The cost flow assumption selected by a company must correspond to the actual physical

l, like RIP, treats each network as equals. The （71） of passing through each network is the same; it is one （72） count. So if a packet passes through 10 network to reach the destination, the total cost is 10 hop counts. Other protocols, such as OSPF, allow the administrator to assign a cost for passing through a network based on the type of service required. A （73） through a network can have different costs (metrics). For example, if maximum （74） is the desired type of service, a satellite link has a lower metric than a fiber-optic line. On the other hand, if minimum （75） is the desired type of service, a fiber-optic line has a lower metric than a satellite line. OSPF allow each router to have several routing table based on the required type of service.

（71）

A. number

B. connection

C. diagram

D. cost

（72）

A. process

B. hop

C. route

D. flow

（73）

A. flow

B. window

C. route

D. cost

（74）

A. packet

B. throughput

C. error

D. number

（75）

A. delay

B. stream

C. packet

D. cost

rticular product in inventory, acquired at the following dates and unit costs: Purchased in August: 30 units at $750 per unit. Purchased in November: 30 units at $700 per unit. A complete physical inventory taken at year-end indicates only 50 units of this product actually are on hand. Under the FIFO flow assumption, the cost of these items to be included in inventory in the company's year-end balance sheet is: ().

A、$36,000.

B、$36,500.

C、$42,000.

D、$37,500.

In the opening paragraph, the author introduces his topic by ______.

A．justifying an assumption

B．giving an example

C．making a comparison

D．explaining a phenomenon

听力原文： The need to feed a growing population is putting much pressure on the world's supply of water. With 97% of the world's water too salty to be drunk or used in agriculture, the worldwide supply of water needs careful management, especially in agriculture. Although the idea of a water shortage seems strange to someone fortunate enough to live in a high rainfall country, many of the world's agricultural industries experience constant water shortages.

Although dams can be built to store water for agricultural use in dry areas and dry seasons, the costs of water redistribution are very high. Not only is there the cost of the engineering itself, but there is also an environmental cost to be considered. Where valleys are flooded to create dams, houses are lost and wildlife homes destroyed. Besides, water may flow easily through pipes to fields, but it cannot be transported from one side of the world to the other. Each country must therefore rely on the management of its own water to supply its farming requirements.

This is particularly troubling for countries with agricultural industries in areas dependent on irrigation. In Texas, farmers' overuse of irrigation water resulted in a 25% reduction of the water stores. In the Central Valley area of southeastern USA, a huge water engineering project provided water for farming in dry valleys, but much of the water use has been poorly managed.

Saudi Arabia's attempts to grow wheat in desert areas have been the pumping of huge quantities of irrigation water from underground reserves. Because there is no rainfall in these areas, such reserves can only decrease, and it is believed that fifty years of pumping will see them run dry.

Questions 32 to 35 are based on the passage you have just heard.

32. What is the passage mainly about？

33. What do we learn from the passage？

34. What can be learned from the passage？

35. What is most likely to be discussed next？

(33)

A．Water supply and increasing population.

B．Water use management and agriculture.

C．Water redistribution and wildlife protection.

D．Water shortages and environmental protection.

y and intensely from the sun. An abundant and essential【C1】______of energy would be used in space by developing satellite solar【C2】______stations. To live in space, humans must be protected【C3】______the fierce intensity and penetrating sunlight. The colony will have to have enough energy to【C4】______a fairly uniform. temperature. The sun is not dimmed【C5】______an atmosphere. Shaded materials not【C6】______to direct sunlight will almost be absolute zero, while the temperature can soar above the【C7】______point. The colony will need to have both heaters and【C8】______Fortunately, sun's energy can be converted【C9】______electricity. Converting sun's energy, we would【C10】______stations in the space that would intercept【C11】______sunlight. The stations intercept enough sunlight to【C12】______five nuclear reactors and they could be as【C13】______as nine miles long and four miles wide while they weigh twenty thousand tons. This is a【C14】______free way to generate electricity and cost no【C15】______than coal or nuclear energy. Solar cells do the actual converting. A useful material found in lunar soil is silicon which is used to make solar cells.【C16】______we can produce a large amount of these cells and then we avoid any problems of【C17】______the material from earth. A solar cell is made from two thin layers of silicon. Sunlight【C18】______on the cell shakes the electrons【C19】______, and then these electrons move off into an outside circuit, which is detected as an electrical current. Things are arranged【C20】______most of the work involved in generating the electricity is done by forces associated with the atoms themselves.

