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Passage 2 With euro hills and coins now circulating across much of Europe, the European Monetary Union is fully in place. The post-World War Ⅱ European leaders’ dream of an economically and politically unified continent is one large step closer to realization, and membership in the monetary union could easily grow to 20 or more countries from the current 12 as the larger European Union expands to the east. A fully operational European Monetary Union does not come, however, with a guarantee of success. There is one enormous problem: This union creates a single monetary policy for a group of quite different national economies that often experience divergent business-cycle patterns. As long as business-cycle conditions differ significantly among European Monetary Union countries, there is no way for the central bank’s policies to avoid creating serious problems for some members. The patterns of economic ups and downs remain far more diverse in the European Monetary Union countries, and it is not clear that this will change soon. The designers of the monetary union thought that the imposition of a single monetary policy, combined with free trade among the members, would cause cyclical conditions to converge quickly, producing a unified group of economies. A 1997 agreement also limits the power of the individual nations in the European Monetary Union to use government spending or tax cuts to ease national downturns. They can be fined if they run budget deficits of more than 3 percent of their gross domestic products. No fines have been levied yet, but the threat is there. Even if the economies of the original European Monetary Union members become more similar in their cyclical behavior, it will take far longer for the convergence to include the new member nations expected to come in within the next 10 or 15 years. The chances for consensus on the Governing Council, however thin now, will become far more distant with more members representing divergent national economies. And the larger nations, like Germany, France and Italy, might well resent the power of representatives from much smaller nations to outvote them on monetary policy. All of this does not mean that the European Monetary Union is likely to fail. But clearly the arrival of the euro as the standard currency does not guarantee the union’s success. According to Para. 1, which of the following is true
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Passage 1 In a breath-taking turn of events, Asia’s economies have gone from miracle to meltdown in a matter of weeks. Many forecasters who recently predicted GDP growth of 6% in South Korea and southeast Asia for 1998 are suddenly projecting zero or even negative growth. In tine often short-sighted world of international finance, a new conventional wisdom is quickly forming: that inept policy-making is dragging down Asian economies, and that only the tough austerity medicine of the International Monetary Fund, plus a good stiff recession, will bring the region’s economies back to track. In recent years, foreign and domestic investors in East Asia got a touch of what U.S. Federal Reserve Chairman Alan Greenspan has famously termed irrational exuberance. Spurred by years of high economic growth in Asia, these investors poured billions of dollars of loans into the region, financing many worthwhile investments but also an unsustainable real estate boom. This over-investment need not have caused a crisis. A healthy reaction would involve a gradual cutback in foreign lending, a gradual weakening of Asia’s overvalued currencies and gradual shift of investments from over-inflated property sectors back to longterm export-oriented projects. Most short-term booms are brought down to earth without extreme crisis, and such an adjustment was the most likely scenario until the summer in 1997. In the event, Asia experienced a financial meltdown. A gradual withdrawal of funds from Thailand suddenly became a stampede. Thailand’s government dallied in responding to the overheating long after it had become apparent, and as a result squandered Thailand’s foreign exchange reserves in a misguided attempt to defend the overvalued bat. The stampede came when foreign creditors realized that Thailand had more short-term foreign debts than the remaining short-term foreign reserves. A "rational" panic began. Each investor started to dump assets simply to get out of Thailand ahead of other investors. The chain reaction of nervous withdrawals led to a meltdown that now includes most of East Asia. Confidence has been so drained that Asia’s positive "fundamentals"--historically high rates of growth, savings and exports--are being overlooked. Economies rely on confidence, and what they most need to fear is, indeed, fear itself. What is the most appropriate title for this passage
The way people hold to the belief that a fun-filled, painfree life equals happiness actually reduces their chances of ever attaining real happiness. If fun and pleasure are equal to happiness, then pain must be equal to unhappiness. But in fact, the opposite is true: more often than not things that lead to happiness involve some pain. As a result, many people avoid the very attempts that are the source of true happiness. They fear the pain inevitably brought by such things as marriage, raising children, professional achievement, religious commitment (承担的义务), self improvement. Ask a bachelor (单身汉) why he resists marriage even though he finds dating to be less and less satisfying. If he is honest he will tell you that he is afraid of making a commitment. For commitment is in fact quite painful. The single life is filled with fun, adventure, excitement. Marriage has such moments, but they are not its most distinguishing features. Couples with infant children are lucky to get a whole night’’s sleep or a three-day vacation. I don’’t know any parent who would choose the word "fun" to describe raising children. But couples who decide not to have children never know the joys of watching a child grow up or of playing with a grandchild. Understanding and accepting that true happiness has nothing to do with fun is one of the most liberating realizations. It liberates time: now we can devote more hours to activities that can genuinely increase our happiness. It liberates money: buying that new car or those fancy clothes that will do nothing to increase our happiness now seems pointless. And it liberates us from envy: we now understand that all those who are always having so much fun actually may not be happy at all. From the last paragraph, we learn that envy sometimes stems from ______.
The boy _____ there is my younger brother .
Passage 3 It can be argued that much consumer dissatisfaction with marketing strategies arises from an inability to aim advertising at only the likely buyers of a given product. There are three groups of consumers who are affected by the marketing process. First, there is the market segment-people who need the commodity in question. Second, there is the program target-people in the market segment with the "best fit" characteristics for a specific product. Lots of people may need trousers, but only a few qualify as likely buyers of very expensive designer trousers. Finally, there is the program audience all people who are actually exposed to the marketing program without regard to whether they need or want the product. These three groups are rarely identical. An exception occurs occasionally in cases where customers for a particular industrial product may be few and easily identifiable. Such customers, all sharing a particular need, are likely to form a meaningful target, for example, all companies with a particular application of the product in question, such as high-speed fillers of bottles at breweries. In such circumstances, direct selling (marketing that reaches only the program target) is likely to be economically justified, and highly specialized trade media exist to expose members of the program target--and only members of the program target--to the marketing program. Most consumer-goods markets are significantly different. Typically, there are many rather than few potential customers. Each represents a relatively small percentage of potential sales. Rarely do members of a particular market segment group themselves neatly into a meaningful program target. There are substantial differences among consumers with similar demographic characteristics. Even with all the past decade’s advances in information technology, direct selling of consumer goods is rare, and mass marketing--a marketing approach that aims at a wide audience--remains the only economically feasible mode. Unfortunately, there are few media that allow the marketer to direct a marketing program exclusively to the program target. Inevitably, people get exposed to a great deal of marketing for products in which they have no interest and so they become annoyed. The author suggests which of the following about direct selling
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