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考虑两家生产录像机的企业，一家使用高度自动化的自动程序，而另一家使用工人的生产流水线。并在需求增加工作时支付工人加班费。 a．哪家企业在衰退经济中有更高的利润？在繁荣的经济中呢？ b．哪家企业的贝塔值更高？

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从每组企业中。选出你认为对经济周期较敏感的企业。 a．大众汽车与大众制药 b．友好航空与欢乐影院

Passage One
"Sugar, alcohol and tobacco," economist Adam Smith once wrote, "are commodities which are nowhere necessaries of life, which have become objects of almost universal consumption, and which are, therefore, extremely popular subjects of taxation."
Two and a half centuries on, most countries impose some sort of tax on alcohol and tobacco. With surging obesity levels putting increasing strain on public health systems, governments around the world have begun to toy with the idea of taxing sugar as well.
Whether such taxes work is a matter of debate. A preliminary review of Mexico&39;s taxation found a fall in purchases of taxed drinks as well as a rise in sales if untaxed and healthier drinks. By contrast, a Danish tax on foods high in fats was abandoned a year after its introduction, amid claims that consumers were avoiding it by crossing the border to Germany to satisfy their desire for cheaper, fattier fare.
The food industry has, in general, been firmly opposed to such direct government action. Nonetheless, the renewed focus on waistlines means that industry groups are under pressure to demonstrate their products are healthy as well as tasty.
Over the past three decades, the industry has made some efforts to improve the quality of its offerings. For example, some drink manufactures have cut the amount of sugar in their beverages.
Many of the reductions over the past 30 years have been achieved either by reducing the amount of sugar, salt or fat in a product, or by finding an alternative ingredient. More recently, however.
Some companies have been investing money in a more ambitious undertaking: learning how to adjust the fundamental make-up of the food they sell. For example, having salt on the outside, but none on the inside, reduces the salt content without changing the taste.
While reformulating recipes(配方)is one way to improve public health, it should be part of a multi-sided approach. The key is to remember that
there is not just one solution. To deal with obesity, a mixture of approaches-including reformulation, taxation and adjusting portion sizes-will be needed. There is no silver bullet.
What did Adam Smith say about sugar, alcohol and tobacco.

A. They were profitable to manufacture.
B. They were in ever-increasing demand.
C. They were subject to taxation almost everywhere.
D. They were no longer considered necessities of life.

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通货膨胀(inflation)

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Why do some experts believe cheap oil will stimulate the global economy？

A. Manufacturers can produce consumer goods at a much lower cost.
B. Lower oil prices have always given a big boost to the global economy.
C. Oil prices may rise or fall but economic laws are not subject to change.
D. Consumers will spend their saving from cheap oil on other commodities.

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