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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
Archaeologists discovered an abandoned village, which was deserted around AD 1000. Upon examining historical records, they noticed a severe drought in the region during that period. The archaeologists concluded that the drought was the primary reason for the abandonment of the village.
Which of the following, if true, most strengthens the archaeologists' conclusion?
A. There were several short-term droughts in the region before the village was abandoned, but the villagers did not leave.
B. Other similar villages in the vicinity had access to permanent water sources.
C. The village was never resettled after it was abandoned.
D. Evidence indicates that this area only experienced severe water shortages during the time the village was abandoned.
E. There were no significant conflicts or diseases reported in the region during the period of abandonment.
Medical studies indicate that individuals who donate blood may have a lower risk of developing heart disease, possibly due to reduced cholesterol levels associated with regular donation. Consequently, some health experts have proposed promoting blood donation as a means to improve public health. However, other experts caution against such universal recommendations because __________.
A) individuals with a history of heart disease are often ineligible to donate blood
B) frequent blood donation can lead to iron deficiency, which carries its own health risks
C) not all individuals have the same reduction in cholesterol levels after donating blood
D) the act of donating blood could induce anxiety, leading to an immediate but temporary increase in heart rate and blood pressure
E) the correlation between blood donation and lower heart disease risk does not necessarily imply causation
答案:
DB
2.DI
La Liga, the premier professional football division in the Spanish football league system, was founded in 1929. Comprising 20 teams, including perennial powerhouses such as Real Madrid and FC Barcelona, the league operates on a system of promotion and relegation with the Segunda División.
In the 2022-23 season, La Liga clubs generated an estimated €3.3 billion in total revenue, representing a 7% increase from the previous season. Broadcasting rights accounted for approximately 48% of this revenue, followed by commercial revenue at 29% and matchday revenue at 23%. However, the distribution of revenue among the clubs was highly skewed, with the top three clubs—Barcelona, Real Madrid, and Atlético Madrid—accounting for around 50% of the total revenue. This disparity has led to concerns about the financial sustainability and competitive balance of the league.
La Liga boasts a strong global following, with a recent survey estimating the league's worldwide fanbase at 1.4 billion, with significant followings in Europe, Asia, and the Americas. This global appeal has translated into lucrative broadcasting deals, with La Liga's international TV rights for the 2022-23 to 2026-27 cycle valued at over €4.4 billion. The league has also made significant strides in digital engagement, with social media interactions reaching 1.05 billion during the 2022-23 season, a 12% increase from the previous season.
However, the league faces several challenges, particularly in terms of competitive balance. Over the last decade, Barcelona and Real Madrid have won 9 out of 10 league titles, leading to concerns about the league's long-term competitive health and its ability to attract and retain top talent across all clubs. This duopoly has also contributed to the widening financial gap between the top clubs and the rest of the league.
Despite these challenges, La Liga remains one of the most popular and influential football leagues worldwide. The league has been home to numerous world-class players over the years, such as Cristiano Ronaldo, Lionel Messi, Zinedine Zidane, and Johan Cruyff, with its technical style of play and tactical innovations often emulated across the globe. However, in recent years, the league has faced increasing competition from other top leagues, such as the English Premier League, in attracting and retaining top talent.
To address these challenges, La Liga has implemented measures aimed at improving the overall competitiveness and financial sustainability of the league. These include the introduction of stricter Financial Fair Play regulations, designed to prevent clubs from overspending and encourage responsible financial management. The league has also invested in youth development and infrastructure, aiming to nurture homegrown talent and improve the quality of facilities across the board.
Furthermore, La Liga has embarked on an ambitious international expansion plan, seeking to establish a stronger presence in emerging markets through partnerships with local leagues and clubs. This includes setting up regional offices in North America, the Middle East, and Asia, as well as hosting pre-season tournaments and exhibition matches in key cities.
In terms of revenue breakdown, La Liga's broadcasting revenue has grown significantly in recent years, driven by the league's global popularity and the increasing value of sports media rights. In the 2022-23 season, broadcasting revenue accounted for an estimated €1.58 billion, or 48% of the league's total revenue. This represents a 5% increase from the previous season and a 25% increase over the past five seasons.
