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Directions: There are 4 reading passages in this part. Each passage is followed by some questions or unfinished statements. For each of them there are four choices marked A, B, C and D. You should decide on the best choice and then mark the corresponding letter on the ANSWER SHEET.
Questions 16 to 20 are based on the following passage:
Sometimes, over a span of many years, a business will continue to grow, generating ever-increasing amounts of cash, repurchasing stock, paying increased dividends, reducing debt, opening new stores, expanding production facilities, moving into new markets, etc. , while at the same time its
stock price remains stagnant (or even falls).
When this happens, the average and professional investor alike tend to overlook the company because they become familiar with the trading range.
Take, for example, Wal-Mart. Over the past five years, the retailing behemoth has grown sales by over 80% , profits by over 100% , and yet the stock price has fallen as much as 30% during that timeframe. Clearly, the valuation picture has changed. An investor that read the annual report back in 2000 or 2001 might have passed on the security, deeming it too expensive based on a metric such as the price to earnings ratio. Today, however, the equation is completely different — despite the stock price, Wal-Mart is, in essence, trading at half its former price because each share is backed by a larger dividend, twice the earnings power, more stores, and a bigger infrastructure. Home Depot is in much the same boat, largely because some Wall Street analysts question how fast two of the world’s largest companies can continue to grow before their sheer size slows them down to the rate of the general economy. Coca-Cola is another excellent example of this phenomenon. Ten years ago, in 1996, the stock traded between a range of $ 36. 10 and $ 54. 30 per share. At the time, it had reported earnings per share of $ 1. 40 and paid a cash dividend of $ 0. 50 per share. Corporate per share book value was $ 2. 48. Last year, the stock traded within a range of $ 40. 30 and $ 45. 30 per share; squarely in the middle of the same area it had been nearly a decade prior! Yet, despite the stagnate stock price, the 2006 estimates Value Line Investment Survey estimates for earnings per share stand around $2.16 (a rise of 54% ), the cash dividend has more than doubled to $ 1. 20, book value is expected to have grown to $7. 40 per share (a gain of nearly 300% ), and the total number of shares outstanding (未償付的;未完成的)has actually decreased from 2. 481 billion to an estimated 2. 355 billion due to the company’s share repurchase program.
This passage is probably a part of .
A. Find Hidden Value in the Market B.
C. Get Good Bargains D.
The italicized word “stagnant” (Line 4,Para.
A. prominent B. terrible C.
Wal-Mart is now trading at a much lower price because ,
A. it has stored a large quantity of goods
B. it has become financially more powerful
C. it has been eager to collect money to prevent bankruptcy
D. it is a good way to compete with other retailing companies
19. All the following are shared by Wal-Mart and Coco-Cola EXCEPT ?
A. the cash dividend has increased B. the earning power has become stronger
C. both business have continued to grow D. the stock price has greatly decreased
20. According to the author, one had better .
A. buy more shares when the stock price falls down
B. sell out the shares when the stock price falls down
C. do some research on the value of a business when its stock price falls down
D. invest in the business when its stock price falls down
Questions 21 to 25 are based on the following passage:
Today’s college students are more narcissistic (自戀的)and self-centered than their predecessors, according to a comprehensive new study by five psychologists who worry that the trend could be harmful to personal relationships and American society. “We need to stop endlessly repeating ‘ You’re special’ and having children repeat that back,” said the study’s lead author, Professor Jean Twenge of San Diego State University. “Kids are self-centered enough already.” “Unfortunately, narcissism can also have very negative consequences for society, including the breakdown of close relationships with others,” he said. The study asserts that narcissists “are more likely to have romantic relationships that are short-lived, at risk for infidelity, lack emotional warmth, and to exhibit game-playing, dishonesty, and over-controlling and violent behaviors ”. Twenge, the author of “Generation Me: Why Today’s Young Americans Are More Confident, Assertive, Entitled — and More Miserable Than Ever Before”,said narcissists tend to lack empathy, react aggressively to criticism and favor self-promotion over helping others. Some analysts have commended today’s young people for increased commitment to volunteer work. But Twenge viewed even this phenomenon skeptically, noting that many high schools require community service and many youths feel pressure to list such endeavors on college applications. Campbell said the narcissism upsurge seemed so pronounced (非常明顯的)that he was unsure if there were obvious remedies. “Permissiveness seems to be a component,” he said. “A potential antidote would be more authoritative parenting. Less indulgence might be called for. ” Yet students, while acknowledging some legitimacy to such findings, don’t necessarily accept . negative generalizations about their generation. Hanady Kader, a University of Washington senior, said she worked unpaid last summer helping resettle refugees and considers many of her peers to be civic-minded. But she is dismayed (氣傻by the competitiveness of some students who seem prematurely focused on career status. “We’re encouraged a lot to be individuals and go out there and do what you want, and nobody should stand in your way,” Kader said. “I can see goals and ambitions getting in the way of other things like relationships. ”
Kari Dalane, a University of Vermont sophomore, says most of her contemporaries are politically active and not overly self-centered. “People are worried about themselves — but in the sense of where they’re going to find a place in the world,” she said. “People want to look their best, have a good time, but it doesn’t mean they’re not concerned about the rest of the world. ” Besides, some of the responses on the narcissism test might not be worrisome, Dalane said. “It would be more depressing if people answered, 4 No, I’m not special. ’ ”
