The domestic economy in the United States expanded in a remarkably vigorous and steady fas

第1题

Rail transport plays more or less the same role as（) in the domestic economy of a country. A. lon

A.A. long haul

B.B. short haul

C.C. carriage of goods by road

D.D. road transport

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第2题

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A．TV industry had withdrawn to its domestic market

B．semiconductor industry had been taken over by foreign enterprises

C．machine-tool industry had collapsed after suicidal actions

D．auto industry had lost part of its domestic market

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第3题

The domestic economy in the United States expanded in a remarkably vigorous and steady fas

hion. The revival in consumer confidence was reflected in the higher proportion of incomes spent for goods and services and the marked increase in consumer willingness to take on installment debt. A parallel strengthening in business psychology was manifested in a stepped-up rate of plant and equipment spending and a gradual pickup in expenses for inventory. Confidence in the economy was also reflected in the strength of the stock market and in the stability of the bond market. For the years as a whole, consumer and business sentiment benefited from the ease in East-West tensions.

The bases of the business expansion were to be found mainly in the stimulative monetary and fiscal policies that had been pursued. Moreover, the restoration of sounder liquidity positions and tighter management control of production efficiency had also helped lay the groundwork for a strong expansion. In addition, the economic policy moves made by the President had served to renew optimism on the business outlook while boosting hopes that inflation would be brought under more effective control. Final]y, of course, the economy was able to grow as vigorously as it did because sufficient leeway existed in terms of idle men and machines.

The United States balance of payments deficit declined sharply. Nevertheless, by any other test, the deficit remained very large, and there was actually a substantial deterioration in our trade account to a sizable deficit, almost two-thirds of which was with Japan. While the overall trade performance proved disappointing, there are still good reasons for expecting the delayed impact of devaluation to produce in time a significant strengthening in our trade picture. Given the size of the Japanese component of our trade deficit, however, the outcome will depend importantly on the extent of the corrective measures undertaken by Japan. Also important will be our own efforts in the United States to fashion internal policies consistent with an improvement in our external balance.

The underlying task of public policy for the year ahead--and indeed for the longer run--remained a familiar one: to strike the right balance between encouraging healthy economic growth and avoiding inflationary pressures. With the economy showing sustained and vigorous growth, and with the currency crisis highlighting the need to improve our competitive posture internationally, the emphasis seemed to be shifting to the problem of inflation. The Phase Three Program of wage and price restraint can contribute to reducing inflation. Unless productivity growth is unexpectedly large; however, the expansion of real output must eventually begin to slow down to the economy's larger run growth potential if generalized demand pressures on prices are to be avoided.

The author mentions increased installment debt in the first paragraph in order to show ______.

A．the continuing expansion of the economy

B．the growth of consumer purchasing power

C．the consumers' confidence in the economy

D．the soaring consumer incomes for spending

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第4题

When it comes to the economy, pessimism is in and good old American optimism is out. From

the headlines in the newspapers to the coffee shop chatter, it seems that there is little good to say about the economy. Bad enough that the news about Iraq, winter storms and the escalation of terror alerts continue to keep people on edge. Reports of state budget deficits and threats of major cutbacks in services such as education, health care and police also' make people nervous.

The latest USA TODAY/CNN/Gallup Poll reflects the new pessimism. Asked early this past week how they would rate economic conditions in the country today, just one in three--34%--said they consider it good. That's down 10 percentage points from December, when 44% rated the economy good and 20 points lower than September when 54% said they thought economic conditions were good. Moreover,' when asked to look ahead a year from now, those people willing to say things will get better are also dwindling in numbers. A thin majority of 55% said they expected economic conditions to be better by this time next year. Not bad on the surface. But looking back just two months to December, 65%--or two of three--believed that things would improve in a year. And going back six months to September, 71% expressed optimism for economic improvement.

