跨考2012年考研英语一冲刺专项练习题阅读

统一服 统一服 Unit

第一章SomeoftheconcernssurroundingTurkey'sapplicationtojointheEuropeanUnion,tobevotedonbytheEU‟sCouncilofMinistersonDecember17th,areeconomic—inparticular,thecountry‟srelativepoverty.ItsGDPperheadislessthanathirdoftheaverageforthe15pre-2004membersoftheEU.ButitisnotfaroffthatofoneofthetennewmemberswhichjoinedonMay1st2004(Latvia),anditismuchthesameasthoseoftwocountries,BulgariaandRomania,whichthisweekconcludedaccessiontalkswiththeEUthatcouldmakethemfullmembersonJanuary1st2007.Furthermore,thecountry‟srecenteconomicprogresshasbeen,accordingtoDonaldJohnston,thesecretary-generaloftheOECD,“stunning”.GDPinthesecondquarteroftheyearwasl3.4%higherthanayearearlier，arateofgrowththatnoEUcountrycomesclosetomatching.Turkey‟sinflationratehasjustfallenintosinglefiguresforthefirsttimesincel972,andthisweekthecountryreachedanagreementwiththeIMFonanewthree-year,$10billioneconomicprogrammethatwill,accordingtotheIMF‟smanagingdirector,RodrigoRato,“helpTurkey...reduceinflationtowardEuropeanlevels,andenhancetheeconomy‟sresilience”Resiliencehasnothistoricallybeenthecountry‟seconomicstrongpoint.Asrecentlyas2001,GDPfellbyover7%.Itfellbymorethan5%inl994,andbyJustunder5%inl999.Indeed,throughoutthel990sgrowthoscillatedlikeanelectrocardiogramrecordingaviolentheartattack.Thisirregularityhasbeenoneofthemainreasons(alongwithredtapeandcorruption)whythecountryhasfaileddismallytoattractmuch-neededforeigndirectinvestment.Itsstockofsuchinvestment(asapercentageofGDP)islowernowthanitwasinthel980s,andannualinflowshavescarcelyeverreached$1billion(whereasIrelandattractedover$25billionin2003.asdidBrazilineveryyearfrom1998to2000).OnedeterrenttoforeigninvestorsisduetodisappearonJanuarylst2005.Onthatday,Turkeywilltakeawaytherightofvirtuallyeveryoneofitscitizenstocallthemselvesamillionaire.Sixnoughtswillberemovedfromthefacevalueofthelira,oneunitofthelocalcurrencywillhenceforthbeworthwhatlmisnow—ie,about€0.53($0.70).Goodswillhavetobepricedinboththenewandoldliraforthewholeoftheyear,butforeignbankersandinvestorscanbegintolookforwardtoatimeinTurkeywhentheywillnolongerhavetojugglementallywithindeterminatestringsofzeros. ItsGDPperheadisfarlaggingbehindthatoftheEUItsinflationratestillItseconomygrowsfasterthananyEUItseconomicresilienceisveryWecaninferfromthesecondparagraph TurkeywillsooncatchtheaverageGDPlevelofthel5pre-2004EUinflationrateinTurkeyusedtobeveryTurkey'seconomywillkeepgrowingatpresentIMF'seconomicprogramwillhelpTurkeyjointheTheword“oscillated”(Line3,Paragraph3)mostprobably [B] [C] [D]SpeakingofTurkey'sforeigndirectinvestment,theauthorimplies itsstockisfarlessthanthatofotheritdoesnothavemuchinfluenceoffTurkey‟seconomicsteadyGDPgrowthwillhelpTurkeyattractmoreforeigndirectTurkey‟seconomicresiliencereliesonforeigndirectWecandrawaconclusionfromthetext foreigninvestmentenvironmentinTurkey eTurkey‟scitizenswillsufferheavylossduetothechangeofthefacevalueofthethelocalcurrencywilldepreciatewiththeremovalofsixnoughtsfromthefacepricesofgoodswillgoUnitBellbecamechiefexecutiveofMcDonald‟sinApril.Withinamonthdoctorstoldhimthathecolorectalcancer.AfterstockmarkethoursonNovember22nd,thefast-foodfirmsaidhehadresigned;itwouldneedathirdbossinunderayear.Yetwhenthemarketopened,itssharepricebarelydippedthenedgedhigher.Afterall,McDonald‟ahad,again,shownhowtoactswiftlyanddecisivelyinappointinganewboss.Mr.BellhimselfgotthetopjobwhenJimCantalupodiedofaheartattackhoursbeforehewasduetoaddressaconventionofMcDonald'sfranchisees.