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Practice 6 If there's a threat of dangerous deflation—a general fall in prices—the causes lie as much in Europe and Japan as in the United States. The inevitable collapse of America's speculative boom need not have been especially damaging if the world's other advanced economies were healthy. Their expanding appetite for imports would have bolstered the United States and so-called emerging market countries, from Brazil to South Korea. The trouble is that other advanced economies aren't healthy. Deflation could emerge from simultaneous slumps in the world's three major economies. Prices drop because there's too little global demand chasing too much global supply—everything from steel to shoes. Japan's ills are well known. Its banks are awash in bad loans. Less understood (at least in the United States) is the fact that Europe's troubles stem significantly from Germany. Germany is Europe's “sick man”, just as Japan is Asia's. Only 15 years ago, these countries seemed poised to assume leadership of the world economy. Now they are dragging it down.
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更多 “问答题Practice 6 If there's a threat of dangerous deflation—a general fall in prices—the causes lie as much in Europe and Japan as in the United States. The inevitable collapse of America's speculative boom need not have been especially damaging if the world's other advanced economies were healthy. Their expanding appetite for imports would have bolstered the United States and so-called emerging market countries, from Brazil to South Korea. The trouble is that other advanced economies aren't healthy. Deflation could emerge from simultaneous slumps in the world's three major economies. Prices drop because there's too little global demand chasing too much global supply—everything from steel to shoes. Japan's ills are well known. Its banks are awash in bad loans. Less understood (at least in the United States) is the fact that Europe's troubles stem significantly from Germany. Germany is Europe's “sick man”, just as Japan is Asia's. Only 15 years ago, these countries seemed poised to assume leadership of the world economy. Now they are dragging it down.” 相关考题
考题
Many modern critics of American literature have called Mark Twain, born Samuel Clemens, ______.A. as America's greatest writerB. was America's greatest writerC. America's greatest writerD. to have been America's greatest writer
考题
Japan s productivity has overtaken America s in some manufacturing industries, but elsewhere the United States has ( )its lead.A、take upB、brought backC、rested onD、clung to
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Experiments of this kind ____ in both the U.S. and Europe well before the World War.
A have conductedB have been conductedC had conductedD had been conducted
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We can infer from Paragraph 5 that ______.（ ）[A] home prices has fallen down 28% compared with what's in mid-2006[B] many foreclosed homes have been abandoned by their former owners[C] home prices might fall down 28% fi'om their peak in mid-2006 in the future[D] more foreclosed homes have been abandoned because of the falling price
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第二篇The American IndustryA history of long and effortless success can be a dreadful handicap,but if properly handled,it may become a driving force.When the United States entered just such a glowing period after the end of the Second World War,it had a market eight times larger than any competitor,giving its industries unparalleled economies of scale.Its scientists were the world's best,its workers the most skilled.America and Americans were prosperous beyond the dreams of the Europeans and Asians whose economies the war had destroyed.It was inevitable that this primacy should have narrowed as other countries grew richer. Just as inevitably,the retreat from predominance proved painful.By the mid-1980s Americans had found themselves at a loss over their fading industrial competitiveness.Some huge American industries, such as consumer electronics,had shrunk or vanished in the face of foreign competition.By 1987 there was only one American television maker left,Zenith.(Now there is none:Zenith was bought by South Korea's LG Electronics in July.)Foreign-made cars and textiles were sweeping into the domestic market. America's machine-tool industry was on the ropes.For a while it looked as though the making of semiconductors,which America had which sat at the heart of the new computer age, was going to be the next casualty.All of this caused a crisis of confidence.Americans stopped taking prosperity for granted.They began to believe that their way of doing business was failing,and that their incomes would therefore shortly begin to fall as well. The mid-1980s brought one inquiry after another into the causes of America's industrial decline.Their sometimes sensational findings were filled with warnings about the growing competition from overseas.How things have changed!In 1995 the United States can look back on five years of solid growth while Japan has been struggling. Few Americans attribute this solely to such obvious causes as a devalued dollar or the turning of the business cycle.Self-doubt has yielded to blind pride."American industry has changed its structure,has gone on a diet,has learnt to be more quick-witted,"according to Richard Cavanagh,executive dean of Harvard's Kennedy School of Government,"It makes me proud to be an American just to see how our businesses are improving their productivity,"says Stephen Moore of the Cato Institute,a think-tank in Washington,DC.And William Sahlman of the Harvard Business School believes that people will look back on this period as"a golden age of business management in the United States."The author seems to believe the revival of the U.S.economy in the 1990s can be attributed to the______.A:turning of the business cycleB:restructuring of industryC:improved business managementD:success in education
