第一部分 阅读理解110篇及疑难长句注解与译文和题解
第一节 阅读理解110篇及疑难长句注解与译文
一、经济
TEXT 1
Of course there must be a Brexit transition deal.Brexit without transition is skydiving without insurance.Leavers and remainers must agree on that.The Brexit talks are clearly not going well，even on the simplest of issues.The idea that in 18 months every one of a hundred topics will be done and dusted is stupid.No transition is flat-Earthism.
But that is easier said than done.At present the two areas in most urgent need of reassurance—tariffs and people movement—are already shifting ministerial minds.Yesterday clear signals were given that a deal of two to four years of open borders was likely after 2019，if for no other reason than that anything else would spell disaster for the catering，health，farming and construction sectors.In addition，business leaders have left Downing Street in no doubt that to leave them facing a“cliff edge”of trade barriers on day one would be insane.
The trade minister，Liam Fox，was right to point out that transition is not too hard.It simply means that nothing changes.Borders remain open.People can flow in and out.Britain is already part of a zero-tariff zone with the EU，and has regulatory equivalence，the twin bases of any trading relationship.If they need formalizing，that can be had“off the shelf”，through the mechanism of the European Economic Area（the Norway option）or the European Free Trade Area（the Switzerland option）.Where there is a will，there is a way.
Two problems remain.One is that transition is not a certainty.Every indication that talks are not going well or that continental countries are lining up to steal British business is one more blow to economic confidence.Ministers can posture and waver and score points in the short term. Business must make decisions.Workers must know whether to return home.Just now，only a fool would gamble on David Davis“beating”Michel Barnier in Brussels.
A second and more serious problem is political.One person's Brexit transition is another's back-door remain.Every concession by Davis，every acceptance that Brexit is more complicated than at first thought，is a red rag to the leave bulls.At some point，Theresa May must start cashing in her Brexit chips.She must confront her backbencher Brexiters and tell them to get real.
Britain is going to leave the EU，as commanded by the electorate.But leave has a thousand meanings.Just now there are two options：the medium-term security of transition or instant chaos.Transition is uncertain，but it is better than chaos.
1.Brexit should not be realized too soon because____.
[A] there are many remaining issues to be worked out
[B] Britain must get favorable terms for leaving the EU
[C] some conservative people refuse to leave the EU
[D] Britain needs to get reassurance from its people
2.Business leaders worry that____.
[A] they won't get adequate support from the government
[B] they will be faced with immediate trading barriers
[C] they will suffer loss in farming and construction sectors
[D] they will be faced with an outflow of top talents
3.The trade minister of Britain is in favor of____.
[A] a transition
[B] the Norway option
[C] the Switzerland option
[D] a zero-tariff zone
4.One possible danger to the idea of transition is____.
[A] Teresa May losing political support
[B] David Davis losing the Brexit talks
[C] economic confidence being shattered
[D] more and more people accepting Brexit
5.The author compares Brexit without transition to____.
[A] a decision made off the shelf
[B] a red rag to the leave bulls
[C] cashing in gambling chips
[D] skydiving without insurance
考研必备词汇
其他词汇
1.flat-earthism 地球扁平理论
2.catering 餐饮业，饮食业
3.backbencher （议会中）坐后排者；后座议员
疑难长句注解
1.The idea that in 18 months...stupid.（第一段）
本句的主干结构是The idea...is stupid，意为“这种想法是愚蠢的”，其中that引导的从句作idea的同位语。句中，18 months指英国脱欧的谈判期，a hundred topics只是一个概数，形容要解决的问题很多，动词dust原意为“除去灰尘”，这里指“解决问题”。
2.At present the two areas...ministerial minds.（第二段）
本句的主干结构是the two areas...are already shifting ministerial minds，其中ministerial指“内阁的，政府官员的”，因此shifting ministerial minds指改变英国内阁官员的心态（下一段提到贸易大臣对脱欧过渡期的看法），也就是说，政府内阁官员在两个方面正在改变自己的看法，这两个方面是（英国和欧盟之间的）关税和人员流动——比如下文提到开放的边界（open borders），允许人民自由出入英国。
3.Yesterday clear signals were given...sectors.（第二段）
这是本文中结构最复杂的一个句子，它由if引导的条件状语从句和主句组成。在主句中，that...after 2019作signals的同位语从句，意为:这个信号就是在2019年（英国脱欧谈判结束）以后英国在两年到四年内仍然保持开放的边界，允许英国和欧盟国家之间人员的自由流动。从句实际上是一个省略句，应该是if（it is）for no other reason...，其中than之后是that引导的一个从句，表示一种状况。从句的意思是：之所以在2019年之后仍然保持开放的边界，如果不是因为其他理由，最起码是因为：如果不这样做，就会给餐饮业、卫生行业、农业和建筑行业带来灾难。这里，spell意为“招致，意味着”，而anything else指其他做法（不开放边界）。
4.Every indication...economic confidence.（第四段）
句子的主干结构是Every indication...is one more blow to economic confidence,意为“任何……迹象都对（英国人的）经济信心是一个新的打击”。在主语部分，两个that引导的从句并列作indication（迹象）的同位语。
5.One person's Brexit transition is another's back-door remain.（第五段）
本句中，remain是名词，意为“遗留物，残余”。这句话实际上是说赞同硬脱欧的人与赞同软脱欧的人对于应否设立过渡期有不同看法，赞同硬脱欧的人可能会反对设立过渡期，认为这是留出后门（虽然关闭了英国的前门）——结果造成仍然没有完全脱欧。
译文
当然应该有脱欧过渡条件。没有过渡的脱欧就等于在没有安全保障措施的情况下玩高空跳伞。主张离开的人和留下的人必须对此有共识。脱欧谈判目前显然进展不顺利，即使在一些最简单的问题上也是如此。在18个月之后，上百个议题中的每一个都能搞定，能尘埃落定，这种想法是愚蠢的。没有任何过渡期有违常识。
但是，说起来容易，做起来难。目前，最需要保障的两个领域——关税和人的流动——正在改变政府心态。昨日清晰的信号表明，可能商定在2019年之后延续两年到四年的开放边界，如果不这样做，就可能给饮食业、卫生行业、农业和建筑行业带来灾难。况且，商界领袖已经让英国政府深信，马上让他们面对贸易壁垒的“悬崖边”是不明智的。
贸易大臣Liam Fox正确指出，过渡期不会太艰难。这仅仅意味着所有事情暂时不变。边界继续开放，人们可以流入流出。对欧盟来讲，英国已经属于零关税地区，有对应的管制措施，这是任何贸易关系的两个基础。如果它们需要被形式化，该过程可以通过欧洲经济区（挪威的选择）或欧洲自贸区（瑞士的选择）的机制得以解决。有志者事竟成。
还存在两个问题。第一个是过渡期充满不确定性。谈判进展不顺，欧洲大陆国家正联合起来抢英国的买卖，任何类似迹象都对英国的经济信心造成新的打击。部长们可以表态，可以犹豫不决，可以在短时期内为自己赢得支持，但是商业界必须做出决定。工人们必须知道是否打道回府。现在，只有傻子才会赌David Davis在布鲁塞尔的谈判中能“击败”Michel Barnier。
第二个问题——也是更严重的问题是政治方面的。对一个人来说是脱欧过渡期，对另外一个人来说可能是留着后门。Davis做出的任何让步，任何承认脱欧比乍一看要复杂得多的做法，对坚持脱欧的人来说都像是斗牛的红布。特蕾莎·梅首相必须在某个时点开始兑现其脱欧筹码。她必须面对支持脱欧的后座议员，让他们变得更现实些。
英国将要离开欧盟，这是选民要求的。但是“离开”有千种含义。目前来看有两种选择：过渡期带来的中期稳定或即时的混乱。过渡期是不确定的，但是总比混乱好。
TEXT 2
A few years back，Jared Bernstein and I wrote a book on the benefits of full employment that emphasized this point about full employment—offering especially large benefits for the disadvantaged.A new paper from the Federal Reserve Board made the same point with additional data and analysis.The basic point is that a high employment economy is an effective way to reduce racial discrimination in the labor market.While a low unemployment rate should not be an excuse for abandoning policies explicitly designed to combat racial discrimination in the labor market，it is a very effective tool，especially at a time when other channels may be blocked.
We see clear evidence of the benefits over the last three years.The members of the Federal Reserve Board's Open Market Committee（FOMC），which decides interest rate policy，are regularly surveyed about their estimate for the non-accelerating inflation rate of unemployment or NAIRU.This is in principle the lowest the unemployment rate can go before inflation starts to spiral upward.
In the survey given three years ago，the range of estimates from FOMC members went from 5.2 percent to 6.0 percent.Today，the unemployment rate is 4.4 percent.Furthermore，inflationary pressures by almost every measure have weakened in the last year，suggesting that the unemployment rate could go even lower without causing inflation to be a problem.
But it's worth asking what would have happened if the inflation hawks among the FOMC had gotten their way.This would have meant that the Fed would have raised interest rates sooner and faster，preventing the unemployment rate from getting below their projections for the NAIRU.
If we start at the more optimistic 5.2 percent number，the economy reached this level of unemployment in July of 2015.At that time the employment-to-population ratio（EPOP）for African Americans was 55.9 percent.In the most recent data，the EPOP for African Americans was 57.6 percent.This translates into another 560,000 African Americans with jobs.There is a similar story with Hispanics.Their EPOP is 62.9 percent today，compared to 61.4 percent in July of 2015.
These points are especially important now，because Donald Trump is about to make his first appointment to the Federal Reserve Board.His pick is Marvin Goodfriend，an economics professor at Carnegie Mellon University.Goodfriend has been a consistent critic of the policies pursued by the Federal Reserve Board（and Congress）to try to speed the recovery and lower unemployment.It is a safe bet that he would be among the inflation hawks that would be looking to slow the economy and reduce the rate of job creation.
1.The author agrees with the Federal Reserve Board that____.
[A] federal policies should benefits the disadvantaged
[B] racial discrimination is rampant in the labor market
[C] full employment effectively relieves racial discrimination
[D] low unemployment rate explicitly reduce discrimination
2.The author implies that____.
[A] a low unemployment rate benefits the disadvantaged less than full employment
[B] FOMC often fails to make the right interest rate policy
[C] NAIRU is a very difficult thing for possible prediction
[D] inflation and unemployment often go in opposite directions
3.The inflation hawks would not hesitate to____.
[A] raise interest rates
[B] lower their economic projections
[C] keep inflation down
[D] slow down economic growth
4.Professor Goodfriend blames the Federal Reserve Board for____.
