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Ex. 1. Match the nouns below to make noun partnerships that are found in the text. Give their Russian equivalents.
| A | B |
| 1) business | a) economy |
| 2) market | b) programmes |
| 3) interest | c) rate |
| 4) share | d) level |
| 5) recovery | e) cuts |
| 6) price | f) price |
| 7) tax | g) phase |
| 8) austerity | h) cycle |
Ex. 2. Use a dictionary and add as many words as possible into the table.
| Noun | Verb | Adj/Adv |
| creative | ||
| expand | ||
| payment | ||
| election | ||
| contraction | ||
| independent | ||
| fluctuate |
Ex. 3. Match the Russian words combinations with their English equivalents.
| A | B |
| 1) работать на полную мощность | a) a boom |
| 2) процентная ставка | b) to work at full capacity |
| 3) платежный баланс/сальдо | c) domestic output |
| 4) создавать задолженность, влезать в долги | d) a balance of payments |
| 5) быстрый подъем (деловой активности) | e) tax cuts |
| 6) внутренний выпуск продукции | f) a recession |
| 7) низшая точка цикла/дно цикла | g) a trough |
| 8) экономический спад | h) to work at below potential |
| 9) снижение налогов 10) работать ниже потенциальных возможностей | i) to run up debts j) a monetary expansion |
| 11) увеличение объема количества денег 12) цены на акции 13) режим строгой экономии | k) austerity programmes l) an interest rate m) share prices |
Ex. 4. Express in one word.
Beliefs about what will happen in the future.
1. The amount of something produced by a company, a country, and so on.
2. Spending on new machines, factories, and so on.
3. Spending on goods and services.
4. To dismiss employees.
5. Concerning the number of births, deaths, population movements, and so on.
6. An absence of luxury and comfort.
7. Constant changes, instability.
Words for reference: fluctuations; investment; to lay off; expectations; demographic; consumption; austerity; industrial output.
Comprehension
Ex. 1. Complete the sentences using the words given below.
1. Recurrent rises and falls in real GDP over a period of years is called the ______.
2. A (an) ______ is officially defined as two consecutive quarters of real GDP decline.
3. _______ is measured by the annual percentage change in real GDP in a nation.
4. The phase of the business cycle during which real GDP reaches its maximum after rising during a recovery is called a _______.
5. A _______ is a phase of the business cycle during which real GDP reaches its minimum after falling during a recession.
6. An upturn in the business cycle during which real GDP rises is called a _______.
7. A slowdown in the pace of economic activity is _______.
Words for reference: recovery; peak; trough; economic growth; business cycle; recession; contraction
Ex. 2. Match up the following half sentences:
| A | B |
| 1) Companies may have to reduce investment or the size of the work force. 2) Companies only invest. 3) During a period of economic growth. 4) External theories of the business cycle. 5) Governments often stimulate the economy. 6) Increases in interest rates. 7) Internal theories of the business cycle. 8) People can demand higher pay. 9) People tend to spend less. | a) consumers borrow a lot of money. b) if labour costs increase too much. c) if their company’s sales are increasing. d) include psychological factors. e) include technological and population changes. f) prior to general elections. g) result in higher rents and mortgages. h) when they are afraid of becoming unemployed. i) while consumption is increasing. |
Ex. 3. Choose the right answer.
1. The _______ phase of the business cycle follows a recession.
a) recovery;
b) recession;
c) peak;
d) trough.
2. The GDP gap is the difference between:
a) frictional unemployment and actual real GDP;
b) unemployment rate and real GDP deflator;
c) full-employment real GDP and actual real GDP;
d) full-employment real GDP and real GDP deflator.
3. A recession is a business contraction lasting at least:
a) one year;
b) six months;
c) three months;
d) one month.
4. When is the GDP gap largest?
a) During peak periods in the business cycle;
b) During trough periods in the business cycle;
c) When unemployment rates are relatively low;
d) When cyclical unemployment is close to zero.
Ex. 4. Answer the questions on the text.
1. What is a business cycle?
2. What macroeconomic variables is it characterized by?
3. What are the phases of a business cycle?
4. What are they marked by?
5. What internal/external theories is a business cycle based on?
Text 2
Skim the text to define unemployment, its negative and positive sides.
