by communication between companies and their customers. Even today, some companies are hesitant to communicate with customers. In addition, meeting customer requirements means that a one-size-fits-all approach to logistics will result in some customers being overserved and others being underserved. As a result, companies should consider a tailored logistics approach, where groups of customers who have similar logistical needs and wants are provided with the appropriate logistical services.1-6. Explain how an understanding of logistics management could be relevant to your favorite charitable organization.There are any number of examples that can be used. The textbook mentions the Food Bank of New York City; from a logistical perspective, the Food Bank of New York City is responsible for collecting, sorting, repacking, and distributing food from its 90,000 square-foot warehouse.1-7. How has a reduction in economic regulation contributed to the increased importance of logistics?Reductions in economic regulation in the United States allowed individual carriers flexibility in pricing and service, and this flexibility was important to logistics for several reasons. First, it provided companies with the capability to implement the tailored logistics approach in the sense that companies could specify different logistics service levels and prices could be adjusted accordingly. Second, the increased pricing flexibility allowed large buyers of transportation services to reduce their transportation costs by leveraging large amounts of freight with a limited number of carriers.1-8. Discuss the logistical implications associated with the increased emphasis on the convenience associated with a family’s shopping experience.This convenience is manifested in various ways to include extended store hours, home delivery of purchased items, and ready-to-eat/ready-to-cook foods. From a logistics perspective, extended store hours force retailers to address issues such as the optimal delivery times for replenishment trucks and when to replenish merchandise. A logistical challenge with home delivery is the coordination of delivery times with the purchaser’s ability to receive the item(s). Finally, ready-to-eat-ready-to-cook foods have different packaging requirements, and food processors continue to experiment with packaging alternatives that will extend the shelf life of ready-to-cook foods.1-9. What are some ways in which technology has impacted logistics management? Technological advances have influenced channel design by allowing companies to offer an alternate distribution channel (or alternate distribution channels) to already existing channels. Technological advances can also improve the productivity of the order picking process, which traditionally involved paper pick tickets. Today, by contrast, order picking can utilize radio frequency devices, voice-directed picking, and robotic picking. Shipment tracking provides another example of how technological advances have impacted logistics management. Global positioning systems can provide real-time location information about a shipment, as well as provide information about a vehic le’s temperature, humidity, and vibrations.1-10. Explain how big-box retailers are logistical trendsetters.The logistics practices of big-box retailers are often viewed as barometers for emerging logistics trends. Big-box retailers have also been trendsetters with respect to environmental and social issues in logistics. As an example, one of Best Buy’s sustainability goals for 2020 is to recycle one billion pounds of consumer goods.1-11. What is the systems approach to problem solving? How is this concept applicable to logistics management?The systems approach to problem solving suggests that a company’s objectives can be realized by recognizing the mutual interdependence of its major functional areas, such as marketing, production, finance, and logistics. As such, decisions made by one functional area can have important implications for the other functional areas. With respect to logistics, the systems approach suggests that one should recognize the mutual interdependence of the various activities that constitute the logistics function. Thus, a transportation decision may impact inventory, warehousing, and packaging, among others.1-12. Distinguish between materials management and physical distribution.Materials management refers to the movement and storage of materials into a firm while physical distribution refers to the storage of finished product and movement to the customer.1-13. Explain what is meant by the total cost approach to logistics.The total cost approach to logistics is built on the premise that all relevant activities in moving and storing products should be considered as a whole (i.e., their total cost) and not individually. Use of the total cost approach requires an understanding of cost trade-offs. In other words, changes to one logistics activity cause some costs to increase and others to decrease. The key to the total cost approach is that all relevant cost items are considered simultaneously when making a