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更多“In 1915, the liberal government was weakened, the government was reorganized as a “___”相关的问题
第1题
A.established
B.ventured
C.spoiled
D.liberal
第3题
John Light bought the “Lusitania” _______．
A.before 1915
B.before it sank
C.after it sank
D.after they had brought up the propellers
第4题
B、The Labor Party
C、The Republican Party
D、The Liberal Democrats
第5题
But college has never been able to work its magic for everyone. And now that close to half our high school graduates are attending, those who don't fit the pattern are becoming more numerous, and more obvious. College graduates are selling shoes and driving taxis; college students interfere with each other's experiments and write false letters of recommendation in the intense competition for admission to graduate school. Others find no stimulation in their studies, and drop out—often encouraged by college administrators.
Some observers say the fault is with the young people themselves—they are spoiled and they are expecting too much. But that's a c6ndemnation of the students as a whole, and doesn't explain all campus unhappiness. Others blame the state of the world, and they are partly right. We've been, told that young people have to go to college because our economy can't absorb an army of untrained eighteen-year-olds either.
Some adventuresome educators and campus watchers have openly begun to suggest that college may not be the best, the proper, the only place for every young person after the completion of high school. We may have been looking at all those surveys and statistics upside down, it seems, and through the rosy glow of our own remembered college experiences. Perhaps college doesn't make people intelligent, ambitious, happy, liberal, or quick to learn things—maybe it's just the other way around', and intelligent, ambitious, happy, liberal, quick-learning people are merely the ones who have been attracted to college in the first place. And perhaps all those successful college graduates would have been successful whether they had gone to college or not. This is heresy to those of us who have been brought up to believe that if a little schooling is good, more has to be much better. But contrary evidence is beginning to mount up.
What does the author believe according to the passage？______
A．People used to question the value of college education
B．People used to have full confidence in higher education
C．All high school graduates went to college
D．Very few high school graduates chose to go to college
第6题
A.gold and jewels
B.parts of ships
C.whole ships
D.all of the above
第7题
The finest films of the silent era depended on two elements that we can seldom provide today a large and receptive audience and a well-orchestrated score. For the audience, the fusion of picture and live music added up to more than the sum of the respective parts.
The one word that sums up the attitude of the silent filmmakers is enthusiasm, conveyed most strongly before formulas took shape and when there was more room for experimentation. This enthusiastic uncertainty often resulted in such accidental discoveries as new camera or editing techniques. Some films experimented with players; the 1915 film Regeneration, for example, by using real gangsters and streetwalkers, provided startling local color. Other films, particularly those of Thomas Ince, provided tragic endings as often as films by other companies supplied happy ones.
Unfortunately, the vast majority of silent films survive today in inferior prints that no longer reflect the care that the original technicians put into them. The modern versions of silent films may appear jerky and flickery, but the vast picture palaces did not attract four to six thousand people a night by giving them eyestrain. A silent film depends on its visuals; as soon as you degrade those, you lose elements that go far beyond the image on the surface. The acting in silent was often very subtle and very restrained, despite legends to the contrary.
In paragraph 2, the sentence" For the audience. . . parts, "indicates that______.
A．music was the most important element of silent films
B．silent films rely on a combination of music and image in affecting an audience
C．the importance of music in silent film has been overestimated
D．live music compensated for the poor quality of silent film images
第8题
The Human Tissue Authority’s position on the retention of body parts for medical research after a post-mortem examination is equally flawed. The new consent forms could have been drafted by some evil person seeking to stop the precious flow of human tissue into the pathological laboratory. The forms are so lengthy that doctors rarely have time to complete them and, even if they try, the wording is so graphic that relatives tend to leg it before signing. In consequence, the number of post mortems has fallen quickly.
The wider worry is that the moral shortsightedness evident in the Human Tissue Act seems to infect every facet of the contemporary debate on medical ethics. Take the timid approach to embryonic stem cell research. The United States, for example, refuses government funding to scientists who wish to carry out potentially ground-breaking research on the surplus embryos created by IVF treatment.
Senators profess to be worried that embryonic research fails to respect the dignity of “potential persons”. Rarely can such a vacuous concept have found its way into a debate claming to provide enlightenment. When is this “potential” supposed to kick in？ In case you were wondering, these supposedly precious embryos are at the same stage of development as those that are routinely terminated by the Pill without anyone crying. Thankfully, the British Government has refused the position of the United States and operates one of the most liberal regimes in Europe, in which licences have been awarded to researchers to create embryos for medical research. It is possible that, in years to come, scientists will be able to grow organs in the lab and find cures for a range of debilitating diseases.
The fundamental problem with our approach to ethics is our inability to separate emotion from policy. The only factor that should enter our moral and legal deliberations is that of welfare, a concept that is meaningless when applied to entities that lack self-consciousness. Never forget that the research that we are so reluctant to conduct upon embryos and dead bodies is routinely carried out on living, pain-sensitive animals.
第6题：Which of the following is true of Sony’s acquisition of Columbia Pictures？
［A］ It was motivated by Morita’s desire to project an image of success.
［B］ Sony’s top executives were quite convinced of its benefits for the company.
［C］ Entertainment industry insiders believed it was the failure of Hollywood.
