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VARIANT II.

1. Match each word in column A with its definition in column B:

1. Replace the underlined words by synonyms

- business owned and run by the state;

- products and services which are favoured;

- at first view;

- production alters swiftly;

- they pursue their own interests.

1. These pairs of words often cause problems. Choose the correct alternative for each:

1. PRODUCTION/PRODUCTIVITY

a) We will increase pay if the employees raise their ___.

b) If we don’t get another order soon, we’ll have to cut ___ and maybe close the factory.

2. EXPENSES/EXPENDITURE

a) We have to reduce our general ___: we must cut costs wherever we can.

b) If we don’t get another order soon, we’ll have to cut ___ and maybe close the factory.

3. TAKE OVER/OVERTAKE

a) They want to ___ our company but I don’t think their offer is high enough for our shareholders to sell.

b) They expect to ___ all their main competitors, in terms of sales, within a year of the launch of their new product.

4. Suggest Ukrainian equivalents:

- new ideas rarely come forward;

- tend to be slow when responding to changes;

- a firm which switches from labour – intensive production to a new one;

- a decline in the prosperity of the nation;

- they try to make the largest profits possible.

5. a) Read and translate the text in a written form:

WHAT’S MICROECONOMICS AND MACROECONOMICS?

Macroeconomic analysis offers a detailed treatment of individual decisions about particular commodities.

For example, we might study why individual households prefer cars to bicycles, and how producers decide whether to produce cars or bicycles. We can then aggregate the behaviour of all households and all firms to discuss total car purchases and total car production. Within a market economy we can discuss the market for cars. Comparing this with the market for bicycles, we may be able to explain the relative output of these two goods. The sophisticated branch of microeconomics known as general equilibrium theory extends this approach to its logical conclusion. It stu­dies simultaneously every market for every commodity. From this it is hoped that we can understand the complete pattern of consumption, production, and exchange in the whole economy at a point in time.

b) Answer the following questions:

1. What does microeconomic analysis offer?

2. What is needed before total car purchases and production can be discussed?

3. What does the general equilibrium theory examine?

4. What can be understood from such a study?

6. a) Turn the following sentences into the Passive Voice using the italicized words as the grammatical subject. Use a by-phrase where necessary:

1. “He has lost the briefcase,” I repeated.

2. Do you know that Mrs. Ridgeway has offered the cottage for sale? (by)

3. They knew that the authorities had entrusted him with similar missions in the past.

4. Finally, Mr. Shaw politely bowed us out. (by)

5. When we arrived, they were still discussing the question.

b) Turn the following sentences into the Passive Voice where possible:

1. Barbara cut her finger yesterday.

2. We shall meet Jack at the airport.

3. When I went out on the porch, the girl was waving her hand to somebody.

4. The Jacksons have invited a lot of people to their garden party.

5. They are looking for a man in a brown suit.

6. Doctor Brady has made an interesting report today.

7. Pamela won’t show us her novel.

8. Susan has already told them the news.

c) Transform the sentences using Complex Object:

1. They tested the equipment. We saw them.

2. The economy will enjoy a boom in our country. We wanted it.

3. The economic situation began to alter. We noticed it.

4. He was discussing the default on payment. She heard it.

5. The firm will incur losses. We feel it.

7. Translate into English:

1. Вони очікували, що президент створить нові робочі місця.

2. Ринкова економіка характеризується незначною мірою втручання з боку держави в планування та контроль економічного процесу.

3. Вважають, що стан економіки в країні – є головний фактор успіху фірми.

4. Їм розповіли як діяльність уряду впливає на окремі ринки.

5. Ми б хотіли, щоб рішення було прийняте завтра.