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Passage one
Most economists hate gold. Not, you understand, that they would turn up their noses at a bar or two. But they find the reverence in which many hold the metal almost irrational. That it was used as money for millennia is irrelevant: it isn't any more. Modern money takes the form of paper or, more often, electronic data. To economists, gold is now just another commodity. So why is its price soaring? Over the past week, this has topped $450 a troy ounce, up by 9% since the beginning of the year and 77% since April 2001. Ah, comes the reply, gold transactions are denominated in dollars, and the rise in the price simply reflects the dollar's fall in terms of other currencies, especially the euro, against which it hit a new low this week. Expressed in euros, the gold price has moved much less. However, there is no iron link, as it were, between the value of the dollar and the value of gold. A rising price of gold, like that of anything else, can reflect an increase in demand as well as a depreciation of its unit of account.
This is where gold bulls come in. The fall in the dollar is important, but mainly because as a store of value the dollar stinks. With a few longish rallies, the greenback has been on a downward trend since it came off the gold standard in 1971. Now it is suffering one of its sharper declines. At the margin, extra demand has come from those who think dollars--indeed any money backed by nothing more than promises to keep inflation low--a decidedly risky investment, mainly because America, with the world's reserve currency, has been able to create and borrow so many of them. The least painful way of repaying those dollars is to make them worth less. The striking exception to this extra demand comes from central banks, which would like to sell some of the gold they already have. As a legacy of the days when their currencies were backed by the metal, central banks still hold one-fifth of the world's gold. Last month the Bank of France said it would sell 500 tonnes in coming years. But big sales by central banks can cause the price to plunge--as when the Bank of England sold 395 tonnes between 1999 and 2002. The result was an agreement between central banks to co-ordinate and limit future sales.
If the price of gold marches higher, this agreement will presumably be ripped up, although a dollar crisis might make central banks think twice about switching into paper money. Will the overhang of central-bank gold drag the price down again? Not necessarily. As James Grant, gold bug and publisher of Grant's Interest Rate Observer, a newsletter, points out, in recent years the huge glut of government debt has not stopped a sharp rise in its price. 1.In economists’ eyes, gold is something__________. [A] they look down upon
[B] that can be exchanged in the market [C] worth people’s reverence
[D] that should be replaced by other forms of money
2.According to the author, one of the reasons for the rising of gold price is___________. [A] the increasing demand for gold [B] the depreciation of the euro
[C] the link between the dollar and gold [D] the increment of the value of the dollar
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3.We can infer from the third paragraph that_________. [A] the decline of the dollar is inevitable
[B] America benefits from the depreciation of the dollar
[C] the depreciation of the dollar is good news to other currencies [D] investment in the dollar yields more returns than that in gold
4.The phrase “ripped up” (Line 1, Paragraph 5) most probably means__________. [A] strengthened [B] broadened [C] renegotiated [D] torn up
5.According to the passage, the rise of gold price__________. [A] will not last long
[B] will attract some central banks to sell gold [C] will impel central banks to switch into paper money [D] will lead to a dollar crisis
Passage Two
There are few more sobering online activities than entering data into college-
tuition calculators and gasping as the Web spits back a six-figure sum. But economists say families about to go into debt to fund four years of partying, as well as studying, can console themselves with the knowledge that college is an investment that, unlike many bank stocks, should yield huge dividends.
A 2008 study by two Harvard economists notes that the “labor-market premium to skill”—or the amount college graduates earned that’s greater than what high-school graduate earned—decreased for much of the 20th century, but has come back with a vengeance (报复性地) since the 1980s. In 2005, The typical full-time year-round U.S. worker with a four-year college degree earned ,900, 62% more than the ,500 earned by a worker with only a high-school diploma.
There’s no question that going to college is a smart economic choice. But a look at the strange variations in tuition reveals that the choice about which college to attend doesn’t come down merely to dollars and cents. Does going to Columbia University (tuition, room and board ,260 in 2007-08) yield a 40% greater return than attending the University of Colorado at Boulder as an out-of-state student (,542)? Probably not. Does being an out-of-state student at the University of Colorado at Boulder yield twice the amount of income as being an in-state student (,380) there? Not likely.
No, in this consumerist age, most buyers aren’t evaluating college as an investment, but rather as a consumer product—like a car or clothes or a house. And with such purchases, price is only one of many crucial factors to consider.