decision. The objective is to find the approach with the lowest total cost that supports the organization’s customer service requirements.1-14. Define what is meant by a cost trade-off. Do you believe that this concept is workable? Why or why not?A cost trade-off acknowledges that changing patterns or activities of distribution will result in some costs increasing and other costs decreasing. The net effect, however, should be an overall cost decrease for providing a given level of customer service.The remainder of this question asks for the student’s opinion about the workability of this concept. Although nearly any answer is acceptable, those students who believe that cost trade-offs are unworkable might have difficulty with many of the concepts presented throughout the text.1-15. What are several areas in which finance and logistics might interface?The finance department is often in charge of capital budgeting decisions that would affect logistics, such as materials handling and packaging equipment. Another potential area of finance and logistics interface is with respect to inventory; finance tends to view inventory from a dollar perspective while logistics tends to be more concerned with the number of units of inventory. This dichotomy is highlighted by the concept of obsolescence, which reduces the monetary value of inventory by a certain amount per period of time—even though the actual quantity of inventory may be unchanged.1-16. Discuss the postponement concept as it relates to the production and logistics interface.Postponement refers to the delay of value-added activities such as assembly, production, and packaging until the latest possible time. Some value-added activities, such as case packing and case labeling, that were traditionally performed at a production plant are now performed in warehousing facilities. As a result, warehousing facilities are adding new types of equipment and being configured differently to allow specific value-added activities to take place.1-17. Define what is meant by a landed cost and explain its relevance for pricing decisions.Landed cost refers to the price of a product at its source plus transportation costs to its destination. On the one hand, a selling price that is based on a product’s landed cost allows the seller to offer “free” delivery of the product to prospective customers, because the transportation costs associated with delivery are captured in the landed cost. On the other hand, a selling price that is based on a product’s landed cost could result in a substantial increase in a product’s selling price, and a higher selling price tends to decrease buyer demand for most products.1-18. Discuss several possible interfaces between marketing and logistics in terms of product decisions.One interface involves the marked increase in product offerings; marketers like this increase because it allows for more customer choice, but these additional choices create logistical challenges in terms of identification, storage, and tracking. Another interface concerns the amount of a particular item (SKU) to hold. Marketers prefer to carry higher quantities for particular items because this reduces the likelihood of stockouts; however, from a logistics perspective, higher quantities of inventory necessitate additional storage space and increase inventory carrying costs.Students can also discuss product design and sustainable products.1-19. Briefly discuss the ownership, negotiations, financing, promotion, and logistics channels.The ownership channel covers movement of the title to the goods; the goods themselves might not be physically present or even exist. The negotiations channel is the one in which buy and sell agreements are reached and can include telephone, email, and electronic data interchange, among others. The financing channel handles payment for goods and the company’s credit, while the promotions channel is concerned with promoting a new or an existing product. Finally, the logistics channel handles the physical flow of the product.1-20. Discuss five activities that might be part of a company’s logistics department.The chapter presents, and briefly describes, 12 separate activities that might be part of a company’s logistics department. Any 5 of the 12 activities are acceptable for students to discuss.PART IIICASE SOLUTIONSCASE 1.1 KIDDIELAND AND THE SUPER GYMQuestion 1: List and discuss the advantages and disadvantages of purchasing a two-wheel trailer for each store to use for delivering the Super Gyms.Because the stores are in a number of states, one would have to check the motor vehicle and insurance requirements of each state. An advantage is that deliveries would be under the control of each store. A disadvantage may be labor costs, especially if two workers are needed to make the delivery. Also, once at the site, the store’s employees might be asked to assist in the assembly of the gym.Question 2: List and discuss the advantages and disadvantages of having local trucking companies deliver the Super Gym from the retail stores to the customers.There are probably no disadvantages to using a