1. Decisions on monetary… can be reached and applied rapidly, since … is concentrated in the Board of Governors.
2. The effectiveness of monetary action is reasonably certain. Interest rates can always be … to a level at which the brakes take hold.
3. Monetary policy is an impersonal…, which produces its effect through the market mechanism. It is neutral as among individuals and groups in the economy. If the Federal Reserve… in restricting credit, some would-be borrows will be left unsatisfied.
4. The … of monetary policy depends on whether the problem is to tackle inflation or unemployment. … policy is more effective on the former front than on the latter.
5. During a recession the Federal Reserve can … bank reserves, reduce … rates, and establish an attractive atmosphere for borrowing. But it cannot directly affect the wish to borrow. As business prospects seem …, borrows will hold off and the desired increase in loans and spending will not materialize.
6. The … of monetary policy should not be overestimated. Monetary policy … is more complicated and less effective than appears from textbook examples.
4. Поставьте вопросы к выделенным словам:
1. We are already beginning to forget what the world was like without it.
2. We used to go outside for our amusements.
3. We rush home to be in time for this or that programme.
4. The telly is the universal pacifier.
5. The children will watch rubbishy commercials.
6. Every day television consumes vast quantities of creative work.
7. Millions watch the same programmes.
8. We become utterly dependent on the two most primitive media of communication.
9. Television encourages passive enjoyment.
10. We spend a holiday by the sea.
5. Поставьте сказуемое в Present, Past или Future Simple Tense страдательного залога:
1. The new comedy (to show) on TV yesterday.
2. The modern cinema on our street (to build) a year ago.
3. This scene (to shoot) in Paris next month.
4. Many documentaries (to make) every year.
5. The famous actress (to invite) to star in this film soon.
6. The talk show (to transmit) two days ago.
7. The TV sets (to sell) in this shop.
8. Good comedies (to produce) in Italy.
9. Many famous actors (to invite) usually to this festival.
10. This problem (to discuss) during the next talk show.
Variant 3
1. Translate the text by written form.
Because interest rates influence the level of economic activity by effecting the ease with which money may be borrowed and the incentive for saving, governments frequently regulate interest rates. In the United States, the federal government regulates interest rates indirectly through a variety of agencies. The most important of these, the Federal Reserve System, influences interest rates by controlling the discount rate, which is the interest rate charged banks that borrow from the Federal Reserve banks; by setting reserve requirements, which fix the maximum ratio of loans to deposits for many commercial banks; and by controlling margin requirements, which stipulate the amounts that investors can borrow in order to buy or hold securities.
Other federal agencies, or federally sponsored organizations active in the mortgage market, affect interest rates by buying and selling mortgages, by guaranteeing or insuring loans, and by making funds available to savings and loan associations and other lenders. Among these institutions are the Federal National Mortgage Association and the Department of Veterans Affairs. Farm credit is affected by agencies under the supervision of the Farm Credit Administration. In 1990, Congress undertook new legislative initiatives in the area of home mortgages including the creation of a National Homeownership Trust.
The Board of Governors of the Federal Reserve System also administrates the Truth-in-Lending Act, designed to inform borrowers about the cost of credit. The act, as embodied in Federal Reserve Regulation Z, requires that the total finance charge (which may include interest, insurance premiums, credit report fees, and other fees) and the annual percentage rate must be disclosed to the borrower before credit is extended. The act covers all credit used for personal, family, or agricultural purposes not exceeding $25,000, and all real estate transactions (including home equity loans) by individuals or for agricultural uses. Most states have usury laws that specify the maximum interest rate that may be charged on loans or (sometimes) sales of merchandise in which payment is delayed. The usury rate varies from state to state.
2. Ответьте на следующие вопросы:
1. How does the federal government of the U.S. regulate rates?
2. What is the role of the Federal Reserve System in controlling the discount rate?
3. How do other agencies affect interest rate, for instance, in the mortgage market?
4. Name other institutions which influence credit extending?
5. How does the Board of Governors of the FED administer the Truth-in-Lending Act?
3 Прочтите и переведите предложения. Заполните пропуски следующими словами.
Raised, effectiveness, power, monetary, interest, strengthen, control, poor, device, succeeds, usefulness, in practice.
