"You are not here to tell me what to do. You are here to tell me why I have done what I have already decided to do," Montagu Norman, the Bank of England’ s longest- serving governor (1920 -1944), is reputed to have once told his economic adviser. To- day, thankfully, central banks aim to be more transparent in their decision making, as well as more rational. But achieving either of these things is not always easy. With the most laudable of intentions, the Federal Reserve, America’s central bank, may be about to take a step that could backfire.
Unlike the Fed, many other central banks have long declared explicit inflation tar- gels and then set interest rates to try to meet these. Some economists have argued that the Fed should do the same. With Alan Greenspan, the Fed’ s much-respected chairman, due to retire next year—after a mere 18 years in the job—some Fed officials want to adopt a target, presumably to maintain the central bank’ s credibility in the scary new post-Greenspan era. The Fed discussed such a target at its February meeting, according to minutes published this week. This sounds encouraging. However, the Fed is considering the idea just when some other central banks are beginning to question whether strict inflation targeting really works.
At present central banks focus almost exclusively on consumer-price indices. On this measure Mr. Greenspan can boast that inflation remains under control. But some central bankers now argue that the prices of assets, such as houses and shares, should also some- how be taken into account. A broad price index for America which includes house prices is currently running at 5.5% , its fastest pace since 1982. Inflation has simply taken a different form.
Should central banks also try to curb increases in such asset prices Mr. Greenspan continues to insist that monetary policy should not be used to prick asset-price bubbles. Identifying bubbles is difficult, except in retrospect, he says, and interest rates are a blunt weapon: an increase big enough to halt rising prices could trigger a recession. It is better, he says, to wait for a housing or stockmarket bubble to burst and then to cushion the economy by cutting interest rates—as he did in 2001-2002. And yet the risk is not just that asset prices can go swiftly into reverse. As with traditional inflation, surging asset prices also distort price signals and so can cause a misallocation of resources—encouraging too little saving, for example, or ,too much investment in housing. Surging house prices may therefore argue for higher interest rates than conventional inflation would demand. In other words, strict inflation targeting—the fad of the 1990s—is too crude.
It is implied in the fourth paragraph that Mr. Greenspan is skeptical of______.

A:the stipulation of anti-monopoly rules and regulations B:the intervention by central banks in asset prices C:the prevention of economic recession D:the countdown by the Federal Reserve of new economic upheavals

"You are not here to tell me what to do. You are here to tell me why I have done what I have already decided to do," Montagu Norman, the Bank of England’s longest-serving governor (1920-1944), is reputed to have once told his economic adviser. Today, thankfully, central banks aim to be more transparent in their decision making, as well as more rational. But achieving either of these things is not always easy. With the most laudable of intentions, the Federal Reserve, America’s central bank, may be about to take a step that could backfire.
Unlike the Fed, many other central banks have long declared explicit inflation targets and then set interest rates to try to meet these. Some economists have argued that the Fed should do the same. With Alan Greenspan, the Fed’s much-respected chairman, due to retire next year—after a mere 18 years in the job—some Fed officials want to adopt a target, presumably to maintain the central bank’s credibility in the scary new post-Greenspan era. The Fed discussed such a target at its February meeting, according to minutes published this week. This sounds encouraging. However, the Fed is considering the idea just when some other central banks are beginning to question whether strict inflation targeting really works.
At present central banks focus almost exclusively on consumer-price indices. On this measure Mr. Greenspan can boast that inflation remains under control. But some central bankers now argue that the prices of assets, such as houses and shares, should also somehow be taken into account. A broad price index for America which includes house prices is currently running at 5.5%, its fastest pace since 1982. Inflation has simply taken a different form.
Should central banks also try to curb increases in such asset prices Mr. Greenspan continues to insist that monetary policy should not be used to prick asset-price bubbles. Identifying bubbles is difficult, except in retrospect, he says, and interest rates are a blunt weapon: an increase big enough to halt rising prices could trigger a recession. It is better, he says, to wait for a housing or stock market bubble to burst and then to cushion the economy by cutting interest rates—as he did in 2001-2002.
And yet the risk is not just that asset prices can go swiftly into reverse. As with traditional inflation, surging asset prices also distort price signals and so can cause a misallocation of resources—encouraging too little saving, for example, or too much investment in housing. Surging house prices may therefore argue for higher interest rates than conventional inflation would demand. In other words, strict inflation targeting—the fad of the 1990s—is too crude.
It is implied in the fourth paragraph that Mr. Greenspan is skeptical of______.

