Variant V

1. Match the terms in column a with the definitions in column b:

A	B
labour	a) Payment made to a worker, normally fixed as a rate per hour, day or week.
labour force	b) The lowest legal wage an employer can pay.
wages	c) Money paid to an employee, normally expressed as so much per year, but usually paid by cheque or directly into the employee’s bank account on a monthly basis.
labourer	d) Cost of goods and services needed for an average standard of living.
wage rate	e) The human effort required to produce goods and services.
salary	f) Association of workers formed to promote the interests of their members.
labour market	g) Generally refers to unskilled workers such as freight handlers, sweepers, trash collectors.
minimum wage	h) Individuals, 16 years of age or older, working or looking for work.
cost of living	i) The market that determines who has jobs and the rate of pay for a particular job.
labour/trade unions	j) A standard amount of pay given for work performed.

2. a) Replace the underlined words by synonyms

   • by highlighting the adverse effects on;

   • figures give an indicator;

   • may pose few difficulties;

   • a large number of;

   • to identify the reason for this.

b) Give the antonyms of the following words:

• to dismiss;

• to succeed;

• to stay in business;

• to reduce;

• supply.

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

основні, провідні галузі промисловості, тенденція, тимчасове безробіття, резерв, сукупний.

3. Suggest Ukrainian equivalents:

   • injections into the economy;

   • insurmountable problems;

   • key data;

   • statistics are available to show;

   • important items;

   • building societies.

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

EXCHANGES

An exchange is an organized meeting of persons in a permanent appointed place with the aim of buying and selling. The trading there is governed by certain rules and is limited to members of the exchange, who are known as brokers. There are two main types of exchanges: the Com­modity Exchange and the Stock Exchange.

Commodity Exchange (or produce exchange) is a market in which commodities (raw materials and some manufactured goods) are bought and sold for immediate or future delivery. Commodity markets/exchanges have been established in important cities of Great Britain, the USA and other countries for trading in cotton, wool, timber, wheat, hides and skins and other commodities. It is not necessary for the commodities to be physically exchanged; only rights to ownership need to be.

In Great Britain there is, for example, the Coal Exchange, the Timber Exchange, the Home and Foreign Produce Exchange and others, of which the following are world known: the Metal Exchange, the Wool Exchange, the grain market in the Baltic Exchange; furs are sold in Beaver House, the diamond trade is centered in Hatton Garden, and tea and rubber have their home in Plantation House. This building also accommodates the London Commodity Exchange dealing with cocoa and coffee, sugar, spices and vegetable oils. London has important commodity markets arising partly from its industrial and colonial history, and partly from the nature of its foreign trade.

b) Answer the following questions:

1. What are the two main types of exchanges do you know?

2. What commodities are traded on produce markets?

3. What are the largest commodity markets in the world?