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Ex 2. Fill in the gaps with the words and expressions from the text.

1. Once the world’s leading ……, in the 20^th country America …… of financial capital of the world.

2. Even amidst ……, the model of the …… still exist.

3. By 1776, the …… of free white American society was already high, with …… supporting a comparatively high income.

4. Open borders allowed for an …… of goods and ideas.

5. Thanks to a strong …… adopted from the British, America quickly …… to her former ruler.

6. A. Hamilton and his party were proponents of a stronger central government in order to encourage …… as the …… of the new American economy.

7. After the 1840s a new mode of transportation, the railroad, …… of the American economy.

8. Following the war, the American economy was …… that spurred tremendous growth of the …….

9. In the economic history of the US, the early 20^th century remains …… for major ……

10. Under the watch of president Roosevelt, America …… a vast economic stimulus program called the “……”.

11. In all, there have been over thirty cycles of …… of the US economy since 1854.

12. Americans have tried to be …… embracing the message of “hope” in the …… of Barak Obama.

Ex 3. Find in the text the English equivalents for the following:

ведущая экономическая супердержава; во время экономического спада; в основном сельскохозяйственная экономика; высокий уровень жизни; свободное движение товаров и идей внутри страны; поощрять производство и торговлю как основу экономической системы; прибегнуть к чему-либо; достижения в сфере массового производства; придерживаться золотого стандарта; разрушительные экономические последствия; масштабная программа экономического стимулирования; правительственные проекты создания рабочих мест; вызвать потрясения в экономике; проявлять осторожный оптимизм.

Ex 4. Match each term with the appropriate explanation.

recession, expansion, mass production, free enterprise, agriculture, manufacturing, commerce

1. Growing large, wider; increasing in size and scale.

2. The exchange of goods and services for money or for other goods and services by way of trade and all the various business operations that make such exchange possible.

3. A temporary reduction in business activity.

4. Organized and rapid production of very large quantities of a standard article or commodity.

5. The systematic making of goods from raw materials. Originally it implied the making of something by hand, but now includes making by machinery.

6. The skilled work of cultivating the soil for crops, bringing up animals, planting trees, managing forests, and fishing.

7. An economic system in which private persons are free to own capital and to organize their businesses.