模拟试题四
模拟试题四
Text 1
As a medium of exchange, money permits the separation of exchange into the two distinct acts of buying and selling, without requiring the seller to purchase goods from the person who buys his products, or vice versa. Hence producers who know they will be paid in money, can concentrate on finding the most suitable outlet for their goods, while buyers who will pay in money, can concentrate on finding the cheapest market for the things they wish to purchase. specialization, which is vital to an advanced economy, is encouraged, because people whose output is not a complete product but only a part of one in which many others are involved can be paid an amount equivalent to their share of the product.
Another advantage of money is that it is a measure of value -- that is, it serves as a unit in terms of which the relative values of different products can be expressed. In a barter economy it would be necessary to determine how many plates were worth one hundred weight of cotton, or how many pens should be exchanged for a ton of coal, which would be a difficult and time- consuming task. The process of establishing relative values would have to be undertaken for every act of exchange, according to what products were being offered against one another, and according to the two parties’ desires and preferences. If I am trying to barter fish for bananas, for example, a lot would depend on whether the person willing to exchange bananas is or is not keen on fish.
Thirdly, money acts as a store of wealth. It is difficult to imagine saving under a barter system. No one engaged on only one stage in the manufacture of a product could save part of his output, since he would be producing nothing complete. Even when a person actually produced a complete product the difficulties would be overwhelming. Most products deteriorate fairly rapidly, either physically or in value, as a result of long storage; even if storage were possible, the practice of storing products for years on end would involve obvious disadvantages -- imagine a coal-miner attempting to save enough coal, which of course is his product, to keep him for life. If wealth could not be saved, or only with great difficulty, future needs could not be provided for, or capital accumulated to raise productivity.
A:people can use their money to buy whatever they want B:people do not need to make a complete product for exchange C:people make a great contribution to the manufacture of a product D:people cannot use their money to buy whatever they want
When it comes to the slowing economy, Ellen Spero isn’t biting her nails just yet. But the 47-year-old manicurist isn’t cutting, filling or polishing as many nails as she’d like to, either. Most of her clients spend $12 to $50 weekly, but last month two longtime customers suddenly stopped showing up. Spero blames the softening economy. "I’m a good economic indicator," she says. "I provide a service that people can do without when they’re concerned about saving some dollars." So Spero is downscaling, shopping at middle-brow Dillard’s department store near her suburban Cleveland home, instead of Neiman Marcus. "I don’t know if other clients are going to abandon me, too," she says.
Even before Alan Greenspan’s admission that America’s red-hot economy is cooling, lots of working folks had already seen signs of the slowdown themselves. From car dealerships to Gap outlets, sales have been lagging for months as shoppers temper their spending. For retailers, who last year took in 24 percent of their revenue between Thanksgiving and Christmas, the cautious approach is coming at a crucial time. Already, experts say, holiday sales are off 7 percent from last year’s pace. But don’t sound any alarms just yet. Consumers seem only mildly concerned, not panicked, and many say they remain optimistic about the economy’s long-term prospects, even as they do some modest belt-tightening.
Consumers say they’re not in despair because, despite the dreadful headlines, their own fortunes still feel pretty good. Home prices are holding steady in most regions. In Manhattan, "there’s a new gold rush happening in the $4 million to $10 million range, predominantly fed by Wall Street bonuses," says broker Barbara Corcoran. In San Francisco, prices are still rising even as frenzied overbidding quiets. "Instead of 20 to 30 offers, now maybe you only get two or three," says John Tealdi, a Bay Area real-estate broker. And most folks still feel pretty comfortable about their ability to find and keep a job.
Many folks see silver linings to this slowdown. Potential home buyers would cheer for lower interest rates. Employers wouldn’t mind a little fewer bubbles in the job market. Many consumers seem to have been influenced by stock-market swings, which investors now view as a necessary ingredient to a sustained boom. Diners might see an upside, too. Getting a table at Manhattan’s hot new Alain Ducasse restaurant used to be impossible. Not anymore. For that, Greenspan ~ Co. may still be worth toasting.
When mentioning "the $4 million to $10 million range" (Lines 4, Para. 3), the author is talking about ______.
A:gold market B:real estate C:stock exchange D:venture investment
The decline of PC market last year was triggered by______.
A:the collapse of chip market B:the bursting of IT bubble C:the 9. 11 terrorist attacks D:the barely recovered loss market
The day was star-crossed: Friday the 13th in the month of October, on the eve of the second looming anniversary of a devastating market crash. "I’m telling you, psychology is really funny. People get crazy in situations like that," said portfolio strategist Elaine Garzarelli. Last week Friday the 13th lived up to its frightful reputation. After drifting lower at a sleepy pace for most of the day, the Dow Jones industrial average abruptly lurched into a hair-raising sky dive in the final hour of trading.
