Language practice

■ Ex. 1. Look at the words in the box. Match the words with the correct definition from the last below.

a. income; b. cost; c. currency; d. bank note; e. price; f. value; g. interest rate; h. wages

1. The amount of money for which something is bought, sold or offered.

2. The amount of money you have to pay in order to buy, do or produce something.

3. Quantity of one thing that will be given in exchange for another.

4. Coins and bills authorized by a government as legal tender for the payment of obligations.

5. A piece of printed paper money made available by a county’s main bank.

6. Money paid in cash that someone earns for the work done.

7. Percentage charge for borrowing money.

8. Money earned from a job or received from investment.

■ Ex. 2. Match the words in the left hand column with the nouns in the right hand column.

cause	production inflation productivity
impose	value taxes wages
satisfy	demand borrowing depreciation
issue	cash money coins

■ Ex. 3. Find sentences with linking words in the text. Translate them into Russian.

■ Ex. 4. Look through this excerpt and then file the spaces with words from the box. Put seven questions to the resulting text.

therefore, eventually, as a result (2), in particular, on the one hand, on the other hand, as, actually, that is, both ... and ..., unlike, whereas

Hyperinflation is a situation of high rates of inflation.... creeping (ползучая) inflation, … … small but steady increases in the level of prices, which usually has little bad effect on the economy as a whole, hyperinflation is bad ... for economic... social situation. ... , hyperinflation makes people lose confidence in the value of money to such an extent that they start using barter. … … … , there is a serious danger of economic collapse and, … , of social trouble. ... , the costs of hyperinflation are said to be very high.

… … … , hyperinflation does not occur often, but when it does occur, its causes are as much political as economic. It occurs … … … of a great increase in money supply to finance government spending (during wars, … …). … … … … , hyperinflation can result from shortage of goods and services alongside great demand for them, ... in postwar years.

Discussion

1. Explain how an increase in the price level affects the real value of money.

2. The causes of inflation are rather complicated and there are a number of theories explaining them. Differentiate between the two generally accepted: the monetarist school of thought and the keynessian one.

3. Rank the effects of inflation in terms of their importance for the economy of Russia. Account for your choice.

4. How do people adjust to living with inflation in the country? Supply examples.

5. “There are a number of methods that have been suggested to control inflation”. Expand on this statement.

Part B

associate, benefit, cash, own, asset, credit, outbid, value

Harvey met Arlene Hunter in the winter of 1949. She was the only daughter of the President of the First City Bank of Boston. Until then Harvey had never taken any real interest in women. His driving force had always been making money, and although he considered the opposite sex a useful relaxation in his free time, on balance he found them an inconvenience. But having now reached what the glossy magazines referred to as middle age and having no heir to leave his fortune to, he calculated that it was time to find a wife who would present him with a son. As with everything else that he had wanted in his life, he considered the problem very carefully.

Harvey had first run into Arlene when she was thirty-one: quite literally, when she had backed her car into his new Lincoln. She could not have been a greater contrast to the short, uneducated, overweight Pole. She

was nearly six feet tall, slim and although not unattractive, she lacked confidence and was beginning to think that marriage had passed her by. Most of her school friends were already on their second divorces and felt rather sorry for her. Harvey's extravagant ways came as a welcome change after her parents' prudish discipline, which she often felt was to blame for her awkwardness with men of her own age. Arlene's father did not approve of Harvey, and showed it, which only made him more attractive to her. Her father had not approved of any of the men she had associated with, but on this occasion he was right.

Harvey on the other hand realised that to marry the First City Bank of Boston with the Lincoln Trust could only be of long-term benefit to him, and with that in mind he set out, as he always did, to conquer. Arlene didn't put up much of a battle.

Arlene and Harvey were married in 1951 at a wedding more memorable for those who were absent than those who attended. They settled into Harvey's Lincoln home outside of Boston and very shortly afterwards Arlene announced she was pregnant. She gave Harvey a daughter almost a year to the day after their marriage.

