Вариант 10
I. Перепишите следующие предложения. Определите по грамматическим признакам, какой частью речи являются слова, оформленные окончанием —s, и какую функцию это окончание выполняет, т. е. служит ли оно:
а) показателем 3-го лица единственного числа в Present Indefinite;
б) признаком множественного числа имени существительного;
в) показателем притяжательного падежа имени существительного. Переведите предложения на русский язык.
1. Oxford gives you need.
2. There are many students from other countries.
3. The first women's college was founded in 1878.
II. Перепишите следующие предложения и переведите их, обращая внимание на особенности перевода на русский язык определений, выраженных именем существительным.
The four-hundred-year-old library has about five million books.
This university town is very beautiful.
Most students take English language courses.
III. Перепишите следующие предложения, содержащие разные формы сравнения и переведите их на русский язык.
1. Summer is the warmest season of the four seasons.
2. This cake is better than my mother’s.
3. This dress is one of the most expensive in this shop.
IV. Перепишите и письменно переведите предложения на русский язык, обращая внимание на перевод неопределенных и отрицательных местоимений.
No student of that group studies German.
2. Some chapels of Oxford are five hundred years old.
3. Have you any books on Literature?
V. Перепишите следующие предложения, определите в них видовременные формы глаголов и укажите их инфинитив; переведите предложения на русский язык.
1. In the morning I will see my oldest sister.
My father goes by bus to his work.
A policeman stopped this man.
VI. Прочитайте и письменно переведите текст.
Oxford
This university town is very beautiful. The oldest university there is Oxford. The first of its colleges was founded in 1249. The university now has thirty-five colleges and about thirteen thousand students, many of them from other countries.
There were no women at Oxford until 1878, when the first women's college Lady Margaret Hall opened. Now most colleges are open to men and women. It is not easy to get a place at Oxford University to study for a degree. But outside the university there are many smaller private colleges which offer less difficult courses and where it is easy to enroll. Most students in these private schools take business, secretarial or English language courses.
Oxford is, of course, famous for its first-class education as well as its beautiful buildings. Some of the most intelligent men and women in the country live and work here. Oxford gives them what they need: a quiet atmosphere, friendly colleagues and the four-hundred-year-old library, which has about five million books. Oxford has same of the finest architecture in Britain. Some of their colleges, chapels and libraries are there, four and even five hundred years old, and are full of books and precious paintings. You can see there many lovely gardens, where the students can read and relax in the summer months.
VII. Ответьте на вопросы к тексту.
How old is the first of Oxford’s colleges?
What can you see in Oxford?
What is Oxford famous for?
Домашняя контрольная работа 2
ВАРИАНТ 1
TYPES OF PROPRIETORSHIP
A business may be privately owned in three different forms. These forms are the sole proprietorship, the partnership and the corporation. The sole proprietorship is the most common in many western countries. For example, more than 80 per cent of all businesses in the United States are sole proprietorships.
But it is evident that sole proprietorships do not do the greatest volume of business. They account for only 16 percent of all business receipts, for example, in America. What kind of business is likely to be a sole proprietorship? First of all, service industries such as Laundromats, beauty shops, different repair shops, restaurants.
Answer the questions.
Are you thinking of starting your own business?
What business do you want to start?
How do we call the business if you go into it alone?
Who is going to make the decisions and control the profits in your business?
Do you need a lawyer if you want to start a sole proprietorship?
Why don't you have to consult the partners in a sole proprietorship?
How many employees are you going to hire for your business? In what cases will you fire them?
What does it mean to have unlimited liability? Are you ready for it?
What will you do, if your business fails?
What will you do to put policies into effect quickly?
What businesses have tax benefits in this country?
Can you do your books yourself?
Are you going to hire a book-keeper?
Comprehension Questions.
What are three different ways that a business can be privately owned?
What forms do most European countries have?
What forms do the businesses in the USSR have?
Name some businesses that are likely to be sole proprietorships. Why do you think so?
Name some businesses that are not likely to be sole proprietorship? Why do you think so?
Translate into English.
Мне нужен совет.
Я сам контролирую прибыль своего предприятия.
Если вы хотите заняться частным предпринимательством, обратитесь к юристу.
Директор решает вопросы, связанные с наймом и увольнением.
Я боюсь иметь полную юридическую ответственность,
Я не отвечаю за производственные долги.
Малые предприятия имеют льготы по налогообложению.
Хороший бухгалтер сможет вести дела лучше, чем вы.
Мне нужно нанять бухгалтера.
Мне нужно проконсультироваться с юристом.
ВАРИАНТ 2
PARTNERSHIPS
A partnership is an association of two or more persons to carry on a business for profit. When the owners of the partnership have unlimited liability they are called general partners. If partners have limited liability they are "limited partners". There may be a silent partner as well - a person who is known to the public as a member of the firm but without authority in management. The reverse of the silent partner is the secret partner - a person who takes part in management but who is not known to the public.
Any business may have the form of the partnership, for example, in such professional fields as medicine, law, accounting, insurance and stockbrokerage. Limited partnerships are a common form of ownership in real estate, oil prospecting, quarrying industries, etc.
Partnerships have more advantages than sole proprietorships one needs a big capital or diversified management. Like sole proprietorship they are easy to form and often get tax benefits from the government.
Partnerships have certain disadvantages too. One is unlimited liability. It means that each partner is responsible for all debts and is legally responsible for the whole business. Another disadvantage is that partners may disagree with each other.
Comprehension Questions.
What is the difference between a general partnership and a limited partnership?
Is there any difference between a silent partner and a secret partner? What is this difference?
In what professional fields are the partnerships found?
In what businesses is the partnership a common form?
What are the advantages of a partnership?
Discuss the disadvantages of a partnership. Would you prefer partnership or sole proprietorship for business? Give your reasons.
Translate into English.
Члены правления имеют полную юридическую ответственность.
Партнер с ограниченной юридической ответственностью не имеет реальной власти.
Секретный партнер принимает участие в управлении, но он не известен общественности.
Я хочу вложить деньги в недвижимость.
Партнерство имеет много преимуществ.
Партнерство часто получает налоговые льготы от правительства.
Мы хорошо ладим с партнером.
Наше кафе привлекает все больше и больше клиентов.
Я сделал правильный выбор. Это дело приносит много прибыли.
Мой рабочий опыт связан с менеджментом.
Она хорошо разбирается в бухгалтерском деле.
Мы вкладываем в дело одинаковый капитал.
Answer the questions.
What do you want to be busy with?
Do you want to go into business alone or with a partner?
With what partner do you get along well?
Imagine you run a shop. What will you do to attract customers?
Do you need to consult a lawyer, to make a right choice when starting the business.
What is your background?
Are you a careful person, or do you like to run a risk?
How can you combine the resources with your partner?
What services and skills can you contribute in your business?
How will you distribute profits and losses in your partnership?
What kind of partner would you like to be: a general partner or a limited partner? Why so?
ВАРИАНТ 3
CORPORATIONS
A business corporation is an institution established for the purpose of making profit. It is operated by individuals. Their shares of ownership are represented by stock certificates. A person who owns a stock certificate is called a stock-holder.
There are several advantages of the corporate form of ownership. The first is the ability to attract financial resources. The next advantage is the corporation attracts a large amount of capital it can invest it in plants, equipment and research. And the third advantage is that a corporation can often higher salaries and thus attract talented managers and specialists.
