Lecture10 Investment
Lecture1_Introduction简介
• Money market mutual funds allow individuals to access the money market.
2-22
Money Market Securities
• Treasury bills: Short-term debt of U.S. government • Certificates of Deposit: Time deposit with a bank • Commercial Paper: Short-term, unsecured debt of a company
• Consumption Timing: Use securities to store wealth and transfer consumption to the future
1-10
Financial Markets and the Economy (Ctd.) • Allocation of Risk: Investors can select securities consistent with their tastes for risk • Separation of Ownership and Management: With stability comes agency problems
1-8
Common Stock and Derivatives
• Common Stock is equity or ownership in a corporation.
– Payments to stockholders are not fixed, but depend on the success of the firm
• Securitization: Fannie Mae and Freddie Mac bought mortgage loans and bundled them into large pools • Mortgage-backed securities are tradable claims against the underlying mortgage pool • “Originate to distribute” • Credit Default Swaps (CDS)
Last Lecture
"We cannot change the cards we are dealt, just how we play the hand."--Randy Pausch When Randy Pausch, a computer science professor at Carnegie Mellon University, was asked to give a "last lecture," he didn't have to imagine it as his last, since he had recently been diagnosed with terminal cancer. But the lecture he gave -- "Really Achieving Your Childhood Dreams" -- wasn't about dying. It was about the importance of overcoming obstacles, of enabling the dreams of others, of seizing every moment (because "time is all you have... and you may find one day that you have less than you think"). It was a summation of everything Randy had come to believe. It was about living. In this book, Randy Pausch has combined the humor, inspiration and intelligence that made his lecture such a phenomenon and given it an indelible form. It is a book that will be shared for generations to come.Randy Pausch's "Last Lecture"HOST:Our VOA listener question this week comes from China. Alex wants to know about Randy Pausch, who died July twenty-fifth of pancreatic cancer at the age of forty-seven.Professor Pausch became famous around the world for a talk he gave to his students at Carnegie Mellon University in Pittsburgh, Pennsylvania. He gave the talk last September, after doctors told him he had only a few months left to live. He called it his "last lecture."Randy Pausch was famous in his field of computer science. He taught videogame and virtual reality technology. He had helped develop a well known educational software tool called Alice. It lets students createthree-dimensional computer animations.But Randy Pausch's last lecture was not about that subject. His talk was called "Really Achieving Your Childhood Dreams." Wall Street Journal reporter Jeffrey Zaslow reported on the talk. The newspaper's Web site broadcast a video of it on the Internet. Millions of people have seen it. Professor Pausch spoke to about four hundred students. He said you have to play the cards you are dealt in life. How you play those cards is your only choice. In other words, he could not change the deadly cancer, but only how he lived his remaining days.For the next hour or so, Professor Pausch talked about his childhood dreams. They included experiencing zero gravity. He told how he had reached this goal as an adult.Some of his students won a NASA competition to use the space agency's astronaut weightlessness training equipment. NASA told Mister Pausch that as a professor he could not take part. So he thought up a new plan to getaround the problem. He got a press pass and experienced zero gravity as a reporter. Mister Pausch told the story to demonstrate the barriers that people may find in the way of their dreams.Randy Pausch also told his students that helping other people fulfill their childhood dreams was even more fun than reaching his own. He called on his fellow professors and students to go on without him and do great things. Randy Pausch and Jeffrey Zaslow wrote a book together called "The Last Lecture." It became a best seller. It has been translated into thirty languages. Mister Pausch also raised money and awareness for pancreatic cancer research.Randy Pausch left behind a wife and three very young children. He said the last lecture was meant to be a "message in a bottle that would one day wash up on the beach for my children."Time is all you have. And you may find one day that you have less time than you think. - Randy PauschEach year at a series known as The Last Lecture, a Carnegie Mellon University faculty member is asked to deliver what would hypothetically be a final speech to their students before dying. It is a wonderful tradition in which both speaker and listeners take a moment to reflect upon what matters most in this life. In September 2007, the speaker, 47-year-old computer science professor and father of three, Randy Pausch, didn't have to imagine that he was confronting his imminent demise because, in fact, he was. Pausch had been diagnosed with pancreatic cancer and, at the time of his Last Lecture, had only been given three to six months to live. Pausch's speech, entitled "Achieving Your Childhood Dreams," was every bit as upbeat and inspirational as the man himself. Rather than focusing on dying, it was a speech about living, about achieving one's dreams and enabling the dreams of others, about truly living each day as though it were your last.As of this writing, Randy Pausch's Last Lecture has been downloaded by over 10 million viewers. If you haven't watched the Last Lecture, let me recommend it as an excellent investment of one hour of your day today. You'll find various methods of doing so here:/uls/journeys/randy-pauschSo far Randy Pausch has beaten the odds, and he continues to inspire his audience. The Last Lecture, published April 2008 by Hyperion, resulted from a collaboration with Jeffrey Zaslow, a columnist for The Wall Street Journal. With a desire to elaborate on his ideas in print form, but not wanting to take precious time away from his children, Pausch, a self-avowed efficiency nut, spent fifty-three daily bike rides on his cellphone headset conveying his thoughts to Zaslow who helped shape the stories into book form.The Last Lecture is a slender book that can be read in just a few sittings. It is full of stories and aphorisms, many of which are familiar from its video progenitor. We revisit Randy Pausch's fulfillment of his childhood dreams and the principles he learned along the way. These gems include Pausch's view that "life's brick walls are there to show us how badly we really want something," the notion that "experience is what you get when you didn't get what you wanted," and a quotation from the Roman philosopher Seneca who said that "luck is what happens when preparation meets opportunity."Pausch is a fantastic storyteller, and recalls and distills the essentials of his life's anecdotes more than most of us would be able. The Last Lecture addresses more of his struggles with cancer than it did in video form, but always from the angle of a challenge requiring a creative solution, which is how Randy Pausch seems to have approached his entire life.This book will be read by millions, but was written solely for Randy Pausch's three young children, Dylan, Logan, and Chloe, for whom Pausch is recording all of the fatherly advice he won't be around to give later on. It is because Pausch's advice is so universal in its wisdom and his voice so clear in its delivery, that we eavesdroppers can also benefit.April 9, 2008Now in Book Form, a Professor's 'Last Lecture' Describes How toLive and Die With GraceRandy Pausch, a 47-year-old professor of computer science at Carnegie Mellon University who in 2006 received a diagnosis of terminal pancreatic cancer, has hung on longer than his doctors predicted— long enough to see the publication of the book version of the inspirational “last lecture”that he delivered at the university and that continues to make him a media sensation.The book, released this week, turns out to be a how-to