The Challenge of Lord John Maynard Keynes



ДЕ ЛЕКСИКА 3 сем. (у; пфб, пбб, пэб, пнб) автор 3 сем. автор Лазарева Л.А.                                                  

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In economic terms a ... is a physical object that can be purchased.

+в- good

в- sale

в- production

 

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The people who make the goods and provide services that satisfy consumers’ wants and needs are called … .

в- makers

+в- producers

в- engineers

 

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The ... is a person who attempts to start a new business or introduce a new product.

в- partner

в- businessman

+в- entrepreneur

 

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The building, structures, machinery and tools that are used in the production process are called … .

в- natural resources

+в- capital goods

в- private property

 

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Anyone who works is considered a ... resource.

в- working

в- businessman

+в- human

 

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Items provided by nature that can be used to produce goods and to provide services are called … resources.

в- earth

+в- natural

в-economic

 

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Do the employers try to attract as many people as possible by job ...?

+в- advertisement

в- interview

в- application

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I’ve ... for a job at a hotel in the city centre.

в- got

+в-applied

в- given

 

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Many steelworkers are worried that they’ll ... their jobs.

в- get

в- do

+в- lose

 

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My friend has been ... a job in Tokyo.

в- awarded

в+ offered

в- presented

 

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There are not many job ... in this region.

+в- opportunities

в- interviews

в- qualifications

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At the basis of international trade are the concepts of … .

в- well-developed means of production

+в- specialization and economic interdependence

в- well-tapped natural resources

 

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A nation’s absolute advantage is measured in relation to … .

в- natural resources

в- means of production

+в- other nations

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A nation’s comparative advantage is measured in relation to … .

+в- all the goods and services the nation produces

в- voluntary exchange of goods

в- labour force

 

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Brazil enjoys an absolute advantage over the United States in … .

в- coal production

+в- coffee production

в- steel production

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The United States enjoys an absolute advantage over Brazil in the production of … .

в-мanufactured foodstuffs

в- convenience goods

+в- manufactured goods

 

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Private business are formed mainly to provide ... wants in society.

в- demand and supply

+в material and commercial

в- business and social

 

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... is the main aim of any business organization.

в- price

+в- profitability

в- resource

 

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Horizontal and vertical combinations have been common since … .

в- the mid-1960s

в- the mid-1970s

+в- the mid-1800s

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Multibillion-dollar corporate mergers occurred … .

в- the mid-1970s

+в- in the mid-1980s

в-in the mid-1960s

 

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The classic example of a conglomerate is … .

+в- the International Telephone and Telegraph Corporation

в- the Standard Oil Company

в- the United States Steel Corporation

 

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One of the major business advantage of corporate merges is … .

в- worker satisfaction

+в- efficiency

в- production facilities

 

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One of the major disadvantages of corporate mergers for consumers is … .

в- decreased efficiency and profits

в- increased competition in the marketplace

+в- decreased competition in the marketplace

 

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The increased size of merged corporations often makes it possible … .

+в- to borrow more capital

в-to hire new employees

в-to build new plants

 

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 The lack of competition in the market place may result in … .

 в-additional capital resources

+ в-higher prices for consumers

 в-increased production efficiency

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A market can be defined as any form of contact between ... for the purpose of buying and selling goods and services.

+в- buyers and sellers

в- employers and employees

в- managers and directors

 

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Gathering information from a variety of sources, such as government statistics and business and trade publications is called … .

в- table research

+в-desk research

в- chair research

 

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Questioning consumers directly about their tastes and preferences is called … .

в- valley research

+в- field research

в- path research

 

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The quantity of goods and services that producers offer at each price is called … .

в- demand

+в- supply

в- offer

 

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Food is an example of a ... good.

в- one-use consumer

+в- single-use consumer

в- the first-use consumer

 

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Cars, TVs, microwave ovens and compact disc players are called … products.

+в- consumer durable

в- worker durable

в- service durable

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In a … firm one of the functions of marketing department is to find out consumer requirements.

в- service-oriented

в- product oriented

+в- market-oriented

 

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A ... firm first produces a product and then tries to sell it.

+в- product-oriented

в- market-oriented

в- service-oriented

 

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Companies collect information in order to build up a picture of consumer … .

в- services

в- profits

+в- requirements

 

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Market researches propose strategies for the marketing campaign and suggest areas for market … .

в- influence

+в- expansion

в- dependence

 

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Firms normally try to build up a consumer … , i.e. age, sex, occupation and location of its consumers.

