I variant

TASK 1. Questions 1-15 are incomplete sentences. Beneath each sentence you will see four words or phrases, marked A, B, C and D. Choose the one word or phrase that completes the sentence.

1. Supersonic flight is flight faster than speed of sound, which __________ March 1.

A. calling	C. has been calling
B. is called	D. called

2. Of all the countries of the world, ___________.

A. the U.S. allocation of the most funds for advertising	C. the U.S. allocates the most funds for advertising
B. the most funds for advertising allocated in the U.S.	D. allocating the most funds for advertising in the U.S.

3. The principal basis of the scientific method is careful observation and __________.

A. doing experiments	C. experiments are done
B. experimental designing	D. experimentation

3. The Alaskan Highway, ___________ between Alaska and the continental U.S., runs more than 1,400 miles along the west coast of North America.

A. is the main artery	C. the main artery
B. that the main artery	D. it is the main artery

3. The blue whale _________ the largest creature on earth.

A. generally classified as is	C. is generally classified as
B. as is generally classified	D. is classified generally as

3. Henry Aaron hit more home runs during his career _________ any other player in baseball history.

A. as	C. than
B. from	D. despite

3. Some animals nurture their young _________ leave their offspring to survive on their own.

A. while others	C. if others
B. in spite of others	D. others having

3. _________ one of the oldest art forms, combining beauty and functionality into one.

A. Because architecture is	C. Architecture being
B. Having architecture as	D. Architecture is

3. Artifacts are ancient objects ________ an archeological site during excavation.

A. found in	C. having found in
B. which find	D. in the find of

10. Batik is the technique of putting colorful designs on fabric by covering portions with wax, dipping the cloth in dye, and _________.

A. it is allowed to dry	C. have it dried
B. allowed drying of it	D. allowing it to dry

11. It is still a mystery ________ worker bees in a hive know what to do or when to do it.

A. that	C. whether
B. how	D. however

12. The atmosphere ________ the earth is divided into four layers according to differences in temperature.

A. surrounded	C. is surrounded by
B. of surrounding	D. surrounding

13. The greater the repressive force, ________ the will of the people to rebel.

A. the stronger is	C. is stronger
B. the strength of	D. the stronger

14. Not only ________ useful in producing dairy products, but also it is used for rapid reproduction of bacteria in scientific research.

A. fermentation has been	C. does fermentation
B. is fermentation	D. fermentation is

15. ________ composers such as Mozart, who was treated as an employee by those who commissioned him, Beethoven enjoyed equal social status with his employers.

A. Because	C. Unlike
B. There were	D. Having been

II variant

TASK 1. Questions 1-15 are incomplete sentences. Beneath each sentence you will see four words or phrases, marked A, B, C and D. Choose the one word or phrase that completes the sentence.

1. The Canterbury Tales, ________ by English poet Geoffrey Chaucer, are a fine example of Middle English.

A. a story set of	C. a set of stories
B. as sets of stories	D. stories in a set

2. Albert Camus, a French journalist who won the 1957 Nobel prize for literature, ________ about individual freedoms and alienation from society.

A. and wrote passionately	C. he wrote passionately
B. writing passionately	D. wrote passionately

3. Cardiac arrest occurs ________ heart muscles stop beating during a heart attack or after a severe accident.

A. when	C. although
B. in that	D. due to

4. Harvard University is one of the oldest ________ private educational institutions in the United States.

A. but rich	C. yet richer
B. and richest	D. and the rich

4. It is not clear ________ the form of humor known as a limerick started.

A. if	C. which
B. how	D. whenever

4. ________ only U.S. state that is not situated on the mainland of North America.

A. Hawaii, the	C. Hawaii is the
B. It is Hawaii the	D. Because Hawaii is the

4. Hannibal, the military genius of Carthage, was best known ________ the mountains of the Pyrénnées and Alps with elephants.

