问答题It is too early to say whether the recent declines in global stock markets signal anything out of the ordinary. Though large, they are hardly unprecedented: 8 percent for the Dow, 19 percent for Japan"s Nikkei, 21.7 percent for Brazil"s Bovespa (all changes are measured from recent highs, in April or May, until yesterday"s closes). But the fact that they"ve occurred simultaneously suggests herd behavior. Spoiled by years of cheap credit, global investors seem to be reacting to the prospect of higher interest rates by fleeing stock markets almost everywhere. There is danger of a broader financial and economic setback. The riskiest and most mysterious aspect of the present situation is the increasingly global nature of investment capital. Once, capital was largely compartmentalized by nation. Americans saved and invested in the United States; Germans saved and invested in Germany. This world is disappearing. It is now routine for pension funds, mutual funds and many wealthy investors to move money in and out of American, European, Asian and Latin American stocks and bonds. The magnitudes are immense. For 2004 tile International Monetary Fund reports that: Americans invested $ 856 billion abroad, while foreigners invested $1.44 trillion in the United States. Some flows represented "foreign direct investment": buying factories, real estate or entire companies. But most flows involved corporate stocks and bonds, government bonds or international bank loans. The Japanese invested $414 billion abroad, and foreigners invested $273 billion in Japan. "Emerging market" countries (China, India, Brazil and many developing nations) received $570 billion in foreign investment and made $935 billion of investments abroad; About $515 billion of the outflow came from governments—dominated by China and other Asian nations—that reinvested their trade surpluses, often in U. S. Treasury bonds. Thirty years ago, these massive global money movements didn"t exist. Most countries had extensive "capital controls" restricting how much (or whether) their citizens could invest abroad and how much (or whether) foreigners could invest in their countries. The United States was a major exception. A turning point was France"s decision in the early 1980s to relax controls, says Rawi Abdelal of the Harvard Business School and author of the forthcoming "Capital Rules: The Construction of Global Finance." The French concluded that controls were so widely evaded by the wealthy that they were impractical, he says. Once France changed, Europe moved to liberalize capital flows. Many other countries gradually joined for fear of losing in the worldwide chase for investment funds. In theory, liberalization benefits everyone. Capital flows to the most productive investments. Savers earn higher returns. Countries with good investment opportunities expand more rapidly. Huge capital inflows have clearly helped China by financing new factories with modern technology. In many ways, the world economy seems healthy. In 2006, the IMF predicts the fourth consecutive year of growth exceeding 4 percent. But there"s a rub: Global finance has created new risks. At least two stand out. First, huge trade imbalances. The United States is running massive deficits, counterbalanced by big surpluses in China, Japan and other Asian countries. These imbalances occur in part because countries with trade surpluses can recycle their export earnings—heavily in dollars—rather than buying imports or selling dollars for other currencies, leading to a dollar depreciation. That would lower the American trade deficit by making U. S. imports more expensive and U. S. exports less expensive. Most economists consider today"s massive imbalances unsustainable. Second, worldwide financial crises. Global investors may move in herds, first pouring money into some countries—or investments—and then withdrawing abruptly. That"s what happened in the 1997-98 Asian financial crisis. Capital flight plunged countries into deep recessions; investors suffered large losses. There are now fears that hedge funds and others may be similarly overexposed in some markets. (Hedge funds are lightly regulated pools of money, mostly from big and wealthy investors. They are estimated to control more than $1 trillion in financial assets.) Some economists, most prominently Stephen Roach of Morgan Stanley, consider the recent stock market declines a healthy sign. They signal a retreat from blatantly speculative behavior. A prolonged period of cheap credit pushed too much money into risky investments. Some investors put money into emerging-market stocks and bonds; others preferred commodities (gold, copper). Housing was the small investor"s favorite. The result: a series of "bubbles" that are best punctured sooner rather than later.

