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

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 3-4, Paragraph 3) the author is talking about______.

A:gold market B:real estate C:stock exchange D:venture investment

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

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 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 it 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 dealer-ships 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 slow-down. Potential home buyers would cheer for lower interest rates. Employers wouldn’t mind a little fewer buddles 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" (Line 3, Para. 3) the author is talking about（）

A:gold market B:real estate C:stock exchange D:venture investment

? ?Recently, about 120 wealthy Americans had signed an appeal to oppose abolishing the estate-tax. President Bush has included abolishing estate-tax in his $1.6 trillion taxcut proposal. Normally when "dozens" of Americans join in a political activity, it is not particularly noteworthy, but in this case the dozens include: George Soros, a billionaire financier; Warren Buffett, an investor listed as America’s fourth-richest person; the philanthropist David Rockefeller Jr.; and William Gates Sr., a Seattle lawyer and father of America’s richest man, Microsoft Corp. Chairman Bill Gates.
? ?It was really refreshing to see Buffett and George Soros and a number of other extremely wealthy celebrities stand up in opposition to President Bush’s proposed abolishment of estate tax. While the policy has some emotional attractions—it would protect the inheritors of some small businesses from having to sell the companies to pay taxes, and it is true that most people have been taxed on their savings once already—in practice the tax abolishment would mainly be an extra for a very small number of very, very rich people.
? ?Buffett and his company cite these factors in their appeal calling for opposition to the estate-tax abolishment. They also discuss something that’s equally emotional and far more complex; the principle of meritocracy. The idea that everyone in America has an equal chance, that our fates are not determined by accidents of birth, is one of our core values. And nowhere is this principle more respected than in the technology economy; entrepreneurship almost by definition expresses the principle of meritocracy.
? ?The applicants argue that abolishing the tax, in the long run, will result in either increased taxes or cuts to Medicare, Social Security, environmental protection and other government programs.
? ?Abolishing the estate-tax "would enrich the heirs of America’s millionaires and billionaires, while hurting families who struggle to make ends meet," the appeal says.
? ?An old commercial says: "He made his money in the old-fashioned way: He earned it." There was a perfect parody of the ad in which the line read: "He made his money in the old-fashioned way: He inherited it." In 20 or 50 or 100 years. Which of these lines will be right? Buffet and Soros and their friends, to their credit, want to help make the first one real. Let’s hope this is only one step in that process.

In the sentence "Which the policy has some emotional attractions." (in Para. 2), "the policy" refers to ______.

A:the proposal to abolish the estate-tax B:Bush’s $1.6 trillion tax-cut proposal C:the policy to tax people on their savings D:the policy to protect the inheritors’ rights

? ?Recently, about 120 wealthy Americans had signed an appeal to oppose abolishing the estate-tax. President Bush has included abolishing estate-tax in his $1.6 trillion taxcut proposal. Normally when "dozens" of Americans join in a political activity, it is not particularly noteworthy, but in this case the dozens include: George Soros, a billionaire financier; Warren Buffett, an investor listed as America’s fourth-richest person; the philanthropist David Rockefeller Jr.; and William Gates Sr., a Seattle lawyer and father of America’s richest man, Microsoft Corp. Chairman Bill Gates.
? ?It was really refreshing to see Buffett and George Soros and a number of other extremely wealthy celebrities stand up in opposition to President Bush’s proposed abolishment of estate tax. While the policy has some emotional attractions—it would protect the inheritors of some small businesses from having to sell the companies to pay taxes, and it is true that most people have been taxed on their savings once already—in practice the tax abolishment would mainly be an extra for a very small number of very, very rich people.
? ?Buffett and his company cite these factors in their appeal calling for opposition to the estate-tax abolishment. They also discuss something that’s equally emotional and far more complex; the principle of meritocracy. The idea that everyone in America has an equal chance, that our fates are not determined by accidents of birth, is one of our core values. And nowhere is this principle more respected than in the technology economy; entrepreneurship almost by definition expresses the principle of meritocracy.
? ?The applicants argue that abolishing the tax, in the long run, will result in either increased taxes or cuts to Medicare, Social Security, environmental protection and other government programs.
? ?Abolishing the estate-tax "would enrich the heirs of America’s millionaires and billionaires, while hurting families who struggle to make ends meet," the appeal says.
? ?An old commercial says: "He made his money in the old-fashioned way: He earned it." There was a perfect parody of the ad in which the line read: "He made his money in the old-fashioned way: He inherited it." In 20 or 50 or 100 years. Which of these lines will be right? Buffet and Soros and their friends, to their credit, want to help make the first one real. Let’s hope this is only one step in that process.

