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Directions: Write a composition of no less than 300 words based on the information provided below on your ANSWER SHEET:Trump tax cut:US President Donald Trump has hailed sweeping tax reforms after they were given final approval by Congress, despite fierce criticism by Democrats. “We are making America great again,” a jubilant Mr. Trump said. He is expected to sign his first major legislative achievement—the biggest rewrite of the US tax code in a generation—in the coming days.The bill slashes taxes for corporations and the wealthy, while offering mixed, temporary relief to working people. Democrats have labelled the Republican tax bill “government for sale”, with prominent Senator Elizabeth Warren describing it as a “heist” (heist: robbery, the act of stealing).Hosting Republican leaders at the White House, President Trump said: “This will indeed be a very big day when people look back at our country.” He thanked congressional leaders for pushing through what he called “the largest tax cut in the history of our country”. Republican House Speaker Paul Ryan praised Mr. Trump’s “exquisite presidential leadership” for the success of the bill.There are debates on Trump’s tax cut. Surely, some hold positive views and some negative. Please provide your views or analysis on Trump tax cut. (You may add a title suitable for your composition.)

Section B: Chinese to English (20 points)Translate the following text into English. Write your translation on your ANSWER SHEET.41. 最近，国际货币基金组织的负责人申明，面对各国政府保护主义上升势头，各国领导人之间的全球合作和互相理解，对提升目前的经济复苏是必须的。42. 由于许多国家的经济负增长，目前全球的经济复苏仍然受限，而科技也抑制了许多人获取成功的愿望，导致收入不均等差距扩大，结果加剧了许多地区的政治紧张，增加了对全球化利益的怀疑。43. 经济复苏会使各国的结构性改革更容易。各国目前所面临的挑战实际上是跨国境的，需要各国政府共同努力来解决这些问题；而促进各国合作能最好地帮助成员国建立一个更包容、更有弹性的全球经济。44. 很多问题都具有全球性特征，需要相互合作，包括反腐败、保护金融制度改革取得的进展、应对全球气候变化，以及改善全球贸易体系。各国政府也需要调整以应对技术进步所带来的对市场，尤其是对金融市场的影响。

Section A: English to Chinese (20 points)Translate the underlined part of the following text into Chinese. Write your translation on your ANSWER SHEET.All the signs are that Britain is caving in on the three issues in the first phase of the Brexit (British exit EU) talks. Theresa May was told she had to yield by next week to persuade the European Union summit on December 14th-15th to agree that there had been sufficient progress to begin talks on transition and a future trade framework. The prime minister has duly made big concessions on the rights of EU citizens in Britain and on the exit bill, perhaps enough to pass the test. There even seems to be some movement on the trickiest issue of all, how to avoid a hard border between Northern Ireland and the Republic, making a December deal more likely—but still not certain.(36)Yet behind the good new lurks a persistent and dangerous threat. The more that Mrs. May yields, the more some Brexiteers argue that Britain should leave on March 29th 2019 without any deal at all. Even if she wins agreement to move to phase two of the talks, the lure of no deal will not disappear. Brexiteers hate the concessions that are being made in phase one, especially over money. And trade buffs are united in predicting that the phase two could prove even more painful, with the EU sticking to a rigid line on trade terms.(37)Even so, most people see Brexit with no deal as a disaster to be avoided at almost any cost. Yet the idea keeps returning, in two guises. The first is tactical. In any negotiation, it is said, one must be willing to walk away to get a good deal. Many Brexiteers fault David Cameron, Mrs. May’s predecessor, for making clear in his renegotiation of Britain’s EU membership before the referendum that he would campaign to stay no matter what Mrs. May still says no deal is better than a bad deal. Brexiteers were cock-a-hoop when the chancellor, Phillip Hammond, set aside £3bn ($3.6bn) for Brexit preparations, including for no deal, in his November budget.(38)The second guise is the assertion that no deal would not really be so bad. Instead of pursuing the chimera of a generous free trade deal with a curmudgeonly EU, Britain could revert to trading on World Trade Organization terms (never mind that this would not be simple). David Davis, the Brexit secretary, says no deal actually means a “bare-bones” deal. On this basis, there is no serious risk that aircraft stop flying or nuclear materials are no longer imported. Rational people on both sides can see how damaging this would be to all, so they will prevent it.Yet this idea of a “soft” no deal is not persuasive. A no-deal Brexit would damage other EU countries, but hit Britain harder. (39) And it defies political logic to think that a decision to walk out with no deal can be harmonious. It would mean not paying the exit bill. It would jeopardize the position of EU citizens in Britain. And it would dash hopes of the deep new partnership that Mrs. May says she wants. Amid the recriminations and bad blood, the EU would surely look to its own interests first.Brexiteers often forget that the EU is a legal as much as a political construct. If Britain left with no deal and no transition, it would fall out of all EU organizations, from Euratom to the European Medicines Agency (EMA). The European Court of Justice (ECJ) would lose jurisdiction. Even if all sides wanted Britain to stay in such bodies, it might not be legally possible.(40) Oxford Economics has modelled the effects of Brexit with no deal and says that it would lop a cumulative 2% off Britain’s GDP by the end of 2020, equivalent to some £ 40bn. That is far bigger than the impact on other EU countries. Before the referendum, the Treasury forecast even bigger losses of output. Such numbers are especially daunting when annual growth forecasts for the next few years have just been trimmed to as little as 1.3%.