问答题长期以来，科学同艺术之间的关系一直是剃头担子一头热：科学热恋着艺术，艺术却拒科学于千里之外。许多大科学家一生钟爱艺术，且懂艺术，从中汲取养料，善养浩然之气，或得到人生最大安慰。相反，热爱自然科学并且理解工程技术的文学艺术家真可谓凤毛麟角。艺术家对自然科学望而生畏，敬而远之，原因之一是里面有一大堆高深的数学公式。其实，撇开数学，绕过那一大堆公式，一门学科的基本思想还是可以被我们理解和欣赏的。这恰如我们虽然看不懂莫扎特乐曲的总谱，却照样能同它的主旋律产生共鸣，击节称赞。

问答题豫园是上海著名的古典园林，已有400多年历史。花园设计独特，具有明清两代南方的建筑艺术的风格。园内共有40余景，景色自然迷人，亭台楼阁、假山池塘和谐对称、协调均衡，其布局之精致自古至今闻名江南。 豫园原为明代一位大官的私家花园，始建于1559年，直到二十年后才建成。此后曾几经变迁，屡遭摧残。所幸的是，至1949年上海解放时，园内的主要景点尚完好无损。从1956年开始，豫园经过多次修缮，重现其昔日光彩。

问答题America's population hit the 300 million mark yesterday—at 7:46 a.m. Eastern time, according to Census Bureau estimates. Nobody knows exactly who became America's 300 millionth citizen. But demographers are summing up the milestone as a turning point that signals several trends to watch as the US—in contrast with Europe and Japan—deals with a steadily growing population. Politically and demographically, experts say, the shifts will begin to have an impact on regions of the country not yet used to the new diversity provided by the influx of Hispanics and Asians, which has already transformed California, Arizona, Texas, Florida, and New York. In coming years, Midwesterners, those in the Great Plains, rural areas, and small towns everywhere will begin to deal with the challenges of new ethnic and racial residents, says William Frey, a population expert at the Brookings Institution in Washington. And the country as a whole will begin to be more dominated by a young/old divide than the current liberal/conservative model that dominates political discourse. "This means we are going to transform the current, red/blue political dichotomy to one where the nation is separated by age ... young vs. old," says Mr. Frey. "The issues of younger generations dealing with children and opportunities for minorities will clash with those of the aging baby boomers whose voters are concerned with issues of aging and Social Security and Medicare," he adds. "Both parties will have to adjust to this new dichotomy. " The new milestone hasn't generated much hoopla. That's in sharp contrast to 1967, when President Johnson hailed the 200 millionth American, and Life magazine dispatched a cadre of photographers to find a baby born at the exact moment. One reason is that population growth has become controversial, especially in an election year when immigration is a hot-button issue and politicians are wary. Commerce Secretary Carlos Gutierrez says the Bush administration is not playing down the milestone, though he had no plans for Tuesday. "I would hate to think that we are going to be low-key about this," he says, since growth helps the economy. While it's hard to prove that population growth spurs economic growth, the two often go hand in hand, according to experts quoted in the Monitor's recently published series: "US population. 300 million." For example, a nation with a rising population can support its retirees far more easily than one with a declining population. That's an advantage for the US, which is virtually the only developed nation expected to grow this century. But population growth has less rosy implications, the Monitor series points out. Some experts worry that the land can't sustain the extra 100 million people expected by 2043. Another challenge is sprawl, the dominant model of development, which gobbles up forest and prairie.

问答题近代以来，亚洲经历了曲折和艰难的发展历程。亚洲人们为改变自己的命运，始终以不屈的意志和艰辛的奋斗开辟前进道路。今天，人们所看到的亚洲发展成就，是勤劳智慧的亚洲人民不屈不挠、锲而不舍奋斗的结果。 亚洲人民深知，世界上没有放之四海而皆准的发展模式，也没有一成不变的发展道路，亚洲人民勇于变革创新，不断开拓进取，探索和开辟适应时代潮流，符合自身实际的发展道路，为经济社会发展打开了广阔前景。

问答题In-state tuition. For decades, it was the one advantage big state schools had that even the Ivy League couldn’t match, in terms of recruiting the best and the brightest to their campuses. But these days, that- s no longer necessarily the case. Starting this September, some students will find a Harvard degree cheaper than one from many public universities. Harvard officials sent shock wave through academia last December by detailing a new financial-aid policy that will charge families making up to $180,000 just 10% of their household income per year, substantially subsidizing the annual cost of more than $ 45,600 for all but its wealthiest students. The move was just the latest in what has amounted to a financial-aid bidding war in recent years among the U. S. , s elite universities. Though Harvard's is the most generous to date, Princeton, Yale and Stanford have all launched similar plans to cap tuition contributions for students from low- and middle-income families. Indeed, students on financial aid at nearly every Ivy stand a good chance of graduating debt-free, thanks to loan-elimination programs introduced over the past 5 years. And other exclusive schools have followed their lead by replacing loans with grants and work-study aid. And several more schools are joining the no-loan club this fall. Even more schools have taken steps to reduce debt among their neediest students.