[A] not supporting Trump's effort to fight unemployment
[B] betting too much on manipulating the interest rates
[C] trying to recover growth by reducing unemployment
[D] making policies in favor of encouraging job creation
5.Which of the following is the best title of the text?
[A] The Need to Speed Economic Recovery
[B] The Inflation Hawks and Doves
[C] The Advantages of Lower Jobless Rates
[D] The Best Weapon Against Discrimination
考研必备词汇
疑难长句注解
1.While a low unemployment rate...be blocked.（第一段）
本句由一个while引导的让步状语从句和一个主句（it is a very effective tool...）组成，其中主句中又包含一个时间状语从句。在让步状语从句中，explicitly...market是过去分词短语，作定语修饰policies。该从句的含义是：低失业率能降低就业种族歧视，但仍然需要制定政策来进一步降低它。在主句中it指上一句提到的a high employment economy，即充分就业状态。从整个句子来看，作者的意思是：充分就业和低失业率都能降低种族歧视，但是后者还需要政府政策的协助。言外之意，充分就业比低失业率在降低种族歧视上更有效。
2.But it's worth asking...their way.（第四段）
本句中，what引导的宾语从句是一个虚拟条件句，因为美联储中现在鸽派占据主导地位，结果没有提高加息的速度和强度。本段是说，如果鹰派占据主导地位，美联储加息的速度就会加快，这样经济复苏的速度就会减缓，失业率会上升，就业率下降，劳动力市场的歧视就会抬头。本句中inflation hawks指极力主张控制通货膨胀率上升的人，get one's way指不顾反对意见而强行做某事，这里指美联储鹰派人物提高利率。
3.Goodfriend has been a consistent...unemployment.（第六段）
本句中，a consistent critic指持续批评某件事情的人；pursued...unemployment是过去分词短语，作定语修饰policies，其中to try to speed the recovery and lower unemployment作目的状语，说明制订这些政策的目的是加快经济复苏、降低失业。
译文
几年前，Jared Bernstein和我写了一本书，谈到充分就业的好处，其中强调充分就业的下述好处——它能给社会弱势群体带来特别大的利益。美联储委员会在最新文件中提出了同样的观点，辅之以数据和分析。其基本观点是：高就业的经济是降低就业市场种族歧视的有效方法。虽然低失业率不应该成为放弃专门设计来对付就业市场种族歧视的政策的借口，但它是一个非常有效的工具，特别是在其他渠道可能被堵死以后。
我们在过去三年里看到了证明这些好处的清楚证据。美联储委员会的公开市场委员会决定利率政策，其成员被定期问到对非加速通货膨胀失业率（NAIRU）的预估。它原则上是指通货膨胀在开始盘旋上升之前失业率能达到的最低状态。
在三年前接受提问时，FOMC的委员们给出的估值范围在5.2%至6.0%之间。今天失业率是4.4%。而且，几乎所有尺度所测定的通货膨胀压力在过去一年都得到了缓解，这表明失业率可能趋向更低，而不会引起通货膨胀问题。
但是有必要问一问：如果FOMC中的通胀鹰派成员占了上风，那么会发生什么样的事情。这将意味着美联储会更早更快地提高利率，阻止失业率低于其对NAIRU做出的预测。
如果我们从更乐观的5.2%开始看，那么美国经济到达这个失业水平是在2015年7月。在那时，非裔美国人的就业与人口比（EPOP）是55.9%。在最新的数据中，非裔美国人的EPOP是57.6%。这等于又增添了56万非裔美国人的就业。类似情况也存在于拉美裔美国人中。他们的EPOP现在是62.9%，而在2015年7月是61.4%。
这些数字现在特别重要，因为唐纳德·特朗普马上要对美联储委员会做出第一个任命。他的选择是卡耐基·梅隆大学经济学教授Marvin Goodfriend。Goodfriend一直在批评美联储委员会（和国会）追求的政策，政策的目的是加速复苏和降低失业率。可以有把握地说，他将是一个通胀鹰派人物，希望减缓经济（的复苏），降低创造工作岗位的速度。
TEXT 3
It's being compared to bidding for the Olympic Games.The online retailing giant Amazon set Oct.19 as the deadline for applications from cities wishing to host the company's second headquarters，its“HQ2，”as the company is calling it.In response，metropolitan areas all over North America have scrambled to put their best offers on the table.
Amazon，based in Seattle，has set out a few prerequisites for bidders：The metro population should be more than 1 million，the airport should have direct flights to key US and international cities，and the mass transit system should be top-notch.Great public amenities，top universities，a reasonable cost of living，and a highly educated workforce will be valued，too.Amazon has also noted that economic incentives，such as tax breaks，could become a tiebreaker in choosing among the top contenders.
That's brought some soul-searching among city officials：How sweet do we make our offer without the giveaways exceeding the benefits? As Amazon's building boom and expansion to 40,000 employees have taken hold in Seattle，home prices and traffic congestion have soared.Low-and moderate-income residents have been squeezed out.Not everyone is thrilled to be living in the country's largest company town.
The highest bidder is not guaranteed to win the prize.A city that plays a little harder to get may show a kind of self-confident attractiveness that says“you want to be with me.”In Minnesota，for example，a bid to base HQ2 in the Twin Cities relies on the attractive lifestyle workers will find there and is offering very little in the way of financial incentives.
Getting caught up in an irrational bidding war probably isn't a smart strategy.But the effort that dozens of cities have made to put together a bid can be a positive thing.Creating an effective proposal meant bringing together local government，businesses，and civic groups that must set aside differences for the common good.The effort may have also encouraged a little introspection.What is great about our city or region? What plans are we making to ensure that our city will be even more vital and livable in the future?
In Detroit，nearly 100 consultants volunteered time to help shape the Motor City's bid.“I've never seen a community come together like that，”one local top executive said.The city partnered with Windsor，Ontario，across the Detroit River，to make a joint proposal that touts the advantages both the United States and Canada have to offer.The competition's lone winner won't be known for some time.
1.Amazon wants its HQ2 to be hosted by a city with____.
[A] adequate experience in retailing
[B] adorable generosity and sincerity
[C] convenient and pleasant facilities
[D] land public transportation system
2.The third paragraph mainly talks about____.
[A] the problems in hosting a large company
[B] the benefits for hosting a large company
[C] the excitement a large company creates
[D] the historical development of Amazon
3.The bidding of the Twin Cities is mentioned to illustrate____.
[A] the attractive lifestyle of the bidders
[B] the importance of bidders' self-confidence
[C] the attractiveness of financial incentives
[D] the enormous efforts made by bidders
4.All the contestants can use the bidding process to____.
[A] educate the local companies and communities
[B] work out an effective strategy for the bidding
[C] re-examine the current irrational development
[D] think about how they will thrive in the future
5.The author deems the bidding to be____.
[A] irrational
[B] ruthless
[C] beneficial
[D] detrimental
考研必备词汇
其他词汇
1.scramble 争夺
2.transit 运送，运输
3.tiebreaker 决胜局；加时赛，打破平分的问题等
疑难长句注解
1.In response，metropolitan areas...the table.（第一段）
句中North America指北美地区，因为最后一段也提到了加拿大安大略省的温莎市；scramble意为“争夺”，put...on the table指把某个东西摆出来或放到谈判桌上。
2.As Amazon's building...have soared.（第三段）
句中building boom指大兴土木，建造设施，take hold意为“站稳脚，确立”。
3.The city partnered with...to offer.（第六段）
本句含有两个定语从句，that...offer修饰proposal，其中both...offer又修饰advantages。句中tout意为“兜售，炫耀”，Ontario指加拿大安大略省，Windsor指加拿大温莎市。
译文
这被与竞办奥林匹克运动会相比。在线零售巨头亚马逊把10月19日设为最后期限，让想做其第二大总部（该公司称之为HQ2）东道主的城市提出申请。北美各大都市地区做出反应，争相将它们最好的条件放在谈判桌上。
亚马逊位于西雅图，它向竞标者开出了几个必备条件：城市人口应该超过100万，机场应该有直飞美国和国际城市的航班，公共交通系统是顶级标准。优异的公共环境、一流大学、生活费用合理、教育水平高的劳动力也将会被重视。亚马逊还提到，经济刺激——比如税收优惠也可能在优秀竞争者的选择中起到决定作用。
这让城市官员开始思索：我们怎样在不让付出超过获利的情况下使我们的条件更有吸引力？随着亚马逊的大兴土木，其雇员扩大至四万人，它在西雅图扎下了根，接着出现房价大涨，交通严重堵塞。中等和低等收入居民被挤出。不是居住在美国最大公司所在城市的所有人都感觉很兴奋。
最大的竞标者不一定保证能中彩。一个花更大力气想得到它的城市需要展现一种自信的魅力，它似乎在说“你想到我们这里来”。比如在明尼苏达州，双城对HQ2的争夺依靠的是劳动者在那里将看到的有吸引力的生活方式，但并没有提供太多经济刺激。
沉迷于非理性的竞标战也许不是一个聪明的策略。但是几十个城市为一个标的所做出的努力可以成为一个正面举动。创造出一个有效的提案意味着把当地政府、商业和民间组织的努力结合在一起，它们必须为共同的利益搁置分歧。这种努力也鼓励它们做一些反省。我们城市或地区最大的魅力是什么？我们正在制订什么样的计划来保障我们的城市在未来更具活力、更宜居？
在底特律，几乎有100家咨询公司自愿花时间帮助这座汽车城准备投标。当地一位高管说，“我从未看到过一个城市如此团结一致”。底特律和底特律河对面的安大略省的温莎市合作提出了联合方案，宣传美国和加拿大能提供的各种优势。竞争的最后赢家要等一段时间才能揭晓。
TEXT 4
The presidential election has been viewed as a litmus test for how Americans think about the economy. To generalize，coastal urbanites think things are going more or less OK and rewarded Hillary Clinton，while Rust Belt and rural Americans feel the economy's unfairness and voted for Donald Trump. But unfortunately，both major-party candidates have failed in diagnosing the main source of the nation's economic problems，and it can be summed up in one word: technology.
When we've seen three decades of well-paying manufacturing jobs replaced by low-paying service-sector jobs with little or no benefits，and when vast stretches of America's industrial infrastructure have turned into decaying ghosts of prosperity past，it shouldn't be any surprise that a lot of Americans—on both right and left—are unhappy with the status quo. Many felt no choice but to vote for a person who was not the status-quo candidate.
