Although machines have been around for a long time and people have adapted easily to livin

is now a memor, it is also a real dream that never ends. ----While his love is now amemory, it is also a real dream that never ends. Although the car is old, it still runs well. Although we are a small company, we produce over 10,000 machines a year. Although I quite understand why he refused to help her, I cannot agree that he was right not to do so. Although no more than twenty-two, she was already a highly successful business-woman. Although in poor health, she continued to carry out her duties.

dles for injection, you nameit. But few people think of the wonder a needle works in the hands of those who practice acupuncture.

During the past ten years of so, I have been suffering from a terrible headache. It seems to be getting from bad to worsethese days. Last night I got a sudden pain in my head. It was so terrible that I could hardly bear it. Although I swallowed all kinds of pain-killers, I didn't feel any better. It seemed that there was nothing I could do but phone for a doctor.

One of our neighbors happened to be with us. He was not a doctor, but he timidly offered his help, saying "Do you mind if I tried acupuncture on you？ These needles may possibly do you some good."I agreed. In a moment, he had taken out a few needles from his purse. Without a moment's delay, he fixed a few needles into the skin on my head here and there. Before long, I felt thoroughly relieved.

Just then, the doctor sped through my house and said,"Where is our patient？"

"Sorry, Doctor, You are too late. It's killed!" I answered in delight.

It's a miracle, isn't it？

1)、The word ''name'' in the first paragraph means to give a name to the needles.

A.T

B.F

2)、The underlined phrase “from bad to worse”in the second paragraph refers to the state of the man's health.

A.T

B.F

3)、According to the passage，soon after the acupuncture, the man was completely recovered.

A.T

B.F

4)、"You are too late. It's killed." means that the pain was killed because the doctor came late.

A.T

B.F

5)、The passage tells us that the effect of acupuncture on the patient was unbelievable.

A.T

B.F

What Is Death？

People in the past did not question the difference between life and death. They could see that a person died when his heart stopped beating. People have learned, however, that the body does not die immediately when the heart stops beating. They discovered that we remain alive as long as our brain remains active. Today the difference between life and death is not as easy to see as in the past. Modern medical devices can keep the heart beating and the lungs breathing long after the brain stops. But is this life？

This question has caused much debate among citizens in the United States. Many of them want a law that says a person is dead when the brain dies. A person should be considered dead when brain waves stop even if machines can keep the body alive. Such a law would permit doctors to speed removal (切除) of undiseased (没病的) organs for transplant (移植) operations.

The brain is made of thousands of millions of nerve cells. These cells send and receive millions of chemical and electrical messages every day. In this way the brain controls the other body activities. Nerve-cell experts say it is usually easy to tell when the brain has died. They put small electrodes (电极) on a person's skull (头骨) to measure the electrical signals that pass in and out of the brain. These brain waves are recorded on a television screen or on paper. The waves move up and down every time the brain receives messages from the nerve cells. The brain is dead when the waves stop moving.

Although there are people who oppose the idea of a law on brain block for various reasons, the idea of brain wave activity as a test of death is slowly being accepted.

第 31 题 People in the past held that the difference between life and death

A．did not exist.

B．was easy to tell.

C．lay in the brain.

D．was open to debate.

Export shipping-Modes of transportation

When faced with the decision of selecting a mode of transportation, the exporter has five basic types available from which to choose, depending, of course, upon the geographicalproximity[1] of the countries of export and import: ocean, air, rail, truck, and inland water. A sixth alternative is pipeline which transports very specialized products. The choice between available methods of transportation is usually determined by a combination of cost , time , and security.

Ocean transportation is by far the most dominant mode of international transportation , and air transport is the most " glamorous" and fastest growing. The significance of the other basic types of international transportation varies depending upon the countries involved. For example,rail and truck shipments do not constitute a significant portion of the export transactions of the United States, except perhaps for those that involve buyers in Canada. In contrast,these transport modes carry large amounts of export goods among the countries of Europe. Similarly,inland waterways are not important carriers of goods between countries except in Europe where waterways such as the Rhine and Danube rivers carry large amounts of goods among the countries through which they flow. Often the use of these relatively less important modes of transport depends upon the nature of specific products in unique geographic situations. The use of trucks to haul fresh produce from northem Mexico to the United States illustrates this practice.

Ocean transportation is widely used because it is a relatively low-cost way to transport goods, and it can easily handle large shipments. In addition, certain geographic conditions may make it impossible to use overland transportation to some foreign markets andinfeasible[2] to use it to others.

Many diverse types of products are being transported to foreign markets by air in large volume-computers, office machines, electrical and electronic equipment, automobile parts, television sets,pharmceuticals[3], certain metal manufactures, and wearing apparel to name but a few. Thus , even with existing technology, it is evident that air cargo movements are no longer confined to fast shipments of emergency supplies, goods of high value , (for example ,jewel) and perishable products (for example , fresh flowers) , although it is widely used for such products. Not only is time in transit reduced from a minimum of 10 days to a few hours, but also less handling and simpler packing requirements are involved.

