[单项选择]An analyst is investigating one stock with high after-tax return above the benchmark and is concerned about his perceptions of slowdown in the macroeconomic next year. So he adjusts the historical probability of the stock’s return above the benchmark. The analyst is best characterized as gaining a(n):（）
A. a priori probability.
B. objective probability.
C. empirical probability

[单项选择]An analyst is investigating the distribution of the SMG stock’s return over time. He calculated the mode of 12 percent, the mean of 11 percent, and the median of 11.5 percent. The distribution can be best described as:（）
A. positively skewed, with a long tail on the left side.
B. negatively skewed, with a long tail on the left side.
C. positively skewed, with a long tail on the right side.

[单项选择]An analyst is investigating the security market line (SML). Given no major changes in asset risk characteristics, which of the following changes is most likely to be associated with an increase in the slope of the security market line（）
A. A decrease in inflation expectations.
B. An increase in the yield spread between A-rated and B-rated bonds.
C. A decrease in the yield spread between A-rated and B-rated bonds.

[单项选择]An options investor purchases one stock put option on General Motor’s stock. The put has the following characteristics : Type of option: put option Underlying asset: 100 shares of General Motor’s stock Exercise price : $75 per share Premium: $1.81 per share Expiration date : November By taking a LONG position in this put option, the investor has:（　）
A. purchased the right to decide whether to sell 100 shares of General Motor’s stock and receive $181 during the specified time period (the expiration date in November) 
B. purchased the right to decide whether to purchase 100 shares Of General Motor’s stock and receive $181 during the specified time period (the expiration date in November) 
C. none of the above

[填空题]One major difference between the Stock Exchange and other markets is that the Stock Exchange deals with goods with______.

[单项选择]An options investor sells one stock put option with the following characteristics: Type of option: put option on stock Underlying asset: 100 shares of Bank of America Stock Exercise price : $55 per share Premium : $2.44 per share Expiration date : October By taking a SHORT position in this put option, the investor has（　）
A. obligated herself to sell 100 shares of Bank of America stock and receive $5500 during the specified time period (expiration date in October). 
B. purchased the right to decide whether to sell 100 shares of Bank of America stock and receive $5500 during the specified time period (expiration date in October). 
C. obligated herself to purchase 100 shares of Bank of America stock and pay $5500 during the specified time period (expiration date in October).

[单项选择]High speed was one of the factors causing the deadly train disaster in Zibo, Shandong Province, Xinhua said on Tuesday.
The Monday train collision killed at least 71 and injured 416 others by the time of press. It occurred when a passenger train from Beijing derailed and collided with an oncoming train on the Jinan- Qingdao line. Xinhua reported that the train from Beijing was traveling at 131 kilometers an hour, in excess of the 80-kilometer-an-hour speed limit, before it came off the tracks.
Authorities had on Monday ruled out terrorism and said "human error" was to blame.
In 2006, China made up a quarter of the world’s total railway transport volume, while its track length only made up six percent of the world’s total, according to the Ministry of Railways.
On such busy tracks, a small error can cause chaos. The Zibo accident is the worst in China since 1997 when 126 people were killed in Hunan Province.
That year coincided with the decision to rai
A. A passenger train from Beijing was traveling at 80 kilometers an hour.
B. The decision to raise train speed limits.
C. Social unrest.
D. Human errors.

[填空题]One reason for the high suicide rate in Australia is that people can get guns easily.

[简答题]Directions:
Write a letter to one of your high school classmates who is in a nearby city, and invite him/her to your city at this weekend. Some necessary details must be included. Write your letter neatly with no less than 100 words on ANSWER SHEET2. Do not sign your own name at the end of the letter; use " Li Ming" instead. You do not need to write the address.

[填空题]Cesar Pelli, one of the leading high-rise architects, calls our attention to the aspect that ______.

[单项选择]
{{B}}Passage One{{/B}}