下载文档原格式
商务英语阅读(第二版)-王关富-UnitThe-Incredible-Shrinki ng-Europe-课后答案————————————————————————————————作者：————————————————————————————————日期：Unit 4The Incredible Shrinking EuropeExercises1. Answers to the questions on the text:1) What was the dream that the Europhiles were familiar with?Their dream was to make E.U. a newly emboldened world power stepping up to calm trouble spots, using aid and persuasion where it could, but prepared to send in troops when it had to.2) Why does the passage say that Europe is a remarkably good place to live?Because Europe is more stable, safe, green and culturally diverse than most parts of the world and a quality life can be guaranteed in E.U. states.3) Does the good life at home make Europe strong abroad ? Why?No, a good life at home doesn’t mean a strong Europe abroad. Because the E.U.may have all the soft-power credentials in the world, but on the grand stage it has lacked the weight and influence of others on some big issues.4) What do Critics think of the selection of Herman Van Rompuy and Catherine Ashton as Europe's President and Foreign Minister?They consider the selection as symbolic of a lack of vision and it means the grouping will have to reconcile itself to five years of underperformance.5) What can be listed as E.U.’s achievements in the years around 1980s according to the passage?By extending an area of peace and liberal government to the east, the E.U. has done much to calm a part of the world that not long ago was the cockpit for murderous rivalries.6) In what way can Europe realize its own dreams and those of others according to the passage?It has to act as a true single bloc and win others to its side.7) Why does the German government face enormous domestic challenges in admitting its forces in Afghanistan are there to fight, not to be humanitarian workers in uniform ?Because one of modern Europe's most cherished convictions is that the force of arms rarely settles political disputes for long and European public opinion in the 20th century seems unwilling to commit to the war in Afghanistan for the long haul.8) What roles did Germany play in Europe in the 20th century?For the last half of the 20th century, Germany was at the heart of the European experiment. But since the end of the Cold War, it has stepped back from the E.U.and begun strengthening ties with Russia.9 What are the advantages for E.U. to be chosen as the White House’s partner?The advantages are that Europe is rich and democratic, and its values arecloser to those of the U.S. than those of anywhere else.2. Fill in each blank of the following sentences with one of the phrases in the listgiven below. Make changes when necessary.1) China will adhere to the principle of developing high technology and realizingindustrialization to step up the commercialization, industrialization and internationalization of scientific and technological achievements.2) In the recent crisis no banks could manage to bail out the companies in financialpressure.3) In terms of the information from the Universe he is apathetic and sometimesirritable, he is like an ostrich sticking his head in sand.4) It will be up to the board to decide if the CEO should be removed.5) All our hopes rest upon the arrival of the shipment.6) The plan has already been worked out, and could be put into operation at amoment's notice.7) The whole machinery of civilization will break down if this doctrine wins in thewar.8) His remarks hit home when he said that we did not work enough.9) Some analysts suspected that Toyota had pulled strings to stifle probes into itsauto quality problems.10) Mercy is reaching out to those who have nothing to give back to you.3. Match the terms in column A with the explanations in column B:A ____________________ B_____________________________________1)free market A) Effects on the behavior of individuals causedby observation of the actions of others and theirconsequences. 32) coalition government B) An economic turmoil where companies gobankrupt, people are laid off, and markets aresluggish. There is a lot of panic in bothbusiness and daily lives.93) demonstration effects C) A market in which there is no economicinterventionby the state, except to enforceprivate contracts and the ownership of property.14) health insurance D) A qualified retirement plan set up by acorporation, laborunion, government, orotherorganization for itsemployees. 6E) A form of collectivism by means of whichpeople collectivelypool their risk, in this casethe risk of incurringmedical expenses. 45) national interest F) The ability to obtain what one wants througheconomic or cultural means. It allows nations toexert their influence without using militarymeans or coercion. 86) pension scheme G) A fight or contention for territory, power,control, or resources between tow more partiesin a place or area.. 77) turf war H) Things of great importance to a nation,including itsgoals, visionsand ambitions inpolitical,economic,cultural fields,etc. and actions,circumstances,and decisions toachieve them. 5 8) soft power I) A cabinet of a parliamentary government inwhich severalparties cooperate. 29) economic crunch4. Translate the following into Chinese.有什么能让欧洲振奋起来吗？当然：如果欧洲领导人能像20年前那样抓住时机，欧盟就将繁荣昌盛。
课程名称：商务英语阅读( Business English Reading )《商务英语阅读》教学大纲一、课程说明《商务英语阅读》课程是英语专业（国际商务）的专业课程，是学生在进行英语基础课程学习后，涉及商务英语知识学习，商务英语语言学习的重要课程，旨在有系统、有步骤地训练和培养学生用英语表达与国际商务活动有关的术语名称、机构名称、协议并具备将文章译成正确流畅的汉语能力。
本课程是在英语专业（国际商务）的学生进行英语基础课程学习后开设的课程，有助于今后商务课程的学习。
本课程的教学时间安排是：每周4学时，计划教学周数 19周，总课时数76学时，其中实践学时数为34学时，主要内容是阅读商务类动态国际新闻时事并讨论。