guide to living, and to leaving life gracefully. It mixes decidedly practical advice (such as this tip on time management: stand while talking on the phone for work so that you’ll be encouraged to make calls shorter) with moving stories about what it’s like to go through each day knowing it’s one of your last.It’s a t houghtful adaptation of the lecture, which was seen by millions of people on YouTube. Mr. Pausch essentially dictated more stories and advice for the book to his co-author, Jeffrey Zaslow, a reporter for The Wall Street Journal.Over the past several months, Mr. Pausch talked with Mr. Zaslow via cellphone each day while the professor took long bike rides to try to stay in shape as his body struggled with the effects of chemotherapy.He talks about hi s strategies, which show an engineer’s love for efficiency, for how to get the most out of his last days with his wife, Jai, and their three young children.In an e-mail interview this week, Mr. Pausch said one of his favorite parts of the book concerns hi s relationship with his wife. “In the book, it seemed more appropriate to talk about how Jai and I have handled the many challenges (pre and post cancer) that we’ve faced as a couple,” he wrote. “And I greatly enjoyed sharing those, as they may be helpful to other people facing their own challenges.”In the book, for instance, Mr. Pausch describes a scene that took place during his now-famous last lecture, in which he invited his wife on stage and asked the audience to sing happy birthday to her (he spoke on her birthday). After the song, they embraced as the crowd applauded.“As we held each other, Jai whispered something in my ear. ‘Please don’t die.’ It sounds like Hollywood dialogue. But that’s what she said.“I just hugged her more tightly.” —Jeffrey R. YoungPosted on Wednesday April 9, 2008 | Permalink |Comments1.This is a very moving piece that brought tears to my eyes.— Donald Winters Apr 9, 12:03 PM #2.I’ve been “Running with Brain Cancer” for about 5 years. I’m40 years old, born bread in the Bronx, Puerto Rican worked for FDNYEMS and I’ve had to find my “sick ways” to be El Tuto… God Bless the man for his will to live with a deadly diagnosis until his new begin. We all need to see as many dimensions as possible sometimes to find the ones that will crack doors open, it’s just like the “Fifth Element???”— Virgilio Castro Apr 9, 01:09 PM #3./~pausch/Thanks Randy.— Jim Eddy Apr 9, 05:26 PM #4.Truth is not just stranger than fiction it’s more rewarding. Thankyou Mr. Pausch and Mr. Castro for sharing your most challenging moments with those of us on a different part of life’s highway.— Marlene Apr 9, 05:31 PM #5.I continue to be impressed with the class and dignity that Dr. Pauschhas demonstrated since I first became awar e of his “Last Lecture”during the fall. I am also humbled by his attitude. Having lost my brother not too long ago to colon cancer when he was just 47 years old, I have a visceral appreciation for what he and his family are going through. I can only hope that I gave my younger brother the same love and support that Randy is receiving from his family. And,I hope that the lessons he is teaching me through his last lecturewill actually result in a change in my attitude toward life and my behavior with family, friends and colleagues. I will certainly view the “brick walls” in my life in a different way in the future!I, too, join with every one else who extends sincere thanks to Randy Pausch for his lessons to us, and to Virgilio Castro for sharing his experience too. (I also lived in the Bronx when I was younger).— Rick Apr 9, 06:19 PM #6.My dad died of pancreatic cancer in 1997. From the viewpoint I gainedas his son, the approach that Dr. Pausch has taken is inspiring to me. He is eminently deserving of respect.— Al Apr 9, 06:34 PM #7.Thank you Randy for the lecture, I can’t wait to get your book.What an inspiration you are! You are in my prayers.— Brenda Elledge Apr 9, 11:00 PM #8.i think this is a very sad story i have met him he is great and ilove him he is trustworthie and honest he will do anything that is nice sweet and generous he will pass but will never leave so he will be the spirit inside us!— holly Apr 10, 01:41 AM #9.Death teaches us how to live, if we will only pay attention.— Wayne K. Apr 10, 07:56 AM #10.Like Al, my father died of pancreatic cancer in 1997. He was 47 yearsold. Mr. Pausch’s approach to his situation continues to inspire me and reminds me a lot of my Dad’s journey. I agree with Wayne-we definitely need to pay a ttention to death’s lessons.— Kanya Apr 10, 09:00 AM #11.I was privileged to have a very close friend for 51 years. We werein college together, were best men in each other’s weddings, and vacationed with our families together every year for 45 years. He died of pancreatic cancer last year. Randy’s willingness to share his life is helping many, many people in ways he will never know.Thank you, Randy. I hope someone might endow a major pancreatic cancer research program in his name at a medical school – what better tribute to his memory could be made but to find a cure for this disease.— Carl Apr 10, 09:06 AM #12.I have consulted on over 700 end-of-life cases when patients,families and health care prov iders have struggled with “the right thing to do”. Dr. Pausch is unique in many ways and has provided me many opportunities for teaching the next generation of health care professionals how to journey with their patients.— Health Care Ethics Professor Apr 10, 09:45 AM #13.I watched the show last evening and had heard of Randy. I am inspiredwith him as I have been diagnosed with HIV for 22 years. FortunatelyI am healthy but I take Randy’s words at heart. I am anxious topurchase the book— Bob Apr 10, 09:58 AM #14.Dr. Pausch—I saw you on the Oprah show a few months ago. I often wondered howyou were doing. I am happy to know that you have written your book.I do wish that your Saviour continues to spare you yet another day.— Ann Apr 21, 09:56 PM #The Last Lecture在线阅读本书"We cannot change the cards we are dealt, just how we play the hand."--Randy Pausch A lot of professors give talks titled "The Last Lecture." Professors are asked to consider their demise and to ruminate on what matters most to them. And while they speak, audiences can't help but mull the same question: What wisdom would we impart to the world if we knew it was our last chance? If we had to vanish tomorrow, what would we want as our legacy? When Randy Pausch, a computer science professor at Carnegie Mellon, was asked to give such a lecture, he didn't have to imagine it as his last, since he had recently been diagnosed with terminal cancer. But the lecture he gave--"Really Achieving Your Childhood Dreams"--wasn't about dying. It was about the importance of overcoming obstacles, of enabling the dreams of others, of seizing every moment (because "time is all you have...and you may find one day that you have less than you think"). It was a summation of everything Randy had come to believe. It was about living. In this book, Randy Pausch has combined the humor, inspiration and intelligence that made his lecture such a phenomenon and given it anindelible form. It is a book that will be shared for generations to come. Questions for Randy Pausch We were shy about barging in on Randy Pausch's valuable time to ask him a few questions about his expansion of his famous Last Lecture into the book by the same name, but he was gracious enough to take a moment to answer. (See Randy to the right with his kids, Dylan, Logan, and Chloe.) As anyone who has watched the lecture or read the book will understand, the really crucial question is the last one, and we weren't surprised to learn that the "secret" to winning giant stuffed animals on the midway, like most anything else, is sheer persistence. : I apologize for asking a question you must get far more often than you'd like, but how are you feeling? Pausch: The tumors are not yet large enough to affect my health, so all the problems are related to the chemotherapy. I have neuropathy (numbness in