IV. Test. 1. Выберите из колонки справа по смыслу слова, пропущенные в предложениях

1. Выберите из колонки справа по смыслу слова, пропущенные в предложениях.

2. Выберите существительное, которое может следовать за данным глаголом.

3. Выберите из приведенного списка термины, соответствующие данным определениям.

Unit 5

I. Information for study.

Text A

Прочтите следующую информацию и запишите на полях основные термины, связанные с тематикой текста.

MACROECONOMICS

THE OVERALL PICTURE

1. Macroeconomics is the study of the economy as a whole. Macroeconomics is concerned not with the details - the price of cigarettes relative to the price of bread, or the output of cars relative to the output of steel - but with the overall picture. We shall study issues such as the determination of total output of the economy, the aggregate level of unemployment, and the rate of inflation or growth of prices of goods and services as a whole.

2. The distinction between microeconomics and macroeconomics is more than difference between economics in the small and economics in the large, which the Greek prefixes micro- and macro- suggest. The purpose of the analysis is also different.

3. A model is a deliberate simplification to enable us to pick out the key elements of a problem and think about them clearly. Although we could study the whole economy by piecing together our microeconomic analysis of each and every market, the resulting model would be so cumbersome that it would be hard to keep track of all the economic forces at work. Microeconomics and macroeconomics take different approaches to keep the analysis manageable.

4. Microeconomics places the emphasis on a detailed understanding of particular markets. To achieve this amount of detail or magnification, many of the interactions with other markets are suppressed. In saying that a tax on cars reduces the equilibrium quantity of cars we ignore the question of what the government does with the tax revenue. If the government has to borrow less money, it is possible that interest rates and exchange rate will fall and that improved international competitiveness of UK car producers will actually increase the equilibrium output of cars in the UK.

5. Microeconomics is a bit like looking at a horse race through a pair of binoculars. It is great for details, but sometimes we get a clearer picture of the whole race by using the naked eye. Because macroeconomics is concerned primarily with the interaction of different parts of the economy, it relies on a different simplification to keep the analysis manageable. Macroeconomics simplifies the building blocks in order to focus on how they fit together and influence one another.

6. Macroeconomics is concerned with broad aggregates such as the total demand for goods by households or the total spending on machinery and buildings by firms. As in watching the horse race through the naked eye, our notion of the individual details is more blurred but we can give our full attention to the whole picture. We are more likely to notice the horse sneaking up on the rails.

THE ISSUES

7. We now introduce some of the main issues in macroeconomics.

8. Inflation. The annual inflation rate is the percentage increase per annum in the average price of goods and services. The Retail Price Index (RPI) is a weighted average of the prices households pay for goods and services. The percentage annual growth in the RPI is the most commonly used measure of inflation in the UK.

9. What causes inflation? The money supply? Trade Unions? Why do people mind so much about inflation? Does inflation cause unemployment? These are among the questions you must think over.

10. Unemployment. Unemployment is a measure of the number of people registered as looking for work but without a job. The unemployment rate is the percentage of the labour force that is unemployed. The labour force is the number of people working or looking for work. It excludes all those, from rich landowners to heroin addicts, who are neither working nor looking for work.

11. Unemployment is now high. Why has it increased so much recently? Is high unemployment necessary to keep inflation under control, or could the government create more jobs?

12. Output and Growth. Real Gross National Product (real GNP) measures the total income of the economy. It tells us the quantity of goods and services the economy as a whole can afford to purchase. It is closely related to the total output of the economy. Increases in real GNP are called “economic growth”.

13. What determines the level of real GNP? Does unemployment mean that real GNP is lower than it might be? Why do some countries grow faster than others?

14. Macroeconomic Policy. Almost every day the newspapers and television refer to the problems of inflation, unemployment, and slow growth. These issues are widely discussed; they help determine the outcome of elections, and make some people interested in learning more about macroeconomics.

15. The government has a variety of policy measures through which it can try to affect the performance of the economy as a whole. It levies taxes, commissions spending, influences the money supply, interest rates, and the exchange rate, and it sets targets for the output and prices of nationalized industries.

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