Unit 5. Supply and demand. Text A.

UNIT1. ECONOMIC ACTIVITY

Most people work to earn a living, and produce goods and services. Goods can be agricultural (like wheat and milk), they are produced on farms. Goods can be manufactured (like cars and paper), they are produced in the factories. Services are produced by schools, hospitals and shops. These are such things as education, medicine and commerce. Some people provide goods, some provide services. Other people provide goods and services. For example, in the same garage, a man can buy a car or some service which helps him to maintain his car.

The work people do is called economic activity. All economic activities together make up the economic system of a town, a city, a country or the world. Such an economic system is the sum total of what people do and what they want. The work people undertake either provide what they need or provides the money with which they can buy essential commodities. Of course, most people hope to earn enough money to buy commodities which are non-essential but which provide particular personal satisfaction, like toys for children, visits to cinema, computer games and books.

EX.1. Answer the questions:

1. Why do most people have to work? 2. What do they produce? 3. Where are goods produced? 4. What do schools, hospitals and shops provide? 5. What two different things can a man buy in a garage? 6. What do we call the work which people do? 7. What is an economic system the sum-total of? 8. What two things can work provide for the worker? 9. What can people buy with money?

EX.2. Combine these pairs of sentences as in the example.

EXAMPLE. The services are useful. The workers provide the services.

The services which the workers provide are useful.

1. The goods are essential. They need the goods.
2. The schools and hospitals are essential. They provide the schools and hospitals.
3. The goods are valuable. He buys the goods.
4. The money buys essential commodities. People earn this money.
5. The goods and services are very useful. People produce these goods and services.
6. The work is called economic activity. We do this work.
7. The work provides people with money. People do this work.
8. The economic activities make up the economic system. People undertake these economic activities.

EX.3. Say whether these statements are true or false, and if they are false say why.

1. Most people produce either goods or services.
2. Services are either agricultural or manufactured.
3. Education and medicine are provided by schools and hospitals.
4. Cars and paper are agricultural goods.
5. Paper is a non-agricultural commodity.
6. The work which people do is called an economic system.
7. A city has its own economic system.
8. Economic activity is the sum-total of what people do and want.
9. The work people undertake provides them with money, or with what they need.
10. Most people do not want to buy non-essential commodities and services.

EX.4. In each of these sentences a word is missing. Provide a word from the text.

1. Transport systems like railways, buses and airplanes provide the public with important ………
2. They told him to look at the …….. and then do the exercises.
3. There is usually a lot of ……… at any railway station or airport that handles a lot of traffic.
4. He decided to …….. the work in order to make some money.
5. It was …… for him to go to the city as soon as possible.
6. They had …… enough money to buy most of the things they needed.
7. It was a ….. matter and he did not wish to tell anyone else about it.

EX.5. In these sentences certain nouns are printed in bold. Change them into adjectives which can be used in the blanks.

1. These goods belong to the nation. They are therefore ……..
2. Minerals are a part of nature. They are therefore ……..
3. Schools provide education. They are therefore ……..
4. Shops are places of commerce. They are therefore ……. Centers of …. activity.
5. He does not want anyone else to do this work. He wants to do the work in person. It is his …….. concern.

UNIT 2. THE SCIENCE OF ECONOMICS

The science of economics is based upon the facts of our everyday lives. Economists study our everyday lives and the general life of our communities in order to understand the whole economic system of which we are part. They try to describe the facts of the economy in which we live, and to explain how it all works. The economist’s methods should of course be strictly objective and scientific.

We need food, clothes and shelter. We probably would not go to work if we could satisfy these basic needs without working. But even when we have satisfied such basic needs, we may still want other things. Our lives might be more enjoyable if we had such things as computers, books, toys for children. Human beings certainly have a wide and very complex range of wants. The science of economics is concerned with all our material needs; it is concerned with the desire to have a computer as well as the basic necessity of having enough food to eat.

EX.1. Answer the questions:

1. What is economics?
2. What is it based upon?
3. What two things do economists study?
4. What do economists try to describe and explain?
5. What should the methods of the economists be like?
6. What three essential things do we need?
7. What would happen if we could get these essentials without working?
8. What might make life more enjoyable?
9. What is economics concerned with?

EX.2. Study the example. It shows how a conditional sentence is organized. Do the same with the pairs of sentences which follow.

EXAMPLE: We have money. We can buy food. If we have money, we can buy food.

