问答题As a young bond trader, Buttonwood was given two pieces of advice, trading rules of thumb, if you will: that bad economic news is good news for bond markets and that every utterance dropping from the lips of Paul Volcker, the then chairman of the Federal Reserve, and the man who restored the central bank"s credibility by stomping on runaway inflation, should be respected than Pope"s orders. Today"s traders are, of course, a more sophisticated bunch. But the advice still seems good, apart from two slight drawbacks. The first is that the well-chosen utterances from the present chairman of the Federal Reserve, Alan Greenspan, is of more than passing difficulty.
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The second is that, of late, good news for the economy has not seemed to upset bond investors all that much.
For all the cheer that has crackled down the wires, the yield on ten-year bonds—which you would expect to rise on good economic news—is now, at 4.2%, only two-fifths of a percentage point higher than it was at the start of the year. Pretty much unmoved, in other words.
Yet the news from the economic front has been better by far than anyone could have expected. On Tuesday November 25th, revised numbers showed that America"s economy grew by an annual 8.2% in the third quarter, a full percentage point more than originally thought, driven by the ever-spendthrift American consumer and, for once, corporate investment.
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Just about every other piece of information coming out from special sources shows the same strength.
New houses are still being built at a fair clip. Exports are rising, for all the protectionist crying. Even employment, in what had been mocked as a jobless recovery, increased by 125,000 or thereabouts in September and October.
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Rising corporate profits, low credit spreads and the biggest-ever rally in the junk-bond market do not, on the face of it, suggest anything other than a deep and long-lasting recovery.
Yet Treasury-bond yields have fallen.
If the rosy economic backdrop makes this odd, making it doubly odd is an apparent absence of foreign demand Foreign buyers of Treasuries, especially Asian certral banks, who had been swallowing American government debt like there was no tomorrow, seem to have had second thoughts lately.
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In September, according to the latest available figures, foreigners bought only $5-6 billion of Treasuries, compared with
$25.1 billion the previous month and an average of $38.7 billion in the preceding four months.
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In an effort to keep a lid on the yen"s rise, the Japanese central bank is still busy buying dollars and parking the money in government debt.
Just about everyboby else seems to have been selling.
问答题 Directions: Write a poster to your schoolmates, informing them of a new book to be released. You should write about 100 words on ANSWER SHEET 2. Do not sign your own name at the end of the letter; use "Li Ming" instead. Do not write the address.
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问答题{{B}}Directions:{{/B}}Studythefollowingbarchartscarefullyandwriteanessayto1)pointouttheimplicationofthebarcharts,2)analyzethephenomenon,and3)givesomesuggestionsYoushouldwrite160-200wordsonANSWERSHEETⅡ.
问答题Directions: Study the following picture carefully and write an essay to 1) describe the picture, 2) deduce the purpose of the drawer of the picture, and 3) suggest counter-measures. You should write about 160—200 words neatly on ANSWER SHEET 2.
问答题Today, as millions of men and women of childbearing age and younger are surviving cancer, the question of reproduction is arising as a paramount consideration in planning treatment. 46)Among the issues are the ability to preserve fertility while curing, the disease and the safety of pregnancy for both mothers with cancer and their future children. In a continuing study of more than 20,000 survivors of childhood cancers, the two greatest concerns mentioned by former patients two and three decades later are "Can I have children?" and "If I have children, will they be healthy?" said Dr. Leslie Robison, an epidemiologist(流行病学)at the University of Minnesota Medical School, who directs the project involving 25 cancer centers. 47)"Today more than 75 percent of children with cancer are being cured, yet we know little about the side effects of treatment beyond the first 10 years." While some cancer treatments-drugs as well as radiation-can cause sterility(不育)or reduced fertility(生育能力)in men and women, preliminary evidence suggests that cancer therapy, in general, affects the ability to reproduce and to produce healthy children less than previously thought. 48)At the same rime? new ways are being devised to reduce the effects of cancer treatments on fertility and on pregnancies already in progress when a cancer is discovered. In the. first report on reproductive issues from the 25-center study, soon to be published in The American Journal of Obstetrics and Gynecology, the researchers found that while higher rates of miscarriage(流产)and lower birth weights were observed among the offspring of former patients, "there are a large number of live births, births of healthy children, a lack of congenital (先天的)abnormalities and very low cancer rates," Dr. Robison said. Dr. Giuseppe Del Priore, direct6r of gynecologic oncology(妇产科肿瘤学) at Bellevue Hospital in New York, and his colleagues at the New York University School of Medicine noted in the January issue of Contemporary Ob/Gyn: 49)"Less than a generation ago, reproductive-aged women with cancer generally had little to hope for and even less to look forward to. But things have changed. Many cancers are no longer a death sentence. More and more women with cancer are now becoming pregnant and raising legitimate fertility concerns." Today, a doctor could tell Ms. Zea of Minnesota and other women like her that pregnancy is no longer ill-advised. 50 )Even women whose breast cancers are discovered during pregnancy should no longer be advised to terminate the pregnancy, because there are no data indicating a therapeutic benefit from such an abortion, the New York experts said. The estrogen(雌激素)produced m pregnancy is weaker than estrogen produced in other women and is less likely to stimulate breast cancer growth, even if the woman's tumor is estrogen-sensitive.
