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It would be interesting to discover how many young people go to university without any clear idea of what they are going to do afterwards. (1) If one considers the enormous variety of courses offered, it is not hard to see how difficult it is for a student to select the course most suited to his interests and abilities. (2) If a student goes to university to acquire a broader perspective of life, to enlarge his ideas and to learn to think for himself, he will undoubtedly benefit. (3) Schools often have too restricting an atmosphere, with its timetables and disciplines, to allow him much time for independent assessment of the work he is asked to do. (4) Most students would, I believe, profit by a year or so's exploration of different academic studies, especially those "all-rounders" with no particular interest. They should have longer time to decide in what subject they want to take their degrees, so that in later life, they do not look back and say, "I should like to have been an archaeologist. If I hadn't taken a degree in Modem languages, I shouldn't have been up as an interpreter, but it's too late now. I couldn't go back and begin all over again."
(5) There is, of course, another side to the question of how to make the best use of one's time at university. (6) This is the case of the student who excels in a particular branch of learning. (7) He is immediately accepted by the university of his choice, and spends his three or four years becoming a specialist, emerging with a first-class Honour Degree and very little knowledge of what the rest of the world is all about. (8) It therefore becomes more and more important that, if students are not to waste their opportunities, there will have to be much more detailed information about courses and more advice. Only in this way can we be sure that we are not to have, on the one hand, a band of specialists ignorant of anything outside of their own subject, and on the other hand, an ever increasing number of graduates qualified in subject for which there is little or no demand in the working world.

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更多“It would be interesting …”相关的问题

第1题

Which of the following government actions would lead to an increase in aggregate demand？（1
Which of the following government actions would lead to an increase in aggregate demand？
(1) Increasing taxation and keeping government expenditure the same
(2) Decreasing taxation and increasing government expenditure
(3) Decreasing money supply
(4) Decreasing interest rates
A.1 only
B.1 and 3
C.2 and 4 only
D.2, 3 and 4

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第2题

Section A – This ONE question is compulsory and MUST be attemptedCocoa－Mocha－Chai （CMC) Co
Section A – This ONE question is compulsory and MUST be attempted
Cocoa-Mocha-Chai (CMC) Co is a large listed company based in Switzerland and uses Swiss Francs as its currency. It imports tea, coffee and cocoa from countries around the world, and sells its blended products to supermarkets and large retailers worldwide. The company has production facilities located in two European ports where raw materials are brought for processing, and from where finished products are shipped out. All raw material purchases are paid for in US dollars (US$), while all sales are invoiced in Swiss Francs (CHF).
Until recently CMC Co had no intention of hedging its foreign currency exposures, interest rate exposures or commodity price fluctuations, and stated this intent in its annual report. However, after consultations with senior and middle managers, the company’s new Board of Directors (BoD) has been reviewing its risk management and operations strategies.
The following two proposals have been put forward by the BoD for further consideration:
Proposal one
Setting up a treasury function to manage the foreign currency and interest rate exposures (but not commodity price fluctuations) using derivative products. The treasury function would be headed by the finance director. The purchasing director, who initiated the idea of having a treasury function, was of the opinion that this would enable her management team to make better decisions. The finance director also supported the idea as he felt this would increase his influence on the BoD and strengthen his case for an increase in his remuneration.
In order to assist in the further consideration of this proposal, the BoD wants you to use the following upcoming foreign currency and interest rate exposures to demonstrate how they would be managed by the treasury function:
(i) a payment of US$5,060,000 which is due in four months’ time; and
(ii) a four-year CHF60,000,000 loan taken out to part-fund the setting up of four branches (see proposal two below). Interest will be payable on the loan at a fixed annual rate of 2·2% or a floating annual rate based on the yield curve rate plus 0·40%. The loan’s principal amount will be repayable in full at the end of the fourth year.
Proposal two
This proposal suggested setting up four new branches in four different countries. Each branch would have its own production facilities and sales teams. As a consequence of this, one of the two European-based production facilities will be closed. Initial cost-benefit analysis indicated that this would reduce costs related to production, distribution and logistics, as these branches would be closer to the sources of raw materials and also to the customers. The operations and sales directors supported the proposal, as in addition to above, this would enable sales and marketing teams in the branches to respond to any changes in nearby markets more quickly. The branches would be controlled and staffed by the local population in those countries. However, some members of the BoD expressed concern that such a move would create agency issues between CMC Co’s central management and the management controlling the branches. They suggested mitigation strategies would need to be established to minimise these issues.
Response from the non-executive directors
When the proposals were put to the non-executive directors, they indicated that they were broadly supportive of the second proposal if the financial benefits outweigh the costs of setting up and running the four branches. However, they felt that they could not support the first proposal, as this would reduce shareholder value because the costs related to undertaking the proposal are likely to outweigh the benefits.
Additional information relating to proposal one
The current spot rate is US$1·0635 per CHF1. The current annual inflation rate in the USA is three times higher than Switzerland.
The following derivative products are available to CMC Co to manage the exposures of the US$ payment and the interest on the loan:
Exchange-traded currency futures
Contract size CHF125,000 price quotation: US$ per CHF1
Section A – This ONE question is compulsory and MU

