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1.CR
A clothing company has developed a new detergent product, A, which can effectively remove fuzz and prevent discoloration in fibers that occur over time with regular wear. The company concludes that this new product will be successful in the market. Which of the following assumptions is necessary for the success of this marketing plan?
A. The detergent will not damage the unaffected parts of the clothing while removing fuzz and preventing discoloration.
B. Consumers are actively seeking solutions for fuzz and discoloration in clothes.
C. The cost of producing the new detergent is not significantly higher than that of regular detergents.
D. Competing companies do not have a similar product already available in the market.
E. The new detergent is compatible with a wide range of fabrics and clothing types.
In a certain country, when fishermen catch a large amount of fish, the price tends to be low due to high supply. Conversely, when the catch is small, the supply is low, leading to higher prices. Recently, there was a forecast of a storm, resulting in fewer fish being sold and a drop in prices. Which of the following assumptions is necessary to explain this contradiction?
A. Fishermen, anticipating the storm, rushed to sell their catch quickly, leading to a surplus in the market.
B. The demand for fish decreases significantly during storm forecasts.
C. The quality of fish caught just before a storm is perceived to be lower, affecting prices.
D. Transportation and distribution channels for fish are disrupted during storm forecasts.
E. Consumers tend to stock up on fish before a storm, leading to an increased demand after the storm.
答案:
AA
2.Di
In recent years, the Chinese government has prioritized the development of the Greater Bay Area (GBA), a megalopolis consisting of nine cities in Guangdong Province, along with the special administrative regions of Hong Kong and Macau. The GBA has a combined GDP of approximately $1.6 trillion, making it one of the world's most economically powerful regions. The Chinese government aims to leverage the GBA's strengths in finance, technology, and manufacturing to create a globally competitive innovation hub. One key initiative is the development of the Guangzhou-Shenzhen-Hong Kong Express Rail Link (XRL), a high-speed railway connecting these major cities. The XRL has reduced travel times significantly, with the journey from Hong Kong to Guangzhou now taking a mere 47 minutes, compared to over 2 hours previously. This enhanced connectivity is expected to foster greater economic integration and talent exchange within the GBA. However, challenges remain in integrating the different legal, financial, and social systems of mainland China, Hong Kong, and Macau. For instance, Hong Kong's common law system and Macau's civil law system differ from mainland China's legal framework. Additionally, the three regions have separate currencies, with Hong Kong using the Hong Kong Dollar (HKD), Macau using the Macanese Pataca (MOP), and mainland China using the Renminbi (RMB). Navigating these differences will be crucial for businesses operating across the GBA. Despite these challenges, the GBA's potential is immense. The region is home to numerous technology giants, such as Huawei, Tencent, and DJI, as well as prestigious universities like the Hong Kong University of Science and Technology and the Southern University of Science and Technology in Shenzhen. With a population of over 70 million and a combined GDP larger than that of many countries, the GBA is poised to become a global economic powerhouse in the coming years. 1. Which of the following best describes the primary purpose of the passage? A. To highlight the economic disparities between mainland China, Hong Kong, and Macau B. To discuss the potential and challenges of developing the Greater Bay Area C. To compare the legal systems of mainland China, Hong Kong, and Macau D. To analyze the impact of the Guangzhou-Shenzhen-Hong Kong Express Rail Link 2. According to the passage, which of the following is NOT mentioned as a challenge in integrating the Greater Bay Area? A. Differences in legal systems between mainland China, Hong Kong, and Macau B. The use of separate currencies in the three regions C. The lack of high-speed rail connectivity between the major cities D. Navigating the different social systems of the three regions 3. Based on the information provided in the passage, which of the following can be inferred about the Guangzhou-Shenzhen-Hong Kong Express Rail Link? A. It has increased travel times between Hong Kong and Guangzhou B. It is expected to promote economic integration within the Greater Bay Area C. It connects Hong Kong and Macau, but not mainland China D. It has had a limited impact on talent exchange within the region 4. The passage suggests that the Greater Bay Area has a competitive advantage in all of the following sectors EXCEPT: A. Finance B. Technology C. Manufacturing D. Agriculture 5. According to the passage, which of the following statements about the Greater Bay Area's GDP is true? A. It is smaller than that of most countries B. It is approximately $1.6 trillion C. It is primarily driven by the manufacturing sector D. It is expected to decline in the coming years 6. The passage mentions all of the following companies as examples of technology giants in the Greater