III. Grammar Exercises. 5. Translate the following into Russian:

5. Translate the following into Russian:

1. a market economy, a command economy, business firms, profit motive, profit margins, price theory, wage rates, rental changes, business investors, budget deficits, production materials, wage incentive programs, Austrian - American management, consultant, consumer interests, government planners, computer experts, industry specialists.

2. consumption of goods, fields of study, the interplay of supply and demand, explanation of prosperity and depression, demand for goods and services, means of production, lines of responsibility, the purchase of equipment, provision of work, sale of products, utilization of computers.

Формы притяжательных местоимений

6. Put in the missing verbs and possessive forms:

Pronoun Verb Possessive

1. I come from Russia ... language is Russian.

2. He ... from Poland ... language is Polish.

3. You come from Sweden ... language is Swedish.

4. They ... from Norway ... language is Norwegian.

5. We come from Denmark ... language is Danish.

6. I come from Greece ... language is Greek.

7. He ... from Holland ... language is Dutch.

8. She ... from Germany ... language is German.

9. They come from China ... language is Chinese.

10. We ... from Spain ... language is Spanish.

11. He ... from Japan ... language is Japanese.

12. We come from England ... language is English.

7. Make ten questions, using these question words:

Who? What? Where? Why? How many? What kind of? What is the difference? Is there? Are there? Have you?

8. Read the text and retell the contents in Russian:

Keynes

Keynes, John Maynard, 1^st Baron Keynes of Tilton (1883-1946), British economist.

Keynes was born in Cambridge, England, and educated at Eton College and the University of Cambridge. He began his career in the India Office of the British government and wrote a highly regarded book, Indian Currency and Finance (1913). During World War I he worked in the treasury, which he represented at the Paris Peace Conference (1919). During the next decade he made a fortune speculating in international currencies, taught at Cambridge, and wrote Treatise on Probability (1921), a mathematical work, and A Treatise on Money (1930). In the latter, he sought to explain why an economy operates so unevenly, with frequent cycles of booms and depressions. Keynes closely examined the problem of prolonged depression in his major work, The General Theory of Employment, Interest, and Money (1936). This book, which provided a theoretical defense for programs that were already being tried in Great Britain and by President Franklin D. Roosevelt in the U.S., proposed that no self-correcting mechanism to lift an economy out of a depression existed. It stated that unused savings prolonged economic stagnation and that business investment was spurred by new inventions, new markets, and other influences not related to the interest rate on savings. Keynes proposed that government spending must compensate for insufficient business investment in times of recession.

Shortly after Great Britain entered World War II, Keynes published How to Pay for the War (1940), in which he urged that a portion of every wage earner’s pay should automatically be invested in government bonds. In 1942 he was made a baron, and two years later he headed the British delegation to the United Nations Monetary and Financial Conference, the Bretton Woods Conference. There he promoted establishment of the International Bank for Reconstruction and Development and the International Monetary Fund.

Keynes’s ideas have profoundly influenced the economic policies of many governments since World War II, and many consider his General Theory of Employment, Interest, and Money one of the most significant theoretical works of the 20^th century.

Unit 3

Grammar: 1. Past Simple.

2. Эмфатический оборот it is (was)... that (who) ...

3. Числительные