【C1】

A．treasure

B．property

C．resource

D．source

m predicted superconductivity. This phenomenon was discovered in 1911 by Onnes while he was studying frozen mercury.

More than 40 years passed before physicists were able to offer an explanation for superconductivity. The accepted theory, developed in the 1950s, holds that the fundamental behavior. of electrons changes at very low temperatures because of the effects of quantum mechanics. Electrons are tiny particles that make up the outer part of an atom, circling rapidly around the nucleus of the atom. In a regular conductor—a metal that conducts an electric current—the outermost electrons are not bound tightly to the atoms, and so they move around relatively freely. The flow of these electrons is an electric current.

At normal temperatures, a conductor's electrons cannot move completely freely through the metal because they are "bumped around" by the metal's atoms. But according to the leading theory of superconductivity, when a metal is very cold, electrons form. pairs. Then, like couples maneuvering on a crowded dance floor but never colliding, the paired electrons are able to move unimpeded through the metal. In pairing up, it seems, the electrons are able to "blend together" and move in unison without resistance. This explanation seems to account for superconductivity at extremely low temperatures, but in 1986 scientists in Switzerland found that some metal-containing ceramics are superconductors at much higher temperatures. By 1992, scientists had developed ceramics that become superconducting at - 297'F, and some researchers speculated that room-temperature superconductors may be possible. Scientists are still trying to formulate a theory for high-temperature superconductivity.

The new ceramic materials can be maintained at their superconducting temperatures, with relatively inexpensive liquid nitrogen rather than the much colder and much more costly liquid helium required by metal superconductors. The cost difference could make superconductivity practical for many new technologies. For example, magnetically levitated trains, which require superconducting electromagnets, would be much cheaper to build than they are now. Superconducting devices might also be used for advanced power transmission lines and in new types of compact, ultrafast computers. But for the time being, superconductivity is finding application mostly in scientific research and in some kinds of medical imaging devices.

The flow of an electric current in a regular conductor is made possible by the fact that______.

A．electrons circle rapidly around the atom

B．the outermost electron move relatively freely around the atom

C．the innermost electrons stick to the atom

D．the outermost electrons are bound tightly to the inner ones

Section B – TWO questions ONLY to be attempted

You have recently commenced working for Burung Co and are reviewing a four-year project which the company is considering for investment. The project is in a business activity which is very different from Burung Co’s current line of business.

The following net present value estimate has been made for the project:

All figures are in $ million

Net present value is negative $1·65 million, and therefore the recommendation is that the project should not be accepted.

In calculating the net present value of the project, the following notes were made:

(i) Since the real cost of capital is used to discount cash flows, neither the sales revenue nor the direct project costs have been inflated. It is estimated that the inflation rate applicable to sales revenue is 8% per year and to the direct project costs is 4% per year.

(ii) The project will require an initial investment of $38 million. Of this, $16 million relates to plant and machinery, which is expected to be sold for $4 million when the project ceases, after taking any taxation and inflation impact into account.

(iii) Tax allowable depreciation is available on the plant and machinery at 50% in the first year, followed by 25% per year thereafter on a reducing balance basis. A balancing adjustment is available in the year the plant and machinery is sold. Burung Co pays 20% tax on its annual taxable profits. No tax allowable depreciation is available on the remaining investment assets and they will have a nil value at the end of the project.

(iv) Burung Co uses either a nominal cost of capital of 11% or a real cost of capital of 7% to discount all projects, given that the rate of inflation has been stable at 4% for a number of years.

(v) Interest is based on Burung Co’s normal borrowing rate of 150 basis points over the 10-year government yield rate.

