[討論]OG Passage47-business

[游客]

Passage 47
主題句:The function of capital markets is to facilitate an exchange of funds among all participants, and
Yet(轉折) in practice we find that certain participants are not on a par with others. Members of society
have varying degrees of market strength in terms of information they bring to a transaction, as
well as of purchasing power and credit worthiness, as defined by lenders.(lender defined market strengh)

總結:The function of capital market 理論跟實際是有出入的,market strength是由lender所定義的
作者轉折語氣 yet
對比 The function of capital markets is to facilitate an exchange of funds among all participants, and Yet(轉折) in practice we find that certain participants are not on a par with others
因果 前提:Members of society have varying degrees of market strength in terms of information they bring to a transaction, as well as of purchasing power and credit worthiness, as defined by lenders.(lender defined market strengh)
文章developmeant
1. analysize
2. problem-solution
3. approach
4. data
5. explain
6. identify Identify the problem


For example, within minority communities(第一段的certain participant), capital markets do not properly fulfill(=practice) their functions;
they do not provide access(取的) to the aggregate(=collect) flow of funds in the United States. The financial
system does not generate(=provide) the credit or investment vehicles needed for underwriting(投保) economic
development in minority areas. The problem underlying this dysfunction(指的是not generate the credit or investment vehicle…)is found in a rationing(定量配給)
mechanism affecting both the available alternatives for investment and the amount of financial
resources. This(指的是前面不公平的行為) creates a distributive mechanism penalizing(不利) members of minority groups because
of their socioeconomic differences from others. The existing system expresses definite socially
based investment preferences(這個嗜好是由lender所造成的) that result from the previous allocation of income and that influence
the allocation of resources for the present and future. The system tends to increase the inequality
of income distribution. And, in the United States economy, a greater inequality of income
distribution leads to a greater concentration of capital in certain types of investment.

總結:minority pepple=> not generate the credit or investment vehicles needed for underwriting(投保) economic development=>rationing mechanism=> distributive mechanism=> investment preferences=>the inequality of income distribution=> certain types of investmen

作者態度用詞 do not properly, penalizing(不利), tends to
對比 This(指的是前面不公平的行為) creates a distributive mechanism penalizing(不利) members of minority groups
因果 minority people=> not generate the credit or investment vehicles needed for underwriting(投保) economic development=>rationing mechanism=> distributive mechanism=> investment preferences=>the inequality of income distribution=> certain types of investment
7. analysize
8. problem-solution
9. approach
10. data
11. explain
12. indentify 13. analysize



Most traditional financial-market analysis studies ignore financial markets’ deficiencies in
allocation because of analysts’ inherent preferences for the simple model of perfect competition.(真正原因)
Conventional financial analysis pays limited attention to issues of market structure and dynamics,
relative costs of information, and problems of income distribution. Market participants are viewed
as acting as entirely independent and homogeneous individuals with perfect foresight about
capital-market behavior. Also, it is assumed that each individual in the community at large has the
same access to the market and the same opportunity to transact and to express the preference
appropriate to his or her individual interest. Moreover, it is assumed that transaction costs for
various types of financial instruments (stocks, bonds, etc.) are equally known and equally divided
among all community members.

總結:傳統分析是建構在simple model of perfect competition

作者態度用詞
對比 *Most traditional financial-market analysis studies ignore financial markets’ deficiencies in allocation because of analysts’ inherent preferences for the simple model of perfect competition
因果 pays limited attention to issues of market structure and dynamics,
relative costs of information, and problems of income distribution
文章developmeant
14. analysize
15. problem-solution
16. approach
17. data
18. explain
19. indentify Analysize
第一段:identify problem
第二段:analyze the cause
第三段:identify and explain the flaw of financial analysis
假設 1. independent and homogeneous individuals with perfect foresight
2. has the same access to the market and the same opportunity to transact
3. transaction costs for various types of financial instruments (stocks, bonds, etc.) are equally known and equally divided among all community members.



