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A Listening Course 4
施心远主编《听力教程》4 (第2版)答案
Unit 5
Section One: Tactics for Listening
Part 1: Listening and Translation
1. Stocks, bonds, land--people invest in different things and for different
reasons.
股票、债券、土地--人们由于不同原因进行不同的投资。
2. But all investors share the same goal.
但是所有的投资者都有一个共同的目标。
3. They want to get more money out of their investment than they put into it.
他们希望通过投资获得比所有投入的资金更多的货币回报。
4. The money they invest today provides capital for future growth in the economy.
他们今天的投资为将来经济的发展提供了资金。
5. Investors have to decide how much risk they are willing to take and for how long.
投资者必须决定自己愿意在多长的时间范围内承受多大的风险。 Section Two Listening Comprehension
Part 1 Dialogue The Bank Manager
Exercise: Listen to the dialogue and choose the best answer to complete
each of the following sentences.
1. D 2. A 3. D 4. B 5. C 6. C 7. A 8. C
Part 2 Passage Stock Market: How it Works
Ex. A. Pre-listening Question
What do you know about stock market in China?
The Shanghai Stock Exchange was founded on November 26th, 1990 and in operation on December 19th the same year, and Shenzhen Stock Exchange was established on December 1st, 1990.
Ex. B: Sentence Dictation
1. A wave of selling triggered widespread price declines in stock markets from New York to Australia. The Dow Jones Industrial Average plunged 508 points in the panicked rush to sell.
2. The stock market is the means through which previously issued corporate stocks, shares of ownership in a corporation, are traded.
3. However, the forces influencing the prices of corporate stocks are quite different from those influencing the prices of goods and services.
4. People and organizations who buy and hold stock do so for the incomes they hope to earn.
5. When Black Monday finally reeled to a close, many a portfolio had lost over a fifth of the value it had the day before.
Ex. C: Detailed Listening.
1. B 2. A 3. D 4. B 5. B 6. D 7. C 8. C
Ex. D: After-listening Discussion
1. What is “Black Monday”?
On October 19, 1987, a wave of selling triggered widespread declines in stock markets from New York to Australia. That day is “Black Monday”. On that day, there were hardly any buy orders, and the markets were flooded with sell orders. Over 600 million shares were traded on the New York Stock Exchange---more than twice the NYSE’s average sales volume. The Dow Jones Industrial Average of the prices of 30 stocks of major US companies lost 22.6 percent of its value on that memorable day, plunging 508 points in the panicked rush to sell. When Black Monday finally reeled to a close, many a portfolio had lost over a fifth of the value it had the day before.
2. Do you like to be a broker? Why?
Open.
Script of Passage:
Stock Market: How It Works
On Monday, October 19, 1987, a wave of selling triggered widespread price declines in stock markets from New York to Australia. ON that day, now infamous as “Black Monday”, over 600 million shares were traded on the New York Stock Exchange---more than twice the NYSE’s average sales volume. The Dow Jones Industrial Average of the
prices of 30 stocks of major US companies lost 22.6 percent of its value on that memorable day, plunging 508 points in the panicked rush to sell.
What is the stock market, and how is it affected by the forces of supply and demand? The stock market is the means through which previously issued corporate stocks, shares of ownership in a corporation, are traded. Stock exchanges are organizations whose members act as intermediaries to buy and sell stocks for their clients. About 80 percent of all stock trading in the United States takes place at the New York Stock Exchange. There are other stock exchanges in the United States as well as in Paris, London, Sydney and Tokyo.
How are stock prices determined? The answer, as you might expect, is by supply and demand. However, the forces influencing the prices of corporate stocks are quite different from those influencing the prices of goods and services. People and organizations who buy and hold stock do so for the incomes they hope to earn. The incomes depend on dividends paid to stockholders, changes in the incomes they hope to earn. The incomes depend on dividends paid to stockholders, changes in the price of stock over time, and the expected return compared to the return on alternative investments.
On any given day in the stock market, there are orders to buy and orders to sell. The orders to buy constitute the quantity of a stock demanded at the current (or anticipated) price per share, while the
orders to sell constitute the quantity supplied at that price. The chief influence on both the supply of and demand for stocks is the income potential of holding the stock compared to the income potential of holding alternative assets such as bonds, other types of securities, or real property like buildings and land.
