※1단계 - 본문과해설

메가기출 235제 13번

▷글의 제목 - The Danger of Moral Hazard: How Government Rescues Encourage Risky Behavior (도덕적 해이의 위험성: 정부 구제가 위험한 행동을 조장하는 방식)

▷3줄 요약 - When a firm expects government bailouts, it may choose to lobby for more money rather than make the hard decisions needed for long-term profitability. This phenomenon is called moral hazard, where government support negatively alters a firm's decisions, as seen when rescuing banks encourages them to take greater risks. Ultimately, even well-intended government interventions can lead to poor decision-making by businesses. (기업이 정부의 구제 금융을 기대할 때, 그들은 장기적인 수익성에 필요한 어려운 결정을 내리기보다는 더 많은 돈을 얻기 위해 로비하는 것을 선택할 수 있습니다. 이러한 현상을 도덕적 해이라고 부르는데, 은행을 구제하는 것이 그들이 더 큰 위험을 감수하도록 조장하는 것에서 볼 수 있듯 정부 지원이 기업의 결정을 부정적으로 바꾸는 것입니다. 궁극적으로, 의도가 좋은 정부 개입일지라도 기업의 형편없는 의사결정으로 이어질 수 있습니다.)

▷글의 흐름 - 기업이 정부의 구제를 기대할 때의 태도 (구조조정 대신 로비에 집중) ⇒ 도덕적 해이(moral hazard)의 개념 소개 (정부 지원이 기업의 결정을 바꾸는 현상) ⇒ 은행 구제의 사례 (위험 감수를 부추기는 결과) ⇒ 결론: 선의의 정부 구제라도 기업의 위험하고 형편없는 의사결정을 조장하여 부정적 영향을 미칠 수 있음

▷ Flow of the text - Attitude of a firm expecting a government rescue (focusing on lobbying instead of restructuring) ⇒ Introduction to the concept of moral hazard (government support altering a firm's decisions) ⇒ Example of bank rescues (encouraging risk-taking) ⇒ Conclusion: Even well-intended government rescues can negatively affect behavior by encouraging risky and poor decision-making

본문] If a firm is going to be saved by the government, it might be easier to concentrate on lobbying the government for more money rather than taking the harder decision of restructuring the company to be able to be profitable and viable in the long term. This is an example of something known as moral hazard ─ when government support alters the decisions firms take. For example, if governments rescue banks who get into difficulty, as they did during the credit crisis of 2007-08, this could encourage banks to take greater risks in the future because they know there is a possibility that governments will intervene if they lose money. Although the government rescue may be well intended, it can negatively affect the behavior of banks, encouraging risky and poor decision making.

해설] 만약 어떤 기업이 정부에 의해 구제될 것이라면, 장기적으로 수익을 내고 생존할 수 있도록 회사를 구조조정하는 더 어려운 결정을 내리기보다는 더 많은 돈을 위해 정부에 로비하는 데 집중하는 것이 더 쉬울 수도 있다. 이것은 도덕적 해이(moral hazard)로 알려진 것의 한 예인데, 정부 지원이 기업들이 내리는 결정을 바꾸는 때이다. 예를 들어, 2007-08년의 신용 위기 동안 그랬던 것처럼 정부가 어려움에 처한 은행들을 구제한다면, 이것은 은행들이 돈을 잃더라도 정부가 개입할 가능성이 있다는 것을 알기 때문에 미래에 은행들이 더 큰 위험을 감수하도록 부추길 수 있다. 정부의 구제가 의도가 좋을지라도, 그것은 위험하고 형편없는 의사결정을 조장하면서 은행들의 행동에 부정적인 영향을 미칠 수 있다.

※2단계 - 영단어 동의어 반이어

▷ concentrate (동사) 집중하다 - focus one's attention or mental effort on a particular object or activity

동의어: focus, center, devote. 반의어: distract, diffuse.

▷ lobby (동사) 로비하다, 압력을 가하다 - seek to influence (a politician or public official) on an issue

동의어: influence, persuade, press.

▷ restructure (동사) 구조조정하다, 재구성하다 - organize differently

동의어: reorganize, reform, overhaul.

▷ profitable (형용사) 수익성이 있는 - yielding profit or financial gain

동의어: lucrative, money-making, rewarding. 반의어: unprofitable, loss-making.

▷ viable (형용사) 생존 가능한, 실행 가능한 - capable of working successfully; feasible

동의어: feasible, possible, workable. 반의어: impossible, unviable.

▷ moral hazard (명사) 도덕적 해이 - lack of incentive to guard against risk where one is protected from its consequences, e.g. by insurance

동의어: ethical risk.

▷ alter (동사) 바꾸다, 변경하다 - change or cause to change in character or composition

동의어: change, modify, adjust. 반의어: preserve, keep.

▷ rescue (동사) 구제하다, 구조하다 - save (someone) from a dangerous or distressing situation

동의어: save, salvage, bail out. 반의어: abandon, endanger.