问答题It sometimes seems that plans for emissions trading are piling up even faster than the greenhouse gases they are designed to curb. In late July the first emission exchange in Australia and Canada opened, in anticipation of mandatory carbon-trading schemes in both countries. America already has a healthy voluntary carbon market, and will soon add an obligatory one for utilities in certain states. But the evidence from the most advanced such "cap-and-trade" programme, the European Union"s Emissions Trading Scheme (ETS), suggests that companies are struggling to make the most of carbon markets. In theory, cap-and-trade schemes allow firms to reduce their emissions at the lowest possible cost. Governments put a limit on the amount firms can pollute, and issue an equivalent number of allowances. Those companies that find they do not have enough must either cut emissions or buy spare allowances from others. But for the system to work efficiently, firms must take advantage of all opportunities to reduce the costs of participation. Not all of them do, however. Last year, after the price of European allowances plunged, New Carbon Finance, a research firm, and Cantor CO2e, a brokerage, surveyed 452 participants in the ETS. The price had fallen because it had become obvious that governments had issued too many allowances and the market would soon be flooded. Yet 31% of respondents with allowances to spare said they would not sell them until the end of 2006, just in case a last minute surge in their emissions left them short. Another 16% said they would wait until the end of this year, when the first phase of the ETS winds up. This caution has cost them dearly. The price of permits, which was roughly 15 ($19) at the time, is now less than 0.15 ( $0.21). The root of the problem, says Guy Turner of New Carbon Finance, is that many companies view the ETS as a regulatory burden, rather than a chance to make money. They tend to put environmental experts, rather than financial whizzes, in charge of their participation in the scheme. The former, in turn, tend to concentrate on making sure that their firm has enough allowances, rather than on maximising their value. They are seldom used to trading, and are sometimes uncomfortable with the idea of "profiteering" from a system designed to cut pollution. Moreover, they have little incentive to stick their necks out by proposing elaborate transactions in the carbon markets, since they are unlikely to be rewarded if they succeed, but risk dismissal if something goes wrong. Governments do not help matters by handing out allowances to polluters for free, giving them little incentive to capitalise on what are actually valuable assets. James Emanuel of Cantor CO2e points to several signs that firms are not exploiting carbontrading opportunities to the full. One example is the difference in price between European allowances and Certified Emission Reductions (CERs), which are carbon credits derived from emissions cuts in poor countries. Under the ETS, CERs are interchangeable with European allowances, within certain limits. Yet they are much cheaper. Firms holding European allowances could sell them now, buy CERs instead, and pocket the difference. The persistent difference in price suggests that few are doing so. By the same token, on the futures market, there is hardly any difference between the price of European allowances to be delivered in 2008 and those to be delivered in 2009. Since firms receive their allowances from governments more than a year before they actually need them for compliance purposes, they could sell them and sign a futures contract agreeing to buy the permits they need a year later, at only marginally higher cost. This is tantamount to taking out a loan at an enticingly low interest rate.

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问答题It is said that the charitable contributions made by the rich in China are utterly inadequate compared to their income and their overseas counterparts. Statistics from the China Charity Federation indicated that 70 percent of charitable contributions to the federation came from foreign countries and from the Chinese regions of Hong Kong, Macao and Taiwan, while those from wealthy benefactors in the Chinese mainland accounted for less than 15 percent of the total value of donations. Topic: Why are the rich in the Chinese mainland not willing to donate? Questions for Reference: 1. Compared with the rich in Hong Kong, Macao and Taiwan or in the foreign countries, the mainland rich are not willing to help. Are they mean or are there any other hidden reasons? 2. What can the government do to encourage the rich to donate? 3. Whose responsibility do you think it is to help the poor or those in need of help? What can we do to help others?