They christened her Rosalie, and she became the centre of Harvey's attention. He sent Rosalie to Bennetts, the most expensive girls' school in Washington, and from there she was accepted at Vasser to major in English. This even pleased old man Hunter, who had grown to tolerate Harvey and adore his granddaughter. On gaining her degree, Rosalie continued her education at the Sorbonne, after a fierce disagreement with her father concerning the type of friends she was keeping, particularly the ones with long hair who didn't want to go to Vietnam — not that Harvey had done much during the Second World War, except to cash in on every shortage. The final crunch came when Rosalie dared to suggest that morals were not to be decided only by length of hair or political views. Harvey missed her, but refused to admit the fact to Arlene.

Harvey had three loves in his life: the first was still Rosalie, the second was his paintings, and the third his orchids. The first had started the moment his daughter was born. The second was a love that had developed over many years and had been kindled in the strangest way. A client of Sharpley & Son was about to go bankrupt while still owing a fairly large sum of money to the company. Harvey got wind of it and went round to confront him, but the rot had already set in and there was no longer any hope of securing cash. Determined not to leave empty-handed, Harvey took with him the man's only tangible asset—a Renoir valued at $10,000.

Harvey's intention was to sell the picture quickly before it could be proved that he was a preferred creditor, but he became so entranced with the fine brushwork and the delicate pastel shades that his only desire was to own more. When he realised that pictures were not only a good investment, but that he actually liked them as well, his collection and his love grew hand in hand. By the early 1970s, Harvey had a Manet, two Monets, a Renoir, two Picassos, a Pissarro, a Utrillo, a Cezanne, as well as most of the recognised lesser names, and he had become quite a connoisseur of the Impressionist period. His one remaining desire was to possess a Van Gogh, and only recently he had failed to acquire L'Hopital de St Paul a St Remy at the Sotheby-Parke Bernet Gallery in New York, when Dr Armand Hammer of Occidental Petroleum had outbid him—$1,200,000 had be just a little too much for Harvey.

Earlier, in 1966, he had failed to acquire Lot 49, Mademoiselle Ravoux, from Christie, Manson & Woods, the London art dealers; although the Rev. Theodore Pitcairn, representing the Lord's New Crush in Bryn Athyn, Pennsylvania, had pushed him over the top, he had only whetted his appetite further. The Lord gives, and on that occasion the Lord had taken away. Although it was not fully appreciated in Boston, it was already recognized in the art world that Harvey had one of the finest Impressionist collections in the world, almost as widely admired as that of Walter Annenberg, President Nixon's Ambassador to London who, like Harvey, had been one of the few people to build up a major collection since the Second World War.

Harvey's third love was his prize collection of orchids, and he had three times been a winner at the New England Spring Flower Show in Boston, twice beating old man Hunter into second place.

	VOCABULARY NOTES
		associate to associate with smb — общаться с к-л to associate oneself with smb I smth — солидаризироваться с к-л/ч-л ant. to dissociate oneself from smb/doing smth — отмежевываться от к-л/ч-л
		benefit to be of (a) long term benefit to smb — приносить к-л долгосрочную выгоду to benefit from smth/'doing smth — получать выгоду от ч-л
		cash to cash in on smth (shortage, difficulties) — наживаться на ч-л to secure cash — получить деньги (наличными)
		owe to owe smth to a company — задолжать ч-л компании to owe smb smth — задолжать ч-л к-л
		asset tangible asset — материальные активы
		credit to be in credit (text II) —пользоваться доверием preferred creditor — кредитор, обладающий преимущест-венными правами
		outbid to outbid smb — предложить более высокую цену, переби-вать цену
		value to be valued at $10.000 — оцениваться в 10.000 долларов
	WORD-COMBINATIONS
		to leave one's fortune to an heir (heiress) — оставить свое состояние наследнику (наследнице)
		to run into smb / smth—столкнуться с к-л / ч-л
		to set out to do smth — приступить к ч-л
		to put up a battle (resistance) — оказывать сопротивление
		to go bankrupt — обанкротиться
		to get wind of smth — узнать о ч-л, пронюхать о ч-л
		to build up a collection — собрать коллекцию
		to beat smb into second place — оставить к-л на втором месте