   A. as crossed	C. with the crossing of
   B. for crossing	D. having crossed

5. Of all types of health maintenance organizations, ________

A. the most common being a prepaid group practice plan	C. there is the most common a prepaid group practice plan
B. a prepaid group practice plan was commonly	D. a prepaid group practice plan is the most common

4. The strong beam of light from a lighthouse is used by sailors ________.

A. to determining their location	C. in determining their location
B. for determination their location	D. while determined their location

10. _____ travels 5.8 trillion miles in one year has been scientifically proven.

A. That light	C. For light to
B. Light	D. When light

11. A caricature is a form of art involving a picture ________ the physical nature of an important person.

A. exaggerated	C. having exaggerated
B. that exaggerates	D. exaggerating that

12. Resources such as factories or equipment used to produce goods and services are ________ as capital.

A. referred	C. referred to
B. referring in	D. being referred

13. In the 1830s railroads ________ canals as the most important means of transportation in the United States.

A. replacing by	C. was replacing
B. were replaced	D. replaced

14. The human body acquires nutrients from food particles _____ the blood.

A. carrying	C. carrying by
B. carried in	D. has carried

15. Rarely ________ primitive tribes of Africa, Asia, and the Pacific Islands practice cannibalism today.

A. have	C. do
B. are	D. is it

III variant

TASK 1. Questions 1-15 are incomplete sentences. Beneath each sentence you will see four words or phrases, marked A, B, C and D. Choose the one word or phrase that completes the sentence.

1. International cartels ________ in the drug and steel industries until the late 1930’s.

A. were existed	C. existed
B. that existed	D. existing

2. The ancient city of Carthage expanded quickly ________ its two excellent harbors.

A. even though	C. and
B. when	D. because of

3. The word taboo, ________ the Polynesian word tabu, refers to something sacred or dangerous.

A. which comes from	C. it comes from
B. which it comes from	D. came from

3. ________ a centerpiece at formal dinner parties is very common.

A. To have used	C. For using
B. That used	D. The use of

3. Kilimanjaro; ________, rises almost 20,000 feet on the border of Tanzania and Kenya.

A. it is Africa’s highest mountain	C. is Africa’s highest mountain
B. Africa’s highest mountain	D. of the highest African mountain

3. The bite of most varieties of tarantula is ________ the sting of a bee.

A. more no deadly than	C. no more deadly than
B. no deadly more than	D. more deadly than no

3. Life expectancy is related to factors such as ________ and the standard of living.

A. facilitating public health	C. to facilitate public health
B. public health facilities	D. when public health is facilitated

3. The lighthouse was first used ________ as an aid to navigation.

A. where it is in Egypt	C. which is in Egypt
B. in the Egyptians	D. by the Egyptians

3. The tradition of Welsh music and literature dates back ________ 1,000 years to the Middle Ages.

A. at least	C. least to
B. lesser than	D. as least as

10. In one form of the waltz, ________ in only one direction, while in other forms couples vary their course.

A. the turning of couples	C. it is the couple’s turn
B. couples turn	D. when couples turn

11. Aggressive military buildup can serve ________ employment in a slumping economy.

A. the stimulation	C. having stimulated
B. to stimulate	D. by stimulating

12. Cashews, a popular food in the U.S., are most delicious ________.

A. while roasting	C. if it roasts
B. although roasted	D. when roasted

13. ________ are rigid, shifting plates is supported by current scientific evidence.

A. That continents	C. If continents
B. The continents	D. In spite of continents

14. The sense of hearing ________ provides enjoyment of sound but also serves to warn of danger.

A. sometimes	C. not only
B. also	D. nevertheless

15. A prime cause of weathering is water ________ and expanding in the cracks of rocks.

A. frozen	C. by freezing
B. that freezes	D. freezing

IV variant

TASK 1. Questions 1-15 are incomplete sentences. Beneath each sentence you will see four words or phrases, marked A, B, C and D. Choose the one word or phrase that completes the sentence.