Bay Area EXCEPT: A. Huawei B. Tencent C. DJI D. Alibaba 7. Which of the following can be inferred about the relationship between the Greater Bay Area's population and its economic potential? A. The GBA's large population is seen as a hindrance to its economic growth B. The GBA's population is relatively small compared to other major economic regions C. The GBA's substantial population contributes to its immense economic potential D. The passage does not discuss the relationship between population and economic potential in the GBA 8. The author's tone in the passage can best be described as: A. Optimistic about the Greater Bay Area's potential despite acknowledging the challenges B. Skeptical about the Greater Bay Area's ability to overcome integration challenges C. Neutral and unbiased in presenting information about the Greater Bay Area D. Critical of the Chinese government's efforts to develop the Greater Bay Area 9. Which of the following best describes the organizational structure of the passage? A. Chronological order B. Cause and effect C. Problem and solution D. Balanced analysis of advantages and disadvantages 10. Based on the passage, which of the following can be inferred about the author's view on the future of the Greater Bay Area? A. The author is uncertain about the GBA's future prospects B. The author believes the GBA will become a global economic powerhouse despite challenges C. The author thinks the integration challenges will prevent the GBA from reaching its full potential D. The author does not express a clear view on the GBA's future prospects 1. B 2. C 3. B 4. D 5. B 6. D 7. C 8. A 9. D 10. B
3.RC
The rise and fall of corporate diversification over the past four decades remains an unresolved question in financial economics. Despite several plausible explanations, there is little more than anecdotal evidence to support or refute any of them. One of the most enduring explanations is the "antitrust hypothesis," which suggests that firms diversified in the 1960s due to antitrust authorities preventing them from expanding in their home industries. When antitrust policy became less stringent in the 1980s, firms were able to expand horizontally, leading to de-diversification and a focus on their core business.
Stigler (1966) was one of the first to present evidence on the antitrust hypothesis, concluding that the 1950 Merger Act had a strong adverse effect on horizontal mergers by large companies. Shleifer and Vishny (1991) speculated that the most likely reason for diversification in the 1960s was the antitrust policy that turned fiercely against mergers between firms in the same industry after the Celler-Kefauver Act passed in 1950. Unable to acquire businesses related to their own, cash-rich acquirers bought companies outside their industries. However, skeptics like Scherer (1980) and Comment and Jarrell (1995) note that diversification appears to be common in countries with significantly different antitrust policies than the United States.
This paper aims to empirically assess the antitrust hypothesis. If the hypothesis is correct, there should have been a relatively high fraction of diversification acquisitions among large mergers and a relatively low fraction among small mergers during the conglomerate merger wave of the 1960s and 1970s. However, an analysis of 549 mergers by NYSE firms during 1968 does not support this implication, as diversification was no more common among large mergers than small mergers. The finding is robust to different measures of diversification and holds for samples of mergers during 1971 and 1974.
Furthermore, an examination of diversification patterns in the United Kingdom, Canada, Germany, and France in the late 1960s and early 1970s reveals that these countries also experienced diversification waves, despite not having legal restrictions on horizontal growth comparable to those in the United States. This corroborates the negative view of the antitrust hypothesis that emerges from the American data. While antitrust may have played a role in some decisions, the evidence suggests that the primary cause of corporate diversification lies elsewhere.
1. What is the main idea of the passage?
A. The antitrust hypothesis is the most plausible explanation for corporate diversification.
B. The rise and fall of corporate diversification remain an unresolved question in financial economics.
C. Antitrust policy was the primary cause of corporate diversification in the 1960s and 1970s.
D. Corporate diversification was more common in countries with less stringent antitrust policies.
E. The evidence suggests that the primary cause of corporate diversification lies outside of antitrust policy.
2. According to the passage, what did Stigler (1966) conclude about the 1950 Merger Act?
A. It had a strong adverse effect on horizontal mergers by large companies.
B. It encouraged firms to diversify into unrelated industries.
C. It had little impact on corporate diversification.
D. It led to the rise of conglomerates in the United States.
E. It was less stringent than antitrust policies in other countries.
3. What did Shleifer and Vishny (1991) speculate about the reason for diversification in the 1960s?
A. Firms diversified due to the favorable market for equity issues.
B. Antitrust policy turned fiercely against mergers between firms in the same industry after the Celler-Kefauver Act passed in 1950.
