14. With prices up so fast, we can't afford luxuries.
A.go
B.going
C.gone
D.to go
A.go
B.going
C.gone
D.to go
What is the price system made up of according to the passage?
Prices of ______bought and sold.
Prices are going up so rapidly. ______________________________. (现在汽油的价格是几年前的两倍)
A、fake B. C. D.
B、close up
C、diminish
D、inflate
Oil and Economy
Could the bad old days of economic decline be about to return? Since OPEC agreed to supply cuts in March, the price of crude oil has jumped to almost $ 26 a barrel, up from less than $10 last December. This near,tripling of oil prices calls up scary memories of the 1973 oil shock, when prices quadrupled, and 1979-1980, when they also almost tripled. Both previous shocks resulted in double-digit inflation and global economic decline. So where are the headlines warning of gloom and doom this time?
The oil price was given another push up this week when Iraq suspended oil exports. Strengthening economic growth, at the same time as winter grips the northern hemisphere, could push the price higher still in the short term.
Yet there are good reasons to expect the economic consequences now to be less severe than in the 1970s. In most countries the cost of crude oil now accounts for a smaller share of the price of petrol than it did in the 1970s. In Europe, taxes account for up to four-fifths of the retail price, so even quite big changes in the price of crude have a more muted effect on pump prices than in the past.
Rich economies are also less dependent on oil than they were, and so less sensitive to swings in the oil price. Energy conservation, a shift to other fuels and a decline in the importance of heavy, energy-intensive industries have reduced oil consumption. Software, consuhancy and mobile telephones use far less oil than steel or car production. For each dollar of GDP (inconstant prices) rich economies now use nearly 50% less oil than in 1973. The OECD estimates in its latest Economic Outlook that, if oil prices averaged $ 22 a barrel for a full year, compared with $13 in 1998, this would increase the oil import bill in rich economies by only 0.25-0.5% of GDP. That is less than one-quarter of the income loss in 1974 or 1980. On the other hand, oil-importing emerging economies-to which heavy industry has shifted—have become more energy-intensive, and so could be more seriously squeezed.
One more reason not to lose sleep over the rise in oil prices is that, unlike the rises in the 1970s, it has not occurred against the background of general commodity-price inflation and global excess demand. A sizable portion of the world is only just emerging from economic decline. The Economist's commodity price index is broadly unchanging from a year ago. In 1973 commodity prices jumped by 70%, and in 1979 by almost 30%.
The main reason for the latest rise of oil price is______.
A.global inflation
B.reduction in supply
C.fast growth in economy
D.Iraq's suspension of exports
Text 4
Could the bad old days of economic decline be about to return? Since OPEC agreed to supply - cuts in March, the price of crude oil has jumped to almost $ 26 a barrel, up from less than $10 last December. This near - tripling of oil prices calls up scary memories of the 1973 oil shock, when prices quadrupled, and 1979 -80, when they also almost tri- pled. Both previous shocks resulted in double - digit inflation and global economic decline. So there are the headlines warning of gloom and doom this time?
The oil price was given another push up this week when Iraq suspended oil experts. Strengthening economic growth, al the' same time as winter grips the northern hemisphere, could push the price higher still in the short Item.
Yet there are good reasons to expect the economic consequences now to be less severe than in the 1970s. In most countries the cost of crude oil now accounts for a smaller share of the price of petrol than it did in the 1970s. In Europe, tuxes account for up to four - fifths of the retail price, so even quite big changes in the price of crude have a more muted effect on pump prices than in the past.
Rich economies are also less dependent on oil than they were, and so less sensitive to swings in the 'oil price. Energy conservation, a shift to other fuels and a decline in the importance of heavy, energy-intensive industries have reduced oil consumption. Software, consultancy and mobile telephones use far less oil than steel or car production. For each dollar of GDP (in constant prices) rich economies now use nearly 50% less oil than in 1973. The OECD estimates in its latest Economic Outlook that, oil prices averaged $ 22 a barrel for a full year, compared with $13 in 1998, this would increase the oil import bill in rich economies by only 0.25 - 0.5% of GDP. That is less than one-quarter of the income loss in 1974 or 1980. On the other hand, oil-importing emerging economies—to which heavy industry has shifted—have become more energy-intensive, and se could he more seriously squeezed.
One more reason net to lose sleep over the rise in oil prices is that, unlike the rises in the 1970s, it has not occurred against the background of general commodity-price inflation and global excess demand. A sizable portion of the world is only just emerging from economic decline. The Economist's commodity price index is broadly unchanging from a year ago. In 1973 commodity prices jumped by 70%, and in 1979 by almost 30%.
36. The main reason for the latest rise of oil price is______.
A) global inflation
B) reduction in supply
C) fast growth in economy
D) Iraq' s suspension of exports
The oil price was given another push up this week when Iraq suspended oil exports. Strengthening economic growth, at the same time as winter grips the northern hemisphere, could push the price higher still in the short term.