▷ difficulty (명사) 어려움, 곤경 - a thing that is hard to accomplish, deal with, or understand

동의어: trouble, problem, hardship. 반의어: ease, simplicity.

▷ encourage (동사) 부추기다, 조장하다 - give support, confidence, or hope to (someone)

동의어: urge, prompt, motivate. 반의어: discourage, deter.

▷ possibility (명사) 가능성 - a thing that may happen or be the case

동의어: chance, likelihood, probability. 반의어: impossibility, certainty.

▷ intervene (동사) 개입하다, 끼어들다 - come between so as to prevent or alter a result or course of events

동의어: step in, involve oneself, intercede. 반의어: ignore, ignore.

▷ intend (동사) 의도하다 - have (a course of action) as one's purpose or objective; plan

동의어: plan, mean, propose.

▷ negatively (부사) 부정적으로 - in a way that is not desirable or optimistic

동의어: adversely, unfavorably, badly. 반의어: positively, favorably.

※ 단어테스트

▷ c__________ (동사) 집중하다

동의어: f____, c_____, d_____. 반의어: d________, d______.

▷ l____ (동사) 로비하다, 압력을 가하다

동의어: i________, p_______, p____.

▷ r__________ (동사) 구조조정하다, 재구성하다

동의어: r_________, r_____, o_______.

▷ p_________ (형용사) 수익성이 있는

동의어: l________, m____-m_____, r________. 반의어: u___________, l___-m_____.

▷ v_____ (형용사) 생존 가능한, 실행 가능한

동의어: f_______, p_______, w_______. 반의어: i_________, u_______.

▷ m____ h_____ (명사) 도덕적 해이

동의어: e______ r___.

▷ a____ (동사) 바꾸다, 변경하다

동의어: c_____, m_____, a_____. 반의어: p_______, k___.

▷ r_____ (동사) 구제하다, 구조하다

동의어: s___, s______, b___ o__. 반의어: a______, e________.

▷ d_________ (명사) 어려움, 곤경

동의어: t______, p______, h_______. 반의어: e___, s_________.

▷ e________ (동사) 부추기다, 조장하다

동의어: u___, p_____, m_______. 반의어: d_________, d____.

▷ p__________ (명사) 가능성

동의어: c_____, l_________, p__________. 반의어: i____________, c________.

▷ i________ (동사) 개입하다, 끼어들다

동의어: s___ i_, i______ o______, i________. 반의어: i_____, i_____.

▷ i_____ (동사) 의도하다

동의어: p___, m___, p______.

▷ n_________ (부사) 부정적으로

동의어: a________, u_________, b____. 반의어: p_________, f________.

※3단계 - 한줄해석 본문분석

▷ If a firm is going to be saved by the government, it might be easier to concentrate on lobbying the government for more money rather than taking the harder decision of restructuring the company to be able to be profitable and viable in the long term.

해석: 만약 어떤 기업이 정부에 의해 구제될 것이라면, 장기적으로 수익을 내고 생존할 수 있도록 회사를 구조조정하는 더 어려운 결정을 내리기보다는 더 많은 돈을 위해 정부에 로비하는 데 집중하는 것이 더 쉬울 수도 있다.

문법: #1 to be saved: 수동태 (구제되다). #2 it might be easier to concentrate: it은 가주어, to concentrate가 진주어. #3 on lobbying ... rather than taking: 전치사 on 뒤에 쓰인 동명사 병렬 구조 ('~라기 보다는'). #4 restructuring: 전치사 of 뒤에 쓰인 동명사. #5 to be able to be: 목적을 나타내는 부사적 용법의 to부정사.

▷ This is an example of something known as moral hazard ─ when government support alters the decisions firms take.

해석: 이것은 도덕적 해이(moral hazard)로 알려진 것의 한 예인데, 정부 지원이 기업들이 내리는 결정을 바꾸는 때이다.

문법: #1 known as moral hazard: something을 뒤에서 수식하는 과거분사구. #2 when: 앞의 moral hazard를 부연 설명하는 관계부사절(시간적 상황). #3 (that) firms take: decisions를 수식하는 목적격 관계대명사절 (that 생략).

▷ For example, if governments rescue banks who get into difficulty, as they did during the credit crisis of 2007-08, this could encourage banks to take greater risks in the future because they know there is a possibility that governments will intervene if they lose money.

해석: 예를 들어, 2007-08년의 신용 위기 동안 그랬던 것처럼 정부가 어려움에 처한 은행들을 구제한다면, 이것은 은행들이 돈을 잃더라도 정부가 개입할 가능성이 있다는 것을 알기 때문에 미래에 은행들이 더 큰 위험을 감수하도록 부추길 수 있다.

문법: #1 who get into difficulty: banks를 수식하는 주격 관계대명사절. #2 as they did: '그들이 그랬던 것처럼' (did는 대동사로 rescued banks를 의미). #3 encourage banks to take: encourage + 목적어 + to부정사 ('~가 ...하도록 부추기다'). #4 possibility that: 동격의 접속사 that이 이끄는 명사절 ('~라는 가능성').

