资料：New York and London may rule the roost, but other financial hubs in America and Europe have managed to carve out useful specialist niches for themselves. Chicago, for instance, has consolidated its position as the world’s derivatives center, and Houston, the largest city in Texas, is home to America’s biggest energy firms and has spawned an active cluster of energy traders and hedge funds.Europe has also developed a diverse set of financial centers ranging from big cities to island havens such as Jersey and to niche markets such as Luxembourg and Dublin. Edinburg, an established banking center, is now touting itself as a low-cost alternative for financial operations. Among the larger hubs, Frankfurt is an important center for banking and derivatives trading through Eurex, a German-Swiss exchange, with significantly lower costs than London.Switzerland’s twin financial centers, Geneva and Zurich, have done well in their specialists of private banking, wealth management and insurance. The main attractions are low taxes, political stability and a reputation for discretion. Urs Roth from the Swiss Bankers Association says, however, that given its tiny domestic market, Switzerland has had to fight for open markets on an international scale.Paris has long lagged far behind London, dogged by a reputation for excessive regulation and high taxes. The new government is aware that some of France’s best financial brains have crossed the Channel for more lucrative careers in London. Yet Paris has many advantages: a large number of international banks; more international companies than Frankfurt; and easy access to regulators. It has the largest market in Europe for trading in mutual funds. Few would dispute that Paris offers an attractive quality of life and has good transport links. What makes Paris a place to watch just now is the NYSE’s recent merger with Euronext. The combined group will base its international equities business in the French capital. Euronext, which operates exchanges in five European countries, also illustrates the importance of a common language.Financial executives around the world increasingly view Europe as a single market. Soon a new European rule called MiFID （Markets in Financial Instrument Directive） is due to be implemented. It aims to increase competition among and transparency within financial markets. Financiers in other parts of the world are wondering how to achieve a similar degree of cross-border financial integration.What can be inferred from the passage?A.New York is the world’s largest financial hub.B.Houston is the world’s biggest center for energy trading and hedge funds.C.The Europe has as many financial centers as the United States.D.Different financial centers have different specialist features.
资料：New York and London may rule the roost, but other financial hubs in America and Europe have managed to carve out useful specialist niches for themselves. Chicago, for instance, has consolidated its position as the world’s derivatives center, and Houston, the largest city in Texas, is home to America’s biggest energy firms and has spawned an active cluster of energy traders and hedge funds.
Europe has also developed a diverse set of financial centers ranging from big cities to island havens such as Jersey and to niche markets such as Luxembourg and Dublin. Edinburg, an established banking center, is now touting itself as a low-cost alternative for financial operations. Among the larger hubs, Frankfurt is an important center for banking and derivatives trading through Eurex, a German-Swiss exchange, with significantly lower costs than London.
Switzerland’s twin financial centers, Geneva and Zurich, have done well in their specialists of private banking, wealth management and insurance. The main attractions are low taxes, political stability and a reputation for discretion. Urs Roth from the Swiss Bankers Association says, however, that given its tiny domestic market, Switzerland has had to fight for open markets on an international scale.
Paris has long lagged far behind London, dogged by a reputation for excessive regulation and high taxes. The new government is aware that some of France’s best financial brains have crossed the Channel for more lucrative careers in London. Yet Paris has many advantages: a large number of international banks; more international companies than Frankfurt; and easy access to regulators. It has the largest market in Europe for trading in mutual funds. Few would dispute that Paris offers an attractive quality of life and has good transport links. What makes Paris a place to watch just now is the NYSE’s recent merger with Euronext. The combined group will base its international equities business in the French capital. Euronext, which operates exchanges in five European countries, also illustrates the importance of a common language.
Financial executives around the world increasingly view Europe as a single market. Soon a new European rule called MiFID （Markets in Financial Instrument Directive） is due to be implemented. It aims to increase competition among and transparency within financial markets. Financiers in other parts of the world are wondering how to achieve a similar degree of cross-border financial integration.
What can be inferred from the passage?
Europe has also developed a diverse set of financial centers ranging from big cities to island havens such as Jersey and to niche markets such as Luxembourg and Dublin. Edinburg, an established banking center, is now touting itself as a low-cost alternative for financial operations. Among the larger hubs, Frankfurt is an important center for banking and derivatives trading through Eurex, a German-Swiss exchange, with significantly lower costs than London.
Switzerland’s twin financial centers, Geneva and Zurich, have done well in their specialists of private banking, wealth management and insurance. The main attractions are low taxes, political stability and a reputation for discretion. Urs Roth from the Swiss Bankers Association says, however, that given its tiny domestic market, Switzerland has had to fight for open markets on an international scale.
Paris has long lagged far behind London, dogged by a reputation for excessive regulation and high taxes. The new government is aware that some of France’s best financial brains have crossed the Channel for more lucrative careers in London. Yet Paris has many advantages: a large number of international banks; more international companies than Frankfurt; and easy access to regulators. It has the largest market in Europe for trading in mutual funds. Few would dispute that Paris offers an attractive quality of life and has good transport links. What makes Paris a place to watch just now is the NYSE’s recent merger with Euronext. The combined group will base its international equities business in the French capital. Euronext, which operates exchanges in five European countries, also illustrates the importance of a common language.
Financial executives around the world increasingly view Europe as a single market. Soon a new European rule called MiFID （Markets in Financial Instrument Directive） is due to be implemented. It aims to increase competition among and transparency within financial markets. Financiers in other parts of the world are wondering how to achieve a similar degree of cross-border financial integration.
What can be inferred from the passage?
A.New York is the world’s largest financial hub.
B.Houston is the world’s biggest center for energy trading and hedge funds.
C.The Europe has as many financial centers as the United States.
D.Different financial centers have different specialist features.
B.Houston is the world’s biggest center for energy trading and hedge funds.
C.The Europe has as many financial centers as the United States.
D.Different financial centers have different specialist features.