The privately owned business corporation is one type of corporation. There are some other types too. Educational, religious, charitable institutions can also incorporate. Usually such corporation does not issue stock and is nonprofit. If there is a profit it is reinvested in the institution rather than distributed to private stockholders.
In some western countries, cities, states, federal government and special agencies can establish governmental corporations. A few examples of these governmental corporations are state universities, state hospitals and city owned utilities. Governmental corporations are non-profit as a rule and usually they do not issue stock certificates.
Comprehension Questions
Who can own a corporation?
Is a corporation necessarily larger than a sole proprietorship?
What are the advantages of the corporate form of ownership?
What can you say about the disadvantages of the corporate form of ownership?
Do the corporations issue stock to stockholder?
What kind of corporations usually don't issue the stock?
What world-known corporations do you know?
What types of business usually take the corporate form of ownership?
Answer the questions.
In what corporation would you invest money?
What legal procedure do you have to follow if you want to form a corporation?
Who has final authority and supervises the daily management of a corporation?
How often do the stockholders choose the company officers?
The stockholders have unlimited liability, don't they?
In what way can a corporation act?
What do you think about the possibilities of forming corporations in this country?
In what spheres of industry is a corporate form of proprietorship the most beneficial in this country?
Translate into English.
Корпорация может выпускать и продавать акции.
Корпорация может предлагать более высокую заработную плату.
Корпорация имеет больше возможностей для вовлечения финансовых ресурсов, чем партнерство.
Каждый год акционеры проводят собрание.
Образовательные, благотворительные, религиозные учреждения могут быть корпорациями. Подобные учреждения, как правило, не приносят прибыль.
Эта корпорация прибыльна, она будет расширяться.
Сначала вы должны подать заявление на корпоративный патент.
Акционеры имеют решающее слово в управлении корпорацией.
Административные исполнители кампании осуществляют постоянное руководство.
Владельцы акций проводят ежегодное собрание и выбирают совет директоров.
Корпорация имеет право возбуждать уголовное дело.
ВАРИАНТ 4
WHERE AND HOW TO HIRE AN EMPLOYEE?
An employer has several options to consider when he wants to hire a new employee. First of all, he may look within his own company. But if he can't find anybody suitable for the position he will have to look outside the company. If there is a personal office in the company, he can ask them to help him to find a qualified applicant. The employer can also use another valuable sources, for example, employment agencies, consulting firms, placement offices and professional societies. He can also advertise in a newspaper or in a magazine and request candidates to send in resumes.
The employer has two sets of qualifications to consider if he wants to choose from among the applicants. He must consider both professional qualifications and personal characteristics. A candidate's education, experience and skills are included in his professional qualifications. These can be listed on a resume. Personal characteristics, or personality traits must be evaluated through interviews.
Comprehension Questions.
Which options should an employer first consider when he wants to hire a new employee?
What service does a personnel department provide?
In what way can be the new employees be found outside one's company?
What qualifications does the employes consider in choosing an employee?
What is meant by "professional qualification" for a job?
What personal characteristics does the administrator consider when choosing an employee?
Translate into English.
Его должность в компании очень важна.
Администратор ставит цели, принимает на работу, увольняет.
Она не любит работать по принуждению.
Я привычен к канцелярской работе.
Управляющий должен быть компетентным.
Руководитель этой группы - очень талантливый специалист.
Нам нужно нанять нового служащего.
Поместите объявление в газету.
Этот руководитель с большим опытом.
Ю.Мы должны рассмотреть два вида характеристик.
Кандидаты на должность должны послать резюме.
Вы найдете всю информацию в отделе кадров.
0братитесь в агентство по найму.
Наниматель должен обратиться в консультационную фирму.
ВАРИАНТ 5
LINE AND STAFF POSITIONS
In business, organization structure means the relationship between positions and people who hold the positions. Organization structure is very important because it provides an efficient work system as well as a system of communication.
Historically, line structure is the oldest type of organization structure. The main idea of it is direct vertical relationships between the positions and tasks of each level, and the positions and tasks above and bellow each level. For example, a sales manager may be in a line position between a vice-president of marketing and a salesman. Thus a vice president of marketing has direct authority over a sales manager. A sales manager in his turn has direct authority over a salesman. This chain of command simplifies the problems of giving and taking orders.
When a business grows in size and becomes more complex, there is a need for specialists. In such case administrators may organize staff departments and add staff specialists to do specific work. These people are usually busy with services, they are not tied in with the company product. The activities of the staff departments include an accounting, personnel, credit and advertising. Generally they do not give orders to other departments.
Comprehension Questions.
What does the organization structure mean?
What does the organization structure provide?
What is historically the oldest type of organization structure?
In what position is a sales manager in attitude to a vicepresident of marketing and a salesman?
What is the difference between line and staff departments?
Why is an advertising department or a credit department considered staff structure rather than line structure?
Answer the questions.
What is your relationship with your immediate superior?
What position in your company do you want to hold?
Do you want to be a sales-manager or a vice president of marketing? Give your reasons.
Over what positions do you have direct authority in your company?
What do you like more: to give orders or to receive orders?
Do you want to work in a staff department or in a line department? Give your reasons.
Translate into English.
Мои взаимоотношения с начальником очень хорошие.
Мой друг занимает должность главного финансиста.
Я не знаком с организационной структурой нашего предприятия.
Он больше любит отдавать приказания, чем получать их.
Я предпочитаю работать в линейном отделе.
Штабные отделы не связаны с конечным продуктом.
Структура нашего предприятия сложна.
Я больше подхожу к штабной должности, чем к линейной.
Мой непосредственный начальник очень пунктуален.
В сферу моего непосредственного подчинения входят три руководителя групп.
Главный финансист имеет очень большую ответственность.
Я уволю моего непосредственного подчиненного. Oн ленив.
ВАРИАНТ 6
ACCOUNTING
Accounting shows a financial picture of the firm. An accounting department records and measures the activity of a business. It reports on the effects of the transactions on the firms financial condition. Accounting records give a very important data. It is used by management, stockholders, creditors, independent analysts, banks and government.
Most businesses prepare regularly the two types of records. That is the income statement and balance sheet. These statements show how money was received and spent by the company.
One major tool for the analysis of accounting records is ratio analysis. A ratio analysis is the relationship of two figures. In finance we operate with three main categories of ratios. One ratio deals with profitability, for example, the Return on Investment Ratio. It is used as a measure of a firms operating efficiency.
The second set of ratios deals with assets and liabilities. It helps a company to evaluate its current financial position. The third set of ratios deals with the overall financial structure of the company. It analyses the value of the ownership of the firm.
Comprehension Questions
What is the purpose of accounting?
Who uses the data provided by accounting firms?
What are the two types of records which most businesses prepare?
What can you know analyzing the income statement and balance sheet of a company?
What is the purpose of the ratio analysis?
What categories of ratios in finance do you know?
Translate from Russian into English.
Бухгалтерский учет представляет данные для кредиторов и вкладчиков.
Они готовят отчет о доходах и балансовый отчет в конце финансового года.
Мы определяем эффективность производства с помощью анализа коэффициентов.
Недвижимость является собственностью корпораций.
Мы проверим актив и пассив и определим стоимость имущества за вычетом обязательств.
Мы платим большие налоги.
Сколько ты получаешь без вычетов?