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第二篇The American IndustryA history of long and effortless success can be a dreadful handicap,but if properly handled,it may become a driving force.When the United States entered just such a glowing period after the end of the Second World War,it had a market eight times larger than any competitor,giving its industries unparalleled economies of scale.Its scientists were the world's best,its workers the most skilled.America and Americans were prosperous beyond the dreams of the Europeans and Asians whose economies the war had destroyed.It was inevitable that this primacy should have narrowed as other countries grew richer. Just as inevitably,the retreat from predominance proved painful.By the mid-1980s Americans had found themselves at a loss over their fading industrial competitiveness.Some huge American industries, such as consumer electronics,had shrunk or vanished in the face of foreign competition.By 1987 there was only one American television maker left,Zenith.(Now there is none:Zenith was bought by South Korea's LG Electronics in July.)Foreign-made cars and textiles were sweeping into the domestic market. America's machine-tool industry was on the ropes.For a while it looked as though the making of semiconductors,which America had which sat at the heart of the new computer age, was going to be the next casualty.All of this caused a crisis of confidence.Americans stopped taking prosperity for granted.They began to believe that their way of doing business was failing,and that their incomes would therefore shortly begin to fall as well. The mid-1980s brought one inquiry after another into the causes of America's industrial decline.Their sometimes sensational findings were filled with warnings about the growing competition from overseas.How things have changed!In 1995 the United States can look back on five years of solid growth while Japan has been struggling. Few Americans attribute this solely to such obvious causes as a devalued dollar or the turning of the business cycle.Self-doubt has yielded to blind pride."American industry has changed its structure,has gone on a diet,has learnt to be more quick-witted,"according to Richard Cavanagh,executive dean of Harvard's Kennedy School of Government,"It makes me proud to be an American just to see how our businesses are improving their productivity,"says Stephen Moore of the Cato Institute,a think-tank in Washington,DC.And William Sahlman of the Harvard Business School believes that people will look back on this period as"a golden age of business management in the United States."The loss of U.S.predominance in the world economy in the 1980s is manifested in the fact that the American______.A:TV industry had withdrawn to its domestic marketB:semiconductor industry had been taken over by foreign enterprisesC:machine-tool industry had collapsed after suicidal actionsD:auto industry had lost part of its domestic market
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第二篇The American IndustryA history of long and effortless success can be a dreadful handicap,but if properly handled,it may become a driving force.When the United States entered just such a glowing period after the end of the Second World War,it had a market eight times larger than any competitor,giving its industries unparalleled economies of scale.Its scientists were the world's best,its workers the most skilled.America and Americans were prosperous beyond the dreams of the Europeans and Asians whose economies the war had destroyed.It was inevitable that this primacy should have narrowed as other countries grew richer. Just as inevitably,the retreat from predominance proved painful.By the mid-1980s Americans had found themselves at a loss over their fading industrial competitiveness.Some huge American industries, such as consumer electronics,had shrunk or vanished in the face of foreign competition.By 1987 there was only one American television maker left,Zenith.(Now there is none:Zenith was bought by South Korea's LG Electronics in July.)Foreign-made cars and textiles were sweeping into the domestic market. America's machine-tool industry was on the ropes.For a while it looked as though the making of semiconductors,which America had which sat at the heart of the new computer age, was going to be the next casualty.All of this caused a crisis of confidence.Americans stopped taking prosperity for granted.They began to believe that their way of doing business was failing,and that their incomes would therefore shortly begin to fall as well. The mid-1980s brought one inquiry after another into the causes of America's industrial decline.Their sometimes sensational findings were filled with warnings about the growing competition from overseas.How things have changed!In 1995 the United States can look back on five years of solid growth while Japan has been struggling. Few Americans attribute this solely to such obvious causes as a devalued dollar or the turning of the business cycle.Self-doubt has yielded to blind pride."American industry has changed its structure,has gone on a diet,has learnt to be more quick-witted,"according to Richard Cavanagh,executive dean of Harvard's Kennedy School of Government,"It makes me proud to be an American just to see how our businesses are improving their productivity,"says Stephen Moore of the Cato Institute,a think-tank in Washington,DC.And William Sahlman of the Harvard Business School believes that people will look back on this period as"a golden age of business management in the United States."The U.S.achieved its predominance after World War Ⅱ because______.A:it had made painstaking efforts towards this goalB:its domestic market was eight times larger than beforeC:the war had destroyed the economies of most potential competitorsD:the unparalleled size of its workforce had given an impetus to its economy