So the seeds of discontent are out there and they could set off a political firestorm for President Bush if economic conditions don't start getting better soon. Or more importantly, if the American people don't start feeling better soon. Regardless of what the statistics say about how good the economy might be getting, the American people have to feel it. And often, feelings lag behind numbers. Indeed, most people believe that the economy is in recession. Statistically it is not. Case in point: On Friday, the U.S. Commerce Department reported that the economy grew at a 1.4% rate in the final quarter of last year--twice as fast as the government first estimated. Major factors in the upward revision in the gross domestic product were stronger investment by businesses in building up stockpiles of unsold goods and a slight boost to consumer spending, the main force keeping the economy going.

But while that report is interesting, and perhaps a source of hope that things aren't as bad as they seem, more tangible examples of economic improvement are needed--solid gains in the stock market, rehiring by plants that have been laying off workers, new business expansion.

The USA TODAY poll further shows that nervousness about Iraq and a still-sluggish economy are taking a political toll on Bush: His job approval rating is 57%, his lowest since before the Sept. 11 terrorist attacks, Surely, what happens with Iraq will be a major factor in the president's political fortunes next year, but if people continue to be pessimistic about the economy when Bush is in the midst of running for a second term, it will be difficult to be optimistic about his chances of winning.

The phrase "keep people on edge" (Paragraph 1) probably means to ______.

A．upset people

B．keep people alert

C．disappoint people

D．make people pessimistic

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第5题

Text 3Positive surprises from government reports on retail sales, industrial production, a

nd housing in the past few months are leading economists to revise their real gross domestic product (GDP) forecasts upward supporting the notion that the recession ended in December or January.

Bear in mind: This recovery won’t have the vitality normally associated with an upturn. Economists now expect real GDP growth of about 1.5 in the first quarter. That’s better than the 0.4 the consensus projected in December, but much of the additional growth will come from a slower pace of inventory drawdowns, not from surging demand.

Moreover, the economy won’t grow fast enough to help the labor markets much. The only good news there is that jobless claims have fallen back from their spike after September 11 and that their current level suggests the pace of layoffs is easing.

The recovery also does not mean the Federal Reserve will raise interest rates soon. The January price indexes show that inflation remains tame. Consequently, the Fed can take its time shifting monetary policy from extreme accommodation to relative neutrality.

Perhaps the best news from the latest economic reports was the January data on industrial production. Total output fell only 0.1, its best showing since July. Factory output was flat, also the best performance in six months. Those numbers may not sound encouraging, but manufacturers have been in recession since late 2000. The data suggest that the factory sector is finding a bottom from which to start its recovery.

Production of consumer goods, for instance, is almost back up to where it was a year ago. That’s because consumer demand for motor vehicles and other goods and the housing industry remained healthy during the recession, and they are still growing in early 2002.

Besides, both the monthly homebuilding starts number and the housing market index for the past two months are running above the averages for all of 2001, suggesting that home-building is off to a good start and probably won’t be big drag on GDP growth this year.

Equally important to the outlook is how the solid housing market will help demand for home-related goods and services. Traditionally, consumers buy the bulk of their furniture, electronics, and textiles within a year of purchasing their homes. Thus, spending on such items will do well this year, even as car sales slip now that incentives are less attractive. Look for the output of consumer goods to top year-ago level in coming months.

Even the business equipment sector seems to have bottomed out. Its output rose 0.4% in January, led by a 0.6% jump computer gear. A pickup in orders for capital goods in the fourth quarter suggests that production will keep increasing—although at a relaxed pace—in coming months.

第31题：American economists are surprised to see that______.

［A］they have to revise the GDP forecasts so often

［B］their government is announcing the end of a recession

［C］US economy is showing some signs of an upturn

［D］GDP growth reflects stronger domestic demand

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第6题

Anyone who doubts that global financial markets control national economies need only look

at the crisis facing the "tigers" of the Far East. Last year, the value of their currencies dropped rapidly, after investors decided that their economic policies were not strong enough; now the region is suffering slower growth, lower living standards and rising unemployment.

The situation in Asia shows how power has shifted from individual governments to the markets. In theory, governments are free to set their own economic policies; in practice, they must conform. to a global economic model or risk being penalized by the markets.

Adjusting to this new "economic order" is proving difficult, in the developed world, and in particular the European Union, globalization is facing widespread public resistance. Critics complain that, without the protection of trade barriers, jobs are being lost to workers in poorer countries, and wages for employees in rich countries are falling. Opponents in the European Union point to the effects that globalization has had in the U.S. and Britain. In those countries, wages are stagnant--except for a few privileged--and taxes and welfare benefits have been reduced to help companies compete with industries in the developing world.

Those in favor of globalization accuse their critics of being shortsighted protectionists. They claim that a more integrated global economy will ultimately benefit everyone because it will enable countries to specialize in those areas where they perform. best. Developing countries, with their higher populations and lower wages, will concentrate on labor-intensive industries. The richer countries, on the other hand, will diversify into high-tech industries, where high productivity and specialist knowledge are paramount. The effect of this will be to improve productivity in all countries, leading to higher living standards. The free movement of capital will also help poorer countries develop so that they can play a full and active role in the world economy. But how close are we to a truly global economy？ For those in favor of globalization, probably too close. But in terms of real economic integration, there are still many problems to be solved. A global economy would mean complete freedom of movement of goods and services, capital, and labor. Yet, even ignoring the tariffs and other restrictions still in place, cross-border trade remains tiny as compared with the volume of goods and services traded within countries; foreign investment is also extremely small, amounting to little more than five percent of the developed world's domestic investments.

But what is really holding globalization back is the lack of labor mobility. Labor markets remain overwhelmingly national, even in areas like the European Union, where citizens can live and work in any EU country. The main reasons for this are language and cultural barriers; the lack of internationally recognized qualifications; and, in some cases, strict immigration controls.

The main reason why some Asian countries are suffering from economic depression is that they ______.

A．doubt that global financial markets will control national economies

B．fail to follow a global economic model adequately

C．have set their own free economic policies

D．have their power interfere with the markets

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第7题

Pursuing free trade through WTO has many attractions. Countries bind themselves and their

trading partners to transparent and non-discriminatory trade rules, which the WTO then enforces even handedly. Since most governments operate on the premise that opening domestic markets is a concession to be traded for access to foreign markets, multilateral liberalization is often the most effective route to free trade.

A successful WTO round requires two big bargains to be struck: a transatlantic deal between America and the EU and a north-south deal between the rich and the poor. Yet at Seattle this year there is a long way to go before such broad bargains can be considered, let alone struck.

America wants a few priority issues to be settled. Its list includes an extension of the duty-free status of e-commerce, a broader IT pact, reform. of the WTO dispute settlements system, increased WTO transparency and the phase out of tariffs in eight sectors including chemicals, energy products and environmental products. The EU on the other hand professes to want a more comprehensive approach that focuses on removing tariff peaks for such imports as textiles, glass and footwear, but would preserve tariff preferences for developing countries.

The biggest obstacle may be the insistence of many developing countries that they will block further liberalization until their gripes over the Uruguay round are addressed They want their obligations in areas such as intellectual property, investor protection, subsidies and anti-dumping to be eased. They argue that the Uruguay round has failed to deliver expected benefits in such areas as agriculture and textiles.

Though by no means a monolithic block, the developing countries share a feeling that whatever the promise of liberalization at the WTO, rich countries will Conspire to keep their markets closed. Indeed, the EU insists that freeing trade should be "controlled, steered and managed according to the concerns of EU citizens". That is in keeping with a view, widespread on the continent, that "a protectionist trade policy is a price readily paid for political objectives".

However great these obstacles are, they could be overcome if America were still leading the drive for freer world trade. With its economy doing well, greater access to foreign markets seems a less pressing priority. The Clinton administration is unwilling to make politically painful concessions required to achieve that aim. So there is a possibility that the Seattle round will turn out to be a fiasco. If that happens, it will encourage the anti-WTO groups to go on the offensive. America, the EU and Japan would increasingly be tempted by managed trade.

The WTO's transparent and non-discriminatory rules require all member countries to ______.

