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
2022-08-25
61
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—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 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, 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 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
根据文章第四段第五句“The OECD estimates in its latest Economic Outlook that, if 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. ”可知,经合组织在其最新经济展望中估计,如果油价持续一年维持在22美元每桶,这将使发达国家的石油进口费用仅增加GDP的0. 25%~0. 5%。也就是说,油价的上涨所带来的影响只是在0. 25%~0. 5%之间,在发达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,故选D。
转载请注明原文地址:https://kaotiyun.com/show/OmPd777K
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
WhichofthefollowingstatementsaboutthetelephoneofthefutureisNOTtrue?
Travellingcompanionsareadisadvantage,accordingtothewriter,becausethey______.Wegatherfromthepassagethathismai
Travellingcompanionsareadisadvantage,accordingtothewriter,becausethey______.Hismainconcernintheeveningswasto
What’stheaverageincreaseperyearofforeignstudentpopulationintheperiodbetween1985and1990intermsofpercentage?
Whichofthefollowingbestexplainswhatmakesdiamondagoodengineeringmaterial?Whichpropertyofdiamondmakesitaperfe
Anallergyisanunusuallystrongreaction(31)asubstance.Manythingscancauseallergies.Themostcommoncauseispollen.T
TheSiliconValleyemployerspromotetheE-healthprogramforthepurposeof______.Ofthefollowingpeople,whoarenotinvol
WhatdoesGeorgeOrwelldo?
WhatdoesGeorgeOrwelldo?
AnswerQuestions71to80byreferringtothecommentson4differentcarmodelsinthefollowingmagazinearticle.Answereach
随机试题
某患者,全口义齿戴用8年,现出现义齿固位差,咀嚼效率低,要求修复。若重新制作全口义齿,诊疗过程中下列哪项处理措施不恰当
慢性ITP血小板破坏的主要场所是
证券业协会是一种(),是社会团体法人。
瑞士心理学家皮亚杰认为儿童的道德发展大致分为()和()两个阶段。
2009年末,某省共有批发和零售业法人单位5.78万个,就业人员67.91万人。批发和零售业全年商品销售额合计111846.04亿元,其中批发业销售额10484.73亿元,零售业销售额1361.31亿元。批发业个体经营户20.45万户,就业人员45.77万
根据下面材料回答下列题。以下是2006年农村实用人才现状:从区域分布看,我国东部地区231.4万人;中部地区201.7万人;西部地区:145.9万人。从年龄分布看,40岁以下的247.9万人。从学历看,中专以上学历的22.7万人。农村实
我国宪法修正案中,增加建立、健全社会保障制度的是()
设A为n阶矩阵,且Ak=O,求(E-A)-1.
对于能够获得焦点的控件,若要使其不能接收焦点,应该()。
A、Itwillmakeyouanalyzeothers’argumentsbetter.B、Itwillhelpyouhavebetterconversations.C、Itwillinspireyoutonew
最新回复
(
0
)