2. Replace the underlined words by synonyms

• to secure higher wages;

• the economy is difficult to control and predict;

• they have to cut back on spending;

• to alter decisions;

• obsolete goods.

2. These pairs of words often cause problems. Choose the correct alternative for each:

1. PRODUCTIVITY/PRODUCTION

   1. The manager of the factory has decided that they must increase their ___ of software.

   2. The ___ of that factory has gone up already.

2. PRODUCTIVE/PRODUCER

   1. The ___ of computers met last year to discuss prices.

   2. That factory is not as ___ now as 5 years ago.

3. ECONOMY/ECONOMICS

   1. The analyses the problems of national ___.

   2. The principles of ___ underpin all commercial transactions.

2. Suggest Ukrainian equivalents:

• to keep the analyses manageable;

• to secure higher wages;

• indirectly induced effects;

• to employ scarce productive resources;

• to produce various commodities;

• a decline in the prosperity of nation.

5. A) Read and translate the text in a written form:

COMMODITY EXCHANGES, AUCTIONS, TENDERS

Commodity Exchanges deal with raw materials and some items of produce, such as cotton, wheat, vegetable oils, etc. as these goods can be accurately graded and the grades practically remain unchanged every year. The goods are bought and sold at commodity exchanges according to grades or standards (under standard descriptions), and on the basis of standard contract terms. And commodity exchanges are called accordingly: the Wheat Exchange, the Metal Exchange and so on. Thus, for example, in Great Britain you can take part in sessions at the London Metal Exchange, the London Commodity Exchange dealing with cocoa, rubber and sugar, the Liverpool Cotton and Corn Exchanges or the Bradford Wool Exchange, Yorkshire. Nowadays Commodity Exchanges are losing their role as markers of physical goods and are becoming mainly futures exchanges where deals are chiefly made for speculation purpose or for hedging.

The goods like fur, tea, bristles, spices whose quality varies from year to year, from lot to lot cannot be accurately graded and are sold at auctions according to sample (on a tale quale basis).

Before the auction begins, the lots are inspected by future buyers and then sold to the highest bidder.

Horses or other animals are also sold and bought at auctions. Trade by tenders is frequently used in developing countries for construction work or for delivery of goods. General terms and conditions of the future deal are announced beforehand and the contract is given to the suppliers who offered the lowest price and the most favourable terms.

b) Answer the following questions:

1. What goods are sold at commodity exchanges and why?

2. What goods are sold at auctions and why?

3. Why are the lots of goods to be sold at the auction inspected by the buyers beforehand?

6. A) Turn the following sentences into the Passive Voice using the italicized words as the grammatical subject. Use a by-phrase where necessary:

1. His illness distressed Mr. Barbecue-Smith in his earlier middle age (by).

2. In England if you do not repeat the phrase “Lovely day, isn’t it?” at least two hundred times a day, people consider you a bit dull.

3. He sighed so comically that this forced me to laugh.

4. “We are not sure,” he said into the microphone, “but we think that the fish served on board for dinner has caused the poisoning.” (by)

5. “Doctor Ross hasn’t operated on the patient yet,” (by) said the nurse.

b) Turn the following sentences into the Passive Voice where possible:

1. She is so beautiful that everybody always looks at her.

2. Don’t you see they are laughing at you?

3. Miss Robinson explained a new grammar rule to them yesterday.

4. The boys suggested a daring plan to us.

5. The dean announced the decision of the committee to the audience.

6. He pointed out the weak points in our arguments.

c) Transform the sentences using Complex Object:

1. Buyers will borrow money from banks. She expects it.

2. You are aware of this situation. I like it.

3. They considered all the terms of contract. He believed it.

4. The firm increases production of hardware every year. They want it.

5. Changes in the state of the economy will affect all types of business. Nobody wants it.