Text 3
When it comes to the slowing economy, Ellen Spero isn't biting her nails just yet. But the 47-year-old manicurist
isn't cutting, filing or polishing as many nails as she'd like to, either. Most of her clients spend $12 to $50 weekly, but
last month two longtime customers suddenly stopped showing up. Spero blames the softening economy. “I'm a good
economic indicator,” she says. “I provide a service that people can do without when they're concerned about saving
some dollars.” So Spero is downscaling, shopping at middle-brow Dillard's department store near her suburban
Cleveland home, instead of Neiman Marcus. “I don't know if other clients are going to abandon me, too,” she says.
Even before Alan Greenspan's admission that America's red-hot economy is cooling, lots of working folks had
already seen signs of the slowdown themselves. From car dealerships to Gap outlets, sales have been lagging for
months as shoppers temper their spending. For retailers, who last year took in 24 percent of their revenue between
Thanksgiving and Christmas, the cautious approach is coming at a crucial time. Already, experts say, holiday sales are
off 7 percent from last year's pace. But don't sound any alarms just yet. Consumers seem only mildly concerned, not
panicked, and many say they remain optimistic about the economy's long-term prospects even as they do some
modest belt-tightening.
Consumers say they're not in despair because, despite the dreadful headlines, their own fortunes still feel pretty
good. Home prices are holding steady in most regions. In Manhattan, “there's a new gold rush happening in the $4
million to $10 million range, predominantly fed by Wall Street bonuses,” says broker Barbara Corcoran. In San
Francisco, prices are still rising even as frenzied overbidding quiets. “Instead of 20 to 30 offers, now maybe you only
get two or three," says John Tealdi, a Bay Area real-estate broker. And most folks still feel pretty comfortable about
their ability to find and keep a job.
Many folks see silver linings to this slowdown. Potential home buyers would cheer for lower interest rates.
Employers wouldn't mind a little fewer bubbles in the job market. Many consumers seem to have been influenced by
stock-market swings, which investors now view as a necessary ingredient to a sustained boom. Diners might see an
upside, too. Getting a table at Manhattan's hot new Alain Ducasse restaurant used to be impossible. Not anymore. For
that, Greenspan & Co. may still be worth toasting.
31. By “Ellen Spero isn’t biting her nails just yet” (Line 1, Paragraph 1), the author means_____.
[A] Spero can hardly maintain her business. [B] Spero is too much engaged in her work.
[C] Spero has grown out of her bad habit. [D] Spero is not in a desperate situation.
32. How do the public feel about the current economic situation?
[A] Optimistic. [B] Confused. [C] Carefree. [D] Panicked.
33. When mentioning “the $4 million to $10 million range”(Lines 3, Paragraph 3), the author is talking about
_______
[A] gold market. [B] real estate. [C] stock exchange. [D] venture investment.
34. Why can many people see “silver linings” to the economic slowdown?
[A] They would benefit in certain ways. [B] The stock market shows signs of recovery.
[C] Such a slowdown usually precedes a boom. [D] The purchasing power would be enhanced.
35. To which of the following is the author likely to agree?
[A] A new boom, on the horizon. [B] Tighten the belt, the single remedy.
[C] Caution all right, panic not. [D] The more ventures, the more chances.
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Americans today don't place a very high value on intellect. Our heroes are athletes, entertainers, and
entrepreneurs, not scholars. Even our schools are where we send our children to get a practical education—not to
pursue knowledge for the sake of knowledge. Symptoms of pervasive anti-intellectualism in our schools aren't
difficult to find.