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Market prices may move up or down （or remain the same)in response to a host of factors cau

Market prices may move up or down (or remain the same)in response to a host of factors causing shifts in supply (the whole supply curve) or demand (the whole demand curve) or both together.

Bad weather makes prices go up--not just the prices of agricultural products, but of a great many other goods ranging from steel to nightgowns--because of interruptions in production, breakdowns in transportation, power failures, etc.

Changes in technology cause shifts in supply curves; a more efficient way of making transistors bring down the prices of calculators, computers, radios, television sets, record players, recorders. Increases in the scale of production, as we have seen, often bring down certain production prices.

Shrinking. oil and mineral reserves contract supply, and prices move up. "Diseconomies" resulting from shrinking scales of production, as when the market for handmade pocket books, horse-drawn carriage, grandfather clocks, custom tailoring, and handmade furniture contracts, push up the price of such products not only absolutely, but relatively far above what they were in the old days, when skilled labor was cheaper and more abundant.

With which of the following topics is the author primarily concerned？

A．The effects of climate on the economy.

B．The relation between market prices and technological change.

C．The effect of shifts in supply and demand on market prices.

D．The increasing cost of skilled labor.

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更多“Market prices may move up or d…”相关的问题

第1题

Which of the following is least likely a reason that floating rate bonds may trade at prices different from their par values:

A．A time lag exists between the rate change in the market and the time when the coupon rate is reset

B．The fixed quoted margin on the floating rate security may differ from the margin required by the market

C．Resetting interest rates makes floating rate bonds more susceptible to price risk than results from changing interest rates

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第2题

A market is commonly thought of as a place where commodities are bought and sold. Thus fru

it and vegetables are sold wholesale at Covent Garden Market and meat is sold wholesale at Smithfield Market. But there are markets for things 【21】______ commodities, in the usual sense. There are 【22】______ estate markets, foreign exchange markets, labor markets, short-term capital markets, and so on; there may be a market for anything which has a price. And there may be no particular place 【23】______ dealings are confined. Buyers and sellers may be 【24】______ over the whole world and instead of actually meeting together in a market-place they may deal with one another 【25】______ telephone, telegram, cable or letter. 【26】______ dealings are 【27】______ to a particular place, the dealers may consist wholly or in part of agents 【28】______ instructions from clients far away. Thus agents buy meat at Smithfield 【29】______ retail butchers all over England; and 【30】______ on the London Stock Exchange buy and sell 【31】______ on instructions from clients all over the world. We must therefore define a market 【32】______ any area over which buyers and sellers are 【33】______ such close touch with one another, either directly or 【34】______ dealers, that the prices 【35】______ in one part of the market affect the prices paid in other parts.

Modem means of communication are so rapid that a buyer can discover 【36】______ asking, and can accept it if he wishes, 【37】______ he may be thousands of miles away. Thus the market for anything is 【38】______ . the whole world. But in fact things have, normally, only a local or national market.

This may be because nearly the whole demand is concentrated 【39】______ one locality. These special local demands, 【40】______ , are of quite minor importance. The main reason why many things do not have a world market is that they are costly or difficult to transport.

【21】

A．nothing other than

B．other than

C．more than

D．less than

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第3题

In the foreign exchange market, which is made up of banks'traders and brokers, prices（61)

In the foreign exchange market, which is made up of banks' traders and brokers, prices (61) every minute (62) to supply and demand. For safety's sake, a branch will get a rate from their traders for a big transaction. Therefore the traders give their branches lists of exchange rates (63) they may buy and sell notes and payments in the main currencies.

Whenever a bank in Britain makes a payment in foreign currency, or makes a payment in sterling to a non-resident, the payment has first to (64) under British exchange control regulations. The bank itself can usually authorize the payment after seeing a document such as an invoice to show that the payment is due; but cases (65) borrowing and lending have to be referred to the Bank of England.

(46)

A．alter

B．vary

C．turn

D．convert

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第4题

Assume an industry exhibits tendencies of “regression toward the mean.” This could mean all of the

Laura James is the head portfolio manager for National Fund, a U.S. based mutual fund with a well-respected track record. National’s primary focus is on large-cap domestic equities, and the fund has consistently posted highreturns relative to its peer group over the past seven years. Much of National’s recent success is from itsinvestments in the U.S. automobile industry, which have posted extraordinary returns due to a favorable economic scenario. Over the past seven years, the U.S. economy has been expanding, foreign competition has not met consumer expectations, and oil prices have remained low. These factors have contributed to an increase in market share for the domestic producers (at the expense of foreign competitors), and the result has been strong earnings for the top U.S. automakers.

