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another in the production of a commodity. This was the basis for trade for Adam Smith.

绝对优势：一国在生产一种产品上比另一国家有更大的有效性。这是亚当·斯密自由贸易理论的基础。

2. Absolute purchasing-power parity theory: Postulates that the equilibrium

exchange rate is equal to the ratio of the price levels in the two nations. This version of the PPP theory can be very misleading.

绝对购买力平价理论：假设平衡汇率等于两国的价格水平之比，这一购买力平价理论的解释是不被接受的。

3. Ad valorem tariff: A tariff expressed as a fixed percentage of the value of a

traded commodity.

从价税：一种表示为贸易商品价值的一个固定百分比的税。

4. Arbitrage: The purchase of a currency in the monetary center where it is

cheaper for immediate resale in the monetary center where it is more expensive in other to make a profit.

套利：在某货币较便宜的货币中心购买该货币，立即在另一比较贵的货币中心卖掉此货币以谋利的行为。

5. Balance of payments: A summary statement of all the international

transactions of residents of a nation with the rest of the world during a particular period of time, usually a year.

国际收支平衡表：在一段特定时间内，通常为一年，一国居民同世界上其他国家间进

行所有国际交易的汇总表。

6. Capital account: The change in U.S assets abroad and foreign assets in the

United States, other than official reserve assets.

资本项目：美国在国外资产，外国在美国资产，或其他官方储备资产的变化。

7. Capital inflow: An increase of foreign assets in the nation or a reduction in

the nation’s abroad.

资本流出：外国资产在本国的增加或本国资产在外国减少。

8. Capital-intensive commodity: The commodity with the higher capital –labor

ratio at all relative factor prices.

资本密集型商品：在所有相对要素价格下均具有较高的资本/劳动比率的商品。

9. Capital outflow: A decrease of foreign assets in the nation or a reduction in

the nation’s abroad.

资本流出：在国内的外国资产的减少或外国的国内资产的增加。

10. Community indifference curve: The curve that shows the various

combinations of two commodities yielding equal satisfaction to the community or nation. Community indifference curves are negatively sloped, convex from the origin, and should not cross.

同一无差异曲线：曲线表示对群体或国家产生相同满足程度的两种商品的不同组合，它是负斜率，凸向原点，且不相交。

11. Compound tariff: A combination of an ad valorem and specific tariff.

复合税：从价税和另一具体关税的组合。

12. Constant returns to scale: The condition under which output grows in the

same proportion as factor inputs.

不变的规模报酬：产出与要素投入同比例增长的情况。

13. Consumer surplus: The difference between what consumers are willing to

pay for a specific amount of a commodity and what they actually pay for it.

消费者剩余：对某一具体数量的商品，消费者愿意支付的价格与实际支付的价格的差异。

14. Credit transactions: Transactions that involve the receipt of payments from

foreigners. These include of the export of goods and services, unilateral transfers from foreigners, and capital inflows.

贷方交易：包括从外国人那里收款的所有交易，如出口商品和劳务，外国人的单方面转移支付和资本流入。

15. Currency swaps:A spot sale of a currency combined with a forward

repurchase of the same currency.

货币互换：即期卖货币，同时远期买同样的货币

16. Current account: The account that includes all sales and purchases of

currently produced goods and services,income on foreign investments,and unilateral transfers.

经常项目：包括所有购买和出售现已生产出的产品与劳务，外国投资的收入和单方面转移支付。

17. Debit transactions:Transactions that involve payments to foreigners.These

include the import of goods and services,unilateral transfers to foreigners,and capital outflows.

借方交易：包括所有向国外支付的交易，例如，进口国外商品与劳务，向国外单方面转移支付和资本外流。

18. Deficit in the balance of payments:The excess of debits over credits in the

current and capital accounts,or autonomous transactions;equal to the net credit balance in the official reserve account,or accommodating transactions.

在资本和往来账户中，或自主性交易中，借方超过贷方的部分，等于在官方储备账户或融通性交易的净贷方余额。

19. Effective exchange rate:A weighted average of the exchange rates between

the domestic currency and the nation's most important trade partners,with weights given by the relative importance of the nation's trade with each of these trade partners.

有效汇率：国内货币与本国重要贸易伙伴国货币汇率的加权平均值。根据该家贸易伙伴的相对重要性赋予适当权重。

20. Equilibrium-relative commodity price in isolation:The relative commodity

price at which a nation is maximizing its welfare in isolation.It is given by the slope of the common tangent to the nation's production frontier and indifference curve at the autarky point of production and consumption.

