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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  53
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.
Turkish lira is mentioned to show that______.
选项 A、Big Mac index is unreliable
B、lira’s purchasing power is low
C、hamburgers are cheaper in Turkey
D、some currencies are underestimated
答案D
解析 例证题。根据关键词Turkish lira定位到首段最后一句lira in Turkey，答案句为：implying that the lira is undervalued。[A]Big Mac index is unreliable“巨无霸指数并不可靠”；该项中的unreliable一词属于无中生有，且该项与答案句毫无关系，故排除。[B]lira’s purchasing power is low“里拉的购买力低”；该项与答案句也不能形成替换关系，可以排除。[C]hamburgers are cheaper in Turkey“汉堡在土耳其卖得更便宜”；该项与答案句同样无法替换。[D]some currencies are underestimated“一些货币价值被低估”；该项中currencies“货币”=the lira“里拉”，underestimated“低估”=undervalued“低估”；故该项为答案。注意：“提及具体例子的引用目的”这一类题，一般都会选择概括性的句子，而不是这个例子本身的问题。该题中[B][C]两项都是具体的表述，不属于作者提及的目的。
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