1. We have a computer. We can use the Internet.
2. We have food, clothes and shelter. We have the basic necessities of life.
3. You want to get new clothes. You must earn some money.
4. The economic system of the country is strong. The people will be able to satisfy their needs.
5. He wants to be an economist. He must study economic books.

EX.3. Punctuate the following passage. Provide capital letters, commas, full stops, etc. where appropriate.

most people work to earn a living they produce goods and services this is called economic activity all economic activities together make up the economic system this system is very complex economists study the economic system and try to describe and explain it they study the work we do and the needs we have if you wish to learn about the science of economics you must study both books and people

EX.4. Fill in the blanks with the appropriate words: economics, economic, economist, economical, economically, economy.

1. Marx and Keynes are two famous …….. s.
2. Those people are studying the science of ………
3. We sometimes call a person’s work his ……… activity.
4. People should be very ……….. with the money they earn.
5. The economic system of a country is usually called the national ……….
6. The people in that town live very …………

EX.5. Say whether these statements are true or false, and if they are false say why.

1. Economics is a scientific study.
2. Economists try to understand only part of the economic system.
3. If we could satisfy our basic needs without working, we would still work.
4. Computers, books, toys for children are basic commodities.
5. The range of human wants is very complex.
6. Clothes and shelter are non-essential human needs.
7. Economists study the general life of our communities.

EX.6. Combine these pairs of sentences and make them conditional. You must decide whether “if” goes at the beginning of the first sentence or the second.

1. He must study. He wants to become an economist.
2. People work. They will earn money.
3. You will make more money. You work regularly and rapidly.
4. You work together building that house. You will finish the whole thing more rapidly.
5. Men study the economic system of a country scientifically. We call them economists.

UNIT 3. THE LIMITS ON ECONOMIC FREEDOM.

If a person can do what he wishes with his own property, time, and energy, then the economists say that he is “economically free”. In all communities, of course, limits are imposed upon the personal freedom of their citizens and these limits are in some cases very complex but in others relatively simple. All individuals are required to conform to the laws made by their governments.

Complete economic freedom of action can create great difficulties, because the freedoms exercised by various individuals often conflict. If citizens were completely free, some landowners might build factories in unsuitable places, while some factory-owners might make their employees work too long each day. If they were completely free, workers might stop working when they got their first pay, and come back only when they needed more money. Such economic anarchy could cause instability, unemployment, loss of production in the whole economy of a country.

Laws related to economic conditions are sometimes concerned with contracts between employers and employees. Sometimes they are concerned with workers’ health, wages, and pensions and sometimes with the locations of places of work. Sometimes they protect the interests principally of the workers, while at other times they may be beneficial towards both employers and employees. The government policy towards both employers and employees will depend very much upon the political and economic ideology adopted by the government, and may be biased towards employers and capital on the one hand, or workers and the problems of labour on the other hand.

EX.1. Answer these questions.

1. Under what conditions is a person economically free?
2. What is the opposite of “simple”?
3. What are all citizens required to do?
4. Why does complete economic freedom of action cause great difficulties?
5. What three things might happen if citizens were completely free?
6. What kind of economy might complete economic freedom create?
7. What three workers’ needs are sometimes the concerns of the law?
8. Between whom are the contracts arranged?
9. What else might the laws relate to, beside the workers’ needs and work contracts?
10. What other important point should we note about laws related to economic conditions?

EX.2. Change the following sentences by inserting “can”

EXAMPLE: He does the work easily. He can do the work easily.

1. He earns a lot of money.
2. They work very rapidly in that factory.
3. The breeders sell a lot of horses and cattle.
4. The miners provide coal at an economic price.
5. A man with a good education usually earns quite a lot of money.
6. The citizens choose what they want to do.
7. People use their time and money as they wish.

EX.3. Change the sentences from ex.2. Use “could” instead of “can”.

EXAMPLE. He can do the work easily.

In those days he could the work easily, but not now.

EX. 4. Combine some of the words in these sentences in order to make new compounds. EXAMPLE: He owns a house. He is a house-owner.They breed pigs. They are pig-breeders.

1. He owns a car.
2. That man owns some land.
3. They breed horses.
4. Some capitalists own factories.
5. That man earns his wages.
6. Those men mine coal.
7. Those women grow fruit.
8. Mr. Smith makes shoes.
9. Mr. Jones works with steel.
10. Mr. Brown packs meat in that factory.

EX.5. Make the adjectives negative by adding the prefix un-.EXAMPLE: Stable – unstable.