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第二篇The American IndustryA history of long and effortless success can be a dreadful handicap,but if properly handled,it may become a driving force.When the United States entered just such a glowing period after the end of the Second World War,it had a market eight times larger than any competitor,giving its industries unparalleled economies of scale.Its scientists were the world's best,its workers the most skilled.America and Americans were prosperous beyond the dreams of the Europeans and Asians whose economies the war had destroyed.It was inevitable that this primacy should have narrowed as other countries grew richer. Just as inevitably,the retreat from predominance proved painful.By the mid-1980s Americans had found themselves at a loss over their fading industrial competitiveness.Some huge American industries, such as consumer electronics,had shrunk or vanished in the face of foreign competition.By 1987 there was only one American television maker left,Zenith.(Now there is none:Zenith was bought by South Korea's LG Electronics in July.)Foreign-made cars and textiles were sweeping into the domestic market. America's machine-tool industry was on the ropes.For a while it looked as though the making of semiconductors,which America had which sat at the heart of the new computer age, was going to be the next casualty.All of this caused a crisis of confidence.Americans stopped taking prosperity for granted.They began to believe that their way of doing business was failing,and that their incomes would therefore shortly begin to fall as well. The mid-1980s brought one inquiry after another into the causes of America's industrial decline.Their sometimes sensational findings were filled with warnings about the growing competition from overseas.How things have changed!In 1995 the United States can look back on five years of solid growth while Japan has been struggling. Few Americans attribute this solely to such obvious causes as a devalued dollar or the turning of the business cycle.Self-doubt has yielded to blind pride."American industry has changed its structure,has gone on a diet,has learnt to be more quick-witted,"according to Richard Cavanagh,executive dean of Harvard's Kennedy School of Government,"It makes me proud to be an American just to see how our businesses are improving their productivity,"says Stephen Moore of the Cato Institute,a think-tank in Washington,DC.And William Sahlman of the Harvard Business School believes that people will look back on this period as"a golden age of business management in the United States."What can be inferred from the passage?A:It is human nature to shift between self-doubt and blind pride.B:Intense competition may contribute to economic progress.C:The revival of the economy depends on international cooperation.D:A long history of success may pave the way for further development.
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第二篇The American IndustryA history of long and effortless success can be a dreadful handicap,but if properly handled,it may become a driving force.When the United States entered just such a glowing period after the end of the Second World War,it had a market eight times larger than any competitor,giving its industries unparalleled economies of scale.Its scientists were the world's best,its workers the most skilled.America and Americans were prosperous beyond the dreams of the Europeans and Asians whose economies the war had destroyed.It was inevitable that this primacy should have narrowed as other countries grew richer. Just as inevitably,the retreat from predominance proved painful.By the mid-1980s Americans had found themselves at a loss over their fading industrial competitiveness.Some huge American industries, such as consumer electronics,had shrunk or vanished in the face of foreign competition.By 1987 there was only one American television maker left,Zenith.(Now there is none:Zenith was bought by South Korea's LG Electronics in July.)Foreign-made cars and textiles were sweeping into the domestic market. America's machine-tool industry was on the ropes.For a while it looked as though the making of semiconductors,which America had which sat at the heart of the new computer age, was going to be the next casualty.All of this caused a crisis of confidence.Americans stopped taking prosperity for granted.They began to believe that their way of doing business was failing,and that their incomes would therefore shortly begin to fall as well. The mid-1980s brought one inquiry after another into the causes of America's industrial decline.Their sometimes sensational findings were filled with warnings about the growing competition from overseas.How things have changed!In 1995 the United States can look back on five years of solid growth while Japan has been struggling. Few Americans attribute this solely to such obvious causes as a devalued dollar or the turning of the business cycle.Self-doubt has yielded to blind pride."American industry has changed its structure,has gone on a diet,has learnt to be more quick-witted,"according to Richard Cavanagh,executive dean of Harvard's Kennedy School of Government,"It makes me proud to be an American just to see how our businesses are improving their productivity,"says Stephen Moore of the Cato Institute,a think-tank in Washington,DC.And William Sahlman of the Harvard Business School believes that people will look back on this period as"a golden age of business management in the United States."What does"the American industry has gone on a diet"mean?A:Employees in the American industry are on a diet.B:The American industry has reduced redundant staff.C:The American industry has shrunk.D:The American industry has been made more efficient.
