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TEST 11
Part 1. For questions 1-13, read the following passage and do the tasks that follow.

Recent stock-market crashes

For as long as there have been financial markets, there have been financial crises. Most
economists agree, however, that from 1994 to 2013 crashes were deeper and the resultant
troughs longer-lasting than in the 20-year period leading up to 1994. Two notable
crashes, the Nifty Fifty in the mid-1970s and Black Monday in 1987, had an average loss
of about 40% of the value of global stocks, and recovery took 240 days each, whereas the
Dot-com and credit crises, post-1994, had an average loss of about 52%, and endured for
430 days. What economists do not agree upon is why recent crises have been so severe or
how to prevent their recurrence.

John Coates, from the University of Cambridge in the UK and a former trader for
Goldman Sachs and Deutsche Bank, believes three separate but related phenomena
explain the severity. The first is dangerous but predictable risk-taking on the part of
traders. The second is a lack of any risk-taking when markets become too volatile.
(Coates does not advocate risk-aversion since risk-taking may jumpstart a depressed
market.) The last is a new policy of transparency by the US Federal Reserve – known as
the Fed – that may have encouraged stock-exchange complacency, compounding the
dangerous risk-taking.

Many people imagine a trader to have a great head for maths and a stomach for the
rollercoaster ride of the market, but Coates downplays arithmetic skills, and doubts
traders are made of such stern stuff. Instead, he draws attention to the physiological
nature of their decisions. Admittedly, there are women in the industry, but traders are
overwhelmingly male, and testosterone appears to affect their choices.

Another common view is that traders are greedy as well as thrill-seeking. Coates has not
researched financial incentive, but blood samples taken from London traders who
engaged in simulated risk-taking exercises for him in 2013 confirmed the prevalence of
testosterone, cortisol, and dopamine – a neurotransmitter precursor to adrenalin
associated with raised blood pressure and sudden pleasure.

Certainly anyone faced with danger has a stress response involving the body’s
preparation for impending movement – for what is sometimes called ‘Fight or flight’, but,
as Coates notes, any physical act at all produces a stress response: even a reader’s eye
movement along words in this line requires cortisol and adrenalin. Neuroscientists now
see the brain not as a computer that acts neutrally, involved in a process of pure thought,
but as a mechanism to plan and carry out a movement, since every single piece of
information humans absorb has an attendant pattern of physical arousal.
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For muscles to work, fuel is needed, so cortisol and adrenalin employ glucose from other
muscles and the liver. To burn the fuel, oxygen is required, so slightly deeper or faster
breathing occurs. To deliver fuel and oxygen to the body, the heart pumps a little harder
and blood pressure rises. Thus, the stress response is a normal part of life, as well as a
resource in fighting or fleeing. Indeed, it is a highly pleasurable experience in watching
an action movie, making love or pulling off a multi-million-dollar stock-market deal.

Cortisol production also increases during exposure to uncertainty. For example, people
who live next to a train line adjust to the noise of passing trains, but visitors to their home
are disturbed. The phenomenon is equally well-known of anticipation being worse than
an event itself: sitting in the waiting room thinking about a procedure may be more
distressing than occupying the dentist’s chair and having one. Interestingly, if a patient
does not know approximately when he or she will be called for that procedure, cortisol
levels are the most elevated of all. This appeared to happen with the London traders
participating in some of Coates’ gambling scenarios.

When there is too much volatility in the stock market, Coates suspects adrenaline levels
decrease while cortisol levels increase, explaining why traders take fewer risks at that
time. In fact, typically traders freeze, becoming almost incapable of buying or selling
anything but the safest bonds. In Coates’ opinion, the market needs investment as it falls
and at rock bottom – at such times, greed is good.

