PART THREE . 
Questions 23-30 
. You will hear a talk given by a senior economist of Germany. He talks about the German economic 
policy-M3 and its real effect on German economy. 
. You have to complete the sentences (23-30) by choosing the correct ending. 
. Mark one letter (A ,B or C). 
23. M3 means 
A limiting money supply. 
B Wide-ranged money supply. 
C exporting government bonds. 
24. The Bundesbank is going to 
A increase the money supply. 
B abandon the strong money supply. 
C raise the interest rates. 
25. Kiel institute of World Economics has found the evidence for 
A short-term fluctuation of demand for money following German unification. 
B long-run relationship between money supply growth and inflation. 
C stable long-run demand for money. 
26. Money supply growth will . 
A help increasing the government bonds. 
B increase the public debt. 
C help financing of government debt. 
27. Explanation of excessive money supply from the Bundesbank representatives is based on 
A the fact that monetary capital grew at a lower rate. 
B the shifts between money and money capital. . 
C the expansion of credit which has been driving money supply growth. 
28. The speaker worries about the money supply because 
A it is used in productive capacity. 
B it is used mainly in machinery and equipment. 
C it is used in bousing constriction and consumption. 
29. Bank credit rising is mainly caused by 
A money supply. 
B public debt. 
C German domestic savers. 
30. Internal liabilities are increased in mainly by 
A big investment. 
B office consumption. 
C finance transfers to East Germany.
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