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The first European stock exchange was established in Antwerp, Belgium(比利时) , in 1531. T

The first European stock exchange was established in Antwerp, Belgium(比利时) , in 1531. There were no stock exchanges in England until the 1700' s. A man wishing to buy or sell shares of stock had to find a broker(agents) to transact his business for him. In London, he usually went to a coffee house, because brokers often gathered there. In 1773, the brokers of London formed a stock exchange.

In New York City, brokers met under an old button-wood tree on Wall Street. They organized the New York Stock Exchange in 1792. The American Stock Exchange, second largest in the United States, was formerly called the Curb Exchange because of its origin on the streets of New York City.

A stock exchange is a market place where member brokers buy and sell stocks and bonds (债券) of American and foreign businesses on behalf of the public. A stock exchange provides a market place for stocks and bonds in the same way a board of trade does for commodities. The stockbrokers receive a small commission on each transaction they make.

The stockholder may sell his stock wherever he wants to unless the corporation has some special rule to prevent it. Prices of stock change according to general business conditions and the earnings and future prospects(前景) of the company. If the business is doing well, the stockholder may be able to sell his stock for a profit. If it is not, he may have to take a loss.

In the 1600's, if a man wanted to buy or sell shares of stock, he had to do it through ______.

A.the government

B.himself

C.a broker

D.the stock exchange

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更多“The first European stock excha…”相关的问题
第1题
Elections often tell you more about what people are against than what they are for. So it
is with the European ones that took place last week in all 25 European Union member countries. These elections, widely trumpeted as the world's biggest-ever multinational democratic vote, were fought for the most part as 25 separate national contests, which makes it tricky to pick out many common themes. But the strongest are undoubtedly negative. Europe's voters are angry and disillusioned—and they have demonstrated their anger and disillusion in three main ways.

The most obvious was by abstaining. The average overall turnout was just over 45%, by some margin the lowest ever recorded for elections to the European Parliament. And that average disguises some big variations: Italy, for example, notched up over 70%, but Sweden managed only 37%. Most depressing of all, at least to believers in the European project, was the extremely low vote in many of the new member countries from central Europe, which accounted for the whole of the fall in turnout since 1999. In the biggest, Poland, only just over a fifth of the electorate turned out to vote. Only a year ago, central Europeans voted in large numbers to join the EU, which they did on May 1st. That they abstained in such large numbers in the European elections points to early disillusion with the European Union—as well as to a widespread feeling, shared in the old member countries as well, that the European Parliament does not matter.

Disillusion with Europe was also a big factor in the second way in which voters protested, which was by supporting a ragbag of populist, nationalist and explicitly anti-EU parties. These ranged from the 16% who backed the UK Independence Party, whose declared policy is to withdraw from the EU and whose leaders see their mission as "wrecking" the European Parliament, to the 14% who voted for Sweden's Junelist, and the 27% of Poles who backed one of two anti-EU parties, the League of Catholic Families and Selfdefence. These results have returned many more Eurosceptics and trouble-makers to the parliament: on some measures, over a quarter of the new MEPS will belong to the "awkward squad". That is not a bad thing, however, for it will make the parliament more representative of European public opinion.

But it is the third target of European voters' ire that is perhaps the most immediately significant, the fact that, in many EU countries, old and new, they chose to vote heavily against their own governments. This anti-incumbent vote was strong almost everywhere, but it was most pronounced in Britain, the Czech Republic, Germany, Poland and Sweden. The leaders of all the four biggest European Union countries, Tony Blair in Britain, Jacques Chirac in France, Gerhard Schroder in Germany and Silvio Berlusconi in Italy, were each given a bloody nose by their voters.

The big question now is how Europe's leaders should respond to this. By a sublime (or terrible) coincidence, soon after the elections, and just as The Economist was going to press, they were gathering in Brussels for a crucial summit, at which they are due to agree a new constitutional treaty for the EU and to select a new president for the European Commission. Going into the meeting, most EU heads of government seemed determined to press ahead with this agenda regardless of the European elections—even though the atmosphere after the results may make it harder for them to strike deals.

The relationship between the opening paragraph and the rest of text is that ______.

A.a proposal is advanced in the first paragraph and then negated in the following paragraphs

B.an prophecy is revealed and then proved with concrete examples

C.a generalization is made in the first paragraph and then elaborated in the following paragraphs

D.a proposition is introduced in the first paragraph and then explained in details in the following paragraphs

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第2题
The US dollar reached an all-time low against the euro yesterday for the fourth straight d
ay, briefly pushing the European currency above $1.33 before recovering slightly, amid concerns about the twin US deficits and the lack of any central bank action to stop the dollar's decline.

