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Final Test
Final Test (итоговый тест)
I. К каждому английскому слову подберите русский эк- вивалент.
1. |
consumer |
1. |
показатель |
2. |
commodity |
2. |
предложение |
3. |
supply |
3. |
процент |
4. |
percentage |
4. |
потребитель |
5. |
determinant |
5. |
прибыль |
6. |
stockbroker |
6. |
выпуск продукции |
7. |
transaction |
7. |
затраты на производство |
8. |
substitute |
8. |
биржевой маклер |
9. |
output |
9. |
товар |
10. return |
10. |
заменитель |
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11. cost of production |
11. |
потери |
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12. |
сделка |
II. К каждому русскому слову подберите английский эк- вивалент.
1. |
доход |
1. |
priority |
2. |
стимул |
2. |
payment |
3. |
счет |
3. |
services |
4. |
износ |
4. |
liability |
5. |
предпочтение |
5. |
income |
6. |
приоритет |
6. |
depreciation |
7. |
налог |
7. |
incentive |
8. |
услуги |
8. |
account |
9. |
затраты |
9. |
preference |
10. |
обязательство |
10. |
production |
11. |
платеж |
11. |
expenditure |
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|
12. |
tax |
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Английскийязык.
Лексические основы чтения текстов по экономике
III. Выберите из правой колонки существительное, ко- торое может следовать за данным глаголом.
1. |
to bid up |
a) taxes |
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b) prices |
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c) services |
2. |
to predict |
a) the revenue |
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b) the pattern |
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c) the commodity |
3. |
to transact |
a) choice |
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b) profit |
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c) business |
4. |
to distribute |
a) consumers |
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b) resources |
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c) transactions |
5. |
to impose |
a) taxes |
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b) rates |
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c) interest |
6. |
to sell at |
a) a policy |
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b) a share |
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c) a profit |
IV. Выберите из каждой строчки два слова, наиболее близкие по значению.
1. a) estimate; |
b) forecast; |
c) priority; |
d) prediction. |
2. a) spending; |
b) outlay; |
c) output; |
d) service. |
3. a) profit; |
b) priority; |
c) behaviour; |
d) benefit. |
4. a) to contribute; |
b) to afford; |
c) to allocate; |
d) to distribute. |
5. a) exchange |
b) experience |
c) swap |
d) share |
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Final Test
V. Выберите правильный перевод данного термина.
1.price system:
a) системная цена; b) цена системы; c) система цен.
2.retail price index:
a) коэффициент розничной продажи; b) индекс розничных цен;
c) ценность индекса розничной продажи.
3.consumer choice:
a) выбор потребителя;
b) выбранный потребитель; c) выбирающий потребитель.
4.stock market:
a) рыночная акция; b) акционный рынок; c) фондовая биржа.
5.tax revenue:
a) доходные налоги;
b) налоговые поступления; c) налог на прибыль.
VI. Прочитайте предложение и укажите, какое из данных
нижесловпропущеновнем.
1. Economists study how the manufacturers decide whether ...
cars or bicycles. |
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a) to propose; |
b) to produce; |
c) to merchandise. |
2. Nowadays business can be ... over the telephone. |
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a) transacted; |
b) accepted; |
c) involved. |
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Английскийязык.
Лексические основы чтения текстов по экономике
3. |
Profits are the ... of revenues over costs. |
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a) expense; |
b) excess; |
c) exchange. |
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4. |
… decisions determine how policy decisions are carried out. |
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a) executive; |
b) administrative; |
c) general. |
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5. |
The benefit lost from the next best alternative is called the … |
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cost of the choice. |
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a) ability; |
b) probability; |
c) opportunity. |
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6. |
Since time and effort are scarce resources, a barter economy |
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is … . |
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a) useful |
b) wasteful |
c) profitable |
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VII. Выберите из правой колонки подходящее по смыслу |
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слово, которое можно вставить в данное предложение. |
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1. To purchase more of one good, the consumer must |
a) |
price rise |
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... some of the other good. |
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b) |
to allocate |
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2. ... guide our decision to buy the commodity or not. |
c) |
revenues |
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3.When markets are not in ... the quantity transacted d) equilibrium must be smaller of the quantity supplied and quan- e) sacrifice
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tity demanded. |
f) |
utility |
4. |
The consumer chooses the affordable bundle that |
g) |
prices |
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maximizes his or her ... . |
h) |
constant |
5. |
When the government imposes a tax on a good this |
i) |
affordable |
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will lead to a ... of that good. |
j) |
reconcile |
6.The central economic problem is to ... the conflict k) satisfaction between people’s demands with society’s ability to
produce goods to fulfil these demands.
