Translate the following sentences from English into Ukrainian

1. Monetary policy affects prices, the aggregate level of output and employment being independent of it.

2. Interest rate being the opportunity cost of holding money, higher inflation reduces the demand for real money.

3. Building societies now issuing cheque books to their depositors, it is difficult to decide which intermediaries (посередник) are banks.

4. The Central Bank acting as banker to commercial banks, the financial system works steadily.

5. Interest rates can affect aggregate demand, equilibrium level of output and employment adjusting correspondingly.

6. The Central Bank having imposed a cash reserve requirement on commercial banks, bank do lending business with domestic firms through foreign markets.

5. Translate the following sentences into Ukrainian, paying attention to the words and word combinations from Vocabulary to the text Inflation.

1. With slow price and wage adjustment an increase in money supply results in a temporary output rise, but eventually it only causes higher prices.

2. Although inflation may not have been anticipated at first, people learn to adjust to it.

3. It is frequently argued that reducing the average level of inflation means reducing risk of making decisions and plans.

4. Governments and political parties usually have to decide whether they like the redistribution of income caused by inflation.

5. Governments think that tight monetary policies aimed at coping with inflation are desirable. Though these policies may mean higher unemployment and lower output.

6. Industrial economies have to make severe adjustments to cope with the rising energy scarcity

7. Indexation means that the wages agreement will remain correct for any anticipated inflation that occurred over the life of the contract.

8. The extent of demand, budget constraints and other factors have been found to account for the particular level of government protection for a certain commodity over time.

6. Answer the questions to the text Inflation.

1. What situation is described as an inflationary spiral? By what means can it be kept under control?

2. Which two schools of thought are mentioned in the text? What is the difference between them?

3. What do monetarists think to be effective in restraining inflation rates?

4. Why is aggregate demand low?

5. Do Keynesians consider incomes policies to be a good means of coping with inflation in the long run?

6. What do the costs of inflation depend on?

7. By what means can the costs of inflation be reduced?

8. Does indexation help to cope with inflation?

7. Insert the following words and word combinations into sentences in the proper form:

(temporary, tight, to account for, to mean, inflation rate, to adjust (2), adjustment, to anticipate, indexation, to speed up, hyperinflation, though, to cope with, to argue, money supply)

1. The incomes policy is known to be a … means of… … the....of wages to growing money supply.

2.... regulation of the Central Bank, it is argued, will prevent sudden increases in …....

3. The situation is referred to as …, provided the ….. per month is about 50 percent for several months in succession.

4. Before 1971 banks rarely … interest rates on deposits. This … that a rise in inflation reduced the real interest rate on all deposits with fixed interest rate.

5. Even when inflation is perfectly …, and the economy is fully … to inflation, it is impossible to … … all its costs.

6. … cannot cope with all the costs of high inflation.

7. After the 1973 shock rise in oil prices firms tried to struggle with their existing factories for a time … they were given a new blow by the second sharp rise in oil prices 1980-1981.

8. The rich industrial countries comprising United States, Eastern Europe, Canada and Japan … … 16 percent of world population.

9. The report … that many of the world’s resources were in limited supply and would be used up within 100 years.

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