ВАРИАНТ 7
CORPORATE FINANCE
Corporations need financing for the purchase of assets and the payment of expenses. The corporations can issue shares in exchange for money or property. Sometimes it is called as equity funding. The holders of the shares form the ownership of the company. Each share is represented by a stock certificate, which is negotiable. It means that one can buy and sell it. The value of a share is determined by the net assets divided by the total number of shares outstanding. The value of the share also depends on the success of the company. The greater the success, the more value the shares have.
A corporation can also get capital by borrowing. It is called debt funding. If a corporation borrows money, they give notes or bonds. They are also negotiable. But the interest has to be paid out whether business is profitable or not.
When running the corporation, management must consider both the outflow and inflow of capital. The outflow is formed by the purchase of inventory and supplies, payment of salaries^ The inflow is formed by the sale of goods and services. In the long run the inflow must be greater than the outflow. It results in a profit. In addition, a company must deduct its costs, expenses, losses on bad debts, interest on borrowed capital and other items. It helps to determine if the financial management has been profitable. The amount of risk involved is also an important factor. It determines the fund raising and it shows if a particular corporation is a good investment.
Comprehension Questions.
Why do all corporations need financing?
What does equity funding mean?
What does debt funding mean?
How is the value of a share determined?
What activities produce an inflow and outflow of capital?
What can happen if an enterprise has a greater outflow of capital than an inflow?
Why is the risk involved an important factor in determining fund raising?
Answer the questions.
What kind of funding is preferable: equity or debt?
What shares of what enterprises of your town would you buy? Explain why.
Imagine that your business is going to get capital funds by borrowing. What bond interest would you charge? Explain Why.
What should you do to produce more inflow of capital?
How can you calculate the net assets of your enterprise?
What traits of character does a stockbroker need?
Translate from Russian into English.
Наше предприятие нуждается в денежных фондах для покупки оборудования.
Я предпочитаю акционерный способ образования денежного фонда предприятия. Он привлекает большее количество капитала.
Акции и облигации могут быть переуступлены, куплены, проданы.
Я хочу купить десятипроцентные облигации.
Мы намерены выплатить все долги к началу финансового года.
Ты получишь хорошую прибыль при продаже этих товаров.
Он является совладельцем компании SONY.
Покупка акций этой компании - хороший долгосрочный вклад.
Если речь идет о моих деньгах, я изучу годовой отчет компании.
ВАРИАНТ 8
BANKS AND BUSINESS
Banks are different in different countries. Let's speak about the banks in the United Slates of America. There, commercial banks arc classified into two main groups. First, there are national banks. They are charted and supervised by the Federal Government. Secondly, there are stale banks. They are charted and supervised by the state in which they are operated. All commercial banks can make loans to borrowers.
Major commercial banks in such cities as Tokyo, Paris, Rio cooperate with each other. In this way they finance imports and exports between countries.
An importer buys merchandise from another country using the currency of that country. For that purpose he buys this currency from the foreign exchange department of his bank. And in the same way if an exporter receives foreign money from sales to other countries, he sells this currency to his bank. By this method the currency of any country can usually be exchanged.
Comprehension Questions.
What do all commercial banks do?
What kinds of commercial banks in the USA do you know? What are they called?
Who supervises the operations of national bank?
What kind of currency does an importer generally use when he buys goods from another country?
What do you know about the "international exchange"?
What is the currency of this country called?
What is the exchange rate between your currency and the currency of the USA and Germany? How can you find it out if you don't know it?
Answer the questions.
Is there a difference between banking systems in the USSR and western countries? What is the difference?
What bank services are you familiar with?
Do the banks in this country have safety deposit boxes?
Whom do the banks make loans to in this country?
What kind of loan would you prefer, long-term loan or short-term loan?
What prime-rates are available in this country?
What does the line of credit of the enterprise depend on?
What is a credit letter written for?
What can one do with credit reference letter?
Translate into English.
Государство учреждает коммерческие банки.
Если ты хочешь купить товары за границей, ты должен поменять деньги в отделе обмена валюты.
Я бы хотел сделать карьеру в банковском деле.
Все банки устанавливают проценты на ссуду.
Наш банк намерен предоставить краткосрочную ссуду этому предприятию.
Наименьший процент со ссуды предоставляется привилегированным клиентам.
Банки могут выпускать аккредитивы и рекомендательные кредитные письма.
Я намерен занять крупную сумму денег.
Банк считает, что это предприятие платежеспособно и ему можно предоставить заем.
ВАРИАНТ 9
PRODUCT DEVELOPMENT and PLANNING
The number of new products coming into the market of western countries every year is overwhelming. The major part of these products is not new, but adaptations. It means that these products are not new, they are existing items to which a modification, has been made. Only few products are really original or innovations. For instance a clock-television is an adaptation, but TV-set itself, the refrigerator - each was an innovation. A great number of innovations and adaptations are designed, produced and marketed by small businesses. Very often a new product is formed on the basis of the new business. Sometimes there is a patent to make the business more successful^ But it happens very often that market research hasn't been done carefully.
Even in case larger scale producers do more research and testing there is no sure success. A promising new product may be also robbed of success by unreasonable prices, inadequate promotion and poor selling methods. Generally less than one fifth of all new products turn out to be profitable.
Comprehension Questions.
How can you explain the term adaptation?
What is an innovation?
Give your own examples of innovations and adaptations.
Why are many innovations and adaptations manufactured and marketed by small businesses?
Why is it so important to obtain a patent?
Why does the failure of a new product take place?
Answer the questions.
Why is it so important for a producer to apply for a patent?
How much time does it usually take for a new product to catch on?
What is a big selling point of the items which you produce?
In what way can a consumer surprise the producer?
Would you like to produce something original or an adaptation? Explain why.
What are the conditions of successful product development?
What products are the market conditions fair for in this country?
Translate into English.
Этот продукт - модификация старого.
Мелкие производители выпускают большое количество товаров.
Вам необходимо получить патент на производство данного товара.
Тщательное исследование рынка необходимо, чтобы гарантировать успех.
Потребуется пять лет на то, чтобы ваш продукт завоевал признание.
Отключающее устройство с таймером - именно то, что привлечет потребителя.
Надо завершить все исследования, прежде чем мы начнем продавать наш продукт.
Нам необходимо расширить линию.
ВАРИАНТ 10
MARKETING
Marketing includes all the business activities connected with the movement of goods and services from producers to consumers. Sometimes it is called distribution. On the one hand, marketing is made up of such activities as transporting, storing and selling goods and, on the other hand, a series of decisions you make during the process of moving goods from producer to user. Marketing operations include product planning, buying, storage, pricing, promotion, selling, credit, traffic and marketing research.
The ability to recognize early trends is very important. Producers must know why, where, for what purpose the consumers buy. Market research helps the producer to predict what the people will want. And through advertising he attempts to influence the customer to buy. Marketing operations are very expensive. They take up more than half of the consumer's dollar. The trend in the USA has been to high mass consumption. The construction of good shopping centre’s has made goods available to consumers. It provided a wide range of merchandise and plenty of parking facilities.
Comprehension Questions.
What does marketing mean?
What activities does marketing consist of?
What do marketing operations include?
Why is it so important for the producer to predict the trends?
How was mass consumption possible in USA?
Answer the questions.
Who is the price leader in your business?
How can you become a price leader? What should you do for this?
How should one start a promotional campaign?
Why is it dangerous to produce price sensitive goods?
Why is it important to have competitors in business?
What should you do to leave your competitors behind?
What knowledge must you have to be good at marketing?
Translate into English.