As with automobiles, consumers in today’s college marketplace have vast choices, and people search for the one that gives them the most comfort and satisfaction in line with their budgets. This accounts for the willingness of people to pay more for different types of experiences (such as attending a private liberal-arts college or going to an out-of-state public school that has a great marine-biology program) . And just as two auto purchasers might spend an equal amount of
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money on very different cars, college students (or, more accurately, their parents) often show a willingness to pay essentially the same price for vastly different products. So which is it? Is college an investment product like a stock or a consumer product like a car? In keeping with the automotive world’s hottest consumer trend, maybe it’s best to characterize it as a hybrid (混合动力汽车); an expensive consumer product that, over time, will pay rich dividends. 6. What’s the opinion of economists about going to college? A.Huge amounts of money is being wasted on campus socializing. B.It doesn’t pay to run into debt to receive a college education. C.College education is rewarding in spite of the startling costs. D.Going to college doesn’t necessarily bring the expected returns.
7. The two Harvard economists note in their study that, for much of the 20th century, ________. A.enrollment kept decreasing in virtually all American colleges and universities B.the labor market preferred high-school to college graduates
C.competition for university admissions was far more fierce than today D.the gap between the earnings of college and high-school graduates narrowed 8. Students who attend an in-state college or university can ________. A.save more on tuition B.receive a better education C.take more liberal-arts courses D.avoid traveling long distances
9. In this consumerist age, most parents ________. A.regard college education as a wise investment B.place a premium on the prestige of the College C.think it crucial to send their children to college D.consider college education a consumer product
10. What is the chief consideration when students choose a college today? A.Their employment prospects after graduation. B.A satisfying experience within their budgets. C.Its facilities and learning environment. D.Its ranking among similar institutions.
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真题二：
Text 1
Imagine waking up and finding the value of your assets has been halved. No, you’re not an investor in one of those hedge funds that failed completely. With the dollar slumping to a 26-year low against the pound, already-expensive London has become quite unaffordable. A coffee at Starbucks, just as unavoidable in England as it is in the United States, runs about $8.
The once all-powerful dollar isn’t doing a Titanic against just the pound. It is sitting at a record low against the euro and at a 30-year low against the Canadian dollar. Even the Argentine peso and Brazilian real are thriving against the dollar.
The weak dollar is a source of humiliation, for a nation’s self-esteem rests in part on the strength of its currency. It’s also a potential economic problem, since a declining dollar makes imported food more expensive and exerts upward pressure on interest rates. And yet there are substantial sectors of the vast U.S. economy-from giant companies like Coca-Cola to mom-and-pop restaurant operators in Miami-for which the weak dollar is most excellent news.
Many Europeans may view the U.S. as an arrogant superpower that has become hostile to foreigners. But nothing makes people think more warmly of the U.S. than a weak dollar. Through April, the total number of visitors from abroad was up 6.8 percent from last year. Should the trend continue, the number of tourists this year will finally top the 2000 peak? Many Europeans now apparently view the U.S. the way many Americans view Mexico-as a cheap place to vacation, shop and party, all while ignoring the fact that the poorer locals can’t afford to join the merrymaking. The money tourists spend helps decrease our chronic trade deficit. So do exports, which thanks in part to the weak dollar, soared 11 percent between May 2006 and May 2007. For first five months of 2007, the trade deficit actually fell 7 percent from 2006.
If you own shares in large American corporations, you’re a winner in the weak-dollar gamble. Last week Coca-Cola’s stick bubbled to a five-year high after it reported a fantastic quarter. Foreign sales accounted for 65 percent of Coke’s beverage business. Other American companies profiting from this trend include McDonald’s and IBM.
American tourists, however, shouldn’t expect any relief soon. The dollar lost strength the way many marriages break up- slowly, and then all at once. And currencies don’t turn on a dime. So if you want to avoid the pain inflicted by the increasingly pathetic dollar, cancel that summer vacation to England and look to New England. There, the dollar is still treated with a little respect.
52. Why do Americans feel humiliated?
A) Their economy is plunging B) They can’t afford trips to Europe C) Their currency has slumped D) They have lost half of their assets.
53.How does the current dollar affect the life of ordinary Americans?
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