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[填空题]Ever since Milton Friedman"s address to the American Economic Association in 1968 and the ensuing theoretical work by Robert Lucas and others in the 1970s, the rising long-term inflation expectations have inexorably led to higher inflation. 【K1】______This summer the European Central Bank followed through with a rate hike. In the US, the Federal Reserve is nervously eyeing the latest jumps in producer and consumer prices. Evidence of long-term inflation expectations can be gleaned from breakeven inflation rates on index-linked bonds. Surveys of consumers suggest their expectations for inflation have risen as well. For example, the University of Michigan asks Americans where they think inflation will be over the next 5-10 years. Two years ago they said it would be 2. 9 per cent. Earlier this summer the tally spiked to a more worrisome 3. 4 per cent. Soaring prices for energy and food are mostly to blame. However, as Friedman pointed out, inflation is always and everywhere a monetary phenomenon. The central question is not about inflation expectations. Nor is it about commodity prices, however quickly they may be rising. 【K2】______That is where the story gets more complicated. Are monetary conditions easy Is there spare capacity In the US, slack is appearing in the economy, as seen in rising unemployment, now up to 5. 7 per cent. Negative real interest rates suggest monetary conditions are easy. But the Fed"s own surveys suggest that bankers are less willing to lend; consumers less willing to borrow. Low real interest rates are a manifestation of economic and financial malaise, not excessive monetary accommodation. 【K3】______. So, what are we to make of higher inflation expectations in the US and western Europe Investors and households seem to believe energy and food prices will continue to rise. But will other prices and wages automatically follow suit 【K4】______Perhaps that is why consumer confidence has plummeted on both sides of the Atlantic. In short, households may say they expect higher inflation, but there is little they can do about it. The reality is they are experiencing falling real incomes and pinched balance sheets. That is hardly the stuff of overheating. The Friedman-Lucas emphasis on inflation expectations was a model suited to different times. Central bankers no longer try to ramp growth by springing inflation surprises on unwitting workers. Unionization has declined, automatic cost-of-living adjustments are rare, globalization has reduced pricing power for most companies and bargaining power for most workers. Today, advanced economies are confronted with stagnating growth, collapsing housing markets, slowing world trade, stressed financial systems, and weak household balance sheets. This is not the 1970s. 【K5】______We should therefore be skeptical of the case for tighter monetary policies based on models developed in, and better suited for, a bygone era. Choose the following sentences marked A to E to complete the above article. Write your answer on the ANSWER SHEET. A. Altogether, the case for accelerating US inflation looks weak in the face of below-trend growth and stuttering credit conditions B. Broad-based price and wage inflation is unlikely today C. And so, dutifully, central bankers in the US, UK, euro-zone and even in some emerging economies have spoken reproachfully in recent months about signs that inflation expectations are moving up D. Rather, inflation is determined by the interplay between monetary conditions and capacity in the economy to grow without pushing most prices higher E. Stagnating growth and tighter credit conditions suggest the opposite【K2】
[简答题] Historians and philosophers agree that ever since the development of agriculture, human beings have had an effect on the natural habitat (动、植物生息地) of many plants and animal species. As human populations have increased, as many as 6,000 species are disappearing each year. A number 10,000 times greater than before man appeared on the planet. In one day alone, say scientists, some 45 kinds of plants and animals will die, some 17,500 species will be wiped out.
In 1977, the United States Congress took an important step to help the ever-increasing number of endangered species. With the enforcement of the Endangered Species Act, some species have gained more public recognition than others. Elephants and whales, for example, have received far more media attention than have the smaller, less known, and less attractive species that are also endangered. Yet it is the tiny species, such as bugs and bacteria, that keep the planet in balance. Scientists are becoming even more concerned with
[简答题]Ever since the ancient Romans imposed their language on neighboring barbarians, the teaching of Latin has been inseparable from cultural politics. In the Middle Ages, Latin was the preserve of the Church, whose leaders believed that the language was inherently holier than the vernacular, and who used Latin as a means of establishing a distance between priests and their parishioners. In the Renaissance, the classics were seen as a beneficial source of eternal, universal truths — "From Cicero I’ve learned to be myself," an Italian humanist announced —and such a belief persisted well into the nineteenth century. The argument for the improving qualities of Latin is still made by the American Classical League, which points to studies showing that schoolchildren who have studied Latin achieve higher standardized test scores than their non-Latinist peers.
[简答题]Ever since the economist David Ricardo offered the basic theory in 1817, economic scripture has taught that open trade — free of tariffs, quotas, subsidies or other government distortions — improves the well-being of both parties. U.S. policy has implemented this doctrine with a vengeance. Why is free trade said to be universally beneficial The answer is a doctrine called "comparative advantage".
Here’s a simple analogy. If a surgeon is highly skilled both at doing operations and performing routine blood tests, it’s more efficient for the surgeon to concentrate on the surgery and pay a less efficient technician to do the tests, since that allows the surgeon to make the most efficient use of her own time.
By extension, even if the United States is efficient both at inventing advanced biotechnologies and at the routine manufacture of medicines, it makes sense for the United States to let the production work migrate to countries that can make the stuff more cheaply. Ameri
[单项选择]Ever since Jing Youliang graduated from Wuhan University in 2003, he’s been on the move. In the past four years, the 26-year-old has worked in Guangzhou, Wuhan and now Beijing
Each of those moves gave Jing a headache--not because of all the packing, but because of the bureaucracy surrounding social security, which includes medical care, pension and unemployment.
Moving to another place in China "means a lot more than leaving old friends and making new ones. It also requires leaping over hurdles that, if ignored, could jeopardize one’s future benefits.
"Every time I settle down in a new city, I have to set up a new social security account," explained Jing, a real estate agent. "When I want to leave, I have to transfer my accumulated payments to an account in Chongqing, or it may hurt my benefits in the future."
According to the National Bureau of Statistics in 2006, about 147 million Chinese were part of the "floating population". About 52 million of them, or
A. Cities don’t want newcomers.
B. During a move, payments made by their former employer into the fund are surrendered to the local government.
C. In China, around 2,200 units at county and city level collect and manage the social security funds of local citizens.
D. Payments paid by wage-earners may only be transferred to the city on their residence permit.