в- face

в- head

+в- profile

 

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It has been established that social position and occupation often determine … buying habits.

+в- consumers’

в- workers’

в- managers’

 

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Why is reliable market … impossible?

в- predicting

+в forecasting

в- guessing

 

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Pure monopoly exists when a single firm controls the … production or sale of a good or service.

в- common

в- whole

+в- total

 

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… monopoly occurs when a firm develops new technology that changes the way goods are produced.

в- innovation

+в- technological

в- scientific

 

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Firms and individuals … for patents to protect their technological discoveries.

+в- apply

в- demand

в- ask

 

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A … monopoly occurs when a firm is the only producer or seller of a good or service in a specific location.

в- natural

+в- geographic

в- local

 

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If the government dominates and controls the monopoly it is called … .

в- political

в- official

+в- government

 

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Competition is the economic rivalry when producers in a given industry attempt to gain a larger … of the market.

в- portion

+в- share

в- part

 

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The most competitive type of industry is that with … .

в- pure monopoly

+в- perfect competition

в- total production

 

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Buyers must have … to information on the products and prices available.

+в- easy access

в- demand

в- supply

 

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Monopolies often advertise their product or service to … .

в- make a profit

в- control prices

+в- promote the company’s image

 

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The government gives utility companies the … to provide service in a specific geographic region.

в- copyright

+в- exclusive right

в- huge income

 

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… encourage firms to invest in the research and development of new products and production techniques.

+в- patent law

в- buyers and sellers

в- consumers

 

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The … includes advertising, personal selling and sales promotion.

+в- promotion

в- supply

в- demand

 

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The product … … is a period of time over which a product appeals to customers.

в- life period

+в- life cycle

в- life style

 

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… includes such factors as distribution channels, coverage of the market, and location of retail outlets.

+в- place

в- location

в- seat

 

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The product is presented to customers through … (TV commercials, posters, etc), packaging (design, labels), publicity PR and personal selling.

+в- advertising

в- publishing

в- presentation

 

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New products must be created to meet the changing patterns of customers’ …

в- wishes

в- wants

+в- needs

 

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It is possible to create … demand?

+в- long-term

в- large-term

в- big-term

 

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Why are firms becoming more customer-oriented and less … .

в- goods-oriented

+в- product-oriented

в- item-oriented

 

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Truly successful marketing understands the customer so well that the product or service … a need so perfectly that the customer is desperate to buy it.

+в- satisfies

в- matches

в-fits

 

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Before a product is introduced it generally has to be … on a sample of consumers.

в- checked

в- tried

+в- tested

 

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The marketing of a product implies considering such aspects as its quality, features, … and packaging.

в- mark name

+в- brand name

в- model name

 

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Marketing should begin and end with the … .

+в- customer

в- worker

в- manager

 

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When deciding on its pricing policy a firm considers list prices, discount for bulk-buying and … credit

в- interest-paid

+в- interest-free

в- interest-given

 

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The selling concept is practiced hardest with … goods.

+в- unsought

в- unnecessary

в- unimportant

 

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The … concept is also practiced in the non-profit area.

в- marketing

+в- selling

в- societal

 

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The selling concept and the marketing concept are often … .

+в- confused

в- changed

в- forgotten

 

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The … marketing concept is the newest of the five marketing management philosophies.

+в- societal

в- marketing

в- selling

 

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A low price may make consumers suspicious or the low price may be thought of as a …

в- deal

в- offer

+в- bargain

 

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Marketers should plan marketing … .

+в- programmes

в- problems

в- tasks

 

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Market is usually divided into … .

в- parts

+в- segments

в- portions

 

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Companies are always looking for … possibilities of filling unsatisfied needs in areas with few or no competitors.

+в- submarkets

в- supermarkets

в- hypermarkets

 

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The production concept holds that consumers will favor products … .

в- that offer the most quality and performance

+в- that are available and highly affordable

в- that are very comfortable

 

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The marketing concept holds that achieving organizational goals depends on … .

в- improving production efficiency

в- developing new competitive products

+в- determining the needs and wants of target market

 

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Under the marketing concept, companies produce … .

+в- what consumers want

в- unsought goods

в- highly affordable goods

 

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If the demand for a product in the market is bigger than the supply the companies should … .

в- improve productivity

+в- increase production

в- bring down prices

 

 

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The societal marketing concept calls for … .

в- increasing production and bringing down prices

в- balancing demand for a product and the supply

+в-balancing company profits, consumer wants, and society’s interests

 

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… is one of many factors that determine the demand for a product.