Economic, economical, satisfactory, systematic, necessary, scientific, enjoyable, productive, suitable, equal, conditional, important, usual, desirable.

Use the appropriate adjectives in their negative forms in these sentences.

1. People do not like working in ………. conditions.
2. The employers decided to close that factory because it was ……..
3. Complete economic freedom is an ……. situation.
4. Compared with our need for food, clothes, and shelter, some of our needs are quite ……
5. We say that goods are sold at ……… prices, when the price is less than the cost of producing them.
6. The goods which he wanted were …….. at the price which he was willing to pay.

EX.6. Say whether these statements are true or false, and if they are false say why.

1. Economists say that a man is economically free, if he can do what he wishes with his own property, time, and money.
2. Governments usually require all individuals to conform to the laws which they make.
3. Complete economic freedom of action does not create many difficulties.
4. If citizen s were completely free, some landowners and factory owners might act in unsatisfactory ways.
5. Complete economic freedom could lead to economic anarchy.
6. Anarchy is satisfactory and desirable thing in any economic system.
7. Laws related to economic conditions are sometimes concerned with the health of the employers.
8. These laws usually protect the interests of the workers and not the employers.
9. Government policy does not depend on the political and economic ideology of the government.
10. Some ideologies are biased towards labour and others towards capital.

EX.7. Make each pair of sentences into a new conditional sentence, changing may to might, and changing the tense.

EXAMPLE: Citizens are completely free. Factory- owners may make their employees work too long each day. – If the citizens were completely free, the factory- owners might make their employees work too long each day.

1. There is no system of control. Landowners may build factories in unsuitable places.
2. They are completely free. Workers may work only when they need money badly.
3. They have all the money they need. They may not work.
4. The government wants to improve the general conditions of work. They make new laws.
5. Employees anticipate new and better conditions. They may increase their productivity.
6. You regularly provide essential services. You may get more business.
7. They undertake to replace the old school with a new one. We may provide some of the money.

EX.8. Find the words in the text for which these words could be substituted.

Society, cause, enjoy, frequently, unsatisfactory, lawless, written agreements, regular pay in old age, mainly, inclined.

EX. 9. Make these words negative by adding the prefix in-.

Active, activity, secure, security, organic, sufficient, definite, adequate, distinct, complete, solvent, expert, frequent, conclusive, dependent.

Use the appropriate words in their negative forms in these sentences.

1. Metals are ………… substances. 2. Most nations like to be economically ……… 3. The services which they provided were quite …….. 4. If an economy becomes unstable, people begin to feel ……. 5. The men were rather ……. at the kind of work which they had been asked to do.

UNIT 4. UTILITY AND PRICES.

TEXT A

Our basic needs are simple, but our additional individual wants are often very complex. Commodities of different kinds satisfy our wants in different ways. A banana, a bottle of medicine and a textbook satisfy our wants. The banana cannot satisfy the same wants as the textbook.

This characteristic of satisfying a want is known in economics as its “utility”. Utility, however, should not be confused with usefulness. For example, a submarine may or may not be useful in time of peace; but it satisfies a want. Many nations want submarines. Economists say that utility determines “the relationship between a consumer and a commodity”.

Utility varies between different people and between different nations. A vegetarian does not eat meat, but may rate the utility of bananas very highly, while a meat-eater may prefer steak. A mountain- republic like Switzerland has little interest in submarines, while maritime nations rate them highly.

Utility varies not only in relation to individual tastes and to geography, but also in relation to time. In wartime, the utility of bombs is high, and the utility of pianos is low. Utility is therefore related to our decisions about priorities in production – particularly in a centrally-planned economy. The production of pianos falls sharply in war time.

The utility of a commodity is also related to the quantity which is available to the consumer. If paper is freely available, people will not be so interested in buying too much of it. If there is an excess of paper, the relative demand for paper will go down. We can say that the utility of a commodity therefore decreases as the consumer’s stock of that commodity increases.

EX.1. Answer these questions.

1. What is the difference between our basic needs and our additional wants?
2. What are the two ways of describing “utility”?
3. What examples can be used to show that utility varies from nation to nation?
4. What examples can be used to show that utility varies from person to person?
5. What examples can be used to show that utility varies from time to time?
6. What examples can be used to show that utility is related to quantity?
7. What can we say about the way in which utility decreases?

EX.2. Say whether these statements are true or false, and if they are false say why.

