王某贩卖非法卷烟被查处，罚款1000元。王某不服申请行政复议，复议机关维持了处罚决定

可转换债券实质上嵌入了普通股票的看跌期权，可以将可转换债券所附的转股权分拆出售，正是从这个意义上说，我们将其列为期权类衍生产品。( )

Passage One

The world is going through the biggest wave of mergers and acquisitions ever witnessed. The process sweeps from hyperactive America to Europe and reaches the emerging countries with unsurpassed might. Many in these countries are looking at this process and worrying: "Won’t the wave of business concentration turn into an uncontrollable anti-competitive force"

There’s no question that the big are getting bigger and more powerful. Multinational corporations accounted for less than 20% of international trade in 1982. Today the figure is more than 25% and growing rapidly. International affiliates account for a fast-growing segment of production in economies that open up and welcome foreign investment. In Argentina, for instance, after the reforms of the early 1990s, multinationals went from 43% to almost 70% of the industrial production of the 200 largest firms. This phenomenon has created serious concerns over the role of smaller economic firms, of national businessmen and over the ultimate stability, of the world economy.

I believe that the most important forces behind the massive M&A wave are the same that underlie the globalization process: falling transportation, and communication costs, lower trade and investment barriers and enlarged markets that require enlarged operations capable, of meeting customers’ demands. All these are beneficial, not detrimental to consumers. As productivity grows, the world’s wealth increases.

Examples of benefits or costs of the current concentration wave are scanty. Yet it is hard to imagine that the merge of a few oil firms today could recreate the same threats to competition that were feared nearly a century ago in the U.S., when the Standard Oil trust was broken up. The mergers of telecom companies, such as World Corn, hardly seem to bring higher prices for consumers or a reduction in the pace of technical progress. On the contrary, the price of communications is coming down fast. In cars, too, concentration is increasing—witness Daimler and Chrysler, Renault and Nissan—but it does not appear that consumers am being hurt.

Yet the fact remains that the merger movement must be watched. A few weeks ago, Alan Greenspan warned against the megamergers in the banking industry. Who is going to supervise, regulate and operate, as lender of last resort with the gigantic banks that are being created Won’t multinationals shift production from one place to another when a nation gets too strict about infringements to fair corn petition And should one country take upon itself the role of "defending competition" on issues that affect many other nations, as in the U. S..

From Paragraph 4 we can infer that （）.

A．the increasing concentration is certain to hurt consumers

B．World Corn serves as a good example of both benefits and costs

C．the costs of the globalization process are enormous

D．the Standard Oil trust might have threatened competition

面向对象开发方法的实质是( )方法的融合。

A．结构化和数据流

B．结构化和数据库

C．生命周期法和结构化

D．螺旋开发和数据流

居延汉简

实验研究法的运用应遵循哪些要求？