It requires the long-term infusion of customer centricity and marketing strategy capability throughout the organization.

A bond market analyst states, “The current term structure of interest rates is upward sloping which implies the market believes short-term interest rates will rise in the future.” Which theory of the term structure of interest rates does the analystmost likely believe?

A. Pure expectations theory.

B. Liquidity preference theory.

C. Market segmentation theory.

60 A science B creation C production D market

Please visit our website to learn more about the innovative and_____priced marketing services we offer.

A．virtually

B．gratefully

C．thoroughly

D．reasonably

The Dollar in World Markets{Page}

According to a leading German banker, the U.S dollar is "the most frequently discussed economic phenomenon of our times'. He adds, "the dollar's. exchange rate is at present the most important price in the world, economy."Because the dollar acts as. a world currency,________(1). The central banks of many countries hold huge reserves of dollars, and over half of all world trade is priced in terms of dollars. Any shift in the dollar's exchange rate will benefit some and hurt, others. Some people suggest, therefore, _______ (2)．

The dollar's exchange rate has been too volatile(反复无常的) and unpredictable. Several years ago the dollar was rapidly declining in value.This made it __ (3). The rise in the price of foreign goods made it possible for U. S. businesses to raise the price of competing foods produced here，thus worsening inflation. Foreigners who dealt in dollars or who held dollars as reserves were hurt. People in the United States who had borrowed foreign currencies found that they had to pay back more than they. borrowed_______ (4). The United States lost face in the eyes of the rest of the world．

The dollar went soaring upward, and the situation was reversed．The United States exporters found it hard to sell abroad because foreigners would have to pay more for U. S. dollars. People in the United States now bought the relatively cheaper foreign goods, and U.S.manufacturers complained that they could not compete: Job losses were often blamed on the "overvalued" dollar. Poor nations __ (5) found it difficult to repay both the loans and the interest because they had to use more and more of their own currencies to obtain dollars. The solution to this problem is to end the system of floating exchange rates(浮动汇率) and return to fixed rates. We might even return to the gold standard (金本位).

Fixed exchange rates did not work in the past. Currency values should be determined by market conditions. A drop in the exchange value of a nation's currency means that it is importing too much,that it is too inefficient to compete in world markets, that it is permitting a high rate of inflation which makes its goods too expensive, that it is going too deeply in debts, or that others have lost confidence in the nations stability. A nation should bring its exchange rate back up by addressing (处理，关注) these problems, not by interfering with the money market.

A．its value affects many nations

B．that the dollar's value should be more tightly controlled

C．difficult for Americans to purchase foreign goods and services

D．that had borrowed dollars

E．because the declining dollar would buy fewer units of the foreign money

F．although the basic purpose of dollars is to provide positive influence on the world markets

第 46 题

请选择（1）处的最佳答案．

Tench Cars (Tench) is large national car manufacturing business. It is based in Essland, a country that has recently turned from state communism to democratic capitalism. The car industry had been heavily supported and controlled by the bureaucracy of the old regime. The government had stipulated production and employment targets for the business but had ignored profit as a performance measure. Tench is now run by a new generation of capitalist business people intent on rejuvenating the company’s fortunes.

The company has a strong position within Essland, which has a population of 200 million and forms the majority of Tench’s market. However, the company has also traditionally achieved a good market share in six neighbouring countries due to historic links and shared culture between them and Essland. All of these markets are experiencing growing car ownership as political and market reforms lead to greater wealth in a large proportion of the population. Additionally, the new government in Essland is deregulating markets and opening the country to imports of foreign vehicles.

Tench’s management recognises that it needs to make fundamental changes to its production approach in order to combat increased competition from foreign manufacturers. Tench’s cars are now being seen as ugly, pollutive and with poor safety features in comparison to the foreign competition. Management plans to address this by improving the quality of its cars through the use of quality management techniques. It plans to improve financial performance through the use of Kaizen costing and just-in-time purchasing and production. Tench’s existing performance reporting system uses standard costing and budgetary variance analysis in order to monitor and control production activities.

The Chief Financial Officer (CFO) of Tench has commented that he is confused by the terminology associated with quality management and needs a clearer understanding of the different costs associated with quality management. The CFO also wants to know the impact of including quality costs and using the Kaizen costing approach on the traditional standard costing approach at Tench.

Required:

Write to the CFO to:

(a) Discuss the impact of collection and use of quality costs on the current costing systems at Tench. (6 marks)

(b) Discuss and evaluate the impact of the Kaizen costing approach on the costing systems and employee management at Tench. (8 marks)

(c) Briefly evaluate the effect of moving to just-in-time purchasing and production, noting the impact on performance measures at Tench. (6 marks)

Software design is a(66)process. It requires a certain(67)of flair on the part of the designer. Design can net be learned from a book. It must be practiced and learnt by experience and study of existing systems. A well(68)software system is straight forward to implement and maintain, easily(69)and reliable. Badly(68)software systems, although they may work are(70)to be expensive to maintain, difficult to test and unreliable.

A．create

B．created

C．creating

D．creative

Software design is a(71)process .It requires a certain(72)of flair on the part of the designer. Design can not be learned from a book .It must be practiced and learnt by experience and study of existing systems .A well(73)software system is straightforward to implement and maintain ,easily(74)and reliable .Badly(73)software systems ,although they may work are(75)to be expensive to maintain ,difficult to test and unreliable.

A．create

B．created

C．creating

D．creative

The numbers of deer have fluctuated markedly since the entry of Europeans into Puget Sound country. The early explorers and settlers told of abundant deer in the early 1800s and yet almost in the same breath bemoaned the lack of this succulent game animal. Famous explorers of the North American frontier, Lewis and Clark arrived at the mouth of the Columbia River on November 14, 1805, in nearly starved circumstances. They had experienced great difficulty finding game west of the Rockies and not until the second of December did they kill their first elk. To keep 40 people alive that winter, they consumed approximately 150 elk and 20 deer. And when game moved out of the lowlands in early spring, the expedition decided to return east rather than face possible starvation. Later on in the early years of the nineteenth century, when Fort Vancouver became the headquarters for the Hudsons Bay Company, deer populations continued to fluctuate. David Douglas, Scottish botanical explorer of the 1830s, found a disturbing change in the animal life around the fort during the period between his first visit in 1825 and his final contact with the fort in 1832. A recent Douglas biographer states: "The deer which once picturesquely dotted the meadows around the fort were gone[in 1832], hunted to extermination in order to protect the crops."

The phrase "in the same breath" in the passage is closest in meaning to

A．impatiently

B．humorously

C．continuously

D．immediately

Which of the following questions does the passage deal with?

A．Are musical ability and mathematical ability connected?

B．Why have blacks been greatly overrepresented in the development of American popular music?

C．What kinds of music require formal training?

D．What are the contributions made by black musicians?