1. The city of Dallas ________ the headquarters of more oil firms than any other city in the U.S.

A. containing	C. yet contains
B. which contains	D. contains

2. With little effort, ________ by mixing plant matter with soil and allowing it to decompose.

A. makes it compost	C. making compost
B. compost is made	D. when compost is made

3. Salvador Dali, ________, achieved fame for his unusual pictures of often nightmarish quality.

A. was a surrealist painter	C. a surrealist painter was
B. a surrealist painter	D. who a surrealist painter was

3. Automobiles ________ propane gas emit fewer dangerous pollutants into the atmosphere.

A. using	C. that are used
B. use	D. can use

3. About forty-nine percent of all milk ________ from dairy cows is used to make cheese.

A. is obtained	C. obtained
B. will be obtained	D. when it is obtaining

3. Technological advances aid in teaching, ________ the basic role of teachers stays the same.

A. with	C. despite
B. because of	D. but

3. The front of a ship is called the bow, ________ the back is called the stern.

A. during	C. while
B. consequently	D. or

3. ________ will remain the foremost world language is considered inevitable by many people.

A. That English	C. It is English that
B. Because English	D. English

3. Scientists are still uncertain of ________ originated millions of years ago.

A. which the universe	C. about the universe
B. how the universe	D. with the universe

10. There are only three galaxies outside the Milky Way ________ from earth without a telescope.

A. which visible	C. visibly
B. is visible	D. that are visible

11. Water is released from tear ducts ________ moistening.

A. when does the eye need	C. if the eye’s need for
B. the eye needing	D. when the eye needs

12. In northern California ________ that have survived for hundreds of years.

A. stand redwood trees	C. do redwood trees stand
B. redwood trees stand	D. can redwood trees find

13. Johnny Unitas ranks as ________ quarterbacks in the history of the National Football League.

A. a person greater than the	C. the most great
B. one of the greatest	D. more great than

14. Everybody in the Boston Tea Party of 1773 ________ very upset about British taxation policies.

A. were	C. who was
B. have been	D. was

15. Not until 1856 ________ across the Mississippi River.

A. the first bridge was built	C. was the first bridge built
B. the first building of a bridge	D. the bridge building was

V variant

TASK 1. Questions 1-15 are incomplete sentences. Beneath each sentence you will see four words or phrases, marked A, B, C and D. Choose the one word or phrase that completes the sentence.

1. The Italian astronomer Galileo ________ the founder of modern experimental science.

A. is considered	C. to consider
B. considering	D. considers

2. ________ merchant ships that carried cannons for protection.

A. The first galleons being	C. The first galleons were
B. Were galleons first	D. When galleons first were

3. Galena, ________ of lead, is a heavy, brittle mineral found in limestone or sediment.

A. which the main ore is	C. the ore in the main
B. the main ore	D. is the main ore

3. Parasols became fashionable ________ the women of the U.S. and Europe in the 19^th century.

A. beside	C. along with
B. whereby	D. among

3. ________ of an insurance company determines the risks of covering loss of property.

A. The underwriting department	C. The department underwritten
B. Underwriting the department	D. The underwrote department

3. Domestic and wild cats share many characteristics, ________ only the former are kept as pets.

A. because	C. something
B. in spite of	D. even though

3. Lake Victoria in Africa is the world’s ________ freshwater lake.

A. largest second	C. second largest
B. two larger	D. second and large

3. During the growth of a peptic ulcer, ________.

A. disintegration of portions of the stomach tissue	C. the stomach tissue portions of the disintegration
B. disintegrating portions of the stomach tissue	D. portions of the stomach tissue disintegrate

3. ________ the 1500’s, the Spanish readily conquered Indian tribes of the Americas.

