Your vessel was damaged and initially assumed a significant list and trim; however，further increase has been slow. Based on this data，what should you expect？（）

听力原文： We all know what a significant number of obstacles the tourist industry had to face between 2001 and 2003. From military conflicts to SARS, passing through terrorism and a sluggish economic situation, all negative factors came together to damage tourism results. The impact was significant and rather global. For the first time since 1982, 2003 shows a drop in international tourist arrivals (-1.5%).

However, the period 2004 - 2005 was not much calmer. From the devastating Tsunami to the more recent hurricanes distressing the coasts of the US and Mexico, without forgetting several terrorist attacks and the surge in oil prices. The good news though was that world economy resisted in spite all, and grew by 5% in 2004 and is set to increase by 4% in 2005. And the other good news is that notwithstanding all these threats, world tourism showed again its resilience with such events having only a limited impact in terms of geographical and temporal spread.

International tourist arrivals grew in 2004 to an exceptional total of 763 million, which represents an overall increase of over 10%. This result was much due to the unprecedented recovery of tourism in Asia with a growth of 28% over the trouble year of SARS. Likewise international tourism receipts grew by 9% after dropping 3% the previous year, whereas in Asia this growth was of almost 25%.

And growth continues in 2005. According to the latest data published by WTO in the October issue of the WTO World Tourism Barometer, international tourist arrivals grew by almost 6% up to July, which represents an increase of 25 million arrivals worldwide. Such growth trend was particularly strong in Asia, where after an extraordinary 28% growth in 2004, arrivals were up by 9%, again above the world average and above the long term forecast growth of around 6% a year. 2005 is estimated to end with a growth in tourist arrivals of 5% to 6%, while estimates for Asia indicate a projected 10% increase, much driven by China's exceptional performance, where tourist arrivals grew by an extraordinary 14% until October.

Which of the following is not mentioned as an obstacle of the world tourism industry?

A．SARS.

B．Terrorism.

C．Inflation.

D．Sluggish economy.

Furlion Co manufactures heavy agricultural equipment and machinery which can be used in difficult farming conditions. Furlion Co’s chief executive has been investigating a significant opportunity in the country of Naswa, where Furlion Co has not previously sold any products. The government of Naswa has been undertaking a major land reclamation programme and Furlion Co’s equipment is particularly suitable for use on the reclaimed land. Because of the costs and other problems involved in transporting its products, Furlion Co’s chief executive proposes that Furlion Co should establish a plant for manufacturing machinery in Naswa. He knows that the Naswan government is keen to encourage the development of sustainable businesses within the country.

Initial calculations suggest that the proposed investment in Naswa would have a negative net present value of $1·01 million. However, Furlion Co’s chief executive believes that there may be opportunities for greater cash flows in future if the Naswan government expands its land reclamation programme. The government at present is struggling to fund expansion of the programme out of its own resources and is looking for other funding. If the Naswan government obtains this funding, the chief executive has forecast that the increased demand for Furlion Co’s products would justify $15 million additional expenditure at the site of the factory in three years’ time. The expected net present value for this expansion is currently estimated to be $0.

It can be assumed that all costs and revenues include inflation. The relevant cost of capital is 12% and the risk free rate is 4%. The chief executive has estimated the likely volatility of cash flows at a standard deviation of 30%.

One of Furlion Co’s non-executive directors has read about possible changes in interest rates and wonders how these might affect the investment appraisal.

Required:

(a) Assess, showing all relevant calculations, whether Furlion Co should proceed with the significant opportunity. Discuss the assumptions made and other factors which will affect the decision of whether to establish a plant in Naswa. The Black Scholes pricing model may be used, where appropriate. (16 marks)

(b) Explain what is meant by an option’s rho and discuss the impact of changes in interest rates on the appraisal of the investment. (5 marks)

(c) Discuss the possibility of the Naswan government obtaining funding for further land reclamation from the World Bank, referring specifically to the International Development Association. (4 marks)

Examine the commands executed to monitor database operations:$> conn sys oracle/oracle@prod as sysdbaSQL > VAR eid NUMBERSQL > EXEC: eid := DBMS_SQL_MONITOR.BEGIN_OPERATION (‘batch_job’ , FORCED_TRACKING => ‘Y’);Which two statements are true?（）

A. Database operations will be monitored only when they consume a significant amount of resource.

B. Database operations for all sessions will be monitored.

C. Database operations will be monitored only if the STATISTICS_LEVEL parameter is set to TYPICAL and CONTROL_MANAGEMENT_PACK_ACCESS is set DIAGNISTIC + tuning.

