and demand
参考答案：（1）a（2）c（3）g（4）j（5）k（6）b（7）d（8）f（9）l（10）e
2.3 Fill in gaps with appropriate words from the box. There are three words you do not need to use.
appreciation evaluation denomination revaluation devaluation capital currency convertibility
(1) As political tensions mount, investor confidence in the euro will suffer, bringing about the _________________ needed to stop it falling apart.
(2) While benefiting from a widely accepted reserve _________________ the globalization also suffers from the flaws of such a system.
(3)As an important component part of foreign exchange management, authenticity management of current account has a close connection with RMB _________________ and reform of exchange rate forming mechanism.
(4) An even worse scenario for the US is that China remains the lowest-cost producer of some goods even after a 15 or 20 per cent __________________.
(5) Although many of its early graduates became ministers in Puritan congregations throughout New England, the college never formally affiliated with a specific religious _________________. 参考答案(1) devaluation (2) currency (3) convertibility (4) revaluation (5) denomination 2.4 True or False
（1）A common European currency is inevitable.
（2）Floating exchange rates were first introduced in 1953.
（3）There is often very little economic coordination between different countries. （4）A floating currency can either appreciate or devalued. （5）It is now impossible to exchange dollars for gold.
（6）Central banks sometimes attempt to decrease the value of their currency.
（7）Under the system of floating exchange rates, currencies can depreciate 100% in a short time. （8）Diverge means to move away from what is considered abnormal. （9）International speculators can be more powerful than governments. （10）Only a pegged currency can be devalued or revalued. 参考答案：（1）T（2）F（3）T（4）F（5）F（6）T（7）F（8）F（9）T（10）T
Part 3 Comprehensive Exercises
3.1 Filling in the blanks with the words in the box.
advancement exquisite abundant shape chapter continent growing rise joint long As the biggest ____________ on the earth, Asia takes up 60% of its population. It has _____________ resources, a _________ history and profound / magnificent and ____________ cultures. With its great changes and ____________ in the last century, Asia wrote a glorious __________ of its development and left a brilliant hallmark on the ___________ of human society. In recent years, thanks to the ____________ efforts of Asian countries, there has been a __________ awareness of regional cooperation, while a situation of healthy and mutually beneficial cooperation is taking ____________ . 参考答案(1) continent (2) abundant (3) long (4) exquisite (5) rise (6) chapter (7) advancement (8) joint (9) growing (10) shape
3.2 Translate the Chinese words into English.
(1) 管理的浮动汇率 a purchasing power parity (2) 购买力平价 b gold convertibility (3) 浮动汇率 c fixed exchange rate
(4) 固定汇率 d freely (or clean) floating exchange rate (5) 外汇管制 e exchange control
(6) 汇率体制 f managed (or dirty) floating exchange rate (7) 黄金的可兑换性 g floating exchange rate (8) 自由浮动汇率 h Federal Reserve Bank (9) 欧洲货币体系 I European Monetary System (10) （美国）联邦储备银行 j exchange rate mechanism 参考答案：（1）f （2）a （3）g （4）c （5）e （6）j （7）b （8）d （9）i （10）h
3.3 Filling the blanks according to the Chinese sentence.
(1) This clear monetary policy objective is _________ . (这个清晰的货币政策目标是通过联系汇率制度实现的)
(2) , now seems to be RMB against the U.S. dollar to close to the pegged exchange rate system hardware return. (在实现了3年汇率改革制度后，人民币现在似乎正在向对美元近乎硬盯住的汇率制度回归)
(3) I yearn to chat with you every day, ____ . (我多么渴望每天可以和妳聊天，因为只有妳有这个力量趋走我的忧郁)
(4) _________________________ , and different opinions on how models of democracy diverge. (这一部分给出很多关于民主如何分类的观点，以及民主模式如何产生分歧的不同看法)
答案：(1) achieved through the linked exchange rate system (2) In a 3-year exchange rate system reform (3) because only you have the power to chase my blues away (4) It offers a variety of viewpoints on how democracies can be classified
3.4 Sentence Translation.
(1)Between 1944 and 1971, many currencies were pegged against the US dollar, i.e. their parities with the US dollar were fixed.
(2)Today, the US dollars-the unofficial world currency –is merely a piece of paper on which is written “In God We Trust.” God, not gold!
(3)This has led to the current situation in which 95% of the world’s currency transactions are unrelated to transactions in goods but are purely speculative.
(4)For weeks, all the world’s financial institutions and rich individuals had been selling their pounds.
