Text 4 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 serv

The steam machine________ industry _____ dependence on running water for the only way to transport big amount of goods.

A. free; by
B. helped; with
C. departed; to
D. liberated; from

共用题干
Inflation

Business and government leaders also consider the inflation rate to be an important general indicator. Inflation is a period of increased spending that causes rapid rises in prices.______(51) your money buys fewer goods so that you get______(52)for the same amount of money as before,inflation is the problem.There is a general rise______(53)the price of goods and services.Your money buys less.Sometimes people describe inflation as a time when"a dollar is not worth a dollar anymore".
Inflation is a problem for all consumers.People who live on a fixed income are hurt the ______(54).Retired people,for instance,cannot count on an increase in income as prices rise. Elderly people who do not work face serious problems in stretching their incomes to______(55)their needs in time of inflation.Retirement income______(56)any fixed income usually does not rise as fast as prices.Many retired people must cut their spending to______(57)rising prices.In many cases they must stop______(58)some necessary items,such as food and clothing. Even ______(59)working people whose incomes are going up,inflation can be a problem. The ______(60)of living goes up,too.People who work must have even more money to keep up their standard of living. Just buying the things they need costs more.When incomes do not keep ______(61)with rising prices,the standard of living goes down.People may be earning the same amount of money,but they are not living as well because they are not able to buy as many goods and services.
Government units gather information about prices in our economy and publish it as price indexes ______(62)the rate of change can be determined.A price index measures changes in prices using the price for a______(63)year as the base.The base price is set at 100,and the other prices are reported as a______(64)of the base price.A price index makes______(65)possible to compare current prices of typical consumer goods,for example,with prices of the same goods in previous years.

_________(56)
A:or
B:and
C:excluding
D:including

Text 4 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 cunently costs$5.06 in America but just 10.75 lira（$2.75）in Turkey,implying that the lira is undenalued.However,ot:her currencies are even cheaper.In Big Mac tenns,the Mexican peso is underval-ued 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 iLs 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 uncerLainty.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 eam 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.Hisiorically,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 doUar 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 Iiving and lower incomes than Americans,the euro has traded at around a 25%premium against the dollar in income-adjusted burger terms since Lhe euro's inception.But what once seemed to be a constant truth of burgemomics is true no longer.So strong is the dollar Lhat even the adjusted Big Mac index finds the euro undenalued.The dollar is now Uading 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 agzunst foreign competition.And American tourists will get more burgers for their buck in Europe.Turkish lira is mentioned to show that______.

A.Big Mac index is unreliable
B.lira's purchasing power is low
C.hamburgers are cheaper in Turkey
D.some currencies are underestimated