Outstanding economists.
V. Each of the following sentences has a mistake. Find and correct it.
Mundell Robert A. is the Canadian economist.
He is a win of the 1999 Nobel Prize in economics.
He developed theories on exchange rates between countries and how they affects monetary politics.
Mundell will be born in Ontario, Canada.
He earned his undergraduate degree on the University of British Columbia in 1953.
Since then he worked at best Universities of the U.S.A., Canada, Switzerland.
They joined the staff of the I.M.F. in 1961.
In 1974 Mundell joined the faculty of Columbia University as a professor of economics, a position he still hold today.
Mundell also has served as an adviser to the United Nations, the I.M.F., the World Bank, The United States Department of Treasury, The Government of Canada etc.
The pioneering works in economics of professor Mundell led from the development of the European Monetary Union and the adoption of a single common European currency, the euro.
VI. Complete the following sentences with the correct form of the word.
Consume:
In perfect competition _______ and producers are too numerous to have any control over prices.
Income and _______ are closely connected: the more money you have, the more you _______.
2. Define:
Very often the _______ of main economic concepts sound differently, but express the same meaning.
The economist was given a task _______ a price on that goods.
3. Distribute:
Now it’s very profitable to be a ______ of more or less well known pharmaceutical company.
Under the command economy the state plans the ______ of output between consumers.
It is impossible to _______ scarce goods and services fairly, because rationing system is open to abuse.
4. Economy:
What type of _______ system is in our country?
It’s necessary to _______ scarce resources for future generations.
________ is one of the most topical and urgent sciences in our days.
Chief accountant is responsible for _______ use of the company’s finances.
5. Nation:
Every _______ has the right for self-determination.
If _______ like India export textile to the West, this will help to increase the wages of Indian workers.
From time to time British government ________ some industries such as mining, railway, metallurgical.
6. Own:
A state – _________ economy aims to promote a fair degree of equality of income and wealth.
In an economy of private ________, wealth and power become concentrated in the hands of few rich families.
Rich families ________ the major part of national wealth.
7. Produce:
Labour ________ is closely connected with education, the higher your education, the better you work and the more you receive.
Much of economics devoted to the problems of what, how and for whom to _________.
The revenues of _________ depend greatly on demand on their _________.
8. Scarce:
The central economic problem which scientists try to solve is the problem of _________.
High prices are the device by which a free market rations goods in _________ supply.
VII. What do the underlined words mean? Try to give definitions with your own words.
The lower the price of a commodity of rather good quality, the higher is its consumption.
The company should change its structure to increase its annual revenues.
Entrepreneurs risk losing their reputation or position if they fail, but they may succeed and that motivates to take risk of trying something new.
The value of underground economy is never reflected in GNP figures.
The main task of economics in each state is to satisfy needs of people.
Denmark has a more equal, fairer income distribution aimed at reducing the buying power of the rich.
VIII. Translate the following sentences from Ukrainian into English.
Ми вивчаємо основні економічні поняття в курсі політекономії.
Економіка – це вивчення способів, завдяки яким людство намагається вирішити проблему дефіциту.
Власність на засоби виробництва визначає тип економічної системи.
Виробництво товарів припинено через нестачу ресурсів.
Справедливий розподіл доходів державою неможливий.
Існують три типи економічних систем: вільна ринкова, командна і змішана.
Усі вчені-економісти так або інакше вирішують проблему розподілу ресурсів для задоволення потреб громади.
Земля, праця й капітал – це фактори виробництва.
Деякі економісти вважають підприємців четвертим фактором виробництва.
Підприємці організують землю, працю й капітал для виробництва товарів і послуг.
Наша країна займає одне з останніх місць за рівнем доходів на душу населення.
Доходи від тіньової економіки не враховуються у ВНП через їх нелегальність.
Think and comment on the following statements:
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PRO & CONTRA |
PRO & CONTRA |
The leading politicians speaking about economic and political changes stresses that:
good intensions lead to sound policy. good intensions pave the way to hell.
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