XI. Ask when and w/iaf-quesfions using the Passive Voice:

Model: The company was being managed extremely well,

when he was president.

When was the company being managed extremely

well? I. Fiscal policy was being applied by the government successfully at that time. 2. Taxing was being controlled by the Congress. 3. Money was being spent by individuals and business firms for the things they wanted, when taxes were reduced. 4. Effective tools were being provided, when go­vernment fought recession and inflation. 5. Debts were being financed by the federal government, while they printed money.

XII. Translate into English using the Past Continuous Tense (the Passive Voice):

1. PJBeHb noflaTKy 3MimoBaBcn 3 nunHB no Bepecenb Mwny-noro pony. 2. BwTpaTM u,boro ni/;npneMCTBa 3pocTanw, TOfli hk eKONOMJKa Bcrynana b nosy q>a3y. 3. 3a Mac iincpnsiu,rr npoBa-flHnacn cpicxanbHa noniiMKa. 4. Konn ypsifl po6mb no3MKn ia BunycKaB HOBi rpoiui, noflaTKM 36inbiuyB3nHCH. 5. flia nac 03ao-pOBJieHHn eKOHOMJKM ypnflOM BwnycK rpouJoeoT MacM 3MeH-ujyBaBCH.

XIII. Communicative situations:

1. Although economists know a great deal about how to stabilize the economy, our system still goes through periods of expansion and contraction. Describe some of the problems facing decision makers who are trying to use fiscal and monetary policies to keep the economy growing steadily but smoothy.

2. As the economy moves from «recession» to «expansion», what is likely to happen to wages, investment, employment, profits?

3. During which phase of the cycle {«recession» or «expan-siona) is production increasing? Why?

Lesson 11

THE GLOBAL ECONOMY

I. Read and memorize the following words, word-combinations and word-groups:

to benefit — oTpMMyBaTM KopucTb

e.g. The countries benefit because trade enables them to exchange things they don't need for the things they do need and want.

transaction — cnpaBa, yrofla; eeASHHa flinoBHx onepaajH 'e.g. Nations trade with one another for the same reason that individuals and business firms within a country trade: both sides expect to benefit from the transaction.

advantage — nepeBara

e.g. A nation has a comparative advantage in the production of an item when its opportunity costs to produce the item are lower than those of other nations,

to restrict — oSMemyBaTM

e.g. Despite the many advantages of trade between nations, most countries, including our own, often restrict that trade in a number of ways.

revenue — npn6yroK; ^wepeno npn6yrKy

e.g. Through most of its history (until 1910), the United States looked to the revenue tariff as its principal source of income.

to levy — onoflaTKyBarn

e.g. Protective tariffs are levied to protect a domestic industry from foreign competition.

surplus — HaAnmuoK

e.g. Both countries expect to benefit from the transaction, because trade enables them to exchange their surplus goods

and services.

revenue tariff — Tapwcp Ha npn6yTOK

e.g. Revenue tariff are levied as a way to raise money as a principal source of income.

protective tariff — ninbroBHw TapMCp Ann BiTHM3HHHoro bm-poSHMKa

e.g. The goal of the protective tariff is to make the foreign product more expensive than a similar item produced in the country.

dumping — flSMniHr; po3B3Hra>KyBaHHfl

e.g. Selling the same product for a lower price abroad than at home is called dumping.

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administrative red tape — aAMiwicTpaTKBHe perymoBaHHsi e.g. Administrative red tape is the deliberate use of

governmental rules and regulations to make it difficult to import

goods from abroad.