local trucking company to make the delivery. However, a decision about how to handle the trucking firm’s charges would have to be made.Question 3: List and discuss the advantages and disadvantages of stocking Super Gyms at the distribution centers and then having the truck that makes deliveries from the distribution center to the retail stores also make deliveries of Super Gyms to individual customers.One problem focuses on the size of equipment—large tractor–trailer combinations are not suited to making home deliveries. The actual costs to KiddieLand of using trucks this way might be very high. There might be some savings in inventory costs by stocking the gyms at the distribution center rather than at each retail store.Question 4: List and discuss the advantages and disadvantages of charging customers for home delivery if they are unable to carry home the Super Gym.Perhaps the one advantage to charging for home delivery is that KiddieLand recoups the associated costs. However, because charged home delivery will add to the customer’s total purchase price, there could be a reduction in demand or this could generate customer dissatisfaction.Question 5: Which alternative would you prefer? Why?The student can choose any alternative. However, the text of the case seems to prefer the use of a local trucking company and charging the customer for home delivery.Question 6:Draft a brief statement (catalog copy) to be inserted in the firm’s spring–summer brochure that clearly explains to potential customers the policy that is recommended in Question 5.The brochure is intended for use in all stores, so whatever copy is prepared must be widely applicable. A sentence might read: “The Super Gym comes unassemb led and is packed in three boxes: One weighs ____ pounds and is ____ inches by ____ inches by____ inches; the second weighs ____ pounds and is ____ inches by ____ inches by ____ inches; and the third weighs ____ pounds and is ____ inches by ____ inches by ____ inches. Assembly requires the following tools: ____; ____; ____; and ____.”Question 7: At the first meeting, A.J. asked about SUVs, but there was no further mention of them. How would you follow up on his query?Anyone in the group could answer that SUVs have more carrying capacity than autos and many also have trailer hitches. SUVs are sufficiently popular—particularly in the United States—such that many buyers of the Super Gym equipment would either have a SUV or be able to borrow one.。

芦丁鸡饲养方案英文作文Rearing Curry Chicken: A Comprehensive GuideChicken farming has long been a prominent and essential aspect of agriculture, providing a reliable source of protein and revenue for smallholder farmers and large-scale producers alike. Among the diverse array of chicken breeds, the Curry Chicken, also known as the Rourou or Balai Chicken, has gained significant recognition for its exceptional culinary qualities and resilience in various climatic conditions. This comprehensive guide delves into the intricacies of Curry Chicken rearing, offering valuable insights and practical advice to ensure the successful establishment and maintenance of a thriving Curry Chicken flock.Breed Characteristics and SelectionThe Curry Chicken is a unique breed that originated in the coastal regions of Asia, known for its distinct plumage, robust physique, and exceptional meat quality. These birds are characterized by their vibrant, multicolored feathers, ranging from shades of brown and black to iridescent greens and blues. Their compact, muscular build and high feed conversion ratio make them an attractive choice for small-scale and commercial poultry farmers alike.When selecting Curry Chickens for your flock, it is essential to focus on sourcing high-quality breeding stock from reputable breeders or hatcheries. Carefully evaluate the birds' physical attributes, such as symmetry, feather quality, and overall health, to ensure the propagation of desirable traits. Additionally, consider the birds' temperament, as Curry Chickens are generally known for their docile and adaptable nature, making them well-suited for both free-range and confined rearing systems.Housing and HusbandryProviding appropriate housing and maintaining optimal husbandry practices are crucial for the well-being and productivity of your Curry Chicken flock. Ideally, the housing should offer ample space, proper ventilation, and protection from the elements, predators, and disease-carrying vectors.When designing the Curry Chicken coop, consider a spacious and well-lit environment, with adequate floor space to accommodate the birds' natural behaviors, such as scratching, dust-bathing, and perching. Ensure that the coop is well-insulated to maintain a comfortable temperature range, and incorporate features like nest boxes and roosting areas to encourage natural nesting and resting behaviors.In terms of husbandry, implement a comprehensive biosecurity program to minimize the risk of disease introduction and transmission. This may include regular cleaning and disinfection of the coop, proper waste management, and the implementation of strict biosecurity protocols