The third matter – the behaviour of the Fed – Coates thinks could be controlled, albeit
counterintuitively. Since 1994, the US Federal Reserve has adopted a policy called
Forward Guidance. Under this, the public is informed at regular intervals of the Fed’s
plans for short-term interest rates. Recently, rates have been raised by small but
predictable increments. By contrast, in the past, the machinations of the Fed were largely
secret, and its interest rates fluctuated apparently randomly. Coates hypothesises these
meant traders were on guard and less likely to indulge in wild speculation. In introducing
Forward Guidance, the Fed hoped to lower stock and housing prices; instead, before the
crash of 2008, the market surged from further risk-taking, like an unleashed pit bull
terrier.

There are many economists who disagree with Coates, but he has provided some
physiological evidence for both traders’ recklessness and immobilisation and made the
radical proposal of greater opacity at the Fed. Although, as others have noted, we could
just let more women onto the floor.

Questions 1-7
In boxes 1-7, write:
True if the statement agrees with the information
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False if the statement contradicts the information

Not Given if there is no information on this
1. Economic experts generally agree that financial crashes around the 2000s were
less severe than those between 1974 and 1993.
2. According to John Coates, risk-taking can sometimes assist a weak market.
3. Contrary to popular belief, traders tend to show strong determination to deal with
market volatility.
4. The analysis of blood samples collected from London traders in 2013 revealed that
many of them suffered from high blood pressure and instant gratification.
5. Neuroscientists now view the brain as an organ to control movement.
6. A person waiting to see a dentist may have extremely high cortisol levels if he or
she does not have a specific appointment.
7. An increase in female traders may be a potential solution to current market
problems.
Your answers.
1. 2. 3. 4. 5. 6. 7.

For questions 8-13, complete the following paragraph with words taken from the
passage (NO MORE THAN THREE WORDS for each blank).
The global financial status has hit a dead-cat bounce. Such severity of recent crashes can
be unraveled and analyzed through some following explanations by John Coates, an
experienced trader for Goldman Sachs and Deutsche Bank. Firstly, traders are now more
willing to take risks, especially when the market is rising. With a proven increase in their
8) ________________, they tend to challenge themselves with the market. Secondly,
traders may become more averse to risks. This occurs when the stock market witnesses a
plethora of 9) ________________, which may result in a rise in traders’ 10)
________________. Consequently, we can see their immobilization. The third reason
may derive from US Federal Reserve policy, also known as 11) ________________,
which was supposed to calm the market. In the past, the uncertainty of interest rates
might discourage traders from making 12) _______________. With Fed’s plans for short-
term interest rates being informed more regularly, traders became less cautious and 13)
________________ was encouraged.
Part 2. For questions 14-23, read an extract from an article and choose the answer
A, B, C or D that fits best according to the text. Write your answers in the
corresponding numbered boxes provided.

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The machine that is celebrity culture has given us the meteoric rise and fall of the child
actor, with plenty of cautionary tales to point to and ask if something should have been
done to prevent them. Recently, the Chinese government took the extreme and
unprecedented measure of banning the children of celebrities from appearing in any type
of reality TV programming, in an effort to prevent the manufacturing of child stars. It
would appear that perhaps limiting the exposure a child has to fame serves to protect and
ensure a solid, stable upbringing.

The pressure of fame is undoubtedly onerous, even for adults, who, despite growing up
out of the spotlight, sometimes buckle under the stress of stardom they achieved later in
life and exhibit all manner of behavioral disorders after their stardom has waned. The
same can be said of child actors, but the effect is seemingly multiplied by the fact that, if
achieving stardom as children, their view of reality is possibly warped and they may
never even have the chance to acquire the necessary coping skills. But given that some
child actors – in fact, most – can make a go of their careers into adulthood, are children
really so incapable of handling such pressure or is there actually no problem at all?

