c. Privatization is the transfer of assets and service functions from public to private hands.
4) What issues does privatization raise?
a. Privatization raises issues of finance, property rights and law, tax structure, and especially politics.
b. Privatization raises issues of medical care and system of education.
c. Privatization raises issues of new tax structure and political system.
5) What can private entrepreneurs do?
a. Private entrepreneurs can maintain money-losing enterprises.
b. Private entrepreneurs canmanage industries more effectively.
c. Private entrepreneurs canoperate services less efficiently and at higher cost.
3. Read the text again and find the word that means:
1) A detailed plan made by an organization or a government of how much it will receive as income and how much it will spend. (p.1)
2) The amount of goods or services produced by a person, factory, company. (p.2)
3) Money that one person or organization owes to another. (p.2)
4) Something belonging to an individual or a business that has value or the power to earn money. (p.3)
5) Money that is paid by a government or organization to make something cheaper to buy, use or produce. (p.4)
4. Fill in the gaps with the appropriate words:
raw materials assembly
1) This plant is short of cash to pay for … .
2) Fire damaged a food … factory in Toronto.
3) New car … plant was built in Taiwan.
4) Samsung will … its own microprocessor for new computers.
5) Japan’s overall … prices in November and December were unchanged.
6) Levi’s attributed the increased sales of jeans to a stronger … market for denim.
7) We’ve found new retailers of furniture, carpets, and other … commodities.
8) The majority of our customers voted for … .
9) Cuban households have been asked to reduce their electricity … by 10%.
10) The landowner has appealed for planning permission to … the peat.
5. Choose the correct form of the verb:
1) We can’t open the office as the secretary … the key.
a. forgets b. has forgotten c. is forgotten
2) We … this agreement by Saturday.
a. signed b. sign c. had signed
3)The extraction of raw materials…next month.
a. will increase b. will be increased c. increased
4)They … new mine when he came to this region.
a. were building b. was building c. will be building
5)The documents …at the director’s cabinet.
a. keep b. are kept c. is kept
6. Put the questions to the underlined words:
1) Economists studied economic system of our community. (What…?)
2) They have obtained various knowledge in this area. (What…?)
3) British economists are developing new theory now. (Who…?)
4) New essential commodities will be produced by this firms. (What…by?)
5) Our enterprise was founded in 2001. (When…?)
7. Write the letter in the appropriate order, use notes to complete the letter:
You are working at Wilson LTD as an assistant to John McCone. Your Sales Manager, Mr. Joe Martin, will be in London on business for 10 days (from 30th June to 9th July). You have to write a letter of inquiry to reserve a room at the International Hotel.
1) Dear Sir,
2) The manager,
3) Wilson LTD
Birmingham SW5 9LE
4) 15th May, 2006
5) Yours faithfully,
Assistant to John McCone
1. Translate the marked part of the text:
(1) In order to answer the basic economic questions, every society must have the economic system. Although every nation's economic system has some unique characteristics, there are basically three kinds of economic systems in the world. They are traditional economies; command economies; and market economies. In actuality there never have been any pure command economies or pure market economies. Most of the major economies in the world today are actually mixtures of command economies and market economies and they are known as mixed economies.
(2) Traditional economies are found primarily in the rural, no industrial areas of the world. In such areas, there is no national economy. Instead, there are many small segmented economies, each centered around a family or tribal unit. Each unit produces most of its own goods and consumes what it produces. The basic economic questions of "what," "how," and "for whom" are answered directly by the people involved, and the answers are usually based on tradition.
(3) In command economies, the basic economic questions are answered by government officials. Government leaders decide what goods and services will be produced, how they will be produced, and how they will be distributed. Individuals have little control or influence over the way the basic economic questions are answered. They are told what to produce, how to produce it, and what they will receive. Command economies are also characterized by government ownership of the economy's natural resources and capital goods.
(4) A market economy is the opposite of a command economy. In a command economy, the government answers the basic economic questions. In a market economy, basic economic questions are answered by individual households and businesses through a system of freely-operating markets. In market economies, natural resources and capital goods are usually privately owned. In such economies, buyers and sellers have a great deal of economic freedom.
2. Read the text and choose the correct answer:
1) How many kinds of economic systems are there in the world?
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