In fact the best conversationalists are those who are prepared to lose.In fact the best conversationalists are those who are prepared to lose.

A.justin

B.justice

C.justified

D.justification

There is no _____ the fact that he is the best student in the class.

A: deny

B; denies

C; denying

A.phenomenon

B.comprehension

C.evidence

D.judgment

Dear Sir or Madam,

(1)is our new price list which will(2)by the end of this month．You will see that we have increased our prices on most models．We have, however, refrained from doing so on some models of(3)we hold large stocks．The explanation(4)ur increased prices stems from the fact(5)we are now paying 10% more for our raw materials than we were paying last year, along with some of our subcontractors having raised their prices(6)15%.

As you know, we(7)our product and are(8)of the reputation for quality and dependability we have built over 15 years．We will not(9)that reputation because of raising costs．We have, therefore, decided to raise the price of some of our products.

We hope you will understand our position and(10)your cooperation.

With best regards,

Read the following passage and choose the best sentence (A-G) to fill each of the gaps.

It's impossible to miss the fact that stocks , real estate and bonds all make for decent investments. But there are so many different investment options , most of which get minimal

marketing. (8)_______

1. American Depository Receipt (ADR)

ADRs are traded on U. S. stock markets just like regular stocks , but they actually represent shares in foreign corporations. An ADR is issued by a U. S. -based bank or brokerage , which buys a large number of shares from a company based outside the U. S.(9) ______ ADRs are a relatively simple way to invest in foreign companies and avoid the administrative and duty costs of international transactions.

2. Annuity

Annuities provide set payments at regular intervals to their owners. (10)______ Deferred annuities are often contracted for life - they're set up so that as long as you live ,the insurance company will send you a check at a regular interval. Annuities are also either fixed (the payments are set) or variable (there is a guaranteed minimum payment , as well as payments based on the performance of an annuity investment portfolio).

3. Closed-End Investment Fund

A closed-end fund issues shares that are traded just like stocks but are actually closer to mutual funds in the way they are managed. Closed-end funds hold portfolios of securities - usually securities that meet very specific criteria. (11)______ Some closed-end funds offer dividends.

4. Collectibles

Collectibles can be pretty much any physical asset with a value that increases over time. While most people consider fine art , stamps and similar purchases to be collectibles , there is no strict definition that includes or excludes a particular asset. (12)______ However, a collectible's appreciating value often outpaces inflation.

5. Common Stock

Common stock is a share of ownership in a particular company. (13)______ The majority of stocks traded today are common stocks. While the benefits associated with owning stock can be great , it is a relatively risky investment. (14)______

Now choose the best sentence (A-G) to fill each of the gaps.

A. Those shares are bundled into groups and then resold.

B. These funds are actively managed and may hold a few investments in stocks or bonds in order to diversify.

C. If a company that you own stock in goes bankrupt , as a common shareholder, you won' t receive money until the creditors , bondholders and preferred shareholders have all been paid off.

D. An annuity can either be immediate or deferred: with a deferred annuity , you will not begin receiving payments for a certain period of time.

E. It entitles you to a portion of the company' s profits as well as voting rights.

F. Those listed below are investments that any investor should be familiar with.

G. The greatest drawback to collectibles is the fact that collectibles offer no income.

The University as Business

A number of colleges and universities have announced steep

tuition increases for next year much steeper than the current,

very low, rate of inflation. They say the increases are needed because

of a loss in value of university endowments' heavily investing in common 1

stock. I am skeptical. A business firm chooses the price that maximizes

its net revenues, irrespective fluctuations in income; and increasingly the 2

outlook of universities in the United States is indistinguishable from those of 3

business firms. The rise in tuitions mayreflect the fact economic uncertainty 4

increases the demand for education. The biggest cost of being

in the school is foregoing income from a job (this isprimarily a factor in 5

graduate and professional-school tuition); the poor one' s job prospects, 6

the more sense it makes to reallocate time from the job market to education,

in order to make oneself more marketable. The ways which universities make themselves attractive to students 7

include soft majors, student evaluations of teachers, giving students

a governance role, and eliminate required courses. 8

Sky-high tuitions have caused universities to regard their students as

customers. Just as business firms sometimes collude to shorten the 9

rigors of competition, universities collude to minimize the cost to them of the

athletes whom they recruit in order to stimulate alumni donations, so the best

athletes now often bypass higher education in order to obtain salaries earlier

from professional teams. And until they were stopped by the antitrust authorities,

the Ivy League schools colluded to limit competition for the best students, by

agreeing not to award scholarships on the basis of merit rather than purely

of need-just like business firms agreeing not to give discounts on their best 10

customer.

The Princess Disease

Have you ever heard of the princess disease？ It is a terrible disease. __26__ It wastes away at one’s social life and people’s tolerance. People with this disease think they are better than everyone else, without a real reason.

Jin is a girl who suffers from this disease. __27__ She thinks she is better looking than her friends and most people she has met. It is, as far as she is concerned, a well-known fact that she dresses better, sings better, and dances better than most people in her school, too.

So is Jin justified in believing that she is better than everyone else？ __28__ Of course, she thinks this is because the singing coach hates her, since the coach has bad skin and is jealous of her. She is good at sports, but she isn’t the strongest, fastest, or even the best at any of their school’s events. __29__ She, again thinks it was because of the "haters". After losing, she pretended she’d just run for fun and it was no big deal, but in fact it was a huge deal to her.

Jin definitely has the disease. The treatment is to stop being so mean and geta little modesty. __30__ She might even get rid of this disease if she tries hard enough.

A.She is too proud of herself.

B.Jin is very popular.

C.Then things might become better for her.

D.She sings well, but not well enough to be a lead singer.

E.It threatens to push one’s friends away.

F.She ran for class president, but came in third

(15 minutes)

Directions :

Read the following text. Choose the best word or phrase for each numbered blank and mark A , B, C or D on ANSWER SHEET1.

In addition to the established energy sources such as gas ,coal ,oil and nuclear ,there are a num-ber of other sources that we ought to consider. Two of these are hydroelectric and tidal power. These two sources are (21) in that they are both renewable. (22) ,hydropower is more widely used than tidal.ln (23) ,a substantial amount of electricity is already produced in HEP (hydroelectric power)stations worldwide, (24) tidal stations are stillin the very early (25) of development. .

As far as geographical (26) is concerned ,HEP projects are to be found on lakes and rivers, whiletidal (27)are constructed only at river mouths where tidal (28) is great .Unfortunately these are (29) in number. At present HEP stations are found mainly in Norway ,Canada ,Sweden and Brazil ,whereas tidal plants are in (30) in France ,Russia and China.

As regards capital (31) ,both require very high..investment. On the other hand ,generating(32) are quite low in both cases .ln fact,a large scale HEP plant is capable of producing power more (33) than conventional sources ,such as coal ,oil and nuclear plants. Tidal power also com-pares (34) with nuclear and oil generated electricity, (35) the amount of money on production.

(36) HEP stations ,tidalconstructions have alonglife (37).Itis estimated thatthey can operate foroverl00 years. With respect to (38) 0f supply ,tidal stations (39) from HEP ones in that they often can only supply power (40). HEP stations ,however ,provide a constant supply of elec-tricity.

21.

[ A] compatible

[ B ] parallel

[ C] similar

[ D] identical