II. VOCABULARY PRACTICE EXERCISES. 1. Complete the statements.
1. Complete the statements.
1.Capitalism is the economic system of: a. China b. Sweden c. Japan
2.Communism allows citizens… a. a high degree of economic freedom b. a low degree of economic freedom c. a certain degree of economic freedom
3.Planned economies exist in … a. the United States b. North Korea c. Germany
4.Privatization is occurring in… a. Cuba b. Canada c. Great Britain
5.High taxes permit the government to … a. influence prices and wages b. provide social services c. raise badly needed cash
6.The managers of a communist factory produce… a. what they want b. what customers want c. what the plan wants 7.The government sometimes intervenes in business to… a. change the way resources are allocated b. decide what goods to produce c. permit the least degree of economic freedom
8.Israel plans to… a. privatize the Air France airline b. convert most of the country’s 305,000 state-owned companies into shareholder-owned corporations c. sell 50 of its 140 government-owned enterprises
9.A society’s way of producing, distributing, and marketing the goods and services for its people’s needs is called… a. market economy b. an economic system c. business
10.Sweden has been forced to a. practice planned economy b. develop power resources c. diminish the role of its government in industry
11. Developing countries are very much concentrated in a. North America and Western Europe b. Asia, Africa, and South America c. Eastern Europe
12. The examples of middle-income countries are a. France, Switzerland, and Austria b. Sudan, Guatemala, and Afghanistan c. Portugal, Cyprus, and Israel
2. Choose the necessary word and put it in the sentence.
1. free-market policy 2. privatization 3. private ownership 4. mixed capitalism 5. the gross national product 6. pursue 7. rigid 8. restructure
1.The intervention of the government in business is called……… 2 Under ……...., the government owns all factors of production and makes all the business decisions. 3.The major goal of …………….. social equality. 4…………….tend to be high in socialist economies. 5.Under socialism, the state allows ………………. in the nonvital industries. 6.Economic failure has caused the former Soviet republics to …………… their communist economies. 7.A free-market system gives individuals the freedom to …………….. their own economic interests. 8 In the Soviet Union, government officials handled all factors of production through ………. centralized planning. 9.Sweden, one of the most committed socialist countries in the world, has been forced to adopt ………. 10.Selling government-owned businesses to private firms is termed ……… 11...................... is one in which the average standard of living is very low compared with living standards in developed countries. 12. Nearly half of the world’s population lives in countries where................ per head is $400 or less.
3. Language study. Fill in the blanks with noun, verb, or adjective forms. Use your dictionary if necessary.
4. Translate the following groups of words into English: Вмешиваться в экономическую деятельность, функционировать в системе свободного рынка, влиять на цены и зарплаты, принимать деловые решения, степень экономической свободы, государственная собственность, негибкое централизованное планирование, при капитализме, социальное равенство, сталкиваться с экономическим риском, ключевые отрасли промышленности, считать жизненно необходимыми, сущность экономических систем, из-за экономической несостоятельности, реструктуризировать экономику, конкурировать на мировом рынке, уменьшать роль правительства, цель экономической реформы, под государственным контролем, валовой национальный доход, страны третьего мира, на душу населения, средний уровень жизни, наиболее впечатляющая особенность.
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