参考解析
解析：本题考查的是细节理解和同义转换。
【关键词】inferred;passage
【主题句】第1自然段 New York and London may rule the roost,but other financial hubs in America and Europe have managed to carve out useful specialist niches for themselves.纽约和伦敦或许会主宰世界，但美国和欧洲的其他金融中心却设法为自己开辟出了有用的专业利基市场。
【解析】本题的问题是“从文章中可以推断出什么？”。根据文章可知，不同的金融中心有不同的专业特点，故选D。
【关键词】inferred;passage
【主题句】第1自然段 New York and London may rule the roost,but other financial hubs in America and Europe have managed to carve out useful specialist niches for themselves.纽约和伦敦或许会主宰世界，但美国和欧洲的其他金融中心却设法为自己开辟出了有用的专业利基市场。
【解析】本题的问题是“从文章中可以推断出什么？”。根据文章可知，不同的金融中心有不同的专业特点，故选D。
相关考题：
(b) Prepare a consolidated statement of financial position of the Ribby Group at 31 May 2008 in accordancewith International Financial Reporting Standards. (35 marks)
请阅读Passage 2，完成第小题。Passage 2NBA centre Jason Collins recently announced he was gay in a cover story for SportsIllustrated. In other words, he"came out of the closet." This expression for revealing one's homosexuality may seem natural. Being in the closet implies hiding from the outside world, and the act of coming out of it implies the will to stop hiding. But though the closet has long been a metaphor for privacy or secrecy, its use with reference to homosexuality is relatively recent.According to George Chauncey's comprehensive history of modern gay culture, Gay New York, the closet metaphor was not used by gay people until the 1960s. Before then, it doesn't appear anywhere"in the records of the gay movement or in the novels, diaries, or letters of gay men and lesbians.""Coming out," however, has long been used in the gay community, but it first meant something different than it does now."A gay man's coming out originally referred to his being formally presented to the largest collective manifestation of prewar gay society, the enormous drag balls that were patterned on the debutante and masquerade balls of the dominant culture and were regularly held in New York, Chicago, New Orleans, Baltimore, and other cities." The phrase"coming out" did not refer to coming out of hiding, but to joining into a society of peers. The phrase was borrowed from the world of debutante balls, where young women"came out" in being officiallyintroduced to society.The gay debutante balls were a matter of public record and often covered in the newspaper, so"coming out" within gay society often meant revealing your sexual orientation in the wider society as well, but the phrase didn't necessarily carry the implication that if you hadn't yet come out, you were keeping it a secret. There were other metaphors for the act of hiding or revealing homosexuality. Gay people could "wear a mask" or "take off the mask". A man could "wear his hair up" or "let his hair down", or "drop hairpins" that would only be recognized by other gay men.It is unclear exactly when gay people started using the closet metaphor, but "it may have been used initially because many men who remained 'covert' thought of their homosexuality as a sort of'skeleton in the closet'." It may also have come from outsiders who viewed it that way. It seems that"coming out of the closet" was born as a mixture of two metaphors: a debutante proudly stepping into the arms of a community and a shocking secret being kept in hiding. Now. the community is the wider community, and the secret is no longer shocking,"Coming out" is a useful phrase, but it need not imply a closet.What can we learn from the last paragraph?查看材料A．The phrase "coming out" is only used in the gay community.B．The meaning of "coming out" is becoming wider and wider.C．The phrase "coming out" only stands for a shocking secret in hidingD．The meaning of "coming out" has not changed until now.
请阅读Passage 2，完成第小题。Passage 2NBA centre Jason Collins recently announced he was gay in a cover story for SportsIllustrated. In other words, he"came out of the closet." This expression for revealing one's homosexuality may seem natural. Being in the closet implies hiding from the outside world, and the act of coming out of it implies the will to stop hiding. But though the closet has long been a metaphor for privacy or secrecy, its use with reference to homosexuality is relatively recent.According to George Chauncey's comprehensive history of modern gay culture, Gay New York, the closet metaphor was not used by gay people until the 1960s. Before then, it doesn't appear anywhere"in the records of the gay movement or in the novels, diaries, or letters of gay men and lesbians.""Coming out," however, has long been used in the gay community, but it first meant something different than it does now."A gay man's coming out originally referred to his being formally presented to the largest collective manifestation of prewar gay society, the enormous drag balls that were patterned on the debutante and masquerade balls of the dominant culture and were regularly held in New York, Chicago, New Orleans, Baltimore, and other cities." The phrase"coming out" did not refer to coming out of hiding, but to joining into a society of peers. The phrase was borrowed from the world of debutante balls, where young women"came out" in being officiallyintroduced to society.The gay debutante balls were a matter of public record and often covered in the newspaper, so"coming out" within gay society often meant revealing your sexual orientation in the wider society as well, but the phrase didn't necessarily carry the implication that if you hadn't yet come out, you were keeping it a secret. There were other metaphors for the act of hiding or revealing homosexuality. Gay people could "wear a mask" or "take off the mask". A man could "wear his hair up" or "let his hair down", or "drop hairpins" that would only be recognized by other gay men.It is unclear exactly when gay people started using the closet metaphor, but "it may have been used initially because many men who remained 'covert' thought of their homosexuality as a sort of'skeleton in the closet'." It may also have come from outsiders who viewed it that way. It seems that"coming out of the closet" was born as a mixture of two metaphors: a debutante proudly stepping into the arms of a community and a shocking secret being kept in hiding. Now. the community is the wider community, and the secret is no longer shocking,"Coming out" is a useful phrase, but it need not imply a closet.What is the main idea of this passage?查看材料A．The phrase "coming out" is used in gay community.B．The phrase "coming out" means revealing of homosexuality.C．The meaning of the phrase "coming out" has not changed.D．The development of the use of "coming out".
请阅读Passage 2，完成第小题。Passage 2NBA centre Jason Collins recently announced he was gay in a cover story for SportsIllustrated. In other words, he"came out of the closet." This expression for revealing one's homosexuality may seem natural. Being in the closet implies hiding from the outside world, and the act of coming out of it implies the will to stop hiding. But though the closet has long been a metaphor for privacy or secrecy, its use with reference to homosexuality is relatively recent.According to George Chauncey's comprehensive history of modern gay culture, Gay New York, the closet metaphor was not used by gay people until the 1960s. Before then, it doesn't appear anywhere"in the records of the gay movement or in the novels, diaries, or letters of gay men and lesbians.""Coming out," however, has long been used in the gay community, but it first meant something different than it does now."A gay man's coming out originally referred to his being formally presented to the largest collective manifestation of prewar gay society, the enormous drag balls that were patterned on the debutante and masquerade balls of the dominant culture and were regularly held in New York, Chicago, New Orleans, Baltimore, and other cities." The phrase"coming out" did not refer to coming out of hiding, but to joining into a society of peers. The phrase was borrowed from the world of debutante balls, where young women"came out" in being officiallyintroduced to society.The gay debutante balls were a matter of public record and often covered in the newspaper, so"coming out" within gay society often meant revealing your sexual orientation in the wider society as well, but the phrase didn't necessarily carry the implication that if you hadn't yet come out, you were keeping it a secret. There were other metaphors for the act of hiding or revealing homosexuality. Gay people could "wear a mask" or "take off the mask". A man could "wear his hair up" or "let his hair down", or "drop hairpins" that would only be recognized by other gay men.It is unclear exactly when gay people started using the closet metaphor, but "it may have been used initially because many men who remained 'covert' thought of their homosexuality as a sort of'skeleton in the closet'." It may also have come from outsiders who viewed it that way. It seems that"coming out of the closet" was born as a mixture of two metaphors: a debutante proudly stepping into the arms of a community and a shocking secret being kept in hiding. Now. the community is the wider community, and the secret is no longer shocking,"Coming out" is a useful phrase, but it need not imply a closet.Why did "come out of the closet" seem natural when refers to revealing one'shomosexuality?查看材料A．Because homosexual couples live in a place named Closet.B．Because both the closet and homosexuality mean privacy.C．Because Jason Collins has refrained from NBA.D．Because people always use "closet" to refer to homosexuality.