On the New York Stock Exchange, trading in all stocks is continuous.
A specialist is assigned to oversee trading in each stock. This specialist is a “broker’s broker” who tries to adjust the price of the stock so that quantity demanded equals quantity supplied. However, the specialist is also allowed to purchase the stock to hold as a personal investment if no buyer can be found. In this way the specialist can exert some influence on the supply of and demand for stocks, and will do so if it’s profitable.
On October 19, 1987, there were hardly any buy orders, and the markets were flooded with sell orders. Because of the tremendous surplus of stocks at the prevailing prices, specialists and call clerks lowered prices until quantity demanded equaled quantity supplied. When Black Monday finally reeled to a close, many a portfolio had lost over a fifth of the value it had the day before.
Section Three News
News Item 1
Ex. A: Summarize the news
This news item is about
Ex. B: Listen again and fill in the blanks.
Scientists have dramatically that the current is For most of the last two thousand years, the Arctic , a consequence of variations in the Earth’s orbit.
But over the last century, the cooling , and the region is now warmer than in the journal Science, the researchers say this shows how quickly the Arctic responds to .
News Item 2
Ex. A: Listen to the news and complete the summary
This item is about
Ex. B: Listen to the news again and answer the questions.
1. How many trees are being discarded as tissue paper each day?
More than a quarter of a million trees.
2. What did the report find?
The report found alarmingly low levels of recycled fibers in the vast
majority of products by European toilet and tissue paper manufacturers.
3. Where are the fibers used by European toilet and tissue paper companies taken from?
The fibers are taken from natural forests in South Africa, Asia, Europe and across the Americas.
4. What have most of the toilet and tissue paper manufacturers failed to do?
Most of the companies have failed to take effective measures to prevent illegal or controversial timber from being used in their products.
Script of News Item Two:
The international conservation group, WWF, has accused European toilet and tissue paper manufacturers of contributing to global deforestation by not using enough recycled material. A spokesman said more than a quarter of a million trees were in fact being flushed down toilets or discarded as rubbish each day.
The report found alarmingly low levels of recycled fibers in the vast majority of products and said the fibers were instead being taken from natural forests in South Africa, Asia, Europe and across the Americas. Using virgin forest to make toilet paper, says the report, is wasteful and
unnecessary. The report also warns that illegal and unsustainable logging and conflicts over land rights still exist in many of these areas and that all but one of the companies have so far failed to take effective measures to prevent illegal or controversial timber from being used in their products. News Item 3
Ex. A: Listen and summarize the news item
This news item is about
Ex. B Listen to the news and complete the following outline Reason: Birds, mammals and reptiles are finding it increasingly difficult
Examples: 2. will destroy turtles and wading birds. Script of News Item 3
Scientists are warning that climate change could drive some species of migrating animals towards extinction. A report by European ornithologists and zoologists say that birds, mammals and reptiles are finding it increasingly difficult to follow their usual migration patterns.
This report by ornithologists and zoologists warns that global warming will cause increasing problems for many migrating species. For example, the spreading Sahara Desert could make it impossible for swallows to make their epic journey from Southern Africa, and rising sea levels will destroy many coastal habitats for turtles and wading birds. The study even suggests that warmer oceans could lead to some turtle species becoming entirely female. The selection of sex is closely linked to sea temperature.
Section Four
Part 1 Feature report
Script：
Money, Fame, Power Don't Motivate Most Workers
In his new book, titled Drive, author Daniel Pink says there's a big gap between what science knows and what business leaders know about how to motivate a workforce.
Pink says most businesses operate today on the carrot-and-stick system of rewards and punishments. Employees are rewarded for good
performance, and penalized for performing badly.
According to Pink, the carrot-and-stick approach usually works well in situations where workers are performing simple, routine tasks, like checking products on an assembly line or packing boxes. But for jobs that require creativity, and deeper, more complex thinking, such as writing or designing, employers need to take a different approach
Pink says it is important to recognize people are not as motivated by external factors like cash rewards as they are by things that interest them. He calls these intrinsic or internal motivators. “Intrinsic motivator is doing something for the sake of the activity itself. So you play the banjo because you like to play the banjo. Extrinsic motivator is doing something in order to get a reward. So I might work really hard because whoever with the most sales will get a $100 gift card.”