for personnel and equipment entering the farm. Additionally, maintain a vigilant vaccination schedule to protect your flock against common poultry diseases, tailoring the program to the specific needs and challenges of your local environment.Feeding and NutritionCurry Chickens are known for their versatile dietary requirements, thriving on a wide range of feed sources. However, to ensure optimal growth, egg production, and overall health, it is essential to provide a balanced and nutritious diet that meets the birds' specific nutritional needs.Formulate a feed ration that is rich in proteins, carbohydrates, fats, vitamins, and minerals, carefully considering the birds' age, production stage, and environmental conditions. High-quality commercial feed or a well-designed homemade feed mix can be used, supplemented with additional sources of protein, such as insects, worms, or legumes, to enhance the birds' foraging behavior and natural immunity.Ensure that clean, fresh water is available to your Curry Chicken flockat all times, as hydration is crucial for their overall well-being and productivity. Monitor water quality and quantity regularly, making adjustments as needed to maintain optimal levels of consumption.Health and Disease ManagementProactive health management is crucial for the success of any Curry Chicken operation. Establish a comprehensive disease prevention and treatment plan, leveraging the expertise of veterinary professionals and incorporating evidence-based practices.Regularly monitor your flock for any signs of illness, such as reduced appetite, lethargy, or abnormal behavior, and promptly isolate and treat any affected birds to prevent the spread of disease. Implement strict biosecurity measures, including the use of disinfectants, proper sanitation, and the implementation of quarantine protocols for new additions to the flock.In the event of a disease outbreak, collaborate with your veterinarian to develop an appropriate treatment strategy, which may include the use of approved medications, natural remedies, or supportive care. Additionally, maintain detailed records of your flock's health history, vaccination protocols, and any treatments administered, as this information can prove invaluable in the long-term management of your Curry Chicken operation.Breeding and Genetic ImprovementSelective breeding is a crucial aspect of Curry Chicken rearing, as it allows for the continuous improvement of desirable traits, such as egg production, growth rate, and disease resistance. Establish a well-structured breeding program that focuses on the selection of the most genetically superior individuals within your flock.When selecting breeding stock, consider factors like egg production, hatchability, growth rate, and overall health and vigor. Maintain detailed records of your breeding program, including pedigree information, performance data, and any genetic or phenotypic characteristics of interest.Utilize appropriate breeding techniques, such as artificial insemination or natural mating, to ensure the optimal transfer of desired traits to the next generation. Regularly evaluate the performance and characteristics of your breeding flock, making adjustments to the program as needed to achieve your desired breeding goals.ConclusionThe rearing of Curry Chickens presents a unique and exciting opportunity for both small-scale and commercial poultry farmers. By implementing the comprehensive guidelines outlined in this guide, you can establish and maintain a thriving Curry Chicken operation,leveraging the breed's exceptional qualities to meet the growing demand for high-quality poultry products.Remember, successful Curry Chicken rearing requires a dedication to best practices in housing, nutrition, health management, and selective breeding. By staying informed, adaptable, and committed to continuous improvement, you can maximize the productivity and profitability of your Curry Chicken flock, contributing to the sustainable development of the poultry industry.。

SAIF-CFA试题CFA试题1.The least accurate statement about measures of dispersion fora distribution is that the:A. range provides no information about the shape of the data distribution.B. arithmetic average of the deviations around the mean will always be equal to one.C. mean absolute deviation will always be less than or equal to the standard deviation.2.One is most likely to reject the null hypothesis when the p-value of the test statistic:A. is negative.B. exceeds a specified level of significance.C. falls below a specified level of significance.3. A recessionary gap is more likely to be observed when:A. real GDP is above potential GDP.B. real GDP is below potential GDP.C. employment is above full-employment equilibrium.4.In an effort to influence the economy, a central bank conducted open market activities by selling government bonds. This implies that the central bank is most likely attempting to:A. contract the economy by reducing bank reservesB. expand the economy through a lower policy interest rateC. contract the economy through a lower policy interest rate5.A company using