本课程总学分数：4学分二、学时分配表三、教学目的与要求本课程的教学目的：《商务英语阅读》是英语专业（国际商务）的一门主要课程，着重通过对当前热门的商务英语文章进行精讲，分析，使学生能够系统的学习。
增加商务英语的基本词汇、掌握商务的基本理论和语言交际的基本技能，为培养适合现代经济、文化和社会发展需要服务。
学生通过学习能够成为从事国内外商务活动的外语复合型人才和商贸英语翻译人才。
本课程各章的教学要求和知识考核点如下：第一章中国模式为何奏效通过本课程的学习使学生了解中国与欧美国家自由市场经济不同的经济模式—计划经济与市场经济并存所取得的成效，了解中国领导人进行市场改革开放以来的作为与成就，成功的因素，以及与西方经济模式对比之下的不同之处。
本章的主要知识点是：计划市场经济、自由市场经济及中国改革开放。
难点是：课文生词应用，white goods白色家电，如冰箱，洗衣机，微波炉，消毒碗柜等，premium brands高档品牌的商品。
第二章全球现状新解本章通过了解第三世界国家新兴市场的观点和论说，并从历史的角度帮助学生体会对经济规模和管理的发展趋势。
本章的主要知识点是：供应链、库存周转率、规模经济、产业调整等。
第1课中国是今年唯一呈现出重大发展的主要经济体（economy），由于它通常是唯一敢于打破经济教科书中每一条例的经济体。
事实上，中国不像其他五大经济体那样发展缓慢的主要原因是，它宏观调控的能力（its capacity for macro-economic control）为什么中国市场经济体系奏效？（market economic system）目前，欧美等国正通过银行及汽车业国有化及金融业实施新的有力规定（regulations），走向宏观调控。
但问题更加紧迫（the question has a new urgency）。
中国看上去最能驾驭（navigate）七十年内最糟的经济滑坡（downturn）在危机中，中国官员既能吸取像西方同行（counterparts）的传统市场工具，也能吸取中国市场经济体系的积累经验（arsenal）。
去年早期，由于房地产市场（housing market）过热，中国官员仅命令银行削减房贷（cut back on housing loans），然后随着房屋销售量下降（fall），他们提供类似更低的房屋购置税（lower taxes on home purchases）。
最近几周，他们展开类似西方的经济救援行动（launch economic rescue efforts），其中包括价值6000亿的大计划以增加政府开支和大幅利率削减（ramp up government spending）（big interests cuts）。
但同时，他们也发布在西方国家眼里是不合理的干涉的命令，例如，上周中国官员召集包括钢铁建筑等行业的国有行业并购（buy up）国内外新资产（at home and abroad）以积极（actively）发挥在经济中的作用曾把中国宏观调控视为不成熟经济的弊病（immature economy），现在是稳定的保障（bulwark of stability）。
第11单元消费者管理行为的重要性本文介绍了消费者行为以及消费者行为对全世界企业生死攸关的作用。
世纪之交，理解消费者行为对于全世界企业的成功更加重要。
在本文中，我们定义了消费者行为的概念，确定了不同类型的消费者和消费角色，阐明了它们的领域。
本文也讨论了消费者行为对于企业目标实现的重要性。
并且讨论了如果企业采取以消费者为中心的战略，企业有哪些竞争优势。
消费者行为的概念消费者行为指那些能够导致支付、购买、使用商品和服务的决策行为的个人和企业消费者的心理、身体活动。
消费者行为的定义包括人们的各种活动和承担的不同角色。
图11—1阐释了消费者行为的不同方面，它们超出了营销人员对消费者行为的传统定义。
图11—1 消费者的类型、角色和行为消费者类型通常，消费者指对营销人员或厂商完成交易起一定作用的个人或组织。
企业消费者可能以家庭成员或公司代表的身份进行交易。
所以，我们说的消费者的定义包括了家庭和企业市场的消费者行为。
传统观点认为，消费者（consumer）仅仅指消费品市场，而产业市场的顾客叫做顾客（customer）。
在本文中，我们把两个市场的顾客都叫做“customer”。
实际上，教科书中比实际应用中更多地出现“consumer”这个词，其意指消费品市场。
例如，零售店把它们的老主顾叫做“顾客”,而不叫做“消费者”。
公共事业公司（煤气公司、电力公司以及电信公司）、金融机构（银行、信用卡发行公司等）、服务性质公司（草坪维修、缝纫、干洗等），甚至包括个人服务提供机构（如算命人、按摩师、从事打眼文身等服务的小店等）都是这样称呼。
个人服务提供机构是指把消费品市场的个人作为服务对象的机构（如律师事务所、房地产公司以及纳税顾问），或者从他们承担的具体角色来说（医生称其顾客为病人，教育者称其顾客为学生，募捐者称其顾客为募捐人等等）。
只有那些不与产品最终使用者打交道的那些生产商称其顾客为“消费者”（如宝洁公司、强生公司、卡夫食品公司、通用食品公司等将产品的最终使用者称为“消费者”）。
第11课最近，我刚刚结束了魁北克五日之行，那是一座位于圣劳伦斯河畔古色古香、风景如画的小镇，今后，它将以“世界催泪瓦斯之都”载入史册。
我此行的目的是为了打入反全球化、反自由贸易运动的头脑人物内部，但问题是，那里根本没有“头脑”可寻。
我所看到的只是心绪的漫天宣泄，我面前是一派悲天悯人的景象。
显而易见，这里的稀缺之物是清醒的思考。
我来魁北克有个堂而皇之的理由，那便是采访美洲高峰会，这是一次跨越西半球三十四位国家首脑的聚会，会议最重要的议题是通过谈判，努力建立起美洲自由贸易区–一个地域跨越阿拉斯加至阿根廷的无贸易壁垒区域。
其实，我来魁北克是为了“人民的峰会”，那才是真正的亮点。
这一应运而生、有组织的活动看起来是要反映“人民的观点”，还会是别的吗？（我曾想，那些参加峰会、经选举产生的领导人是为此目的而来，但我有什么资格向“那些人民”提出质疑呢？）半球社会联盟由不同的社会团体组成，他们有着共同的思想意识和经济利益，他们共同反对贸易自由化。
该联盟这次邀请参加“反资本主义狂欢节”的都是激进团体，从极左到更极左，“狂欢节”在沿河畔搭建的硕大白色帐篷内举行。
加拿大政府好事做过了头，不仅资助了这项活动（其实是加拿大纳税人提供的资助），而且还为拉丁美洲的激进分子付费参加活动。
“反资本主义狂欢节”丝毫无愧于它的名称，有小丑、木偶表演、拉拉队长的呐喊、舞者和演员的表演，还有“愤怒的奶奶们”（一群不算太老辱骂大公司的妇女），甚至还有一个悬在空中、上面写着“实施安全贸易！”的巨大绿色安全套。
或许我最喜欢的是那些身着蓝色服装、面对由纸浆制成的女水神像歌唱并参拜的演员们。
除了此道风景，别无其他实质性内容，无论是在街面上，还是在各类有组织的“讲道论坛”中，情况均如此。
看一看下面的对话，这是我同一个保养得极好的年轻激进分子之间的谈话（当然喽，此人穿的是进口的牛崽裤和运动鞋）。
她向我挥动着拳头，肌肉松弛，毫无力量。
她的一位同志把我们之间的对话用一架日本摄象机拍了下来，摄象机的价值起码要比拉丁美洲人一年的平均工资还要多。
王关富《商务英语阅读（第二版）》参考答案Unit 1Why China WorksExercises1. Answer the questions on the text:1) How does the author view the Chinese economy?It is the most important bright spot in the world economy under the global recession, the only major economy that is likely to show significant growth this year, and the only one that routinely breaks every rule in the economic textbook. 2) According to the author, why can the Chinese economy perform so well?Because of:(1) the capacity for state control by the Chinese government.(2) its rejection of exotic financial innovations that are the melting core of the global credit crisis.(3) the integration of its economic policies between traditional market tools and state control measures.3) In what way does the author imply that western economists are erroneous in their bias toward “China’s market economic system”?The United States and Europe are moving toward state control by nationalizing their banking and car industries, and imposing heavy new regulation on the financial industry.4) What is the view of Stephen Roach on the Chinese economy system?Investment is the backbone of sustainable growth in the Chinese economy, which works more effectively than other market based systems in times of economic stress.5) Why can China work in the eye of the author?It has followed a radical pragmatism focusing on a slow but steady shift toward freer markets.6) What is regarded as the strategic thinking of the Chinese leaders in market reforms?They understand even under the serious financial crisis that it can stabilize the Chinese market and economy to introduce more sophisticated forms of securitization, including stock index funds, corporate bonds and other debt products. They also realize that, in the course of doing this, they should learn from the mistakes the westerners have made.7) What is the example given to illustrate the steadiness of the Chinese leaders in their policy execution?They continue to allow the value of yuan to rise despite of the American charges and the need for export competitiveness by their own enterprises.8) What is “shock therapy”?It is the economic policy adopted in Russia from 1991 to 1992 that totally deregulated prices and lead to a runaway inflation. It proved to be all shock and no therapy.9) In what ways does the Chinese economic system work efficiently?It can get things done quickly, move in a coherent manner, and marshal its people and resources to a common target: economic growth and