请阅读Passage 2，完成第小题。Passage 2NBA centre Jason Collins recently announced he was gay in a cover story for SportsIllustrated. In other words, he"came out of the closet." This expression for revealing one's homosexuality may seem natural. Being in the closet implies hiding from the outside world, and the act of coming out of it implies the will to stop hiding. But though the closet has long been a metaphor for privacy or secrecy, its use with reference to homosexuality is relatively recent.According to George Chauncey's comprehensive history of modern gay culture, Gay New York, the closet metaphor was not used by gay people until the 1960s. Before then, it doesn't appear anywhere"in the records of the gay movement or in the novels, diaries, or letters of gay men and lesbians.""Coming out," however, has long been used in the gay community, but it first meant something different than it does now."A gay man's coming out originally referred to his being formally presented to the largest collective manifestation of prewar gay society, the enormous drag balls that were patterned on the debutante and masquerade balls of the dominant culture and were regularly held in New York, Chicago, New Orleans, Baltimore, and other cities." The phrase"coming out" did not refer to coming out of hiding, but to joining into a society of peers. The phrase was borrowed from the world of debutante balls, where young women"came out" in being officiallyintroduced to society.The gay debutante balls were a matter of public record and often covered in the newspaper, so"coming out" within gay society often meant revealing your sexual orientation in the wider society as well, but the phrase didn't necessarily carry the implication that if you hadn't yet come out, you were keeping it a secret. There were other metaphors for the act of hiding or revealing homosexuality. Gay people could "wear a mask" or "take off the mask". A man could "wear his hair up" or "let his hair down", or "drop hairpins" that would only be recognized by other gay men.It is unclear exactly when gay people started using the closet metaphor, but "it may have been used initially because many men who remained 'covert' thought of their homosexuality as a sort of'skeleton in the closet'." It may also have come from outsiders who viewed it that way. It seems that"coming out of the closet" was born as a mixture of two metaphors: a debutante proudly stepping into the arms of a community and a shocking secret being kept in hiding. Now. the community is the wider community, and the secret is no longer shocking,"Coming out" is a useful phrase, but it need not imply a closet.Which of the following statement about "coming out" is True?查看材料A．Closet is always the metaphor of homosexuality.B．The original meaning of the phrase is the revealing of homosexuality.C．The phrase was borrowed from the world of debutante balls.D．The phrase "coming out" only refers to coming out of hiding.
请阅读Passage 2，完成第小题。Passage 2NBA centre Jason Collins recently announced he was gay in a cover story for SportsIllustrated. In other words, he"came out of the closet." This expression for revealing one's homosexuality may seem natural. Being in the closet implies hiding from the outside world, and the act of coming out of it implies the will to stop hiding. But though the closet has long been a metaphor for privacy or secrecy, its use with reference to homosexuality is relatively recent.According to George Chauncey's comprehensive history of modern gay culture, Gay New York, the closet metaphor was not used by gay people until the 1960s. Before then, it doesn't appear anywhere"in the records of the gay movement or in the novels, diaries, or letters of gay men and lesbians.""Coming out," however, has long been used in the gay community, but it first meant something different than it does now."A gay man's coming out originally referred to his being formally presented to the largest collective manifestation of prewar gay society, the enormous drag balls that were patterned on the debutante and masquerade balls of the dominant culture and were regularly held in New York, Chicago, New Orleans, Baltimore, and other cities." The phrase"coming out" did not refer to coming out of hiding, but to joining into a society of peers. The phrase was borrowed from the world of debutante balls, where young women"came out" in being officiallyintroduced to society.The gay debutante balls were a matter of public record and often covered in the newspaper, so"coming out" within gay society often meant revealing your sexual orientation in the wider society as well, but the phrase didn't necessarily carry the implication that if you hadn't yet come out, you were keeping it a secret. There were other metaphors for the act of hiding or revealing homosexuality. Gay people could "wear a mask" or "take off the mask". A man could "wear his hair up" or "let his hair down", or "drop hairpins" that would only be recognized by other gay men.It is unclear exactly when gay people started using the closet metaphor, but "it may have been used initially because many men who remained 'covert' thought of their homosexuality as a sort of'skeleton in the closet'." It may also have come from outsiders who viewed it that way. It seems that"coming out of the closet" was born as a mixture of two metaphors: a debutante proudly stepping into the arms of a community and a shocking secret being kept in hiding. Now. the community is the wider community, and the secret is no longer shocking,"Coming out" is a useful phrase, but it need not imply a closet.What does "take off the mask" mean among gay people?查看材料A．To show he is homosexual.B．To hide his homosexuality.C．It means that he wants to change his sexual orientation.D．It means that he doesn't want to be homosexual.