+в- price

в- sale

в- production

 

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… pricing is a very simple pricing method and is perhaps the most common.

в- cost-minus

в-cost-plus

 +в-cost-division

 

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A firm may calculate its … costs of producing a product and then simply add a profit “mark-up”.

+в- average

в- middle

в- medium

 

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The … cost of producing the unit or set of units of output is called marginal costs.

в- extra

+в- additional

в- given

 

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There appear to be no … prices for repairing shoes.

в- normative

в- common

+в- standard

 

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Shoes made of leather have a higher … cost.

+в- marginal

в- additional

в- extra

 

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The … marginal cost the higher price of a unit.

в- lower

+в- higher

в- bigger

 

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Several firms are able to charge different prices for a similar product which is called price … .

+в- discrimination

в- evaluation

в- adoption

 

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… pricing is a tactic adopted by a company when it is first entering a market and is trying to establish a market share.

в- evaluation

+в- penetration

в- discrimination

 

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… price is where a firm charges a high price for a product in order to “skim the top end” of the market.

в- jumping

в- increasing

      +в- skimming

 

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… pricing is when firms offer prices below the cost of producing the item in order to encourage the sale of the products.

 

+в- loss leader

в- gross leader

в- boss leader

 

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… pricing occurs when a firm drops the price of its product to limit the entry of other new competitors.

в- increase

+в- limit

в- decrease

 

 

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… pricing occurs when a firm holds the price of its product below those of its rivals to establish a monopoly position.

в- monopoly

в- oligopoly

+в- predatory

 

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… pricing is when the firm prices its product in line with those of its competitors.

+в- competitive

в- effective

в- affective

 

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The amount of money necessary to produce one individual example of a product is the unit … .

+в- cost

в- sale

в- price

 

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Changes in the costs of production can … the supply of goods.

+в- effect

в- depend

в- affect

 

 

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The costs that change with changes in output are … costs.

+в-variable

в- changeable

в- different

 

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The sum of fixed and variable costs of production is the … costs.

в- average

+в- total

в- medium

 

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Price in a market is determined by … .

в- the number of consumers

+в- supply and demand forces

в- government policy

 

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Market equilibrium occurs when … .

в- demand is higher than supply

в- demand is lower than supply

+в- the supply and demand for a product are equal

 

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The desired demand is the information showing the amount of the product that … .

+в- consumers are willing to buy at different prices

в- consumers actually buy at a particular price

в- consumers are hesitating to buy

 

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Demand is concerned with … .

в- producer’s side of the market

+в- the buying side of the market

в- production decisions

 

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Supply is concerned with … side of the market.

в- the buying

в- the production

+в- the producer’s

 

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The average total costs of production are … .

в- the sum of the average fixed costs and the marginal costs

в- the sum of the average variable costs and the marginal costs

+в- the sum of the average fixed costs and the average variable costs

 

 

ДЕ Граматика

 

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The Earth … round the Moon.

в- go

+в- goes

в- went

в- goed

 

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 … Ann … music?

 

+в- does …. like

в- do … likes

в- does … likes

в- do … Like

 

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Where … you usually … walks if you … spare time?

+в- do… take… have

в- does..will take…will have

в- do…take…will have

в- will…take…have

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What language….Helen….?

в- do…teaches

в- do teach

+в- does…teach

в- does… teaches

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Henry……the piano when he… .

в- played… come

в- played…. came

в-was played… came

+в-was playing….came

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 We…… to visit the exhibition.

+в-are going  

в- are gone

в-went

в-are went

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 Chopin… music in 19th century.

в- was composed

в- were composed

+в-composed

в-was composing 

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The students …..to the concert next week.

в- go

+в-will go

в-went

в-agoes

 

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 The meeting….a day ago.

в- was been

+в- was  

в-were been 

в- were  

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I heard he …. a lot.

+в-had traveled 

в- had travel

в- was travel

в- was traveling                

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She... the room since morning.

в- has cleaned

в- have cleaned

+в- has been cleaning

в-  has being cleaning

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He will translate the text if he (have)…a dictionary.

в- will have

+в-has

в- would have

в- have

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I don't know … .

в- where is your umbrella

+в-where your umbrella is

в- your umbrella where is

в- your umbrella is where

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We are going for a walk. Who(want)…to go with us?

+в- wants   

в- does want

в- does wants 

в-is want

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She never drinks alcohol,…?

в- do she 

+в-does she

в- doesn't she

в- isn't she

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 This concern... you.

