The housing market has been for two years propping up consumers' spirits while the rest of

阅读理解：

A --------------- annual bonus

B --------------- basic salary

C --------------- benefit

D --------------- commission

E --------------- head hunter

F --------------- health insurance

G --------------- housing fund

H --------------- job center

I --------------- job fair

J --------------- job offer

K --------------- labor market

L --------------- labor contract

M --------------- minimum wage

N --------------- retirement insurance

O --------------- trial period

P --------------- unemployment insurance

Q --------------- welfare

Examples: (A) 年终奖 (O) 试用期

36. () 招聘会 () 最低工资

37. () 劳动合同 () 福利

38. () 养老保险 () 住房基金

39. () 猎头 () 基本工资

40. () 劳务市场 () 失业保险

housing market and better promote building the island into a pilot international free-trade zone.

China's Ministry of Finance said it will introduce tax breaks for certain housing transactions from Nov.1, 2008 and relax mortgage （抵押）rates for first-time home buyers, the moves could help stabilize the country’s property market.

The ministry said the measures, which had been widely anticipated, are intended to help the general public, particularly the poor.But their effects could support housing purchases and help developers as well.

The government data showed that the growth of investments in real-estate development has slowed in recent months.Urban property prices slowed for the eighth month in a row in September to the lowest increase in more than three years.

Among the moves, China will suspend the stamp duty （印花税）on purchases and sales of individual homes, and the value-added tax on land for individual home sales.

It will also cut the deed tax （契税）rate to 1% for first-time homebuyers purchasing homes that are 90 square meters or smaller, lowering housing transaction costs.

The People’s Bank of China said it will lower the floor on mortgage rates to 0.7 times its benchmark （基准）lending rates for individuals buying their first ordinary homes for their own use, from 0.85 times now.It will also adjust the minimum down payment requirement to 20% of the purchase price on such transactions.

The National Development and Reform. Commission （NDRC）said property prices in 70 of China’s large and medium-sized cities rose 3.5% in September from a year earlier, down from August’s 5.3% rise.

However, the Chinese government has already been busy using fiscal （财政的）policy to drive economic growth.The state is making great efforts to tide over the current housing market downturn arising from the global financial crisis.

1.In Paragraph 1, the word “moves” could be replaced by which of the following？

A.Progress.B.Direction.C.Measures.D.Investments.

2.According to Paragraph 2, who will benefit from the measures？

A.Property developers.B.Low-income people.

C.Home buyers.D.All of the above.

3.The Chinese government’s main purpose in suspending several taxes is （）.

A.to reduce housing transaction costs

B.to disturb housing market

C.to improve building quality

D.to enhance the competitiveness of property developers

4.Which of the following is not mentioned in the passage？

A.The growth of property investments in China has slowed.

B.Second-home buyers can also enjoy these favorable policies.

C.Up to September, urban housing prices slowed down for 8 months in succession.

D.The tax breaks for certain housing transactions had been widely expected.

5.We may infer from the passage that the attitude of the Chinese government towards the depression in the housing market is （）.

A.not clear B.activeC.negative D.indifferent

ickly, for millions of low-and middle-income families, and【B2】the urgent housing【B3】brought on by such natural disasters【B4】floods and earthquakes.

A firm in Hatfield, Pennsylvania, the Universal Papertech Corporation, believes it has found one solution【B5】the problem: houses【B6】paper. The ultimate success of the paper houses will【B7】a great deal on breaking【B8】traditional patterns and concepts of home building and restrictive codes. One thing seems certain,【B9】: the shelter revolution is already【B10】.

The concept of paper houses was developed【B11】10 years ago by Universal. Six years ago the company supplied【B12】the then—current models【B13】emergency housing for thousands of migratory farm workers in California.【B14】the houses were new on the market, no one really knew just how long the unusual structures would【B15】. Today, in California【B16】still holding up well under the elements and【B17】are accommodating more people than at first. The manufacture now【B18】that the houses will have a useful life of at least 15 to 20 years.【B19】in the paper houses has spread beyond the U.S.【B20】a number of foreign countries.

