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Vocabulary Focus. Ex. 1.Mind the use of the words policy and politics which have certain similarities in meaning, but are not exactly the same.
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Ex. 1. Mind the use of the words policy and politics which have certain similarities in meaning, but are not exactly the same.
1. Policy has two meanings.
a) An agreed set of principles which form the basis of any decision:
Our policy is to keep costs as low as possible.
b) An insurance certificate.
You should always read the small print of your insurance policy.
2. Politics refers to
a) the activity of government and the political parties in opposition.
Politics has been defined as an art of possible.
b) activities concerned with gaining or using power within an organisation or group.
Office politics are aimed at improving organizational culture.
Her politics are nothing to do with me.
The adjective is political.
Complete the blanks:
The international manager must understand the effect of 1. ______ on business. A change in bilateral 2. ______ relations can change strategic
3. ______ and modify investment decisions. 4. ______ is a controversial topic. 5. _____ is more general than ______. 6. The government must evolve new _____ to reduce unemployment.
Ex. 2. Make the following words negative by using one of the following prefixes:
| de- | dis- | im- | in- | un- | non- | re- |
| 1) …discretionary | 7)…stabilize | 13)… appropriate |
| 2) … increase | 8) …effective | 14) …progressive |
| 3) …desirable | 9) …perfect | 15) … balanced |
| 4) … stable | 10) …predictable | 16) … deliberate |
| 5) … efficiency | 11) …voluntary | 17) … adjusted |
| 6) …natural | 12) …equal | 18) …governmental |
Ex. 3. Choose the words with opposite meaning from two columns and arrange them in pairs.
| A | B |
| 1) cut (v) | a) surplus (n) |
| 2) individual (a) | b) increase (v) |
| 3) nominal (a) | c) poverty (n) |
| 4) target income | d) public (a) |
| 5) save (v) | e) real (a) |
| 6) wealth (n) | f) collective (a) |
| 7) deficit (n) | g) actual income |
| 8) private (a) | h) laissez faire |
| 9) intervention (n) | i) spend (v) |
Ex. 4. Match the Russian word combinations with their English equivalents:
| 1) собирать налоги 2) совокупный спрос 3) устранять безработицу или инфляцию 4) стимулирующая фискальная политика 5) доход от налогов, налоговые поступления 6) потребительские расходы 7) платёжеспособный спрос 8) сдерживающая фискальная политика 9) бюджетный дефицит 10) бюджетный профицит | a) aggregate demand b) to take in taxes c) consumer spendings d) to eliminate unemployment or inflation e) a contractionary/restrictive fiscal policy f) a budget deficit/shortage g) a budget surplus h) an expansionary fiscal policy i) an effective demand j) tax revenue |
Comprehension
Ex. 1. Complete the sentences.
1. Fiscal policy is….
2. Keynes maintained that governments should use fiscal policy to.
3. According to Keynes the overall level of economic activity depends on ….
4. If aggregate income is too low ….
5. If aggregate income is too high ….
6. Expansionary and contrationary fiscal policies are two basic types of.
7. A contractionary policy is composed of ….
8. An expansionary fiscal policy means …
9. Attempts to intervene using fiscal policy can be damaging because they …
Ex. 2. Answer the questions:
1. Who invented fiscal policy? What kind of policy is it?
2. How can the government influence the demand for goods and services?
3. What are the two basic types of discretionary fiscal policy? How do they differ?
4. What do economists blame Keynesian policies for?
Text 2
Look at the title of the text and say what problems might be discussed in the text.