V. Перепишите следующие предложения, выбрав причастие I или причастие II. Переведите предложения на русский язык.

1. Socially responsible investing implies that those who follow it invest in companies operating/operated in a socially responsible manner.

2. Many high-wage and high-benefit Scandinavian countries compete successfully in the market relying/relied on quality specialized products.

3. Investing/invested in the stock market, investors generally buy stocks that have high stock price appreciation.

4. Real national income is the value of all the services and goods produced/producing by the whole economy.

5. Some countries lack the raw materials and capital required/requiring for growth.

VI. Прочитайте текст. Перепишите и письменно переведите абзац №3. The Planned Economy

1. In a planned economy all the economic decisions are taken by the state. The state (government) owns all the means of production. Therefore, all workers from labourers to managers are employees of the state; all land, factories and machines are owned by the state; and all goods are distributed through state-owned shops. In this way the state can direct production and decide what is produced, how much is produced and who will benefit from this production. For this reason planned economies are also known as command economies because the state dictates all economic activity.

2. Of course, it is not an easy task to decide what goods should be produced and how much of each. The government has to employ officials to find out what is needed and what resources are available to produce it. A consideration of just one product, steel, shows how difficult the problems are. The government will need to know the capacity of the steel industry and the amount of iron ore which is available to be mined and converted into iron. Will some iron have to be imported? How many plants and works are there? How much can they produce? Where are they located in relation to the iron ore? What transport facilities are available to carry the raw materials and the finished product? A great many products use steel, e.g. cars, ships, planes, trains, railway lines, washing machines, fridges. The officials will want to know how many of each of these products can be, and will be, produced. They will want to know what proportion of these goods are made of steel and thus how much steel will be needed.

3. Thus the system is extremely complex. The plans have to be coordinated, e.g. it is no good setting too high a target for output from the furniture industry if the timber industry is unable to supply enough wood. Also, decisions regarding the quantities of products cannot be made for just one year. It takes a long time for certain planning decisions to work through to affect final outputs, e.g. a decision to build a new steel works. Therefore decisions need to be made now about what will be required in a few years' time. The usual procedure is to organise production within the framework of a five-year plan. To construct the plan, targets are set for each sector of the economy and for all enterprises within each sector. The most difficult aspect of the plan is to ensure that all the hundreds of thousands of different targets match each other. However, circumstances change during the 5-year period and adjustments to the plan and the targets have to be made continually.

4. There are 2 major problems associated with the operation of a planned economy. The first is actually meeting the output targets. Some targets may have been based on too little information and may be unrealistic, some may be frustrated by the underfulfilment of other targets. Unforeseen circumstances may make targets impossible, e.g. poor weather conditions may affect grain targets. The second problem is getting the targets right in the first place. If the targets are wrong, which is very common, then too much of certain goods will be produced and not enough of other goods. This can lead to massive unsold stocks in some shops and queues for other goods.