▷ Although the government rescue may be well intended, it can negatively affect the behavior of banks, encouraging risky and poor decision making.

해석: 정부의 구제가 의도가 좋을지라도, 그것은 위험하고 형편없는 의사결정을 조장하면서 은행들의 행동에 부정적인 영향을 미칠 수 있다.

문법: #1 Although: '비록 ~일지라도' (양보의 접속사). #2 well intended: 수동형 분사구 (의도가 좋게 되어진). #3 encouraging...: 부대상황(결과, 동시동작)을 나타내는 현재분사구문 ('조장하면서').

4단계 변형문제

정답] 1. saved, it, taking, profitable 2. known, alters 3. who, did, to take, that 4. Although, intended, negatively, encouraging

1. 만약 어떤 기업이 정부에 의해 구제될 것이라면, 장기적으로 수익을 내고 생존할 수 있도록 회사를 구조조정하는 더 어려운 결정을 내리기보다는 더 많은 돈을 위해 정부에 로비하는 데 집중하는 것이 더 쉬울 수도 있다.

If a firm is going to be [saving / saved] by the government, [it / that] might be easier to concentrate on lobbying the government for more money rather than [take / taking] the harder decision of restructuring the company to be able to be [profitable / profitably] and viable in the long term.

2. 이것은 도덕적 해이(moral hazard)로 알려진 것의 한 예인데, 정부 지원이 기업들이 내리는 결정을 바꾸는 때이다.

This is an example of something [knowing / known] as moral hazard ─ when government support [alter / alters] the decisions firms take.

3. 예를 들어, 2007-08년의 신용 위기 동안 그랬던 것처럼 정부가 어려움에 처한 은행들을 구제한다면, 이것은 은행들이 돈을 잃더라도 정부가 개입할 가능성이 있다는 것을 알기 때문에 미래에 은행들이 더 큰 위험을 감수하도록 부추길 수 있다.

For example, if governments rescue banks [who / what] get into difficulty, as they [were / did] during the credit crisis of 2007-08, this could encourage banks [taking / to take] greater risks in the future because they know there is a possibility [that / what] governments will intervene if they lose money.

4. 정부의 구제가 의도가 좋을지라도, 그것은 위험하고 형편없는 의사결정을 조장하면서 은행들의 행동에 부정적인 영향을 미칠 수 있다.

[Although / Despite] the government rescue may be well [intending / intended], it can [negative / negatively] affect the behavior of banks, [encouraging / encouraged] risky and poor decision making.

※5단계 - 한줄영작

만약 어떤 기업이 정부에 의해 구제될 것이라면, 장기적으로 수익을 내고 생존할 수 있도록 회사를 구조조정하는 더 어려운 결정을 내리기보다는 더 많은 돈을 위해 정부에 로비하는 데 집중하는 것이 더 쉬울 수도 있다.

[ rather / term. / company / of / the / more / to / viable / easier / saved / the / on / than / going / restructuring / long / decision / to / be / concentrate / the / profitable / able / harder / by / firm / money / taking / in / be / to / and / it / for / government, / the / a / If / government / be / lobbying / might / is ]

이것은 도덕적 해이(moral hazard)로 알려진 것의 한 예인데, 정부 지원이 기업들이 내리는 결정을 바꾸는 때이다.

[ firms / as / when / moral / known / the / take. / support / is / an / decisions / alters / of / hazard / ─ / something / government / example / This ]

예를 들어, 2007-08년의 신용 위기 동안 그랬던 것처럼 정부가 어려움에 처한 은행들을 구제한다면, 이것은 은행들이 돈을 잃더라도 정부가 개입할 가능성이 있다는 것을 알기 때문에 미래에 은행들이 더 큰 위험을 감수하도록 부추길 수 있다.

[ because / if / possibility / they / of / take / difficulty, / they / banks / they / know / governments / banks / into / rescue / future / 2007-08, / could / greater / For / governments / there / in / the / is / money. / who / intervene / did / example, / a / that / risks / to / encourage / credit / get / as / during / will / crisis / this / the / lose ]

정부의 구제가 의도가 좋을지라도, 그것은 위험하고 형편없는 의사결정을 조장하면서 은행들의 행동에 부정적인 영향을 미칠 수 있다.

[ behavior / affect / poor / making. / of / the / rescue / well / banks, / Although / the / government / decision / encouraging / risky / negatively / can / be / intended, / and / it / may ]

6단계 - 빈칸 채우기

6단계 1차변형문제

정답] 1) concentrate 2) lobbying 3) restructuring 4) profitable 5) viable 6) alters 7) rescue 8) possibility 9) intervene 10) intended

다음 글을 읽고 주어진 단어를 알맞은 곳에 넣어 보세요.