Unemployment and its Costs
Unemployment is the number of adult workers who are not employed and are seeking jobs. To be classified as unemployed, a person must be able and willing to work, be actively seeking work, and be without a job. Everyone who fits this description is unemployed. The labour force is the total number of employed and unemployed workers. The unemployment rate is unemployment expressed as a percentage of the labour force.
Some economists believe that unemployment is inevitable, and a necessary evil to prevent inflation. To the individual worker, unemployment is a tragedy; one that the government should do something about. To the economist, who is looking at the big picture, unemployment is a necessity, and a certain amount of unemployment is necessary to maintain a healthy economy. That is, if there is full employment, it tends to mean there is an undersupply of labour, and this means the cost of employing anyone becomes exceedingly high.
Unemployment has negative sides both for economy as a whole and for individuals. The most obvious economic cost of unemployment is the loss of output and the loss of income. Loss of tax revenue is another economic cost - unemployed people aren’t earning and they therefore aren’t paying tax. Apart from that, a high rate of unemployment is followed by an increase in government expenditure – the government has to pay out benefits to support the unemployed. Along with the loss of tax this is a ‘double whammy’.
Perhaps the main cost of unemployment is a personal one. Prolonged unemployment seriously lowers the value of a person’s human capital, i.e. the value of a person’s education and acquired skills. When unemployment is prolonged, human capital depreciates or deteriorates – skills lose their value. A rise in the unemployment rate also causes an increase in the amount of crime. When people cannot earn an income from legitimate work, they sometimes turn to crime. A high crime rate is also one of the costs of high unemployment. A final cost that is difficult to quantify is the loss of self-esteem that is human dignity, which afflicts people.
It is clear therefore that unemployment carries substantial economic and social costs. In this connection many governments focus their labour market policies on improving the employment prospects of the long-term unemployed.
Ex. 1. Match the Russian words combinations with their English equivalents.
| A | B |
| 1) естественный уровень безработицы | a) a natural rate of unemployment |
| 2) снижение выпуска продукции | b) a double whammy |
| 3) издержки безработицы | c) a labour turnover |
| 4) текучесть рабочей силы; размер текучести рабочей силы | d) costsof unemployment |
| 5) официальная, законная работа | e) a loss of output |
| 6) беспокоить; причинять боль, страдания (кому-либо) | f) a human dignity |
| 7) недостаточное предложение рабочей силы | g) legitimate work |
| 8) человеческое достоинство | h) to afflict smb |
| 9) двойной удар | i) undersupply of labour |
Ex. 2. Answer the questions:
1. What is unemployment?
2. What do they call the total number of employed and unemployed workers?
3. What are the negative sides of situation with full employment?
4. What are the positive sides of unemployment for individuals and economy as a whole?
5. What are the economic costs of unemployment?
6. What social costs of unemployment do people suffer from?
Text 3
To check your comprehension do the tasks that follow.
Types of Unemployment
The unemployment rate is determined by three different types of unemployment: frictional, structural, and cyclical. Understanding these conceptual categories of unemployment aids in understanding and formulating policies to ease the burden of unemployment. In fact, each type of unemployment requires a different policy prescription to reduce it.
For some unemployed workers, the absence of a job is only temporary. At any given time, some people with marketable skills are fired, and others voluntarily quit jobs to accept or look for new ones. And there are always young people who leave school and search for their first job. Workers in industries, such as construction, experiencing short periods of unemployment between projects and temporary layoffs are common. Other workers are seasonally unemployed, they are considered to be “between jobs”. This type of unemployment is called frictional unemployment, and it is not of great concern. Much or most of frictional unemployment is voluntary, since it reflects individual search behavior.
The fact that job market information is imperfect influences frictional unemployment in the economy. Because it takes time to search for the information required to match employer and employees, some workers will always be frictionally unemployed. Frictional unemployment is therefore a normal condition in an economic system permitting freedom of job choice. Improved methods of distributing job information through job listings on the Internet can help unemployed workers find jobs more quickly and reduce frictional unemployment.
Unlike frictional unemployment, structural unemployment is not a short-term situation. Instead, it is long-term, or possibly permanent unemployment resulting from the non-existence of jobs for unemployed workers. Structural unemployment is unemployment caused by a mismatch of the skills of workers out of work and the skills required for existing job opportunities. Changes in the structure of the economy create the following three causes of structural unemployment.