■ A) Banning children from acting has an element of common sense to it, but imagine, if
you will, television programmes, films and so forth absent of children. ■ B) While the
Chinese government’s move to limit the exposure of children may seem well intentioned,
at least on the surface, it is not entirely realistic to say that children are not allowed to
appear on the small or big screen. ■ C) Of course, they are applying it to one particular
media – that of reality TV; nonetheless, is such a ban sensible for any type of media? ■
D)

Upon closer examination of the phenomenon of the child star, we see examples both of
success and failure. How many of each do we have? Is there a disproportionately high
amount of failure in the lives of child actors if we look at the statistics and compare their
problems with those of ordinary people? We see a child star fail and we immediately
blame fame, but what about the success stories of other child actors such as Jodie Foster,
Daniel Radcliffe and Leonardo Dicaprio, all of whom got their start as very young
children? Are we to credit fame for their success in the same way we blame it for others’
failures?

In the case of the latter, there are the stars we know about, as they went on to achieve
long-lasting fame, even top acting awards. Child stars are not always destined to eternally
seek the limelight, however, so there are many cases of success stories that people often
don’t know about. Peter Ostum, who played Charlie Bucket in Willy Wonka & the
Chocolate Factory, went on to pursue a doctorate in veterinary medicine. Shirley Temple,
leading box-office star in the 1930s from the age of seven, became a politician and the
first female US ambassador. Polish child stars and identical twin brothers Lech and

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Jaroslaw Kaczynski gave up acting and were respectively elected as president and prime
minister of Poland, positions they held at the same time.

Invariably, though, it’s the catastrophic demise that we hear about, not just of child
actors, of course, but when it does happen to them, we feel a mixture of sorrow and
disbelief. To data, there is little statistical evidence to support the claim that fame and
celebrity culture ruin the lives of child actors; the only proof we have is what we perceive
to be true. Protections are in place, to an extent, to help ensure that children have as
normal an upbringing as possible. California, for example, has enacted laws which
mandate that children must continue with their educational studies exactly as they would
if they weren’t in films, even going so far as to require teachers on set if need be. In this
vein, ensuring support for child actors may need to go further than the broad restrictions
exercised by China.

14. Which best serves as the title for the passage?

A. Too young to be famous
B. The lucrative career for children
C. How to become successful from an early age
D. Laws and regulations restricting child participation in the showbiz

15. The word " cautionary tales” in paragraph 1 mostly means

A. stories that are memorable
B. jokes and tricks to warn children
C. stories that give warning to people
D. hilarious conversations

16. What can be inferred about the solution taken by Chinese government regarding child
stars?
A. The author wholeheartedly subscribes to it.
B. It will hamper the boom of child stars.
C. It will impose a ban on children participation in films.
D. It is unprecedented in history.

17. In the second paragraph, the author implies that children

A. are better prepared to deal with fame than adults.
B. never learn coping skills when they are famous young.
C. may or may not be perniciously influenced by fame.
D. are destined to become abnormal adults if they are in the limelight from an early
age.

18. What is the author’s opinion of the government ban in the third paragraph?
A. He is not sure whether or not it originates from good will.

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B. He is in support of it being put into practice.

C. He supposes it is futile in the context of reality TV.
D. He believes the drive behind is to manipulate the media.

19. In the fourth paragraph, the author suggests that

A. fame is the culprit behind the phenomenon of child stars.
B. early fame may not contribute to the flop of a star.
C. the fame of some stars shows it has no detrimental impact.
D. the failure of some stars means that fame is debilitating.

20. The author uses the instances in the fifth paragraph to convey the idea that
A. child actors can attain whatever they desire.
B. fame can repel some from a sustainable acting career.
C. a more thorough study is needed to give out evaluation.
D. success can be a springboard to other positions in life.

