问题 单项选择题

假定年利率为8%,年指数股息率d为1.5%,6月30日是6月指数期货合约的交割日。4月1日的现货指数为1600点。又假定买卖期货合约的手续费为0.2个指数点,市场冲击成本为0.2个指数点;买卖股票的手续费为成交金额的0.5%,买卖股票的市场冲击成本为成交金额的0.6%;投资者是贷款购买,借贷利率差为成交金额的0.5%,则4月1日的无套利区间是( )。

A.[1600,1640]
B.[1606,1646]
C.[1616,1656]
D.[1620,1660]

答案

参考答案:B

解析: F=1600×[1+(8%-1.5%)×90/365]=1626;TC=0.2+0.2+1600×0.5%+1600×0.6%+1600×0.5%×(3/12)=20;无套利区间为:[1626-20,1626+20]=[1606,1646]。

阅读理解

The Food and Drug Administration is, again, threatening to impose(征税) milk and meat from cloned animals on a public that opposes the technology and its products.

Respected polls report that more than 60% of Americans think animal cloning is immoral, and that most people said they wouldn’t knowingly eat the products even if the FDA approved them. But because the FDA would allow cloned meat and milk to be sold without identifying labels, consumers wouldn’t be able to avoid them. The FDA has consistently tilted toward those who want cloned milk and meat in our food. Agency officials have repeatedly asserted that science shows cloned milk and meat are safe for humans. But the FDA has never published the complete scientific studies it says support that claim.

The argument that cloning is safe for animals is unconvincing. Cloned meat and milk offer no public economic benefits. Having cloned cows produce more milk wouldn’t reduce milk prices. US farmers produce more milk than we drink, and the government is required to buy the surplus. Since 2000, dairy support programs have cost taxpayers more than $ 5 billion.

Most important, this first decision to advance animal biotechnology raises ethical issues beyond the FDA’s expertise(专家意见). Techniques used to clone animals will advance the ability to clone humans-and create animals with human genes. Neither the agency nor animal scientists are qualified to tell us whether and when it is ethically acceptable for humans to alter the essential nature of animals. We need a national discussion, including ethicists and religious leaders, to consider the wisdom of cloned and transgenic animals. Given the risk of unintended consequences, we should proceed cautiously. The president should halt further FDA action on cloning and set in motion(运作) a process for beginning this broader discussion.

1. The author’s attitude towards cloning is __________.

A. standing in the middle      B. opposed     C. approving     D. supportive

3. In US many people buy cloned foods __________.

A. to support the new technique

B. because FDA approved them

C. because they cannot tell which is cloned food

D. because they cannot read the labels.

3. From the text we know that cloning technique ___________.

A. developed well enough to clone human beings

B. may cause unintended bad results to human beings

C. will bring more unexpected economic benefits

D. is supported by ethicists and religious leaders

4. What’s the best title of this passage?

A.Public Is Against Cloned Food     B.Benefits of Cloned Food

C.Cloned Food Is Illegal            D.Technique in Cloned Food

问答题 简答题