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Unformatted text preview: ods, storage, trade, and even credit across Europe and overseas. Moreover an increased credit supply was generated by investments and loans by bankers and wealthy merchants to states and by jointstock partnerships an English innovation (the first major company began in 1600). Unlike shortterm financial cooperation between investors for a single commercial undertaking, jointstock companies provided permanent funding of capital by drawing on the investments of merchants and other investors who purchased shares in the company.
11. The phrase an English innovation in the passage is closest in meaning to ○ a new development introduced by the English
○ an arrangement found only in England
○ a type of agreement negotiated in English
○ a type of partnership based on English law
12. According to paragraph 8, each of the following was a source of funds used to finance economic expansion EXCEPT ○ groups of investors engaged in shortterm financial cooperation
○ the state
○ wealthy merchants
○ jointstock companies
Paragraph 6在The development of banking and other financial services contributed to the expansion of trade. By 322
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the middle of the sixteenth century, financiers and traders commonly accepted bills of exchange in place of gold or silver for other goods. Bills of exchange, which had their origins in medieval Italy, were promissory notes (written promises to pay a specified amount of money by a certain date) that could be sold to third parties. In this way, they provided credit. ■At midcentury, an Antwerp financier only slightly exaggerated when he claimed, “0ne can no more trade without bills of exchange than sail without water." ■Merchants no longer had to carry gold and silver over long, dangerous journeys. ■An Amsterdam merchant purchasing soap from a merchant in Marseille could go to an exchanger and pay the exchanger the equivalent sum in guilders, the Dutch currency. ■The exchanger would then send a bill of exchange to a colleague in Marseille, authorizing the colleague to pay the Marseille merchant in the merchant's own currency after the actual exchange of goods had taken place.
13. Look at the four squares [ ■] that indicate where the following sentence could be added to the passage.
They could also avoid having to identify and assess the value of a wide variety of coins issued in many different places.
Where would the sentence best fit?
14 在 Directions: An introductory sentence for a brief summary of the passage is provided below. Complete the summary by selecting the THREE answer that express the most important ideas in the passage. Some sentences do not belong in the summary because they express ideas that not presented in the passage or are minor ideas in the passage. This question is worth 2 points.
In late sixteenthand early seventeenthcentury Europe, increased agricultural production and the expansion of trade were important in economic growth ●
Answer choices ○ Bringing more land under cultivation produced enough food to create su...
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This note was uploaded on 09/17/2013 for the course LANGUAGE 13DL208 taught by Professor Wang during the Fall '13 term at East China Normal University.
- Fall '13