请教OG-新增17- 16(16/17)即大全Passage 116

Passage 116 (16/17)

The function of capital markets is to facilitate an
exchange of funds among all participants, and yet in practice we find that
certain participants are not on a par with others. Members of society have
varying degrees of market strength in terms of information they bring to a
transaction, as well as of purchasing power and creditworthiness, as defined by
lenders.

For example, within minority communities, capital
markets do not properly fulfill their functions; they do not provide access to
the aggregate flow of funds in the United States. The financial system
does not generate the credit or investment vehicles needed for underwriting
economic development in minority areas. The problem underlying this dysfunction
is found in a rationing mechanism affecting both the available alternatives for
investment and the amount of financial resources. This creates a distributive
mechanism penalizing members of minority groups because of their socioeconomic
differences from others. The existing system expresses definite socially based
investment preferences that result from the previous allocation of income and
that influence the allocation of resources for the present and future. The
system tends to increase the inequality of income distribution. And, in the United States
economy, a greater inequality of income distribution leads to a greater
concentration of capital in certain types of investment.

Most traditional financial-market analysis studies
ignore financial markets’ deficiencies in allocation because of analysts’
inherent preferences for the simple model of perfect competition. Conventional
financial analysis pays limited attention to issues of market structure and
dynamics, relative costs of information, and problems of income distribution.
Market participants are viewed as acting as entirely independent and
homogeneous individuals with perfect foresight about capital-market behavior.
Also, it is assumed that each individual in the community at large has the same
access to the market and the same opportunity to transact and to express the
preference appropriate to his or her individual interest. Moreover, it is
assumed that transaction costs for various types of financial instruments
(stocks, bonds, etc.) are equally known and equally divided among all community
members.

279.
            A difference in which of the following would be
an example of inequality in transaction costs as alluded to in lines 40-43?

(A) Maximum amounts of loans extended by a bank to
businesses in different areas

(B) Fees charged to large and small investors for
purchasing stocks

(C) Prices of similar goods offered in large and small
stores in an area

(D) Stipends paid to different attorneys for preparing
legal suits for damages（B）

(E) Exchange rates in dollars for currencies of
different countries

281.
            According to the passage, a questionable
assumption of the conventional theory about the operation of financial markets
is that

(A) creditworthiness as determined by lenders is a
factor determining market access

(B) market structure and market dynamics depend on
income distribution

(C) a scarcity of alternative sources of funds would
result from taking socioeconomic factors into consideration

(D) those who engage in financial-market transactions
are perfectly well informed about the market（D）

(E) inequalities in income distribution are increased by
the functioning of the financial market

答d我选了e；选d的依据是什么？为什么e错？