A:the stipulation of anti-monopoly rules and regulations B:the intervention by central banks in asset prices C:the prevention of economic recession D:the countdown by the Federal Reserve of new economic upheavals

"You are not here to tell me what to do. You are here to tell me why I have done what I have already decided to do," Montagu Norman, the Bank of England’ s longest- serving governor (1920 -1944), is reputed to have once told his economic adviser. To- day, thankfully, central banks aim to be more transparent in their decision making, as well as more rational. But achieving either of these things is not always easy. With the most laudable of intentions, the Federal Reserve, America’s central bank, may be about to take a step that could backfire.
Unlike the Fed, many other central banks have long declared explicit inflation tar- gels and then set interest rates to try to meet these. Some economists have argued that the Fed should do the same. With Alan Greenspan, the Fed’ s much-respected chairman, due to retire next year—after a mere 18 years in the job—some Fed officials want to adopt a target, presumably to maintain the central bank’ s credibility in the scary new post-Greenspan era. The Fed discussed such a target at its February meeting, according to minutes published this week. This sounds encouraging. However, the Fed is considering the idea just when some other central banks are beginning to question whether strict inflation targeting really works.
At present central banks focus almost exclusively on consumer-price indices. On this measure Mr. Greenspan can boast that inflation remains under control. But some central bankers now argue that the prices of assets, such as houses and shares, should also some- how be taken into account. A broad price index for America which includes house prices is currently running at 5.5% , its fastest pace since 1982. Inflation has simply taken a different form.
Should central banks also try to curb increases in such asset prices Mr. Greenspan continues to insist that monetary policy should not be used to prick asset-price bubbles. Identifying bubbles is difficult, except in retrospect, he says, and interest rates are a blunt weapon: an increase big enough to halt rising prices could trigger a recession. It is better, he says, to wait for a housing or stockmarket bubble to burst and then to cushion the economy by cutting interest rates—as he did in 2001-2002. And yet the risk is not just that asset prices can go swiftly into reverse. As with traditional inflation, surging asset prices also distort price signals and so can cause a misallocation of resources—encouraging too little saving, for example, or ,too much investment in housing. Surging house prices may therefore argue for higher interest rates than conventional inflation would demand. In other words, strict inflation targeting—the fad of the 1990s—is too crude.

It is implied in the fourth paragraph that Mr. Greenspan is skeptical of（　）

A:the stipulation of anti-monopoly rules and regulations B:the intervention by central banks in asset prices C:the prevention of economic recession D:the countdown by the Federal Reserve of new economic upheavals

Text 2

It is implied in the fourth paragraph that Mr. Greenspan is skeptical of ______.

A:the stipulation of anti-monopoly rules and regulations B:the intervention by central banks in asset prices C:the prevention of economic recession D:the countdown by the Federal Reserve of new economic upheavals

"You are not here to tell me what to do. You are here to tell me why I have done what I have already decided to do," Montagu Norman, the Bank of England’s longest-serving governor (1920-1944), is reputed to have once told his economic adviser. Today, thankfully, central banks aim to be more transparent in their decision making, as well as more rational. But achieving either of these things is not always easy. With the most laudable of intentions, the Federal Reserve, America’s central bank, may be about to take a step that could backfire.
Unlike the Fed, many other central banks have long declared explicit inflation targets and then set interest rates to try to meet these. Some economists have argued that the Fed should do the same. With Alan Greenspan, the Fed’s much-respected chairman, due to retire next year—after a mere 18 years in the job—some Fed officials want to adopt a target, presumably to maintain the central bank’s credibility in the scary new post-Greenspan era. The Fed discussed such a target at its February meeting, according to minutes published this week. This sounds encouraging. However, the Fed is considering the idea just when some other central banks are beginning to question whether strict inflation targeting really works.
At present central banks focus almost exclusively on consumer-price indices. On this measure Mr. Greenspan can boast that inflation remains under control. But some central bankers now argue that the prices of assets, such as houses and shares, should also somehow be taken into account. A broad price index for America which includes house prices is currently running at 5.5%, its fastest pace since 1982. Inflation has simply taken a different form.
Should central banks also try to curb increases in such asset prices Mr. Greenspan continues to insist that monetary policy should not be used to prick asset-price bubbles. Identifying bubbles is difficult, except in retrospect, he says, and interest rates are a blunt weapon: an increase big enough to halt rising prices could trigger a recession. It is better, he says, to wait for a housing or stock market bubble to burst and then to cushion the economy by cutting interest rates—as he did in 2001-2002.
And yet the risk is not just that asset prices can go swiftly into reverse. As with traditional inflation, surging asset prices also distort price signals and so can cause a misallocation of resources—encouraging too little saving, for example, or too much investment in housing. Surging house prices may therefore argue for higher interest rates than conventional inflation would demand. In other words, strict inflation targeting—the fad of the 1990s—is too crude.