If a firm is going to be saved by the government, it might be easier to 1) _______________ on 2) _______________ the government for more money rather than taking the harder decision of 3) _______________ the company to be able to be 4) _______________ and 5) _______________ in the long term. This is an example of something known as moral hazard ─ when government support 6) _______________ the decisions firms take. For example, if governments 7) _______________ banks who get into difficulty, as they did during the credit crisis of 2007-08, this could encourage banks to take greater risks in the future because they know there is a 8) _______________ that governments will 9) _______________ if they lose money. Although the government rescue may be well 10) _______________ , it can negatively affect the behavior of banks, encouraging risky and poor decision making.

선택지 = alters, concentrate, intended, intervene, lobbying, possibility, profitable, rescue, restructuring, viable

6단계 2차변형문제

정답] 1) firm 2) easier 3) term 4) moral 5) support 6) difficulty 7) credit 8) encourage 9) negatively 10) encouraging

다음 글을 읽고 주어진 단어를 알맞은 곳에 넣어 보세요.

If a 1) _______________ is going to be saved by the government, it might be 2) _______________ to concentrate on lobbying the government for more money rather than taking the harder decision of restructuring the company to be able to be profitable and viable in the long 3) _______________ . This is an example of something known as 4) _______________ hazard ─ when government 5) _______________ alters the decisions firms take. For example, if governments rescue banks who get into 6) _______________ , as they did during the 7) _______________ crisis of 2007-08, this could 8) _______________ banks to take greater risks in the future because they know there is a possibility that governments will intervene if they lose money. Although the government rescue may be well intended, it can 9) _______________ affect the behavior of banks, 10) _______________ risky and poor decision making.

선택지 = credit, difficulty, easier, encourage, encouraging, firm, moral, negatively, support, term

6단계 3차변형문제

정답] 1) might 2) rather 3) take 4) did 5) greater 6) because 7) that 8) Although 9) affect 10) behavior

다음 글을 읽고 주어진 단어를 알맞은 곳에 넣어 보세요.

If a firm is going to be saved by the government, it 1) _______________ be easier to concentrate on lobbying the government for more money 2) _______________ than taking the harder decision of restructuring the company to be able to be profitable and viable in the long term. This is an example of something known as moral hazard ─ when government support alters the decisions firms 3) _______________ . For example, if governments rescue banks who get into difficulty, as they 4) _______________ during the credit crisis of 2007-08, this could encourage banks to take 5) _______________ risks in the future 6) _______________ they know there is a possibility 7) _______________ governments will intervene if they lose money. 8) _______________ the government rescue may be well intended, it can negatively 9) _______________ the 10) _______________ of banks, encouraging risky and poor decision making.

선택지 = Although, affect, behavior, because, did, greater, might, rather, take, that

※1차변형문제

정답] 2번 - knowing → known 정답해설] 도덕적 해이로 '알려진' 무언가(something)라는 수동의 의미이므로 과거분사 known이 쓰여야 합니다.

다음 글의 밑줄 친 부분 중, 어법상 틀린 것은?

If a firm is going to be saved by the government, it might be easier to concentrate on lobbying the government for more money rather than taking the harder decision of restructuring the company to be able to be profitable and ① viable in the long term. This is an example of something ② knowing as moral hazard ─ when government support alters the decisions firms take. For example, if governments rescue banks who get into difficulty, as they ③ did during the credit crisis of 2007-08, this could encourage banks to take greater risks in the future because they know there is a possibility ④ that governments will intervene if they lose money. Although the government rescue may be well intended, it can negatively affect the behavior of banks, ⑤ encouraging risky and poor decision making.

※2차변형문제

정답) ③ The Danger of Moral Hazard: How Government Rescues Encourage Risky Behavior 정답해설] 정부의 구제 지원이 기업이나 은행으로 하여금 오히려 구조조정을 회피하고 무책임하게 더 큰 위험을 감수하도록(도덕적 해이) 부추긴다는 부작용에 대한 글이므로 3번이 가장 적절합니다.

다음 글을 읽고 가장 적절한 제목을 고르세요.

If a firm is going to be saved by the government, it might be easier to concentrate on lobbying the government for more money rather than taking the harder decision of restructuring the company to be able to be profitable and viable in the long term. This is an example of something known as moral hazard ─ when government support alters the decisions firms take. For example, if governments rescue banks who get into difficulty, as they did during the credit crisis of 2007-08, this could encourage banks to take greater risks in the future because they know there is a possibility that governments will intervene if they lose money. Although the government rescue may be well intended, it can negatively affect the behavior of banks, encouraging risky and poor decision making.

① Why Banks Succeeded During the Credit Crisis of 2007-08

② The Benefits of Lobbying the Government for Business Growth

③ The Danger of Moral Hazard: How Government Rescues Encourage Risky Behavior

④ Successful Strategies for Restructuring Unprofitable Companies

⑤ Why Governments Should Always Intervene in Failing Businesses

※3차변형문제

정답) ③ Government rescues during the 2007-08 credit crisis forced banks to become more cautious and risk-averse. 정답해설] 본문에서 2007-08 신용 위기 때처럼 정부가 구제해 주는 것은 은행들이 더 조심스러워지게(cautious) 만든 것이 아니라, 미래에 '더 큰 위험을 감수하도록(take greater risks)' 부추길 수 있다고 했으므로 3번은 내용과 일치하지 않습니다.