答案：(1)在1944~1971年之间，许多货币都与美元挂钩，即它们与美元的汇率是固定的。 (2)今天，美元—非官方的额世界货币—只不过是一张上面印有“我们信任上帝”的纸。上帝，而不是黄金。
(3)这已经导致目前世界货币交易中的95%与货物交易无关，而纯粹是投机性的局面。 (4)好几个星期以来，世界上所有的金融机构和有钱人一直在出售它们的英镑。
Unit 25 The business cycle
2.1 Choose the best word to fill in the gap.
(1) Tokyo has extended loan guarantees to smaller companies affected by the recession, but the JAL deal marks the first time during the ______________ that a major group will receive taxpayer backing for its debt.
A slump B recovery C boom D downsizing
(2) Therefore, money market usually in economic ______________ time manufacture froth, but in economic depression time aggravating decline.
A slump B recovery C boom D downswing
(3) The main reason is that during the economic ______________, the money stock is strongly endogenous, causing the money stock to go out of control by the central bank. A slope B recovery C boom D downswing
(4) Recent indicators point to a rebound of the world economy, largely due to the strength of the US______________.
A slump B recovery C boom D downswing
(5) The ground of human's social life is conflict rather than______________, and harmony is the basic condition that makes social cooperation possible.
A equality B recovery C equilibrium D balance
(6) While the country is in a relative______________, it can still live for a time off its fat. A depression B recovery C boom D downsizing
(7) He expects home sales to hit bottom this spring, housing starts to reach a nadir this summer, and house prices to ______________ in the spring of 2009. A trough B recovery C boom D rough
(8) China emerged the first ______________ of human productivity during Qinhan to Sui and Tang dynasties.
A trough B recovery C boom D peak
(9) Along with continuous ______________ of the Chinese family business enterprise scale, the problems of confidence appeared inside enterprise.
A expansion B recovery C extension D depression (10) The boy was _______________ the charge of stealing.
A cleared of B clear away C cleaned of D cleaned out (11) We are considering ______________ the production process.
A recognize B recognized C recognizing to recognize
(12) Rather than ________________ me, he simply got up early to wash the clothes himself. A disturb B disturbing C to disturb D disturbed
(13) How long did it take you to realize he was dishonest? I _______________ from the start. A looked him through B saw through him C look forward to him D saw him through (14) In the coming term she will _______________ the advanced class.
A take advantage of B take an account of C take charge of D take care of (15) The clouds have_______________ the sun.
A blocked in B blocked off C blocked out D blocked up
参考答案(1)A (2)C (3)D (4)B (5)C (6)A (7)A (8)D (9)A (10)A (11)C (12)A (13)B (14)C (15)C
2.2 Match the words 1-10 to their definitions A-L. There are two extra definitions you do not need to use.
（1）lay off a. a long-term economic state characterized by
unemployment and low prices and low levels of trade and investment
（2）depression b. spending on new machines, factories, and so on （3）mortgage c. to dismiss employees （4）rent d. money borrowed in order to buy a house or flat or
apartment
（5）output e. the act of decreasing (something) in size or
volume or quantity or scope （6）investment f. the amount of something produced by a company,
a country, and so on
（7）demographic g. money paid for the use of a house or flat owned
by somebody else
（8）austerity h. return to an original state
（9）recovery i. cause to fluctuate or move in a wavelike pattern （10）contraction j. concerning the number of births, deaths, population
movements, and so on
k. an absence of luxury and comfort l. go after with the intent to catch 参考答案：（1）c（2）a（3）d（4）g（5）f（6）b（7）j（8）k（9）h（10）e
2.3 Fill in gaps with appropriate words from the box. There are three words you do not need to use.
bankrupt austerity contraction premium assumption boom slump presume
(1) Under the _____________ that oil prices do not spike sharply higher from their already high levels, these long-run effects, though negative, should be manageable.
(2) Yet the new ______________ comes at a cost. Cutbacks in development and production mean studios will have fewer films to release when the recession ends.
(3) But amid growing talk that the first budding signs of recovery are emerging, a reduction in the year-on-year rate of economic _____________ can be considered a sign of progress.
(4) Back in the ______________, banks made loans to homeowners who did not have to prove their ability to pay, then quickly sold the loans to other companies.
(5) Reuters reported that a year-end, the United States mortgage in the field of risk into the global credit crisis, which led to the current world economic ______________, and may even fall into recession.
参考答案(1) assumption (2) austerity (3) contraction (4) boom (5) slump 2.4 True or False
（1）If the interest rate rise too high, people would increase their consumption.
（2）A country’s output is depend on millions of decisions by consumers and industrialists on
whether to spend, borrow or save.
（3）Companies will have to increase investment or the size of the woke force if labor costs
increase too much.
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