Efficient market 有效市场

Text 2
In cities all over the United States, workers spend several hours a day in cars crawling along in traffic to get to offices many miles from home. They experience stress, waste time, and pay a lot for gas, car maintenance, and parking. Once they get to work, they make their way through a maze of cubicles, each with its computer, phone, and file cabinet. Nancy Alley, human resources manager at TBWA Chiat/Day, doesn’t. She stays at home, talking with managers over the phone and faxing in paperwork. Instead of walking down the hall to chat with coworkers, she E-mails them. Nancy is a telecommuter, someone who works some or all of the time at home. Since 1990, the number of U. S. telecommuters has grown from 4.2 million to 9.2 million.
Highway congestion, the high cost of office space, federal clean-air laws, reduced work forces, and lifestyle needs -- all these factors contribute to the growth of telecommuting. What makes it possible is technology. Desktop and laptop personal computers, networking, videoconferencing, fax machines, E-mail, and multiple phone lines provide the fast and efficient communication required for telecommuting.
The experiences of many companies suggest that telecommuting can increase workplace flexibility and enhance productivity. At Georgia Power Company, for example, a pilot telecommuting project was so successful that the company decided to triple its number of telecommuters. The company reduced the cost of leased office space by $100,000 a year, increased productivity among the telecommuting employees of its customer service center, and saved the workers a combined 750 commuter miles a day.
Telecommuting, however, is not without its obstacles. At one computer software firm, the information systems manager offered telecommuting as an option to her 100-person staff. After three months, the staff members reported that being away from the office was counterproductive to their work. Programmers missed being able to drop by analysts cubicles with questions, and everyone re- ported they were interrupted at home more often. As part of its cost-cutting initiative, Nestle required 140 sales employees to telecommute. Facing many technical problems with telephone lines and frustratingly slow computer networking, most of these telecommuters found it an annoying experience. Telecommuting also makes many employees feel isolated and out of touch, leading to decreased motivation and less, not more productivity. By blurring tile barriers between work and family, telecommuting often leads to more work hours and more interference with family life.
Telecommuting is not universally applicable. Jobs and individuals must be suitable, and staff must be capable of managing telecommuters. In addition, technological improvements, such as high-speed modems, are crucial. Few people expect to conduct business regularly from a tropical island or mountain resort any time soon.

More people choose to telecommute because()

A:they don't like their working environment. B:the development of technology enables them to work at home. C:telecommuting can solve many social problems. D:telecommuting is a trend that most people like to follow.

Text 4
Adam Smith, the Scottish professor of moral philosophy, was thrilled by his recognition of order in the economic system. His book, the Wealth of Nations (1776), is the germinal book in the field of economics which earned him the title "the father of economics".
In Smith’s view, a nation’s wealth was dependent upon production, not agriculture alone. How much it produced, he believed, depended upon how well it combined labor and the other factors of production. The more efficient the combination, the greater the output, and the greater the nation’s wealth.
The essence of Smith’s economic philosophy was his belief that an economy would work best if left to function on its own without government regulation. In those circumstances, self-interest would lead business firms to produce only those products that consumers wanted, and to produce them at the lowest possible cost. They would do this, not as a means of benefiting society, but in an effort to outperform their competitors and gain the greatest profit. But all this self-interest would benefit society as a whole by providing it with more and better goods and service, at the lowest prices.
Smith said in his book: "Every individual endeavors to employ his capital so that its produce may be of greatest value. He generally doesn’t intend to promote the public interest. He intends only his own security, only his gain. And he is in this led by an invisible hand to promote that which was no part of his intention."
The "invisible hand" was Smiths’ name for the economic forces that we today would call supply and demand. Smith agreed with the physiocrats and their policy of "laissez faire", letting individuals and businesses function without interference from government regulation. In that way the "in-visible hand" would be free to guide the economy and maximize production.
Smith was very critical of monopolies which restricted the competition that he saw as vital for economic prosperity. He recognized that the virtues of the market mechanism are fully realized only when the checks and balances of perfect competition are present. Perfect competition refers to a market in which no firm or consumer is large enough to affect the market price. The invisible hand theory is about economies in which all the markets are perfectly competitive. In such circumstances, markets will produce an efficient allocation of resources, so that an economy is on its production-possibility frontier. When all industries are subject to the checks and balances of perfect competition, markets can produce an efficient bundle of products with the most efficient techniques and using the minimum amount of inputs. But when monopolies become pervasive, the remarkable efficiency properties of the invisible economic philosophy disappear.

