总投资（gross investment)

A、consumer expenditures, planned investment spending, government spending, and net exports

B、consumer expenditures, actual investment spending, government spending, and net exports

C、consumer expenditures, planned investment spending, government spending, and gross exports

D、consumer expenditures, planned investment spending, government spending, and taxes

ose that the stock of capital in the economy is the same as last year’s．Assuming a positiverate of depreciation，was there any gross investment in the economy？Was there any net investment？

A、消费支出(consumption expenditure)和投资性支出（Investment expenditure）

B、投资性支出（Investment expenditure）和政府支出（government expenditure）

C、政府支出（government expenditure）和净出口（net exports）

D、消费支出(consumption expenditure)、投资性支出（Investment expenditure）、政府支出（government expenditure）和净出口（net exports）

Section B – TWO questions ONLY to be attempted

GNT Co is considering an investment in one of two corporate bonds. Both bonds have a par value of $1,000 and pay coupon interest on an annual basis. The market price of the first bond is $1,079？68. Its coupon rate is 6% and it is due to be redeemed at par in five years. The second bond is about to be issued with a coupon rate of 4% and will also be redeemable at par in five years. Both bonds are expected to have the same gross redemption yields (yields to maturity).

GNT Co considers duration of the bond to be a key factor when making decisions on which bond to invest.

Required:

(a) Estimate the Macaulay duration of the two bonds GNT Co is considering for investment. (9 marks)

(b) Discuss how useful duration is as a measure of the sensitivity of a bond price to changes in interest rates. (8 marks)

Investment and Consumption

Investment in the public sector, such as electricity, irrigation, public services and transport (excluding vehicles, ships and planes) increased by about 10%, although the emphasis moved to the transport and away from the other sectors mentioned. Trade and services recorded a 16% ~ 17% investment growth, including a 30% increase in investment in business premises. Industrial investment is estimated to have risen by 8%. Although the share of agriculture in total gross investment in the economy continued to decline, investment grew by 9% in absolute equipment. Housing construction had 12% more invested in it in 1964, not so much owing to increased demand, as to fears of new taxes and limitation of building.

Total consumption in real terms rose by close on 11% during 1964, and per capita personal consumption by under 7%, as in 1963. The undesirable trend towards a rapid rise in consumption, evident in previous years, remained unaltered. Since at current prices consumption rose by 16% and disposable income by 13%, there was evidently a fall in the rate of saving in the private sector of the economy. Once again consumption patterns indicated a swift advance in the standard of living. Expenditure on food declined in significance, although consumption of fruit increased. Spending on furniture and household equipment, health, education and recreation continued to increase. The greatest proof of altered living standards was the rapid expansion of expenditure on transport (including private cars) and personal services of all kinds, which occurred during 1964. The progressive wealth of large sectors of the public was demonstrated by the changing composition of durable goods purchased. Saturation (饱和) point was rapidly being approached for items such as the first household radio, gas cookers, and electric refrigerators, whereas increasing purchases of automobiles and television sets were registered.

From this passage, we learn that people______.

A．spent more money than they earned

B．saved more money than previously

C．invested and consumed at an accelerated pace

D．spent their money wisely

sport (excluding vehicles, ships and planes) increased by about 10%, although the emphasis moved to the transport and away from the other sectors mentioned. Trade and services recorded a 16%～17% investment growth, including a 30% increase in investment in business premises. Industrial investment is estimated to have risen by 8%. Although the share of agriculture in total gross in vestment in the economy continued to decline, investment grew 9% in absolute terms, largely spurred on by a 23% expansion of investment in agricultural equipment. Housing construction had 12% more invested in it in 1964, not so much owing to increased demand, as to fears of new taxes and limitation of building.

Total consumption in real terms rose by close on 11% during 1964, and per capital personal consumption by under 7%, as in 1963. The undesirable trend towards a rapid rise in consumption, evident in previous years, remained unaltered. Since at current prices consumption rose by 16% and disposable income by 13%, there was evidently a fall in the rate of saving in the private sector of the economy. Once again consumption patterns indicated a swift advance in the standard of living. Expenditure on food declined in significance, although consumption of fruit increased.

Spending on furniture and household equipment, health, education and recreation continued to increase. The greatest proof of altered living standards was the rapid expansion of expenditure on transport(including private cars) and personal services of all kinds, which occurred during 1964. The progressive wealth of large sectors of the public was demonstrated by the changing composition of durable goods purchased. Saturation point was rapidly being approached for items such as the first household radio, gas cookers, and electric, refrigerators, whereas increasing purchases of automobiles and television sets were registered.

the author thinks that the trend towards a rapid rise in consumption was "undesirable" because ______.

A．people saved less

B．people were wealthy

C．people consumed less

D．expenditures on luxuries increased

听力原文： Investment in the public sector, such as electricity, irrigation, public services and transport increased by about 10%, although the emphasis moved to the transport and away from the other sectors mentioned. Trade and services recorded a 16% to 17% investment growth, including a 30% increase in investment in business premises. Industrial investment is estimated to have risen by 8%. Although the share of agriculture in tot, al gross investment in the economy continued to decline, investment grew by 9% in absolute terms, largely spurred on by a 23% expansion of investment in agricultural equipment. Housing construction had 12% more invested in it in 1964, not so much owing to increased demand, as to fears of new taxes and limitation of building.

Total consumption in real terms rose by close on 11% during 1964, and per capita personal consumption by under 7%, as in 1963. The undesirable trend towards a rapid rise in consumption, evident in previous years, remained unaltered. Since at current prices consumption rose by 16% and disposable income by 14%, there was evidently a fall in the rate of saving in the private sector of the economy. Once again consumption patterns indicated a swift advance in the standard of living. Expenditure on food declined in significance, although consumption of fruit increased. Spending on furniture and household equipment, health, education and recreation continued to increase. The greatest proof of altered living standards was the rapid expansion of expenditure on transport and personal services of all kinds, which occurred during 1964. The progressive wealth of large sectors of the public was demonstrated by the changing composition of durable goods purchased. Saturation point was rapidly being approached for items such as the first household radio, gas cookers, and electric refrigerators, whereas increasing purchases of automobiles and television sets were registered.

(30)

A．Because people saved less.

B．Because people were wealthy.

C．Because people consumed less.

D．Because expenditures on luxuries increased.

sport (excluding vehicles, ships and planes) increased by about 10%, although the emphasis moved to the transport and away from the other sectors mentioned. Trade and services recorded a 16% to 17% investment growth, including a 30% increase in investment in business premises. Industrial investment is estimate to have risen by 8%. Although the share of agriculture in total gross investment in the economy continued to decline, investment grew by 9% in absolute terms, largely spurred on by a 23% expansion of investment in agricultural equipment. Housing construction had 12% more invested in it in 1964, not so much owing to increased demand, as to fears of new taxes and limitation of building.

Total consumption in real terms rose by close on 11% during 1964, and per capital personal consumption by under 7%, as in 1963. The undesirable trend towards a rapid rise in consumption, evident in previous years, remained unaltered. Since at current prices consumption rose by 16% and disposable income by 13%, there was evidently a fall in the rate of saving in the private sector of the economy. Once again consumption patterns indicated a swift advance in the standard of living. Expenditure on food declined in significance, although consumption of fruit increased. Spending on furniture and household equipment, health, education and recreation continued to increase. The greatest proof of altered living standards was the rapid expansion of expenditure on transport (including private cars) and personal services of all kinds, which occurred during 1964. The progressive wealth of large sectors of the public was demonstrated by the changing composition of durable goods purchased. Saturation(饱和) point was rapidly being approached for items such as the first household radio, gas cookers, and electric refrigerators, whereas increasing purchases of automobiles and television sets Were registered.

The author thinks that the trend towards a rapid rise in consumption was "undesirable" because______.

A．people saved less

B．people were wealthy

C．people consumed less

D．expenditures on luxuries in creased

es and transport (excluding vehicles, ships and planes) increased by about 10%, although the emphasis moved to transport and away from the other sectors mentioned. Trade and services recorded a 16 % --17% investment growth, including a 30% increase in investment in business premises. Industrial investment is estimated to have risen by 8%. Although the share of agriculture in total gross investment in the economy continued to decline, investment grew by 9% in absolute terms, largely spurred on by a 23% expansion of investment in agricultural equipment. Housing construction had 12% more invested in it in 1964, not so much owing to increased demand, as to fears of impending new taxes and limitation of building.

Total consumption in real terms rose by close on 11% during 1964, and per capita personal consumption by under 7%, as in 1963. The undesirable trend towards a rapid rise in consumption, evident in previous years, remained unaltered. Since at current prices consumption rose by 16% and disposable income by 13%, there was evidently a fall in the rate of saving in the private sector of the economy. Once again consumption patterns indicated a swift advance in the standard of living. Expenditure on food, especially bread and staple items, declined in significance, although consumption of fruit increased. Outlay on furniture and household equipment, health, eduction and recreation continued to increase. The greatest proof of altered living standards was the rapid expansion of expenditure on transport (including private cars) and personal services of all kinds, which occurred during 1964. The progressive affluence of large sectors of the public was demonstrated by the changing composition of durable goods purchased. Saturation point was rapidly being approached for items such as the first household radio, gas cookers, and electric refrigerators, whereas increasing purchases of automobiles and television sets were registered.

From this passage, we may infer that the people of the country were ______.

A．spending more money than they earn

B．investing and consuming at an accelerated pace

C．saving more money than previously

D．spending their money wisely

Task 2

Directions: This task is the same as Task 1. The 5 questions or unfinished statements are numbered 41 through 45.

Investment in the public sector, such as electricity, irrigation, public services and transport (excluding vehicles, ships and planes) increased by about 10%, although the emphasis moved to the transport and away from the other sectors mentioned. Trade and services recorded a 16% to 17% investment growth, including a 30% increase in investment in business premises. Industrial investment is estimate to have risen by 8%. Although the share of agriculture in total gross investment in the economy continued to decline, investment grew by 9% in absolute terms, largely spurred on by a 23% expansion of investment in agricultural equipment. Housing construction had 12% more invested in it in 1964, not so much owing to increased demand, as to fears of new taxes and limitation of building.

Total consumption in real terms rose by close on 11% during 1964, and per capital personal consumption by under 7%, as in 1963 . The undesirable trend towards a rapid rise in consumption, evident in previous years, remained unaltered. Since at current prices consumption rose by 16% and disposable income by 13%, there was evidently a fall in the rate of saving in the private sector of the economy. Once again consumption patterns indicated a swift advance in the standard of living. Expenditure on food declined in significance, although consumption of fruit increased. Spending on furniture and household equipment, health, education and recreation continued to increase. The greatest proof of altered living standards was the rapid expansion of expenditure on transport (including private cars) and personal services of all kinds, which occurred during 1964. The progressive wealth of large sectors of the public was demonstrated by the changing composition of durable goods purchased. Saturation(饱和) point was rapidly being approached for items such as the first household radio, gas cookers, and electric refrigerators, whereas increasing purchases of automobiles and television sets Were registered.

The author thinks that the trend towards a rapid rise in consumption was "undesirable" because______.

A．people saved less

B．people were wealthy

C．people consumed less

D．expenditures on luxuries in creased