fingers and toes), and varying degrees of GI discomfort, mild nausea, and fatigue. OccasionallyI have an unusually bad reaction to a chemo infusion (last week, I spikeda 103 fever), but all of this is a small price to pay for walkin' around. : Your lecture at Carnegie Mellon has reached millions of people, but even with the short time you apparently have, you wanted to write a book. What did you want to say in a book that you weren't able to say in the lecture? Pausch: Well, the lecture was written quickly--in under a week. And it was time-limited. I had a great six-hour lecture I could give, but I suspect it would have been less popular at that length ;-). A book allows me to cover many, many more stories from my life and the attendant lessons I hope my kids can take from them. Also, much of my lecture at Carnegie Mellon focused on the professional side of my life--my students, colleagues and career. The book is a far more personal look at my childhood dreams and all the lessons I've learned. Putting words on paper, I've found, was a better way for me to share all the yearnings I have regarding my wife, children and other loved ones. I knew I couldn't have gone into those subjects on stage without getting emotional. : You talk about the importance--and the possibility!--of following your childhood dreams, and of keeping that childlike sense of wonder. But are there things you didn't learn until you were a grownup that helped you do that? Pausch: That's a great question. I think the most important thing I learned as I grew older was that you can't get anywhere without help. That means people have to want to help you, and that begs the question: What kind of person do other people seem to want to help? That strikes me as a pretty good operational answer to the existential question: "What kind of person should you try to be?" : One of the things that struck me most about your talk was how many other people you talked about. You made me want to meet them and work with them--and believe me, I wouldn't make much of a computer scientist. Do you think the people you've brought together will be your legacy as well? Pausch: Like any teacher, my students are my biggest professional legacy. I'd like to think that the people I'vecrossed paths with have learned something from me, and I know I learned a great deal from them, for which I am very grateful. Certainly, I've dedicated a lot of my teaching to helping young folks realize how they need to be able to work with other people--especially other people who are very different from themselves. : And last, the most important question: What's the secret for knocking down those milk bottles on the midway? Pausch: Two-part answer:1) long arms2) discretionary income / persistence Actually, I was never good at the milk bottles. I'm more of a ring toss and softball-in-milk-can guy, myself. More seriously, though, most people try these games once, don't win immediately, and then give up. I've won lots of midway stuffed animals, but I don't ever recall winning one on the very first try. Nor did I expect to. That's why I think midway games are a great metaphor for life. --This text refers to the Hardcover edition.Randy Pausch's 'Last Lecture' still going strong, a year laterUpdated 4/16/2009 10:48 PM | Comment | RecommendEnlarge AP file photoRandy Pausch talks to a standing-room-only crowd at Carnegie Mellon Universityon Sept. 18, 2007. The computer scientist's "last lecture" about facing terminalcancer became an Internet sensation and a best-selling book. Pausch died on July25 at 47.Yahoo! BuzzDiggNewsvineRedditFacebookWhat's this?By Craig Wilson, USA TODAYRandy Pausch, author of the best-selling The Last Lecture, died last summer, but his widow, Jai, is still receiving cards and letters from readers he touched with his inspirational tale."It's been an incredible outpouring of kindness. People still hold us in their hearts," says Jai Pausch, 42, who lives in Virginia.PHOTOS: Randy Pausch's life in picturesThe dying professor's words of wisdom about how to seize life hit USA TODAY's Best-Selling Books list a year ago this week, making its debut at No. 2.Pausch, who died July 25 at age 47 after battling pancreatic cancer, left behind three children: Dylan, 7, Logan, 4, and Chloe, 2. The couple were married eight years."I think what happens is people walk away from the book knowing that he loved us," says Jai, who says the family is doing "OK."She says she wasn't surprised by all the attention immediately after her husband's death, "but as time has worn on the fact people still have us on their minds is amazing. A holiday will make th Published April 8, 2008, The Last Lecture entered USA TODAY's list on April 17. It reached No. 1 four times and remained in the top 20 for 40 weeks. This week: No. 84.The book has sold more than 4 million copies and has been translated into 45 languages. Sales in hardcover remain strong; publisher Hyperion says it has no immediate plans for a paperback More than 9.6 million people have watched the YouTube video of Pausch's last lecture at Carnegie Mellon, which inspired the book."The Last Lecture continues to be a success because it appeals to a broad group of customers," says Edward Ash-Milby, buyer for Barnes & Noble, referring to adults, college students and pa Wall Street Journal columnist Jeff Zaslow, who co-wrote the book, says he knew Pausch was an exceptional storyteller. "But I wasn't sure how the book would do," Zaslow says. He calls the p But what might have most pleased Pausch, an avid Trekker, is his cameo in the movie Star Trek, which arrives in theaters May 8."He was so amazed they contacted him," Jai says."He was over the moon, to the point he allowed them to put gel in his hair, which he didn't even allow at our wedding."。
公司金融学——王现日版第二讲
Time Value of Money
Valuing Bonds
Valuing Stocks
Investment Criteria
Corporate Finance Lecture 1: VALUE Hang Liu
School of Social Science Fall, 2014
A sole proprietorship is a business owned by one person.
The cheapest business to form: requires no formal charter, and have few government regulations to be satisfied. No corporate taxes. Unlimited liability for business debts and obligations. The life of the proprietorship is limited by the life of the proprietor. The equity money raised by the proprietor is limited to the proprietor‘s personal wealth.
Valuing Bonds
Valuing Stocks
Investment Criteria
Balance Sheet Model of the Corporation
What is Corp. Fin. Financial Decisions
Time Value of Money
Valuing Bonds
Lecture_5
investment equals saving in an economy with no G and NX
The vertical distance between the AD and consumption schedules is equal to planned investment spending, I The vertical distance between consumption schedule and the 45° line measures saving at each level of income at Y0 the two vertical distances are equal and S = I
7
Consumption, AD, and Autonomous Spending
• Now we incorporate the other components of AD:
G, I, taxes, and foreign trade,
Consumption now depends on disposable income, YD Y TA TR and C C cYD C c(Y TR TA)
13
Saving and Investment
• The equality between planned investment and
saving can be seen directly from national income accounting Y C I Income is either spent or saved: Y C S
Lecture 20
Using Financial Ratios as a Planning Tool continued
3. Savings Ratio
Savings x 100 Net income = -$6 000 x 100 (assumed) $102 000 = -(5.8)% • It is likely that the savings ratio will be low or negative for a young couple with small children and also for an elderly couple =
Preparing Cash Flow Statements continued
• Net Savings where Income > Expenditure • Negative Savings where Expenditure > Income - typically negative savings is not sustainable over the medium to long-term
Use of Personal Financial Statements
• The use of a personal cash flow statement and personal balance sheet is much the same as the use of similar documents in business • …they are used to monitor income and expenditure patterns in terms of the goals that are set and to consider if the clients are on track to meet their goals in the short, medium and long term.
