The text has 6 paragraphs (A - F).
Which paragraph contains each of the following pieces of information?
1 Advice for developed countries
2 The reason that it is faster to develop nowadays
3 The fact that in the 30 years before 2004, not all large developing economies grew
4 The fact that domination of the global economy by Western countries is unusual in global history
Q1: Advice for developed countries |
F. To the extent that rich economies as a whole gain from the new wealth of emerging ones, governments have more scope to compensate losers. Governments have another vital role to play, too. The intensifying competition from emerging economies makes flexible labour and product markets even more imperative, so as to speed up the shift from old industries to new ones. That is why Europe and Japan cannot afford to drag their heels over reform or leave workers ill-equipped to take up tomorrow’s jobs. Developed countries that are quick to abandon declining industries and move upmarket into new industries and services will fare best as the emerging economies come of age. Those that resist change can look forward to years of relative decline. Those that embrace it can best share in the emerging economies’ astonishing new wealth. |
Note: The keyword to answer Q1 is ‘advice’ for developed countries, which is referred to in paragraph F. The passage suggested that developed countries, or so-called rich countries, should embrace the change in order to gain from the wealth of emerging one. Therefore, the answer is F. |
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Q2: The reason that it is faster to develop nowadays |
B. Such happenings are part of the biggest shift in economic strength since the emergence of the United States more than a century ago. As developing countries and the former Soviet bloc have embraced market-friendly economic reforms and opened their borders to trade and investment, more countries are industrialising than ever before - and more quickly. During their industrial revolutions, America and Britain took 50 years to double their real incomes per head; today China is achieving that in a single decade. In an open world, it is much easier to catch up by adopting advanced countries’ technology than it is to be an economic leader that has to invent new technologies in order to keep growing. The shift in economic power towards emerging economies is therefore likely to continue. This is returning the world to the sort of state that endured throughout most of its history. People forget that, until the late 19th century, China and India were the world’s two biggest economies and today’s “emerging economies” accounted for the bulk of world production. |
Note The keywords to answer Q2 are "reasons" and "faster to develop". The needed information to answer this question is in paragraph B. According to this paragraph, nowadays, developing countries can adopt advanced countries’ technology, which is considered the reason for their fast development. Therefore, the answer is B. |
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Q3 The fact that in the 30 years before 2004, not all large developing economies grew |
A. Three striking facts highlight the dramatic shift in recent years in the relative economic balance of “first-world” and “third-world” economies. Last year, according to our estimates, emerging economies produced slightly more than half of world output measured at purchasing-power parity. Second, they also accounted for more than half of the increase in global GDP in current-dollar terms. And third, perhaps most striking of all, the 32 biggest emerging economies grew in both 2004 and 2005. Every previous year during the past three decades saw at least one country in recession - if not a deep crisis. Some economies will inevitably stumble over the coming years, but, thanks to sounder policies, most can look forward to rapid long-term growth. The young emerging economies have grown up in more ways than one. |
Note The keywords to answer Q3 is‘2004’, which can be found in paragraph A. In 2004, the 32 biggest emerging economies grew. At least 1 country in recession every year during the past 3 decades (30 before that). For all reasons above, the answer is A. |
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Q4 The fact that domination of the global economy by Western countries is unusual in global history |
B. Such happenings are part of the biggest shift in economic strength since the emergence of the United States more than a century ago. As developing countries and the former Soviet bloc have embraced market-friendly economic reforms and opened their borders to trade and investment, more countries are industrialising than ever before - and more quickly. During their industrial revolutions, America and Britain took 50 years to double their real incomes per head; today China is achieving that in a single decade. In an open world, it is much easier to catch up by adopting advanced countries’ technology than it is to be an economic leader that has to invent new technologies in order to keep growing. The shift in economic power towards emerging economies is therefore likely to continue. This is returning the world to the sort of state that endured throughout most of its history. People forget that, until the late 19th century, China and India were the world’s two biggest economies and today’s “emerging economies” accounted for the bulk of world production. |
Note As you can see from the passage, the writer stated that the economic power has shifted from American and Britain, the Western countries, to China and other emerging countries, most of which are Easter. However, this is not a new trend, as it had happened before throughout most of the history, with the fact that China and India were the world’s two biggest economies until late 19th. For that reason, It is unusual for Western countries to dominate the global economy. Therefore, the answer is B. |
Complete the following sentences using NO MORE THAN THREE WORDS from the text for each gap.
Developing economies can catch up with developed ones faster because they don’t have to 5
Growth in developing countries helps developed economies because of spending 6
Capital is being used more efficiently because it is 7
Economic 8 is required in many developed economies.
