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IX. Make up your own dialogue using the following expressions:

foreign-exchange markets to exchange currency

the demand for foreign currency the supply of foreign exchange

exchange rate domestic prices

to eliminate fluctuations to fix exchange rates

gold standard flexible exchange rates

X. Change the following complex sentences into simple ones using the Absolute Participle Complex:

Model: As the weather was fine, we went for a walk. The weather being fine, we went for a walk. 1. As the problem was complicated, we decided to meet again on the following day. 2. As there was one way to eliminate fluctuations in exchange rates, each country had to define the «worth» of its currency. 3. As the US dollar was equal to 0.0294 ounces of gold, the British pound was defined as being worth 0.0823 ounces of gold. 4. As the exchange rate was flexible, the quantity of foreign exchange demanded equalled the quantity supplied. 5. As it was a balance-of-payment deficit, there was an excess demand for foreign currency at current exchange rates.

XI. Read and translate these sentenses. Pay attention to the use of the Absolute Participle Complex:

1. It being Saturday, everyone went out of town. 2. Time permitting we shall meet tomorrow. 3. The conference over,

the delegation returned to the country. 4. His voice trembling, he fried to explain everything. 5. Weather permitting, we'll spend our weekend in the forest.

XII. Translate into English using the Absolute Participle Complex:

1. SIkiho Kypc sanioTW OAHiei KpaVmi 3HH3HTbcn, Kypc Banio-Tii iHUjoT Kpa'iHM 3pocte. 2. OcKinbKM 6yno CKnaflHO BH3HaHn™ BanioTHMM Kypc, mm BHpiujHnu peTenbHiwe npoaHan'i3yBaTH cMTyaujio. 3. Konn see 6yno BMpiweHo, y^acHHKM KOH<ЈepeHu,ii' 3annujnnn 3an 3aciAanb. 4. Hepe3 te uj.o Tene0OH 6ye He-cnpaBHMii, a we Mir 3aienecboHyBaTM bsm.

XIII. Communicative situations:

  1. Speak about gold-exchange standard.

  2. Speak about the sources that influence exchange rates.

Lesson 31 mTERNATIOflAL TRADE

I. Read and memorize the following words, word-combinations and word-groups:

trade deficit — aecbiu,MT roproBenbHoro 6anaHcy

e.g. The amount by which the value of imports exceeds the value of exports in a given time period is a trade deficit.

trade surplus — aKTMBHe canbAo roproBenbHoro 6anaHcy

e.g. The amount by which the value of exports exceeds the value of imports in a given time period is a trade surplus.

domestic industries — HanionaJibHa eKOMOMiKa

e.g. Microeconomic resistance to international trade arises from the (act that imports mean (ewer jobs and less income for some domestic industries.

mix of output — HOMemtnaTypa npoAyKu.fi

e.g. Trade not only alters the mix of output but also redistributes income from import-competing industries to export industries,

embargo — eM6apro

e.g. An embargo is nothing more than a prohibition against trading particular goods.

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tariff — T3pncЈ

e.g. One of the most popular and visible restrictions on trade is the tariff, a special tax imposed on imported goods.

quota — KBOTa

e.g. A country can impose quotas, restrictions on the quantity of a particular good that may be imported.

trade-adjustment assistance — KOMneHcauja Bipar Bifl Mijwna-poflHoi' ropriBni

e.g. Compensation to market participants for losses imposed by international trade is a trade-adjustment assistance.

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