What is the core of Adam Smith’s economic philosophy()

A:Self-interest is the life-line of economic activities. B:Government shouldn't intervene in the economy. C:Competition will benefit the society for consumers’ needs are tended. D:Economic forces should be intended to promote public interest.

Text 4 Adam Smith, the Scottish professor of moral philosophy, was thrilled by his recognition of order in the economic system. His book, the Wealth of Nations (1776), is the germinal book in the field of economics which earned him the title "the father of economics". In Smith’s view, a nation’s wealth was dependent upon production, not agriculture alone. How much it produced, he believed, depended upon how well it combined labor and the other factors of production. The more efficient the combination, the greater the output, and the greater the nation’s wealth. The essence of Smith’s economic philosophy was his belief that an economy would work best if left to function on its own without government regulation. In those circumstances, self-interest would lead business firms to produce only those products that consumers wanted, and to produce them at the lowest possible cost. They would do this, not as a means of benefiting society, but in an effort to outperform their competitors and gain the greatest profit. But all this self-interest would benefit society as a whole by providing it with more and better goods and service, at the lowest prices. Smith said in his book: "Every individual endeavors to employ his capital so that its produce may be of greatest value. He generally doesn’t intend to promote the public interest. He intends only his own security, only his gain. And he is in this led by an invisible hand to promote that which was no part of his intention." The "invisible hand" was Smiths’ name for the economic forces that we today would call supply and demand. Smith agreed with the physiocrats and their policy of "laissez faire", letting individuals and businesses function without interference from government regulation. In that way the "in-visible hand" would be free to guide the economy and maximize production. Smith was very critical of monopolies which restricted the competition that he saw as vital for economic prosperity. He recognized that the virtues of the market mechanism are fully realized only when the checks and balances of perfect competition are present. Perfect competition refers to a market in which no firm or consumer is large enough to affect the market price. The invisible hand theory is about economies in which all the markets are perfectly competitive. In such circumstances, markets will produce an efficient allocation of resources, so that an economy is on its production-possibility frontier. When all industries are subject to the checks and balances of perfect competition, markets can produce an efficient bundle of products with the most efficient techniques and using the minimum amount of inputs. But when monopolies become pervasive, the remarkable efficiency properties of the invisible economic philosophy disappear.

What is the core of Adam Smith’s economic philosophy()

A:Self-interest is the life-line of economic activities. B:Government shouldn't intervene in the economy. C:Competition will benefit the society for consumers’ needs are tended. D:Economic forces should be intended to promote public interest.

Text 2 In cities all over the United States, workers spend several hours a day in cars crawling along in traffic to get to offices many miles from home. They experience stress, waste time, and pay a lot for gas, car maintenance, and parking. Once they get to work, they make their way through a maze of cubicles, each with its computer, phone, and file cabinet. Nancy Alley, human resources manager at TBWA Chiat/Day, doesn’t. She stays at home, talking with managers over the phone and faxing in paperwork. Instead of walking down the hall to chat with coworkers, she E-mails them. Nancy is a telecommuter, someone who works some or all of the time at home. Since 1990, the number of U. S. telecommuters has grown from 4.2 million to 9.2 million. Highway congestion, the high cost of office space, federal clean-air laws, reduced work forces, and lifestyle needs -- all these factors contribute to the growth of telecommuting. What makes it possible is technology. Desktop and laptop personal computers, networking, videoconferencing, fax machines, E-mail, and multiple phone lines provide the fast and efficient communication required for telecommuting. The experiences of many companies suggest that telecommuting can increase workplace flexibility and enhance productivity. At Georgia Power Company, for example, a pilot telecommuting project was so successful that the company decided to triple its number of telecommuters. The company reduced the cost of leased office space by $100,000 a year, increased productivity among the telecommuting employees of its customer service center, and saved the workers a combined 750 commuter miles a day. Telecommuting, however, is not without its obstacles. At one computer software firm, the information systems manager offered telecommuting as an option to her 100-person staff. After three months, the staff members reported that being away from the office was counterproductive to their work. Programmers missed being able to drop by analysts cubicles with questions, and everyone re- ported they were interrupted at home more often. As part of its cost-cutting initiative, Nestle required 140 sales employees to telecommute. Facing many technical problems with telephone lines and frustratingly slow computer networking, most of these telecommuters found it an annoying experience. Telecommuting also makes many employees feel isolated and out of touch, leading to decreased motivation and less, not more productivity. By blurring tile barriers between work and family, telecommuting often leads to more work hours and more interference with family life. Telecommuting is not universally applicable. Jobs and individuals must be suitable, and staff must be capable of managing telecommuters. In addition, technological improvements, such as high-speed modems, are crucial. Few people expect to conduct business regularly from a tropical island or mountain resort any time soon.

