IV. Перепишите предложения, поставьте прилагательные, данные в скобках, в положительную, сравнительную или превосходную форму, переведите предложения на русский язык

1. Thanks to (large) number of inhabitants in the EU, Germany is (important) market in Europe.

2. French and English economists told their governments that a trade agreement would be much (good) for both countries.

3. The (much) money a person earns the (high) the tax he pays.

4. Because a home is one of (large) assets most people have, homeowners suddenly felt that they were not as (wealthy) as they had been.

5. When interest rates increase, borrowing money from banks becomes (expensive).

V. Перепишите предложения, подчеркните модальные глаголы и их эквиваленты, переведите предложения на русский язык.

1. If customers aren’t happy with a product or service, or if they can’t afford it, they go to a competitor.

2. There must not be anything that helps one company stay in the market and blocks others from trading.

3. In a market with perfect competition, there are many companies supplying the same good or service, but none of them are able to control the price.

4. An important deciding factor about what you will buy is the amount you have to spend.

5. The government may decide that a competitive market is not good for a certain industry.

VI. Прочитайте текст, перепишите и письменно переведите абзацы № 3, 4, 5.

John R. Hicks (1904-1989 )

1. Sir John Richard Hicks was a British economist and Nobel Laureate, who had made many important contributions to economic science. He had an extraordinary talent to think ahead of time and his theories are regarded as standard economic theories even today. No wonder he is esteemed as one of the most important and influential economists of the twentieth century. His unparalleled effort to revive economics and his urge to learn more and more was recognized by the world and he was honored with the prestigious Nobel Prize in 1972. He was a research fellow in much prestigious institution and never hesitated to share the knowledge he gathered.

2. John Hicks’ remarkable contributions to economics, especially to macro-economic and social choice theory, made him one of the greatest economists of all times. Hicks-Hansen IS-LM model is the best example of his contribution to microeconomics. As a formal interpretation of John Maynard Keynes’s theory, this work is viewed as his most significant work until date. This book represents economy as a balance between money, consumption and investment. His invention of what is called the IS-LM model, is a graphical depiction of the argument John Maynard Keynes gave in his General Theory of Employment, Interest and Money (1936) about how an economy could be in equilibrium with less than full employment.

3. John Hicks’s experience as a labor economist led to the formulation of The Theory of Wages. He formulated these theories with a long-term vision. Hicks’ neutral technical change formulated in 1932, in this book is an important concept, which represents change in the production function of an industry that satisfies certain economic neutrality conditions.

4. Hicks’s third major contribution is his 1939 book Value and Capital, in which he showed that most of what economists then understood and believed about value theory (the theory about why goods have value) can be derived without having to assume that utility is measurable. His book was also one of the first works on general equilibrium theory, the theory about how all markets fit together and reach equilibrium.

5. Downward sloping Marshallian demand curves - another important contribution from John Hicks, explains the outcome of price change on quantity. It explains that when the price of a commodity rises, the quantity of that commodity falls, thus making wealth and other prices constant. These changes in price are due to the income effect and substitution effect.

6. Hicks was very active even during the later years of his life. He wrote on many concepts including money and on international trade, growth and fluctuations, applied economics with a stress to problems of "developing" countries and many more.

VII. Дайте письменные ответы на следующие вопросы к тексту:

1. Why can we view J. Hicks as one of the greatest economists of all times?

2. What are Hicks’s most remarkable contributions to economics?

3. Are the ideas and conceptions of J. Hicks still popular today?

Контрольное задание №2

Для того, чтобы правильно выполнить контрольное задание №2, необходимо усвоить следующий грамматический материал:

1. Видо-временные формы глагола:

Simple (Present, Past, Future),

Continuous (Present, Past, Future),

Perfect (Present, Past, Future)

в действительном залоге.

2. Видо-временные формы глагола: