Candidate number

Candidate name

INTERNATIONAL ENGLISH LANGUAGE TESTING SYSTEM 2022/11

Academic Reading
TEST MATERIALS
Additional materials: Answer sheet for Listening and Reading

Time 1 hour

INSTRUCTIONS TO CANDIDATES
Do not open this question paper until you are told to do so.
Write your name and candidate number in the spaces at the top of this page.
Read the instructions for each part of the paper carefully.
Answer all the questions.
Write your answers on the answer sheet. Use a pencil.
You must complete the answer sheet within the time limit.
At the end of the test, hand in both this question paper and your answer sheet.

INFORMATION FOR CANDIDATES

There are 40 questions on this question paper.
Each question carries one mark.
2
READING PASSAGE 1
You should spend about 20 minutes on Questions 1-13, which are based on Reading Passage 1

Why Investor Are Careful Buyers But Careless Sellers

Only the very best think as hard about exiting positions as entering them

A. Jack Schwager was once a moderately successful trader who wondered why he was not an immoderately
successful trader. Perhaps if he knew the secrets of trading superstars, such as Paul Tudor Jones or Jim
Rogers, he might improve. So he asked them for those secrets. “Market Wizards”, his book of interviews
with hedge-fund traders, was published in 1989. A second volume soon followed.
B. Both books have since been pored over by a generation of hedge-fund wannabes. They are full of great
stories and tips covering a range of investing styles. Yet there are common elements. It is striking, for
instance, how little emphasis the wizards put on getting into a position—finding the right trade at the right
entry price—compared with when to get out of it. That makes sense. Deciding what and when to sell surely
matters at least as much as, and perhaps more than, deciding what to buy.
C. The wizardly injunction to cut your losses and let your winners ride has hardened into hedge-fund doctrine.
Even so, it is not widely practised in mainstream investing. Fund managers pay lots of attention to buying
decisions. But they are remarkably careless in deciding what to sell.
D. That is the central finding of “Selling Fast and Buying Slow”, published late last year by a trio of academics—
Klakow Akepanidtaworn of the University of Chicago’s Booth School of Business, Alex Imas of Carnegie
Mellon University and Lawrence Schmidt of the Massachusetts Institute of Technology—together with Rick
Di Mascio of Inalytics, a data firm. They examined the daily turnover of hundreds of portfolios over several
years, tracking more than 2 million stock purchases and almost as many sales. Buying decisions, they found,
were good: the addition of a stock generally improved a portfolio. But selling decisions were bad—so bad
that a fund manager would have been much better off choosing a stock to sell at random.
E. The disparity between sales and purchases is explained by the attention given to each. Fund managers are
careful buyers. Purchases come at the end of a long period of serious thought and research. But they do
not give stock sales anything like the same attention. That is especially true when they are stressed because
their portfolio has recently done badly. Instead of deliberating, they use a mental shortcut. Stocks that
have done either really well or really badly, and so stick in the mind, are far more likely to be sold. The
more inclined fund managers are to sell in this way, the worse they perform.
F. They do not realise that careless selling is harmful, it seems. “Selling is simply a cash-raising exercise for
the next buying idea,” one told the paper’s authors. “Buying is an investment decision; selling is something
else,” said another. Fund managers sell the stocks that come most readily to mind. Yet they are able to sell
wisely, if they pay attention. Sales made when they are focused on information about a stock, for example
around the time of an earnings report, are almost as smart as buying decisions, the authors say.
G. The message is clear. If fund managers took more care over selling, they would be more successful. But the
world is not arranged in such a way as to make them take that care. They will be asked often for their best
buying ideas, but rarely about stocks they own that are ripe for selling. This lopsided approach to decision-

3
 making is not confined to fund management. Businesses often spend an age deciding whom to hire but put
off thinking about whom to let go until there is a pressing financial need, by which point the decision is
likely to be rushed.
H. Why do fund managers take their losses on bad stocks too late and their profits on good stocks too early?
A body of empirical research, surveyed by Brad Barber and Terrance Odean of the University of California,
finds that individual investors show a strong preference for selling winners over losers. They may be
impatient to experience the burst of pride that comes from selling a winner. And they hold on to losers for
too long in the hope of avoiding feelings of regret.
I. The type of superstar trader profiled in “Market Wizards” is as likely to sell a currency, commodity or stock
short as to buy it. For them, selling is as natural as buying, and requires just as much attention. For his part,
Mr Schwager recalls in the book how he lost a lot of money trading soybeans. He failed to get out of his
position when the market moved against him. The decision to buy the beans might not have been a great
one. But it was his selling decision that he truly regretted.