［D］ It was the expensive expansion from electronics into entertainment.
第9题
Section A – BOTH questions are compulsory and MUST be attempted
Tramont Co is a listed company based in the USA and manufactures electronic devices. One of its devices, the X-IT, is produced exclusively for the American market. Tramont Co is considering ceasing the production of the X-IT gradually over a period of four years because it needs the manufacturing facilities used to make the X-IT for other products.
The government of Gamala, a country based in south-east Asia, is keen to develop its manufacturing industry and has offered Tramont Co first rights to produce the X-IT in Gamala and sell it to the USA market for a period of four years. At the end of the four-year period, the full production rights will be sold to a government-backed company for Gamalan Rupiahs (GR) 450 million after tax (this amount is not subject to inflationary increases). Tramont Co has to decide whether to continue production of the X-IT in the USA for the next four years or to move the production to Gamala immediately.
Currently each X-IT unit sold makes a unit contribution of $20. This unit contribution is not expected to be subject to any inflationary increase in the next four years. Next year’s production and sales estimated at 40,000 units will fall by 20% each year for the following three years. It is anticipated that after four years the production of the X-IT will stop. It is expected that the financial impact of the gradual closure over the four years will be cost neutral (the revenue from sale of assets will equal the closure costs). If production is stopped immediately, the excess assets would be sold for $2·3 million and the costs of closure, including redundancy costs of excess labour, would be $1·7 million.
The following information relates to the production of the X-IT moving to Gamala. The Gamalan project will require an initial investment of GR 230 million, to pay for the cost of land and buildings (GR 150 million) and machinery (GR 80 million). The cost of machinery is tax allowable and will be depreciated on a straight-line basis over the next four years, at the end of which it will have a negligible value.
Tramont Co will also need GR 40 million for working capital immediately. It is expected that the working capital requirement will increase in line with the annual inflation rate in Gamala. When the project is sold, the working capital will not form. part of the sale price and will be released back to Tramont Co.
Production and sales of the device are expected to be 12,000 units in the first year, rising to 22,000 units, 47,000 units and 60,000 units in the next three years respectively.
The following revenues and costs apply to the first year of operation: – Each unit will be sold for $70;
– The variable cost per unit comprising of locally sourced materials and labour will be GR 1,350, and;
– In addition to the variable cost above, each unit will require a component bought from Tramont Co for $7, on which Tramont Co makes $4 contribution per unit;
– Total fixed costs for the first year will be GR 30 million.
The costs are expected to increase by their countries’ respective rates of inflation, but the selling price will remain fixed at $70 per unit for the four-year period.
The annual corporation tax rate in Gamala is 20% and Tramont Co currently pays corporation tax at a rate of 30% per year. Both countries’ corporation taxes are payable in the year that the tax liability arises. A bi-lateral tax treaty exists between the USA and Gamala, which permits offset of overseas tax against any USA tax liability on overseas earnings. The USA and Gamalan tax authorities allow losses to be carried forward and written off against future profits for taxation purposes.
Tramont Co has decided to finance the project by borrowing the funds required in Gamala. The commercial borrowing rate is 13% but the Gamalan government has offered Tramont Co a 6% subsidised loan for the entire amount of the initial funds required. The Gamalan government has agreed that it will not ask for the loan to be repaid as long as Tramont Co fulfils its contract to undertake the project for the four years. Tramont Co can borrow dollar funds at an interest rate of 5%.
Tramont Co’s financing consists of 25 million shares currently trading at $2·40 each and $40 million 7% bonds trading at $1,428 per $1,000. Tramont Co’s quoted beta is 1·17. The current risk free rate of return is estimated at 3% and the market risk premium is 6%. Due to the nature of the project, it is estimated that the beta applicable to the project if it is all-equity financed will be 0·4 more than the current all-equity financed beta of Tramont Co. If the Gamalan project is undertaken, the cost of capital applicable to the cash flows in the USA is expected to be 7%.
The spot exchange rate between the dollar and the Gamalan Rupiah is GR 55 per $1. The annual inflation rates are currently 3% in the USA and 9% in Gamala. It can be assumed that these inflation rates will not change for the foreseeable future. All net cash flows arising from the project will be remitted back to Tramont Co at the end of each year.
There are two main political parties in Gamala: the Gamala Liberal (GL) Party and the Gamala Republican (GR) Party. Gamala is currently governed by the GL Party but general elections are due to be held soon. If the GR Party wins the election, it promises to increase taxes of international companies operating in Gamala and review any commercial benefits given to these businesses by the previous government.
Required:
Prepare a report for the Board of Directors of Tramont Co that
(i) Evaluates whether or not Tramont Co should undertake the project to produce the X-IT in Gamala and cease its production in the USA immediately. In the evaluation, include all relevant calculations in the form. of a financial assessment and explain any assumptions made;
Note: it is suggested that the financial assessment should be based on present value of the operating cash flows from the Gamalan project, discounted by an appropriate all-equity rate, and adjusted by the present value of all other relevant cash flows. (27 marks)
(ii) Discusses the potential change in government and other business factors that Tramont Co should consider before making a final decision. (8 marks)
Professional marks will be awarded in question 1 for the format, structure and presentation of the answer. (4 marks)
