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English for Masters.docx
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  1. Match each of the word on the left with the correct

explanation on the right:

  1. price a. a method or way (of doing)

  2. commodity b. to give and receive in return

  3. currency c. an article of trade or commerce

  4. transaction d. the worth of smth in money

  5. value e. an amount of money for which a thing

is offered, sold, or bought

  1. purchasing power f. the particular type of money in use in a

country

  1. to exchange g. a piece of business

  2. means h. the amount smb will buy

  3. consumption i. lasting for a long time or for ever

  4. permanent j. the act of using up

2. Complete the text by inserting the following words in the gaps:

crucial, exchange, value, deferred, currency, trading, yardstick power

1. In common usage, money refers more specifically to ... .

2. The ... feature of money is its acceptance as the means of payment.

3. People buy and sell goods in ... for money.

4. The use of money makes the ... process simpler and more efficient.

5. A unit of account is a... for measuring prices and values.

6. Money is a standard of... .

7. A store of value is a reservoir of future purchasing... .

8. Money serves as a standard of... payment.

3. Which of the following are true or false?

1. In general, money refers to circulating currencies conferred by a

national state.

2. The main function of money is a store of value.

3. Money serves as a medium of exchange in a barter economy.

4. The use of money makes the trading process very efficient.

5. Money can't serve as the unit of account and the medium of

exchange at the same time.

6. Money is a store of purchasing power.

7. The ability of money to serve as a store of value depends on its

capacity to keep wealth.

8. The essential function of money is a standard of deferred payment.

9. All functions of money are interconnected.

10. Most money exists on paper, in bank accounts, rather than in

notes and coins.

4. Match the terms with their Rus­sian equivalents:

1. time deposit a. монетарные (денежные) власти

2. sight deposit b. срочный вклад

3. narrow money c. широкая денежная масса

4. broad money d. скорость обращения

5. velocity of circulation e. вклад до востребования

6. monetary authority f. монетарист

7. reserve-asset ratio g. нормативный обязательный резерв

8. monetarist h. узкая денежная масса

5. Match the two parts of the sentences:

1. Money supply is …

2. The monetary authorities control …

3. Changing the discount rate and com­mercial banks' reserve-asset

ratio …

4. Monetarists think the average level of prices and wages …

a. the amount of money in circulation and its growth to prevent

inflation.

b. depends on the quantity of money in cir­culation and its velocity of

circulation.

c. the stock of money and the supply of new money.

d. are the ways of changing the money supply

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