Ford Motor Company, in particular, has enjoyed tremendous success in this environment. Ford has capitalized on the trend toward bigger vehicles, particularly sport utility vehicles (SUVs), and has outperformed the other domestic auto makers. Ford jumped on the SUV bandwagon early, and established its dominance. Other domestic auto makers followed, with foreign producers being the last to embrace the trend. Ford, has increased its market share in an increasingly competitive industry.

James is constantly reviewing economic forecasts and industry data in order to assess the expected performance of the investments in National’s portfolio. Due to changes in economic policy and recent volatility in energy prices, James now believes that current market conditions exhibit signs of contraction (recession). In addition, the automobile sector may be facing additional negative factors. In particular, James has concerns regarding the SUV segment of the automobile industry. Although she believes they will remain popular, she is concerned that the market may be reaching a point of saturation. In addition, volatile energy prices may dampen consumers’ enthusiasm for large vehicles. Lastly, foreign competitors have increased efforts toward the production of SUVs, thus “crowding” the market with many new models.

Part 1)

Assume an industry exhibits tendencies of “regression toward the mean.” This could mean all of the followingEXCEPT:

A)profits are high and competition increases from other firms in the industry.

B)profits increase as firms enter the industry.

C)profits are low and firms flee the industry.

D)prices could increase or decrease depending on the level of profits.

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第5题

Suppose instead that Ford’s growth of firm sales is expected to be –3% and the growth of industry

Laura James is the head portfolio manager for National Fund, a U.S. based mutual fund with a well-respected track record. National’s primary focus is on large-cap domestic equities, and the fund has consistently posted highreturns relative to its peer group over the past seven years. Much of National’s recent success is from itsinvestments in the U.S. automobile industry, which have posted extraordinary returns due to a favorable economic scenario. Over the past seven years, the U.S. economy has been expanding, foreign competition has not met consumer expectations, and oil prices have remained low. These factors have contributed to an increase in market share for the domestic producers (at the expense of foreign competitors), and the result has been strong earnings for the top U.S. automakers.

Ford Motor Company, in particular, has enjoyed tremendous success in this environment. Ford has capitalized on the trend toward bigger vehicles, particularly sport utility vehicles (SUVs), and has outperformed the other domestic auto makers. Ford jumped on the SUV bandwagon early, and established its dominance. Other domestic auto makers followed, with foreign producers being the last to embrace the trend. Ford, has increased its market share in an increasingly competitive industry.

James is constantly reviewing economic forecasts and industry data in order to assess the expected performance of the investments in National’s portfolio. Due to changes in economic policy and recent volatility in energy prices, James now believes that current market conditions exhibit signs of contraction (recession). In addition, the automobile sector may be facing additional negative factors. In particular, James has concerns regarding the SUV segment of the automobile industry. Although she believes they will remain popular, she is concerned that the market may be reaching a point of saturation. In addition, volatile energy prices may dampen consumers’ enthusiasm for large vehicles. Lastly, foreign competitors have increased efforts toward the production of SUVs, thus “crowding” the market with many new models.

Part 4)

Suppose instead that Ford’s growth of firm sales is expected to be –3% and the growth of industry sales is 1%. What is Ford’s expected change in market share？

A)3%.

B)-3%.

C)-4%.

D)4%.

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第6题

How would the auto industry most likely be affected by the business cycle？ The industry is most likely to

Laura James is the head portfolio manager for National Fund, a U.S. based mutual fund with a well-respected track record. National’s primary focus is on large-cap domestic equities, and the fund has consistently posted highreturns relative to its peer group over the past seven years. Much of National’s recent success is from itsinvestments in the U.S. automobile industry, which have posted extraordinary returns due to a favorable economic scenario. Over the past seven years, the U.S. economy has been expanding, foreign competition has not met consumer expectations, and oil prices have remained low. These factors have contributed to an increase in market share for the domestic producers (at the expense of foreign competitors), and the result has been strong earnings for the top U.S. automakers.

Ford Motor Company, in particular, has enjoyed tremendous success in this environment. Ford has capitalized on the trend toward bigger vehicles, particularly sport utility vehicles (SUVs), and has outperformed the other domestic auto makers. Ford jumped on the SUV bandwagon early, and established its dominance. Other domestic auto makers followed, with foreign producers being the last to embrace the trend. Ford, has increased its market share in an increasingly competitive industry.

James is constantly reviewing economic forecasts and industry data in order to assess the expected performance of the investments in National’s portfolio. Due to changes in economic policy and recent volatility in energy prices, James now believes that current market conditions exhibit signs of contraction (recession). In addition, the automobile sector may be facing additional negative factors. In particular, James has concerns regarding the SUV segment of the automobile industry. Although she believes they will remain popular, she is concerned that the market may be reaching a point of saturation. In addition, volatile energy prices may dampen consumers’ enthusiasm for large vehicles. Lastly, foreign competitors have increased efforts toward the production of SUVs, thus “crowding” the market with many new models.