A．exchange domestic markets for foreign markets

B．make concessions in foreign trade

C．adopt the most effective route to free trade

D．enforce trade policies even handedly

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第8题

Owing to the insufficient gas supply in the United States, the gas price has dramatically

risen. The new gas price reality and the policy decisions it may trigger will undoubtedly lead to critical financial implications for some individuals or companies, but the situation can hardly be termed a "national crisis" or even a "shortage". What is true is that buyers—particularly those in the chemical industry and in independent power generation will not be able to acquire the quantity of gas they wish at the prices they wish to pay, or even at prices that will allow them to remain competitive in their markets, particularly during peak demand seasons.

Over the next year or two, the result will be higher, and more volatile prices, to be sure, but there are market-driven adjustment mechanisms even in the short term, e.g., more electric power from coal and oil, reduced production of domestic chemicals, and a commensurate substitution of imports. Consumers and companies will feel the economic pinch of higher prices; particularly, if we experience an exceptionally hot summer and a winter, when average temperatures were 20% colder than the year before in the Northeast. Still, the United States faces neither the specter of economic recession—at least not solely due to gas prices—nor of freezing families unable to 'obtain gas to heat their homes.

Given this new price plateau, demand adjustments will also take place and vary across regions of the United States and across industries, with power generation and chemicals perhaps the most affected. Some in those industries may find that their facilities are no longer financially viable at the new price plateau, and there will likely be another round of industrial restructuring not unlike others that have resulted from international differences in resource and labor costs—lest we forget, natural gas is still abundant and very low cost in other countries such as Trinidad, Qatar, and Iran, just as labor is abundant and low cost in China, Indonesia, and parts of Latin America.

From a policy perspective, the United States needs to carefully evaluate a series of trade-offs between environmental concerns and economic growth. The gas price experiences of the last two years are the first real tastes of the economic costs of a gas-based environmental strategy. Evaluating these trade-offs needs to be done with a level head and a clear understanding of those trade-offs.

What is the main topic of the article？

A．American economy is strongly hit by the high prices of gas.

B．American economy is affected by the high price of gas, but it is not a crisis.

C．American economic policy is a failure.

D．The prices of gas will rise in the following years.

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第9题

＜wt＞[Quotas , tariffs and subsidies＜/div＞] Like most wars,a trade war may bring about d

＜wt＞

[Quotas , tariffs and subsidies＜/div＞]

Like most wars,a trade war may bring about desired economic or political changes, but in the long run almost everyone suffers ,including those whom the trade war was meant to help.

An efficient carmaker, for example, may ask for limits of foreign imports, hoping to keep its price high without improving the quality of its products. In the end , however , other countries may retaliate with trade restrictions of their own. Consumers and businesses in both countries are then forced to buy poorly made and expensive domestic products. Trade restrictions might protect a few jobs in inefficient industries,but the whole economy often suffers by becoming less competitive in the international markets.

The most common tools for limiting imports of foreign goods and services are quotas, tariffs,and subsidies. When a country imposes a quota, it limits the quantity of certain foreign products that can be imported. A tariff is a tax placed on goods entering a country , raising the price of imported goods. A government can also use the taxpayers' money to provide a subsidy to local producers , making the price of local goods artificially lower than imported goods.

Trade barriers, like walls between feuding neighbors, are usually imposed unilaterally by one country acting on its own to limit the amount of foreign products available to local producer from foreign competition and allow them time to improve their products or lower their prices as long as they are protected from foreign competition by trade barriers.

Although trade restrictions are of dubious economic value, they have been shown to be effective in bringing about political or social change. The refusal of countries to trade and do business with South Africa, for example, was widely seen to be responsible for the decision to dismantle the system of apartheid. Trade blockades can be useful in forcing countries to change policies that violate human rights or international treaties, but as long as a sufficient number of countries join in the blockade to make it effective.

