Many sentences used to describe monetary policy, such as "steering the economy to a soft landing" or "a touch on the brakes", makes it sound like a precise science. Nothing could be further from the troth. The relation between interest rates and inflation is uncertain. And there are long, variable lags before policy changes have any effect on the economy. Hence the analogy that likens the conduct of monetary policy to driving a car with a blackened windscreen, a cracked rearview mirror and a faulty steering wheel.
Given all these disadvantages, central bankers seem to have had much to boast about. Average inflation in the big seven industrial economies fell to a mere 2.3 % last year, close to its lowest level in 30 years, before rising slightly to 2.5 % this July. This is a long way below the double-digit rates which many countries experienced in the 1970s and early 1980s.
It is also less than most forecasters had predicted. In late 1994
A. Tolerant.
B. Indifferent.
C. Disappointed.
D. Surprised.
Passage Five
Many animals are used to help scientists find cures for diseases. One of the most common animals used is monkeys, or primates. There are groups of people who want to stop the research on animals. They are called animal rights activists.
The scientists say their research could help save the lives of many men, women and children. They try to cure diseases like cancer and AIDS.
The animal rights activists say the animals suffer. They take baby monkeys away from their mothers, and sometimes holes are drilled in their heads. The activists have tried to stop the research for the past 10 years. They let animals go free or damage the labs.
The University of California at Davis has 3,800 rhesus macaque monkeys. It is one of the largest primate research labs. The activists sent letters to researchers at Davis and about eighty other researchers around the country, whose names were on the web pages. The warning letters had razor blades hidd
A. increasing
B. decreasing
C. ending
D. staying about the same
Passage Five Many animals are used to help scientists find cures for diseases. One of the most common animals used is monkeys, or primates. There are groups of people who want to stop the research on animals. They are called animal rights activists. The scientists say their research could help save the lives of many men, women and children. They try to cure diseases like cancer and AIDS. The animal rights activists say the animals suffer. They take baby monkeys away from their mothers, and sometimes holes are drilled in their heads. The activists have tried to stop the research for the past 10 years. They let animals go free or damage the labs. The University of California at Davis has 3,800 rhesus macaque monkeys. It is one of the largest primate research labs. The activists sent letters to researchers at Davis and about eighty other researchers around the country, whose names were on the web pages. The warning letters had razor blades hidden so that a person could slice
A. The activist will release all the animals.
B. The activists will use violence against the researchers.
C. The activist will commit vivisection.
D. In the autumn of 2000, the activists will send more letters.
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