prosperity.11) What are the Internet and public opinion used for?For putting pressure on local officials and influencing policy decisions.2. Fill in each blank of the following sentences with one of the phrases in the list given below. Make changes when necessary.1)At a time when the need is growing for mental health services, many countries are unfortunately cutting back on itsspending.2)There is an increasing number of people out of work. But the western media often unfairly label them as lazy andreliable.3)Now that the flow of oil has been stopped by BP, the impact of all the spilled oil and natural gas is still beingmeasured.4)Once again its ability to steer economic policy will be tested against the ability to deliver on services and projectsaimed at growing the economy and jobs.5)Housing prices are incredibly high today. But he bought his house for a song about five years ago.6)As people are complaining high prices, especially those related to daily necessities, the government feels rather urgentto hold down inflation rate immediately.7)Under the new economy policy investors are invited to buy into state-owned enterprises.8)Since a serious gun shooting occurred in Arizona last week, security concerns have trickled down to all places,including residential buildings.9)Social unrest is a daily occurrence in the country nowadays. It is in the last place when it comes to investment formultinational companies.10)Efforts to ban smoking in China are so effective yet. Some chain smokers never think of quitting while many othershave battled in vain to quit.3. Match the terms in column A with the definitions in column B:A_______________________ B__________________________________1)financial innovation A) A reduction in the general availability of loans (orcredit) or a sudden tightening of the conditionsrequired to obtain a loan from the banks.72)stimulus package B) A non-bank entity or organization such asinvestment companies and mutual funds thatinvests in large quantities. 83)overheating C)A legal entity created by a government to undertakecommercial activities on its behalf. 64)stamp tax D) The trading of a corporation's stock or othersecurities (e.g. bonds or stock options) byindividuals with potential access to non-publicinformation.9E) An industry that requires large amounts of capital, machinery and equipment toproduce goods. 55)capital-intensive sector F) Generation of new and creative approaches tosecurities, money management or investing. 16)state-run firm G) An economy that is expanding so rapidly that toomuch money is chasing too few goods andeconomists fear a rise in inflation . 37)credit crisis H) tax levied on certain legal transactions such as thetransfer of a property such as building, copyright,land, patent, and securities. 48)institutional investor I) A plan or a series of measures taken by agovernment to jump-start its ailing economy,generally as a part of its fiscal policy. 210) insider trading4. Translate the following passage into Chinese.我们所面临的来自中国的真正挑战并不是他们向我们大量销售的货物，而恰恰相反，是他们正在提升的价值链。
商务英语阅读(第二版)-王关富Unit2The-World-Economic-For um-课后答案Unit 2A Changed Global RealityExercises1. Answer the questions on the text:1) What are the features of the two major economies that the world has seen formore than 200 years?One has dominated technological innovation and trade and amassed great wealth. The second—much of it politically under the thumb of the first—has remained poor and technologically dependent.2) How much did low-and-middle-income countries contribute to world growthin 2010?Almost half (46%)3) Taking a long term view, why is it good news that developing countries aregrowing fast?As billions of poor people become more prosperous, they will be able to afford comforts their counterparts in the rich world have long considered the normal appurtenances of life.4) What are the worst-case scenarios that Europe has so far avoided?A collapse of the euro, a debt crisis that spills from small economies such asGreece and Ireland to much bigger ones like Italy and Spain, and bitter social unrest in those nations that are having to massage wages down while cutting public budgets.5) Why does Jim Walker think that 2011 will be a “year of reckoning”?Because Jim Walker thinks that the rebound in the US is a mirage created by excessive stimulus. He expects the US to slip into the double dip it dodged in 2010.6) Why has the private-sector debt crisis of 2008-2009 morphed into apublic-sector debt crisis in 2010-11?It has been the result of the debt and deficits amassed in the process of stimulating economies and bailing out banks during the downturn.7) What are the risks that emerging economies face?a. sharp rise in inflationb. rising oil pricesc. soaring food price8) What did China and India do to cope with inflation and rising food prices?China raised the reserve-requirement ratio;India resorted to diplomatic means when Pakistan temporarily cut off some exports of onions to the country.9) How can the disaffection with global capitalism in the developed world beprevented from turning into a backlash against it?It would help if there were mechanisms in place to manage the stresses in the international economy.10) What is the most serious division between countries that policymakers haveto contend with?Economic disparity2.Fill in each blank of the following sentences with one of the phrases in the listgiven below:1) The search for the child was scaled back sharply today, with almost a third ofthe volunteers heading home.2) The former Federal Reserve Chairman says