Computerised trading agents may help humans build better marketsTHANKS to declin

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Computerised trading agents may help humans build better markets
THANKS to declining markets, investment banks are getting rid of many of their highly-paid traders. When markets recover, the banks might be tempted to replace them with rather cheaper talent. One alternative has been around for a while but has yet to catch on: autonomous trading agents-computers programmed to act like the human version without such annoying costs as holidays, lunch breaks or bonuses. Program trading has, of course, been done before; some blamed the 1987 stock market crash on computers instructed with simple decision-making rules. But robots can be smarter than that.
Dave Cliff, a researcher at Hewlett-Packard Laboratories in Bristol, England, has been creating trading robots for seven years. In computer simulations he lets them evolve "genetically", and so allows them to adapt and fit models of real-world financial markets. His experiments have suggested that a redesign of some markets could lead to greater efficiency. Last year, a research group at IBM showed that Mr Cliff"s artificial traders could consistently beat the human variety, in various kinds of market. Nearly all take the shape of an auction(拍卖). One well-known type is the English auction, familiar to customers of the salesrooms(拍卖场)of Christie"s and Sotheby"s, where sellers keep mum on their offer price, and buyers increase their bids by stages until only one remains.
At the other extreme is the Dutch auction, familiar to 17th-century tulip-traders in the Netherlands as well as to bidders for American Treasury bonds. Here, buyers remain silent, and a seller reduces his price until it is accepted. Most markets for shares, commodities, foreign exchange and derivatives are a mixture of these two types: buyers and sellers can announce their bid or offer prices at any time, and deals are constantly being closed, a so-called "continuous double auction".
Mr Cliff"s novel idea was to apply his evolutionary computer programs to marketplaces themselves. Why not, he thought, try and see what types of auction would let traders converge(趋同) most quickly towards a balance price? The results were surprising. In his models, auctions that let buyers and sellers bid at any time like most of today"s financial exchanges were less efficient than ones that required relatively more bids from either buyers or sellers. These "evolved auctions" also withstood big market shocks, such as crashes and panics, better than today"s real-world versions. Mr Cliff"s most recent results, which will be presented in Sydney, Australia, on December 10th, show that the best type of auction for any market depends crucially on even slight differences in the number of buyers and sellers.
Bank of America has been investigating these new auctions, along with robotic traders, for possible use in electronic exchanges. The hope is that today"s financial auctions and online marketplaces might work better by becoming more like their English and Dutch ancestors.
1.What is the passage mainly about?
A. A review of two kinds of auctions.    B. An introduction of trading robots.
C. A survey of the trading market.       D. About trading alternatives.
2.Which of the following is true according to the text?
A. Mr Cliff’s robot traders have now been used in real-world markets.
B. Robot traders can evolve like creatures.
C. There is room for improvement in efficiency in trading markets.
D. The English auction is the most popular trading form.
3.What can we infer from the text?
A. Existing auctions cannot withstand market shocks
B. The Dutch auction is better than the continuous double auction
C. It’s hard for traders to reach a balanced price
D. The best type of auction takes place when the number of the buyers is equal to that of sellers
4.What’s the author’s attitude toward robot traders?
A. Prejudiced         B. Objective            C. Critical                D. Optimistic

答案

小题1:B
小题2:C
小题3:B
小题4:D

解析

略

举一反三

“What’s in a name?”According to Shakespeare’s Romeo and Juliet,there is not too much.“That which we call a rose by any other name would smell as sweet.”But Shakespeare may have been wrong.In most cultures,names matter a great deal.
Americans choose names for their children with care.Parents usually think about the impression a name gives,not its meaning.Most Americans would consider a“Jennifer”more attractive than a “Bertha”，for example.The last name,or,surname,must also be considered when choosing a first and middle name.A name like Lester Chester Hester would sound poetic,but odd.Parents would avoid names that remind them of people they don’t like.On the other hand,people might name their children after a respected elderly relative or even a famous person.The popularity of certain names can change with each new generation.Names that were once common,like Fanny or Elmer,sound old-fashioned today.But other names—like John and David,Mary and Sarah—have stood the test of time and continue to be favorites.
People in Ameica don’t always call their friends and relatives by their given names.Instead,they often use nicknames.Sometimes nicknames are short forms of a longer name.For instance,a girl named Elizabeth may be called Lisa,Beth or Betsy.As children grow up,they may decide for themselves which nickname they wish to be called.Some people just go by the initials of their first and middle names,like B.J.or R.C.And of course,people may call their children or their sweethearts other special nicknames.Often they have a “sweet” flavor,like Honey or Sugar.What’s in a name? A world of significance.So if you’re choosing an English name for yourself,take care to choose a good one.Amade-up name could sound strange to native English speakers.And a translation of your Chinese name may not make an appropriate name,either.But a good name can leave a positive and lasting impression.As an American politician once said,“In real life,unlike in Shakespeare,the sweetness of the rose depends upon the name it bears.”
1.What does the underlined sentence in paragraph 2 mean?
A.People change names in order to be popular with the new generation.
B.Names will change by themselves in order to be popular.
C.Some names may no longer be popular among the new generation.
D.No names can stand the test of time.
2.When choosing names,you should stick to the following principles except that_________.
A.the impression a name gives is more important than its meaning
B.you can name after a well-known person
C.surname should be paid attention to
D.you can create a name that is special
3.The word “initial” in paragraph 3 probably means_________.
A.nickname            B.the first letter        C.short form        D.title
4.The author will name a newly born baby girl             .
A.Bertha               B.Fanny             C.Yunyun          D.Elizabeth
5.What is the main idea of this passage?
A.Names have great significance to Americans.
B.Names change when time goes by.
C.Chinese people should be careful when choosing their English names.
D.Roses smell sweet by any other name.

