7. Translate into English:

1. Змішана економіка – це система, при якій приватна власність та ринок, так само як і уряд та громадські установи, взаємодіють під час розв’язання проблем.

2. Їм вдалося уникнути неприємностей.

3. Якщо його позбавлять можливості виказати свою точку зору, він засмутиться.

4. Вони б хотіли, щоб держава не втручалась в діяльність компанії.

5. Зобов’язання з виплати боргу по кредиту ще не виконані.

8. Which of types of economic systems do you consider to be the most effective one? Why? term II

Variant I

1. Match each term in column a with its definition in column b:

A	B
demand	Anyone who uses goods of services.
the Law of Demand	Good or service consumption of which is seen as essential in order to maintain a minimum standard of living in a society.
consumer	Everyone who offers an economic product for sale.
price	Costs that increase as the number of units produced increase.
purchasing power	Explains how much a change in price affects the quantity demanded.
supply	Costs that remain the same regardless of the amount of business done by a firm.
the Law of Supply	The value of a unit of money measured in terms of what it can buy.
supplier	The graphical representation of the demand function.
total costs	Money value of goods or services.
fixed costs	Number of items offered for sale at each of several prices.
marginal cost	A consumer willingness and ability to buy a product of service at a particular time and place.
necessity	The sum of the fixed and variable costs.
variable costs	Sellers will offer more of a product at a higher price and less at a lower price.
demand curve	The additional cost of producing an extra unit of output.
market forces	A state of balance, for example when supply meets demand.
equilibrium	Government or central bank measures concerning the rate of growth of the money supply (the amount of money in circulation).
fiscal policy	Government measures concerning taxation, public expenditure, and so on.
monetary policy	Supply and demand.

2. a) Replace the underlined words by synonyms

   • a large number of;

   • a persistent rise;

   • the implications for individuals and businesses;

   • by highlighting the adverse effects on business.

b) Give the antonyms of the following words:

• boom;

• buoyant;

• consuming;

• contraction;

• deflate;

• demand.

3. Give English equivalents of the following expressions and make up sentences of your own:

розподіл доходів, щорічний дохід, певний рівень життя, національний дохід, країна з середнім рівнем доходу

4. Suggest Ukrainian equivalents:

   • important items;

   • economic data;

   • a prime example;

   • the adverse effects;

   • householders;

   • statistics are available to show.

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

THE ROLE OF GOVERNMENT

Having mentioned the effect of government tax policy on the income distribution, it’s necessary to examine in greater detail the role of the government in society. In every society governments provide such services as national defence, police, public education, firefighting services, and the administration of justice. In addition, governments through budget make transfer payments to some members of society.

Transfer payments are payments made to individuals without requiring the provision of any service in return. Examples are social security, retirement pensions, unemployment benefits, and, in some countries, food stamps. Government expenditure, whether on the provision of goods and services (defence, police) or on transfer payments, is chiefly financed by imposing taxes, although some (small) residual component may be financed by government borrowing.

b) Answer the following questions:

1. What do governments provide people?

2. What are transfer payments? Give some examples.

3. What is government expenditure financed by?