Commercial revenue, which includes sponsorships, merchandising, and licensing deals, has also been a key growth driver for La Liga. In the 2022-23 season, commercial revenue reached an estimated €957 million, or 29% of total revenue, marking a 9% increase from the previous season. This growth has been fueled by the league's expanding global footprint and its ability to attract major international brands as partners.
Matchday revenue, generated through ticket sales and other stadium-related income, accounted for an estimated €759 million, or 23% of La Liga's total revenue in the 2022-23 season. While this represents a 6% increase from the previous season, matchday revenue has been the slowest-growing component of the league's revenue mix, due in part to the limited capacity of many stadiums and the challenges posed by the COVID-19 pandemic.
Looking ahead, La Liga faces the task of maintaining its global appeal and competitiveness while addressing the structural inequalities that have emerged within the league. This will require a delicate balancing act between promoting financial responsibility and encouraging investment in talent and infrastructure across all clubs. The league will also need to continue adapting to the evolving media landscape and changing consumer preferences, while finding new ways to engage with fans and build its brand worldwide.
1. Based on the information provided in the passage, which of the following statements about La Liga's revenue distribution in the 2022-23 season is most accurate?
A. The top three clubs accounted for approximately one-third of the league's total revenue.
B. The bottom three clubs generated the majority of the league's commercial revenue.
C. Broadcasting revenue was the smallest component of the league's total revenue.
D. The top three clubs accounted for roughly half of the league's total revenue.
E. Revenue was evenly distributed among all 20 clubs in the league.
2. The passage suggests that La Liga's global appeal has:
A. Declined in recent years due to the dominance of Barcelona and Real Madrid.
B. Led to significant growth in the league's international broadcasting rights.
C. Been primarily concentrated in the Spanish domestic market.
D. Had a limited impact on the league's commercial revenue.
E. Been overshadowed by the growing popularity of the English Premier League.
3. According to the passage, which of the following best describes the competitive balance in La Liga over the last decade?
A. The league has been dominated by a single club, with Barcelona winning all 10 titles.
B. The league has seen a wide distribution of titles among multiple clubs.
C. The league has been characterized by a duopoly, with Barcelona and Real Madrid winning 9 out of 10 titles.
D. The league has experienced a period of parity, with no club winning consecutive titles.
E. The league has been dominated by Atlético Madrid, challenging the traditional dominance of Barcelona and Real Madrid.
4. The passage mentions that La Liga has implemented stricter Financial Fair Play regulations. The primary purpose of these regulations is to:
A. Encourage clubs to invest heavily in player transfers and salaries.
B. Redistribute revenue evenly among all clubs in the league.
C. Prevent clubs from overspending and promote responsible financial management.
D. Limit the influence of international investors on club ownership.
E. Increase the competitiveness of smaller clubs in the league.
5. According to the passage, La Liga's international expansion plan includes all of the following EXCEPT:
A. Establishing regional offices in key global markets.
B. Hosting pre-season tournaments and exhibition matches in important cities.
C. Forming partnerships with local leagues and clubs in emerging markets.
D. Investing in youth development and infrastructure across all clubs.
E. Relocating top La Liga clubs to major international cities.
6. In the 2022-23 season, what percentage of La Liga's total revenue came from commercial sources, such as sponsorships, merchandising, and licensing deals?
A. 7%
B. 23%
C. 29%
D. 48%
E. 50%
7. The passage suggests that La Liga's matchday revenue has been the slowest-growing component of the league's revenue mix due in part to:
A. The increasing popularity of online streaming services.
B. The limited capacity of many stadiums and the impact of the COVID-19 pandemic.
C. The declining interest in live football matches among Spanish fans.
D. The high ticket prices charged by top clubs like Barcelona and Real Madrid.
E. The league's focus on international expansion at the expense of domestic fan engagement.
8. Based on the information provided in the passage, which of the following can be inferred about the future challenges facing La Liga?
A. The league will need to focus exclusively on international expansion to maintain its global appeal.
B. The league will face declining interest from international broadcasters and sponsors.
C. The league will need to find a balance between financial responsibility and investment in talent and infrastructure.
D. The league will face a significant decline in its global fanbase due to the dominance of Barcelona and Real Madrid.
E. The league will need to abandon its system of promotion and relegation to ensure greater competitive balance.
9. The author of the passage would most likely agree with which of the following statements?
A. La Liga's current level of revenue disparity among clubs is sustainable in the long term.
B. The dominance of Barcelona and Real Madrid has been the primary driver of La Liga's global success.
C. La Liga's international expansion efforts are unlikely to yield significant benefits for the league.
D. Addressing the structural inequalities within La Liga will require a multi-faceted approach that balances financial responsibility with investment in talent and infrastructure.