①Mr.CantalupowasaMcDonald'svenbroughtoutofretirementinJanuary2003tohelpremodelthefirmaftersalesbeganfallingbecauseofdirtyrestaurants,indifferentserviceandgrowingconcernaboutjunkfood.Hedevisedarecoveryn,backedbymassivemarketing,andpromotedMr.Belltochiefoperatingofficer.WhenMr.Cantalupodied,arapidlyconvenedboardconfirmedMr.Bell,a44-year-oldAustralianalreadywidelyseenashisheirapparent,inthetopjob.Theconventiongotitspromisedchiefexecutive‟saddress,fromthefirm‟sfirstnon-Americanleader.YetwithinweeksexecutiveshadtothinkaboutwhattodoifMr.Bellbecametooilltocontinue.PerhapsMr.Bellhadthesamethingonhismind;heusuallyintroducedJimSkinner,the60-year-oldvice-chairman,tovisitorsasthe“steadyhandatthewheel”NowMr.Skinner,anexpertonthefirm‟soverseasoperations, eschiefexecutive,andMikeRoberts,headofitsAmericanoperations,joinstheboardaschiefoperatingofficer.IsMr.Robertsnowthenewheirapparent?MaybeMcDonald‟shasbroughtinsupposedlyhealthierchoicessuchassaladsandtoastedsandwichesworldwideand,insteadofrelyingformostofitsgrowthonopeningnewrestaurants,hasturnedtoupgradingits31,000existingonesAmericahasdonebestatthis;underMr.Robertslike-for-likesalestherewereupby7.5%inOctoberonayearearlier.Thenewteam‟staskistokeeptherevitalizationnoncourse,especiallyoverseas,wheresomeAmericanbrandsaresaidtofacepoliticalhostilityfromconsumers.Thisisabigchallenge.Isanin-housesuccessionthebestwaytotackleit?Mr.SkinnerandMr.Robertsareboth vens,havingjoinedinthel970s.Somerecentacademicstudiesfindthatthennedsuccessionofanewbossgroomedfromwithin,suchasMr.Bellandnow(arguably)Mr.Roberts,producesbetterresultsthanlookinghastily,oroutside,forone.McDonald‟ssmoothhandlingofitsserialmisfortunesatthetopcertainlyseemstoprovethepoint②Evenso,everyoneatMcDonald‟smustbehothatitwillbealongtimebeforethefirmfacesyetanothersuchemergency.ThemainreasonfortheconstantchangeatthetopofMcDonaldis [B]thefalling[C]thehealthproblemsofthechief [D]theconstantchangeofitsshareWhichofthefollowingwasNOTacauseofthefallingsalesof thechangeofthechief [B]people‟sconcernaboutjunk[C]dirty [D]indifferentThephrase“heirapparent”(Line6,Paragraph2)inthearticlemostprobably someonewhohasthesameideas,aimsandstylewithsomeonewhohastheunalienablerighttoreceivethefamilysomeonewhoisappointedasaheirofsomeonewhoislikelytotakeover Intermsofsuccessionatthetop,McDonald hashadtomaderatherhasty [B]preferstoappointanewbossfrom[C]actsinaquickandunreasonable [D]surprisesallthepeoplewithitsTowardMcDonald‟sreactiontoemergenciesatthetop,thewriter‟sattitudecanbesaidto [B] [C] [D]UnitTheannualreviewofAmerican boardpracticesbyKorn/Ferry,afirmofheadhunters,isausefulindicatorofthehealthofcorporate ernance.Thisyear‟sreview,publishedonNovemberl2th,showsthattheSarbanes-Oxleyact,passedin2002totrytopreventarepeatofcorporatecollapsessuchasEnron‟sand's,hashadanimpactontheboardroom—albeitatanaverageimplementationcostthatKorn/Ferryestimatesat$5.1mperTwoyearsago,only41%ofAmericanfirmssaidtheyregularlyheldmeetingsofdirectorswithouttheirchiefexecutivepresent;thisyearthefigurewas93%.Butsomethingshavebeensurprisinglyunaffectedbythebacklashagainstcorporatescandals.Forexample,despiteagrowingfeelingthatformerchiefexecutivesshouldnotsitontheir‟sboard,thepercentageofAmericanfirmswheretheydohasactuallyedgedup,from23%in2003to25%in2004.Also,disappointinglyfewfirmshavesplitthejobsofchairmanandchiefexecutive.AnothersurveyofAmericanboardspublishedthisweek,byA.T.Kearney,afirmofconsultants,foundthatin200214%oftheboardsofS&P500firmshadseparatedtheroles,andafurtherl6%saidtheynnedtodoso.Butby2004only23%overallhadtakentheplunge.AsurveyearlierintheyearbyconsultantsatMcKinseyfoundthat70%ofAmericandirectorsandinvestorssupportedtheideaofsplittingthejobs,whichisstandardpracticeinEurope.Anotherdisappointmentistheslowprogressinabolishing“staggered”boards—oneswhereonlyone-thirdofthedirectorsareupforreelectioneachyear,tothree-yeartermsInventedasadefenseagainsttakeover,suchboards,accordingtoanewHarvardLawSchoolstudybyLucianBebchukandAlmaCohen,areunambiguously“associatedwithaneconomicallysignificantreductioninfirmvalue”.Despitethis,thepercentageofS&P500firmswithstaggeredboardshasfallenonlyslightly—from63%in2001to60%in2003,accordingtotheInvestorResponsibilityResearchCentre.Andmanyofthosefirmsthathavebeendbyshareholderstoabolishthesystemarengsoonlyslowly.Merck,aintroubleoverthepossibleside-effectsofitsarthritisdrugVioxx,isallowingitsdirectorstoruntheirfulltermbeforeintroducingasysteminwhichtheyareallreelected(orotherwise)annually.Othercompanies‟staggeredboardsareentrenchedintheircorporatecharters,whichcannotbeamendedbyashareholders‟vote.Anyonewhoexpectedthescandalsof2001tobringaboutrapidchangeinthebalanceofpowerbetweenmanagersandownerswas，atbest,naive.TheSarbanes-Oxleyactismostprobably corporate [B]corporate[C]corporate [D] Theword“backlash”(Line3,Paragraph2)mostprobablymeans aviolent[B]astrong[C]afirm [D]astrongnegativeAccordingtothetext,separatingtherolesbetweenchairmanandchiefexecutiveis acommonpracticeinAmerican [B]whatmanyEuropeancompanies[C]amusttokeepthehealthof [D]notapopularideaamongAmericanWelearnfromthetextthata“staggered” isadversetotheincrementoffirm [B]givesitsboardmemberstoomuch[C]hasbeanabolishedbymostAmerican [D]canbevoteddownbyTowedtheboardpracticeofAmericancompanies,thewriter‟sattitudecanbesaidto [B] [C] [D]UnitMosteconomistshategold.Not,youunderstand,thattheywouldturnuptheirnosesatabarortwo.Buttheyfindthereverenceinwhichmanyholdthemetalalmostirrational.Thatitwasusedasmoneyformillenniaisirrelevant;itisn‟tanymore.Modernmoneytakestheformofpaperor,moreoften,electronicdata.Toeconomists,goldisnowjustanothercommodity.Sowhyisitspricesoaring?Overthepastweek,thishastopped$450atroyounce,upby9%sincethebeginningoftheyearand77%sinceApril2001.Ah,comesthereply,goldtransactionsaredenominatedindollars,andtheriseinthepricesimplyreflectsthedollar‟sfallintermsofothercurrencies,especiallytheeuro,againstwhichithitanewlowthisweekExpressedinEuros,thegoldpricehasmovedmuchlessHowever,thereisnoironlink,asitwere,betweenthevalueofthedollarandthevalueofgold.Arisingpriceofgold,likethatofanythingelse,canreflectanincreaseindemandaswellasadepreciationofitsunitofaccount.Thisiswheregoldbullscomein.Thefallinthedollarisimportant,butmainlybecauseasastoreofvaluethedollarstinks.Withafewlongishrallies,thegreenbackhasbeenonadownwardtrendsinceitcameoffthegoldstandardinl971.Nowitissufferingoneofitssharperdeclines.Atthemargin,extrademandhascomefromthosewhothinkdollars—indeedanymoneybackedbynothingmorethanpromisestokeepinflationlow—adecidedlyriskyinvestment,mainlybecauseAmerica,withtheworld'sreservecurrency,hasbeenabletocreateandborrowsomanyofthem.Theleastpainfulwayofrepayingthosedollarsistomakethemworthless.Thestrikingexceptiontothisextrademandcomesfromcentralbanks,