Time in transit is but one of the so-called hidden costs that may be relevant. For example,concerning time in transit and the ability to put a f'acility to use sooner (thus avoiding lost sales) ,a West German company bought 230hosiery-knitting machines[4] from a US manufacturer. The machines were shipped by air at a cost of USD 224 per unit which was considerably greater than the ocean rate of USD37. 80 per unit. Delivery time was shortened by 10 days giving the Cerman manuf'acturer the opportunity to produce 207 000 pairs of hosiery, which apparently offset the transportation cost.

Small shipments may be sent by intemational parcel post, air parcel post, or air couner service rather than pay the higher minimum bill of lading charges for ocean freight or air shipment. While larger shipments are charged on the basis of weight or measurement,very small shipments are charged a set flat fee because of the costs involved in documentation and handling.

The method of transportation is usually selected by the importer. The route selected for the export shipment may be determined by either the exporter or the importer. In practice , the importer should indicate the route he or she thinks is most desirable. The final selection of the exact route,however,should generally be left to thediscretion[5] of the exporter, since the exporter is more fully acquainted with conditions surrounding the shipment in the country from which it is sent, and particularly the immediate conditions at time of shipment.

[1]接近

[2]不可行的

[3]医药的

[4]针织品编织机

[5]判断力

Questions for reading :

The statement of financial position of BKB Co provides the following information:

BKB Co has an equity beta of 1·2 and the ex-dividend market value of the company’s equity is $125 million. The ex-interest market value of the convertible bonds is $21 million and the ex-dividend market value of the preference shares is $6·25 million.

The convertible bonds of BKB Co have a conversion ratio of 19 ordinary shares per bond. The conversion date and redemption date are both on the same date in five years’ time. The current ordinary share price of BKB Co is expected to increase by 4% per year for the foreseeable future.

The overdraft has a variable interest rate which is currently 6% per year and BKB Co expects this to increase in the near future. The overdraft has not changed in size over the last financial year, although one year ago the overdraft interest rate was 4% per year. The company’s bank will not allow the overdraft to increase from its current level.

The equity risk premium is 5% per year and the risk-free rate of return is 4% per year. BKB Co pays profit tax at an annual rate of 30% per year.

Required:

(a) Calculate the market value after-tax weighted average cost of capital of BKB Co, explaining clearly any assumptions you make. (12 marks)

(b) Discuss why market value weighted average cost of capital is preferred to book value weighted average cost of capital when making investment decisions. (4 marks)

(c) Comment on the interest rate risk faced by BKB Co and discuss briefly how this risk can be managed. (5 marks)

(d) Discuss the attractions to a company of convertible debt compared to a bank loan of a similar maturity as a source of finance. (4 marks)

Leisure plays an important part in British life. There are four main reasons for this.

First of all, people spend less time working now than they used to, mostly due to the introduction of new industrial technology. The normal British working week is Monday to Friday, 9:00 a.m. to 5:00 p.m., although some people regularly work a few hours' overtime each week. Secondly, all working people get a minimum of two weeks' paid holiday a year. In addition, there are six or more bank holidays a year when all banks and businesses are closed. In some cases the dates of these national holidays change from year to year and in different parts of Britain.

Another reason is that, thanks to modern medicine and higher living standards, people live longer now. This means that after retirement, people have quite a few years of leisure left. Nowadays a much higher proportion of the population is over sixty, but in this group there are more women than men.

Finally, fewer babies are born each year and the average family in Britain has two children. This is one result of changing social attitudes. For example, many more married women now go out to work. The money they earn influences their leisure time. Even married women who do not go out to work have more time for interesting hobbies because most British homes have washing machines, vacuum cleaners and other labor-saving gadgets.

The best title of this passage can be ____.

A. Time for relax

B. Time for refreshment

C. British working hour

D. British family

“A paid holiday” (in Para. 2) means working people ____.

A. have to pay for their holiday

B. have no pay when they are on holiday

C. get usual pay when they are on holiday

D. get less pay when they are on holiday

Among the old people, there are ____.

A. as many men as women

B. more women than men

C. more men than women

D. many more women than men

In Britain, married women have more leisure hours because they have ____.

A. work with a good pay

B. a lot of time

C. washing-machines and vacuum cleaners

D. fewer children and more labor-saving gadgets

Which of the following ideas is NOT suggested in the passage？

A. Some married women have more time of reading.

B. Some married women have interesting hobbies.

C. Some married women now go out to work.

D. Some married women still stay at home.

These machines may() in our work.

A. need

B. needed

C. are needed

D. be needed