276. The main point made by the passage is that
(A) financial markets provide for an optimum allocation of resources among all competing
participants by balancing supply and demand
(B) the allocation of financial resources takes place among separate individual participants,
each of whom has access to the market
(C) the existence of certain factors adversely affecting members of minority groups shows that
financial markets do not function as conventional theory says they function
(D) investments in minority communities can be made by the use of various alternative
financial instruments, such as stocks and bonds
(E) since transaction costs for stocks, bonds, and other other financial instruments are not
equally apportioned among all minority-group members, the financail market is subject to
criticism

277. The passage states that traditional studies of the financial market overlook imbalances in the
allocation of financial resources because
(A) an optimum allocation of resources is the final result of competition among participants
(B) those performing the studies choose an oversimplified description of the influences on
competition
(C) such imbalances do not appear in the statistics usually compiled to measure the market’s
behavior
(D) the analysts who study the market are unwilling to accept criticism of their methods as
biased
(E) socioeconomic difference form the basis of a rationing mechanism that puts minority
groups at a disadvantage( the simple model of perfect competition)

278. The author’s main point is argued by(用什麼方式)
(A) giving examples that support a conventional generalization(歸納)
(B) showing that the view opposite to the author’s is self-contradictory
(C) criticizing the presuppsitions of a proposed plan
(D) showing that omissions in a theoretical description make it inapplicable in certain cases
(E) demonstrating that an alternative hypothesis more closely fits the data

279. A difference in which of the following would be an example of inequality in transaction costs
as alluded to in lines 40-43?=>人的分配是不平等的
(A) Maximum amounts of loans extended by a bank to businesses in differenct areas
(B) Fees charged to large and small investors for purchasing stocks
(C) Prices of similar goods offered in large and small stores in an area
(D) Stipends(=salary) paid to different attorneys for preparing legal suits for damages(irrelevent)
(E) Exchange rates in dollars for currencies of different countries

280. Which of the following can be inferred about minority communities on the basis of the
passage?
(A) They provide a significant portion of the funds that become available for investment in the
financial market.
(B) They are penalized by the tax system, which increases the inequality of the distribution of
income between investors and wage earners.
(C) They do no receive the share of the amount of funds available for investment that would be
expected according to traditional financial-market analysis.
(D) They are not granted governmental subsidies to assist in underwriting the cost of economic
development
(E) They provide the same access to alternative sources of credit to finance businesses as do
majority communities.

281. According to the passage, a questionable assumption of the conventional theory about the
operation of financial markets is that
(A) creditworthiness as determiend by lenders is a factor determining market access(irrelevent)
(B) market structure and market dynamics depend on income distribution
(C) a scarcity of alternative sources of funds would result from taking socioeconomic factors
into consideration
(D) those who engage in financial-market transactions are perfectly well informed about the
market
(E) inequalities in income distribution are increased by the functioning of the financial market

282. According to the passage, analysts have conventionally tended to view those who participate
in financial market as
(A) judging investment preferences in terms of the good of society as a whole
(B) influencing the allocation of funds through prior ownership of certain kinds of assets
(C) varying in market power with respect to one another
(D) basing judgments about future events mainly on chance(irrelvent)
(E) having equal opportunities to engage in transactions

作者態度用詞
對比 280
因果 277,278
文章developmeant
20. analysize
21. problem-solution
22. approach
23. data
24. explain
25. indentify
假設 281,282
比喻 279

[agk99]

請教278與280

[bear]

278. The author’s main point is argued by(用什麼方式)
(A) 並不是support a conventional generalization
(B) self-contradictory 錯, 沒有自相矛盾, 只是有些地方錯誤
(C) proposed plan 錯, 文中沒提, 且 criticizing 這個字, 文中好像也沒有語氣這麼強烈的字
(D) omissions 我是把它當成 ignore(28)
(E) alternative hypothesis 錯

[micht]