whichwouldliketosellsomeofthegoldtheyalreadyhave.Asalegacyofthedayswhentheircurrencieswerebackedbythemetal,centralbanksstillholdone-fifthoftheworld‟sgold.LastmonththeBankofFrancesaiditwouldsell500tonnesincomingyears.Butbigsalesbycentralbankscancausethepricetoplunge—aswhentheBankofEnglandsold395tonnesbetweenl999and2002.Theresultwasanagreementbetweencentralbankstoco-ordinateandlimitfuturesales.Ifthepriceofgoldmarcheshigher,thisagreementwillpresumablyberippedup,althoughadollarcrisismightmakecentralbanksthinktwiceaboutswitchingintopapermoney.Willtheoverhangofcentral-bankgolddragthepricedownagain?Notnecessarily,AsJamesGrant,goldbugandpublisherofGrant'sInterestRateObserver,anewsletter,pointsout,inrecentyearsthehugeglutofernmentdebthasnotstoppedasharpriseinitsprice.Ineconomists‟eyes,goldissomething theylookdown [B]thatcanbeexchangedinthe [D]thatshouldberecedbyotherformsofAccordingtotheauthor,oneofthereasonsfortherisingofgoldpriceis theincreasingdemandfor [B]thedepreciationofthe[C]thelinkbetweenthedollarand [D]theincrementofthevalueoftheWecaninferfromthethirdParagraph thedeclineofthedollarisAmericabenefitsfromthedepreciationofthethedepreciationofthedollarisgoodnewstootherinvestmentinthedollaryieldsmorereturnsthanthatinThephrase“rippedup”(Linel,Paragraph5)mostprobably [B] [C] [D]tornAccordingtothepassage,theriseofgoldprice willnotlast [B]willattractsomecentralbankstosell[C]willimpelcentralbankstoswitchintopaper [D]willleadtoadollarUnitOpen-outcrytradingissupposedtobeaquaint,outdatedpractice,rapidlybeingrecedbysleeker,cheaperelectronicsystems.TrylingthattotheNewYorkMercantileExchange(NYMEX),theworld‟slargestcommoditiesexchange.OnNovemberlsttheNYMEXopenedanopen-outcrypitinDublintohandleBrentcrudefutures，thebenarkcontractforpricingtwo-thirdsoftheworld'soil.TheNYMEXistryingtosnatchliquidityfromLondon‟sInternationalPetroleumExchange(IPE),tradesthemostBrentcontracts;theNewYorkexchangehashithertoconcentratedonWestTexasIntermediate,anAmericanbenarkgrade.ThenewpitisaresponsetotheIPE‟seffortstomodernize.OnthesamedayasNYMEXtradersstartedshoutingBrentpricesinDublin,theIPEdidawaywithitsmorningopen-outcrysession;nowsuchtradesmustbeelectronic,ordoneinthepitafterlunch.TheNewYorkexchangeclaimsthatcustomers,suchashedgefundsorenergycompanies,preferopen-outcrybecauseitallowsformoreliquidity.Althoughmostotherexchangesareheadingintheoppositedirection,incommoditymarketssuchastheNYMEX,pressurefrom“locals”—self-employedtraders—isheltopropupopen-outcry,althoughsomereckonthatcustomerspayuptofivetimesasmuchaswithelectronicsystems.EventheIPEhasnonstoabolishitsfloor.Onlylastmonthitsignedalease,lastinguntil2011,foritstradingfloorinLondon.Dublin‟snewpitis“showingpromise”,saysRobLaughlin,atraderwithManFinancial,despiteafewtechnicalglitches.Onitsfirstdayithandled5,726lotsofBrant(eachlot,orcontract,isl,000barrels),overathirdofthevolumeintheIPE'snewmorningelectronicsession.Bytheyear‟send,predictsMr.Laughlin,itshouldbeclearwhethertheventurewillbeviable.ItwouldstandabetterchanceifitmovedtoLondon.Itmayyet;itstartedinIrelandbecauseregulatoryapprovalcouldbeobtainedfastertherethaninBritain.Ultimay,havingbothexchangesofferingsimilarcontractswillbeunsustainable.Stealingliquidityfromanestablishedmarketleader,astheNYMEXistryingtodo,isahardtask.Eurex,Europe‟slargestfuturesexchange,setupshopinChicagothisyear,intendingtograbAmericanTreasury-bondcontractsfromtheChicagoBoardofTrade.Ithasmadelittleheadway.AndtheNYMEXhasdabbledinBrentcontractsbefore,withoutsuccess.Giventheimportanceofliquidityinexchanges,whydotheIPEandtheNYMEXnotbandtogether?Therehavebeenmergertalksbefore,andsomethingmightyethappen.SomesaythatthewheelingNYMEXandthemorestaidIPEcouldnevermix.Fornow,inanycase,thetwoexchangeswillslugitout—acrosstheIrishSeaaswellasacrosstheAtlantic.TheNYMEXandIPEare