考题
Passage 1
Earlier this year, when America first sneezed, the European Central Bank （along with most private-sector economists） argued that the euro area was insulated from America's slowdown and had little to worry about. This seems to have wrong. In Germany there are fears about recession as business investment and retail sales tumble. Recent figures confirmed that Germany’s GDP stagnated in the second quarter. Italy's GDP fell in the second quarter, and although growth has held up better in France and Spain, the growth in the euro area as a whole was close to zero in the quarter. Nobody is forecasting an actual recession in the euro area this year, but it is no longer expected to provide an engine for world growth.
As for Japan, it is probably already in recession. Japan's GDP grew slightly in the first quarter. Persistent deflation continues to be a severe problem. A revised measure of Japan’s consumer-price index, to be published soon, is likely to show that deflation is worse than had been thought.
What was the economic situation in France and Spain?
A. Much better
B. Somewhat better.
C. Close to zero.
D. Much worse.
考题
Passage 1
Earlier this year, when America first sneezed, the European Central Bank （along with most private-sector economists） argued that the euro area was insulated from America's slowdown and had little to worry about. This seems to have wrong. In Germany there are fears about recession as business investment and retail sales tumble. Recent figures confirmed that Germany’s GDP stagnated in the second quarter. Italy's GDP fell in the second quarter, and although growth has held up better in France and Spain, the growth in the euro area as a whole was close to zero in the quarter. Nobody is forecasting an actual recession in the euro area this year, but it is no longer expected to provide an engine for world growth.
As for Japan, it is probably already in recession. Japan's GDP grew slightly in the first quarter. Persistent deflation continues to be a severe problem. A revised measure of Japan’s consumer-price index, to be published soon, is likely to show that deflation is worse than had been thought.
What does the 1st sentence mean?
A. Earlier this year, America suffered from a cold.
B. The European Central Bank believed it wouldn't be affected by US.
C. The European Central Bank had little to worry about.
D. The euro area was safe and sound.
考题
Passage 1
Earlier this year, when America first sneezed, the European Central Bank （along with most private-sector economists） argued that the euro area was insulated from America's slowdown and had little to worry about. This seems to have wrong. In Germany there are fears about recession as business investment and retail sales tumble. Recent figures confirmed that Germany’s GDP stagnated in the second quarter. Italy's GDP fell in the second quarter, and although growth has held up better in France and Spain, the growth in the euro area as a whole was close to zero in the quarter. Nobody is forecasting an actual recession in the euro area this year, but it is no longer expected to provide an engine for world growth.
As for Japan, it is probably already in recession. Japan's GDP grew slightly in the first quarter. Persistent deflation continues to be a severe problem. A revised measure of Japan’s consumer-price index, to be published soon, is likely to show that deflation is worse than had been thought.
The best title for the passage is ___.
A. The world economic situation.
B. The world economic recession.
C. The worse world economic situation.
D. The reason for world economic recession.
考题
The soybean prices ended higher this Monday as traders expect supplies to remain tight
The actively traded July contract for soybeans rose 20 cents to settle at $14.85 a bushel.