1. Our basic needs are complex.
2. Our wants are satisfied in much the same way by all commodities.
3. Usefulness should not be confused with utility.
4. Vegetarians rate the utility of meat very highly.
5. The Swiss nation is not particularly interested in submarine.
6. In wartime the utility of pianos is high.
7. In a centrally-planned economy, decisions about priorities are related to utility.
8. The demand for paper goes down if the quantity of paper increases.

EX.3. Contrast the pairs of sentences, using “while”.

EXAMPLE: Switzerland has little interest in submarines. Maritime nations rate them highly. Switzerland has little interest in submarines, while maritime nations rate them highly.

1. In peacetime bombs are not in very great demand. In wartime their utility is very high.
2. Bananas may satisfy one kind of want. Computers satisfy an entirely different need.
3. Meat-eaters enjoy both beef and bananas. Vegetarians’ value is only the bananas.
4. A product’s utility may be very high in a certain part of the world. In a different part of the world its utility may be very low.
5. Some people may prefer to save their money and invest it in a very secure and profitable scheme. Some people may prefer to buy a commodity which they have wanted for a long time.

EX.3. Find the words in the text for which these words can be substituted.

Extra, quality, coastal, likes and dislikes, preferences, rapidly, amount, goes down.

TEXT B. UTILITY AND PRICES.

In most economic systems, the prices of the majority of goods and services do not change over short periods of time. In some systems it is of course possible for an individual to bargain over prices, because they are not fixed in advanced. In general terms, however, the individual can not change the prices of the commodities he wants. When planning his expenditure, he must therefore accept these fixed prices. He must also pay this same fixed price no matter how many units he buys. A consumer will go on buying bananas for as long as he continues to be satisfied. If he buys more, he shows that his satisfaction is still greater than his dislikes of money. With each successive purchase, his satisfaction compensates less for the loss of money.

A point in time comes when the financial sacrifice is greater than the satisfaction of eating bananas. The consumer will therefore stop buying bananas at the current price. The bananas are unchanged; they are no better or worse than before. Their marginal utility to the consumer has, however, changed. If the price had been higher, he might have bought fewer bananas; if the price had been lower, he might have bought more.

It is clear from this argument that the nature of a commodity remains the same, but its utility changes. This change indicates that a special relationship exists between goods and services on the one hand, and a consumer and his money on the other. The consumer’s desire for a commodity tends to diminish as he buys more units of that commodity. Economists call this tendency the Law of Diminishing Marginal Utility.

EX.1. Answer these questions.

1. Prices are fixed in most economic system, but what is possible in some systems?
2. What is the individual generally unable change?
3. Under what conditions will a consumer go on buying a commodity?
4. What does a consumer show by buying more bananas?
5. What happens with each successive purchase?
6. At what point will the consumer stop buying the commodity at the current price?
7. What remains unchanged with each purchase?
8. What has changed when this point is reached?
9. Under what conditions might he have bought more?
10. What does a consumer’s desire tend to go?

EX.2. Say whether these statements are true or false, and if they are false say why.

1. In the majority of systems prices are fixed but in the minority it is possible to bargain.

2. It is generally possible for the individual to change the prices of the commodities he wants.

3. We know that a consumer’s satisfaction is greater than his financial sacrifice if he goes on buying a commodity at the current price.

4. When a consumer becomes dissatisfied at paying the current price, he pays less.

5. The financial sacrifice becomes too great when the quality of a commodity gets worse.

6. The consumer will probably buy more if the price falls.

7. If the price rises, the consumer will probably buy less.

8. If the price remains the same, the consumer will reach a point when his sacrifice is greater than his satisfaction.

9. The utility of a product stays the same, but its nature changes.

10. The Law of Diminishing Marginal Utility is the name which economists give to the tendency for a consumer’s desire to diminish as he buys more units.

EX.3. Make the sentences passive, omitting the agent phrase.

1. The government fixes the prices.
2. They fix the prices in advance.
3. He must pay the current price.
4. The commodity satisfies the consumer.
5. The government has changed the policy.
6. They have produced additional supplies for the man.
7. They have obtained various valuable minerals in that area.
8. Economists have classified the various economic systems.
9. The committee prepared a special scheme.

EX.4. Change the sentences without changing their meaning.

EXAMPLE. When he plans his expenditure, a consumer must accept fixed prices. When planning the expenditure, a consumer must accept fixed prices.