D. Only DML and DDL statements will be monitored for the session.

E. All subsequent statements in the session will be treated as one database operation and will be monitored.

Growing GM crops is initially ______ but cheaper in the long run.

(ii) Discuss whether gains and losses that have been reported initially in one section of the performance

statement should be ‘recycled’ in a later period in another section and whether only ‘realised’ gains and

losses should be included in such a statement. (9 marks)

Do we need cities any more

I don't want to live in a city. Perhaps we divide naturally into two types: those for whom cities are vibrant and exciting, a focus for human activity; and those for whom they are dirty, noisy and dangerous. It may be unfashionable, but I'm in the latter camp. I do not believe that we are a species whose behavior. improves in overcrowded conditions.

A new study proposes a significant increase in the capacity of towns and cities through a combination of increased housing densities, lower on-plot provision for cars and more on-street parking, and the re-use of marginal open space that is empty of any amenity value. The benefit of this approach is to reduce the loss of green fields and to help "move towards more sustainable patterns of development".

This study suggests that it would be possible to achieve a 25% increase in density in a typical provincial city without changing the traditional street scene, although it would be necessary to reduce the size of the houses and substitute parking spaces for garages. Therefore, the cost of this approach is to have more people living in smaller homes at higher densities, along streets that are lined with parked cars. Can we really accept the notion that space within dwellings may be reduced even further? In times when, we are told, living standards are rising in real terms, is it realistic to seek to reduce personal space standards?

The streets of many inner suburbs are already lined with cars on both sides, reducing movement to a single lane. Increasing densities means accepting urban streets that are designed as linear car parks, bounded by even smaller living units and modified only by occasional trees growing from the tarmac. Would the benefits of higher density be worth the disadvantages of increasing on-street parking? Can we achieve a satisfactory visual environment from such raw materials? Higher urban densities may be communally good for us, but they will fail to meet the desire of many prospective home owners.

Those without economic choice can be directed to live in this way, but if we are to continue to rely on the private sector to produce this urban housing, it will need to appeal to the private developers' customers. Who will choose to live in these high-density developments of small dwellings, with minimal open space and a chance to park on the highway if you are lucky enough to find a space? The main consumers will be single people, couples without children, and perhaps some "empty nesters". These are people who can choose to spend much of their time outside their home, making the most of those urban cultural opportunities or getting away at weekends to a country cottage of sporting activities.

The combination of a young family and a mortgage restricts the mobility and spending power of many couples. Most people with a family will try to avoid bringing up their children in an overcrowded flat or house. Space for independent activity is important in developing the individual and in maintaining family balance. The garden is the secure place where the children can work off excess energy.

There is danger that planners may take a dispassionate, logical view of how we should live, and seek to force society into that shape. A few years ago a European Commission study provided a good example of this. It took the view, quite sensibly, that housing should not be under-occupied because this is a waste of resources. Therefore, it would be much better if the many thousands of old ladies who live alone in large detached houses would move into small urban flats, thus releasing the large houses for families. What the study failed to recognize was that many of those old ladies prefer to continue to live in their family home with their familiar surroundings and, most importantly, with their memories. What is good for us is not necessarily what we want.

A．Y

B．N

C．NG

Do We Need Cities Any More?

I don't want to live in a city. Perhaps we divide naturally into two types: those for whom cities are vibrant(振动的)and exciting, a focus for human activity; and those for whom they are dirty, noisy and dangerous. It may be unfashionable, but I'm in the latter camp. I do not believe that we are a species whose behavior. improves in overcrowded conditions.

A new study proposes a significant increase in the capacity of towns and cities through a combination of increased housing densities, lower on-plot provision for cars and more on-street parking, and the re-use of marginal open space that is empty of any amenity value(休闲价值). The benefit of this approach is to reduce the loss of green fields and to help "move towards more sustainable patterns of development".

This study suggests that it would be possible to achieve a 25% increase in density in a typical provincial city without changing the traditional street scene, although it would be necessary to reduce the size of the houses and substitute parking spaces for garages. Therefore, the cost of this approach is to have more people living in smaller homes at higher densities, along, streets that are lined with parked cars. Can we really accept the notion that space within dwellings may be reduced even further? In times when, we are told, living standards are rising in real terms, is it realistic to seek to reduce personal space standards?

