Exercise 9: Translate the following sentences into Russian, paying special attention to Complex Object.

1 The budget deficit is known to be the excess of government expenditure over government revenue.

2 Markets are said to bring together buyers and sellers of goods and ser­ vices.

3 The massive influx (зд. включение) of women into the labour force is sometimes assumed to result in unemployment.

4 Alcohol and tobacco are usually believed to be products with a very inelastic demand.

5 An increase in the wage rate is expected to reduce the quantity of labour demanded.

6 A subsidy is known to be money or other resources provided by the government to support a business activity or a person.

7 Demand for imports is expected to rise when domestic income and output rise.

Exercise 10: Translate the sentences into Russian:

1 Taxes of the firm to central government (corporation tax) plus taxes to local government (tax on the property the firm owned) were expected to come to £25,000 that year.

2 Part of the income of households is taxed by the government, which reduces the income share to be allocated to consumption expenditure.

3 Less efficient resource allocation is believed to result from raising the additional taxation revenue necessary to fund government programmes.

4 Aggressive US subsidization of production and exports of farm prod­ucts was followed by that of other exporting countries, mainly the European Community and Canada, which resulted in competitive sub­sidization and price discrimination.

5 Levying taxes or borrowing, governments pay for the goods they buy and for the transfer payments they make.

6 In a mixed economy, the government is known to control a consider­able share of output through taxation, transfer payments, and such services as defense and the police force.

7 Unemployment benefit systems are said to vary considerably from country to country.

8 The purpose of that book is to show that there are limitations in the economy that no person and no policy can overcome.

9 Both those who provide capital for a new business and those who run the business are known to bear the risk whereas workers of such busi­nesses are not expected to bear any risk.

10. Social security programmes may comprise retirement pensions, inval­idity benefits, child benefits paid for every child in a family, housing benefits for low income households, etc.

Exercise 11: Translate the sentences into English:

1. Доля налогов в цене товара не может зависеть от покупательной способности населения.

2. Считается, что дополнительный доход от государства является отрицательным стимулом для поисков работы с более высокой заработной платой.

3. Незначительная доля государственных расходов Японии обусловливается, как известно, чрезвычайно низким уровнем расходов на национальную оборону.

4. Общественные расходы – это, как известно, те расходы, которые финансируются из налогообложения и государственных заимствований.

5. Большой государственный сектор, как полагают, делает экономику неэффективной, снижая количество товаров и услуг, которое может быть произведено и в конечном итоге распределено потребителям.

6. В Великобритании взносы в фонды социального страхования составляют почти треть от общей суммы, которая направляется на социальные расходы.

Text 2: Read and translate the following text:

Economists know state to affect for whom goods are produced mainly through its taxes and transfers, which take income away from some people and give it to others.

Besides these direct effects, the state also affects the allocation of resourc­es indirectly through taxes (and subsidies which economists think to be neg­ative taxes).

When state levies a tax on a good, such as cigarettes, we believe it to re­duce the quantity of that good produced; whereas when it subsidizes a good, such as milk, the quantity of that good produced increases as a result.

Economists consider the power to tax to be the power to affect the alloca­tion of the economy's resources, or to distribute what is produced. Through taxing cigarettes the state can reduce the amount of cigarettes smoked so that health of the nation improved.

Taxing income earned from work, the state affects the amount of time people want to work.

Exercise 12: Find definitions for the following terms:

direct tax, indirect tax, tax burden, tax revenue, income tax, corporation tax, value added tax, sales tax, excise duty, tax rate, taxable income, public goods

1 A form of indirect tax which is included in the selling price of a prod­uct and which is eventually paid by the consumer.

2 An indirect tax which is based on the difference between the value of the output over the value of the input used to produce it.

3 The percentage rate at which a tax is levied on income or expendi­ture.

4 The money raised by government through imposing taxes.

5 A tax levied by the government on goods and services in order to raise revenue, such as value added tax and excise duty.

6 Goods and services provided by the state for all or most of the popula­tion such as education, health, housing, etc.

7 A tax levied by the government on the income or property of house­holds or businesses.

8 A direct tax levied by the government on the income (wages, rent, div­idends) received by households.

9 The amount of an individual's income on which a tax is levied.

10 The total amount of taxation paid by the population of a country in the form of income tax, corporation tax, value added tax, etc.

11 A direct tax levied by the government on the profits of businesses.

12 An indirect tax levied by the government on certain goods, typically tobacco, oil, and alcoholic drink.

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