7.If the business prospers ... will build up.
8.Industrial Western countries rely extensively on markets ... resources.
9.To hold utility ... diminishing quantities of one good must be sacrificed to obtain equal increases in the quantity of the other good.
VIII. Прочитайте текст, выберите из приведенных в конце текста предложений те, которые по смыслу соответ- ствуют тексту.
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Final Test
TWO TYPES OF MARKETS
In the United States, stocks trade in two main markets: the New York Stock Exchange1 and the Nasdaq Stock Market. A number of other markets exist, but they make markets mainly in stocks that are primarily traded at one of these two market-places.
The New York Stock Exchange
The New York Stock Exchange is the oldest stock market in the United States. It began in 1792 under a buttonwood tree in lower Manhattan, with people trading shares among one another. Since then it has become the largest stock market in the world.
Trading at the New York Stock Exchange, often called the NYSE or the Big Board, uses a so-called specialist trading system. In this system, a single person is in charge of the trading in a particular stock. For instance, if you want to buy a share of IBM, your bid will ultimately go to the specialist assigned to trade IBM. That specialist acts as a kind of traffic cop, directing movement among buyers and sellers. He or she looks around to find someone who wants to sell a share of IBM at the price you want to buy. The matching of buyers and sellers occurs throughout the trading day, and sometimes the specialist buys or sells for his own account if an order can’t be matched.
When the NYSE is on television, sometimes you see a people standing in front of the specialist, shouting buy and sell orders. It looks confusing, but it’s just a simple matching up of buyers and sellers so they can trade stocks.
Specialists also match buyers and sellers electronically. While the trading volume and the number of stocks trading at the NYSE have grown dramatically in the past twenty years, the number of people working on the floor of the stock exchange has remained about the same, thanks largely to the growth of high-tech, all-electronic trading. All aspects of NYSE trading, including electronic trading, are refereed by the specialists.
1 stock exchange – фондовая биржа.
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Английскийязык.
Лексические основы чтения текстов по экономике
The Nasdaq Stock Market
The NYSE has tough listing1 requirements, so many lessreputable companies, especially young technology companies, begin life on the Nasdaq Stock Market. The Nasdaq, known for its high-tech stocks such as Microsoft and Intel, trades in a different way. Rather than having specialists who manage the trading in specific stocks, the Nasdaq Stock Market relies on an army of socalled market makers to trade stocks. Market makers are like specialists, in the sense that they focus on the trading of one stock or a specific group of stocks. But rather than a single referee, the Nasdaq has groups of market makers all making deals in a single stock. These market makers post bid (sell) and ask (buy) prices and trade shares among themselves, usually on behalf of investors.
The Nasdaq Stock Market doesn’t have a floor like the NYSE. Its trading world is all-electronic, living in the phone lines and computers of various brokerage firms around the country. Market makers advertise their buy and sell orders through this network: they can see one another’s orders and match buys against sells.
ECNs
Electronic Communications Networks are the newest way to trade. These all-electronic networks enable buyers and sellers to find one another in the manner similar to Nasdaq Stock Market, but large investors favor the speed of ECNs. ECNs also often provide for lower transaction costs and a degree of anonymity that is favored by very large investors. Large investors like a bit of shielding so that competitors don’t know their trading moves. If others know a large investor is buying a big chunk of a certain stock, they may want to join the buying fray. More buyers mean more demand, making the stock more expensive for our large investor. By staying anonymous, the large investor can accumulate a large chunk of stock without the trouble of attracting hangers-on.
1 listing – регистрация компании на бирже.
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Final Test
ECNs trade all sorts of stocks, but various regulatory rules make it easier for ECNs to trade Nasdaq Stock Market stocks than New York Stock Exchange stocks.
1.The New York Stock Exchange is the biggest stock market in the world.
2.Every person can trade his or her shares on the New York Stock Exchange.
3.Shares on the New York Stock Exchange are traded by specialists.
4.Trading shares at the NYSE is performed both on the floor of the stock exchange and electronically.
5.Listing requirements of NYSE are less tough than those of Nasdaq Stock Market.
6.Shares of young technology companies are mostly traded on the New York Stock Exchange.
7.Specialists of Nasdaq match buyers and sellers on the floor of the stock market.
