Chapter 3
Question
Read the following text and then type the missing words (numbering your answers as appropriate) using the words in the table below the text.
The Beveridge Report of (1) ______ was a (2) ______ commission chaired by Lord Beveridge which recommended (3) ______ and (4) ______ for citizens. Its recommendations provided the basis for the (5) ______ and the (6) ______ consensus of 1945-79.
1832 |
1922 |
1942 |
1952 |
Labour Party |
private |
welfare services |
higher investment |
government |
better education |
military service |
higher incomes |
welfare state |
war effort |
income support |
neo-liberal |
social democratic consensus |
EU |
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The correct answers are as follows (see page 50):
- 1942
- government
- welfare services
- income support
- welfare state
- social democratic
Question
Read the following text and then type the missing words (numbering your answers as appropriate) using the words in the table below the text.
Keynes demonstrated that it was possible for the economy to reach equilibrium (that is, when (1) ______) at a level far below capacity with resulting high levels of (2) ______. The government therefore needed to (3) ______ demand by (4) ______, the (5) ______ of what governments actually did for most of the 1930s.
income equalled expenditure |
supply matched demand |
inflation |
investment |
unemployment |
reduce |
stimulate |
increasing unemployment |
increasing expenditure |
reducing expenditure |
precise opposite |
confirmation |
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- The correct answers are as follows (see page 51):
- supply matched demand
- unemployment
- stimulate
- increasing expenditure
- precise opposite
Question
Read the following text and then type the missing words (numbering your answers as appropriate) using the words in the table below the text.
During much of the post-war period British economic management was characterised by periodic rounds of (1) ______ followed by government-induced deflation to stem the (2) ______ effects of (3) ______. This was termed the (4) ______ cycle. It lead to a vicious cycle of (5) ______ in British industry because as soon as the conditions for sustained (6) ______ appeared they were undermined by the government's need to protect the (7) ______.
economic growth |
social unrest |
political volatility |
inflationary |
deflationary |
falling government popularity |
growth |
Keysian demand management |
‘Stop-Go’ |
under-investment |
investment |
dollar |
pound |
over-investment |
stagnation |
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- The correct answers are as follows (see page 54):
- economic growth
- deflationary
- growth
- Stop-Go
- under-investment
- investment
- pound
Question
Read the following text and then type the missing words (numbering your answers as appropriate) using the words in the table below the text.
The social democratic consensus of (1) ______ was an implicit agreement between all political parties that the fundamental reforms of the post-war Labour government should (2) ______. Both Conservative and (3) ______ governments of this period increased (4) ______, accepted (5) ______ of some industry, and believed in (6) ______ management of the economy to reduce unemployment.
1931 − 1945 |
1945 − 1979 |
1979 − 2000 |
be over-turned |
remain unchanged |
Liberal |
Labour |
privatisation |
unemployment |
social benefits and health
provisions |
Keynsian |
state ownership |
Beveridge-style |
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The correct answers are as follows (see page 59):
- (1) 1945 1979
- (2) remain unchanged
- (3) Labour
- (4) social benefits and health provisions
- (5) state ownership
- (6) Keynsian
Question
Read the following text and then type the missing words (numbering your answers as appropriate) using the words in the table below the text.
Since the 1990s, New Labour and Conservatives agree in the (1) ______ that the economy is best left to run itself with a (2) ______ of government regulation. What regulation there is will be undertaken on (3) ______ grounds, favouring (4) ______, and aimed at reducing (5) ______. Public services will be run on (6) ______ as far as possible with bigger incentives for (7) ______ and penalties for the (8) ______.
Neo-liberal |
Neo-conservative |
minimum |
maximum |
financial |
the City of London |
inflation |
unemployment |
a 'market model' |
efficient providers |
inefficient |
Europe |
time |
private firms |
public sector |
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The correct answers are as follows (see page 66):
- Neo-liberal
- minimum
- financial
- the City of London
- inflation
- a 'market model'
- efficient providers
- inefficient