X. Переведите текст (письменно).

Liquidity is determined by the speed and certainty with which an asset can be converted into cash (notes and coins) in order to be used as a means of payment. The quicker an asset can be converted into cash, the more liquid it is. Therefore, money is the most liquid of all since it is widely accepted as the medium of exchange, while durable and highly specific assets such as machinery are the least liquid as such asset cannot be converted into money without finding a buyer and determining the value of the property to be sold.

Bank assets can also be characterized in terms of their liquidity.

Loans to households and firms do not appear to be very liquid forms of bank lending, for the borrower may not be able to repay the sum owed to the bank whenever the bank demands.

Securities including government bonds and shares of firms, though traded on the stock exchange, cannot be relied upon for a certain amount of cash as their prices fluctuate from day to day. Therefore, financial investment in securities seems also to be illiquid.

К онтрольная работа №1

по английскому языку для студентов экономических специальностей

Заочного отделения

I семестр Вариант 5

I. Прочитайте и переведите текст (устно).

Stabilization policy

Stabilization policy, or demand management, is the control of the level of aggregate demand in economy using fiscal policy in order to eliminate fluctuation at the national level. The general aim of stabilization policy is to regulate aggregate demand so as to make it as big as the gross national product in order to maintain the existing level of output and employment. It is also essential to keep aggregate demand low enough to avoid inflation.

An unregulated economy will tend to go through periods of depression and boom. Governments try to avoid such fluctuations by stimulating aggregate demand when the economy is depressed and reducing aggregate demand when the economy is overheating. Ideally, aggregate demand should be managed in such a way so as to grow as much as the GNP.

There exist two main problems: (a) correct timing of a government injection or withdrawal; (b) correct magnitude of an injection into or withdrawal from the economy to eliminate depressions and booms.

If the government can get the timing and magnitude correct, it will be able to eliminate the effects of depression. For the government to be able to reduce the intensity of the depression to follow, it is necessary to forecast accurately its beginning, perhaps while the economy is still growing actively.

Much government action is inaccurate in timing and magnitude. Where the government has not been successful in avoiding strong fluctuations in business activity, it can make injections into a growing economy, which then overheats, and withdraw too much at the wrong time, braking too hard.