IX. Make up your own dialogue using the following expressions:

intermediate goods net investment

to determine production possibilities

gross investment to depend

standards of living to exceed

international trade exports

to be mirrored imports

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X. Change the following sentences using the Future Perfect Tense (the Passive Voice):

Model: Gross national product will be calculated next

month.

Gross national product will have been calculated

by the end of the month. 1. Prices on these goods will be set tomorrow. 2. Production of consumer goods of fhis company will be reduced next month. 3. The calculation of net national product will be done next week. 4. International trade will be rapidly developed in this country next year. 5. New technology will be sold to this company next year.

XI. Use the verbs in brackets in the Future Perfect Tense (the Passive Voice):

Model: GNP per capita (to calculate) by the end of the week.

GNP per capita will have been calculated by the end of the week. 1. Intermediate goods (to purchase) by that time tomorrow.

2. Nominal GNP (to measure) by the end of the month.

3. These goods (to export) by the end of the month. 4. Pur­chases (to do) by tomorrow morning. 5. Production possibilities (to reduce) by that time.

XII. Translate into English:

1. AoAaHy Bapricjb uteY npoAyKu," 6yAe o64McneHO ao kjhu,(i ™>KHn. 2. Hosi inBeCTnu,fi" 6yAyTb BitnaAeHi b u,efi npoeKT Ao KiMU.fi potty. 3. PeanbHMM Banoswii HaujoHanbHMM npOAyKT 6yAe ofinMcneHMM eKOHOMicTaMM a° Kinu,Fi Micflu,n. 4. Ht Tosa-pM 6yAyTb AOCTaanem nocepeAHHKa/*n ao kihu,ji tmjkhji. 5. yroAy npo KyniBnto o6naAnanHn bjaomoT niMeu,bKoT cbipMk 6yAe niAnwcano yxpaiHCbKHMM napTwepaMM A° KiHU,si tmjkhji.

XIII. Communicative situations:

1. Can we increase consumption in a given year without cutting back on either investment or government services? Under what conditions?

2. If gross investment is not large enough to replace the capital that depreciates in a particular year, is investment greater or less than zero? What happens to our production possibili­ties?

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Lesson 18

COSTLY TRAMSACTIONS

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

transaction — yroAa, onepauia

e.g. They made transaction on buying this equipment. commodity — TOBap, npeA^eT (uwpoKoro) bwmtky e.g. From the publications we observe that you are handling the export ol a number o( commodities. consumption — cno>KnBannn, empaTM e.g. The consumption of beer didn't go down when the

tax was raised.

pervasive — lu,o nownptoeTbca, npoHMKae CKpi3b

e.g. Transaction costs are pervasive. gains — aoxia. npn6ytOK; BMrpauj; BuroAa, shck e.g. They obtained gains from exchange of goods. to evolve — po3BMBaTn(c«), po3ropTaTM(ca); cTBoptosaTM e.g. He has evolved a new plan. indirect trade — HenpuMa ropriBna

e.g. When transactions are costly, indirect trade rather than direct trade will lower transaction costs. intermediary — nocepeAHMK

e.g. The important social arrangements that set up indirect trade are the use of money and the use ol intermediaries, household — ciM'tt, AOMauiHe rocnoAapcTBO e.g. Firms and households also lower certain kinds of transaction costs by organizing economic activity in particular

ways.

to undermine — niRpHaaTk, pyMHysaTM

e.g. The President's enemies are spreading rumours to undermine his authority.

uncertainty — HeBH3naHeHicTb

e.g. Uncertainty about what can and cannot be done undermines the gains from exchange or specialization.

to exclude — BHKnK>Harn

e.g. We can exclude the possibility that the money won't

arrive.

restriction — o6M«weHHa

e.g. Are there restrictions in the consumption of alcohol in

your country?

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appropriate — HanewHMM, BiAnowAHMfi

e.g. Every economy whether capitalist, socialist, communist, or traditional, has to decide how it will create the appropriate sort of expectations about future use.

property rights — npaBa BnacHoc-ri

e.g. Every economy has to develop something like property rights.