+в- concerns 

в- concern

в- has concern

в-do concern

 

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 When he return... to St. Petersburg, he ... call on us.(относится к будущему)

в- returned, called  

в- was returning , was calling

в- returning, calling

+в- returns, will call

 

 

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If I see... him, I … tell him about their letter. (относится к будущему)

в- saw , would tell

+в- sees, will tell

в- seen, tell

в-had seen, would have told

 

 

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We … gather at our place when my brother come... back from Africa. (относится к будущему)

+в- will gather, comes  

в-gathered, came 

в- gathered, will come

в-will gather, will come

 

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I ... sing this song with you if you tell me the words.(относится к будущему)

в-sang, told  

в- sung, told  

+в- will sing, tell

в-  will sing, will tell 

 

                      

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 I hope you join... us when we … gather in our country house the next time. . (относится к будущему)

в- Will join, will gather

в-   join, will gather  

+в-  join, will gather      

в- joined, gathered

 

 

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What you … do when you come... home? (относится к будущему)

в-   do, come   

в-   do you do, come

+в-  will you do, come 

в- do, comes

 

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If I stay... some more days in your town, I ... call... on you. (относится к будущему)

+в- stay, will call

в-stays, calls  

в-  will stay, call

в-will stay, will call

 

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He go... to the Public Library very often when he be... a student. (относится к будущему)

в- will go, will be   

в- go, be     

в- goes, be

+в-will go, is

 

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As soon as I return from school, I ... ring you up. (относится к будущему)

в-    return, ring  

в-    will return, will ring

+в-   return, will ring

в- will return, ring

 

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 You … pass many towns and villages on your way before you … arrive in Moscow. (относится к будущему)

в-   pass, arrive   

в- will pass, arrive

в- will pass, will arrive

+в-will pass, arrive

 

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I … stay... at home till she … come... . (относится к будущему)

в-   will stay, will come   

в- stay, come 

в- stays, comes

+в-will stay, comes

 

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Then we … go... to the theatre if she … bring... tickets. (относится к будущему)

+в-will go, brings

в- will go, will bring 

в-  goes, brings

в-go, bring

 

 

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 After I … finish... school, I … enter the University. (относится к будущему)

в- finish, enter    

в- will finish, enter

+в-   finish, will enter   

в- finishes, enter  

    

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It be cold in autumn. It often rain... . A cold wind often blow... .

+в- is, rains, blows   

в- -, rain, blow 

в-  am, rain, blows

в- am, rains, blows

 

 

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 If I ... stay... some more days in your town, I … call... on you. (относится к будущему)

+в- stay, will call 

в-  stays, calls

в-  will stay, call

в- will stay, will call

 

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He ... go... to the Public Library very often when he … be a student. (относится к будущему)

в-will go, will be

в-   go, be     

в-  goes, be

+в-will go, is

 

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 As soon as I … return from school, I … ring you up. (относится к будущему)

в-return, ring    

в- will return, will ring    

+в-return, will ring

в-will return, ring 

 

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You … pass many towns and villages on your way before you … arrive in Moscow. (относится к будущему)

в-pass, arrive 

в-  will pass, arrive    

в-  will pass, will arrive

+в-will pass, arrive

 

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I ...stay at home till she … come... . (относится к будущему)

в-will stay, will come  

в-   stay, come     

в-  stays, comes

+в-will stay, comes

 

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Then we … go... to the theatre if she … bring... tickets. (относится к будущему)

+в- will go, brings  

в-will go, will bring   

в-  goes, brings

в- go, bring

 

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After I ... finish... school, I … enter the University. (относится к будущему)

в- finish, enter     

в-  will finish, enter 

+в-finish, will enter  

в- finishes, enter 

 

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It be cold in autumn. It often rain... . A cold wind often blow... .

+в- is, rains, blows

в- -, rain, blow 

в- am, rain, blows

в- am, rains, blows 

 

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I wish I (to know) Spanish.

+в-  knew

в- know     

в- knows

в- known

 

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I wish I (not to drink) so much coffee in the evening: I could not sleep half the night.

в- not drink 

+в- did not to drink 

в- not to drinks

в- do not to drink

 

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I wish you (to read) more in future.

в- to reads      

в- to read         

+в- read

в-will read

 

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I wish I never (to suggest) this idea.

+в-  suggested  

в- to suggest    

в- suggest

в- will suggest

 

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 I wish I (to be) at yesterday's party: it must have been very merry.

в- to be

+в- were

в-   be

в- was

 

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 I wish we (to meet) again next summer.

