2001年P(guān)assage 4
The world is going through the biggest wave of mergers and acquisitions ever witnessed. The process sweeps from hyperactive America to Europe and reaches the emerging countries with unsurpassed might. Many in these countries are looking at this process and worrying: Won’t the wave of business concentration turn into an uncontrollable anti-competitive force?
There’s no question that the big are getting bigger and more powerful. Multinational corporations accounted for less than 20% of international trade in 1982. Today the figure is more than 25% and growing rapidly. International affiliates account for a fast-growing segment of production in economies that open up and welcome foreign investment. In Argentina, for instance, after the reforms of the early 1990s, multinationals went from 43% to almost 70% of the industrial production of the 200 largest firms. This phenomenon has created serious concerns over the role of smaller economic firms, of national businessmen and over the ultimate stability of the world economy.
I believe that the most important forces behind the massive M&A wave are the same that underlie the globalization process: falling transportation and communication costs, lower trade and investment barriers and enlarged markets that require enlarged operations capable of meeting customers’ demands. All these are beneficial, not detrimental, to consumers. As productivity grows, the world’s wealth increases.
Examples of benefits or costs of the current concentration wave are scanty. Yet it is hard to imagine that the merger of a few oil firms today could re-create the same threats to competition that were feared nearly a century ago in the US, when the Standard Oil trust was broken up. The mergers of telecom companies, such as World Com, hardly seem to bring higher prices for consumers or a reduction in the pace of technical progress. On the contrary, the price of communications is coming down fast. In cars, too, concentration is increasing-witness Daimler and Chrysler, Renault and Nissan-but it does not appear that consumers are being hurt.
Yet the fact remains that the merger movement must be watched. A few weeks ago, Alan Greenspan warned against the megamergers in the banking industry. Who is going to supervise, regulate and operate as lender of last resort with the gigantic banks that are being created? Won’t multinationals shift production from one place to another when a nation gets too strict about infringements to fair competition? And should one country take upon itself the role of defending competition on issues that affect many other nations, as in the US vs. Microsoft case?
66. Toward the new business wave, the writer’s attitude can be said to be ________.
[A] optimistic
[B] objective
[C] pessimistic
[D] biased
[答案] B
[解題思路]
縱觀這篇文章，作者主要在討論一些事實(shí)，如前兩段談了人們對并購浪潮的擔(dān)憂，第三段指出推動這股潮流的動因是正面的，第四段進(jìn)而說明并購這種做法的利弊現(xiàn)在還沒有一個令人信服的結(jié)論，最后一段又提醒人們要保持警惕?？梢娮髡叩膽B(tài)度較為客觀，沒有明顯的傾向。
[題目譯文]
作者對于這股新的商業(yè)并購浪潮的態(tài)度可以說是 。
[A] 樂觀的
[B] 客觀的
[C] 悲觀的
[D] 有偏見的2002年Text 3
Could the bad old days of economic decline be about to return? Since OPEC agreed to supply-cuts in March, the price of crude oil has jumped to almost $26 a barrel, up from less than $10 last December. This near-tripling of oil prices calls up scary memories of the 1973 oil shock, when prices quadrupled, and 1979-80, when they also almost tripled. Both previous shocks resulted in double-digit inflation and global economic decline. So where are the headlines warning of gloom and doom this time?
The oil price was given another push up this week when Iraq suspended oil exports. Strengthening economic growth, at the same time as winter grips the northern hemisphere, could push the price higher still in the short term.
Yet there are good reasons to expect the economic consequences now to be less severe than in the 1970s. In most countries the cost of crude oil now accounts for a smaller share of the price of petrol than it did in the 1970s. In Europe, taxes account for up to four-fifths of the retail price, so even quite big changes in the price of crude have a more muted effect on pump prices than in the past.
Rich economies are also less dependent on oil than they were, and so less sensitive to swings in the oil price. Energy conservation, a shift to other fuels and a decline in the importance of heavy, energy-intensive industries have reduced oil consumption. Software, consultancy and mobile telephones use far less oil than steel or car production. For each dollar of GDP (in constant prices) rich economies now use nearly 50% less oil than in 1973. The OECD estimates in its latest Economic Outlook that, it oil prices averaged $22 a barrel for a full year, compared with $13 in 1998, this would increase the oil import bill in rich economies by only 0.25-0.5% of GDP. That is less than one-quarter of the income loss in 1974 or 1980. On the other hand, oil-importing emerging economies-to which heavy industry has shifted-have become more energy-intensive, and so could be more seriously squeezed.
One more reason not to lose sleep over the rise in oil prices is that, unlike the rises in the 1970s, it has not occurred against the background of general commodity-price inflation and global excess demand. A sizable portion of the world is only just emerging from economic decline. The Economist’s commodity price index is broadly unchanging from a year ago. In 1973 commodity prices jumped by 70%, and in 1979 by almost 30%.
55. From the text we can see that the writer seems
[A] optimistic
[B] sensitive.
[C] gloomy.
[D] scare
[答案] A
[解題思路]
文章從第三段開始到最后都在分析為什么there are good reasons to expect the economic consequences now to be less severe than in the 1970s（我們有充分的理由預(yù)期這次油價暴漲給經(jīng)濟(jì)帶來的影響不會像20世紀(jì)70年代那么嚴(yán)重），三、四、五三段分析了為什么人們不必如此擔(dān)心的理由，可見作者對于這次石油價格波動的結(jié)果是持樂觀態(tài)度的，正確答案為A。B答案與文章的總體態(tài)度沒有關(guān)系，而C、D選項(xiàng)都與原文的總體基調(diào)相反。
[題目譯文]
從文章中可以判斷作者的態(tài)度看上去是 。
[A] 樂觀的
[B] 敏感的
[C] 憂慮的
[D] 害怕的 2003年Text 3
In recent years, railroads have been combining with each other, merging into supersystems, causing heightened concerns about monopoly. As recently as 1995, the top four railroads accounted for under 70 percent of the total ton-miles moved by rails. Next year, after a series of mergers is completed, just four railroads will control well over 90 percent of all the freight moved by major rail carriers.
Supporters of the new super systems argue that these mergers will allow for substantial cost reductions and better coordinated service. Any threat of monopoly, they argue, is removed by fierce competition from trucks. But many shippers complain that for heavy bulk commodities traveling long distances, such as coal, chemicals, and grain, trucking is too costly and the railroads therefore have them by the throat.
The vast consolidation within the rail industry means that most shippers are served by only one rail company. Railroads typically charge such captive shippers 20 to 30 percent more than they do when another railroad is competing for the business. Shippers who feel they are being overcharged have the right to appeal to the federal government’s Surface Transportation Board for rate relief, but the process is expensive, time consuming, and will work only in truly extreme cases.
Railroads justify rate discrimination against captive shippers on the grounds that in the long run it reduces everyone’s cost. If railroads charged all customers the same average rate, they argue, shippers who have the option of switching to trucks or other forms of transportation would do so, leaving remaining customers to shoulder the cost of keeping up the line. It’s theory to which many economists subscribe, but in practice it often leaves railroads in the position of determining which companies will flourish and which will fail. Do we really want railroads to be the arbiters of who wins and who loses in the marketplace? asks Martin Bercovici, a Washington lawyer who frequently represents shipper.
Many captive shippers also worry they will soon be his with a round of huge rate increases. The railroad industry as a whole, despite its brightening fortuning fortunes. still does not earn enough to cover the cost of the capital it must invest to keep up with its surging traffic. Yet railroads continue to borrow billions to acquire one another, with Wall Street cheering them on. Consider the .2 billion bid by Norfolk Southern and CSX to acquire Conrail this year. Conrail’s net railway operating income in 1996 was just million, less than half of the carrying costs of the transaction. Who’s going to pay for the rest of the bill? Many captive shippers fear that they will, as Norfolk Southern and CSX increase their grip on the market.
52. What is many captive shippers’ attitude towards the consolidation in the rail industry?
[A] Indifferent.
[B] Supportive.
[C] Indignant.
[D] Apprehensive.