bothusingopenoutcrytradingasamajortradingpartnersthatarereciprocalintheirbusinessrivalsthatarecompetingintheoiltradingbothtakingeffortstomodernizetheirtradingAccordingtotheauthor,oneofthereasonsthattheNYMEXtakesopen-outcrytradingis thepreferenceofits [B]thestandardpracticeofenergy[C]thelongtraditionofthistrading [D]thenostalgicfeelingitTheword“glitches”(Line2,Paragraph4)mostprobablymeans [B][C] [D]FromParagraph4wecaninfer tradingvolumeintheIPE‟snewmorningelectronicsessionisLondonisabetterbusinesslocationforenergyexchangesthanBritain‟sregulatorsarelessefficientthanthoseoftheDublinpitoftheNYMEXwillbemoreprosperousnextWecandrawaconclusionfromthetext it‟sveryunlikelythattheNYMEXandtheIPEcouldcombinetheirtheNYMEXwillfailinIrelandasmanyprecedentshavethetwoenergyexchangeswillfigureoutawaytocooperatewilleachthemarketenvironmentforbothenergyexchangesisgettingUnitStockpricestumbledonWallStreetandacrossmuchoftherestoftheworldyesterday.TheyweredrivensharplylowerbyworriesoverslowingeconomicgrowthintheUnitedStatesandworseningborrowingconditionsthatcouldmakeeverythingfromhugecorporatebuyoutstobuyinganewhomemoredifficult.Majorstockmarketgauges—includingtheDowJonesindustrialaverageandtheStandard&Poors500-stockindex—weredownmorethan2percent.Itwastheworstone-daydeclineonWallStreetsincemarketsplungedworldwideinlateFebruaryafteraninvestingscareinShanghai,anditoccurredamidthebiggestvolumeoftradingontheNewYorkStockExchangeinfiveyears.LosseswerecomparablethroughoutEurope,andlargerinmanydevelocountries.Thepreconditionsforashockareince,saidMarkZandi,chiefeconomistatMoodys .Untilveryrecentlyinvestorswereverynonchalantaboutrisks.Stockmarketshavebeenvolatileinrecentweeks.strongprofitsformanycompaniesandaneconomicboominAsiahavehelpedpushoilpriceshigher.Meanwhile,howevertherearevarioussignsofweaknessintheAmericaneconomyandnewdifficultiesinborrowingformanyhomeownersandcompaniesthatarehighlyleveragedorhavepoorcredit.TheplungecameadayaftertheprivateequityfirmbuyingChryslerfromDaimlerChryslersaiditwouldcompletethetransactionfortheautomakerdespiteaninabilitytoborrowthemoneyincreditmarkets,ashadbeennned.Bankswillholdthoseloans,astheywillforasimilardealinvolvingAllianceBoots,aBritishpharmacychain.SharesofDaimlerChryslerfell$4.11,to$88.91.Thereisfear,butnotafearofrecession,saidBillGross,chiefinvestmentofficerofthePacificInvestmentManagementknownasPimco,alargebondmanagementfirm.“Thefearisdirectedtowardthequestionofwhowillbewillingtolend$200billiontoprovidetakeoutfinancingforpreviouslyannouncedprivateequitydeals.”Yesterday,theDowindustrialsplunged311.50points,or2.3percent,to13,473.57,whiletheS.&P.dropped35.43points,or2.3percent,to1,482.66.TheNasdaqcompositeindexwasdown48.83points,or1.8percent,to2599.34.TheS.&P.isstillup4.5percentfortheyear,whiletheDowis8.1percenthigher.ButtheS.