Ex.9. Перепишите и письменно переведите 1 и 2 абзацы текста.

INFLATION

Ex.8. Прочитайте текст, устно переведите его и выполните упражнения, данные ниже.

[1] Inflation is generally defined as a persistent rise in the general price and wage level with no corresponding rise in output¹. Of course, prices of goods may increase for reasons not connected with inflation: the prices of oranges and grapefruit may rise because a severe frost in Florida has ruined the citrus fruit crop, or the price of gasoline may rise if the oil-producing countries set a higher price for oil. During inflation, however, all prices tend to rise.

[2] Over the last 400 years, there have been many periods of inflation. In the 16th century, when the Spaniards began bringing back gold and silver from the New World, prices in Western Europe moved upward as the supply of money increased. During the 19th century, prices tended to go downward as food and raw materials became cheaper. After major wars such as the Napoleonic Wars, World Wars I and II, prices again moved upward. In the 1950s and '60s a so-called creeping inflation occurred, when the general price level in the United States and Western Europe rose by an average of 1 to 5 percent each year. In the 1970s, the prices of most consumer goods and foodstuffs more than doubled in many industrial countries. In the USA, inflation increased until it reached as much as 13 percent a year.

[3] Many countries have suffered from inflation more than has the United States. Israel had inflation of more than 100 percent a year in the early 1980s, meaning that the cost of living more than doubled every year. In Argentina, inflation was greater than 400 percent in 1975 and averaged more than 100 percent each year from 1976 to 1982. The most remarkable inflation in modern times was the German hyperinflation of 1923, when people went to the store with wheelbarrows full of money to buy a few groceries. A similar hyperinflation occurred in Hungary after World War II. In post-war Hungary, the cost of living was published each day and workers were paid daily to avoid the value of their earnings falling².

[4] Inflation has been defined as “too much money chasing too few goods.” As prices rise, wages and salaries also have a tendency to rise. More money in people's pockets causes prices to rise still higher so that consumers never quite catch up. Inflation can go on continuously year after year so long as the money supply continues to increase.

[5] Economists keep on arguing about the causes of, and “cures” for inflation³. They, however, recognize that two general types of inflation exist: demand-pull inflation⁴ and cost-push inflation⁵.

Demand-pull inflation occurs when demand for a nation’s goods and services exceeds supply. This causes prices to rise generally as a means of limiting demand to the available supply. Alternatively, cost-push inflation takes place when firms face increasing costs. This can be caused by an increase in wages, the rising costs of imported raw materials and components or companies pushing up prices in order to improve their profit margins⁶.

[5] Prolonged inflation affects people in diverse ways⁷. Those who live on fixed incomes, or those whose incomes increase very slowly, suffer most from inflation because they are able to buy less and less. Those who lend money when prices are lower may be paid back in dollars or rubles of reduced purchasing power. Banks generally lose from inflation. People who borrow money, however, may profit by paying their debts in dollars that have shrunk in purchasing power. Inflation thus encourages borrowing and discourages saving. It also leads people to buy real estate and durable goods that will keep their value over time. If inflation continues for a long time, the country as a whole may begin to consume more and invest less as people find it more profitable to borrow than to save. In other words, inflation causes society to use more of its resources for today's purposes and to set aside⁸ less for tomorrow's needs.

Notes: 1) with no corresponding rise in output – не сопровождающийся подъёмом производства

2) to fall in value – обесцениваться

3) ‘cures’ for inflation – способы борьбы с инфляцией

4) demand-pull inflation – инфляция спроса, вызванная превышением спроса над

предложением

5) cost-push inflation – инфляция издержек, вызванная ростом издержек производства

6) to improve profit margins – увеличивать прибыль

7) in diverse ways – по-разному

8) to set aside – оставлять, откладывать

Ex.10. Выберите подходящее по смыслу слово (слова) из предлагаемых в скобках вариантов. Предложения перепишите и переведите.

1) Inflation can go on continuously year after year so long as [the currency supply; demand and supply; the commodity in short supply; the money supply; the country’s gold reserve] continues to increase.

2) The situation when the general price level in the country rises by an average of 1 to 5 percent annually is known as [hyperinflation; creeping inflation; cost-push inflation; demand-pull inflation].

3) The most remarkable inflation in modern times was the hyperinflation of 1923 in [Hungary; the USA; Germany; Israel; Argentina], when people went to the store with wheelbarrows full of money to [sell; buy; purchase; exchange; acquire] a few groceries.

4) People living on fixed incomes, or those whose incomes increase very slowly, [profit; suffer; benefit; lose] most from inflation because they are able to buy [less and less; more and more; more or less].

5) In post-war Hungary, [the living standard; the cost of living; the earnings growth rate; the minimum wage; the exchange rate] was published each day and workers were paid daily to avoid the value of their earnings falling.

6) During inflation, people prefer investing their money in [stocks and bonds; real estate; frozen foodstuffs; essential goods; durable goods; property; joint ventures] that will keep their value over time.

Ex.11. Задайте вопросы к подчёркнутым словам.

1) Economists keep on arguing about the causes of, and “cures” for inflation.

2) During the 19th century, prices tended to go downward as food and raw materials became cheaper.

3) In Argentina, inflation was about 400 percent in 1975.

4) During inflation, all prices as well as wages tend to rise.

5) In the 1970s, the prices of most consumer goods and foodstuffs more than doubled in many industrial countries.

6) According to economists, there are two general types of inflation: demand-pull inflation and cost-push inflation.

7) The excess of demand for a nation’s goods and services over supply often results in demand-pull inflation.

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