Warren Corporation will pay a $3.60 per share dividend next year. The company’s dividend is expected to grow at 4.5% per year forever. If your required return is 13%, how much will you pay for the company’s stock today?

A.$5,250.

B.$6,250.

C.$7,000.

The author implies which of the following conclusions？

A．The Commodity Credit Corporation was created to offer farmers incentives for taking land out of production.

B．Secretary of Agriculture Wallace alienated members of the American Farm Bureau Federation by proposing an ever normal granary.

C．The Agricultural Adjustment Act of 1933 was declared unconstitutional because it was written by the Farm Bureau.

D．Roosevelt's ability to gain passage of the Agricultural Adjustment Act of 1938 depended on the large harvests of 1937.

The author implies which of the following conclusions？

A．The Commodity Credit Corporation was created to offer farmers incentives for taking land out of production.

B．Secretary of Agriculture Wallace alienated members of the American Farm Bureau Federation by proposing an ever normal granary.

C．The Agricultural Adjustment Act of 1933 was declared unconstitutional because it was written by the Farm Bureau.

D．Roosevelt' s ability to gain passage of the Agricultural Adjustment Act of 1938 depended on the large harvests of 1937.

SECTION A CONVERSATIONS

Directions: In this section you will hear several conversations. Listen to the conversations carefully and then answer the questions that follow.

听力原文：M: I don't understand. I got a ticket on my ear.

W: Unhuh. Well, are you a student of the university？

M: Yes.

W: And did you buy a parking permit？

M: I certainly did and I was parked in a student parking area. The one behind the Student Union.

W: I see. Let me look it up, then. What's your student ID number？

M: 972-38-4401.

W: Mr. Warren？

M: That's right.

W: Yes, your parking permit is current. Let me see your ticket.

M: Here it is.

W: Oh. But this ticket is for a 1994 blue Ford and we show your permit for a 1990 red Chevrolet.

M: My car was in the shop so I drove my cousin's car.

W: That's the problem, then. Your parking permit is good for your car only. When you have to use a different car, you should get a temporary permit here at Campus Police before you use one of the student lots. Otherwise, just park in a visitor's Space.

M: And how much do they cost？

W: They are free to students who have regular permits. In the meantime, I'm afraid I'll have to charge you the ten-dollar fine.

What prompted this conversation？

A．The man did not have transportation to school.

B．The man received a parking ticket.

C．The man went to the Student Union.

D．The man wanted to buy a parking permit.

As the United States is known as a nation of all nations, its foods are also international. If you come from China, you'll find ______. For those who favor spicy Mexican food, ______. Though KFC (Kentucky Fried Chicken) is a Kentucky-based corporation and has its restaurants all over the world, Georgia ______. If you prefer seafood, Maine ______. For the lovers of cheese and beef, Chicago ______. Well, after you have had a meal of your favorite food, what about a fruit dessert ______？

M: Thanks.

W: First question: is building a brand any different today than it was 20 or 50 years ago because advertising media have changed？

M: In many ways, I don't think it is. (19)You've got to represent what that brand really is, and that doesn't change because the media changes.

W: You always tell the advertising managers not to forget that the consumer is the boss. Why is that？

M: When new chief marketing officers come in, they want to put their own stamp on things. (19)They'll make changes that might not necessarily be the essence of the brand. That is wrong.

W: Give an example, please.

M: Take an example from brands of ears. Volvo is safety. Every once in a while the Volvo officers want their cars to be known as beautiful or sporty. But that's not what people think. People think, "No, Volvo is safety. "

W: What is your suggestion to this？

M: (20)You have to be consistent in your brand building through all the media that you use, whether it's the Internet, traditional advertising, word of mouth, conferences or product placements.

W: The brand competition is now on the fire, what's your suggestion？

M: (21)The best way is to position your brands to be different from another. You need to avoid having brands represent the same thing, and consumers are not able to figure out which brand is which.

(20)

A．Advertising media.

B．Advertising.

C．Essence of branding.

D．Essence of the product.

In 1983, Warren began successfully treating sufferers with antibiotics and bismuth.

A．Y

B．N

C．NG

Warren Buffett was born in a rich family.()

What does Jacob Warren want lo apply for？

Jacob Warren wants to apply for a position as a __________.

A.Domagk

B.Fleming

C.Warren

D.Schleich