HND经济学答案
Economics 2: The World Economy Outcome1, 2 and 3
Candidate Name: Xu Lun
SCN: 095352561
Due Date: January 4th 2011
Tutor Name: Zhang Ju
Outcome 1
This report is aiming to use tables and figures to present Premier a clear picture of what the real world economy is and help him to make a major choice of weather or not join the European Union. I am a member of government, I will use my knowledge and skills to help Mr Premier have a better understanding of the world economy rules and I hope which can help a little.
First of all, when countries trade goods and services without wishing, or being able, to impose any barrier to the trade, which is called Free Trade. The reasons why we do Free Trade business are a lot, but to obtain more financial resources is believed more important. And their goal of Free Trade is never changed-to reduce non-tariff barriers. For instance: in 2009, there’s an agreement about Free Trade was signed between South Korea and East Asia Union. It can helps a lot on both sides economy development.
Free Trade is the main reason why we should join European Union, and which has also been called International Trade, originally focus on goods and services could be exchanged freely between two countries without any barriers. Before compare or explain, there needs two assumptions. First one is no barriers of any kind would be imposed upon entry of the goods to any market. Second is the selling price would be the “economists price”which we can understand as price is uncertainty. Recently, there are some popular topics has been discussed a lot. Like Free Trade always talked with Trade Protection, Non-tariff banners and Tariff banners. What’s more, Free Trade also can bring us a lot of benefits. Increase the world-wide output is one the key benefits. Also, it can increase the foreign currency reservation. Everything has two sides, Free Trade brings the culture erosion too.
On the International Trade, there are two kinds of policy: liberalization and protectionism. Let’s take a look at their history, in 1815, the British Corn Laws took effect, which can ensuring self-sufficiency, then in 1846 it was abolished. There was a time of Free Trade until 1914, especially in the exchange between UK and it colony.
But soon the continental countries also reduced their trade barriers with gold standard. The First World War also became the terminator of world economy, which caused hyper-inflation and great depression. Tariffs and other trade barriers increased, the states tried to stimulate their exports by devaluing their currencies in 1930s. After World War II, with the framework of GATT in 1948, the international division of labor could develop beneficially, without trade barriers.
There are many reasons for protectionism. About protect employment, the countries are trying to move expenditure from imports to domestic products by tariff or non-tariff, but most economists argue that this is ineffective and may result in retaliatory action or even trade wars. But many times when there happened a world-wide depression, this method was used at first. In the beginning of 2009, America approved an act that improved the tariff of spring of mattress which produced in China. In order to protect the employment after financial crisis, America did this just right for itself.
Another one is to protect against dumping, If one product was dumping, they either want to be the monopoly or want to makes a lot of money in a short time. This way is very danger for the dumped country, if they successful became monopoly, the economy will be parasite on the other country. Also the unfair competition will impact the economy. In 2009, many counties include America and European countries had approved a higher tariff on steel which has been produced in China. They believed China had dumped steel in their country and want to reduce the loss.
On the International Trade, there are two barriers, one of them is tariff. Because of the world wide recession, this kind of method had been used a lot to protect domestic industry and raise government income. Tariff is tax or custom placed on foreign products to raise the price artificially and suppressed domestic demand for them. The tax may be ad valorem, which means a percentage of price of the goods or specific. But this has been failed for the high perceive of value. According to the case in 2009,
the EU council announce 77%-85% punitive tariff from Chinese fastener enterprise. This is a typical case of tariff protection.
Another one is the Non-tariff method, probably the best know is the quota. It is a physical limitation on the quantity of imports. Embargoes are an extreme form of barrier. It always used when two countries have political cleavages or conflict of interest. Complex Customs Procedures is one of the quotas too. This way creating laborious and bureaucratic system which is designed to frustrate the foreign importers. For example, in 2009, India had launched an embargo to toys which produced in China for the period of 6 months.
In order to know about Free Trade more clearly, the theory of Absolute Advantage and the theory of Comparative advantage is important to know. AA means when one country can produce a good or service to a pre-determined quality more cheaply than other country. Like in the UK, Education is always their AA. The CA is a comparative cost advantage. It is the way how to define the Opportunity Cost. CA can be limited or scarce resources which have Alternative Uses. The mainly of CA is the original basis for International Trade. Each country has 10 resources and uses at half of these resources to each commodity. Also in the UK, Heavy Engineering had been their AA, but now is their CA. Let’s see a nother case first:
Here exists two countries, A and B have the following possibilities for two commodities, Tractors and Wool. Each country has 10 resources and devotes half of these resources to each commodity.
Tractors Wool Country A 100 1000
County B 50 750
From the case we can see, Country A has an AA over Country B in both commodities. But the advantage it has is much higher for Tractors. Using the same resources as
Country B it can make twice as many tractors. On the other side, we can see wool for the same resource got advantage of 1.25. The opportunity cost is like this, for Country A the “cost” of 1 Tractor is 10 bales of wool which we got from 1000/100. And for Country B it is 15, from the formula like this 750/50.
