1、考研英语(一)-74 及答案解析(总分：100.00，做题时间：90 分钟)一、Reading Comprehensio(总题数：0，分数：0.00)1 We“re moving into another era, as the toxic effects of the bubble and its grave consequences spread through the financial system. Just a couple of years ago investors dreamed of 20 percent returns forever. Now surveys show
2、that they“re down to a “realistic“ 8 percent to 10 percent range. But what if the next few years turn out to be below normal expectations? Martin Barners of the Bank Credit Analyst in Montreal expects future stock returns to average just 4 percent to 6 percent. Sound impossible? 2 After a much small
3、er bubble that burst in the mid-1960s Standard it includes interventions into foreign trade but is not limited to them. 6 The new protectionism, in fact, refers to how the whole of government intervention into the private economy affects international trade. The emphasis on trade is still there, thu
4、s came the term “protection“. But what is new is the realization that virtually all government activities can affect international economic relations. 7 The emergence of the new protectionism in the Western world reflects the victory of the interventionist, or welfare economy over the market economy
5、. Jab Tumiler writes, “The old protectionism. coexisted, without any apparent intellectual difficulty with the acceptable of the market as a national as well as an international economic distribution mechanismindeed, protectionists as well as (if only not more than) free traders stood for laissez-fa
6、ire. 8 Now, as in the 1930“s, protectionism is an expression of a profound skepticism as to the ability of the market to distribute resources and incomes to societies“ satisfaction.“ It is precisely this profound skepticism of the market economy that is responsible for the protectionism. In a market
7、 economy, economic change of various colors implies redistribution of resources and incomes. The same opinion in many communities apparently is that such redistributions often are not proper. Therefore, the government intervenes to bring about a more desired result. The victory of the welfare state
8、is almost complete in northern Europe. 9 In Sweden, Norway, Finland, Denmark, and the Netherlands, government intervention in almost all aspects of economic and social life is considered normal. In Great Britain this is only somewhat less true. Government traditionally has played a very active role
9、in economic life in France and continued to do so. Only West Germany dares to go against the tide towards excessive interventionism in Western Europe. It also happens to be the most successful Western European economy. 10 The welfare state has made significant progress in the United States as well a
10、s in Western Europe, social security, unemployment insurance, minimum wage laws, and rent control are through now traditional welfare state elements on the American scene.（分数：20.00）_Often referred to as “the heart of a factoring organization,“ the credit department is responsible for granting credit
11、 to clients“ customers and for collecting the accounts receivable purchased through the factor. 11 When factored clients submit customer orders for credit approval, the credit department analyzes the financial condition and credit worthiness of the customer, then makes a decision to approve or decli
12、ne the order. The department must then monitor the condition of approved customers and collect all due receivables. Careful credit checking and effective collection procedures in this department can greatly reduce the risks inherent in factoring. As the head of the credit department, the credit mana
13、ger is responsible for seeing that the department operates effectively. 12 He must develop the factor“s credit policies in consultation with senior factoring associates, and he is in overall command of everything from credit and collections to bankruptcy and liquidations. If only the factor is a com
14、mercial bank division, the credit manager is a bank vice president, and credit policy must also be approved through top management of the bank. 13 Assisting the credit manager may be several supervisors who have credit responsibilities of their own and who also oversee the analysis and approval of c
15、ustomer orders through the credit specialists. Credit supervisors typically spend about eighty percent of their time handling large customer orders. If only a customer order exceeds a supervisor“s credit authority, he is responsible for making recommendations to the credit manager. A supervisor also
16、 reviews a subordinate“s credit decision if only the subordinate is unsure of the extent of the credit risk or if only a client questions a particular credit decision. In extremely large credit exposures, supervisor“s bear the responsibility for analyzing the credit position of the customers and dec
17、iding on credit limits. To do this, they must regularly obtain current data from various credit information sources. They must also have extensive contact with each customer to determine operational performance and progress. Frequently, supervisors are called upon to give advice on what should be do
18、ne to improve a company“s financial condition. 14 Meeting all these responsibilities requires that each supervisor continuously observe and study the industries with which he is concerned, so that he is capable of anticipating market changes which may affect his accounts. 15 A supervisor“s major cha
19、llenge is to maintain a free balance between the demands of clients that all their customer orders be approved and the questionable financial position of some of the customers. In reviewing any credit decision, a supervisor must be capable of weighing a variety of elements, including the possibility
20、 of losing the client, the customer“s credit position, and the extent of any possible loss.（分数：20.00）_16 Much of the language used to describe monetary policy, such as steering the economy to a soft landing or a touch on the brakes, makes itself sound like a precise science. Nothing could be further
21、 from the truth. The link between interest rates and inflation is uncertain. And there are long, variable lags before policy changes have any effect on the economy. 17 Hence there is an analogy that likens the conduct of monetary policy to driving a car with a blackened windscreen, a cracked rearvie
22、w mirror and a faulty steering wheel. Given all these disadvantages, central bankers seem to have had much to boast about of late. Average inflation in the big seven industrial economies fell to a mere 2.3% last year, close to its lowest level in 30 years, before rising slightly to 2.5% this July. T
23、his is a long way below the double-digit rates which many countries experienced in the 1970s and early 1980s. It is also less than most forecasters had predicted. In late 1994 the panel of economists which The Economist polls each month said that America“s inflation rate would average 3.5% in 1995.
