4. Перепишіть речення. Виберіть правильний переклад підкреслених слів. Перекладіть речення.

9. To tax is to impose a financial charge upon a taxpayer (an individual or legal entity) by a state.

10. A sales tax is levied on consumer purchases of nearly all products.

a) податковий; b) податок; с) оподатковувати; d) оподаткування.

11. Private proper­ty provides the owners of property with the right to income from that property.

12. A person's or organization's income is the money that they earn or receive, as opposed to the money that they have to spend or pay out.

1. дохідний; b) дохід; с) отримувати дохід.

5. Перепишіть наступні словосполучення. Перекладіть їх, звертаючи увагу на префікси.

Redistribution of income, indirect taxation, to undertake economic activity; unexpected expenditures; overwhelming amount; disability insurance; interchangeable assets.

6. Перепишіть наступні слова і перекладіть їх. Підберіть синоніми до них.

1. expenditures	a) wages
2. own	b) predict
3. salary	c) influence
4. scarcity	d) possess
5. forecast	e) manufacture
6. restriction	f) rivalry
7. affect	g) cooperation
8. interaction	h) shortage
9. produce	i) limitation
10. competition	j) expenses

7. Перепишіть наступні слова і перекладіть їх. Підберіть антоніми до них.

1. private	a) poverty
2. save	b) spend
3. wealth	c) substantial
4. insignificant	d) public
5. borrow	e) fire
6. hire	f) lend

8. Перепишіть і письмово перекладіть текст зі словником.

Budgets and Fiscal Policy

Budgets are systems used by governments and organizations to indicate planned expenditures and revenues for a given year. Budgets are in surplus or deficit depending on whether the government has revenues greater or less than its expenditures.

Fiscal policy refers to taxation and expenditure policies. In this connection, the modern economy is blessed with important “built-in stabilizers”. Requiring no discretionary action, tax receipts change automatically when income changes, reducing the multiplier and offsetting part of any disturbance. The same stabilizing effect is produced by unemployment compensation and other welfare transfers that grow automatically as income falls.

Automatic stabilizers never fully offset the instabilities of an economy. They reduce the multiplier, but do not make it zero. Scope is left for discretionary programs. Discretionary policies include public works, jobs programs, and various tax programs. Public works involve such long time lags in getting under way as to make their use for combating short recessions impractical. Most macroeconomists believe that monetary policy is more useful than fiscal policy for combating the short-term fluctuations of the business cycle.

To get a better measure of changes in discretionary fiscal policy, economists supplement knowledge of the budget by separating the actual budget into its structural and cyclical components. The structural budget calculates how much the government would collect and spend if the economy were operating at potential output. The cyclical budget accounts for the impact of the business cycle on tax revenues, expenditures, and the deficit. To assess the impact of usual policy on the economy, we should pay close attention to the structural deficit: changes in the cyclical deficit are a result of changes in the economy rather than a cause of changes in the economy.