1. Перепишите и письменно переведите текст:
CAN INFLATION BE BENEFICIAL (МОЖЕТ ЛИ ИНФЛЯЦИЯ БЫТЬ БЛАГОТВОРНОЙ)?
We would be simplifying the impact of inflation on business if we suggested that all effects were unfavorable. There is a school of thought, which argues that a low and stable rate of increase in the price level can be beneficial. It believes that a steady rise in money profits produces favorable expectations and induces investment as firms seek to expand. This action expands the economy as a whole. Paradoxically, inflation can also reduce the costs of businesses in the short run. Many enterprises incur costs, which are fixed for some period of time - for example, the rent of a factory may be fixed at a particular figure for a few years. At a time when the selling price of the firm's product, and hence its sales income, is rising this cost will be falling in real terms and thus stimulating the business.
There is a further argument that firms may be persuaded to borrow heavily in a period of inflation since the burden of repaying loans is reduced by inflation. If inflation is running annually at 10 per cent, for example, then the real value of the repayments of the loan will fall by approximately that amount each year. This may serve to encourage investment which, since it is an injection into the circular flow, will promote the level of activity. However, in these circumstances interest rates are likely to be high.
Government will accept that low rates of inflation are likely to exist in many economies. Inflation rates of 5 per cent or below are not considered to be too great a problem, especially if competitor nations are suffering similar rates.
In spite of the above, the conclusion must be drawn that inflation is, in general, harmful to business and its environment. Indeed, many economists would contend that inflation is the fundamental evil as its presence leads to lack of competitiveness and therefore relatively high unemployment and low rates of growth. This viewpoint has gained in credence in government circles over the last few years. It is for this reason that its control has been a major objective of government economic policy throughout the 1980s and early 1990s.
beneficial - выгодный, приносящий доход
unfavorable (ant. favorable) - неблагоприятный
there is a school of thought, which argues that - существует мнение, что...
and induces investment as firms seek to expand - и способствует росту
капиталовложений, так как фирмы (предприятия) расширяются
in the short run - очень быстро
incur costs, which are fixed for some period of time - несут расходы, которые в течение какого-то периода являются неизменными a further argument - еще один аргумент
to borrow heavily,- брать взаймы большие суммы
repaying loans - выплата займов
to contend - настаивать, утверждать
this viewpoint has gained in credence - эта точка зрения получила большое распространение
amajorobjective .главная цель
2. Выполните задания к тексту:
Дайте эквивалент на русском языке
a steady rise in money profits produces favorable expectations; this cost will be falling in real terms; this viewpoint has gained in credence in government circles.
a steady rise in money profits induces investment as firms seek to expand;
rates are not considered to be ...; the conclusion must be drawn
Заполните пропуски словами и выражениями из теста.
1. A steady rise in money profits produces __ and induces __ as firms seek to expand;
2. There is a ___ argument that firms may be __ to borrow heavily in a period of inflation.
3. Many economists would __ that inflation is the fundamental __.
4. This viewpoint has __ in government circles over the last few years.