Normally the banks accept the following marine bilIs of lading.（). A. Order bills of lading B. S

Normally the banks will not accept the marine bills of lading which contained the following words( ).

A. apparent good order and condition B. insufficient packing

C. one carton short D. missing safety seal

A．Right

B．Wrong

C．Doesn't say

听力原文：W: Do the banks set the same credit lines to all the customers？

M: No. Banks normally set different credit lines to different groups of cardholders. That depends on the personal income, the occupation, and to a large extent, on the creditworthiness of the customer.

Q: What will be the credit line if a customer is a professor and has a good reputation？

(20)

A．The credit line will be lower than usual.

B．The credit line will be higher than usual.

C．The credit line will be as usual.

D．The credit line will be indefinite.

Standby letters of credit are relatives of documentary letters of credit because ______.

A．they are very similar to ordinary letters of credit in operation

B．the issuing banks undertake to pay

C．they are normally accompanied by evidences of transactions such as non-negotiable copies of B/L or other documents

D．they call for all kinds of normal documents

听力原文： Some banks offer other types of loans repayable by monthly installments, such as business development loans, house improvement loans, and farm development loans. These may be either secured or unsecured. Secured loans attract a slightly lower rate of interest than unsecured loans. Some banks offer revolving credit schemes. These normally involve loans repayable by regular monthly installments, but they differ from other loans repayable by installments in two respects. First, the borrower need not take up the full amount of the loan at the outset. Secondly, as his repayments reduce his indebtedness, he can "top up" his loan by borrowing more, provided that the total debt outstanding does not exceed his agreed credit limit. In 1967 some banks introduced a new form. of account called a "budget account". The object is to allow personal customers to spread the incidence of normal personal and household expenditure.

24. Which of the following loans is not repaid by installments？

25.Which of the following loans would attract a lower rate of interest？

26.How does a borrower "top up" his loan？

27.What is the objective of introduction of the budget account？

(24)

A．Business development loans.

B．House improvement loans.

C．Farm development loans.

D．Overdrafts.

When a Letter of Credit has been confirmed, the agent bank in the seller's country usually asks for the shipping documents, and often corite to the seller to say that they are willing to【21】a draft on them for the【22】. This draft (another name for Bill of Exchange) is often【23】to the shipping documents and is called a Documentary Bill of Exchange. Banks often state that the seller can【24】on them for the amount of the Credit.

A buyer or his bank may ask the seller if he is willing to allow them a period of 30, 60, or 90 days to pay. They may write. "can you present your drafts for 60 d/s？" this is a form. of【25】and allows the buyer time to pay. The agent bank will normally accept a draft【26】documents, because they need them to make sure that the title to【27】has been transferred.

Some times the bank demands a letter of【28】so that they have the right to sell the goods if the Bill of Exchange is【29】, that is, if the buyer or his bank do not pay. This does not apply to irrevocable documentary credit.

However, the bank can【30】the Bill of Exchange by deducting the interest for the period the draft has to go before maturity.

(11)

Some have argued that such rights are merely luxuries that wealthy societies bestow, but Olson turns that argument around and asserts that such rights are essential to creating wealth. "Incomes are low in most of the countries of the world, in short, because the people in those countries do not have secure individual rights," he says.

Certain simple economic activities, such as food gathering and making handicrafts, rely mostly on individual labor; property is not necessary. But more advanced activities, such as the mass production of goods, require machines and factories and offices. This production is often called capital-intensive, but it is really property-intensive, Olson observes.

"No one would normally engage in capital-intensive production if he or she did not have rights that kept the valuable capital from being taken by bandits, whether roving or stationary," he argues. "There is no private property without government--individuals may have possessions, the way a dog possesses a bone, but there is private property only if the society protects and defends a private right to that possession against other private parties and against the government as well."

Would-be entrepreneurs, no matter how small, also need a government and court system that will make sure people honor their contracts. In fact, the banking systems relied on by developed nations are based on just such an enforceable contract system. "We would not deposit our money in banks ... if we could not rely on the bank having to honor its contract with us, and the bank would not be able to make the profits it needs to stay in business if it could not enforce its loan contracts with borrowers," Olson writes.

Other economists have argued that the poor economies of Third World and communist countries are the result of governments setting both prices find the quantities of goods produced rather than letting a free market determine them. Olson agrees that there is some merit to this point of view, but he argues that government intervention is not enough to explain the poverty of these countries. Rather, the real problem is lack of individual rights that give people incentive to generate wealth. "If a society has clear and secure individual rights, there are strong incentives (刺激，动力) to produce, invest, and engage in mutually advantageous trade., and therefore at least some economic advance," Olson concludes.

Which of the following is true about Olson？

A．He was a fiction writer.

B．He edited the book Power and Prosperity.

C．He taught economics at the University of Maryland.

D．He was against the ownership of private property.

投资银行(investment banks)