There's just one problem with that reading of the economy: it's a lie. To suggest that trade deals are the main cause of the massive economic dislocation and historical concentration of wealth that have justly enraged so many Americans is to ignore the much vaster impact of technological change. The question is whether both candidates were simply afraid to publicly acknowledge it or if they just don't understand. An even more difficult one would have to follow，which is whether citizens should continue to unquestioningly embrace technology-fueled change，knowing it will prove even more disruptive to our economy and accelerate the massive transfer of wealth to tech elites who already have too much money for their own good.
As more and more of our economy is transformed into information，and as the rate of information processing speeds exponentially，technological change and its impact is accelerating. While it may not be completely halted，our political classes and technologists themselves have to start asking hard questions now about whether their techno-utopian ideology is more important than the many Americans it hurts along the way. Could valuing people and offering them a role，a sense of purpose，and employment—rather than，say，a reason to riot in the streets—possibly be a higher goal than robotic healthcare，self-driving cars and drone delivery services?
It's time to start the first real discussion about how to have a sustainable relationship with technology. This discussion needs to happen before this tsunami of technology slams into our economy. It needs to be far more skeptical about the benefits and sensitive to the drawbacks of technological change than it has been. Because if we don't ponder these rapid shocks to our fragile economy now，a great many of us—including plenty of white-collar，high-tech workers—will have all too much time to ponder it a few years down the road.
1.The expression “litmus test” （Para. 1） means_____.
[A] an exam similar to intelligence test
[B] an indicator to prompt a judgment
[C] a factor that affects economic growth
[D] a problem leading to a total failure
2.The reason why people voted for Trump was that_____.
[A] he was good at economy and management
[B] he was an expert in manufacturing industry
[C] he helped to create the prosperity of the past
[D] he promised to change the current situation
3.In the author's opinion，economic disruption is brought on by_____.
[A] the concentration of wealth in the tech elites
[B] the large-scale relocation of factories and plants
[C] the influence of technological innovations
[D] politicians' failure to understand economy
4.The “drone delivery services” are mentioned because_____.
[A] they are most representative of the latest technology
[B] they have taken over many jobs from Americans
[C] they provide a lot of conveniences for many people
[D] they can deliver the best medical care for people
5.The author calls on politicians and technologists to_____.
[A] guard against the impact of technology
[B] embrace technology with more enthusiasm
[C] bring about more rapid technological change
[D] keep optimistic about the benefits of technology
考研必备词汇
其他词汇
1.litmus test 试金石
2.urbanite 城市居民
3.dislocation 打乱，混乱
4.drone 无人驾驶飞机
疑难长句注解
1.When we've seen...status quo. （第二段）
在第一个when引导的从句中，see sth. done是主干结构，service-sector指“服务业”，benefits指工资以外的各种补贴待遇。在第二个when引导的从句中，stretch指continuous or unbroken length，area，or expanse（连绵不断的地区或地带），prosperity past指实业繁荣的历史。
2.To suggest that trade deals...technological change. （第三段）
本句的主语是不定式短语to suggest...many Americans，其中trade deals实际上是指美国的贸易逆差，that引导的定语从句修饰economic dislocation（经济混乱）和concentration of wealth（财富的集中），justly是说美国人的这种愤怒是有道理的。
3.An even more difficult...their own good. （第三段）
主句中one是question的不定代词，have to follow指紧随其后的一个问题。合成词technology-fueled意为“技术推动的”，fuel作动词时意为“促进，推动，刺激”；too...for意为“太……以至于不”，比如The book is too difficult for his age.（这本书太难，不适合他的年龄）
4.Could valuing people...delivery services? （第四段）
本句的主干结构是Could valuing...and offering...be a higher goal than...。在主语部分，offering them a role实际上指给人一份工作，say表示举例；而robotic healthcare等指三个最新高技术领域，它们的采用使大量工人失业。
译文
总统选举被看作测试美国人如何看待经济的试金石。一般来说，东海岸城市的人认为情况还算可以，他们支持希拉里，而老工业区和乡间的美国人感到经济的不平等，因而投票选唐纳德·特朗普。但是不幸的是，两个主要政党的候选人都没有能够诊断出美国经济问题的主要根源，它可以由一个词概括：技术。
30多年的高收入制造业工作被低收入服务行业代替，几乎没有或根本没有带来利益；曾经繁荣的大片大片的美国实业设施变成了衰败的“鬼城”，当我们看到这些状态时，我们不应该对此感到吃惊：许多美国人——无论右派还是左派都对现状不满。许多人觉得除了投票支持一个不满现状的候选人之外别无选择。
这样解读经济只是有个问题：它是谎言。很多美国人对大规模的经济混乱和财富的历史集中感到义愤填膺，但是如果认为贸易买卖是造成这些现象的主要原因，就是忽视技术变化带来的更广泛影响。问题是两位候选人是否只是害怕当众承认这一点，还是他们根本就不明白。一个更难的问题紧随其后，即公民们是否应该继续毫无疑问地欢迎技术推动的变化，他们心里知道，技术将给我们的经济带来更大破坏，加速财富向技术精英的转移，而这些精英们的钱已经多得不能再多了。
随着我们的经济越来越转向信息经济，随着信息处理速度以指数增长，技术变化及其影响正在加速。虽然可能不会完全停止，但是我们各政治阶层和技术人员本身现在不得不问一些很残酷的问题：他们的技术乌托邦理念是否比它在形成过程中伤害的那么多美国人更加重要。重视人，给他们一个定位、一种目的感、一份工业——而不是给他们一个比如说上街暴乱的理由，这难道不比机器人化的健康医疗、无人驾驶汽车和无人驾驶飞机送货服务更重要吗？
是时候开始第一次真正的辩论了，讨论怎样与技术建立可持续的关系。这场讨论需要在技术风暴重击我们的经济之前进行。它需要我们比以往对技术变化带来的好处保持怀疑，对技术变化带来的害处保持敏感。因为，如果我们现在不思考带给我们经济的这些快速冲击，沿着这样的道路行走几年之后，我们将会有更多人花太多的时间去考虑它们——包括大量的白领、高技术工人。
TEXT 5
America's economy has now slumped into the eighth year of a recovery that demonstrates how much we have defined recovery down. The idea that essentially zero interest rates are，after 7.5 years，stimulating the economy “strains credulity，” says James Bullard，president of the Federal Reserve Bank of St. Louis. But last month he and other members of the Federal Reserve Board understandably felt constrained to vote unanimously to continue today's rates for an economy that created just 38，000 jobs in May，and grew just 0.8 percent in the first quarter，after just 1.4 percent in the previous quarter.
The grim news is not that the economy continues to resist returning to normal. Rather，it is that this “current equilibrium” （Bullard's phrase） is the new normal. If 2 percent growth is，as he says，“the most likely scenario” for the foreseeable future，the nation faces a second consecutive lost decade—one without a year of 3 percent growth. N. Gregory Mankiw，Harvard economist and chairman of George W. Bush's Council of Economic Advisers，writes in the New York Times that in the past decade the growth rate of the real gross domestic product per person averaged 0.44 percent，down from the historical norm of 2 percent.
With the recovery aging，Larry Summers，former treasury secretary，guesses that “the annual probability of recession is 25 to 30 percent.” When it arrives in a near-zero interest rate environment，the Fed's monetary policy of zero interest rates，normally its countercyclical weapon—it usually reduces rates at least four percentage points in a recession—will be unable to cushion the shock.
Bullard says “labor market data is giving us different”—he means more encouraging—“signals than the GDP data.” But surely the fact that the official unemployment rate is down to 4.7 percent is less important than this: The workforce participation rate has plunged，which has been only partly because of the population aging—baby boomers retiring. If labor participation were as high as when Barack Obama became president，the unemployment rate would be over 9 percent.
Certainly very low interest rates，by driving liquidity into equities and assets in search of higher yields，are aggravating the inequality that is disturbing American politics with distributional conflicts. Homeowners，and the 10 percent of Americans who hold 81 percent of the directly and indirectly owned stocks （the stock market is 160 percent higher than its 2009 low），are prospering. Those whose wealth comes from wages—formerly，the Democratic Party's base—are losing ground. No wonder Hillary Clinton vows to “expand” Social Security，never mind its shaky financial architecture.
1.James Bullard does not have firm belief in the idea that_____.
[A] zero interest rates help to speed up recovery
[B] credibility is vital to economic recovery
[C] economic recovery can be clearly defined
[D] a unanimous vote keeps interest rates stable
2.In the new normal of the economy，the growth rates_____.
[A] fluctuate constantly
[B] are kept at low percentages
[C] achieve a percentage of 3
[D] reach a historical height
3.What does Larry Summers think of the policy of low interest rates?
[A] It can save the economy from further recession.
[B] It can raise the U.S. economy by 25*30 percent.
[C] It can no longer promote economic growth.
[D] It can reduce recession by at least 4 percent.
4.It is implied that the unemployment data_____.
[A] is more important than it seems superficially
[B] is made worse by the retirement of the boomers
[C] has been distorted for political purpose
[D] does not reflect the true economic situation
5.Who benefit more from the low interest rates?
[A] Asset and stock owners.
[B] Wage earners.
[C] Political figures.
[D] The Democrats.
