Exercise 38. Rewrite sentences using Passive Voice.

1. Our partners achieved high revenues last month.

2. They controlled the process of distribution.

3. The stockholders share the profits.

4. The president heads the financial group.

5. They took the responsibility.

Exercise 39. Join the sentences using if, when, until, as soon as:

Example: You will get an accounting experience.

You will work in a big firm. – As soon as you get an accounting experience, you will work in a big firm.

1. All business actions will be successful.
We will help each other.

2. He will organize the work at the enterprise.

He will study all the details.

3. We will fulfill the terms of contract.
We will inform you.

4. They won't succeed.

They will change the assortment of their goods.

5. This manager will be successful.
He will have good ideas.

Exercise 40. Find modal verbs in the sentences and translate them into Ukrainian.

1. A good manager should know his duties perfectly well.

2. Merchandisers have to work hard to promote their goods.

3. The shareholders can lose their investments.

4. I think that Marketing Director must have commercial experience.

5. You may operate a business as co-owners.

Exercise 41. Make up sentences using the Gerund or the Infinitive.

1. He loves ____ money (account).

2. We enjoyed _____ the international conference (visit).

3. My children like _____ animated cartoons (watch).

4. This sole proprietor wants _____ tax benefits from the state (get).
5. I would like _____ this problem (solve).

Exercise 42. Find Complex Object or Complex Subject in the following sentences and translate them into Ukrainian.

1. They want their friends to be their co-owners.

2. The managing director knows his employees to have a good
education.

3. Some people don’t think the economics to be very interesting.

4. This young specialist is thought to be talented.

5. The head of our department is known to be very strict.

UNIT 5

Exercise 43. Learn economic and management active vocabulary, then read and translate the text.

unemployment benefits – допомога по безробіттю

be made redundant – бути звільненим з роботи

emphasize sth – наголошуватись щось

obstruct, v – перешкоджати, турбувати

adopt sb' s idea – схвалити, сприйняти чиюсь ідею

encourage investment – сприяти, заохочувати інвестування

relaxation of credit – спрощені умови кредитування

deficiency in sth – дефіцит, недостача чого-небудь

current account – поточний рахунок

downturn in the economy – спад в економіці

overhead costs – накладні втрати

gearing, – співвідношення боргу до активів

bottleneck, – затримка; відставання

in terms of – стосовно; відносно

recruit labour – працевлаштовувати

Unemployment

The measure of unemployment currently used is the number of persons registered as unemployed and claiming benefit. It has been suggested that this figure understates the true number of persons wishing to be economically active, but unable to find a job.

Causes of Unemployment

There are several categories of unemployment. It is important to

distinguish between them as they will require different treatment.

• Search unemployment.Persons who are made redundant will need time to search for and start a new job. The time involved in such searching may be increased by recession and the consequent fall in the demand for labour.

• Seasonal unemployment. Fluctuations in demand for labour in
certain industries will be linked either to the seasonal nature of
production, e.g. agriculture, or to seasonal patterns of demand, e.g.
children's toys at Christmas, or summer holidays.

• Technological unemployment.This may result from new technology causing a change in the pattern of demand, e.g. where a new product replaces one of inferior quality. It may also occur where an established industrial process is replaced by new machinery, requiring less labour. Skills may then become obsolete, as in steel making, leading to sudden and often very localized increases in

unemployment. This sort of change may also be referred to as
'structural unemployment'.

• Cyclical or demand deficiency unemployment. Fluctuations of demand, caused by the pattern of the business cycle, may compound some of the above effects to produce sudden increases in unemployment.

•Unemployment due to obstructions to the labour market. Monetarists believe that this is the major cause of long term unemployment. They see the excessive national bargaining power of trade unions as being especially important. They believe that workers are then priced out of work by excessive increases in real wages. They also see excessively high unemployment benefits as a cause of longer search times, thus increasing the number of workers unemployed at a given time.

Those economists who adopt a supply side approach are likely to
emphasize the importance in creating unemployment of excessive
increases in real wages, obstructions to the labour market and high levels of welfare benefits. Those who adopt a Keynesian approach¹ are likely to emphasize the importance of inadequate levels of aggregate demand. Their prescriptions for reducing unemployment will reflect these views. On the other hand, those who support the supply side approach will emphasize the importance in reducing unemployment of restraining the power of the unions, reducing the real value of benefits, and improving the sources of information about available vacancies. Keynesians, on the other hand, argue for increases in government spending, encouragement for investment in the private sector and a relaxation of credit to encourage consumer demand and reduce unemployment.

Responses to Unemployment

Governments may respond in a number of ways to high or increasing
levels of unemployment.

• If it is believed that a deficiency in aggregate demand is the cause of
unemployment, it is possible to increase demand by use of a package
of measures, fiscal and monetary. Thus the government might lower
taxation and/or increase public spending. It might increase effective
demand by removing restrictions on credit creation by the banking
system and/or by lowering interest rates to induce both individuals
and businesses to borrow for consumption or investment purposes.

• If it is believed that imperfections in the labour market are the cause
of unemployment, the government might seek to break the power of
the unions by legislation. More modest wage increases might then
help to “price” people back into work. Alternatively, the government
might reduce the real value of benefits in order to make jobs on low
wages more attractive.

• Where specific industries or regions are worst affected, it might use a policy of direct subsidy and regional aid measures in order to
maintain existing jobs in the short term whilst encouraging the
creation of new jobs.

¹Keynesian [keınzıən] approach – the economic theories and programs ascribed by John M. Keynes.