The streets of many inner suburbs are already lined with cars on both sides, reducing movement to a single lane. Increasing densities means accepting urban streets that are designed as linear car parks, bounded by even smaller living units and modified only by occasional trees growing from the tarmac(柏油碎石路). Would the benefits of higher density be worth the disadvantages of increasing on-street parking? Can we achieve a satisfactory visual environment from such raw materials? Higher urban densities may be communally good for us, but they will fail to meet the desire of many prospective home owners.

Those without economic choice can be directed to live in this way, but if we are to continue to rely on the private sector to produce this urban housing, it will need to appeal to the private developers' customers. Who will choose to live in these high-density developments of small dwellings, with minimal open space and a chance to park on the highway if you are lucky enough to find a space? The main consumers will be single people, couples without children, and perhaps some "empty nesters"(people whose children have grown up and left home). These are people who can choose to spend much of their time outside their home, making the most of those urban cultural opportunities or getting away at weekends to a country cottage or sporting activities.

The combination of a young family and a mortgage(抵押贷款)restricts the mobility and spending power of many couples. Most people with a family will try to avoid bringing up their children in an overcrowded flat or house. Space for independent activity is important in developing the individual and in maintaining family balance. The garden is the secure place where the children can work off excess energy.

There is a danger that planners may take a dispassionate(冷清的), logical view of how we should live, and seek to force society into that shape. A few years ago a European Commission study provided a good example of this. It took the view, quite sensibly, that housing should not be under-occupied because this is a waste of resources. Therefore, it would be much better if the many thousands of old ladies who live alone in large detached houses would move into small urban flats, thus releasing the large houses for families. What the study failed to recognize was that many of those old ladies prefer to continue to live in their family home with their familiar surroundings and, most importa

A．Y

B．N

C．NG

Do We Need Cities Any More?

I don't want to live in a city. Perhaps we divide naturally into two types: those for whom cities are vibrant (振动的) and exciting, a focus for human activity; and those for whom they are dirty, noisy and dangerous. It may be unfashionable, but I'm in the latter camp. I do not believe that we are a species whose behavior. improves in overcrowded conditions.

A new study proposes a significant increase in the capacity of towns and cities through a combination of increased housing densities,' lower on-plot provision for cars and more on-street parking, and the re-use of marginal open space that is empty of any amenity value (休闲价值). The benefit of this approach is to reduce the loss of green fields and to help "move towards more sustainable patterns of development".

This study suggests that it would be possible to achieve a 25% increase in density in a typical provincial city without changing the traditional street scene, although it would be necessary to reduce the size of the houses and substitute parking spaces for garages. Therefore, the cost of this approach is to have more people living in smaller homes at higher densities, along streets that are lined with parked cars. Can we really accept the notion that space within dwellings may be reduced even further? In times when, we are told, living standards are rising in real terms, is it realistic to seek to reduce personal space standards?

The streets of many inner suburbs are already lined with cars on both sides, reducing movement to a single lane. Increasing densities means accepting urban streets that are designed as linear car parks, bounded by even smaller living units and modified only by occasional trees growing from the tarmac (柏油碎石路). Would the benefits of higher density be worth the disadvantages of increasing on-street parking? Can we achieve a satisfactory visual environment from such raw materials? Higher urban densities may be communally good for us, but they will fail to meet the desire of many prospective home owners.

Those without economic choice can be directed to live in this way, but if we are to continue to rely on the private sector to produce this urban housing, it will need to appeal to the private developers' customers. Who will choose to live in these high-density developments of small dwellings, with minimal open space and a chance to park on the highway if you are lucky enough to find a space? The main consumers will be single people, couples without children, and perhaps some "empty nesters" (people whose children have grown up and left home). These are people who can choose to spend much of their time outside their home, making the most of those urban cultural opportunities or getting away at weekends to a country cottage or sporting activi- ties.

The combination of a young family and a mortgage (抵押贷款) restricts the mobility and spend- ing power of many couples. Most people with a family will try to avoid bringing up their children in an overcrowded flat or house. Space for independent activity is important in developing the individual and in maintaining family balance. The garden is the secure place where the children can work off excess energy.

There is a danger that planners may take a dispassionate (冷静的), logical view of how we should live, and seek to force society into that shape. A few years ago a European Commission study provided a good example of this. It took the view, quite sensibly, that housing should not be under-occupied because this is a waste of resources. Therefore, it would be much better if the many thousands of old ladies who live alone in large detached houses would move into small urban flats, thus releasing the large houses for families. What the study failed to recognize was that many of those old ladies prefer to continue to live in their family home wit

A．Y

B．N

C．NG