A. Since	C. When in
B. During	D. As soon as

10. Ultra-high frequency waves travel in straight lines, ________ in distance by the earth’s curvature.

A. so are limited	C. so are waves limited
B. limiting	D. where there is limitation

11. Ecologists work in the branch of biology ________ the relationships of living things to each other.

A. involved	C. involving
B. with the involvement of	D. that is involved

12. Organic material ________ decayed plant or animal matter is added to soil to make it more fertile.

A. is a form of	C. the formation of which
B. in the form of	D. has formed

13. In general, the faster a country’s economic growth, the faster ________ in living standard.

A. the rise	C. having risen
B. rising	D. a rise is there

14. For centuries, scientific observers tried to explain ________ a solar eclipse took place.

A. that	C. if
B. how	D. whenever

15. Not until food is moist ________.

A. can it be tasted	C. there can be taste
B. the taste can exist	D. it can be tasted

Part II

A carnival is a form (C and exhibitions)

A company who (A that)

A dirigible is a gas-filled (C can be navigated)

A mammal can (D its babies)

A migraine (B the worst)

A worker bee (C takes)

Advances in computer (D cartoon animation)

Agriculture (D industry)

Alexander Graham (D when he was)

All the necessary ingredient (B ingredients)

Although agriculture (B leading economic)

Although the beaver’s (C its)

Among present-day (C is considered)

Amphibians (B and water)

An aperture (C ---)

An art of barbering (A the art)

An infant child (A pays attention)

Animals were first domesticated (C important as)

Anthropology Margaret (A anthropologist)

Army ants (B so)

Army ants are ferocious (C capable of)

Australia (D wealth)

Ballet takes years (C so)

Barbiturates are (C make)

Batteries are used (D portable equipment)

Bears are usually (D provoked)

Because their rapid (A because of)

Bedouins (C ---)

Calamity Jane (C at)

Calculus (C is used)

Camp David (C where there is)

Carbohydrates (C the main source)

Clara Barton (B devoted to)

Commercial businesses (A that purchase)

Contrary to popular belief (D of it)

Ducks, geese (B they are)

During trade (A when trade)

Esperanto (C it was)

Founded in (C who)

Fungi grow (C there is)

Generally, tropical (C are)

Hares resemble (A yet have)

Heavy withdrawals (B as a run)

In 1930, novelist (B became)

In its most general (B general sense)

In large amounts, caffeine (C cause)

In practical all societies (A in practically)

In the transmission (C light are)

John Barrymore (A was critically)

Juan Rodriguez (D the coast of)

Julius Caesar (D alienated his)

Lacquer (D wear and tear)

Laser equipments (A laser equipment)

Latin America (A comprises)

Latium, the area (D was)

Leather is the durable (B long-lasting)

Like to a cow (A like)

Locks are required (C when changes)

Many charitable organizations (C to eliminating)

Manuscript writing (D connected)

Martin Luther King (C political)

Mikhail Baryshnikov (A one of the world’s)

Most major companies (B so that they)

Most undergraduate students (C mathematics)

Mushrooms thrive (C there is)

Natural-born artists (C create images)

Near all of the sciences (A nearly all)

New York is home (C theatrical)

On the average, incidents (B ---)

One of the main leaders (C believed in)

Over the past few (B have been searching)

P.T. Barnum (C prominent)

People who use drugs (C experience)

Physicists are (B who)

Plant species (C greatly from)

Since the early 1900’s Luther Burbank (A in the)

Since the early 1900’s, the most popular (D has been)

Sociologists (D continue)

Teachers who give (B of homework are)

The Alaskan bear (C largest)

The alphabet invented (A was invented)

The banyan (B Africa)

The Basques (D independence)

The boomerang (A ---)

The cotton gin’s (B invention)

The discovery of gold (D making)

The discovery of the nuclear (D of physics)

The domed cathedral (D architecture)

The earliest vehicles (D a greater amount)

The field of linguistic (B linguistics)

The first electronic computer (C were invented)

The first person to sign (B the Declaration)

The foundation of calculus (B was laid)

The golden eagle (D a)

The great deep and width (A great depth)

The heart is a large hollow (D in)

The importance of historical (D philosopher)

The ingredients used (D sell them)

The invention of the lazer (D ---)

The League of Women Voters (C that promotes)

The library of Congress (C over)

The milk of (D to make)

The most important playwright (D who)

The most natural form (C infants)

The party could (B successful)

The Persian poet Hafiz (C a popular collection)

The process by which (D different muscles)

The process of replacing (C making new)

The rate of juvenile (B is related to)

The Renaissance (A was)

The state of California (B has)

The strong beat of calypso (B makes)

The Universal Product (B consisting of)

There are nearly 10000 (C exist)

Titanium is metal (A so strong)

University administrators (C who)

Walter Gropius (B founder)

Western nations have (B always considered)

With specially designed (C protect)

Within China (C greater art)

Due diligence forever

The article deals with relatively new service provided by audit and consulting companies for potential investors who are going to buy a particular enterprise. The author states that auditors focus on financial statements while due diligence experts are dealing with business valuating as a whole. It is also mentioned that over the last few years this service has become popular among national investors.

