GWD－12－37

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?

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。

对文章的大意不太明白，很怵这类文章

有哪位好心人能帮我归纳一下文章呢

GWD-12-Q35 to GWD-12-Q37:

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.

很多经济学家相信美国高利率的商业储蓄是投资业的必要先决条件，因为和个人储蓄相反，商业存储组成了将近3/4的国有储蓄，而国有储蓄极大的影响了商业投资的整体回报率。

(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 ). 这些经济学家进一步假定当国有储蓄超过商业投资的时候（产生了储蓄盈余），实际的利率—借贷者所付的利率和通货膨胀率之间的差值—将会较低；而当国有储蓄低于商业投资总额的时候（产生了储蓄赤字），实际的利息率将会较高。

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.        

但是，在60年代，当国有储蓄盈余较大的时候，实际的利息率往往很高。当实际利率从1980年的2%一路飙升到1982年的7%的时候，违反直觉的行为也发生了，尽管当时的国有储蓄和投资大致相当。

Clearly, real interest rates respond to influences other than the savings/investment (30)                nexus.

很显然，实际的利率和储蓄/投资比率之外的因素相关。

Indeed, real interest rates may themselves influence swings in the savings and investment rates.        As real         interest rates shot up after 1979, foreign 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.

事实上，利率本身可能会影响储蓄和投资之间的比率。当利率从1979年飙升以后，国外的投资者注入大量资本到美国，美国生产的产品价格在海外不可思议的高，而国外制造产品的价格在美国开始降低。

        As a result, domestic economic activity (40)                and the ability of businesses to save and invest were restrained.

结果，国内经济活动和存储及投资的能力受到限制。

不是学经济的，有些词的翻译可能有些问题，但是文章的脉络还是很清晰的。这篇文章是质疑某些经济学家的看法。

counterintuitive：Contrary to what common sense would suggest

prohibitive

adjective

If the cost of something is prohibitive, it is too expensive for most people:

- Hotel prices in the major cities are high but not prohibitive.

prohibitively

adverb

- Property in the area tends to be prohibitively expensive (= so expensive that you can not buy it).

而今翻译的真好！

您贴个题目吧？^_^

37题为什么不能选E呢？？

看到作用而没有看到反作用可以说是overestimate吗？？

Clearly, real

interest rates respond to influences

other than the savings/investment

(30)         nexus.

respond to反应，也就是说，利率是一些因素（储蓄，投资....什么的）的反映，不能影响，当然不能 impact，也就无所谓overestimate或者underestimate了