The family of 28 nations known as the European Union has had a rough decade of near divorces The latest blow was Italys election last Sunday.The anti-EU parties won.In other parts of Europe similar parties have advanced.Britain wants out of the Continent-fusing project altogether.But then there is Greece,which may serve as a model of a prodigal nation.In 2009,the country of 11 million nearly brought down the euro zone and came close to exiting the EU after admitting it had lied about he size of its deficit（which was five times above the eu guideline）The official dishonesty,coupled with deep-seated corruption,spooked foreign lenders and defied core EU values of integrity in govern-ance With the Greek economy near collapse,however,the EU and other creditors decided it was worth throwing Athens a financial lifeline--hefty loans with conditions of austerity and other reforms.The cash-tor-rescue effort seems to be working for now.Greece made a critical decision in 2015 to implement the EU-mandated reforms.It has improved government openness and transparency on budgeting procurement,and trade--all key areas in fighting corruption Here's the clincher:In 2018,Greece's economy is expected to grow faster than that of the eU as a whole.In addition,the government has been running a fiscal surplus instead of the big deficits of a decade ago.And unemployment has fallen from 30 percent to less than 20 percent in the past five years On corruption,however,the leftist government of Greek Prime Minister Alexis Tsipras still has far to go in ensuring a virtuous circle of honesty and openness.Last month,two of its ministers had to resign after accepting a housing subsidy.And the Council of Europe told Greece this month that it has fulfilled only six of 19 recommendations aimed at rooting out corruption.Some of the govermment's new rules require lawmakers to disclose gifts and reveal potential conflicts of interest One sign of hope is that Greece is currently in a vigorous public debate about the alleged bribery of 10 top politicians by Swiss drug maker Novartis.And polls show Greeks are more demanding of integrity in their elected leaders This mood In Greece reflects a global trend More and more citizens from a growing number of countries.have presently come to demand that their governments deliver good governance,"writes Alina Mungiu-Pippidi of the European Research Center for Anti-Corruption and State-Building in a new book The EU and other official lenders are still holding Greece to account.With further reform,it might have enough financial credibility by the end of the year to return to private maikets or money.Instead of a divorce from the Eu,it has been making up.The key was a new embrace of integrity.Which of the following is an achievement of Greeces reform?A.Its fiscal balance has steadily improvedB.It has adopted a new anti-corruption lawC.Its economy grows faster than any EU memberD.The unemployment rate is lower than expected
共用题干On May 1,2006,New York's Empire State Building celebrated its 75th birthday.When it was built in 1931 it was over 61 m taller than its nearest rival,the Chrysler Building,and at 381m remained the tallest in the world for 41 years,until the World Trade Center was completed in 1972- 1973.The story of the Empire State Building begins with two men's race to build the highest man-made structure in the world.In 1889 the central feature of the World's Fair in Pairs was Gustav Eiffel's massive tower,constructed with wrought iron,and standing 300m high.Architects in the United States viewed this as something of a challenge,and by the early 20th century the race was on to erect taller buildings than ever before.Soon skyscrapers were springing up along the New York sky-line.In 1928 the founder of the Chrysler Corporation,Walter Chrysler,announced the building of a huge new skyscraper,taller than anything so far constructed in New York.It soon became clear that the new building was part of Chrysler's aim to challenge the motoring giant General Motors.So John Jakob Raskob,of General Motors,decided to race Chrysler to the top.The final height of Chrysler's building was kept secret until it was completed,so Raskob instructed his architects to construct the highest tower they could.Their architectural plans had to be modified as the Chrysler Building grew ever higher,but when it topped 77 stories the Empire State Building team knew that they could beat it.No building project has yet exceeded the Empire State Building's record for speed of construclion.From the beginning of construction in March 1930 it took 410 days and approximately 7 million man-hours to build.It rose at an astonishing speed of 4.5 stories per week,thanks to careful planning and quality of work.The building was officially opened on May 1,1931,by President Hoover. Even the World Trade Center can not compete with the New York's Empire State Building with its height.A:Right B:Wrong C:Not mentioned
The first European stock exchange was established in Antwerp,Belgium(比利时),in 1531.There were no stock exchanges in England until the 1700′s.A man wishing to buy or sell shares of?stock had to find a broker(agents)to transact his business for him.In London,he usually went to a?coffee house,because brokers often gathered there.In 1773,the brokers of London formed a stock?exchange.In New York City,brokers met under an old button-wood tree on Wall Street.They organized?the New York Stock Exchange in 17.92.The American Stock Exchange,the second largest in the?United States,was formerly called the Curb Exchange because of its origin on the streets of New?York City.A stock exchange is a market place where member brokers buy and sell stocks and bonds(债券)of American and foreign businesses on behalf,of the public.A stock exchange provides a market?place for stocks and bonds in the same way a board of trade does for commodities.The stockbrokers?receive a small commission on each transaction they make.The stockholder may sell his stock wherever he wants to unless the corporation has some special?rule to prevent it.Prices of stock change according to general business conditions and the earnings?and future prospects(前景)of the company~If the business is doing well,the stockholder may be?able to sell his stock for a profit.If it is not,he may have to take a loss.In the 1600′S,if a man wanted to buy or sell shares of stock,he had to do it throughA.the governmentB.himselfC.a brokerD.the stock exchange
The first European stock exchange was established in Antwerp,Belgium(比利时),in 1531.There were no stock exchanges in England until the 1700′s.A man wishing to buy or sell shares of?stock had to find a broker(agents)to transact his business for him.In London,he usually went to a?coffee house,because brokers often gathered there.In 1773,the brokers of London formed a stock?exchange.In New York City,brokers met under an old button-wood tree on Wall Street.They organized?the New York Stock Exchange in 17.92.The American Stock Exchange,the second largest in the?United States,was formerly called the Curb Exchange because of its origin on the streets of New?York City.A stock exchange is a market place where member brokers buy and sell stocks and bonds(债券)of American and foreign businesses on behalf,of the public.A stock exchange provides a market?place for stocks and bonds in the same way a board of trade does for commodities.The stockbrokers?receive a small commission on each transaction they make.The stockholder may sell his stock wherever he wants to unless the corporation has some special?rule to prevent it.Prices of stock change according to general business conditions and the earnings?and future prospects(前景)of the company~If the business is doing well,the stockholder may be?able to sell his stock for a profit.If it is not,he may have to take a loss.The second largest stock exchange in the U.S.used to be,called__________A.the Wall Street ExchangeB.the New York Stock ExchangeC.the Curb ExchangeD.the U.S.Exchange