The UK government has an excellent ability of changing their specialisation. The specialisation can consist of two parts. One part is circulate in or out in land, labor, capital, enterprise. Another one is percentage in GDP. The Knowledge Industries are known as long noted for its expertise in manufacturing. There also have Pharmaceuticals, Building Designation and environment. These industries bring the possibility of long term growth and based on heavy capital investment. There also has a lot of reason why it changed. Transport costs and tariff is one of them, the higher the fee, the lower the profit, which is a key reason for it’s change. Also, Opportunity Costs may change as resources are moved from one industry to another. It has a great power to define your business is sunrise or sunset.
Now, let move on to the World Trade Organisation. The WTO was founded in 1995, and it replaced the GATT which had been established in 1948. Because GATT has less power to manage the world trade, WTO using a greater power of policy wants to change the situation that the increasing issues of world trade. Through these years, The WTO is becoming more and more mature in the world trade business. It can execute norms at most of the condition with a fair way. One of the primary norms of WTO is all member agree to extend unconditional most-favored –nation status to one another, which can reduce a lot of problem and increase the trade number. Also the norm of reciprocity is concerned most attractive principal that both country can use the lower tariff to trade more profitable. “safeguards” or loopholes and exceptions to other norms are recognized as acceptable if they are temporary and imposed for short-term-balance of payment reasons. The WTO also deals with many problems, which increased the international trade. Such as Uruguay Round (1993): reduced remaining tariffs by a further 40%. What’s more, the WTO is not like god, it still has
some cases which cannot be solved easily. Like France, Japan and Switzerland are defending their right to subsidise their good export.
European Union is another major organisation in the world. EU was established in 1958 initially, it almost include every European countries and has a great power to influence the world trade and economy. The main aim of EU is to eliminate tariff between countries, which will profit every member. Also create an economic and monetary union is important, which can save a lot of exchange cost and simplify the procedure.
The role of EU is considered a lot, The EU Common Commercial Policy establishes uniform principles which covering trade between all member countries. It includes changes in tariff rates, the conclusion of tariff and trade agreements with non-member countries. EU is a framework for ensuring the even-handed and effective enforcement of single market rules has been established, which make it more efficiency to excute policy.
Outcome 2
The balance of payments is a general government account, and it is the record of all financial transactions between UK and the other country. It includes current account which has trade in goods and services, and capital account which obtain capital flow into and out of UK, and financial account which handle the flow of direct investment portfolio. What’s more, there was a significant change in new European System Accounts in 1998. On the current account, Because UK is a heavy importer of foreign cars and traditionally had a fairly large deficit in trade of goods balance and in the last 30 years and has really only been in surplus in the very early 1980 and then mainly because of the exports of North Sea Oil. UK got surplus in the early 1980s. For instance, in 1981, UK got￡4846 million from trade in goods.
Next one is trade in services, UK has done very successfully in this aspect, it is mainly about 12 industries which UK is good at. Such as Business, which means train employees in business, Personal, like a personal detective, and Recreation, in the entertainment part. For the financial account, there are direct investment and portfolio investment. The last one is net errors and omissions. The balance of payments is effectually the annual balance sheet of a country. Payments may get delayed, temporarily lost, or fluctuation in exchange rate may lead to this item. And this item then counteracts the balance taking account of any errors.
Trade in goods
￡million 1999 2000 2001 2002 2003 Exports(goods) +166,166 +189,093 +188,320 +211,608 +220,858 Imports(goods) -195,217 -230,305 -236,927 -280,197 -310,612 Balance-29,051-41,212-48,607-68,589-89,754 From the Chart above, we can see the UK’s trade is deficit. What’s more, the deficit of UK is enlarges steadily. Some reasons are included in it: first of all, the preferences on imports because of stronger pound. Then lacking of innovation which leads to uncompetitive is another one. The last one is the scarcity of raw materials. For
instance, in 2001, the UK’s Textile clothing imports amounte d to about 143.42 billion pound, it made a great contribution to its deficit.
Trade in services
￡million 1999 2000 2001 2002 2003 Export of
+76,525 +87,773 +102,357 +119,186 +153,145 services
-60,963 -70573 -79,745 -93,444 -106,347 Import of
services
Balance of
+15,562+17,200+22,612+25,742+46,798 trade in
services
From the table we can see that the service sector is the AA of UK, the UK has 12 services sectors which is top 3 higher than others countries. And about 27 services sectors which is the top 10 all over the world. It was because the UK’s specialities and heritage advantage which had been globalized. Of course, its economy which based on service had led to sufficient resource to be supported. For instance, in 2005, the UK’s transportation has covered 16.2% of the export.
