er of the option. The holder and the writer are said to be in the long and sho
rt positions of the option contract, respectively. Unlike the holder, he write
r does have an obligation with regard to the option contract, say, the writer
must sell the asset if the holder chooses in his favor to buy the asset. This
is zero-sum game. The holder gains from the loss of writer or vice versa.

---Mathematical models of financial derivatives 
 

对外贸易大学2003国际贸易学综合试题

本试题意在测试考生的综合专业基础能力。考生在答题前，请认真阅读各题的要求
一、  填空（每空1.5分，共9分）
1、  商品的边际替代率是指，在（ ）不变的前提下，每增加一单位的某种商品而需要减少的另一种商品的数量。
2、  哈罗德认为一个国家的经济增长率取决于（ ）和（ ）。
3、  正常关税一般是指（ ）。
4、  一国持有国家储备的成本指（ ）与利息之差。
5、  IMF会员国的投票权主要取决于他们的（ ）。

二、  判断下列各题的叙述是否正确，正确的划勾，错误的划差。（每小题1.5分，共9分）
1、  垄断厂商在实现短期均衡时，可能会出现亏损，即经济利润为负。
2、  国民经济中只要有摩擦性事业或资源性事业存在，就不能说经济实现了充分就业。
3、  按照国际商会制定的《2000通则》中的D组贸易术语成交的合同均属于"到达合同"（Arrival Contract），在这类合同下，
卖方均无办理货运保险的义务。
4、  WTO《海关估价协议》规定了六种海关估价的办法，它们是进口商品的成交价格、相同商品的成交价格、类似商品的成交价格、
倒扣法、计算价格法和合理办法。
5、  2002年6月经中国人民银行批准，渣打银行成为首家获准向中国内地居民和企业提供外币服务的外资银行。
6、  择期是一种可以放弃合约履行的外汇业务。

三、  单项选择题（每题1.5分，共6分）
1、  在垄断厂商的长期均衡产量上可以有：
A 、P >LAC
B、 P <LAC
C、 P 等于最小的LAC
D、 以上情况都可能存在

2、  原产地规则是指：
A、  某一国家或地区为确定货物生产过程的最后生产地点而实施的普遍适用的法律、法规及行政决定。
B、  某一国家或地区为确定货物的"国籍"而实施的普遍适用的法律、法规及行政决定。
C、  某一国家或地区为确定货物的原材料产地而实施的普遍适用的法律、法规及行政决定。
D、  某一国家或地区为确定货物的技术来源地而实施的普遍适用的法律、法规及行政决定。

3、  下列有关独家代理的说法中，正确的是：
A、  委托人在代理区域内，还可指定其他的一般代理人
B、  委托人要维护代理人的独家专营权，否则要承担违约责任。
C、  委托人直接与代理区域内的客户订立合同时，代理人不能享受佣金。
D、  独家代理只能用于商品买卖中，一般代理可用于其他业务。

4、  当下列哪种情况出现时，货币贬值有利于改善贸易收支：
出口需求弹性DX，出口供给弹性SX，进口需求弹性DI，进口供给弹性SI
A、  DX+DI>I
B、  DX+DI<
C、  SX+SI>I
D、  SX+SI<I

四、  多项选择题（每题2.5分，共10分）
1、  下列哪些项目可计入GDP：
A、  政府转移支付
B、  购买一辆新的载重卡车
C、  购买一辆新的载重卡车模型玩具
D、  购买一块地产

2、  出口管制的商品主要包括：
A、  战略物资及其有关的先进技术资料，如武器，军事设备等
B、  对国内生产所需的原材料、半成品及国内市场供应不足的某些必需品
C、  密集使用本国丰裕生产要素的产品
D、  某些重要的文物、艺术品、黄金、白银等特殊品

3、  根据国际惯例，下列有关可转让信用证的说明中，正确的是：
A、  可转让信用证的受益人可以将信用证金额转让给一个或一个以上的人使用
B、  可转让信用证的转让以一次为限，因此只有第一和第二受益人没有第三受益人
C、  可转让信用证中必须注明可转让（Transferable）字样，否则不能转让
D、  可转让信用证的第二受益人因故不能履约时，也不能将信用证转回给第一受益人
4、  套汇的主要方式有：
A、  两角套汇
B、  三角套汇
C、  套利
D、  套期保值

五、  简单准确解释下列名词（每题4分，共16分）
1、  局部均衡和一般均衡
2、  机会成本
3、  技术性贸易壁垒
4、  根本性违约

六、  论述与分析题（第1题10分，第2、3题各15分，第4题10分，共50分）
1、  国际储备管理的原则和内容是什么？

2、  如何理解经济全球化条件下各国贸易政策的竞争与协调关系。


3、  假定某一化工厂生产的产品需求函数为：P=600-2Q,成本函数为CP=3Q^2-400Q+40000
（1）  求利润最大时的产量、价格和利润
（2）  若由于外部不经济（环境污染）使社会受到损失从而使社会成本函数为 CS=4.25Q^2-400Q+40000试求帕累托最优
的产量和价格应为多少：
（3）  简单说明外部不经济对资源配置效率的影响，政府应该相应采取什么措施解决外部不经济问题？