The dollar also dipped to a nearly five-year low against the yen, but later regained ground.

Yesterday, the euro rose to $1.3329 in early trading before dipping back to $1.3290 later in New York. The euro topped $1.32 for the first time the day before in European trading. US markets were closed Thursday for the Thanksgiving holiday.

The dollar also traded near its lowest levels since December 1999 against the Japanese yen yesterday, slipping to 102.56 yen, down from 102.81 late Wednesday in New York.

One reason the euro has kept rising is a lack of concerted action by central banks to support the dollar by selling holdings of the other major currencies.

"$1.35 is definitely on the cards now, as for how soon we'll get there, I'm not sure," said Riz Din, a currency analyst with Barclay's Capital in London.

"It increasingly looks as if, despite weaker data in the euro area, the prospects for intervention, are very, very low at current rates."

The latest dollar collapse, fueled by concerns over the US trade and budget deficits, has taken the euro from around $1.20 about two months ago.

Because the euro's rise tends to make European products more expensive, European leaders have voiced fears that it might hurt the continent's export-driven economic recovery. The European Central Bank's president has called the rapid increase "brutal".

But the dollar's weakness is good news for US exporters, helping make American products less expensive overseas.

Commerzbank economist Michael Schubert said speculation against the dollar was making its slide "a bit faster than I had expected".

"Obviously, it's difficult to stop the train," Mr. Schubert said in Frankfurt. A combination of intervention by central banks and positive US economic data could apply the brakes, he added.

Economists say the European Central Bank (ECB) is wary of intervening in the currency markets on its own and the United States Would be unlikely to join in such a move.

According to the text, the dollar

A.has reached its lowest level against euro yesterday.

B.was lower than euro in the past four continuous days.

C.is still staying in a worse position than the yen.

D.kept failing despite the central bank's adoption of active measures.

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第3题
Europe is desperate to succeed in business. Two years ago, the European Union's Lisbon sum
mit set a goal of becoming the world's leading economy by 2010. But success, as any new-age executive coach might tell you, requires confronting the fear of failure. That is why Europe's approach to bankruptcy urgently needs reform.

In Europe, as in the United States, many heavily indebted companies are shutting up shop just as the economy begins to recover. Ironically, the upturn is often the moment when weak firms finally fail. But America's failures have a big advantage over Europe's weaklings: their country's more relaxed approach to bankruptcy.

In the United States the Chapter 11 law makes going bust an orderly and even routine process. Firms in trouble simply apply for breathing space from creditors. Managers submit a plan of reorganization to a judge, and creditors decide whether to give it a go or to come up with one of their own. Creditors have a say in whether to keep the firm running, or to liquidate it. If they keep it running, they often end up with a big chunk of equity, if not outright control.

But shutting a bust European company is harder in two other ways. First, with no equivalent of Chapter 11, bankruptcy forces companies to stop trading abruptly. That damages the value of the creditors' potential assets, and may also cause havoc for customers. Second, a company that trades across the European Union will find that it has to abide by different bankruptcy laws in the 15 member states, whose courts and administrators may make conflicting and sometimes incompatible stipulations.

The absence of provision for negotiations between companies and creditors increases the temptation for government to step in. When governments do not come to the rescue, the lack of clear rules can lead to chaos. As a result of all this, Europe's teetering firms miss the chance to become more competitive by selling assets to others who might manage them more efficiently. Their sickly American rivals survive, transformed, to sweep the field.

An opportunity now exists to think again about Europe's approach to bankruptcy. The European Union is expected to issue a new directive on the subject in May. Germany has begun to update its insolvency law. And last year Britain produced a white paper saying that a rigid approach to bankruptcy could stifle the growth needed to meet Lisbon's goals.

One of goals set by the European Union's Lisbon summit is to

A.strive for the lead in the world's economy.

B.achieve great success in business.

C.come up with a plan for reorganization.

D.prevent excessive economic growth.

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第4题
The first European settlement on the continent began in().

A.1901

B.1788

C.1770

D.1787

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第5题
Part ADirections: Read the following four texts. Answer the questions below each text by c

Part A

Directions: Read the following four texts. Answer the questions below each text by choosing A, B, C or D. (40 points)

Europe is desperate to succeed in business. Two years ago, the European Union's Lisbon summit set a goal of becoming the world's leading economy by 2010. But success, as any new-age executive coach might tell you, requires confronting the fear of failure. That is why Europe's approach to bankruptcy urgently needs reform.

In Europe, as in the United States, many heavily indebted companies are shutting up shop just as the economy begins to recover. Ironically, the upturn is often the moment when weak firms finally fail. But America's failures have a big advantage over Europe's weaklings: their country's more relaxed approach to bankruptcy.

