9.25阅读一

AMBER513

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.

指出资本市场的运作在理论和实际上是有差距的，因为市场上的个体在三个方面能力的不同。

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.

以minority community为例，说明资本市场自哪些方面与理论出现差距

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.

对资本市场的功能失调进行了解释。大意就是，由于现存的资本市场进行分配的方式是基于之前的收入分配，minority groups因为独特的社会结构，所分配到的资源和能够进行的投资选择越来越少。

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.

解释传统的金融市场分析为什么会忽略这些问题，并说明了传统的分析方法中的前提

结构：指明问题（金融市场在实际中会出现失灵）→举例子（因为资本市场的资源分配是基于之前的收入分配，并会进一步影响之后的收入分配，并且minority groups社会结构的特殊性，minority groups分得的资源越来越少）→说明原因(因为各种假设前提）

276. The main point made by the passage is that

(A) financial markets provide for an optimum allocation of resources among all competing participants by balancing supply and demand

(B) the allocation of financial resources takes place among separate individual participants, each of whom has access to the market

(C) the existence of certain factors adversely affecting members of minority groups shows that financial markets do not function as conventional theory says they function

(D) investments in minority communities can be made by the use of various alternative financial instruments, such as stocks and bonds

(E) since transaction costs for stocks, bonds, and other financial instruments are not equally apportioned among all minority-group members, the financial market is subject to criticism

第一段已经指明论述的问题，就是[size=14.6667px] [size=14.6667px]yet in practice we find that certain participants are not on a par with others.[size=14.6667px] 之后的内容都是围绕这个观点展开，所以main point 是C。

[size=14.6667px]

277. The passage states that traditional studies of the financial market overlook imbalances in the allocation of financial resources because

(A) an optimum allocation of resources is the final result of competition among participants

(B) those performing the studies choose an oversimplified description of the influences on competition

(C) such imbalances do not appear in the statistics usually compiled to measure the market’s behavior

(D) the analysts who study the market are unwilling to accept criticism of their methods as biased

(E) socioeconomic difference form the basis of a rationing mechanism that puts minority groups at a disadvantage

在第三段说明了产生这种现象的原因[size=14.6667px]Most traditional financial-market analysis studies ignore financial markets’ deficiencies in allocation because of analysts’ inherent preferences for the simple model of perfect competition.

[size=14.6667px]

278. The author’s main point is argued by

(A) giving examples that support a conventional generalization

(B) showing that the view opposite to the author’s is self-contradictory

(C) criticizing the presuppositions of a proposed plan

(D) showing that omissions in a theoretical description make it inapplicable in certain cases

(E) demonstrating that an alternative hypothesis more closely fits the data

作者的论述方式就是指明现实与理论自建的出入，举例具体说明产生了怎样的出入，进而分析产生这种现象的原因，即说明在研究中人们经常简化模型而使得在史记中的情况与理论研究中的不一致

279. A difference in which of the following would be an example of inequality in transaction costs as alluded to in lines 18-19?

(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

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

黄底字说的是指金融工具之间的交易费用对于不同的投资主题是相同的，A显然不对，C是不同交易场所的交易费用，D是支付给律师的薪水，E是汇兑损益，B是对于大小投资者的股票的价格，比较符合稳重的描述

280. Which of the following can be inferred about minority communities on the basis of the passage?

(A) They provide a significant portion of the funds that become available for investment in the financial market.

(B) They are penalized by the tax system, which increases the inequality of the distribution of income between investors and wage earners.

(C) They do not receive the share of the amount of funds available for investment that would be expected according to traditional financial-market analysis.

(D) They are not granted governmental subsidies to assist in underwriting the cost of economic development

(E) They provide the same access to alternative sources of credit to finance businesses as do majority communities.

A文中没有提到；文中说的penalty不是指税务而是指因投资受到之前收入分配的影响，分配得多的投资机会多资源多，而minority groups因为之前收入分配少所以在之后的投资中也处于劣势，B错C对，D没有提到，E说反了

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

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

[size=14.6667px] Market participants are viewed as acting as entirely independent and homogeneous individuals with perfect foresight about capital-market behavior.

[size=14.6667px]

282. According to the passage, analysts have conventionally tended to view those who participate in financial market as

(A) judging investment preferences in terms of the good of society as a whole

(B) influencing the allocation of funds through prior ownership of certain kinds of assets

(C) varying in market power with respect to one another

(D) basing judgments about future events mainly on chance

(E) having equal opportunities to engage in transactions

[size=14.6667px]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.

AMBER513

妈呀居然加了精华，版主手滑？

AMBER513

而且我好像发错区了，对不起