Choose the statement that is NOT true according to the text.

If a firm is going to be saved by the government, it might be easier to concentrate on lobbying the government for more money rather than taking the harder decision of restructuring the company to be able to be profitable and viable in the long term. This is an example of something known as moral hazard ─ when government support alters the decisions firms take. For example, if governments rescue banks who get into difficulty, as they did during the credit crisis of 2007-08, this could encourage banks to take greater risks in the future because they know there is a possibility that governments will intervene if they lose money. Although the government rescue may be well intended, it can negatively affect the behavior of banks, encouraging risky and poor decision making.

① A firm expecting government rescue may prefer lobbying over restructuring.

② Moral hazard occurs when government support negatively changes the decisions a firm makes.

③ Government rescues during the 2007-08 credit crisis forced banks to become more cautious and risk-averse.

④ Rescuing banks in difficulty can encourage them to take greater risks in the future.

⑤ Even well-intended government rescues can lead to poor decision-making by banks.

※4차변형문제

정답) ②: 기업들이 정부 구제 금융에 의존할 때, 그것은 (A)'도덕적 해이(moral hazard)'로 알려진 현상을 만들며, 이는 그들이 어려운 구조조정을 피하고 대신 더 큰 (B)'위험(risks)'을 감수하도록 부추김으로써 그들의 행동에 부정적인 영향을 미칠 수 있다는 요약문입니다. 정답해설] 글의 핵심 개념인 도덕적 해이와 그로 인한 무책임한 위험 감수를 잘 묻고 있습니다.

다음 글을 아래와 같이 요약할 때, 빈칸 (A), (B)에 들어갈 말로 알맞게 연결된 것은?

If a firm is going to be saved by the government, it might be easier to concentrate on lobbying the government for more money rather than taking the harder decision of restructuring the company to be able to be profitable and viable in the long term. This is an example of something known as moral hazard ─ when government support alters the decisions firms take. For example, if governments rescue banks who get into difficulty, as they did during the credit crisis of 2007-08, this could encourage banks to take greater risks in the future because they know there is a possibility that governments will intervene if they lose money. Although the government rescue may be well intended, it can negatively affect the behavior of banks, encouraging risky and poor decision making.

When firms rely on government bailouts, it creates a phenomenon known as (A), which can negatively influence their behavior by encouraging them to avoid difficult restructuring and instead take greater (B).

① (A) economic stability (B) precautions

② (A) moral hazard (B) risks

③ (A) moral hazard (B) precautions

④ (A) market efficiency (B) risks

⑤ (A) market efficiency (B) responsibility

※5차변형문제

정답] 1) profitably → profitable 2) were → did 3) what → that 정답해설] 1) to be(be동사) 뒤의 주격 보어 자리이므로 부사가 아닌 형용사 profitable이 와야 합니다. 2) 앞의 일반동사(rescued)를 대신하는 대동사가 필요하므로 과거시제인 did가 적절합니다. 3) a possibility 뒤에서 동격의 명사절을 이끄는 접속사 that이 되어야 합니다.

다음 글을 읽고 어법, 어휘가 어색한 곳 3군데를 찾아 쓰고, 바르게 고치세요.

If a firm is going to be saved by the government, it might be easier to concentrate on lobbying the government for more money rather than taking the harder decision of restructuring the company to be able to be profitably and viable in the long term. This is an example of something known as moral hazard ─ when government support alters the decisions firms take. For example, if governments rescue banks who get into difficulty, as they were during the credit crisis of 2007-08, this could encourage banks to take greater risks in the future because they know there is a possibility what governments will intervene if they lose money. Although the government rescue may be well intended, it can negatively affect the behavior of banks, encouraging risky and poor decision making.

_______ → _________ 2)_______ → _________ 3)_______ → _________

※6차변형문제

[정답] ③

다음 글의 빈칸에 들어갈 연결어가 가장 적절한 것은?

If a firm is going to be saved by the government, it might be easier to concentrate on lobbying the government for more money rather than taking the harder decision of restructuring the company to be able to be profitable and viable in the long term. This is an example of something known as moral hazard ─ when government support alters the decisions firms take. (A), if governments rescue banks who get into difficulty, as they did during the credit crisis of 2007-08, this could encourage banks to take greater risks in the future because they know there is a possibility that governments will intervene if they lose money. (B) the government rescue may be well intended, it can negatively affect the behavior of banks, encouraging risky and poor decision making.

① (A) However (B) Therefore

② (A) For example (B) Because

③ (A) For example (B) Although

④ (A) However (B) Because

⑤ (A) Similarly (B) Although

※7차변형문제

[정답] ③

다음 글에서 underlined 된 "moral hazard" 가 의미하는 바로 가장 적절한 것은?

