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I. Find answers in the text:

1. What does it mean «to enjoy a quality of life»? 2. When can we say that an economy is growing? 3. What is a boom and what result may be after it? 4. What cycles can you see in economic growth? 5. Can governments control economics growth? 6. What can affect an economy in unexpected ways? 7. What happens with the Gross national

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product when aggregate demand falls sharply? 8. What were the results of the Great Depression in USA in the 1930s for other countries? 9. If the commodity is an important raw material for many industries then what will happen with the supply for these industries? 10. When raw materials are in short supply, will they become cheaper or more expensive?

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… .

III. Choose the correct answer а, в or с from the list below.

1. In many ways life for previous was much more

difficult.

  1. Home has increased in many parts of Europe.

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

  1. A is when the economy is growing quickly.

  2. . 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.

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

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

  1. A fortunate person is very

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

  3. The is the government minister responsible for the

economy.

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

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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

  1. economist

  2. 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

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

Economic growth does not happen everywhere.

Economic growth did not happen in the past.

Economic growth happens only in industrialized countries.

Paragraph 2

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.

Paragraph 3

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

Paragraph 4

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.

Paragraph 5

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

  • Events abroad

  • Aggregate supply

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