未知题型 ?Read the article below about macroeconomic policies.?Choose the best sentence from the opposite page to fill each of the gaps.?For each gap 8--12, mark one letter (A--G) on your Answer Sheet.?Do not use any letter more than once.MACROECONOMIC POLICIESFor most countries, the following four principal objectives of economic policy would apply: (1) Maintenance of employment at a high level. (2) Stable prices. (3) Economic growth. (4) Balance of payments equilibrium. These objectives are sometimes extremely difficult to achieve. A high level of employment, for example, tended to push wages and hence prices up. It also created an imbalance between exports and imports. Furthermore the competition among firms for labor tended to reduce labor productivity since workers were not always fully employed.Government will differ in the emphasis they place on each of the above objectives. (8) . At times when inflation was high, great stress was placed on bringing it down, but this had severe effects on jobs and on economic growth. The pursuit of an expansionary policy very often resulted in an increase in GDP and a fall in the level of unemployment; but was accompanied by a marked rise in the rate of inflation and a serious balance of payments deficit.In carrying out its economic policy, the government uses two principal means--fiscal policy and monetary policy. (9) Monetary policy is broadly neutral in its effects whilst fiscal and other measures can be used more discriminately--the redistribution of incomes and lower rates of corporation tax for small businesses are two examples.Government regulation of the money supply is important for economic stability. Banks will wish to keep excess reserves when they do not foresee profitable and secure opportunities to make loans. This is likely to happen during the downswing and around the bottom of a business contraction. (10)During a recession, profit-oriented banks tend to reduce the money supply by increasing their excessive reserves if the central banks did not intervene. (11) .On the other hand, banks will want to squeeze possible money supply out of any given amount of cash reserves by keeping their reserves at the bare minimum when the demand for bank loans is buoyant, profits are high, and many investments suddenly start to look profitable. (12) The authorities must intervene to prevent this. The monetary authorities can exercise monetary control in two ways: either they can attempt to control interest (i. e. the price of money) or they can endeavor to control the money supply.

未知题型 QUESTIONS 16-20For questions 16-20, mark the correct letter A-H on your answer sheet.Receptionist: I'm afraid all our single rooms are full. How long de you want to stay?Tom: 16 ______Receptionist: I have a double room for ￡60.Tom: 17 ______Receptionist: I'm sure they're full too. There are a lot of tourists in town at the moment.Tom: 18 ______Receptionist: I'm afraid the restaurant is closed. Breakfast starts at 7 tomorrow.Tom: 19 ______Receptionist: Your room must be empty by 12 o'clock. But you can put your luggage in reception.Tom: 20 ______Receptionist: Would you write your name in the book, please?

未知题型 I want today to set debt reduction in the context of development challenges of poor countries. My key message is that we need a change in the way we look at the purpose of' debt relief: from ending debt to ending poverty. I think that debt relief is a strong antipoverty weapon, but it must be part of a broader development strategy.We need to look beyond external sustainability to include internal sustainability as well. Domestic debt in some countries is a huge problem, and for several African countries it takes more than 10% of domestic revenue. This points us back to the government budget. We should think about working not just from the concept of external sustainability, but from the expenditure required to pursue the International Development Strategy. This means looking at each country's domestic strategy for poverty elimination and its internal needs and constraints.Now is a time for new thinking, and the task is an urgent one. One out of four people in the world live in absolute poverty. Deserts are spreading, forests are shrinking, and seas are being over-fished. With projections of growing strain on all natural resources of the world, and the likelihood of increasing violent conflict and calamity arising from that, it is not just morally imperative that we act to give the poor of the world the chance to get out of poverty; it is in our interest to do so. There can be no secure future for our children and grandchildren unless we build a more equitable world.So, we need to implement this change in the goal of debt relief: from ending debt to ending poverty. Debt reduction from now on has to be linked to the international development strategy.Debt is not evil in itself. Borrowing for high-quality investment is clearly beneficial and appreciated. The aim should be for countries to borrow prudently along a sustainable path to fund priority investments. This requires a clear debt management strategy.To make real progress, the government and people of each country must develop a clearly defined approach to this complex challenge.The priorities of government budgets are obviously central to this. We need to look at the expenditure necessary to achieve poverty reduction objectives and then see how debt reduction can contribute to making it possible. We must always remember debt relief is a means to an end not an end in itself.Debt relief has some important benefits for countries concerned. Firstly, it frees the government's own resources to fund development. Secondly, it is a way of signaling donor support for the long-term programs of a government. Thirdly, it can help to simulate the investment necessary for long-term growth.But, of course, sometimes debt relief will not be the right option. Aid funds used for debt relief have an opportunity cost. Sometimes money will be better spent on direct support for the health or education sectors, or to promote sustainable livelihood. The key question to ask is what the role debt relief plays in eliminating poverty.