A scientist who does research in economic psychology and who wants to predict the way in which consumers will spend their money must study consumer behavior. He must obtain data both on the resources of consumers and on the motives that tend to encourage or discourage money spending.If an economist were asked which of three groups borrow most—people with rising incomes, stable incomes, or declining incomes—he would probably answer: those with declining incomes. Actually, in the years 1947-1950, the answer was: people with rising incomes. People with declining incomes were next and people with stable incomes borrowed the least. This shows us that traditional assumptions about earning and spending are not always reliable. Another traditional assumption is that if people who have money expect prices to go up, they will hasten to buy. If they expect prices to go down, they will postpone buying. But research surveys have shown that this is not always true. The expectations of price increases may not stimulate buying. One typical attitude was expressed by the wife of a mechanic in an interview as a time of rising prices. “In a few months,” she said, “we’ll have to pay more for meat and milk; we’ll have less to spend on other things.” Her family had been planning to buy a new car but they postponed this purchase. Furthermore, the rise in prices that has already taken place may be resented and buyer’s resistance may be evoked. This is shown by the following typical comment: “I just don’t pay these prices; they are too high.”Traditional assumptions should be investigated carefully, and factors of time and place should be considered. The investigations mentioned above were carried out in America. Investigations conducted at the same time in Great Britain, however, yielded results that were more in agreement with traditional assumptions about saving and spending patterns. The condition most conductive to spending appears to be price stability. If prices have been stable and people have become accustomed to consider them “right” and expect them to remain stable, they are likely to buy. Thus, it appears that the common business policy of maintaining stable prices with occasional sales or discounts is based on a correct understanding of consumer psychology.31. The example of the mechanic’s wife is intended to show that in times of rising prices .32. Findings in investigations in Britain indicate .33. According to the passage people tend to buy more when .34. The best title of the passage is: .35. The word evoked in the passage is closest in meaning to .