Questions 1-5

The text has 9 paragraphs, A-I

Which paragraph contains the following information?
Write the correct letter, A-I, in boxes 1-5 on your answer sheet.
N.B. You many use any letter more than once
1. a review of turnover over a period of time
2. an account of a failure in running a type of business
3. a reference of two very successful traders
4. the finding from a survey on investors
5. a comparison drawn between selling and buying regarding their importance

Questions 6-9
Choose NO MORE THAN THREE WORDS AND/OR A NUMBER from the text for each answer.
Write your answer in boxes 6-9 on your answer sheet.
6. What kind of contents do Jack Schwager’s two books cover?
7. What factor from fund managers affects the difference between purchases and sales?
8. What makes businesses arrive at a fast decision to stop holding their employees?
9. What is the main motivation behind most individual investors' decision to sell a winner?

4
Questions 10-13

Complete the sentences below.

Choose NO MORE THAN THREE WORDS AND/OR A NUMBER from the text for each answer. Write
your answers in boxes 10-13 on your answer sheet.

10. The publication related to selling and buying decision was conducted by a group of
....................................
11. Questions are frequently given to fund managers regarding ideas for buying stocks rather
than whether stocks are .................................... for selling.
12. Investors may sometimes keep losers in a long time in order not to suffer from
....................................
13. Schwager used to experience unsuccessful business on ....................................

5
READING PASSAGE 2

You should spend about 20 minutes on Questions 14-26, which are based on Reading Passage 2

Meet the super-smeller who can diagnose Parkinson's at a sniff

When Joy Milne’s husband Les started to give off a strange musky odours, she was none too happy.
She has always had a keen sense of smell, and this was unmissable. “It was almost like a slap in the
face,” she says. Les was adamant he was looking after himself properly, and when no one else picked
up on the phenomenon, Joy let the matter lie. It was only 12 years later, when Les was diagnosed with
Parkinson’s disease, that she realised the magnitude of what she had noticed. Joy, who lives in Perth,
UK, is a super-smeller with an almost supernatural ability to sense odours that most people don’t
perceive. Perhaps this is because she experiences synaesthesia, a neurological condition in which
different kinds of sensory information become mixed-up. That means she can visualise the flow of
odours and even experience them as sensations.

In the same way that a wine taster might train their nose to recognise the different aromas of the
drink, she thinks that her work as a nurse attuned her sense of smell to different medical conditions.
Now, retired after decades of vivid olfaction, her incredible nose is helping find new ways to diagnose
diseases. This unusual career path has its origins in 1994, when Les was diagnosed with Parkinson’s
disease aged only 45. This condition destroys dopamine-producing cells in the brain, leading to
tremors and difficulty moving. When the couple went to a local support group for people with
Parkinson’s, she noticed something strange: Les wasn’t the only one with the greasy smell. Everyone
else with Parkinson’s seemed to have it too. Under the pretext of handing out cups of tea, Joy took a
few good sniffs to confirm her suspicions. She became convinced that the condition has a unique smell
– the one that she had noticed on Les more than a decade earlier. “Turned out I was smelling
Parkinson’s in our own bedroom,” she says.

