Section A
Questions 36 to 45 are based on the following passage.
The increase in the margin rate (保證金率)from 50% to 70% was not an attempt to stem any rampant (猛烈的)speculation on the part of the public-actually the market seemed technically quite strong, with public participation essentially dignified-but rather an attempt by the Federal Reserve Board to preserve the sound underpinnings that existed in the market. Naturally, such a move had a____36____chilling effect upon prices but if the FRB had been preoccupied with undue speculation, the increase might have been to the 80% or even 90% level. Such increases in the margin rate is a____37____of a strong stock market and since 1989, such increases have resulted in interim market highs over twelve months later. Obviously, there could be no____38____that this would once again be the case, but if history is any guideline-and if business and corporate earnings were to continue on the same course-continued optimism over the outlook for the stock market would seem more____39____than pessimism.
The margin increase ____40____the good rise that stocks had enjoyed for the previous year-and the fact that a 50% rate was maintained as long as it was pointed up the fact that the rise was mainly conservative in that it was concentrated in the blue chips for the most part. In past Investment Letters we have____41____the thought that speciality stocks could outperform the general market from this point. We continue to believe that this could be the case. For example, steel stocks tend to sell at a certain fixed price/earnings ratio. Below a certain ratio they are considered good value-above a certain ratio,____42____. If a company produces a unique product, it is far more difficult for market analysis to place a numerical ratio upon the company's earnings. We have also contended in the past Letters that the stock market reflects mass psychology as well as the business outlook. When investors-both the public and the institutions-are nervous and____43____they definitely hesitate to buy stocks: they seek low price/earnings multiples and high____44____. These same investors-when they are in an optimistic frame of mind--become far less____45____ with yields and more willing to pay a premium( high p/e multiples)for accelerated growth. If the public's attitude towards the auto industry is any measure, then this period seems to have been one of optimism.
A．confirmation
B．guarantee
C．intelligible
D．invariably
E．momentarily
F．overpriced
G．pessimistic
H．preoccupied
I．prudent
J．representation
K．speculate
L．underscored
M．vicinity
N．voiced
O．yields
36．E)。詳解：由空格后的chilling可知，空格處缺少副詞。該句句意為：自然，聯(lián)邦儲備基金會的這一行動會使 股價降低。只有E)momentarily“短暫地”在含義上與本句 吻合，故為答案。
37．A)。詳解：由空格前的a和空格后的of后可推斷此處 缺少名詞。結(jié)合下文提及的such increases have resulted in interim market highs over twelve months later可知，保證金 率的提高證明股票市場很強(qiáng)勁。A)confirmation“證實(shí)”符 合句意，故為答案。
38．B)。詳解：根據(jù)空格后的that從句可推斷此處缺少名 詞。由上文的“從l989年至今，保證金率的提高曾經(jīng)在12個 月內(nèi)令股市再創(chuàng)新高”可推知，本句的句意應(yīng)為：顯然，不可 能保證這種情況會再次出現(xiàn)。guarantee“保證”符合句意， 故為答案。
39．I)。詳解：根據(jù)空格前的seem more可知，該空格缺少 形容詞。由but后的兩個從句if history is any guideline- and if business and corporate earnings were to continue on the sanle course“參照歷史——如果商業(yè)和公司的利潤仍然 保持現(xiàn)有增長水平”可推知，股市前景應(yīng)該是更令人穩(wěn)健的，而不是更令人悲觀的。I)prudent“穩(wěn)健的”符合句意，故為答案。
40．L)。詳解：根據(jù)句子結(jié)構(gòu)可推斷此處缺少動詞作謂語。由上文的Such increases in the margin rate is a confirmation of a strong stock market可推知，本句句意為：保證金的增長印證了上一年股市強(qiáng)勁。L)underscored“印證”符合句意，故為答案。
41．N)。詳解：根據(jù)句子結(jié)構(gòu)可推斷．此處缺少動詞作謂語。結(jié)合句意：在過去的投資函中，我們一直了這樣的思想。N)voiced“表達(dá)”可以與空格后的thought搭配，故為答案。
42．F)。詳解：根據(jù)句子結(jié)構(gòu)可推斷此處缺少形容詞。本句破折號前后是平行結(jié)構(gòu)，由破折號前面的Below a certain ratio they are considered good value可推知，破折號后面的句子應(yīng)“高于一定比率就是定價過高”。F)overpriced“對 ……定價過高的”符合句意，故為答案。
43．G)。詳解：根據(jù)空格前的are nervous and可知，該空缺少一個和nervous并列的形容詞。由空格后的they ．definitely hesitate to buy stocks可推知，當(dāng)投資者心情緊張 且悲觀失望的時候，他們買股票時就會猶豫不決。G) pessimistic“悲觀的”符合句意，故為答案。
44．O)。詳解：由空格前的high可知，該空格缺少名詞。結(jié) 合句意：他們尋求低價格／利潤倍數(shù)和高額。根據(jù)常識，炒股者要追求高額收益率，故O)yields“收益(率)”為答 案。
45．H)。詳解：由空格前的become far less可知，該空缺少 形容詞作表語。與上一句話中的When investors…are nervous and pessimistic they definitely hesitate to buy stocks：they seek low price／earnings multiples and high yields相對的是本句話中These same investors--when they are in an optimistic frame of mind--become far less…，“這些投資者就太關(guān)注收益，更愿意支付溢價，追求高增長率”。 become preoccupied with意為“關(guān)注……，關(guān)心……”，故H)為答案。
Questions 36 to 45 are based on the following passage.