IFRS reports its interest payments on long-term debt as a financing activity. If the company reported under US GAAP, the most likely effect would be a:A. higher cash flow from operations.B. higher cash flow from financing activities.C. lower cash flow from investing activities.6.Under U.S. GAAP what is the most likely effect of the reversal of a valuation allowance related to a deferred tax asset on net income?A. No effectB. A decreaseC. An increase7.The following information is available about a company: (All figures in $ thousands) 2011 2010Deferred tax assets 200 160Deferred tax liabilities (450) (360)Net deferred tax liabilities (250) (200)Earnings before taxes 4,000 3,800Income taxes at the statutory rate 1,200 1,140Current income tax expense 1,000 900The company’s 2011 income tax expense (in thousands) is closest to:A. $1,000B. $1,050C. $1,2508.A bond has a modified duration of 6.5 and convexity of -42.4. If interest rates decrease by 1.0 percent, the percentage change in the value of the bond will be closest to:A. -6.92%.B. +2.76%.C. +6.08%.9.Assume the following six-month forward rates (presented on an annualized, bond-equivalent basis) were calculated from the yield curve.Notation Forward Rate1f0 0.50%1f1 0.70%1f2 1.00%1f3 1.50%1f4 2.20%1f5 3.00%1f6 4.00%The 3-year spot rate is closest to:A. 0.74%.B. 1.48%.C. 2.06%.10.The following table shows data for the stock of JKU and a market-index.Expected return of JKU 15%Expected return of market index 12%Risk free rate 5%Standard deviation of JKU returns 20%Standard deviation of market index returns 15%Correlation of JKU and market index returns 0.75Based on the capital asset pricing model (CAPM), JKU is mostlikely:A. overvalued.B. undervalued.C. fairly valued.11.An analyst conducts a significance test to determine if the relation between two variables is real or the result of chance. His null hypothesis is that the population correlation coefficient is equal to zero and his alternative hypothesis is that the population correlation coefficient is different from zero. He gathers the following information:Value of the test statistic 2.8092Critical value at the 0.05 significance level 1.96Critical value at the 0.01 significance level 2.58The analyst most likely conducted a:A. one-tailed test and can reject his null hypothesis.B. two-tailed test and can reject his null hypothesis.C. two-tailed test and cannot reject his null hypothesis.12.The free-rider problem, an obstacle to efficiency, is most likely associated with:A. monopoliesB. public goodsC. subsidies and quotas13.Assume that two firms in a duopoly enter into a collusive agreement in an attempt to form a cartel and restrict output, raise prices, and increase profits. Given this, the most likely outcome according to the Nash equilibrium is that:A. Both firms cheatB. Both firms complyC. One firm cheats and the other firm complies14.Which of the following is least likely to be a warning sign of low quality earnings?A. Greater use of operating leases than peer companies.B. Use of a higher discount rate in pension plan assumptions.C. A ratio of operating cash flow to net income greater than1.0.15.Based on best practices in corporate governance procedures, independent board members most likely:A. Meet only in the presence of management.B. Have a “lead” director when the board chair is not independent.C. Hire independent consultants who are pre-approved by management.16.A series of interest rate put options that expire on different dates but have the same exercise rate is best defined as a (n):A. Interest rate cap.B. Interest rate floor.C. Interest rate collar.17. In comparison to a forward contract, a futures contract is most likely to be less:A. Liquid.B. Publicized.C. Customized.18.If the volatility of returns of an underlying security increases, then:A. both call and put option prices increase.B. both call and put option prices decrease.C. call prices increase and put prices decrease.19.High Plains Capital is a hedge fund with a portfolio valued at $475,000,000 at the beginning of the year. One year later, the value of assets under management is $541,500,000. The hedge fund charges a 1.5% management fee based on the end-of-year portfolio value, and a 10% incentive fee. If the incentive fee and management fee are calculated independently, the effective return for a hedge fund investor is closest to:A. 10.89%.B. 11.06%.C. 12.29%.20.Relative to an investor with a steeper indifference curve, the optimal portfolio for an investor with a flatter indifference curve will most likely have:A. A lower level of risk and return.B. A higher level of risk and return.C. The same level of risk and return.21.A project has the following expected cash flows:Time Cash Flow($)0 (125,000)1 100,0002 200,000If the risk-free interest rate is 4 percent, expected inflation is 3 percent, the market risk premium is 8 percent and the Beta for the project is 1, the investment’s net present value (NPV) is closest to:A. $113,000.B. $124,000.C. $139,000.22.Given the following information about three portfolios: PortfolioMean return on theportfolio (%) Standard deviation