When Joy met neurobiologist Tilo Kunath, who studies the condition at the University of Edinburgh,
UK, she asked him about her findings. Kunath said there was nothing in the literature about a particular
Parkinson’s smell. Kunath thought nothing more about Joy’s questions until a colleague suggested
that her observation might be worth investigating. After all, cancer has an odour that can be detected
by specially trained dogs. Why not other diseases too? So Kunath got back in touch with Joy, and their
conversation convinced him that she was on to something. He decided to put her skills to the
experiment. She was given a few identical T-shirts to smell, and asked to determine which had been
worn by people with Parkinson’s. She passed with flying colours – with one exception, where she
identified one of the people who hadn’t been diagnosed with Parkinson’s as having the disease. Eight
months later, the person Joy misidentified told Kunath he had been diagnosed with Parkinson’s.
“When this false-positive turned out to be a true positive, that was a jaw-dropping moment. We
couldn’t believe it,” says Kunath. “Joy was telling us this person had Parkinson’s before anyone knew.”
It seemed like Joy really did have the ability to sniff out the condition before the neurological
symptoms arise.

6
That was potentially enormous breakthrough. As a rule, Parkinson’s is diagnosed via symptoms such
as tremors or movement difficulties, by which time irreversible brain damage has already occurred.
While no drugs presently exist to prevent or cure the condition, some promising treatments are in the
pipeline. If and when these are approved, early diagnostic tests will be vital. In order to find the
chemicals responsible for the Parkinson’s odour, Kunath teamed up with analytical chemist Perdita
Barran at the University of Manchester, UK. “We want to find biomarkers that occur before the onset
of the symptoms,” says Barran. The researchers soon secured funding from the charity Parkinson’s UK
as well as the Michael J. Fox foundation.

They started by listening to Joy. She had identified the upper back of her husband had a particularly
strong smell, so the researchers took swabs of this region from people with Parkinson’s and analysed
the volatile compounds they found there. The preliminary results are promising. In November 2018,
the team reported a number of biomarkers that seemed to differ between people who did and didn’t
have the condition. “There is a signature that looks significantly enriched in Parkinson’s patients,” says
Barran. “The real challenge, however, is to see whether this chemical signature can be detected on
people who unknowingly have the condition but who currently show no symptoms, such as those with
REM sleep disorders who have a high chance of developing Parkinson’s”, Kunath added.

Joy is involved in this research too – sniffing the compounds isolated from swab samples to evaluate
whether they match the Parkinson’s smell that she first identified on her husband. But for Joy,
Parkinson’s is just the beginning. “Almost every disease has a unique odour,” she says. To her,
Alzheimer’s smells faintly of vanilla, whereas cancer has an earthy, vegetable smell. So her remarkable
abilities could allow for early detection of other diseases, too. Last year, she visited Tanzania to help
the charity APOPO, which trains African giant pouched rats to detect tuberculosis – another disease
that is hard to diagnose but which, for Joy, has a particularly harsh smell. “Joy can tell us lots of things
in a day, whereas a rat would take months,” says APOPO’s CEO Christophe Cox. “She could really speed
up our work.”

7
Questions 14-16
Choose the correct answer, A, B, C or D.

Write the correct letter in boxes 14-16 on your answer sheet.

14 What can we learn from the first paragraph?

A. Les showed a serious concern about his health.

B. Joy’s expertise to sense smell was something that couldn’t be missed.
C. Joy set her husband’s suspicious scent aside because she received too little support from
her neighbors.
D. Joy recognized the importance of her ability after her husband’s illness diagnosis.

15 What can be inferred from the second paragraph?

A. The similarities between wine taster and nurse’s nose training were logically proved.
B. Les’s unusual career started in 1994 after the final diagnosis with Parkinson.
C. Joy confirmed her suspicion relating to her husband’s medical condition as soon as she
entered their bedroom.
D. The members of a special community in the area seemed to share a specific
characteristic.

16 What can we learn about Kunath and his experiment in the third paragraph?

A. Kunath immediately wanted to carry out an experiment on Joy’s ability after hearing
about her case.
B. Joy succeeded in identifying all Parkinson patients.
C. The experiment lasted for nearly 8 months.
D. It was not until the neurological symptoms arose that Joy was able to identify Parkinson’s.