E. La Liga should prioritize short-term financial gains over long-term competitive balance and sustainability.
10. Which of the following best describes the main purpose of the passage?
A. To argue that La Liga is the most competitive and financially successful football league in the world.
B. To compare and contrast La Liga's financial performance with that of other top European football leagues.
C. To provide an overview of La Liga's current financial situation, challenges, and strategies for future growth and sustainability.
D. To criticize La Liga's financial management and lack of competitive balance.
E. To predict the imminent decline of La Liga due to its overreliance on global broadcasting rights.
1. D
2. B
3. C
4. C
5. E
6. C
7. B
8. C
9. D
10. C
3.RC
The Potential of Microfinance in Fostering Social Capital and Risk-Sharing Among Low-Income Populations
In developing nations, the penetration of formal insurance among low-income populations remains minimal. Researchers posit that under such circumstances, social capital can facilitate enhanced informal risk-sharing among households. By strengthening social ties between individuals, development organizations may have the capacity to expand or deepen informal risk-sharing networks, thereby assisting the poor in hedging against individual or household-level risks. Moreover, some experts contend that greater social capital can lead to other advantageous economic outcomes for the poor, such as increased cooperation. Consequently, many development organizations endeavor to build social capital through programs that emphasize community interaction and group activity.
In this study, CMF researchers investigated whether standard microfinance lending, a development intervention that involves consistent group interaction, builds social capital. By meticulously tracking borrowing outcomes for groups that convene more frequently, researchers sought to quantify the returns to enhanced social capital.
Researchers employed several randomized experiments to ascertain whether increased microfinance meeting frequency leads to increases in social capital. The study was conducted in the impoverished urban and peri-urban regions of West Bengal, India, in collaboration with Village Welfare Society (VWS), a microfinance institution (MFI) operating in the state. Researchers randomly assigned traditional microfinance borrowing groups to either a monthly repayment cohort or a weekly repayment cohort.
The experiments were broadly categorized into two types:
1. Testing for effects of more frequent interaction: Researchers selected 100 first-time loan client groups, each comprising 10 members who generally resided in close proximity to each other or were neighbors. Surveyors randomly assigned 30 of these groups to weekly meetings, while the remaining 70 groups attended monthly meetings. The MFI provided approximately Rs. 4000 in loans to each member. The first group was required to make weekly repayments of Rs. 100 starting two weeks after loan disbursement, while the second group was required to make monthly repayments of Rs. 400 after the first month.
2. Testing for trust among group members: More than a year later, researchers conducted another experiment in which select loan clients from the same groups were given lottery tickets as a token of appreciation for their participation in the first loan experiment. The client had the option to choose any number of her group members to receive lottery tickets. If the client trusts that the other members would share their winnings with her either directly or through reciprocal behavior at a later point in time, this increases her expected gain and consequently should motivate her to distribute more tickets. The tickets were either valued at Rs. 200 or divisible into Rs. 50, and were randomly assigned to filter the effect of trusting others in the group from altruistic motives.
The study findings reveal that weekly group members were 26% more likely to interact with fellow members outside the group meetings compared to women who met monthly. The effects were more pronounced for women who lived in closer proximity to each other. Furthermore, researchers discovered that while only approximately 10% of monthly group members had met everyone in their group socially in the last 30 days, 100% of members in the weekly group had met socially.
The increase in social interaction among members who met more frequently was accompanied by increases in risk-sharing. Researchers found that weekly group members were 29% more likely to make transfers to their friends and distant family after the loan cycle. Although researchers could not directly trace borrower-to-borrower transfers, they observed increased risk-sharing through the trust game. Weekly clients were 48% more likely to distribute Rs. 50 vouchers, suggesting that weekly clients, more so than monthly clients, perceived their fellow group members as individuals who would engage in reciprocal exchanges.
