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1. With money supply (to grow) relatively slowly (much less than four or five percent per year), this (to interpret) as a result of a tight monetary policy. A relatively rapid growth in the money supply (to consider) (to be) a result of an easy policy.

2. The difference between the real rate of interest and the nominal one is that the former (to adjust) for inflation whereas the latter (not to be).

3. A great number of people (cannot) (to increase) their wages rapidly and largely enough (to compensate) for price increases because they (to work) under long-term contracts.

4. Lenders (to be likely) (to hurt) by inflation.

5. A two-percent increase in the rate of inflation (to find) (to cause) a reduction in the real income of elderly households by about 10 percent.

6. In periods of inflation the value of money (to know) (to reduce).

7. Good results (to know) (to achieve) in Soviet economy during the early 1960s due to (to decentralize) decision-making and emphasis on profit rather than carrying out plans.

8. For the past fifty years, the price level in the United States (to move) only one way - up. In practically all years during this period, prices (to rise). Since 1955, there (not to be) any year when the price level (tofait). This (not to be) a hyperinflation, but it (to result) in a very large erosion in the value of the dollar. Like a beach slowly (to wear) away by the ocean, the dollar (to lose) gradually a considerable share of its value. Prices now (to be) over five times what they (to be) fifty years ago. Although a creeping (ползучая) inflation (to be) much less harmful than hyperinflation, it (to have) a number of social costs.