Trade in goods and Trade in services
￡million 1999 2000 2001 2002 2003 Balance of trade
-29,051 -41,212 -48,607 -68,589 -89,754
in goods
+15,562 +17,200 +22,612 +25,742 +46,798 Balance of trade
in services
-13,489-24,012-25,995-42,847-42,956 Balance of
current account
Which we all know that is, the balance of payments was not the only key indicator of the health of the UK economy for trade gap. In the 1970s, the UK was still a manufacturing country, but now they have been changed into a service-based
economy with quick process. Of course, one of the reasons which cause this result is because the Multi-Nationals felt that the production were expensive. Like ICI, British Telecom, Other Multi-Nationals include Food, General, Nestle and so on. The production cost is too expensive is the mainly reason that cause some companies move out of UK. And on the common external tariffs, which means all member countries to the Economic Union usually have to create tariffs on non-member countries as a condition to joining. Products changed into services are good because services make much money of foreign currency then occupy the local sustainable economic development.
The next topic is about the relationship between the exchange rate and the balance of payments. In 1989 and 1988 two year. The US Dollar has raised a lot. Beneficial effects on the gains of financial account attached with value pound. It is hardly to know the real value of the ERR which cause shaken inventors confidence then weaken the FA. The fluctuation of the ERR have there parts, Minor, Finance and Major. At the last shaken, the confidence of investors has decreased and at last withdrawal. Monetary policy interference the local economy to appreciation value of pound deteriorates the deficit of BOP.
For example, the exchange rate in the year of 1990 is 100. And in 1988 US dollar/pound is 1.78, then the exchange rate index is 105.3. On the contrary, in 1994, US dollar/pound is 1.53, the exchange rate index is 89.2. So we can draw a conclusion that the increasing of exchange rate will lead to deficit, the decreasing of exchange rate will lead to surplus.
In order to join EU, there are some limitations: the government budget deficit must not exceed 3% of GDP is one of them. If the country reached this prescript and some other one, it will got chance to join EU. EU always wants to reach the target like single currency, which has been realized. Single language, seems to be hard and single government. For EU has realized single currency, let’s take a look at it. The most
favourable function of it is the member country can reduce the transaction cost which means no currency exchange fee. And can eliminate the exchange rate risk for no need to exchange money.
Everything has two sides, the single currency has lost the independent of monetary policy, and it cannot make monetary authority and will cool the economy. What’s more, foam will be created. Besides that, the member country will lose the liability to devalue money independently. That is a great headache on export for the inflation.
The single currency also has a great impact on individuals and businesses. For individuals, there will be no currency conversation cost for holiday makers and easy to making price of comparation. On the other hand it is symbol of cultural lose and weaken personal purchasing power.
For businesses, the single currency will increase competition for there’s no exchange fee cost. And removal exchange rate for no need to exchange. Also, it will increase the lay off ratio of research and development fee.
Outcome 3
As we all know about the Less Developed Countries, most of these countries are located in Africa which is 92.17% and Asia is 7.83%. The typical African LDC countries would be Eritrea, Zaire, Mali. In Asia, Bangladesh is often suggested as the best example. And all of the LDCs have many major characteristics. Like low productivity and high productivity. There still exists some factors which will have an impact on world economy. Human capital and Technology is what I say. Zimbabwe is one of the LDCs, in this country, not only lower productivity it has, but also the high inflation it has, which made it more and more poor. It active labour force supply is sufficient but most of them have little education, which creates less treasure. Madagascar is also a LDC, it has lower technology and nearly zero capability of creation, the environment quality is awful too, which caused it is a still poor.
One the other hand, human capital aspect, the education of Germany is extremely shinning in the world. The high discipline of motivation is also belong to Germany and Japan. For the technology, UK’s management is the world’s best, and high capability is Japan again.
In LDCs, they will face a lot of problems: such as extreme poverty and hunger, gender equity and empower woman which is also called gender discrimination. The former one caused by natural catastrophe like flood and drought or lower productivity of agriculture products. On my view, overpopulation is a major reason too. For instance, Angola has met a flood in 2009, which lead to 200 thousands people stricken and destroyed a lot of farmland. The latter one usually is cultural factor and prejudice of people. Namibia is similar to Angola in 2009, which has also been through flood disaster in 2009 and lead to 350 thousands people stricken. In addition, the traditional manners on gender attitude also create this situation.
The Newly Industrialised Countries have a lot of features, which include investing heavily in human capital and conquering poor natural resources. And Muliti-National Firms are the companies which produce products in more than one country. The
MNCs have power to influence both NICs and LDCs on benefits and problems.
For LDCs side, MNCs will bring them a lot of benefits. Like increase the employment which means increase the personal income, bring new methods and technology, contribute to economic growth and assist regional policy and so on. For instance, in Angola, Haier which mainly concentrate on produce air-condition had been set up factory in the country. It produced amount of work opportunities and increase the income of local people.