there is a risk that the US couldslip into a recession by year’s end.3) The CEO of the firm said that they would switch priority from traditionallabor-intensive products to more hi-tech and value-added ones.4) In the aftermath of the financial crisis the group has put on hold some of itsambitious regional expansion plans.5) Toyota Motor Corp. is offering widespread job buyouts to its US workers for the first time and cutting the workweek at some of its American plants by 10% to contend with falling sales.6) Eventually, it must morph into a system that functions on stability, or it willfail and cause an unstoppable breakdown and widespread hardship.7) Unfortunately most of the central banks in the world today are still firmlyunder the thumb of politicians.8) The stock market’s endurance could depend heavily on whether economic andcorporate performance remains uncertain, or begins indicating that the economy truly is out of the woods.9) Survivors were encouraged to talk about their horrible experiences to helpthem come to terms with the flood disaster.10) Other countries—notably Australia—have also avoided a bust in theirhousing markets, and have instead seen prices increases flatten out.3.Match the terms in column A with the explanations in column B:AB ______1）double-dip recession A) A physical substance, such as food, grains, andmetals, which is interchangeable with anotherproduct of the same type, and which investors buyor sell, usually through future contracts 72) credit rating B) A measure that examines the weighted average ofprices of foodstuffs, often used as an importantfactor to assess the cost of living. 93) austerity C) A government policy of deficit-cutting, lowerspending, and a reduction in the amount of benefitsand public services provided, sometimes coupledwith increases in taxes to pay back creditors toreduce debt. 34) private sector D) A central bank regulation that sets the minimumreserves each commercial bank must hold tocustomer deposits and notes. 105）protective tariff E) The part of the economy that is not statecontrolled, and is run by individuals and companiesfor profit. 46）beggar thy neighbor F) An expression in economics describing policy thatseeks benefits for one country at the expense ofothers. Such policies attempt to remedy theeconomic problems in one country by means whichtend to worsen the problems of other countries. 6 7) commodity G)A published ranking based on detailed financialanalysis by a credit bureau, of one’s financialhistory, specifically as it relates to one’s ability tomeet debt obligations. 28）sovereign-debt crisis H) A crisis in which a national government owes somuch debt that it is unable to repay or on the edgeof bankruptcy. 89）food-price index I) A tariff which tries to ban imports to stop themcompeting with local products 510）reserve requirement J) A situation where economic growth slides back tonegative after a short-lived growth and theeconomy may move into a deeper and longerdownturn. 14.Translate the following into Chinese:星期五，世界上20个主要经济体的领导人结束了在这座东北亚首都城市举行的为期两天的峰会。
Unit 8The decade of SteveExercises1.Answer the questions on the text.1)What makes the story of Steve Jobs so incredible and remarkable?So perseverant in his goals;Experiencing and overcoming so many difficulties and frustrations;Dominating in as many as four distinct industries;Running Apple so well------creatively, competitively, and profitably;Miraculously returning from his fatal diseases.2)What are the four markets that Steve Jobs reorganized and dominated?Music, movies, mobile telephones as well as computing.3)Why is he regarded as the rare businessman?Predilections unique to him.Distinctive design taste and elegant retail stores.Outside-the box approach to advertisingA showman, born salesman, and a magician.Legitimate worldwide celebrityAlways making products customers want to buy.Visionary but grounded in reality.Motivated not by money, but by a visceral ardor for Apple.4)What astounding achievements has Steve Jobs made up to date?Increasing corporate worth from $5 billion in 2000 to $170 billion now.Moving from cash drain and near bankruptcy to $34 billion in cash and market securities.275 retail stores in 9 countries with 73% share of US MP3 player market, and undisputed leadership in mobile phone innovation.His personal net worth about $5 billion.5)What was the first important success of Steve’s team?It created the first Macintosh (iMac), a breakthrough all-in-one computer and monitor. With drastic cost cutting and lucrative sales, it greatly improved the Apple’s balance sheet and financially got Apple well prepared for big investments and business leap.6)Why did Steve object to Ellison buy out Apple in 1997?Because he didn’t like people to second-guess the intention of his return (as making money) and wanted to take high moral ground so that he could easy and graceful decisions.7)Why did Steve build Apple-owned retail stores and some have doubts?Because through the building of retail stores, Steve could establish direct contact with customers, get to know what they really want, and fill the stores with allthose products.But some people at the time, even members of the board had great doubts about establishing retail stores. They are extremely nervous that the stores might become a risky cash drain.8)What are the outstanding qualities reflected from Jobs’integration ofmicromanagement with big-picture vision?