Endogenous Technological Change
Daron Acemoglu
MIT
November 24 and December 1, 2009.
Daron Acemoglu (MIT)
Economic Growth Lectures 9 and 10
1
2
3
Ideas and technologies nonrival— many …rms can bene…t from the same idea. Increasing returns to scale— constant returns to scale to capital, labor, material etc. and then ideas and blueprints are also produced. Costs of research and development paid as …xed costs upfront.
Unique consumption good, produced with aggregate production function: Z N (t ) 1 x (ν, t )1 β d ν Lβ , Y (t ) = 1 β 0 where
N (t )=number of varieties of inputs (machines) at time t, x (ν, t )=amount of input (machine) type ν used at time t.
where X (t ) is investment on inputs at time t and Z (t ) is expenditure on R&D at time t. Once the blueprint of a particular input is invented, the research …rm can create one unit of that machine at marginal cost equal to ψ > 0 units of the …nal good.
新编剑桥商务英语(高级)第三版5.1
5.1Money and finance VOCABULARY Money expressions1How do you interpret this quotation?‘Money often costs too much.’Ralph Waldo Emerson, Essayist2Complete these flow charts. Use the words in the box.1 borrow money→________ mone y→pay back money2 _______ mone y→charge interes t→make a profit3 order goods→be _______ for the goods→pay for the goods4 _______ money on a horse→win mone y→collect your winnings5 _______ money in shares→earn interes t→buy more shares6 go to the bank→________ some mone y→spend the money7 put your car up for sal e→receive an offe r→_______ a deal8 find a car you want to buy→negotiate a discount→________ money9 _______ business→make a profit→reinvest the profit10 be short of money→take out a loa n→_______ the loan3What’s the difference between the following?1 win money and earn money2lend and borrow money3 spend and waste money4 costs and is worth￡300SPEAKING A bank loan4Work with a partner. Take the roles of bank manager andloan applicant and act out the conversation. Look at thenotes and plan what you are going to say.LISTENING A culture of debt5Discuss these questions.1 Is it easy to get credit in your country, for example, tobuy a house, a car, a new TV?2 Is consumer confidence high at the moment? Why? /Why not?Exam Success 3 What is people’s general attitude to borrowing in yourcountry?Your answer will beexact word-for-word 6 You will hear part of a lecture given by an economist to phrases from the a group of bankers and economists. In it she describes listening text. They the impact of Alan Greenspan’s economic policy on must be spelt the US and global economies. A friend who can’t attend correctly has asked you to take some notes. Before listeningpredict the kind of words that will go in each space.7 Listen and complete the notes below. Use up to threewords in each space.Business MAGAZINE THE LEGACY OF ALAN GREENSPANThe background1 Alan Greenspan changed people’s attitudes to ________________.2 People have been against borrowing money since _____________.3 Now young people take out loans to pay their way through_________.4 For many homeowners it’s normal to have a second _________.The current lending market5 Credit is easy and interest rates are_________.6 Banks often lend money _________.7 In some states it’s possible to get a Mortgagee with no ________.Reasons for this policy8 As long as people are spending,_________.9 In Germany, in times of uncertainly people tend to _________.The future10 In 2005 American personal debt was_________________.11 Some people say we are sitting on _____________.12 Asset values will not continue to rise ______________.8Do you think a policy of borrow and spend helps the economy? Ordo you think sooner or later there will be a debt crisis?9 Explain the following financial terms from the text.1 to remortgage your home2 to make a down-payment3 asset values will crash4 to be in negative equity5 64 trillion dollarsGRAMMAR Expression of comparison1Underline the expressions of comparison and the adverbs /prepositions that go with them.0Warsaw is much cheaper than Oslo.1 I find the train more comfortable than the bus.2 Wal-mart is the biggest food retailer in the USA.3 It’s not as expensive as you think.4 The two articles present the same arguments as each other.5 Hungarian is a different language to German.6 Australian food is similar to New Zealand’s.7 It took me less time than I thought it world.8 The average American consumes twice as much energy as theaverage European.2What word(s) could you add to the statements in exercise 1 to show that the difference (or similarity) is big? Use these words to help you (sometimes there is more than one possibility)Warsaw is much cheaper than Oslo.3Make comparisons (differences and similarities) between the following.1 you and another member of your family (father, mother, brother, sister, etc)2 two cities you know well3 two employers or teachers you have had4 your own country and another country you have visited5 two companies you have worked for or colleges you have attend4Read this article about energy consumption in the USA. Write one word to fill each gap.SPEAKING Choosing an investment5In the city where you live (180,000 people), two independent cinemas have recently come up for sale. Both are in a popularsuburb of the city. The city has three other cinemas-a bigout-of-town mutiplex, a six-screen cinema in the centre oftown and a small independent in a different suburb.The details of the two cinema are given below. Study theinformation and decide which you think would be a betterinvestment.6Discuss your ideas with your partner, explaining your reasons.Use the language box to help you.VOCABULARY Company finance1What financial mistakes do you think small businesses mostcommonly make? Work with a partner and make a list.Not taking out insurance to cover the sudden loss of a senior /key employee.2Put these words into the right place to make pairs offinancial terms.fixed costs1 income ___________ 6 dividends ___________2 assets ____________ 7 creditor _____________3 gross _____________ 8 profitable ___________4 current _____________ 9 accounts payable ______3 Using the words in exercise 2 complete this passage from anonline guide for investors.Understanding financial statementsTo make good investment decisions, you need to understand the business you’re investing in. knowing when to buy and when to sell depends not only onunderstanding the market in general but also the financial health of the company. Your first port of call: the annual report.This contains the accounts-the balanceSheet, the income statement and the cashflow statement. We’ll deal with just the important. With all financial statements, you must compare the sets of figures from recent years to see how the company is developing.The balance sheet is a snapshot of a company’s financial position at a given moment. Imagine tomorrow you make a list of everything you own (including what in others owe to you)-house, car, money in the bank, etc. these are your (1)_______. Set against these everything that you owe-mortgage, credit card bill, etc. These are your (2) _______. The two columns are what make up the balance sheet.With a company balance sheet you also need to consider the shareholders’ equity (the shares owned in the company by others). The basic equation is assets=liabilities + shareholders’ equity.The (3)_________ assets of a company are its buildings and equipment. As an investor you should pay particular attention to two kinds of current asset-the stock and the accounts receivable (money owed to the company by customers). If the amount of stock is growing fast, then it could be that stock isn’t moving. If the accounts receivable figure is large, then the (4)________ aren’t paying their bills quickly enough. On the liability side look to see whether the