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Латыгина Базовый курс економики на англ.doc
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Exercises in Comprehension Ex.1. Answer the following questions:

  1. What is money?

  2. What objects did different groups of people use as money many years ago?

  3. What are the most commonly used objects today?

  4. What are the main characteristics of money?

  5. What functions must money perform?

  6. Why is money used as a medium of exchange?

  7. Why does money serve as a measure of value?

  8. Why can money be characterized as a store of value?

  9. What do you enjoy spending money on?

  10. How do you feel about borrowing money? Would you worry about being in debt?

Ex.2. Fill in the correct name for the different forms of money.

  1. The money an employee earns

_____________

  1. The money a blue-collar worker gets

_____________

  1. The money paid to a doctor or a lawyer for his services

_____________

  1. The money pensioners get every month

_____________

  1. The financial support a student gets at a university

_____________

  1. Shareholders get this money once a year

_____________

  1. An employee who is made redundant gets this money

_____________

  1. The price of a flat/house paid to the owner every month

_____________

  1. The money a company makes at the end of a successful year

_____________

  1. Money we all pay to the government in one way or another

_____________

tax, salary, fee, wage, profit, rent, pension, scholarship, dividend, redundancy payment

Ex.3. Indicate whether each of the following statements is true or false.

  1. A barter system is a system of exchange in which goods or services are traded directly for other goods and services.

  2. Primitive societies use the barter system to exchange goods and services.

  3. Whale’s teeth were once used as a medium of exchange.

  4. Money is a common denominator that is used to compare products for purchase.

  5. Spending money on a new car is an example of how money represents a store of value.

  6. Stored money is protected from inflation.

  7. When money retains its value over time, it has stability.

  8. Exchanging goods for goods is called a measure of value.

Ex.4. Sum up what you remember about money:

  1. as a medium of exchange;

  2. as a measure of value;

  3. as a store of value.

Grammar Revision grammar progress test IV (modal verbs) Ex.1. Complete each sentence so that it contains can, must, should, have to, could, may, ought to (including negative forms).

  1. You _____ worry about your promotion.

  2. You ______ to come in early tomorrow.

  3. He is always buying useless things. He _____ make a lot of money.

  4. You ______ realise that the company is in serious trouble.

  5. Applications ______ be sent before 1 September.

  6. All managers _______ report to the Director who is responsible for making decisions.

  7. You ______ give up smoking.

  8. I think we ______ pay in advance.

  9. You ______ disturb the manager while he is working.

  10. ______ I use your phone?

  11. ______ I stop work early today?

  12. ______ I pay him tomorrow?

  13. Before you travel to Great Britain, you ______ get a visa.

  14. Mary isn’t here. She ______ be drinking coffee in the canteen.

  15. You ______ record this interview on tape.

  16. You ______ telephone from my office.

  17. I _______ buy a fresh newspaper. The boss asked me to get one.

  18. She ______ understand what he was doing.

  19. This ______ be right. He has certainly made a mistake in translation.

  20. She ______ get a rise in salary this month but I am not certain.

  21. You _____ work better if you want to finish this work on time.

  22. Your manager was very kind to me. I ______ write him a letter of thanks.

  23. You ______ do it now, it can wait till later.

  24. He _______ pass a special exam to be a CPA.

  25. He ______ pay in cash because he had left his credit card in the office.