In the United States the Chapter 11 law makes going bust an orderly and even routine process. Firms in trouble simply apply for breathing space from creditors. Managers submit a plan of reorganization to a judge, and creditors decide whether to give it a go or to come up with one of their own. Creditors have a say in whether to keep the firm running, or to liquidate it. If they keep it running, they often end up with a big chunk of equity, if not outright control.

But shutting a bust European company is harder in two other ways. First, with no equivalent of Chapter 11, bankruptcy forces companies to stop trading abruptly. That damages the value of the creditors' potential assets, and may also cause havoc for customers. Second, a company that trades across the European Union will find that it has to abide by different bankruptcy laws in the 15 member states, whose courts and administrators may make conflicting and sometimes incompatible stipulations.

The absence of provision for negotiations between companies and creditors increases the temptation for government to step in. When governments do not come to the rescue, the lack of clear rules can lead to chaos. As a result of all this, Europe's teetering firms miss the chance to become more competitive by selling assets to others who might manage them more efficiently. Their sickly American rivals survive, transformed, to sweep the field.

An opportunity now exists to think again about Europe's approach to bankruptcy. The European Union is expected to issue a new directive on the subject in May. Germany has begun to update its insolvency law. And last year Britain produced a white paper saying that a rigid approach to bankruptcy could stifle the growth needed to meet Lisbon's goals.

One of goals set by the European Union's Lisbon summit is

A.to strive for the lead in the world's economy.

B.to subject more companies to bankruptcy.

C.to revise an approach to bankrupt stipulations.

D.to have advantage over American firms.

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第6题
Thanksgiving Day is uniquely an American holiday, which dates back to the ______ of the first Europe
an settlers in the New World. (arrive)
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第7题
It was the first time she ______ to a European country. A.was B.has been C.had been D

A.A.was

B.B.has been

C.C.had been

D.D.is

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第8题
Attacks on Jose Manuel Barroso, the president of the European Commission, have intensified
before the European election held between June 4th and 7th, and ahead of a European Union summit when national leaders will discuss his reappointment to a second five- year term. On the left, the Party of European Socialists (PES) calls Mr. Barroso a conservative who "puts markets before people". Should the PES emerge as the largest group in the European Parliament, it will try to block him.

But prominent federalists are also unimpressed. Guy Verhofstadt, a former Belgian prime minister, speaks for many in Brussels when he denounces Mr. Barroso for a lack of ambition for Europe. Mr. Verhofstadt invokes the memory of Jacques Delors, the pugnacious Frenchman who ran the commission from 1985 to 1995.Mr. Delors proposed many ambitious plans, he says, and got 30% of them: that 30% then became the European internal market. Mr. Verhofstadt thinks that last autumn Mr. Barroso should have proposed such things as a single EU financial regulator, a single European bad bank, or a multi-trillion issue of "Eurobonds". That would have triggered a " big fight" with national governments, he concedes. But "maybe the outcome would have been 10%, 20% or 30% of his plan. "

The French president, Nicolas Sarkozy, has endorsed a second tenn for Mr. Barroso, a former centre-right prime minister of Portugal. Yet he seems keen to make him sweat. French officials have briefed that the decision on Mr. Barroso's future taken at the June 18th-19th summit should be only political, leaving a legally binding nomination for later.

Yet the attacks on Mr. Barroso are unlikely to block him. No opinion poll shows the PES overtaking the centre-right European People's Party in the European Parliament. The centre- right leaders who hold power in most of Europe have endorsed Mr. Barroso, as have the (nominally) centre-left leaders of Britain, Spain and Portugal. This helps to explain why the PES, for all its bluster, has not fielded a candidate against Mr. Barroso.

It is equally wrong to pretend that Europe was ready for a federalist big bang last autumn. Officials say Mr. Barroso spent the first weeks of the economic crisis bridging differences between Britain and France on such issues as accounting standards and the regulation of rating agencies. Later, he kept the peace between Mr. Sarkozy and the German chancellor, Angela Merkel, after the French president pushed for summits of EU leaders from euro-area countries (Ms Merkel thought that sounded like a two-speed Europe). In any case France has no veto over Mr. Barroso's reappointment: the decision is now taken by majority vote. Some diplomats suggest that France's stalling tactics are meant to extract such concessions as a plum portfolio for its commissioner.