1. When it prepares a new product, a company must spend a large amount of money.
2. When it decides production targets for a period of years, a government must establish its priorities very clearly.
3. When it makes a decision over the number of employees which will be needed, the management of a factory must consider everything very carefully.
4. When it tries to increases efficiency in production, a planning body should decide what as are typical factors are most important.
5. When they consider problems of distribution, businessmen should investigate all the methods currently in use and decide objectively whether they can be improved.

EX.5.Change the listed words and phrases into agents nouns.

EXAMPLE. Consume – consumer; plan – planner.

Buy, sell, use, work, bank, mine, produce, organize, manage, begin, breed, perform; a man who breeds cattle; a man who owns a house; a man who pays tax; a man who produces whisky; a man who manages a bank.

UNIT 5. SUPPLY AND DEMAND.TEXT A.

Bananas are typical example of perishable goods. By “perishable” we mean goods which cannot be stored for any length of time without going bad. Most foodstuffs are in the perishable category. Such goods are offered for sale as quickly as possible, and so the supply of perishables and the stock of perishables available at any time are usually the same in quality.

This is not true in the case of non-perishable goods like coal, steel, and cars, which do not deteriorate easily. The supply of cars on the market may not be the same as the actual stock of cars in the factories. Economists talk about the Law of Supply, in which a rise in prices tends to increase supply, while a fall in prices tends to reduce it. If prices rise for a particular commodity, the rise will of course encourage producers to make more. On the other hand, if prices fall either locally or throughout the world, producers will reduce production. This can result in serious difficulties for many producers, and may cause them to go out of business completely. Over-production of any commodity can also create difficulties, because it can lead to a glut on the market, which may cause prices to fall sharply. Supplies of many commodities can generally be adjusted to suit market conditions. This means that changes in prices lead to changes in the quantity of a particular commodity which is made available to consumers. Household goods and furniture belong to this category. In such instances supply is said to be “elastic”, because it can be increased or decreased rapidly in response to market prices.

TEXT B.

Elasticity of supply, as a response to changes in price, is related to demand. Economists define “demand” as a consumer’s desire or want, together with his willingness to pay for what he wants. We can say that demand is indicated by our willingness to offer money for particular goods or services. Money has no value in itself, but serves as a means of exchange between commodities which do have a value to us.

People very seldom have everything they want. Usually we have to decide carefully how we spend our income. When we exercise our choice, we do so according to our personal preferences. In this scale of preferences essential commodities come first (food, clothing, shelter, medical expenses, etc.), then the kind of luxuries which help us to be comfortable (telephone, special furniture, insurance, etc.), and finally those non-essentials which give us personal pleasure (holidays, parties, visits to theatres or concerts, chocolates etc.). They may all seem important, but their true importance can be measured by deciding which we are prepared to live without. Our decisions indicate scale of preferences and therefore priorities.

Elasticity of demand is a measure of the change in the quantity of a good, in response to demand. Demand is inelastic when a good is regarded as a basic necessity, but particularly elastic for non-essential commodities. Accordingly, we buy basic necessities even if the prices rise steeply, but we buy other things only when they are relatively cheap.

UNIT 6. SOME ECONOMIC LAWS.

Basic human needs are simple, but every individual has additional personal wants which may be very complex. These complex personal wants are satisfied in different ways by different things. A car, a bottle of whisky and a newspaper satisfy very different wants and the whisky is not a close substitute for the car. This special characteristic of satisfying a want is known in economics as its “utility”. Utility is not the same as usefulness. A submarine, for example, may or may not be useful in peacetime, but it satisfies a want. Many nations want submarines. Economists describe this kind of utility as “the relationship between a consumer and a commodity.”

Utility varies between different people and between different nations. A vegetarian does not want meat, may rate bananas very highly. A mountain republic like Switzerland has little interest in submarines, but maritime nations rate them very highly. Utility also varies with time. In time of war, the utility of bombs is high and that of pianos is low. Utility is therefore related to our sense of priorities. The utility of a commodity is also related to the quality available to the consumer. If men buy a large quantity of paper, they will lose interest in buying more paper. The demand for paper will go down. The utility of a commodity consequently decreases as the consumer’s stock increases.

In most economic systems, the prices of the majority of goods and services are fixed. The individual cannot change the prices of the commodities he wants, and when planning expenditure, he must accept these prices. A consumer will go on buying cigarettes as long as his satisfaction continues and they render utility. If he continues to pay the current price, his satisfaction is greater than his financial sacrifice. With each purchase, however, his satisfaction decreases, although the prices remain the same. If a consumer’s supply of money is limited, a point will come when the financial sacrifice is greater than the satisfaction of smoking cigarettes. He will stop buying the commodity. The cigarettes are the same, but their utility has changed. If the prices rose, he would buy fewer; if they fell, he might buy more.