(vi) At the beginning of each year, Burung Co will need to provide working capital of 20% of the anticipated sales revenue for the year. Any remaining working capital will be released at the end of the project.

(vii) Working capital and depreciation have not been taken into account in the net present value calculation above, since depreciation is not a cash flow and all the working capital is returned at the end of the project.

It is anticipated that the project will be financed entirely by debt, 60% of which will be obtained from a subsidised loan scheme run by the government, which lends money at a rate of 100 basis points below the 10-year government debt yield rate of 2·5%. Issue costs related to raising the finance are 2% of the gross finance required. The remaining 40% will be funded from Burung Co’s normal borrowing sources. It can be assumed that the debt capacity available to Burung Co is equal to the actual amount of debt finance raised for the project.

Burung Co has identified a company, Lintu Co, which operates in the same line of business as that of the project it is considering. Lintu Co is financed by 40 million shares trading at $3·20 each and $34 million debt trading at $94 per $100. Lintu Co’s equity beta is estimated at 1·5. The current yield on government treasury bills is 2% and it is estimated that the market risk premium is 8%. Lintu Co pays tax at an annual rate of 20%.

Both Burung Co and Lintu Co pay tax in the same year as when profits are earned.

Required:

(a) Calculate the adjusted present value (APV) for the project, correcting any errors made in the net present value estimate above, and conclude whether the project should be accepted or not. Show all relevant calculations. (15 marks)

(b) Comment on the corrections made to the original net present value estimate and explain the APV approach taken in part (a), including any assumptions made. (10 marks)

Energy independence. It has a nice ring to it. Doesn't it？ If you think so, you're not alone, because energy independence has been the dream of American president for decades, and never more so than in the past few years, when the most recent oil price shock has been partly responsible for kicking off the great recession.

“Energy independence” and its rhetorical (修辞的) companion “energy security” are, however, slippery concepts that are rarely though through. What is it we want independence from, exactly？

Most people would probably say that they want to be independent from imported oil. But there are reasons that we buy all that old from elsewhere.

The first reason is that we need it to keep our economy running. Yes, there is a trickle(涓涓细流)of biofuel(生物燃料)available, and more may become available, but most biofuels cause economic waste and environmental destruction.

Second, Americans have basically decided that they don't really want to produce all their own oil. They value the environmental quality they preserve over their oil imports from abroad. Vast areas of the United States are off-limits to oil exploration and production in the name of environmental protection. To what extent are Americans really willing to endure the environmental impacts of domestic energy production in order to cut back imports？

Third, there are benefits to trade. It allows for economic efficiency, and when we buy things from places that have lower production costs than we do, we benefit. And although you don't read about this much, the United States is also a large exporter of oil products, selling about 2 million barrels of petroleum products per day to about 90 countries.

There is no question that the United States imports a great deal of energy and, in fact, relies on that steady flow to maintain its economy. When that flow is interrupted, we feel the pain in short supplies and higher prices, At the same time, we derive massive economic benefits when we buy the most affordable energy on the world market and when we engage in energy trade around the world.

61. What does the author say about energy independence for America？()

A.It sounds very attractive.

B.It ensures national security.

C.It will bring oil prices down.

D.t has long been everyone's dream.

62. What does the author think of biofuels？()

A.They keep America's economy running healthily.

B.They prove to be a good alternative to petroleum.

C.They do not provide a sustainable energy supply.

D.They cause serious damage to the environment.

63. Why does America rely heavily on oil imports？()

A.It wants to expand its storage of crude oil.

B.Its own oil reserves are quickly running out.

C.It wants to keep its own environment intact.

D.Its own oil production falls short of demand.

64. What does the author say about oil trade？()

A.It proves profitable to both sides.

B.It improves economic efficiency.

C.It makes for economic prosperity.

D.It saves the cost of oil exploration.

65. What is the author's purpose in writing the passage？()

A.To justify America's dependence on oil imports.

B.To arouse Americans' awareness of the energy crisis.

C.To stress the importance of energy conservation.

D.To explain the increase of international oil trade.

A.Logistics

B.Concept

C.Tangible

D.Network