21. According to the passage, a narcissistic person may .
A. hate criticism B. be dishonest to his / her partner
C. be unwilling to help others D. all the above
22. The italicized word “commended” (Line 1,Para. 3) means ?
A. praised B. criticized C. recommended D. disfavored
23. Which of the following is NOT true according to the passage?
A. Narcissism may result in bad consequences.
B. College students are active to participate in volunteer work.
C. Some people doubt whether there are remedies to counter the narcissism upsurge.
D. Some college students are overly engaged in self-promotion.
24. It is implied that .
A. both the researchers and college students are worried about the trend of narcissism
B. the researchers and college students disagree on the findings of the study
C. the researchers and college students disagree on some of the findings of the study
D. college students are pessimistic about their future
25. It is proper to be when you hear someone say “I’m special”.
A. objective B. pessimistic C. optimistic D. worried
Questions 26 to 30 are based on the following passage:
The House is expected to pass a piece of legislation Thursday that seeks to significantly rebalance the playing field for unions and employers and could possibly reverse decades of declining membership among private industries. The Employee Free Choice Act would allow a union to be recognized after collecting a majority of vote cards, instead of waiting for the National Labor Relations Board to oversee a secret ballot election,
which can occur more than 50 days after the card vote is completed. Representatives of business on Capitol Hill oppose the bill. The National Association of Manufacturers, The National Federation of Independent Business, the U. S. Chamber of Commerce and other business groups oppose the shift away from secret ballots saying the change could threaten the privacy of the workers. “This isn’t about preventing increased unionization it’s about protecting rights, ’’ said the National Association of Manufacturer’s Jason Straczewski, of his organization’s opposition to bill. Straczewski says eliminating the secret-ballot step would open up employees to coercion (強(qiáng)迫,脅迫)from unions.
Samuel of the AFL-CIO contends the real coercion comes from employers. “ Workers talking to workers are equals while managers talking to workers aren’t,” Samuel said. He cites the 31, 358 cases of illegal employer discrimination acted on by the National Labor Relations Board in 2005. Samuel also points out that counter to claims from the business lobby, the secret ballot would not be eliminated. The change would only take the control of the timing of the election out of the hands of the employers. “ On the ground, the difference between having this legislation and not would be the
difference between night and day,” said Richard Shaw of the Harris County Central Labor Council, who says it would have a tremendous impact on the local level.
The bill has other provisions (條款,規(guī)定)as well. The Employee Free Choice Act would also impose binding arbitration (仲裁)when a company and a newly formed union cannot agree on a contract after 3 months. An agreement worked out under binding compulsory arbitration would be in effect for 2 years, a fact that Straczewski calls, “borderline unconstitutional. ” “I don’t see how it will benefit employees if they’re locked into a contract,” said Straczewski. The bill’s proponents point to the trend of recognized unions unable to get contracts from unwilling employers. The Federal Mediation and Conciliation Service, the organization that oversees arbitration, reported that in 2004, 45 percent of newly formed unions were denied first contracts by employers. The bill would also strengthen the penalties for companies that illegally coerce or intimidate employees. As it stands, the law on the books hasn’t changed substantially since the National Labor Relations Act was made into law in 1935. The NLBR can enforce no other penalty than reinstating wrongfully fired employees or recovering lost wages.
