Кроме того, в экономической теории ставится вопрос о механизме достижения этого равновесия. Если на пути к общему равновесию выявятся какие-либо препятствия, то хозяйство будет находиться в состоянии неравновесия при излишках и дефицитах на отдельных рынках. Эта проблема имеет такое серьезное значение, что в XX веке из необходимости ее разработки сформировалась целая ветвь экономической науки - макроэкономика.
XIV. Speaking.
1. Give your comments оп the following statements.
а) Economics would bе out of need if all people could satisfy their unlimited desires.
b) All individuals at the age of 16 and above belong either to the employed or to the unemployed.
2. Your grandparents have а country house and every year go there and plant vegetables, berries, fruit trees. Do they рursuе their self-interests?
3. Let's assume, that in an есоnоmу the labour productivity has suffered а decline. Will it affect labour market (employment and unemployment rates; real wages, given the labour market is in the equilibrium).
I. Find the following word-combinations in the texts and translate them into Russian.
a) whether this will continue; to conserve scarce and expensive oil; on mastering the tools of the trade; it (model) deduces hoe people will behave; to concentrate on essentials; to work out; bridges are likely to be congested; sifting through all the facts; the facts alert us to the need; we regard the close factual relationship; without any logical underpinning; sooner or later; the blend of models and data
b) which price exhibited the larger percentage increase; assign the value; contain the same information; may pass unnoticed in the table
II. Find in the texts English equivalents for the following:
a) анализирует вопросы, относящиеся к описанию прошлого; поставит автомобилистов в еще более сложное положение; намеренное упрощение реальности; в час пик; стоять в очереди; особой, ключевой важности (слово); выработать единственную, точно правильную теорию; действительное совпадение; обращение к логическому умозаключению; совпадение, на которое можно не обращать внимания; ложная связь; теория должна проверяться на фактах; оценка того, какие доказательства можно рассматривать как уместные
b) среднегодовые цены на медь и серебро; определять значение; делить на;
становится сразу очевидным; строить диаграмму цифровых показателей; увеличилась в шесть раз; необычное поведение переменных; проходить незамеченным, временной ряд, структурный анализ
III. Say what is meant by:
this will penalize car users still further; a series of simplifying assumptions; manageable picture of reality; the crucial word is relevant; industrial inputs; to master the tools of trade; to square with relevant facts
IV. Listening
1. Listen to the lecture.
2. Do the tasks given in the textbook.
3. Listen to the lecture again, take notes to bе ready to write а summary of it.
V. Match the terms with their definitions
| 1. to deliberate 2. to square 3. to deduce 4. relevant 5. underpinning 6. time-series 7. coincidence 8. chart 9. apparent 10. to plot | a. a remarkable occurrence of events or ideas at the same time, suggesting but lacking a causal relationship; b. to determine or mark the location of a point on a graph by means of coordinates; c. to think or consider carefully and fully, especially in order to make a decision; d. supporting structures or foundations; e. readily understood or perceived; f. a group of facts about smth., set up in the form of a diagram, table, graph, etc.; g. to infer by logical reasoning; h. a set of variables with value related to the respective times the variables are measured; i. relating to a matter in hand; j. to bring into agreement; k. absolutely necessary; |
VI. Match the words with their synonyms:
| 1. emphasis 2. deliberate 3. reasoning 4. to assign 5. to accord | a. intentional, prearranged b. proof, affirmation c. stress, accent d. analysis, deduction e. appoint, delegate f. conform, correspond |
VII. Fill in the gaps in the texts with suitable words.
population; available; growth rate; food production; insecurity; relates; lack; aggregate; import; increase; significant; fluctuation; persistent; consumption; decline; roughly; crisis; developing; needs; access
The problem of food 1)______ has a long-term and a short-term dimension. The long-term aspect 2)______ to the chronic and 3)______ malnutrition of 4)______ sections of the population while the shorter-term insecurity is caused by year–to-year 5)______ in food 6) ______ levels.
With a population 7)______ of approximately 3.5 per cent per year (the highest in the 8)______ world), Africa has been able to manage an 9)______ in food production of only 1.5 per cent per year. Africa is the only one of the world’s developing areas to have suffered such a 10)______. Many African countries have suffered a precipitous decline in per capital 11)______ since the 1970s, as a result, they now 12)______ approximately 10 million tons of grain a year, an amount 13)______ equivalent to the 14)______ of its entire urban 15)______.
In dealing with Africa’s current food 16)______ and the chronic problems that underlie it, it is essential to recognize that many of the hungry are malnourished not because the 17)______ supply of food is inadequate but because the poor 18)______ the resources to gain 19)______ to the food which is 20)______.
VIII. Say whether the following statements are true or false. Extend your ideas.
1. We may accumulate evidence in support of an economic theory, but we can never prove beyond doubt that it is ‘true’.
2. Charts are a useful way of highlighting the important features of a data series.
3. When we observe a strong association between two variables we know that one depends casually upon the other.
4. Cross-section data are more often used in microeconomics because they deal with individuals.
5. Invoking ‘other things equal’ enables us to ignore the complicated parts of an economic model.
6. Economic models deal with straight-line relationships between variables.
7. If you look hard enough at the facts, you will inevitably discover the correct theory.
8. Index numbers are invaluable device if we wish to compare two variables measured in different units.
9. Inflation is measured by the price level.
10. Empirical evidence suggests that, on average, high tube fares on the London Underground are associated with lower passenger use.