в- to meet        

в-    meet          

+в- met

в- will meet

 

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Don't you wish you (to see) that performance before?

в- to see       

в-  seen              

+в- saw

в- see

 

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They wish they (not to see) this horrible scene again.

в- not see 

+в- did not to see 

в- will not to see

в- would not to see

 

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The unfortunate pupil wish he (not to forget) to learn the rule.

в- did not to forget  

в- not forget

в- will not to forget

+в- would not to forget

 

 

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I wish I (to have) a season ticket to the Philharmonic

в- have 

+в- had 

в- will have

в- would have

 

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If he had told me the truth I (forgive) him.

в- forgive    

+в- would have forgiven

в-  will forgive

в- would forgive

 

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If Ann came in time we ( catch) this train.

в- catch         

в- caught                

+в- would catch

в- will catch

 

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If Peter had arrived we ( go) to the park together.

в- go           

в-  would go               

в-went

+в-would have gone

 

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If he had learned a poem he ( not get) a bad mark.

 в- get  

 в-   got             

 в- will get

+ в- would not have got       

 

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 If he (live) in S.Petersburg he would go to the Hermitage every week.

в- live             

+в- lived              

в-had live

в-had lived

 

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… I go to the post-office with Mike? (разрешение)

+в-  may 

в-    can 

в- must

в- ought to

 

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… I take Pete's bag?(возможность что-нибудь сделать)

в- may

+в- can  

в- must

в- ought to

 

 

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Don't give the vase to the child: he ….break it. ( физическая возможность что-нибудь сделать)

в- may

+в- can  

в- must

в- ought to

 

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 …. we take notes with a pencil? (разрешение)

+в-may

в-can  

в- must

в- ought to

 

 58.Заполнить пропуск

You …. not cross the street when the light is red.(долженствование)

в- may

в-can  

+в- must

в- ought to

 

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May I shut the door? (разрешение)

+в-may

в-can  

в- must

в- ought to

 

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…. I invite Nick to our house? (долженствование

в- may

в-can  

+в- must

в- ought to

 

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You …. go now. (долженствование)

в- may

в-can  

+в- must

в- ought to

 

 

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If you have done your homework, you may go for a walk. (разрешение)

+в-may

в-can  

в- must

в- ought to

 

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Don't go to the wood alone: you …. lose your way.( может быть)

+ в-may

в-can  

в- must

в- ought to

 

 64.Заполнить пропуск

 It stopped raining, and mother told us that we …. go out.

в- may

в-can  

+в- might

в- ought to

 

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 …  children play with scissors? (разрешение)

+ в-may

в-can  

в- must

в- ought to

 

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… I bring my sister to the party? (разрешение)

+в-may

в- might

в-to be allowed to

в- could

 

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He asked if he ... bring his sister to the party.

в-may

+в-might

в-to be allowed to

в- can

 

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After they had finished their homework, the children … watch TV. (разрешение)

в-may

+в-might

в-to be allowed to

в- could

 

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He...join the sports section as soon as he is through with his medical examination.( разрешение в буд.врем.)

в-may

в- might

+в-will be allowed to

в- could

 

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Becky's mother said that everybody ... take part in the picnic. (разрешение –буд. в прош.врем.)

в-may

в- might

+в-would be allowed to

в- could

 

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He... go home if he likes.( разрешение)

+в-may

в- might

в-to be allowed to

в- could

 

 

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As sооn as the boy … leave the room, he smiled a happy smile and ran out to join his friends outside.( разрешение)

в-may

в- must

+в-was allowed to

в- could

 

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 The doctor says I am much better. I ... get up for a few hours every day. (разрешение)

+в-may

в- might

в-to be allowed to

в- could

 

 

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Ann couldn’t go the theatre with us because she … for the exam.

в- had prepare

в-must prepare

+в-had to prepare

в-will have to prepare

 

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He … to go to the dentist because he has too toothache.

+в-ought

в-must

в-should

в-have

 

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Yesterday we … at University till 6 p.m.

+в-had to stay

в-must stay

в-might to stay

в-had stay

 

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It was a very difficult text.

I … look up a lot of words in the dictionary.

в-was able

в-must

+в-had to

в-had

 

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According to the manager’s order you … wear jeans in the office.

в- needn’t

+в-mustn’t

в-may not

в-don’t have to

 

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The sides of the well were high, and he … not come up the top.

в-might

+в-could

в-should

в-ought

 

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You … half an hour ago.

в-may come

+в-might have come

в-may came

в-may to come

 

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Students …books from the University library.

