38 According to the author, we can trace the root of war in ______.
（A）the power struggle
（B）the military competition
（C）the conflict of ideas
（D）the racial contradiction
39 In the passage, the author implies that ______.
（A）it is not good for people to travel alone
（B）one should explore philosophical problems under the guidance of other philosophers
（C）one should follow the path of other philosophers
（D）one would study philosophy with others
40 What is called science or art, according to the author?
（A）the deficit answers of some of man's questions
（B）Man's thoughts
（C）all of man's questions
（D）the meaning of reality
40 About one commercial bank out of every four has a trust department that provides specialized fiduciary services for its customers. To engage in the trust business, a bank must obtain from its chartering agency trust powers that enable it to offer these
specialized financial services. The following sections provide an introduction to the trust function.
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With roughly 75 percent of banking-industry participants not engaged in trust
operations, trust services obviously play a somewhat limited role in the industry. Since 1981 the percentage contribution of these revenues to total operating income and total assets has been increasing after declining since 1975. As of year-end 1983, trust income was $ 4.2 billion and amounted to 1.74 percent of total operating income and 0. 185 percent of total bank assets. Over the eight-year period 1975 to 1983, trust income grew at a compound annual rate of 12.78 percent compared to 17.42 percent for total operating income and 11.81 percent for total assets.
Trust departments generate revenue by charging fees for the services they provide. In the early days of the trust business, these fees usually were calculated as a percentage of income earned from trust assets. Today, most fee income is based upon principal value or a combination of principal value and income. To illustrate, a fee schedule based upon principal value for personal trust accounts might range from 1 percent to 25 percent annually, depending upon the size of the account. One of the controversial areas in trust management is how to measure fee income.
The service objectives of trust and agency relationships involve five major operations: 1) recordkeeping, 2) safekeeping, 3) personal and financial counseling, 4) investing, and 5) control of assets.
Personal trusts and employee-benefit accounts are the major business lines of trust departments, as of December 31, 1980, these two lines accounted for $ 440 billion or 77 percent of total trust assets of $ 571 billion. In each of the major business lines, common stocks are the major investment vehicle, as they account for roughly 48 percent or total trust assets. Personal trusts have the highest proportion of assets in common stocks at 56 percent.
41 ______ Most small-sized banks usually have a trust department.
（A）TRUE
（B）FALSE
（C）NOT GIVEN
42 ______ Trust services occupy a very important position in the banking industry.
（A）TRUE
（B）FALSE
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（C）NOT GIVEN
43 ______ Nowadays, banks charge fees for the trust services they provide which were counted as part of the earnings from trust assets.
（A）TRUE
（B）FALSE
（C）NOT GIVEN
44 ______ The trust service operations include safekeeping, counseling and investing etC.
（A）TRUE
（B）FALSE
（C）NOT GIVEN
45 ______ In personal trusts and employee-benefit accounts of trust departments during the 1980s, common stocks are the major investment vehicle.
（A）TRUE
（B）FALSE
（C）NOT GIVEN
45 (16) . Three centre on the United States. A fourth relates to China, and the fifth is that oil prices could rise to over $ 70 per barrel even without a major political or terrorist disruption and much higher with one.
Most of these risks reinforce each other. A further oil shock, a dollar collapse and a soaring American budget deficit would all generate much higher inflation and interest rates. (17) Larger budget deficits will produce larger American trade deficits, and thus more protectionism and dollar vulnerability. Realization of any one of the five risks could substantially reduce world growth. If two or three, let alone all five, were to occur in combination then they would radically reverse the global outlook.
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(18) . It has already reached an annual rate of $ 870 billion, well above 7% of the economy. It is expected that the deficit would exceed trillion per year by 2010.
There are three reasons for this dismal prospect. First, American merchandise imports are now almost twice as large as exports; hence exports would have to grow twice as fast as imports merely to halt the deterioration. Second, economic growth is likely to remain faster in America than in its major markets and higher incomes there increase demand for imports much faster than income growth elsewhere increases demand for American exports. Third, (19)
Fears of a hard landing for the dollar and the world economy are of course not new. The situation is much more ominous today, however, because of the record current—account deficits and international debt, and the high probability of further rapid increases in both. (20) , which were associated with stagflation, rather than the 1980s when a sharp fall in energy costs and inflation cushioned dollar depreciation (but still produced higher interest rates and Black Monday for the stock market).
A. America's large debtor position means that its net investment income payments to foreigners will escalate steadily, especially as interest rates rise.
B. A sharp dollar decline would increase the likelihood of further oil price rises.
C. The potential escalation of oil prices suggests a parallel with the dollar declines of the 1970s.
D. The most alarming new prospect is another sharp deterioration in America's current account deficit.
E. Five major risks threaten the world economy.
三、Writing
51 Write an English report of 250-300 words describing the world economic pyramid according to the following chart and give your own analysis of the purchasing power
situation.
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