FOREX: міфи та реальність

FOREX: myths and reality

In this article, the author explains the term FOREX. He emphasizes that FOREX is very important in everyday life because many companies need to exchange currency according to payment conditions of the contracts, or to repay the credit in foreign currency. The article provides information about the functioning of this international currency market and about currencies traded on it. It presents main agents of this market and focuses on the profit and risks for the market.

Добровільне медичне страхування

Voluntary medical insurance

The author of the reading provides brief but substantial information about voluntary medical insurance, highlighting its advantages and proving its necessity. Distinctions between different programs, scheme of payments and main products of this type of insurance are provided as well. The author emphasizes that voluntary medical insurance is one of the forms of social protection in Ukraine.

Іноземні інвестиції

Foreign investment

The article reveals the necessity of foreign investments for the Ukrainian economy. The author mentions economic sectors requiring foreign investments. The author emphasizes that investment climate in Ukraine is unfavorable, and it keeps foreign residents from investing in the Ukrainian economy. Some effective steps are suggested for decreasing negative factors influencing inventing climate in Ukraine. The improvement of legislation basis in the field of investing, as well as creating the mechanism of providing favorable conditions for banks and foreign investors are of prime importance.

Кредити і депозити: прогноз на 2010 рік

Credits and deposits: 2010 forecast

The article gives a close look at the future of the interest policy in the field of credit and deposit activity in the upcoming year of 2010. The article throws light on the situation on the crediting market in 2010, its possible growth due to increasing in value of loans for economic entities. Expected releasing from restrictions in foreign currency crediting can bring positive results, as well as lower interest rates for the public can stimulate the growth of public demand for loans. The dependence of the interest rates on the national currency stability, interaction with foreign currencies and a close connection between deposit interest rates and credit interest rates are studied by the author.

Обов’язкове медичне страхування

Compulsory medical insurance

This article deals with the obligatory medical insurance and its role in the life of people. The author emphasizes that this form of insurance is widely used in such countries as France, Canada, Belgium, and Sweden. Basic principles of the obligatory public insurance are examined and each of them is explained. The mechanism of providing this type of insurance for the public and paying insurance premiums is presented by the author.

Піфи для обізнаних інвесторів

Mutual funds for expert investors

This reading gives general description of different types of mutual funds, characteristics, advantages and drawbacks of each. It draws readers’ attention to interval funds as an alternative between open-end and closed-end funds. The text highlights the importance of the investors’ confidence to the fund manager as well as his perception of the risk of investment itself.

Плаваюча замість фіксованої

Floating instead of Fixed

This article dwells on the problem – the united tax for small businesses which is to account to 4-15% of the minimum wage. The author explains that local budgets will gain benefits in this case while businesses will suffer. The article informs about the changes caused by the introduction of the tax and the mechanism of its administration. According to the new taxation system local budgets will get all earnings from this tax.

Пластик повертається

The plastic is got back

The article deals with the increase of the usage of bank cards. The author outlines the main reasons for this rise, among which the return of public trust to the banking system, the increase of the amount of salary projects, the change of bank strategies. The fact that the clearing payments have been increased significantly is also considered, as well as the change in the structure of Ukrainian banks.

Політика держави по залученню іноземних інвестицій

Government policy on foreign investments

The article explains some general features of the Ukrainian state policy regarding attraction of foreign investments. It highlights the state government’s role in the process of attraction foreign investments, principles on which government interacts with foreign investors, and the role of other government bodies in the process. The reading presents the rights and responsibilities foreign investors have, explains how they can take their profits and reinvest them. It provides the description of investment climate and current state of Ukraine in this area.