Text 2 America rarely looks to Brussels for guidance.Commercial freedom appeals more than governmental control.But when it comes to data privacy,the case for copying the best bits of the European Union's approach is compelling.The General Data Protection Regulation（GDPR）is due to come into force next month.It is rules-heavy and has its flaws,but its premise that consumers should be in charge of their personal data is the right one.The law lets users gain access to,and to correct,information that firms hold on them.It gives consumers the right to transfer their data to another organisation.It requires companies to define how they keep data secure.And it lets regulators levy big fines if firms break the rules.America has enacted privacy rules in areas such as health care.But it has never passed an overarching data-protection law.The failings of America's self-regulatory approach are becoming clearer by the week.Large parts of the online economy are fuelled by data that consumers spray around without thought.Companies'mysterious privacy policies obscure what they do with their users'information,which often amounts to pretty much anything they please.Facebook is embroiled in crisis after news that data on 87m users had been passed to a political-campaign firm.These are changing the calculus about the benefits of self-regulation.Opponents of privacy legislation have long argued that the imposition of rules would keep technology companies from innovating.Yet as trust leaks out of the system,innovation is likely to suffer.If consumers worry about what smartphone apps may do with their data,fewer new offerings will take off.It is striking that many of the firms preparing for the GDPR's arrival in Europe are excited that the law has forced them to put their data house in order.The need to minimise legal fragmentation only adds to the case for America to adopt bits of the GDPR.One reason behind the new rules in the EU was to harmonise data-protection laws so that firms can do business across Europe more easily.America is moving in the opposite direction.States that have detected a need for greater privacy are drafting their own laws.California has pending legislation that would establish a data-protection authority to regulate how the state's big tech firms use Californians'personal data.The GDPR is far from perfect.At nearly 100 articles long,it is too complex and tries to achieve too many things.The compliance costs for smaller firms,in particular,look burdensome.But these are arguments for using it as a template,not for ignoring the issue of data protection.If America continues on today's path,it will fail to protect the privacy of its citizens and long-term health of its firms.America's data economy has thrived so far with hardly any rules.That era is over.The most suitable title for this text would be____A.American firms in Europe will have to comply with the GDPRB.America should protect its citizens'privacy and its firms'healthC.America should borrow from Europe's data-privacy lawD.America's data economy is evolving into a new era
Text 1 In January commuters voted Birmingham New Street one of Britain's worst railway stations.Each day nearly 150.000 people move through a structure built for half as many.But by next year it will be transformed.with 400 tonnes of undulating steel cladding and a vaguely eyeball appearance.The station will have"the wow factor",boasts Sir Albert Bore,the leader of Birmingham city council.It will also show how much attitudes to railway stations have changed.Railxvay stations are the chief exception to the rule that Britain invests too little in infrastructure.Of the I 7 big termini managed by Network Rail,the owner of Britain's tracks,11 are being redeveloped or have recently been completed.Five other stations,including Reading and Northampton,are being spruced up by local councils and Network Rail.Somc simply need to be expanded:the number of train journeys has risen by 35%since 2005.But the design of New Street suggests aspirations well beyond more easeful travel.The building would not look out of place in Dubai and is striking,if slightly incongruous,in the grey West Midlands.City planners wanted something monumental,like Grand Central station in New York,says Sir Bernard Zissman,chaiman of the independent design paneL"Twenty or thirty years ago business people were more likely to arrive in a city by car,"explains Jon Neale of Jones Lang LaSatle,a property specialist.Town planners duly carved out motorways and roundabouts to entice them.In 1962 a local politician claimed that a new design for Birmingham,involving an inner ring road,would make it"one ofthe finest city centres in Europe".Cities now measure their appeal by their stations.Businesses cluster around them:at King's Cross,a once-grimy part of north London,a postcode has been created for all the new buildings around the station,which was redeveloped in 2013.John Lewis,an upmarket department store,will open in the mall above New Street（which is indeed called"Grand Central"）along with 60 0ther shops.The council hopes it will pull in visitors to the city.Such ambition recalls the stations ofthe 19th century.Those structures"spoke to the corporate sensibility of a city,"says Tristram Hunt,an MP and historian,by combining commerce with the sheen of civic pride.The first New Street station,built in 1851,had the largest single-span roofin the country at the time.It was tom down by enthusiastic 1960s town planners.Now some ofits original lustre may retum.It can be inferred from the text that the aspiration ofNew Street design is____.A.to produce more comfortable travelB.to improve the city's infrastructureC.to build a landmark placeD.to make the railway station a finest city center in Europe
资料：New York and London may rule the roost, but other financial hubs in America and Europe have managed to carve out useful specialist niches for themselves. Chicago, for instance, has consolidated its position as the world’s derivatives center, and Houston, the largest city in Texas, is home to America’s biggest energy firms and has spawned an active cluster of energy traders and hedge funds.Europe has also developed a diverse set of financial centers ranging from big cities to island havens such as Jersey and to niche markets such as Luxembourg and Dublin. Edinburg, an established banking center, is now touting itself as a low-cost alternative for financial operations. Among the larger hubs, Frankfurt is an important center for banking and derivatives trading through Eurex, a German-Swiss exchange, with significantly lower costs than London.Switzerland’s twin financial centers, Geneva and Zurich, have done well in their specialists of private banking, wealth management and insurance. The main attractions are low taxes, political stability and a reputation for discretion. Urs Roth from the Swiss Bankers Association says, however, that given its tiny domestic market, Switzerland has had to fight for open markets on an international scale.Paris has long lagged far behind London, dogged by a reputation for excessive regulation and high taxes. The new government is aware that some of France’s best financial brains have crossed the Channel for more lucrative careers in London. Yet Paris has many advantages: a large number of international banks; more international companies than Frankfurt; and easy access to regulators. It has the largest market in Europe for trading in mutual funds. Few would dispute that Paris offers an attractive quality of life and has good transport links. What makes Paris a place to watch just now is the NYSE’s recent merger with Euronext. The combined group will base its international equities business in the French capital. Euronext, which operates exchanges in five European countries, also illustrates the importance of a common language.Financial executives around the world increasingly view Europe as a single market. Soon a new European rule called MiFID （Markets in Financial Instrument Directive） is due to be implemented. It aims to increase competition among and transparency within financial markets. Financiers in other parts of the world are wondering how to achieve a similar degree of cross-border financial integration.Which of the following is NOT true about Paris, according to the passage?A.Merger of NYSE with Euronext makes it the biggest financial center in Europe.B.The excessive regulation and high taxes have affected its financial development.C.Paris has many advantages that may help in its future financial development.D.Paris offers good quality of life as well as good transport links.
