when oil price goes up, British Airways’ stock will______.

With the price of oil _____________，our economy would be improved.

A、goes up

B、went up

C、going up

D、gone up

A.went into

B.went on

C.went upon

D.goes on

o 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 1979-80, 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%.

第51题：The main reason for the latest rise of oil price is

A global inflation.

B reduction in supply.

C fast growth in economy.

D Iraq's suspension of exports.

Text 4

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 -80, when they also almost tri- pled. Both previous shocks resulted in double - digit inflation and global economic decline. So there are the headlines warning of gloom and doom this time？

The oil price was given another push up this week when Iraq suspended oil experts. Strengthening economic growth, al the' same time as winter grips the northern hemisphere, could push the price higher still in the short Item.

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, tuxes 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, 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 se could he more seriously squeezed.

One more reason net 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%.

36. The main reason for the latest rise of oil price is______.

A) global inflation

B) reduction in supply

C) fast growth in economy

D) Iraq' s suspension of exports

ry shopkeeper knows this. But at the same time, producers want higher price for their goods when they make more goods. How can we find the best price for the goods？ The Law of Supply and Demand is the economist's answer to this question.

According to this law, changes in the prices of goods cause change in supply and demand. An increase in the price of the goods causes an increase in supply-then number of goods the producers make. Producers will make more goods when they can get higher prices for the goods. The producer makes more shoes as the price of shoes goes up. At the same time, an increase in the price of the goods causes a decrease in demand—the number of goods the consumers buy. This is because people buy less when the price is high. People buy fewer shoes as the price of shoes goes up. Conversely, a decrease in the price causes an increase in demand (people buy more shoes) and a decrease in supply (producers make fewer shoes).

Business firms look at both supply and demand when they make decisions about price and production. They look for the equilibrium point where supply equals demand. At this point, the number of shoes produced is 3000 and the price of the shoes is $30. $30 is the equilibrium price: at this price the consumers will buy all of the 3000 shoes which the producers make. If the producers increase the price of the shoes, or if they produce more than 3000 shoes, the consumers will not buy all of the shoes. The producers will have a surplus(过剩)—more supply than demand—so they must decrease the price in order to sell all of the shoes. On the other hand, if they make fewer than 3000 shoes, there will be a shoes shortage —more demand than supply—and the price will go up.

According to the Law of Supply and Demand, the equilibrium price is the best price for the good. The consumers and the producers will agree on this price because it is the only price that helps them both equally.

Why does an increase in price cause an increase in supply？ ______

A．Consumers buy more goods when prices are high.

B．Producers make more goods when prices are high.

C．Producers want to sell all of their goods.

D．Consumers will not buy all of the goods.

-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 shocks resulted in double-digit inflation and global economic decline. ,So where are the headlines warning of gloom and doom this time？

The oil 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 terra,

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 retails price, so even quite big changes in the price of crude have a more muted effect on pump prices than in the past.

Rich economics 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 reduces 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 economics now use nearly 50% less oil than in 1978. 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 e merging 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 main reason for the latest rise of oil price is ______.

A．global inflation

B．reduction in supply

C．fast growth in economy

D．Iraq's suspension of exports

Passage Two

Questions 51 to 55 are based on the following passage.

In the past, falling oil prices have given a boost to the world economy, but recent forecasts for global growth have been toned down, even as oil prices sink lower and lower. Does that mean the link between lower oil prices and growth has weakened？

Some experts say there are still good reasons to believe cheap oil should heat up the world economy. Consumers have more money in their pockets when they’re paying less at the pump. They spend that money on other things, which stimulates the economy.

The biggest gains go to countries that import most of their oil like China, Japan, and India, But doesn’t the extra money in the pockets of those countries’ consumers mean an equal loss in oil producing countries, cancelling out the gains？ Not necessarily, says economic researcher Sara Johnson. “Many oil producers built up huge reserve funds when prices were high, so when prices fall they will draw on their reserves to support government spending and subsidies(补贴) for their consumers.”

But not all oil producers have big reserves, In Venezuela, collapsing oil prices have sent its economy into free-fall.