[答案] D
[解題思路]
尋找文章中表達(dá)shippers態(tài)度的語句，可以發(fā)現(xiàn)一些重點(diǎn)句子、包括第五段第一句話Many captive shippers also worry they will soon be his with a round of huge rate increases（許多受制客戶還擔(dān)心他們很快將遭遇一輪新的大幅漲價）和最后一句話Many captive shippers fear that they will, as Norfolk Southern and CSX increase their grip on the market（許多受制客戶擔(dān)心隨著南諾弗克和CSX公司對市場控制力的加強(qiáng)，他們將是那個受害者），worry 和fear都反映出他們憂心忡忡的心態(tài)。A和B選項(xiàng)顯然是錯誤的，而C選項(xiàng)憤怒的這種情感在原文中沒有得到表現(xiàn)。而選項(xiàng)apprehensive的意思為憂慮的，完全與原文吻合，為正確選項(xiàng)。
[題目譯文]
許多受制托運(yùn)人對鐵路業(yè)合并的態(tài)度是怎樣的？
[A] 漠不關(guān)心
[B] 支持的
[C] 憤怒的
[D] 擔(dān)憂的 2003年Text 4
It is said that in England death is pressing, in Canada inevitable and in California optional Small wonder. Americans’ life expectancy has nearly doubled over the past century. Failing hips can be replaced, clinical depression controlled, cataracts removed in a 30-minuts surgical procedure. Such advances offer the aging population a quality of life that was unimaginable when I entered medicine 50 years ago. But not even a great health-care system can cure death-and our failure to confront that reality now threatens this greatness of ours.
Death is normal; we are genetically programmed to disintegrate and perish, even under ideal conditions. We all understand that at some level, yet as medical consumers we treat death as a problem to be solved. Shielded by third-party payers from the cost of our care, we demand everything that can possibly be done for us, even if it’s useless. The most obvious example is late-stage cancer care. Physicians-frustrated by their inability to cure the disease and fearing loss of hope in the patient-too often offer aggressive treatment far beyond what is scientifically justified.
In1950, the U.S. spent .7 billion on health care. In 2002, the cost will be billion. Anyone can see this trend is unsustainable. Yet few seem willing to try to reverse it. Some scholars conclude that a government with finite resources should simply stop paying for medical care that sustains life beyond a certain age-----say 83 or so. Former Colorado governor Richard Lamm has been quoted as saying that the old and infirm have a duty to die and get out of the way, so that younger, healthier people can realize their potential.
I would not go that far. Energetic people now routinely work through their 60s and beyond, and remain dazzlingly productive. At 78, Viacom chairman Sumner Redstone jokingly claims to be 53.Supreme Court Justice Sandra Day O’Connor is in her 70s, and former Surgeon General Everett Koop chairs an Internet start-up in his 80s.These leaders are living proof that prevention works and that we can manage the health problems that come naturally with age. As a mere 68-year-old, I wish to age as productively as they have.
Yet there are limits to what a society can spend in this pursuit. Ask a physician, I know the most costly and dramatic measures may be ineffective and painful. I also know that people in Japan and Sweden, countries that spend far less on medical care, have achieved longer, healthier lives than we have. As a nation, we may be overfunding the quest for unlikely cures while underfunding research on humbler therapies that could improve people’s lives.
58. The author’s attitude toward Richard Lamm’s remark is one of
[A] strong disapproval.
[B] reserved consent.
[C] slight contempt.
[D] enthusiastic support.
[答案] B
[解題思路]
Lamm的話出現(xiàn)在文章第三段的最后一句Former Colorado governor Richard Lamm has been quoted as saying that the old and infirm have a duty todie and get out of the way, so that younger, healthier people can realize their potential（據(jù)說，科羅拉多州前州長理查德·拉姆曾經(jīng)說，老年多病者有責(zé)任死去和讓位，以讓更年輕、更健康的人們?nèi)グl(fā)揮他們的潛能），這一看就是一個過激的說法。作者緊接著在下一段的第一句就表明了自己的態(tài)度，I would not go that far（我不會說得這么絕對）。這句話雖然短卻包含了兩層意思：1、作者基本上統(tǒng)一Lamm的說法；2、作者本人的態(tài)度沒有那么極端。瀏覽一下四個選項(xiàng)，只有B有保留地同意包含了這兩層意思。A和D選項(xiàng)意思完全相反，可同時排除。C選項(xiàng)一絲的蔑視基調(diào)也與原文不符。
[題目譯文]
作者對理查德·拉姆說的話的態(tài)度是-----。
[A] 強(qiáng)烈反對
[B] 有保留地同意
[C] 一絲的蔑視
[D] 熱切支持
The world is going through the biggest wave of mergers and acquisitions ever witnessed. The process sweeps from hyperactive America to Europe and reaches the emerging countries with unsurpassed might. Many in these countries are looking at this process and worrying: Won’t the wave of business concentration turn into an uncontrollable anti-competitive force?