Section A – This ONE question is compulsory and MU

It can be assumed that futures and option contracts expire at the end of the month and transaction costs related to these can be ignored.
Over-the-counter products
In addition to the exchange-traded products, Pecunia Bank is willing to offer the following over-the-counter derivative products to CMC Co:
(i) A forward rate between the US$ and the CHF of US$ 1·0677 per CHF1.
(ii) An interest rate swap contract with a counterparty, where the counterparty can borrow at an annual floating rate based on the yield curve rate plus 0·8% or an annual fixed rate of 3·8%. Pecunia Bank would charge a fee of 20 basis points each to act as the intermediary of the swap. Both parties will benefit equally from the swap contract.
Required:
(a) Advise CMC Co on an appropriate hedging strategy to manage the foreign exchange exposure of the US$ payment in four months’ time. Show all relevant calculations, including the number of contracts bought or sold in the exchange-traded derivative markets. (15 marks)
(b) Demonstrate how CMC Co could benefit from the swap offered by Pecunia Bank. (6 marks)
(c) As an alternative to paying the principal on the loan as one lump sum at the end of the fourth year, CMC Co could pay off the loan in equal annual amounts over the four years similar to an annuity. In this case, an annual interest rate of 2% would be payable, which is the same as the loan’s gross redemption yield (yield to maturity).
Required: Calculate the modified duration of the loan if it is repaid in equal amounts and explain how duration can be used to measure the sensitivity of the loan to changes in interest rates. (7 marks)
(d) Prepare a memorandum for the Board of Directors (BoD) of CMC Co which:
(i) Discusses proposal one in light of the concerns raised by the non-executive directors; and (9 marks)
(ii) Discusses the agency issues related to proposal two and how these can be mitigated. (9 marks)
Professional marks will be awarded in part (d) for the presentation, structure, logical flow and clarity of the memorandum. (4 marks)

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第3题

1992年9月之前，在欧洲货币体系中里拉/德国马克的汇率被控制在±2． 25%的范围内浮动。假设里拉/马克的中心平价和浮动范围就这样固定下来，那么1年期的里拉存款和德国马克存款的利率之间可能出现的最大差值是多少？半年期的呢？3个月的呢？答案是否令你感到惊讶？请给予一个直觉的解释。
In the EMS before September 1992 the lira/DM exchange rate could fluctuate by up to 2.25 percent up or down．Assume that the lira/DM central parity and band were set in this way and could not be changed．What would have been the maximum possible difference between the interest rates on one-year lira and DM deposits？ What would have been the maximum possible difference between the interest rates on six-month lira and DM deposits？ On three-month deposits？ Do the answers surprise you？ Give an intuitive explanation．

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第4题

If the balance sheet of a large listed corporation includes bonds payable （).

A、the amount of the liability for the bonds payable will be the face value of the bonds minus any unamortized discount or plus any unamortized premium

B、the corporation would not be permitted to invest in bonds issued by other corporations while its own bonds payable remained outstanding

C、the liability section of the balance sheet should include all interest payable over the life of the bonds.

D、the amount of the liability for bonds payable will be offset against any investment by the company in bonds of other corporations.