Маркетинг включает в себя действия, связанные с движением товара от производителя к потребителю.
Маркетинг включает в себя транспортировку, хранение, рекламу, калькуляцию цен, продажу.
Изучение рынка помогает предсказывать общие направления спроса.
Реклама оказывает сильное влияние на покупателя.
Мы не можем устанавливать самую низкую цену на этот товар.
Мы должны разработать план производства новых продуктов.
Сбыт этого товара очень реагирует на изменение цены.
Общие указания по выполнению домашней контрольной работы 3.
Методические указания для выполнения контрольной работы по английскому языку составлены в соответствии с требованиями Государственного образовательного стандарта среднего профессионального образования, содержат перечень вопросов к самоподготовки и курс лекций необходимых для изучения дисциплины. Они предназначены для самостоятельного изучения студентами приемов перевода текстов и правильное применение грамматических приемов при подготовки специалистов по следующим специальностям 080114, 080110.
Студенты выбирают номера вариантов решения контрольных работ по последней цифре номера личного дела. Замена вариантов не разрешается.
Методическими указаниями предлагаются десять вариантов заданий. При выполнении контрольной работы студенты самостоятельно изучают литературу и приемы перевода.
Для выполнения данной работы следует внимательно ознакомиться с рекомендуемой литературой, изучить ее, осмыслить суть и содержание поставленной задачи в выполнении задания.
Завершается выполнение контрольной работы списком использованной студентом литературы. Список литературы выстраивается в алфавитном порядке авторов. Оформление литературы производится с помощью полного библиографического описания соответствующей книги или издания.
При появлении неясностей, вопросов, студенту следует посетить консультацию преподавателя.
Полученные замечания, отмеченные преподавателем после проверки контрольной работы, следует устранить выполнив работу над ошибками в конце работы. Контрольная работа с доработкой по исправлению допущенных ошибок и замечаний предоставить преподавателю для повторной проверки. Без замечаний, проверенная контрольная работа будет зачтена и допущена к защите, а с вновь выявленными замечаниями и ошибками возвращается студенту на доработку.
Домашняя контрольная работа 3
ВАРИАНТ 1
1. Прочитайте и переведите текст на русский язык.
Market and Command Economies
Economics is a science that analyses what, how, and for whom society produces. The central economic problem is to reconcile the conflict between people's unlimited demands with society's ability to produce goods and services.
In industrial Western countries markets are to allocate resources. The market is the process by which production and consumption are coordinated through prices.
In a command economy, a central planning office makes decisions on what, how, and for whom to produce. Economy cannot rely entirely on command, but there was extensive planning in many Soviet bloc countries.
A free market economy has no government intervention. Resources are allocated entirely through markets.
Modern economies in the West are mixed and rely mainly on the market but with a large dose of government intervention. The optimal level of government intervention remains a problem which is of interest to economists.
The degree of government restrictions differs greatly between countries that have command economies and countries that have free market economies. In the former, resources are allocated by central government planning. In the latter, there is not any government regulation of the consumption, production, and exchange of goods. Between the two main types lies the mixed economy where market and government are both of importance.
2. Заполните пропуски в предложениях следующими словами и переведите предложения на русский язык: Production, Consumption, To control, Government, To produce, Organization, Command
1. Prices are to regulate … and … in a market economy.
2. The problem with government regulation of markets is … how government restrictions work in real life.
3. The aim of that book is to form a theory of the role of … in economic life.
4. The market is to decide how much … .
5. A building society is a financial … whose purpose is to help people buy houses or flats.
6. Governments are to regulate or plan production and consumption. The former is typical of mixed economies, the latter is typical of … economies.
3. Выберите подходящее по смыслу слово из предлагаемых в скобках вариантов и переведите предложения на русский язык.
1. (A command economy / a free market economy) is a society where the government makes all decisions about production and consumption.
2. (Economics/ Economy) studies how markets and prices allow society to solve the problems of what, how, and for whom to produce.
3. Every economist sees (the restriction / the importance) of the question of what, how, and for whom to produce.
4. Nations have different (consumption / levels) of farm production.
5. When (the price / the importance) of some goods grows, people will try to use less of them but producers will want to produce more of them.
6. In (mixed/both) countries, Canada and the USA, structural changes in the agricultural sector of economy have become of interest to economists and general public in the 80s and 90s of the 20th century.
7. After years of competition between command and market economies, (the former/ the latter) gave way in many countries of the world to (the former/ the latter).
ВАРИАНТ 2
1. Прочитайте и переведите текст на русский язык.
Demand and Supply
Demand is the quantity of a good that buyers wish to buy at each price1. Other things equal2, at low prices the demanded quantity is higher.
Supply is the quantity of a good that sellers wish to sell at each price. Other things equal, when prices are high, the supplied quantity is high as well.
The market is in equilibrium when the price regulates the quantity supplied by producers and the quantity demanded by consumers. When prices are not so high as the equilibrium price, there is excess demand (shortage) raising the price. At prices above the equilibrium price, there is excess supply (surplus) reducing the price.
There are some factors influencing demand for a good, such as the prices of other goods, consumer incomes and some others.
An increase in the price of a substitute good (or a decrease in the price of a complement good) will at the same time raise the demanded quantity.
As consumer income is increased, demand for a normal good will also increase but demand for an inferior good will decrease. A normal good is a good for which demand increases when incomes rise. An inferior good is a good for which demand falls when incomes rise.
As to supply, some factors are assumed as constant. Among them are technology, the input price, as well as degree of government regulation. An improvement in technology is as important for increasing the supplied quantity of a good as a reduction in input prices.
Government regulates demand and supply, imposing ceiling prices (maximum prices) and floor prices (minimum prices) and adding its own demand to the demand of the private sector.
2. Переведите следующие предложения на русский язык, обращая внимание на причастные обороты: Production, Income, Restrictions, Technology, Industry, Consumers
1. In East-European countries … couldn't get goods, and factories couldn't buy inputs at prices held low by governments.
2. Governments intervene in economies controlling the supply of money, limiting monopolies and helping private … .
3. An improvement in … will increase the supply of a good, increasing the quantity supplied at each possible price.
4. Governments regulate economic activities imposing some … .
5. The governments can influence for whom goods are produced, taking … away from some people and giving it to others.
6. The high price for a good is the market mechanism telling suppliers it is now time to increase … .
3. Выберите подходящее по смыслу слово из предлагаемых в скобках вариантов и переведите предложения на русский язык.
1. The fashion for miniskirt (increased/ reduced) the demand for textile materials.
2. Even in (some/the same) middle-income countries many people are very poor.
3. Government regulations sometimes (decrease/ impose) a change in (technology / quantity) that producers do not want to use.
4. Stabilization of prices is of great importance to industrial nations (as well as/as well) the Third World countries.
5. Freeing up (освобождение) prices leads to their (decrease/increase).
6. (Inferior/ Normal) goods are usually low-quality goods for which there are higher-quality (improvements/substitutes) sold at higher prices.
7. A decrease in (complement/ input) prices makes the production less expensive.
ВАРИАНТ 3
1. Прочитайте и переведите текст на русский язык.
Theory of Demand
Consumer demand is the quantities of a particular good that an individual consumer wants and is able to buy as the price varies, if all other factors influencing demand are constant.
That is, consumer demand is the relationship between the quantity demanded for the good and its price. The factors assumed constant are prices of other goods, income, and a number of noneconomic factors, such as social, physiological, demographic characteristics of the consumer in question (о котором идет речь).
