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Theme 12. Anti-inflationary policy of the Government

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1. During the period of high inflation in the most advantageous position are:
a) staff of natural monopolies;
b) persons who have savings;
c) civil servants;
d) banks actively lend.

2. Depending on the pricing system are the following types of inflation:
a) reasonable;
b) galloping;
c) balanced;
d) open.

3. A sign of suppressed inflation is:
a) reduction in the rate of inflation as a result of anti-inflation policy measures;
b) the trade deficit;
c) stable inflation expectations of consumers;
d) An increase in prices for some goods and services.

4. Unexpected inflation redistributes wealth:
a) from the state to the companies;
b) from the companies to the state;
c) from lenders to borrowers;
d) from borrowers to lenders.

5. During the period of high inflation in the most difficult position are:
a) businesses;
b) persons with fixed incomes;
c) Staff of natural monopolies;
d) all of these categories of the population.

6. During inflation the nominal interest rate:
a) growing, since drop the price of money;
b) decreases as drop the price of money;
c) may rise or fall;
g) does not depend on the rate of inflation.

7. In a period of inflation, ceteris paribus:
a) nominal GDP grows slower than real GDP;
b) nominal GDP is growing faster than real GDP;
c) increases in proportion to nominal GDP to real GDP;
d) the dynamics of nominal and real GDP are not linked.

8. "The rule of magnitude 70" shows:
a) over what period of time the level of prices in the economy will grow by 70%;
b) for what period of time the price level in the economy will double;
c) an increase in the price level over the past 70 years;
d) an increase in the price level over the average duration of human life.

9. If the nominal GDP has increased in comparison with the previous year by 500 den. u and amounted to 3,000 den. u and the deflator of GDP is 1.25, then the economy:
a) inflation rose by 20 %%
b) real GDP increased by 20%;
c) real GDP fell by 4%;
d) nominal GNP increased by 25%.

10. The Phillips curve captures the link between inflation and:
a) the supply of money;
b) the level of interest rates;
c) the amount of savings;
g) unemployment.

11. Rising (intermediate) segment of the aggregate supply curve reflects the situation:
a) demand inflation;
b) the inflation costs;
c) depression;
d) cyclic crisis.

12. Inflation demand develops as a result of:
a) shift the aggregate demand curve to the right;
b) shift the aggregate demand curve to the left;
c) shift the aggregate supply curve to the right;
d) shift the aggregate supply curve to the left.

13. Inflation of costs may result from:
a) excessive demand on the part of the population;
b) reduction of the interest rate;
c) wage increases outstripping productivity growth;
g) repayment of circulation of government bonds.

Additional information

14 The economic factors of inflation include:
a) the velocity of money;
b) the degree of monopolization of the national market;
c) the priority of political over economic interests;
d) all answers are correct.

15. In the long-run Phillips curve is:
a) a downward curve;
b) an upward curve;
c) a horizontal line;
d) a vertical line.

16. In the context of full employment of resources may occur:
a) demand inflation;
b) the inflation costs;
c) stagflation;
g) full employment of resources, inflation is absent.

17. If the Phillips curve shifted upward - to the right, this means:
a) an increase in unemployment;
b) inflation;
c) an increase in unemployment and inflation;
d) economic growth.

18. If the consumer price index in 1995 was 200%, and in 1996 - 300%, the inflation rate is equal to:
a) 50%;
b) 100%;
c) 200%;
d) 300%.

19. Stagflation is the result:
a) the lack of state regulation;
b) excessively high taxation;
c) unforeseen inflation;
d) reducing the interest rate.

20. In the short term between inflation and unemployment:
a) there is an inverse relationship;
b) there exists a direct relationship;
c) there is no dependence;
d) in the short run, inflation and unemployment are not available.

Tasks
1. Locate the annual rate of inflation, if the average monthly inflation rate is 10%. What is the nominal interest rate on loans shall establish a bank to actually get 15% per annum?
2. The table shows price indices for years. Estimate:
a) the rate of inflation for each year;
b) the period-doubling of prices (based on the "rule of 70").
Year Price Index Inflation Period doubling
1 1.00
2 1.12
3 1.23
4 1.30
3. Using the data of the problem 2, to determine: a) the value of real income, if the nominal income in the second and third years was 25 th. Rub .; b) the real interest rate on credits in the 2nd and 3rd years, if the nominal level in the second year was 15% and in the 3rd year - 18%.
4. The consumer price index in 2005 was 100%, and in 2006 - 150%. The Bank provided a loan, assuming to get 10% per annum. What is the real yield of the loan if the rate of inflation for the year was 20%?

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