Проблеми ціноутворення

Problems of pricing

This article highlights the pricing problems firms can face. It examines main approaches of setting the output price. It also describes the way of changing the price, and gives different ways for a firm to set the right pricing policy. The author states that to obtain any benefits from changing prices the firm should analyze both the behavior of consumers and that of competitors on the market.

Розвиток фінансового ринку в Україні

Financial market development in Ukraine

The article highlights present situation, problems and perspective of the Ukrainian financial market. It informs that the general development rate remains slow and the most developed market component is commercial banks while other institutes lag behind. The author explains why the financial market does not perform its functions, such as mobilization of capital for developing real sector, efficient allocation of resources, diversification of investment portfolio, hedging, etc. It is stated that the low level of financial market development can be obstacle for a long-term economy growth.

Світовий банк назвав Україну однією з країн з найскладнішою системою оподаткування

The World Bank called Ukraine a country with extremely complicated system of taxation

The reading highlights the opinion of The World Bank’s specialists on the system of taxation in Ukraine. It informs the reader that nowadays the Ukrainian system of taxation is one of the most complicated in the world. The author explains that in current situation the observance of tax legislation requires considerable expenses from Ukrainian entrepreneurs. Experts from the International Finance Corporation state that it is very important to simplify the Ukrainian tax system.

Страхування (Страхування – об’єктивно необхідний атрибут…)

Insurance

The author outlines the role of insurance in a market economy, problems that insurance solves, its appointment and functions. In the reading, insurance is defined as a necessary attribute and an important indicator of market economy. The main tendencies and present conditions of the Ukrainian insurance market are also described here. The author determines current issues which hinder the development of insurance in Ukraine and proposes options of solving them.

Страхування

Insurance

The reading is devoted to the issue of life insurance. This type of insurance is widely used in a number of countries. It is based on the principle according to which the insurance premium is paid to the insured at the moment agreed in the insurance contract or in the case of the death of the insured person. This type of insurance can be attached by pension insurance. The reading states that mixed insurance comprising several more simple types of insurance is very popular as it offers various combinations.

Суть та структура грошового ринку в Україні

Essence and structure of the money market in Ukraine

The article highlights main aspects of the money market, its essence, structure and subject. It emphasizes the problems of identifying money market with financial market and the fact that there is not any accurate definition of money market in economic literature. It also touches peculiarities of selling money, such as its existence in the form of crediting not equivalent exchange etc. The information is aimed at those who deal in the sphere of banking and business finance.

Український фондовий ринок

The Ukrainian stock market

In this article, the reader has an opportunity to become familiar with the origins and development of Ukrainian stock exchange market. The author gives an overview of major risks that the Ukrainian stock exchange market faces. Despite the lack of information transparency the Ukrainian stock market is becoming more and more attractive for potential investiors.

Форекс

Forex

The article describes the international market of foreign exchange which is called Forex. It presents its mechanism, shows its basic principles and highlights its main features, which differentiate it from other sectors of the financial market. The author focuses on the measures that can help to operate successfully on this market, in particular the role of training to practice theoretical knowledge and obtain the necessary minimum of trading experience.

Цінні папери: прогноз на 2010 рік

Securities: forecast for 2010

The reading covers the situation on the Ukrainian stock market. The fact that the securities market is presented by the Ukrainian Stock Exchange is mentioned. Another positive fact is that the Internet trading will attract more traders to the market and it will stimulate the growth in pricing securities. The reading also describes the situation with trading bonds which is not simple and requires active steps to improve it. In such a situation the end of economic crisis can stop negative events on the Ukrainian stock market.

Чи долар віджив своє як головна резервна валюта?

Has dollar lived his time (gone out of use) as a main reserve currency?