of the return on the portfolio (%) A 10 20 B 18 15 C63If the risk-free rate is 4%, which portfolio has the highest Sharpe ratio?A. Portfolio AB. Portfolio BC. Portfolio C23.An analyst gathers the following annual information ($ millions) about a company that pays no dividends and has no debt: Net income 45.8 Depreciation18.2 Loss on sale of equipment 1.6 Decrease in accounts receivable 4.2Increase in inventories 3.4 Increase in accounts payable 2.5 Capital expenditures 7.3 Proceeds from sale of stock8.5The company’s annual free cash flow to equity ($ millions) is closest to:A. 53.1.B. 58.4.C. 61.6.24.Analyst gathers the following information about a company andthe market:Current market price per share of common stock €32.00 Most recent dividend per share paid on common stock €2.40 Expected dividend payout rate 40% Expected return on equity (ROE) 15% Beta for the common stock1.5 Expected return on the market portfolio 12% Risk-free rate of return 4%A. 16.0%.B. 16.5%.C. 17.2%.25.A market has the following limit orders standing on its book for a particular stock:Buyer Bid Size (# of shares) Limit Price ($) SellerOffer Size (# of shares) Limit Price ($) 1 500 18.5 1 200 20.2 2 300 18.9 2 300 20.35</td> 3 400 19.2 3 400 20.5 4 200 20.1 4 100 20.65< /td> 510020.15520020.7< /td> If a trader submits an immediate-or-cancel limit buy order for 700 shares at a price of $20.50, the most likely average price the trader would pay is:A. $20.35.B. $20.50.C. $20.58.26.An equity portfolio manager is evaluating her sector allocation strategy for the upcoming year. She expects global economic slowdown for the next two years. Further, she believes thatcompanies will be facing diminishing growth rates with respect to revenues and profits. Owing to these beliefs, the portfolio manager will most likely:A. Overweight materials.B. Overweight consumer staples.C. Underweight telecommunications.27.An investor establishes a short position in a futures contract on Day 0 when the price per contract is $100. The investor deposits $5 per contract to meet the initial margin requirement. The maintenance margin requirement per contract is $3. The Day 1 settlement price that would require the investor deposit additional funds on Day 2 equal to $4 per contract is closest to: A. $96.B. $103.C. $104.28.According to put-call parity, a synthetic put contains a:A. Long position in the call.B. Long position in the underlying.C. Short position in the risk-free bond.29.A bond has a 10-year maturity, a $1,000 face value, and a 7% coupon rate. If the market requires a yield of 8% on the bond, it will most likely trade at a:A. Discount.B. Premium.C. Discount or premium, depending on its duration.30.Which of the following least likely describes an advantage of investing in hedge funds through a fund of funds? A fund of fundsmay provide investors with:A. Lower fees due to economies of scale.B. Access to funds that are closed to new investors.C. Access to managers with expertise in finding reliable and good-quality hedge funds.31.A fundamental analyst studying 100 potential companies for inclusion in her stock portfolio uses the following three screening criteria:Screening Criterion Number of Companies meeting the screenMarket-to-Book Ratio >4 20Current Ratio >2 40Return on Equity >10% 25Assuming that the screening criteria are independent, the probability (in %) that a given company will meet all three screening criteria is closest to:A. 2.0.B. 8.5.C. 20.0.32.An expansionary fiscal policy is most likely associated with:A. crowding out of private investmentsB. an increase in capital gains tax ratesC. an increase in government spending on social insurance andbenefits33.A company which prepares its financial statements using IFRS wrote down its inventory value by €20,000 in 2009. In 2010, prices increased and the same inventory was worth €30,000 more than its value at the end of 2009. Which of the following statements is most accurate? In 2010, the company’s cost of sales:A. was unaffected.B. decreased by €20,000.C. decreased by €30,000.34.The financial statement that would be most helpful to an analyst in understanding the changes that have occurred in a company’s retained earnings over a year is the statement of:A. changes in equityB. financial positionC. comprehensive income35.A financial analyst utilizing his analytical expertise and up-to-date information buys a company’s stock. His close friends, who lack information or expertise, imitate the financial analyst’s action and buy the stock. Which of the following statements concerning this behavioral bias is most accurate?A. It improves market efficiency.B. It is identical to representativeness.C. It is inconsistent with rational behavior.36.A market participant has a view regarding the potential movement of a stock. He sells a customized over-the-counter put option on the stock when the stock is trading at $38. The put has an exercise price of $36 and the put seller receives $2.25 in premium. The price of the stock is $35 at expiration. The profit or loss for the put seller at expiration is:A. $(1.25)B. $1.25C. $2.2537.If market interest