英语翻译

英语翻译
6 (a) The process of construction can yield large benefits to the government officials in the form of payments from those who receive the construction contracts,and the grandeur of the completed project can pay electoral dividends.But will the political rewards of maintenance be as great as the political costs of maintenance?(b) The private owner of a road knows that no revenue can be collected from road users unless it is adequately maintained.A residual claimant will carefully and continually compare the marginal cost of specific maintenance procedures with their marginal benefit,the latter estimated in terms of how much more users will be willing to pay because of the improvement.In Book V of his Wealth of Nations,Adam Smith commends the wisdom of a government that,after constructing a canal,assigned future revenues to the engineer who had built the canal,apparently in the reasonable belief that he would be the one most capable of managing the canal in the public interest.He obviously possessed the appropriate knowledge and skills,and ownership gave him the appropriate incentives.
7 (a) Entrepreneurs face the problem of persuading other people to accept their guarantees.One of the most common ways to do that is to be the owner of a lot of valuable production facilities,which operate as a kind of assurance that you won't run away and that you have the resources to satisfy your contractual obligations.Employees usually just take for granted that the wages for which they have contracted will be paid and paid on time.But they will be suspicious of an employer who has no settled place of business and whose only address is a post office box.Wouldn't you?(b) Suppliers of such inputs as raw materials,monetary loans,and physical facilities must also trust the entrepreneur.What persuades suppliers to ship goods before payment has been received,or bankers to extend loans,or owners of physical facilities to allow someone to use those facilities?Sometimes it's "deposits"; sometimes it's personal wealth; sometimes it's a track record.And sometimes the trust turns out to have been misplaced.(c) They do so in return for a guaranteed income.(d) They do so because they have confidence in their ability to succeed at the enterprise for which they have hired the employee,and they don't want to have to share decision-making authority.