1. Decisions on monetary… can be reached and applied rapidly, since … is concentrated in the Board of Governors.
2. The effectiveness of monetary action is reasonably certain. Interest rates can always be … to a level at which the brakes take hold.
3. Monetary policy is an impersonal…, which produces its effect through the market mechanism. It is neutral as among individuals and groups in the economy. If the Federal Reserve… in restricting credit, some would-be borrows will be left unsatisfied.
4. The … of monetary policy depends on whether the problem is to tackle inflation or unemployment. … policy is more effective on the former front than on the latter.
5. During a recession the Federal Reserve can … bank reserves, reduce … rates, and establish an attractive atmosphere for borrowing. But it cannot directly affect the wish to borrow. As business prospects seem …, borrows will hold off and the desired increase in loans and spending will not materialize.
6. The … of monetary policy should not be overestimated. Monetary policy … is more complicated and less effective than appears from textbook examples.
4. Задайте вопросы к выделенным словам:
1. We might marvel at the progress in every field of study.
2. It is common knowledge that they often do the exact opposite.
3. It is hard to work under extreme pressure.
4. Your whole future depends on the exams.
5. No one can give of his best when he is in moral terror.
6. The child enters a world of competition.
7. The student should read widely.
8. The exams lower the standards for they deprive the teacher ofall freedom.
9. There must surely be many effective ways.
10. It is cynical to suggest that exams are merely a profitablebusiness.
5. Выберите соответствующий модальный глагол из предложенных в скобках:
1. He has been training to drive for a month. Now he (can, may) drive well.
2. He doesn’t feel well now. So he (can’t, may not) play the second game.
3. I saw him in the garden ten minutes ago. He (can, may) be still there.
4. The drivers (may, must) be very careful on the road.
5. The weather is hot. We (might, must) go to bathe.
6. Where will you go on holiday? I am not quite sure but we (may, can) go to Spain.
7. I bet you (can, must) get at least two hundred pounds for the painting.
8. I need to talk to you and I’m afraid it (may not, can’t) wait.
9. (Can, might) you take the risk that you (can, might) lose your money)?
10. We (may, must) encourage fathers to take full responsibility for their children.
Variant 4
1. Translate the text by written form.
Profit is the excess of revenues over costs. It is also referred to as net earnings or income; its opposite is loss. As net income, profit is computed before taxes and dividends are distributed. In a corporate operation it is customary to disburse only an established percentage of the profits as dividends to the shareholders. The rest is retained by management to meet financial contingencies, to finance capital improvements, and to finance expansion and diversification (all aimed at eventually increasing profits). In the free enterprise, or capitalistic, system, profit is regarded as the difference between what the labourer is paid and what his or her services are worth. According to Marxism, the value of goods is determined by the amount of labour that goes into them (the labour theory of value). According to this theory workers in a capitalist economy are paid subsistence wages, far lower than the value their labour actually adds to the goods. The capitalist whose motive always is to increase the difference by paying the workers as little as possible skims off the difference –or «surplus value» as profit. In most Marxist economies сconventional notions of profit have played a negligible role. They did not have little effect in fixing the level of workers’ wages, nor did they determine the viability or future of state-run enterprises.
2. Ответьте на вопросы.
1. What does profit denote?
2. What is profit in a corporation?
3. What is profit in a free enterprise?
3. Переведите письменно с русского языка на английский язык.
Инфляция является серьезной проблемой. От нее страдают люди, живущие на фиксированные денежные доходы, а также люди, накопившие некоторые суммы денег на отдельные цели, такие, как финансирование высшего образования своих детей или собственные нужды после ухода на пенсию. От инфляции страдают и люди, ссудившие деньги в долг под процент, не учитывающие увеличения среднего уровня цен. Эти люди не защитили себя от падения покупательной способности. При непредвиденной инфляции, если долговременный контракт заключен на фиксированную сумму долларов, то покупатель обычно выигрывает, а продавец проигрывает. Процесс обесценивания денег, который может происходить как в открытой форме (повышение уровня цен), так и в скрытой (невозможностью купить товары по действующим ценам).
4. Прочтите и переведите предложения. Заполните пропуски следующими словами.