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Q5 Developing economies can catch up with developed ones faster because they don’t have to___________ |
During their industrial revolutions, America and Britain took 50 years to double their real incomes per head; today China is achieving that in a single decade. In an open world, it is much easier to catch up by adopting advanced countries’ technology than it is to be an economic leader that has to invent new technologies in order to keep growing. |
Note The needed words to fill in the blank should be a verb (have to do something) To answer this question, we look for keywords “catch up with” According to the passage, it is much easier (faster) for emerging countries to catch up with their developed counterparts because they just need to adopt new technologies, no need to invent new ones. Therefore, the answer for Q5 is “invent new technologies”. |
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Q6 Growth in developing countries helps developed economies because of spending________ |
However, rich countries will gain more than they lose from the enrichment of others. Fears that the third world will steal rich-world output and jobs are based on the old fallacy that an increase in one country’s output must be at the expense of another’s. But more exports give developing countries more money to spend on imports - mainly from developed economies. |
Note The answer should be a noun or gerund (spend on (doing) sth) The keyword for this question is ‘spend’ Rich countries will gain more when the third world exports more, because more exports give developing countries more money to spend on imports. Therefore, the answer here is “on imports”. |
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Q7 Capital is being used more efficiently because it is _______ |
As a result of China, India, and the former Soviet Union embracing market capitalism, the global labour force has doubled in size. To the extent that this has made labour more abundant, and capital relatively scarcer, it has put downward pressure on wages relative to the return on capital. |
Note The answer should be an adj (after to be) The keyword here is ‘capital’. In the passage, it is stated that because labour became more abundant, capital got relatively scarcer, so pressure had been put on wages to return the capital, which means capital is used more efficiently. Therefore, the answer is “relatively scarcer”. |
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Q8 Economic _____________ is required in many developed economies. |
The intensifying competition from emerging economies makes flexible labour and product markets even more imperative, so as to speed up the shift from old industries to new ones. That is why Europe and Japan cannot afford to drag their heels over reform or leave workers ill-equipped to take up tomorrow’s jobs. Developed countries that are quick to abandon declining industries and move upmarket into new industries and services will fare best as the emerging economies come of age. |
Note The answer should be a noun (after adj) The keyword here is ‘required’, though we cannot find that it in the passage, we find the phrase “cannot afford to drag their heels over”, which means “must not do sth slowly” and can be considered as “required”. Europe must quickly reform if they don’t want to leave workers ill-equipped to take up tomorrow’s jobs. Therefore, the answer is “reform”. |
Do the following statements agree with the information given in Reading Passage 1?
In boxes 9 - 13 on your answer sheet, write
TRUE | if the statement agrees with the information |
FALSE | if the statement contradicts the information |
NOT GIVEN | If there is no information on this |
9 Large developing economies should not have any problems in the future.
10 If one country increases production, another country will have to reduce its production.
11 Globalisation is causing greater differences in income.
12 Low-skilled workers in developed economies are earning less.
13 Japan is not spending enough on education.
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Q9 Large developing economies should not have any problems in the future. |
And third, perhaps most striking of all, the 32 biggest emerging economies grew in both 2004 and 2005. Every previous year during the past three decades saw at least one country in recession - if not a deep crisis. Some economies will inevitably stumble over the coming years, but, thanks to sounder policies, most can look forward to rapid long-term growth. |
Note In the passage, it is said that 32 biggest emerging economies (large developing) grew in 2004 and 2005, but some will stumble over (fall, make a mistake), which means they will have a problem in the coming years (future). Therefore, this statement is incorrect The answer here is FALSE |
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Q10 If one country increases production, another country will have to reduce its production. |
Fears that the third world will steal rich-world output and jobs are based on the old fallacy that an increase in one country’s output must be at the expense of another’s. But more exports give developing countries more money to spend on imports - mainly from developed economies. Faster growth in poor countries is therefore more likely to increase the output of their richer counterparts than to reduce it. |
Note According to the passage, people with usually think that 1 ne country produces more, another country will buy more, which means they will produce less. However, this is not correct, as the sentence right after it, with a strong signal word ‘But’, point out that more exports will also lead to more imports in the same countries, so it will benefit both parties. Therefore, the answer is FALSE. |
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Q11 Globalisation is causing greater differences in income. |
Globalisation is causing the biggest shift in relative prices (of labour, capital, commodities, and goods) for a century, and this in turn is causing a significant redistribution of income. |
Note As we can see from the passage, Globalisation are changing prices of labour, capital, commodities and goods, and eventually changing the income. For that reason, the answer is TRUE. |
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Q12 Low-skilled workers in developed economies are earning less.. |
Low-skilled workers in developed economies are losing out relative to skilled workers. And owners of capital are-grabbing a bigger slice of the cake relative to workers as a whole. |
Note Low-skilled workers in developed economies is mentioned in the paragraph. However, they are only losing jobs to skilled workers, there is no clue relating to their income becoming less. For that reason, we can conclude that the answer is NOT GIVEN. |
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Q13 Japan is not spending enough on education. |
The intensifying competition from emerging economies makes flexible labour and product markets even more imperative, so as to speed up the shift from old industries to new ones. That is why Europe and Japan cannot afford to drag their heels over reform or leave workers ill-equipped to take up tomorrow’s jobs. |
Note According to the passage, Japan cannot leave workers ill-equipped to take up tomorrow’s jobs, which means can be referred that they will spend more on education. But nothing about how much they will spend on education is mentioned. Therefore, the answer of Q14 is NOT GIVEN. |
You should spend about 20 minutes on Questions 1 - 13, which are based on Reading Passage 1 below.