The Bush Administration moved swiftly to avert any sense of crisis after the market closed. Declared Treasury Secretary Nicholas Brady: "It’s important to recognize that today’s stock market decline doesn’t signal any fundamental change in the condition of the economy. The economy remains well balanced, and the outlook is for continued moderate growth." But Massachusetts Democrat Edward Markey, who chairs a House subcommittee on telecommunications and finance, vowed to hold hearings this week on the stock market slide. Said he: "This is the second heart attack. My hope is that before we have the inevitable third heart attack, we pay attention to these problems."
Experts found no shortage of culprits to blame for the latest shipwreck. A series of downbeat realizations converged on Friday, ranging from signs of a new burst of inflation to sagging corporate profits to troubles in the junk-bond market that has fueled major takeovers. The singular event that shook investors was the faltering of a $6.75 billion labor management buyout of UAL, the parent company of United Airlines, the second largest U. S. carrier.
On one point most thoughtful Wall Streeters agreed: the market had reached such dizzying heights that a correction of some sort seemed almost inevitable. Propelled by favorable economic news and a wave of multibillion-dollar takeovers, stocks had soared more than 1,000 points since the 1987 crash. But by last August some Wall streeters were clearly worried.
The heaviest blow to the market came Friday afternoon. In a three-paragraph statement, UAL said a labor-management group headed by Chairman Stephen Wolf had failed to get enough financing to acquire United. Several banks had apparently balked at the deal, which was to be partly financed through junk bonds. The take-over group said it would submit a revised bid "in the near term,’ but the announcement stunned investors who had come to view the United deal as the latest sure thing in the 1980s buyout binge. Said John Downey, a trader at the Chicago Board Options Exchange: "The airline stocks have looked like attractive takeover targets. But with the United deal in trouble, everyone started to wonder what other deals might not go through.
A:stock-market decline B:junk-bond market C:enormous acquisitions D:corporate profits
The day was star-crossed: Friday the 13th in the month of October, on the eve of the second looming anniversary of a devastating market crash. "I’m telling you, psychology is really funny. People get crazy in situations like that," said portfolio strategist Elaine Garzarelli. Last week Friday the 13th lived up to its frightful reputation. After drifting lower at a sleepy pace for most of the day, the Dow Jones industrial average abruptly lurched into a hair-raising sky dive in the final hour of trading.
The Bush Administration moved swiftly to avert any sense of crisis after the market closed. Declared Treasury Secretary Nicholas Brady: "It’s important to recognize that today’s stock market decline doesn’t signal any fundamental change in the condition of the economy. The economy remains well balanced, and the outlook is for continued moderate growth." But Massachusetts Democrat Edward Markey, who chairs a House subcommittee on telecommunications and finance, vowed to hold hearings this week on the stock market slide. Said he: "This is the second heart attack. My hope is that before we have the inevitable third heart attack, we pay attention to these problems."
Experts found no shortage of culprits to blame for the latest shipwreck. A series of downbeat realizations converged on Friday, ranging from signs of a new burst of inflation to sagging corporate profits to troubles in the junk-bond market that has fueled major takeovers. The singular event that shook investors was the faltering of a $6.75 billion labor management buyout of UAL, the parent company of United Airlines, the second largest U. S. carrier.
On one point most thoughtful Wall Streeters agreed: the market had reached such dizzying heights that a correction of some sort seemed almost inevitable. Propelled by favorable economic news and a wave of multibillion-dollar takeovers, stocks had soared more than 1,000 points since the 1987 crash. But by last August some Wall streeters were clearly worried.
The heaviest blow to the market came Friday afternoon. In a three-paragraph statement, UAL said a labor-management group headed by Chairman Stephen Wolf had failed to get enough financing to acquire United. Several banks had apparently balked at the deal, which was to be partly financed through junk bonds. The take-over group said it would submit a revised bid "in the near term,’ but the announcement stunned investors who had come to view the United deal as the latest sure thing in the 1980s buyout binge. Said John Downey, a trader at the Chicago Board Options Exchange: "The airline stocks have looked like attractive takeover targets. But with the United deal in trouble, everyone started to wonder what other deals might not go through.
A:the perception of inflation B:the collapse of confidence C:the failure of a buyout deal D:the correction of a market
The housing market has been for two years propping up consumers’ spirits while the rest of the economy lies exhausted on the floor, still trying to struggle to its feet. According to the National Association of Realtors, the national median existing-home price ended the year at $164,000, up 7.1 percent from 2001. That’s the strongest annual increase since 1980.
Although residential real estate activity makes up less than 8% of total U. S. GDP, a housing market like this one can make the difference between positive and negative growth. Most significantly, consumer spending is 66 % of GDP, and the purchase of a new home tends to have an "umbrella effect" on the homeowner’s spending as he has to stock it with a washer/ dryer, a new big-screen TV, and maybe a swing set for the yard.