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第5题

在一个价格可以灵活变动的世界里，你能否设想一种使得一国名义利率提高和本币升值同时发生的情况？ Can you
在一个价格可以灵活变动的世界里，你能否设想一种使得一国名义利率提高和本币升值同时发生的情况？
Can you suggest an event that would cause a country's nominal interest rate to rise and its currency to appreciate simultaneously，in a world of perfectly flexible prices？

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第6题

在两时期投资模型中，假定：生产函数为Q=2K1/2，初始资本存量为K1=81，利率为11％。 a．如果资本不折旧。最佳投资量是多少？ b．如果资本每年折旧10％，(a)的答案会有什么变化？ In the two-period model of investment．assume the following：the production function is Q=2K1/2，the initial stock capital is K1=81，the interest rate is 11 percent． a．What is optimal amount of investment if capital does not depreciate？ b．How would your answer to(a)change if capital depreciated by 1 0 percent per year？

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第7题

Education is one of the key words of our time. A man, without an education, many of us believe, is an unfortunate victim of adverse circumstances deprived of one of the greatest twentieth-century opportunities. Convinced of the importance of education, modern states "invest" in institutions of learning to get back "interest" in the form. of a large group of enlightened young men and women who are potential leaders. Education, with its cycles of instruction so carefully worked out, is punctuated by textbooks--those purchasable wells of wisdom--what would civilization be like without its benefits？
So much is certain: that we would have doctors and preachers, lawyers and defendants, marriages and births; but our spiritual outlook would be different. We would lay less stress on "facts and figures" and more on a good memory, on applied psychology, and on the capacity of a man to get along with his fellow citizens. If our educational system were fashioned after its bookless past we would have the most democratic form. of "college" imaginable. Among the people whom we like to call savages all knowledge inherited by tradition is shared by all; it is taught to every member of the tribe so that in this respect everybody is equally equipped for life.
It is the ideal condition of the "equal start" which only our most progressive forms of modem education try to regain. In primitive cultures the obligation to seek and to receive the traditional instruction is binding to all. There are no "illiterates"--if the term can be applied to people without a script--while our own compulsory school attendance became law in Germany in 1642, in France in 1806, and in England 1876, and is still non-existent in a number of "civilized" nations. This shows how long it was before we deemed it necessary to make sure that 'all our children could share in the knowledge accumulated by the "happy few" during the past centuries.
Education in the wilderness is not a matter of monetary means. All are entitled to an equal start. There is none of the hurry which, in our society, often hampers the full development of a growing personality. There, a child grows up under the ever-present attention of his parents, therefore the jungles and the grasslands know of no "juvenile delinquency". No necessity of making a living away from home results in neglect of children and no father is confronted with his inability to "buy" an education for his child.
The word "interest" in the first paragraph most probably means ______.
A．pleasure
B．returns
C．share
D．knowledge

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第8题

Ernest Miller Hemingway was born on July 21, 1899 in Oak Park, Illinois. In the nearly sixty two years of his life that followed, he built a literary fame unsurpassed (无法超越)in the twentieth century.
As a boy he was taught by his father to hunt and fish along the shores and in the forests around Lake Michigan. The Hemingways had a summer house in northern Michigan, and the family would spend the summer months there trying to stay cool. Hemingway would either fish the different streams that ran into the lake, or would take the small boat out to do some fishing there. He would also go squirrel hunting in the woods, discovering early in life the peace to be found while alone in the forest or going through a stream. It was something he could always go back to throughout his life, and though he often found himself living in major cities like Chicago, Toronto and Paris early in his life, once he became successful he chose somewhat isolated places to live in.
When he wasn't hunting or fishing his mother taught him the good points of music. She was a skilled singer who once had wished a life on stage, but at last settled down with her husband and spent her time by giving voice and music lessons to local children, including her own. Hemingway was never talented for music and suffered through singing practices and music lessons, however, the musical knowledge he got from his mother helped him share in his first wife Hadley's interest in the piano.
Ernest Hemingway died in______.
A．1969
B．1979
C．1981
D．1961