We can see that the nature of a commodity remains the same, but its utility changes. This indicates that a special relationship exists between goods and services on the one hand and a consumer and his money on the other hand. The consumer’s desire for a commodity tends to diminish as he buys more units of that commodity. This tendency is called the Law of Diminishing Marginal Utility.

Utility is of course related to the Laws of Supply and Demand. When the economists talk about a Law of Supply, they mean that a rise in prices tends to increase the supply of a commodity, while a fall in prices tends to reduce it. When they talk about a Law of Demand, they mean that a fall in prices tends to increase the demand for a commodity, while a rise in prices tends to decrease the demand. In any economic situation, a consumer will decide to buy a commodity only in terms of its particular utility to him.

If the prices of a particular commodity rise in the economy as a whole, the rise will naturally encourage producers to make more of that commodity. If, on the other hand, prices fall locally or throughout the world, producers will reduce production. Supplies of many commodities can generally be adjusted to suit market conditions. This means that changes in market prices lead to changes in the quantity of a particular commodity made available to consumers. Household goods and furniture are in this category. In such instances, supply is said to be elastic, because it can be increased or decreased rapidly to suit market prices.

The principle of elasticity operates in the area of demand as well as in the area of supply. People very seldom have everything they want. They usually have to choose carefully how they will spend their money. When they exercise their choice, they work according to their personal scale of preferences, beginning with top-priority essentials like food and housing. Next on their scale come those commodities which provide comfort or convenience of some kind: mobiles, Internet, insurance, etc. Finally come non-essentials like holiday trips, visits to the theater, which are important parts of life but not comparable to food and shelter. If it is necessary to pay very high prices for the essentials of life, people pay them – even if this means spending all their income. In such cases demand is inelastic. For non- essentials, however, demand is elastic and particularly responsive to changes in price.

EX.1. Answer these questions:

1. What noun is used to show that whisky is not a simple replacement for a car?
2. What noun is used to show that nations are not at war?
3. What verb is used to show that cigarettes provide utility as long as satisfaction continues?
4. What adverb is used to show that the utility of a commodity decreases because stock increases?
5. What adjective is used to show that the price of cigarettes is the price ruling now?
6. What verb is used to show that a consumer’s desire tends “to go down” or “become less” as he buys more of a commodity?
7. What noun is used to show that household goods and furniture belong to a certain type commodity?
8. What adjective is used to show that food and housing are more important than other commodities?

EX.2. Say whether these statements are true or false, and if they are false say why.

1. Switzerland is a maritime nation, and places a high priority on submarines.
2. If the current price of cigarettes remains the same, consumers continue buy more, even when their satisfaction is less than their financial loss.
3. Because a consumer’s desire for a commodity tends to diminish as he buys more units of that commodity, economists talk of a Law of Diminishing Utility/
4. Because the supply of furniture and household goods can be adjusted to suit market conditions, we say that their supply is elastic.
5. Because elasticity of demand refers to things high on our scale of preferences, we can say that the demand for essentials like food and shelter is very elastic.

EX.3. Combine these pairs of sentences by using “although”

EXAMPLE: His satisfaction decreases. The prices remain the same. A) His satisfaction decreases, although the prices remain the same. B) Although the prices remain the same, his satisfaction decreases.

1. The individual cannot change the current price. He may want to do so.
2. The utility of the cigarettes has changed. Their quality is the same.
3. He wants to buy this car now. He should wait until he has enough money for both the car and other necessary things.
4. The work has not been done yet. It was planned five years ago.
5. The scheme has been started. It has not yet received government permission.

EX.4. Punctuate the following passage. Provide capital letters, commas, full stops, etc. where appropriate.

Prices have risen throughout the national economy since 1954 between 1948 and 1953 there was a period of price stability the government decided in 1960 to change the national policy considerably and to introduce certain price controls although controls were not very popular with industrialists the government also tried to reduce the demand by limiting increases in wages throughout the economy although limitation of wages was not very popular with trade unions this limitation of wage increases applied to both the public and private sectors an official commission was created to regulate wage and price increases it was called the national prices and wages board.

EX.5. Insert a suitable preposition in each of the blanks in these sentences.

Дата добавления: 2015-10-29