7. Participle 1 as attribute.

1. The ensuing search for explanations of the Depression focused on three central questions: How stable is the economy? What forces cause instability? What can the Government do to promote economic growth?

2. In the postwar years the U.S. economy resumed a pattern of alternating growth and contraction.

3. The contracting periods are called recession.

4. The ensuing recession of the 1980-82 threw so many people out of work that national employment rate hit a postwar high of 10.8 per cent.

5. The uneven growth record of the U.S. economy gives some validity to the notion of a recurring business cycle.

6. Job seekers who end up in more satisfying jobs will be better off, and so will the economy.

7. The redistributive effects of inflation also originate in varying rates of growth of nominal income.

8. People consuming the goods and services that are rising faster bear a greater burden of inflation.

9. It is not too hard to see how unsettling inflation can be.

10. Bureaucrats are regarded as being just as selfish as everyone else.

11. The same is true of students first entering the labour market.

12. The existing prices won’t stimulate output.

13. A rising price level will give only a temporary boost to profits and supply incentives.

14. The spotlight at the moment is on how the management is handling the unfair-competition charges being levelled at it.

15. Another bill, being drafted by the Jesse Helms-led Senate Committee, would ban any further presidential wavers of this section of the law.

8. Participle 1 as adverbial.

1. Having decided to destroy economy, they made plans to destroy its money.

2. The Federal Reserve Bank increases the money supply, lowering the reserve requirements, reducing the discount rate and purchasing additional bonds in the open market.

3. Observing the change in the rate of interest that occurs, you can see the result in Fig. 14.

4. Being among our priorities, the draft of the agreement is being rapidly elaborated.

5. Lower rates of interest reduce the cost of buying plant and equipment, making investment more profitable.

6. Having raised prices, the Government failed to create any new profit incentives.

7. Altering the content of demand and output, monetary policy affects the competitive structure of the market.

8. Having examined these extreme options, we managed to find a good way of summarizing monetary and fiscal policy.

9. Milton Friedman champions the monetarist view, arguing that the government budget has a considerable effect on interest rates.

10. Running a large deficit, the federal government has to borrow in the market, increasing the demand for loanable funds.

11. Shifting to a surplus, the government adds to the supply of loanable funds.

12. Expanding the supply at a steady rate, this measure will certainly increase the rate of inflation.

13. Having been chosen to head the Federal Reserve Bank, he was asked to hold a press conference.

14. Answering one of the questions, he said that he did not consider himself a monetarist.

15. Having been thoroughly discussed, the measure was submitted to Parliament.