On the contrary, the NICs will face some problems that MNCs bring. Like the bigger size of the company the higher power of them to use it to bargain with government aid worker representatives, may use up natural resources of host country very quickly and move if they see the possibility to reducing cost else where. For instance, in China, P&G has come into it at a early time, it use high technology and good quality capture a lot of people, which means it eliminate domestic competition, Just as monopoly. It reduced the employment and decreased the income at last for the unemployment.
In conclusion, from the above we can see, EU is aiming to eliminate tariff between countries, which will profit every member. Also create an economic and monetary union is important, which can save a lot of exchange cost and simplify the procedure. The member country can reduce the transaction cost which means no currency exchange fee. And can eliminate the exchange rate risk for no need to exchange money. On the other hand, the member country cannot make monetary authority and will cool the economy. By the way, foam will be created too. So I recommend to join the European Union.
Reference
https://www.360docs.net/doc/36495374.html,/view/2432.htm
https://www.360docs.net/doc/36495374.html,/CCI/nscl.asp?ID=6013
https://www.360docs.net/doc/36495374.html,/default.asp
https://www.360docs.net/doc/36495374.html,
https://www.360docs.net/doc/36495374.html,/chinese/News/fullstorynews.asp?newsID=11404 https://www.360docs.net/doc/36495374.html,/ziliao/2002-06/19/content_447438.htm
HND-Economics-The-World-Economy世界经济学报告
Economics 2: The World Economy
Content Introduction----------------------------------------------------------------3 Section 1: International Trade Three gains from trading internationally---------------------------------------3 Free Trade--------------------------------------------------------------------------3 Absolute and Comparative Advantage-----------------------------------------3 Protectionism----------------------------------------------------------------------4 Barriers to trade-------------------------------------------------------------------4 WTO and EU----------------------------------------------------------------------5 Section 2: International Finance Balance of Payments and General trends in UK Trade----------------------6
HND经济学导论
An investigative report on Welfare Policy in the U.K. Market Outcome 3 Candidate Name: WANGGAI Grade and Class: 11 Financial services class 6
Catalog ●Introduce ●Section 1 ●Section 2 ●Research
Introduce：This report is market failure and government's role and the social welfare policy survey report, report the information from the website as well as books, in a report last may elucidate. 1、Market failure：Market malfunction is due to intrinsic functional defects and external conditions caused by the defect of market mechanism in the allocation of resources in certain areas of operation. Because the market monopoly and price distortion or for the public goods character because of the asymmetric information and the external reasons, causes the resources disposition of invalid or small effect, which can realize resource to configure zero opportunity cost of resource allocation state. Usually used for invalid rate of special major, or non market mechanism is more efficient and the ability to create wealth is better when the private choice. On the other hand, the market failure is usually used to describe the market forces can not meet the status of public interest. Market failure establishes the basis for government intervention. The roles of government in attempting to correct these failures: merit goods, public goods, externalities and imperfect competition。Specific policy measures used by the government of the UK, such as competition, health care, transport etc. The market mechanism may fail to provide the optimal mix of output. The optimal mix of output is the most desirable combination of output attainable with existing resources, technology and social values. Government intervention in economic activities, but complementary, grant of. The government in market economy economic role, is to remedy market flaw or insufficient needs a decision. The role of government can be divided into regulation of human character, commonweal character, control characters, the arbitrator roles and role of night watchman. 2、Public goods：The market mechanism works efficiently only if the benefits of consuming the good or service are available only to individuals who purchase it.
投资学期末试题及答案C卷
