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之前大家对揽瓜阁精读的反馈很好，就想着自己的时间开始把一些精读的文章根据JJ出题目～ 然后focus上线，IR需求 大家也大。就想着 把揽瓜阁的阅读 逻辑 IR 都放在这贴里打卡
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1.CR
In an experiment, chess experts and novices were asked to perform two tasks: one involving geometric diagram matching and the other involving chess diagram matching. It was observed that while chess experts were no faster than novices in geometric diagram matching, they were significantly quicker at chess diagram matching. Scientists concluded that the ability to quickly understand chess diagrams is not an innate reasoning ability but a result of extensive practice.
What assumption underlies the scientists' conclusion?
A. Chess experts have not practiced geometric diagram matching more than novices.
B. Many people possess the innate ability for diagram matching but still perform slowly.
C. The speed of understanding chess diagrams does not correlate with innate logical thinking ability.
D. Chess diagram matching is not a valid measure of general diagram matching skills.
E. Novices had no prior exposure to chess diagrams before the experiment.
Researchers found that dogs wag their tails to the right when they see their owners, and to the left when they see strangers. This led to the conclusion that dogs wag their tails to the right when encountering happy and pleasing situations.
Which of the following, if true, most strongly supports this conclusion?
A. Dogs are known to exhibit tail-wagging behavior when they are extremely excited.
B. Other studies have shown similar tail-wagging patterns in response to positive stimuli.
C. Dogs wag their tails to the left when encountering other animals like cats and different dog breeds.
D. The direction of tail-wagging is unrelated to the dog's breed or size.
E. Dogs often wag their tails continuously during the experiment, regardless of the stimulus.
答案:
ab
2.The French perfume industry, steeped in history and synonymous with luxury, has long been a beacon for investors seeking to partake in the global prestige fragrance market. Boasting iconic brands such as Chanel, Dior, Guerlain, and Yves Saint Laurent, the industry has maintained a commanding presence on the world stage, captivating consumers with its olfactory masterpieces and opulent brand narratives. However, beneath the veneer of glamour and success lies a complex web of cognitive biases that can significantly influence investment decisions, leading to suboptimal outcomes for even the most seasoned investors.
Recent studies conducted by eminent behavioral economists have shed light on the pervasive nature of these biases within the French perfume industry. The home bias, a manifestation of the broader familiarity bias, has emerged as a dominant force in shaping investment patterns. This bias refers to the propensity of investors to allocate a disproportionately large share of their portfolio to domestic investments, even when a more globally diversified approach may yield superior risk-adjusted returns. In the context of the French perfume industry, this translates to a marked preference for investing in established French perfume houses, often at the expense of potentially lucrative opportunities in emerging markets or innovative niche brands from other countries.
The allure of the familiar is further compounded by the status quo bias, which exerts a powerful influence on investors' decision-making processes. This bias engenders a reluctance to deviate from current investment strategies, even in the face of changing market conditions or shifting company fundamentals. Investors falling prey to the status quo bias may find themselves clinging to underperforming perfume stocks or failing to adapt to evolving consumer preferences and industry trends. The consequences of such inertia can be particularly severe in an industry as dynamic and fast-paced as the French perfume market, where the ability to anticipate and respond to change is paramount.
The availability bias, another formidable cognitive pitfall, can lead investors to assign undue importance to recent and salient information. In an era of 24/7 media coverage and social media saturation, the French perfume industry is not immune to the effects of this bias. When a particular perfume brand garners extensive media attention or secures high-profile celebrity endorsements, investors may be tempted to overestimate its growth potential and allocate a disproportionate amount of capital to its stock. This myopic focus on the most visible and talked-about brands can cause investors to overlook other promising opportunities, leading to suboptimal portfolio construction and potential losses.
Overconfidence bias, a scourge of the investment world, can be particularly insidious in the French perfume industry. Investors who fall victim to this bias tend to overestimate their own investment acumen and ability to identify winning stocks. They may harbor an irrational belief that their knowledge of the perfume market is superior to that of other market participants, leading them to make overly bold or risky investment decisions. In an industry as complex and multifaceted as the French perfume market, where success is determined by a delicate interplay of factors ranging from raw material sourcing to marketing strategies and distribution networks, overconfidence can be a recipe for disaster.
The interplay of these cognitive biases was starkly illustrated in a recent case study involving a government-sponsored investment scheme aimed at stimulating growth in the French perfume industry. Launched in 2018, the scheme allowed individual investors to allocate a portion of their tax-deductible savings into a range of French perfume companies. The government provided a default investment option, comprising a diversified portfolio of established and emerging perfume brands from France and other countries, for investors who preferred not to make active investment decisions.
