单选题 In October 2002, Goldman Sachs and Deutsche Bank{{U}} {{U}} 1 {{/U}} {{/U}}a new electronic market (www. gs. com/econderivs) for economic indices that{{U}} {{U}} 2 {{/U}} {{/U}}substantial economic risks, such as nonfarm payroll (a measure of job availability) and retail sales. This new market was made possible by a{{U}} {{U}} 3 {{/U}} {{/U}}trading technology, developed by Longitude, a New York company providing software for financial markets,{{U}} {{U}} 4 {{/U}} {{/U}}the Parimutuel Digital Call Auction. This is "digital"{{U}} {{U}} 5 {{/U}} {{/U}}of a digital option: ie, it pays out only if an underlying index lies in a narrow, discrete range. In effect, Longitude has created a horse race, where each "horse" wins if and{{U}} {{U}} 6 {{/U}} {{/U}}the specified index falls in a specified range. By creating horses for every possible{{U}} {{U}} 7 {{/U}} {{/U}}of the index, and allowing people to bet{{U}} {{U}} 8 {{/U}} {{/U}}any number of runners, the company has produced a liquid integrated electronic market for a wide array of options on economic indices.
Ten years ago it was{{U}} {{U}} 9 {{/U}} {{/U}}impossible to make use of electronic information about home values. Now, mortgage lenders have online automated valuation models that allow them to estimate values and to{{U}} {{U}} 10 {{/U}} {{/U}}the risk in their portfolios. This has led to a proliferation of types of home loan, some of{{U}} {{U}} 11 {{/U}} {{/U}}have improved risk-management characteristics.
We are also beginning to see new kinds of{{U}} {{U}} 12 {{/U}} {{/U}}for homes, which will make it possible to protect the value of{{U}} {{U}} 13 {{/U}} {{/U}}, for most people, is the single most important{{U}} {{U}} 14 {{/U}} {{/U}}of their wealth. The Yale University-Neighbourhood Reinvestment Corporation programme,{{U}} {{U}} 15 {{/U}} {{/U}}last year in the city of Syracuse, in New York State, may be a model for home-equity insurance policies that{{U}} {{U}} 16 {{/U}} {{/U}}sophisticated economic indices of house prices to define the{{U}} {{U}} 17 {{/U}} {{/U}}of the policy. Electronic futures markets that are based on econometric indices of house prices by city, already begun by City Index and IG Index in Britain and now{{U}} {{U}} 18 {{/U}} {{/U}}developed in the United States, will enable home-equity insurers to hedge the risks that they acquire by writing these policies.
These examples are not impressive successes yet. But they{{U}} {{U}} 19 {{/U}} {{/U}}as early precursors of a technology that should one day help us to deal with the massive risks of inequality that{{U}} {{U}} 20 {{/U}} {{/U}}will beset us in coming years.
单选题
  • A. created
  • B. generated
  • C. initiated
  • D. originated
【正确答案】 A
【答案解析】[解析] 本题涉及词义辨析。空格句表示“创建了…市场”之一，created语义恰当，为答案。 initiated一般表示“开始实施，发起”之意，与plans，schemes，social reforms等连用。
单选题
  • A. reproduce