【B1】

A．searching

B．searching for

C．searching in

D．searching into

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

5 The directors of Blaina Packaging Co (BPC), a well-established manufacturer of cardboard boxes, are currently

considering whether to enter the cardboard tube market. Cardboard tubes are purchased by customers whose

products are wound around tubes of various sizes ranging from large tubes on which carpets are wound, to small

tubes around which films and paper products are wound. The cardboard tubes are usually purchased in very large

quantities by customers. On average, the cardboard tubes comprise between 1% and 2% of the total cost of the

customers’ finished product.

The directors have gathered the following information:

(1) The cardboard tubes are manufactured on machines which vary in size and speed. The lowest cost machine is

priced at $30,000 and requires only one operative for its operation. A one-day training course is required in order

that an unskilled person can then operate such a machine in an efficient and effective manner.

(2) The cardboard tubes are made from specially formulated paper which, at times during recent years, has been in

short supply.

(3) At present, four major manufacturers of cardboard tubes have an aggregate market share of 80%. The current

market leader has a 26% market share. The market shares of the other three major manufacturers, one of which

is JOL Co, are equal in size. The product ranges offered by the four major manufacturers are similar in terms of

size and quality. The market has grown by 2% per annum during recent years.

(4) A recent report on the activities of a foreign-based multinational company revealed that consideration was being

given to expanding operations in their packaging division overseas. The division possesses large-scale automated

machinery for the manufacture of cardboard tubes of any size.

(5) Another company, Plastic Tubes Co (PTC) produces a narrow, but increasing, range of plastic tubes which are

capable of housing small products such as film and paper-based products. At present, these tubes are on average

30% more expensive than the equivalent sized cardboard tubes sold in the marketplace.

Required:

(a) Using Porter’s five forces model, assess the attractiveness of the option to enter the market for cardboard

tubes as a performance improvement strategy for BPC. (10 marks)

从右边方格内找出与左边英语短语相匹配的翻译选项

(A) bull market ( )金融危机

(B) Certificate Public Accountant ( )价目表

(C)financiaI statement ( )财务报表

(D)futures market ( )牛市

(E)marine bills of lading ( )海运提单

(F)financiaI crisis ( )注册会计师

(G)nationaI bonds ( )贸易管制

(H)price list ( )期货市场

(I) restrai nt of trade ( )增值税

(J)value-added tax ( )国债

Now match the statements (1 -7) to the leUer (A , B , C or D).

1. Fannie Mae and Freddie Mac received more money from the treasury and paid back less.()

2. Fannie Mae and Freddie Mac misused the government' s support and lost more than $ 30 billion.()

3. The purpose for the government to create Fannie Mae and Freddie Mac was to increase the availability of loans.()

4. Fannie Mae expected the battered American housing market to recover from the worst.()

5. Fannie Mae and Freddie Mac were taken over by the US government in 2008.()

6. The two mortgage giants might be required to pay the government back in the future.()

7. Fannie Mae reported quarterly net income of $ 2.7 billion.()

A

The Federal National Mortgage Association (Fannie Mae) is the nation' s largest mortgage buyer and a financial juggernaut that affects the lives of tens of millions of home buyers. lt was taken over by the federal government on September 8 , 2008 , along with Freddie Mac , as the two mortgage giants struggled with deep losses and investors lost confidence in the pair.

B

The federal government created Fannie and Freddie to increase the availability of loans. Largely because of investors' belief in an implicit government guarantee , these so-called government sponsored entities were able to lower the cost of millions of mortgages. But during the housing boom , they misused the government' s support to enrich shareholders and executives by backing millions of shoddy loans. Fannie and Freddie lost more than $ 30 billion , in part as a result of the deals , losses that were borne mostly by taxpayers.

C

1n May 2012 , Fannie Mae announced that it made a profit in the first quarter and that it did not need additional bailout money-a first since the federal government took it over in fall 2008. The company reported quarterly net income of $ 2. 7 billion, up from a $ 6.5 billion loss in the first quarter of 2011.