However, the government's well-intentioned efforts to encourage investor participation took an unexpected turn. A high-profile advertising campaign, designed to empower investors to "take control" of their investments, inadvertently played into the hands of cognitive biases. Bombarded with data showcasing the strong recent performance of iconic French perfume brands, a significant proportion of investors succumbed to the siren call of familiarity and availability biases, choosing to concentrate their investments in these well-known names.
The consequences of this herding behavior became apparent over the following two years, as the French perfume industry navigated a period of significant disruption. Shifting consumer preferences, with younger demographics gravitating towards niche, artisanal brands and eco-friendly, sustainable fragrances, posed a formidable challenge to the established French perfume houses. Many of these venerable institutions struggled to adapt to the rapidly evolving market landscape, and their stock prices suffered accordingly. In contrast, the default investment option, with its diversified portfolio spanning both traditional and emerging brands, demonstrated greater resilience in the face of market turbulence.
Data from the Autorité des Marchés Financiers (AMF), the French stock market regulator, painted a stark picture of the divergent fortunes of active and passive investors. Over the two-year period following the launch of the investment scheme, investors who actively selected their own perfume stock portfolios experienced an average annual return of -2.5%, while those who opted for the default investment option enjoyed an average annual return of +3.2%. This disparity underscores the potential pitfalls of allowing cognitive biases to guide investment decisions, particularly in an industry as dynamic and unpredictable as the French perfume market.
The case study also highlights the importance of investor education and the role of policymakers in shaping investment outcomes. While the French government's intentions were laudable, the unintended consequences of its advertising campaign serve as a cautionary tale. By inadvertently appealing to investors' cognitive biases, the campaign may have undermined the very objectives it sought to achieve. This underscores the need for policymakers to carefully consider the behavioral implications of their initiatives and to prioritize investor education as a means of mitigating the impact of cognitive biases.
In conclusion, the French perfume industry, for all its glamour and allure, is not immune to the pervasive influence of cognitive biases on investment decisions. From the home bias that leads investors to overweight domestic brands, to the status quo bias that engenders resistance to change, and the availability and overconfidence biases that can distort perceptions of value and risk, these psychological pitfalls can have a profound impact on investment outcomes. As the industry continues to evolve and new challenges emerge, investors must remain vigilant and strive to overcome these biases through a combination of self-awareness, disciplined analysis, and a commitment to ongoing education. Only by recognizing and mitigating the impact of cognitive biases can investors hope to navigate the complex and ever-changing landscape of the French perfume industry and achieve long-term success.
Questions:
1. Which of the following statements best encapsulates the central thesis of the passage?
A. The French perfume industry is an attractive investment opportunity for those seeking to capitalize on the global prestige fragrance market.
B. Cognitive biases, such as the home bias, status quo bias, availability bias, and overconfidence bias, can significantly influence investment decisions in the French perfume industry, leading to suboptimal outcomes for investors.
C. The French government's investment scheme for the perfume industry was a well-intentioned but ultimately misguided initiative that failed to achieve its objectives.
D. Diversification is the most effective strategy for mitigating risk and maximizing returns when investing in the French perfume industry.
E. The success of the French perfume industry is primarily attributable to the iconic status of its established brands and the enduring appeal of its olfactory masterpieces.
2. According to the passage, which of the following is an example of the status quo bias in the context of the French perfume industry?
A. Investors allocating a disproportionately large share of their portfolio to domestic French perfume brands.
B. Investors assigning undue importance to recent and salient information about a particular perfume brand.
C. Investors maintaining their current investment strategies despite changing market conditions or shifting company fundamentals.
D. Investors overestimating their own investment acumen and ability to identify winning perfume stocks.
E. Investors gravitating towards niche, artisanal perfume brands and eco-friendly, sustainable fragrances.
3. The passage suggests that the French government's advertising campaign for its perfume industry investment scheme may have had which of the following unintended consequences?
A. It led to a significant increase in the number of investors opting for the default investment option.
B. It caused investors to overestimate the growth potential of iconic French perfume brands and allocate a disproportionate amount of capital to their stocks.
C. It encouraged investors to adopt a more globally diversified approach to investing in the perfume industry.
D. It resulted in a substantial outflow of capital from the French perfume industry to emerging markets and niche brands in other countries.
E. It prompted established French perfume houses to adapt more quickly to changing consumer preferences and industry trends.
4. According to the case study, which of the following statements is true regarding the performance of active and passive investors in the French perfume industry investment scheme?
A. Active investors who selected their own perfume stock portfolios outperformed passive investors who opted for the default investment option.
