Speculators will buy a stock or a bond for long－term investment.（)

Who will buy securities？

A、speculators for quick gains

B、investors for long term return

C、those who are a combination of speculators for quick gains and investors for long term return

D、those who have a lot of money

A．purchase Canadian dollars．

B．purchase U．S． dollars．

C．purchase euros．

D．use Canadian dollars to buy euros, instantly use the euros to buy U．S． dollars, and then instantly use the U．S． dollars to buy Canadian dollars．

Passage One

Questions 21 to 25 are based on the following passage.

During the early years of this century，wheat was seen as the very lifeblood of Western Canada. When the crops were good，the economy was good；when the crops failed. there was depression. People on city streets watched the yields and the price of wheat with almost as much feeling as if they were growers. The marketing of wheat became an increasingly favorite topic of conversation.

War set the stage for the most dramatic events in marketing the western crop. For years farmers mistrusted speculative(投机的)grain selling as carried on through the Winnipeg Grain Exchange. Wheat prices were generally low in the autumn，but farmers could not wait for markets to improve. It had happened too often that they sold their wheat soon after harvest when farm debts were coming due，only to see prices rising and speculators getting rich. On various occasions，producer groups asked for firmer controls，but governments had no wish to become involved，at least not until wartime wheat prices threatened to run wild.

Anxious to check inflation(通货膨胀)and rising living costs，the federal government appointed a board of grain supervisors(监视员)to handle deliveries from the crops of 1917 and 1918. Grain Exchange trading was suspended，and farmers sold at prices fixed by the board. To handle the crop of 1919，the government appointed the first Canadian Wheat Board，with full authority to buy，sell. and set prices.

The author uses the term “lifeblood” to indicate that wheat was______.

A. difficult to produce in large quantities

B. susceptible to many parasites(寄生虫)

C. essential to the health of the country

D. expensive to gather and transport

The best title for the passage can he ______.

A．What Are Futures Used for

B．Who Are the Arbitrageurs, Speculators and Hedgers

C．How to Hedge Risks

D．How to Trade in Futures Market

&8226;Read the article below about the body shop.

&8226;Choose the best sentence to fill in each of the gaps.

&8226;For each gap 8-12,mark one letter(A-G) on your Answer Sheet.

&8226;Do not use any letter more than once.

&8226;There is an example at the beginning(0).

The Body Shop--A New Kind of International Business

The Body Shop--good to its employees, its customers, the environment, worthy causes and the Third World--has pioneered a new kind of corporate culture, and made a great deal of money at the same time. When Anita Roddick, the founder of The Body Shop, is asked questions about her company, it is clear that she is passionate about the good work that The Body Shop does at the same time that it is a corporate business. Auckland businessman Roger Lampen of the job search Lampen Group Ltd says he's inspired by what he has read and heard about Roddick.

"Her level of passion and commitment is what's really required in business now," he says. (8) By all accounts, the huge British company, which makes and sells skin and hair-care products around the world, is

Good to employees: they are encouraged to have fun to challenge management, to put love where their labour is;

Good to customers: they can sample products with in-store "testers" and buy small bottles to start with; they are given information about ingredients; they are offered refills at a discount;

Good to the Third World: Anita Roddick, who runs the company, spends months each year traveling to remote regions to study the people's skin and hair care. (9)

Good to charities and worthy causes: Amnesty International, Romanian orphanages and the threatened rainforests of South America are among many beneficiaries of money, million-signature petitions, supplies, volunteers, membership sign-ups, shop-window campaigns;

Good to the environment: The Body Shop uses minimal packaging, recycles almost everything in sight and battles pollution. In one Body Shop paper-making business in Nepal, paper is made from water hyacinths that used to clog waterways, and from specially planted banana palms that have helped stop erosion and provide food. Residue from the paper-making is used to make pots for trans- planting much-needed trees. (10) .

While Roddick might say nasty things about some of the Body Shop shareholders--she loathes uncaring "speculators" who are just in for a quick profit--the company has certainly been good for their bank accounts. Since the shares were floated, in 1981, their price has increased almost 100--fold, says Fortune magazine. (11) Asked in a phone interview about how the Body Shop is likely to fare when Roddick retires, he says, "A couple of thousand years ago, you might have asked," What's going to happen to Christianity if Jesus Christ dies？ If Anita Roddick goes, the Body Shop could potentially become even stronger. The corporate culture is very strong." (12) Roddick gets angry about suspicious questioning "Anyone claiming to be altruistic is considered suspect." But, in a phone interview while she is visiting the Madison Avenue, New York, Body Shop, she gives some answers.

A But first let's look at what makes The Body Shop seem just too good to be true.

B One London stock analyst, John Richards of Country Natwest, even compares Roddick to Christ.

C All this, plus jobs and income!

D She has set up several Third World suppliers under a "Trade not Aid" policy;

E Still, no person and no business is perfect.

F Auckland businessman Roger Lampen of the job search Lampen Group Ltd says he's inspired by what he has read and heard about Roddick.

G But each year we're slowly getting better.

(8)

I _____a flat if I won the lottery.

A. would buy

B. will buy

C. buy

A.Buying

B.To buy

C.Buy

D.Bought

A.buying

B.to buy

C.buys

D.buy

Nowhere else _____ this kind of products.

A、can you buy

B、can buy you

C、you can buy

D、you will buy