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Section Ⅱ Reading Comprehension Part A Directions: Read the following four texts. Answer the questions below each text by choosing A, B, C or D. Mark your answers on ANSWER SHEET 1. Text 1 People in business can use foresight to identify new products and services, as well as markets for those products and services. An increase in minority populations in a neighborhood would prompt a grocer with foresight to stock more foods linked to ethnic tastes. An art museum director with foresight might follow trends in computer graphics to make exhibits more appealing to younger visitors. Foresight may reveal potential threats that we can prepare to deal with before they become crises. For instance, a corporate manager with foresight might see an alarming rise in local housing prices that could affect the availability of skilled workers in the region. The public’s changing values and priorities, as well as emerging technologies, demographic shifts, economic constraints (or opportunities), and environmental and resource concerns are all parts of the increasingly complex world system in which leaders must lead. People in government also need foresight to keep systems running smoothly, to plan budgets, and to prevent wars. Government leaders today must deal with a host of new problems emerging from rapid advances in technology. Even at the community level, foresight is critical: school officials, for example, need foresight to assess numbers of students to accommodate, numbers of teachers to hire, new educational technologies to deploy, and new skills for students (and their teachers) to develop. Many of the best-known techniques for foresight were developed by government planners, especially in the military, when the post-World War Ⅱ atomic age made it critical to "think about the unthinkable" and prepare for it. Pioneering futurists at the: RAND Corporation (the first "think tank") began seriously considering what new technologies might emerge in the future and how these might affect US security. These pioneering futurists at RAND, along with others elsewhere, refined a variety of new ways for thinking about the future. The futurists recognized that the future world is continuous with the present world, so we can learn a great deal about what may happen in the future by looking systematically at what is happening now. The key thing to watch is not events (sudden developments or one-day occurrences) but trends (long-term ongoing shifts in such things as population, land use, technology, and governmental systems). Using these techniques and many others, futurists now can tell us many things that may happen in the future. Some are nearly certain to happen, such as the continuing expansion in the world’s population. Other events are viewed as far less likely, but could be extremely important if they do occur, such as an asteroid colliding with the planet. All the following are cited as examples of the importance of exercising foresight EXCEPT()

A. government administrators.
B. school officials.
C. school students and teachers.
D. government planners.

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证券组合管理中第二步证券投资分析是指( )。

A. 发现价格波动幅度大于市场组合的证券
B. 对个别证券或证券组合的具体特征进行考察分析
C. 预测和比较各种不同类型证券的价格走势和波动情况
D. 综合衡量投资收益和所承担的风险情况

已知证券组合P是由证券A和B构成,证券A和B的期望收益、标准差以及相关系数如表1所示。 表1

A. 证券名称
B. 期望收益率
C. 标准差
D. 相关系数
E. 投资比重
F. A
G. 10%
H. 6%
I. 0.12
J. 0.30
K. B
L. 5%
M. 2%
N. 0.70

在计算VaR时,选择个适当的持有期需要考虑的因素不包括( )。

A. 企业调整财务报表的需要
B. 交易发生的频率
C. 头寸的波动性
D. 监管者的要求

采用Black-Scholes模型对认股权证进行定价,其公式是C=S·N(d1)-X·e-rt·N(d2),公式中的符号S代表( )。

A. 行权价格
B. 标的股票的市场价格
C. 标的股票价格的波动率
D. 权证的价格

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