The increase in the margin rate (保證金率)from 50% to 70% was not an attempt to stem any rampant (猛烈的)speculation on the part of the public-actually the market seemed technically quite strong, with public participation essentially dignified-but rather an attempt by the Federal Reserve Board to preserve the sound underpinnings that existed in the market. Naturally, such a move had a____36____chilling effect upon prices but if the FRB had been preoccupied with undue speculation, the increase might have been to the 80% or even 90% level. Such increases in the margin rate is a____37____of a strong stock market and since 1989, such increases have resulted in interim market highs over twelve months later. Obviously, there could be no____38____that this would once again be the case, but if history is any guideline-and if business and corporate earnings were to continue on the same course-continued optimism over the outlook for the stock market would seem more____39____than pessimism.
The margin increase ____40____the good rise that stocks had enjoyed for the previous year-and the fact that a 50% rate was maintained as long as it was pointed up the fact that the rise was mainly conservative in that it was concentrated in the blue chips for the most part. In past Investment Letters we have____41____the thought that speciality stocks could outperform the general market from this point. We continue to believe that this could be the case. For example, steel stocks tend to sell at a certain fixed price/earnings ratio. Below a certain ratio they are considered good value-above a certain ratio,____42____. If a company produces a unique product, it is far more difficult for market analysis to place a numerical ratio upon the company's earnings. We have also contended in the past Letters that the stock market reflects mass psychology as well as the business outlook. When investors-both the public and the institutions-are nervous and____43____they definitely hesitate to buy stocks: they seek low price/earnings multiples and high____44____. These same investors-when they are in an optimistic frame of mind--become far less____45____ with yields and more willing to pay a premium( high p/e multiples)for accelerated growth. If the public's attitude towards the auto industry is any measure, then this period seems to have been one of optimism.
A．confirmation
B．guarantee
C．intelligible
D．invariably
E．momentarily
F．overpriced
G．pessimistic
H．preoccupied
I．prudent
J．representation
K．speculate
L．underscored
M．vicinity
N．voiced
O．yields
36．E)。詳解：由空格后的chilling可知，空格處缺少副詞。該句句意為：自然，聯(lián)邦儲備基金會的這一行動會使 股價降低。只有E)momentarily“短暫地”在含義上與本句 吻合，故為答案。
37．A)。詳解：由空格前的a和空格后的of后可推斷此處 缺少名詞。結(jié)合下文提及的such increases have resulted in interim market highs over twelve months later可知，保證金 率的提高證明股票市場很強(qiáng)勁。A)confirmation“證實(shí)”符 合句意，故為答案。
38．B)。詳解：根據(jù)空格后的that從句可推斷此處缺少名 詞。由上文的“從l989年至今，保證金率的提高曾經(jīng)在12個 月內(nèi)令股市再創(chuàng)新高”可推知，本句的句意應(yīng)為：顯然，不可 能保證這種情況會再次出現(xiàn)。guarantee“保證”符合句意， 故為答案。
39．I)。詳解：根據(jù)空格前的seem more可知，該空格缺少 形容詞。由but后的兩個從句if history is any guideline- and if business and corporate earnings were to continue on the sanle course“參照歷史——如果商業(yè)和公司的利潤仍然 保持現(xiàn)有增長水平”可推知，股市前景應(yīng)該是更令人穩(wěn)健的，而不是更令人悲觀的。I)prudent“穩(wěn)健的”符合句意，故為答案。
40．L)。詳解：根據(jù)句子結(jié)構(gòu)可推斷此處缺少動詞作謂語。由上文的Such increases in the margin rate is a confirmation of a strong stock market可推知，本句句意為：保證金的增長印證了上一年股市強(qiáng)勁。L)underscored“印證”符合句意，故為答案。
41．N)。詳解：根據(jù)句子結(jié)構(gòu)可推斷．此處缺少動詞作謂語。結(jié)合句意：在過去的投資函中，我們一直了這樣的思想。N)voiced“表達(dá)”可以與空格后的thought搭配，故為答案。
42．F)。詳解：根據(jù)句子結(jié)構(gòu)可推斷此處缺少形容詞。本句破折號前后是平行結(jié)構(gòu)，由破折號前面的Below a certain ratio they are considered good value可推知，破折號后面的句子應(yīng)“高于一定比率就是定價過高”。F)overpriced“對 ……定價過高的”符合句意，故為答案。
43．G)。詳解：根據(jù)空格前的are nervous and可知，該空缺少一個和nervous并列的形容詞。由空格后的they ．definitely hesitate to buy stocks可推知，當(dāng)投資者心情緊張 且悲觀失望的時候，他們買股票時就會猶豫不決。G) pessimistic“悲觀的”符合句意，故為答案。
44．O)。詳解：由空格前的high可知，該空格缺少名詞。結(jié) 合句意：他們尋求低價格／利潤倍數(shù)和高額。根據(jù)常識，炒股者要追求高額收益率，故O)yields“收益(率)”為答 案。
45．H)。詳解：由空格前的become far less可知，該空缺少 形容詞作表語。與上一句話中的When investors…are nervous and pessimistic they definitely hesitate to buy stocks：they seek low price／earnings multiples and high yields相對的是本句話中These same investors--when they are in an optimistic frame of mind--become far less…，“這些投資者就太關(guān)注收益，更愿意支付溢價，追求高增長率”。 become preoccupied with意為“關(guān)注……，關(guān)心……”，故H)為答案。