The U.S government’s weekly prediction for soybean exports was higher than traders expected, said Mike Zulo, president of a consulting company in Atchison Kansas
Supplies for beans have been extraordinarily tight as China’s demand for soybean continues to increase even as U.S production stays relatively steady he said Soybean prices have risen 15 percent this year
“That U.S.D.A. number caused the trade to refocus on just how razor-thin supplies are heading in to next fall’s harvest” Zulo said
Why did the prices of soybean rise according to the passage?A. Because the general production of soybean stayed steady
B. Because the supplies were expected to keep tight
C. Because China’s demand for soybean increased
D. Because the trade of soybean was quite active
考题
Passage 1
Earlier this year, when America first sneezed, the European Central Bank （along with most private-sector economists） argued that the euro area was insulated from America's slowdown and had little to worry about. This seems to have wrong. In Germany there are fears about recession as business investment and retail sales tumble. Recent figures confirmed that Germany’s GDP stagnated in the second quarter. Italy's GDP fell in the second quarter, and although growth has held up better in France and Spain, the growth in the euro area as a whole was close to zero in the quarter. Nobody is forecasting an actual recession in the euro area this year, but it is no longer expected to provide an engine for world growth.
As for Japan, it is probably already in recession. Japan's GDP grew slightly in the first quarter. Persistent deflation continues to be a severe problem. A revised measure of Japan’s consumer-price index, to be published soon, is likely to show that deflation is worse than had been thought.
what were Germany and Italy's GDP in the second quarter?
A. stagnated
B. fell
C. suffered
D. halted and decreased
考题
The soybean prices ended higher this Monday as traders expect supplies to remain tight
The actively traded July contract for soybeans rose 20 cents to settle at $14.85 a bushel.
The U.S government’s weekly prediction for soybean exports was higher than traders expected, said Mike Zulo, president of a consulting company in Atchison Kansas
Supplies for beans have been extraordinarily tight as China’s demand for soybean continues to increase even as U.S production stays relatively steady he said Soybean prices have risen 15 percent this year
“That U.S.D.A. number caused the trade to refocus on just how razor-thin supplies are heading in to next fall’s harvest” Zulo said
What can be inferred from the passage about next fall’s soybean harvest?A. It’s not worth noticing
B. It will rise 15 percent
C. It’s still uncertain
D. It will be razor-thin
考题
Passage 1
Earlier this year, when America first sneezed, the European Central Bank （along with most private-sector economists） argued that the euro area was insulated from America's slowdown and had little to worry about. This seems to have wrong. In Germany there are fears about recession as business investment and retail sales tumble. Recent figures confirmed that Germany’s GDP stagnated in the second quarter. Italy's GDP fell in the second quarter, and although growth has held up better in France and Spain, the growth in the euro area as a whole was close to zero in the quarter. Nobody is forecasting an actual recession in the euro area this year, but it is no longer expected to provide an engine for world growth.
As for Japan, it is probably already in recession. Japan's GDP grew slightly in the first quarter. Persistent deflation continues to be a severe problem. A revised measure of Japan’s consumer-price index, to be published soon, is likely to show that deflation is worse than had been thought.
Which of the following is NOT TRUE about Japan’s economy?
A. It is perhaps already in decline.
B. Japan`s GDP grew slightly in the first quarter.
C. Deflation continues to be a severe problem.
D. t is worse than that of US and European.
考题
资料：The soybean prices ended higher this Monday as traders expect supplies to remain tight.
The actively July contract for soybeans rose 20 cents to settle at $14.85 a bushel.
The U.S. government's weekly prediction for soybean exports was higher than traders expected, said Mike Zulo. President of a consulting company in Atchison, Kansas.
Supplies for beans have been extraordinarily tight as China's demand for soymeal continues to increase even as U.S. production stays relatively steady, he said. Soybean prices have risen about 15 percent this year.
“That U.S.D.A. number caused the trade to refocus on just how razor-thin supplies are heading in to next fall's harvest.” Zulo said.
Why did the prices of soybean rise according to the passage?A.Because the general production of soybean stayed steady.
B.Because the supplies were expected to keep tight.
C.Because China’s demand for soybean increased.
D.Because the trade of soybean was quite active.
考题
资料：The soybean prices ended higher this Monday as traders expect supplies to remain tight.
The actively July contract for soybeans rose 20 cents to settle at $14.85 a bushel.
The U.S. government's weekly prediction for soybean exports was higher than traders expected, said Mike Zulo. President of a consulting company in Atchison, Kansas.
Supplies for beans have been extraordinarily tight as China's demand for soymeal continues to increase even as U.S. production stays relatively steady, he said. Soybean prices have risen about 15 percent this year.
