四级模拟五分析和总结.docx

ModelTest5

PartIWriting

Directions:Forthispart,youareallowed30minutestowriteacompositiononthetopic:Livingonthecampusoroffthecampus?Youshouldwriteatleast120wordsfollowingtheinstructionsgivenbelowinChinese:

国外很多大学生都选择在校外租房，但也有很多学生还是愿意住在校园内。假设你是一个留学生，谈谈

你的选择和原因。

PartIIReadingComprehension(SkimmingandScanning)

Directions:Inthispart,youwillhave15minutestogooverthepassagequicklyandanswerthequestionsonAnswersheet1.

BearsintheWoods

Despitethetroubledmarkets,theworldeconomyisstillrelativelystrong.Justdontbetyourhouseonit.

Thewoodsandthemarket

Ifyoumeetabearinthewoods,trynottopanicorscream;onnoaccountshouldyouturnyourbackandrun.

Asmarketsaroundtheworldhaveturnedgrizzlyoverthepasttwoweeks,someinvestorsseemtohaveforgottentheoldhikersmaxim.Afterthreeyearsofbiggains,manystockmarketshavedroppedby10%ormoreinlessthantendays.Theloudestcomplaintshaveechoedaroundemergingmarketsandcommodities.Europehassurrenderedmostofthisyearsgains.Americanshavesofarescapedlightly,buttheywouldbeunwisetotakecomfort.Theirhousingmarket,therecentrockoftheireconomy,iswhereamuchgrizzliercreatureliesinwait.

Mostinvestorstendtolookfirstatequitymarkets---andtheyhavecertainlyhadagoodrunvirtuallyeverywhere.Yetarepeatoftheslumpaftertheburstingofthedotcombubblein2001--4)2remainshighlyunlikely.In2000shareswerewildlyovervalued.Todayprice/earningsratiosinmoststockmarketsarenear,ifnotbelow,theirlong-termaverages.Thissuggeststhattheslideinsharescouldbeshort-lived.

Inflationorinterestrates?

Sowhathascausedthisburstofvolatility?Onepopularexplanationpointstothefearsofrisinginflationandhencehigherinterestrates.Yetthissitsoddlywiththedecreaseinbondyieldsandthegoldpriceoverthepastweek:ifinflationwerethereason,yo