Read the text. Then read the titles. Which of the following titles is the best?

Government stocks are sold when the government wants to reduce the supply of money.

5.  I will be informed about the right issue.

6.  They will be offered new shares.

III.    Choose the best answer to these questions according to the text.

1. What is the art of speculation?

a) to buy securities at the worst time,

b)  to buy securities at the best time,

c)  to buy securities at any time.

2. What is the Stock Exchange?

a)  not a market,

b)  an insensitive market,

c)  a highly sensitive market.

3. What does the Chancellor of the Exchequer introduce?

a)  the code,

b)  his Budget,

c)  share prices.

4. What is sold when the government wants to reduce the supply of money?

a)  government stocks,

b)  private stocks,

c)  IBM shares.

5.  How does the government promote its policies?

a)  through the code of laws,

b)  through speculators,

c)  through the Bank of England.

IV.    Here are some dictionary definitions of words from the text. Each word has more than one definition. Choose the definition that fits each of the words in the text best.

1. to invest         a) surround a fort, town, etc. with army forces.

b) put money in.

2. price               a) sum of money for which something is sold or bought.

b) value, worth.

3. to speculate   a) consider, from opinions (without having complete knowledge).

b) buy and sell goods, stocks and shares, etc. with risk of loss and hope of profit through changes in their market value.

4. securities        a) something that provides safety, freedom from danger or anxiety.

b) document, certificate, etc. showing ownership of property  (especially bonds, stocks and shares).

V.      Find words and expressions which mean the same as the following:

top, place, buying, vitally important, to oscillate

VI.     Write down the possible headlines which best express the main idea of each paragraph.

VII.  Reduce the text to one fifth of its original length providing the most important information.

UNIT VI.

I. Read the text. Then read the titles. Which of the following titles is the best?

a)  Health Insurance in Different Countries

b)  Newspapers in Different Countries

c)  Job Advertisements in Different Countries

d)  Management in Different Countries

Checking out job advertisements is popular with executives worldwide. But though the activity is universal, is the same true of the advertisements?

Are executive positions in different countries advertised in the same way? A comparison of the job pages of The Times of London, Le Mode of Paris and Germany's Frankfurter Allgemeine Zeitung suggests «not».

First, what UK job seekers consider an essential piece of information -what the post pays - is absent from French and German adverts. It is often to raise this themselves. In contrast, most British advertisements mention not only salary, but also other material incentives including a car and fringe benefits.

French or German advertisements rarely refer to these. 1________. In France and Germany, that information is given by the level of experience and qualifications demanded. Salary can be assumed to correspond with this.

If French and German adverts are vague about material rewards, they are precise about qualifications. 2________. In Germany, for example, a technical (director for a machine tool company will be expected to have a Dipl.-lng. degree in Mechanical Engineering.

French advertisements go further. They may specify not just the type of grande ecole degree, but sometimes a particular set of institutions (formation superieure X, Centrale, Mines, НЕС, ESSEC), these being the most famous grandes ecoles.

All this contrasts with the vague call for «graduates» (or «graduate preferred») which is found in the UK.  British companies often give the impression that they have a particular type of applicant in mind, 3________. Their wording suggests hope and uncertainty, as in this advertisement from The Times: «Whilst educational standards are obviously important, a large measure of personal enthusiasm is likely to secure the success of your application».

In the UK qualifications beyond degree level make employers nervous, but in France or Germany it is difficult to be «overqualified». Many people on German executive boards have doctorates and the French regard five or six years of intensive post baccalaureat study at a grande ecole as ideal training. British managers are not selected primarily for their intelligence, as managers are in France, or for their expert knowledge, as in Germany. 4________. This difference is also shown in the personal qualities mentioned