大学四级-823及答案解析.doc
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1、大学四级-823 及答案解析(总分:710.00,做题时间:90 分钟)一、Part Writing(总题数:1,分数:103.00)1.我们的生活离不开网络 2网络也会给我们带来负面的影响 3我们应该如何正确使用网络(分数:103.00)_二、Part Reading Compr(总题数:1,分数:70.00)Exchange Rates:A Brief History of Exchange RatesFor centuries,the currencies of the world were backed by goldThat is,a piece of paper currency
2、issued by any world government represented a real amount of gold held in a vault by that governmentIn the 1930s,the U.S.set the value of the dollar at 8 single,unchanging level:l ounce of gold was worth $35After World War II,other countries based the value of their currencies on the U.S.dollarSince
3、everyone knew how much gold a U.S.dollar was worth,then the value of any other currency against the dollar could be based on its value in goldA currency worth twice as much gold as a U.S.dollar was,therefore,also worth two U.S.dollars Unfortunately,the real world of economics outpaced this systemThe
4、 U.S.dollar suffered from inflation(its value relative to the goods it could purchase decreased),while other currencies became more valuable and more stableFinally,in 1971,the U.S.took away the gold standard altogetherThis meant that the dollar no longer represented an actual amount of a precious su
5、bstance-market forces alone determined its value Today,the U.S.dollar still dominates many financial marketsIn fact,exchange rates are often expressed in terms of U.S.dollarsCurrently,the U.S.dollar and the euro account for approximately 50 percent of all currency exchange transactions in the worldA
6、dding British pounds,Canadian dollars,Australian dollars,and Japanese yen to the list accounts for over 80 percent of currency exchanges altogether Methods of Exchange:the Floating Exchange Rate There are two main systems used to determine a currencys exchange rate:floating currency and pegged curre
7、ncyThe market determines a floating exchange rateIn other words,a currency is worth whatever buyers are willing to pay for itThis is determined by supply and demand,which is in turn driven by foreign investment,import/export ratios,inflation,and a host of other economic factors Generally,countries w
8、ith mature,stable economic markets will use a floating systemVirtually every major nation uses this system,including the U.S.,Canada and Great BritainFloating exchange rates are considered more efficient,because the market will automatically correct the rate to reflect inflation and other economic f
9、orces The floating system isnt perfect,thoughIf a countrys economy suffers from instability,a floating system will discourage investmentInvestors could fall victim to wild swings in the exchange rates,as well as disastrous inflation Methods of Exchange:the Pegged Exchange Rate A pegged,or fixed syst
10、em,is one in which the exchange rate is set and artificially maintained by the governmentThe rate will be pegged to some other countrys dollar,usually the U.S.dollarThe rate will not fluctuate from day to day A government has to work to keep their pegged rate stableTheir national bank must hold larg
11、e reserves of foreign currency to mitigate changes in supply and demandIf a sudden demand for a currency was to drive up the exchange rate,the national bank would have to release enough of that currency into the market to meet the demandThey can also buy up currency if low demand is lowering exchang
12、e rates Countries that have immature,potentially unstable economies usually use a pegged systemDeveloping nations can use this system to prevent out-of-control inflationThe system can backfire,however,if the real world market value of the currency is not reflected by the pegged rateIn that case,a bl
13、ack market may spring up,where the currency will be traded at its market value,disregarding the governments peg When people realize that their currency isnt worth as much as the pegged rate indicates,they may rush to exchange their money for other,more stable currenciesThis can lead to economic disa
14、ster,since the sudden flood of currency in world markets drives the exchange rate very lowSo if a country doesnt take good care of their pegged rate,they may find themselves with worthless currencyMethods of Exchange:Hybrids In reality,few exchange rate systems are 100 percent floating,or 100 percen
15、t pegged.Countries using a pegged rate can avoid market panics and inflationary disasters by using a floating pegThey peg their rate to the U.S.dollar,and that rate doesnt fluctuate from day to dayHowever,the government periodically reviews their peg,and makes minor adjustments to keep it in line wi
16、th the true market value。 Floating systems arent really left to the mercy of market forces,eitherGovernments using floating exchange rates make changes to their national economic policy that can affect exchange rates,directly or indirectly。Tax cuts,changes to the national interest rate,and import ta
17、riffs can all change the value of a nations currency,even though the value technically floats The Euro On January 1,2002,the euro became the single currency of 12 member states of the European Union-making it the second largest currency in the world(the U.S.dollar being the largest)This was,to date,
18、the largest currency event in the history of the world;twelve national currencies completely disappeared and were replaced by the euro。 Although the euro is fundamentally a tool to enhance political solidarity,it also has the economic effect of unifying the economies of participating countriesSome o
19、f the euros advantages,in regard to economics,include: Elimination of exchange-rate fluctuations-the euro eliminates the fluctuations of currency values across certain borders Transaction costs-tourists and others who cross several borders during the course of a trip had to exchange their money as t
20、hey entered each new country。The costs of MI of these exchanges added up significantlyWith the euro,no exchanges are necessary within the Euroland countries Increased trade across borders-the price transparency,elimination of exchange-rate fluctuations,and the elimination of exchange-transaction cos
21、ts all contribute to an increase in trade across borders of all the Euroland countries。 Increased cross-border employment-with a single currency,it is less cumbersome for people to cross into the next country to work,because their salary is paid in the same currency they use in their own country(分数:
22、70.00)(1)._,other countries based the value of their currencies on the U.S.dollar.(分数:7.00)A.After World War IB.After World Wat IIC.In 1930sD.In 1960s(2).The abolition of the gold standard in U.S.was resulted from_。(分数:7.00)A.the decline of the purchasing power of the U.S.dollarB.policy of deflation
23、C.the decreased value of goldD.the Depression(3).The use of a floating system of foreign exchange is usually supported_(分数:7.00)A.by a mature,potentially unstable economyB.by a immature but stable economyC.by a mature and stable economyD.by a immature,potentially unstable economy(4).According to the
24、 author,a pegged system of foreign exchange_(分数:7.00)A.is efficientB.is better than a floating systemC.does change from day to dayD.does not fluctuate from day to day(5).In a fixed system,the government must_if there is a sudden demand for one currency to keep the system stable(分数:7.00)A.sell enough
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- 大学 823 答案 解析 DOC