考研必备词汇
其他词汇
1.credulity 轻信
2.countercyclical 反经济循环周期的
疑难长句注解
1.The idea that essentially...St. Louis. （第一段）
本句的主干结构是The idea...strains credulity，意为“这种看法……人们不再轻信”；that...zero interest rates are stimulating the economy是同位语从句，表示idea的内容。
2.When it arrives in...cushion the shock. （第三段）
本句的主干结构是When it...environment，the Fed's monetary policy...will be unable to cushion the shock. 主句中的shock指经济下行带来的冲击。句中，normally its countercyclical weapon是monetary policy的同位语，其中its指美联储。破折号中间的内容也是同位语，对美联储利率做出说明，说它最少能降四个百分点。这个句子的意思是：由于现在已经（几乎）是零利率，万一经济再出现衰退，美联储已经无法再靠降低利率拉动经济——因为它已经处于历史低位，已经降无可降。
3.Certainly very low interest rates...distributional conflicts. （第五段）
本句的主句是very low interest rates are aggravating the inequality，关系代词that引导定语从句，修饰inequality。本句中liquidity指资产和货币流动性，assets主要指不动产（如房产）；distributional conflicts指社会财富分配不公平，结果造成inequality。
译文
美国经济现在无精打采地进入第八个年头的复苏，这说明我们究竟是怎样错误界定复苏的。在七年半之后，位于圣路易的联邦储备银行总裁James Bullard说，近乎零利率正在刺激经济的增长，这种看法“不再轻易让人信服”。但是上个月，他和联邦储备委员会的其他成员违心地投出赞成票，一致同意维持目前的利率不变，这是可以理解的，因为在五月份，美国经济仅创造了3.8万个就业岗位，在第一季度仅增长0.8%，而在上一个季度也仅仅增长了1.4%。
可怕的消息不是经济持续无法回到正常状态，而是这种“目前的不上不下状态”（Bullard语）就是新常态。像他所说，如果2%的增长在可预见的未来是“最可能的景况”，美国就面临着连续第二个丧失的十年——即一个连3%的增速都达不到的十年。N.Gregory Mankiw是哈佛大学经济学家，是乔治·布什总统经济顾问委员会主席，他在《纽约时报》上刊文写道，在过去十年里，国内人均生产总值的增长率平均是0.44%，低于2%的历史正常值。
随着复苏时间的加长，前财政部长Larry Summers猜测，“年度衰退的可能性提高到25%-30%。” 通常情况下，美联储的这一货币政策是应对周期性下降的武器，在衰退情况下，它通常至少有四个百分点的降息空间。但是，当衰退与零利率的经济环境并存时，这一货币政策就无法对衰退造成的冲击起到缓冲作用。
Bullard说，“劳动力市场数据给出了不同的信号——他的意思是说比GDP数据更令人鼓舞的信号。”但是，官方失业率降低到4.7%，这一事实不如下列事实重要：劳动力参与率已经急剧下降，人口老龄化——婴儿潮时期出生的人正在逐渐退休——只是其中一部分原因。如果劳动力参与水平与奥巴马当上总统时那样高的话，现在的失业率应该超过9%。
可以肯定的是，极低的利率会给寻求更高回报的股票和房产注入流动性，这样就会恶化不平等的局面，这种分配上的冲突正在困扰着美国政治。有房者和10%直接或间接拥有81%股票的美国人（股票市场自2009年的低位算起上涨了160%）正在发大财。靠工资挣钱的人——这些人以前都是民主党的支持者——正在失去其地位。怪不得希拉里·克林顿发誓说，要“扩展”社会保障体系——尽管它自身的财政结构已经摇摇欲坠。
TEXT 6
Uber drivers were right to claim employment rights. But in a world where driverless cars may soon make them redundant，we face long-term dilemmas about the systems we choose. That's the future. Meanwhile，in the present，we have Uber，and its ridiculous claim to be a software company，not an employer. The attempt to drive down cab drivers' wages and reduce their employment rights to zero are，in their own way，a last gasp of the 20th-century economic thinking. Because soon there won't need to be drivers at all.
The most important question facing us is not whether Uber drivers should have employment rights （they should），but what to do in a world where automation begins to eradicate work. If we accept that 47% of jobs are susceptible to automation，the most obvious problem is：how are people going to live?
The most heavily touted solution is the universal basic income. With the UBI，people are paid a basic income out of taxation，which they top up with work，which is assumed to be sporadic. The UBI has keen supporters now in the tech industry，whose billionaires have realised that，through rapid automation and its ability to render regulation useless，info-tech could create mass poverty over the next 20 years. In its boldest estimation，the UBI becomes a replacement for state provision：you get a fixed sum from the state and you spend it on Uber-ised public services，hailing the cheapest social care worker on an app，or the cheapest eye operation.
We should begin by recognising that，as machines plus artificial intelligence begin to replace human beings，the entire social，political and moral dilemma for humanity becomes a question of systems. While I support the basic income，I don't think it will be enough. To maintain a sporadically employed workforce through massive change，giving everyone ￡7,000 so they do not starve might not be the best use of taxpayers' money. Alongside that，we are going to need the massive expansion of state provision of homes，university education，re-skilling，energy，transport and healthcare—either ultra-cheap or free.
It is good to protect the employment rights tech predators are trying to take from them. Even better to eradicate the sense of insecurity in sporadic work through state provision of the basic necessities. People used to object to mass state provision on the grounds that “everything looks the same”. Once we're in a world of shared，driverless，essentially similar vehicles，or shared apartments furnished with the same cheap stuff，that objection will tend to pale.
1.For the present，the author criticizes Uber for____.
[A] refusing to employ more cab drivers
[B] putting the world in a long-term dilemma
[C] driving cab drivers out of labor market
[D] using its software to change drivers' life
2.The main purpose of the UBI is to____.
[A] reduce the tax burden of cab drivers
[B] reduce the tax burden of sporadic workers
[C] render state provision and regulation useless
[D] guarantee the basic necessities of the jobless
3.What does the author think of the UBI?
[A] It should be supplemented by other social projects.
[B] The amount of money it provides should be increased.
[C] The billionaires of the tech industry should contribute to it.
[D] It should replace other kinds of state provision.
4.The author insists that the battle over Uber and driverless cars____.
[A] is actually a defense against tech predators
[B] is really a debate about the future of society
[C] is worthless since Uber is a software company
[D] will have no conclusion if government stands by
5.The “sporadically employed workforce” （Para. 4） refers to people who____.
[A] are qualified for the UBI
[B] live very cheap lives
[C] have no regular jobs
[D] earn minimum wages
考研必备词汇
其他词汇
touted 兜售的，强求的；吹捧的
疑难长句注解
1.The attempt to drive down...economic thinking. （第一段）
词组drive down意为“压低，使降低”，cab driver意为“出租车司机”，reduce their employment rights to zero指剥夺出租车司机的就业权；in their own way指主语中提到的这两种做法，gasp意为“喘息”，last gasp of the 20th-century economic thinking意思是说以上两种做法是20世纪留下来的经济思维模式，因为到了21世纪，出租车司机就不存在了，因此也没有必要谈论他们的就业权力和机会了。
2.In its boldest estimation...eye operation. （第三段）
本句中，in its boldest estimation指根据对UBI的大胆估计和预测，replacement意为“替代物”，state provision指由国家提供的各种福利保障；Uber-ised是作者生造的一个词，Uber-ised public services指类似于优步这样的公司提供的公共服务，包括这里提到的通过app所获得的廉价护工和廉价手术。
3.Once we're in a world...tend to pale. （第五段）
本句中，shared...vehicles指将来的汽车都标准化管理、都自动化，出租汽车行业变成了一个单调乏味的行业；shared apartment...stuff是说失业的出租汽车司机等下层社会的人居住在廉价公寓之内；pale在这里是动词，意为“变得苍白无力”。作者的意思是，过去人们曾经反对生活的千篇一律而导致的单调乏味（everything looks the same），但是一旦他们不得不使用千篇一律的出租车、住千篇一律的廉价房，他们将根本没有能力和资本反对了。
译文
优步司机要求就业权利是对的。但是在一个无人驾驶车很快可能淘汰他们的世界里，我们在应选择什么系统上面临长期的两难境地。这是未来的事情。同时，目前，我们有优步，它荒唐地声称自己是软件公司，不是雇主。企图压低出租车司机工资，将其就业权利降至零，这本身就是20世纪经济思维的一个最后的想法。因为很快就没有必要有司机了。
我们面临的最重要问题不是优步司机是否应该有就业权利（他们当然应该有），而是在自动化开始消除工作的世界里我们应该怎么办。如果我们接受47%的工作受到自动化的影响，最明显的问题莫过于：人们将怎样生活？
最被严肃地提出的解决方法是普遍基本收入。根据这一要求，人们从税收中被支付一项基本收入，然后用工作增加这一收入——这当然说的是零星的工作。在技术行业，普遍基本收入的提出现在受到热烈支持，这个行业里的亿万富翁意识到，虽然快速自动化使得管理变得无用，但是信息技术可能在未来20年创造大规模贫困。人们最大胆的预测是，普遍基本收入可能代替国家的供给：你从国家获得一笔固定数额，把它花在优步化的公共服务上，在应用上使用最便宜的社会护理工，或者做最便宜的眼科手术。
我们应该首先承认，随着机器和人工智能开始代替人，人类面临的整个社会、政治和道德困境成为系统[选择]问题。虽然我支持基本收入的做法，但我认为这是不够的。通过大规模的变化来维系零星就业工人的生活，给每个人7000英镑以便不让他们饿肚子，这可能不是使用纳税人钱的最好方式。除此之外，我们还将需要大规模扩大国家供应的住宅、大学教育、技术再造、能源、交通和健康医疗——或者以超便宜的方式，或者免费。
保护技术大鳄们企图剥夺他们的就业权利的行动很好。但更好的是，通过国家提供生活基本需要来消除零星就业带来的不安全感。人们曾经反对国家大规模的供给，其理由是“每件东西看上去都是一样的”。一旦我们处于一个共享的、无司机的、基本上一样的车中，或者住进共享的、用同样的廉价材料装饰的公寓中，反对的声音就会减弱。
TEXT 7
Apartments in Vancouver show evidence of high housing demand. The Canadian government has announced a handful of measures aimed at dampening demand in its red-hot housing markets，including closing a tax loophole used by some foreign speculators. Canadian authorities are facing growing pressure to address foamy housing markets in Vancouver and Toronto，where home prices have more than doubled in the past decade. Earlier this year，Justin Trudeau，Canada's prime minister，pointed to an influx of capital from Asia as partly responsible for the soaring prices.
Currently，Canadian homeowners who sell their principal residences do not have to report the sale or pay taxes on any profit earned. Amid reports suggesting that some non-residents have been taking advantage of the same exemption，the government will now step up scrutiny of principal residences.
After Canada's ugly episode of racism in the early 20th century，Vancouverites feel uneasy talking about how this beautiful but unassuming city became one of the world's least affordable. In Vancouver，where housing prices have risen 249% since 2005，a 15% tax was introduced in August on all home buyers who are not Canadian citizens or permanent residents. Its introduction saw home sales in the Vancouver region drop 26% in August while the average price of detached properties fell，a decrease of 17% from one month earlier.
With an eye on increasing housing affordability，the city of Vancouver has also vowed to launch a tax on empty homes by 2017 and is currently exploring measures to curb short-term rentals through sites such as Airbnb. On Monday，the Canadian government said it would also introduce a “stress test” for insured borrowers in hopes of injecting greater stability into the country's housing market. Starting in mid-October，the test will ensure would-be homebuyers—some of whom are rushing to gain a foothold in the market amid fears of being priced out down the road—would be able to afford their mortgage if interest rates were to rise.
Monday's announcement received a mixed reaction. Josh Gordon，a professor at Vancouver's Simon Fraser University，described the government measures as prudent. The tax change，he said，sent a clear signal to foreign investors and others looking to speculate on real estate，because it suggests that the federal government does believe that foreign demand is an issue and it's willing to tackle that. Others argued that the shored-up tax requirement would do little to dissuade investors，whether it was foreigners or local people who have been using the exemption to avoid payments on profits earned from selling secondary residences. If people think they can make money on flipping real estate，they will.