rates rise, the price of a callable bond, compared to an otherwise identical option-free bond, will most likely decrease by:A. Less than the option-free bond.B. More than the option-free bond.C. The same amount as the option-free bond.38.For an A- rated corporate bond that has deteriorating fundamentals, but is expected to remain investment grade, the greatest risk is most likely:A. default riskB. liquidity riskC. credit spread risk39.CIf three bonds are otherwise identical, the one exhibiting the highest level of positive convexity is most likely the one that is:A. Putable.B. Callable.C. Option-free./doc/00eeb7a9b4daa58da1114a51.html pared to the traditional Capital Asset Pricing Model (CAPM), where lending and borrowing are carried out at the risk-free rate, a zero-beta CAPM would most likely result in a security market line (SML) with:A. Unchanged intercept and slope.B. A higher intercept and flatter slope.C. A lower intercept and steeper slope.41.Assume U.S. GAAP (generally accepted accounting principles) applies unless otherwise noted.Two companies operating in the same industry both achieved the same return on equity with the same net sales, but the two companies were different with respect to return on total assets. Compared with the company that had the higher return on total assets, thecompany with the lower return on total assets most likely had a higher:A. total asset turnoverB. financial leverage multiplierC. proportion of common equity in its capital structure42.A company reported net income of $400,000 for the year. At the end of the year, the company had an unrealized gain of $50,000 on its available-for-sale securities, an unrealized gain of $40,000 on held-to-maturity securities and an unrealized loss of $100,000 on its portfolio of held-for-trading securities. The comp any’ s comprehensive income (in $) for the year is closest to:A. 350,000.B. 390,000.C. 450,000.43.The use of financial ratio analysis is most likely limited in which of the following situations? When:A. providing a means of evaluating management’s abilityB. comparing companies using different accounting methodsC. providing insights into microeconomic relationships within a company that help analysts project earnings and free cash flow44.A company is considering issuing a 10-year, option-free, semiannual coupon bond with a 9 percent coupon rate. The bond is expected to sell at 95 percent of par value. If the company’s marginal tax rate is 30 percent, then the after-tax cost of debt is closest to:A. 6.30%.B. 6.86%.C. 9.80%.45.The best description of the measure of cash flow to use when estimating the total value of a firm is the operating free cash flow:A. Prior to interest payments on debt.B. Prior to interest payments on debt but after deducting funds needed for capital expenditures.C. After adjustment for payments to debt holders, but before dividend payments to common stockholders.46. An analyst gathers the following information about a company: Balance SheetAssets Liabilities and Shareholders’ EquityCash $5,000 Accounts payable $10,000 Accounts receivable 15,000 Notes payable 15,000 Inventory 25,000 Long-term debt 40,000Net fixed assets 80,000 Commonshareholders’equity60,000Total assets $125,000 Total liabilities andequity$125,000Additional InformationNumber of outstanding shares 7,000Market value of long-term debt $45,000Market value of accountsreceivable and inventory90% of reported valuesNet fixed assets 120% of reported value Accounts payable and notes payable Same as the reported value Using asset-based valuation approach, the estimated value per share is closest to:A. $ 9.57.B. $10.29.C. $11.00.47.An investor goes long an FRA that expires in 30 days for which the underlying is 90-day LIBOR for a notional of $10 million. A dealer quotes this instrument at 4.5 percent. At expiration, 60-day LIBOR is 3.5 percent and 90-day LIBOR is 4 percent. The payment made at expiration is closest to:A. $ 12,376 from the investor to the dealerB. $ 12,376 from the dealer to the investorC. $ 16,570 from the investor to the dealer48.An endowment’s fi xed income portfolio comprises three bonds whose market values, par values, coupon rates, and durations are given in the following table:Bond 1 Bond 2 Bond 3Market value $500,000 $1,200,000 $300,000Par value $580,000 $1,100,000 $320,000Coupon rate 11.00% 6.00% 9.00%Duration 6.2 8.1 2.9The portfolio’s duration is closest to:A. 5.73.B. 6.31C. 6.85.49.Consider a $100 par value bond, with an 8% coupon paid annually, maturing in 20 years. If the bond currently sells for $96.47, the yield to maturity is closest to:A. 7.41%.B. 8.29%.C. 8.37%.50.Which of the following statements is least accurate? An investor may construct a portfolio located on the capital market line (CML) by:A. Investing a portion of his capital in the risk-free assetand the balance in a fully diversified portfolio of all equities.B. Investing a portion of his capital in the risk-free assetand the balance in a fully diversified portfolio of all risky assets.C. Borrowing capital at the risk-free rate and investing allhis capital plus all borrowed capital in