8
Questions 17 – 23
Do the following statements agree with the information given in Reading Passage 2?
In boxes 17-23 on your answer sheet, write:
TRUE if the statement agrees with the information
FALSE if the statement contradicts the information
NOT GIVEN if there is no information on this
17 Joy’s extraordinary ability is probably due to a physical condition she previously experienced.
18 In Kunath’s experiment, Joy was given many T-shirts, most of which had been worn by
Parkinson’s patients.
19 Kunath expected that Joy could detect patients with Parkinson’s long before the patients were
proven positive to the syndrome.
20 Kunath and his partner aimed to discover the biological signs of Parkinson’s unique
characteristic.
21 Stronger signs of Parkinson’s can be found on a specific part on Les’ body.
22 Joy does not notice any similarity in the way Alzheimer and vanilla smell.
23 It took scientists at APOPO months to train African giant rats to sniff out diseases.

Questions 24 - 26
Look at the following statements (Question 24 – 26) and the list of people below.
Match each statement with correct person, A-D
Write the correct answer, A-D, in boxes 24-26 on your answer sheet.
N.B. You many use any letter more than once
24 Parkinson’s wasn’t previously proved to have a distinctive odour.
25 It is hard to conclude if the distinct chemical signs found in an experiment in 2018 can be
spotted on other subjects.
26 The diversity of scents is nearly equivalent to that of physical conditions.
List of people
A. Joy Milne
B. Tilo Kunath
C. Perdita Barran
D. Christophe Cox

9
READING PASSAGE 3
You should spend about 20 minutes on Questions 27-40, which are based on Reading Passage 3.
Questions 27-33
Reading passage 3 has seven paragraphs, A-G
Choose the correct heading for each paragraph from the list of headings below.
Write the correct number, i-x, in boxes 27-33 on your answer sheet.
LIST OF HEADINGS
i. Controversy regarding the role of a particular body part
ii. The beneficial effects of finding food using visual signals
iii. Comparison drawn between three species which have lethal body parts to insect
pollinators
iv. Two parts of a plant with distinct methods to deal with different kinds of insects
v. Reasons for an unusual evolutionary strategy
vi. The price for using sunlight to generate energy
vii. A reverse pattern in the food chain
viii. An alternative for protecting friendly insects other than making use of odours
ix. A common strategy based on timing and positioning
x. Challenges that carnivorous plants have to face in exchange for food

27. Paragraph A ....................................

28. Paragraph B ....................................
29. Paragraph C ....................................
30. Paragraph D ....................................
31. Paragraph E ....................................
32. Paragraph F ....................................
33. Paragraph G ....................................

10
 CARNIVOROUS PLANTS
A. Grubs gnaw roots, maggots munch fruits and caterpillars chew leaves. According to our
average ecological knowledge, animals eat plants, not the other way round. But there are plant
species that break this rule – at least 600 species of them on the last count. These are the
carnivorous plants, and they routinely feast on insects, spiders, worms – occasionally small
mammals.

B. Life for a carnivorous plant is challenging. They cannot very well march across the landscape
in search of a meal. Dinner has to come to them. Carnivorous plants live in places like bogs and
rocky slopes where the soil – if there is any – is so nutrient-poor that few plants can survive. A study
published in February 2016 shows for the first time that some carnivorous plants use smells to
secure meals – validating an idea that Charles Darwin suggested 140 years ago. Darwin worked on
the sundews, a type of predatory plant with leaves covered in tentacles, each tentacle having a drop
of sticky fluid at its tip. Darwin described the sticky leaves as "temporary stomachs" with which the
plants catch live prey, break it down with acids, and "feed like animals". Carnivorous plants eke out
a living here because they converged on the same solution to the nutrient problem: animals are
nutritious, so eat them.

C. But the path to meat-eating is costly. As plants transform their leaves into traps that can
trick, bind, drown, and digest prey, they gradually become less effective for harnessing sunlight to
produce energy. Therefore, most carnivorous plants grow slowly and stay small. Beyond that
carnivorous plants face a more profound problem: sex. Like many plants, carnivorous plants
produce flowers when they are ready to reproduce. Most of these flowers appear suitable for
insect-pollination – again, in keeping with many plants. The trouble is that many carnivorous plants
trap and kill insects. They are faced with a unique dilemma called "pollinator-prey conflict": they
need to eat insects without jeopardizing their chances of being pollinated by insects. For example,
a carnivorous plant from Spain called Pinguicula vallis neriifolia could produce more seeds if its
flowers receive more pollinators. But sticky leaves mere inches away from the flowers kill a good
number of those pollinators.

