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发表于 2018-12-8 13:24:45
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Section Ⅱ Reading Comprehension
Part
A
Directions:
Read the following four texts. Answer the
questions below each text by choosing A, B, C or D. Mark your answers on ANSWER
SHEET 1. (40 points)
Text
1
As a young bond trader, Buttonwood was given two pieces of advice,
trading rules of thumb, if you will: that bad economic news is good news for
bond markets and that every utterance
dropping from the lips of Paul Volcker, the then chairman of the Federal
Reserve, and the man who restored the
central bank’s credibility by stomping
on runaway inflation, should be respected than Pope’s orders. Today’s
traders are, of course, a more sophisticated bunch. But the advice still seems
good, apart from two slight drawbacks. The first is that the well-chosen
utterances from the present chairman of the Federal Reserve, Alan Greenspan, is
of more than passing difficulty. The second is that, of late, good news for the
economy has not seemed to upset bond investors all that much. For all the cheer that has crackled down the wires,
the yield on ten-year bonds—which you would expect to rise on good economic news—is now, at
4.2%, only two-fifths of a percentage point higher than it was at the start of
the year. Pretty much unmoved, in other words.
Yet the news from the economic front has been better by far than
anyone could have expected. On Tuesday November 25th, revised numbers showed
that America’s economy grew by an annual 8.2% in the third quarter, a full
percentage point more than originally thought, driven by the
ever-spendthrift American consumer and,
for once, corporate investment. Just about every other piece of information
coming out from special sources shows the same strength. New houses are still
being built at a fair clip. Exports are rising, for all the protectionist
crying. Even employment, in what had been mocked as a jobless recovery,
increased by 125,000 or thereabouts in September and October. Rising corporate
profits, low credit spreads and the biggest-ever rally in the junk-bond market
do not, on the face of it, suggest
anything other than a deep and long-lasting recovery. Yet Treasury-bond yields
have fallen.
If the rosy economic backdrop makes this odd, making it doubly odd
is an apparent absence of foreign demand. Foreign buyers of Treasuries,
especially Asian certral banks, who had been swallowing American government
debt like there was no tomorrow, seem to have had second thoughts lately. In September, according to the latest
available figures, foreigners bought only $56 billion of Treasuries,
compared with $25.1 billion the previous month and an average of $38.7 billion
in the preceding four months. In an effort to keep a lid on the yen’s rise, the
Japanese central bank is still busy buying dollars and parking the money in
government debt. Just about everyboby else seems to have been selling.
1. The advice for Buttonwood suggests that _____.
［A］ Paul
Volcker enjoyed making comments on controlling inflation
［B］ the Federal
Reserve has an all-capable power over inflation control
［C］ economy has
the greatest influence upon the daily life of ordinary people
［D］ the
economic sphere and bond markets are indicative of each other
2. The word “passing”(Line 7, Paragraph 1) most probably means_____.
［A］ instant ［B］ trivial ［C］ simple ［D］ negligible
3. Which of the following is responsible for the rapid economic
growth in the US?
［A］ Domestic
consumers. ［B］ Foreign
investments.
［C］ Real estate
market. ［D］ Recovering
bond market.
4. According to the last paragraph, most Asian central banks are
becoming _____.
［A］ rather
regretful ［B］ less
ambitious
［C］ more
cautious ［D］ speculative
5. The phrase “keep a lid on”(Line 6, Paragraph 3) most probably
means_____.
［A］ put an end
to ［B］ set a limit
on
［C］ tighten the
control over ［D］ reduce the
speed of
Text
2
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
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? After a much smaller
bubble that burst in the mid-1960s Standard & Poor’s 5000 stock average returned
6.9 percent a year (with dividends reinvested) for the following 17 years. Few
investors are prepared for that.
Right now denial seems to be the attitude of choice. That’s typical,
says Lori Lucas of Hewitt, the consulting firm. You hate to look at your
investments when they’re going down. Hewitt tracks 500,000 401 (k) accounts
every day, and finds that savers are keeping their contributions up. But they’re
much less inclined to switch their money around. “It’s the
slot-machine effect,” Lucas says. “People get more interested in playing when they think they’ve got a
hot machine”—and nothing’s hot today. The average investor feels overwhelmed.
Against all common sense, many savers still shut their eyes to the
dangers of owning too much company stock. In big companies last year, a
surprising 29 percent of employees held at least three quarters of their 402
(k) in their own stock.
Younger employees may have no choice. You often have to wait until
you’re 50 or 55 before you can sell any company stock you get as a matching
contribution.
But instead of getting out when they can, old participants have been
holding, too. One third of the people 60 and up chose company stock for three
quarters of their plan, Hewitt reports. Are they inattentive? Loyal to a fault?
Sick? It’s as if Lucent, Enron and Xerox never happened.
No investor should give his or her total trust to any particular
company’s stock. And while you’re at it, think how you’d be if future stock
returns—averaging good years and bad—are as poor as Barnes
predicts.
If you ask me, diversified stocks remain good for the long run, with
a backup in bonds. But I, too, am figuring on reduced returns. What a shame.
Dear bubble, I’ll never forget. It’s the end of a grand affair.
1. The investors’ judgment of the present stock returns seems to be
_____.
［A］ fanciful ［B］ pessimistic ［C］ groundless ［D］ realistic
2. In face of the current stock market, most stock-holders_____.
［A］ stop
injecting more money into the stock market
［B］ react
angrily to the devaluing stock
［C］ switch
their money around in the market
［D］ turn a deaf
ear to the warning
3. In the author’s opinion, employees should _____.
［A］ invest in
company stock to show loyalty to their employer
［B］ get out of
their own company’s stock
［C］ wait for
some time before disposing of their stock
［D］ give trust
to a particular company’s stock
4. It can be inferred from the text that Lucent, Enron and Xerox are
names of _____.
［A］ successful
businesses
［B］ bankrupted
companies
［C］ stocks
［D］ huge
corporations
5. The author’s attitude towards the long-term investors’ decision
is _____.
［A］ positive ［B］ suspicious ［C］ negative ［D］ ambiguous
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