绝密★启用前 学院 学年第一学期期末考试 级 专业（本/专科）《 投资学 》试卷C 注：需配备答题纸的考试，请在此备注说明“请将答案写在答题纸上，写在试卷上无效”。 一、单项选择题（共 15 题，请将正确答案的代号填写在指定位置，每小题 2分，共 30分） 1、其他条件不变，债券的价格与收益率 ( ) A. 正相关 B. 反相关 C. 有时正相关，有时反相关 D. 无关 2、 市场风险也可解释为 ( ) A. 系统风险，可分散化的风险 B. 系统风险，不可分散化的风险 C. 个别风险，不可分散化的风险 D. 个别风险，可分散化的风险 3、考虑两种有风险证券组成资产组合的方差，下列哪种说法是正确的？( ) A. 证券的相关系数越高，资产组合的方差减小得越多 B. 证券的相关系数与资产组合的方差直接相关 C. 资产组合方差减小的程度依赖于证券的相关性 D. A 和B 4、证券投资购买证券时，可以接受的最高价格是（ ）。 A ．出售的市价 B ．到期的价值 C ．投资价值 D ．票面的价值 5.某一国家借款人在本国以外的某一国家发行以该国货币为面值的债券属 （ ）。 A ．欧洲债券 B ．扬基债券 C ．亚洲债券 D ．外国债券 6、 市场风险也可解释为。( ) A. 系统风险，可分散化的风险 B . 系统风险，不可分散化的风险 C. 个别风险，不可分散化的风险 D. 个别风险，可分散化的风险 7.如果某可转换债券面额为l 000元，规定其转换比例为50，则转换价格为（ ）元。 A ．10 B ．20 C ．50 D ．100 8. 根据马柯威茨的证券组合理论，下列选项中投资者将不会选择（ ）组合作为投资对象。 A ．期望收益率18%、标准差32% B ．期望收益率12%、标准差16% C ．期望收益率11%、标准差20% D ．期望收益率8%、标准差 11% 9．就单根K 线而言，反映多方占据绝对优势的K 线形状是（ ）。 A ．带有较长上影线的阳线 B ．光头光脚大阴线 C ．光头光脚大阳线 D ．大十字星 10．某公司股票每股收益0.72元，股票市价14.4元，则股票的市盈率为（ ）。 A ．20 B ．25 C ．30 D ．35 11、按投资标的分，基金的类型不包含（ ） A. 债券基金 B. 封闭基金 C. 股票基金 D.指数基金 12、以债券类证券为标的物的期货合约，可以回避银行利率波所引起的证券价格变动的风险是（） A. 利率期货 B. 国债期货 C. 外汇期货 D.股指期货 13、投资者在确定债券价格时，需要知道该债券的预期货币收入和要求的适当收益率，该收益率又被称为（ ）． A ．内部收益率 B ．必要收益率 C ．市盈率 D ．净资产收益率 14、一般地，银行贷款利率和存款利率的降低，分别会使股票价格发生如下哪种变化（ ）． A ．上涨、下跌 B ．上涨、上涨 C ．下跌、下跌 D ．下跌、上涨 15．( )是指过去的业绩与盈余都有良好表现，而其未来的利润仍能稳定增长的股票 A ．成长股 B ．投机股 C ．防守股 D ．绩优股 二、 判断题 （共15题，每小题1分，共15分） 1、股份制实现了资本所有权和经营权的分离。（ ） 2、普通股股东只具有有限表决权。 （ ） 3、实际投资是指投资于以货币价值形态表示的金融领域的资产。 ( ) 4、只要经济增长，证券市场就一定火爆。（ ） 5、一般来讲，基本分析不能准确预测某种证券的中短期市场价格。（ ） 6、市盈率是衡量证券投资价值和风险的指标。（ ） 7、基金单位资产净值是指某一时点上每份基金份额实际代表的价值。（ ） 8、买进期货或期权同样都有权利和义务。（ ） 9、一般认为，市净率越低，表明企业资产的质量越好，越有发展潜力。（ ） 10、普通股没有还本要求，股息也不固定，因而不存在信用风险。（ ） 11、技术分析是以证券市场的过去轨迹 为基础，预测证券价格未来变动趋势的一种分析方法。（ ） 12、技术分析中市场行为涵盖一切信息的假设与有效市场假说不一致。（ ） 13、道氏理论认为股市在任何时候都存在着三种运动，即长期趋势、中期趋势、短期趋势运动。（ ） 14、实际投资是指投资于以货币价值形态表示的金融领域的资产。 ( ) 15、债券投资的风险相对于股票投资的风险要低。（ ） 三、名词解释（共3题，每小题5分，共15分） 1. 可转换债券 2、金融期货 3．市盈率
HND经济学导论Outcome1考试题及翻译
Assessment task instructions Read the following passage and answer the questions which follow. SteamScot is a privately run rail company, which provides steam train journeys in Scotland. At present they operate three specific rail journeys in various parts of Scotland. These journeys are aimed at the tourist market and operate throughout the summer months. Around 70% of passengers are domestic tourists with the other 30% overseas visitors. The company has been fairly profitable over the last decade, and with the help of various grants available, they are considering an expansion of its operations. However, it is also aware that within the next five years a major overhaul of its capital stock as well as major repairs will have to be undertaken. It is this dilemma that the board of the company faces. It is estimated that in the coming year it will have ￡2.5 million to spend. This money could be used to open a new line between Inverness and Fort William, or to begin the repair and replacement plan on its current routes. A recent report has highlighted that following recent terrorist threats, visitors from the USA are expected to fall within the next three years, but that European visitors are likely to increase as the Euro rises in value. It is also expected that Visit Scotland (the tourist organization) will mount a major advertising campaign in England to encourage more visitors from that country. The boards of directors of SteamScot are also considering a change in their pricing
国际投资学试卷及答案
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9.一个子公司主要服务于一国的东道国市场，而跨国公司母公司则在不同的市场控制几 个子公司的经营战略是(a )。 A.独立子公司战略 B.多国战略 C.区域战略 D.全球战略 10、对外国政府贷款的说法中不正确的是( d ) A(外国政府贷款常与出口信贷混合使用 B(外国政府贷款利率低，期限长，有时还伴有部分赠款 C. 使用外国政府贷款要支付少量管理费 D(外国政府贷款可用于购置任何国家或地区的设备或原料 11、在证券市场线上，市场组合的β系数为( c )。 A.0 B.0.5 C.1.0 D.1.5 12(以下不属于国际投资环境评价形式的是(b )。 A.专家实地考察 B.问卷调查 C.东道国政府评估 D.咨询机构评估 13、弗农提出的国际直接投资理论是( a )。 A.产品生命周期理论( B.垄断优势理论 C.折衷理论 D.厂商增长理论 14(以下关于国际直接投资对东道国资本形成直接效应的描述不正确的是( )。 A.在起始阶段，无疑是资本流入，是将国外储蓄国内化，一般会促进东道国的资本形成， 形成新的生产能力，对东道国经济增长产生正效应 B.绿地投资能够直接增加东道国的资本存量，对东道国的资本形成有显在的正效应，而 购并投资只是改变了存量资本的所有权，对东道国的资本形成没有直接的效应
《投资学》练习题及答案
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《金融投资学》试题及参考答案(2005年)
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HND_经济学导论_outcome2_标答
Outcome 2 1. 书178，179二个图 Households buy commodities from firms, using the income individuals receive for their labour and capital supplied to firms The firms use the income received from the sale of commodities to pay for the labour and to invest in new premises,plant and equipment. 