The theory of demand is based on the assumption that the consumer having budget constraint seeks to reach the maximum possible level of utility, that is, to maximize utility, but he usually prefers to obtain more rather than less. The consumer has to solve the problem of choice. Provided he is to maintain a given level of utility, increases in the quantity of one good must be followed by reductions in the quantity of the other good. The consumer has to choose the specific goods within the limits imposed by his budget.
The concept of marginal utility is of great importance for solving the utility maximization problem. The marginal utility of a good is the additional utility obtained from consuming an additional unit of the good in question. The marginal utility from consuming a good decreases as more of that good is consumed. The income should be allocated among all possible choices so that the marginal utility per dollar of expenditure on each good is equal to the marginal utility per dollar of expenditure on every other good.
A price increase will result in a reduction in the quantity demanded. This relationship between the quantity demanded of a good and its price is called the law of demand. As the marginal utility from each additional unit of the good consumed decreases, the consumer will want to buy more of this good only if its price is reduced.
Market demand is the quantities of a good that all consumers in a particular market want and are able to buy as price varies and as all other factors are assumed constant. Market demand depends not only on the factors affecting individual demands, but also on the number of consumers in the market. The law of demand also works with market demand.
2. Замените русские слова в скобках их английскими эквивалентами и переведите предложения на русский язык.
1. Large quantities of one good may be needed for compensating small reduction in the other good if а (постоянный) level of (полезности) is (должен поддерживаться).
2. In a free market it (предполагается) that every producer seeks to (максимизировать) profits by selling the product at the highest possible price, and every buyer seeks to (максимизировать полезность) by obtaining the product at the lowest possible price.
3. Consumer demand is not the quantity that the consumers would like to have but the quantity that they want to pay for, (то есть), demand in the economic sense (смысл).
4. Economic system is the (особый) way in which the economic activity , in a country is organized, such as capitalism or socialism. .
5. The model of consumer (расходы) on different goods (зависит от) , the level of consumer income.
6. Increases in the quantities demanded typically (изменяются) with different goods as incomes rise.
7. Energy demand will increase at about 3.6 percent (в год) (в) the coming ten years in the USA.
3. Выберите правильную форму причастия из предлагаемых в скобках вариантов и переведите предложения на русский язык.
1. Market is an (organizing / organized) group of buyers and sellers of a particular good who are in contact with each other and who know the level of demand and supply so that there is only one price (calling/called) the market price.
2. Changes in prices of the products (producing / produced) with the same resources will change the supply.
3. The economist is interested in factors (affecting/affected) the allocation of resources for producing particular goods.
4. Excess supply is a situation in which, at a certain price, the quantity of a particular product (demanding/ demanded) by buyers is less than the quantity (supplying/supplied) by industry.
5. Improvements in technology may be a factor (leading to / led to) changes in supply.
6. At constant prices, an increase in income leads to an (increasing/ increased) consumption.
7. Every day in thousands of markets, consumers show which goods they prefer (making /made) practical choices and (spending /spent) money on some particular goods rather than others.
ВАРИАНТ 4
1. Прочитайте и переведите текст на русский язык.
Theory of Supply
The theory of supply is the theory of how much output firms choose to produce. The principal assumption of the supply theory is that the producer will maintain the level of output at which he maximizes his profit.
Profit can be defined in terms of revenue and costs. Revenue is what the firm earns by selling goods or services in a given period such as a year. Costs are the expenses which are necessary for producing and selling goods or services during the period. Profit is the revenue from selling the output minus the costs of inputs used.
Costs should include opportunity costs of all resources used in production. Opportunity cost of a commodity is the amount obtained by an input in its best alternative use (best use elsewhere). In particular, costs include the owner's time and effort in running a business. Costs also include the opportunity cost of the financial capital used in the firm.
Aiming to get higher profits, firms obtain each output level as cheaply as possible. Firms choose the optimal output level to receive the highest profits. This decision can be described in terms of marginal cost and marginal revenue.
Marginal cost is the increase in total cost when one additional unit of output is produced.
Marginal revenue is the corresponding change in total revenue from selling one more unit of output.
As the individual firm has to be a price-taker, each firm's marginal revenue is the prevailing market price. Profits are the highest at the output level at which marginal cost is equal to marginal revenue, that is, to the market price of the output. If profits are negative at this output level, the firm should close down.
An increase in marginal cost reduces output. A rise in marginal revenue increases output. The optimal quantity also depends on the output prices as well as on the input costs. Of course, the optimal supply quantity is affected by such noneconomic factors as technology, environment, etc.
Making economic forecasts, it is necessary to know the effect of a price change on the whole output rather than the supply of individual firms.
Market supply is defined in terms of the alternative quantities of a commodity all firms in a particular market offer as price varies and as all other factors are assumed constant.
2. Замените русские слова в скобках их английскими эквивалентами и переведите предложения на русский язык.
1. For each output level (производственные издержки) depend on technology.
2. The concepts (понятия) of (предельных издержек) and (предельного дохода) are of great (польза) for economic analysis, supply analysis, (в особенности).
3. For each possible (объема производства) level, a firm will want to know how much it will cost to produce this (продукцию) and how much (дохода) will be (заработано) by selling it.
4. Land is one of the factors of production called natural resources (включая) also minerals, water, weather, etc.
5. The concept of (альтернативных издержек) is of great importance in economics because it affects every decision in which limited resources and a choice between (альтернативными использованиями) play their role.
6. The financial capital may be used (где-нибудь еще) and bring in profit.
3. Раскройте скобки и выберите подходящее по смыслу слово из предлагаемых вариантов и переведите предложения на русский язык.
1. Farmers may (own / earn /run) more revenue from a bad harvest (урожай) than from a good harvest.
2. A rise in the income of consumers will typically result in an equivalent increase in [corresponding /total /alternative) consumer expenditure.
3. Statistics show the greatest increase in the number of jobs in the American non-production sector, among government workers (in terms of/ elsewhere /in particular) today.
4. Don't forget to calculate the (marginal cost /costs /opportunity cost) of the man's labour, that is, the money that he could (own /earn /offer) by working elsewhere.
5. In Marxist theory, proletariat is the social class of workers who have to sell their (corresponding /own /total) ability to work.
6. If we want to understand how firms make output decisions, we must analyze how they determine (revenues /output /amounts) and (commodities /costs /profits).
ВАРИАНТ 5
1. Прочитайте и переведите текст на русский язык.
Factors of Production: Capital and Labour
Factors of production are resources used by firms as inputs for a good or service to be produced. Factors of production are as follows: capital, labour, and natural resources.
In economic theory, the term "capital" refers to goods and money used to produce more goods and money. Classifications of capital vary with the purpose of the classification. The most general distinction is the one made between physical, financial, and human capital.
Physical capital is land, buildings, equipment, raw materials. Bonds, stocks, available bank balances are included in the financial capital. They both make a great contribution to production.
To group capital into fixed capital and circulating capital is common practice1. The former refers to means of production such as land, buildings, machinery and various equipment. They are durable, that is, they participate in the production process over several years. Circulating capital includes both non-renewable goods, such as raw materials and fuel, and the funds required to pay wages and other claims against2 the enterprise. Non-renewable goods are used up in one production cycle and their value is fully transferred to the final product.
Human capital is knowledge that contributes "know-how" to production. It is increased by research and disseminated through education. Investment in human capital results in new, technically improved, products and production processes which improve economic efficiency. Like physical capital, human capital is important enough to be an indicator of economic development of a nation.