According to Pink, intrinsic motivators can be broken down into three components: The first is autonomy, that is, self-direction. Another one is mastery, that is, our desire to become better at something that matters, and finally, purpose, which is to do what we do in service of something larger than ourselves.
"Those are really the pathway to high performance on a whole range of things," says Pink, "especially on the more creative, conceptual, complex things that more and more people in this country, in the United States, in Western Europe, in Canada, in Australia, in Japan in much of
the industrialized world are doing."
Pink goes on to explain the importance of autonomy in situations where people are in restricted environments:
"The history of humans of all kinds of societies -- western, eastern, modern, ancient -- is that human beings typically resist control."
Pink believes the greatest things that have happened in human civilization have been the result of people being able to do what they wanted to do and how they wanted to do it:
"Most great pieces of art, most great pieces of music, many great architectural triumphs, many great technological innovations, the things that last and endure, are often the product, obviously, of human ingenuity, but also the product of the autonomy that allowed people to be ingenious," he says.
Another element of intrinsic motivation, says Pink, is the mastery. "What the greatest motivator we have is the desire to get better at stuff. There is a Harvard business school research that the biggest motivator at work - by far - is making progress. That are the days that people feel most engaged, most motivated, are the days when they've made some progress in their work."
Pink says that’s why it is so important managers recognize and validate progress in their employee’s work.
“In my view, the manager's great roles is to help people see their
progress, and to recognize progress and celebrate progress. Making progress is one of those things that [make up] the virtuous circle, so that if you make progress one day, you're more likely to be motivated, which makes it more likely that you'll make progress the next day."
And beyond progress, says Pink, there's a third element of intrinsic motivation, the universal human desire for a sense of purpose.
"We tend to work better when we know what we're doing matters in some way," he says. "Not necessarily matters in some super transcendent eliminate-green-house-gases from the atmosphere way, but can be simply writing a great story that helps people understand their world a little bit better; or creating a product that makes people live their lives a little easier, or creating something that brings beauty to somebody's life."
Daniel Pink believes that as we learn more about the science of human motivation, society will adapt.
Author Daniel Pink says today's business managers, facing the increasingly competitive pressures of a global marketplace, may be more inclined than ever before to question traditional attitudes about what motivates, and ultimately fulfills us, as humans.
Part 2 Passage
Exercise B Dictation
1. Agreements among parties in a competing relationship can raise antitrust suspicions. Competitors may be agreeing to restrict competition among themselves.
2. Antitrust authorities must investigate the effect and purpose of an agreement to determine its legality.
3. Prices may increase if consumer demand for a product is particularly high and the supply is limited.
4. Recent cases involved a group of physicians charged with using a boycott to prevent a managed care organization from establishing a competing health care facility in Virginia.
5. The FTC recently charged a group of auto dealers with restricting comparative and discount advertising to the detriment of consumers. Exercise C
1.T 2.T 3.F 4.F 5.F 6.F 7.T 8.F
Script:
Agreements among parties in a competing relationship can raise
antitrust suspicions. Competitors may be agreeing to restrict competition among themselves. Antitrust authorities must investigate the effect and purpose of an agreement to determine its legality.
竞争者间的横向协定： 相互之间有竞争关系的市场主体间的协定很可能引起反托拉斯当局的怀疑。竞争们可能协商在他们自己之间进行限制竞争。反托拉斯当局需要通过调查该协定的影响和目的来确
认其合法性。
Agreements about price or price-related matters such as credit
terms potentially are the most serious. That’s because price often is the principal way that firms compete. A "naked" agreement on price -- where the agreement is not reasonably related to the firms’ business operations -- is illegal. Hard core -- clear or blatant -- price-fixing is subject to criminal prosecution.