&P.hasfallen4.5percentsincereachingarecordlastweek.Inthelasthourorsooftrading,themajorWallStreetindexesrecoveredaboutathirdoftheirsteepestlossesfortheday.Lossesofmorethan2percentwererecordedinSpain,FranceandGermany,whileBritain,Argentina,MexicoandBrazilfellmorethan3percent.Asianmarketsfelllessyesterday,closingbeforetheworstsellingbegan,butopeneddownsharplyonFriday.Thepassageis areviewofthecurrentconditionoftheAmericanandworldstockanintroductionofthedevelopmentoftheglobalstockasurveyofthehistoryandpossibleresultsofthestockdealofabouttheupsanddownsofstockpricesinworld‟smajorstockWhichofthefollowingisTRUEaccordingtothe CurrentlyitismoredifficultforAmericanstoborrowmoneyfrombanksforhouseThelossesfromstockmarketsalesimilarinU.S.andsomedeveloInvestorswereworriedaboutthepotentialrisksinstockmarketbeforeEconomicboominAsiapreventsitsstockmarketfromIfyouwereaninvestor,youmightbeabletoearnmoney youheldthesharesofyoupurchasednewshareswhenthestockmarketopenedyouboughtandsoldsharesatthelastoneortwohoursbeforeyoudidn'ttradeanysharesWecaninferfromthetext theChryslertransactionwillturntobeafailurebecauseofthevibrationofstockthebanksholdtheloansbecausetheChryslercaseisofexactlythesamenatureasthatofAllianceBillGrossthinksthefearisfromthepossibilitythatthehugeamountofmoneyinvolvedintheChryslerdealmayworsenthesituationofstockmarketthedifficultyofborrowingleadstotheshrinkingpricesofsharesofThewriter‟sattitudetowardsthecurrentstockmarketis [B] [C] [D]UnitWargamesarecommonlyusedbythemilitarytoevaluatestrategies,explorescenariosandrevealunexpectedweaknesses.AmericanshipsandaircrafthavejustbeguntwoweeksofwargamesintheGulf,promptingsfromIran,andlastweekSouthKoreacarriedoutanannualcomputerizedwar-gameexercise.Mightwargamesdeserveagreaterroleinbusiness?Militaryogiesaboundthecorporateworld.PlentyofbosseslooktoSunTzu,anancientgeneral,formanagementtips.Andinbusiness,asinwar, dependonwhatothersdo,aswellasone‟sownactions.Yetmanyfirmsfailtothinksystematicallyabouthowrivalswillreacttotheirns—andtraditionalnningdoesapoorjoboftakingcompetitorsresponsesintoaccount,saysJohnMcDermott,headofstrategyatXerox,anoffice-equipment Corporatewargames,whichsimulatetheinctionsofmultipleactorsinamarket,provideabetterwaytodoso.Suchgameshavetwochiefcharacteristics.First,yersbreakintoteamsandtakeontherolesoffiercecompetitors(andsometimesothercitizens,suchascustomers).Second,thegamesinvolveseveralturns,allowingcompetitorsnotjusttodrawuptheirownstrategiesbuttorespondtothechoicesofothers.Theirpopularityisrising.BoozAllenHamilton(BAH),aconsultancy,isrunning100wargamesayear,upfromaround50threeyearsago.OpenOptions,aCanadianstrategyconsultancy,hasbeengoingsincel996anditsrevenuedoubledlastBAHintroducesatativeelementintoitsgames,calculatingtheeffectofeachteam‟sstrategyon‟sprofitsandstockmarketvalueattheendofeachturn.OpenOptionstakesafurtherstep.TohelpXeroxunderstandthemarketdynamicsoftheprintandcopyindustry,itransone-dayworkshopinwhichteamsfromXeroxtooktherolesofthebigcompaniesinthemarket,itselfincluded.Eachteamidentifiedthethings“their”coulddotochangeitsstrategyanddrewupalistofitsdesired es;these„„preferencetrees”weresharedwiththeotherteams.TheresultswerethenpumpedintoOpenOptionsproprietarysoftwaretools,whichyedoutinctionsbetweenthecompaniesandproducedarangeofpossible Mr.McDermottsaysthegame‟spredictivepowerwasastonishing,oneforecast,thata