It is common, in economics, to understand labour as an effort needed to satisfy human needs. It is one of the three leading elements of production. Labour has a variety of functions: production of raw materials, manufacturing of final products, transferring things from one place to another, management of production, and services like the ones rendered by physicians and teachers.
One can classify labour into productive and unproductive. The former produces physical objects having utility. The latter is useful but does not produce material wealth. Labour of the musician is an example.
Unlike other factors of production, for example capital, when workers are employed, their efficiency can vary greatly with organization of work and their motivation.
Demand for labour is influenced by the demand for goods produced by workers, the proportion of wages in total production costs, etc. The supply of labour depends upon the size of population, geographic mobility, skills, education level (human capital), etc. Workers supply labour either individually or through trade unions. If demand for and supply of labour are not in equilibrium, there is unemployment. The rate of unemployment is a percentage of the total labour force without a job. It is desirable for an economy to have the lowest possible unemployment rate and to achieve higher employment as neither full use of resources nor maximum level of output can be achieved in an economy having unemployment.
Factors of production are combined together in different proportions in order to produce output. It is assumed in economics that one should choose the combination of factors which minimizes the cost of production and increases profits.
The third factor of production, natural resources, poses too many economic problems3 to be discussed here. We will analyze them in the following unit.
2. Укажите, какие предложения не соответствуют содержанию текста Factors of Production: Capital and Labour. Дайте правильный вариант.
1. In economics, the term "capital" refers to labour and natural resources used to produce goods.
2. Physical capital is more important for production than financial one.
3. Fixed capital includes such durable means of production as land, buildings, machinery, and equipment.
4. Unproductive labour is less important for society than productive one.
5. Labour efficiency can vary greatly from one enterprise to another depending on management of work and workers' motivation.
6. The demand for labour depends on the size of population, geographic mobility and human capital.
7. It is possible for an economy to achieve full employment.
3. Выберите подходящее по смыслу слово из предлагаемых в скобках вариантов и переведите предложения на русский язык .
1. {Like/ Unlike) physical capital, human capital is expensive.
2. A man's budget constraint is determined by the total amount of time {following / available) over a given period such as a day, a month, a year.
3. Individuals can {either/neither) spend their income on consumption {or / nor) save it.
4. A person has an income which allows him to consume {efficient/ various) goods and services and live in a particular neighbourhood (район).
5. In labour markets many aspects are regulated: paid holidays, the length of working day and week and other aspects of the {employment / contribution) relationship.
6. Changing policies {require/vary with) constant updating (обновление) of statistical systems.
ВАРИАНТ 6
1. Прочитайте и переведите текст на русский язык.
Factors of Production: Natural Resources and Land
Economists consider natural resources to be the third factor of production. They are a contribution to productive activity made by land (for example, a factory site or farm location), raw materials such as iron ore, timber, oil, water for crops and power production, forests and animals.
Some natural resources, wheat, for example, are renewable, others such as iron ore are non-renewable and will sooner or later be used up. Economists know reduced supplies of non-renewable resources to result in their higher prices, which provides an incentive to look for natural or synthetic substitutes for them.
The supply of land, an essential natural resource, is limited and it cannot ; be easily increased to meet an increase in demand except in certain cases. For example, the Dutch have been able to reclaim from the sea' some areas of low-lying land.
Another essential characteristic of land is that it is durable, that is, land is not used up in the production process, although it may be depleted by use.
Land is, in some respects, close to physical capital, though the former is supplied by nature and the latter is produced by man. But applying labour to kill weeds or fertiliser to improve the soil, farmers can "produce" better land and raise its price.
Price of or income from land, as well as from other natural resources, is called rent. Land itself has no cost of production, so rent depends on the degree of scarcity and on the demand for it.
The purposes for which land is used are due to its characteristics. Land can be used for housing or offices, for mining, or for building roads. Besides, it contributes to the production of crops, providing an environment that supplies water, air, and nutrients for plant growth.
Land is a unique agricultural resource, so a lot of management problems arise. In the first place3, the farmer has to make a choice between buying and leasing it. The advantages and disadvantages depend on the farmer's financial position, on the availability of land for lease and purchase and some other factors.
Because purchasing land usually requires a larger capital, farmers with limited capital lease land and use their capital for machinery and other resources.
Economists consider a satisfactory lease to be the one that is profitable both for the landowner and the tenant. A fair lease compensates both parties in proportion to their contributions to the farm business.
Other management problems may arise due to differences in land profitability in various farming branches and other industries. Economists know different crops and classes of animals to vary in profitability. The farmer has to study thoroughly the conditions on his farm to make a correct choice between alternative uses.
Although the total supply of land is limited, its allocation between industries is not. If a government wants to stimulate, for example, either housing or afforestation4, it offers a subsidy raising the renueceived by owners of housing land or forests. This may create incentives for farmers to transfer land from farming to other industries.
2. Выберите подходящее по смыслу слово из предлагаемых в скобках вариантов и переведите предложения на русский язык.
1. (Provided / although) an economist knows of services which people (provide/purchase) not for money, he is not interested in these services.
2. On the labour market the seller may be {providing / looking for) a buyer as much as the buyer (provides / looks for) the seller.
3. Advanced economies may (be due / vary) greatly (to / in) the importance of their governments for economic development.
4. If an industry's demand for resources is (supplied / met) in (due / due to) time, we can expect the industry to develop at a rapid rate (быстрыми темпами).
5. The US economists expect agriculture (profitable /profitability) to grow rapidly in the near future.
6. The government feels housing in the (area / environment) requires improvement.
7. In the first years of perestroyka an enormous housing programme was adopted. The government pledged (торжественно обещать) to (provide I supply) a flat or house for each family by the year of 2000.
3. Заполните пропуски следующими словами и словосочетаниями в соответствующей форме и переведите предложения на русский язык:
profitable, though (2), conditions (2), to meet the demands, although, lease, rent, advantage, disadvantage, purchase, to provide, besides
1. After the 1973 shock rise in oil prices firms tried to stay in business for : some time,... they were given a new blow by the second sharp rise in oil prices in 1980-81.
2. Economic statistics have to.........of various potential users.
3. Industry-specific human capital has both ... and.......experienced
workers get higher wages, they may have difficulty in finding a job if their human capital has become of no or little value.
4. Economic ... are constantly changing.
5. With risen prices for oil, producers find it ... to do research on substitute sources of energy.
6. To analyze the labour market, an economist should first explain how and under which ... people allocate their time to business, which means he should study the supply of labour. ..., he should decide how firms employ labour, which means he should study demand for labour.
7. Part of national income is spent on the ... of imported goods and services ... it should not exceed a certain share of it.
8. Transfer of surplus labour from agriculture to industry can ... a source of economic growth.
9. ... is a contract under which the owner of a building, machinery, land, etc. lets someone use his asset for a specified period of time in return for periodic payments of....
ВАРИАНТ 7
1. Прочитайте и переведите текст на русский язык.
Circular Flow of Payments and National Income
To have a glimpse in the working of the economy as a whole may be of use to a student of economics.
In every economy there are lots of households to supply labour and capital to firms that use them to produce goods and services. Firms provide incomes for households, who in turn1 use this money to purchase the goods and services produced by firms. This process is called the circular flow of payments2.
