4. Find in the text English equivalents for the following

від імені уряду; кредитно-грошова політика; для заохочення витрат; операції на відкритому ринку; резервні вимоги; касовий резерв; надлишкові резерви; необхідна резервна норма (рівень резервних вимог); створювати гроші; грошовий мультиплікатор; зворотньо пропорційний; понад резервну норму; дисконтна (облікова) ставка; підвищена ставка; вилучати гроші

5. Explain in English

a money multiplier; required reserves; excess reserves; a required reserve ratio; a discount rate

6. Answer the questions

1. What is the aim of monetary policy?

2. Why is it important to control the money supply?

3. Dwell on open market operations.

4. Explain the creation of money by commercial banks. What does a money multiplier show?

5. Why does the Bank impose a reserve requirement? What's the effect of the Bank imposing a reserve requirement?

6. Why does a reserve requirement act like a tax on banks?

7. What is a discount rate? How does it work?

7. Translate Into English using all the active possible

1. Основною метою кредитно-грошової політики є допомога економіці в досягненні загального рівня виробництва, що характеризується повною зайнятістю і відсутністю інфляції. Мета кредитно-грошової політики - зміна грошової пропозиції для стабілізації сукупного обсягу виробництва, зайнятості і рівня цін. Більш конкретно: кредитно-грошова політика викликає збільшення грошової пропозиції під час спаду для заохочення витрат, а під час інфляції, навпаки, обмежує пропозицію грошей для обмеження витрат.

2. Існують три основних засоби кредитно-грошового контролю: операції на відкритому ринку, зміна резервної норми і зміна дисконтної ставки.

3. Операції на відкритому ринку - найбільш важливий засіб контролю грошової пропозиції. Цей термін відноситься до покупки і продажу державних облігацій центральним банком на відкритому ринку, тобто до покупки і продажу облігацій комерційним банкам і населенню в цілому.

4. При зміні резервної норми міняється величина грошового мультиплікатора і, отже, грошова пропозиція. В основі грошового мультиплікатора лежить той факт, що резерви, загублені одним банком, одержує інший.

5. Подібно тому, як комерційні банки стягують процентні платежі по своїх позичках, центральний банк стягує процентні платежі по позичках, наданим комерційним банкам. Така ставка відсотка називається дисконтною ставкою.

6. Зниження дисконтної ставки заохочує комерційні банки до придбання додаткових резервів шляхом запозичення в центральному банкі.

7. Готовність банків давати позички на основі надлишкових резервів періодично міняється, і в цьому криється причина державного контролю за грошовою пропозицією з метою забезпечити економічну стабільність.

Grammar

1. Revision of tenses

SIMPLE	CONTINUOUS	PERFECT
Permanent, habitual actions or states. Universal truth (present). Finished actions in the past and spontaneous actions in the future.	Actions taking place at the particular moment, process. Actions happening about pointed time but not necessarily at the moment of speaking. The nearest future ( for Present Continuous) + to be going to ( intention). frequently repeated actions annoying the speaker with always.	Action completed to the particular moment and the result not the action itself is important. Action that has ever/never been experienced. Action that began in the past and is still continuing or has only just finished (Perfect Continuous is also possible).
Active: Present: V0, V-s/-es (do, does) Past: V2 (did + V0) Future: shall/will + V0 Passive: to be + V3	Active: to be + V-ing Passive: to be being + V3	Active: to have + V3 Passive: to have been + V3
Adverbial modifiers
Always sometimes usually never ever seldom rarely often regularly occasionally yesterday tomorrow in 1966 the other day during the war this(week, month, year) last(week, month, year) next(week, month, year)	At the moment now at 5 o’clock yesterday when he came while I was reading from …. till…. Note: verbs of the senses, feelings and emotions, mental activity, possession and sometimes auxiliaries are not normally used in the continuous tenses	Already/yet ever never often just lately recently by 5 o’clock by the end of the week before you came for since

Ex.1. Complete the sentences with the correct tenses.

1. "How do you start work on a film?" "I (read) the script and make notes."

2. "I (make) notes of our interview. I hope you don't mind." "No, that's OK."

3. 'What languages (you speak)?" "English, French and Spanish."

4. "I'm glad we (do) this interview in English. My French isn't very good."

5. "Who (play) that guitar?" "My son, when he has time."

6. "Who (play) the piano upstairs?" "My sister. She's got a concert tomorrow."

7. "What (she play)?" "I think it's a piece by Mozart."

8. "(she play) anything else?" "The violin. She's very musical."

9. "Your daughter is very keen on sport, isn't she?" "She (play) tennis."

10. "Where is she now?" "She (play) tennis, as usual."

11. "What's that delicious smell?" "My husband (cook)."

12. "Is that usual?" "Yes, normally I (shop) and my husband (cook)."

13. "What a lovely clock!" "It (not work), I'm afraid - it's been broken for years."

