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  3. Before discussing the effect of deflation and inflation on the distribution

Before discussing the effect of deflation and inflation on the distribution

游客2023-11-17  65
问题     Before discussing the effect of deflation and inflation on the distribution of income, it will be useful to【C1】______ these terms. By inflation we mean a time of generally rising prices of goods and 【C2】______of production, such as wages and rents. By deflation we mean a time 【C3】______ most prices and costs are falling. Neither in inflation nor in deflation【C4】______ prices all move in the same direction or in exactly the same【C5】______.
    【C6】______ inflation favors debtors and profit receivers at the【C7】______of creditors and fixed income receivers. 【C8】______, for example, you lend $1,000 today and are paid back one year from now. If in the【C9】_____ prices have doubled, then your debtor will be paying back only one half【C10】______much real purchasing power as you gave him.
    On the other hand, one who invests in real estate, in common stocks, or in commodities makes a great【C11】______ during times of unforeseen inflation, when the【C12】______of business sales increases greatly, as do prices, between the time that business persons buy and sell their 【C13】______. Fixed or overhead costs remain the same; other costs rise, 【C14】______ not so rapidly as prices. For all these reasons, profits【C15】______— often faster than the cost of living.
    In times of deflation, the situation is 【C16】______. Creditors and fixed income receivers【C17】______ to gain at the expense of debtors and profit receivers. If prices【C18】______between the time that a creditor lends money and is repaid, then he gets back more purchasing power than he lent. Between the time that a merchant buys and sells goods, he will have to take a(n)【C19】______. The school teacher whose pay is not cut, however, finds that his real income has increased.【C20】______, a hoarder finds the real value of her wealth increasing every day as prices fall. [br] 【C7】
选项 A、mercy
B、expense
C、peak
D、risk
答案 B
解析 固定搭配题。四个选项都可以与at构成固定搭配：at the mercy of“任凭……摆布，完全受……支配”；at the expense of“在损害……的情况下”；at thepeak of“在……高峰期”；at the risk of“冒着……的危险”。经济学常识告诉我们，通胀损害了贷方和固定收入者的利益，故[B]expense是答案。
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