A slowdown in the decline of home prices and in the number of homes entering serious delinquency allowed the company to eke out a profit after paying its dividend to the Treasury. Fannie Mae also said 10sses on its portfolio of home mortgages had probably peaked and that it expected better profits in the future , a sign that the worst might be over for the battered American housing market.

D

Fannie received about $ 116 bi1lion from the Treasury over the previous three and a half years and paid back about $ 23 billion in dividends. Its brother institution, Freddie Mac, received about $ 72 billion and paid back about $ 18 billion.

On Aug. 17 , 2012 , the Treasury Department announced it was changing the terms of its bailout agreement with Fannie Mae and Freddie Mac in a way that will shrink the holdings of the two mortgage giants more quickly and will require payment to the government of all quarterly profits the companies earn.

n. It has been argued that the supply of good land is limited. To feed a large population, inferior land must be cultivated and the good land worked intensively. Thus each person produced less and this means a lower average income that could be obtained with a small population. Other economists have argued that a large population gives more scope for specialization and the development of facilities such as ports, roads and railways, which are not likely to be built unless there is a big demand to justify them.

One of the difficulties on carrying out a world-wide birth control program lies in the fact that official attitudes to population growth vary from country to country, depending on the level of industrial development and the availability of food and raw materials. In the developing country where a vastly expanded population is pressing hard upon the limits of food, space and natural resources, it will be first concern of government to place a limit on the birthrate, whatever the consequences may be. In a highly industrialized society the problem may be more complex. A decreasing birthrate may lead to unemployment because it results in a declining market for manufactured goods. When the pressure of population on housing declines, prices also decline and the building industry is weakened. Faced with considerations such as these, the government of a developed country may well prefer to see a slowly increasing population, rather than one which is stable of declines.

Small population may mean ______.

A．higher productlvity, but a lower average income

B．lower productivity, but a higher average income

C．lower productivity and a lower average income

D．higher productivity and a higher average income

根据以下内容回答题：

The advantages and disadvantages of a large population have long been a subject of discu-ssion among economists．It has been argued that the supply of good land is limited．To feed a large population，inferior land must be cultivated and the good land worked intensively．Thus，each person produces．1ess and this means a lower average income than could be obtained with a smaller population．Other economists have argued that a large population gives more scope for specialization and the development of facilities such as ports，roads and railways，which are not likely to be built unless there is a big demand to justify them．One of the difficulties in carrying out a world-wide birth control program lies in the fact that official attitudes to population growth val了from country to country depending on the level of industrial development and the availability of food and raw materials．In the developing country where a vastly expanded population is pressing hard upon the limits of food，space and natural resources，it will be the first concern of government to place a limit on the birthrate．Whatever the consequences may be．In the highly industrialized society the problem may be more Com-plex．A decreasing birth rate may lead tp unemployment because it results in a declining market for manufactured goods．When the pressure of population on housing declines，prices also decline and the building industry is weakened．Faced with considerations such as these，the government of a developed country may well prefer to see a slowly increasing population，rather than one which iS stable or in decline．

A smaller population may mean__________ ．

A.higher productivity，but a lower average income

B.lower productivity，but a higher average income

C.lower productivity，and a lower average income

D.higher productivity，and a higher average income

A certificate of deposit (CD) is issued by a depository- institution (56) that the holder has deposited at the institution a certain mount of money for a certain period of time. By issuing a certificate of deposit, a bank, or (57) institution, gives its pledge to (58) the certificate at maturity and to pay a certain rate of interest for the use of the deposited funds.

Certificates of deposit are issued in several different forms. They may be negotiable or nonnegotiable, If a CD is negotiable it may be sold on the secondary market (59) to maturity. Usually only large CDs are issued in negotiable form. CDs may also be issued either in bearer or registered form. Negotiable CDs are usually always issued in bearer form. because of the ease with which ownership may be (60) .

(41)

A．evidence

B．fact

C．proof

D．prove