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问答题 Directions:
Write a letter to apply for a part-time job in a local English training school. In the letter you should include the following items:
1) the position you are to apply for,
2) your experience and related ability,
3) asking about related information about the job.
You should write about 100 words on the ANSWER SHEET. Do not sign your own name at the end of the letter. Use 'Li Ming' instead. You do not need to write the address.
问答题{{B}}Directions:{{/B}} Read the following text carefully and
then translate the underlined segments into Chinese. Your translation should be
written neatly on ANSWER SHEET 2.
(46) {{U}}Classical physics defines the vacuum as a state of
absence, which is said to exist in a region of space if there is nothing in
it.{{/U}} In the quantum field theories that describe the physics of elementary
particles, the vacuum becomes somewhat more complicated. Even in empty space,
particles can appear spontaneously as a result of fluctuations of the vacuum.
For example, an electron and a positron, or anti-electron, can be created out of
the void. Particles created in this way have only a fleeting existence; they are
annihilated almost as soon as they appear, and their presence can never be
detected directly. (47){{U}} They are called virtual particles in order to
distinguish them from real particles, whose lifetimes are not constrained in the
same way, and which can be detected.{{/U}} Thus it is still possible to define
that vacuum as a space that has no real particles in it. One
might expect that the vacuum would always be the state of lowest possible energy
for a given region of space. If an area is initially empty and a real particle
is put into it, the total energy, it seems, should be raised by at least the
energy equivalent of the mass of the added particle. (48) {{U}}A surprising result
of some recent theoretical investigations is that this assumption is not
invariably true, and there are conditions under which the introduction of a real
particle of finite mass into an empty region of space can reduce the total
energy.{{/U}} If the reduction in energy is great enough, an electron and a
positron will be spontaneously created. Under these conditions the electron and
positron are not a result of vacuum fluctuations but are real particles, which
exist indefinitely and can be detected. In other words, under these conditions
the vacuum is an unstable state and can decay into a state of lower energy;
i.e., one in which real particles are created. The essential
condition for the decay of the vacuum is the presence of an intense electric
field. (49) {{U}}As a result of the decay of the vacuum,{{/U}} the space permeated
by such a field can be said to acquire an electric charge, and it can be called
a charged vacuum. The particles that materialize in the space make the charge
manifest. An electric field of sufficient intensity to create a charged vacuum
is likely to be found in only one place: in the immediate vicinity of a super
heavy atomic nucleus, one with about twice as many protons as the heaviest
natural nuclei known. (50) {{U}}A nucleus that large cannot be stable, but it
might be possible to assemble one next to a vacuum for long enough to observe
the decay of the vacuum.{{/U}} Experiments attempting to achieve this are now
under way.
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问答题Directions: Write an essay of 160--200 words based on the following topic. My Ideal Future Job In your essay, you should 1) state clearly what your ideal future job is, 2) illustrate why you would like to take this job, and 3) draw a nature conclusion to your essay. You should write neatly on ANSWER SHEET 2.
