B) asset values were accounted for properly C) financial liabilities were assigned precisely D) positions were valued fairly 答案:A
[定位] 由题干中的financial institutions can reduce credit crisis定位到第一个小标题下的第九段最后一句 If more institutions had properly valued their positions and commitments at the outset，they would have been in a much better position to reduce their exposures． [精解] 该段首先提到信贷危机，接着最后一句指出“如果更多的机构一开始就正确评估他们的头寸和义务，他们将会置身于减少风险敞口的更好处境。”由此可知本题答案为A)。
8. The risk managers should be authorized to make the final decision when they disagree with business managers on ______.
答案:risk limit
[定位] 根据题干中的the risk managers should be authorized to make the final decision可以定位到第二个小标题下的第三段最后一句Equally important，risk managers need to have at least equal stature with their counterparts on the trading desks：if there is a question about the value of a position or a disagreement about a risk limit，the risk manager's view should always prevail。
[精解] 该段主要讲述risk managers 和 business managers的关系；最后一句中的prevail有“占优势，盛行”的意思，即当risk managers与business managers在risk limit有分歧时，应当具有拍板的权力；分析题干，空白处要填入的内容为risk managers与business managers的分歧，所以应填入risk limit。
9. Before a senior executive officer retired from his company, he has an obligation to ______.
答案:retain most of the equity
[定位] 由题干中的senior executive officer retired from his company定位到第二个小标题下的第五段最后一句Senior executive officers should be required to retain most of the equity they receive at least until they retire，while equity delivery schedules should continue to apply after the individual has left the firm．
[精解] 定位句讲到在senior executive officers退休之前，他们被要求保有大部分所获股权，这恰好与题干相符，也就是senior executive officers的义务；所以本题应填入的内容是retain most of the equity。
10. Due to the deficiency of information sharing and harmonized disclosure, regulators can't easily understand levels of systemic vulnerability in ______.
答案:the banking sector and financial markets
[定位] 由题干中的information sharing and harmonized disclosure和levels of systemic vulnerability定位到第三个小标题下第三段第二、三句Regulators should implement more robust information sharing and harmonized disclosure，coupled with a more systemic，effective reporting regime for institutions and main market participants．Without this，regulators will lack essential tools to help them understand levels of systemic vulnerability in the banking sector and in financial markets more broadly。
[精解] 题干的意思是“由于缺少信息共享和统一披露，监管机构不能很好地理解……方面的系统缺陷”，其中，题干中的deficiency与定位句中的without this意思相近，都表示“缺少，缺失”。原文中用without this连接前后两个句子，形成条件关系，与题干中的因果关系属
于同义转换。因此，只要找到in后面的成分即可。所以the banking sector and financial markets就是本题答案。
Part Ⅳ Reading Comprehension (Reading in Depth) Section A
This Christmas the world economy offers few reasons for good cheer. As credit contracts and asset prices declined, demand across the globe is declining. Rich countries collectively face the severest recession since the Second World War: this week's cut in the target for the federal funds rate to between zero and 0.25% shows how fearful America's
policymakers are. And conditions are deteriorating fast too in emerging economies, which have been exhausted by declining exports and the drying-up of foreign finance.
This news is bad enough in itself; but it also poses the biggest threat to open markets in the modem era of globalization. For the first time in more than a generation, two of the engines of global integration -- trade and capital flows -- are shifting into reverse at the same time. The World Bank says that net private capital flows to emerging economies in 2009 are likely to be only half the record $ 1 trillion of 2007, while global trade volumes will shrink for the first time since 1982.
This twin shift will force adjustments. Countries that have relied on exports to drive growth, from China to Germany, will slump unless they can boost domestic demand quickly. There is a risk that in their discomfort governments turn to an old, but false, friend: protectionism. Integration has less appeal when pain rather than prosperity is hanging across borders. It will be tempting to support domestic jobs and incomes by diverting demand from abroad with export subsidies, tariffs and cheaper currencies.
The lessons of history, though, are clear. The economic isolationism of the 1930s cruelly intensified the Depression. To be sure, the World Trade Organization (WTO) and its multilateral trading rules are a bulwark(壁垒) against protection on that scale. But today's globalised economy, with far-stretched supply chains and just-in-time delivery, could be disrupted by policies much less dramatic than the Smoot-Hawley act. A modest shift away from openness -- well within the WTO's rules -- would be enough to turn the recession of 2009 much nastier. Increased protection of that sort is, alas, all too plausible.
47. Because of decreasing exports and lack of financial support, situations in emerging markets are ______.
答案:deteriorating fast
[定位] 由题干中的situations in emerging markets可将本题定位于第一段最后一句And conditions are deteriorating fast too in emerging economies，which have been exhausted by declining exports and the drying-up of foreign finance．
[精解] 本题是对新兴市场目前状况的考查；由定位句可知新兴市场因为出口受挫和外来融资干涸的影响，其情况正在飞速恶化(deteriorating fast)，可知正确答案即为此。
48. Recession in rich and emerging markets is not only a bad news, but also threatens ______.
答案:open markets
[定位] 由题干中的bad news和threaten可将本题定位于第二段第一句This news is bad
enough in itself；but it also poses the biggest threat to open markets．．．
[精解] 空白处应填入threaten的宾语。文章第一段讨论了全球经济的萧条形势，然后在定位句中提到经济不景气不仅是个坏消息，而且还会影响到开放的市场(open markets)；由threaten和pose threat to同义，可推出本题答案为open markets。
49. What hazard may lie in the process of adjustments taken by export-relied countries?
答案:They may turn to protectionism．
[定位] 由题干中的hazard和in the process of adjustments可将本题定位于第三段第三句There is a risk that in their discomfort governments turn to an old，but false，friend：protectionism．
[精解] 第三项开头作者指出面临这种形势，各国政府需要做出调整，尤其是那些依赖于出口的国家；然后在定位句中提到改革过程中存在的风险—保护主义；由hazard 和 risk同义，可推出本题答案为They may turn to protectionism。
50. When it is hard to do international trading, countries will not exchange across borders, but choose to support ______.
答案:domestic jobs and incomes
[定位] 由题干中的hard to do international trading 和 exchange across borders可将本题定位于第三段最后两句Integration has less appeal when pain rather than prosperity is hanging across borders．It will be tempting to support domestic jobs and incomes．．． [精解] 本题要填入support的宾语。由定位句可知，当各国都无繁荣可言时，国际贸易就不再受到欢迎，政府也就因此转向支持国内的工作和收入，可推知本题答案为domestic jobs and incomes。