Yet there are good reasons to expect the economic consequences now to be less severe than in the 1970s. In most countries the cost of crude oil now accounts for a smaller share of the price of petrol than it did in the 1970s. In Europe, taxes account for up to four-fifths of the retail price, so even quite big changes in the price of crude have a more muted effect on pump prices than in the past.
Rich economics are also less dependent on oil than they were, and so less sensitive to swings in the oil price. Energy conservation, a shift to other fuels and a decline in the importance of heavy, energy-intensive industries have reduces oil consumption. Software, consultancy and mobile telephones use far less oil than steel or car production. For each dollar of GDP (in constant prices) rich economics now use nearly 50% less oil than in 1973. The OECD estimates in its latest Economic Outlook that, if oil prices averaged $22 a barrel for a full year, compared with $13 in 1998, this would increase the oil import bill in rich economies by only 0.25—0.5% of GDP. That is less than one-quarter of the income loss in 1974 or 1980. On the other hand, oil-importing emerging economies—to which heavy industry has shifted—have become more energy intensive, and so could be more seriously squeezed.
One more reason not to lose sleep over the rise in oil prices is that, unlike the rises in the 1970s, it has not occurred against the background of general commodity-price inflation and global excess demand. A sizable portion of the world is only just emerging from economic decline. The Economist's commodity price index is broadly unchanging from a year ago. In 1973 commodity prices jumped by 70%, and in 1979 by almost 30%.
The main reason for the latest rise of oil price is ______.
A.global inflation
B.reduction in supply
C.fast growth in economy
D.Iraq's suspension of exports
W: Look at the prices of foods and vegetables. No wonder they're so expensive.
Q: What are they talking about?
(14)
A.The effects of the flood.
B.The heroic fight against a flood.
C.The cause of the flood.
D.Floods of the past twenty years.
【B1】______ .
On London's International Petroleum Exchange, Brent crude futures for October delivery touched a record $43.40 before settling at $43.03 a barrel Wednesday, up 4 cents from Tuesday's floor trade close.
Crude oil futures have now set a record high in 14 of the past 16 trading sessions in New York.
Analysts point to recent developments in Iraq, Russia and Venezuela, however, 【B2】______ .
"There are some signs that things are getting better," said Tom Bentz, a trader at BNP Paribas Futures in New York, the Associated Press reported.
"But the market is still in a very bullish mode," he added.
【B3】______ , prices are still below the peaks of 1981 and 1991. Wednesday's price rally was helped by an Energy Department report that showed declines in U. S. inventories of oil and gasoline. U.S. oil demand so far this year is up 3.5 percent.
Surging demand in China, India and other emerging economies are adding to supply pressures.
【B4】______ , and its imports are up 40 percent year-on-year to the end of July, according to recent data.
But analysts note a number of positive signs. Among them:
—Rebel Shiite cleric Muqtada al-Sadr accepted a peace plan Wednesday to end fighting in Najaf, Iraq.
—Officials at Russia' s rail transport monopoly said China has agreed to step in and pay transportation fees to ensure that it continues to receive Yukos oil if the company is unable to cover the costs.
—Venezuelan President Hugo Chavez survived a recall vote Sunday, decreasing the likelihood of turmoil within the ranks of the state-run oil company.
Before the latest round of violence in Najaf; Iraq had been exporting roughly 1.7 million barrels of oil per day, 【B5】______ , according to a source within the Organization of Petroleum Exporting Countries who spoke on condition of anonymity.
A. while oil is up more than 40 percent this year, after adjusting for inflation
B. that is the highest in the 21 years that NYMEX has been trading oil futures
C. oil prices have been increased over the past few years
D. that could help ease fears behind the 27 percent run-up in oil prices in the last six weeks
E. since oil suppliers are quite satisfied with the result
F. although volumes have fallen recently to about 900,000 barrels per day
G. India is now among the largest oil exporters
H. China is now the world's second-largest oil consumer
【B1】______
Inflation is a problem for all consumers, especially people who live on a fixed income. Retired people, for instance, cannot 【C3】______ on an increase in income as prices rise. They face serious problems in stretching their incomes to 【C4】______ their needs in time of inflation. Many retired people must cut their spending to 【C5】______ rising prices. In many cases they must stop 【C6】______ some necessary items, such as food and clothing. Even 【C7】______ working people whose incomes are going up, inflation can also be a problem. The 【C8】______ of living goes up, and they must have even more money to maintain their standard of living. When incomes do not keep 【C9】______ with rising prices, living standard goes down. People may be earning the same amount of money, but they are not living 【C10】______ because they are not able to buy as many goods and services.
Government units gather information about prices in our economy and publish it as price indexes 【C11】______ the rate of price change can be determined. A price index measures changes in prices using the price for a 【C12】______ year as the base. The base price is set 【C13】______ 100, and the other prices are reported as a 【C14】______ of the base price. A price index makes 【C15】______ possible to compare current price with that in previous years.
【C1】______
A.few
B.fewer
C.little
D.less
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