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Yesterday"s paper had a short article about the Coming-of-Age ceremony in a large city

in Japan. According to the article, the mayor of the city formally apologized to an enraged professor who delivered a speech at the ceremony that was all but ignored by 20-year-olds in the city.
The officials prepared 7,000 seats in a gymnasium where the ceremony was held for the 17,000 twenty-year-olds residing in the city. But most of the seats were empty during the speech. And many of the 20-year-olds who did show up ignored the professor and spoke among themselves or talked on their mobile phones. Some even made a ruckus (***动) outside the gymnasium.
One 20-year-old who attended the ceremony said youngsters came to the ceremony not to
listen to speeches but to see their classmates. The mayor criticized the y

oung generation at a news conference on Tuesday, saying such behavior "is symbolic of the postwar era which failed to
nurture healthy character and social intelligece."
Personally I feel people should not generalize the whole generation or the whole era when he criticizes something. But it is also true generation gap is getting bigger and bigger regarding the ceremony of Coming-of-Age Day. So far this ceremony has been held with citizens" tax money. Many older generations understand this festival as an entrance ceremony of adults" world which requires maturity including responsibility, patience, and cooperativeness. Older people tend to be "educational" to younger ones, while younger people tend to feel they finally obtain a right to behave freely because they are now adults. Though, ironically, young people have to ask their parents to buy them new clothes for the ceremony.
It is about time to change the way we celebrate this festival, I think. The idea of blessing new 20-year-olds is not so bad. But there seems to be some other ways to celebrate more properly. The present way seems to me a little superficial and materialistic. It can provide solutionless arguments between different generations, instead of friendships and respects. Instead of eternally complaining about the young"s behaviors at the ceremonies, people should consider how they can make their ceremonies worthier, I feel.
1．We can infer from the passage that
A．in Japan, girls and boys, when they are 20 years old, come to their adulthood
B．there are 7,000 twenty-year-olds residents in the city
C．the mayor criticized the young generation at a news conference
D．it’s about time to change the way we celebrate the Coming-of-Age
2．When the professor was giving a speech the 20-years-olds are NOT________.
A．talking with each other B．chatting on their mobile phones
C．talking with the professor D．making ruckus outside
3．According to the author _________
A．the festival is an entrance ceremony of adults’ world which requires maturity including responsibility, patience, and cooperativeness
B．the young people tend to obtain a right to behave freely because they are now adults
C．young people have to ask their parents to buy them new clothes for the ceremony
D．it’s time to end complaining about the young’s behaviors at the ceremonies, and people should consider how to make their ceremonies worthier
4．What’s the best title for the passage
A．There are solutionless arguments between different generations.
B．Coming-of-Age ceremony should be much worthier.
C．Old people should be educational to young people
D．The younger ones’ behaviors stand for an era which failed to nurture healthy character and social i

ntelligence

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The most intensive period of speech and language development for humans is during the first three years of life, a period when the brain is developing and maturing. These skills appear to develop best in a world that is rich with sounds, sights, and consistent（一致的，协调的，相容的）exposure（揭发）to the speech and language of others.
There is increasing evidence suggesting that there are "critical periods" for speech and language development in infants and young children. This means that the developing brain is best able to absorb a language, any language, during this period. The beginning signs of communication occur during the first few days of life when an infant learns that a cry will bring food, comfort, and companionship. As they grow, infants begin to sort out the speech sounds (phonemes) or building blocks that compose the words of their language. Research has shown that by six months of age, most children recognize the basic sounds of their native language
As the speech mechanism (jaw, lips, and tongue) and voice mature, an infant is able to make controlled sound. By six months of age, an infant usually babbles or produces repetitive syllables such as "ba, ba, ba" or "da, da, da." By the end of their first year, most children have mastered the ability to say a few simple words. Children are most likely unaware of the meaning of their first words, but soon learn the power of those words as others respond to them.
By eighteen months of age, most children can say eight to ten words. By age two, most are putting words together in crude sentences such as "more milk." During this period, children rapidly learn that words symbolize or represent objects, actions, and thoughts. At this age they also engage in representational or pretend play. At