# Micro-management:Consciousness/ dedication/ concentrationHe tries to know everything about Apple. He is involved in so many details that people can hardly believe. He is so detailed that he might tell an ad writer that the third word in the fourth paragraph wasn’t right.# Big-picture vision:Acumen for market changeHe recognized gorgeous design as differentiator for Apple.Creative, innovative and visionary in product developmentClients responded “Give me the next Steve Jobs”Knack for taking opportunities at the right momentHe made iTunes compatible with Windows and expanded Apple market to all PCs.He developed Apple’s own digital-music sales stores.9)How did Steve Jobs master the message?Carefully consider what he and Apple say and don’t say to the public.Rehearse time and again before speaking publicly.Authorize only a small number of executives to speak publicly.He is careful to avoid overexposure.Nobody is supposed to speak without the permission of Apple’s media relations team reporting directly Steve Jobs.10) How did Steve Jobs handle Apple’s stock options backdating scandal?He remained silent initially but later in the report to SEC he admitted and apologized for the change of option grant dates for employee benefits. He said it was totally inappropriate for Apple to do.11) Whom did Steve Jobs thank and why when he returned?He thanked Tim Cook (Apple’s chief operating officer) for excellent running of the company during his absence.He also thanked a twentysomething who died in a car crash for donating his liver.12) How do people feel about the future of Apple?Though some are worried about its future due to Steve’s health problem, most are confident about its future because:He is a fabulous brand and irreplaceable person.He has educated and influenced Apple employees well enough to think and behave like him.His influence has gone beyond Apple and become a hero for the IT industry.His pursuit for secrecy and surprise and proven brilliance will ensure greater successes for Apple in the future.2.Fill in each blank of the following sentences with one of the phrases in the listgiven below. Make changes when necessary.1)When the starlet was asked about her new boyfriend, she couldn’t help but gushabout him and their intimate plans for Valentine’s Day.2)The leaking of as many as 251,000 State Department documents, including secretembassy reports from around the world, is nothing short of a political meltdown for US foreign policy.3)With very critical views on the government economic policies, she often palsaround with those scholars who also take rather radical stance on economic issues.4)It is high time for everyone in the department to kick into full gear and fulfill oursales quota by the end of the year.5)The mother did whatever possible to prevent her son from hanging out with theguy who she thought was up to nothing good.6)Obama’s victory in the election was viewed by many as progress in the UnitedStates. But I think his ethnicity is beside the point.7)The neighbors said what happened was totally out of character for the womanthey knew as quiet and friendly.8)Unfortunately, the firm has not been able to pare) production cost to the level thatmatches its competitors in the market.9)On the back of strong corporate earnings reports from a number of firms last week,coupled with the improving unemployment rate, investor sentiment was bolstered on the first trading day of the week.10)The team is expected to take a vote tonight that could set in motion a new plan torevitalize the financial market.11)It was a long time before our business partners could catch on to what we reallyintended.12)As a shrewd man, he successfully pounced at the opportunity last year to becomethe marketing manager.3.Match the terms in column A with the definitions in column B:A______________________ B________________________________________ 1)market share A) A group of advisors, originally to a political candidate,for their expertise in particular fields, but now to anydecision makers, whether or not in politics. 62)cash drain B) The rate of new product development, which isgetting faster with more severe competition andfaster technological advancement. 103)shareholder wealth C) Percentage or proportion of the total availablemarket or market segment that a product orcompany takes. 14)net worth D) A group of executives employed to manage aproject, department, or company with theirparticular expertise or skills. 55)management team E) A person, project, business or company thatcontinues to consume large amounts of cash withno end in sight. 26)brain trust F) A person or firm that invests in a businessventure, providing capital for start-up orexpansion, and expecting a higher rate of returnthan that for traditional investments. 97)balance sheet G) The wealth shareholders get to accrue from theirownership of shares in a firm, which can beincreased by raising either share prices ordividend payments. 38)captains of industry H) A financial statement that summarizes acompany's assets, liabilities and shareholders'equity at a specific point in time. 79)Venture capitalist I) Total assets minus total liabilities, an importantdeterminant of the value of a company, primarilycomposed of all the money that has been investedand the retained earnings for the duration of itsoperation. 410)product cycle L) A business leader who is especially successfuland powerful and whose means of amassing apersonal fortune contributes substantially to thecountry in some way. 84.Translate the following passage into Chinese:头已秃顶，留着胡须的他坐在其超大的华盛顿办公室内谈论着经济话题，从眼神可看出显得疲劳。
