Is recovery inevitable after recession?

What is the role of the government in the business cycle?

Assignment 2

Suggest the Russian equivalents for the expressions and word-combinations given below.

Grow at a steady rate over many years; the climb up the hill of economic growth is complicated; many short-term steps; the economy goes through a cycle of growth and recession; business cycle has four stages: boom, slump, recession and recovery; companies have to take on more staff in order to meet demand; consumers feel confident about spending; interest rates are reasonable, and people take out loans; companies invest in new capital, and businesses grow; be very careful during the boom, because boom economies are always in danger of overheating; inflation will eventually bring good times to the end; to put up interest rates in order to slow down borrowing; people with mortgages have to spend more money to pay off their debts; higher interest rates discourage business investment; recession is inevitable; the government have to act quickly enough; the first thing is to lay off staff; some companies may go bankrupt and close; the government needs to spend more on providing unemployment benefits; people may be out of work for a number of years in the worst recessions; a recession exists when the current rate of growth falls below the long-term rate of growth; the economy actually shrinks; recovery will come eventually; confidence returns, investment grows, and the cycle begins again.

Assignment 3

Translate the sentences into Russian.

The large scale transfer of ownership of industry from the public sector to the private sector has led to an important increase in the individual ownership of shares.

In recent years the government has provided financial assistance towards the costs of developments in micro-electronics, office automation, computer-aided design, robots and aerospace.

In many countries economic development has led to periods of rapid population growth.

Competition between firms will lead to the elimination of firms which are unable to change their products and their methods of production.

Consumers are assumed to wish to maximize their utility of satisfaction while firms are assumed to maximize their short-run profits.

Assignment 4

Do you think it is impossible for any economy to grow permanently? Give your arguments.