Assignments
I. Suggest the Russian equivalents
to increase steadily; try to economize on the use of...; to choke off the demand; to encourage consumers to purchase smth; to encourage the production of...
II. Replace the parts in italics by synonyms
three economic questions; to give a share of resources; to have scarce supplies of raw materials; a sudden change; realising that; potential replacements; to encourage people who use oil; price increases six times; try to cut down on the use of oil
III. Find in the text antonyms for the following words:
rare, scarce; outputs; expensive; exports; straightforward; get, acquire; not to need; getting smaller
IV. Fill in the gaps with the words and expressions from the text
1. Economics is the study of how people choose ______________ scarce resources to satisfy their ______________.
2. Economic activity was organized on the assumption of________________ oil.
3. In 1973 – 74 there was an ______________ change in oil prices.
4. _________________ countries correctly forecast that __________________ in the quantity demanded would be small.
5. Most nations are very dependent on oil and have few commodities available as ________________ for oil.
6. Oil prices are traditionally ________________ in US dollars per barrel.
7. The price of oil ________________, from $2.90 to $9 per barrel.
8. There was another _________________ between 1978 and 1980, from $12 to $30 per barrel.
9. The dramatic price increases inflicted __________________ on the world economy.
10. These responses, ________________ prices, are part of the process by which most Western societies __________________ what, how and for whom to produce.
11. Chemical firms will develop ___________________ for petroleum inputs to their production processes; airlines will look for more _______________ aircraft.
12. Firms and _______________ reduce their use of______________ products.
13. Commuters form ___________________ or move closer to the city.
14. High prices not only ________________ for oil-related commodities; they also encourage consumers to purchase ___________________.
15. OPEC _________________ from oil sales increased from $35 billion in 1973 to nearly $300 billion in 1980.
16. The rise in oil prices raised ________________ of OPEC.
17. The economy is an _________________, interconnected system and a _________________ anywhere ripples throughout the entire economy.
18. _______________ industries may have to pay higher wages to attract the _______________ labour that they require.
19. A scarce resource is one for which the demand at a zero price would ______________ the available supply.
V. Find in the text English equivalents for the following
распределять ресурсы; ограниченные ресурсы; значительное повышение цен повлечет за собой несущественное снижение объема продаж; цена возросла в три раза; резкий подъем; резкий взлет цен; возросшие доходы; повысить/понизить покупательную способность; повышать заработную плату для привлечения дополнительной рабочей силы
VI. Explain in English
prices are quoted; a gradual rise; a sharp increase; household; commuters; commodities
VII. Check your grammar