8.Trading on Nasdaq is all-electronic and is performed by market makers.
9.Electronic Communications Networks work with stocks that were primarily traded on NYSE or Nasdaq.
10.Trading on ECNs is slower and more expensive than on Nasdaq.
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Английскийязык.
Лексические основы чтения текстов по экономике
Assignment (задание)
1. Прочтите текст и кратко изложите содержание на анг- лийском языке.
Marketing starts in a market, where individuals or organized groups who want to buy goods or services meet people who want to sell them. The buyers must have money to spend and a willingness to spend it, or a product or service they themselves are willing to trade. The sellers must have what the buyers want. The first step in marketing is to understand these groups. The marketers must determine the number of buyers, what they want to buy, how, when and where they want to buy it, at what price and what they expect from it. Elaborate techniques of research have been developed to supply this information. Of course marketers have to decide which needs they want to meet. A concept for a product or service may develop long before any marketing research is done, or it may be a response to identifying need.
In part, at least, marketing determines what products and services are to be offered. Historically, marketing experts were supposed to sell any product in any way possible. The techniques of marketing research have now given marketers new ways to learn and analyze the needs and wants of consumers. They can now play a critical role in determining what as well as how to market. Most large companies now produce only what their market researchers tell them to sell.
All products were new at one time. Today, a product is new if it is unique, or if it is new for the manufacturer who is entering the market to challenge the existing competition, or if it has had enough substantial design modifications to make it a new product issue. For the manufacturer, merchandising includes selecting the products to be produced, deciding on the size, appearance, form and packaging; and “having the right goods at the right place at the right time at the right price”.
2. Переведите письменно текст с английского языка на русский.
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Assignment
Marginal Rate of Substitution
We now introduce the concept of the marginal rate of substitution of meals for films.
The marginal rate of substitution of meals for films is the quantity of films the consumer must sacrifice to increase the quantity of meals by one unit without changing total utility.
Since consumers prefer more to less, an additional meal tends to increase utility. To hold utility constant, when one meal is added the consumer must simultaneously sacrifice some quantity of the other good (films). The marginal rate of substitution tells us how many films the consumer could exchange for an additional meal without changing total utility. The marginal rate of substitution must be a negative number: it is the ratio of a negative change in the quantity of films to the positive change in the quantity of meals when utility remains unaltered.
Suppose the student begins with a bundle comprising 5 films and no meals. Having already seen 4 films that week, the student probably does not enjoy the fifth film very much. With no meals, the student is very hungry. The utility of this bundle is low: being so hungry, the student cannot really enjoy the films anyway. To obtain the same amount of utility the student could give up a lot of films in exchange for a little food. The marginal rate of substitution is a large negative number and we say that it is high.
Suppose instead that the student is consuming a large number of meals but seeing few films. To obtain the same amount of utility, the student will be reluctant to sacrifice much cinema attendance to gain yet another meal. The marginal rate of substitution is a small negative number and we say that it is low. When the ratio of films to meals is already high the marginal rate of substitution of meals for films is high. It makes sense to sacrifice abundant films for scarce meals. Conversely, when the ratio of films to meals is already low the marginal rate of substitution of meals for films is low. It does not make sense to sacrifice scarce films for yet more meals.
Economists believe that this common-sense reasoning about tastes or preferences is very robust. It will hold in a wide range of circumstances. Indeed, it is sufficiently plausible that it can be-
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Английскийязык.
Лексические основы чтения текстов по экономике
come a general principle, the third assumption we need to make about consumer tastes. It is called the assumption of a diminishing marginal rate of substitution.
Consumer tastes exhibit a diminishing marginal rate of substitution when, to hold utility constant, diminishing quantities of one good must be sacrificed to obtain successive equal increases in the quantity of the other good.
For example, our student might be indifferent between, that is, be equally happy with, bundle X = (6 films, 0 meals), bundle Y = (3 films, 1 meal), and bundle Z = (2 films, 2 meals). Beginning from bundle X, a move to Y sacrifices 3 films for 1 meal, but a further move from Y to Z sacrifices only 1 film for 1 extra meal. Such tastes satisfy the assumption of a diminishing marginal rate of substitution.
These three assumptions that consumers prefer more to less, can rank alternative bundles according to the utility provided, and have tastes satisfying a diminishing marginal rate of substitution are all we shall require. It is now convenient to show how tastes can be represented as indifference curves.
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