In a perfectly free and open market economy, the type of employer—government or private—should have little or no impact on the earnings differentials between women and men. However, if there is discrimination against one sex, it is unlikely that the degree of discrimination by government and private employers will be the same. Differences in the degree of discrimination would result in earnings differentials associated with the type of employer. Given the nature of government and private employers, it seems most likely that discrimination by private employers would be greater. Thus, one would expect that, if women are being discriminated against, government employment would have a positive effect on women’s earnings as compared with their earnings from private employment. The results of a study by Fuchs support this assumption. Fuchs’s results suggest that the earnings of women in an industry composed entirely of government employers would be 14.6 percent greater than the earnings of women in an industry composed exclusively of private employers, other things being equal.In addition, both Fuchs and Sanborn have suggested that the effect of discrimination by consumers on the earnings of self-employed women may be greater than the effect of either government or private employer discrimination on the earnings of women employees. To test this hypothesis, Brown selected a large sample of White male and female workers from the 1970 Census and divided them into three categories: private employees, government employees, and self-employed. (Black workers were excluded from the sample to avoid picking up earnings differentials that were the result of racial disparities.) Brown’s research design controlled for education, labor-force participation, mobility, motivation, and age in order to eliminate these factors as explanations of the study’s results. Brown’s results suggest that men and women are not treated the same by employers and consumers. For men, self-employment is the highest earning category, with private employment next, and government lowest. For women, this order is reversed. One can infer from Brown’s results that consumers discriminate against self-employed women. In addition, self-employed women may have more difficulty than men in getting good employees and may encounter discrimination from suppliers and from financial institutions.Brown’s results are clearly consistent with Fuch’s argument that discrimination by consumers has a greater impact on the earnings of women than does discrimination by either government or private employers. Also, the fact that women do better working for government than for private employers implies that private employers are discrimination against women. The results do not prove that government does not discriminate against women. They do, however, demonstrate that if government is discriminating against women, its discrimination is not having as much effect on women’s earnings as is discrimination in the private sector.26. The passage mentions all of the following as difficulties that self-employed women may encounter EXCEPT ________.27. The author would be most likely to agree with which of the following conclusions about discrimination against women by private employers and by government employers?28. A study of the practices of financial institutions that revealed no discrimination against self-employed women would tend to contradict which of the following?29. According to Brown’s study, women’s earnings categories occur in which of the following orders, from highest earnings to lowest earnings?30. Which of the following titles best describes the content of the passage as a whole?

To be sure, that is not what many see. Federal Reserve Board Chairman Ben Bernanke and others have blamed the financial crisis of 2008 on a global savings glut, which fueled flows of money from high-savings emerging-market economies—especially in Asia—that run chronic balance-of-payments surpluses. According to this school of thought, excessive savings pushed long-term interest rates down to rock-bottom levels, leading to asset bubbles in the United States and elsewhere.The alternative theory—of a global credit glut—gained more ground with the release last week of the Financial Stability Board’s report on shadow banking. The FSB report contains startling revelations about the scale of global shadow banking, which it defines as “credit intermediation involving entities and activities outside the regular banking system”.The report, which was requested by G20 leaders at their summit in Seoul last November, found that between 2002 and 2007, the shadow banking system increased by $33 trillion, more than doubling in asset size from $27 trillion to $60 trillion. This is 8.5 times higher than the total US current—account deficit of $3.9 trillion during the same period.The shadow banking system is estimated at roughly 25%-30% of the global financial system ($250 trillion, excluding derivatives) and at half of total global banking assets. This represents a huge regulatory “black hole” at the center of the global financial system, hitherto not closely monitored for monetary and financial stability purposes. Its importance was exposed only by analysis of the key roles played by structured investment vehicles (SIVs) and money-market funds (MMFs) in the 2008 meltdown.The shadow banking system is complex, because it comprises a mix of institutions and vehicles. Investment funds other than MMFs account for 29% of total, and SIVs make up 9%, but the shadow system also includes public financial institutions (such as the government-backed mortgage lender Fannie Mae in the US). They are some of the largest counterparties with the regular banking system, and their combined credit creation and proprietary trading and hedging may account for much of the global liquidity flows that make monetary and financial stability so difficult to ensure.The trouble is that, by 2010, the shadow banking system was about the same size as it was just before the 2007 market crash, whereas the regulated global banking system was 18% larger than in 2007. That is why the FSB report pinpoints the shadow banking system, together with the large global banks, as sources of systemic risk. But the global problem is likely to be much larger than the sum of its parts. Specifically, global credit creation by the regular and shadow banking systems is likely to be significantly larger than the sum of the credit creation currently measured by national statistics.21. Which of the following might be the best title for the passage?22. The global liquidity flows include the following EXCEPT ________.23. According to the report requested by G20 leaders, how much money in total for the shadow banking system before 2008 meltdown?24. As the passage indicates, what is the rough figure for the total global banking assets just before the 2007 market crash?25. The words “proprietary trading” could best be replaced by which of the following?

