Questions 8-12 2 ^# b Y' G: @$ M, X9 Q( m5 [* r
l Read this letter to the editor of The Economist.
) f- x* @6 [8 _8 U* L8 sl Choose the best sentence from the list A-I to fill each of the blanks.
% m- \" M3 E, {! R# x( Cl For each bland (8-12) mark one letter (A-I) on your Answer Sheet.
& y& L0 D. Z" s. c- {9 ]l Do not mar4 any letter twice.
% q( e N I: |3 r' _4 d! }+ zl One answer has been given as an example.
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) Z3 _ Y% v& R1 B: i' }9 B) j- \- zYou state on February 13 th that New Mexico has “few natural resources”, ____ example____ In 1991 New Mexico ranked fourth in the United States in production of natural gas, seventh in oil and tenth in non-fuel minerals ____8____ Non-fuel minerals contributed about $ 1 billion and coal $ 509 million. * n" D9 X' a. D/ H9 h% { J& b
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Taxes from production of fuels and minerals, and lease payments on state lands have been set aside by legislative acts to endow two permanent funds worth about $ 5.65 billion, ____9____ In addition, during fiscal year 1991 , payments to New Mexico from taxes on federal lands were S 108 million, all earmarked for public education. : {, q8 d& p; D, V" z( Z/ l* ?2 C
8 Q4 w0 [1 c7 p+ k8 a; h- d____10____ About $566 million came from taxes and permanent-fund earnings attributable to oil and gas production. ____11____ Tourism is an important industry in Mew Mexico, yet its economic impact on the public sector is dwarfed by that of mineral production.
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& Z& J6 Q# l9 z. Q4 L" ^3 {2 ENew Mexico came through the recent recession in much better shape than most other states. It does not have a deficit. ____12____ States that rely primarily on a sales tax or on an income tax have big problems during economic downturns. Income growth per head in New Mexico averaged 6.1/00 in the year to October 1992-one if the fastest growth rates in the United States.
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O: A3 o) `" A! f. G# PCharles Chapin 2 }3 C: s, S, q, ^9 K8 `
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Example: C 8 n; ^" t" E8 C# m
. }; k7 w( H) _, gA. That it has a broadly based tax structure is an important point. " B5 J) \: u t
B. In 1992 it produced more oil than Colorado and Kansas combined. : i$ }3 e5 h8 q M4 V' b: K5 `
C. However, the extractive mineral industry in New Mexico is one of the state’s strongest economic forces. 9 f% U Z5 d2 @! t n. m& }
D. During fiscal year 1992 New Mexico raised permanent funds worth about $6.1 billion. * h6 |4 A# ` O: y8 Y
E. The combined value of oil and gas production was $ 2.8 billion. |