There’s no question that the big are getting bigger and more powerful. Multinational corporations accounted for less than 20% of international trade in 1982. Today the figure is more than 25% and growing rapidly. International affiliates account for a fast-growing segment of production in economies that open up and welcome foreign investment. In Argentina, for instance, after the reforms of the early 1990s, multinationals went from 43% to almost 70% of the industrial production of the 200 largest firms. This phenomenon has created serious concerns over the role of smaller economic firms, of national businessmen and over the ultimate stability of the world economy.
I believe that the most important forces behind the massive M&A wave are the same that underlie the globalization process: falling transportation and communication costs, lower trade and investment barriers and enlarged markets that require enlarged operations capable of meeting customers’ demands. All these are beneficial, not detrimental, to consumers. As productivity grows, the world’s wealth increases.
Examples of benefits or costs of the current concentration wave are scanty. Yet it is hard to imagine that the merger of a few oil firms today could re-create the same threats to competition that were feared nearly a century ago in the US, when the Standard Oil trust was broken up. The mergers of telecom companies, such as World Com, hardly seem to bring higher prices for consumers or a reduction in the pace of technical progress. On the contrary, the price of communications is coming down fast. In cars, too, concentration is increasing-witness Daimler and Chrysler, Renault and Nissan-but it does not appear that consumers are being hurt.
Yet the fact remains that the merger movement must be watched. A few weeks ago, Alan Greenspan warned against the megamergers in the banking industry. Who is going to supervise, regulate and operate as lender of last resort with the gigantic banks that are being created? Won’t multinationals shift production from one place to another when a nation gets too strict about infringements to fair competition? And should one country take upon itself the role of defending competition on issues that affect many other nations, as in the US vs. Microsoft case?
66. Toward the new business wave, the writer’s attitude can be said to be ________.
[A] optimistic
[B] objective
[C] pessimistic
[D] biased
[答案] B
[解題思路]
縱觀這篇文章，作者主要在討論一些事實(shí)，如前兩段談了人們對并購浪潮的擔(dān)憂，第三段指出推動這股潮流的動因是正面的，第四段進(jìn)而說明并購這種做法的利弊現(xiàn)在還沒有一個令人信服的結(jié)論，最后一段又提醒人們要保持警惕?？梢娮髡叩膽B(tài)度較為客觀，沒有明顯的傾向。
[題目譯文]
作者對于這股新的商業(yè)并購浪潮的態(tài)度可以說是 。
[A] 樂觀的
[B] 客觀的
[C] 悲觀的
[D] 有偏見的2002年Text 3
Could the bad old days of economic decline be about to return? Since OPEC agreed to supply-cuts in March, the price of crude oil has jumped to almost $26 a barrel, up from less than $10 last December. This near-tripling of oil prices calls up scary memories of the 1973 oil shock, when prices quadrupled, and 1979-80, when they also almost tripled. Both previous shocks resulted in double-digit inflation and global economic decline. So where are the headlines warning of gloom and doom this time?
The oil price was given another push up this week when Iraq suspended oil exports. Strengthening economic growth, at the same time as winter grips the northern hemisphere, could push the price higher still in the short term.
Yet there are good reasons to expect the economic consequences now to be less severe than in the 1970s. In most countries the cost of crude oil now accounts for a smaller share of the price of petrol than it did in the 1970s. In Europe, taxes account for up to four-fifths of the retail price, so even quite big changes in the price of crude have a more muted effect on pump prices than in the past.
Rich economies are also less dependent on oil than they were, and so less sensitive to swings in the oil price. Energy conservation, a shift to other fuels and a decline in the importance of heavy, energy-intensive industries have reduced oil consumption. Software, consultancy and mobile telephones use far less oil than steel or car production. For each dollar of GDP (in constant prices) rich economies now use nearly 50% less oil than in 1973. The OECD estimates in its latest Economic Outlook that, it oil prices averaged $22 a barrel for a full year, compared with $13 in 1998, this would increase the oil import bill in rich economies by only 0.25-0.5% of GDP. That is less than one-quarter of the income loss in 1974 or 1980. On the other hand, oil-importing emerging economies-to which heavy industry has shifted-have become more energy-intensive, and so could be more seriously squeezed.