26. Which of the following statements best summarizes the main idea of the passage?
A. House bill aims to spur labor union growth.
B. House bill aims to counter labor union growth.
C. Employee Free Choice Act aims to spur employment.
D. Employee Free Choice Act aims to raise employee’s income.
27. According to its opponents, the bill .
A. will protect employees,rights
B. will benefit workers by binding contracts
C. will empower unions too much
D. makes it possible for employees to yield to coercion from unions
28. The word (Line 5,Para. 5) refers to .
A. the change B. the legislation C. the AFL-CIO D. the difference
29. People support the bill because of the following reasons EXCEPT .
A. the bill will probably enable unions to have fewer members of private industries
B. the bill will allow a union to be recognized earlier and have a great effect on the local level
C. binding arbitration will be imposed to protect employees if a contract can’t be agreed on between a recently established union and a company
D. the bill will strengthen the punishment for companies which illegally coerce or threaten employees
30. It is implied that .
A. fewer private industries joined unions in the past
B. workers’ coercion often comes from unions
C. the bill will be a win-and-win one for employees and employers
D. punishment authorized by the bill will be lighter
Questions 31 to 35 are based on the following passage:
Some African Americans have had a profound impact on American society, changing many people’s views on race, history and politics. The following is a sampling of African Americans who have shaped society and the world with their spirit and their ideals. Muhammad Ali Cassius Marcellus Clay grew up a devout Baptist in Louisville, Kentucky, learning to fight at age 12 after a police officer suggested he learn to defend himself. Six years later, he was an Olympic boxing champion, going on to win three world heavyweight titles. He became known as much for his swagger (趾高氣揚(yáng))outside the ring as his movement in it, converting to Islam in 1965, changing his name to Muhammad Ali and refusing to join the U. S. Army on religious grounds. Ali remained popular after his athletic career ended and he developed Parkinson’s disease, even lighting the Olympic torch at the 1996 Atlanta Olympics and conveying the peaceful virtues of Islam following the September 11 terrorist attacks.
W. E. B. Du Bois Bom William Edward Burghardt Du Bois in 1868,this Massachusetts native was one of the most prominent, prolific intellectuals of his time. An academic, activist and historian, Du Bois co-founded the National Association for the Advancement of Colored People (NAACP), edited “The Crisis” magazine and wrote 17 books, four journals and many other scholarly articles. In perhaps his most famous work, “The Souls of Black Folk,” published in 1903, he predicted “the problem of 20th century would be the problem of the color-line. ’’ Martin Luther King Jr. The Rev. Martin Luther King Jr. is considered one of the most powerful and popular leaders of the American civil rights movement. He spearheaded (帶頭,做先鋒)a
massive,nonviolent initiative of marches, sit-ins,boycotts and demonstrations that profoundly affected Americans’ attitudes toward race relations. He was awarded the Nobel Peace Prize in 1964.
Malcolm X Black leader Malcolm X spoke out about the concepts of race pride and black nationalism in the early 1960s. He denounced the exploitation of black people by whites and developed a large and dedicated following, which continued even after his death in 1965. Interest in the leader surged again after Spike Lee’s 1992 movie “Malcolm X” was released. Jackie Robinson In 1947, Jackie Robinson broke the color barrier by joining the Brooklyn Dodgers, becoming the first black baseball player in the U. S. major leagues. After retirement from baseball in 1957, he remained active in civil rights and youth activities. In 1962, he became the first African-American to be inducted into the Baseball Hall of Fame.
31. Which of the following is NOT true about Muhammad Ali?
A. He never served in the army.
B. He learned to fight at an early age.
C. His popularity decreased after his retirement from boxing.
D. He loves peace.
32. The italicized word “prolific” (Line 2,Para. 3) is synonymous to .
A. smart B. skilled C. productive D. pioneering
33. According to the passage, which of the following statement is NOT true?
A. W. E. B. Du Bois was engaged in the cause of promoting the status of colored people.
B. Jackie Robinson was denied by U. S. major baseball leagues throughout his life.
C. Martin Luther King Jr. was highly awarded for his contributions to the civil rights movements.
D. Malcolm X directly or indirectly inspired interest in leadership even after his death.
34. What is common among the celebrities mentioned in the passage?
A. Each achieved enormous success in his / her field and was highly recognized.
B. Each was devoted to his / her cause but didn’t win recognition until death.
C. All were active and famous in several fields in their lifetime.
D. All loved peace and remained active in civil rights activities.
35. Which of the following can be a title of the passage?
A. Life of Famous African Americans B. Influence of Famous African Americans
C. Political Pioneers: Icons and Intellectuals D. Cultural Pioneers: Icons and Intellectuals
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