Unit 12Global M&AExercises1.Answer the questions on the text.1)What does the author expect M&A activity to be in 2011?The author expects that M&A activity will continue to growth in number and strength with the global economic recovery and the improvement of financial and credit market conditions.2)What must companies also consider about M&A besides favorable factorslike abundant cash and improving economic conditions?Companies must also consider the recent opposition to certain M&A deals by activists and some shareholders and their preference to other strategies.3)What do you think unsolicited transactions, hostile acquisitions and dealjumpings are in common?Passivity on the target company and out of its expectation.4)What may further encourage unsolicited transactions?Recent success of hostile acquirers in forcing target companies to negotiate and accept deals though occasionally taking a long time.5)What are the features and trends of private equity firms?They are seeking an exit from portfolio companies and are seeing M&A as an increasingly attractive alternative to capital market transactions.6)What is an tender offer?It is a public, open offer or invitation by a prospective acquirer to all stockholders of a publicly traded corporation (the target corporation) to purchase some or all of their shares. The price offered is usually at a premium to the market price. In a tender offer, the bidder contacts shareholders directly; so the directors of the company may or may not have endorsed the tender offer proposal.7)What are the key deal issues in M&A transactions?(1)reverse break-up fees(2)caps on damages payable by acquirers failing to close(3)the availability of specific performance remedies to compel a party tocomplete an acquisition8)How do US and UK takeover systems differ?In US takeover system, state case law allows target boards to take defensive measures within certain limits.In order to correct the perceived imbalance, UK disallows deal protection mechanisms; sets a default period in which a bidder will have to either announcea fully financed bid or walk away; and implements other measures to enhancebid-related disclosure.9)What are the views on the burden of extending bids into the U.S?(1)Some of both European regulators and bidders fear that the extension of paperbids into the US may be too burdensome and the exposure to the US plaintiffs’ bar and US courts may be too uncertain and risky.(2)But the case of Morrison v. NBA may have changed European regulators andbidders view because the pending anti-fraud-based actions against non-US companies were either dismissed or the damages to companies ere greatly reduced(3)The convergence between European and US securities regulations haveproduced positive effects, may further alleviate such concerns, and would encourage M&A players to consider using more shares in cross-border deals.10)How is M&A in emerging market expected to develop in 2011?(1)It is expected to grow over one-third in 2011, taking a larger share of globalM&A activity, particularly true in BRIC nations.(2)Sovereign wealth funds abundant in funds will continue to play a key role ininbound M&As and, meanwhile, private equity is to be much more important source of funds for M&A activities there.(3)Companies from emerging markets will engage in more outbound M&A dealsfor natural resources and market growth as well as inbound ones.(4)Multinationals from the developed countries may also go on M&A activitiesin emerging markets either for market footholds or growth opportunities. 11) What is said about US M&A deal enforcement?(1) The official agencies FTC and DOJ have continued to pledge vigorousmerger enforcement and have dedicated significant resources to updating themerger review process.(2) They have also proposed changes to pre-merger notification form.(3) The Antitrust Division has enhanced enforcement in vertical mergers as wellas horizontal mergers.12) What are the trends of EU antitrust enforcement?DG COMP and its Chief Economist team are paying close attention to the US-led debate over the need to define marketsDG COMP has increased its reliance on the counterfactual analyses for judging whether a merger prevents effective competition.2.Fill in each blank in the following sentences with one of the phrases in the listgiven below. Make changes when necessary.1)BRIC nations would support the country in the areas of education, health andagriculture, among others.2)In the second quarter we successfully secured a non-dilutive source of growthcapital on very favorable terms sufficient to drive both near and longer-term initiatives.3)We seem to value time in cyclical phases and seasons rather than in minutes andhours.4)The world is facing far more challenges than before in the context of intensifiedglobalization.5)In the debate Team A seemed to get upper hand at the beginning but quickly loststrength.6)He would discuss with the officials of Bulgaria various topics such as investmentclimate, the fight against corruption, and its accession to the European Union. 7)We are urging local education and city leaders to ramp up the pressure on theirgovernments to cough up more cash for new schools in their areas.8)Potential mayoral candidates are already flush with funds from their supporterfor the coming election.9)The government has been urged to follow through on its pledge to reform thecurrent wage system.10)The birth of a new nation in Sudan may give rise to numerous thorny issues,including sharing of resources.3.Match the terms in column A with the definitions in column B.A____________________ B__________________________________________ 1) equity market A) An asset class consisting of equity securities foroperating companies that are not publicly traded on astock exchange, including venture capital, growthcapital and mezzanine capital. 