debt, both short and long term, is increasing. Is the company borrowing more and if so, why? Read the notes to the accounts-maybe they will explain anything unusual. Look also at accounts (5) ______ to see if the company is paying its creditors on time.The income statement (sometimes also called the profit and (6) _________ account) shows the company’s income and (7)________ over a given period. It lists all the money generated by sales (the turnover) plus any other income, minus all the costs involved in running the business. This produces the gross profit that tells you if the business is healthy and operationally (8)_______ (9)_________ profit is the proverbial bottom line. It represents profit after tax and interest have been paid and is the amount that can be distributed to its shareholders in (10)_________ (though generally a part of this profit is retained for re-investment).As you study the income statements of recent years, get out your calculator and do some sums.Are sales growing? Are costs growing faster than sales or is the profit margin being maintained? What are the forecasts for future growth? Did any of the income come from the sales of assets?4 What do these words and phrases from the passage on page50 mean?1 your first port of call2 a snapshot3 over a given period4 the bottom line5 do some sumsREADING A financial summary5Study this financial summary of Tesco plc, Britain’s largestsupermarket chain. Find the following items.1 the turnover2 the profit made after tax3 the value of the company4 the cash still available after other investments。
商务导论Lecture1-Formsofbusiness
10, 11, 16, 18
Final Exam
80%
Requirements
• Preview • Group report
Homework
Final Grade
2020/5/18
Performance
20% Class Attendance Involvement
• No absence
• In-class discussion • Report / Presentation
general partner / limited partner
-Partner who actively manages a business and has unlimited liability for its debts -Partner who does not share in a business’ management and is liable for its debts only to the limit of his or her investment
• Partnership
– Business co-owned by two or more persons
• Corporation
– Business that is legally considered an entity separate from its owners and is liable for its own debts; owners’ liability extends to the limits of their investments.
1
Advantages Disadvantages
Improved access to resources
英语翻译复习题 100
英语翻译100题1热烈欢迎世界各地客商来此进一步加强合作，建立和发展贸易。
1 Customers from various countries and regions are warmly welcome to establish and develop business contacts.2 她从来没想到他是个不诚实的人。
2 It never occurred to her that he was a dishonest man.3 南京发生过许多重大的历史事件。
3 Nanjing witnessed many great historic events.4 到去年年底，我部已同有关省市签订了100余艘中小船舶的建造合同和协议。
4 By the end of last year, contracts and agreements were signed with some provinces and cities for the construction of more than 100 medium-and small-sized vessels.5 我们事业从胜利走向胜利。
5 We have won one victory after another for our cause.6 乡镇企业的繁荣是我国农村改革的必然产物。
6 The prosperity of township enterprises is the inevitable outcome of the economic reform in the rural areas.7 他做实验时心不在焉，几乎引起化学药物爆炸。
7 His absent-mindedness during the experiments nearly caused an explosion of the chemical.8 这一证书课程分在三年中学完。
2009-2010年专八（TEM8）真题、答案及听力原文（整理打印版）
TEST FOR ENGLISH MAJORS (2010)-GRADE EIGHT-TIME LIMIT: 195 MIN PART I LISTENING COMPREHENSION (35 MIN)SECTION A MINI-LECTUREIn this section you will hear a mini-lecture. You will hear the lecture ONCE ONLY While listening, take notes on the important points. Your notes will not be marked, but you will need them to complete a gap-filling task after the mini-lecture. When the lecture is over, you will be given two minutes to check your notes, and another ten minutes to complete the gap-filling task on ANSWER SHEET ONE. Use the blank sheet for note-taking.Paralinguistic Features of LanguageIn face to face communication speakers often alter their tones of voices or change their physi cal posture in order to convey messages. These means are called paralinguistic features of language, which fall into two categories.First category: vocal paralinguistic features(1)_____: to express attitude or intention examples (1)_______1. whi spering: need for secrecy2. breathiness: deep emotion3. (2)_______: unimportance (2)_______4. nasality: anxiety5. extra lip-rounding: greater intimacySecond category: physi cal paralinguistic featuresA. facial expressions(3)____________ (3)_______— smiling: signal of pleasure or welcome less common expressions— eyebrow raising: surprise or interest— lip biting: (4)_________________ (4)_______ B. gestureGestures are related to culture.British culture— shrugging shoulders: (5)_______ (5)_______ — scratching head: puzzlement other cultures— placing hand upon heart: (6)_______ (6)_______ — pointing at nose: secretC. proximity, posture and echoing1. proximity: physical distance between speakers— closeness: intimacy or threat—(7)_______: formality or absence of interest (7)_______ Proximity is person-, culture- and (8)_______ -specific. (8)_______2. posture— hunched shoulders or a hanging head: to indicate (9)_______ (9)_______ — direct level eye contact: to express an open or challenging attitude3. echoing— definition: imitation of similar posture—(1)_______: aid in communication (10)_______ SECTION B INTERVIEWIn this section you will hear everything ONCE ONLY. Listen carefully and then answer the questions that follow. Mark the correct answer to each question on your coloured answer sheet.Questions 1 to 5 are based on an interview. At the end of the interview you will be given 10 seconds to answer each of the following five questions. Now listen to the interview.1. According to Dr. Johnson, diversity means _______.A. merging of different cultural identitiesB. more emphasis on homogeneityC. embracing of more ethni c differencesD. acceptance of more branches of Christianity2. According to the interview, which of the following statements is CORRECT?A. Some places are more diverse than others.B. Towns are less diverse than large cities.C. Diversity can be seen everywhere.D. America is a truly diverse country.3. According to Dr. Johnson, which place will witness a radi cal change in its racial makeup by 2025?A. Maine.B. Selinsgrove.C. Philadelphia.D. California.4. During the interview Dr. Johnson indicates that _______.A. greater racial diversity exists among younger populationsB. both older and younger populations are racially diverseC. age diversity could lead to pension problemsD. older populations are more racially diverse5. According to the interview, religious diversity _______.A. was most evident between 1990 and 2000B. exists among Muslim immigrantsC. is restricted to certain places in the USD. is spreading to more parts of the countrySECTION C NEWS BROADCASTIn this section you will hear everything ONCE ONLY. Listen carefully and then answer the questions that follow. Mark the correct answer to each question on your coloured answer sheet.Questions 6 is based on the following news. At the end of the news item, you will be given 10 seconds to answer the questions.Now listen to the news.6. What is the main idea of the news item?A. Sony developed a computer chip for cell phones.B. Japan will market its wallet phone abroad.C. The wallet phone is one of the wireless innovations.D. Reader devices are available at stores and stations.Questions 7 and 8 are based on the following news. At the end of the news item, you will be given 20 seconds to answer the questions.Now listen to the news.7. Which of the following is mentioned as the government's measure to control inflation?A. Foreign investment.B. Donor support.C. Price control.D. Bank prediction.8. According to Kingdom Bank, what is the current inflation rate in Zimbabwe?A. 20 million percent.B. 2.2 million percent.C. 