+в-may borrow

в-may to borrow

в-may be borrowed

в-may borrowed

 

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Although the fire spread quickly, everybody … escape.

в-are able to

в-were able to

+в-was able to

в-is able to

 

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Perhaps Margaret is in her office. She … be in her office.

+в-might

в-may

в-can

в-could

 

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You … cross the street on the red light.

в-haven’t

в-must

+в-mustn’t

в-needn’t

 

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I don’t think they … get married. I think it’s a bad idea.

в-need

в-ought

в-could

+в-should

 

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Paul has to leave soon.

What time … he have to leave?

в-do

+в-does

в-did

в-to do

 

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We … to meet at the theatre.

+в-are

в-to be

в-is

в-am

 

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We’ve got plenty of time.We … hurry.

в-mustn’t

в-can’t

в-couldn’t

+в-needn’t

 

Переведите,употребляя инфинитивные обороты

89.Мягко выражаясь, она была невежлива.

+в-to put it mildly 

в- leaves much to be desired

в-to tell the truth

в-is difficult to deal with

 

 90.Ваша работа оставляет желать лучшего.

 в- to put it mildly

+ в- leaves much to be desired

в-to tell the truth

в-is difficult to deal with

 

 91. Сказать по правде, я не люблю бокс.

 в-  to put it mildly

в- leaves much to be desired

+в-to tell the truth

в-is difficult to deal with

 

 

 92. Вашей сестре трудно угодить.

 в- to put it mildly

в-leaves much to be desired

в-to tell the truth

+в-is difficult to deal with

 

 

 93.Начнем с того, что я занят.

+ в- to begin with       

в- leaves much to be desired

в-to tell the truth

в-is difficult to deal with

 

94. На него было приятно смотреть.

 в- to put it mildly 

+в-  he was pleasant to look at

в-to tell the truth

в-is difficult to deal with

 

Выберите правильную форму причастия

95. The girl … on the blackboard

is our best pupil.

+ в- writing  

в- written

в-having written

в-having writing

 

96. Everything … here is quite right.

в- writing  

+ в- written

в- having writing 

в-having written

 

Переведите при помощи герундия.

97. …football is very interesting.

 в-     play to

+ в-playing 

в- gaming

в-performing

98. I avoided … with them about it.

в-  speak  

в-talks 

+в- speaking

в-saings

ДЕ Чтение

 

 

                                          Ознакомительное чтение

 

The Challenge of Lord John Maynard Keynes

 

1. Утверждение Smith’s version of the economic system was proved to be right for the advanced economies...

 

+в- является истинным

в- является ложным

в- в тексте отсутствует

 

1. Smith's version of the economic system as a naturally self-organizing and self-adjusting «social mechanism»—known latterly as classical or neoclassical economic doctrine (or sometimes, more shortly and perhaps satirically, as orthodox or conventional wisdom)—was never confirmed by factual evidence, as Newton's laws of motion were; all the same, classical doctrine dominated economic thinking and national economic policy in all advanced economies for the next 150 years, and it plays a prominent role in many countries to this day.

 

2. Whether right or wrong, classical theory was first seriously challenged by the great English statesman and economist Lord John Maynard Keynes, who claimed to see in the Great Depression of the 1930s evidence that the economic system was not self-adjusting, and whose followers argued that without continued government intervention the economic system would typically operate at levels of activity substantially lower than required to achieve full employment of labor and other resources. Exactly what Keynes said, or what he meant, or what he really meant, has been hotly disputed among economists for more than 50 years, conveying to many non-economists the notion that economists as a group are uniquely quarrelsome and doubtfully competent. There is no merit in this notion. What is true, as the great English economist Joan Robinson once observed, is that «in a subject where there is no agreed procedure for knocking out error, doctrine has long life».

 

3. Perhaps time and further study will some day reveal whether the classical or the Keynesian conception of economic life accords more closely with experience.

Meanwhile, the great worry is that, in the absence of professional competence to make valid diagnoses, we will treat cases of economic toothache as cases of lockjaw and kill our patient: or, no less seriously, we will leave apparently minor economic lumps untreated and so, through inaction, fail to cure problems that turn out to be terminal. On a brighter note, we may recall Lord Keynes's wistful observation: «If economists could someday manage to get themselves thought of as humble, competent people, on a level with dentists, that would he splendid!» Perhaps that time will one day come. If it does, and if economists are then able accurately to diagnose and prescribe cures for economic ills, they will have little reason to feel humble.

 

Ознакомительное чтение

 


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