Most significantly, default risk decreased for the groups that met more frequently – weekly group members were 3.5 times less likely to default on their loans compared to the monthly group members. Researchers conclude that in this case, default decreased not due to the pressure to repay, but rather because individuals with enhanced social capital (weekly members) were more likely to share risk and make monetary transfers.
Higher meeting frequencies result in reduced default risks, which should theoretically reduce costs for the lending organization. However, conducting more frequent meetings also entails high costs for the MFI and the individual. Given the significant costs and benefits associated with both monthly and weekly meetings, it is challenging to conclude that one approach is clearly superior to the other. Considering the short-term and long-term increases in social capital associated with weekly meetings, organizations holding monthly meetings should consider transitioning to a weekly schedule. To further inform the policy debate academics should conduct further research on the costs incurred by borrowers in attending repayment meetings.
The merits of individual liability versus joint liability methodologies in microfinance have been widely discussed. This study contributes to the literature by suggesting that the joint liability feature of Joint Liability Groups (JLGs) is not the mechanism that guarantees repayment. Instead, this study finds that more frequent group meetings lead to increases in social capital, which improve risk-sharing and decrease default.
Researchers should investigate whether other development programs are also successful in boosting social capital and whether increases in social capital lead to economically significant outcomes.
1. What is the main purpose of this article?
A. The penetration of microfinance in developing countries is low.
B. Social capital can facilitate informal risk-sharing.
C. Microfinance can build social capital by increasing meeting frequency.
D. The costs of weekly meetings are high for both borrowers and MFIs.
E. Weekly meetings are more effective than monthly meetings in reducing default risk.
2. According to the article, which of the following comparisons between the weekly meeting group and the monthly meeting group is correct?
A. Members of the weekly meeting group were more likely to meet outside of meetings.
B. Members of the monthly meeting group were more likely to meet outside of meetings.
C. Both groups had an equal likelihood of meeting outside of meetings.
D. Members of the weekly meeting group were more likely to meet with members living farther away.
E. Members of the monthly meeting group were more likely to meet with members living closer.
3. How did researchers test for trust among group members?
A. By observing their interactions during meetings
B. By asking if they would be willing to share winnings with other members
C. By giving them lottery tickets and letting them choose how many group members to share with
D. By asking if they made transfers to friends and distant family after the loan cycle
E. By comparing default rates between weekly and monthly meeting groups
4. According to the article, which of the following is true?
A. Only about 10% of weekly group members had met everyone in their group socially in the last 30 days.
B. Only about 10% of monthly group members had met everyone in their group socially in the last 30 days.
C. Both weekly and monthly group members had met everyone in their group socially 100% of the time in the last 30 days.
D. Monthly group members met everyone in their group socially more frequently than weekly group members in the last 30 days.
E. The article does not provide information about the social meeting frequency of the two groups in the last 30 days.
5. According to the article, how does increasing the frequency of social interaction affect risk-sharing?
A. Weekly group members were more likely to make transfers to friends and distant family after the loan cycle.
B. Monthly group members were more likely to make transfers to friends and distant family after the loan cycle.
C. Both weekly and monthly group members were equally likely to make transfers to friends and distant family after the loan cycle.
D. Weekly group members were less likely to distribute Rs. 50 vouchers compared to monthly group members.
E. The article does not provide information about the relationship between social interaction frequency and risk-sharing.
6. What can be inferred about the relationship between social capital and default risk?
A. Increased social capital leads to higher default risk.
B. Decreased social capital leads to higher default risk.
C. Social capital has no impact on default risk.
D. The relationship between social capital and default risk is unclear.
E. Default risk decreased for groups with enhanced social capital.
7. What does the study suggest about the joint liability feature of microfinance?
A. It is the primary mechanism that guarantees repayment.
B. It is not the primary mechanism that guarantees repayment.
C. It has no impact on repayment.
D. Its impact on repayment is unclear.
E. The study does not address the joint liability feature.
8. What do the researchers recommend for future studies?
A. Investigate the costs incurred by borrowers in attending repayment meetings.
B. Explore whether other development programs can boost social capital and lead to economically significant outcomes.
C. Focus on the merits of individual liability versus joint liability methodologies in microfinance.
D. Study the long-term effects of monthly meetings on social capital.
E. Both A and B.
CACBAEBE
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发表于 2024-4-17 09:34:24
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