The main factor in housing’s continued strength is a classic economic example of zero-sum boom: the persistent weakness everywhere else. As the 2003 recovery continues to be more forecast than reality. Falling stock prices raised investor appeal for U. S. Treasury Bonds, which in turn, allowed most interest rates to drift even lower. But there are not many signs that there’s a bubble ready to burst.
December’s new record in housing starts, for example, was nicely matched by the new record in new home sales. If you build it, they will buy and even if an economic pickup starts to reduce housing’s relative attractiveness, there’s no reason why modest economic growth and improved consumer mood can’t help sustaining housing’s strength. "The momentum gained from low mortgage interest rates will carry strong home sales into 2003, with an improving economy offsetting modestly higher mortgage interest rates as the year progresses," said David Lereah, chief economist at the National Association of Realtors.
Just as housing has taken up much of the economic slack for the past two years, both as a comforting investment for fretting consumers and a driver of consumer spending itself, a big bump elsewhere in the economy in 2003 could be housing’s downfall. If stocks roar back this spring, capital inflows could steal from the bond market, pushing up long-term interest rates. Or Alan Greenspan and the Fed could do the same to short-term rates, as a way to hit the brakes on a recovery that is heating up too fast. In other words, if everything possible goes wrong for housing, homeowners should have plenty to compensate them in terms of job security and income hikes.
When mentioning the "umbrella effect" (Para. 2), the author is talking about
A:bond market. B:stock exchange. C:housing market. D:electric appliances.
Passage Four
The first European stock exchange was established in Antwerp, Belgium(比利时) , in 1531. There were no stock exchanges in England until the 1700’ s. A man wishing to buy or sell shares of stock had to find a broker(agents) to transact his business for him. In London, he usually went to a coffee house, because brokers often gathered there. In 1773, the brokers of London formed a stock exchange.
In New York City, brokers met under an old button-wood tree on Wall Street. They organized the New York Stock Exchange in 1792. The American Stock Exchange, second largest in the United States, was formerly called the Curb Exchange because of its origin on the streets of New York City.
A stock exchange is a market place where member brokers buy and sell stocks and bonds (债券) of American and foreign businesses on behalf of the public. A stock exchange provides a market place for stocks and bonds in the same way a board of trade does for commodities. The stockbrokers receive a small commission on each transaction they make.
The stockholder may sell his stock wherever he wants to unless the corporation has some special rule to prevent it. Prices of stock change according to general business conditions and the earnings and future prospects(前景) of the company. If the business is doing well, the stockholder may be able to sell his stock for a profit. If it is not, he may have to take a loss.
A:the Wall Street B:the stock exchange C:the stock D:the stockholder and stockbroker
Passage Two
There are various ways in which individual economic units can interact with one another. Three basic ways may be described as the market system, the administrated system, and the traditional system.
In a market system individual economic units are free to interact each other in the marketplace. It is possible to buy commodities from other economic units or sell commodities to them. In a market, transactions may take place via barter or money exchange. In a barter economy, real goods such as automobiles shoes, and pizzas are traded against each other. Obviously, finding somebody who wants to trade my old car in exchange for a sailboat may not always be an easy task. Hence, the introduction of money as a medium of exchange eases transactions considerably. In the modern market economy, goods and services are bought or sold for money.
An alternative to the market system is administrative control by some agency over all transactions. This agency will issue edicts or commands as to how much of each kind of goods and services should be produced, exchanged, and consumed by each economic unit. Central planning may be one way of administering such an economy. The central plan, drawn up by government, shows amounts of each commodity produced by the various firms and allocated to different households for consumption. This is an example or complete planning of production, consumption, and exchange for the whole economy.
In a traditional, society, production and consumption patterns are governed by tradition: every person’s place within the economic system is fixed by parentage, religion, and custom. Transactions take place on the basis of tradition, too. People belonging to a certain group Of caste may have an obligation to care for other persons, provide them with food and shelter, care for their health, and provide for their education. Clearly, in a system where every decision is made on the basis of tradition alone, progress may be difficult to achieve, a stagnant society may result.
A:To outline contrasting types of economic system. B:To explain the science of economics. C:To argue for the superiority of one economic system. D:To compare barter and money-exchange markets.
"The function of "the Baltic Exchange" is ________．
A:to deal with stocks B:to exchange cargoes C:to operate on shares D:to charter ships"
The ______ of the goods shall be fixed according to the commodity exchange price or, if there be no such price, according to the current market price or, if there be no commodity exchange price or current market price, by reference to the normal value of goods of the same kind and quality.
A:cost B:price C:value D:expense"
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