wouldstarttoacquireacertaingroupofassetswithintheindustry,cametruewithinsixmonths.Bysheddinglightonareaswherecompanieshavedifferentpriorities,theconceptofpreferencetreeshelpstohighlightpotentialtrade-off,aswellascompetition.OpenOptionschargesNorthAmericansroughly$100,000foranengagement.Thesecretofsuccessfulwar-gamingdoesnotsimplylieinmathematics,however.Inction,notalgebra,isthebestwaytowinsupportforanewstrategy.Game-yersmustbeseniorforthesamereason—althoughhavingthetopbossonateamcanstiflefeedback.Strategiesalsohavetocapturecompetitors‟hard-to-fycorporatecultures;whendesigningagame,BAHseeksoutemployeesatitsswhohaveactuallyworkedatcompetitorsforthatreason.Butperhapswargames‟greatestvalueliesinthewaytheyencouragemanagerstothinkdifferentlyabouttheconsequencesoftheiractions.“Toknowyourenemy,youmust eyourenemy,”asSunTzuwouldsay.Theexpression“aboundin”(Linel,Paragraph2)mostprobably be [B]be [C]be [D]beAccordingtothetext,traditionalcorporatenning hasbeencompleyabandonedbyincludesthedetailedysesofstrategiesofallrivalfunctionswellforthedevelopmentofmostThepositiveeffectofwargamesowestothefollowing theroleyingof [B]thecompositionofseveral[C]theintroductionoftative [D]therisingpopularityoftheWhichofthefollowingisTRUEaccordingtothe BothBAHandOpenOptionsdevelopedtheirownsoftwaretoolsfordataysisofwarThewargameserviceexpandsslowlybecauseofitshighfeeaswellastheinefficiencyofthedesignofroleying.“Preferencetrees”referstodesired esofthecompanies‟strategiesdesignedbyparticipantsofthewargames.Wargame‟spredictiveabilityisnotconvincingbecauseitlacksmasspracticeandpublicWhichofthefollowingisNOTareasonforthesuccessofwar [B][C] [D]ConsiderationofUnitRichimmigrantsinAsia‟sfinancialcapitalsgenerallyhavelifeprettyeasy.Butthissummer,thoseinGongKongandSingaporearestartingtosweat.Theproblem?Sizzlingreal-estatemarketsthatmakeevenbankersblink,andinternationalschoolspackedliketheTokyosubwayatrushhour.One-bedroomflatsinHongKong‟smostfashionablebuildingsvowgofor$5,000permonth.OfficerentsinSingaporehaveshotup105percentinthepastyear－thefastestappreciationrateintheWorld.Forworkerswithkids,thepictureisparticularlybleak.ingstudentsatinternationalschoolsnowlandnotinclassesbutonlongwaitinglists－unlesstheirparentsjumpthequeuebypurchasingdebenturesthathavesoldforasmuchas$120,000inHongAsia'sduelingfinancialhubsinvestalotofcapital－realandemotional－inwhat'softencastasazero-sumcontestfortheaffectionofforeigncompanies.Yetbothcitieshavedonesowellwooingthemoflatethatthemajorthreatfacingeachisn‟ttheother,butbottlenecksintheforeigninfrastructurecommontoboth.High-endhorsingcostsarepushingpastrecordssetbeforethe1997-98Asianfinancialcrisis,promptingSingapore‟sfoundingfather,LeeKuanYew.Tolament,"WemustcheckthishikeinrentsorwewillloseourTalentisgettingtoughertofindasbotheconomiesnearfullemployment.Officerentsaredrivingeventherichestinvestmentbankstoseekcheaperalternativestoprimedowntownaddresses.Andasbothcitiesincreasetheirpopulationsbyluringhundredsofthousandsofadditionaloutsidersoverthecomingdecade,localsaregettingsqueezed."TheremaybeapoliticalcostifSingaporeansfeelpricedoutbyforeigners,"warnsCharlesChong,headofaparliamentarycommitteeonnationaldevelopmentinSingapore.Bothcitiesare,inasense,victimsoftheirsuccess.Eachranksamongthemostefficientspotsonthenettoregisternewbusinesses.Theyboastworld-classbanking,accountingandlegalservices,undergirdedbyrespectforcontractsandcommercialcodesnotfoundintherestofAsia.Inaregionawashincashfromrecordtradesurpluses,expansionandafloodofnewstocklistings,thecitieshavepostedincredibleGDPgrowthnumbersoflat－6.8percentand7.9percentforHongKongandSingapore,respectively,lastyear.Giventhatlocalfertilit