7. Translate the sentences into Russian:

1. His decision will depend on how soon he meets the committee.

2. He had nothing of value to say.

3. They paid him the value of his lost property.

4. An economist knows the value of everything and the cost of nothing.

5. Prices vary from ten to fifteen dollars.

8. Translate the sentences into English:

1. Они назначили слишком высокую цену и поэтому проиграли тендер на поставку услуг связи.

2. Все наши инновации зависят от мнения потребителей.

3. Общая обстановка обострялась тем, что фирма была вынуждена работать в условиях неопределенности рынка.

4. Существует множество неоднозначных определений мировой экономики. Все они неразрывно связаны с географией, экологией, потреблением ресурсов и т.д.

5. Российские финансовые власти прогнозируют завершение периода резкого укрепления национальной валюты.

9. A) Read the text:

The world economy can be evaluated in various ways, depending on the model used, and this valuation can then be represented in various ways (for example, in 2006 US dollars). It is inseparable from the geography and ecology of Earth, and is therefore somewhat of a misnomer, since, while definitions and representations of the "world economy" vary widely, they must at a minimum exclude any consideration of resources or value based outside of the Earth. For example, while attempts could be made to calculate the value of currently unexploited mining opportunities in unclaimed territory in Antarctica, the same opportunities on Mars would not be considered a part of the world economy – even if currently exploited in some way – and could be considered of latent value only in the same way as uncreated intellectual property, such as a previously unconceived invention. Beyond the minimum standard of concerning value in production, use, and exchange on the planet Earth, definitions, representations, models, and valuations of the world economy vary widely.

It is common to limit questions of the world economy exclusively to human economic activity, and the world economy is typically judged in monetary terms, even in cases in which there is no efficient market to help valuate certain goods or services, or in cases in which a lack of independent research or government cooperation makes establishing figures difficult. Typical examples are illegal drugs and prostitution, which by any standard are a part of the world economy, but for which there is by definition no legal market of any kind.

However, even in cases in which there is a clear and efficient market to establish a monetary value, economists do not typically use the current or official exchange rate to translate the monetary units of this market into a single unit for the world economy, since exchange rates typically do not closely reflect world-wide value, for example in cases where the volume or price of transactions is closely regulated by the government. Rather, market valuations in a local currency are typically translated to a single monetary unit using the idea of purchasing power. This method is used for estimating worldwide economic activity in terms of real US dollars. However, the world economy can be evaluated and expressed in many more ways. It is unclear, for example, how many of the world's 6.5 billion people have most of their economic activity reflected in these valuations.

Trends of world economy. Global output (gross world product) (GWP) rose by 4.4% in 2005, led by China (9.3%), India (7.6%), and Russia (5.9%). The other 14 successor nations of the USSR and the other old Warsaw Pact nations again experienced widely divergent growth rates; the three Baltic nations continued as strong performers, in the 7% range of growth. Growth results posted by the major industrial countries varied from no gain for Italy to a strong gain by the United States (3.5%). The developing nations also varied in their growth results, with many countries facing population increases that erode gains in output. Externally, the nation-state, as a bedrock economic-political institution, is steadily losing control over international flows of people, goods, funds, and technology. Internally, the central government often finds its control over resources slipping as separatist regional movements - typically based on ethnicity - gain momentum, e.g., in many of the successor states of the former Soviet Union, in the former Yugoslavia, in India, in Iraq, in Indonesia, and in Canada. Externally, the central government is losing decision-making powers to international bodies, notably the EU. In Western Europe, governments face the difficult political problem of channeling resources away from welfare programs in order to increase investment and strengthen incentives to seek employment. The addition of 80 million people each year to an already overcrowded globe is exacerbating the problems of pollution, desertification, underemployment, epidemics, and famine. Because of their own internal problems and priorities, the industrialized countries devote insufficient resources to deal effectively with the poorer areas of the world, which, at least from an economic point of view, are becoming further marginalized. The introduction of the euro as the common currency of much of Western Europe in January 1999, while paving the way for an integrated economic powerhouse, poses economic risks because of varying levels of income and cultural and political differences among the participating nations. The terrorist attacks on the US on 11 September 2001 accentuated a further growing risk to global prosperity, illustrated, for example, by the reallocation of resources away from investment to anti-terrorist programs. The opening of war in March 2003 between a US-led coalition and Iraq added new uncertainties to global economic prospects. After the coalition victory, the complex political difficulties and the high economic cost of establishing domestic order in Iraq became major global problems that continued through 2006.

b) Answer the questions:

1. What ways of evaluating the world economy can you list?

2. What place does Russia take in the global output?

3. Why is nation-state steadily losing control over international flows of people, goods, funds, and technology?

4. What is done by the governments of Western Europe to strengthen incentives to seek employment?

5. Try to define the term purchasing power.

6. Overpopulation causes the problems of pollution, desertification, underemployment, epidemics, and famine, doesn’t it? What other global problems can you think of?

7. When was the euro as the common currency of much of Western Europe introduced? What economic risks are concerned with it?

c) Work in small groups, find sentences which contain the words of exercise 2, translate them without using a dictionary. Compare your work with that of your partner.

d) Translate the first abstract of the text in written form. Entitle each abstract. Choose the best translator.

e) Render the text.

f) Put each of the sentences together and translate them:

1. In order to increase investment and strengthen incentives to seek employment	a)…paves the way for an integrated economic powerhouse
2. Because of the internal problems and priorities of the industrialized countries	b)…are exacerbated by the addition of 80 million people each year to an already overcrowded globe
3. The introduction of the euro as the common currency of much of Western Europe	c)…governments of Western Europe face the difficult political problem of channeling resources away from welfare programs.
4. Market valuations in a local currency are typically translated to	d)…exchange rates typically do not closely reflect world-wide value
5. The problems of pollution, desertification, underemployment, epidemics, and famine	e)…they devote insufficient resources to deal effectively with the poorer areas of the world, which, at least from an economic point of view, are becoming further marginalized.
6. Economists do not typically use the current or official exchange rate to translate the monetary units of the market into a single unit for the world economy	f)…a single monetary unit using the idea of purchasing power.
7. In cases where the volume or price of transactions is closely regulated by the government.	g)…even in cases in which there is a clear and efficient market to establish a monetary value