1.Canada remedies its tax policy to____.
[A] limit the influx of foreign money into the housing markets
[B] channel investment away from the foamy housing markets
[C] save the housing markets of the cities of Vancouver and Toronto
[D] stop foreign speculators investing in Canada's housing markets
2.The tax loophole allows homeowners to____.
[A] sell their houses at a great profit
[B] put their principal residences on sale
[C] manipulate the housing prices
[D] avoid paying tax for their profit
3.Which of the following expressions can be used to depict today's Vancouver?
[A] Hostility towards outsiders.
[B] Unaffordable housing prices.
[C] Unpretentious lifestyle.
[D] Unbearable detachment.
4.The objective of the stress test is to____.
[A] reduce the housing prices to affordable levels
[B] discourage foreign investors from the market
[C] test homebuyers' ability to pay back mortgage
[D] decrease the cost of renting homes in Vancouver
5.To Josh Gordon，closing the tax loophole will____.
[A] yield both desirable and undesirable results
[B] help to curb foreign and domestic speculation
[C] exempt domestic buyers from paying more money
[D] do little to curb sales of secondary residences
考研必备词汇
其他词汇
1.unassuming 不张扬的，不摆架子的
2.rental 租金
3.shored-up 提高的，有支撑的
4.flipping 迅速变动的
疑难长句注解
Starting in mid-October...were to rise. （第四段）
句中the test指贷款时所做的还贷压力测试，词组gain a foothold in意为“在……挣得一席之地”，the market指房地产市场，be priced out指价格太高买不起，down the road指在价格上涨过程中。
译文
温哥华的房子显示出需求高涨的迹象。加拿大政府宣布了几项措施，旨在给其高烧的住房降温，包括填补一项被某些国外投机者利用的税款漏洞。加拿大各权力部门正面临越来越大的压力，他们需要解决温哥华和多伦多泡沫化的住房市场，在过去十年里，那里的房屋价格都翻了倍。今年早些时候，加拿大总理贾斯丁·特鲁多指出，从亚洲流入的资本是造成房价飞涨的部分原因。
目前，出售其主要住处的加拿大房主不必报告销售情况，或为挣得的任何利润纳税。有些报告显示，某些非本地居民利用了这些免税政策，针对这种情况，政府将对主要住房加大审查力度。
在加拿大经历了20世纪初丑陋的种族主义时期之后，温哥华人谈到这座美丽而不张扬的城市变成世界最贵的城市时感到不安。在温哥华，房价自2005年以来上升了249%，针对非加拿大国民和非永久居民房屋购买者，八月份出台了征收15%的税的政策。这项税使温哥华地区的房屋销售量降低26%，独栋房产的平均价格比上一个月降低了17%。
温哥华市一方面注意着不断上涨的房价，同时也发誓要在2017年对空置房屋出台收税政策，目前正在探讨通过空中食宿这样的网站减少短期租赁费的措施。在周一，加拿大政府说，它将针对有保险的借贷者引进“压力测试”措施，希望为本国房产市场注入更大稳定性。从十月中旬开始，测试将确保如果利率上升，未来的买房者能偿付抵押贷款——他们中有些人因为害怕房价高企后买不起房而冲进房地产市场。
周一宣布的事项引起了各种反应。Josh Gordon是温哥华西蒙弗雷泽大学教授，他称政府的措施是审慎的。他说，税收变化向希望在房地产上投机的外国投资者和其他人发出了一个清晰信号，因为它说明，联邦政府的确认为来自外国的需求是一个问题，它愿意解决这一问题。其他人争辩说，提高税收要求不会吓着投资者，不管是外国人还是当地人，因为这些人一直在利用免税政策，不为因销售二手房获得的利润纳税。如果人们认为自己能从波动的房地产市场挣钱，他们就会这样做。
TEXT 8
AT&T's $85.4 billion purchase of one of America's top media conglomerates could radically reshape the digital economy，making the deal's next step—regulatory review—hugely important to the way consumers access their media. But missing from the process could be the Federal Communications Commission，a key player in the battery of megadeals to hit the market recently.
The Justice Department is likely to analyze whether the transaction could hurt competition，and it could impose requirements on AT&T that might restrain anticompetitive practices stemming from the deal. The FCC，as the nation's top telecom，cable and broadband regulator，could seek to impose different—but no less important—conditions. But the FCC's involvement hinges on whether Time Warner sells certain assets to AT&T.
The FCC generally has a say in acquisitions that involve the sale of assets regulated by the agency. This may include，for example，TV stations owned by one of the two companies. But in Saturday's deal involving AT&T and Time Warner，no such assets may change hands. Time Warner owns just one Atlanta-based TV station，and it has not announced whether the station will be sold to AT&T. The station could be excluded from the deal—which would also eliminate any reason for the FCC to become involved.
The FCC played a central role in overseeing the last megadeal resembling the AT&T-Time Warner tie-up. In 2011，the FCC gave Comcast a green light to acquire NBCUniversal—but only under certain conditions aimed at preventing the combined company from abusing its newfound market power. The Justice Department approved the deal with its own set of conditions.
Any conditions imposed by the Justice Department on the AT&T-Time Warner deal are likely to be structural in nature—perhaps requiring the two companies to sell off some assets，for instance. Antitrust regulators would be more wary of imposing behavioral remedies that seek to shape the business practices of the combined company，said Andrew Schwartzman，a public interest law expert at the Georgetown University Law Center.
Examples of behavioral conditions the FCC might seek include，for example，a ban on AT&T offering Time Warner's content to AT&T's wireless subscribers on an exclusive basis. Or the agency may try to prevent AT&T from exempting Time Warner shows and movies from cellular data caps，a practice known as zero-rating that consumer advocacy groups have targeted as being potentially unfair to other companies. But if the FCC were not involved in reviewing the transaction，many of these behavioral fixes could be left on the cutting-room floor.
1.It is implied in the first paragraph that AT&T's acquisition deal____.
[A] should be carefully reviewed by the FCC
[B] puts Time Warner in a very passive position
[C] will revitalize the entire digital economy
[D] will broaden consumers' access to online media
2.The FCC will be involved in the acquisition deal if____.
[A] Time Warner refuses to sell its TV station to AT&T
[B] the acquisition eliminates competitive practices
[C] AT&T seeks to exclude the Justice Department
[D] the deal involves the sale of telecom and cable assets
3.The “AT&T-Time Warner tie-up” （Para.4） refers to____.
[A] the dilemma faced by the two companies
[B] the control of the market by the two firms
[C] the acquisition of Time Warner by AT&T
[D] the prevention of the acquisition deal
4.Schwartzman has the opinion that____.
[A] the Justice Department is reluctant to get involved in the deal
[B] the Justice Department is unlikely to impose behavioral remedies
[C] the combined company will run well without antitrust regulators
[D] the conditions imposed on the deal will be ignored by the two firms
5.If the FCC were not to review the deal，____.
[A] the combined company might be involved in misconduct
[B] it at least should be present at the time of the transaction
[C] consumer advocacy groups would interfere with the deal
[D] AT&T might ruthlessly violate show and movie copyright
考研必备词汇
其他词汇
conglomerate 联合企业
疑难长句注解
1.But missing from the process...recently. （第一段）
本句的主句部分是一个倒装句，其中the Federal Communications Commission是主语，missing from the process是表语。这里the process指并购过程，player意为“玩家，相关者”，a battery of意为“一批，一连串”，megadeal由前缀mega-加deal合成，指百万亿美元以上的大交易，hit the market指出现在市场上。
2.In 2011，the FCC gave Comcast...market power. （第四段）
词组give green light to意为“为……开绿灯”，即“允许”； Comcast是美国一家通信公司，主营有线电视、电话和宽带等；NBCUniversal是一家传媒公司，acquire意为“兼并”；aimed...power是过去分词短语，作定语修饰conditions；形容词newfound意为“新得到的”，market power指对市场的控制力。
3.Or the agency may try...companies. （第六段）
本句中the agency指the FCC机构；exempt... from意为“免除……做”，cellular data caps指设定手机流量的使用上限；因此prevent...caps是说不让AT&T公司免除（免费）下载或观看时代华纳影视节目的手机流量限制，以防造成不正当竞争。后半句a practice...companies是同位语，指exempting...caps这种做法；其中zero-rating原指由谷歌推出的一种做法，借此进一步扩大Android One的市场：用户可以免费使用Android One某些应用的数据。这里zero-rating泛指让用户免费使用一些应用。
译文
AT&T公司用854亿美元收购美国一家顶级传媒集团，这场交易可能彻底改变数字经济，使得该交易的下一步（监管审查）对消费者使用其网媒的方式变得极其重要。但是，交易过程缺了联邦通信委员会（FCC）的参与，在近期市场上出现的各类超大交易中，它扮演着关键角色。
司法部可能分析交易是否可能伤害竞争，它可能给AT&T强加一些要求，限制由此项交易产生的反竞争做法。作为管理电信、有线网和宽带的国家最高机构，FCC可以强加一些不同的条件——这些条件同样重要。但是，FCC的参与取决于时代华纳公司是否卖给AT&T某些财产。
FCC通常在涉及该机构管辖的财产销售的兼并交易中有发言权。比如，这包括这两个公司拥有的电视台。但是在周六涉及AT&T和时代华纳公司的交易中，没有这样的财产易手。时代华纳公司只拥有一个位于亚特兰大市的电视台，它还没有宣布该电视台是否卖给AT&T。该电视台可能被排除在交易之外——这也可能消除FCC参与其中的理由。
在监管上一次类似AT&T和时代华纳合并的超大交易中，FCC起到了核心作用。在2011年，FCC为康卡斯特开了绿灯，批准它兼并NBC环球集团，但是它必须答应一些条件，这些条件旨在阻止合并后的公司滥用其新市场权力。司法部也提出了自己的一套条件要求，批准了这一交易。
司法部对AT&T公司和时代华纳公司交易强加的任何条件在本质上都可能是结构性的，比如说，要求两个公司卖掉部分财产。Andres Schwartzman是乔治城大学法律中心公共利益法律专家，他说，反托拉斯监管机构更可能谨慎从事，不强加影响合并后公司商业运作的行为纠正措施。
比如，FCC可以强加的行为条件包括：禁止AT&T以专门授权方式把时代华纳的内容提供给AT&T公司的无线网用户，或者FCC可能试图禁止AT&T公司免除（免费）下载或观看时代华纳影视节目的手机流量限制，这种做法被称作零评级，保护消费者的团体反对这样做，因为它对其他公司不公平。但是，如果FCC不参与审查AT&T兼并时代华纳的交易，这些行为纠正措施中有很多可能就被弃之不用了。
TEXT 9
Economic forecasting is a mug's game. One thing that has been learned from the financial crisis and Great Recession is that even those equipped with the most sophisticated models get it wrong, sometimes spectacularly.In all honesty, the future is unknowable and anybody who says otherwise is lying. So, with that caveat, here's what I think might happen.