If a firm is going to be saved by the government, it might be easier to concentrate on lobbying the government for more money rather than taking the harder decision of restructuring the company to be able to be profitable and viable in the long term. This is an example of something known as moral hazard ─ when government support alters the decisions firms take. For example, if governments rescue banks who get into difficulty, as they did during the credit crisis of 2007-08, this could encourage banks to take greater risks in the future because they know there is a possibility that governments will intervene if they lose money. Although the government rescue may be well intended, it can negatively affect the behavior of banks, encouraging risky and poor decision making.

① the government's ethical duty to always protect small businesses from bankruptcy

② the tendency of companies to act more responsibly and ethically when they receive public funding

③ a situation where a firm takes reckless risks because it knows it is protected from the negative consequences by a third party

④ a strictly illegal activity where corporate leaders bribe government officials for personal gain

⑤ the process of firing workers during an economic crisis to save the company's reputation

정답] ③ 정답해설] '도덕적 해이'란 제3자(정부, 보험 등)로부터 자신들이 보호받고 있다는 것을 알기 때문에 실패나 부정적 결과에 대한 두려움 없이 무모한 위험을 감수하거나 무책임하게 행동하는 상황을 의미합니다.

※8차변형문제

정답] ② 정답해설] 은행들이 앞으로 더 큰 위험을 감수하게 되는 이유는 그들이 돈을 잃더라도 '정부가 개입할 가능성이 있다는 것을 알기 때문'이므로 빈칸에는 2번 문장이 알맞습니다.

다음 빈칸에 들어갈 말로 가장 적절한 것을 고르시오.

If a firm is going to be saved by the government, it might be easier to concentrate on lobbying the government for more money rather than taking the harder decision of restructuring the company to be able to be profitable and viable in the long term. This is an example of something known as moral hazard ─ when government support alters the decisions firms take. For example, if governments rescue banks who get into difficulty, as they did during the credit crisis of 2007-08, this could encourage banks to take greater risks in the future because ______________________________________. Although the government rescue may be well intended, it can negatively affect the behavior of banks, encouraging risky and poor decision making.

① they believe that their risky investments will always be profitable

② they know there is a possibility that governments will intervene if they lose money

③ they are confident that they can manage the crisis on their own

④ the government has legally promised to never interfere with private businesses

⑤ they want to prove their complete independence from government control

※9차변형문제

정답] Although the government rescue may be well intended, it can negatively affect the behavior of banks, encouraging risky and poor decision making.

다음 글을 읽고 주어진 단어를 활용하여 영작하세요.

If a firm is going to be saved by the government, it might be easier to concentrate on lobbying the government for more money rather than taking the harder decision of restructuring the company to be able to be profitable and viable in the long term. This is an example of something known as moral hazard ─ when government support alters the decisions firms take. For example, if governments rescue banks who get into difficulty, as they did during the credit crisis of 2007-08, this could encourage banks to take greater risks in the future because they know there is a possibility that governments will intervene if they lose money. [정부의 구제가 의도가 좋을지라도, 그것은 위험하고 형편없는 의사결정을 조장하면서 은행들의 행동에 부정적인 영향을 미칠 수 있다.]

-서술형 작성 요령-

주어진 단어를 한번만 사용하세요.

단어를 변형하지 마세요.

[ behavior / affect / poor / making. / of / the / rescue / well / banks, / Although / the / government / decision / encouraging / risky / negatively / can / be / intended, / and / it / may ]

※10차변형문제

정답) banks (또는 banks who get into difficulty) 정답해설] 돈을 잃었을 때 정부가 개입할 것을 알고 무책임해지는 대상은 바로 앞서 언급된 '은행들(banks)'입니다.

If a firm is going to be saved by the government, it might be easier to concentrate on lobbying the government for more money rather than taking the harder decision of restructuring the company to be able to be profitable and viable in the long term. This is an example of something known as moral hazard ─ when government support alters the decisions firms take. For example, if governments rescue banks who get into difficulty, as they did during the credit crisis of 2007-08, this could encourage banks to take greater risks in the future because they know there is a possibility that governments will intervene if (A)they lose money. Although the government rescue may be well intended, it can negatively affect the behavior of banks, encouraging risky and poor decision making.

위 글의 (A)they가 가리키는 내용을 앞선 문장에서 찾아 영어로 쓰시오.

(A) → _________________________________

※11차변형문제

정답] 3번 - discourage → encourage 정답해설] 정부가 도와줄 것을 알기 때문에 은행들이 위험한 행동을 피하는(discourage) 것이 아니라 오히려 더 큰 위험을 '감수하도록 부추기게(encourage)' 되므로 잘못된 어휘입니다.

다음 글의 밑줄 친 부분 중, 문맥상 낱말의 쓰임이 적절하지 않은 것은?