问答题目前，亚洲的发展面临着新的机遇，也面临着新的挑战。总体上，亚洲依然是当今世界最具经济活力和发展潜力的地区。经济全球化的深入发展和科学技术的迅猛进步，有利于亚洲各国利用国际资本，引进先进技术，开拓国际市场，推动本国经济的发展。但是亚洲某些地区的安全形势仍不容乐观，反对恐怖主义的斗争尚待深入。经济全球化在带来发展机遇的同时，也增加了国际经济环境的不确定性，增加了本地区内发展中经济体结构调整的难度和遭遇外部冲击的风险。

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问答题我将明白只有低能者才会江郎才尽，我并非低能者。我必须不断对抗那些企图摧垮我的力量。失望与悲伤一眼就会被识破，而其他许多敌人是不易察觉的，他们往往面带微笑，伸出友谊之手，却随时有可能将我摧垮。对他们，我永远不能放松警惕。 有了这项新本领，我也更能体察别人的情绪变化。我宽容怒气冲冲的人，因为他尚未懂得控制自己的情绪，我可以忍受他的指责和辱骂，因为我知道明天他会改变，重新变得随和。 我从此领悟到人类和我自己情绪变化的奥秘。对于自己干变万化的个性，我不再听之任之，我将积极主动地控制情绪，从而掌握自己的命运。

问答题Directions: In this part of the test, you will hear 5 English sentences. You will hear the sentences only once. After you have heard each sentence, translate it into Chinese and write your version in the corresponding space on your Answer Sheet.

问答题The quality of patience goes a long way toward your goal of creating a more peaceful and loving self. The more patient you are, the more accepting you will be of what is, rather than insisting that life be exactly as you would like it to be. Without patience, life is extremely frustrating. You are easily annoyed, bothered, and irritated. Patience adds a dimension of ease and acceptance to your life. It's essential for inner peace. Becoming more patient involves opening your heart to the present moment, even if you don't like it. If you are stuck in a traffic jam, late for an appointment, opening to the moment would mean catching yourself building a mental snowball before your thinking got out of hand and gently reminding yourself to relax. It might also be a good time to breathe as well as an opportunity to remind yourself that, in the bigger scheme of things, being late is "small stuff". Being patient will help you to keep your perspective. You'll see even a difficult situation, say your present challenge, isn't "life or death" but simply a minor obstacle that must be dealt with. Without patience, the same scenario can become a major emergency complete with yelling, frustration, hurt feelings, and high blood pressure. It's really not worth all that. Whether you're needing to deal with children, your boss, or a difficult person or situation—if you don't want to "sweat the small stuff", improving your patience level is a great way to start.

问答题Directions : In this part of the test, you will hear 2 passages in English. After you have heard each paragraph, interpret it into Chinese. Start interpreting at the signal...and stop it at the signal...You may take notes while you are listening. Remember you will hear the passages only once. Now let us begin Part A with the first passage.

问答题 和平与发展是时代的主题 和平与发展是时代的主题。世界各国人民应携手合作，继续推进人类和平与发展的崇高事业。 和平的环境，是一个国家、一个地区以至全球发展的重要前提。没有和平，没有稳定的政治局面，就谈不上经济发展。历史和现实都充分说明了这一点。 当今世界，国际局势总体上趋向缓和，但各种因素引发的冲突甚至局部战争此起彼伏，一些地区的紧张态势依然存在，妨碍了有关国家和地区的经济发展，也对世界经济产生了不利影响。一切负责任的政治家和政府，都应该遵守《联合国宪章》的宗旨和公认的国际关系基本准则，为实现普遍、持久、全面的和平而努力，而不能违背各国人民的利益去人为地挑起紧张态势，甚至制造武力冲突。 在这个世界上仍旧有少数利益集团，总想通过在这样那样的地方制造紧张态势来谋利，这是违背大多数人民的意志和时代潮流的。而且，只有不断推进和平与发展的事业，各国人民安居乐业，集中精力发展经济，创新科技，才能创造巨大的市场需求和促进经济繁荣。 我希望，在座各位，以及一切爱好和平的人们携起手来，为共同促进世界的持久和平和各国各地区的普遍发展与繁荣而努力!

问答题 Directions: In this part of the test, you will hear 2 passages in English. You will hear the passages ONLY ONCE. After you have heard each passage, translate it into Chinese and write your version in the corresponding space in your ANSWER BOOKLET. You may take notes while you are listening.