Three biggest international film festivals in Europe are（）

Compared with other International Film Festivals, the Venice Festival is______.

A．a bit less commercial

B．much more commercial

C．as commercial as others

D．the least commercial

Which of the following film festivals has the high artistic merit？

A．Cannes International Film Festival

B．Venice International Film Festival

C．Berlin International Film Festival

D．Golden Rooster Film Festival

A．Film festivals, such as the Cannes Film Festival, involve showing many films over a short period of time

B．It is a competition of sorts between all the different films produced in a given year in a country or within a certain film genre

C．This year’s Oscar Awards were given in March．

D．Such an event doesn’t only include full-length feature films．

E．It may also be two and three minute pieces and documentaries．

s to be hedged. Let us consider the case of a Swiss importer who has bought goods in Germany, in- voiced in Euro, payable in 90 days. To eliminate the risk of a significant rise of the Euro in the meantime and also to have the basis for an exact price calculation, he buys the Euro 90 days forward.

In the converse case a Swiss exporter knows that in three months he will receive U. S. dollars in payment for this export. Here again, in order to eliminate the exchange risk, he hedges by selling the U. S. Dollar three months forward.

Not to do these, forward transactions would be equivalent to speculating, on a fall of the Euro in the first case, or a rise of the U. S. dollar in the second case.

In the first case, "invoiced in Euro" means that the contract asks the Swiss importer to pay in Euro to the Exporter.

A．Right

B．Wrong

C．Doesn't say

A．The 2000 Olympic Games.

B．The Euro 2004 international soccer contest.

C．The 2006 Olympic Games.

D．Both Ｂ) and Ｃ).