If a firm is going to be saved by the government, it might be easier to concentrate on lobbying the government for more money rather than taking the harder decision of restructuring the company to be able to be profitable and ① viable in the long term. This is an example of something known as moral hazard ─ when government support ② alters the decisions firms take. For example, if governments rescue banks who get into difficulty, as they did during the credit crisis of 2007-08, this could ③ discourage banks to take greater risks in the future because they know there is a possibility that governments will ④ intervene if they lose money. Although the government rescue may be well intended, it can negatively affect the behavior of banks, encouraging ⑤ risky and poor decision making.

※12차변형문제 - 글의 순서정하기

정답] 2번

다음 글을 읽고 알맞은 글의 순서를 정해보세요.

If a firm is going to be saved by the government, it might be easier to concentrate on lobbying the government for more money rather than taking the harder decision of restructuring the company to be able to be profitable and viable in the long term.

(A) For example, if governments rescue banks who get into difficulty, as they did during the credit crisis of 2007-08, this could encourage banks to take greater risks in the future because they know there is a possibility that governments will intervene if they lose money.

(B) Although the government rescue may be well intended, it can negatively affect the behavior of banks, encouraging risky and poor decision making.

(C) This is an example of something known as moral hazard ─ when government support alters the decisions firms take.

(1) (A) - (B) - (C)

(2) (C) - (A) - (B)

(3) (B) - (A) - (C)

(4) (B) - (C) - (A)

(5) (C) - (B) - (A)

※13차변형문제

정답] 3번

다음 글을 읽고 알맞은 글의 순서를 정해보세요.

If a firm is going to be saved by the government, it might be easier to concentrate on lobbying the government for more money rather than taking the harder decision of restructuring the company to be able to be profitable and viable in the long term.

(A) Although the government rescue may be well intended, it can negatively affect the behavior of banks, encouraging risky and poor decision making.

(B) This is an example of something known as moral hazard ─ when government support alters the decisions firms take.

(C) For example, if governments rescue banks who get into difficulty, as they did during the credit crisis of 2007-08, this could encourage banks to take greater risks in the future because they know there is a possibility that governments will intervene if they lose money.

(1) (C) - (B) - (A)

(2) (A) - (B) - (C)

(3) (B) - (C) - (A)

(4) (C) - (A) - (B)

(5) (B) - (A) - (C)

※14차 변형문제

정답] 1번

다음 글 전체를 기반으로, 주어진 문장이 들어갈 알맞은 곳은?

This is an example of something known as moral hazard ─ when government support alters the decisions firms take.

If a firm is going to be saved by the government, it might be easier to concentrate on lobbying the government for more money rather than taking the harder decision of restructuring the company to be able to be profitable and viable in the long term. ① For example, if governments rescue banks who get into difficulty, as they did during the credit crisis of 2007-08, this could encourage banks to take greater risks in the future because they know there is a possibility that governments will intervene if they lose money. ② Although the government rescue may be well intended, it can negatively affect the behavior of banks, encouraging risky and poor decision making. ③

※15차 변형문제

정답] 3번 (마지막 문장입니다.)

다음 글 전체를 기반으로, 주어진 문장이 들어갈 알맞은 곳은?

Although the government rescue may be well intended, it can negatively affect the behavior of banks, encouraging risky and poor decision making.

If a firm is going to be saved by the government, it might be easier to concentrate on lobbying the government for more money rather than taking the harder decision of restructuring the company to be able to be profitable and viable in the long term. ① This is an example of something known as moral hazard ─ when government support alters the decisions firms take. ② For example, if governments rescue banks who get into difficulty, as they did during the credit crisis of 2007-08, this could encourage banks to take greater risks in the future because they know there is a possibility that governments will intervene if they lose money. ③

※16차 변형문제

정답] 3번 정답해설] 2007-08 신용위기가 비행기 값 하락으로 인한 국제 여행 증가를 이끌었다는 3번 문장은 정부 구제로 인한 기업의 도덕적 해이를 논하는 본문의 경제/경영적 맥락과 무관합니다.

다음 글을 읽고, 흐름 상 어색한 문장을 고르면?

If a firm is going to be saved by the government, it might be easier to concentrate on lobbying the government for more money rather than taking the harder decision of restructuring the company to be able to be profitable and viable in the long term. ① This is an example of something known as moral hazard ─ when government support alters the decisions firms take. ② For example, if governments rescue banks who get into difficulty, as they did during the credit crisis of 2007-08, this could encourage banks to take greater risks in the future because they know there is a possibility that governments will intervene if they lose money. ③ The credit crisis of 2007-08 also led to a significant increase in international travel as flight prices dropped globally. ④ Although the government rescue may be well intended, it can negatively affect the behavior of banks, encouraging risky and poor decision making.

※17차 변형문제

정답] 1번 - 원문단어 설명: 정부의 지원 약속은 기업들이 본래 내려야 할 올바른 결정(구조조정 등)을 무책임한 방향으로 '바꾸게(alters)' 만듭니다.

다음 글을 읽고, 빈 칸에 들어갈 알맞은 단어는?

