（Part 1）
——SWU出品
目录
PASSAGE 1（失业与通货膨胀） (3)
PASSAGE 2（赤字与利率） (5)
PASSAGE 3（雄性动物） (7)
PASSAGE 4（市场管理Market regulation） (9)
PASSAGE 1（失业与通货膨胀）
ablazeWhen Friedman gave his lecture in 1976, the long-run relationship between inflation and unemployment was still under debate. During the1960s, most economists believed that a lower average unemployment rate could be sustained if one were just willing to accept a permanently high
er (but stable) rate of inflation. Friedman ud his Nobel lecture to make two arguments about this inflation-unemployment tradeoff. First, he reviewed the reasons the short-run tradeoff would dissolve in the long run. Expanding nominal demand to lower unemployment would lead to increas in money wages as firms attempt to attract additional workers. Firms would be willing to pay higher money wages if they expected prices for output to be higher in the future due to the expansion.Friedman assumed, however, that workers would initially perceive the ri inmoney wages to be a ri in real wages. They would do so becau their"perception of prices in general" adjusts slowly, so nominal wageswould be perceived to be rising faster than prices. In respon, the supply of labor would increa, and employment and output would expand. Eventually, workers would recognize that the general level ofprices had rin and that their real wages had not actually incread, leadingto adjustments that would return the economy to its natural rate ofunemployment.
grossweightFriedman's condargument was that the Phillips Curve slope might actually be positive--higher inflation would be associatedwith higher average unemployment. In the 1970s, many economies were experiencingrising inflation and unemployment simultaneously. Friedman attempted to providea tentative hypothesis for this phenomenon. In his view, higher inflation tendsto be associated with more inflation volatility and greater inflationuncertainty. This uncertainty reduces eco
天津软件工程师培训
demandnomic efficiency as contractingarrangements must adjust, imperfections in indexation systems become moreprominent, and price movements provide confud signals about the types ofrelative price changes that indicate the need for resources to shift.
The positive correlationbetween inflation and unemployment that Friedman noted was subquentlyreplaced by a negative correlation asthe early 1980s saw disinflations accompanied by recessions. Today, mosteconomists would view inflation and unemployment movements as reflecting bothaggregate supply and aggregate demand disturbances as well as the dynamicadjustments the economy follows in respon to the disturbances. When demanddisturbances dominate, inflation and unemployment will tend to be negativelycorrelated initially as, for example, an expansion lowers unemployment andrais inflation. As the economy adjusts, prices continue to increa asunemployment begins to ri again and return to its natural rate. When supplydisturbances dominate (as in the 1970s), inflation and unemployment will tendto move initially in the same direction.
The long-lived recessionof the early 1980s, followed by the rapid economic growth of the late 1980s andthe 'bust' of the early 1990s have
shaped the expectations of workers,industries and houholds. Perhaps we have become adapted to low inflation andtemper our wage demands accordingly; maybe the 'supply-side' changes made inthe 1980s have enabled the economy to grow at a faster rate without generatingcost-push inflationary pressure; alternatively or additionally, perhaps theadvances in information technology have enabled a 'new' economy to surface, whereabove-trend growth can be coupled with low inflation and unemployment.
archangel
Companies that must determine well in advance of the lling ason how many units of a new product to manufacture often underproduce products that ll well and have overstocks of others. The incread incidence in recent years of mismatches between production and demand ems ironic, since
point-of-sale scanners have improved data on c onsumers’ buying patterns and since flexible manufacturing has enabled companies to 24 produce,
cost-effectively, small quantities of goods. This type of manufacturing has greatly incread the number of new products introduced annually in the United States. However, frequent introductions of new products have two problematic side effects. For one, they reduce the average lifetime of product
s; more of them are neither at the beginning of their life (when prediction is difficult) or at the end of their life (when keeping inventory is expensive becau the products will soon become obsolete). For another, as new products proliferate, demand is divided among a growing number of
stock-keeping units (SKU’s). Even though manufacturers and retailers can forecast aggregate demand with some certainty, forecasting accurately how that demand will be distributed among the many SKU’s they ll is difficult. For example, a company may be able to estimate accurately the aggregate number of shoes it will ll, but it may be uncertain about which specific types of shoes will ll more than other types.
1.Which of the following most accurately describes the function of the last ntence in the passage ?
A. To cite a situation in which the aggregate demand is more important than the distribution of demand among SKU’s
B. To refute an asrtion about the side effects of flexible manufacturing
C. To illustrate an asrtion about companies’ ability to forecast demand
D. To provide an example of ways in which companies address the difficulties of forecasting dema
酬谢
nd
E. To note an exception to the author’s asrtion about distributing demand among SKU’s
2.The passage suggests which of the following about divided demand among a growing number of SKU’s?
A. It has incread the average lifetime of products.
stocks
B. It has resulted from retailer’s attempts to predict demand more accurately and avoid both understocks and overstocks.
C. It has decread the u of flexible manufacturing by companies.
D. It has not incread the expen of keeping inventory of certain products.
E. It has not prevented companies from predicting aggregate demand with some certainty.
3.According to the passage, which of the following has led to growth in the number of new products introduced in the United States each year?
larger
英语入门学习视频A. Reduced average lifetime of products
B. Incread ability to forecast aggregate demand
C. More cost-effective ways of keeping inventory for products
D. Cost-effective production of small quantities of goods
E. Incread ability to divide demand among a number of SKU’s and to forecast how that demand will be distributed among tho SKU’s
accuracy是什么意思PASSAGE 2（赤字与利率）
Conventional wisdom has it that large deficits in the United States budget cau interest rates to ri. Two main arguments are given for this claim. According to the first, as the deficit increas, the government will borrow more to make up for the ensuing shortage of funds. Conquently, it is argued, if both the total supply of credit (money available for borrowing) and the amount of credit sought by nongovernment borrowers remain relatively stable, as is often suppod, then the price of credit (the interest rate) will increa. That this is so is suggested by the basic economic principles that if supplies of a commodity (here, credit) remain fixed and demand for that commodity increas,
its price will also increa. The cond argument suppos that the government will tend to finance its deficits by increasing the money supply with insufficient regard for whether there is enough room for economic growth to enable such an increa to occur without causing inflation. It is then argued that financiers will expect the deficit to cau inflation and will rai interest rates, anticipating that becau of inflation the money they lend will be worth less when paid back.Unfortunately for the first argument, it is unreasonable to assume that nongovernment borrowing and the supply of credit will remain relatively stable. Nongovernment borrowing sometimes decreas. When it does, incread government borrowing will not necessarily push up the total demand for credit. Alternatively, when credit availability increas, for example through greater foreign lending to the United States, then interest rates need not ri, even if both private and government