  • B. restore
  • C. represent
  • D. resume
【正确答案】 C
【答案解析】[解析] 本题涉及词型相近的词的词义辨析。represent动词，意为“代表，标志”，带入后句意为：创建了一个新的电子的经济指标(economic indices)市场，这些指标代表的是实质性的经济风险。
单选题
  • A. sophisticated
  • B. expensive
  • C. available
  • D. established
【正确答案】 A
【答案解析】[解析] 本题为一般的词汇题。带入后能使上下文语义连贯的选项为A(先进的)。
单选题
  • A. made
  • B. called
  • C. asked
  • D. read
【正确答案】 B
【答案解析】[解析] 本题实际为语法题。called带入后意为“被称为the Parimutuel Digital Call Auction的…”，与“developed by．．．”一样为后置定语，共同修饰前面的technology一词。
单选题
  • A. in the course
  • B. in the event
  • C. in the light
  • D. in the sense
【正确答案】 D
【答案解析】[解析] 本题涉及介词短语的用法。in the sense，of意为“按照(就)…的意义来说”，带入后句意是“它被称为数字化的，是就其提供了一个数字化的方法而言的”。
单选题
  • A. when
  • B. until
  • C. now that
  • D. only if
【正确答案】 D
【答案解析】[解析] 这是一道语法题。根据空格前后的递进性的句意逻辑，合适的关系词是only if(只有)，带入后与if语气递进。
单选题
  • A. extent
  • B. range
  • C. line
  • D. area
【正确答案】 B
【答案解析】[解析] 这是一道词汇题。由于前两句都是在强调range(范围)，该题答案也是range才能保持句意的连贯。
单选题
  • A. for
  • B. in
  • C. on
  • D. up
【正确答案】 C
【答案解析】[解析] 本题涉及介词的用法。与bet搭配的常为on，带入后意为“在…上下赌注”。
单选题
  • A. virtually
  • B. admittedly
  • C. absolutely
  • D. originally
【正确答案】 A
【答案解析】[解析] 本题涉及一般的词汇知识。virtually副词，意为“几乎；确实”，带入后符合句意，为答案。
单选题
  • A. assume
  • B. assess
  • C. dismiss
  • D. erase
【正确答案】 B
【答案解析】[解析] 本题涉及一般的词汇知识。assess意为“评估”，符合句意，为答案。
单选题
  • A. them
  • B. which
  • C. that
  • D. whom
【正确答案】 B
【答案解析】[解析] 这是一道语法题。which带入后引导非限制性定语从句，为正确答案。
单选题
  • A. management
  • B. insurance
  • C. security
  • D. techonology
【正确答案】 B
【答案解析】[解析] 本题涉及上下文的理解。由于下文主要讨论家庭保险，所以本题答案选insurance，才符合句意逻辑。
单选题
  • A. what
  • B. those
  • C. where
  • D. it
【正确答案】 A
【答案解析】[解析] 这是一道句法题。“what”引导宾语从句“what，for most people, is the single most ...”，做介词of的宾语。
单选题
  • A. guarantee
  • B. protection
  • C. component
  • D. source
【正确答案】 C
【答案解析】[解析] 这是一道词汇题。C(组成部分)符合句意，为正确答案。
单选题
  • A. secured
  • B. sponsored
  • C. released
  • D. launched
【正确答案】 D
【答案解析】[解析] 这是一道词汇题。launched(使开始，推出)带入后做后置定语，修饰前面的 program，意为“…所推出的计划”，应为最佳选项。released意为“公布，发行”，予以排除。
单选题
  • A. look to
  • B. set up
  • C. lay down
  • D. rely on
【正确答案】 D
【答案解析】[解析] 本题涉及动词短语。根据句意，D．rely on(依靠)为正确答案。
单选题
  • A. terms
  • B. specifications
  • C. concepts
  • D. consequences
【正确答案】 A
【答案解析】[解析] 本题考查词汇知识。A．terms“(双方提出的)条件，条款”，带入后句意为“确定保险单中的具体条款(to define the terms of the policy)”，前后连贯，为正确答案。
单选题
  • A. is
  • B. being
  • C. been
  • D. are
【正确答案】 B
【答案解析】[解析] 这是一道语法题。being带入后，时态上与空格前的now呼应，构成分词结构，与前面的already begun并列为后置定语，共同修饰“Electronic futures markets”(电子期货市场)。
单选题
  • A. emerge
  • B. appear
  • C. stand
  • D. arise
【正确答案】 C
【答案解析】[解析] 本题涉及词的引申用法，stand可以表达“处于某种状态或情形”之意，带入后意为“但它们却是这样一种技术的雏形…”。再例如：The house stood empty for months．故C为答案。其他三项意思均为“出现”，不符句意。
单选题
  • A. somehow
  • B. anyway
  • C. otherwise
  • D. thereby
【正确答案】 C
【答案解析】[解析] 本题考查副词词汇知识。A(以某种方式，不知怎么回事)，不符句意，排除。B(不管怎么说)，不符句意，排除。C(用别的方式，在其他方面)符合句意，为正确答案。D (因此)，不符句意，排除。