B. Passive investors who chose the default investment option experienced higher average annual returns than active investors who selected their own portfolios.
C. Both active and passive investors achieved similar average annual returns over the two-year period following the launch of the investment scheme.
D. The case study does not provide sufficient data to compare the performance of active and passive investors in the French perfume industry investment scheme.
E. Active investors who concentrated their investments in iconic French perfume brands achieved the highest average annual returns.
5. The author's mention of the "delicate interplay of factors ranging from raw material sourcing to marketing strategies and distribution networks" in the context of the French perfume industry serves to:
A. Highlight the importance of diversification in mitigating risk when investing in the perfume industry.
B. Emphasize the complexity of the perfume industry and the potential dangers of overconfidence bias among investors.
C. Suggest that the success of French perfume brands is primarily attributable to their superior raw materials and distribution networks.
D. Argue that marketing strategies are the most critical factor in determining the success of a perfume brand.
E. Imply that investors should focus their analysis on the supply chain and distribution networks of perfume companies.
6. Which of the following can be inferred from the passage regarding the role of policymakers in shaping investment outcomes in the French perfume industry?
A. Policymakers should refrain from intervening in the perfume industry and allow market forces to determine investment outcomes.
B. Policymakers have a responsibility to actively encourage investors to allocate their capital to domestic French perfume brands.
C. Policymakers should prioritize investor education and consider the behavioral implications of their initiatives to mitigate the impact of cognitive biases.
D. Policymakers should focus their efforts on promoting established French perfume houses rather than encouraging investment in emerging brands.
E. Policymakers have limited influence over investment outcomes in the French perfume industry, as these are primarily determined by global market trends.
7. The author's assertion that "the allure of the familiar is further compounded by the status quo bias" suggests that:
A. Investors are more likely to invest in well-known French perfume brands due to a combination of familiarity and a reluctance to change their investment strategies.
B. The status quo bias is the most influential cognitive bias affecting investment decisions in the French perfume industry.
C. The familiarity bias and the status quo bias are mutually exclusive and have opposite effects on investor behavior.
D. The French perfume industry's success is primarily due to the familiarity of its established brands and the status quo bias among investors.
E. Overcoming the status quo bias is essential for investors seeking to capitalize on emerging opportunities in the French perfume industry.
8. According to the passage, which of the following is a potential consequence of the availability bias in the French perfume industry?
A. Investors may underestimate the growth potential of iconic French perfume brands and allocate insufficient capital to their stocks.
B. Investors may overlook promising investment opportunities in emerging markets and niche perfume brands from other countries.
C. Investors may be more likely to invest in perfume brands that have recently undergone significant changes in their management or ownership structure.
D. Investors may be more likely to invest in perfume brands that have a long history of stable financial performance and consistent dividends.
E. Investors may be more likely to invest in perfume brands that have recently experienced a significant decline in their stock prices.
9. The author's discussion of the French government's investment scheme and its unintended consequences serves to:
A. Criticize the government for interfering in the free market and distorting investment outcomes.
B. Praise the government for its efforts to stimulate growth in the domestic perfume industry.
C. Highlight the need for policymakers to consider the behavioral implications of their initiatives and prioritize investor education.
D. Suggest that government intervention is necessary to mitigate the impact of cognitive biases on investment decisions.
E. Argue that the French perfume industry would be better served by a laissez-faire approach to investment regulation.
10. Which of the following strategies does the author suggest for investors seeking to overcome cognitive biases and achieve long-term success in the French perfume industry?
