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1、精选优质文档-倾情为你奉上专业英语汇总1. How to define the aggregate(集合) price level? 如何衡量价格指数？Three measures of the aggregate price level are commonly encountered in economic data. (1)The first is the GDP deflator（difleit） (GDP平减指数), which is defined as nominal GDP divided by real GDP. (2)Another popular measure of t
2、he aggregate price level is the Producer Price Index (生产者价格指数) which is a measure of the cost of a basket of goods and services bought by firms.(3) The measure of the aggregate price level that is most frequently reported in the press is the Consumer Price Index (消费者价格指数), which is measured by prici
3、ng a basket of goods and services bought by a typical urban household.2. Whats the disadvantage and advantage of holding equity rather than debt? 持有股权的优劣？(1)The main disadvantage of owning a corporations equities rather than its debt is that an equity holder is a residual rzdjl claimant (剩余求偿权), tha
4、t is, the corporation must pay all its debt holders before it pays its equity holders . (2)The main advantage of holding equities is that equity holders benefit directly from any increases in the corporations profitability ,prftblti or asset value because equities confer ownership rights on the equi
5、ty holders. Debt holders do not share in this benefit, because their payments are fixed.3. Whats the difference between primary and secondary market? 一级市场与二级市场的区别？(1)A primary market is a financial market in which new issues of a security, such as a bond or a stock, are sold to initial buyers by the
6、 corporation or government agency borrowing the funds.(2)A secondary market is a financial market in which securities that have been previously issued can be resold.4. Whats the difference between foreign bond and Eurobond? 外国债券和欧洲债券的区别？(1)Foreign bonds are sold in a foreign country and are denomina
7、ted in that countrys currency. For example, a bond issued by a Chinese company denominated in U.S. dollars sold in New York.(2)Eurobond is a bond denominated in a currency other than that of the country in which it is sold. For example, a bond denominated in U.S. dollars sold in China.5. Whats asset
8、 transformation and diversification？资产转换和分散化(1)Financial intermediaries create and sell assets with risk characteristics that people are comfortable with, and the intermediaries then use the funds they acquire by selling these assets to purchase pts other assets that may have far more risk. This pro
9、cess of risk sharing is referred as asset transformation, because in a sense, risky assets are turned into safer assets for investors.(2)Diversification entails investing in a portfolio of assets whose returns do not always move together with the result that overall risk is lower than for individual
10、 assets. It also refers to “You shouldnt put all your eggs in one basket”. Diversification can eliminate firm-specific spsfk riskthe uncertainty associated with the specific companies. But diversification cannot eliminate market riskthe uncertainty associated with the entire economy, which affects a
11、ll companies traded on the stock market. For example, when the economy goes into a recession, most companies experience falling sales, profit and low stock returns. Diversification reduces the risk of holding stocks, but it does not eliminate it.6. Explain the following concepts: asymmetric ,esmtrk
12、information, adverse selection and moral hazard.(1)Asymmetric information (信息不对称) refers to that one party often does not know enough about the other party to make accurate decisions. For example, a borrower who takes out a loan usually has better information about the potential returns and risk ass
13、ociated with the investment projects for which the funds are invested than the lender does.(2)Adverse selection (逆向选择) is the problem created by asymmetric information before the transaction occurs. Adverse selection in financial markets occurs when the potential borrowers who are the most likely to
14、 default are the ones who most actively seek out a loan and are thus most likely to be selected.(3)Moral hazard (道德风险) is the problem created by asymmetric information after the transaction occurs. Moral hazard in financial markets is the risk that the borrower might engage in activities that are un
15、desirable from the lenders point of view, because they make it less likely that the loan will be paid back. 7. Whats the function of money? 货币的职能？Money has three primary functions in any economy: as a medium of exchange, as a unit of account, and as a store of value.(1)When money is used to pay for
16、goods and services, it plays the role of a medium of exchange (流通手段). The use of money as a medium of exchange promotes economic efficiency by minimizing the time spent in exchanging goods and services.(2)The second role of money is to provide a unit of account (价值尺度), that is, it is used to measure value of goods and services in the economy.(3)Money also functions as a store of
