1、大学英语四级综合-55 及答案解析(总分：180.00，做题时间：90 分钟)一、Unit 4(总题数：4，分数：180.00)Passage OneThe California Public Employees Retirement System(CalPERS) has positioned itself as the premier champion of investor rights, regularly singling out bad managers at some of the nations largest companies in its annual corporate
2、-guvemance focus lists. And with $153 billion under management, Wall Street tends to listen when CalPERS speaks out. But the countrys largest pension fund has never taken on as big a fish as it did Dec. 16, when it filed a class action against the New York Stock Exchange and seven of its member firm
3、s. CalPERS suit charges the NYSE and specialist firms with fraud, alleging that the exchange skirted its regulatory duties and allowed its members to trade stocks at the expense of investors.The move is a major slap in the face for the NYSEs recently appointed interim Chairman John Reed. The former
4、Citibank chairman and CEO came on board in September after the exchanges longtime head, Richard Grasso, resigned under pressure over public outrage about his excessive compensation.Reed has been widely criticized by CalPERS and other institutional investors for not including representatives of inves
5、tors on the exchanges newly constituted board and not clearly separating the exchanges regulatory function from its day-to-day operations. The CalPERS lawsuit is evidence that the investment communities dissatisfaction hasnt ebbed(衰退). “Our hopes were dashed when Mr. Reed didnt perform,“ says Harrig
6、an.The suit alleges that seven specialist firms profited by abusing and overusing a series of trading tactics. The tactics, which are not currently illegal, include “penny jumping“, where a firm positions itself between two orders to capture a piece of the price differential, “front running“, which
7、involves trading in advance of customers based on confidential information obtained by their orders, and “freezing“ the finns order book so that the firm can make trades on its own account first.The suit highlights the growing frustration that institutional investors have expressed with what they pe
8、rceive as a system that needs to be revamped(修补)-if not eliminated. According to California State Comptroller Steve Westley, a CalPERS board member who participated in the Dec. 16 press conference, has repeatedly called on the NYSE to end its use of specialist firms to facilitate trades and move to
9、a system of openly matching of buyers and sellers. BLIND EYE? “Theres no reason not to move to a fully automated exchange,“ Westley says. “Every exchange in the world is using such a system. The time is now for the NYSE to move into the 21st century and remove the cloud that theres self-dealing work
10、ing against investors./（分数：45.00）(1).What does the word “a fish“ (Line 5, Par（分数：9.00）A.1) probably refer to?A. CalPERS.B. Pension fund.C. Wall Street.D. NYS(2).The CalPERS lawsuit indicates that_（分数：9.00）A.the NYSE did ignore its regulatory dutiesB.John Reed should resign like his predecessorC.the
11、investors were dissatisfied with the NYSED.the exchange should have its board reelected(3).Which of the following statements is NOT true?（分数：9.00）A.Investors were not sufficiently represented on NYSEs board.B.The seven specialist firms made profits by illegal procedures.C.CalPERS suit against the NY
12、SE resulted largely from a SECs report.D.NYSE had ignored the firms improper operations for a long tim(4).According to Westley, NYSEs problem results from _（分数：9.00）A.its reliance on specialist firmsB.its system of matching tradersC.its automated exchangeD.its violation of investors interests(5).The
13、 best title for the text may be _（分数：9.00）A.Champion of Investor RightsB.Seven Specialist FirmsC.CalPERS Speaks Out to Wall StreetD.Lawsuits Against NYSEPassage TwoThe strategic role of advertising in marketing programs varies by time, place, and company. Advertising is but one element of the promot
14、ional blend of advertising, personal selling, and sales promotions, and promotion is but one element of the marketing program. The potential cost and accomplishment of advertising must be weighed against the cost and benefits to be gained by focusing on other elements of the promotional or marketing
15、 program. Advertising can be most effective in a nation with well-developed advertising facilities and a market that responds to such stimulation.Like any other strategic weapon, advertising should be used only when it can contribute economically and effectively to the attainment of corporate goals.
