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Vocabulary Tasks

1. Suggest the Russian equivalents.

to be held as foreign reserves, the percentage of global cumulative reserves, to be on the rise, to be crucial to the continuance of globalization, regardless of whether trade is across border or not, to serve a substitute for trade, to be empirically strong, expanded versions of the model, to profit in real terms.

2. Fill in the gaps with the words and expressions from the text.

  1. The US dollar is … currency, with the Euro in strong demand as well.

  2. Increasing international trade is … of globalization.

  3. Without international trade, nations would be … produced within their own borders.

  4. A border typically imposes additional costs such as tariffs, … and costs associated within country differences.

  5. The Gravity model of trade presents … of trading patterns rather than more theoretical models.

  6. New Trade theories are often based on assumptions like … and … .

  7. Labor mobility between industries is possible while … between industries in… .

  8. Specific Factors Model is ideal for understanding but awkward for discussing… .

3. Match each term with the definition.

  1. costs

  1. The exchange of goods and services across national boundaries.

  1. factors of production

  1. Trade between a buyer and a seller who are both in the same country.

  1. international trade

  1. The degree to which workers are able and willing to move from one place to work in another or to change from one kind of work to another.

  1. reserve currency

  1. Money held as a part of their official reserves by the governments of other countries and used for settling international debts.

  1. mobility of labor

  1. Payments to the factors of production.

  1. domestic trade

  1. The basic things that are used by man, especially land, labor, capital and enterprise, to produce economic goods.

4. Act as an interpreter for parts a and b:

1. Сегодня мы приветствуем профессора Хейли, ведущего экономиста Международного института экономических исследований Бостонского Университета. Профессор любезно согласился ответить на ряд вопросов, связанных с международной торговлей. Итак, что вообще входит в понятие «международная торговля»?

It’s nice speaking before…

I appreciate the opportunity to…

I’d like to start by saying that…

2. А в чем отличие международных торговых отношений от тех же отношений внутри страны, ведь природа их одна и та же.

I can’t but mention…

There’s no denying the fact that…

3. Какие факторы являются определяющими в системе международной торговли?

As a matter of fact…

To some extent…

4. Насколько я понимаю, существует ряд теорий, которые пытаются анализировать эффективность международной торговли и влияние на неё государственной политики.

There are some points worth focusing on…

As far as I can see…

5. А какую теорию лично Вы считаете самой адекватной?

Frankly speaking…

You must bear in mind the fact that…

6. Благодарим Вас за содержательную беседу. Очень надеемся. что это не последняя наша встреча.

Oh, it was real pleasure taking part in this discussion…