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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

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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.
We can learn from Paragraph 3 that______.
选项 A、political uncertainty will not affect European countries
B、economic depression is the real reason for euro’s devaluation
C、the value of currency is completely decided by domestic factors
D、the devaluation of the pound is mainly caused by Britain’s policy
答案D
解析 推理题。[A]political uncertainty will not affect European countries“政治不确定性不会影响欧洲国家”；该项对应第三段首句：The euro zone is also prey to political uncertainty．该句的prey表示“猎物”，be prey to sth．表示“受某事所影响”，该句意思为“欧元区也受到政治不确定性的影响”，可见该项与原文表述完全相反，故该项错误。[B]economic depression is the real reason for euro’s devaluation“经济萧条是欧元贬值的真正原因”：该项的economic depression“经济萧条”纯属无中生有，故该项容易排除。[C]the value of currency is conpletely decided by domestic factors“货币价值完全由国内因素决定”；该项completely一词过于绝对，且decided by domestic factors在原文也无法找到对应内容，故该项非正确答案。[D]the devaluation of the pound is mainly caused by Britain’s policy“英镑贬值主要由英国政策引起”；该项对应原文Britain’s Brexit vote has had an even bigger effect on the pound，which has fallen to $1．21，a 31-year low．“英国脱欧公投对英镑的冲击还要更大，其兑美元的汇率已跌至1．21，为31年来的最低水平。”其中Britain’s Brexit vote“英国脱欧公投”=Britain’s policy“英国政策”；the pound…fallen=the devaluation of the pound；故该项为正确答案。
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