External factors can also affect a company’s business environment and the business has

ntists developed a new concept called "sub-health", a status【52】health and illness. The concept of sub-health has become【53】because it has helped to explain many health problems.【54】one study, only 5. 6% of people in the overall population are actually sick,【55】the sub-healthy group consists of about 60%, and the【56】population is considered healthy.【57】of one's sub-health will help one to be alert to the underlying disease and remain healthy. Sub-health is a state in which the body is【58】turning from health to illness or from illness to health. Our bodies are actively【59】the conditions of health, sub-health and disease. Factors【60】aging, internal or external toxicity (毒性), and body or mind exhaustion may cause sub-heath, but taking good care of the body can change a sub-healthy status to a healthy one.

(51)

A．Besides

B．However

C．Meantime

D．Therefore

A.Motivation or interests.

B.Environmental factors such as lighting and heat.

C.A closed or authoritarian climate.

D.An open climate in which communication flows easily.

A.Bad intematonal environment and Poorextema connectd-s

B.Lack of funding andBad leadership

C.Poor external connections and Lack of funding

D.Bad leadership and Bad international environment

Which of the following can NOT be inferred from the end of the passage？

A．Though the research was not scientifically accurate, it pointed to some encouraging results.

B．There are many factors influencing one"s outlook during his/her growing up.

C．The virtuous die young, but the evil leave a stink for ten thousand years.

D．The author urges us to become more environmentally-conscious as the society develops.

test this theory, psychologists are trying to find a link between the brain and the immune system.

The immune system in our bodies fights the bacteria and viruses which cause disease. There- fore, whether or not we are likely to get various diseases depends on how well our immune system works. Biologists used to think that the immune system was a separate, independent part of our bodies. Recently, however, they have found that our brain can affect our immune system. This discovery indicates that there may be a connection between emotional factors, such as stress or depression, and illness.

Although many doctors in the past suspected a connection between emotional factor and disease, they had no proof. Scientists have only recently discovered how the brain and the immune sys- tem function. Before this, no one could see a link between them. As a result, medical science never seriously considered the idea that psychological factors could cause disease.

Several recent studies showed a connection between stress and illness, for example, researchers went to an American military school to study the students. They found that the sick students there had a lot of academic pressure and wanted to achieve, but they were not very good students. In a similar study, researchers studied a group of student nurses and found that the nurses who developed cold sores were the ones who described themselves as generally unhappy people.

In addition to these results, which support their theory, researchers are also looking for proof that stress can damage the immune system. Researchers studied recently bereaved people, i. e. , people whose loved ones have just died, because they are more likely to become ill or die. By examining the immune system of recently bereaved people, the researchers made an important discovery. They examined some white blood cells which are an important part of the immune system. They were not functioning properly. The fact that they were not working correctly indicates that severe psycho- logical stress, such as a loved one's death, may damage an important part of our immune system.

There is still no positive proof of a connection between the immune system and psychological factors. Researchers also say that the results of the studies on bereaved people could have a different explanation. For example, bereaved people often sleep and eat less than normal, or may drink alcohol or take medication. These factors can also affect the immune system. More research is needed to clearly establish the connection between the immune system and psychological factors.

The study on the military school students indicated that ______.

A．life in the school was very stressful

B．disease could be caused by psychological factors

C．the good students were likely to fall ill

D．stress often made students unhappy

ecent polls (民意测验) sixty to seventy percent of Americans consider themselves to be moderately happy and one in twenty persons feels very unhappy. Psychologists have been studying the factors that contribute to happiness. It is not predictable nor is a person in an apparently ideal situation necessarily happy. The ideal situation may have little to do with his actual feelings. A good education and income are usually considered necessary for happiness. Though both may contribute, they are only chief factors if the person is seriously undereducated or actually suffering from lack of physical needs. The rich are not likely to be happier than the middle-income group or even those with very low incomes. People with college educations are somewhat happier than those who did not graduate from high school, and it is believed that this is mainly because they have more opportunity to control their lives. Yet people with a high income and a college education may be less happy than those with the same income and no college education. Poor health does not rule out happiness except for the severely disabled or those in pain. Learning to cope with a health problem can contribute to happiness. Those with a good sex life are happier in general, but those who have a loving, affectionate relationship are happier than those who rely on sex alone. Love has a higher correlation with happiness than any other factor. It should be noted that people quickly get used to what they have, and they are happiest when they feel they are increasing their level no matter where it stands at a given time. Children whose parents were happily married have happier childhoods are not necessarily happier adults. The best formula for happiness is to be able to develop the ability to tolerate frustration, to have a personal involvement and commitment, and to develop self-confidence and self-esteem. It can be inferred from the passage that______.