21. The author concludes by saying that

A. it is futile to protect children from the perils of fame
B. it is worth taking into account the steps to help children handle fame
C. our conception of fame is greater than the reality
D. children should receive insightful education about how to deal with fame

22. Look at the four squares [■] that indicate where the following sentence could be
added to the passage.
As this sort of media is supposed to reflect real life, it would seem surreal if there
were no children in these stories, as if children had ceased to exist altogether
Where would the sentence best fit?
A. First square B. Second square C. Third square D. Fourth square

23. The word " mandate” in the final paragraph mostly means
A. giving official permission for something to happen
B. ordering something to happen
C. putting something into action
D. allowing for the existence of something

Your answers
14. 15. 16. 17. 18.

19. 20. 21. 22. 23.

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Part 3. In the passage below, seven paragraphs have been removed. For questions
24-30, read the passage and choose from the paragraphs A-H the one which fits each
gap. There is ONE extra paragraph which you do not need to use. Write your
answers in the corresponding numbered box provided.

Non-Verbal communication
Sociological research points to the theory that certain ways of positioning or moving the
body have a direct correlation with how one is perceived. People emit an aura of strength
or power dependent on posture, gestures and eye movement. Quick, enthusiastic,
meaningful movements and gestures suggest a dynamic, alert person. People who look at,
and maintain eye contact with their audience while conversing with them exude
confidence and fearlessness.

24.

Being conscious of one's posture and gestures when sitting is also conducive to creating
the right impression on the beholder. When one wishes to appear self-assured and
knowledgeable in an important interpersonal situation where sitting is required, a high,
straight-backed chair should be chosen when possible. Placing and clasping the hands
behind the head, with elbows stretched to the sides, adds to the impression of comfortable
assertiveness. It also keeps the hands under control and out of danger of unwanted
fidgeting.

25.

The appropriate placing of the hands depends on the situation. When one is in an upright
position, standing face to face with another person, the palms of the hands should not be
evident. Hands open in a palm-revealing gesture can connote a begging or submissive
attitude,

26.

Research shows that people in business have adopted a standard routine. Many
professionals assume a hand-to-chin position when seated and when engaged in

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discussion, they will sit erectly in their chair with one leg crossed casually over the other,
seemingly calm and cool. The moment the discussion begins to take on a more serious
note, the professional will uncross the legs, place both feet squarely on the floor and lean
forward to indicate assertiveness and strength. It does not do, though, to be too defensive.

27.

Staring or glaring eyes flash "threat or warning" to both humans and animals, How often
have we observed a dog with hackles raised, staring down an opponent? Just as beasts
send signals of dominance in this fashion, so do humans. The eyes can communicate
other emotions as well. Eyes that blink rapidly and shift from side to side give the illusion
of nervousness or untrustworthiness.

28.

In some situations, staring, as opposed to maintaining eye contact, can have a negative
effect. In addition to being regarded as rude, staring et someone can indeed make them
back down or surrender. Adversely, it could antagonise them into accepting the suggested
challenge.

29.

This phenomenon proves to be even more evident when a person takes on the role of
listener. In almost all social scenarios, people demonstrate a heightened sense of
attentiveness when a perceived person of power speaks. Whether one is discussing a
teacher in a classroom or a company president in the boardroom, all eyes seem to be
riveted on the sage, advice-giving, more dominant speaker.

30.

It is said that we form impressions of people within the first thirty seconds of meeting
them. Within this time period, the beholder is strongly influenced by a person's stance,
gestures and physical actions. When someone is aware of this, they are far more prepared

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to consciously use the tools of impression management to control the overall impression
they make on those around them.

The missing paragraphs

A. In the instances where a speaker wishes to present and reinforce an impression of

honesty and powerfulness on his audience, body language may speak more loudly and
more effectively than the actual spoken words.

B. Just as staring can be offensive at times, looking at someone too frequently or for too
long a duration can also suggest something negative; namely submissiveness. With
regard to the higher primates and humans, both occupy themselves for longer periods of
time observing their superiors as opposed to their inferiors.

C. Just as posture plays a role in impression management, so too do the eyes. The eyes
can communicate a million words without the owner consciously knowing they are doing
so. The eyes are the 'mirror of the soul" and by moving them, or using them in certain
ways, diverse messages can be relayed to an observer.

