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【单选题】
(四)
(四)The Stock Exchange makes it possible for the government, local organizations and nationalized industries（）.
A．to make certain everybody saves money
B．to borrow as much money as they wish
C．to make certain everybody lends money to them
D．to raise money to finance new development
B．to borrow as much money as they wish
C．to make certain everybody lends money to them
D．to raise money to finance new development
A.
Large companies need a way to reach the savings of the public at large. The same problem, on a smaller scale, faces practically every company trying to develop new products and create new jobs. There can be little hope of raising the money needed from friends and people we know, and while banks may agree to provide short-term finance, they are generally unwilling to provide money, for long-term projects. So companies turn to the public’ inviting people to lend them money, or take a share in the business in exchange for a share in future interests. This they do by issuing stocks and shares in the business through the Stock Exchange. By doing so they can put into circulation the savings of single persons and institutions, both at home and abroad.
B.
When the saver needs his money back, he does not have to go to the company with whom he originally placed it. Instead he sells his shares through a stockbroker to some other Saver who is seeking to invest his money.
C.
Many of the services needed both by industry and by each of us are provided by the government or by local organizations. Without hospitals, roads, electricity, telephones and railways, this country could not work. All these require continuous spending on new equipment and new development if they are to serve us properly, requiring more money than’ it is raised through taxes alone. The government, local organizations and nationalized industries therefore frequently need to borrow money to finance: major capital spending, and they, too, come to the Stock Exchange.
D.
There is hardly a man or woman in this country whose standard of living does not depend on the ability of his or her employers to raise money to finance new development. In one way or another his new money must come from the savings of the country; The Stock Exchange exists to provide a channel through which these savings, can reach those who need finance.
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参考答案：
举一反三
【单选题】Passage OneQuestions 26 to 28 are based on the passage you have just heard.
A.
External motivation can sometimes bring about negative outcomes.
B.
People are likely to do their work without enthusiasm because of threat;
C.
Students often study in order to please their parents and teachers.
D.
The second form of motivation can be dangerous if the students can’t achieve their own goal.
【单选题】Questions 11 to 18 are based on the conversation you have just heard.
A.
Have her copies made outside the library.
B.
Use a different machine to make her copies.
C.
Read the article while she waits in line.
D.
Look for a different magazine article.
【单选题】As colleges and universities send another wave of graduates out into the world this spring, thousands of other job seekers with liberal-arts degrees like Martin’s find themselves in a similarly diffic...
A.
It meets the demands of talent market.
B.
It is jointly sponsored by independent collages and local corporations.
C.
It can not compete with the computer courses in independent collages.
D.
Obtaining the certificate facilitates liberal-arts students’ job hunting.
【单选题】Passage ThreeQuestions 32 to 35 are based on the passage you have just heard.
A.
We will not have enough food to eat.
B.
All the oil that drives our cars will be used up.
C.
The earth will become too crowded.
D.
There will be little water left on Earth.
【单选题】As colleges and universities send another wave of graduates out into the world this spring, thousands of other job seekers with liberal-arts degrees like Martin’s find themselves in a similarly diffic...
A.
Liberal-arts students are decreasing.
B.
Companies seek employees with abundant knowledge.
C.
Tek. Xam has been popular among liberal-arts students.
D.
Tek. Xam supplements to the curriculum in independent colleges.
【单选题】We can infer from the passage that the "golden cohort"(). A. will lead the way to lower mortality until 2020 B. will decline in death rates by 2010 C. will not suspend the quick mortality reductions u...
A.
In recent years firms have stuffed a lot more money into their final-salary pension schemes. With a fair wind from more favorable markets, that helped to plug the big deficits that had emerged.
B.
Now it turns out that some of the improvement may be illusory. The Pensions Regulator said this week in a consultation paper that it will insist on tougher assumptions about longevity trends when the trustees responsible for the schemes get actuarial valuations. The new guidance will increase pension liabilities.
C.
Actuaries have been caught out by startling falls in death rates among older people. In the 1980s life expectancy for men aged 65 rose by a year. In the 1990s it went up by two years, and official forecasts suggest that it will increase by 2.5 years in the current decade. Gains for women aged 65, who live longer than men, have been less dramatic -an extra year a decade in the 1980s and 1990s -but they have also picked up, to 1.5 years, in the 2000s.
D.
These big improvements reflect especially steep falls in death rates for people born between 1920 and 1945. A crucial question is how much longer this "golden cohort" will lead the way to lower mortality. According to the regulator, 55% of pension schemes have been assuming that the big declines in death rates will taper away to more normal falls by 2020; 11% that they will fade by 2010; and virtually all the others have paid no heed to the phenomenon.
E.
The watchdog wants schemes to pick 2040 as the date when the golden cohort’s super-fast mortality reductions draw to an end. It is also serving notice on valuations that assume an eventual end to improvements in longevity. Instead they should allow for future falls in death rates of at least 1% a year. The scope for further gains in life expectancy is clear in the gap between Britain and other countries where longevity is higher, especially for women.
F.
The new guidance may be more realistic but it will be a cold shower for firms with finalsalary schemes. It will raise life expectancy assumptions for people retiring today by two to three years. According to the regulator, an increase of a year pushes up pension-scheme liabilities by 2.5%, which suggests that they would rise by between 5% and 7.5%. Some accountancy firms even think that the liabilities will rise by as much as 10%.
G.
The watchdog’s tough line on longevity is not the only worry for firms with final-salary schemes. In a recent discussion paper, the Accounting Standards Board called for the discount rate, which is used to calculate the present value of future pensions, to be based on government rather than high-quality corporate bonds. This would push up pension-scheme liabilities, which vary inversely with the discount rate, because gilts are safer than company debt and so have a lower yield.
H.
Like the regulator’s guidance on longevity, the ASB’s proposal injects realism. If companies generally become more likely to default, then corporate-bond spreads -the extra interest they pay compared with gilts -will rise. Perversely, that will shrink pension-plan liabilities even though the firms backing the schemes have become less creditworthy.
I.
It will take several years for the ASB’s new approach, if adopted, to affect company accounts. Yet, together with the regulator’s move on longevity, the reform could have an unfortunate consequence for pension-scheme members. More firms may conclude that maintaining a defined-benefit scheme -even one closed to new members -is the financial equivalent of running up the down escalator.
相关题目：
【单选题】Passage OneQuestions 26 to 28 are based on the passage you have just heard.
A.
External motivation can sometimes bring about negative outcomes.
B.
People are likely to do their work without enthusiasm because of threat;
C.
Students often study in order to please their parents and teachers.
D.
The second form of motivation can be dangerous if the students can’t achieve their own goal.
【单选题】Questions 11 to 18 are based on the conversation you have just heard.
A.
Have her copies made outside the library.
B.
Use a different machine to make her copies.
C.
Read the article while she waits in line.
D.
Look for a different magazine article.
【单选题】As colleges and universities send another wave of graduates out into the world this spring, thousands of other job seekers with liberal-arts degrees like Martin’s find themselves in a similarly diffic...
A.
It meets the demands of talent market.
B.
It is jointly sponsored by independent collages and local corporations.
C.
It can not compete with the computer courses in independent collages.
D.
Obtaining the certificate facilitates liberal-arts students’ job hunting.
【单选题】Passage ThreeQuestions 32 to 35 are based on the passage you have just heard.
A.
We will not have enough food to eat.
B.
All the oil that drives our cars will be used up.
C.
The earth will become too crowded.
D.
There will be little water left on Earth.
【单选题】As colleges and universities send another wave of graduates out into the world this spring, thousands of other job seekers with liberal-arts degrees like Martin’s find themselves in a similarly diffic...
A.
Liberal-arts students are decreasing.
B.
Companies seek employees with abundant knowledge.
C.
Tek. Xam has been popular among liberal-arts students.
D.
Tek. Xam supplements to the curriculum in independent colleges.
【单选题】We can infer from the passage that the "golden cohort"(). A. will lead the way to lower mortality until 2020 B. will decline in death rates by 2010 C. will not suspend the quick mortality reductions u...
A.
In recent years firms have stuffed a lot more money into their final-salary pension schemes. With a fair wind from more favorable markets, that helped to plug the big deficits that had emerged.
B.
Now it turns out that some of the improvement may be illusory. The Pensions Regulator said this week in a consultation paper that it will insist on tougher assumptions about longevity trends when the trustees responsible for the schemes get actuarial valuations. The new guidance will increase pension liabilities.
C.
Actuaries have been caught out by startling falls in death rates among older people. In the 1980s life expectancy for men aged 65 rose by a year. In the 1990s it went up by two years, and official forecasts suggest that it will increase by 2.5 years in the current decade. Gains for women aged 65, who live longer than men, have been less dramatic -an extra year a decade in the 1980s and 1990s -but they have also picked up, to 1.5 years, in the 2000s.
D.
These big improvements reflect especially steep falls in death rates for people born between 1920 and 1945. A crucial question is how much longer this "golden cohort" will lead the way to lower mortality. According to the regulator, 55% of pension schemes have been assuming that the big declines in death rates will taper away to more normal falls by 2020; 11% that they will fade by 2010; and virtually all the others have paid no heed to the phenomenon.
E.
The watchdog wants schemes to pick 2040 as the date when the golden cohort’s super-fast mortality reductions draw to an end. It is also serving notice on valuations that assume an eventual end to improvements in longevity. Instead they should allow for future falls in death rates of at least 1% a year. The scope for further gains in life expectancy is clear in the gap between Britain and other countries where longevity is higher, especially for women.
F.
The new guidance may be more realistic but it will be a cold shower for firms with finalsalary schemes. It will raise life expectancy assumptions for people retiring today by two to three years. According to the regulator, an increase of a year pushes up pension-scheme liabilities by 2.5%, which suggests that they would rise by between 5% and 7.5%. Some accountancy firms even think that the liabilities will rise by as much as 10%.
G.
The watchdog’s tough line on longevity is not the only worry for firms with final-salary schemes. In a recent discussion paper, the Accounting Standards Board called for the discount rate, which is used to calculate the present value of future pensions, to be based on government rather than high-quality corporate bonds. This would push up pension-scheme liabilities, which vary inversely with the discount rate, because gilts are safer than company debt and so have a lower yield.
H.
Like the regulator’s guidance on longevity, the ASB’s proposal injects realism. If companies generally become more likely to default, then corporate-bond spreads -the extra interest they pay compared with gilts -will rise. Perversely, that will shrink pension-plan liabilities even though the firms backing the schemes have become less creditworthy.
I.
It will take several years for the ASB’s new approach, if adopted, to affect company accounts. Yet, together with the regulator’s move on longevity, the reform could have an unfortunate consequence for pension-scheme members. More firms may conclude that maintaining a defined-benefit scheme -even one closed to new members -is the financial equivalent of running up the down escalator.
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