Unit 1O Feeling the Financial market (Ⅱ)
Part Ⅰ Getting ready
The story of money is the story of how humans have learned to trade for the things they can't ?or don't want to ?make themselves. If you want an apple, you'll have to find someone who is willing to part with an apple in exchange for something else. That something else at one time might have been beads, shells, fish hooks, grain or any item once used as money.
A The following words and phrases will appear in this unit. Listen carefully and study the definitions.
1. tariff: a tax collected by a government on goods imported or (less often) exported
2. foreign exchange: foreign money
3. short position: the amount of short-term securities or commodities owned by a market trader
4. indicator: index; a fact, quality, or situation that indicates something
5. endorse: support, give approval to
6. referendum: a direct vote by all the people to decide about something on which there is strong disagreement, instead of the government making the decision
7. circulation: the movement of something, such as news or money, from place to place or from person to person
8. denomination: unit in money; a standard of value
9. mint: a place where coins are officially made by the government
B You are going to hear some sentences describing economic trends. While listening, please look at the graphs below and match Column A with Column B.
Column A Column B
1 a
2 b
3 c
4 d
5 e
6 f
7 g
8 h
C In this part you are going to hear eight short dialogues in which both the acronym and the full name of some well-known organizations are mentioned. Listen carefully and fill in each blank with the corresponding full name of the organization.
1. EU: __________________________________________
2. OPEC: ________________________________________
3. WHO: _________________________________________
4. IMF: _________________________________________
5. NAFTA: _______________________________________
6. ASEAN: _______________________________________
7. UN: __________________________________________
8. GATT: ________________________________________
Part Ⅱ The foreign exchange market
Modern information technology has led to news being transmitted worldwide quicker than ever before. Time differences around the world mean that financial news is being made twenty-four hours a day, and this serves as a basis for many of the business decisions that are made concerning international banking and finance. What's more, techniques of analysis should also be applied to information to determine its implication and to try to discern trends in the future.
A In this section you are going to hear a news report on the international foreign exchange market. While listening for the first time, write down some key words in the notes column. After the second listening, complete the following two charts by filling in correct numbers.
Chart 1
1USD
London close of New York close of Tokyo close of business
business yesterday business yesterday today
2.63.70 DEM ______________ DEM ___________________ JPY
(German Mark) (Japanese Yen)
Chart 2
London this morning
1 GBP 1 USD 1 USD 1 USD 1 USD 1 USD
(English
pound)
USD DEM CHF FRF NLGJPY
(Swiss (France (Dutch
franc) franc) guilder)
1.44.5 _____ 2.16.6 _____ 2.97.5 _____
B Now try this: listen to a more authentic version of the news report. After that some statements will be read to you. Decide whether they are true or false. Put "T" or "F" in the brackets.
1. ( ) 2. ( ) 3. ( ) 4. ( )
Part Ⅲ What is the euro?
What will it be like to use the euro every day? It'll be just like using your national currency now, except that the banknotes and coins will be different as from January 2002.
When you travel to the countries in the euro area at that time, there will be no more currency exchange ?which means no more exchange commission to be paid ?no more time spent on price comparisons, and no more time wasted shopping around for the best exchange rate.
A The following passage is about the euro. While listening for the first time, add more key words in the left-hand column. After the second listening, answer the following questions.
Questions
1. What is the euro?
It is the EU's ______________________________
2. Why do people call it the euro instead of any other name? Because the name shares identity with __________, and it is different from any ___________ or ____________ national currency.
3. When will the monetary union of the euro begin?
_______________________________________________
4. When will the euro notes and coins appear in the market?
_______________________________________________
5. How many different euro coins will be issued?
_______________________________________________
6. Which two countries have chosen not to join the euro zone up to now?
_______________________________________________
B Now listen to the passage again and then do the multiple choice.
1. The euro is ratified by _________.
a. the European Union's Heads of State or Government
b. the parliaments of the member states
c. the Treaty on European Union
d. the people in Europe
2. When the euro notes and coins start circulation, the old currency can still be used for _________.
a. one year
b. three months
c. two years
d. six months
3. How many different euro notes will be issued?
a. 5
b. 6
c. 7
d. 8
4. Euro notes will range from _________.
a. 5 to 500 euro
b. 1 to 200 euro
c. 1 to 100 euro
d. 5 to 200 euro
5. Euro coins will range from _________.
a. 1 cent to 1 euro
b. 2 cents to 2 euro
c. 1 cent to 2 euro
d. 5 cents to 1 euro
Part Ⅳ More about the topic: The New Dollar Coin
According to 1995 estimates by the American Federal Reserve and the General Accounting Office, if a coin replaced the dollar bill, the government would save US$ 2.28 billion in the first 5 years of implementation. Therefore, on December 1, 1997, President Clinton signed legislation calling for a new $1 coin, which will be placed into circulation during the year 2000.
A In this part you are going to hear a passage on how the new American dollar coin compares to the quarter dollar and the Susan B. Anthony dollar coin. While listening for the first time, write down some key words in the notes column. After the second listening, complete the following chart by filling in the missing information.
DesignThe New Dollar Coin The Quarter Dollar The Susan B.
Anthony Dollar
Shape ____________________ - ______ with an
_________ inner
border
Color____________________ _________________ _______________
Edge probably a ____ edge _________________ _______________
Size ________ in diameter - _____in diameter
Weight ____________________ _________________ ________________
Thickness ____________________ _________________ ________________
Composition - outer alloy:_____ outer alloy:____
copper and ______ copper and _____
nickel core:_____ nickel core:____
B Now try this: listen to a more authentic version of the passage.
part Ⅴ Do you know ...?
The March of Dimes is a national voluntary health agency whose mission is to improve the health of babies by preventing birth defects and infant mortality. Founded in 1938, the March of Dimes funds programs of research, community services, education, and advocacy to save babies.
You are going to hear an interesting short story about "the March of Dimes". While listening for the first time, write down some key words in the notes column. After the second listening, complete the following statements by filling in the missing information.
Statements:
1. At the age of _______, President Roosevelt suffered from polio and could never stand without the aid of ____________ and heavy leg __________.
2. In 1938, U.S. President Franklin Roosevelt established a _________________ foundation to help polio ____________.
3. In order to _________ more money for the foundation, Eddie Cantor, one of the President's ___________ friends, asked every American to send __________ to the White House. The campaign was called
4. Sometimes as many as __________ letters containing dimes arrived each day in Washington.
5. After Franklin Roosevelt died in _________, the American Congress voted to put his ______________ on the U.S. coin-the dime.
Part Ⅵ Reminder of key points in this unit
Verb & Verb Phrase Noun & Noun Phrase Other
Part Ⅰ fund budget monetary
decline
collapse
subsidy
scheme
resolution
tariff
Part Ⅱ estimate currency durable
survey in question
foreign exchange (Forex)
pfennig
covering
short position
spot price
indicator
guilder
Part Ⅲ adopt euro on behalf of
ratify referendum come into force
endorse changeover legal
mint retailer in circulation
commit administration keen
denomination
opt-out
Part Ⅳ authorize mint reeded
counterfeit overview metallic
bond diameter
property
alloy
core
Part Ⅴ paralyze dime
vaccine
polio
crutch
brace
campaign |