Most traditional financial-market analysis studies ignore financial markets’ deficiencies in allocation because of analysts’ inherent preferences for the simple model of perfect competition.(真正原因) Conventional financial analysis pays limited attention to issues of market structure and dynamics, relative costs of information, and problems of income distribution. Market participants are viewed as acting as entirely independent and homogeneous individuals with perfect foresight about capital-market behavior. Also, it is assumed that each individual in the community at large has the same access to the market and the same opportunity to transact and to express the preference appropriate to his or her individual interest. Moreover, it is assumed that transaction costs for various types of financial instruments (stocks, bonds, etc.) are equally known and equally divided among all community members


278. The author’s main point is argued by(用什麼方式)
(A) giving examples that support a conventional generalization(歸納)
(B) showing that the view opposite to the author’s is self-contradictory
(C) criticizing the presuppsitions of a proposed plan
(D) showing that omissions in a theoretical description make it inapplicable in certain cases
(E) demonstrating that an alternative hypothesis more closely fits the data


(C) (D) 二擇一... 小心選...

C) criticizing [有] the presuppsitions [是] of a proposed plan [沒有proposed plan?作者沒有假設什麼計劃plan]

(D) showing that omissions [對]in a theoretical description make it inapplicable [對]in certain cases [選]

[micht]

The function of capital markets is to facilitate an exchange of funds among all participants, and Yet(轉折) in practice we find that certain participants are not on a par with others. Members of society have varying degrees of market strength in terms of information they bring to a transaction, as well as of purchasing power and credit worthiness, as defined by lenders.(lender defined market strengh)


certain participatns =指minority group

280. Which of the following can be inferred about minority communities on the basis of the
passage?


(A) They provide a significant [錯]portion of the funds that become available[錯] for investment in the financial market.

(B) They are penalized by the tax system [沒提], which increases the inequality of the distribution of income between investors and wage earners.

(C) They do no [是] receive the share of the amount of funds available for investment that would be expected according to traditional financial-market analysis. [是]

(D) They are not granted governmental subsidies [沒提] to assist in underwriting the cost of economic development

(E) They provide the same access to alternative sources of credit to finance businesses as do majority communities. [相反]

[skyyang]

恩...
可不可以救救sky??
不知道是不是因為沒有學過商地
這篇文章對我來說 理解力真的很差耶.... (N)
怎麼會這樣子呢?
看了前面高手的分析 文章還是不大懂
可以幫我解釋一下這篇的主旨嗎?
感激不盡!

[davidlee0222]

回應sky戰友:
AT歐雞前面的導覽有講
不需要任何特定背景知識
有時甚至會被先前知識誤導

這篇文章幾本上不需要任何商業背景知識
主旨再講少數民族在純競爭市場(記得有講是股票)
在理論上有平等的進入及交易權
依照小安閱讀法
看到"理論上"就可以推出下文必指事實不然
也就是"少數民族進入及在股市交易中並不平等"

而用徐文意的關鍵點+跳躍閱讀法
看到example可以直接跳過
作提時再回頭看
(小弟認為太冒險了 仍以小安閱讀法"快速掃過"為原則)

回應micht戰友:
您的解釋正確 小弟提出補充
這提的確是考infer沒錯
但根據歐雞導論及解答中的定義
infer是沒有講出來而需要依據前提及假設來作出推論的部分
It can be inferred...具小弟統計
真的考infer的僅佔約5分之3
其他考細節的戰5分之2
也就是有將近一半的題目出現infer字眼
卻是考細節提
反倒是suggest這個字有3分之2是考infer
考細節的只有3分之1

278提A
generalization在此應該是指"歸結的論點"
整個選項依小弟拙見應該是"提出證據支持一傳統理論"
應該是反對才對
C應該無預設前提
另外criticize跟critic這兩個字在AT閱讀裡要小心
前者是批判(負面意義)
後者當動詞用是評斷(中性意義)=evaluate可正可負
當名詞是指評論家要加複數s

