Online exchanges have emerged as some of the internet's best businesses - but also as some of the worst

　　So the internet hasn't revolutionised the (0).....A.... most of us buy petrol, or watch movies. But there is one thing the internet does very well. It can bring together (19) ............ dispersed buyers and sellers to create active, efficient markets where none(20)............before. This facility has (21) ............to the emergence of online exchanges: retail businesses with none of the usual traders' risks - no merchandise, no storefronts - and with nothing to do but take a (22)............of each transaction that takes place on the site.

　　This may sound straightforward, but some high-profile online exchanges have(23)..........out to be major embarrassments. One company, which tried to establish a central marketplace on the internet for auto parts, has invested, in (24).............a massive $250m and is (25)............to stay in business. Another businessman, who facilitated online trading in business equipment and supplies, (26)............after he had lost $280m.

　　So what does a company need in order to be successful? You could call it good'market architecture' - a structure that (27)............the right business plan and top technology with good timing and the (28)............of both buyers and sellers.

　　Mike Pham's company, eStream, is an excellent example of one business that met these (29).............Back in 1996, when Pham was looking for a loan, he didn't like filling in the same form every time he (30)............to a new lender.That got him thinking. Why not (31)............prospective borrowers to complete a standard form and circulate that to a number of lenders, who would then make an offer to the borrower, in (32)............with each other?

　　Pham's company is doing well. Last year, eStream (33)............more than 1.5 million loans on behalf of 170 lenders.

　　19 A largely B deeply C mainly D widely

　　20 A existed B occurred C happened D developed

　　21 A led B brought C caused D resulted

　　22 A number B percentage C division D quantity

　　23 A pulled B made C turned D carried

　　24 A sum B total C amount D figure

　　25 A applying B exerting C strugglingD forcing

　　26 A left outB gave up C drew backD ran down

　　27 A adds B connects C combines D links

　　28 A confidence B security C certainty D promise

　　29 A necessities B propositions C measures D criteria

　　30 A requestedB asked C applied D demanded

　　31 A attract B invite C suggest D recommend

　　32 A contrast B conflict C challenge D competition

　　33 A performed B dealt C handled D treated

答案解析：

　　《Online exchanges》，在線交易。

　　19題，理解了意思不難做出選擇，是說將廣泛分散的賣家和買家聚集到了一起。用widely dispersed。

　　20題，以前從未存在過的。None existed before。

　　21題，這套設備導致了在線交易的出現。lead to導致。

　　22題，take percentage of是個常用詞組，意思是要拿走一部分。看個例句：I don’t take a percentage of your ad buy。在買賣中常用到這個說法。

　　23題，turned out to be，固定用法，結果是

　　24題，in total總共，固定用法

　　25題，從意思上理解，是說掙扎著、努力著要在這個行業待下來。用struggle。

　　26題，也要從意思上理解。這一段是講的major embarrassments，舉的例子都是消極的，前面說一個公司掙扎著要留下來，后面說當這個businessman損失了280m的時候，供應商放棄他了。用give up。

　　27題，combine with，結合。將正確的商業計劃和頂級技術結合好的時機和買家和賣家的信任。

　　28題，買家和賣家的信任。用confidence。

　　29題，meet/satisfy/fulfil criteria滿足標準，看朗文的一個例句：To qualify for a grant, students must satisfy certain criteria。

　　30題，apply to 在這里是申請的意思：to make a formal request, usually written, for something such as a job, a place in a university, or permission to do something。看一個例句：I applied to four universities and was accepted by all of them.這個句子的意思是他不喜歡每次申請新的借款人時都要填相同的表格。

　　31題，這里填入invite，使用的是一個不太常用的意思：to politely ask someone to do something。禮貌的邀請某人做某事。整個句子的意思是邀請借款者填寫一個標準的表格，然后表格在債主那里流通。

　　32題，in competition with each other相互競爭。

　　33題，處理了1.5m的貸款。用handle，deal的話要加with.