A.happiness is predictable

B.a person in an apparently ideal situation must be happy

C.the rich are likely to be happier than the middle-income group

D.happiness is not necessarily connected to one's situation in society

at least in part, directed towards the attainment of goals or towards the satisfaction of needs or motives. Accordingly, it is appropriate to begin our consideration of motivation in the work place by examining the motives for working. Simon points out that an organization should be able to secure the participation of a person by offering him inducements (引诱)which contribute in some way to at least one of his goals. The kinds of inducements offered by an organization are varied, and if they are effective in maintaining participation they must necessarily be based on the needs of the individuals.

Maslow examines in detail what these needs are. He points out not only that there are many needs ranging from basic physiological drives such as hunger to a more abstract desire for self-realization, but also that they are arranged in a hierarchy(等级制度 )whereby the lower-order needs must to a large degree be satisfied before the higher-order ones come into play.

One of the most obvious ways in which work organizations attract and retain members is through the realization, that economic factors are not the only inducement for working as indicated by Morse and Weiss. In line with the social respect and self-realization needs discussed by Maslow, factors such as association with others, self-respect gained through the work, and a high interest value of the work can serve effectively to induce people to work.

According to Maslow, a work organization is able to motivate people to work by______.

A．satisfying their physiological needs

B．satisfying their self-realization needs

C．satisfying hierarchy of their higher-order needs

D．first satisfying their lower-order needs

ase. Since families have similar genes as well as similar environment, family diseases could be due to shared genetic influences, to shared environmental factors, or to both. For some years, the role of one's environmental factor commonly shared by families, namely, dietary salt, has been studied at Brookhaven National Laboratory. These studies suggest that chronic excess salt ingestion can lead to high blood pressure in man and animals. Some individuals, however, and some rats consume large amounts of salt without developing high blood pressure. No matter how strictly all environmental factors were controlled in these experiments, some salt - fed animals never develop hypertension whereas a few rapidly developed very severe hypertension followed by early death. These marked variations were interpreted to result from differences in genetic constitution.

By mating in successive generations only those animals that failed to develop hypertension from salt ingestion, a resistant strain (the" R" strain) has been evolved in which consumption of large quantities of salt fails to influence the blood pressure significantly. In contrast, by mating only animals that quickly develop hypertension from salt, a sensitive strain ("S" strain) has also been developed.

The availability of these two strains permits investigations not heretofore possible. They provide a plausible laboratory model on which to investigate some clinical aspects of the human proto - types of hypertension. More important, there might be the possibility of developing methods by which genetic susceptibility of human beings to high blood pressure can be defined without waiting for its appearance.

Which statement relates the main idea of this passage？

A．When salt is added to their diets, rats and men react in much the same way.

B．The near future will see a cure for high blood pressure.

C．Modem research has shown that high blood pressure is a result of salt in the diet.

D．A tendency toward high blood pressure may be a hereditary factor.

The chief executive officer (CEO) of Faoilean Co has just returned from a discussion at a leading university on the ‘application of options to investment decisions and corporate value’. She wants to understand how some of the ideas which were discussed can be applied to decisions made at Faoilean Co. She is still a little unclear about some of the discussion on options and their application, and wants further clarification on the following:

(i) Faoilean Co is involved in the exploration and extraction of oil and gas. Recently there have been indications that there could be significant deposits of oil and gas just off the shores of Ireland. The government of Ireland has invited companies to submit bids for the rights to commence the initial exploration of the area to assess the likelihood and amount of oil and gas deposits, with further extraction rights to follow. Faoilean Co is considering putting in a bid for the rights. The speaker leading the discussion suggested that using options as an investment assessment tool would be particularly useful to Faoilean Co in this respect.

(ii) The speaker further suggested that options were useful in determining the value of equity and default risk, and suggested that this was why companies facing severe financial distress could still have a positive equity value.

(iii) Towards the end of the discussion, the speaker suggested that changes in the values of options can be measured in terms of a number of risk factors known as the ‘greeks’, such as the ‘vega’. The CEO is unclear why option values are affected by so many different risk factors.

Required:

(a) With regard to (i) above, discuss how Faoilean Co may use the idea of options to help with the investment decision in bidding for the exploration rights, and explain the assumptions made when using the idea of options in making investment decisions. (11 marks)

(b) With regard to (ii) above, discuss how options could be useful in determining the value of equity and default risk, and why companies facing severe financial distress still have positive equity values. (9 marks)

(c) With regard to (iii) above, explain why changes in option values are determined by numerous different risk factors and what ‘vega’ determines. (5 marks)