3) The relationship between price and quantity a consumer is willing to get is referred to as the ….
4) The general level of … in the USA is higher than in most foreign countries.
5) The prices in the market should be … for both sellers and buyers.
6) A … is a situation when there is one or a limited number of sellers in the market.
7) Expenditures on education are the most important kind of … in human capital.
8) A business must compete on the market with other companies producing the same type of ….
9) Jane opened her … with the Medway Bank on the 3rd of March 2001.
10) Nowadays it is possible to … money between different accounts using an electronic banking system.
5. Choose the correct form of the verb:
1) I …just…these contracts in my desk.
а. was putting b. has put c. will put
2) This company … by auction next week.
а. will sell b. will be sold c. is sold
3) We … dividends by the end of the last month.
а. will receive b. have received с. had received
4) The meetings … at regular intervals over the next two years.
а. are held b. were held c. will be held
5) He…his capital to nothing last year.
а. was reduced b. reduced c. is reduced
6. Put the questions to the underlined words:
1) This firm has recently entered the market.(What…?)
2) John’s company is more profitable than mine (Whose…?)
3) Some highly advertised brands are very popular nowadays. (What…?)
4) A large quantity of computers was produced by that factory last year (When…?)
5) Necessary equipment will be produced next month. (What…?)
7. Write the letter in the appropriate order, use notes in box to complete the letter:
Your work at a big company as a Personal Assistant to Managing Director. In a month two representatives of your company will arrive in Vermont, the USA and plan to be there for a week. Write the letter of inquiry to the best hotel in the city.
1) May 22, 2006
2) Dear Sir,
3) The Manager,
4) 15 Maple Street,
1. Translate the marked part of the text:
(1) It's worth discussing an important distinction made by economists between circulating (or working) capital and fixed capital. The automobile itself, moving from its raw materials to the final product, can be viewed as circulating capital, representing "goods in process." It moves along the assembly line toward ultimate consumption.
(2) At the same time, there are numerous machines and tools which are used at specific junctures in the car-making process. These are fixed capital, because they are stationary and do not move along the assembly line. This form of capital is defined as "implements, tools, machines, industrial buildings, and the other concrete material instruments which aid man in the processes of production." But one must not forget that fixed and circulating capital are always interrelated, because the precise purpose of fixed capital is to move circulating capital along the conveyor belt toward its final use.
(3)There is another way of comparing circulating with fixed capital. Circulating capital can be defined as essentially unfinished goods. Fixed capital may be regarded as finished goods. This distinction makes sense because circulating capital, i.e., unfinished goods, tend to appreciate as value is added throughout the production process. But when the circulating capital reaches its final stage, to be used as a household product, it becomes a fixed good, and immediately begins to depreciate. In short, fixed capital, like consumer goods, is consumed.
(4) A complete macroeconomic model must deal with both kinds of capital. Both fixed and working capital involve significant periods of production, and in this sense, they are more alike than different. The manufacturing and marketing of circulating capital goods also involves a considerable period of production, and may provide years of consumer service if the final goods are durable in nature.
2. Read the text and choose the correct answer:
1) How can circulating capital be defined?
a. Circulating capital can be defined as essentially finished goods.
b. Circulating capital can be defined as essentially unfinished goods.
c. Circulating capital can be defined as essential services.
2) What is used at specific junctures in the car-making process?
a. Numerous machines and tools are used at specific junctures in the car-making process.
b. Numerous machines and capital are used at specific junctures in the car-making process.
c. Workforce and numerous machines are used at specific junctures in the car-making process.
3) Why do we call machines and tools as fixed capital?
a. Machines and tools are fixed capital because they don’t move along the assembly line.
b. Machines and tools are fixed capital because they move along the assembly line.
c. Machines and tools are fixed capital because they are not used in the assembly line.
4) What kinds of capital must complete macroeconomic deal with?
a. A complete macroeconomic model must deal with working capital.
b. A complete macroeconomic model must deal with fixed capital.
c. A complete macroeconomic model must deal with both kinds of capital.
5) What does the manufacturing and marketing of circulating capital goods involve?
a. The manufacturing and marketing of circulating capital goods also involves a workforce.
b. The manufacturing and marketing of circulating capital goods also involves a considerable period of distribution.
c. The manufacturing and marketing of circulating capital goods also involves a considerable period of production.
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