A. Focusing exclusively on established French perfume brands with a proven track record of success.
B. Adopting a purely passive investment approach and eschewing active stock selection.
C. Relying on government guidance and policy initiatives to inform investment decisions.
D. D. Employing a combination of self-awareness, disciplined analysis, and a commitment to ongoing education.
E. Prioritizing short-term gains over long-term value creation when selecting perfume stocks.
1. 正确答案:B
本文的中心论点是,认知偏差(如本土偏差、现状偏差、可得性偏差和过度自信偏差)可以显著影响投资者在法国香水行业的决策,导致次优结果。文章详细讨论了每种偏差如何影响投资者行为,并通过案例研究说明了这些偏差的潜在后果。
2. 正确答案:C
根据文章,现状偏差在法国香水行业的一个例子是,投资者维持当前的投资策略,尽管市场条件或公司基本面发生了变化。这种偏差可能导致投资者持有表现不佳的香水股票,或者未能适应不断变化的消费者偏好和行业趋势。
3. 正确答案:B
文章表明,法国政府针对香水行业投资计划的广告宣传活动可能产生了意想不到的后果:它导致投资者高估了标志性法国香水品牌的增长潜力,并将大量资本配置到这些品牌的股票上。
4. 正确答案:B
根据案例研究,在投资计划启动后的两年里,选择默认投资选项的被动投资者的平均年回报率高于主动选择自己的投资组合的投资者。
5. 正确答案:B
作者提到法国香水行业中"从原材料采购到营销策略和分销网络等因素的微妙相互作用",以强调香水行业的复杂性,以及投资者过度自信偏差的潜在危险。
6. 正确答案:C
从文章可以推断,在塑造法国香水行业的投资结果方面,政策制定者应优先考虑投资者教育,并考虑其举措的行为影响,以减轻认知偏差的影响。
7. 正确答案:A
作者断言"熟悉的吸引力进一步被现状偏差所加剧"表明,由于熟悉和不愿改变投资策略的综合作用,投资者更有可能投资知名的法国香水品牌。
8. 正确答案:B
根据文章,可得性偏差在法国香水行业的一个潜在后果是,投资者可能忽视新兴市场和其他国家小众香水品牌的有前景的投资机会。
9. 正确答案:C
作者讨论法国政府的投资计划及其意想不到的后果,突出了政策制定者需要考虑其举措的行为影响,并优先考虑投资者教育。
10. 正确答案
作者建议,寻求克服认知偏差并在法国香水行业取得长期成功的投资者应采取以下策略:结合自我意识、严谨分析和持续学习的承诺。
3.
In 1936, Hans Selye, a young physician embarking on his research career at McGill University in Montreal, encountered a perplexing problem. While injecting rats daily with a chemical extract to study its effects, he observed consistent changes in the animals: peptic ulcers, atrophy of immune-system tissues, and enlargement of the adrenal glands. Surprisingly, the control group rats, injected with saline solution alone, exhibited identical changes.
Instead of being discouraged by this paradox, Selye focused on the commonality between the two groups: the repeated injections. He hypothesized that the trio of changes he identified might be a generalized physiological response to unpleasantness itself. Testing this idea, he found the same three effects in rats subjected to various stressors, such as extreme temperatures, pathogens, toxins, or loud noises. Borrowing a term from engineering, Selye described the body's nonspecific response to an insult as "stress," thus establishing the field of stress physiology.
Since Selye's initial characterization of the stress response, which is now known to involve the secretion and inhibition of various hormones, important details have been added. Numerous studies have demonstrated that chronic activation of the stress response can impair health. Moreover, individual differences in susceptibility to stress-related disorders have been observed, raising questions about whether these differences are due to varying levels of stress exposure or inherent variations in physiological responses to stress.
To investigate these questions, I am studying stress in free-ranging baboons. My ongoing research program has contributed to the growing evidence suggesting that psychological and social characteristics, such as emotional makeup, personality, and social position, can profoundly influence an individual's physiological response to stress.
Although chronic activation of the stress response can be detrimental, the ability to invoke it is essential for survival. The stress response enables an organism to withstand immediate threats to its homeostatic balance, or physiological equilibrium. It can be triggered by an actual insult (a physical stressor) or by the mere expectation of an impending insult (a psychological stressor).
The stress response prepares the body for "fight or flight" by mobilizing glucose, diverting blood flow to crucial organs, sharpening cognition, blunting pain perception, and deferring non-essential physiological activities. However, chronic activation of the stress response can lead to tissue atrophy, fatigue, hypertension, impaired growth and tissue repair, reduced fertility, diminished immune function, and increased susceptibility to peptic ulcers.
As new links between stress and disease emerge, it is remarkable that most people can function in the modern world without being incapacitated by stress. Researchers have investigated this question from various perspectives. Some study the effects of stress on human beings directly, finding that individuals with Type A personalities are at increased risk for hypertension and heart disease. However, tracing the physiological events that translate personality traits into diseases over years is challenging in humans due to their complex emotional lives and the inability to conduct controlled, long-term studies in laboratories.
Other investigators study subjects such as laboratory rats. In the 1960s, Jay M. Weiss demonstrated that a sense of control or predictability can strongly influence an animal's physiology. Rats that receive a warning before being exposed to an electric shock exhibit a lesser stress response and less pathology compared to those that receive the same sequence of shocks without warning. However, the psychology of human beings is more complex than that of rats, limiting the subtlety of the psychological variables that can be studied in such animals.