孤立情况下的相对均衡商品价格：一国在孤立状况下使自身财富最大化是的相对商品价格。它由自给自足的生产和消费点处，国家生产可能性曲线和无差异曲线交点的斜率来决定。

21. Equilibrium-relative commodity price with trade:The common relative

commodity price in two nations at which trade is balanced.

贸易条件下商品的相对均衡价格：两国在贸易均衡条件下的相对商品价格。

22. Exchange rate:The domestic currency price of the foreign currency.

汇率：外国货币的国内价格

23. Factor abundance:The factor of production available in greater proportion

and at a lower relative price in one nation than in another nation.

要素丰富：可利用的生产要素，其在很大程度上比另一国有相对低的价格。

24. Factor endowments:See factor abundance.

要素禀赋：见“要素丰富”

25. Foreign exchange futures:A forward contract for standardized currency

amounts and selected calendar dates traded on an organized marker(exchange)

外汇期货：一个在组织的外汇市场上以选定的日期、标准的数量交易的外汇远期合同。

26. Foreign exchange market:The framework for the exchange of one national

currency for another.

外汇市场：一国货币交换其他货币的市场（或是一种结构）

27. Foreign exchange risk:The risk resulting from changes in exchange rates

over time and faced by anyone who expects to make or to receive a payment in a foreign currency at a future data;also called an open position.

外汇风险：由于汇率随时间变动，使那些在未来要以外币支付或收到外币的人面对的风险，也称为头寸

28. Forward discount:The percentage per year by which the forward rate on the

foreign currency is below its spot rate.

远期贴水：外币远期汇率低于其即期汇率的年百分比。

29. Forward premium:The percentage per year by which the forward rate on

the foreign currency is above its spot rate.

远期升水：外币远期汇率高于其即期汇率的年百分比。

30. Forward rate:The exchange rate in foreign exchange transactions involving

delivery of the foreign exchange one,three,or six months after the contract is agreed upon.

远期汇率：外汇交易过程中按合同规定1个月、3个月或6个月后交割货币的汇率。

31. General equilibrium analysis:The study of the interdependence that exists

among all markets in the economy.

一般均衡分析：研究存在于经济中各市场之间的内部依存关系。

32. General equilibrium model:An economic model that studies the behavior of

all producers,consumers,and traders simultaneously.

一般均衡模型：一个同时研究所有生产者、消费者和贸易商行为的经济模型。

33. Heckscher-Ohlin(H-O) theorem:The part of Heckscher-Ohlin theory that

postulates that a nation will export the commodity intensive in its relatively abundant and cheap factor and import the commodity intensive in its relatively scarce and expensive factor.

赫-俄原理：赫-俄理论假定一国将出口本国相对充足和便宜要素密集的产品，进口本国相对缺乏和昂贵要素密集的产品。

34. Hedging:The avoidance of a foreign exchange risk(or the covering of an open

position).

套期保值：避免外汇汇率风险（或轧平头寸）

35. Infant-industry argument:The argument that temporary trade protection is

needed to set up an industry and to protect it during its infancy against competition from more established and efficient foreign firms.

幼稚工业保护说：在某行业的发展初期，为抵制成熟而有效的外国公司的竞争而必须采取的暂时的贸易保护。

36. Labor-intensive commodity:The commodity with the higher labor-capital

ratio(L/K) at all relative factor prices.

劳动密集型产品：在所有相对要素价格条件下有较高的劳力/资本比率的商品。

37. Law of comparative advantage: Explains how mutually beneficial trade can

take place even when one nation is less efficient than ,or has an absolute disadvantage with respect to,another nation in the production of all commodities .The less efficient nation should specialize in and export the commodity in which its absolute disadvantage is smaller (this is the commodity of its comparative advantage),and should import the other commodity.

比较优势原理：该原理解释互利贸易如何发生，尽管一国在生产所有成品上都不如它国有效或比它国来说有绝对劣势。该国应生产并出口其绝对劣势较小的产品（这种产品具有比较优势），进口其他产品。

38. Law of one price: The proposition that in the absence of transportation

costs ,tariffs ,and other obstructions to the free flow of trade ,the price of each homogeneous (identical) traded commodity will be equalized in all markets by commodity arbitrage.

一价法则：在运输成本、关税和其他有碍贸易自由流动障碍都不存在的条件下，在所有市场上，由于商品套利会使所有同种商品的价格相等。

39. Marginal rate of substitution(MRS):The amount of one commodity that a

nation could give up in exchange for one extra unit of a second commodity and still remain on the same indifference

40. curve.It is given by the slope of the community indifference curve at the

point of consumption and declines as the nation consumes more of the second commodity.