The gross domestic product (GDP) is the total money value of all final goods produced in the domestic economy over a one-year period. The GDP can be measured in three ways: (a) the sum of the value added3 in the production within a year, (b) the sum of incomes received from producing the year's output, (c) the sum to spend on the year's domestic output of goods and services.
The total money value of all final goods and services in an economy over a one-year period, that is the GDP, plus property income from abroad (interest, rent, dividends and profits) make the gross national product (GNP). The GNP is an important measure of a country's economic well-being, while the GNP per head provides a measure of the average standard of living of the country's people. However, this is only an average measure of what people get. The goods and services available to particular individuals depend on the income distribution within the economy.
Wfe now recognize that assets wear out in the production process either physically or become obsolete. This process is known as depreciation. There has to be part of the economy's gross output to replace existing capital, and this part of gross output is not available for consumption, investment, government spending, or exports. So we subtract depreciation from the GNP to arrive at national income.
National income measures the amount of money the economy has available for spending on goods and services after setting aside enough money4 to replace resources used up in the production process.
Since output is determined by demand, the aggregate demand or spending plans of households and firms determine the level of the output produced, which in turn makes up the income available to households and firms. Aggregate demand is the amount to be spent by firms and households on goods and services.
Governments also intervene in the circular flow of income and payments. They buy a considerable part of the total output of goods and services in an economy adding their demand to the demand of the private sector. Since government spending is a large component of aggregate demand, and since taxes affect the amount households and companies have for spending, government spending and taxation decisions, which are referred to as5 fiscal policy, have major effects on aggregate demand and output.
2. Выберите подходящее по смыслу слово из предлагаемых в скобках вариантов и переведите предложения на русский язык .
1. The (measure/ way) in which the European Union's statistical system is adapting to requirements of the 21st century is of importance both inside and outside the European Union.
2. The marginal product of labour is how much each extra worker (adds to / makes up) total output.
3. In a dynamic political society old statistic systems have to be (replaced/determined) by new ones.
4. If a person can do what he wishes with his own (property / output), time, and energy, then economists say that he is economically free.
5. The price of a good in a market is (determined / measured) by the law of demand and supply.
6. (Gross / aggregate) demand is the total amount of (spending/depreciation) on (final/domestic) goods and services.
3. Переведите предложения на русский язык, обращая внимание на использование инфинитива.
1. Stabilization policy is government actions to control the level of output in order to keep the GNP close to its full-employment level.
2. Although money is a helpful tool to measure output, there may arise certain difficulties.
3. Acting through their governments, societies can decide how much they want to take measures to change the distribution of income.
4. Economists consider capital to be the property owned by an individual or corporation at a given time.
5. Governments regulate the level of aggregate demand in order to maintain full employment and stimulate economic growth.
6. As taxes affect levels of prices for various groups of goods, they influence the way to allocate resources in the economy.
7. To calculate depreciation is necessary in order to know the value of the assets of an enterprise.
ВАРИАНТ 8
1. Прочитайте и переведите текст на русский язык.
Money and Its Functions
Money has four functions: a medium of exchange or means of payment, a store of value, a unit of account and a standard of deferred payment. When used as a medium of exchange, money is considered to be distinguished from other assets.
Money as the medium of exchange is believed to be used in one half of almost all exchange. Workers exchange labour for money, people buy or sell goods in exchange for money as well.
People do not accept money to consume it directly but because it can subsequently be used to buy things they wish to consume. To see the advantages of a medium of exchange, imagine a barter economy, that is, an economy having no medium of exchange. Goods are traded directly or swapped for other goods. The seller and the buyer each must want something the other has to offer. Trading is very expensive. People spend a lot of time and effort finding others with whom they can make swaps. Nowadays, there exist actually no purely barter economies, but economies nearer to or farther from the barter type. The closer is the economy to the barter type, the more waste-fu1 it is.
Serving as a medium of exchange is believed to have for centuries been an essential function of money.
The unit of account is the unit in which prices are quoted' and accounts are kept. In the USA, for instance, prices are quoted in US dollars, in Japan, in yen. It is usually convenient to use the same unit to measure the medium of exchange as well as to quote prices and keep accounts in. However, there may be exceptions. During the rapid German inflation of 1922-23 when prices in marks were changing very quickly, German shopkeepers found it more convenient to use US dollars as the unit of account. Prices were quoted in dollars though payment was made in marks. The same goes for2 Russia and other post-communist economies who used the US dollar as a unit of account, keeping their national currencies as means of actual payment. The higher is the inflation rate, the greater is the probability of introducing a temporary unit of account alongside the existing units for measuring medium of exchange.
Money is a store of value, for it can be used to make purchases in future. For money to be accepted in exchange, it has to be a store of value. Unless suitable for buying goods with tomorrow, money will not be accepted as payments for the goods supplied today. But money is neither the only nor necessarily the best store of value. Houses, stamp collections, and interest-bearing bank accounts all serve as stores of value.
Finally, money serves as a standard of deferred payment or a unit of account over time. When money is borrowed, the amount to be repaid next year is measured in units of national currency, pounds of sterling for the United Kingdom, for example. Although convenient, this is not an essential function of money. UK citizens can get bank loans specifying in dollars the amount that must be repaid next year.
Thus, the key feature of money is its use as a medium of exchange. For money to be used successfully as a means of exchange, it must be a store of value as well. And it is usually, though not always, convenient to make money the unit of account and standard of deferred payment.
2. Выберите подходящее по смыслу слово из предлагаемых в скобках вариантов и переведите предложения на русский язык .
1. Pounds (фунт) and ounces (унция) were traditional measures widely used in Britain, often (alongside / besides) metric measures before 2000.
2. Barter economies are believed to be more (convenient / wasteful) than the ones based on money.
3. We (distinguish between / accept both) real and nominal GNP.
4. (The exchange rate / barter) is known to be regulated by the Central Bank.
5. When measured, depreciation should be subtracted (вычитать) from the GN P to give a clear picture of the output that is (temporarily / actually) available for national consumption.
6. Initially, gold and other valuable metals were used (to keep an account of/to store) wealth over time.
7. Large firms are supposed to have a better chance of obtaining a loan from a bank than smaller firms, though there may be (exceptions / exchanges).
3. Раскройте скобки и употребите инфинитив в соответствующей форме и переведите предложения на русский язык .
1. All bank-notes and coins must {to accept) at their full nominal value without restriction.
2. Bank-note paper can easily {to distinguish) from ordinary paper.
3. We know a great variety of commodities {to use) at one time or another as a medium of exchange.
4. Cheques and credit cards are known {to become) more popular in recent years than paper money and coins.
5. New technologies are said {to allow) people with bank accounts to pay for their purchases in shops through videotext TV.
6. The Moscow Interbank Currency Exchange is known {to provide) a basis for determining the exchange rate of rouble against other currencies in the 1990s.
ВАРИАНТ 9
1. Прочитайте и переведите текст на русский язык.
Introduction to Banking and Financial Markets
A commercial bank borrows money from the public, crediting them with a deposit. The deposit is a liability of the bank. It is the money owed to depositors. In turn the bank lends money to firms, households, or governments wishing to borrow.
Commercial banks are financial intermediaries with a government license to make loans and issue deposits, including deposits against which cheques can be written1.
Major important banks in most countries are included in the clearing system in which debts between banks are settled by adding up all the transactions in a given period and paying only the net amounts needed to balance inter-bank accounts2.
The balance sheet of a bank includes assets and liabilities. We begin by discussing the asset side of the balance sheet.