A. Three striking facts highlight the dramatic shift in recent years in the relative economic balance of “first-world” and “third-world” economies. Last year, according to our estimates, emerging economies produced slightly more than half of world output measured at purchasing-power parity. Second, they also accounted for more than half of the increase in global GDP in current-dollar terms. And third, perhaps most striking of all, the 32 biggest emerging economies grew in both 2004 and 2005. Every previous year during the past three decades saw at least one country in recession - if not a deep crisis. Some economies will inevitably stumble over the coming years, but, thanks to sounder policies, most can look forward to rapid long-term growth. The young emerging economies have grown up in more ways than one.
B. Such happenings are part of the biggest shift in economic strength since the emergence of the United States more than a century ago. As developing countries and the former Soviet block have embraced market-friendly economic reforms and opened their borders to trade and investment, more countries are industrialising than ever before - and more quickly. During their industrial revolutions, America and Britain took 50 years to double their real incomes per head; today China is achieving that in a single decade. In an open world, it is much easier to catch up by adopting advanced countries’ technology than it is to be an economic leader that has to invent new technologies in order to keep growing. The shift in economic power towards emerging economies is therefore likely to continue. This is returning the world to the sort of state that endured throughout most of its history. People forget that, until the late 19th century, China and India were the world’s two biggest economies and today’s “emerging economies” accounted for the bulk of world production.
C. Many bosses, workers, and politicians in the rich world fear that the success of these newcomers will be at their own expense. However, rich countries will gain more than they lose from the enrichment of others. Fears that the third world will steal rich-world output and jobs are based on the old fallacy that an increase in one country’s output must be at the expense of another’s. But more exports give developing countries more money to spend on imports - mainly from developed economies. Faster growth in poor countries is therefore more likely to increase the output of their richer counterparts than to reduce it. The emerging economies are helping to lift world GDP growth at the very time when the rich world’s ageing populations would otherwise cause growth to slow.
D. Although stronger growth in emerging economies will make developed count lies as a whole better off, not everybody will be a winner. Globalisation is causing the biggest shift in relative prices (of labour, capital, commodities, and goods) for a century, and this in turn is causing a significant redistribution of income. Low-skilled workers in developed economies are losing out relative to skilled workers. And owners of capital are-grabbing a bigger slice of the cake relative to workers as a whole.
E. As a result of China, India, and the former Soviet Union embracing market capitalism, the global labour force has doubled in size. To the extent that this has made labour more abundant, and capital relatively scarcer, it has put downward pressure on wages relative to the return on capital. Throughout the rich world, profits have surged to record levels as a share of national income, while the workers’ slice has fallen. Hence, Western workers as a whole do not appear to have shared fully in the fruits of globalisation; many low-skilled ones may even be worse off. However, this is only part of the story. Workers’ wages may be squeezed, but as consumers they benefit from lower prices. As shareholders and future pensioners, they stand to gain from a more efficient use of global capital. Competition from emerging economies should also help to spur rich-world productivity growth and thus average incomes,
F. To the extent that rich economies as a whole gain from the new wealth of emerging ones, governments have more scope to compensate losers. Governments have another vital role to play, too. The intensifying competition from emerging economies makes flexible labour and product markets even more imperative, so as to speed up the shift from old industries to new ones. That is why Europe and Japan cannot afford to drag their heels over reform or leave workers ill-equipped to take up tomorrow’s jobs. Developed countries that are quick to abandon declining industries and move upmarket into new industries and services will fare best as the emerging economies come of age. Those that resist change can look forward to years of relative decline. Those that embrace it can best share in the emerging economies’ astonishing new wealth.
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