GWD－12－37

moderation

Many economists believe that a

high rate of business savings in the

United States is a necessary precursor

Line to investment, because business sav-

(5) ings, as opposed to personal savings,

comprise almost three-quarters of the

national savings rate, and the national

savings rate heavily influences the

overall rate of business investment.

(10) These economists further postulate

that real interest rates—the difference

between the rates charged by lenders

and the inflation rates—will be low when

national savings exceed business

(15) investment (creating a savings surplus),

and high when national savings fall

below the level of business investment

(creating a savings deficit ). However,

during the 1960’s real interest rates

(20) were often higher when the national

savings surplus was large. Counter-

intuitive behavior also occurred when

real interest rates skyrocketed from

2 percent in 1980 to 7 percent in 1982,

(25) even though national savings and

investments were roughly equal

throughout the period. Clearly, real

interest rates respond to influences

other than the savings/investment

(30) nexus. Indeed, real interest rates may

themselves influence swings in the

savings and investment rates. As real

interest rates shot up after 1979, for-

eign investors poured capital into the

(35) United States, the price of domestic

goods increased prohibitively abroad,

and the price of foreign-made goods

became lower in the United States. As

a result, domestic economic activity

(40) and the ability of businesses to save

and invest were restrained.

GWD-12-Q37:

The author of the passage would be most likely to agree with which of the following statements regarding the economists mentioned in line 1?

1. Their beliefs are contradicted by certain economic phenomena that occurred in the United States during the 1960’s and the 1980’s.

2. Their theory fails to predict under what circumstances the prices of foreign and domestic goods are likely to increase.

3. They incorrectly identify the factors other than savings and investment rates that affect real interest rates.

4. Their belief is valid only for the United States economy and not necessarily for other national economies.

5. They overestimate the impact of the real interest rate on the national savings and investment rates.

答案是a，偶选c；

文中黑体字，个人认为是对c的同义解释。

请教a、c如何排除？

WTO

C错，因为，这些经济学家仅仅说储蓄－投资关系将影响实际利率，但他们并没有说出其他的因素会影响实际利率。

所以，A对，因为和文意一致。