Questions for reading :

＜w＞(1) Why do traders ask for limits of foreign imports？

＜w＞(2) What may trade restrictions lead to？

＜w＞(3) What are the most common tools for limiting imports of foreign goods and services？

＜w＞(4) Can the trade protection make local producers improve their products or lower their prices of their goods？

＜w＞(5) How can trade blockades be useful in forcing countries to change policies that violate human rights or international treaties？

＜da＞

＜a＞(1) They hope to keep its price high without improving the quality of its products.

＜a＞(2) Other countries may retaliate with trade restrictions of their own. Consumers and businesses in both countries are then forced to buy poorly made and expensive domestic products.

＜a＞(3) Quotas, tariffs, and subsidies.

＜a＞(4) Yes, it can.

＜a＞(5) A sufficient number of countries join in the blockade to make it effective.

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第10题

Quotas , tariffs and subsidies Like most wars,a trade war may bring about desired economic or polit

Quotas , tariffs and subsidies

Like most wars,a trade war may bring about desired economic or political changes, but in the long run almost everyone suffers ,including those whom the trade war was meant to help.

An efficient carmaker, for example, may ask for limits of foreign imports, hoping to keep its price high without improving the quality of its products. In the end , however , other countries may retaliate with trade restrictions of their own. Consumers and businesses in both countries are then forced to buy poorly made and expensive domestic products. Trade restrictions might protect a few jobs in inefficient industries,but the whole economy often suffers by becoming less competitive in the international markets.

The most common tools for limiting imports of foreign goods and services are quotas, tariffs,and subsidies. When a country imposes a quota, it limits the quantity of certain foreign products that can be imported. A tariff is a tax placed on goods entering a country , raising the price of imported goods. A government can also use the taxpayers' money to provide a subsidy to local producers , making the price of local goods artificially lower than imported goods.

Trade barriers, like walls between feuding neighbors, are usually imposed unilaterally by one country acting on its own to limit the amount of foreign products available to local producer from foreign competition and allow them time to improve their products or lower their prices as long as they are protected from foreign competition by trade barriers.

Although trade restrictions are of dubious economic value, they have been shown to be effective in bringing about political or social change. The refusal of countries to trade and do business with South Africa, for example, was widely seen to be responsible for the decision to dismantle the system of apartheid. Trade blockades can be useful in forcing countries to change policies that violate human rights or international treaties, but as long as a sufficient number of countries join in the blockade to make it effective.

Questions for reading :

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第11题

Fishing adds only about 1 percent to the global economy, but on a regional basis it can co

ntribute enormously to human survival. Marine fisheries contribute more to the world's supply of protein than beef, poultry or any other animal source.

Fishing typically does not require land ownership, and because it remains, in general, open to all, it is often the employer of last resort in the developing world--an occupation when there are no other options. Worldwide, about 200 million people depend on fishing for their livelihoods. Within Southeast Asia alone, more than five million people fish full-time. In northern Chile ,40 percent of the population lives off the ocean. In Newfoundland, most employment came from fishing or servicing that industry--until the collapse of the cod fisheries in the early 1990s left tens of thousands of people out of work.

Although debates over the conservation of natural resources are often cast as a conflict between jobs and the environment, the restoration of fish populations would in fact boost employment. Michael P. Sissenwine and Andrew A. Rosenberg of the U. S. National Marine Fisheries Service have estimated that if depleted species were allowed to rebuild to their long-term potential, their sustainable use would add about $ 8 billion to the U. S. gross domestic product--and provide some 300, 000 jobs. If fish populations were restored and properly managed, about 20 million metric tons could be added to the world's annual catch. But restoration of ecological balance ,fiscal profitability, and economic security will require a substantial reduction in the capacity of the commercial fishing industry so that wild population can recover.

The necessary reductions in fishing power need not come at the expense of jobs. Governments could increase employment and reduce the pressure on fish populations by directing subsidies away from highly mechanized ships. For each $1 million of investment, industrial-scale fishing operations require only one to five people ,whereas small-scale fisheries would employ between 60 and 3000. Industrial fishing itself threatens tens of millions of fishermen working on a small scale by depleting the fish on which they depend for subsistence.

The animal source which supplies the most protein for human being is ______.

A．beef

B．fish

C．pork

D．chicken

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