補充mikelee高手:
The function(關鍵字) of capital markets is to(in order to) facilitate an exchange of funds among all participants, and
Yet(轉折) in practice we find that certain participants are not on a par(關鍵主旨) with others. Members of society
have varying(關鍵) degrees of market strength in terms of information they bring to a transaction, as
well as of purchasing power and credit worthiness, as defined by lenders
(有三樣東西程度不同-資訊,購買力,信用價值)

For example(小安閱讀法已知例子核心觀念快速掃過), within minority communities(第一段的certain participant), capital markets do not properly fulfill(=practice) their functions;
they do not provide access(取的,進入) to the aggregate(=collect) flow of funds in the United States. The financial
system does not generate(=provide) the credit or investment vehicles needed for underwriting(投保) economic
development in minority areas. The problem underlying this dysfunction(指的是not generate the credit or investment vehicle…全文關鍵要看清楚)is found in a rationing(定量配給)
mechanism(主因) affecting(造成因果) both(兩個重點) the available alternatives for investment(投資的替代方案:不知是不是周邊商品) and the amount of financial
resources(有多少$). This(小弟以為是rationing mechanism) creates a distributive(關鍵字-分配上的) mechanism penalizing(不利) members of minority groups because
of their socioeconomic differences from others(背後原因是社會經濟地位不同). The existing system expresses definite socially
based investment preferences(這個嗜好是由lender所造成的) that result from(導因自) the previous allocation of income(收入不均) and that influence
the allocation of resources(弱勢族群資源分配) for the present and future. The system tends(帶出可能考點) to increase(關鍵字-擴大差距) the inequality
of income distribution. And, in the United States economy, a greater inequality of income
distribution leads to a greater concentration of capital(資金集中大者恆大) in certain types of investment.

Most traditional(關鍵對比) financial-market analysis studies ignore(關鍵考點) financial markets’ deficiencies in
allocation(配給的缺失-關鍵字) because of(看清楚答案) analysts’ inherent preferences(是一貫承襲的偏好) for the simple model of perfect competition.(真正原因)
Conventional financial analysis pays limited attention(關鍵細因) to issues of market structure and dynamics,
relative costs of information, and problems of income distribution(共忽略
3個東西:市場結購,市場動態和資訊相對成本). Market participants are viewed
as acting as entirely independent and homogeneous(關鍵預設立場考點) individuals with perfect foresight about
capital-market behavior. Also, it is assumed(關鍵假設) that each individual in the community at large(at large修飾community當作沒看到) has the
same access to the market and the same opportunity to transact and to express the preference
appropriate to his or her individual interest. Moreover, it is assumed that transaction costs for
various types of financial instruments (stocks, bonds, etc.) are equally known and equally divided
among all community members.


提供您參考

[魚]

挖 !

看到沒有

多摸巨細靡遺 嘖嘖嘖

真素精典

大家看到沒 偶們雙魚座只是不愛出手而已

亨 一出手就知道有沒有 花阿哈哈阿哈哈 (H) (H) (H) (Y)

[Behemoth]

恩

這位首位雙魚座男性我相信絕對有700分的實力啦!!!

[skyyang]

哇 :D ...這裡果真是臥虎藏龍耶
好精湛的解釋喔!非常感謝davidlee0222高手...
(Y) (Y) (Y)

經過你的詳解...我真的比較瞭解了
不然之前還在擔心說是不是我的專業背景不足呢! :-$

[kikisky]

挖 !

看到沒有

多摸巨細靡遺 嘖嘖嘖

真素精典

大家看到沒 偶們雙魚座只是不愛出手而已

亨 一出手就知道有沒有 花阿哈哈阿哈哈 (H) (H) (H) (Y)

魚姐∼
你也笑的一個太大聲了吧∼∼
（比起你在星座的版板∼你可是忽然囂張了起來ㄌㄟ∼∼∼＾　＾∼ㄏㄏㄏ∼）

[lelapin]

micht真的好強
我喜歡你的解題方式
這樣答對率有多高呢?
可否問你281怎嚜解?
謝謝!