D. There are times when one's hands seem to have a 'mind of their own'. Unconsciously,
one might tap their fingers on the arms of a chair, fidget with jewellery, or even crack
one's knuckles. All of these actions are very clear signs of boredom, nervousness or
inattentiveness.

E. A flatterer is a person who controls his impression management in such a way that the
message being sent is one of a likeable, friendly person. The flatterer's aim is to be seen
only in a positive light and will tell an audience exactly what they want to hear to create
this aura.

F. Somebody who is relaxed enough to stand before his audience without any visual signs
of stress exudes self-assuredness and honesty. Even though these people are comfortable
in their stance, they hold themselves erect and avoid looking round-shouldered or
hunched over. Being lazy with one's posture could be indicative of defeat, while standing
tall and proud paints a picture of one who is in charge.

G. It is said that many politicians are very aware of this impression that the eyes can
make on an audience. Many insist that there be no movement in a television studio where
they are being taped, for fear that their eyes may automatically flit to the sudden
movement. Obviously, no politician wants to appear to be lying or feeling uncomfortable
about what he is saying during a live taping of a political debate or speech.
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H. When sitting, many people make the mistake of folding their arms across their chests.
This gives the impression of being closed off or inaccessible to the audience. By rights,
the hands should be clasped loosely, with fingers interlaced, and placed in the lap. This
gesture indicates an open, friendly attitude to the audience.

Your answers
24. 25. 26. 27. 28. 29. 30.

Part 4. The passage below consists of four sections marked A, B, C and D. For
questions 31-40, read the passage and do the task that follows. Write your answers
(A, B, C or D) in the corresponding numbered boxes provided.

