People's financial history has a strong impact on their taste for risk. Looking at surveys of American household【C1】______from 1960 to 2007, Ul-rike Malmendier of the University of California at Berkeley and his cooperator found that people who【C2】______high returns on the stock market【C3】______in life were, years later, likelier to report a higher tolerance for risk, to own shares and to invest a bigger slice of their【C4】______in shares. But【C5】______to economic turmoil appears to suppress people's appetite for risk【C6】______of their personal financial losses. That is the【C7】______of a paper by Samuli Knupfer of London Business School and two co-authors. In the early 1990s a severe recession caused Finland's GDP to【C8】______by 10% and unemployment to【C9】______from 3% to 16%. Using detailed data on tax, unemployment and military conscription(draft), the authors were able to【C10】______the investment choices of those【C11】______by Finland's "Great Depression". Controlling for age, education, gender and【C12】______status, they found that those in occupations, industries and regions hit harder by unemployment were【C13】______likely to own stocks a decade later. Individuals' personal misfortunes, however, could explain at most half of the【C14】______in stock ownership, the authors reckon. They【C15】______the remainder to "changes in beliefs and preferences" that are not easily measured. This seems【C16】______with a growing body of research that links a low tolerance of risk to 【C17】______emotional trauma(a severe shock). Studies have found, for example, that natural【C18】______such as the tsunami(a large destructive wave)that hit South-East Asia in 2004 and military【C19】______such as the Korean war can render their victims more【C20】______for years.
【答案解析】解析：第1段的high returns和a higher tolerance for risk说明了财政历史对于风险偏好的积极影响。本段开头的But暗示下文的内容与上文的内容相反。所以判断这里要表达人们经历经济混乱，economic turmoil是不好的经历，需要一个贬义词，故选A项exposure“暴露”。
单选题
【C6】
【正确答案】
C
【答案解析】解析：下文的例子是对本句的说明，本段的倒数第2句提到personal misfortunes could explain at most ball of the——in stock ownership(个人的不幸最多只能解释一半的股票所有权变动)，这是不太肯定个人损失对于是否去冒险的影响，故选C项irrespective of“不管”。
【答案解析】解析：本段第1句提到经济动荡会压抑人们对冒险的欲望，本句的those in occupations，industries and regions hit harder by unemployment对应于第1句的economic turmoil，而own stocks对应第1句的appetite for risk，故选B项less“更少”，对应于第1句的suppress。