Ⅰ。Translate the following words and expressions（10%）：
1）From English into Chinese
e.GDP per capita
2）From Chinese into English
Ⅱ。Match the words and expressions on the left with the explanations on the right.There are two additional choices on the right（5%）：
1）drawback （ ） a.duties imposed on goods imported and exported
2）terms of trade （ ） b.the right to collect from an endorser a payment of loss
3）title （ ） c.duties on imports that are refunded when reexported
4）deposit （ ） d.right to the possession of a position or property
5）hyperinflation （ ） e.the relation of export and import prices
f.soaring of prices beyond control
g.money paid as part of the payment owed
Ⅲ。Make brief explanations of the following terms in English（20%）：
Ⅳ。Fill in each of the following blanks with an appropriate word from the list（10%）：
economic orders speculative protection
risk insurable loss renewed
transfer financial charged policy
Perhaps the most common method of dealing with risk is to shift，or 1）______，the risk to an insurance company.An insurer （or insurance company） is a firm that agrees，for a fee，to assume 2）______ responsibility for losses that may result from a specific risk.
The fee 3）______ by an insurance company is called a premium.A contract between an insurer and the person or firm whose risk is assumed is known as an insurance 4）______.Generally，an insurance policy is written for a period of one year.Then，if both parties are willing，it is 5）______ each year.It specifies exactly which risks are covered by the agreement，the dollar amounts the insurer will pay in case of a 6）______，and the amount of the premium.
Insurance is thus the 7）______ against loss that the purchase of an insurance policy affords.Insurance companies will not，however，assume every kind of risk.A risk that insurance companies will assume is called an 8）______ risk.A risk that insurance companies will not assume is called an uninsurable risk.
In general，pure risks are insurable，whereas 9）______ risks are uninsurable.An insurance company will protect a Ford Motor Company assembly plant against losses due to fire or hurricanes.It will not，however，protect Ford against losses resulting from a lack of sales 10）______ for automobiles.
Ⅴ。Translate the following into Chinese（15%）：
How can more “Made in the U.S.A.”goods get into store shelves in China Under current trade restrictions，imports from the United States have barely flowed into that nation.However，imports will flood in，if China，the largest emerging market in Asia，joins the World Trade Organization.Although U.S. exports to China have increased over the past decade，the yearly total is still only about $ 12 billion，a tiny piece of all U.S. exports.Meanwhile，the United States has been a very good market for China‘s goods：U.S.imports about $50 billion worth of goods from China every year，up from roughly $10 billion worth of yearly imports just a decade ago.
If China joins the WTO，the level of U.S. exports to China will skyrocket because high tariffs and various other trade restrictions will be removed.Today tariffs on imports into China range as high as 120 percent.As part of its bid for WTO membership，China has agreed to cut the average tariff rate to 15 percent by the year 2000.In addition，WTO membership would put trade with China under a more standardized legal framework，giving exporters and importers alike more consistent treatment.
Another benefit of China‘s proposed WTO membership is that U.S. companies would within a few years be allowed to deal directly with Chinese companies instead of going through a trading company.Just as important，U.S. manufacturers would finally be able to market directly to Chinese consumers.Such an import-friendly environment would be bound to open new trade opportunities for U.S. businesses—which is why many U.S. officials favor WTO membership for China.
Ⅵ。Translate the following into English（25%）：
Ⅶ。Answer the following questions in English（15%）：
1.Why and how are Incoterms used Give two commonly used terms to illustrate.
2.How is D/A different from D/P after sight Which is safer for the exporter
c. make delivery
（1） c （2） e （3） d （4） g （5） f
（1）International trade refers to the exchange of goods and services produced in one country with those produced in another.（In the complex economic world，no country can be completely self-sufficient.）
（2）Transferable credit：a letter of credit that can be transferred by the original beneficiary to one or more parties in making payment.
（3）Insurance is a social device in which a group of individuals transfer risk，and it provides for payment of losses from funds contributed by all members who transferred risk.
（4）MNC is a business organization which owns （whether wholly or partly），controls and manages assets，often including productive resources，in more than one country，through its member companies incorporated separately in each of these countries.
（5）The commercial invoice is a business document which gives a general description of the quality and quantity of the goods and the unit and total price.
（1）transfer （2）financial （3）charged （4）policy （5）renewed
（6）loss （7）protection （8）insurable （9）speculative （10）orders
如何使更多的美国货出现在中国的商店里 按照现行的贸易限制，进入中国的美国商品数量不多。但是，如果中国，亚洲最大的新兴市场，加入世界贸易组织，进口 商品将大量涌入。尽管在过去的十年中美国对中国的出口有所增加，但每年的总出口仍只有120亿美元左右，占美国总出口的很小比例。同时，美国是中国商品的 一个很好的市场，美国每年从中国进口商品的价值从十年前的100亿美元左右增至大约500亿美元。
如果中国加入世贸，美国对中国出口的数 量将大大增加，因为高关税与其它各种贸易限制将被取消。目前中国的进口关税最高可达120%.为了加入世贸，中国已同意到2000年以前把平均关税税率降 至15%.加入世贸将会把中国的对外贸易置于更为规范的法律框架之中，从而会对进出口商一视同仁。
（1）Being a new，improved replacement of GATT，WTO is a permanent international organization，to which all the members of GATT have automatically become members.
（2）The payment of many international transactions is made by draft.A draft is an order to a bank or a customer，which includes sight draft and usance draft.
（3）The enquiry made by the buyer is to get information about the goods to be ordered.It is made without engagement to the enquirer.
（4）Even in those circumstances，most firms prefer to pay a known premium for the transfer of risk，rather than face the uncertainty of carrying the risk of loss.
（5）Although the day-to-day administration of MNCs may be delegated（decentralized） to their affiliates，major decisions such as corporate goals and new investment projects are made by the parent company.
（1）The purpose of Incoterms is to 1）provide a set of international rules 2）for the interpretation of the most commonly used trade terms 3）in foreign trade.Thus，4）the uncertainties of different interpretations of such terms in different countries 5）can be avoided or 6）at least reduced to a considerable degree.Examples：7）FOB，short for Free On Board.It means that the exporter makes delivery of the goods on board the ship without the responsibility for the insurance cover and transportation.8）CIF，short for Cost，Insurance and Freight.It means that the exporter is responsible for the arrangement of insurance cover and transportation before delivering the goods.
（2）9）In the case of documents against acceptance（D/A），10）documents are handed over to the importer 11）upon his acceptance of the bill of exchange drawn by the exporter.12）Payment will not be made until a later date.13）D/P after sight gives the importer a certain period after presentation of the documents，14）but documents are not released to him until he actually pays for the merchandise.15）D/P after sight is safer than D/A.