What can we infer from the last paragraph()

A:The application of telecommuting is influenced by many factors. B:Only those who are highly-motivated can be telecommuters. C:Although telecommuting brings benefits, it also causes problems. D:People don't like doing business in a remote area.

Staff Sgt. Nicholas Lanier has entered what he calls the "vast unknown." A combat veteran and father to four daughters, he can’t remain in the military because of a serious back injury earned in Iraq.
But he can’t yet accept a civilian job because he doesn’t know when the military will discharge (使退伍) him. He has no clue how much the government will pay him in disability compensation related to his injury, so he can’t make a future budget. He just waits.
Thousands of troops are like Lanier: not fully fit to serve but in limbo (无着落) for about two years waiting to get discharged under a new system that was supposed to be more efficient than its predecessor. And the delays are not only affecting service members, but the military’s readiness as well. New troops can’t enlist until others are discharged.
The government determines the pay and benefits given to wounded, sick or injured troops for their military service. Under the old system, a medical board would determine their level of military compensation and the service member would be discharged. Then the veteran essentially would have to go through the process again with the Veterans Affairs Department to determine benefits.
Under the new system, which started in 2007 and will be completely rolled out at military bases nationwide by the end of September, the service member essentially goes through both disability evaluation systems at the same time before leaving the military. But the new, supposedly streamlined, system is still such a cumbersome process that it’s leaving many service members in limbo, they say.

Is the new system better than the old system()

A:Yes, it’s much better. B:It is a lot more effective. C:It doesn’t seem that way. D:No. It’s worse.

______ the knowledge, he didn't know how to ask the way.

A:Knowing not B:Having not known C:Not knowing D:Not to know

Passage Five

To understand the marketing concept, it is only necessary to understand the difference between marketing and selling. Not too many years ago, most industries concentrated primarily on the efficient production of goods, and then relied on "Persuasive salesmanship" to move as much of these goods as possible. Such production and selling focuses on the needs of the seller to produce goods and then convert them into money.
Marketing, on the other hand, focuses on the wants of consumers. It begins with first analyzing the preferences and demands of consumers and then producing goods that will satisfy them. This eye on the consumer approach is known as the marketing concept, which simply means that instead of trying to sell whatever is easiest to produce or buy for resale, the makers and dealers first try to find out what the consumer wants to buy and then go about making it according to consumer demand.
This concept does not imply that consumer satisfaction is given priority over profit in a company. There are always two sides to every business activity—the firm and the customer—and each must be satisfied before trade occurs. Successful merchants and producers, however, recognize that the surest route to profit is through understanding customers. This concept has been recognized in such slogans as "Have It Your Way." And "You’re the Boss." A good example of the importance of satisfying the consumer presented it self in mid-1985, when Coca Cola changed the flavor of its drink. The non-acceptance of the new flavor by a significant portion of the public brought about a quick restoration of the Classic Coke, which was then marketed alongside the new King Customer ruled!
A good knowledge of the difference between marketing and selling leads to ______.

A:the efficient production of goods B:a perfect command of salesmanship C:a basic command of the marketing concept D:the conversion of goods into money

"I suspect that your business will start that way too." in the last paragraph means ______. ( )

A:I doubt you will start a business in the same way B:I don't believe your business will succeed if you start that way C:I think it is likely you start a business that way D:I have no idea if you will start a business that way

I am afraid you can ’t dismantle the equipment in that way ______.

A:in the case B:in any case C:in no case D:in case

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