It is implied in the fourth paragraph that Mr. Greenspan is skeptical of（）

A:the stipulation of anti-monopoly rules and regulations B:the intervention by central banks in asset prices C:the prevention of economic recession D:the countdown by the Federal Reserve of new economic upheavals

A credit card is a (36) of identification (37) which the owner may obtain consumer credit for the (38) of goods or services (39) than pay cash. At the time of sale he (40) his card to his seller, (41) records the purchaser’s name and account number (42) with the price of the purchase. Records are sent to a (43) billing office that calculates the total price of purchase (44) by the card owner during the business month and sends him a (45) .The purchaser returns his personal check, (46) all or part of the total, to the central office, which allocates the money to the (47) entitled to it.
The credit card, an American innovation, first gained national (48) in 1938 (49) oil companies selling gasoline to (50) set up a national pool to honor each other’s cards. Rapid growth, (51) , was not possible (52) the mid-1950’s,when the development of electronic computers (53) fast, accurate billing and accounting. Department stores, airlines, banks, and other enterprises then entered the (54) and now offer credit to (55) 140 million card owners.

52（）

A:provincial B:national C:local D:central

Passage Three
Most London colleges have a library, with a full-time or part-time librarian, who will be able to give students information on the facilities available for consulting of borrowing books. In addition, the Public Libraries give a valuable service to students attending colleges, evening classed or working on their own. Public Libraries are maintained by the City Corporation and the various London Borough Councils. They will be helpful to students who wish to further their studies by using the comprehensive library services available in the metropolitan areas. These libraries have over five million books in stock, the majority of which are for loan, and there is a system of inter-availability of lending-library tickets which extends throughout the metropolitan area. Reference Department are provided for the use of those who wish to consult books and periodicals in library, or heavy publications such as encyclopedias which cannot be taken out on loan.
Public Library stocks are of a general nature, covering all subjects, many of them to higher degree standard of beyond. In addition, each public library in the metropolitan area specializes in a group of interrelated subjects and, through the cooperation between various libraries, their combined resources are made generally available. Moreover, through the inter-lending system of the British Library, it is usually possible for books not available in London public libraries to be obtained from specialist libraries. Music stocks, for example, include music writing and frequently records. Full details of these various services can be obtained from the Central Library in each area. Addresses and telephone numbers are listed in the London telephone directory.

The passage tells us that there is（）

A:a central library in each area B:a library in the center of each area C:one central library for all areas D:more than one central library in each area

A credit card is a (36) of identification (37) which the owner may obtain consumer credit for the (38) of goods or services (39) than pay cash. At the time of sale he (40) his card to his seller, (41) records the purchaser’s name and account number (42) with the price of the purchase. Records are sent to a (43) billing office that calculates the total price of purchase (44) by the card owner during the business month and sends him a (45) .The purchaser returns his personal check, (46) all or part of the total, to the central office, which allocates the money to the (47) entitled to it.
The credit card, an American innovation, first gained national (48) in 1938 (49) oil companies selling gasoline to (50) set up a national pool to honor each other’s cards. Rapid growth, (51) , was not possible (52) the mid-1950’s,when the development of electronic computers (53) fast, accurate billing and accounting. Department stores, airlines, banks, and other enterprises then entered the (54) and now offer credit to (55) 140 million card owners.

41（）

A:provincial B:national C:local D:central

Central Park is a beautiful green oasis(绿洲) in the middle of New York’s concrete desert. It is surprisingly big, with lakes and woods, as well as organized recreation areas. New Yorkers love Central Park, and they use it all the time. In the winter, they go ice - skating, and in the summer roller - skating. They play ball, ride horses and have picnics. They go bicycling and boating. There is even a children’s zoo, with wild birds and animals.
Along the east Side of Central Park runs Fifth Avenue, once called" Millionaire’s Row". In the 19th century, the richest men in America built their magnificent homes here. It is still the most fashionable street in the city, with famous department stores.
Broadway is the street where you will find New York’s best - known theatres. But away from the bright lights and elegant clothes of Broadway are many smaller theaters. Their plays are called "off - Broad - way" and are often more unusual than the Broadway shows. As well as many theaters. New York has a famous opera house. This is the Metropolitan, where international stars sing from September until April. Carnegie Hall is the city’s more popular concert hall. But night life in New York offers more than classical music and theater. There are hundreds of nightclubs where people go to eat and dance.
In the 19’h century, the richest men in America built their homes

A:on the Fifth Avenue. B:on Broadway. C:outside Central Park. D:around the Metropolitan.