设备运杂费通常是由（）构成的。 A.运费和装卸费 B.包装费 C.供销部门手续费 D

我国第一部社会主义类型的宪法是

A．《中华人民共和国土地改革法》

B．《中华民国临时约法》

C．《中华人民共和国宪法》

D．《中华人民共和国刑法》

水烧开时，壶嘴冒出许多“白气”，这些“白气”是（　　）

A．水蒸气

B．小水珠

C．热空气

D．白烟

男，35岁。主诉因右下智齿(第三磨牙)反复肿痛，要求拔除。右下颌智齿近中位阻生，牙龈充血，未见脓性分泌物，压痛 (-)。

因目前无明确冠周急性炎症，拟拔除右下智齿。在手术方案的设计中不包括

A．估计牙脱位的方向

B．选择解除阻力的方法

C．估计去骨量或劈开部位

D．软组织瓣的设计

E．避免损伤舌神经的方案

If American investors have learned any lesson in the last 25 years, it is to buy shares on the dips. The slide in 2000--2002 may have been longer and deeper than they were used to but normal service was eventually resumed, driving the Dow Jones Industrial Average to a record high on October 1st.

Among American financial commentators, it is almost universally accepted that shares always rise over the long run. And one ought to expect shares (which are risky) to deliver a higher return than risk free assets such as government bonds.

Nevertheless, investors ought also to remember the world’s second largest economy, Japan. Its most popular stock-market average, the Nikkei 225, peaked at 38,915 on the last trading day of the 1980s; this week, nearly 18 years later, it is still only around 17,000, less than half its peak. Buying on the dips did not work either.

Professionals of the London Business School examined the record of 16 stock markets which were in continuous operation over the course of the 20th century. In itself, this selection showed survivorship bias by excluding the likes of Russia and China. The academies found that only three other countries could match the American record of having no 20-year periods with negative real returns.

Other investors were far less lucky. Japanese, French, German and Spanish investors all suffered instances where they had to wait 50--60 years to earn a positive real return. It was no good following the famous advice to "put the shares in a drawer and forget about them"; the furniture would not have lasted that long.

Besides survivorship bias, there is another problem with the belief that stock markets must always go up. Investors will keep buying until prices reach stratospheric(稳定的) levels. That clearly happened in Japan in the late 1980s, and after seven years, it is still not much more than half its peak level.

A significant proportion of the return from equities in the second half of the 20th century came from a re-rating of shares; investors were willing to pay a higher multiple for profits. But re-rating cannot continue forever.

If investors want a simple parallel with share prices, they need only mm to the American housing market. Back in 2005 an economic adviser to the president said," We’ve never had a decline in housing prices on a nationwide basis. What I think is more likely is that house prices will slow, maybe stabilize."

Lots of people took the same view and were willing to borrow (and lend) on a vast scale on the grounds that higher house prices would always bail them out. They are now counting their losses. Investors in equities should beware of over-committing themselves on the basis of a similar belief Just ask the Japanese.

Which of the followings is true of the text（）

A. after housing prices keep growing for a long time, they tend to slow and stabilize

B. investors will not stop buying before stock market prices cease to increase

C. America never has a decline in housing prices on a nationwide basis

D. it is sensible for investors to follow famous people’s investment advice

甲向乙订购15万元货物，双方约定：“乙收到甲的5万元定金后，即应交付全部货物。”合同订立后，乙在约定时间内只收到甲的2万元定金。下列说法哪一个是正确的

A．实际交付的定金少于约定数额的，视为定金合同不成立

B．实际交付的定金少于约定数额的，视为定金合同不生效

C．实际交付的定金少于约定数额的，视为定金合同的变更

D．当事人约定的定金数额超过合同标的额20%，定金合同无效