This article describes the discussion of an important issue about using a portfolio of currencies instead of keeping savings only in dollars. It examines the primary source of discussion and presents different points of view on this problem. The author highlights the importance of changing dollar for basket of currencies, explains the main reasons for such a step, underlines that most economists consider the USA guilty of recent financial crisis. Changing the order of financial operations in the world can protect the global economy from losses, however because of several reasons changes can be made only in the long run.

Якісний розвиток фондового ринку неможливий без стратегії

Qualitative development of the stock market is impossible without a strategy

This article covers the issue of stock market development. It highlights two main problems caused by the stock market situation. On the one hand there are some significant changes in the Ukrainian stock market, but they are not coordinated with the development goals of the market. On the other hand there is risk of losing independence of Ukrainian stock market. Then the author presents a new development strategy of the Russian stock market and makes a conclusion that the Ukrainian market has to make a choice as soon as possible. The author touches the issue of possible risks for the Ukrainian stock market and suggests the ways of solving it. The proposition of immediate introduction of the Ukrainian stock market strategy program is made to help Ukraine cope with the matter in question.

Як турецькі банкіри долали кризу

As Turkish bankers overcome crisis

The reading touches the effect of the current financial crisis on banking activities in different countries, Turkey among them. It analyses the steps and measures Turkey realizes to stabilize the crisis situation. Comparing Turkish and Ukrainian banks the author considers the possible variant of presenting any future financial crisis the National bank of Ukraine can choose.

Чи долар віджив своє як головна резервна валюта?

Has dollar lived his time (gone out of use) as a main reserve currency?

This excerpt describes the discussion of an important issue about using basket of currencies instead of making savings only in dollars. The article examines the primary source of discussion and present different points of view about this problem. The author highlights the importance of changing dollar for basket of currencies and explains the main reasons for such a step. The article underlines that most economists argue that USA is guilty of recent financial crisis and the approach of changing the order of financial operations in the world can secure the global economy against the risk of losses. In the conclusion the author present his position that because of several reasons such changes can be made only in long-term prospective.

Політика держави по залученню іноземних інвестицій

The article explains some general features of Ukrainian state policy regarding attraction of foreign investments. It gives an understanding of the state government’s role in the process of foreign investments attraction, principles on which government interacts with foreign investors, and other government bodies’ role in the previously mentioned process. The reader gets an understanding of what rights and responsibilities foreign investors have, how they can take their profits out of Ukraine or reinvest them back. In the end, the article provides a definition of investment climate, and describes its current state in Ukraine.

Світовий банк назвав Україну однією з країн з найскладнішою системою оподаткування.

The reading highlights the opinion of The World Bank`s specialists about the system of taxation in Ukraine. It informs the reader that nowadays Ukrainian system of taxation is one of the most complicated in the world. The author also explains that that in such situation observance of tax legislation for Ukrainian entrepreneurs requires considerable expenses. That`s why the experts of IFC state that it is very important to simplify Ukrainian tax system.

Due diligence forever

The article deals with relatively new service provided by audit and consulting companies to potential investors who are going to buy a particular enterprise. The author states that auditors are focused on financial statements while due diligence experts are dealing with business valuating as a whole. It is also mentioned that over the last few years this service became popular among national investors.

Розвиток фінансового ринку в Україні

Financial market development in Ukraine

The article highlights present situation, problems and perspective of Ukrainian financial market. The author informs us that the general evolution is low enough and the most developed market’s component is commercial banks while other institutes lag behind. The excerpt explains that this situation is typical for developing countries. As the result financial market does not perform its functions, such as mobilization of capital for developing real sector, efficient allocation of resources, diversification of investment portfolio, hedging, etc. Implementing these functions financial market promotes economic growth in developed countries. T the end the author shows that the low level of financial market development could be obstacle for a long-term economy grows.

Суть та структура грошового ринку в Україні

Essence and structure of the money market in Ukraine

The article highlights the main aspects of money market, i.e. its essence, object and subject. It emphasizes on problems of identification money market with financial market and so that there is not an accurate definition of money market in economic literature. Also it touches the peculiarities of selling money, i.e. it exists in the form of crediting, it is not the equivalent exchange etc. The information is aimed at those who deal in the sphere of banking and business finance.