11.2 million percent.D. Over 11.2 million percent.Question 9 and 10 are based on the following news. At the end of the news item, you will be given 20 seconds to answer the question. Now listen to the news.9. Which of the following is CORRECT?A. A big fire erupted on the Nile River.B. Helicopters were used to evacuate people.C. Five people were taken to hospital for burns.D. A big fire took place on two floors.10. The likely cause of the big fire is _______ .A. electrical short-circuitB. lack of fire-safety measuresC. terrorismD. not knownPART II READING COMPREHENSION (30 MIN)In this section there are four reading passages followed by a total of 20 multiple-choice questions.Read the passages and then mark your answers on your coloured answer sheet.TEXT AWe had been wanting to expand our children's horizons by taking them to a place that was unlike anything we'd been exposed to during our travels in Europe and the United States. In thinking about what was possible from Geneva, where we are based, we decided on a trip to Istanbul, a two-hour plane ride from Zurich.Among the great cities of the world, Kolkata (formerly spelt as Calcutta), the capital of India's West Bengal, and the home of nearly 15 million people, is often mentioned as the only one that still has a large fleet of hand-pulled rickshaws.Rickshaws are not there to haul around tourists. It's the people in the lanes who most regularly use rickshaws — not the poor but people who are just a notch above the poor. They are people who tend to travel short di stances, through lanes that are sometimes inaccessible to even the most daring taxi driver. An older woman with marketing to do, for instance, can arrive in a rickshaw, have the ri ckshaw puller wait until she comes back from various stalls to load her purchases, and then be taken home. People in the lanes use rickshaws as a 24-hour ambulance service. Proprietors of cafes or corner stores send ri ckshaws to collect their supplies. The rickshaw pullers told me their steadiest customers are school children. Middle-class families contract with a puller to take a child to school and pick him up; the puller essentially becomes a family retainer.From June to September Kolkata can get torrential rains. During my stay it once rained for about 48 hours. Entire neighborhoods couldn't be reached by motorized vehi cles, and the newspapers showed pictures of ri ckshaws being pulled through water that was up to the pullers' waists. When it's raining, the normal customer base for rickshaw pullers expands greatly, as does the price of a journey. A writer in Kolkata told me, "When it rains, even the governor takes rickshaws."While I was in Kolkata, a magazine called India Today published its annual ranking of Indian states, according to such measurements as prosperity and infrastructure. Among India's 20 largest states, Bihar finished dead last, as it has for four of the past five years. Bihar, a few hundred miles north of Kolkata, is where the vast majority of rickshaw pullers come from. Once in Kolkata, they sleep on the street or in their rickshaws or in a dera — a combination of garage and repair shop and dormitory managed by someone called a sardar. For sleeping privileges in a dera, pullers pay 100 rupees (about $2.50) a month, which sounds like a pretty good deal until you've visited a dera. They gross between 100 and 150 rupees a day, out of which they have to pay 20 rupees for the use of the ri ckshaw and an occasional 75 or more for a payoff if a policeman stops them for, say, crossing a street where rickshaws are prohibited. A 2003 study found that rickshaw pullers are near the bottom of Kolkata occupations in income, doing better than only the beggars. For someone without land or education, that still beats trying to make a living in Bihar.There are people in Kolkata, particularly educated and politically aware people, who will not ride in a rickshaw, because they are offended by the idea of being pulled by another human being or because they consider it not the sort of thing people of their station do or because they regard the hand-pulled ri ckshaw as a relic of colonialism. Ironically, some of those people are not enthusiastic about banning rickshaws. The editor of the editorial pages of Kolkata's Telegraph —Rudrangshu Mukherjee, a former academi c who still writes history books — told me, for instance, that he sees humanitarian considerations as coming down on the side of keeping hand-pulled rickshaws on the road. "I refuse to be carried by another human being myself," he said, "but I question whether we have the right to take away their livelihood." Rickshaw supporters point out that when it comes to demeaning occupations, ri ckshaw pullers are hardly unique in Kolkata.When I asked one rickshaw puller if he thought the government's plan to rid the city of ri ckshaws was based on a genuineinterest in his welfare, he smiled, with a qui ck shake of his head — a gesture I interpreted to mean, "If you are so na?ve as to ask such a question, I will answer it, but it is not worth wasting words on." Some rickshaw pullers I met were resigned to the imminent end of their livelihood and pinned their hopes on being offered something in its place. As migrant workers, they don't have the political clout enjoyed by, say, Kolkata's sidewalk hawkers, who, after supposedly being scaled back at the beginning of the modernization drive, still clog the sidewalks, selling absolutely everything —or, as I found during the 48 hours of rain, absolutely everything but umbrellas. "The government was the government of the poor people," one sardar told me. "Now they shake hands with the capitalists and try to get rid of poor people."But others in Kolkata believe that ri ckshaws will simply be confined more strictly to certain neighborhoods, out of the view of World Bank traffic consultants and California investment delegations —or that they will be allowed to die out naturally as they're supplanted by more modern conveyances. Buddhadeb Bhattacharjee, after all, is not the first high West Bengal offici al to say that rickshaws would be off the streets of Kolkata in a matter of months. Similar statements have been made as far back as 1976. The ban decreed by Bhattacharjee has been delayed by a court case and by a widely held belief that some retraining or social security settlement ought to be offered to rickshaw drivers. It may also have been delayed by a quiet reluctance to give up something that has been part of the fabric of the city for more than a century. Kolkata, a resident told me, "has difficulty letting go." One day a city official handed me a report from the municipal government laying out options for how rickshaw pullers might be rehabilitated."Which option has been chosen?" I asked, noting that the report was dated almost exactly a year before my visit."That hasn't been decided," he said."When will it be decided?""That hasn't been decided," he said.11. According to the passage, ri ckshaws are used in Kolkata mainly for the following purposes EXCEPT _______.A. taking foreign tourists around the city.B. providing transport to school children.C. carrying store supplies and purchases.D. carrying people over short di stances.12. Which of the following statements best describes the ri ckshaw pullers from Bihar?A. They come from a relatively poor area.B. They are provided with decent accommodation.C. Their living standards are very low in Kolkata.D. They are often caught by policemen in the streets.13. That "For someone without land or education, that still beats trying to make a living in Bihar" (4th paragraph) means that even so, _______.A. the poor prefer to work and live in Bihar.B. the poor from Bihar fare better than back home.C. the poor never try to make a living in Bihar.D. the poor never seem to resent their life in Kolkata.14. We can infer from the passage that some educated and politically aware people _______.A. hold mixed feelings towards rickshaws.B. strongly support the ban on rickshaws.C. call for humanitarian actions for rickshaw pullers.D. keep quiet on the i ssue of banning rickshaws.15. Which of the following statements conveys the author's sense of humour?A. "...