Ex. 3. Fill in the gaps with the most suitable word from the list given below. There is an extra word you do not need to use.

When … is created as the market adjusts to change, government normally are to … to provide benefits for those made …. Those may include training in … that are in demand, and various social …, such as unemployment insurance, unemployment … and so on.

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intervene, aids, compensation, unemployment, rate, jobless, skills

Ex. 4. Answer the following questions:

1. What are the reasons for being unemployed?

2. Name the major types of unemployment?

3. Define frictional/structural/seasonal/cyclical unemployment.

4. What is the relationship between different kinds of unemployment and the business cycle?

5. Because of its temporary nature, frictionalunemployment is not a major policy concern, isn’t it?

6. What does “full employment” stand for?

7. Who is counted as employed/unemployed/discouraged?

Ex. 5. Read the text and think of the title to it. Answer the following questions:

· What are economic costs of unemployment?

· What are noneconomic costs of unemployment?

Unemployment is very costly both to the individual and to society. To society, the cost of unemployment is the goods and services that could have been produced by the unemployed.

In addition to economic costs, individuals experiencing prolonged unemploy­ment are subject to other costs. Many unemployed persons experience anxiety, stress, loss of self-confidence and self-esteem, and depression. It is, after all, frustrating and depressing to apply for job after job and be unsuccessful. It is also frustrating to be unable to buy things that you and your family want and to not know when you will be able to buy them.

Various studies suggest that high unemployment rates are associated with a higher incidence of alcoholism and drug abuse as well as higher crime and suicide rates. Other studies indicate that prolonged unemployment has an adverse effect on physical and mental health. Prolonged unemployment also has an adverse effect on the family. Families tend to break apart. Studies suggest that high unemployment rates are associated with higher divorce rates, a higher incidence of child abuse, and increased infant mortality.

Compared to the economic costs of unemployment, these noneconomic costs are very difficult or impossible to quantify. They are, however, no less real and should be taken into account when discussing the costs of unemployment.

Ex.6. Translate into Russian without using a dictionary:

The most developed countries have aids for the unemployed as part of the welfare state. These unemployment benefits include unemployment insurance, welfare, unemployment compensation and subsidies to aid in retraining. The main goal of these programs is to alleviate short-term hardships and, more importantly, to allow workers more time to search for a good job.

Ex.7. Translate into Russian:

Most economists believe that stabilization policy may be used to maintain full employment and a reasonably stable price level. Stabilization policy can do little, however, to reduce structural unemployment. Other government programs may be needed here, such as retraining workers, subsidizing firms to hire structurally unemployed workers and train them on the job, and helping workers relocate to areas where jobs exist.

By forcing the wage rate above the equilibrium wage rate, the minimum wage causes unemployment — particularly among those with minimal job skills. The minimum wage contributes significantly to the high teenage unemploy­ment rate; consequently, many economists believe that a lower minimum wage should be applied to teenagers.

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