At some point, a recovery built on booming asset prices, weak growth in earnings and rising personal debt is going to lead to another huge financial crisis—but not in the next 12 months. Instead, 2016 will be a year of living dangerously, papering over cracks and buying time before all the old problems resurface.
The big story of the past month has been the collapse in oil prices, which has taken the price of crude back to levels last seen in 2004. This has two beneficial effects for the global economy. It provides additional spending power for households and businesses that consume energy, and it bears down on inflation. There is always a bit of a delay between oil prices falling and spending going up in response, in part because people want to be sure that the lower costs are going to stick. With no sign that the oil cartel, Opec, has the political will to agree production curbs, it is quite possible that prices could continue to fall.
The impact of that will be to keep inflation lower than any of the world's major central banks are anticipating.Policymakers at the US Federal Reserve, the Bank of England and the European Central Bank （ECB） insist they “look through” rises and falls in oil and other commodity prices and make their interest rate judgments on the basis of what is happening to core inflation, which excludes energy and food costs. But it is harder to raise interest rates if, for whatever reason, inflation continues to undershoot official forecasts. More importantly, there is evidence that a fall in inflation caused by cheaper oil has an effect on wage bargaining.
That matters because central banks are looking for signs of wage inflation picking up as a result of years of steady growth and falling unemployment. If wage inflation does not go up, there is less of a reason to raise the cost of borrowing. So both inflation and interest rates will stay lower for longer than currently anticipated. The Fed raised interest rates for the first time in almost a decade earlier this month, but will be extremely cautious about its next move. The Bank of England will hold off from its first move. Cheap money will boost both borrowing and—for a time—growth.
1.The word“caveat”（Para. 1） probably means____.
[A] warning
[B] prediction
[C] honesty
[D] knowledge
2.2016 will be a year of living dangerously because____.
[A] economic growth will suffer serious setbacks
[B] many economic problems will lie unsolved
[C] consumers will use money to buy time, not goods
[D] the price of crude oil will continue to fall
3.Lower oil price leads to____.
[A] lower interest rate
[B] lower wage fluctuation
[C] lower inflation
[D] lower economic growth
4.Which of the following is more directly linked to interest rate increases?
[A] Rising commodity prices.
[B] Falling oil price.
[C] Falling unemployment.
[D] Rising core inflation.
5.The author's economic forecasting is characterized by____.
[A] short-term pessimism
[B] long-term pessimism
[C] both short-term and long-term pessimism
[D] both short-term and long-term optimism
考研必备词汇
其他词汇
1.mug's game 徒劳无益的活动
2.caveat 警告，谨慎
3.paper over 掩藏，虚饰
4.cartel 卡特尔，联合体
5.undershoot 未进入（区域）
疑难长句注解
1.There is always a bit of a delay...going to stick. （第三段）
本句中，in response意为“做出反应”，这里是说支付能力增强是对油价下降做出的反应；lower costs指更低的购买成本或生活成本，因为原油属于基础材料，这里所说的lower cost并非指原油价格本身的下降，而是指由于原油价格下降造成其他东西生产成本的下降；stick此处意为persist or endure（持续，保持）。
2.Policymakers at the US...food costs. （第四段）
本句中，词组look through意为“从头看完，仔细查对”，core inflation指剔除能源和食品价格之后的通货膨胀。
3.So both inflation and interest rates...anticipated. （第五段）
本句中有两个比较级，一是lower，二是longer，根据上下文，than currently anticipated应该指“比预测的时间更长”，而不是“比预测的数字更低”。
译文
经济预测是一个白费力气的事情。金融危机和大衰退给我们的一个教训是，即使那些创造出最复杂经济模型的人也会出错，有时错误还相当大。坦率地讲，未来是不可知的，说可知的人都在撒谎。所以，带着这样的警告，这里我想做一个预测。
在某个时间点上，建立在资产价格高涨、商业利润偏弱、个人债务上涨基础之上的经济复苏，将导向另一场大的金融危机——但是这不会在未来12个月中发生。相反，2016年将是伴随危险生活的一年，虚掩一些爆裂点，换取时间，最终所有的老问题都会重新浮现出来。
过去一个月最大的看点是油价的崩溃，把原油价格一下子带回2004年的水平。这对全球经济有两个有益的影响。它为消费能源的家庭和公司提供了额外的支付能力，压低了通货膨胀。油价的下降和支付能力上涨的反应之间总是存在一些时差，部分是因为人们想要确认低成本是否能持续。没有迹象表明，石油卡特尔Opec有赞同削减原油生产的政治意愿，因此油价可能会继续下跌。
其影响将是，通货膨胀将低于世界上任何一家中央银行对它的预测。政策制定者——比如美联储、英格兰银行、欧洲中央银行坚持说，他们“紧盯”油价的上下波动和其他商品价格，根据核心通货膨胀（不包括能源与食品成本价格）做出利率上的判断。但是，不管什么理由，如果通货膨胀继续达不到官方预测的区域，更难做出提高利率的决定。更重要的是，有证据表明，由更廉价的石油导致的低通货膨胀会影响工资的协商。
这一点很重要，因为中央银行正在寻找迹象，看一看多年的持续增长和失业率的下降是否造成了工资膨胀。如果工资膨胀没有上升，就没有理由提高借贷成本。因此，通货膨胀和利率都会在比现在预测的更长的时间段内保持较低水平。上个月美联储在经过近十年后再次提高了利率，但是下一次行动它会特别谨慎。英格兰银行将拖延其第一次加息行动。更便宜的货币将促进借贷并在一定时间内提高经济增长。
TEXT 10
When the Federal Reserve hiked interest rates in December 2015 for the first time in nearly a decade, Fed Chair Janet Yellen said the takeaway for the average American is the U.S. economy is improving.“The first thing that Americans should realize is that the Fed's decision today reflects our confidence in the U.S. economy,” she said in a news conference. “While things may be uneven across all regions of the country, we see an economy on a path of sustainable improvement.”
Beyond the psychological signal, the Fed's unanimous decision to increase its key federal funds rate to 0.25 percent—up from at or near zero percent—changes what banks charge each other for overnight loans. Because banks and other lenders use the Fed benchmark to determine the rate on loans from mortgages to credit cards, consumers will see a difference, albeit a small one.After years of making little return on loans, banks are expected to raise rates on loans more rapidly than on deposits. So, savings accounts that currently earn a fraction of a percent in interest are unlikely to pay more anytime soon, analysts said.
Homeowners with fixed-rate mortgages won't see any change in their monthly payments, but a borrower with an adjustable-rate mortgage is likely to see an increase at the next adjustment.Mortgage rates, which had inched higher in anticipation of the Fed move, were largely unchanged in the most recent Primary Mortgage Market Survey by Freddie Mac, which found the 30-year fixed-rate mortgage averaged 3.96 percent in the week ending Dec.24, down slightly from the previous week.“Long-term interest rates will not spike in response to the Federal funds rate increase,” said Sean Becketti, Freddie Mac's chief economist, in a statement. “While we expect the 30-year mortgage rate to be above 4 percent in early 2016, we anticipate rates will gradually increase, averaging 4.4 percent for the year.”
Car buyers are also unlikely to feel a short-term impact from the Fed's rate hike, said Jessica Caldwell, director of industry analysis at Edmunds.com.She believes automakers will spend money to subsidize low rates, which have been credited for helping auto sales score what's expected to be a record year in 2015.“We don't expect auto loan rates to rise in the near term, especially with automakers continuing to offer successful low-APR promotions,” said Caldwell. “More and more shoppers have been drawn in by these low interest rates. So, as long as they continue to respond to these deals, automakers will do everything in their power to continue offering them.”
1.The main message in what Yellen said is that interest rate hikes_____.
[A] will benefit ordinary Americans more than companies
[B] will bring different regions into more even development
[C] are a strong psychological signal of economic confidence
[D] give banks more freedom to charge each other on loans
2.Federal funds rate clearly governs_____.
[A] overnight lending rate between lenders like banks
[B] the income earned from investing in various funds
[C] the small difference in return of different loans
[D] the interest earned from deposits of savings accounts
3.The reason why mortgage rates won't change much is that_____.
[A] most mortgage has been done at adjustable rates
[B] fixed-rate mortgage dominates mortgage market
[C] Freddie Mac has tried to keep mortgage balanced
[D] the rates had risen before the interest rates hikes
4.Car sales have reached a record height owing to_____.
[A] the Fed's interest rate hike
[B] low interest promotions
[C] improved sale service
[D] availability of auto loans
5.In the last sentence of the text, the word“them” refers to_____.
[A] automakers
[B] car deals
[C] low interest rates
[D] auto sales
考研必备词汇
其他词汇
spike 骤升
疑难长句注解
1.After years of making little...deposits. （第二段）
本句中，名词return意为“投资收益，利润”，return on loans指贷款收益；rates on loans指贷款利率，rates on deposits指存款利率。根据下一句，本句的意思是说存款利率基本保持不变，提高贷款利率。
2.She believes automakers will...in 2015. （第四段）
动词credit这里意为“把……归于”，be credited for指把for后面提到的事情归功于主语部分提到的人或事情；score本来的意思是“得分”，score a record year指达到了创纪录的一年。
译文
当美联储在2015年12月在将近10年后第一次提高利率时，美联储主席珍妮特·耶伦说，对普通美国人来说，从中得到的信息是，美国经济正在向好的方向发展。“美国人应该首先意识到，美联储现在的决定反映了我们对美国经济的信心，”她在一次新闻发布会上说，“虽然全国各地区可能存在不平衡，但是我们看到经济走向了可持续改进的道路。”
除了发出的心理信号外，美联储一致决定将主要联邦基金利率从零或接近零提高到0.25%，这改变了银行间隔夜拆借的收费。因为银行和其他贷方使用美联储基点来决定从抵押到信用卡的贷款利率，消费者将看到差额，尽管差额不大。在贷款几乎不赚取利润的多年后，银行能期望把贷款利率提得比存款利率更高。因此，分析家说，目前只赚取一点点利率的储蓄账户在短期内不大可能挣更多利息。
靠固定利率抵押贷款买房的人在月供上不会看到有任何变化，但是靠可调整利率抵押贷款买房的人可能在下次调整时看到利率的增长。由于预测到美联储要采取加息行动，抵押利率已经有小幅提高，从房地美最新的初级抵押市场调查来看，抵押利率在很大程度上没有产生变化，调查显示，30年固定利率抵押贷款在24日结束的那一周平均数是3.96%，比上一周稍微下降。“长期利率不会因为联邦基金利率的提高而上升，”房地美总经济师Sean Becketti在一份声明中说，“虽然我们期望30年抵押利率在2016年初超过4%，但是我们预测它将逐渐增长，整年平均利率达到4.4%。”
Jessica Caldwell在Edmunds.com负责产业分析，她说，买车的人也不可能感觉到美联储加息带来的短期影响。她认为汽车制造商将花钱补贴低利率——低利率被认为帮助汽车销售额在2015年达到创纪录的最高年度。“我们不期望汽车贷款利率在短期内上升，特别是因为汽车制造商继续会提供成功的低年利率促销活动，Caldwell说，越来越多买车的人被这些低利率所吸引。所以，只要汽车制造商继续对这些交易做出反应，他们将尽全力提供它们。
TEXT 11
Made in the USA is making a comeback. Climbing out of the recession, the U.S. has seen its manufacturing growth outpace that of other advanced nations. American workers are busy making things that customers around the world want to buy—and defying the narrative of the nation's supposedly inevitable manufacturing decline.