24、In fact, it fell to 2.6% in August, and is expected to average only about 3% for the year as a whole. 18 In Britain and Japan inflation is running half a percentage point below the rate predicted at the end of last year, this is no flash in the pan; over the past couple of years, inflation has been
25、consistently lower than expected in Britain and America. 19 Economists have been particularly surprised by favourable inflation figures in Britain and the United States, since conventional measures suggest that both economies, and especially America“s, have little productive slack. America“s capacit
26、y utilisation, for example, hit historically high levels earlier this year, and its jobless rate (5.6% in August) has fallen below most estimates of the natural rate of unemploymentthe rate below which inflation has taken off on the past. Why has inflation proved so mild? The most thrilling explanat
27、ion is, unfortunately, a little defective. 20 Some economists argue that powerful structural changes in the world have upended the old economic models that were based upon the historical link between growth and inflation.（分数：20.00）_Economics, as we know it, is the social science concerned with the p
28、roduction, distribution, exchange, and consumption of goods and services. Economists focus on the way in which individuals, groups, business enterprises, and governments seek to achieve efficiently any economic objective they select. 21 Other fields of study also contribute to this knowledge: Psycho
29、logy and ethics try to explain how objectives are formed, history records changes in human objectives, and sociology interprets human behavior in social contexts. Standard economics can be divided into two major fields. 22 The first, price theory or microeconomics, explains how the interplay of supp
30、ly and demand in competitive markets creates a multitude of individual prices, wage rates, profit margins, and rental changes. Microeconomics assumes that people behave rationally. Consumers try to spend their income in ways that give them as much pleasure as possible. As economists say, they maximi
31、ze utility. For their part, entrepreneurs seek as much profit as they can extract from their operations. The second field, macroeconomics, deals with modem explanations of national income and employment. Macroeconomics dates from the book, The General Theory of Employment, Interest, and Money (1935)
32、, by the British economist John Maynard Keynes. His explanation of prosperity and depression centers on the total or aggregate demand for goods and services by consumers, business investors, and governments. 23 Because, according to Keynes, inadequate total demand increases unemployment, the indicat
33、ed cure is either more investment by businesses or more spending and consequently larger budget deficits by government. Economic issues have occupied people“s minds throughout the ages. 24 Aristotle and Plato in ancient Greece wrote about problems of wealth, property, and trade, both of whom were pr
34、ejudiced against commerce, feeling that to live by trade was undesirable. The Romans borrowed their economic ideas from the Greeks and showed the same contempt for trade. 25 During the Middle Ages the economic ideas of the Roman Catholic church were expressed in the law of the church, which condemne
35、d the taking of interest for money loaned and regarded commerce as inferior to agriculture. Economics as a subject of modem study, distinguishable from moral philosophy and politics, dates from the work, Inquiry into the Nature and Causes of the Wealth of Nations (1776), by the Scottish philosopher
36、and economist Adam Smith. Mercantilism and physiocracy were precursors of the classical economics of Smith and his 19th-century successors.（分数：20.00）_考研英语(一)-74 答案解析(总分：100.00，做题时间：90 分钟)一、Reading Comprehensio(总题数：0，分数：0.00)1 We“re moving into another era, as the toxic effects of the bubble and its
37、grave consequences spread through the financial system. Just a couple of years ago investors dreamed of 20 percent returns forever. Now surveys show that they“re down to a “realistic“ 8 percent to 10 percent range. But what if the next few years turn out to be below normal expectations? Martin Barne
38、rs of the Bank Credit Analyst in Montreal expects future stock returns to average just 4 percent to 6 percent. Sound impossible? 2 After a much smaller bubble that burst in the mid-1960s Standard it includes interventions into foreign trade but is not limited to them. 6 The new protectionism, in fac
39、t, refers to how the whole of government intervention into the private economy affects international trade. The emphasis on trade is still there, thus came the term “protection“. But what is new is the realization that virtually all government activities can affect international economic relations.
40、7 The emergence of the new protectionism in the Western world reflects the victory of the interventionist, or welfare economy over the market economy. Jab Tumiler writes, “The old protectionism. coexisted, without any apparent intellectual difficulty with the acceptable of the market as a national a
41、s well as an international economic distribution mechanismindeed, protectionists as well as (if only not more than) free traders stood for laissez-faire. 8 Now, as in the 1930“s, protectionism is an expression of a profound skepticism as to the ability of the market to distribute resources and incom
42、es to societies“ satisfaction.“ It is precisely this profound skepticism of the market economy that is responsible for the protectionism. In a market economy, economic change of various colors implies redistribution of resources and incomes. The same opinion in many communities apparently is that su
43、ch redistributions often are not proper. Therefore, the government intervenes to bring about a more desired result. The victory of the welfare state is almost complete in northern Europe. 9 In Sweden, Norway, Finland, Denmark, and the Netherlands, government intervention in almost all aspects of eco
44、nomic and social life is considered normal. In Great Britain this is only somewhat less true. Government traditionally has played a very active role in economic life in France and continued to do so. Only West Germany dares to go against the tide towards excessive interventionism in Western Europe. I