资料：New York and London may rule the roost, but other financial hubs in America and Europe have managed to carve out useful specialist niches for themselves. Chicago, for instance, has consolidated its position as the world’s derivatives center, and Houston, the largest city in Texas, is home to America’s biggest energy firms and has spawned an active cluster of energy traders and hedge funds.Europe has also developed a diverse set of financial centers ranging from big cities to island havens such as Jersey and to niche markets such as Luxembourg and Dublin. Edinburg, an established banking center, is now touting itself as a low-cost alternative for financial operations. Among the larger hubs, Frankfurt is an important center for banking and derivatives trading through Eurex, a German-Swiss exchange, with significantly lower costs than London.Switzerland’s twin financial centers, Geneva and Zurich, have done well in their specialists of private banking, wealth management and insurance. The main attractions are low taxes, political stability and a reputation for discretion. Urs Roth from the Swiss Bankers Association says, however, that given its tiny domestic market, Switzerland has had to fight for open markets on an international scale.Paris has long lagged far behind London, dogged by a reputation for excessive regulation and high taxes. The new government is aware that some of France’s best financial brains have crossed the Channel for more lucrative careers in London. Yet Paris has many advantages: a large number of international banks; more international companies than Frankfurt; and easy access to regulators. It has the largest market in Europe for trading in mutual funds. Few would dispute that Paris offers an attractive quality of life and has good transport links. What makes Paris a place to watch just now is the NYSE’s recent merger with Euronext. The combined group will base its international equities business in the French capital. Euronext, which operates exchanges in five European countries, also illustrates the importance of a common language.Financial executives around the world increasingly view Europe as a single market. Soon a new European rule called MiFID （Markets in Financial Instrument Directive） is due to be implemented. It aims to increase competition among and transparency within financial markets. Financiers in other parts of the world are wondering how to achieve a similar degree of cross-border financial integration.According to Paragraph 1,traders mostly trade derivatives in .A.New YorkB.LondonC.ChicagoD.Frankfurt
资料：New York and London may rule the roost, but other financial hubs in America and Europe have managed to carve out useful specialist niches for themselves. Chicago, for instance, has consolidated its position as the world’s derivatives center, and Houston, the largest city in Texas, is home to America’s biggest energy firms and has spawned an active cluster of energy traders and hedge funds.Europe has also developed a diverse set of financial centers ranging from big cities to island havens such as Jersey and to niche markets such as Luxembourg and Dublin. Edinburg, an established banking center, is now touting itself as a low-cost alternative for financial operations. Among the larger hubs, Frankfurt is an important center for banking and derivatives trading through Eurex, a German-Swiss exchange, with significantly lower costs than London.Switzerland’s twin financial centers, Geneva and Zurich, have done well in their specialists of private banking, wealth management and insurance. The main attractions are low taxes, political stability and a reputation for discretion. Urs Roth from the Swiss Bankers Association says, however, that given its tiny domestic market, Switzerland has had to fight for open markets on an international scale.Paris has long lagged far behind London, dogged by a reputation for excessive regulation and high taxes. The new government is aware that some of France’s best financial brains have crossed the Channel for more lucrative careers in London. Yet Paris has many advantages: a large number of international banks; more international companies than Frankfurt; and easy access to regulators. It has the largest market in Europe for trading in mutual funds. Few would dispute that Paris offers an attractive quality of life and has good transport links. What makes Paris a place to watch just now is the NYSE’s recent merger with Euronext. The combined group will base its international equities business in the French capital. Euronext, which operates exchanges in five European countries, also illustrates the importance of a common language.Financial executives around the world increasingly view Europe as a single market. Soon a new European rule called MiFID （Markets in Financial Instrument Directive） is due to be implemented. It aims to increase competition among and transparency within financial markets. Financiers in other parts of the world are wondering how to achieve a similar degree of cross-border financial integration.The last paragraph implies that . A.Financiers have long ago viewed the Europe as a single marketB.Europe has the highest degree of cross-border financial integrationC.the MiFID will make financial markets around the world more competitiveD.the MiFID will increase transparency within American financial mark
资料：New York and London may rule the roost, but other financial hubs in America and Europe have managed to carve out useful specialist niches for themselves. Chicago, for instance, has consolidated its position as the world’s derivatives center, and Houston, the largest city in Texas, is home to America’s biggest energy firms and has spawned an active cluster of energy traders and hedge funds.Europe has also developed a diverse set of financial centers ranging from big cities to island havens such as Jersey and to niche markets such as Luxembourg and Dublin. Edinburg, an established banking center, is now touting itself as a low-cost alternative for financial operations. Among the larger hubs, Frankfurt is an important center for banking and derivatives trading through Eurex, a German-Swiss exchange, with significantly lower costs than London.Switzerland’s twin financial centers, Geneva and Zurich, have done well in their specialists of private banking, wealth management and insurance. The main attractions are low taxes, political stability and a reputation for discretion. Urs Roth from the Swiss Bankers Association says, however, that given its tiny domestic market, Switzerland has had to fight for open markets on an international scale.Paris has long lagged far behind London, dogged by a reputation for excessive regulation and high taxes. The new government is aware that some of France’s best financial brains have crossed the Channel for more lucrative careers in London. Yet Paris has many advantages: a large number of international banks; more international companies than Frankfurt; and easy access to regulators. It has the largest market in Europe for trading in mutual funds. Few would dispute that Paris offers an attractive quality of life and has good transport links. What makes Paris a place to watch just now is the NYSE’s recent merger with Euronext. The combined group will base its international equities business in the French capital. Euronext, which operates exchanges in five European countries, also illustrates the importance of a common language.Financial executives around the world increasingly view Europe as a single market. Soon a new European rule called MiFID （Markets in Financial Instrument Directive） is due to be implemented. It aims to increase competition among and transparency within financial markets. Financiers in other parts of the world are wondering how to achieve a similar degree of cross-border financial integration.All of the following are advantages of Switzerland’s financial centers EXCEPT .A.low taxationB.broad domestic marketC.fame for discretionD.stable political environment
共用题干New Foods and the New WorldIn the last 500 years,nothing about people—not their clothes,ideas,or languages—has changed as much as what they eat. The original chocolate drink was made from the seeds of the cocoa tree by South American Indians .The Spanish introduced it to the rest of the world during the 1500's .And although it was very expensive,it quickly became fashionable.In London,shops where chocolate drinks were served became important meeting places. Some still exist today.The potato is also from the New World. Around 1600,the Spanish brought it from Peru to Europe,where it soon was widely grown. Ireland became so dependent on it that thousands of Irish people starved when the crop failed during the“Potato Famine”of 1845—1846,and thou- sands more were forced to emigrate to America.There are many other foods that have traveled from South America to the Old World. But some others went in the opposite direction. Brazil is now the world's largest grower of coffee,and coffee is an important crop in Colombia and other South American countries.But it is native to Ethiopia. It was first made into a drink by Arabs during the 1400's.According to an Arabic legend,coffee was discovered when a person named Kaldi noticed that his goats were attracted to the red berries on a coffee bush.He tried one and experienced the “wide-awake”feeling that one-third of the world's population now starts the day with. The Arabic legend is used to prove thatA:.coffee was first discovered by KaldiB: coffee was first discovered by Kaldi's goatsC:.coffee was first discovered in south American countriesD: coffee drinks were first made by Arabs
共用题干New Foods and the New WorldIn the last 500 years,nothing about people—not their clothes,ideas,or languages—has changed as much as what they eat. The original chocolate drink was made from the seeds of the cocoa tree by South American Indians .The Spanish introduced it to the rest of the world during the 1500's .And although it was very expensive,it quickly became fashionable.In London,shops where chocolate drinks were served became important meeting places. Some still exist today.The potato is also from the New World. Around 1600,the Spanish brought it from Peru to Europe,where it soon was widely grown. Ireland became so dependent on it that thousands of Irish people starved when the crop failed during the“Potato Famine”of 1845—1846,and thou- sands more were forced to emigrate to America.There are many other foods that have traveled from South America to the Old World. But some others went in the opposite direction. Brazil is now the world's largest grower of coffee,and coffee is an important crop in Colombia and other South American countries.But it is native to Ethiopia. It was first made into a drink by Arabs during the 1400's.According to an Arabic legend,coffee was discovered when a person named Kaldi noticed that his goats were attracted to the red berries on a coffee bush.He tried one and experienced the “wide-awake”feeling that one-third of the world's population now starts the day with. According to the passage,which of the following has changed the most in the last 500 years?A: Food.B: Chocolate.C:Potato.D: Coffee.