Those calling for "European" action often talk as if they are describing an elegant mechanism, needed to make the union work properly. They argue that only a single financial regulator can police Europe's single market, or complain that 27 national bail-out plans lack "coherence". In fact, these apparently structural calls for "more Europe" are pitches for specific ideological programmes. Thus, in a joint statement on May 30th Mr. Sarkozy and Ms Merkel announced that "Liberalism without rules has failed. " They called for a European economic model in which capital serves "entrepreneurs and workers" rather than "speculators", and hedge funds and bankers' pay are tightly regulated. They added that competition policies should be used to favour the "emergence of world-class European companies", and gave warning against a "bureaucratic Europe" that blindly applies "pernickety rules". If all this sounds like Europe as a giant Rhineland economy, that is no accident.

Mr. Verhofstadt, a continental liberal, means

A.Barroso adopts policies that are in favour of market economy rather than social welfare.

B.Barroso does not care about European people.

C.Barroso suggests EU establish more markets for the convenience of European people.

D.Barroso is the owner of many markets in Europe.

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第9题
Part ADirections: Read the following four texts. Answer the questions below each text by c

Part A

Directions: Read the following four texts. Answer the questions below each text by choosing A, B, C or D. (40 points)

It is the staff of dreams and nightmares. Where Tony Blair's attempts to make Britain love the euro have fallen on deaf ears, its incarnation as notes and coins will succeed. These will be used not just in the euro area but in Britain. As the British become accustomed to the euro as a cash currency, they will warm to it—paving the way for a yes note in a referendum.

The idea of euro creep appeals to both sides of the euro argument. According to the pros, as Britons become familiar with the euro, membership will start to look inevitable, so those in favor are bound to win. According to the antis, as Britons become familiar with the euro, membership will start to look inevitable, so those opposed must mobilize for the fight.

Dream or nightmare, euro creep envisages the single currency worming its way first into the British economy and then into the affections of voters. British tourists will come back from their European holidays laden with euros, which they will spend not just at airports but in high street shops. So, too, will foreign visitors. As the euro becomes a parallel currency, those who make up the current two-to-one majority will change their minds. From there, it will be a short step to decide to dispense with the pound.

Nell Kinnock, a European commissioner and former leader of the Labor Party, predicts that the euro will soon become Britain's second currency. Hans Eichel, the German finance minister, also says that it will become a parallel currency in countries like Switzerland and Britain. Peter Hain, the European minister who is acting as a cheerleader for membership, says the euro will become "a practical day-to-day reality and that will enable people to make a sensible decision about it". As many as a third of Britain's biggest retailers, such as Marks and Spencer, have said they will take euros in some of their shops. BP has also announced that it will accept euros at some of its garages.

But there is less to this than meet the eyes. British tourists can now withdraw money from cashpoint from European holiday destinations, so they are less likely than in the past to end up with excess foreign money. Even if they do, they generally get rid of it at the end of their holidays, says David Southwell, a spokesman for the British Retail Consortium(BRC).

The writer seems ______.

A.to be over-enthusiastic about the success of the euro.

B.to launch a vigorous campaign against the euro creep.

C.to take a matter-of-fact attitude towards the issue.

D.to hold a hostile attitude towards euro expansions.

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第10题
Directions: Read the following text. Choose the best word(s) for each numbered blank and m

Directions: Read the following text. Choose the best word(s) for each numbered blank and mark A ,B, C or D on ANSWER SHEET I . (10 points)

In the United States, the first day-nursery was opened in 1854. Nurseries were established in various areas during the

(1) half of the 19th century; most of (2) were charitable. Both in Europe and in the U. S. the day nursery movement received great (3) during the First World War, when (4) of manpower caused the industrial employment of unprecedented numbers of women.

In some European countries nurseries were established (5) in munitions plants, under direct government sponsorship. (6) the number of nurseries in the U.S. also rose (7) , this rise was accomplished without government aid of any kind. During the years following the First World War, (8) , Federal, State, and local governments gradually began to exercise a measure of control (9) the day-nurseries, chiefly by (10) them and by inspecting and regulating the conditions within the nursries.

The (11) of the Second World War was quickly followed by an increase in the number of day-nurseries in almost all countries, ms women were (12) called upon to replace men in the factories.

On this (13) the U.S. government immediately crone to the support of the nursery schools, (14) $ 6,000, 000 in July, 1942. for a nursery- school program for the children of working mothers.

Many States and local communities (15) this Federal aid. By the end of the war, in August, 1945, more than 100,000 children were being cared (16) in daycare centers receiving Federal (17) . Soon afterward, the Federal government (18) cut down its expenditures for this purpose and later (19) them, causing a sharp drop in the number of nursery schools in operation. However, the expectation that most employed mothers would leave their (20) at the end of the war was only partly fulfilled.

1. A) latter

B) late

C) other

D) first

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