Section ⅠUse of English
Directions：
Read the following text. Choose the best word（s） for each numbered blank and mark A， B， C or D on ANSWER SHEET 1. （10 points）
In October 2002， Goldman Sachs and Deutsche Bank 1 a new electronic market （www.gs.com/econderivs/） for economic indices that2substantial economic risks， such as nonfarm payroll （a measure of job availability） and retail sales. This new market was made possible by a3rating technology， developed by Longitude， a New York company providing software for financial markets，4the Parimutuel Digital Call Auction. This is “digital”5of a digital option： i.e.， it pays out only if an underlying index lies in a narrow， discrete range. In effect， Longitude has created a horse race， where each “horse” wins if and6the specified index falls in a specified range. By creating horses for every possible7of the index， and allowing people to bet8any number of runners， the company has produced a liquid integrated electronic market for a wide array of options on economic indices.
Ten years ago it was9impossible to make use of electronic information about home values. Now， mortgage lenders have online automated valuation models that allow them to estimate values and to10the risk in their portfolios. This has led to a proliferation of types of home loan， some of 11 have improved risk-management characteristics.
We are also beginning to see new kinds of12for homes， which will make it possible to protect the value of13， for most people， is the single most important14of their wealth. The Yale University-Neighbourhood Reinvestment Corporation programme， 15 last year in the city of Syracuse， in New York state， may be a model for home-equity insurance policies that16sophisticated economic indices of house prices to define the17of the policy. Electronic futures markets that are based on econometric indices of house prices by city， already begun by City Index and IG Index in Britain and now18developed in the United States， will enable home-equity insurers to hedge the risks that they acquire by writing these policies.
These examples are not impressive successes yet. But they19as early precursors of a technology that should one day help us to deal with the massive risks of inequality that20will beset us in coming years.
1. [A] created [B] generated [C] initiated [D] originated
2. [A] reproduce [B] restore [C] represent [D] resume
3. [A] sophisticated [B] expensive [C] available [D] established
4. [A] made [B] called [C] asked [D] read
5. [A] in the course [B] in the event [C] in the light [D] in the sense
6. [A] when [B] until [C] now that [D] only if
7. [A] extent [B] range [C] line [D] area
8. [A] for [B] in [C] on [D] up
9. [A] virtually [B] admittedly [C] absolutely [D] originally
10. [A] assume [B] assess [C] dismiss [1] [2] [3] [4] [5] [6] [7] 下一页 |
