Section ⅠUse of English
Directions：
Read the following text. Choose the best word（s） for each numbered blank and mark A， B， C or D on ANSWER SHEET 1. （10 points）
In October 2002， Goldman Sachs and Deutsche Bank 1 a new electronic market for economic indices that2substantial economic risks， such as nonfarm payroll （a measure of job availability） and retail sales. This new market was made possible by a3rating technology， developed by Longitude， a New York company providing software for financial markets，4the Parimutuel Digital Call Auction. This is “digital”5of a digital option： i.e.， it pays out only if an underlying index lies in a narrow， discrete range. In effect， Longitude has created a horse race， where each “horse” wins if and6the specified index falls in a specified range. By creating horses for every possible7of the index， and allowing people to bet8any number of runners， the company has produced a liquid integrated electronic market for a wide array of options on economic indices.
Ten years ago it was9impossible to make use of electronic information about home values. Now， mortgage lenders have online automated valuation models that allow them to estimate values and to10the risk in their portfolios. This has led to a proliferation of types of home loan， some of 11 have improved risk-management characteristics.
We are also beginning to see new kinds of12for homes， which will make it possible to protect the value of13， for most people， is the single most important14of their wealth. The Yale University-Neighbourhood Reinvestment Corporation programme， 15 last year in the city of Syracuse， in New York state， may be a model for home-equity insurance policies that16sophisticated economic indices of house prices to define the17of the policy. Electronic futures markets that are based on econometric indices of house prices by city， already begun by City Index and IG Index in Britain and now18developed in the United States， will enable home-equity insurers to hedge the risks that they acquire by writing these policies.
These examples are not impressive successes yet. But they19as early precursors of a technology that should one day help us to deal with the massive risks of inequality that20will beset us in coming years.
1. [A] created [B] generated [C] initiated [D] originated
2. [A] reproduce [B] restore [C] represent [D] resume
3. [A] sophisticated [B] expensive [C] available [D] established
4. [A] made [B] called [C] asked [D] read
5. [A] in the course [B] in the event [C] in the light [D] in the sense
6. [A] when [B] until [C] now that [D] only if
7. [A] extent [B] range [C] line [D] area
8. [A] for [B] in [C] on [D] up
9. [A] virtually [B] admittedly [C] absolutely [D] originally
10. [A] assume [B] assess [C] dismiss [D] erase
11. [A] them [B] which [C] that [D] whom
12. [A] management [B] insurance [C] security [D] technology
13. [A] what [B] those [C] where [D] it
14. [A] guarantee [B] protection[C] component [D] source
15. [A] secured [B] sponsored [C] released [D] launched
16. [A] look to [B] set up [C] lay down [D] rely on
17. [A] terms [B] specifications [C] concepts [D] consequences
18. [A] is [B] being [C] been [D] are
19. [A] emerge [B] appear [C] stand [D] arise
20. [A] somehow [B] anyway [C] otherwise [D] thereby
Section ⅡReading Comprehension
Part A
Directions：
Read the following four texts. Answer the questions below each text by choosing A， B， C or D. Mark your answers on ANWER SHEET 1. （40 points）
Text 1
The study of philosophies should make our own ideas flexible. We are all of us apt to take certain general ideas for granted， and call them common sense. We should learn that other people have held quite different ideas， and that our own have started as very original guesses of philosophers.
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A scientist is apt to think that all the problems of philosophy will ultimately be solved by science. I think this is true for a great many of the questions on which philosophers still argue. For example， Plato thought that when we saw something， one ray of light came to it from the sun， and another from our eyes and that seeing was something like feeling with a stick. We now know that the light comes from the sun， and is reflected into our eyes. We don't know in much detail how the changes in our eyes give rise to sensation. But there is every reason to think that as we learn more about the physiology of the brain， we shall do so， and that the great philosophical problems about knowledge are going to be pretty fully cleared up.
But if our descendants know the answers to these questions and others that perplex us today， there will still be one field of which they do not know， namely the future. However exact our science， we cannot know it as we know the past. Philosophy may be described as argument about things of which we are ignorant. And where science gives us a hope of knowledge it is often reasonable to suspend judgment. That is one reason why Marx and Engels quite rightly wrote to many philosophical problems that interested their contemporaries.
But we have got to prepare for the future， and we cannot do so rationally without some philosophy. Some people say we have only got to do the duties revealed in the past and laid down by religion， and god will look after the future. Other say that the world is a machine and the course of future events is certain， whatever efforts we may make. Marxists say that the future depends on ourselves， even though we are part of the historical process. This philosophical view certainly does inspire people to very great achievements. Whether it is true or not， it is powerful guide to action
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