IX. Tasks for thought:
1. Which of the following data sets would be time series and which would relate to a cross section?
a) Consumers’ expenditure on durable goods, annually 1980-93.
b) Households’ expenditure on housing in urban areas in 1994.
c) Monthly price index for potatoes for 1994.
d) Gross national product of the UK for each quarter of 1993.
e) Average weekly earnings for a sample of 350 individuals first interviewed in 1980 and reinterviewed in 1984, 1988, and 1992.
f) Unemployment categorizes by area, 10 June 1993.
2. Table 1 presents information about agricultural employment in six European countries in the two years 1970 and 1990.
a) From observation of the figures, comment on the trend in agricultural employment in these countries. In which countries was the trend most and least strong?
b) For each country, calculate an index for 1990, using 1970 as a base.
| Country | 1970 | 1990 |
| Belgium Denmark Greece France Italy United Kingdom | 177 266 1279 2751 3878 787 | 100 147 900 1335 1895 569 |
X. Fill in the gaps with appropriate prepositions:
1. In March 2009 the change in RPI measured _____(1) a 12-month period turned negative, indicating an overall annual reduction _____(2) prices, for the first time RPI is still______(3) 1960.
2. The RPI is still used by the government as a base _____(4) various purposes, such as the indexation of pensions, amounts payable ____(5) index-linked securities including index-linked gilts, and social housing rent increases.
3. Aggregate variables do not interact _____ (6) one another independent _____ (7) the choices of individuals. And those choices are guided ______ (8) the incentives actors face, and the informational signals they receive.
4. In short, economics is about exchange and the institutions _______ (9) which exchanges take place.
5. To see how far macroeconomics can lead one adrift consider the current debate _____ (10) the minimum wage.
6. The real problem is how ______ (11) government policy a market correction was turned into an economy wide crisis.
7. If savings rates and RPI continue to diverge, it means the value of any money _____(12) savings accounts which do not protect ______(13) inflation is diminished marginally in real terms.
8. The RPI tracker chart shows the value of Ј1,000 invested in a typical savings account five years ago based on Standard & Poor’s UK savings index, compared _____ (14) the rise in inflation (RPI) _____ (15) the same period.
XI. Read the text and choose the correct word or words from A, B, C or D to fill in each gap:
How the Dow?
In 1896, Charles H. Dow developed what is today known as The Dow Jones Industrial Average (DJIA). It was ___1___ of 12 companies that were traded on the New York Stock Exchange. By watching this ” average” of the prices of a dozen large and ___2___ stocks, investors were able to gouge how the entire market was doing. The DJIA and its sister index, The Dow Jones Transportation Average, gave new ___3___ to the stock market.
Dow’s inventions made investing more understandable and ___4___ for those investors who previously were unsure or untrusting of it.
Though it has changed greatly over the years – including ___5___ to 30 companies and using much more ___6___ methods to calculate and deliver its values in real time – “The Dow”___7___ the world’s single most quoted and most watched index. It has truly become “the market’s measure “for investors around the globe.
Nowadays The Dow Jones Global Indexes (DJGI) family is a ___8___ global index series designed to provide a complete range of portfolio-management and ___9___ tools. The indexes are ___10___ to be broad yet investable, targeting 95% market capitalization coverage.
| 1 | A compiled | B composed | C contained | D devised |
| 2 | A distinct | B uncommon | C deduced | D diverse |
| 3 | A credibility | B conformity | C sincerity | D dependence |
| 4 | A liable | B essential | C adjustable | D accessible |
| 5 | A widening | B expanding | C enriching | D comprising |
| 6 | A complicated | B hard | C difficult | D corresponding |
| 7 | A retains | B survives | C remains | D waits |
| 8 | A deliberate | B comprehensive | C simplified | D relevant |
| 9 | A upgrading | B extending | C comprising | D benchmarking |
| 10 | A drawn | B plotted | C designed | D fitted |
XII. Translate into English.
1. Экономика - относительно молодая наука, которая помогает нам ответить на вопрос: «Как мы можем предсказать будущее, используя описание прошлого?» Экономика анализирует информацию, определяет логические связи, отвергая ложные, и строит модели и теории.
2. Экономические теории, развивая сложные и взаимосвязанные модели, базируются на понятии рынка. Анализ экспериментальных данных, подкрепленный теоретическим обоснованием, позволяет прогнозировать развитие экономики. Это чрезвычайно сложная задача, требующая глубокого осмысления реальных данных для отделения ложных эффектов от фактически существующих взаимодействий между компонентами модели.
3. Экономическая информация повсюду присутствует в нашей жизни, особенно в последние несколько лет поток экономической информации прямо обрушился на нас. Каждый день мы слышим по телевидению и радио, встречаем на страницах газет и журналов такие термины как уровень инфляции, инвестиции, валовой национальный продукт, уровень безработицы, инвестиции и т.п.
4. Для ученых-экономистов все эти термины и цифры несут определенную информацию, с помощью которой они строят экономические модели и дают рекомендации правительствам, как решать ту или иную проблему.
5. Говоря об экономическом анализе, мы имеем в виду и модели, и фактические данные. Экономисты используют соединение моделей и фактов, чтобы проанализировать развитие экономической ситуации. Поскольку модели и фактическая информация тесно связаны с реальным миром, стоит упомянуть способы, с помощью которых эти данные получают.
XIII. Translate the text from Russian into English:
Индекс розничных цен (RPI)
Индексом розничных цен является ежемесячный показатель изменения среднего уровня цен на розничном рынке. При этом цены на предметы роскоши обычно во внимание не принимаются.