Exercise 6: a) Change the following phrases, using adjectives economic or economical

1 A practical woman.

2 Problems of economics.

3 A crisis in the field of economy.

4 To be careful in the spending of money.

5 Reforms in the field of economy.

6 A law (закон) regulating the sphere of economics.

7 A plan of the industrial development of the country.

8 A small car that doesn't use too much fuel.

9 Geography that studies the location (размещение) of industries, mar­kets, transport.

b) Fill in the gaps using the words from the box:

economy, economics, economist, economic, to economize, economical

1 An early definition (определение) of... was "an inquiry (изучение) into the nature and causes of the wealth of nations".

2 The national... is the system of the management and use of resources of a country.

3 You can... if you compare the prices of goods before buying them.

4 J. M. Keynes was a famous....

5 Inflation may cause a bad... state (состояние) in a country.

6 If you've got a large family, it's more... to travel by car than by train.

Exercise 7: Translate the following combinations into Russian paying special attention to the nouns in the function of attribute:

lecture hall, school year, university laboratories, command economy, mar­ket economy, government intervention, land resources, government restric­tions, Soviet bloc countries

Exercise 8: Say what part of speech this words belong to judging by their suffixes:

economist, production, productivity, highly, mechanism, worker, limit­less, manager, consumption, entirely, restriction, government, technical, de­cision, priceless, extensive, mainly, population

Exercise 9: Translate the sentences into Russian, paying attention to the construction "to be + of + noun"

1 This book on economics is of great interest.

2 Independent work at the library is of great value to every university stu­dent.

3 These new machines may be of use on farms.

4 Knowledge of foreign languages may be of great importance to every­body.

Exercise 10: Find the predicate in the following sentences and translate them into Russian:

1. For 40 years after 1945 countries in Eastern Europe had planned econ­omies in which market mechanisms played only a small role.

2 The government plays an important role in allocating resources in the economy.

3 Goods are produced on farms or in factories. Goods of the both groups are consumed by the people who buy them.

4 A government planning office decides what will be produced, how it will be produced, and for whom it will be produced.

5 Resource allocation decisions are being made every day in every city, mostly through the mechanisms of markets and prices.

6 When there was a bumper coffee crop (очень высокий урожай кофе) in Brazil, much coffee was bought by the Brazilian government from farmers and then burnt.

7 Grain (зерно) markets have greatly changed over the last 25 years in the United States and Europe. Both have high levels of government intervention in their agriculture.

8 The ideas of Adam Smith, the famous Scottish philosopher and econ­omist, have been studied by economists for over two hundred years.

Exercise 11: Translate the sentences into Russian:

1 Prices are to regulate production and consumption in a market econ­omy.

2 The problem with government regulation of markets is to control how government restrictions work in real life.

3 The aim of that book is to form a theory of the role of government in economic life.

4 The market is to decide how much to produce.

5 A building society is a financial organization whose purpose is to help people buy houses or flats.

6 When the authors of the textbook discussed examples, their intention (намерение) was to prepare students for future economic analyses.

7 Governments are to regulate or plan production and consumption. The former is typical of mixed economies, the latter is typical of command economies.

Exercise 12: Translate the sentences into Russian, paying attention to the construction "to be + of + noun":

1 Economists' recommendations may be of high value to governments but governments do not always rely on them.

2 The study of economics is of great use even to those students who have no wish to become professional economists.

3 Basic problems of economics are of great importance to every econo­mist, while specific problems of farm economics are mostly of interest to economists who study agriculture.

4 Since economists cannot make experiments, collecting and using in­ formation from a large number of past years is of practical importance for analyzing and solving problems of today.

5 Professional marketing services are of great value to producers and sellers.

6 Economic statistics are of interest to economic policy decision-makers.

Exercise 13: Translate the following sentences into English:

1. Развитые страны достигают экономического успеха через специализацию.

2. В годы войны в стране всегда имеет место регулирование экономики правительством.

3. В экономиках смешанного типа имеются правительственные ограничения того, что производить и как производить.

4. Каждый менеджер принимает решения, как распределить ограниченные ресурсы наилучшим образом.

5. Мы не можем положиться на эти данные при планировании производства на следующий год.

6. При рыночной экономике регулирование производства и потребления осуществляется через цены.

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