2. Injections： Investments：Loan from banks, building societies, insurance companies etc. Money saved by household can be re-injected back into the inner flow as investment by business sector (firms) after they borrow the money out of financial institutions. Government Spending：Roads, hospitals, https://www.360docs.net/doc/36495374.html,ing the fund largely collected through taxation, the government can be the biggest buyer spending money on the products and services provided by firms If government wishes to expend the flow of income in circulation, it may choose to increase the amount of its spending and probably adopt a tax-cutting. Exports：These are goods and services that are sold abroad. The payment for them will return to the firms in this country. For example, if someone buys textiles of China, then the proceeds of the sale belong to our country. This increases the circular flow and creates more economic activity in the economy for our country. Withdraws： Savings：Amount of income that consumers choose not to spend but retain for the future uses (normally deposit in financial institutions, e.g. banks and building society). Ability or desire to save out of income is measured by …marginal propensity to save (MPS)?. Level of income is the biggest factor affects level of savings, i.e. the higher the income is, the greater savings (withdrawal) out of circular. Taxation：Through forms as personal income tax, V AT, corporate income tax, the disposable money circulated in the economy is drawn out by the government as its revenue. This can be in the form of direct tax on our income or indirect tax on purchases, for example V AT. Imports：Part of the consumption of both households and firms are on foreign products or products contain imported components. So that portion of expenditure will eventually go into foreigners? pockets therefore reduce the total income circulated
投资学试题及答案分析
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6．半强式有效市场假定认为股票价格（ 测的。 7. 对已经进行贴现，尚未到期的票据转做一次贴现的行为称为 （） A.再贴现 B .承兑 C .转贴现 D .多次贴现 8 、其他条件不变，债券的价格与收益率（ ）。 a. 正相关 b. 反相关 c. 有时正相关，有时反相关 d. 无关 9. 在红利贴现模型中， 不影响贴现率 k 的因素是（ ） A 、 真实无风险回报率 B 、 股票风险溢价 C 、 资产回报率 D 、 预期通胀率。 10. 我国现行的证券交易制度规定，在一个交易日内，除首日上 市证券 外，每只股票或基金的交易价格相对上一个交易日收市价 的涨跌幅度不得超过。 A 5％ B 10 ％ C 15％ D 20 ％ 11、在合约到期前，交易者除了进行实物交割，还可以通过来结 束交 易。 A 投机 B 对冲 C 交收 D 主动放弃 A 、反映了已往的全部价格信息 公开可得信息。 B 、反映了全部的 C 、反映了包括内幕信息在内的全部相关信息 D 、是可以预
HND 大二经济学
The micro economic about Sony 詻筱敉 Summary: As a manager of a company, he should consider the economic of scale. It relation to many problems, like the range of cost in the long run, how to get the profit maximization, how to choose the market structure and the characters of the market and so on. This report will relation to these problems. Also it will talk about the alternatives to profit maximization. Key words: cost, profit, price and output, the structure of market Sony is a famous company in the world. The play station 2 represents a huge gamble that will pay off only if it sells in vast quantities. Sony is conscious that if the product sells in limited quantities, that its costs will be about $ 100 per unit, however , if they sell about 50 million worldwide, that its costs will drop to about $ 10 per unit. Long run is defined as that period of time when all the factors of production can be varied. If for example, a firm had been restricted because of space and now finds it can expand or move to a bigger production unit it could also perhaps purchase more equipment, employ more labor. All the factors of production can be varied a firm should be able to expand the scale of its operations to continue obtaining falling costs as output level increases. These activities should allow reductions in costs, coming about because of size and know as economies of scale. The purpose of a company is to get more profit. Sony hope that their new machine will be a focal point for devices such as TVs, audio systems, digital cameras and will connect customers to the internet. Profits can also be termed ‘Normal’or ‘Supernormal’. Profit is the reward to entrepreneurs and the incentive that encourages them to take risks. It has two functions, one hand is that for an entrepreneur profit is an incentive to undertake a risk in the belief that a gain can be made. On the other hand, profit is also a reward. It must be earned, as we have seen, generally in an imperfect competitive situation. Many business fail and for many different reasons. To some extent we have already touched on this premise in suggesting that profit maximization is not always the main goal of a firm. This relate to alternatives to profit maximization. I will give two theory-Satisficing Behaviour Theory and Sales Revenue Maximization Theory. Satisficing Behaviour theory This particular theory was expounded by H A Simon and his colleague A Cyert. It is based on the fact that achieving specific targets with regard to sale, profit and market share will result in ‘satisficed behaviour’ by those who own and those who run firms. They know that it may be possible to do better but in the long run to press for further profit may result in unintended damage. Sales Revenue Maximization theory Propounded by Professor W J Boumal based on the following: 1. Managers get better perks and salaries from sales than profit. 2. Market share is considered a better sign of progress of a firm. 3. Because of the above, heavy adverting will take place to maximise sales.