First, workers might face joblessness because they lack the education or the job-related skills to perform available jobs. Second, a shift in demand for goods and services may force workers to look for jobs in another industry or in another location. Third, implementation of the latest technology may also increase the pool of structural unemployment in a particular industry and region.
Structurally unemployed workers require additional education or retraining, and improvement is possible only in the long run.
Cyclical unemployment is unemployment caused by the lack of jobs during a recession. When real GDP falls, companies close, jobs disappear, and workers scramble for fewer available jobs. Keynesian economists see it as possibly being solved by government deficit spending or by expansionary monetary policy.
Because both frictional and structural unemployment are present in good and bad times, full employment does not mean “zero percent unemployment.” Full employment is the situation in which an economy operates at an unemployment rate equal to the sum of the frictional and structural unemployment rates. Full employment therefore is the rate of unemployment that exists without cyclical unemployment.
Ex. 1. Choose the right answer according to the text and your background knowledge. Explain your choice.
1. The number of people officially unemployed is not the same as the number of people who can’t find a job because:
a) people who have jobs continue to look for better ones;
b) the armed forces are included;
c) discouraged workers are not counted;
d) none of the above;
e) all of the above.
2. Frictional unemployment refers to:
a) unemployment related to the ups and downs of the business cycle;
b) workers who are between jobs;
c) people who spend relatively long periods out of work;
d) people who are out work and have no job skills.
3. A mismatch of the skills of unemployed workers and the skills required for existing jobs is defined as:
a) involuntary unemployment;
b) cyclical unemployment;
c) structural unemployment;
d) frictional unemployment.
4. Unemployment caused by a recession is called:
a) structural unemployment;
b) frictional unemployment;
c) involuntary unemployment;
d) cyclical unemployment.
5. Full employment occurs when the rate of unemployment consists of:
a) seasonal plus structural plus frictional unemployment;
b) cyclical plus frictional unemployment;
c) structural, frictional, and cyclical unemployment;
d) none of the above.
Ex. 2. Scan the text and say:
a) why frictional unemployment is considered to be persistent;
b) what changes in the economy create structural unemployment;
c) what is meant by cyclical unemployment;
d) what can be done to eliminate frictional, structural, cyclical unemployment;
e) what is the goal of full employment;
Ex. 3. Present the situation in the job market in your country regarding different types of unemployment.
TRANSLATION
A. Translate the text from English into Russian.
W. H. Philips and the Philips Curve
A.W.H. Phillips was an economist whose reputation was based largely on a single paper on the right topic published at the right time. In the late 1950-s, the connection between inflation and unemployment ranked as a major unsolved problem of macroeconomic theory. The curves that Phillips drew in his famous article in “Economica” suggested a simple, stable relationship between inflation and unemployment.
The central proposition of the Phillips curve theory is: other things remaining constant, the higher the unemployment rate, the lower is the inflation rate.
Phillips’s original idea was that the unemployment rate indicates the state of demand pressure in the economy. When unemployment is low, real GNP is above capacity, bottlenecks arise, and inflation accelerates. When unemployment is high, real GNP is below capacity, and inflation diminishes.
In the early 1960s, the Phillips curve became a central element of macroeconomics.
B. Translate from Russian into English.
b) Безработица – это одна из серьезных проблем, с которыми сталкивается любое общество. Как и любое явление, она не может быть оценена однозначно. С одной стороны, она дает людям время и возможность найти подходящую работу. С другой стороны, состояние безработных приводит людей к поиску незаконных заработков. Последствия безработицы весьма внушительны. Во-первых, это отсутствие заработка. Во-вторых, это потеря приобретенных профессиональных знаний и человеческого достоинства. Очевидно, что человек, разочаровавшийся найти высокооплачиваемую работу, соглашается на сомнительные предложения. Кроме того, безработица толкает людей к совершению преступлений. Если безработица длительная, она вызывает серьезные социальные и психологические проблемы не только для безработного, но и для его семьи.
WRITING
A. Using the notes and answers that follow write a 350 word essay on the topic ‘Problems of Unemployment and Possible Solutions’.
a) Think and answer the questions:
– What are the basic causes of unemployment?