C. Firms were flush with cash and unable to acquire businesses related to their own.
D. Diversification was more common in countries with different antitrust policies than the United States.
E. Firms diversified to avoid the adverse effects of the 1950 Merger Act.
4. According to the passage, what did the analysis of 549 mergers by NYSE firms during 1968 reveal?
A. Diversification was more common among large mergers than small mergers.
B. Diversification was no more common among large mergers than small mergers.
C. The antitrust hypothesis was supported by the data.
D. The finding was not robust to different measures of diversification.
E. The results did not hold for samples of mergers during 1971 and 1974.
5. What do the diversification patterns in the United Kingdom, Canada, Germany, and France in the late 1960s and early 1970s suggest about the antitrust hypothesis?
A. These countries had legal restrictions on horizontal growth comparable to those in the United States.
B. The diversification waves in these countries support the antitrust hypothesis.
C. Antitrust policy was the primary cause of corporate diversification in these countries.
D. The diversification waves in these countries, despite not having legal restrictions on horizontal growth comparable to those in the United States, corroborate the negative view of the antitrust hypothesis.
E. The evidence from these countries suggests that the primary cause of corporate diversification lies in antitrust policy.
6. According to the passage, what do skeptics like Scherer (1980) and Comment and Jarrell (1995) note about diversification?
A. Diversification is less common in countries with different antitrust policies than the United States.
B. Diversification appears to be common in countries with significantly different antitrust policies than the United States.
C. Antitrust policy is the primary cause of corporate diversification in countries other than the United States.
D. The antitrust hypothesis is supported by evidence from countries other than the United States.
E. Diversification is more common in the United States than in other countries.
7. What can be inferred from the passage about the role of antitrust policy in corporate diversification?
A. Antitrust policy was the sole factor in all corporate diversification decisions.
B. Antitrust policy played no role whatsoever in corporate diversification decisions.
C. While antitrust policy may have played a role in some decisions, the evidence suggests that the primary cause of corporate diversification lies elsewhere.
D. Antitrust policy was more important in corporate diversification decisions in the United States than in other countries.
E. The role of antitrust policy in corporate diversification decisions remains unclear.
8. What is the author's stance on the antitrust hypothesis as an explanation for corporate diversification?
A. The author fully supports the antitrust hypothesis.
B. The author is neutral towards the antitrust hypothesis.
C. The author suggests that the antitrust hypothesis is the most plausible explanation for corporate diversification.
D. The author is skeptical of the antitrust hypothesis and suggests that the primary cause of corporate diversification lies elsewhere.
E. The author does not express a clear stance on the antitrust hypothesis.
正确答案: E
解析: 文章主要探讨了反托拉斯假说作为企业多元化的解释,但作者提出证据表明,企业多元化的主要原因可能在于其他因素,而非反托拉斯政策。因此,E选项最能概括文章的主旨。
正确答案: A
解析: 文章第三段提到,Stigler (1966) 得出结论,1950年的并购法案对大公司的横向并购产生了强烈的不利影响。因此,A选项正确。
正确答案: B
解析: 文章第三段提到,Shleifer和Vishny (1991) 推测,1960年代多元化的最可能原因是反托拉斯政策,即1950年通过Celler-Kefauver法案后,反对同一行业内公司之间的合并。因此,B选项正确。
正确答案: B
解析: 文章第五段提到,对1968年纽约证券交易所549起并购案的分析显示,在大型并购中,多元化并不比小型并购更普遍。因此,B选项正确。
正确答案: D
解析: 文章第七段提到,尽管英国、加拿大、德国和法国在20世纪60年代末和70年代初没有像美国那样对横向增长施加法律限制,但它们也经历了多元化浪潮。这证实了从美国数据中得出的对反托拉斯假说的否定看法。因此,D选项正确。
正确答案: B
解析: 文章第三段提到,Scherer (1980) 和 Comment 与 Jarrell (1995) 等持怀疑态度的人指出,在反托拉斯政策与美国有很大不同的国家,多元化似乎也很普遍。因此,B选项正确。
正确答案: C
解析: 文章第七段提到,尽管反托拉斯政策在某些决策中可能发挥了作用,但证据表明,企业多元化的主要原因在于其他因素。因此,C选项正确。
正确答案: D
解析: 通过文章的分析和论证,作者对反托拉斯假说持怀疑态度,并认为企业多元化的主要原因可能在于其他因素。因此,D选项正确。
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发表于 2024-3-28 09:40:14
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