1. What is the main idea of the passage?
A. Hans Selye's discovery of the stress response revolutionized the field of physiology.
B. Chronic activation of the stress response can have detrimental effects on health.
C. Psychological and social factors can significantly influence an individual's physiological response to stress.
D. Studying stress in free-ranging baboons provides valuable insights into human stress responses.
E. The stress response is essential for survival, but chronic activation can lead to various health problems.
2. According to the passage, what did Hans Selye observe in both the experimental and control groups of rats?
A. Peptic ulcers, atrophy of immune-system tissues, and enlargement of the adrenal glands
B. Increased glucose levels and blood flow to crucial organs
C. Sharpened cognition and blunted pain perception
D. Impaired growth and tissue repair, reduced fertility, and diminished immune function
E. Hypertension and heart disease
3. What does the author suggest about the relationship between personality traits and stress-related diseases in humans?
A. Personality traits have no influence on the development of stress-related diseases.
B. Type A personalities are less likely to develop hypertension and heart disease.
C. The physiological events linking personality traits to stress-related diseases are well-understood.
D. Tracing the physiological events that translate personality traits into diseases is challenging in humans.
E. Controlled, long-term studies in laboratories can easily elucidate the relationship between personality traits and stress-related diseases.
4. According to the passage, what did Jay M. Weiss's study on laboratory rats demonstrate?
A. Rats with Type A personalities are more susceptible to stress-related diseases.
B. The psychology of rats is more complex than that of human beings.
C. A sense of control or predictability can influence an animal's physiological response to stress.
D. Rats that receive electric shocks without warning exhibit a greater stress response than those that receive a warning.
E. The subtlety of psychological variables that can be studied in rats is greater than in humans.
5. Which of the following best describes the author's purpose in mentioning the study of stress in free-ranging baboons?
A. To highlight the limitations of studying stress in laboratory animals
B. To emphasize the importance of studying stress in human subjects
C. To demonstrate the influence of social hierarchy on stress responses
D. To support the idea that psychological and social factors can influence physiological responses to stress
E. To compare the stress responses of baboons and humans
6. According to the passage, what is the primary function of the stress response?
A. To prepare the body for "fight or flight" in response to immediate threats
B. To maintain homeostatic balance and physiological equilibrium
C. To mobilize glucose and divert blood flow to crucial organs
D. To defer non-essential physiological activities and promote survival
E. To enhance cognitive function and blunt pain perception
7. Which of the following is NOT mentioned as a potential consequence of chronic activation of the stress response?
A. Tissue atrophy and fatigue
B. Hypertension and damage to the heart, blood vessels, and kidneys
C. Impaired growth and tissue repair
D. Increased fertility and enhanced immune function
E. Increased susceptibility to peptic ulcers
8. According to the passage, what is one of the challenges in studying the effects of stress on human beings directly?
A. The complexity of human emotional lives and the inability to conduct controlled, long-term studies in laboratories
B. The difficulty in measuring physiological responses to stress in humans
C. The lack of variability in stress exposure among human subjects
D. The inability to study psychological variables in human subjects
E. The limited understanding of the relationship between personality traits and stress-related diseases
1. 正确答案: E
解释: 文章主要讨论了应激反应的重要性,以及长期激活应激反应可能导致的各种健康问题。这个主题贯穿全文,因此E选项最能概括文章的主旨。
2. 正确答案: A
解释: 文章第一段明确提到,Selye在实验组和对照组大鼠中都观察到了消化性溃疡、免疫系统组织萎缩和肾上腺肿大这三种变化。
3. 正确答案: D
解释: 文章倒数第二段提到,在人类身上追踪性格特征转化为疾病的生理过程是具有挑战性的,因为人类有复杂的情感生活,无法在实验室中进行受控的长期研究。
4. 正确答案: C
解释: 文章最后一段提到,Jay M. Weiss的研究表明,控制感或可预测性可以强烈影响动物的生理机能。
5. 正确答案: D
解释: 文章第四段提到,作者正在研究自由活动的狒狒,其正在进行的研究项目为越来越多的证据提供了有力支持,表明心理和社会特征可以深刻影响个体对压力的生理反应。
6. 正确答案: A
解释: 文章第六段明确指出,应激反应的主要功能是使机体能够抵御对其内稳态平衡或生理平衡的直接威胁,使身体为"战斗或逃跑"做好准备。
7. 正确答案: D
解释: 文章第八段列举了长期激活应激反应可能导致的后果,包括组织萎缩、疲劳、高血压、生长和组织修复受损、生育能力下降、免疫功能减弱以及消化性溃疡的易感性增加。选项D提到增加生育能力和增强免疫功能,与文章内容相反。
8. 正确答案: A
解释: 文章倒数第二段提到,直接研究压力对人类影响的一个挑战是人类复杂的情感生活以及无法在实验室中进行受控的长期研究。
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发表于 2024-4-18 08:45:45
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