– What are its consequences?
b) Match each of the suggestions (1-3) below with the corresponding results (a-c).
| 1. Governments to create incentives/subsidize industries. | a. Reduce crime,/social problems connected with illness/boredom. |
| 2. Better education/training so workers can operate computers, sophisticated machinery, etc. | b. Create more positions, limit number of workers made redundant. |
| 3. Free sports/recreational centers for unemployed to help people spend their time constructively. | c. People will have more qualifications for types of jobs available. |
c) Can you suggest any other solutions to this problem? What would the expected result of each be?
d) Make up a plan of your essay and choose useful expressions for defining problems and solutions from the list below.
| Problems and solutions |
By (+ ing)..., we/governments/etc, can ensure that /prevent … The... situation could be improved if …/It would be a good idea if… |
LISTENING
Headhunting
Ex. 1. You are going tolisten to a consultant talking about the recruitment process. Before this, match the verbs from A to the nouns from B to make word partnerships.
| A | B |
| 1) to train | a) a vacancy/post |
| 2) to shortlist | b) an interview panel |
| 3) to advertise | c) the candidates |
| 4) to assemble | d) references |
| 5) to make | e) new staff |
| 6) to check | f) a job offer |
Now decide on a possible order for the events above from the employer’s point of view. For example: 1. to advertise a vacancy 2. … 3. … 4. … 5. … 6. …
Ex. 2. Listen to the recording to check your answers.
Ex. 3. Complete the text using the words or phrases from the box.
| curriculum vitae (CV)/resume | probationary period | interview |
| application form | psychometric test | covering letter |
These days many applicants submit their (1) …… speculatively to the companies they would like to work for. In other words, they do not apply for an advertised job but hope the employer will be interested enough to keep their CV on file and contact them when they have a vacancy. When replying to an advertisement, candidates often fill in a/an (2) …… and write a/an
(3) ……. The employer will then invite the best candidates to attend a/an (4) ……. Sometimes candidates will take a/an (5) …… before the interview to assess their mental ability and reasoning skills. These days it is normal for successful candidates to have to work a/an (6) …… in a company. This is usually three or six months; after that they are offered a permanent post.
SPEAKING
A. Useful Language: Problem-solving.
| a) Stating options There are several ways we could deal with this. | d) Considering less obvious options We could try … |
| b) Balancing arguments Let’s look at the pros and cons. On the one hand … On the other hand … | e) Discussing possible effects If we do this, then … |
| c) Changing your approach Let’s look at this from another angle. | f) Making a decision The best way forward is to … |
| g) Stating future action The next thing to do is … |
Ex. 1. Listen to two directors talking about the problem of staff taking too many days of sick leave. Then answer these questions.
1. What are the first three solutions proposed by one of the directors to solve the problem of absenteeism?
2. What do the directors finally decide to do?
Ex. 2. Match the comments below to the correct headings in the Useful language box.
3. Let’s discuss the advantages and disadvantages.
4. My solution, then, is to …
5. We have a number of options.
6. Let’s look at this a different way.
7. Let’s think about the consequences of …
8. It might be worth considering …
9. What we’ve got to do now is …
Ex. 3. Listen again. Tick the expressions from the Useful language box that you hear.
Ex. 4. Role play this situation.
You are senior managers at a hi-fi manufacturer. Your company is losing market share. You strongly suspect your main rival is using unfair methods to promote its products.
For example, you are almost sure that your rival has been:
a) making cash payments to main dealers;
b) offering expensive gifts to important customers.
Hold a meeting to consider how to solve the problem.
B. Discuss the following issues:
1. How will you characterize the current economic situation in your country?
2. Are most of the people you know currently optimistic or pessimistic about the future?
3. Would you say that they are saving money for bad times ahead, or spending and borrowing without worrying too much about the future?
4. Either way, can you see anything coming that might cause them to change their behaviour?
5. How will you comment on the one-liner: “When your neighbour loses his job, it’s a recession; when you lose your job it’s a depression.”
6. Are there any jobs in your country which are in constant demand?
7. Are you optimistic or pessimistic about your own future? Do you expect the qualification you are currently studying for to get you a permanent job?
8. What is the situation in the job market in Belarus/the USA/Great Britain regarding different types of unemployment?
C. Speak on the following issues:
– Business cycle and its features.
– The phases of business cycle.
– Business cycle theories.
– Unemployment and its types.
– The reasons for unemployment.
