Which of the following sentences is correct, or are both correct? Why?
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效果: result; effect
Both 没有效果 and 没有效应 are correct if you want to say "no effect"
When you want to say "result" then you must say "效果"
"US tax reform has not achieved the expected results" = "美国税改并未达到预期的效果"
"US tax reform has not created the expected effect" = "美国税改并未产生预期的效应"
Since 效果 has meaning other than 'effect' We usually translate 'effect' as 效应
As user 3306356's answer stated: 'the butterfly effect' is translated as 蝴蝶效应 (the butterfly effect) instead of 蝴蝶效果(the butterfly effect/result)