One of the principal themes of Walzer’s critique of liberal capitalism is that it is insufficiently egalitarian. Walzer’s case against the economic inequality generated by capitalism and in favor of “a radical redistribution of wealth” is presented in a widely cited essay entitled “In Defense of Equality”.The most striking feature of Walzer’s critique is that, far from rejecting the principle of reward according to merit, Walzer insists on its validity. People who excel should receive the superior benefits appropriate to their excellence. But people exhibit a great variety of qualities—“intelligence, physical strength, agility and grace, artistic creativity, mechanical skill, leadership, endurance, memory, psychological insight, the capacity for hard work—even moral strength, sensitivity, the ability to express compassion”. Each deserves its proper recompense, and hence a proper distribution of material goods should reflect human differences as measured on all these different scales. Yet, under capitalism, the ability to make money (“the green thumb of bourgeois society”) enables its possessor to acquire almost “every other sort of social good”, such as the respect and esteem of others.The centerpiece of Walzer’s argument is the invocation of a quotation from Pascal’s Pensees, which concludes: “Tyranny is the wish to obtain by one means what can only be had by another.” Pascal believes that we owe different duties to different qualities. So we might say that infatuation is the proper response to charm, and awe the proper response to strength. In this light, Walzer characterizes capitalism as the tyranny of money (or of the ability to make it). And Walzer advocates as the means of eliminating this tyranny and of restoring genuine equality “the abolition of the power of money outside its sphere”. What Walzer envisions is a society in which wealth is no longer convertible into social goods with which it has no intrinsic connection.Walzer’s argument is a puzzling one. After all, why should those qualities unrelated to the production of material goods be rewarded with material goods? Is it not tyrannical, in Pascal’s sense, to insist that those who excel in “sensitivity” or “the ability to express compassion” merit equal wealth with those who excel in qualities (such as “the capacity for hard work”) essential in producing wealth? Yet Walzer’s argument, however deficient, does point to one of the most serious weaknesses of capitalism—namely, that it brings to predominant positions in a society people who, no matter how legitimately they have earned their material rewards, often lack those other qualities that evoke affection or admiration. Some even argue plausibly that this weakness may be irremediable: in any society that, like a capitalist society, seeks to become ever wealthier in material terms disproportionate rewards are bound to flow to the people who are instrumental in producing the increase in its wealth.16. The primary purpose of the passage is to.17. The author mentions all of the following as issues addressed by Walzer EXCEPT .18. The passage provides sufficient information to answer which of the following questions?19. The author implies that Walzer’s interpretation of the principle of reward according to merit is distinctive for its .20. The author implies that sensitivity is not a quality that .

People tend to _______ how distinct their own lives are, so the commonality they enjoy with other people seem to them a series of small miracles.

Many innovative breakthroughs come about when people venture beyond their own areas of expertise, because often it takes an outsider to ask the naive question that may yield _______ solution.

Even the cleverest use of time management techniques is powerless to _______ the sum of minutes in a person’s life (over 52 million, optimistically assuming a life expectancy of 100 years), so people squeeze as much as they could into each one of them.

We have planned an exciting publicity _______ with our advertisers.

You have nothing to _______ by refusing to listen to our advice.

You cannot be _______ careful when you drive a car.

Although the insistence on balancing spending against tax revenues has contributed to the economy’s stagnation, unfortunately, the government does not seem likely to _______ this rigid policy.

The national bank has been uncommonly powerful in comparison to its counterparts in other nations. It retains this potency partly because its control of the nation’s banking system is unencumbered by governmental interference, and thus its actions remain largely _______.

Progressive and reactionary populist movements are not necessarily _______: each may, and usually does, possess features of the other.

While the company’s CEO professes to be confident and urges the deal forward, its investors are unlikely to be so _______ about its prospects. Many were uncomfortable at the way the corporation was forced to spend much of its capital in last year’s expansion, and this new venture is potentially even more risky.

The governor might conceivably find a genuine resolution to the budgetary dilemma, but she may be tempted to engage in a deception: a _______ exercise in fiscal prudence.

And yet, despite these powerful _______ to growth, the recession proved surprisingly mild.

The stock market declined sharply, and rampant business investment slumped. Then an ensuing spate on scandals _______ public trust in the way companies were run.

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