16、 Advertising is both potentially and actually a force enhancing economic development. Newspapers. magazines, television, and radio have all developed and flourished in large part because of the great sums of money supplied to these media through advertising expenditures. The growing economic health
17、of the media and the freedom from central control which advertising funds make possible, greatly enhance communications throughout the world; and effective communication is a basic requirement of economic development.Most analyses of the economic aspects of advertising concentrate on the contributio
18、ns of advertising in helping to develop mass markets, which in turn foster mass production and facilitate mass distribution. Advertisings function is not to rob sales from competitors, but to teach new need satisfying consumption patterns in developing countries. As one authority notes, “The role of
19、 the mass media in developing countries is often to spur primary demand instead of building brand preference as in industrialized countries.“Advertising has demonstrated its effectiveness as a teacher of new ways of living. It shows people how to use products and gives them confidence to try better
20、foods, new ways of keeping clean, use of tools, and a whole host of improved ways of living. Advertising also explains the use of money to purchase alternatives to save for the future and for future purchases. In effect, advertising helps to change expectations for the material future as well as aid
21、 economic and social change. Once mass markets have been developed, mass production inevitable follows, bringing the consequent economies of large scale operation. Then advertising enters the picture again to facilitate mass distribution by helping to establish brand names, product preference, and p
22、roduct information and by performing other consumer assistance functions.（分数：45.00）(1).According to the first paragraph, which of the following statements is NOT true?（分数：9.00）A.Advertising is most effective in developed countries.B.Advertising is one of the elements of the promotional advertisings
23、mixed with personnel selling and sales promotions.C.Advertising is regarded as one of the strategic weapons.D.Advertising has nothing to do with the other elements of promotional or marketing programs.(2).The phrase “economic health“ (Line 6, Par（分数：9.00）A.2) refers to _.A. good condition of economy
24、B. economically less flourished conditionC. economic freedomD. economic system(3).The word “spur“ in (Line 6, Par（分数：9.00）A.3 ) could be replaced by which of the following without changing its meaning?A. Increase.B. Stimulate.C. Change.D. Influenc(4).According to the author, the main function of adv
25、ertising is _（分数：9.00）A.to promote salesB.to build brand preferenceC.to buy alternativesD.to improve ways of living(5).This passage most probably comes from a book on_（分数：9.00）A.international commercial lawB.international financeC.international marketing managementD.international disputesPassage Thr
26、eeFor all his vaunted(夸耀) talents, Federal Reserve Chairman Alan Greenspan has never had much of a reputation as an economic forecaster. In fact, he shies away from making the precise-to-the-decimal-point predictions that many other economists thrive on. Instead, he owes his success as a monetary po
27、licymaker to his ability to sniff out threats to the economy and manipulate interest rates to dampen the dangers he perceives.Now, those instincts are being put to the test. Many Fed watchers-and some policymakers inside the central bank itself-are beginning to wonder whether Greenspan has lost his
28、touch. ODespite rising risks to the economy from a swooning stock market and soaring oil prices that could hamper growth, the Greenspan-led Federal Open Market Committee (FOMC) opted to leave interest rates unchanged on Sept. 24. But in a rare dissent, two of the Feds 12 policymakers broke ranks and
29、 voted for a cut in rates-Dallas Fed President Robert D. McTeer Jr. and central bank Governor Edward M.Gramlich.The move by McTeer, the Feds self-styled “Lonesome Dove“, was no surprise. But Gramlichs was. This was the first time that the monetary moderate had voted against the chairman since joinin
30、g the Feds board in 1997. And it was the first public dissent by a governor since 1995.Despite the split vote, its too soon to count the maestro (艺术大师) of monetary policy out. Greenspan had good reasons for not cutting interest rates now. And by acknowledging in the statement issued after the meetin
31、g that the economy does indeed face risks, Greenspan left the door wide open to a rate reduction in the future. Indeed, former Fed Governor Lyle Gramley thinks chances are good that the central bank might even cut rates before its next scheduled meeting on Nov.6, the day after congressional election
32、s.So why didnt the traditionally risk-averse Greenspan cut rates now as insurance against the dangers dogging(尾随) growth? For one thing, he still thinks the economy is in recover), mode. Consumer demand remains buoyant and has even been turbocharged(涡轮增压) recently by a new wave of mortgage refinanci