Part 6)

How would the auto industry most likely be affected by the business cycle？ The industry is most likely to:

A)lead the business cycle.

B)not be affected.

C)perform. best during boom times.

D)perform. well during recovery.

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第7题

In a recessionary environment, an automaker such as Ford would be expected to:

Laura James is the head portfolio manager for National Fund, a U.S. based mutual fund with a well-respected track record. National’s primary focus is on large-cap domestic equities, and the fund has consistently posted highreturns relative to its peer group over the past seven years. Much of National’s recent success is from itsinvestments in the U.S. automobile industry, which have posted extraordinary returns due to a favorable economic scenario. Over the past seven years, the U.S. economy has been expanding, foreign competition has not met consumer expectations, and oil prices have remained low. These factors have contributed to an increase in market share for the domestic producers (at the expense of foreign competitors), and the result has been strong earnings for the top U.S. automakers.

Ford Motor Company, in particular, has enjoyed tremendous success in this environment. Ford has capitalized on the trend toward bigger vehicles, particularly sport utility vehicles (SUVs), and has outperformed the other domestic auto makers. Ford jumped on the SUV bandwagon early, and established its dominance. Other domestic auto makers followed, with foreign producers being the last to embrace the trend. Ford, has increased its market share in an increasingly competitive industry.

James is constantly reviewing economic forecasts and industry data in order to assess the expected performance of the investments in National’s portfolio. Due to changes in economic policy and recent volatility in energy prices, James now believes that current market conditions exhibit signs of contraction (recession). In addition, the automobile sector may be facing additional negative factors. In particular, James has concerns regarding the SUV segment of the automobile industry. Although she believes they will remain popular, she is concerned that the market may be reaching a point of saturation. In addition, volatile energy prices may dampen consumers’ enthusiasm for large vehicles. Lastly, foreign competitors have increased efforts toward the production of SUVs, thus “crowding” the market with many new models.

Part 2)

In a recessionary environment, an automaker such as Ford would be expected to:

A)produce more higher end vehicles.

B)maintain the same product mix as 5 years ago.

C)gain market share if it produces high end vehicles.

D)produce more lower end vehicles.

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第8题

Translation

The market for manufactured goods is what economists call “imperfect, ” because each company has its own style, and its own reputation; and all of the arts of advertisement and salesmanship are devoted to making it even more imperfect by attracting buyers to particular brand names. Even small businesses that depend upon outside channels of retail distribution may have the final say in what prices they will charge, and great corporations can differentiate their goods in order to create demand for them.

In this type of market, supply normally is very elastic. In the long run, as well as in

the short, supply is responsive to demand in the market for manufactures. It is easier to change the composition of a firm's output than it is to change the production of a mine or a plantation. And when changes in demand are not too rapid, gross profits from one plant can be siphoned off (抽走、转移钱)and invested in something quite different. When business is good, moreover, there is continual new investment so that productive capacity is adapted to meeting changing requirements. Workers themselves may not even be aware of changes in the final commodities to which their work contributes, and the level of wages for any grade of factory labor is very little affected by the fortunes of a particular market.

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第9题

Passage 2

International trade is the exchange of goods and services between countries. It gives consumers and countries the opportunity to be exposed to goods and services not available in their own countries. Almost every kind of product can be found on the international market：food, clothes, spare parts, oil, jewelry, wine, stocks, currencies and water. Services are also traded： tourism, banking, consulting and transportation. A product that is sold to the global market is an export, and a product that is bought from the global market is an import.

International trade can benefit us a lot. Trading globally allows us to expand our markets for both goods and services that otherwise may not have been available to us. If you walk into a supermarket and are able to buy Indonesian bananas, Brazilian coffee and a bottle of French wine, you are experiencing the effects of international trade.

International trade brings US both advantages and disadvantages. For instance, international trade may also make the world economy easily affected by factors like prices,supply and demand, as well as global events. Political change in As a, for example, could result in an increase in the cost of labor, thereby increasing the manufacturing costs for an American sneaker company based in Malaysia, which would then result in an increase in the price that you have to pay to buy the tennis shoes at your local mall. A decrease in the cost of labor, on the other hand, would result in you having to pay less for your new shoes.

26.International trade exchanges goods and services between different countries and regions.

27.Every kind of goods and services can be found on the global market.

28.A product that is bought from the global market is an export.

29.International trade may easily affect world economy.

30.Political change in one country has nothing to do with international trade.

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