■ Ex. I. Answer the following comprehension and problem questions based on the text:

Comprehension questions

1. Under what circumstances did Harvey Metcalfe and Arlene Hunter meet?

2. Why was Arlene beginning to think that marriage had passed her by?

3. Did Harvey Metcalfe prove to be a devoted husband and loving father?

4. How many loves did Harvey Metcalfe have in his life? How did he happen to develop them?

Problem questions

1. How can you account for financial terms used by the author to describe Harvey Metcalfe's relations with women, his future wife included?

2. Was Arlene Hunter a good match? Was it a marriage of love or convenience?

3. How can you explain Harvey Metcalfe's love for paintings and orchids? Did he refine over the years?

■ Ex. II. Role play. Enact the first meeting between Arlene Hunter and Harvey Metcalfe making the most of the text.

Harvey Metcalfe. You have just bought a new Lincoln. You are very proud of it. It is one of your first rides. And here is this awkward woman who has backed her car into yours. You are beside yourself with anger. At first you want to make things unpleasant for her, but when she gives her name and you recognize it, you change your manner trying to calm her down with a view of keeping relations with her.

Make use of the following helpful phrases

to express anger:

This just isn't good enough!

What on earth are you ...ing?

Look!

Listen!

That's just what I needed!

to state your intentions:

This is no joke.

You can take my word for it.

I am deadly serious.

In your position I don't think I'd...

to calm smb down:

There's no need to get so upset, after all.

It's not as bad as all that.

Arlene Hunter. "You've always been timid with men, especially with men of your own age. By nature you are self-conscious. And now you feel extremely ill at ease and guilty, as you've damaged the man's new car. You apologize time and again, you are ready to make up for it. You give the man your name trying to put a stop to this very unpleasant scene.

Make use of the following helpful phrases to apologize:

I fear I've ...

Oh dear, I am most awfully sorry.

I can't tell you how sorry I am.

I just don't know what to say.

I'm ever so sorry.

to defend oneself:

Believe me ...

Honestly ...

I know this is hard to believe, but ...

How was I to know ...

I didn't mean to ...

You can't blame me for ...

to offer to do smth

Would you like me to ...

If you like, I could ...

Can I help you with that?

■ Ex. III. Role play. Enact the talk between Mr Hunter and Mrs Hunter discussing Arlene's prospective fiancé making the most of the first three texts.

Mr Hunter. You disapprove of Harvey Metcalfe entirely. He is not the type of a son-in-law you've fancied. And you make it quite clear to your wife. You've got some information collected on Harvey Metcalfe. You don't like the reputation he enjoys, you cite some examples to your wife. You want your daughter to cut off relation with him.

Make use of the following helpful phrases

to express disapproval and disappointment:

It really is a shame that ...

I wouldn't be surprised if...

I am really disappointed that ...

I just don't understand ...

This is all beyond me.

to state intentions:

I am thinking of ...ing.

I am not going to ... if I can help it.

Mrs Hunter. Arlene is the apple of your eye. You are very much devoted to your daughter. You take her troubles too close to heart. You feel guilty that at the age of 31 she is still unmarried. You blame it on the atmosphere of prudish discipline in which she has been brought up. And though you are not very enthusiastic about Harvey Metcalfe, you don't want to ruin your daughter's last chance and you try to win your husband to your way of thinking.

Make use of the following helpful phrases

to express worry:

I am worried about ...

I am very concerned about...

to persuade:

What you don't seem to understand is that ...

I see what you mean but ...

Try to look on the bright side

Just imagine, if you ..., how would you feel?

■ Ex. IV. Make up a 250 word newspaper article praising Harvey Metcalfe's art collection. Choose an appropriate, eye-catching headline for your article.

■ Ex. V. Render the text as if you were:

1. Harvey Metcalfe;

2. Arlene Hunter;

3. Mr Hunter;

4. Rosalie.

UNIT IV

Part A