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商务英语阅读(第二版)-王关富
-Unit-6-Goodbye--Free-Trade 课后答案-
Unit 6
Goodbye, Free Trade?
Exercises
1.Answer the questions on the text.
1) What was the result when the House of Representatives passed the Hawley-Smoot Tariff Act in 1930?
The economic recession in the United States became even worse.
2) According to the author, what happens when a currency appreciates? It diminishes the export advantage of the country and makes it difficult to increase exports or even maintain the status quo.
3) How did American politicians take advantage of the public's strong
anti-free-trade sentiment in the United States?
They created a talking point in charges of unfair trade so that they thought
they could benefit in the mid-term elections.
4) What did American politicians and economists agree and disagree over the Hawley-Smoot Tariff Act?
Almost all of them agreed that it was a bad law, but they disagreed whether it triggered the Great Depression in the 1930s.
5) What did Milton Friedman think were the more important reasons for the Great Depression?
The malfunctioning gold standard system and inept monetary policy of the Federal Reserve.
6) What was the foreign reaction unexpected by the American lawmakers after the Hawley-Smoot Tariff Act was enacted?
The trading partners were angered and imposed discriminatory tariffs on American goods. Canada in particular, as the largest export market for the US, reacted fiercely and handed its market over to the British competitors.
7) Why is it unlikely for the US to adopt another Smoot-Hawley today in the eye of the author?
(1)The US is much more integrated into the world economy today than it
was in the 1930s.
(2)Import restrictions seldom achieve their intended goals, instead, often
end up hurting American industries and consumers.
(3)The Americans have learned to consider the possible strong foreign retaliation against US exporters.
8) What were the respective results for those countries withdrawing from the the
to according 1930s the during it to clinging those and standard gold
author?
to gold standard allowed their currencies Those countries going off the monetary policies and, instead, used depreciate, avoided protectionist trade policy to end price deflation and stimulate economic growth.
by policies protectionist trade countries Those choosing to stay on pursued imposing high tariffs, import quotas and exchange controls, which did little
economic a longer Thus in boosting their economic growth. they suffered depression.
quantitative of the author justify his support for policy How 9) does the easing?
(1) Historically, the most important tool for resisting protectionist sentiment in the 1930s was a monetary policy that would promote economic growth. can right similar situation. Taking monetary policy the Today US is in a alleviate the pressure on Washington to adopt protectionist trade policy and can help to raise output before it leads to a high inflation.
by said: Additional measures taken also (2) He quotes what Charles Evens the Fed to stimulate growth should condoned, not condemned.
(3) What Mr. Friedman wrote 1997 about Japan: The surest road to a healthy economic recovery is to increase the rate of monetary growth, to shift from