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第9题

Ernest Miller Hemingway was born on July 21, 1899 in Oak Park, Illinois. In the nearly sixty two years of his life that followed, he built a literary fame unsurpassed (无法超越)in the twentieth century.
As a boy he was taught by his father to hunt and fish along the shores and in the forests around Lake Michigan. The Hemingways had a summer house in northern Michigan, and the family would spend the summer months there trying to stay cool. Hemingway would either fish the different streams that ran into the lake, or would take the small boat out to do some fishing there. He would also go squirrel hunting in the woods, discovering early in life the peace to be found while alone in the forest or going through a stream. It was something he could always go back to throughout his life, and though he often found himself living in major cities like Chicago, Toronto and Paris early in his life, once he became successful he chose somewhat isolated places to live in.
When he wasn't hunting or fishing his mother taught him the good points of music. She was a skilled singer who once had wished a life on stage, but at last settled down with her husband and spent her time by giving voice and music lessons to local children, including her own. Hemingway was never talented for music and suffered through singing practices and music lessons, however, the musical knowledge he got from his mother helped him share in his first wife Hadley's interest in the piano.
Ernest Hemingway died in______.
A．1969
B．1979
C．1981
D．1961

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第10题

Extracts from the recent financial statements of Bold Co are given below.A factor has offe
Extracts from the recent financial statements of Bold Co are given below.

Extracts from the recent financial statements of B

A factor has offered to manage the trade receivables of Bold Co in a servicing and factor-financing agreement. The factor expects to reduce the average trade receivables period of Bold Co from its current level to 35 days; to reduce bad debts from 0·9% of turnover to 0·6% of turnover; and to save Bold Co $40,000 per year in administration costs. The factor would also make an advance to Bold Co of 80% of the revised book value of trade receivables. The interest rate on the advance would be 2% higher than the 7% that Bold Co currently pays on its overdraft. The factor would charge a fee of 0·75% of turnover on a with-recourse basis, or a fee of 1·25% of turnover on a non-recourse basis. Assume that there are 365 working days in each year and that all sales and supplies are on credit.
Required:
(a) Explain the meaning of the term ‘cash operating cycle’ and discuss the relationship between the cash operating cycle and the level of investment in working capital. Your answer should include a discussion of relevant working capital policy and the nature of business operations. (7 marks)
(b) Calculate the cash operating cycle of Bold Co. (Ignore the factor’s offer in this part of the question). (4 marks)
(c) Calculate the value of the factor’s offer:
(i) on a with-recourse basis;
(ii) on a non-recourse basis. (7 marks)
(d) Comment on the financial acceptability of the factor’s offer and discuss the possible benefits to Bold Co of factoring its trade receivables. (7 marks)

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第11题

阅读理解：Thank you for your interest in Calibre Cassette （盒式录音带) library. This le
阅读理解：Thank you for your interest in Calibre Cassette (盒式录音带) library. This letter tells you about our service. With it we are sending you an application form, so that you can join if you would like to try it. Calibre library aims to provide the pleasure of reading to anyone who cannot read ordinary printed books because of sight problems. We currently have over 7,000 books available for reading for pleasure, including 1,000 specially for children. All our books are recorded cover-to-cover on ordinary cassettes and can be played on any cassette players. They are sent and returned by post, free of charge
When we receive your application, we will send you a book and an information tape. They will explain how to use the service. The easy way to use Calibre library is to tell us what sorts of books you like, and we will keep you supplied with books we think you will enjoy. Or you can send us a list of books you would like to read, and we will then send you books from this list whenever possible. In that case you will need to use our website, or buy one or more of our catalogues (目录).
21. According to the first paragraph, the library sends the application form. to the readers so that they can ________.
A) read ordinary books
B) order cassette players
C) buy Calibre cassettes
D) use the library service
22. Calibre library provides service mainly for people who suffer from ________.
A) hearing difficulties
B) mental illnesses
C) sight problems
D) heart troubles
23. The service of sending and returning books by post is ________.
A) not available to children
B) paid by the users
C) free of charge
D) not provided
24. The easy way to use the library service is to ________.
A) inform. the library of your name and address
B) tell the library the sorts of books you like
C) buy the catalogues of the library
D) ask the library to buy the books
25. The main purpose of this letter is to ________.
A) introduce the library’s service to readers
B) recommend new books to the readers
C) send a few catalogues to readers
D) express thanks to the readers

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