If a firm is going to be saved by the government, it might be easier to concentrate on lobbying the government for more money rather than taking the harder decision of restructuring the company to be able to be profitable and viable in the long term. This is an example of something known as moral hazard ─ when government support ( __________ ) the decisions firms take. For example, if governments rescue banks who get into difficulty, as they did during the credit crisis of 2007-08, this could encourage banks to take greater risks in the future because they know there is a possibility that governments will intervene if they lose money. Although the government rescue may be well intended, it can negatively affect the behavior of banks, encouraging risky and poor decision making.

(1) alters

(2) preserves

(3) rejects

(4) imitates

(5) ignores

※18차 변형문제

정답] 2번 - 원문단어 설명: 기업이나 은행들이 무모해지는 이유는 자신들이 돈을 잃고 실패하더라도 정부가 '개입해서(intervene)' 구제해 줄 가능성을 알고 있기 때문입니다.

다음 글을 읽고, 빈 칸에 들어갈 알맞은 단어는?

If a firm is going to be saved by the government, it might be easier to concentrate on lobbying the government for more money rather than taking the harder decision of restructuring the company to be able to be profitable and viable in the long term. This is an example of something known as moral hazard ─ when government support alters the decisions firms take. For example, if governments rescue banks who get into difficulty, as they did during the credit crisis of 2007-08, this could encourage banks to take greater risks in the future because they know there is a possibility that governments will ( __________ ) if they lose money. Although the government rescue may be well intended, it can negatively affect the behavior of banks, encouraging risky and poor decision making.

(1) collapse

(2) intervene

(3) withdraw

(4) apologize

(5) investigate

※19차 변형문제

정답] 3번

다음 글을 읽고, 알맞은 어휘를 골라 보세요.

If a firm is going to be saved by the government, it might be easier to concentrate on lobbying the government for more money rather than taking the harder decision of ( A ) ( restructuring / expanding ) the company to be able to be profitable and viable in the long term. This is an example of something known as moral hazard ─ when government support alters the decisions firms take. For example, if governments rescue banks who get into difficulty, as they did during the credit crisis of 2007-08, this could ( B ) ( encourage / discourage ) banks to take greater risks in the future because they know there is a possibility that governments will intervene if they lose money. Although the government rescue may be well ( C ) ( intended / executed ), it can negatively affect the behavior of banks, encouraging risky and poor decision making.

(1) (A) expanding (B) encourage (C) executed

(2) (A) restructuring (B) discourage (C) intended

(3) (A) restructuring (B) encourage (C) intended

(4) (A) expanding (B) discourage (C) executed

(5) (A) restructuring (B) encourage (C) executed

※20차 변형문제

정답] 3번

다음 글을 읽고, 알맞은 어휘를 골라 보세요.

If a firm is going to be saved by the government, it might be easier to concentrate on lobbying the government for more money rather than taking the harder decision of restructuring the company to be able to be profitable and viable in the long term. This is an example of something known as moral hazard ─ when government support ( A ) ( maintains / alters ) the decisions firms take. For example, if governments rescue banks who get into difficulty, as they did during the credit crisis of 2007-08, this could encourage banks to take greater risks in the future because they know there is a ( B ) ( certainty / possibility ) that governments will intervene if they lose money. Although the government rescue may be well intended, it can ( C ) ( positively / negatively ) affect the behavior of banks, encouraging risky and poor decision making.

(1) (A) alters (B) certainty (C) positively

(2) (A) maintains (B) possibility (C) negatively

(3) (A) alters (B) possibility (C) negatively

(4) (A) maintains (B) certainty (C) positively

(5) (A) alters (B) possibility (C) positively

※21차 변형문제

정답] F / T / F / T / F / T / T / F / T

If a firm is going to be saved by the government, it might be easier to concentrate on lobbying the government for more money rather than taking the harder decision of restructuring the company to be able to be profitable and viable in the long term. This is an example of something known as moral hazard ─ when government support alters the decisions firms take. For example, if governments rescue banks who get into difficulty, as they did during the credit crisis of 2007-08, this could encourage banks to take greater risks in the future because they know there is a possibility that governments will intervene if they lose money. Although the government rescue may be well intended, it can negatively affect the behavior of banks, encouraging risky and poor decision making.

문장의 내용이 참이면 T, 거짓이면 F를 선택하시오.

Lobbying the government is described as a much harder decision than restructuring the company. ( T / F )

Moral hazard happens when government assistance causes firms to change their decision-making processes. ( T / F )

The text gives an example of banks being rescued during the 1997-98 Asian financial crisis. ( T / F )

Banks may take greater risks if they believe the government will step in to save them when they lose money. ( T / F )

The author states that government rescues are always done with bad intentions. ( T / F )

Government intervention can have a negative effect by encouraging poor and risky business decisions. ( T / F )

Restructuring a company is mentioned as a way to make it profitable and viable in the long term. ( T / F )

The concept of moral hazard means that companies will always act ethically when receiving public funds. ( T / F )

The text implies that providing a safety net for failing firms can sometimes cause more irresponsible behavior. ( T / F )