— not the poor but people who are just a notch above the poor." (2nd paragraph)B. "..., whic h sounds like a pretty good deal until you’ve visited a dera." (4th paragraph)C. Kolkata, a resident told me, "has diffi culty letting go." (7th paragraph)D. "...or, as I found during the 48 hours of rain, absolutely everything but umbrellas." (6th paragraph)16. The dialogue between the author and the city official at the end of the passage seems to suggest _______.A. the uncertainty of the court's decision.B. the inefficiency of the municipal government.C. the difficulty of finding a good solution.D. the slowness in processing options.TEXT BDepending on whom you believe, the average Ameri can will, over a lifetime, wait in lines for two years (says National Public Radio) or five years (according to some customer-loyalty experts).The crucial word is average, as wealthy Americans routinely avoid lines altogether. Once the most democratic of instituti ons, lines are rapidly becoming the exclusive province of suckers (people who still believe in and practice waiting in lines). Poor suckers, mostly.Airports resemble France before the Revolution: first-class passengers enjoy "élite" security lines and priority boarding, and disembark before the unwashed in coach, held at bay by a flight attendant, are allowed to foul the Jet-way.At amusement parks, too, you can now buy your way out of line. This summer I haplessly watched kids use a $52 Gold Flash Pass to jump the lines at Six Flags New England, and similar systems are in use in most major American theme parks, from Universal Orlando to Walt Disney World, where the haves get to watch the have-mores breeze past on their way to their seats.Flash Pass teaches children a valuable lesson in real-world economics: that the rich are more important than you, especially when it comes to waiting. An NBA player once said to me, with a bemused chuckle of disbelief, that when playing in Canada —get this — "We have to wait in the same customs line as everybody else."Almost every line can be breached for a pri ce. In several U.S. cities thi s summer, early arrivers among the early adopters waiting to buy iPhones offered to sell their spots in the lines. On Craigslist, prospective iPhone purchasers offered to pay "waiters" or "placeholders" to wait in line for them outside Apple stores.Inevitably, some semi-populist politicians have seen the value of sort-of waiting in lines with the ordinary people. This summer Philadelphia mayor John Street waited outside an AT&T store from 3:30 a.m. to 11:30 a.m. before a stand-in from hi s offi ce literally stood in for the mayor while he conducted offi cial business. And billionaire New York mayor Michael Bloomberg often waits for the subway with his fellow citizens, though he's first driven by motorcade past the stop nearest his house to astation 22 blocks away, where the wait, or at least the ride, is shorter.As early as elementary school, we're told that jumping the line is an unethi cal act, which is why so many U.S. lawmakers have framed the immigration debate as a kind of fundamental sin of the school lunch line. Alabama Senator Richard Shelby, to cite just one legislator, said amnesty would allow illegal immigrants "to cut in line ahead of millions of people."Nothing annoys a national lawmaker more than a person who will not wait in line, unless that line is in front of an elevator at the U.S. Capitol, where Senators and Representatives use private elevators, lest they have to queue with their constituents.But compromising the integrity of the line is not just antidemocratic, it's out-of-date. There was something about the orderly boarding of Noah's Ark, two by two, that seemed to restore not just civilization but civility during the Great Flood.How civil was your last flight? Southwest Airlines has first-come, first-served festival seating. But for $5 per flight, an unaffiliated company called will secure you a coveted "A" boarding pass when that airline opens for online check-in 24 hours before departure. Thus, the savvy traveler doesn't even wait in line when he or she is online.Some cultures are not renowned for lining up. Then again, some cultures are too adept at lining up: a citizen of the former Soviet Union would join a queue just so he could get to the head of that queue and see what everyone was queuing for.And then there is the U.S., where society seems to be cleaving into two groups: Very Important Persons, who don't wait, and Very Impatient Persons, who do — unhappily.For those of us in the latter group — consigned to coach, bereft of Flash Pass, too poor or proper to pay a placeholder — what do we do? We do what Vladimir and Estragon did in Waiting for Godot: "We wait. We are bored."17. What does the following sentence mean? "Once the most democratic of institutions, lines are rapidly becoming the exclusive province of suckers ... Poor suckers, mostly." (2nd paragraph)A. Lines are symbolic of America's democracy.B. Lines still give Americans equal opportunities.C. Lines are now for ordinary Americans only.D. Lines are for people with democratic spirit only.18. Which of the following is NOT cited as an example of breaching the line?A. Going through the customs at a Canadian airport.B. Using Gold Flash Passes in amusement parks.C. First-class passenger status at airports.D. Purchase of a place in a line from a placeholder.19. We can infer from the passage that politicians (including mayors and Congressmen) _______.A. prefer to stand in lines with ordinary people.B. advocate the value of waiting in lines.C. believe in and practice waiting in lines.D. exploit waiting in lines for their own good.20. What is the tone of the passage?A. Instructive.B. Humorous.C. Serious.D. Teasing.TEXT CA bus took him to the West End, where, among the crazy coloured fountains of illumination, shattering the blue dusk with green and crimson fire, he found the café of his choice, a tea-shop that had gone mad and turned Babylonian, a white palace with ten thousand lights. It towered above the older buildings like a citadel, which indeed it was, the outpost of a new age, perhaps a new civilization, perhaps a new barbarism; and behind the thin marble front were concrete and steel, just as behind the careless profusion of luxury were millions of pence, balanced to the last halfpenny. Somewhere in the background, hidden away, behind the ten thousand lights and acres of white napery and bewildering glittering rows of teapots, behind the thousand waitresses and cash-box girls and black-coated floor managers and temperamental long-haired violinists, behind the mounds of cauldrons of stewed steak, the vanloads of i ces, were a few men who went to work juggling with fractions of a farthing, who knew how many units of electri city it took to finish a steak-and-kidney pudding and how many minutes and seconds a waitress (five feet four in height and in average health) would need to carry a tray of given weight from the kitchen lift to the table in the far corner. In short, there was a warm, sensuous, vulgar life flowering in the upper storeys, and a cold science working in the basement. Such was the gigantic tea-shop into which Turgis marched, in search not of mere refreshment but of all the enchantment of unfamiliar luxury. Perhaps he knew in his heart