52) antitrust agency B) The market, also known as stock market, whereshares are issued and traded, either through exchangesor over-the-counter markets. 13) synergy C) A merger occurring between companies producingthe same or similar products or offering similarservices. 84) due diligence D) An organization responsible for prohibitingpractices that restrain competition, includingprice-fixing conspiracies and acts designed toachieve monopoly power. 25) private equity E) A company in which a venture capital firm, buyoutfirm, holding company, or other investment fundsinvests. 106) vertical merger F) A market in which individuals and institutionstrade financial securities in order to raise funds. 9 7) tender offer G) Additional effectiveness achieved from mutuallyadvantageous integration or compatibility of effortsor resources between business participants. 38) horizontal merger H) An investigation of a business prior to signing acontract, for example, a potential acquirer evaluatinga target company or its assets for acquisition. 49) capital market I) A public, open offer by a prospective acquirer to apublicly traded corporation to tender its stock forsale at a specified price during a specified time. 710) portfolio company L) A merger between two companies producingdifferent goods or components for the finalfinished product, for example, a car manufacturermerging a tire company. 64.Translate the following passage into Chinese.去年，由于全球兼并业务突破了网络泡沫时代的惊人水平，市场又跟1999年那样派对聚会。
Unit 11Among the FringersExercises1.Answer the questions on the text:1) Quebec Trade Summit was held in Quebec City from April 20 to April 22, 2001. Leaders of the 34 Western Hemisphere countries made a declaration during the Summit calling on the Summit countries to conclude negotiations on a Free Trade Area of the Americas by 2005. The Hemispheric Social Alliance organized the “People’s Summit”that was strongly against the Quebec Trade Summit. During the Summit, some security measures had to be taken to safeguard such an international gathering. The author here suggested that tear gas might be used to disperse the protesters.2) The author knew very well that the “People’s Summit” attendees were those “from the far-left to the farther-left” and they were all opposed to free trade. To choose the lesser evil or to get a clearer picture of the activists, the author decided to interview those with less radical ideas, probably those activists with fewer body piercings.3) A Japanese soldier isolated on a Pacific island during World War II had no idea of Japan’s unconditional surrender. The author was saying that people on the streets of Quebec didn’t realize what had happened in the world and they just turned a blind eye to the achievements trade liberalization had made.4) It is true that both the World Trade Organization and its predecessor, the General Agreement on Tariffs and Trade, have somewhat reduced trade barriers over the years. However, some events of great significance occurred without the influence of international institutions. A case in point is China’s economic reform program. Globalization is an irreversibly developing trend and the idea of economic freedom has been embraced by most countries in the world. Therefore, international institutions may just have a modest impact on globalization.5) According to the author, the success of diversion and appeasement was associated with a number of factors that do not exist now. The end of the Cold War, the spread of globalization and the awareness of the significance of unilateral trade liberalization all contribute to the fact that the strategy of diversion and appeasement is no longer workable in terms of free trade promotion.6) Many supporters of trade are opposed to unilateral liberalization because they believe that although open domestic markets are good, it is preferable to open all markets at once. The author argues that it is absolutely unrealistic for all countries to open their markets all at once since open domestic markets need the right political atmosphere and no country can be forced to drop their trade barriers. Theoretically, however, the idea of open markets as a concession does not hold water and a country always benefits so long as it opens its domestic market.7) One feature of the WTO dispute settlement is that it has the ability to impose sanctions against a non-complying country, which is against the idea of trade reciprocity and liberalization that the WTO is committed to. A better idea, according to the author, is that the plaintiff country relies on “compensation” rather than on any sanctions. Instead of imposing sanctions on the losing parties, the WTO dispute settlement mechanism may require them to drop some trade barriers ascompensation for their violation of the WTO rules. Such an idea may be viable under certain circumstances, but may not be so as well. As an offending nation may refuse to abide by the decisions made by the WTO, why can’t they refuse to drop its trade barriers?8) The concept of market economy stands for reliance on the market competition. It is a process through which market competition proves to be the most efficient way to meet the demand from consumers for goods and services. It is market competition that brings companies to increase productivity, to expand, to innovate