It can be inferred from the text that the retail price of petrol will go up dramatically if______.A) price of crude risesB) commodity prices riseC) consumption risesD) oil taxes rise
点击查看答案
PV Co is evaluating an investment proposal to manufacture Product W33, which has performed well in test marketing trials conducted recently by the company’s research and development division. The following information relating to this investment proposal has now been prepared.Initial investment $2 millionSelling price (current price terms) $20 per unitExpected selling price inflation 3% per yearVariable operating costs (current price terms) $8 per unitFixed operating costs (current price terms) $170,000 per yearExpected operating cost inflation 4% per yearThe research and development division has prepared the following demand forecast as a result of its test marketing trials. The forecast reflects expected technological change and its effect on the anticipated life-cycle of Product W33.It is expected that all units of Product W33 produced will be sold, in line with the company’s policy of keeping no inventory of finished goods. No terminal value or machinery scrap value is expected at the end of four years, when production of Product W33 is planned to end. For investment appraisal purposes, PV Co uses a nominal (money) discount rate of 10% per year and a target return on capital employed of 30% per year. Ignore taxation.Required:(a) Identify and explain the key stages in the capital investment decision-making process, and the role ofinvestment appraisal in this process. (7 marks)(b) Calculate the following values for the investment proposal:(i) net present value;(ii) internal rate of return;(iii) return on capital employed (accounting rate of return) based on average investment; and(iv) discounted payback period. (13 marks)(c) Discuss your findings in each section of (b) above and advise whether the investment proposal is financially acceptable. (5 marks)
共用题干 第三篇Oil and EconomyCould the bad old days of economic decline be about to return?Since OPEC agreed to supplycuts in March,the price of crude oil has jumped to almost $26 a barrel,up from less than$10 last December. This near-tripling of oil prices calls up scary memories of the 1973 oil shock,when prices quadrupled,and 1979一1980,when they also almost tripled.Both previous shocks resulted in double一digit inflation and global economic decline.So where are the headlines warning of gloom and doom this time?The oil price was given another push up this week when Iraq suspended oil exports.Strengthening economic growth,at the same time as winter grips the northern hemisphere,could push the price higher still in the short term.Yet there are good reasons to expect the economic consequences now to be less severe than in the 1970s.In most countries the cost of crude oil now accounts for a smaller share of the price of petrol than it did in the 1970s.In Europe,taxes account for up to four-fifths of the retail price,so even quite big changes in the price of crude oil have a more muted effect on pump prices than in the past.Rich economies are also less dependent on oil than they were,and so less sensitive to swings in the oil price.Energy conservation,a shift to other fuels and a decline in the importance of heavy, energy-intensive industries have reduced oil consumption.Software,consultancy and mobile telephones use far less oil than steel or car production.For each dollar of GDP(in constant prices)rich economies now use nearly 50%less oil than in 1973.The OECD estimates in its latest Economic Outlook that,if oil prices averaged $22 a barrel for a full year,compared with $13 in 1998,this would increase the oil import bill in rich economies by only 0.25-0.S%of GDP. That is less than one-quarter of the income loss in 1974 or 1980.On the other hand,oil-importing emerging economies一to which heavy industry has shifted一have become more energy一intensive,and so could be more seriously squeezed.One more reason not to lose sleep over the rise in oil prices is that,unlike the rises in the 1970s,it has not occurred against the background of general commodity-price inflation and global excess demand.A sizable portion of the world is only just emerging from economic decline.The Economist's commodity price index is broadly unchanging from a year ago. In 1973 commodity prices jumped by 70%,and in 1979 by almost 30%.It can be inferred from the text that the retail price of petrol will go up dramatically in Europe if______.A:price of crude risesB:commodity prices riseC:consumption risesD:oil taxes rise
共用题干 A Country's Standard of LivingThe"standard of living" of any country means the average person's share of the goods and services the country produces.A country's standard of living,________(51),depends first and ________(52)on its capacity to produce wealth."Wealth"in this sense is not money,for we do not live on money________( 53)on things that money can buy:"goods"such as food and clothing, and"services"such as transport and entertainment.A country's capacity to produce wealth depends upon many factors,most of_________(54) have an effect on one another. Wealth depends_________(55)a great extent upon a country's natural resources.Some regions of the world are well supplied with coal and minerals,and have fertile soil and a favorable climate;other regions possess none of them.Next to natural resources_________(56) the ability to turn them to use.Some countries are perhaps as well-off_________(57)the USA in natural resources,but suffered for many years from civil and external wars,and________(58)this and other reasons were________(59)to develop their resources.Sound and stable political conditions,and________(60)from foreign invasions, enable a country to develop its natural resources peacefully and steadily,and to produce more wealth than another country equally well favoured by nature but less well ordered.A country's standard of living does not only depend upon the wealth that is produced and consumed_________(61)its own borders,but also upon what is directly produced through international trade.________(62),Britain's wealth in foodstuffs and other agricultural products would be much less if she had to depend only on________(63)grown at home.Trade makes it possible for her surplus manufactured goods to be traded abroad for the agricultural products that would________(64)be lacking.A country's wealth is,therefore,much influenced by its manufacturing capacity, ______(65)that other countries can be found ready to accept its manufactures._________(52)A:primary B:allC:foremost D:mainly