投资学试卷及答案
************2009学年01学期 专业 07 级《投资学》期末试卷(答题卷)(A) （考试形式：开卷） 一、单选题（共10分，每小题1分） 1．狭义证券指（ C ）． A. 商品证券 B. 货币证券 C. 资本证券 D. 其他证券 2．( D )是指过去的业绩与盈余都有良好表现，而其未来的利润仍能稳定增长的股票A．成长股B．投机股C．防守股D．绩优股 3．期权交易是一种（ B ）有偿转让的交易方式． A．合约 B．权利 C．资本 D．投机 4．( B )是证券投资者对证券商所作的业务指示． A．开户 B．委托 C．清算 D．交割 5．( C )也称高新技术板市场，即为一些达不到上市标准的高新技术公司发行股票并为其上市交易提供机会的交易市场． A．一级市场 B．初级市场C．二板市场 D．柜台交易市场 6．深发展公布分红方案：每10股送5股，其除权日前一日的收盘价为15元，其除权价为( C ). A．11 B. 12 C. 10 D. 13 7．投资者在确定债券价格时，需要知道该债券的预期货币收入和要求的适当收益率，该收益率又被称为（ B ）． A．内部收益率 B．必要收益率 C．市盈率 D．净资产收益率 8.X股票的β系数为1.7，Y股票的β系数为0.8，现在股市处于牛市，请问若要短期获得较大的 收益，则应该选哪种股票？ ( A ) A．X B．Y C．X和Y的某种组合 D．无法确定 9.一般地，银行贷款利率和存款利率的降低，分别会使股票价格发生如下哪种变化（ B ）． A．上涨、下跌 B．上涨、上涨 C．下跌、下跌 D．下跌、上涨 10．移动平均线最常见的使用法则是（ B ）． A．威廉法则 B．葛兰维尔法则 C．夏普法则 D．艾略特法则 二、多选题（共20分，每小题4分） 1．根据基金单位是否可增加或赎回，投资基金可分为（ AC ）．A．开放式基金 B．契约型基金 C．封闭式基金 D．公司型基金2．关于证券投资基金，下列正确的有（ BCE ）． A．证券投资基金与股票类似 B．证券投资基金投向股票、债券等金融工具 C．其风险大于债券 D．其风险小于债券 E．其收益小于股票 3．下面结论正确的是（ BCE ）． A．通货膨胀对股票市场不利 B．对国际化程度较高的证券市场，币值大幅度波动会导致股价下跌 C．税率降低会使股市上涨 D．紧缩性货币政策会导致股市上涨 E．存款利率和贷款利率下调会使股价上涨 4．技术分析有它赖以生存的理论基础——三大假设，它们分别是（ ADE ）．A．市场行为包括一切信息 B．市场是完全竞争的 C．所有投资者都追逐自身利益的最大化 D．价格沿着趋势波动，并保持趋势 E．历史会重复 5．属于资本资产定价模型的假设条件的有（ ACD ） ． A．投资者都依据组合的期望收益率和方差选择证券组合 B．投资者愿意接受风险 C．投资者对证券的收益和风险及证券间的关联性具有完全相同的预期 D．资本市场没有摩擦 三、简答题（共30分，每小题6分） 1．简述证券投资过程的五个主要环节？ ：证券投资过程的五个主要环节包括： (1)确定证券投资政策；（1分） (2)进行证券投资分析；（1分） (3)组建证券投资组合；（1分） (4)投资组合的修正；（2分） (5)投资组合业绩评估．（1分）
2020年投资学试题及答案(精选干货)
投资学复习要点 投资学的考试，都要尽可能给出图表、公式,比如简答题和论述题，如果你仅仅是文字描述,最多得一半的分，这个答题的规则和惯例要切记。 一、概念题 1．风险与收益的最优匹配 即是在一定风险下追求更高的收益；或是在一定收益下追求更低的风险。对风险与收益的量化以及对投资者风险偏好的分类,是构建资产组合时首先要解决的一个基础问题。２.优先股特点 1、优先股通常预先定明股息收益率。 2、优先股的权利范围小。 3、如果公司股东大会需要讨论与优先股有关的索偿权，即优先股的索偿权先于普通股，而次于债权人。３．资本市场的无差异曲线 对于一个特定风险厌恶的投资者而言，任意给定一个资产组合,根据他对风险的态度，按照期望收益率对风险补偿的要求，就可以得到一系列满意程度相同(无差异）的证券组合。
4．资本市场的无差异曲线 5.风险溢价 风险溢价是指超过无风险资产收益的预期收益，这一溢价为投资的风险提供了补偿。其中的无风险资产,是指其收益确定，从而方差为零的资产.一般以货币市场基金或者短期国债作为无风险资产的代表品. 6．风险资产的可行集（Feａsｉblｅ Set ） 可行集又称为机会集，由它可以确定有效集。可行集代表一组证券所形成的所有组合，也就是说,所有可能的组合位于可行集的边界上或内部。一般而言，这一集合呈现伞形，具体形状依赖于所包含的特定证券，它可能更左或更右、更高或更低、更胖或更瘦。
7．资本配置线 对于任意一个由无风险资产和风险资产所构成的组合，其相应的预期收益率和标准差都落在连接无风险资产和风险资产的直线上.该线被称作资本配置线(capital allocatｉon ｌiｎe,ＣAL）。E（ｒｃ）=rf+ ［E （rp)-ｒf］......感谢聆听 二、简答题 １．风险厌恶型投资者效用曲线的特点 １，斜率为正.即为了保证效用相同，如果投资者承担的风险增加，则其所要求的收益率也会增加。对于不同的投资者其无差异曲线斜率越陡峭,表示其越厌恶风险:
HND经济学2
Q1: 1. 原因In article unemployment is structural unemployment. Liverpool was originally a port city, dominated by heavy industry. The industry will shift to the tertiary industry,because of the development of tourism, the unemployment rate in 1996 rose by 22%.And in the supermarket Linda passed the Diploma in hotel management that explain the concern of the hotel industry is also increasing. Structural unemployment is changes in industry demand result of long-term unemployed, people's incomes and consumption levels will have a certain impact. The hazards of unemployment for different age groups are not