共用题干New Foods and the New WorldIn the last 500 years,nothing about people—not their clothes,ideas,or languages—has changed as much as what they eat. The original chocolate drink was made from the seeds of the cocoa tree by South American Indians .The Spanish introduced it to the rest of the world during the 1500's .And although it was very expensive,it quickly became fashionable.In London,shops where chocolate drinks were served became important meeting places. Some still exist today.The potato is also from the New World. Around 1600,the Spanish brought it from Peru to Europe,where it soon was widely grown. Ireland became so dependent on it that thousands of Irish people starved when the crop failed during the“Potato Famine”of 1845—1846,and thou- sands more were forced to emigrate to America.There are many other foods that have traveled from South America to the Old World. But some others went in the opposite direction. Brazil is now the world's largest grower of coffee,and coffee is an important crop in Colombia and other South American countries.But it is native to Ethiopia. It was first made into a drink by Arabs during the 1400's.According to an Arabic legend,coffee was discovered when a person named Kaldi noticed that his goats were attracted to the red berries on a coffee bush.He tried one and experienced the “wide-awake”feeling that one-third of the world's population now starts the day with. Coffee originally came from_______.A:.BrazilB: ColombiaC:EthiopiaD: Arabia
共用题干第一篇The Development of PRThe rise of multinational corporations,global marketing,new communications technologies, and shrinking cultural differences have led to an unparalleled increase in global public relations or PR.Surprisingly,since modern PR was largely an American invention,the US leadership in public relations is being threatened by PR efforts in other countries.Ten years ago,for example,the world's top five public relations agencies were American-owned.In 1991,only one was.The British in particular are becoming more sophisticated and creative.A recent survey found that more than half of all British companies include PR as part of their corporate planning activities,compared to about one-third of US companies.It may not be long before London replaces New York as the capital of PR.Why is America lagging behind in the global PR race?Firstly,Americans as a whole tend to be fairly provinciel and take more of an interest in local affairs.Knowledge of world geography,for example,has never been strong in this country.Secondly,American lag behind their European and Asian counterparts in knowing a second language.Less than 5 percent of Burson-Marshall's US employees know two languages.Ogilvy and Mather has about the same percentage.Conversely, some European firms have half or more of their employees fluent in a second language.Finally,people involved in PR abroad tend to keep a closer eye on international affairs.In the financial PR area,for instance,most Americans read the Wall Street Journal. Overseas,their counterparts read the Journal as well as the Financial Times of London and The Economist,publications not often read in this country.Perhaps the PR industry might take a lesson from Ted Turner of CNN(Cable News Network). Turner recently announced that the word"foreign"would no longer be used on CNN news broadcasts.According to Turner,global communications have made the nations of the world so interdependent that there is no longer any such thing as foreign.The underlined word"provincial"(Para. 3)most probably means_______.A:rigid in thinkingB:interested in world financial affairsC:like people from the provincesD:limited in outlook
共用题干第一篇The Development of PRThe rise of multinational corporations,global marketing,new communications technologies, and shrinking cultural differences have led to an unparalleled increase in global public relations or PR.Surprisingly,since modern PR was largely an American invention,the US leadership in public relations is being threatened by PR efforts in other countries.Ten years ago,for example,the world's top five public relations agencies were American-owned.In 1991,only one was.The British in particular are becoming more sophisticated and creative.A recent survey found that more than half of all British companies include PR as part of their corporate planning activities,compared to about one-third of US companies.It may not be long before London replaces New York as the capital of PR.Why is America lagging behind in the global PR race?Firstly,Americans as a whole tend to be fairly provinciel and take more of an interest in local affairs.Knowledge of world geography,for example,has never been strong in this country.Secondly,American lag behind their European and Asian counterparts in knowing a second language.Less than 5 percent of Burson-Marshall's US employees know two languages.Ogilvy and Mather has about the same percentage.Conversely, some European firms have half or more of their employees fluent in a second language.Finally,people involved in PR abroad tend to keep a closer eye on international affairs.In the financial PR area,for instance,most Americans read the Wall Street Journal. Overseas,their counterparts read the Journal as well as the Financial Times of London and The Economist,publications not often read in this country.Perhaps the PR industry might take a lesson from Ted Turner of CNN(Cable News Network). Turner recently announced that the word"foreign"would no longer be used on CNN news broadcasts.According to Turner,global communications have made the nations of the world so interdependent that there is no longer any such thing as foreign.According to the passage,US leadership in public relations is being threatened because of_______.A: shrinking cultural differences and new communication technologiesB:increased efforts of other countries in public relationsC:an unparalleled increase in the number of public relations companiesD:the decreasing number of multinational corporations technologies
共用题干第一篇The Development of PRThe rise of multinational corporations,global marketing,new communications technologies, and shrinking cultural differences have led to an unparalleled increase in global public relations or PR.Surprisingly,since modern PR was largely an American invention,the US leadership in public relations is being threatened by PR efforts in other countries.Ten years ago,for example,the world's top five public relations agencies were American-owned.In 1991,only one was.The British in particular are becoming more sophisticated and creative.A recent survey found that more than half of all British companies include PR as part of their corporate planning activities,compared to about one-third of US companies.It may not be long before London replaces New York as the capital of PR.Why is America lagging behind in the global PR race?Firstly,Americans as a whole tend to be fairly provinciel and take more of an interest in local affairs.Knowledge of world geography,for example,has never been strong in this country.Secondly,American lag behind their European and Asian counterparts in knowing a second language.Less than 5 percent of Burson-Marshall's US employees know two languages.Ogilvy and Mather has about the same percentage.Conversely, some European firms have half or more of their employees fluent in a second language.Finally,people involved in PR abroad tend to keep a closer eye on international affairs.In the financial PR area,for instance,most Americans read the Wall Street Journal. Overseas,their counterparts read the Journal as well as the Financial Times of London and The Economist,publications not often read in this country.Perhaps the PR industry might take a lesson from Ted Turner of CNN(Cable News Network). Turner recently announced that the word"foreign"would no longer be used on CNN news broadcasts.According to Turner,global communications have made the nations of the world so interdependent that there is no longer any such thing as foreign.London could soon replace New York as the centre of PR because_______.A:British companies place more importance on PR than US companiesB:British companies are heavily involved in planning activitiesC:British companies are more ambitious than USD:four of the world's top public relations agencies are British-owned
