Reading

A. Skimming

1. Read the title and define the theme of the text.

2. Give the gist of the text.

3. Identify the type of writing the text belongs to (publicistic, scholarly writing, fiction).

B. Scanning

Scan the text for the right answers to the following questions

1. What is inflation?

2. How does inflation hit economies in transition from centralized to free market economy.

3. What are the rewards of enduring the bout of inflation?

4. How are income and wealth redistributed during the transition period?

5. Who is hit by inflation hardest?

6. To what counties do investments go during the transition period?

C. Close Reading

1. Comment on the structural components of the text (introduction, the main part (body), conclusion).

2. Pick out economic terms and state their function in the text.

3. Identify stylistic devices (metaphors, epithets) in the following examples and comment on their meanings; say whether they are trite or original.

drive up prices; an explosive price rise; the economic climate; the key element; a wave of price increases; unfettered by government; to chase a shrinking number of goods; market mechanism; to hit economy; chronic short supply.

4. Speak on linguistic peculiarities of the text on lexical and syntactical levels (choice of words, terminology, types of sentences, etc.).

5. Comment on the message of the text.

D. Critical Reading

1. How well do you think the author covered the problem of inflation confronting states in transition from centralized to free market economies? Give you reasons.

2. Speak on:

a) the role of entrepreneurs and investors in transition period;

b) redistribution of income and wealth in market economies.

3. Prove that there is truth in both statements (given below) which seem contradictory at first sight:

a) inflation hits economies hard;

b) the rewards of inflation are substantial.

Word Study

1. Correlate the words in List A with their meaning in List B.

A 1) outstrip 2) a bout 3) perennially 4) unfettered 5) relinguish 6) virtually 7) devastation 8) challenge 9) a pool 10) disrupt 11) destruction

B a) break up b) a combination of interests, funds c) ruin for common advantage d) in efficacy or effect e) free from fetters, unrestrained f) give up, put aside, let go g) everlastingly h) a period, a spell i) desolation j) outdo, surpass, excel k) a call to engage in a contest or fight

2. Give the opposite of:

1) increase - 1. … 2. … 3. …

2) centralized economy -

3) ranging from … to … -

4) consumers -

5) demand -

6) winners -

7) to loan -

8) to gain -

3. Supply the missing words in the following pairs.

1. goods and …

2. income and …

3. savers and …

4. produced and …

5. workers and …

6. distortions and …

7. devastation and …

4. Find in the text all word combinations with the words price, market

5. Translate from Russian into English.

1) переход от централизованной к свободной рыночной экономике

2) вызывает рост цен

3) товары, которых хронически не хватает

4) предприниматели и инвесторы

5) … что делает более привлекательными капиталовложения в странах с невысоким уровнем инфляции

6) способствовать экономическому росту

7) постоянные, твердые выплаты

8) держать инфляцию под контролем

6. Explain the difference between:

price and value slowly and haltingly

to loan and to borrow entrepreneurs and investors

to gain and to lose

7. Explain the meaning of the following phrases.

1) intractable problems

2) predictable results

3) inevitable bout

4) available products

5) manageable inflation

6) loanable funds

7) unpredictable inflation rate

Note: The suffix able is used to form adjectives from verbs or nouns to denote ability, liability, worthiness, likelihood.