“That U.S.D.A. number caused the trade to refocus on just how razor-thin supplies are heading in to next fall's harvest.” Zulo said.
What can be inferred from the passage about next fall’s soybean harvest?A.It’s not worth noticing.
B.It will rise 15 percent.
C.It’s still uncertain.
D.It will be razor-thin.
考题
根据以下材料，回答题
People have smoked cigarettes for a longtime now. The tobacco which is used to make cigarettes was first grown in whatis now part of the United States. Christopher Columbus, who discovered America,saw the Indians smoking. Soon the dried leaves were transported to Europe. In thelate 1800s, the Turks made cigarettes popular.
Cigarette smoke contains at least twoharmful substances, tar and nicotine. Tar, which forms as the tobacco burns,damages the lungs and therefore affects breathing. Nicotine, which is found inthe leaves, causes the heart to beat faster and increases the breathing rate.Nicotine in large can kill a person by stopping a person′s breathing muscles.Smokers usually take in small amounts that the body can quickly break down.
Nicotine can make new smokers feel dizzy (头晕) or sick to theirstomachs. The heart rate for young smokers increases 2 to 3 beats per minute.Nicotine also lowers skin temperature and reduces blood flow in the legs andfeet. It plays an important role in increasing smokers′ risk of heart disease andstroke.
Smoking cigarettes is dangerous. Cigarettesmoking was the cause of lung cancer and several other deadly diseases.
Tobacco first appeared in ______.查看材料A.Asia
B.Africa
C.Europe
D.America
考题
单选题President Jiang Zemin’s visit to America helped the United States and China to have a better _____ understanding.A
habitualB
relevantC
equivalentD
mutual
考题
单选题Pills and lotions have been invented in Western Europe and North America_______.A
to protect people from sunburnB
to make people look wealthyC
to smooth people's skinD
to help people to have a quick tan
考题
单选题Which of the following is an appropriate title for this passage?A
Japan's Nuclear Crisis Causes Fear in Europe.B
The Chernobyl Disaster Helps Europe Better Understand Nuclear Power Energy.C
German Governments Supports Nuclear Power Energy.D
Germany Has Learnt a Lesson From Japan.
考题
问答题Practice 4 Europeans have long aspired to end American dominance as the world’s economic leader. The single market and the euro are widely seen as essential steps in this direction. But is Europe ready to lead? Do Europeans understand what it would take? Despite a budding recovery, the United States is hardly the model of economic health that it once was. On several issues—from steel tariffs to the resurgent deficit to shady corporate practices—America has demonstrated a growing failure of leadership. Over the past two decades the United States has shown what it takes to be an economic superpower—a strong currency, openness to imports, concessions in trade negotiations and articulating an economic philosophy for the rest of the world. Now that it’s apparently fading on so many counts, the question becomes: is Europe willing and prepared to do what the United States once did, in order to supplant it? First the exchange-rate issue. The euro will probably continue strengthening against the dollar, if only because of America’s huge and growing $400 billion-a-year current-account deficit. This means that, every year, the United States borrows about 4 percent of its GDP on world markets. If international investors lose confidence in the U.S. economy, fewer people will want to hold dollar assets. The dollar will fall—and the euro will appreciate. This may be a normal market cycle, but there will be consequences. Among others, European companies will see their U.S. profits erode. What happens if the dollar falls farther and faster than anticipated? Are European industrial companies ready to compete with a euro worth $1.10, $1.15 or $1.25? The flip side of the much-desired strong euro would almost certainly be a surge in imports from the United States and the rest of the world. Exports might fall, resulting in job losses—perhaps even a trade deficit for the European Union. Europeans are rightfully angry at new U.S. steel tariffs. But given the sheer size of America’s trade deficit, Washington’s policies are actually relatively moderate. The question remains: if Europe were in a similar position, would its voters and politicians be equally sensitive to what’s best for the global economy? Would European politicians be able to face the incredible pressures that would build for protectionist measures if it were Europe, and not the United States, that ran a persistent trade deficit? Not likely, I fear. America’s retreat from its leading role presents an opportunity for the European Union. Trouble is, its political institutions have yet to mature to the point where they can resolve trade disputes, say, by looking beyond the immediate and narrow self-interests of its member states. Europe’s chance for economic leadership may come sooner than expected. But too many Europeans haven’t yet grasped the basic secret of America’s leadership—the hard work and tough choices that are involved. That’s what Europeans now face, in this season of elections and decision making that will shape their future. Let’s hope they recognize that such sacrifices will pay off for them, as well as for the rest of the world.