One more reason not to lose sleep over the rise in oil prices is that, unlike the rises in the 1970s, it has not occurred against the background of general commodity-price inflation and global excess demand. A sizable portion of the world is only just emerging from economic decline. The Economist’s commodity price index is broadly unchanging from a year ago. In 1973 commodity prices jumped by 70%, and in 1979 by almost 30%.
55. From the text we can see that the writer seems
[A] optimistic
[B] sensitive.
[C] gloomy.
[D] scare
[答案] A
[解題思路]
文章從第三段開始到最后都在分析為什么there are good reasons to expect the economic consequences now to be less severe than in the 1970s（我們有充分的理由預(yù)期這次油價暴漲給經(jīng)濟(jì)帶來的影響不會像20世紀(jì)70年代那么嚴(yán)重），三、四、五三段分析了為什么人們不必如此擔(dān)心的理由，可見作者對于這次石油價格波動的結(jié)果是持樂觀態(tài)度的，正確答案為A。B答案與文章的總體態(tài)度沒有關(guān)系，而C、D選項(xiàng)都與原文的總體基調(diào)相反。
[題目譯文]
從文章中可以判斷作者的態(tài)度看上去是 。
[A] 樂觀的
[B] 敏感的
[C] 憂慮的
[D] 害怕的 2003年Text 3
In recent years, railroads have been combining with each other, merging into supersystems, causing heightened concerns about monopoly. As recently as 1995, the top four railroads accounted for under 70 percent of the total ton-miles moved by rails. Next year, after a series of mergers is completed, just four railroads will control well over 90 percent of all the freight moved by major rail carriers.
Supporters of the new super systems argue that these mergers will allow for substantial cost reductions and better coordinated service. Any threat of monopoly, they argue, is removed by fierce competition from trucks. But many shippers complain that for heavy bulk commodities traveling long distances, such as coal, chemicals, and grain, trucking is too costly and the railroads therefore have them by the throat.
The vast consolidation within the rail industry means that most shippers are served by only one rail company. Railroads typically charge such captive shippers 20 to 30 percent more than they do when another railroad is competing for the business. Shippers who feel they are being overcharged have the right to appeal to the federal government’s Surface Transportation Board for rate relief, but the process is expensive, time consuming, and will work only in truly extreme cases.
Railroads justify rate discrimination against captive shippers on the grounds that in the long run it reduces everyone’s cost. If railroads charged all customers the same average rate, they argue, shippers who have the option of switching to trucks or other forms of transportation would do so, leaving remaining customers to shoulder the cost of keeping up the line. It’s theory to which many economists subscribe, but in practice it often leaves railroads in the position of determining which companies will flourish and which will fail. Do we really want railroads to be the arbiters of who wins and who loses in the marketplace? asks Martin Bercovici, a Washington lawyer who frequently represents shipper.
Many captive shippers also worry they will soon be his with a round of huge rate increases. The railroad industry as a whole, despite its brightening fortuning fortunes. still does not earn enough to cover the cost of the capital it must invest to keep up with its surging traffic. Yet railroads continue to borrow billions to acquire one another, with Wall Street cheering them on. Consider the .2 billion bid by Norfolk Southern and CSX to acquire Conrail this year. Conrail’s net railway operating income in 1996 was just million, less than half of the carrying costs of the transaction. Who’s going to pay for the rest of the bill? Many captive shippers fear that they will, as Norfolk Southern and CSX increase their grip on the market.
52. What is many captive shippers’ attitude towards the consolidation in the rail industry?
[A] Indifferent.
[B] Supportive.
[C] Indignant.
[D] Apprehensive.
