Некоторым из них часть долгов была списана

Большие циклы, по Кондратьеву, связаны с обновлением пассивной части основного

Капитала, с изменениями в инфраструктуре. Этим объясняется большая продолжительность

цикла (около 70 лет). Можно выделить три больших цикла: 1760—1849 гг;

Гг.; 1920-1979 гг.

Multiple Choice Comprehension Check (basic Text 16.4)

Check the comprehension of the text choosing the answer which, you think, is correct.

1. The term “business cycle ” means:

A) The recurrent ups and downs in the level of economic activity which extend over a period of

Several years.

B) The recurrent seasonable ups and downs of prices within a year.

c) The recurrent ups and downs in the consumer’s demand for durable goods.

Historically economists have suggested a variety of theories to explain fluctuations in business activity.

Which point of view do most economists support substantiating the cyclic nature of the economy?

A) The main reasons for the business cycle are political and random events, e.g., a war, a mil i

Tary coup (военный переворот), etc.

B) The business cycle is a purely monetary phenomenon. When government create(s) too much

Money, an inflationary boom is generated; a relative paucity of money (относительная

Нехватка денег) will precipitate a declining output and unemployment.

C) The main determinant of the business cycle is the level of total or aggregate expenditures.