Exercise 8: Work out the meaning of for. Translate the sentences into Russian.

1 Information resources are too scarce (скудный) for statistics to avoid (избегать) compromises.

2 Smaller firms have for some time been believed to be at a disadvantage compared with large firms when they need to borrow.

3 Present-day economists do not distinguish profit from rent, for they think capital to comprise various kinds of property, land in particular.

4 Many economists specialize in a particular branch of the subject, for instance, urban economics studies city problems, land use, transport, and housing.

5 People can hold money (держать деньги в наличности или на расчетном счете в банке) to finance some future purchase without loss of purchasing power, for money serves as a store of value.

Exercise 9: Translate into English:

Существует несколько функций денег. Во-первых, и прежде всего, деньги являются средством платежа, или обращения; деньги можно использовать при покупке и продаже товаров и услуг. Деньги выступают также мерой стоимости. Общество считает удобным использовать денежную единицу в качестве масштаба для соизмерения относительных стоимостей различных благ и ресурсов.

Деньги служат средством сбережения. Поскольку деньги являются наиболее ликвидным товаром, то есть таким, который можно без проблем продать (обменять), то они являются очень удобной формой хранения богатства. Во время упадка в экономике, при высокой инфляции и обесценении денег, население, скорее всего, будет хранить богатство в виде недвижимости или других дорогостоящих товаров – предметах искусства, драгоценностях.

Деньги, которые, являются долговыми обязательствами государства, коммерческих банков и сберегательных учреждений, имеют стоимость благодаря товарам и услугам, которые приобретаются за них на рынке.

Exercise 10: Translate the following sentences into Russian paying attention to different comparative constructions:

1 Through macroeconomic policies the government attempts (пытаться) to stabilize the economy, keeping it as close (близкий) as possible to full employment with low inflation.

2 The statement (утверждение) "The stronger the government interven­tion, the higher the taxes" is not always true.

3 Nowadays events (событие) in other countries affect our daily lives much more than they did ten years ago.

4 The domestic price for grain that is much higher than the price in interna­tional grain market must have eventually been paid by the US taxpayers.

5 The stronger an economy, the more fully its currency performs its func­tions.

6 An asset which can be held for some time and then converted into money at the same price as its purchase price can be used as a store of value.

7 The prices for electricity next year are expected to be as high as this year and even higher.

8 The sales taxes vary from region to region, the taxes in our region are higher than those in the South.

Exercise 11: Translate the sentences into Russian:

1 The taxable income next year is expected to be (выше, чем) this year.

2 In a period of rapid inflation, money cannot perform its function as a store of value (так же хорошо, как) in periods with no or low inflation. This function comes to be (чаще) performed by real property assets (чем) by money.

3 The purchasing power of money is (намного ниже, чем) a year ago.

4. In Russia, the prices for farm products did not rise (так же значительно, как) the prices for inputs over the past decade.

5 If the demand for pounds is falling, it reflects the fact that pounds be­ come (менее дорогие) to Americans and British goods, services, and as­ sets can be bought (дешевле). This will make Americans demand (большие количества) of British goods, and finally (большие суммы) of pounds.

6 (Чем больше) labour is invested in a commodity, (тем выше) is its price.

7 Deutschemarks are known to have been used in post-communist Russia both as a unit of account and a store of value, though (не так широко, как) US dollars.

8 In the Russia of the late 1990s, the attractiveness (привлекательность) of gold bullions (слиток)as a store of value was (не такая высокая, как) the Central Bank had expected, for people could not sell them (по такой же цене, которую) they paid for them.

Exercise 12: Translate the sentences into Russian:

1 Loan is a sum of money which is borrowed by a person or business from another person or business, a bank in particular, and which is to be repaid within a certain period of time with interest.

2 The prices must have been temporarily depressed as a result of accu­mulated public stores of essential goods and the government programmes of producer support.

3 Although it was prohibited to use foreign currency as a medium of ex­change or a means of payment, it is known to have been widely used as such in the Russia of the 1990s.

4 Middle price is the price for foreign currency or commodity which lies halfway between the actual buying price and the actual selling price quoted by dealers. Prices and exchange rates published in newspapers are actually middle prices.

5 The exchange rate of national currency against foreign currency is a reliable enough indicator of the domestic economy stability and its attractiveness for foreign investors.

6 We know means of payment to have varied over time from pebbles and oxen to money including credit cards and bank accounts.

7 Though recently introduced, Euro can be used for purchases by credit cards and travellers' cheques nowadays.

8 The IMF officials suspect that much of the $4.8 billion loans the IMF sent to Russia in the summer of 1998 may have been transferred by oligarchs to Switzerland and other Western countries.

Exercise 13: Translate the sentences into English:

1. Говорят, что использование нескольких национальных валют более расточительно для ряда стран, чем использование одной общей валюты.

2. Экономисты предполагали, что евро будет использоваться в странах Европейского Союза наряду с национальными валютами до 2003 года.

3. Полагают, что из-за пособий по безработице временная безработица превращается в постоянную.

4. Налоговая реформа 1990 года в Швеции положила конец ряду условий при которых налоги могли быть уменьшены, а уплата налога могла быть отсрочена.

5. Сообщалось, что большинство европейских банков начали предлагать счета в евро и начали торги по евро, как только была введена новая денежная единица.

6. Ссуды, предоставленные коммерческими банками, стротельными обществами и т.п., должны рассматриваться как важнейший источник кредита в стране.

Exercise 14: Read and translate:

1. Before 1999 the Common Market (Общий рынок) member states had the common currency called ECU (European Common Unit). In 1999 the Common Market introduced (вводить) a new currency - Euro - used temporarily only in bank operations. Euro was more expensive than US dollar in January 1999. Since 2003 Euro is expected to be used not only in the banks.

2. The International Monetary Fund (IMF) is expected to expand interna­tional trade, stabilize exchange rates, and help countries having temporary balance of payments difficulties maintain their exchange rates. The IMF sup­plies the member country with the amount of foreign currency it wishes to purchase in exchange for the equivalent amount of its own currency. The mem­ber country must repay the amount buying back its own currency with a cur­rency accepted by the Fund, usually within three to five years.

3. Up to the 1970s the IMF used a fixed exchange rate system which is a means for synchronizing and coordinating the exchange rates of member coun­tries. The exchange rate of a currency is fixed against other countries' curren­cies, for instance, one US dollar = 260 Japanese yen. When fixed, the exchange rate is expected to be maintained over long periods, though countries may also choose to devalue or revalue their currencies.

In the early 1970s, however, a weakening of the US dollar made a large number of currencies "float" (плавать) to provide a greater degree of exchange rate flexibility (гибкость). With a floating exchange rate system, the value of each country's currency in terms of other currencies was determined by sup­ply of and demand for it depending on the strength or weakness of balance of payments position in the economy in question.

Most currencies have continued to float although there have been excep­tions. Fixed exchange rates are known to have been imposed on a limited basis, as in the European Community.

Nowadays, fixed exchange rates are believed to be preferred to floating ones, since they are said to provide more convenient and less risky conditions for foreign trade.

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