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Most people associate inflation with price increases on specific goods and services. The economy is not necessarily experiencing inflation, however, every time the price of a cup of coffee goes up. We must be careful to distinguish the phenomenon of inflation from price increases for specific goods. Inflation is an increase in the average level of prices, not a change in any specific price.

We first determine the average price of all output – the average price level – then look for changes in that average. A rise in the average price is referred to as inflation.

The average price level may fall as well as rise. A decline in average prices – a deflation – occurs when price decreases on some goods and services outweigh price increases on all others. Relative price in the price of one good in comparison with the price of other goods.

Because inflation and deflation are measured in terms of average price level, it is possible for individual prices to rise or fall continuously without changing the average price level. Nominal income is the amount of money you receive in a particular time period; it is measured in current dollars. Real income, by contrast, is the purchasing power of that money, as measured by the quantity of goods and services your dollars will buy. If the number of dollars you receive every year is always the same, your nominal income doesn’t change – but your real income will rise or fall with price changes.

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І. Лексико-граматичний тест:

1. The cyclist was run _____ by a motorist.

a) off c) away

b) through d) down

2. After missing a term through illness he had to work very hard to______.

a) catch up c) catch on

b) catch after d) catch in

3. There has been a sharp rise______the cost of living in the past few years.

a) at c) on

b) of d) in

4.1 will not come to London until the bus strike_______over.

a) will be c) is

b) would be d) would have been

5. I don't want anyone to overhear us, but I______you what happened when we______alone.

a) will tell, will be c) tell, will be

b) will tell, are d) would tell, are

6. If I had a typewriter I______it myself.

a) would type c) will have typed

b) would have typed d) will type

7. The old dog just______on the grass, watching the children at play.

a) is lying _C) lied

b) laid d) lie

8. There has not been a great response to the sale,______?

a) does there c) hasn't it

b) hasn't there d) has there

9. If I______rich, I______travel around the world.

a) were, would c) am, would

b) have been, would have d) were, would have

10. That was the time______I left him.

a) when c) —

b) where d) after which