over time.One of the important influences on this ratio is long-term interest rates. In general,relatively high rates result in low price-earnings ratios;low interest rates result in high price-earnings ratios. Treasury bills::财政短期证券.美国对Treasury bond,Treasury note and Treasury bill的解释是Treasury bond:A bond issued by the U.S.Government.These are considered safe investments because they are backed by taxing authority of the U.S.government.The interest on Treasury bonds is not subject to state income tax. T-bonds have maturity's greater than 10 years,while notes and bills have lower maturity's. Treasury note:The only difference between a Treasury note and a Treasury bond is that a Treasury note is issued for a shorter time (e.g.,two to five years). Treasury bill:This is held for a shorter time (e.g.,three,six,or nine months to two years)than either a Treasury bond or a Treasury note.Interest on T-bills are paid at the time the bill matures,and the bills are priced accordingly 3 rd industrial revolution:第三次工业革命，即信息革命。 The First Industrial Revolution.In the late 18th century,the Industrial Revolution started in Britain but soon extended to continental Europe and America. The Second Industrial Revolution. Despite considerable overlapping with the"old,"there is mounting evidence for a "new"Industrial Revolution in the late 19th and 20th centuries.In terms of basic materials,modern industry has begun to exploit many natural and synthetic resources not hitherto utilized:lighter metals,new alloys,and synthetic products such as plastics,as well as new energy sources.Combined with these are developments in machines,tools,and computers that have given rise to the automatic factory.Although some segments of industry were almost completely mechanized in the early to mid-19th century,automatic operation,as distinct from the assembly line,first was achieved major significance in the second half of the 20th century.over time. One of the important influences on this ratio is long-term interest rates. In general, relatively high rates result in low price-earnings ratios; low interest rates result in high price-earnings ratios. Treasury bills: 财政短期证券。美国对 Treasury bond, Treasury note and Treasury bill 的解释是 Treasury bond: A bond issued by the U.S. Government. These are considered safe investments because they are backed by taxing authority of the U.S. government. The interest on Treasury bonds is not subject to state income tax. T-bonds have maturity's greater than 10 years, while notes and bills have lower maturity's. Treasury note: The only difference between a Treasury note and a Treasury bond is that a Treasury note is issued for a shorter time (e.g., two to five years). Treasury bill: This is held for a shorter time (e.g., three, six, or nine months to two years) than either a Treasury bond or a Treasury note. Interest on T-bills are paid at the time the bill matures, and the bills are priced accordingly. 3rd industrial revolution: 第三次工业革命，即信息革命。 The First Industrial Revolution. In the late 18th century, the Industrial Revolution started in Britain but soon extended to continental Europe and America. The Second Industrial Revolution. Despite considerable overlapping with the "old," there is mounting evidence for a "new" Industrial Revolution in the late 19th and 20th centuries. In terms of basic materials, modern industry has begun to exploit many natural and synthetic resources not hitherto utilized: lighter metals, new alloys, and synthetic products such as plastics, as well as new energy sources. Combined with these are developments in machines, tools, and computers that have given rise to the automatic factory. Although some segments of industry were almost completely mechanized in the early to mid-19th century, automatic operation, as distinct from the assembly line, first was achieved major significance in the second half of the 20th century