the same. New industry needs to work experience, pre-employment training, and learning ability of young people is barrier-free. While the elderly will not be able to learn new skills for re-employment, so the structure unemployment for the old age is larger impact. The original industry recession because impact of international competitiveness; such as the American impact of heavy industry, Japan impact of the automotive industry. 2. The New Deal is a programmer of active labor market policies. The purpose is to reduce unemployment by providing training. The New Deal has include: New Deal for Young People, New Deal 25+, New Deal for Lone Parents, New Deal for the Disabled, New Deal 50+, New Deal for Partners and New Deal for Musicians. New deal for unemployed young people is In order to provide policy support for young people 18-24 years of age out of unemployment, promotion of employment. Participate in the project more Dole six months is mandatory. Specifically divided into three stages. A. Gateway stage: this stage no more than four months, every participant can get job-seekers allowance. This training is provided by an external organization such as CSV, YMCA Training. B. Options stage: After the gateway stage, also unemployed young people can choose training. 1) Employment option, The subsidy is ￡60 per week, and lasts 6 months; a ￡750 training allowance. 2) Full time education and training, this is basic vocational skills and human resources to strengthen.time up to 12 months. the people can get NVQ and subsidies. 3) V oluntary sector option, to gain work experience and skills.it maintain at least 13 months, participants can get outside in addition to grants of ￡ 400 to support. 4) Environment task force option, there is work experience, career awareness and the common development of the ecological environment. This is a continuous six months, and will get two weeks officially recognized vocational training oriented courses. C. Follow-through: this is personalized tracking courses. This phase lasted for four months, if you have not found work after 26 weeks to re-enter the New Deal. New Deal 50+ is for the crowd is over 50 years of age but not yet reached retirement age, middle-aged unemployed. This policy is not mandatory, participants must be at least 50 years . The government will send a personal adviser employment assistance to help participants : (1) An established employment plans. (2) to help them find employment for job preparation.(3) Improve their skills, seek training opportunities.(4) seek any voluntary activities. (5) in the plan adjusted to meet market demand. 3. From a personal point of view, unemployment will lose a lot; salaries, and self-esteem, partners and friends. family members are consciously cut spending. Long-term unemployment will cause a decline in the level of consumption.