问答题 Like other forms of life on this planet, human
beings confront a basic task: to deal satisfactorily with their conflicts and
thereby secure the advantages of community and cooperation. {{U}} {{U}}
16 {{/U}} {{/U}}{{U}}Unlike other forms of life, human beings are endowed
with a capacity to reflect on this task and to search for better solutions by
conscious thought and deliberate choices.{{/U}} The task of
overcoming conflicts and achieving community and cooperation arises because
human beings are unable and unwilling to live in complete isolation. {{U}}
{{U}} 17 {{/U}} {{/U}}{{U}}The advantages of cooperation and community
life are so numerous and so obvious that they must have been evident to man from
earliest times.{{/U}} By now, our ancestors have closed off the choice; for most
of us the option of total isolation from a community is, realistically speaking,
no longer open. {{U}} {{U}} 18 {{/U}}
{{/U}}{{U}}Nonetheless, however strongly_ human beings are driven to seek the
company of one another, and despite thousands of years' practice they have never
discovered a way in which they can live together without conflict{{/U}}. Conflict
exists when one individual wishes to follow a line of action that would make it
difficult or impossible for someone else to pursue his own desires. Conflict
seems to be an inescapable aspect of the community and consequently of human
being. Why conflict seems inescapable is a question that has troubled many
people: philosophers, theologians, historians, social scientists, and doubtless
a great many ordinary people. James Madison held that conflict was built into
the very nature of men and women. Human beings have diverse abilities, he wrote
in The Federalist, and these in turn produce diverse interests. {{U}}
{{U}} 19 {{/U}} {{/U}}{{U}}"As long as man has irrational ideas, and
he is at liberty to exercise it," Madison wrote, "different opinions will be
formed."{{/U}} Whatever the explanation for conflict may be, and
Madison's is but one of many, its experience is one of the prime facts of all
community of life. Yet if this were the only fact, then human life would fit the
description by the English political philosopher, Thomas Hobbes, in his
Leviathan (1651). Hobbes describes mankind in a state of nature-a condition
without government-having little in the way of agriculture, industry, trade,
knowledge, arts, letters or society. {{U}} {{U}} 20 {{/U}}
{{/U}}{{U}}"And which is worst of all," he concluded in a famous sentence, to exist
without government would mean "continual fear, and danger of violent death and
the life of man, solitary, poor, nasty and short."{{/U}}
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问答题France"s tradition of making exquisite luxuries dates back at least to the court of Louis XIV.
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The sun king financed ebenistes (cabinet-makers), tapisseurs (upholsterers), menuisiers (carpenters) and other artisans who made beautiful and largely useless things for the court of Versailles.
Bernard Arnault might be his heir.
Mr. Amault is the chairman, chief executive and controlling shareholder of Moet Hennessy Louis Vuitton (LVMH), the world"s largest luxury group.
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Over the past quarter-century he has transformed a small, nearly defunct clothing manufacturer into a conglomerate that controls more than 60 luxury brands.
Credit Suisse, a bank, predicts that LVMH"s combined sales will reach
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27 billion ($33 billion) this year. Its profits in 2011 were
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3.5 billion and its market capitalization is a cork-popping
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62 billion. LVMH is more profitable than other luxury groups.
"LVMH is like a mini Germany," boasts an insider. Like that country"s Mittelstand, it has built a reputation for craftsmanship and quality that people are happy to pay extra for.
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The difference is, the Mittelstand makes unsexy things such as machine tools and shaving brushes, whereas LVMH makes champagne hand-bags and other objects of desire.
Also like the Mittelstand, LVMH energetically pursues opportunities abroad.
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After years of hard marketing, it has persuaded much of Asia"s new middle class that its wares confer a whiff of European sophistication.
Sales in Asia (Japan except) accounted for 27% of the total in 2011, up from 17% in 2001. In Japan, which generated 15% of the group"s sales a decade ago, a startling 85% of women now own a Louis Vuitton product. It takes a rare talent to be ubiquitous and yet retain an air of exclusivity.
A final similarity is that, like the Mittelstand, LVMH is made up of lots of family firms. The difference is that the ones that make up LVMH have been swallowed by a hungry conglomerate.
Some didn"t object. Last year LVMH bought Bulgari, an Italian jeweler, for
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4.3 billion. The Bulgari family were happy to take the cash.
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Their business had hit a rough patch after the collapse of Lehman Brothers in 2008, and they thought Mr. Arnault would make a good sugar daddy for their brand.
问答题Directions: You have been ill and hospitalized for one month. Your teachers and classmates went to see you. Write a letter to them to 1) thank them for their coming to see you, 2) express your feeling, and 3) state your present condition. You should write about 100 words on ANSWER SHEET 2. Do not sign your own name at the end of the letter. Use "Li Ming" instead. Do not write the address.
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问答题Directions:Writeareportforauniversitylecturerto1.describethepictureandshowyourunderstanding2.giveyourcomment,and3.presentyousuggestionsYoushouldneatlywrite160--200wordsonANSWERSHEET2.
问答题Directions:Your son kicked his ball through your neighbor's window. Write a letter to tell your neighbor 1) your regret at hearing the news, 2) your intention to compensate for the damage, 3) your apology.You should write about 100 words on Answer Sheet 2. Do not sign your own name at the end of the letter. Use "Li Ming" instead. You do not need to write the address.
