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  3. The Big Mac index is built on the idea of purchasing-power parity, the theory that in the long run currencies will converge unti

The Big Mac index is built on the idea of purchasing-power parity, the theory that in the long run currencies will converge unti

admin2018-06-28  31
问题    The Big Mac index is built on the idea of purchasing-power parity, the theory that in the long run currencies will converge until the same amount of money buys the same amount of goods and services in every country. A Big Mac currently costs $ 5.06 in America but just 10. 75 lira ($ 2.75) in Turkey , implying that the lira is undervalued.
   However, other currencies are even cheaper. In Big Mac terms, the Mexican peso is undervalued by 55. 9% against the greenback. Last week it also hit a record low as Mr Trump restated some of his campaign threats against Mexico. The peso has lost a tenth of its value against the dollar since November. Of big countries, only Russia offers a cheaper Big Mac, in dollar terms, even though the rouble has strengthened over the past year.
   The euro zone is also prey to political uncertainty. Elections are scheduled this year in the Netherlands, France and Germany, and possible in Italy. The euro recently fell to its lowest level since 2003. Britain’s Brexit vote has had an even bigger effect on the pound, which has fallen to $ 1. 21, a 31-year low. According to the Big Mac index, the euro and the pound are undervalued against the dollar by 19.7% and 26. 3%, respectively.
   One of the drawbacks of the Big Mac index is that it takes no account of labour costs. It should surprise no one that a Big Mac costs less in Shanghai than it does in San Francisco, since Chinese workers earn far less than their American counterparts. So in a slightly more sophisticated version of the Big Mac index, we take account of a country’s average income.
   Historically, this adjustment has tended to raise currencies’ valuations against the dollar, so emerging-market currencies tend to look more reasonably priced. The Chinese yuan, for example, is 44% undervalued against the dollar according to our baseline Big Mac index, but only 7% according to the adjusted one. The deluxe Big Mac index has typically made rich-world currencies look more expensive. Because western Europeans have higher costs of living and lower incomes than Americans, the euro has traded at around a 25% premium against the dollar in income-adjusted burger terms since the euro’s inception.
   But what once seemed to be a constant truth of burgernomics is true no longer. So strong is the dollar that even the adjusted Big Mac index finds the euro undervalued. The dollar is now trading at a 14-year high in trade-weighted terms. Emerging-world economies may struggle to pay off dollar-denominated debts. American firms may find themselves at a disadvantage against foreign competition. And American tourists will get more burgers for their buck in Europe.
American tourists in Europe may find that______.
选项 A、burgers are much more expensive
B、they have strong purchasing power
C、dollar will maintain its dominant position
D、they are faced with fierce competition
答案B
解析 细节题。根据American tourists，in Europe等词定位到最后一段最后一句：And American tourists will get more burgers for their buck in Europe．“而美国游客将会在欧洲用美元买到更多的汉堡。”[A]burgers are much more expensive“汉堡更加昂贵”；该项与原文表述相反，可以排除。[B]they have strong purchasing power“他们有强大的购买力”；该项与原文表述相近。[C]dollar will maintain its dominant position“美元将会维持其主导地位”；“将要维持主导地位”的说法，在时态上与原文不符合，原文并没有对未来进行推测，属于主观臆断。[D]they are faced with fierce competition“他们面临激烈竞争”；该项与答案毫无关联，容易排除。从感情色彩判断，原文的get more burgers for their buck是正向表达，选项[A]中“more expensive”，[C]中“lost”，[D]中“fierce competition”均为负面信息，只有[B]中“strong”为正向，故[B]为正确答案。
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