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VII. Complete the following sentences:

1. Microeconomics is ... . 2. Macroeconomics deals with ... . 3. As a first step in understanding the macroeconomy we think of the economy as ... . 4. These sectors represent ... . 5. The sum of expenditures of these sectors is known as ... . 6. One sector of the macroeconomy is ... . 7. The basic unit in this sector is ... . 8. A second sector is ... . 9. It is the productive sector responsible for ... . 10. The government sector includes ... . 11. The foreign sector includes ... . 12. The United States exports ... .

VIII. Answer the following questions:

1. What does microeconomics deal with? 2. Macroeconomics, deals with large groups or aggregates, doesn’t it? 3. Why is GNP (Gross National Product) considered as macroeconomic concept? 4. What do the sectors of the macro-economy represent? 5. What is the basic unit in the consumer sector? 6. What is the business or investment sector made up of? 7. Is the business sector of the economy responsible for bringing the factors of production together to produce output? 8. What does the government, or public sector include? 9. Does the foreign sector include all consumers and producers external in the United States? 10. What does the United States export?

IX. Translate into English:

1. Мікроекономіка — це галузь економіки, зв’язана із прийнят­тям рішень та іншими діями самостійних господарських одиниць, які наділені правом приймати рішення. 2. Сума витрат секторів макро-економіки відома як сукупний попит. 3. Основна одиниця споживчого сектору — домашнє господарство. 4. До складу сектору бізнесу або капіталовкладень входять одноосібна власність, партнерство та корпо­рації. 5. Третій сектор макроекономіки — це урядовий або громадський сектор, який включає місцевий уряд, уряд штату та федеральний уряд. 6. До складу зовнішнього сектору входять усі споживачі та виробники за межами Сполучених Штатів.

X. Replace the Ukrainian words and phrases by suitable English

equivalents in the correct form. Retell the passage:

(Макроекономіка) is the study of the functioning (економіки в цілому), and it deals mainly with the total output and income of the economy, (загальним рівнем занятості), and movements in the average level of all prices. The heart of macroeconomics consists of analyzing the determinants of (сукупної пропозиції) and (сукупного попиту).

In the short run, the main problem in macroeconomics is why (сукупний попит) sometimes exceeds (сукупну пропозицію), thereby bringing on (інфляцію), and why aggregate demand sometimes falls short of aggregate supply, thereby bringing on (безробіття) and deflation — or at least less inflation. Over the long run, macroeconomics is concerned primarily with (економічним зростанням) — increases in the productive capacity of the economy and in average (реальним доходом) per person.

Grammar exercises The Participle. Forms and Functions

I. Give all the participial forms of the following verbs:

to produce, to study, to increase, to receive, to make, to solve, to provide, to say, to use, to sell, to pay, to negotiate, to write, to give, to enter.

  1. Translate into Ukrainian paying attention to the place of

the Participle:

a) a writing student; the financing organization; the countriesimporting raw materials; the rising sun; disappointing news; activities relating to wealth; an exciting story; a developing country; the approaching train;

b) the purchased models; an unanswered question; the contract fulfilled by the firm long ago; the models required by customers at present; an accepted plan; a desired object; sold goods; the film shown yesterday; satisfied needs and wants; a tax levied on consumer purchases; a discussed problem.

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