14. "Could I use your phone?" "I'm afraid it (not work) at the moment.

Ex.2. Complete the quotations with the verbs in the box.

come do(twice) get happen hate(twice) love make sing start teach wait wash

1. He who can, ______. He who cannot, __________. G.B.Shaw

2. It's not that I'm afraid to die. I just don't want to be there when it _____. Woody Allen

3. He's fanatically tidy. After he takes a bath, he ______ the soap. Hugh Leonard

4. Opera is when a guy _____ knifed in the back and, instead of bleeding, he _______. Ed Gardner

5. Never marry a man who _____ his mother; he'll end up hating you. Jill Bennett

6. The brain is a wonderful organ. It ______ working the moment you get up in the morning, and it _____ not stop until you get to the office. Robert Frost

7. A man who _____ whisky and _____ kids can't be all bad. W.C.Fields

8. The man who ______ no mistakes does not usually make anything. E.J.Phelps

9. Everything _____ to him who _______. Traditional

Ex.3. Put in the correct tense.

1. Vegetarians are people who (not eat) meat.

2. Look out! My husband (come).

3. Some people still think the sun (go) round the earth.

4. I (play) tennis every weekend.

5. Who (sit) in my chair?

6. What (happen) in golf if you lose the ball?

7. An alcoholic is a person who (drink) too much and can't stop.

8. Look! She (wear) the same shoes as me.

9. 'What (look) at?' 'A strange bird.'

10. I (stay) with John for a few weeks until my flat's ready.

11. We usually (stay) with Peggy when we go to Chicago.

12. Can you explain why water always (run) downhill?

13. What (do) with my coat?

14. Nobody (get) up early for fun.

15. Not many passenger planes (fly) faster than sound.

Ex.4. Put in the correct forms.

Dear Eileen

Hope things are OK with you. The doctor (1 come) yesterday. He (2 not like) my cough. I (3 lie) in bed looking at the ceiling since Tuesday, and I can tell you, I'm fed up with it. I (4 never be) ill like this before - don't know what's happening to me. And the weather's terrible. It (5 rain) all day, and I can't even have a cup of tea to cheer myself up, because the milkman (6 not come) this morning. Don't know why - I'm sure I (7 pay) his bill.

Alice (8 get) married last week, so now all Mary's kids (9 leave) home. She won't know what to do with herself, will she?

Lucy Watson (10 move) to Doncaster. Since Fred (11 die) she (12 be) all alone. It (13 be) a heart attack, apparently. I'm sorry she (14 go) - we (15 be) neighbours (16 since/for) over thirty years, and she (17 always be) friendly and ready to help out.

Amy (18 leave). My cleaning lady, you remember? I'm glad. She (19 not be) much use, and I (20 not trust) her since she (21 break) all those plates and (22 say) it (23 be) the cat.

Ther (24 not be) much change in the village. Some new people (25 take) over the shop. They seem quite nice. Hope they're more efficient than old Joe.

No more news. Write when you've got the time.

Love

Emma

Ex.5. Choose the right tenses (present perfect, past or past perfect; simple or progressive).

1. Reports are coming in that (crash) near Birmingham. According to eyewitnesses, it (hit) a concrete block which somebody (put) on the line.

2. Halfway to the office Paul (turn) round and (go) back home, because he (forget) to turn the gas off.

3. I (do) housework all day today. I (clean) every room in the house.

4. I (lie) in bed thinking about getting up when the doorbell (ring).

5. It wasn't surprising that she (start) getting toothache. She (not go) to the dentist for two years.

6. I (play) a lot of bridge recently.

7. When I (get) home everybody (watch) TV.

8. We (not see) your mother for ages.

9. How long (you learn) English?

10. London (change) a lot since we first (come) to live here.

11. 'How many times (you see) this film?' 'This is the first time I (see) it.'

12. "Who is that?' 'I (never see) him before in my life.'

13. I hear Joe (get) married last summer.

14. I (often wonder) where she (get) her money.

15. (You read) Pam Marshall's latest book?

16. They (just discover) a new fuel - it's half the price of petrol, and much cleaner.

17. (You hear) the storm last night?

18. My sister (be) married three times.

19. While she (talk) on the phone the children (start) fighting and (break) a window.

20. He used to talk to us for hours about all the interesting things he (do) in his life.

21. You know, she (stand) looking at that picture for the last twenty minutes.

22. The old cross (stand) on top of the hill as long as anybody can remember.

23. I (spend) a lot of time travelling since I (get) this new job.

24. When I (be) at school we all (study) Latin.

25. After he (finish) breakfast he (sit) down to write some letters.

26. When I (meet) him he (work) as a waiter for a year or so.

27. I (never learn) to ski.

28. (you finish) with the bathroom yet?

29. We (live) in Scotland until I (be) eighteen.

30. She (have) a hard life, but she's always smiling.

Ex.6. Choose the right tenses (present perfect, past or past perfect; simple or progressive).