Passage 1
In addition to redistributing incomes, inflation may affect the total real income and production of the community. An increase in prices is usually associated with high employment. In moderate inflation, industries are operating efficiently and output is near capacity. There is a great deal of private investment and jobs are plentiful. Such has been the historical pattern. Thus many business persons and union leaders, in evaluating a little deflation and a little inflation, consider the latter to be the lesser of two evils. In mild inflation, the losses to fixed-income groups are usually less than gains to the rest of the community. Even worker with relatively fixed wages are often better off because of improved employment opportunities and greater take-home pay, a rise in interest rates on new securities may partly compensate for any losses to creditor, and increases in pension benefits may partly make losses to retirees.
In deflation, on the oth
A. people like private or public investment
B. there is usually full plant capacity
C. creditors suffer more than other people
D. everyone suffers and no one gains
The Middle East countries have the largest amount of oil. They have more oil than all the other regions together.
Oil was first discovered in the Middle East in 1908. the first oil field was open in Iran-the famous Masjid-I-Salainman fields. A few years later men found oil in other Middle East countries. But they did not produce much oil at that time because nobody knew the size and value of the oil fields. Then, in 1982 oil was discovered on Bahrain Island. The men who discovered the oil said, if Bahrain has oil, there may be a lot of oilfields in and around the Arabian Gulf.
Immediately men began to search oil in the countries around Gulf. During the next few years, oil was found in many places. The Middle East oil industry then grew fast.
Today this region produces a third of the world’ oil supplies. The Middle East countries now export more oil than any other region. They do not need all their oil. So they are able to export most of their
A. In the Arabain Gulf.
B. In Iran.
C. In Iraq.
D. In Kuwait.
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