and to create jobs. In short, it recognizes that the market forces are the most efficient generator of prosperity. Historically, this understanding of market competition did not seem popular at all. Therefore, market competition is a discovery process.9) The author emphasizes the importance of free trade and the achievements it has made. The countries that are open to international trade benefit a lot more than those that seal themselves off from the global economy, and people in many countries of the world have been lifted out of poverty just because of the free trade policies adopted by their governments. The point the author wants to make is that a nation benefits from opening its markets anyway without necessarily having markets of other countries opened. Europe should have a thorough understanding of unilateral trade liberalization and regard it as its best policy.10) Anti-globalization protesters believe that globalization is a recent phenomenon that has been driven primarily by international institutions. As a matter of fact, globalization is a developing trend that is unlikely to be reversed, because most countries in the world have accepted the idea of economic freedom and become fully aware that a country benefits from opening its markets regardless of what other countries do. Therefore, the impact of international institutions on globalization has been decidedly modest. This reality has to be clearly explained to a public that is becoming increasingly fearful of globalization. To make sure that free markets will continue to gain momentum, Europe should adopt the policy of unilateral trade liberalization by abandoning the mercantilist assumptions, tackling head-on the Common Agricultural Policy and reforming the dispute settlement mechanism in the WTO. Finally, Europe should, in the near future, hold major international trade meetings in some developing countries so that they may feel less marginalized in the negotiation process.2.Fill in each blank of the following sentences with one of the phrases in the listgiven below:1)The program offers nothing significant in the way of financial compensation.2)The oil fields stretch across 32,000 square kilometers from the riverside to thefoot of the mountain.3)He failed to live up to the high expectations of many shareholders and foreigninvestors alike.4)The firm tries to avoid being ignored in the playground, and its chief strategy, isto cling tenaciously to its special relationship with China.5)Those who try to seal themselves off from the digital world will come up withinnumerable inconveniences in future.6)Their strategy is to shift from ideological confrontation to tactical cooperation.7)The key to holding on to a company's employees is "work that challenges aperson's intellect", which is considered to be one of the “hygiene factors” inhuman-resource. parlance8)He allegedly took bribes of $2 million in exchange for making loans.9)What they have done is likely to play into the hands of their perceived regionalrivals.10)As a team, the two parties gained ground and became near unbeatable.11)They seem to have no other options, but buy off the firm to ensure corporateprofits.12)It's a set of skills that has become important for the modern manager ascompanies are subject to security from shareholders and the public. subject3. Match the terms in column A with the explanations in column B:A B1) fringe group a) A system of economic doctrines advocating thatgovernments should regulate international trade in order togain competitive advantages and build favorable balancetrade. 32) economic freedom b) Any activity by a government, group or individual tomaintain or restore the environment for the benefit of alllives in the globe including humans. 53) mercantilist assumptions c) A social group holding marginal or extreme views, believingthe current society is unfair and must be changed throughextreme means including violence. 14) dispute settlement process d) A government policy to encourage export of goods throughlow-cost loans, tax relief for exporters, government financedinternational advertising etc. 75) environmental protection e) A national economic strategy to build up a domesticeconomy by emphasizing the replacement of imports bydomestically produced goods. 116) market competition f) The right of individuals and organizations to pursue theirown interests through economic activities under the rule oflaw without intervention from a government or economicauthority. 27) export subsidy g) Investment by citizens, firms of the government of a countryin industries of another one. 128) market system h) Procedures required to investigate a dispute in internationaltrade , to mediate between the two parties concerned, and todecide the outcome of the dispute case. 49) anti-globalization i) Contests in the market between business firms striving for agreater share of a market or for winning the same group ofcustomers. 610) anti-dumping duty j) A systematic process in which there are market players,mainly suppliers and consumers, who interact and make deals.811) import substitution k) Additional tariff levied on imported goods when they aresold to the importing country at a price less than fair value andare found to threaten material injury to industry and market ofthe importing country. 1012) foreign investment l) A grassroots movement opposing to globalization, intendingto counter its trend and harmful effects, and to reformunbridled capitalism. 94. Turn the following into Chinese:任何能吸引世界各国政商界领袖参会的会议自然是全球化的一种象征。
