一.READING

PART ONE
Questions 1-7
. Read these sentences and the share prices below.
. Which stock market does each sentence(1-7) describe?
. For each sentence mark one letter (A ,B ,C or D) on your Answer Sheet.
Example:
The index went up more than one thousand.
Answer:A
1. The share prices were influenced by the improvement of the two countries'
relations.
2. Over the week ,turnover rose by T $ 5. 83bn.
3. Many people went to buy capitalization stocks.
4. In the beginning many foreign shareholders buy blue chips at high prices.
5. Price was lower after shareholders sold stocks in industrials to make profit.
6. On Thursday price dropped and then rose again.
7. The falling of composite index rose by 1. 3 per cent on the week.

A. Bangkok rose 2 per cent on the day and 3.4 per cent over the week as buyers moved in to large market capitalization stocks. The SET index rose 27.55 to 1,383.57 in turnover of Bt 8.5 bn, down from Thursday's Bt 10bn.

B. Taipei was pulled lower by late profit-taking in industrials after Thursday's rebound ,and the weighted index fell 45.59 to 5,806.77, or 1.7 per cent, over the week. Turnover rose to T $41.51 bn from T $ 35. 78bn.

C. Manila opened strongly on foreign buying of blue chips but dipped at the close as profits were taken. The composite index fell 10.07 to 2 ,907. 00 , 1.3 per cent higher on the week

D. Hong Kong finished a mixed day slightly lower ,sapped by profit-taking on confirmation of US renewal of China's MFN trade status and concerns over the lower domestic property market. The Hang Seng index fell 11.58 to close at 9,470.13, 1.7 per cent lower on the week.

PART TWO
Questions 8-12

. Read this letter to the editor of The Economist.
. Choose the best sentence from the list A-I to fill each of the blanks.
. For each blank (8-12) mark one letter (A-I) on your Answer Sheet.
. Do not mar4 any letter twice.
. One answer has been given as an example.
Sir-
You state on February 13th that New Mexico has "few natural resources ",... ...example...... In 1991 New Mexico ranked fourth in the United States in production of natural gas , seventh in oil and tenth in non-fuel minerals ... ...8... ... Non-fuel minerals contributed about $ 1 billion and coal $ 509 million.
Taxes from production of fuels and minerals, and lease payments on state lands have been set aside by legislative acts to endow two permanent funds worth about $ 5. 65 billion, ...... 9 ...... In addition, during fiscal year 1991 , payments to New Mexico from taxes on federal lands were S 108 million ,all earmarked for public education.
...... 10 ...... About $566 million came from taxes and permanent-fund earnings attributable to oil and gas production. ......11 ...... Tourism is an important industry in New Mexico, yet its economic impact on the public sector is dwarfed by that of mineral production.
New Mexico came through the recent recession in much better shape than most other states. It does not have a deficit. ... ... 12... ... States that rely primarily on a sales tax or on an income tax have big problems during economic downturns. Income growth per head in New Mexico averaged 6. 1/00 in the year to October 1992-one of the fastest growth rates in the United States.
Charles Chapin

Example :C
A. It has a broadly based tax structure an important point.
B. In 1992 it produced more oil than Colorado and Kansas combined.
C. However, the extractive mineral industry in New Mexico is one of the state's strongest economic forces.
D. During fiscal year 1992 New Mexico raised permanent funds worth about $6.1 billion.
E. The combined value of oil and gas production was $ 2. 8 billion.
F. Some 16, 000 employees work in the extractive industries and their wages are among the highest of any major industry.
G. The $39 million earned by these funds in 1991 was used to finance education and other public services.
H. Only S 25 million came from agricultural taxes.
I. New Mexico's extractive mineral industries contribute about a third of the state's $ 1. 9 billion general-fund income in fiscal year 1991.

PART THREE
Questions 13-20

. Read this letter about Compensation Trade ,and answer the following questions.

Ministry of Foreign Trade 19th January , 1 993
Xi Changan Street
Beijing , China
Dear Sirs,
This letter is in regard to the window glass business between our firm and the China National Light industrial Products Import & Export Corporation, Daren Branch and the Daren Window Glass Factory.
1. Our two sides sincerely worked in the past and the window glass business has already been done successfully. However, the quantity of products doesn't meet our requirements. This company wants to develop the trade and business further in this line. We now expect to begin working with all the other branches and window glass factories on the same basis ,i. e. compensation trade.
2. For the U. S. A. market, we require very large quantities of small cut sizes. Therefore, we are asking your prompt assistance to help us out in expanding glass-cutting business. We would highly appreciate it if you take this matter into consideration. We are certain that ,with your prompt cooperation, our purchases of Chinese window glass for sale in the U. S. A. market will very quickly increase to a large and substantial volume. With the establishment of diplomatic relations between our two countries ,the time is now right for a very quick and large increase in trade between us.
3. For your information, we are doing everything possible to cooperate in achieving our mutual goal of making the window glass business a very large one. We have offered to purchase various equipment for your Dairen factory which will increase its products, improve quality and raise its efficiency. We have offered to accept payment for this machinery in the form of buy-back of glass. We have also cooperated with the factory in making suggestions for better efficient packing and containerization. The factory has been very cooperative and receptive to our ideas. As we want to begin our business with the other branches too ,we plan to offer the same suggestions and proposals to purchase machinery for them.
4. From this letter, you can see that we are very sincere in our desire for a long-term relationship between our two countries and our firm and the various branches of the China National Light industrial Products Import and Export Corporation, Window Glass Departments .
During our next visit to China, we will discuss the appointment of our firm as the exclusive agent for Chinese Window Glass in the U. S. A. market. Since we have discussed this question in the past ,we expect that the official appointment of our firm as the exclusive agent will be made during our next trip.
Thank you for your prompt attention to the above. Best regards.
Sincerely yours ,
Norman Goldstein
Associates , INC

Questions 13-16

. For questions 13-16 ,choose the correct title for each paragraph from the box below.
. For each paragraph(1-4) mark one letter (A-G) on your Answer Sheet.
. Do not mark any letter twice.
13. Paragraph 1.......... .
14. Paragraph 2..........
15. Paragraph 3. .........
16. Paragraph 4..... . . .. .

A Our hope for a long-term relationship
B Our successful cooperation in the past
C The diplomatic relations between our two countries

D Our wish to increase the quantity of products
E Our need of help in glass-cutting
F Our goal to make the window glass business large
G Improvement of equipment in Chinese factories

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