【正文】 x lies in a narrow， discrete range. In effect， Longitude has created a horse race， where each “horse” wins if and 6the specified index falls in a specified range. By creating horses for every possible7of the index， and allowing people to bet8any number of runners， the pany 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 riskmanagement 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 UniversityNeighbourhood Reinvestment Corporation programme， 15 last year in the city of Syracuse， in New York state， may be a model for homeequity 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 homeequity 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 ing 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] ponent [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 mon sense. We should learn that other people have held quite different ideas， and that our own have started as very original guesses of philosophers. [an error occurred while processing this directive] 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 es from the sun， and is reflected into our eyes. We don39。s hearing. Gehman plained managers and administrators “missed signals” when they rejected those offers for images， a pointedly harsh assessment of the space agency39。s Problems Being Exposed word “they” in the sentence “since they could place” （ ） denotes [A] “damages”[B] “answers”[C] “decisions”[D] “questions” to the writer， what may chiefly be responsible for the Columbia accident？ [A] A supposed damage to the left wing of the spacecraft. [B] The deliberate rejection of satellite images. [C] A sense of sentiment and arrogance involved. [D] The space agency39。s， cardiac cells in heart disease， pancreatic cells in diabetes， to name a few； if doctors could isolate stem cells， then direct their growth， they might be able to furnish patients with healthy replacement tissue. It was incredibly difficult， but last fall scientists at the University of Wisconsin managed to isolate stem cells and get them to grow into neural， gut， muscle and bone cells. The process still can39。s a very tiny woman for the great amount of clout and power that she possesses. Nancy feels her similarities to Elizabeth are a gift. Nancy has worked almost fulltime as a celebrity LOOK ALIKE for film， television， print， mercials and on the corporate circuit. As a professional actress she has appeared on numerous television shows such as The Joan Rivers Show， Entertainment Tonight， Dream On， Hard Copy and Inside Edition. Her film credits include Dave， Postcards from the Edge， Sister Act H and Repossessed. can be known from this passage that Nancy ［ A］ changed her name ［ B］ misses the horses on the Iowa farmland ［ C］ has two cats with similar looks ［ D］ has a strong affection for animals of the following is true according to the passage？ ［ A］ Nancy once turned down a film producer39。ll buy it.” No one will take over these panies unless they can restructure. [D] Survival is usually uppermost in the minds of panies with their backs to the wall， even if that entails being reduced to a minority stake. In Thailand， however，