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Ever since the days of the Great Depression, the federal government has sought to stabilize the economy.

To achieve these goals the government relies upon two sets of «tools» or strategies: fiscal policy and monetary policy.

Fiscal Policy. Fiscal policy is applied by changing the level of tax receipts relative to federal spending. It is the responsibility of the President and Congress because they control taxing and spending.

When taxes are reduced, individuals and business firms will have more money available to spend for the things they want. As business and consumer spending begins to increase, the economy will enter the expansion phase. If taxes are increased consumers and business would have less to spend. This would create a contraction in the total demand for goods that should reduce inflation.

Fiscal Policy Has Its Critics: Many economists feel that when properly applied, fiscal policies can provide effective tools with which to fight recession and inflation. Others, however, believe fiscal policy solutions have several serious drawbacks.

-When government reduces taxes to fight a recession, it often creates a budget deficit. That is its revenues will be less than its expenditures, and the government can still spend because it can borrow or print money.

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І. Лексико-граматичний тест:

1. In______twelfth century,______practice of______letting out farms had been______way of increasing

______landlord's profits.

a) the,-,-, a, — c) the, the,-, a, the

b) the, the, the, a, — d) —, the, -, a, the

2.______most important of these changes was______re­placement of______wool by______finished cloth.

a) the, the, —, the c) the, a, —, —

b) a, the, -, the d) the, the, -, -

3. By the end of______Middle Ages______serf from______countryside could work in______town to be­come ______freeman in______town he lived.

a) —, a, the, a, a, the c) the, a, the, a, a, the

b) the, the, the, a, a, the d) the, a, a, a, a, the

4.______poor wore______simple clothes of______leather or______wool.

a) the, -, -, - c) the, the, -, -

b) -, -, -, - d) the, -, the, the

5.______poor children started______work at______age of six.

a) the, —, the c) —, —, the

b) —, the, an d) -, the, the

6. In______return for money______House of Commons demanded______political power.

a) the, the, - c) —, the, the

b)-,the,- d)-,-,-

7.______first signs of______trouble between______Crown and______Parliament came in 1601.

a) the, -, -, - c) the, the, -, -

b) -, -, the, the d) the, -, -, the

8. Parliament was supported by______Navy, by most of______merchants and by______population of Lon­don.

a) —, the, the c) the, the, —

b) the, -, the d) the, the, the

9. From 1649 to 1660 Britain was______republic, but______republic was not______success.

a) -, the, a c) a, the, a

b) the, the, a d) a, a, the

10.______English Parliament offered to remove______trade limits, if______Scots agreed to______union

with England.

a) the, -, the, — c) the, the, the, —

b) -, -, the, - d) the, -, -, -