2019英语专四模拟题及答案（二）

　　PART IV CLOZE

　　Decide which of the words given in the box below would best complete the passage if inserted in the corresponding blank. The words can be used ONCE ONLY. Mark the letter for each word on ANSWER SHEET.

　　The increase in the margin rate (保证金率)from 50% to 70% was not an attempt to stem any rampant (猛烈的)speculation on the part of the public-actually the market seemed technically quite strong, with public participation essentially dignified-but rather an attempt by the Federal Reserve Board to preserve the sound underpinnings that existed in the market. Naturally, such a move had a____31____chilling effect upon prices but if the FRB had been preoccupied with undue speculation, the increase might have been to the 80% or even 90% level. Such increases in the margin rate is a____32____of a strong stock market and since 1989, such increases have resulted in interim market highs over twelve months later. Obviously, there could be no____33____that this would once again be the case, but if history is any guideline-and if business and corporate earnings were to continue on the same course-continued optimism over the outlook for the stock market would seem more____34____than pessimism.

　　The margin increase ____35____the good rise that stocks had enjoyed for the previous year-and the fact that a 50% rate was maintained as long as it was pointed up the fact that the rise was mainly conservative in that it was concentrated in the blue chips for the most part. In past Investment Letters we have____36____the thought that speciality stocks could outperform the general market from this point. We continue to believe that this could be the case. For example, steel stocks tend to sell at a certain fixed price/earnings ratio. Below a certain ratio they are considered good value-above a certain ratio,____37____. If a company produces a unique product, it is far more difficult for market analysis to place a numerical ratio upon the company's earnings. We have also contended in the past Letters that the stock market reflects mass psychology as well as the business outlook. When investors-both the public and the institutions-are nervous and____38____they definitely hesitate to buy stocks: they seek low price/earnings multiples and high____39____. These same investors-when they are in an optimistic frame of mind--become far less____40____ with yields and more willing to pay a premium( high p/e multiples)for accelerated growth. If the public's attitude towards the auto industry is any measure, then this period seems to have been one of optimism.

　　A.confirmation

　　B.guarantee

　　C.intelligible

　　D.invariably

　　E.momentarily

　　F.overpriced

　　G.pessimistic

　　H.preoccupied

　　I.prudent

　　J.representation

　　K.speculate

　　L.underscored

　　M.vicinity

　　N.voiced

　　O.yields

　　答案

　　31.E)。详解：由空格后的chilling可知，空格处缺少副词。该句句意为：自然，联邦储备基金会的这一行动会使 股价降低。只有E)momentarily“短暂地”在含义上与本句 吻合，故为答案。

　　32.A)。详解：由空格前的a和空格后的of后可推断此处 缺少名词。结合下文提及的such increases have resulted in interim market highs over twelve months later可知，保证金 率的提高证明股票市场很强劲。A)confirmation“证实”符 合句意，故为答案。

　　33.B)。详解：根据空格后的that从句可推断此处缺少名 词。由上文的“从l989年至今，保证金率的提高曾经在12个 月内令股市再创新高”可推知，本句的句意应为：显然，不可 能保证这种情况会再次出现。guarantee“保证”符合句意， 故为答案。

　　34.I)。详解：根据空格前的seem more可知，该空格缺少 形容词。由but后的两个从句if history is any guideline- and if business and corporate earnings were to continue on the sanle course“参照历史——如果商业和公司的利润仍然 保持现有增长水平”可推知，股市前景应该是更令人稳健的，而不是更令人悲观的。I)prudent“稳健的”符合句意，故为答案。

　　35.L)。详解：根据句子结构可推断此处缺少动词作谓语。由上文的Such increases in the margin rate is a confirmation of a strong stock market可推知，本句句意为：保证金的增长印证了上一年股市强劲。L)underscored“印证”符合句意，故为答案。

　　36.N)。详解：根据句子结构可推断.此处缺少动词作谓语。结合句意：在过去的投资函中，我们一直了这样的思想。N)voiced“表达”可以与空格后的thought搭配，故为答案。

　　37.F)。详解：根据句子结构可推断此处缺少形容词。本句破折号前后是平行结构，由破折号前面的Below a certain ratio they are considered good value可推知，破折号后面的句子应“高于一定比率就是定价过高”。F)overpriced“对 ……定价过高的”符合句意，故为答案。

　　38.G)。详解：根据空格前的are nervous and可知，该空缺少一个和nervous并列的形容词。由空格后的they .definitely hesitate to buy stocks可推知，当投资者心情紧张 且悲观失望的时候，他们买股票时就会犹豫不决。G) pessimistic“悲观的”符合句意，故为答案。

　　39.O)。详解：由空格前的high可知，该空格缺少名词。结 合句意：他们寻求低价格/利润倍数和高额。根据常识，炒股者要追求高额收益率，故O)yields“收益(率)”为答 案。

　　40.H)。详解：由空格前的become far less可知，该空缺少 形容词作表语。与上一句话中的When investors…are nervous and pessimistic they definitely hesitate to buy stocks：they seek low price/earnings multiples and high yields相对的是本句话中These same investors--when they are in an optimistic frame of mind--become far less…，“这些投资者就太关注收益，更愿意支付溢价，追求高增长率”。 become preoccupied with意为“关注……，关心……”，故H)为答案

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