– Costs of unemployment
VOCABULARY
austerity n – строгая/крайняя экономия
~ program – режим строгой экономии
balance of payments – платежный баланс
boom n – экономический подъем
borrow v – брать взаймы
borrower n – должник, дебитор, заемщик
borrowing n – syn. loan – заем, кредит
capacity n – мощность
full ~ – полная нагрузка
productive ~ – производственная мощность
contraction n syn. ‘negative growth’ – сокращение
credit n – кредит, доверие, репутация
creditor n – syn. lender – кредитор
debt n – долг
to run up ~ – создавать задолженность, влезать в долги
depreciate v – обесцениваться
depression n – экономический спад
deteriorate v – ухудшаться
employment n – занятость
full ~ – полная занятость
expansion n – расширение; распространение
money ~ – увеличение объема (количества) денег
external adj – syn. exogeneous – внешний, наружный
inputs n – затраты
internal adj – syn. endogeneous – внутренний
lay off v – увольнять
output n – выпуск (продукции)
peak n – высшая точка, максимум; пик
prosperity n – процветание, благополучие, экономическое процветание
rate n – ставка, тариф; расценка
interest ~ – процентная ставка, норма ссудного процента, учетный процент
unemployment ~ – уровень безработицы
recovery n – восстановление; оживление
share n – акция; доля, пай
~ prices – цена акций
slump n – резкое или внезапное падение (цен, спроса на товары)
trough n – самая глубокая точка (падения производства, цен); дно цикла
underconsumption n – недостаточное потребление
unemployment n – безработица
cyclical ~ – циклическая безработица
frictional ~ – фрикционная безработица
structural ~ – структурная безработица
long term ~ – длительная безработица
GLOSSARY
· Business cycle is alternating periods of economic growth and contraction, which can be measured by changes in real GDP.
· Cyclical unemployment is unemployment caused by the lack of jobs during a recession.
· Frictional unemployment is unemployment caused by the normal search time required by workers with marketable skills who are changing jobs, initially entering the labour force, re-entering the labour force, or seasonally unemployed.
· Full employment is the situation in which an economy operates at an unemployment rate equal to the sum of the frictional and structural unemployment rates.
· Peak is the phase of the business cycle in which real GDP reaches its maximum after rising during a recovery.
· Recession is a downturn in the business cycle during which real GDP declines.
· Recovery is an upturn in the business cycle during which real GDP rises; also called an expansion.
· Structural unemployment is unemployment caused by a mismatch of the skills required for existing job opportunities.
· Trough is the phase of the business cycle in which real GDP reaches its minimum after falling during a recession.
INFLAtion
DISCOVERING CONNECTIONS
During World War II, Americans could buy a loaf of bread for $0.15, a new car for less than $1,000 and an average house for around $5,000. In the twenty-first century, bread, cars, houses and just about everything else cost a lot more. Clearly, the world has experienced a significant amount of inflation over the last 60 years. When inflation surged to double-digit levels in the mid- to late-1970s, economists declared it public enemy No.1. Since then, public anxiety has abated along with inflation, but people remain fearful of inflation, even at the minimal levels developed countries have seen over the past few years.
Think and answer the questions:
· Why should inflation cause concern?
· Who do you think loses from inflation? Who wins from inflation?
· How will you comment on this statement: “If everyone expects inflation to occur, it will.”
READING
Text 1
Meaning and Measurement of Inflation
Inflation is a situation in which a decline in the purchasing power of money results in a rise of the general price level. Its opposite is deflation. Prices in some markets (e. g. pocket calculators) can fall even in times of inflation, and prices in some markets (e. g. medical care) rise even in times of deflation. But it is not the change in individual prices that determines the extent to which an economy is experiencing inflation or deflation. It is the upward or downward movement in the average prices of all goods and services combined that determines the extent of inflation or deflation. In other words, inflation is an increase in the overall average level of prices and not an increase in the price of any specific product. An extreme form of inflation is known as hyperinflation. Hyperinflation is an extremely rapid rise in the general price level. There is no consensus on when a particular rate of inflation becomes “hyper”.
The boundary between inflation and deflation is price stability. Price stability occurs when the average level of prices is moving neither up nor down. The average level of prices is called the price level and is measured by a price index. A price index measures the average level of prices in one period as a percentage of their average level in an earlier period called the base period.
The inflation rate is the percentage change in the price level. The most widely reported measure of inflation is the consumer price index (CPI) which measures changes in the average prices of consumer goods and services. It includes only consumer goods and services in order to determine how rising prices affect the income of consumers and does not consider items purchased by businesses, and government.