A. Oak
Oak wood has a density of about 0.75 g/cm3, great strength and hardness, and is very
resistant to insect and fungal attack because of its high tannin content. It also has very
appealing grain markings, particularly when quartersawn. Oak planking was common on
high status Viking longships in the 9th and 10th centuries. The wood was hewn from
green logs, by axe and wedge, to produce radial planks, similar to quarter-sawn timber.
Wide, quarter-sawn boards of oak have been prized since the Middle Ages for use in
interior paneling of prestigious buildings such as the debating chamber of the House of
Commons in London, and in the construction of fine furniture. Oak wood, from Quercus
robur and Quercus petraea, was used in Europe for the construction of ships, especially
naval men of war, until the 19th century, and was the principal timber used in the
construction of European timber-framed buildings.
Today oak wood is still commonly used for furniture making and flooring, timber frame
buildings, and for veneer production. Barrels in which wines, sherry, and spirits such as
brandy, Scotch whisky and Bourbon whiskey are aged are made from European and
American oak. The use of oak in wine can add many different dimensions to wine based
on the type and style of the oak. Oak barrels, which may be charred before use, contribute
to the colour, taste, and aroma of the contents, imparting a desirable oaky vanillin flavour
to these drinks. The great dilemma for wine producers is to choose between French and
American oakwoods. French oaks give the wine greater refinement and are chosen for the
best wines since they increase the price compared to those aged in American oak wood.
American oak contributes greater texture and resistance to ageing, but produces more
violent wine bouquets. Oak wood chips are used for smoking fish, meat, cheeses and
other foods.
B. Elm
Elm wood was valued for its interlocking grain, and consequent resistance to splitting,
with significant uses in wagon wheel hubs, chair seats and coffins. The elm's wood bends
well and distorts easily making it quite pliant. The often long, straight, trunks were
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favoured as a source of timber for keels in ship construction. Elm is also prized by
bowyers; of the ancient bows found in Europe, a large portion of them are elm. During
the Middle Ages elm was also used to make longbows if yew was unavailable.
The first written references to elm occur in the Linear B lists of military equipment at
Knossos in the Mycenaean Period. Several of the chariots are of elm, and the lists twice
mention wheels of elmwood. Hesiod says that ploughs in Ancient Greece were also made
partly of elm.
The density of elm wood varies between species, but averages around 560 kg per cubic
metre.
Elm wood is also resistant to decay when permanently wet, and hollowed trunks were
widely used as water pipes during the medieval period in Europe. Elm was also used as
piers in the construction of the original London Bridge. However this resistance to decay
in water does not extend to ground contact.
The Romans, and more recently the Italians, used to plant elms in vineyards as supports
for vines. Lopped at three metres, the elms' quick growth, twiggy lateral branches, light
shade and root-suckering made them ideal trees for this purpose. The lopped branches
were used for fodder and firewood. Ovid in his Amores characterizes the elm as "loving
the vine", and the ancients spoke of the "marriage" between elm and vine.
C. Mahogany
Mahogany has a straight, fine and even grain, and is relatively free of voids and pockets.
Its reddish-brown color darkens over time, and displays a reddish sheen when polished. It
has excellent workability, and is very durable. Historically, the tree's girth allowed for
wide boards from traditional mahogany species. These properties make it a favorable
wood for crafting cabinets and furniture.
Much of the first-quality furniture made in the American colonies from the mid-18th
century was made of mahogany, when the wood first became available to American
craftsmen. Mahogany is still widely used for fine furniture; however, the rarity of Cuban
mahogany and over harvesting of Honduras and Brazilian mahogany has diminished their
use. Mahogany also resists wood rot, making it attractive in boat construction. It is also
often used for musical instruments, particularly the backs, sides and necks of acoustic
guitars and drum shells because of its ability to produce a very deep, warm tone
compared to other commonly used woods such as maple or birch. Guitars often feature
mahogany in their construction. Mahogany is now being used for the bodies of high-end
stereo phonographic record cartridges and for stereo headphones, where it is noted for
“warm” or “musical” sound.
D. Beech
Beech wood is an excellent firewood, easily split and burning for many hours with bright
but calm flames. Chips of beech wood are used in the brewing of Budweiser beer as a
fining agent. Beech logs are burned to dry the malts used in some German smoked beers,
giving the beers their typical flavour. Beech is also used to smoke Westphalian ham,
various sausages, and some cheeses.

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The European species Fagus sylvatica yields a utility timber that is tough but
dimensionally unstable. It weighs about 720 kg per cubic metre and is widely used for
furniture framing and carcass construction, flooring and engineering purposes, in
plywood and in household items like plates, but rarely as a decorative wood. The timber
can be used to build chalets, houses and log cabins.
Beech wood is used for the stocks of military rifles when traditionally preferred woods
such as walnut are scarce or unavailable or as a lower-cost alternative.
The fruit of the beech tree is known as beechnuts or mast and is found in small burrs that
drop from the tree in autumn. It is small, roughly triangular and edible, with a bitter,
astringent taste. They have a high enough fat content that they can be pressed for edible
oil. Fresh from the tree, beech leaves are a fine salad vegetable, as sweet as a mild
cabbage though much softer in texture. The young leaves can be steeped in gin for
several weeks, the liquor strained off and sweetened to give a light green/yellow liqueur
called beech leaf noyau.

Choose from the list of woods (A-D) for each question. Some of the choices may be
required more than once.
31. Which wood contains something that prevents it being attacked?
32. Which wood doesn't have the reputation of being aesthetically pleasing?
33. Which wood can be buried in water indefinitely with little ill effect?
34. Which wood can enhance the value a food or drink?
35. Which wood is most likely to be found on stage at a rock concert?
36. Which wood became associated with luxurious buildings?
37. Which wood is the most flexible and is therefore used where this is required?
38. Which wood is most inflammable?
39. Which wood was used as an agricultural aid?
40. Which wood can alter its colour?

Your answers
31. 32. 33. 34. 35.

36. 37. 38. 39. 40.

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