首页
外语
计算机
考研
公务员
职业资格
财经
工程
司法
医学
专升本
自考
实用职业技能
登录
外语
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
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
admin
2018-03-16
86
问题
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 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 has 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 man in 1973. The OECD estimates in its latest Economic Outlook that, its 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 estimates in Economic Outlook show that in rich countries______.
选项
A、heavy industry becomes more energy-intensive
B、income loss mainly results from fluctuating crude oil prices
C、manufacturing industry has been seriously squeezed
D、oil price changes have no significant impact on GDP
答案
D
解析
文章第四段第五句“The OECD estimates in its latest Economic Outlook that,its oil prices averaged $22 a barrel for a full year,…this would increase the oil import bill in rich economies by only 0.25—0.5% of GDP.”说明现在这种情况下,油价的上涨所带来的影响只是在0.25—0.5%之间。这表明在富裕国家石油价格的变化不会对GDP(国内生产总值)产生重大影响。故应选D。
转载请注明原文地址:https://kaotiyun.com/show/6TWd777K
本试题收录于:
公共英语五级笔试题库公共英语(PETS)分类
0
公共英语五级笔试
公共英语(PETS)
相关试题推荐
______tellsusthatthegovernmentwillgivesupporttoemployers,whoofferpart-timejobs?______providesmeansforolderpeo
BetweenWTOandGATTItcanbeinferredfromthispassagethat
Theprimarypurposeofthepassageisto______.Thediscussionoftheregionalbankserveswhichofthefollowingfunctionswi
HowmanyconstituenciesisthecountrydividedintofortheGeneralElection?
ComparedwithotherTVtalkshows,boththeJerrySpringerandtheOprahWinfreyare______.ThoughthesocialproblemsJerrySp
Inthedebateovergenetically-alteredfoods,proponentsNikeSenatorRichardLugararguedthatsuchproductswillbeessential
Researchcarriedoutintherecentopinionpollsshowsthat______.Thearticleconcludesthat______.
MasstransportationrevisedthesocialandeconomicfabricoftheAmericancityinthreefundamentalways.Itcatalyzedphysical
Thepassengergotthenon-smokingsection.
随机试题
CD2又称为
临终患者为减轻其疼痛,需观察的内容不正确的是
A.川楝子B.千里光C.相思豆D.石榴皮E.三七含毒蛋白类对肝有影响的是()
申请人或者质量争议双方当事人任何一方对产品质量鉴定报告有异议的,应当在收到质量鉴定报告之日起()日内提出。
出纳人员不得兼任账目的登记工作。()
解释临床资料的先决条件是()。
材料一中国作为负责任的发展中国家主张通过切实有效的国际合作,共同应对气候变化。我们将坚持《联合国气候变化框架公约》和《京都议定书》基本框架,坚持“共同但有区别的责任”原则,主张严格遵循巴厘路线图授权,加强《公约》及《议定书》的全面、有效和持续实施,统筹
MissLovelybegantoworkinourofficelastyear.Shethoughtshewas【C1】______andhardlytalkedwithus.Herhousewasalittle
为了发挥市场机制在资源配置中的基础作用,必须培育和发展发达、完善的市场体系,包括重点培育和健全各类要素市场。我国社会主义市场经济体系中生产要素市场包括
Sittinginstationarytrafficis,atbest,aZenexperience.Driversmiredinajamlearntocedecontroltothepowersthatbe,
最新回复
(
0
)