Exercise
Ⅰ.Decide whether the following statements are true or false according to what you read from the text.
1.John Keynes is particularly remembered for advocating Franklin Roosevelt’s New Deal.
2.Keynes took the civil service examinations,in which he placed second,but he got his worst grade in the economics portion.
3.Keynes studied mathematics at King’s College.Cambridge and then switched to economic,he graduated with a lifelong fellowship to Cambridge.
4.Keynes had a considerable talent at applying economic theory to practical problems,and his career lifted off during World War I.
5.Keynes was raised to the peerage as Baron Keynes of Tilton in 1942,and he was one of the key persons in the establishment of the Bretton Woods System.
Ⅱ.Match the following terms with their meanings.
1.Fiscal policy
2.Monetary policy
3.Aggregate demand
4.Hyperinflation
5.Deflation
A.extremely rapid or out of control inflation,this is a situation which the concept of inflation is meaningless.
B.the total amount of goods and services demanded in the economy at a given overall price level and in a given period of time.
C.the regulation of the money supply and interest rates by a central bank,such as the Federal Reserve Board in the U.S.,in order to control inflation and stabilize currency.
D.all policies by the government involving the collection and spending of revenue,it refers to efforts by the government to stimulate or slow down the economy,it is also a policy for dealing with the budget(especially with taxation and borrowing).
E.a general decline in prices,often caused by a reduction in the supply of money or credit or by a decrease in government,personal or investment spending.