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There are two basic lessons about inflation to be learned:

• Not all prices rise at the same rate during an inflation. Typically, some prices rise very rapidly, others only modestly, and still others not at all.

• Not everyone suffers equally from inflation. Those people who consume the goods and services that are rising faster in price bear a greater burden of inflation; their real incomes fall more. Other consumers bear a lesser burden, or even none at all, depending on how fast the prices rise for the goods they enjoy.

Money illusion is the use of nominal dollars rather than real dollars to gauge changes in one’s income or wealth.

The most common measure of inflation is the Consumer Price Index (CPI). As its name suggests, the CPI is a mechanism for measuring changes in the average price of consumer goods and services.

Inflation Rate is the annual rate of increase in the average price level.

Price stability is the absence of significant changes in the average price level; officially defined as a rate of inflation of less than 3 percent. Our goal of “full” employment is defined as the lowest rate of unemployment consistent with stable prices.

The most familiar form of inflation is called demand-pull inflation. Demand-pull inflation is an increase in the price level initiated by excessive aggregate demand. The name suggests that demand is pulling the price level. If the demand for goods and services rises faster than production, they simply won’t be enough goods and services to go around.

ІІІ. Що б Ви могли розповісти про Великобританію?

І. Лексико-граматичний тест:

1. The new house______next year in this street.

a) will built c) is built

b) will be built d) will be build

2. The music at the party was very loud and______from far away.

a) can be heard c) could be heard

b) can hear d) is heard

3. My car disappeared. It______.

a) must has been stolen c) must have been stole

b) must have been stolen d) should have been stolen

4. How many accidents______by dangerous driving nowadays?

a) is caused c) are cause

b) have been caused d) are caused

5. Last night a tree______down.

a) was blown c) blown

b) is blown d) blow

6. The car______at the moment.

a) being cleaned c) is being cleaned

b) was cleaned d) was being cleaned

7. The shirts______when I came home.

a) are being washed c) were washed

b) were being washed d) are washed

8. He is not going to the party. He______.

a) haven't been invited c) isn't being invited

b) wasn't been invited d) hasn't been invited

9. Jane didn't know which way to go. She______.

a) hadn't been told c) isn't told

b) hasn't been told d) wasn't been told

10.1______three days to write a composition.

a) was give c) has given

b) was given d) gave