D. The carnivorous plant's challenge is to avoid confusing the insects it needs to eat with the
insects it relies on for pollination. Studies suggest that most carnivorous plants handle this challenge
very well. There is often very little overlap between the insects visiting flowers and those dying in
traps. Somehow, carnivorous plants can separate pollinators from preys. The most obvious way to
protect pollinators is to keep flowers away from traps. Some carnivorous plants do this by making
sure their flowers bloom and die before the traps open. A field survey of 560 Sarracenia alata pitcher
plants found only five with flowers and pitchers active at the same time. Besides, one-third of
carnivorous plants have removed all risks of pollinator-prey conflict by growing their traps
underwater and keeping their flowers above ground. Many carnivorous plants also raise their
flowers on long stalks. Some researchers speculate that long stalks serve to distance pollinators
from traps.

11
E. But the role of the stalks in protecting pollinators remains debated. Some plants extend
their flowers on stalks even though pollinators cannot reach their traps: bladderworts (Utricularia),
for instance, have stalked flowers despite the fact that their traps lie underground. Furthermore, a
survey of more than 50 sundew species found that plants closer to ground grow longer stalks than
those higher up. Some scientists argue that carnivorous plants evolve their stalks to better attract
flying pollinators rather than to better protect them.

F. There are other options to mitigate pollinator-prey conflict. "We studied three sundew
species with different distances between flowers and sticky leaves," says El-Sayed. The sundews
were lethal – less than a fifth of insects caught on leaves escaped. But in all three species, less than
5% of insects caught on leaves were also found in flowers. "We suspected that the plants might be
using other cues to guide the insects," says El-Sayed. El-Sayed found that Drosera auriculata – the
species whose flowers grow closest to its leaves – has flowers that smell distinct from its leaves. El-
Sayed then exposed insects to synthetic blends of these odours. He found that flower odours attract
floral visitors – insect pollinators – while leaf odours deter them. Only insects that the sundews
usually eat are attracted by the leaf odours. This means D. auriculata is the first carnivorous plant
known to use various odours both to lure prey and protect pollinators.

G. However, the other two sundews in El-Sayed's study, D. spatulata and D. arcturi, have
scentless sticky leaves and flowers that grow further apart. Floral visitors prefer the white colour of
flowers, while preys do not discriminate between flower and trap colours. So instead of smells, D.
spatulata and D. arcturi use visual signals and separation to protect pollinators. "D. spatulata and
D. arcturi grow in open sites. Their flowers are often the highest points around," says El-Sayed.
Potential pollinators flying by would likely find the flowers easily even without odours. "Investing in
odours to guide pollinators would not be cost-effective in these sundews."

12
Questions 34-37
Do the following statements agree with the information given in the Reading Passage 1?
In boxes 34-37 in your answer sheet, write
TRUE If the statement agrees with the information
FALSE If the statement contradicts with the information
NOT GIVEN If there is no information on this
34. Most carnivorous plants have extremely short life expectancy as a result of not being able to
produce energy from sunlight.
35. The flowers and the pitchers of Sarracenia alata pitcher plants are mainly found active at the
same time.
36. The sundews are experts at catching insects with their success rate reaching more than 80%.
37. Prior to the discovery of D. auriculata, all known carnivorous plants did not use various smells
when they attracted insects.

Questions 38-40
Complete the summary using the list of words and phrases, A-G.
Write the correct letter, A-G, in boxes 38-40 on your answer sheet.

POLLINATOR-PREY CONFLICT
According to the latest data, hundreds of species of carnivorous plants have been found so far. They
feed on insects and other animals. Unfortunately, some meat-eating plants face pollinator-prey
conflict, such as those in Spain whose reproductive organs are too close to their 38
...................................., which may accidentally kill pollinators. To solve this problem, many predatory
plants choose to lengthen their 39..................... to keep their flowers far from their traps, but this
theory remains controversial. Meanwhile, Drosera auriculata is observed to use their 40
........................ to attract insect pollinators.

A. leaf odours B. pitchers C. colours D. floral scents

E. floral visitors F. stalks G. traps

13