商務英語LCCIEB書 課后題答案

UNIT11.Whydidthemercantilistsencourageexportandrestrictimport?Becausetheirbasicargumentwasthatitwasinacountry’sbestintereststomaintainatradesurplus,toexportmorethanitimported.Bydoingso,acountrywouldaccumulategoldandsilverand,consequently,increaseitsnationalwealthandprestige.2．Whatdothetheoryofabsoluteadvantageandthatofcomparativeadvantagehaveincommon?答題緊扣以下三點：specializationpositive-sumgameencourage由于此題涉及面較多，要求大家自己找supportingdetails3.AccordingtoRocardo,wouldacountrypurchasegoodthatitcouldproducemoreefficientlyathomethaninothercountries?Whyorwhynot?此題答題點在于闡述comparativeadvantage,需要大家從p.3comparativeadvantage下面兩段抽取有用信息。5．HowdoestheexplanationofcomparativeadvantageputforwardbyHeckscherandBertilOhlindifferfromthatofferedbyDavidRicardo？Ricardohimselfplacedparticularstressonlaborproductivityandarguedthatdifferencesinlaborproductivitybetweennationsunderliethenotionofcomparativeadvantage.HeckscherandBertilOhlinarguedthatcomparativeadvantagearisesfromdifferencesinnationalfactorendowments.6.Accordingtoproductlife-cycletheory,inwhatcircumstancesdoesacountrytendtoswitchfrombeinganexporterofaproducttoanimporterofaparticularproduct?Answer:Asthemarketintheadvancedcountriesmatures,theproductbecomesmorestandardized,andpricebecomesthemaincompetitiveweapon.Asthisoccurs,costconsiderationsstarttoplayagreaterroleinthecompetitiveprocess.TotaketheUSasanexample,oneresultisthatproducersbasedinadvancedcountrieswherelaborcostsarelowerthanintheUnitedStatesmightnowbeabletoexporttotheUS.10.Whyarethetheoriesofinternationaltradeimportanttoanindividualbusinessfirminitsinternationalmarketingactivities?Locationimplications:Fromaprofitperspective,itmakessenseforafirmtodisperseitsvariousproductiveactivitiestothosecountrieswhere,accordingtothetheoryofinternationaltrade,theycanbeperformedmostefficiently.First-moverimplications:Accordingtothenewtradetheory,firmsthatestablishafirst-moveradvantagewithregardtotheproductionofaparticularnewproductmaysubsequentlydominateglobaltradeinthatproduct.Thisisparticularlytrueinthoseindustrieswheretheglobalmarketcanonlyprofitablysupportahandfuloffirms.Fortheindividualfirm,theclearmessageisthatitpaystoinvestsubstantialfinancialresourcesintryingtobuildafirst-moveradvantage,evenifthatmeansseveralyearsofsubstantiallossesbeforeanewventurebecomesprofitable.Policyimplications:Businessfirmscananddoexertastronginfluenceongovernmenttradepolicy.Bylobbyinggovernment,businessfirmscanhelppromotefreetrade,ortheycanpromotetraderestrictions.Finally,Porter'stheoryofnationalcompetitiveadvantagealsocontainsimportantpolicyimplications.Thus,accordingtoPorter,businessesshouldurgegovernmenttoincreaseitsinvestmentineducation,infrastructure,andbasicresearchandtoadoptpoliciesthatpromotestrongcompetitionwithindomesticmarkets.Unit28.Towhichkindofexportersiscountertradelessattractive?Smallandmedium-sizedorlargediversemultinationalenterprises?Andwhy?Theoptionofcountertradeismostattractivetolarge,diverse,multinationalenterprisesthatcanusetheirworldwidenetworkofcontractstodisposeofgoodsacquiredincountertrading.Ontheotherhand,unlessthereisnoalternative,smallandmedium-sizedexportersshouldprobablytrytoavoidcountertradedealsifpossible,sincetheylacktheworldwidenetworkofoperationsthatmayberequiredtoprofitablyutilizeordisposeofgoodsacquiredthroughthem.9.Howdoseoffsetdifferfromcounterpurchase?Offsetissimilartocounterpurchaseinsofarasonepartyagreestopurchasegoodsandserviceswithaspecifiedpercentageoftheproceedsfromtheoriginalsale.Thedifferenceisthatthispartycanfulfilltheobligationwithanyfirminthecountrytowhichthesaleisbeingmade.10.Whatarethedrawbacksofcountertradearrangements?Otherthingsbeingequal,allfirmswouldprefertobepaidinhardcurrency.Countertradecontractsmayinvolvetheexchangeofunusableorpoor-qualitygoodsthatthefirmcannotdisposeofprofitably.Inaddition,evenifthegoodsitreceivesareofhighquality,thefirmstillneedstodisposeofthemprofitably.Todothis,countertraderequiresthefirmtoinvestinanin-housetradinganddepartmentdedicateddeals.Thisinitselfcanbeexpensiveandtimeconsuming.Unit31.Whatarethemajornon-exportmodesofentryintoforeignmarkets?Licensing,contractingandjointventure8.Whataretheadvantagesofcontractmanufacturing?1.Itrequiresminimuminvestmentofcash,timeandexecutivetalent---particularlydesirablewherethemarketisrisky---andpermitsrapidentryintoanewmarket.2.Itgivescontrolovermarketingandafter-salesserviceandprotectsatrademark3.Itavoidscurrencyrisksandfinancingproblems4.Itisparticularlydesirablewherealocalproductionbaseisneeded(thatis,insidetightcontrolsorhightariffbarriers,orwherethegovernmentrequireslocalmanufacturer)butthesizeofthemarketdoesnotwarrantaninvestment.5.Itallowslabelingaproductas“l(fā)ocallymade”,whichisbeneficialwherenationalisticfeelingsarestrong.Itavoidsintracorporatepricingproblemsthatcanarisewithasubsidiary,foreignbranch,orjointventure.Unit44.WhydomanyfirmspreferhorizontalFDIorlicensingoverexporting?TransportationCostFortheaspectofexporting,thetransportationcostneedtobeaddedtoproductioncost,itbecomesunprofitabletoshipsomeproductsoveralargedistance.Thisisparticularlytrueofproducesthathavealowvaluetoweightratioandwhichcanbeproductioninalmostanylocation（e.g.cement,softdrinks,etc）.Forsuchproducts,relativetoeitherFDIorlicensing,theattractivenessofexportingdecreases.ImpedimentstoExportingGovernmentarethemainsourcesofimpedimenttothefreeflowofproductsbetweennations.Byplacingtariffsonimportedgoods,governmentscanincreasethecostofexportingrelativetoFDIandlicensing.Similarly,bylimitingimportsthroughtheimpositionofquotas,governmentsincreasetheattractivenessofFDIandlicensing.FollowingCompetitorsManyfirmspreferFDIbecauseduringtheprocessofdoingbusiness,therewouldbeasituation—oligopoly.Insucholigopolyindustriesacriticalcompetitivefeatureisinterdependenceofthemajorplayers:whatonefirmdoescanhaveanimmediateimpactonthemajorcompetitors,forcingaresponseinkind.ThereissomeevidencethattheseimitativebehaviorsleadtoFDI.ProductLifeCycleVernon’sviewisthatfirmsundertakeFDIatparticularstagesinthelifecycleofaproducttheyhavepioneered.Theyinvestinotheradvancedcountrieswhenlocaldemandinthosecountriesgrowslargeenoughtosupportlocalproduction(asXeroxdid).Theysubsequentlyinvestindevelopingcountrieswhenproductstandardizationandmarketsaturationgiverisetopricecompetitionandcostpressures.8.WhatisbackwardverticalFDI?BackwardverticalFDIisaninvestmentintoanindustryabroadthatprovidesinputsforafirm’sdomesticproductionprocesses.Q9:Accordingtothemarketpowerarguments,whydofirmsgoallthetroubleandexpenseofsettingupoperationsinforeigncountries?1oneaspectofmarketpowerargumentisthatfirmsundertakeverticalFDItolimitcompetitionandstrengthentheircontroloverthemarket.Themostcommonargumentisthatbyverticallyintegratingbackwardtogaincontroloverthesourceofraw-materialinputs,afirmcaneffectivelyshutnewcompetitoroutofanindustry.SuchastrategyinvolvesFDIonlybecausetheraw-materialinputsarefoundabroad.2AnotherstrandofmarketpowerexplanationofverticalFDIseessuchinvestmentnotasanattempttobuildentrybarriers,butasanattempttocircumventthebarriersestablishedbyfirmsalreadydoingbusinessinacountry.Q10:WhatarethetwoexplanationsforverticalFDIofferedbythemarketimperfectionsargument?1however,aswesawinthecaseofhorizontalFDI,licensingcanbeself-defeatingasamechanismforthesaleofknow-how.Iftheoilrefiningfirmshadlicensedtheirprospectingandextractionknow-howtoSaudiArabianorKuwaitifirms,theywouldhaveriskedgivingawaytheirtechnologicalknow-howtothosefirms,creatingfuturecompetitorsintheprocess.2AnotherstrandofthemarketimperfectionsargumentpredictsthatverticalFDIwilloccurwhenafirmmustundertakeinvestmentinspecializedassetswhosevalueisdependentuponinputsprovidedbyaforeignsupplier.Inthiscontext,aspecializedassetisanassetdesignedtoperformaspecifictask,andwhosevalueissignificantlyreducedinitsnext-bestuse.Unit65.Whatarethepointsinfavorofafloatingexchangerateclaim?Thecaseforfloatingexchangerateshastwomainelements:monetarypolicyautonomyandtradebalanceadjustment.Ithinkthatafloatingexchangerateregimegivescountriesmonetarypolicyautonomywhichwillgivemonetarycontroltoagovernment.Agovernmentcouldusemonetarypolicytocontractorexpandtheeconomytodealwiththeproblemsitfaceswithoutworryingabouttheneedtomaintainparity.Theadjustmentmechanismworksmuchmoresmoothlyunderafloatingexchangerateregimebecauseifacountryisrunningatradedeficit,theimbalancebetweenthesupplyanddemandofthatcountry’scurrencyintheforeignexchangemarketswillleadtodepreciationinitsexchangerate.Inturn,bymakingitsexportscheaperanditsimportsmoreexpensive,anexchangeratedepreciationshouldultimatelycorrectthetradedeficit.6.Listthefourargumentsthatthecaseforafixedexchangerateregimeclaims.1)MonetaryDisciplineItmaintainsafixedexchangerateparityensuresthatgovernmentsdomotexpandtheirmoneysuppliesatinflationaryrates.Anditadvocatesoffixedratesarguethatgovernmentsalltoooftengiveintopoliticalpressuresandexpandthemonetarysupplyfartoorapidly,causingunacceptablyhighpriceinflation.Afixedexchangerateregimewillensurethatthisdoesnotoccur.2)SpeculationCriticsoffloatingexchangerateregimealsoarguethatspeculationcancausefluctuationsinexchangerates.Theypointtothedollar'srapidriseandfallduringthe1980s,whichtheyclaimhadnothingtodowithcomparativeinflationratesandtheU.S.Tradedeficit,buteverythingtodowithspeculation.Thus,advocatesoffixedexchangerateregimearguethatsuchasystemwilllimitthedestabilizingeffectsofspeculation.3)UncertaintySpeculationalsoaddstotheuncertaintysurroundingfuturecurrencymovementsthatcharacterizesfloatingexchangerateregimes.Theyarguethatafixedexchangerate,byeliminatingsuchuncertainty,promotesthegrowthofinternationaltradeandinvestment.4)TradeBalanceAdjustmentsThoseinfavoroffloatingexchangeratesarguethatfloatingrateshelpadjusttradeimbalances.Criticsquestiontheclosenessofthelinkbetweentheexchangerateandthetradebalance.Theyclaimtradedeficitsaredeterminedbythebalancebetweensavingsandinvestmentinacountry,notbytheexternalvalueofitscurrency.Moreover,theyarguethatadepreciationinacurrencywillleadtoinflation.10.Underpresentmanaged-floatsystem,howwouldacompanyrespondstothevolatilityofexchangerates?1)CurrencyManagementAnobviousimplicationwithregardtocurrencymanagementisthatthecurrentsystemisamanaged-floatsysteminwhichgovernmentinterventioncanhelpdrivetheforeignexchangemarket.Companiesengagedinsignificantforeignexchangeactivitiesneedtobeawareofthisandtoadjusttheirforeignexchangetransactionsaccordingly.Asecondmessagecontainedinthischapteristhatunderthepresentsystemspeculativebuyingandsellingofcurrenciescancreateveryvolatilemovementsinexchangerates.2)BusinessStrategyThevolatilityofthepresentfloatingexchangerateregimesuggeststhatoneresponsemightbetobuildstrategicflexibility.Disperseproductiontodifferentlocationsaroundtheglobeasahedgeagainstcurrencyfluctuations.Antherwayofbuildingstrategicflexibilityinvolvescontractingoutmanufacturing.Thisallowsacompanytoshiftsuppliersfromcountrytocountryinresponsetoshiftsinrelativecostsbroughtaboutbyexchangeratemovements.TheroleoftheIMFandtheWorldBankinthepresentinternationalmonetarysystemalsohasimplicationsforbusinessstrategy.Internationalbusinessessellingorproducinginsuchcountriesneedtobeawareofthisandplanaccordingly.3)Corporate-GovernmentRelationsBusinessescaninfluencegovernmentpolicytowardtheinternationalmonetarysystem.Businesscanandshoulduseitsinfluencetopromoteaninternationalmonetarysystemthatfacilitatesthegrowthofinternationaltradeandinvestment.Unit71.Whataretheimportanceofdemandchainthinking?Theimportanceofdemandchainthinkingisthatitbelievesthatthecompanywouldbemoreeffectivebyconsideringitstargetmarket’srequirementfirstandthenplan,implement,andcontrolthephysicalflowsofmaterialsandfinalgoodsfrompointsoforigintopointsofusetomeetcustomerrequirementsasaprofit.4.Whatdoesthejust-in-timeproductionmethodsexpectofsupplies?Why?Just-in-timeproductionconsistsofarrangingforsuppliestocomeintothefactorytheratethattheyareneeded.Ifthesuppliesaredependable,thenthemanufacturercancarrymuchlowerlevelofinventoryandstillmeetcustomer-order-fulfillmentstandards.5.Whataretheremarkabledifferencesbetweenstoragewarehousesanddistributionwarehouses?Storagewarehousesstoregoodsformoderate-to-longperiodsoftime.Distributionwarehousesreceivegoodsfromvariouscompanyplantsandsuppliersandmovethemoutassoonaspossible.7.Inwhatwaycanacompanyachievemarket-logisticsefficiency?Thestartingpointistostudywhatcustomersrequiredandwhatcompetitorsareoffering.Customersareinterestedinon-timedelivery,supplierwillingnesstomeetemergencyneeds,carefulhandlingofmerchandise,supplierwillingnesstotakebackdefectedgoodsandresupplythemquickly.Thecompanymustthenresearchtherelativeimportanceoftheseserviceoutputs.Thecompanymustalsoconsidercompetitors’servicestandard.Thecompanyultimatelyhastoestablishsomepromisetothemarket.Unit81.Whatarethebasesforthelegalsystemsofthecountriesoftheworld?Thebasesforcommonlawistradition,pastpractices,andlegalpractices,andlegalprecedentsetbythecourtsthroughinterpretationsofstatutes,legallegislation,andpastrulings.Commonlawseeks“interpretationsthroughthepastdecisionsofhighercourtswhichinterpretthesamestatutesorapplyestablishedandcustomaryprinciplesoflawtoasimilarsetoffact.Codelawisbasesonanall-inclusivesystemofwrittenrules(codes)oflaw,Undercodelaw,thelegalsystemisgenerallydividedintothreeseparatecodes:commerci