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Rich economies are also less dependent on oil than they were, and so lesssensitive 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 itslatest Economic Outlook that, it 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 bemore 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%.
51. 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.
52. It can be inferred from the text that the retail price of petrol will go up dramatically if .
［A］ price of crude rises. ［B］ commodity prices rise.
［C］ consumption rises. ［D］ oil taxes rise.
53. The estimates in Economic Outlook show that in rich countries .
［A］ heavy industry becomes more energy-intensive.
［B］ income loss mainly results from fluctuating crude oil prices.
［C］ manufacturing industry has been seriously squeezed.
［D］ oil price changes have no significant iMPAct on GDP.
54. We can draw a conclusion from the text that .
［A］ oil-price shocks are less shocking now.
［B］ inflation seems irrelevant to oil-price shocks.
［C］ energy conservation can keep down the oil prices.
［D］ the price rise of crude leads to the shrinking of heavy industry.
55. From the text we can see that the writer seems .
［A］ optimistic. ［B］ sensitive. ［C］ gloomy.
［D］ scared.
Text 4
The Supreme Court's decisions on physician-assisted suicide carry important implications for how medicine seeks to relieve dying patients of pain and suffering.
Although it ruled that there is no constitutional right to physician-assisted suicide, the Court in effect supported the medical principle of “double effect," a centuries-old moral principle holding that an action having two effects—a good one that is intended and a harmful one that is foreseen—is permissible if the actor intends only the good effect. |