that men have conquered half the known world, looted whole kingdoms, and never arrived in such luxury. The place was built for him.It was built for a great many other people too, and, as usual, they were all there. It steamed with humanity. The marble entrance hall, piled dizzily with bonbons and cakes, was as crowded and bustling as a railway station. The gloom and grime of the streets, the raw air, all November, were at once left behind, forgotten: the atmosphere inside was golden, tropical, belonging to some high mid-summer of confectionery. Disdaining the lifts, Turgis, once more excited by the sight, sound, and smell of it all, climbed the wide staircase until he reached his favourite floor, where an orchestra led by a young Jewish violinist with wandering lustrous eyes and a passion for tremolo effects, acted as a magnet to a thousand girls. The door was swung open for him by a page; there burst, like a sugary bomb, the clatter of cups, the shrill chatter of white-and-vermilion girls, and, cleaving the gol den, scented air, the sensuous clamour of the strings; and, as he stood hesitating a moment, half dazed, there came, bowing, a sleek grave man, older than he was and far more distinguished than he could ever hope to be, who murmured deferentially: "For one, sir? This way, please." Shyly, yet proudly, Turgis followed him.21. That "behind the thin marble front were concrete and steel" suggests that _______.A. modern realistic commercialism existed behind the luxurious appearance.B. there was a fundamental falseness in the style and the appeal of the café.C. the architect had made a sensible blend of old and new building materials.D. the cafe was based on physical foundations and real economic strength.22. The following words or phrases are somewhat critical of the tea-shop EXCEPT _______.A. "... turned Babylonian".B. "perhaps a new barbarism".C. "acres of white napery".D. "balanced to the last halfpenny".23. In its context the statement that "the place was built for him" means that the café was intended to _______.A. please simple people in a simple way.B. exploit gullible people like him.C. satisfy a demand that already existed.D. provide relaxation for tired young men.24. Which of the following statements about the second paragraph is NOT true?A. The café appealed to most senses simultaneously.B. The café was both full of people and full of warmth.C. The inside of the café was contrasted with the weather outside.D. It stressed the commercial determination of the café owners.25. The following are comparisons made by the author in the second paragraph EXCEPT that _______.A. the entrance hall is compared to a railway station.B. the orchestra is compared to a magnet.C. Turgis welcomed the lift like a conquering soldier.D. the interior of the café is compared to warm countries.26. The author's attitude to the café is _______.A. fundamentally critical.B. slightly admiring.C. quite undecided.D. completely neutral.TEXT DNow elsewhere in the world, Iceland may be spoken of, somewhat breathlessly, as Western Europe's last pristine wilderness. But the environmental awareness that is sweeping the world had bypassed the majority of Icelanders. Certainly they were connected to their land, the way one is complicatedly connected to, or encumbered by, family one can't do anything about. But the truth is, once you're off the beaten paths of the low-lying coastal areas where everyone lives, the roads are few, and they're all bad, so Iceland's natural wonders have been out of reach and unknown even to its own inhabitants. For them the land has al ways just been there, something that had to be dealt with and, if possible, exploited — the mind-set being one of land as commodity rather than land as, well, priceless art on the scale of the "Mona Lisa."When the opportunity arose in 2003 for the national power company to enter into a 40-year contract with the American aluminum company Alcoa to supply hydroelectric power for a new smelter (冶炼厂), those who had been dreaming of something like this for decades jumped at it and never looked back. Iceland may at the moment be one of the world's ri chest countries, with a 99 percent literacy rate and long life expectancy. But the project's advocates, some of them getting on in years, were more emotionally attuned to the country's century upon century of want, hardship, and colonial servitude to Denmark, which officially ended only in 1944 and whose psychological imprint remained relatively fresh. For the longest time, life here had meant little more than a hut, dark all winter, cold, no hope, children dying left and right, earthquakes, plagues, starvation, volcanoes erupting and destroying all vegetation and livestock, all spirit — a world revolving almost entirely around the welfare of one's sheep and, later, on how good the cod catch was. In the outlying regions, it still largely does.Ostensibly, the Alcoa project was intended to save one of these dying regions — the remote and sparsely populated east —where the way of life had steadily declined to a point of desperation and gloom. After fishing quotas were imposed in the early 1980s to protect fish stocks, many individual boat owners sold their allotments or gave them away, fishing rights ended up mostly in the hands of a few companies and small fishermen were virtually wiped out. Technological advances drained away even more jobs previously done by human hands, and the people were seeing everything they had worked for all their lives turn up worthless and their children move away. With the old way of life doomed, aluminum projects like this one had come to be percei ved, wisely or not, as a last chance. "Smelter or death."The contract with Alcoa would infuse the region with foreign capital, an estimated 400 jobs, and spin-off servi ce industri es. It also was a way for Iceland to develop expertise that potentially could be sold to the rest of the world; diversify an economy histori cally dependent on fish; and, in an appealing display of Icelandic can-do verve, perhaps even protect all of Iceland, once and for all, from the unpredictability of life itself."We have to live," Halldor Asgrimsson said. Halldor, a former prime minister and longtime member of parliament from the region, was a driving force behind the project. "We have a right to live."27. According to the passage, most Icelanders view land as something of _______.A. environmental value.B. commercial value.C. potential value for tourism.D. great value for livelihood.28. What is Iceland’s old-aged advocates' feeling towards the Alcoa project?A. Iceland is wealthy enough to reject the project.B. The project would lower life expectancy.C. The project would cause environmental problems.D. The project symbolizes an end to the colonial legacies.29. The disappearance of the old way of life was due to all the following EXCEPT _______.A. fewer fishing companies.B. fewer jobs available.C. migration of young people.D. imposition of fishing quotas.30. The 4th paragraph in the passage ________.A. sums up the main points of the passage.B. starts to discuss an entirely new point.C. elaborates on the last part of the 3rd paragraph.D. continues to depict the bleak economic situation.PART ⅢGENERAL KNOWLEDGE（10 MIN）There are ten multiple-choice questions in this section. Choose the best answers to each question. Mark your answers on your colored answer sheet.31. Which of the following statements is INCORRECT?A. The British constitution includes the Magna Carta of 1215.B. The British constitution includes Parliamentary acts.C. The British constitution includes deci sions made by courts of law.D. The British constitution includes one single written constitution.32. The first city ever founded in Canada is _______.。