ages three, four, and five, a child"s vocabulary rapidly increases, and he or she begins to master the rules of language.
1．According to the passage, which of the statements is NOT true
A．The developing brain is best able to absorb any language.
B．The beginning signs of communication occur during the first few days of life.
C．By six months of age, all children recognize th

e basic sounds of their native language.
D．By 2, children rapidly learn that words symbolize or represent objects, actions, and thoughts.
2．We can infer from the passage that____
A．by six months of age, an infant must babble or produce repetitive syllables
B．by their first year, most children are most likely aware of the meaning of their first words
C．by 2, children rapidly learn that words symbolize or represent objects, actions, and thoughts
D．the brain development is critical to develop children’s speech and language ability
3．That there are “critical periods” for speech and language development in infants and young children means ______
A．that children are so young that it is easy for them to study
B．that the developing brain is best able to absorb a language, any language
C．that the children are eager to learn the language
D．that we must take care of children
4 In Paragraph 3, the underlined word “mechanism” can be replaced by ______.
A．organs B．skills C．abilities D．habits

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第二节根据对话内容，从对话后的选项中选出能填入空白处的最最佳选项, 并在答题卡上将该项涂黑。选项中有两项多余选项。（共5小题；每小题2分，满分10分）
--- Jim, what are you going to do tonight?
--- I have no idea. What about you?
---__________61________.
---Sounds good! But I hear there will be a talk at 7:00 in the City Hall.
---_________62_________.
--- The History of Music. ________63_________.
--- Me, too. ___________64_______.
--- Good idea! But we must be quick. We have only twenty minutes left.
---_________65______.
--- We have to take a taxi because it’s quite a long way.
--- Can we ask John to go with us? He likes music, too.
--- Ok. Let’s go.m

A．How shall we get there?

B．What’s the talk about?

C．Where shall we go?

D．I’m interested in music.

E.Shall we go to see a film?
F.That’s all right.
G.Why not go there together?

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Hotel listings: Shanghai
Eat seafood
Indulge in ail sorts of treasures from the sea this September at the Radisson Hotel Shanghai New World. With a focus on seafood cuisine, the hotel’s revolving restaurant lets guests watch their dishes being prepared while enjoying a 360-degree view of the city. The a la carte menu will include dam chowder soup with potato and leek (85 yuan), and tuna tartar with avocado and tamarind sauce (110 yuan) among other treats.
TEL:021-6359-9999 ext 4210         www. seafoodzy, com
Oktoberfest
From September 16 to 26, the Renaissance Yangtze Shanghai Hotel will host its 12th Oktoberfest celebration featuring plenty of German beer and sauerkraut(泡菜). True to the original festival in Munich, the hotel will erect a large marquee (capable of holding 1,300 people) and will feature a live band from the Bavaria region. Tickets will cost 258 yuan per person from Sunday to Thursday and 288 yuan for Friday and Saturday. They are available in the hotel lobby or online.
TEL :021-6275-0000 ext 2366        www. Oktoberfestrzj.com
Pizza with a royal twist
Le Royal Mridien Shanghai’s signature Italian restaurant, Favola, welcomes its new master pizza chef Francesco Sanna. Francesco has over 13 years’ experience working at top restaurants in Italy as well as at the five-star international hotel’s restaurants in Paris.
TEL: 021-3318-9999 ext 7778         www. pizzaxzq, com
Organic breakfast, solar power
In pursuit of a greener world, the Shanghai Hotel is forging ahead with environmentally friendly programs and features expected to significantly lower energy consumption. The hotel has launched various green technologies to reduce its energy consumption such as water-saving systems and solar lighting. The hotel’s restaurant also offers a special menu with over 30 kinds of organic food to encourage a healthy diet.
TEL: 021-6248-0088               www. organicwy, com
Earth stone massage
The Spa promotion at the Renaissance Shanghai Yuyuan hotel this September and October aims to pamper you with body scrub therapy as a free complement to its signature earth stone massage. Hot stones stimulate circulation and transport oxygen to tired and tense muscles, while the full body massage leaves you feeling tension free. The spa is open from 10 a.m. to 10 p.m..
TEL:021-2321-8888         www. stonecc.com
1. From the passage above, which of the following websites can you buy tickets from?
A. www. seafoodzy, com                 B. www. Oktoberfestrzj.com
C. www. pizzaxzq.com                    D. www. stonercc.com
2. According to the passage, which of the following statements is true?
A. Before Francesco Sanna came to China, he only works in Italy.
B. Francesco studied cooking for 13 years.
C. The Shanghai Hotel offers organic food to encourage a healthy diet.
D. You can enjoy only 30 kinds of organic food in the Shanghai Hotel.
3. If you want to relax your tired and tense body, you can dial _____________.
A. TEL: 021-6359-9999 ext 4210          B. TEL: 021-2321-8888
C. TEL: 021-6248-0088                  D. TEL: 021-3318-9999 ext 7778

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