Lesson 7. Exercises Check your Grammar!

1. Translate the sentences with the construction it is/was … that/who …:

1. It is the organization of labour at this enterprise that requires improvement first.

2. It is an accountant who is responsible for preparing all financial statements at the end of a fiscal year.

3. It is the use of money as a medium of exchange that distinguishes money from other assets.

4. It was the directors of the corporation who adopted the general plan of the plant reconstruction.

5. It is the law of supply and demand that influences the retail price.

2. Define the function of the Infinitive, translate the sentences into Russian:

1. The stockholders elect a director to operate the corporation.

2. Most of the coal mined in the USA is used by power plants to produce electricity.

3. To develop new information technologies is of prime importance for those countries that wish to lead in the world economy.

4. Firms and individuals spend their income to consume and to invest.

5. To produce goods and services firms use the following factors of production: worker’s time, talents and knowledge; equipment; land; buildings.

6. The government ought to take steps to reduce the unemployment rate.

7. To keep the economy as close as possible to full employment is an essential aim for the government to reach.

8. If a man’s assets are in doubt, then it may be difficult for him to obtain large sums of credit or even to pay for goods with a cheque.

3. Translate these sentences into Russian. Pay attention to the use of the Complex Objects:

1. The company did not expect the exports to increase that year.

2. Nobody expected the dollar to fall so dramatically that day.

3. Economists suppose economic growth to lower unemployment rate rapidly.

4. The sellers know these factors to influence consumer’s decision to buy.

5. The manager expects the new equipment to increase productivity.

6. Economists consider land to be the factor of production supplied by nature.

7. When market conditions change, economists expect the price for land to vary.

Work at the words!

4. Read the following words with the suffix –tion:

1. function - money functions

2. transaction –business transactions

3. additionally – in addition

4. national – national currency – national economies

5. institution – authorized institution

6. circulation – general circulation – to come into circulation

7. condition – favourable conditions

8. inflation – inflation rate

5. Make up English-Russian pairs choosing the suitable equivalents:

purchasing power Legal tender Gold standard Store of value instruments of credit demand Assets to issue money transaction supply a means of exchange money circulation coin value

Монета Выпускать деньги Сделка Предложение Активы Спрос Средство обмена Покупательная способность Денежное обращение Стоимость Кредитные обязательства Золотой стандарт Законное платежное средство Средство сбережения

6. Read the text “Money and its functions” and …

1. Give the wider sense of the word “money”.

2. Pick out derivatives and word combinations with the word “value”, translate them into Russian.

3. Find in the text all the terms which you would use speaking about money.

7. Translate the following text: