11. A business tax cut is needed to spur industrial investment.
    A. spread B. spoil
    C. stimulate D. spill
    12. I wanted to go out, but I had no money. I had no alternative but to stay at home.
    A. alternate B. choose
    C. alert D. choice
    13. A key element of his economic program is the promotion of free trade and investment.
    A. encouragement B. protection
    C. excitement D. innovation
    14. Speculators deserted the security and big yields afforded by the equity and money markets.
    A. stock B. asset
    C. equality D. sales
    15. Trade and investment liberalization will aggravate the competition on the domestic and international markets.
    A. world B. foreign
    C. local D. abroad
    II. Translate the following phrases into Chinese: (10%)
    16.most-favored nation treatment
    17.trade surplus
    18.hard currency
    19.merger of banks
    20.liquid assets
    21.a hermit nation
    22.trade negotiation
    23.at a rough estimate
    24.Chinese Export Commodities Fair
    25.foreign exchange reserves
    III. Translate the following phrases into English:(10%)
    26.經(jīng)銷(xiāo)合同
    27.經(jīng)常項(xiàng)目
    28.清算協(xié)議
    29.人均收入
    30.無(wú)壁壘市場(chǎng)
    31.雙重稅
    32.房地產(chǎn)
    33.試銷(xiāo)
    34.知識(shí)產(chǎn)權(quán)
    35.商業(yè)周期