Cash assets are notes and coins kept in their vaults3 and deposited with the Central Bank. The balance sheet also shows money lent out or used to purchase short-term interest-earning assets such as loans and bills. Bills are financial assets to be repurchased by the original borrower within a year or less. Loans refer to lending to households and firms and are to be repaid by a certain date. Loans appear to be the major share of bank lending. Securities show bank purchases of interest-bearing long-term financial assets. These can be government bonds or industrial shares. Since these assets are traded daily on the Stock Exchange, these securities seem to be easy to cash whenever the bank wishes, though their price fluctuates from day to day.
We now examine the liability side of the balance sheet which includes, mainly, deposits. The two most important kinds of deposits are sure to be sight deposits and time deposits. Sight deposits can be withdrawn on sight4 whenever the depositor wishes. These are the accounts against which we write cheques, thus withdrawing money without giving the bank any warning. Therefore, most banks do not pay interest on sight deposits, or chequing accounts.
Before time deposits can be withdrawn, a minimum period of notification must be given within which banks can sell off some of their high-interest securities or call in some of their high-interest loans in order to have the money to pay out depositors. Therefore, banks usually pay interest on time deposits. Apart from deposits banks usually have some other liabilities as, for instance, deposits in foreign currency, cheques in the process of clearance and others.
2. Выберите подходящее по смыслу слово из предлагаемых в скобках вариантов и переведите предложения на русский язык .
1. (Whenever/ elsewhere) a man has to (issue a deposit / settle a debt) or make a purchase, he can do it with either cash or a (time deposit/ chequing account).
2. Bank notes bring in no (interest/profit) at all.
3. The (temporary / net) suppliers of loan funds are households whereas business firms and the government are the main (temporary /net) de-manders of loans.
4. (Liability/clearance) function is performed in commodities markets by the International Commodities Clearing House (Международная расчетная палата).
5. There are enough workers in the factory to (owe / handle) all the available machinery.
6. It is typical to (issue / withdraw) bonds for the period of several years.
7. The bank (borrows/ lends) the (deposited/ withdrawn) money to customers who need capital.
8. Cheques may be written not only against bank (securities/deposits) but also against (interest-bearing/ net) building society accounts.
9. Nowadays a bank's main function is to be an intermediary between (lenders/ depositors) and borrowers.
10. It does not make sense (He имеет смысла) for two banks to make two inter-bank (clearing/ transactions). They calculate the (debt/net) flows and settle them.
3. Заполните пропуски в предложениях и употребите следующие слова и словосочетания в соответствующей форме и переведите предложения на русский язык :
to owe, liability, to undertake, therefore (2), interest (2), to settle debts, chequing account, securities, net, bill, to handle transactions
1. The purpose of money is to make it possible for firms and individuals ..........
2. Facing (Сталкиваясь с) an unstoppable rise in unemployment in the early 1980s, many European economists simply accepted it as structural, and ... it could not be influenced by policy-makers.
3. Employers (Наниматели) obtain their ... profits only after they have paid all expenses: ..., wages, rents, and others.
4. The household sector of American economy holds about one-third of the nation's......money, which makes up nearly 80 percent of the total amount of money.
5. Most... are bought for an amount less than their face value (нарицательная стоимость) and the difference between the two makes up the ....
6. The clearing house system is a centralized mechanism for......between
banks, sellers of commodities and financial ... .
7. A ... is something a business or an individual ... to another business or individual.
8. A woman may work hard at home, but she receives no wages for this work. It is not... labour in terms of economics.
9. If there exists a stock market, transactions can......over the telephone.
ВАРИАНТ 10
1. Прочитайте и переведите текст на русский язык.
Inflation
Inflation is a steady rise in the average price and wage level. The rise in wages being high enough to raise costs of production, prices grow further resulting in a higher rate of inflation and, finally, in an inflationary spiral. Periods when inflation rates are very large are referred to as' hyperinflation.
The causes of inflation are rather complicated, and there is a number of theories explaining them. Monetarists, such as Milton Friedman, say that inflation is caused by too rapid increase in money supply and the corresponding excess demand for goods.
Therefore, monetarists consider due government control of money supply to be able to restrict inflation rates. They also believe the high rate of unemployment to be likely to restrain claims for higher wages. People having jobs accept the wages they are being paid, the inflationary spiral being kept under control. This situation also accounts for rather slow increase in aggregate demand.
On the other hand, Keynesians, that is, economists following the theory of John M. Keynes, suppose inflation to be due to processes occurring in money circulation. They say that low inflation and unemployment rates can be ensured by adopting a tight incomes policy.
Incomes policies, though, monetarists argue, may temporarily speed up the transition to a lower inflation rate but they are unlikely to succeed in the long run2.
The costs of inflation depend on whether it was anticipated and on the extent to which the economy's institutions allow complete inflation adjustment.
The longer inflation continues, the more the economy learns to live with it. Indexation is a means to reduce the costs of some inflation effects. Indexed wages or loans mean that the amount to be paid or repaid will rise with the price level. Indexation has already been introduced in countries that had to live with inflation rates of 30 or 40 percent for years. And the more countries adjust their economies to cope with inflation, the closer they come to hyperinflation. Indexation means that high rates of inflation are much more likely to continue and even to increase.
2. Выберите подходящее по смыслу слово из предлагаемых в скобках вариантов. Переведите предложения на русский язык.
1. In the United Kingdom in the 1970s the Labour government tried to reduce the difference between high-wage jobs and low-wage jobs by (adopting/ arguing) an incomes policy that allowed an absolute rather than a percentage increase. £6 a week (causes / means) much more to a worker earning £40 a week than to a worker earning £100 a week.
2. Pensions and other social payments are raised every year by the rate corresponding to the rate of (any / anticipated) inflation.
3. The 1973 rise of oil prices (caused / sped) only a little extra unemployment but a lot of extra inflation, and the 1979-80 price shock (occurred/ caused) much more extra unemployment but (whether/rather) low increase in inflation.
4. Taxing the rich and transferring the funds to the poor, the government (adjusts / ensures) that the poor get more of what is produced.
5. Without (means/ indexation), it is costly (дорого) to live with high inflation rates.
6. The quantity theory of money (argues/means) that changes in prices (occur/are caused) mainly by equivalent changes in money supply.
7. In practice the distinction between land and capital is (though/rather) uncertain.
8. The output of new ideas depends to a large (extent/ number) on the resources allocated for them.
3. Заполните пропуски в предложениях, употребив следующие слова и словосочетания в соответствующей форме и переведите предложения на русский язык :
temporary, tight, to account for, to mean, inflation rate, to adjust (2), adjustment, to anticipate, indexation, to speed up, hyperinflation, to cope with, to argue, money supply
1. The incomes policy is known to be a ... means of......the ... of wages to growing money supply.
2. ... regulation of the Central Bank, it is argued, will prevent (предотвращать) sudden increases in.......
3. The situation is referred to as ..., provided the......per month is about 50 percent for several months in succession (подряд).
4. Before 1971 banks rarely ... interest rates on deposits. This ... that a rise in inflation reduced the real interest rate on all deposits with fixed interest rate.
5. Even when inflation is perfectly..., and the economy is fully... to inflation, it is impossible to......all its costs.
6. ... cannot cope with all the costs of high inflation.
7. The rich industrial countries comprising the United States, Western Europe, Canada, and Japan...... 16 percent of world population.
8. The report... that many of the world's resources were in limited supply and would be used up within 100 years.