考题
问答题Practice 2 The news couldn’t be worse. Three years of recession or anemic economic growth, Argentina’s debt default and collapse and—more recently—Bolivia’s president run out of office by indigenous people fed up with his pro-business, pro-Washington agenda. Taken together, these trials have seemingly erased the promise of prosperity that wafted across the region a decade ago. Now there’s the specter of a return to the dark days of the 1970s and 80s when economic and political chaos were the norm. Social eruptions have prompted a wide-ranging and contentious reappraisal of the economic orthodoxy—the neoliberal model that has shaped policy in Latin America for the past 15 years. Market-oriented structural reforms have succeeded in a few crucial ways: they ended the ruinous era of hyperinflation, and inculcated a sense of fiscal responsibility among profligate governments. But belt-tightening has not led to the robust economic performance promised when reforms began. After enjoying encouraging GDP expansion in the early and mid-1990s, Latin America has stumbled through about five years of economic stagnation that have left the region’s have-nots in a surly mood. Latin America desperately wants increased access to markets in the United States and Europe, but the region doesn’t want to pursue trade deals on what it perceives to be unfair terms. (Newsweek)
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问答题Passage 7U. S consumer prices climbed faster than expected in May, further fanning investor fears over inflation. Stock markets around the world have cracked sharply lower the past few weeks, with the Dow Jones Industrial Average losing all the ground it had gained so far this year. Japan’s stock market is down 11% on the year; gold has had its biggest slide in a decade and a half; and many emerging markets are wobbling. After Wednesday’s Consumer Price Index report from the Labor Department, which showed a 0.4 percent increase in prices for May (core inflation, which excludes food and energy, rose 0.3 percent), the stock market made a comeback. But with future interest rate hikes now starting to be priced into the market, investor fears that central bankers around the world will go overboard and continue to drive rates higher is set to further spook markets. This is no trading correction that investors have to absorb. The real risk of a jarring bear market has emerged. But while the trauma that inflation created for investors in the 1970s is still close to the surface, the sudden frenzy is misplaced. Powerful forces in the world economy continue to keep prices largely in check. Over the past decade, inflation has been a minor threat compared with brutal deflationary shocks. They started with the collapse of the Mexican peso in the mid-1990s. In 1997, much of eastern Asia’s flourishing economy was leveled. Next were Russia, Turkey and Argentina; Brazil teetered on the brink. By early 2001, Silicon Valley, the pride of the U. S. economy, was crashing, while entire sectors of the so-called New Economy disintegrated. The tech wreck may be over, but it has left a legacy of low prices. Tech companies had to dump on the market everything from fiberoptic networks to computer chips, as desperate investors struggled to raise cash. That slashed telecommunication costs at the very moment that emerging markets were producing a skilled and hungry generation of information workers. Result? The offshore outsourcing revolution and downward pressure on global production costs that keeps inflation under control. Equally powerful are the ultra-low-cost emerging-market manufacturing bases, led by China. With more than 1 billion people set to enter the urban labor markets of China, India, Brazil and Indonesia in the next 20 years, all those pressures on prices will only intensify. More immediate forces are also at work to keep prices from surging. Despite some wishful thinking, growth in Europe is slowing, not accelerating. A large part of U. S. growth has been driven by booming real estate prices. But in the past two years, the Fed has increased rates 16 times, so real estate-driven consumption is yesterday’s news. Tomorrow’s story will be the sharp fall in U. S. growth as consumers face higher mortgage costs. That dynamic could become particularly nasty, given the record level of U. S. household debt, government deficit and unequaled current-account shortfall. Investors are often caught flat-footed when markets slide. In 2001-02, deflation was the fear of the day, but few investors at the time saw the opportunity in commodities, which were going for a fraction of today’s prices. Today investors are obsessed with inflation, while government and top- tier corporate bonds are shunned. That should be telling us something. What is it? In the past few years, the central banks of Japan, the U. S. and Europe have cut interest rates so aggressively that the real cost of borrowing fell to, effectively, below zero. That spurred extraordinary amounts of debt financing by governments and corporations. But now, as the global credit cycle tightens, some of the marginal investments will quickly become unsustainable. If central bankers keep raising interest rates, deeper cracks would open in the world economy. What is really troubling markets is not inflation. It is the fear that central banks may have tightened too much, and will tighten further. If that happens, the recent market shock would be merely the precursor to a still more dramatic quake. 1. What is the situation of the world financial markets recently? What is the situation expected to be in the near future? 2. What does the author mean by “the tech wreck may be over, but it has left a legacy of low prices”? (Para.4) 3. What is the relationship between real estate market and economic growth in US in the past and in the near future? 4. According to the author, what are the “powerful forces” that can keep inflation “largely in check”?