边际替代率：在同一无差异曲线上，一国为需求一单位第二种商品而必须放弃的第一种产品的数量。它由无差异曲线上第二种产品消费增加时该消费点的斜率决定。

41. Marginal rate of transformation(MRT):The amount of one commodity that

a nation must give up to produce each additional unit of another commodity.This is another name for the opportunity cost of a commodity and is given by the slope of the production frontier at the point of production.

边际转化率：一国要多生产一件某产品而必须放弃的另一种产品大的数量。这是商品的机会成本的另一个名字，由生产点上生产可能性曲线的斜率给出。

42. Offer curve:A curve that shows how much of its import commodity a nation

demands to be willing to supply various amounts of its export commodity,or the willingness of the nation to import and export at various relative

commodity prices.

提供曲线：表示一国需要的进口商品中有多少愿意提供于出口；或在各种相对商品价格下，一国愿意进口和出口的程度。

43. Opportunity cost theory:The theory that the cost of a commodity is the

amount of a second commodity that must be given up to release just enough resources to produce one more unit of the first commodity.

机会成本理论：该理论指出某商品的成本等于要多生产1单位的该产品而必须放弃的资源可生产第二种产品的数量。

44. Persistent dumping: The continuous tendency of a domestic monopolist to

maximize total profits by stelling the commodity at alower price abroad than domestically ;also called international price discrimination.

持久性倾销:国内垄断者为其利润最大化，而以低于国内价格的低价在国外销售商品的持久性倾向。

45. Predatory dumping:The temporary sale of commodity at a lower price

abroad in order to drive foreign producer out of business , after which prices are raised to take advantage of the newly acquired monopoly power abroad .

掠夺性倾销：暂时以低价在国外销售以挤垮外国生产者，然后可以提价，利用新获得的国外的垄断优势获取利益。

46. Product cycle model :The hypothesis,advanced by Vernon, that new products

introduced by industrial nations and produced with skilled labor eventually become standardized and can be produced in other nations with less skilled labor.

产品周期模型：该模型由弗农首创，指出新产品首先由发达国家引入，由技能较高的工人生产，最终标准化后可以在其他国家用技能较低的劳动力生产出来。

47. Production possibility frontier :A curve showing the various alternative

combinations of two commodities that a nation can produce by fully utilizing all of its resoures with the best technology available to it.

生产可能性边界：表示一国完全使用其所有资源，并利用最优技术，而可能生产两种商品各种最大的不同组合的曲线。

48. Purchasing-power parity(ppp) theory : The theory that postulates that the

change in the exchange rate between two currencies is proportional to the change in the retio in the two counries’ general price levels.

购买力平价理论：该理论认为两种货币汇率的变化部分原因是两国一般价格水平比得变化。

49. Quata :A direct quantitative restriction on trade.

配额：对贸易的直接数量。

50. Rate of effective protection : The tariff calculated on the domestic value

added in the production of a commodity.

有效保护率：以生产某产品的国内附加值计算的税率。

51. Relative purchasing-power parity theory: postulate that the change in the

exchange rate over a period of time should be proportional to the relative change in the price levels in the two nations.This version of the PPP theory has some value.

相对购买力平价理论：该理论指出汇率在一段时期内的变化主要是由两国价格水平的相对变化引起的，购买力平价理论的解释也是如此。

52. Small-country case: The situation where trade takes place at the

pretrade-relative commodity prices in the large nation so that the small nation receives all of the benefits from trade.

小国情况：贸易以大国贸易前的价格进行，以至于小国得到了所有贸易的好处。

53. Specific tariff: A tariff expressed as a fixed sum per unit of traded

commodity.

特别关税：一种将关税表现为每单位贸易商品中的固定数额的税收形式。

. Speculation: The acceptance of a foreign exchange risk, or open position, in

the hope of making a profit.

投机：指接受一外汇汇率风险，或一头寸风险，以期获得利益。

55. Spot rate: The exchange rate in foreign exchange transactions that calls for

the payment and receipt of the foreign exchange within two business days from the date when the transaction is agreed upon.

即期汇率：外汇交易中从交易确认的那天起，在两个交易日只见要求收付外汇的汇率。

56. Terms of trade : The ratio of the index price of a nation’s export to its

import commodities.

贸易条件：一国出口商品价格指数与进口商品价格指数之比。