通货膨胀、通货紧缩…喔！欧！我不能 “剧透” 太多还是让大家亲自练习看看。

题目：阅读测验【106初等各类科第46题至第50题】

同学请依下文回答第46题至第50题

For decades inflation was the bogeyman in rich countries. But now some economists reckon that deflation, or falling prices, may be a more serious threat—in America and Europe as well as Japan. That would be decidedly awkward, given the surge in borrowing by firms and households in recent years. Particularly worrying is the rise in borrowing by American households to finance purchases of houses, cars or luxury goods. Deflation would swell the real burden of these debts, forcing consumers to cut their spending.

Deflation is not necessarily bad. If falling prices are caused by faster productivity growth, as happened in the late 19th century, then it can go hand in hand with robust growth. On the other hand, if deflation reflects a slump in demand and excess capacity, it can be dangerous, as it was in the 1930s,  triggering a downward spiral of demand and prices.

Today, both the good and bad sorts of deflation are at work. Some prices are falling because of productivity gains, thanks to information technology. But the weakness of profits suggests that most deflation is now bad, not good. Deflation is particularly harmful when an economy is awash with debt. Total private-sector debt is now much higher than when deflation was last experienced in the 1930s. Falling prices not only increase the real burden of debt, they also make it impossible for a central bank to deliver negative real interest rates, because nominal rates cannot go below zero.

 

If deflation causes real debts to swell, debtors may have to cut spending and sell assets to meet their payments. This can unleash a vicious spiral of falling incomes, asset prices and rising real debt. Irving Fisher, an American economist, described this process in a famous article in 1993 entitled “The Debt-Deflation Theory of Great Depressions”. He described how attempts by individuals to reduce their debt burden by cutting costs could paradoxically cause their debt burden to swell. Unable to increase prices to boost profits, firms have to cut costs, either by reducing labour costs and hence household income or by buying less from other firms. This is sensible for an individual firm, but it reduces demand in the economy, thwarting the desired improvement in profit, leading to another round of cuts and putting further downward pressure on prices.

 

请同学选出正确的答案

 

46.The word “bogeyman” is used to express that inflation was

(A)frightening

(B)well studied

(C)not a problem

(D)surprising

47. The primary purpose of this passage is to

(A)inform what happens when price level rises

(B)inform how dangerous it could be when price level goes down

(C)compares between inflation and deflation

(D)argue for a strong deflation

48. Under what situation would deflation not be a threat to the society?

(A)When product availability exceeds people’s demands

(B)When firms are borrowing money from the banks for business

(C)When people are borrowing to purchase houses

(D)When it is caused by faster productivity growth

49.According to the passage, what does downward spiral of demand and prices refer to?

(A)the prices go up but the demand goes down

(B)the prices go up but the demand goes up

(C)the prices go down but the demand goes down

(D)the prices go down and the demand goes up

50.Which of the following is NOT true of deflation?

(A)Deflation could be both good and bad.

(B)Deflation could cause real debts to swell.

(C)The surge in borrowing by firms and households causes deflation.

(D)Both the good and bad sorts of deflation can be seen today.

 

 

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Charging Bull华尔街铜牛及Fearless Girl无畏惧的女孩

 

 

好了,答案揭晓...

答案46.（A） 47.（B） 48.（D） 49.（C） 50.（C）

 

【讲解】

For decades inflation was the bogeyman第46题 in rich countries. 几十年来，通货膨胀在富国是令人惊吓的东西。第47题But now some economists reckon that deflation, or falling prices, may be a more serious threat—in America and Europe as well as Japan. 但现在一些经济学家认为，通货紧缩或价格下跌可能是一个更严重的威胁 - 在美国和欧洲以及日本。That would be decidedly awkward, 第50题given the surge in borrowing by firms and households in recent years. 画线的字是补述用法，given的前面省略which is两字，为关系子句，用来补充说明前面的That would be decidedly awkward. 这将是决定性的棘手的问题，拜近年来企业和家庭的借款激增所赐。Particularly worrying is the rise in borrowing by American households to finance purchases of houses, cars or luxury goods. 特别令人担忧的是，美国家庭借款融资购买房屋，汽车或奢侈品的增加。Deflation would swell the real burden of these debts, forcing consumers to cut their spending. 通货紧缩将会加剧这些债务的真正负担，迫使消费者削减开支。
 

第48题Deflation is not necessarily bad. 通货紧缩并不一定是坏的。If falling prices are caused by faster productivity growth, as happened in the late 19th century, then it can go hand in hand with robust growth.如果价格下跌起因于较快的生长率，像19世纪后期发生的那样，那么它可以与强劲的增长并驾齐驱。On the other hand, if deflation reflects a slump in demand and excess capacity, it can be dangerous, as it was in the 1930s, 第49题 triggering a downward spiral of demand and prices. 另一方面，如果通货紧缩反映了需求下滑和产能过剩，那么在20世纪30年代(1930~1939)，这可能是危险的，引发了需求和价格的下降。
 