Which of the following is a correct statement for "the principle of meritocracy"?

A:It’s the most important factor for the estate-tax abolishment. B:People show great respect to it in the technology economy. C:It’s Buffett and his company that first proposed its definition. D:Everyone in America can get success by learning its core values.

Questions from 36 to 40 are based on the following passage: There are a lot of “markets”. Some markets are local; you may be willing to compare prices for fruits and vegetables in a few shops in your local area, but you would be unwilling to go across the city to find out more information. Some markets are national. Many firms sell goods across the country. Some markets are global or international. Increasingly, more and more countries are involved in the world economy, whether they know about it or not. However, there are many other markets: labor markets for job seekers, supermarkets for grocery shopping, foreign exchange market, capital market, real estate markets and so on. And we must not overlook the fact that many services such as banking, insurance are also bought and sold on a worldwide scale. But what is a “market” Most people would say, “A market is a place where enough buyers and sellers meet face to face, so that a market price for goods and services can be determined.” However, with rapid growth of telecommunications, it is no longer necessary for buyers and sellers to physically meet to form a market. You may hear the terms “global market” or “global economy”. What do those terms mean to you What do they mean to business today Thanks to the Information Age we are seconds away from the rest of world. Business everywhere recognizes that they can expand their market to anywhere and do business at any time because of the Internet. Now, the Internet is the fastest growing market in the world today, yet buyers and sellers don’t even have to leave their own homes to transact business. In the modern world, a market can take many forms. Generally speaking, a market may be housed in a place, or it may exist only in people’s minds. And a market can be any place or process that brings together buyers and sellers with a view to agreeing to a price. The stock market, banking services market and capital market can be described as（ ）.

A:supermarket B:financial market C:labor market D:real estate market

Questions from 31 to 35 are based on the following passage: There are a lot of “markets”. Some markets are local; you may be willing to compare prices for fruits and vegetables in a few shops in your local area, but you would be unwilling to go across the city to find out more information. Some markets are national. Many firms sell goods across the country. Some markets are global or international. Increasingly, more and more countries are involved in the world economy, whether they know about it or not. However, there are many other markets: labor markets for job seekers, supermarkets for grocery shopping, foreign exchange market, capital market, real estate markets and so on. And we must not overlook the fact that many services such as banking, insurance are also bought and sold on a worldwide scale. But what is a “market” Most people would say, “A market is a place where enough buyers and sellers meet face to face, so that a market price for goods and services can be determined.” However, with rapid growth of telecommunications, it is no longer necessary for buyers and sellers to physically meet to form a market. You may hear the terms “global market” or “global economy”. What do those terms mean to you What do they mean to business today Thanks to the Information Age we are seconds away from the rest of world. Business everywhere recognizes that they can expand their market to anywhere and do business at any time because of the Internet. Now, the Internet is the fastest growing market in the world today, yet buyers and sellers don’t even have to leave their own homes to transact business. In the modern world, a market can take many forms. Generally speaking, a market may be housed in a place, or it may exist only in people’s minds. And a market can be any place or process that brings together buyers and sellers with a view to agreeing to a price. The stock market, banking services market and capital market can be described as（ ）.

A:supermarket B:financial market C:labor market D:real estate market