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问答题Passage 1 (1)______ There is a tendency to see Japan as a harbinger of all that is doomed in the economies of the euro zone and America--even though figures released on November 14th show its economy grew by an annualised 6% in the third quarter, rebounding quickly from the March tsunami and nuclear disaster. Look dispassionately at Japan's economic performance over the past ten years, though, and "the second lost decade", if not the first, is a misnomer. Much of what tarnishes Japan's image is the result of demography—more than half its population is over 45—as well as its poor policy in dealing with it. (2)______ In aggregate, Japan's economy grew at half the pace of America's between 2001 and 2010. Yet if judged by growth in GDP per person over the same period, then Japan has outperformed America and the euro zone. In part this is because its population has shrunk whereas America's population has increased. Though growth in labour productivity fell slightly short of America's from 2000 to2008, total factor productivity, a measure of how a country uses capital and labour, grew faster, according to the Tokyo-based Asian Productivity Organisation. Japan's unemployment rate is higher than in 2000, yet it remains about half the level of America and Europe. Besides supposed stagnation, the two other curses of the Japanese economy are debt and deflation. Yet these also partly reflect demography and can be overstated. People often think of Japan as an indebted country. In fact, it is the world's biggest creditor nation, boasting 253 trillion ($3.3 trillion) in net foreign assets. To be sure, its government is a large debtor; its net debt as a share of GDP is one of the highest in the OECD. (3)______ Social security expenditure doubled as a share of GDP between 1990 and 2010 to pay rising pensions and health-care costs. Over the same period tax revenues have shrunk. (4)______ That gives it plenty of room to manoeuvre. Takatoshi Ito, an economist at the University of Tokyo, says increasing the consumption tax by 20 percentage points from its current 5%—putting it at the level of a high-tax European country—would raise 50 trillion and immediately wipe out Japan's fiscal deficit. That sounds draconian. But here again, demography plays a role. Officials say the elderly resist higher taxes or benefit cuts, and the young, who are in a minority, do not have the political power to push for what is in their long-term interest. David Weinstein, professor of Japanese economy at Columbia University in New York, says the elderly would rather give money to their children than pay it in taxes. Ultimately that may mean that benefits may shrink in the future. "If you want benefits to grow in line with income, as they are now, you need a massive increase in taxes of about10% of GDP," he says. (5)______ After all, falling prices give savers—most of whom are elderly—positive real yields even when nominal interest rates are close to zero. Up until now, holding government bonds has been a good bet. Domestic savers remain willing to roll them over, which enables the government to fund its deficits. Yet this comes at a cost to the rest of the economy. In short, Japan's economy works better for those middle-aged and older than it does for the young. But it is not yet in crisis, and economists say there is plenty it could do to raise its potential growth rate, as well as to lower its debt burden.[A] Falling tax revenues are a problem. The flip side, though, is that Japan has the lowest tax take of any country in the OECD, at just 17% of GDP.[B] Demography helps explain Japan's stubborn deflation, too, he says.[C] Even so, most Japanese have grown richer over the decade.[D] However, the public debt has been accrued not primarily through wasteful spending or "bridges to nowhere", but because of aging, says the IMF.[E] Young people also express their strong dissatisfaction towards economical injustice.[F] The Japanese say they suffer from an economic disease called “structural pessimism”. Overseas too,[G] In fact, the financial situation is not that bad during the last decade.
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