a fully diversified portfolio of all risky assets.51.A money manager has $1,000,000 to invest for one year. She has identified three alternative one-year certificates of deposit (CD) shown below:Compounding frequencyCD1 Monthly 7.82%CD2 Quarterly 8.00%CD3 Continuously 7.95%Which CD has the highest effective annual rate (EAR)?A. CD 1B. CD 2C. CD 352.An analyst wants to estimate the return on the S&P 500 Index for the current year using the following data and assumptions: Sample size = 50 securities from the indexMean return for those stocks in the sample for the previous year = 0.114.Variance = 0.0529The reliability factor for a 95% confidence interval with unknown population variance and sample size greater than 30 is . If he assumes that the S&P return this year will be the same as it was last year, which of the following is the best estimate of the 95% confidence interval for this year’s S&P return?A. –0.11600 to +0.34400B. +0.05024 to +0.17775C. +0.06110 to +0.1669053.Which of the following will most likely cause the short-run aggregate supply (SRAS) curve to shift to the right?A. Increase in nominal wagesB. Increase in the supply of human capitalC. Increase in business taxes54.Generational accounting indicates the United States, as well as other developed nations, faces severe generational imbalances regarding government programs such as Social Security. Which of the following is most likely a possible outcome?A. Reduction in income taxesB. Increase in government discretionary spendingC. Creation of new money to pay government obligations55.Which of the following is most consistent with real business cycle (RBC) models? The arguments and recommendations of RBC models suggest that:A. monetary variables have a major impact on GDP growth.B. persons are unemployed because their asking wages are too high.C. governments should intervene when the economy is in contraction.56.A firm’s price-to-earnings ratio (P/E) is 12.5. The firm has decided to repurchase shares using external funds that have an after-tax cost of 9%. After the repurchase, the earnings per share (EPS) will most likely:A. Increase.B. Decrease.C. Remain unchanged.57. A compa ny’s series B, 8% preferred stock has the following features:A par value of $50 and pays quarterly dividends.Its current market value is $35.The shares are retractable (at par) with the retraction date set for three years from today.Similarly rated preferred issues have an estimated nominal required rate of return of 12%.Analysts expect a sustainable growth rate of 4% for the company’s earnings.The intrinsic value estimate of a share of this preferred issue is closest to:A. $33.33.B. $45.02.C. $52.00.58.An analyst determines that a 5.50 percent coupon option-free bond, maturing in 7 years, would experience a 3 percent decrease in price if market interest rates rise by 50 basis points. If market interest rates instead fall by 50 basis points, the bond’s price would increase by:A. Exactly 3%.B. Less than 3%.C. More than 3%.59.The table below provides a probability distribution of stock returns for shares of Orion Corporation:Rate ofProbability Return (%)0.15 -120.6 110.25 18The variance of returns for Orion Corporation stock is closest to:A. 44.36B. 50.94C. 88.7160. According to the Capital Asset Pricing Model (CAPM) if investors borrow at a rate that exceeds the risk-free lending rate the resulting borrowing portfolios will:A. Plot on a flatter line.B. Plot on a steeper line.C. No longer plot on a straight line.61.An analyst collects the following set of past stock returns: -2.3%, -5.1%, 7.6%, 8.2%, 9.1%, and 9.8%. Which of the following measures of return is most likely the highest?A. Median returnB. Geometric mean returnC. Arithmetic mean return62.In the short run, an increase in output at low levels of production will most likely cause:A. an increase in the marginal cost due to the rising total fixed costB. an increase in the marginal cost due to the law of diminishing returnsC. a decrease in the marginal cost due to economies from greater specialization63. A company has just completed the sale of a tract of land for €3.5 million which was originally acquired at a cost of €2.0 million. The purchaser made a down-payment of €200,000 with the remainder to be paid in equal installments over the next 10 years.。

change the price翻译"change the price" 的翻译可以是 "改变价格"。

以下是一些丰富内容和中英文对照例句：1. We need to change the price of this product to attract more customers.我们需要改变这个产品的价格以吸引更多的顾客。

2. The company decided to change the price of their services due to increased production costs.由于生产成本的增加，公司决定改变服务的价格。

3. The store manager frequently changes prices to keep up with market trends.店长经常改变价格以跟上市场趋势。

4. Customers often compare prices before making a purchase decision.顾客在做购买决策之前经常比较价格。

5. It's important for businesses to carefully consider the impact of changing prices on their bottom line.对于企业来说，仔细考虑改变价格对底线的影响是非常重要的。

6. The company conducted a market research study todetermine the optimal price point for their product.公司进行了市场研究，以确定产品的最佳价格点。

7. The price change resulted in a significant increase in sales.价格变动导致销售额显著增加。