关于价格或诸如信用证条款等有关价格事项的协定是极具潜在危害性的。这是因为价格通常是商家之间竞争的最主要的手段。一项与公司的商业运作不适当地联系在一起的纯价格协定是非法的。Hard core -- clear or blatant -- price-fixing is subject to criminal prosecution. 限价行为不论其是清晰的还是极为显著的，都将面临到刑事指控。
Are similarity of prices, simultaneous price changes or high prices
indications of price-fixing? Not always. These conditions can result from price-fixing, but to prove the charge, antitrust authorities would need evidence of an agreement to fix prices. Price similarities -- or the
appearance of simultaneous changes in price -- also can result from normal economic conditions. For example, vigorous competition can drive prices down to a common level. A general increase in wholesale
gasoline costs due to production shortages can cause gasoline stations to increase retail prices around the same time. As for the appearance of uniformly "high" prices, collusion may not be the only basis for the
situation. Prices may increase if consumer demand for a product is
particularly high and the supply is limited. Ask any shopper in search of a particularly popular children’s toy.
是否近似价格、同时发生的价格变动或高价格都是限价行为的迹象呢？并非总是如此。这些情形可以是由限价行为而引发的，但是反托拉斯当局需要有一限价协定作为证据以支持其指控。近似价格、同时发生的价格变动也可以是由正常的经济环境变动而引发的。例如，激烈的竞争促使价格下降到一个正常的水平；因产量不足而引起的汽油成本整体性上升会促使各加油站在一个大体相同的时间提高它们的零售价格；至于出现的统一的高价格，串谋也可能不是出现这样情形的唯一原因。价格上涨可能是由于消费者对某一供应不足的产品需求特别大。如，要求商家提供一非常受欢迎的儿童玩具。
An agreement to restrict production or output is illegal because
reducing the supply of a product or service inevitably drives up its price.
一项关于限制产量的协定是非法的。因为它削减了产品和服务的供应量，这就不可避免地引发了价格上涨。
A group boycott -- an agreement among competitors not to deal
with another person or business -- violates the law if it is used to force another party to pay higher prices.
一团体的联合抵制（即竞争者之间有关禁止与其它人交易的协定）若是以迫使另一团体支付更高的价格为目的，那么这种行为就是非法的。
Boycotts to prevent a firm from entering a market or to
disadvantage a competitor also are illegal. Recent cases involved a group of physicians charged with using a boycott to prevent a managed care
organization from establishing a competing health care facility in Virginia and retailers who used a boycott to force manufacturers to limit sales through a competing catalog vendor.
联合抵制一家新的公司进入市场或联合使某一竞争者陷入劣势境地同样也是非法的。新近的案例有：弗吉尼亚州一内科医生团体联合抵制一组织建立其竞争性的卫生保健设施而遭到起诉；及零售商们通过联合行动强迫制造商限制其经由竞争性零售网的销售。
Are boycotts for other purposes illegal? It depends on their effect
on competition and possible justifications. A group of California auto dealers used a boycott to prevent a newspaper from telling consumers how to use wholesale price information when shopping for cars. The FTC proved that the boycott affected price competition and had no
reasonable justification.
至于用于其它目的的联合抵制行动是否也是非法的呢？这则取决于它们对于竞争的影响和可能存在的正当抗辩理由。例如，一加利福尼亚的汽车代理商团体曾采取联合抵制行动阻止新闻媒体告诉消费者在购买汽车时怎样利用批发价信息。联邦贸易委员会最终认定这种联合抵制行为影响了价格竞争，而且也没有任何正当的抗辩理由。
Agreements among competitors to divide sales territories or
allocate customers -- essentially, agreements not to compete -- are presumed to be illegal. At issue in one recent case was an agreement
between cable television companies not to enter each other’s territory.
竞争者之间关于市场领域划分或分享消费者的协定（本质上是也是限制竞争的）同样被认为是非法的。新近的一个案例是几家有线电视公司签订协定承诺互不进入对方的市场领域。
Restrictions on price advertising can be illegal if they deprive
consumers of important information. Restrictions on non-price
advertising also may be illegal if the evidence shows the restrictions have anticompetitive effects and lack reasonable business justification. The
FTC recently charged a group of auto dealers with restricting comparative and discount advertising to the detriment of consumers.
价格广告方面的限制若是剥夺了消费者需要的一些重要信息就是非法的。对非价格广告的限制亦有可能是非法的，只要有证据表明这种限制有反竞争性的影响同时又没有正当的商事抗辩理由。联邦贸易委员会不久前曾起诉了一群对比较和折扣广告进行限制，从而损害了消费者利益的汽车代理商。
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