[答案] D
[解題思路]
尋找文章中表達(dá)shippers態(tài)度的語句，可以發(fā)現(xiàn)一些重點(diǎn)句子、包括第五段第一句話Many captive shippers also worry they will soon be his with a round of huge rate increases（許多受制客戶還擔(dān)心他們很快將遭遇一輪新的大幅漲價）和最后一句話Many captive shippers fear that they will, as Norfolk Southern and CSX increase their grip on the market（許多受制客戶擔(dān)心隨著南諾弗克和CSX公司對市場控制力的加強(qiáng)，他們將是那個受害者），worry 和fear都反映出他們憂心忡忡的心態(tài)。A和B選項(xiàng)顯然是錯誤的，而C選項(xiàng)憤怒的這種情感在原文中沒有得到表現(xiàn)。而選項(xiàng)apprehensive的意思為憂慮的，完全與原文吻合，為正確選項(xiàng)。
[題目譯文]
許多受制托運(yùn)人對鐵路業(yè)合并的態(tài)度是怎樣的？
[A] 漠不關(guān)心
[B] 支持的
[C] 憤怒的
[D] 擔(dān)憂的 2003年Text 4
It is said that in England death is pressing, in Canada inevitable and in California optional Small wonder. Americans’ life expectancy has nearly doubled over the past century. Failing hips can be replaced, clinical depression controlled, cataracts removed in a 30-minuts surgical procedure. Such advances offer the aging population a quality of life that was unimaginable when I entered medicine 50 years ago. But not even a great health-care system can cure death-and our failure to confront that reality now threatens this greatness of ours.
Death is normal; we are genetically programmed to disintegrate and perish, even under ideal conditions. We all understand that at some level, yet as medical consumers we treat death as a problem to be solved. Shielded by third-party payers from the cost of our care, we demand everything that can possibly be done for us, even if it’s useless. The most obvious example is late-stage cancer care. Physicians-frustrated by their inability to cure the disease and fearing loss of hope in the patient-too often offer aggressive treatment far beyond what is scientifically justified.
In1950, the U.S. spent .7 billion on health care. In 2002, the cost will be billion. Anyone can see this trend is unsustainable. Yet few seem willing to try to reverse it. Some scholars conclude that a government with finite resources should simply stop paying for medical care that sustains life beyond a certain age-----say 83 or so. Former Colorado governor Richard Lamm has been quoted as saying that the old and infirm have a duty to die and get out of the way, so that younger, healthier people can realize their potential.
I would not go that far. Energetic people now routinely work through their 60s and beyond, and remain dazzlingly productive. At 78, Viacom chairman Sumner Redstone jokingly claims to be 53.Supreme Court Justice Sandra Day O’Connor is in her 70s, and former Surgeon General Everett Koop chairs an Internet start-up in his 80s.These leaders are living proof that prevention works and that we can manage the health problems that come naturally with age. As a mere 68-year-old, I wish to age as productively as they have.
Yet there are limits to what a society can spend in this pursuit. Ask a physician, I know the most costly and dramatic measures may be ineffective and painful. I also know that people in Japan and Sweden, countries that spend far less on medical care, have achieved longer, healthier lives than we have. As a nation, we may be overfunding the quest for unlikely cures while underfunding research on humbler therapies that could improve people’s lives.
58. The author’s attitude toward Richard Lamm’s remark is one of
[A] strong disapproval.
[B] reserved consent.
[C] slight contempt.
[D] enthusiastic support.
[答案] B
[解題思路]
Lamm的話出現(xiàn)在文章第三段的最后一句Former Colorado governor Richard Lamm has been quoted as saying that the old and infirm have a duty todie and get out of the way, so that younger, healthier people can realize their potential（據(jù)說，科羅拉多州前州長理查德·拉姆曾經(jīng)說，老年多病者有責(zé)任死去和讓位，以讓更年輕、更健康的人們?nèi)グl(fā)揮他們的潛能），這一看就是一個過激的說法。作者緊接著在下一段的第一句就表明了自己的態(tài)度，I would not go that far（我不會說得這么絕對）。這句話雖然短卻包含了兩層意思：1、作者基本上統(tǒng)一Lamm的說法；2、作者本人的態(tài)度沒有那么極端。瀏覽一下四個選項(xiàng)，只有B有保留地同意包含了這兩層意思。A和D選項(xiàng)意思完全相反，可同時排除。C選項(xiàng)一絲的蔑視基調(diào)也與原文不符。
[題目譯文]
作者對理查德·拉姆說的話的態(tài)度是-----。
[A] 強(qiáng)烈反對
[B] 有保留地同意
[C] 一絲的蔑視
[D] 熱切支持