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》，在线交易。

　　19题，理解了意思不难做出选择，是说将广泛分散的卖家和买家聚集到了一起。用widely dispersed。

　　20题，以前从未存在过的。None existed before。

　　21题，这套设备导致了在线交易的出现。lead to导致。

　　22题，take percentage of是个常用词组，意思是要拿走一部分。看个例句：I don’t take a percentage of your ad buy。在买卖中常用到这个说法。

　　23题，turned out to be，固定用法，结果是

　　24题，in total总共，固定用法

　　25题，从意思上理解，是说挣扎着、努力着要在这个行业待下来。用struggle。

　　26题，也要从意思上理解。这一段是讲的major embarrassments，举的例子都是消极的，前面说一个公司挣扎着要留下来，后面说当这个businessman损失了280m的时候，供应商放弃他了。用give up。

　　27题，combine with，结合。将正确的商业计划和顶级技术结合好的时机和买家和卖家的信任。

　　28题，买家和卖家的信任。用confidence。

　　29题，meet/satisfy/fulfil criteria满足标准，看朗文的一个例句：To qualify for a grant, students must satisfy certain criteria。

　　30题，apply to 在这里是申请的意思：to make a formal request, usually written, for something such as a job, a place in a university, or permission to do something。看一个例句：I applied to four universities and was accepted by all of them.这个句子的意思是他不喜欢每次申请新的借款人时都要填相同的表格。

　　31题，这里填入invite，使用的是一个不太常用的意思：to politely ask someone to do something。礼貌的邀请某人做某事。整个句子的意思是邀请借款者填写一个标准的表格，然后表格在债主那里流通。

　　32题，in competition with each other相互竞争。

　　33题，处理了1.5m的贷款。用handle，deal的话要加with.