33、ng. Economists reckon that homeowners will extract some $100 billion in cash from their houses in the second half of this year. And despite all the corporate gloom, business spending has shown signs of picking up, though not anywhere near as strongly as the Fed would like.Does that mean that further
34、 rate cuts are off the table? Hardly. Watch for Greenspan to try to time any rate reductions to when theyll have the most psychological pop on business and investor confidence. Thats surely no easy feat, but its one that Greenspan has shown himself capable of more than once in the past. Dont be surp
35、rised if he surprises everyone again.（分数：45.00）(1).Alan Greenspan owes his reputation much to _（分数：9.00）A.his successful predictions of economyB.his timely handling of interest ratesC.his unusual economic policiesD.his unique sense of dangers(2).It can be inferred from the passage that _（分数：9.00）A.i
36、nstincts most often misguide the monetary policiesB.Greenspan has lost his control of the central bankC.consensus is often the case among Feds policymakersD.Greenspan wouldnt tolerate such a dissent(3).Gramleys remarks are mentioned to indicate that_（分数：9.00）A.Greenspan didnt rule out the possibilit
37、y of a future rate reductionB.Greenspans monetary policy may turn out to be a failureC.Greenspans refusal to cut rates now was justifiedD.Greenspan will definitely cut the rates before Nov. 6(4).From the fifth paragraph, we can learn that _（分数：9.00）A.economy is now well on its way to recoveryB.econo
38、mists are uncertain about consumer demandC.corporate performance is generally not encouragingD.businesses have been investing the way the Fed hoped(5).The author seems to regard Greenspans manipulation of interest rates with _（分数：9.00）A.disapprovalB.doubtC.approvalD.admirationPassage FourThe biggest
39、 danger facing the global airline industry is not the effects of terrorism, war, SARS and economic downturn. It is that these blows, which have helped ground three national flag carriers and force two American airlines into Chapter 11 bankruptcy, will divert attention from the inherent weaknesses of
40、 aviation, which they have exaeerbated(恶化). As in the crisis that attended the first Gulf War, many airlines hope that traffic will soon bounce back, and a few catastrophic years will be followed by fuller planes, happier passengers and a return to profitability. Yet the industrys problems are deepe
41、r and older than the trauma of the past two years implies.As the centenary of the first powered flight approaches in December, the industry it launched is still remarkably primitive. The car industry, created not long after the Wright Brothers made history, is now a global industry dominated by a do
42、zen firms, at least half of which make good profits. Yet commercial aviation consists of 267 international carriers and another 500 plus domestic ones. The worlds biggest carrier, American Airlines, has barely 7% of the global market, whereas the worlds biggest carmaker, General Motors, has (with it
43、s associated films) about a quarter of the worlds automobile market.Aviation has been incompletely deregulated(解除管制), and in only two markets: America and Europe. Everywhere else deals between governments dictate who flies under what rules. These aim to preserve state owned national flag carriers, r
44、un for prestige rather than profit. And numerous restrictions on foreign ownership impede cross border airline mergers.In America, the big network carriers face barriers to exit, which have kept their route networks too large. Trade unions resisting job cuts and Congressmen opposing route closures i
45、n their territory conspire to block change. In Europe, liberalization is limited by bilateral deals that prevent, for instance, British Airways(BA) flying to America from Frankfurt or Paris, or Lufthansa offering transatlantic flights from Londons Heathrow. To use the car industry analogy, it is as
46、if only Renaults were allowed to drive on French motorways.In airlines, the optimists are those who think that things are now so bad that the industry has no option but to evolve. Frederick Reid, president of Delta Air Lines, said earlier this year that events since the September 1 lth attacks are t
47、he equivalent of a meteor strike, changing the climate, creating a sort of nuclear winter and leading to a “compressed evolutionary cycle“. So how, looking on the bright side might the industry look after five years of accelerated development?（分数：45.00）(1).According to the author, the deeper problem
48、s of aviation industry_（分数：9.00）A.are the effects of various disastersB.are actually not fully recognizedC.are attracting a lot of attentionD.are not the real cause of airlines bankruptcy(2).One of the facts that reflect the primitiveness of airline industry is that_（分数：9.00）A.its history is much lo
49、nger than that of car industryB.it is composed of international and domestic carriersC.its market is divided by many a relatively small carrierD.it is still an industry of comparatively low profits(3).What does the author mean by “Aviation has been incompletely deregulated“ (Line 1, Par（分数：9.00）A.3)?A. Governmental restrictions are still imposed on aviation industry in many areas.B. Governments help establish rules for aviation industry only in America and Europe.C. Some countrie