4、  某年9月中旬，A公司有一机器设备要出售，向国外某客户B公司发盘。发盘中介绍了设备情况，报了价格，并规定发盘
有效期为9月底之前。B公司研究了发盘条件 ，认为可以接受，但没有向发盘人表示接受的意向，而是派代理人直接到A公司所
在地办理购买手续并安排接运设备事宜。但在20日，C公司得知A公司要出售设备的消息，便派人到现场付款后提货。9月25日B
公司的代理人赶到A公司所在地时，发现所要设备已被他人提走，便要求A公司赔偿他的损失。对此A公司认为双方之间没有合同
关系，予以拒绝。请问，B公司是否有权向A公司索赔？并请说明理由。

七、专业英语试题（英译中，第1题15分，第2题15分，第3题20分，共50分）

1.let's really clean up those numbers----now

Little noticed in the shock of WorldCom Inc.'s massive accounting fraud is that it came to light only 
after a review initiated by the company's audit committee. Yes, believe it or not, the directors in the
boardroom actually asked their auditors to take another look at the numbers.
Lo and behold, that review let to the largest single restatement ever: a $3.8 billion reduction in previously
reported pretax income. Together with Xerox Corp's recent concession that it overstated operating earnings 
by $1.4billion, these two corporate meaculpas alone nearly match the combined total hit of $5.8 billion from 
all 463 restatements in 1998,1999, and 2000.
How much worse can it get? Plenty. It's not that we'll likely see numbers as breathtaking as those as WorldCom
or Xerox. But expect a tidal wave of restatements to come in what will surely amount to some sort of accounting
chatharsis. If ever there was a time for companies to come clean, it's now. Over the years, the quality of 
financial reporting has varied widely. Some companies did the bare minimum to meet accounting standards. Others
were more cautious. To get beyond the current stock market malaise, companies need to flush out the excesses
so investors can regain their confidence in our financial system. It's better to take a hit now than risk 
dragging this out over the next few years.

2.Happy birthday, Milton Friedman

Milton Friedman's professional career has been marked by controversy over his many policy proposals. Yet as he 
approaches his 90th birthday, Friedman is increasingly recognized as the most influential economist in a 20th
century that witnessed towering contributions from John Maynard Keynes, Paul A. Samuelson, and others.
Friedman is best known for "monetarism", a view that stability in the growth of the money supply is crucial 
to controlling inflation and recessions. Although the relation between the money supply and the economy has 
often been highly variable, no less an authority than Fedral Reserve Chairman Alan Greenspan has indicated 
that Friedman's emphasis on a stable monetary framework was instrumental in guiding central banks in Europe 
and the U.S. toward low inflation during the pass two decades.
Before Friedman, economic conventional wisdom held that inflation reduces unemployment because prices rise 
faster than labor costs. In the late 1960s, Friedman argued instead that there is no permanent reduction in 
unemployment from continuing inflation because wages eventually catch up to prices as expectations about 
inflation become more accurate. His analysis has been validated twice since then----by the high U.S. the '90 
even though inflation was negligible.
Two decades before Chile introduces its revolutionary private individual account retirement system, Friedman's
classic 1962 book Capitalism and Freedom criticized the prevailing pay-as-you -go Social Security systems for
restricting the ability of individuals to choose how much and in what form to save for retirement, and for mixing
a welfare program for elderly poor with a compulsory program that applies to all the elderly. Has his advice been 
followed twenty years ago, there would be no impending Social Security financing crisis in the U.S. and other 
developed nations with aging population.

3. Are Force Majeure Clauses Exclusion Clauses?

In order to differentiate an exclusion or limitation clause from a force majeure clause we must first define 
exactly what we mean by exclusion clauses and examine their effect on the contractual relations of the 
parties. We might then usefully compare the operation of exception clauses to that of force majeure clauses.
A tripartite distinction between different types of clause was as follows: " Protective conditions are three
distinct types: first, those which limit or reduce what would otherwise be the defendant's duty; second, 
those which exclude the defendant's liability for breach of specified aspects of that duty, and third, those 
which limit the extent to which the defendant is bound to indemnify the plaintiff in respect of the consequences 
of breaches of that duty." The difference between the first two categories is said to be this: in the first case
there is no breach of contract since there is no obligation to perform in the circumstances which have 
arisen, whilst in the second case there is a breach but the liability to pay damages in respect of it has 
been removed.
Force majeure clauses, it seems, go to limit the extent of the obligation assumed by the promisor. They do not 
operate so as to shield a promisor from liability for a breach of contract. A force majeure clause will ensure 
that non-performance is no breach because no performance was due in the circumstances that have occurred.