通貨膨脹、通貨緊縮…喔！歐！我不能 “劇透” 太多還是讓大家親自練習看看。
題目：閱讀測驗【106初等各類科第46題至第50題】
同學請依下文回答第46題至第50題
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.
請同學選出正確的答案
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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好了,答案揭曉...
答案46.（A） 47.（B） 48.（D） 49.（C） 50.（C）
【講解】
For decades inflation was the bogeyman第46題 in rich countries. 幾十年來，通貨膨脹在富國是令人驚嚇的東西。第47題But now some economists reckon that deflation, or falling prices, may be a more serious threat—in America and Europe as well as Japan. 但現在一些經濟學家認為，通貨緊縮或價格下跌可能是一個更嚴重的威脅 - 在美國和歐洲以及日本。That would be decidedly awkward, 第50題given the surge in borrowing by firms and households in recent years. 畫線的字是補述用法，given的前面省略which is兩字，為關係子句，用來補充說明前面的That would be decidedly awkward. 這將是決定性的棘手的問題，拜近年來企業和家庭的借款激增所賜。Particularly worrying is the rise in borrowing by American households to finance purchases of houses, cars or luxury goods. 特別令人擔憂的是，美國家庭借款融資購買房屋，汽車或奢侈品的增加。Deflation would swell the real burden of these debts, forcing consumers to cut their spending. 通貨緊縮將會加劇這些債務的真正負擔，迫使消費者削減開支。
第48題Deflation is not necessarily bad. 通貨緊縮並不一定是壞的。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.如果價格下跌起因於較快的生長率，像19世紀後期發生的那樣，那麼它可以與強勁的增長並駕齊驅。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題 triggering a downward spiral of demand and prices. 另一方面，如果通貨緊縮反映了需求下滑和產能過剩，那麼在20世紀30年代(1930~1939)，這可能是危險的，引發了需求和價格的下降。
Today, both the good and bad sorts of deflation are at work. 今天，好的和壞的通貨緊縮都在工作。Some prices are falling because of productivity gains, thanks to information technology.由於信息技術，由於生產力的提高，有些價格正在下降。 But the weakness of profits suggests that most deflation is now bad, not good. 但利潤的弱點表明，大多數通貨緊縮現在不好，不好。 Deflation is particularly harmful when an economy is awash with debt.當經濟充滿債務時，通貨緊縮特別有害。 Total private-sector debt is now much higher than when deflation was last experienced in the 1930s. 私營部門的債務總額現在遠高於20世紀30年代通貨緊縮的時期。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.價格下跌不僅增加了債務的真正負擔，而且使得央行不可能實現負面實際利率，因為名義利率不能低於零。
If deflation causes real debts to swell, debtors may have to cut spending and sell assets to meet their payments. 如果通貨緊縮導致實際債務膨脹，債務人可能不得不削減支出並出售資產以支付其付款。This can unleash a vicious spiral of falling incomes, asset prices and rising real debt. 這可以釋放收入下降，資產價格和實際負債上升的惡性循環。Irving Fisher, an American economist, described this process in a famous article in 1993 entitled “The Debt-Deflation Theory of Great Depressions”. 美國經濟學家歐文·費舍爾（Irving Fisher）在1993年題為“大蕭條的債務通貨膨脹理論”的著名文章中描述了這一進程。He described how attempts by individuals to reduce their debt burden by cutting costs could paradoxically cause their debt burden to swell.他描述了個人如何通過削減成本來減輕債務負擔的嘗試可能會引起債務負擔膨脹。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. 無法提高價格以提高利潤，企業必須降低成本，無論是通過降低勞動力成本，從而降低家庭收入，或者減少其他企業的收入。
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. 這對一家公司來說是明智的，但它減少了經濟需求，阻礙了利潤的理想改善，導致另一輪削減，並進一步下調了價格壓力。
A46.The word “bogeyman” is used to express that inflation was
(A)frightening
(B)well studied
(C)not a problem
(D)surprising
A46.“bogeyman”這個詞用來表示通貨膨脹
（A）很可怕
（B）研究很好
（C）沒有問題
（D）令人驚訝的
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。這段文章的主要目的是
（A）告知當價格水平上升時會發生什麼
（B）告知當價格水平下降時可能有多危險
（C）比較通貨膨脹與通貨緊縮
（D）強調通貨緊縮
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。通貨緊縮在什麼情況下不會對社會構成威脅？
（A）產品可用性超過人們的要求時
（二）企業從銀行借款的經營情況
（C）當人們藉錢買房子的時候
（D）當生產率增長較快時
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.根據通過，需求和價格下降的螺旋是什麼？
（A）價格上漲，但需求下降
（B）價格上漲，但需求上漲
（C）價格下跌，但需求下降
（D）價格下跌，需求上漲
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.以下哪一項不是通貨緊縮？
（A）通縮可能既好又壞。
（B）通貨緊縮可能導致真正的債務膨脹。
（C）企業和家庭借款激增導致通貨緊縮。
（D）今天可以看到好的和壞的通貨緊縮。
同學,今天收穫不少吧?
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