The past several months alone have seen some surprising reversals. Apple decided to assemble one of its Mac computer lines in the U.S. Walmart said it would pump up spending with American suppliers by $50 billion over the next decade. And Airbus will build JetBlue's new jets in Alabama.
Some economists argue that the gains are a natural part of the business cycle, rather than a sustainable recovery in the sector. But I would argue that the improvements of the last three years aren't a blip. They are the sum of a powerful equation refiguring the global economy. U.S. factories increasingly have access to cheap energy thanks to the increased availability of oil and gas. For companies outside the U.S., it's the opposite: high global oil prices translate into costlier fuel for ships and planes. And about those low-cost plants: workers from China to India are demanding and getting bigger paychecks, while U.S. companies have won massive concessions from unions over the past decade. Suddenly the math on outsourcing doesn't look quite as attractive.
Today's U.S. factories aren't the noisy places where your grandfather knocked in four bolts a minute for eight hours a day. Dungarees and lunch pails are out; computer skills and specialized training are in, since the new made-in-America economics is centered largely on cutting-edge technologies. The trick for U.S. companies is to develop new manufacturing techniques ahead of global competitors and then use them to produce goods more efficiently on superautomated factory floors. These factories of the future have more machines and fewer workers. The bar will only get higher: Some experts believe it won't be too long before employers will expect a four-year degree—a job qualification that will eventually be required in many other places around the world too.
Understanding this new look is critical if the U.S. wants to nurture manufacturing and grow jobs. There are implications for educators as well as policy-makers. “Manufacturing is coming back, but it's evolving into a very different type of animal than the one most people recognize today,” says James Manyika, a director at McKinsey Global Institute who specializes in global high tech. “We're going to see new jobs, but nowhere near the number some people expect, especially in the short term.” Still, if the U.S. can get this right, though, the payoff will be tremendous.
1.The good news is that_____.
[A] America has climbed out of the recession
[B] the manufacturing sector is recovering
[C] America still leads other advanced nations
[D] customers want to buy American goods
2.The author differs from other economists in that he insists_____.
[A] the manufacturing growth is a sustainable recovery
[B] cheap oil price is the main cause for the recovery
[C] reduced labor cost has saved American economy
[D] a strong union is behind the improvements in business
3.The word “equation” （Para. 3） probably means_____.
[A] a formula in mathematical model of economy
[B] a complex of variable elements or factors
[C] an obstacle that stands in the way of growth
[D] a calculation about the future economic trend
4.Sustainable growth in manufacturing can only be brought about by_____.
[A] lower cost of labor
[B] lower energy prices
[C] more machines but fewer workers
[D] the latest techniques
5.The author concludes the discussion by saying_____.
[A] one should not expect too much of the manufacturing growth
[B] tremendous investment is needed to sustain the present growth
[C] U.S. firms should make the best use of the current situation
[D] not many people have realized the importance of the new situation
考研必备词汇
其他词汇
1.blip 暂时现象
2.refigure 改进，恢复
3.bolt 螺栓
4.dungaree 粗棉工装
疑难长句注解
1.American workers are busy...decline. （第一段）
本句中，narrative指唱衰美国制造业的那些言论，defy the narrative并非指有意识地对抗这些言论，而是说“使这些言论不攻自破”；supposedly可以译成“所谓的”，supposedly inevitable manufacturing decline指某些人认为制造业必然走向衰退。
2.They are the sum of...global economy. （第三段）
本句中，equation指complex of variable elements or factors（综合性因素），refigure意为improve或restore，即“改进，恢复”。
3.And about those low-cost plants...past decade. （第三段）
本句主要从低劳动力成本的角度分析了美国制造业的回归。先进国家的制造业搬迁到发展中国家，是因为那里劳动力成本低。但是形势已经起了变化，在中国和印度，劳动力成本提高了。另外，在美国，公司和工会组织已经达成了妥协，比如工会答应不再罢工要求增加工资，这进一步降低了劳动力成本。
4.Suddenly the math on outsourcing...attractive. （第三段）
本句中，math不是指“数学”，因为本段上文在谈劳动力成本，这里the math on outsourcing应该指外包的成本，“没有吸引力”，指成本不再低，乃至于把零部件的制造外包到发展中国家的企业已经无利可图。
5.Dungarees and lunch pails...technologies. （第四段）
本句中，be out意为“过时，退出”，be in意为“入场，流行”；be centered on意为“集中于”。
译文
“美国制造”又回来了。美国正在爬出衰退，它看到其制造业增长的速度超过了其他发达国家。美国工人正忙着制造世界各地的顾客想购买的东西，这驳斥了所谓制造业不可避免衰退的论调。
仅仅过去几个月就已经看到了一些惊人的逆转。苹果公司决定在美国安装其Mac计算机生产线，沃尔玛说，它将在未来10年内增加500亿美元购买美国供应商的产品。空客公司将在亚拉巴马州建造新型JetBlue飞机。
一些经济学家争辩说，这一增长是商业周期的一个自然部分，而不能反映制造业领域的持续复苏。但我的论点是，过去三年的改观不是稍纵即逝的现象。它们是重建全球经济的各种综合力量导致的结果。由于获得油气的渠道增加，美国工厂越来越能获得廉价能源。对美国的海外公司来说，情况恰恰相反：全球范围的高油价转化为飞机和轮船运输的高成本。而且，那些所谓的低成本工厂又怎么样呢？中国和印度工人正在要求和得到更高的工资，而美国的公司在过去10年里却从工会那里得到很多妥协。突然，外包从成本上来说变得没有吸引力了。
今天，美国的工厂不再是喧闹的处所，过去，你的祖父在那里每分钟安装四个螺栓，每天工作八小时。粗布工作装和午餐盒也不存在了；计算机技能和专门培训是必需的，因为新的“美国制造”经济在很大程度上集中于各种尖端技术。美国公司的秘诀是领先全球竞争者发展新的制造技术，然后用这些技术在超级全自动生产的厂房内更有效地生产货物。这些未来的工厂有更多的机器，更少的工人。要求的条件只能更高：某些专家认为，雇员很快就会被要求有四年本科学位——这种从业资格最终也会成为许多其他国家的要求。
如果美国想要培育自己的制造业，增长就业岗位，了解这一新的形势就是至关重要的。这对教育工作者和政策制定者都有重要含义。“制造业正在复苏，但是它也正在演化成一个不同于多数人今天所了解的物种，”James Manyika说，他是麦肯锡全球研究所的所长，专门研究高科技领域。他说，“我们将会看到就业岗位的增加，但是人们不要期望增长太多，特别是在短期内。”虽然如此，如果美国能抓住这个机会，它所得到的回报将是巨大的。
TEXT 12
Jeff Bezos, founder and CEO of e-commerce giant Amazon, has decided to use his personal fortune to purchase the Washington Post newspaper for $250 million. The news falls hard upon the announcement that another iconic American paper—the Boston Globe—was sold to John W. Henry, the billionaire owner of baseball's Boston Red Sox. And world-famous investor Warren Buffett has spent the past couple of years buying up newspapers such as the Winston-Salem Journal and the Richmond Times-Dispatch.
According to the Pew Research Center, for every $16 newspapers are losing in print revenue, they gain just $1 in digital revenue. So why are some of America's sharpest businessmen falling over themselves to get a piece? Of the three, Buffett has the clearest case. In his most recent letter to Berkshire Hathaway shareholders, Buffett explained his interest in the newspaper business,arguing that though the industry as a whole is in serious trouble, there's still room for newspapers with monopoly businesses in small towns, as long as they stick to delivering local news that readers can't find anywhere else.
The Boston Globe and the Washington Post certainly don't fit this description, however. They're both big-city broadsheets with large cost structures and, until recently at least, aspirations for covering global events. So why is a guy like Bezos buying such a quintessentially pre-Internet company? One would assume that a man of his track record would be looking to shake things up and find profits in this long-declining industry. But his letter to Washington Post employees tells a different story. Writes Bezos: The values of the Post do not need changing. The paper's duty will remain to its readers and not to the private interests of its owners. The Post already has an excellent leadership team. He goes on to write, “Journalism plays a critical role in a free society, and the Washington Post—as the hometown paper of the capital city of the United States—is especially important.”
These are the words not of a pitiless capitalist, it would seem, but of a philanthropist who's committing his money to protect a public good. Of course even philanthropists don't give their money away entirely without regard to their own self-interest. Ownership of a major American newspaper will give Bezos even more access to America's political and intellectual class, and will give him forum in which to push his own political views.
So whether you're a Warren Buffett who's picking up newspapers for profit, or a Jeff Bezos whose motives appear to be more complicated, the fact remains that newspapers still play a significant if waning role in American life.
1.The Boston Globe deal took place_____.
[A] because it was stimulated by the Post purchase
[B] before the purchase of the Washington Post
[C] by copying the purchase of the Washington Post
[D] encouraged by Buffett's purchase of two newspapers
2.Buffett's case is mentioned to show_____.
[A] newspaper as an industry is on the irrevocable decline
[B] readers' interests are the only important thing to a newspaper
[C] even the shrewdest businessman can make silly investment
[D] businessmen see opportunity where ordinary people do not
3.Bezos's purpose in the purchase is to_____.
