Paragraph 5

Paragraph 4

Paragraph 3

Paragraph 2

IV. Now read the text again and choose the sentence which best summarizes each paragraph. Paragraph 1

III. Choose the correct answer А, В or С from the list below.

II. Complete the sentences as in the text.

1. Home ownerships, private cars and holidays are now… 2. An economy is growing when the Gross national product (GNP) is…. 3. Sudden, sharp increases in growth (a boom) can… 4. Steady growth in the short term is… 5. External demand-side shocks happen when a country… 6. Saving is so important for….

1. In many ways life for previous.................. was much more

difficult.

2. Home.................. has increased in many parts of Europe.

3. When the economy grows dangerously fast, we say it............

....

4. A.................. is when the economy is growing quickly.

5.................... are fairground rides like trains that go up and down

very fast.

6................... in technology in the last 30 years has been

incredible.

7.................... is when you get better after something bad like an

illness or economic depression.

8. When you.................. you fight or work hard for something.

9. Don’t buy milk. We’ve got................ in the fridge.

10. A fortunate person is very................

11. Mountain climbers are people who enjoy a ……………………

12. The.................. is the government minister responsible for the

economy.

13.. growth is growth that can continue for a long time.

A 1. people 2. ownership 3. boils over 4. bang 5. roller-coasters 6. growth 7. discovery 8. overheat 9. plenty 10. hard-working 11. challenge 12. economist 13. sustainable

C family belonging warms up balloon bumper cars progress slump struggle none lucky boom chancellor sustaining

B generations having overheats boom big wheels increase recovery recover a shortage rich race

prime minister sustained

Economic growth does not happen everywhere.

Economic growth did not happen in the past.

Economic growth happens only in industrialized countries.

GNP and economic growth are the same thing.

An increase in GNP always means the economy is growing.

An increase in GNP may not show economic growth.

All growth is good. Fast growth is good. Steady growth is good.

The majority of economists believe three factors positively influence economic growth.

Governments try to control economic growth.

Economists have no idea about what causes economic growth.

The causes of economic shock may be: In domestic demand.

— Events abroad

— Aggregate supply

V. Complete each sentence with a word or phrase from the box:

disrupt, go on strike, gross national product, knock-on effect, miner, sharply, stagflation, unrest.

1. The total value of a country’s goods and services consumed in one year is called the

2. If something done affects something else, which then again affects something else, we call this a ………………..

3. If people are not happy with their government, there may be poli­tical

4. Being a.................. and digging underground to bring out

minerals must be very dangerous.

5. Some people................. as a way of showing their unhappiness

with work conditions or pay.

6. If we have..................., there is a sharp drop in production of

some goods causing their price to rise.

7. A fallen tree can................. the electricity supply to thousands

of homes.

8. Prices have risen................. but unfortunately wages haven’t.

VI. Now read the text again and choose the best way to finish
each sentence.

1. An economic shock causes...

A. prices to rise.

B. a demand or supply shift.

C. demand to fall.

2. Demand-side shocks of a domestic nature...

A. are caused by events in another country.

B. are only caused because of a fall in property prices.

C. are caused by events at home.

3. The Great Depression is an example of...

A. an external demand-side shock.

B. an external supply-side shock.

C. a domestic demand-side shock.

4. Supply-side shocks can cause...

A. a fall in variable costs.

B. an increase in variable costs.

C. a fall in fixed costs.

5. Stagflation is when...

A. prices fall but output rises.

B. prices rise and output rises.

C. prices rise and output falls.

6. A positive supply-side shock is when...

A. prices fall but output rises.

B. prices rise and output rises.

C. prices rise and output falls.

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