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4 Which of the following best describes the main idea of the text?

Choose the correct letter A, B, C or D.

A Different countries choose different scales of government activity.

B Governments and their activities affect how scarce resources are allocated within the nations.

C The question of the government´s role in the economy is highly controversial.

D Governments affect what and for whom to produce in the economy.

5 Complete the summary using the list of words, a – m, below. Government's Role in the Economy

While consumers and producers make most decisions that mold the economy, government activities have a powerful effect on the U.S. economy in at least two areas – stabilization and growth.

Perhaps most importantly, the federal government 1______________ the overall pace of economic activity, attempting to maintain steady growth, high levels of 2______________, and price 3_________________. By adjusting spending and tax rates (4_______________ policy) or managing the money supply and controlling the use of credit (5_______________ policy), it can slow down or speed up the economy's rate of growth -- in the process, affecting the level of prices and employment.

For many years following the Great Depression of the 1930s, recessions -- periods of slow economic growth and high unemployment -- were viewed as the greatest of economic 6______________. When the danger of recession appeared most serious, government sought to strengthen the economy by spending heavily itself or cutting taxes so that consumers would spend more, and by fostering rapid growth in the money 7______________, which also encouraged more spending. In the 1970s, major price 8_____________, particularly for energy, created a strong fear of inflation -- increases in the overall level of prices. As a result, government leaders came to concentrate more on controlling inflation than on combating 9______________ by limiting spending, resisting tax 10_______________, and reining in growth in the money supply.

  1. unemployment

  2. inflation

  3. cuts

  1. employment

  2. increases

  3. fiscal

  1. guides

  2. threats

  3. monetary

  1. stability

  2. recession

  3. supply

  4. demand

Unit 2 the production possibility frontier Text 1 The production possibility frontier

1 Which paragraph contains the following information?

1 the way workers share their facilities

2 the extreme combinations of employment and production

3 a trade-off between food and film production

4 the introduction of a hypothetical economy

5 diminishing returns occur in both industries

6 the film industry exhibits diminishing returns

2 Do the following statements agree with the information given in the text?

Use TRUE if the statement agrees with the information

FALSE if the statement contradicts the information

NOT GIVEN if there is no information on this

1 The more workers there are in the industry, the greater is the effectiveness of production.

2 Each previous additional worker increased the output more than the recently added one.

3 Adding a third worker raises film output by 6 units per week.

4 Output per worker in the film industry remains unchanged as employment rises.

5 With all workers employed in the food industry the economy doesn´t produce films.

6 A trade-off effect negatively affects food industry.

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