Today, both the good and bad sorts of deflation are at work. 今天，好的和坏的通货紧缩都在工作。Some prices are falling because of productivity gains, thanks to information technology.由于信息技术，由于生产力的提高，有些价格正在下降。 But the weakness of profits suggests that most deflation is now bad, not good. 但利润的弱点表明，大多数通货紧缩现在不好，不好。 Deflation is particularly harmful when an economy is awash with debt.当经济充满债务时，通货紧缩特别有害。 Total private-sector debt is now much higher than when deflation was last experienced in the 1930s. 私营部门的债务总额现在远高于20世纪30年代通货紧缩的时期。Falling prices not only increase the real burden of debt, they also make it impossible for a central bank to deliver negative real interest rates, because nominal rates cannot go below zero.价格下跌不仅增加了债务的真正负担，而且使得央行不可能实现负面实际利率，因为名义利率不能低于零。

 

If deflation causes real debts to swell, debtors may have to cut spending and sell assets to meet their payments. 如果通货紧缩导致实际债务膨胀，债务人可能不得不削减支出并出售资产以支付其付款。This can unleash a vicious spiral of falling incomes, asset prices and rising real debt. 这可以释放收入下降，资产价格和实际负债上升的恶性循环。Irving Fisher, an American economist, described this process in a famous article in 1993 entitled “The Debt-Deflation Theory of Great Depressions”. 美国经济学家欧文·费舍尔（Irving Fisher）在1993年题为“大萧条的债务通货膨胀理论”的著名文章中描述了这一进程。He described how attempts by individuals to reduce their debt burden by cutting costs could paradoxically cause their debt burden to swell.他描述了个人如何通过削减成本来减轻债务负担的尝试可能会引起债务负担膨胀。Unable to increase prices to boost profits, firms have to cut costs, either by reducing labour costs and hence household income or by buying less from other firms. 无法提高价格以提高利润，企业必须降低成本，无论是通过降低劳动力成本，从而降低家庭收入，或者减少其他企业的收入。

This is sensible for an individual firm, but it reduces demand in the economy, thwarting the desired improvement in profit, leading to another round of cuts and putting further downward pressure on prices. 这对一家公司来说是明智的，但它减少了经济需求，阻碍了利润的理想改善，导致另一轮削减，并进一步下调了价格压力。

 

 

A46.The word “bogeyman” is used to express that inflation was

(A)frightening

(B)well studied

(C)not a problem

(D)surprising

A46.“bogeyman”这个词用来表示通货膨胀
（A）很可怕
（B）研究很好
（C）没有问题
（D）令人惊讶的
 

B47. The primary purpose of this passage is to

(A)inform what happens when price level rises

(B)inform how dangerous it could be when price level goes down

(C)compares between inflation and deflation

(D)argue for a strong deflation

B47。这段文章的主要目的是
（A）告知当价格水平上升时会发生什么
（B）告知当价格水平下降时可能有多危险
（C）比较通货膨胀与通货紧缩
（D）强调通货紧缩
 

D48. Under what situation would deflation not be a threat to the society?

(A)When product availability exceeds people’s demands

(B)When firms are borrowing money from the banks for business

(C)When people are borrowing to purchase houses

(D)When it is caused by faster productivity growth

D48。通货紧缩在什么情况下不会对社会构成威胁？
（A）产品可用性超过人们的要求时
（二）企业从银行借款的经营情况
（C）当人们藉钱买房子的时候
（D）当生产率增长较快时

C49. According to the passage, what does downward spiral of demand and prices refer to?

(A)the prices go up but the demand goes down

(B)the prices go up but the demand goes up

(C)the prices go down but the demand goes down

(D)the prices go down and the demand goes up

C49.根据通过，需求和价格下降的螺旋是什么？
（A）价格上涨，但需求下降
（B）价格上涨，但需求上涨
（C）价格下跌，但需求下降
（D）价格下跌，需求上涨
C50.Which of the following is NOT true of deflation?

(A)Deflation could be both good and bad.

(B)Deflation could cause real debts to swell.

(C)The surge in borrowing by firms and households causes deflation.

(D)Both the good and bad sorts of deflation can be seen today.

C50.以下哪一项不是通货紧缩？
（A）通缩可能既好又坏。
（B）通货紧缩可能导致真正的债务膨胀。
（C）企业和家庭借款激增导致通货紧缩。
（D）今天可以看到好的和坏的通货紧缩。

 

同学,今天收获不少吧?

有什么问题都可以在下面留言发问喔! 下回见!