Economist Carl Weinberg believes the negative effects of plunging oil prices are overwhelming the positive effects of cheaper oil. The implication is a sharp decline in global trade, which has plunged partly because oil-producing nations can’t afford to import as much as they used to.

Sara Johnson acknowledges that the global economic benefit from a fall in oil prices today is likely lower than it was in the past. One reason is that more countries are big oil producers now, so the nations suffering from the price drop account for a larger share of the global economy.

Consumers, in the U.S. at least, are acting cautiously with the savings they’re getting at the gas pump, as the memory of the recent great recession is still fresh in their mind. And a number of oil-producing countries are trimming their gasoline subsidies and raising taxes, so the net savings for global consumers is not as big as the oil price plunge might suggest.

What does the author mainly discuss in the passage？

A.The reasons behind the plunge of oil prices.

B.Possible ways to stimulate the global economy.

C.The impact of cheap oil on global economic growth.

D.The effect of falling oil prices on consumer spending.

l indicator. Inflation is a period of increased 【C1】______ that causes rapid rises in prices. 【C2】______ . your money buys fewer goods so that you get 【C3】______ for the same amount of money as before, inflation is the problem. There is a general rise 【C4】______ the price of goods and services. Your money buys less. Sometimes people describe inflation as a 【C5】______ 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 【C6】______ . Retired people, for instance, can not 【C7】______ on an increase in income as prices rise. Elderly people who do not work face serious problems in stretching their incomes to 【C8】______ their needs in time of inflation. Retirement income 【C9】______ any fixed income usually does not rise as fast as prices. Many retired people must cut their spending to 【C10】______ rising prices. In many cases they must stop 【C11】______ some necessary items, such as food and clothing. Even 【C12】______ working people whose incomes are going up, inflation can be a problem. The 【C13】______ 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 【C14】______ with rising prices, the standard of living goes down. People may be earning the same amount of money, but they are not living 【C15】______ 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 【C16】______ the rate of change can be determined. A price index measures changes in prices using the price for a 【C17】______ year as the base. The base price is set 【C18】______ 100, and the other prices are reported as a 【C19】______ of the base price. A price index makes 【C20】______ possible to compare current prices of typical consumer goods, for example, with prices of the same goods in previous years.

【C1】

A．spending

B．demanding

C．consuming

D．saving

shopping (11)______ he needs something. His purpose is settled and decided (12)______ . He knows what he wants and his objective is to find it and (13)______ it；the price is a secondary (14)______ . Most men (15)______ walk into a shop and ask the salesman (16)______ what they want. If the shop has it in stock. the salesman promptly (17)______ it，and the business of trying it on proceeds (18)______ . Au being well,the (19)______ can be and often is completed in less than five minutes，with hardly any bargain and to their satisfaction. For a man，slight problems may begin when the shop does not have what he wants. (20)______ does not have exactly what he wants. In that case the salesman，as the name implies，tries to sell the customer something else.

(11)

A．although

B．before

C．unless

D．because

Almost every new innovation goes through three phases. When

initially introducing into the market, the process of adoption is slow. S1.______

The early models are expensive and hard to use, and perhaps even unsafe.

The economic impact is relatively great. S2.______

The second phase is the explosive one, where the innovation was S3.______

rapidly adopted by a large number of people. It gets cheaper and easier

to use and becomes something familiar. And then in the third stage, diffusion

of the innovation slows down again, as if it permeates out across the S4.______

economy. During the explosive phase, the whole new industries

spring up to produce the new product or innovation, but to service it. S5.______

For example, during the 1920s, there was a dramatic acceleration in auto

production, from 1.9 million in 1920 to 4.5 million in 1929. This boom was

accompanying by all sorts of other essential activities necessary for S6.______

auto-based nation: Roads had to be built for the cars to run on; refineries and S7.______

oil wells, to provide the gasoline; and garages, to repair it. Historically, the S8.______

same pattern is repeated again and again with innovations. The construction

of the electrical system requested an enormous early investment in generation S9.______

and distribution capacity. The introduction of the radio was followed by a buying

spree(无节制的狂热行为) by Americans what quickly brought radios into S10.______

almost half of all households by 1930, up from nearly none in 1924.

【S1】