As the price level rises during inflation, the same sum of money (a dollar, a rouble) buys fewer goods and services than before. Hence, inflation reduces the money real purchasing power. As the price level falls during deflation, a dollar (a rouble) buys more goods and services than before. Hence, deflation increases the money real purchasing power.
Inflation hurts people living on fixed money incomes and people who have saved fixed amounts of money for specific purposes such as financing their children’s education or their own retirement. Inflation hurts people who have loaned out money at a rate of interest that did not include an allowance for an increase in the average price level. So lenders are without protection against a decline in the purchasing power of the loan when it is repaid.
The adverse effects of inflation depend on the extent to which inflation is correctly anticipated and the extent to which it is unanticipated. If inflation is correctly anticipated, contracts can be negotiated to include “ inflation premiums”. Such premiums are designed to protect lenders and other recipients of future money payments from declines in the purchasing power of the money to be repaid to them. Lenders, for example, will insist on higher interest rates if they anticipate inflation; and the greater the inflation they anticipate, the higher the rate of interest they will ask. Borrowers who agree to the lender’s terms presumably share similar anticipations of inflation. However, it is often difficult to correctly anticipate a future rate of inflation.
Inflation is a phenomenon experienced in all countries. But inflation rates vary from one country to another. When inflation rates differ by a lot and over a prolonged period of time, the result is a change in the foreign exchange value of money.
Vocabulary Focus
Ex. 1. Study the meaning of the following easily confused words and do the exercises that follow.
successive/successful
successive – последовательный;
successful – успешный.
Fill in the blanks with the proper word.
1. The inflation can be curbed only by a number of... reforms.
2. His... career was due to his tremendous efforts and aptitude.
3. The sales were profitable only because of the... marketing campaign.
4. The measures lead to … changes.
Ex. 2. Using a dictionary, add as many words as possible into the table and suggest some common word partnerships with them.
| Noun | Verb | Adjective/Adverb |
| persistently | ||
| purchasing | ||
| allowance | ||
| recipient | ||
| negotiate | ||
| reduce | ||
| anticipate | ||
| presumably | ||
| vary |
Ex. 3. Match the Russian word combinations in A with their English equivalents in B.
| A | B |
| 1) стабильность цен | a) an adverse effect |
| 2) неблагоприятный эффект | b) a price stability |
| 3) индекс потребительских цен | c) foreign exchange value of money |
| 4) реальная покупательская cпособность денег | d) a consumer price index |
| 5) инфляционные надбавки | e) inflation premiums |
| 6) резерв на покрытие убытков от чего-либо | f) an adverse effect |
| 7) предвидеть инфляцию | g) a general price level |
| 8) общий ценовой уровень | h) money real purchasing power |
| 9) стоимость обменного курса валют 10) неблагоприятный результат | i) to anticipate inflation j) an allowance for smth. |
Ex. 4. Match the words in A with their definitions in В.
| A | B |
| 1) inflation | a) the amount of money etc. asked or given for something |
| 2) deflation | b) amount of sth, esp. money allowed or given regularly |
| 3) disinflation | c) reaction or an instance of giving one thing or person of the same type or of equal value in return for another |
| 4) hyperinflation | d) a person taking or receiving (something) with the understanding that he will return it |
| 5) exchange | e) person making a loan |
| 6) price | f) a rise in prices and wages caused by an increase in the money supply and demand for goods and resulting in a fall in the value of money |
| 7) boundary | g) a reward or prize, an amount paid in addition to the regular change |
| 8) premium | h) a limit or a border |
| 9) borrower | i) a situation in which very large and rapid price rises occur |
| 10) lender | j) a reduction in the rate of inflation. |
| 11) allowance | k) the reduction of the amount of money being used in a country, in order to lower prices or keep them steady |
| 12) base year | l) a year chosen as a reference point |
Ex. 5. Complete the sentences with the words given bellow.
1. An … form of inflation is known as hyperinflation.
2. The … between inflation and deflation is price stability.
3. The … level of prices is called the price level and is measured by a price index.
4. A common price index is called the … Price Index, or simply CPI.
5. Inflation reduces the money real … power.
6. If inflation is correctly anticipated, contracts can be negotiated to include “inflation …”.
7. It is often difficult to correctly anticipate a future … of inflation.
Words for references: boundary, consumer, extreme, average, purchasing, premiums, rate.
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