共用题干第一篇The Development of PRThe rise of multinational corporations,global marketing,new communications technologies, and shrinking cultural differences have led to an unparalleled increase in global public relations or PR.Surprisingly,since modern PR was largely an American invention,the US leadership in public relations is being threatened by PR efforts in other countries.Ten years ago,for example,the world's top five public relations agencies were American-owned.In 1991,only one was.The British in particular are becoming more sophisticated and creative.A recent survey found that more than half of all British companies include PR as part of their corporate planning activities,compared to about one-third of US companies.It may not be long before London replaces New York as the capital of PR.Why is America lagging behind in the global PR race?Firstly,Americans as a whole tend to be fairly provinciel and take more of an interest in local affairs.Knowledge of world geography,for example,has never been strong in this country.Secondly,American lag behind their European and Asian counterparts in knowing a second language.Less than 5 percent of Burson-Marshall's US employees know two languages.Ogilvy and Mather has about the same percentage.Conversely, some European firms have half or more of their employees fluent in a second language.Finally,people involved in PR abroad tend to keep a closer eye on international affairs.In the financial PR area,for instance,most Americans read the Wall Street Journal. Overseas,their counterparts read the Journal as well as the Financial Times of London and The Economist,publications not often read in this country.Perhaps the PR industry might take a lesson from Ted Turner of CNN(Cable News Network). Turner recently announced that the word"foreign"would no longer be used on CNN news broadcasts.According to Turner,global communications have made the nations of the world so interdependent that there is no longer any such thing as foreign.We learn from the third paragraph that employees in the American PR industry_______.A:enjoy reading a great variety of English business publicationsB:speak at least one foreign language fluentlyC:are ignorant about world geographyD:are not as sophisticated as their European counterparts
问答题Practice 4 Europeans have long aspired to end American dominance as the world’s economic leader. The single market and the euro are widely seen as essential steps in this direction. But is Europe ready to lead? Do Europeans understand what it would take? Despite a budding recovery, the United States is hardly the model of economic health that it once was. On several issues—from steel tariffs to the resurgent deficit to shady corporate practices—America has demonstrated a growing failure of leadership. Over the past two decades the United States has shown what it takes to be an economic superpower—a strong currency, openness to imports, concessions in trade negotiations and articulating an economic philosophy for the rest of the world. Now that it’s apparently fading on so many counts, the question becomes: is Europe willing and prepared to do what the United States once did, in order to supplant it? First the exchange-rate issue. The euro will probably continue strengthening against the dollar, if only because of America’s huge and growing $400 billion-a-year current-account deficit. This means that, every year, the United States borrows about 4 percent of its GDP on world markets. If international investors lose confidence in the U.S. economy, fewer people will want to hold dollar assets. The dollar will fall—and the euro will appreciate. This may be a normal market cycle, but there will be consequences. Among others, European companies will see their U.S. profits erode. What happens if the dollar falls farther and faster than anticipated? Are European industrial companies ready to compete with a euro worth $1.10, $1.15 or $1.25? The flip side of the much-desired strong euro would almost certainly be a surge in imports from the United States and the rest of the world. Exports might fall, resulting in job losses—perhaps even a trade deficit for the European Union. Europeans are rightfully angry at new U.S. steel tariffs. But given the sheer size of America’s trade deficit, Washington’s policies are actually relatively moderate. The question remains: if Europe were in a similar position, would its voters and politicians be equally sensitive to what’s best for the global economy? Would European politicians be able to face the incredible pressures that would build for protectionist measures if it were Europe, and not the United States, that ran a persistent trade deficit? Not likely, I fear. America’s retreat from its leading role presents an opportunity for the European Union. Trouble is, its political institutions have yet to mature to the point where they can resolve trade disputes, say, by looking beyond the immediate and narrow self-interests of its member states. Europe’s chance for economic leadership may come sooner than expected. But too many Europeans haven’t yet grasped the basic secret of America’s leadership—the hard work and tough choices that are involved. That’s what Europeans now face, in this season of elections and decision making that will shape their future. Let’s hope they recognize that such sacrifices will pay off for them, as well as for the rest of the world.
问答题Practice 6 The financial crisis presents an opportunity for China to seize the leadership baton for globalization and become its centre for goods, services and capital, while catalyzing a new China boom that could last a decade or longer. That boom could turn China into the world’s largest economy—and a developed country—within two decades. The global economy has run like a motorcycle, with American consumption as one wheel and China’s savings as the other, with everyone else piled up on top. The sustainability of this world depended on foreigners believing in the Wall Street debt instruments that paid for America’s imports while keeping inflation at bay. Inflation came three years ago with surging oil prices. The tightening that accompanied it burst the US property bubble in 2006. It took another year for the subprime market, and still another for financial derivatives, to blow up. The resulting crisis has destroyed Wall Street’s credibility. The motorcycle economy has fallen over. The global financial crisis is casting a shadow over globalization. Developed economies may resort to protectionism to keep jobs at home, leading to a vicious cycle of recession and more protectionism. China is in a position to carry the baton for globalization.
单选题Which of the following statements is INCORRECT?AStock markets in Europe and America have dropped considerably.BThere may be a wider financial crisis in case of Greek default.CA further round of selling has been under way.DPortugal has seen credit rating downgraded.
问答题Practice 6 If there's a threat of dangerous deflation—a general fall in prices—the causes lie as much in Europe and Japan as in the United States. The inevitable collapse of America's speculative boom need not have been especially damaging if the world's other advanced economies were healthy. Their expanding appetite for imports would have bolstered the United States and so-called emerging market countries, from Brazil to South Korea. The trouble is that other advanced economies aren't healthy. Deflation could emerge from simultaneous slumps in the world's three major economies. Prices drop because there's too little global demand chasing too much global supply—everything from steel to shoes. Japan's ills are well known. Its banks are awash in bad loans. Less understood (at least in the United States) is the fact that Europe's troubles stem significantly from Germany. Germany is Europe's “sick man”, just as Japan is Asia's. Only 15 years ago, these countries seemed poised to assume leadership of the world economy. Now they are dragging it down.