共用题干 A Country's Standard of LivingThe"standard of living" of any country means the average person's share of the goods and services the country produces.A country's standard of living,________(51),depends first and ________(52)on its capacity to produce wealth."Wealth"in this sense is not money,for we do not live on money________( 53)on things that money can buy:"goods"such as food and clothing, and"services"such as transport and entertainment.A country's capacity to produce wealth depends upon many factors,most of_________(54) have an effect on one another. Wealth depends_________(55)a great extent upon a country's natural resources.Some regions of the world are well supplied with coal and minerals,and have fertile soil and a favorable climate;other regions possess none of them.Next to natural resources_________(56) the ability to turn them to use.Some countries are perhaps as well-off_________(57)the USA in natural resources,but suffered for many years from civil and external wars,and________(58)this and other reasons were________(59)to develop their resources.Sound and stable political conditions,and________(60)from foreign invasions, enable a country to develop its natural resources peacefully and steadily,and to produce more wealth than another country equally well favoured by nature but less well ordered.A country's standard of living does not only depend upon the wealth that is produced and consumed_________(61)its own borders,but also upon what is directly produced through international trade.________(62),Britain's wealth in foodstuffs and other agricultural products would be much less if she had to depend only on________(63)grown at home.Trade makes it possible for her surplus manufactured goods to be traded abroad for the agricultural products that would________(64)be lacking.A country's wealth is,therefore,much influenced by its manufacturing capacity, ______(65)that other countries can be found ready to accept its manufactures._________(62)A:In short B:On the other handC:As a result D:For example
共用题干 Price PlanningA price represents the value of goods or service for both the seller and the buyer. Price planning is the systematic decision made by an organization after regarding all aspects of pricing.The value of goods or service can involve both tangible and intangible marketing factors.An example ofa tangible marketing factor is the cost savings_(46).An example of an intangible marketin factor is a consumer's pride in the ownership of a Lamborghini rather than another brand of automobile.To make a deal,both the buyer and seller must feel that the price of goods or service provides an equitablevalue.To the buyer,the payment of a price reduces purchasing power_________(47).To the seller, receipt of a price is a source of revenue and an important determinant of sales and profit levels.Many words are substitutes for the term price:admission fee,membership fee,rate,tuition,service charge,donation,rent,salary,interest,retainer,and assessment.No matter what it is called,________(48):mone- tary and non-monetary charges,discounts,handling and shipping fees,credit charges and other forms of inter- est,and late-payment penalties. A non-price exchange would be selling a new iron for 10 books of trading stamps or an airline offering tickets as payment for advertising space and time.Monetary and non-monetary ex-change may be combined.This is common with automobiles,________(49).This combination allows a re- duction in the monetary price.From a broader perspective,price is the mechanism for allocating goods and services among potential purchasers and for ensuring competition among sellers in an open market economy.If there is an excess of de- mand over supply,prices are usually bid up by consumers.If there is an excess of supply over demand,_________ (50)._________(48)A:a price contains all the connotation of other terms of purchaseB:obtained by the purchase of a new bottling machine by a soda manufacturerC:where the consumer gives the seller money plus a trade-inD:available for other itemsE:prices are usually reduced by sellersF: price means what one pays for what he wants
共用题干 Price PlanningA price represents the value of goods or service for both the seller and the buyer.Price planning is the systematic decision made by an organization after regarding all aspects of pricing.The value of goods or service can involve both tangible and intangible marketing factors.An example of a tangible marketing factor is the cost savings______(46).An example of an intangible marketing factor is a consumer's pride in the ownership of a Lamborghini rather than another brand of automobile.To make a deal,both the buyer and seller must feel that the price of goods or service provides an equitable value.To the buyer,the payment of a price reduces purchasing power______(47).To the seller, receipt of a price is a source of revenue and an important determinant of sales and profit levels.Many words are substitutes for the term price:admission fee,membership fee,rate,tuition,service charge, donation,rent,salary,interest,retainer,and assessment.No matter what it is called,______(48) monetary and non-monetary charges,discounts,handling and shipping fees,credit charges and other forms of interest,and late-payment penalties.Anon-price exchange would be selling a new iron for 10 books of trading stamps or an airline offering tickets as payment for advertising space and time.Monetary and non-monetary exchange may be combined.This is common with automobiles,______(49).This combination allows a reduction in the monetary price.From a broader perspective,price is the mechanism for allocating goods and services among potential purchasers and for ensuring competition among sellers in an open market economy.If there is an excess of demand over supply,prices are usually bid up by consumers.If there is an excess of supply over demand,______(50).______(49)A:a price contains all the connotation of other terms of purchaseB:obtained by the purchase of a new bottling machine by a soda manufacturerC:where the consumer gives the seller money plus a trade-inD:available for other itemsE:prices are usually reduced by sellersF:price means what one pays for what he wants