[A] save the newspaper from going bankrupt
[B] restore the newspaper's profit-making ability
[C] work with the employees to create a free society
[D] take advantage of the newspaper's social prestige
4.Bezos is different from Buffet in_____.
[A] their idea of what newspaper can do for the society
[B] their relationship with the employees and colleagues
[C] their intention of making the newspaper purchase
[D] their ability to generate profits in a declining industry
5.Both Bezos and Buffett base their decisions on the fact that_____.
[A] the newspaper still has important influence on people's life
[B] America's political and intellectual class still reads newspapers
[C] the newspaper as an industry is not on a declining course yet
[D] some national newspapers are more popular than local ones
考研必备词汇
其他词汇
1.fall over oneself 过度地表现出狂热
2.broadsheet 大幅纸张
3.quintessentially 典型地,本质上
4.track record 成绩记录
疑难长句注解
1.In his most recent letter...anywhere else.（第二段）
本句中，Berkshire Hathaway是巴菲特创立的公司名称；room这里指发展空间；with monopoly businesses是定语，修饰newspapers，即有垄断业务的报纸；词组stick to意为“坚持，持续”，deliver意为“传送”。
2.They're both big-city...global events.（第三段）
在本句中，broadsheet这里指大版面的报纸，一般认为比小版面的报纸更重要；large cost structures是说报纸印制成本高，aspirations与structures并列，都作介词with的宾语；for covering global events是定语，修饰aspirations。
3.One would assume that...industry.（第三段）
在本句中，track record指成绩优异，look to意为“指望，期望”，shake thing up指对公司等进行重新改组。
4.So whether you're a Warren...American life.（第五段）
本句中，pick up这里指“购买，收购”；that引导的从句作the fact的同位语，因为谓语（remains）较短，故分开，形成分裂式修饰，以避免头重脚轻；if waning是插入成分，跟significant一样都修饰role。
译文
杰夫·白佐斯是电子商务巨头亚马逊的创建人和CEO，他决定使用他的个人财富以2.5亿美元买下《华盛顿邮报》。这一消息紧随另外一个声明：美国的另一份偶像报纸《波士顿环球报》卖给了约翰·W·亨利，波士顿红袜橄榄球队的亿万富翁主人。而且，世界著名投资商沃伦·巴菲特在过去的几十年中一直在购买报纸，包括《温斯顿沙勒姆报》和《里士满时讯报》等。
根据皮尤研究中心的统计，报纸在纸媒上的收入每损失16美元，它们在数字媒体上只能挣回1美元。因此，为什么美国最精明的商人热衷于收购一份报纸呢？在这三个人中，巴菲特最能说明问题。在他最近给伯克希尔·哈撒韦公司股东们的一封信中，他解释了自己为什么对报业感兴趣，他争辩说，虽然报业整体处于严重困境中，但小城镇有垄断业务的报纸仍然有商业发展空间，只要它们坚持发布读者在其他地方得不到的当地新闻。
可是，《波士顿环球报》和《华盛顿邮报》当然不属于这一类型。它们都是大城市的大版面报纸，有很大的成本结构，至少到最近为止，它们都期望报道全球事件。为什么像白佐斯这样的人会购买典型的前互联网时代的公司呢？人们也许认为，像他这种成绩卓著的人会指望进行大张旗鼓的改革，从长期衰落的行业里寻找利润。但是他写给《华盛顿邮报》雇员们的一封信却道出了另外的理由。白佐斯写道：《华盛顿邮报》的价值观不需要改变。这份报纸的义务仍然是满足读者的需要，而不是满足其所有者的个人利益。它已经有优秀的领导团队。他继续写道，“新闻业在自由社会中扮演至关重要的角色，《华盛顿邮报》是美国首都的报纸，其作用尤其重要。”
这些不是无情的资本家说的话，更像是一位投钱保护公共利益的慈善家说的话。当然，即使慈善家也不会把钱整个送掉而不考虑其自身利益。拥有美国报纸将给白佐斯更多机会接触美国的政治和知识阶层，给他一个推广其政治主张的论坛。
因此，不管是为获得利润而购买报纸的巴菲特，还是其动机似乎更复杂的白佐斯，事实都是一样的：报纸仍然在美国人的生活中起着重大作用——虽然其重要性正在下降。
TEXT 13
Supermarket chiefs need to take drastic action by shutting one in five of their stores if the financial health of the mainstream grocery chains is to recover from the damage being wreaked by altered shopping habits and the onslaught of the discounters, according to analysts at Goldman Sachs. A large closure programme is the only viable solution to bring about a return to profitable growth for the UK supermarket industry. With 56% of Tesco's stores bigger than 40,000 sq ft, the report concludes the market leader has the biggest problem on its hands.
Profits at the three listed chains, Tesco, Sainsbury's and Morrisons, have gone into reverse as weak food sales are exacerbated. Further pressure is coming from structural changes in the market such as the growth of online and convenience store retailing. Last week Sainsbury's reported a first half loss of ￡290m as it counted the cost of pulling the plug on 40 new supermarket projects.
Goldman Sachs analyst Rob Joyce was gloomy about the ability of the major players to bounce back if the fight was based on price cuts alone. “We believe that any major price investments by Morrisons, Sainsbury's or Tesco can be exceeded by the discounters,” he wrote. The unhealthy industry dynamic prompted him to predict large stores would suffer sales declines of 3% a year until 2020, unless the big chains embrace the need for major surgery.
Last week the Wal-Mart-owned grocer reported its biggest sales decline in eight years with like-for-like sales down 1.6% in the three months to 30 September. Asda boss Andy Clarke blamed the intensifying price war and a blizzard of discount vouchers for the deterioration: “A new reality is upon us and, although we were the first to adapt, we need to do everything to remain ahead of our traditional competitors while removing reasons for customers to go to the small discount shops.”
Goldman Sachs recommended investors sell Tesco and Sainsbury's shares but should buy Morrisons, arguing the Bradford-based grocer has fewer large stores on its hands than its listed rivals. The investment bank also argues that Morrisons boss Dalton Philips has taken the “most aggressive steps” to address market share losses by combining big price cuts with a major cost cutting drive. The picture is bleaker at Tesco, which is still reeling from the accounting scandal that exposed a ￡263m hole in first-half profits. “We believe structural shifts away from large stores means over-spacing and not price is its biggest problem,” said Joyce who thinks its shares have further to fall, with a price target of 155p compared with yesterday's close of 192.7p.
1.Tesco has been hardest hit by the effect of_____.
[A] changed shopping habits and discount stores
[B] the large closure programme to be executed
[C] the damage done by the financial difficulties
[D] the drastic action taken by supermarket executives
2.By saying profits “have gone into reverse”, the author means_____.
[A] profits have suffered a serious decline
[B] the businesses stop making any profits
[C] the prospect of the businesses is gloomy
[D] the values of businesses have gone down
3.Rob Joyce is of the opinion that_____.
[A] big supermarkets should fight together
[B] enough investments will yield enough profits
[C] offering discounts can not save the stores
[D] large stores should break into smaller ones
4.It's implied that Asda has to combat falling sales by_____.
[A] pushing up prices[B] plunging into price war
[C] reviving traditional sales[D] cooperating with competitors
5.Morrisons fares better owing to its_____.
[A] willingness to share profits
[B] ability to run larger stores
[C] immunity from accounting scandal
[D] capital spending plans
考研必备词汇
其他词汇
1.pull the plug on 取消
2.blizzard 暴风雪；大量
3.reel 蹒跚而行，摇晃
疑难长句注解
1.Supermarket chiefs need...Goldman Sachs.（第一段）
本句是一个包含条件从句的主从复合句。在if从句中，the mainstream grocery chains指Tesco等大型连锁超市，wreak damage （with）意为“造成破坏”，altered shopping habits指第二段提到的顾客转向网络购物，onslaught of the discounters指小型打折店对大型超市的冲击。
2.The unhealthy industry...major surgery.（第三段）
本句中，the unhealthy industry dynamic指大型超市盲目扩张，扩大经营面积。在Rob Joyce看来，这造成了超市行业不健康发展，因此他认为大型连锁超市需要“动大手术”（major surgery）来解决这一问题。
译文
高盛分析师指出，购物习惯的改变和打折店的围攻给主流零售连锁店的资金状况造成损伤，如果想恢复资金状况，超市主管们需要采取果断行动，关闭他们1/5的商店。对英国超市行业来说，要想恢复盈利性成长，大规模地关闭计划是唯一可行的解决方案。Tesco有56%的商店经营面积大于4万平方英尺，报告得出结论，这个超市领头羊手头上的问题最大。
随着原已很弱的食品销售变得更糟，Tesco, Sainsbury's和Morrisons这三家上市连锁店进入亏损状态。进一步的压力来自市场的结构变化，比如在线零售和便利店零售的增长。上周，在计算了取消其40个新开超市项目的成本后，Sainsbury's报告说，其上半年亏损达到2.9亿英镑。
对于这些大玩家单靠降低价格来恢复盈利的能力，高盛分析师Rob Joyce表示很悲观。他写道：“我们相信，Morrisons, Sainsbury's或Tesco在价格上的任何重大投入，都会被打折店超过。”不健康的行业动态促使他做出预测：如果大连锁店感觉不到动大手术的必要性，他们的大商店直到2020年将每年遭受3%的销量下降。
上周，沃尔玛拥有的零售商报告了它8年来销售额最大的下降，其本期销售额在9月30日之前的3个月里下降1.6%。Asda的老板Andy Clarke指责说，愈演愈烈的价格战和打折券风暴造成了形势的恶化：“一个新的现实降临到我们头上，虽然我们是第一个做出调整的，我们需要全力以赴以便保持在传统竞争对手的前面，同时，我们需要消除那些使顾客走向小打折店的理由。”
高盛建议，投资者卖掉Tesco和Sainsbury's的股票，但应该买入Morrisons的股票，他们争辩说，这个总部设在布拉德福德的零售商手上的大商场比其他上市对手少。投资银行也辩称，Morrisons的老板Dalton Philips已经采取了“最大胆的步骤”，把大幅度削减价格和大幅度降低成本结合起来，来应对市场份额的丧失。Tesco的前景更加暗淡，在其上半年的利润中爆出2.63亿英镑的漏洞，这一会计丑闻仍然让它头痛不已。Joyce说：“我们相信，大商场模式已经被抛弃，这种结构变化意味着，过分扩展空间——而不是价格才是其最严重的问题。”他认为，Tesco的股价将进一步下跌，昨日收盘价是192.7p，下跌目标价位是155p。