IV. Answer the following questions.
TEST 2
Economics, Extra-mural Department, 1st Year
I.Match the English words and word combinations with their Russian equivalents.
| 1 strict | Aуменьшение вмешательства государства в экономику |
| 2 free enterprise | Bпроизводитель |
| 3 state run industries | C сельское хозяйство |
| 4 private sector | D жесткий, строгий |
| 5 agriculture | E оказывать влияние |
| 6 primary industries | F отрасли, управляемые государством |
| 7 deregulation | G запретить торговлю |
| 8 to ban trade | H частный сектор |
| 9 to affect | I свободное предпринимательство |
| 10 manufacturer | J частный сектор |
II. Complete the sentences with a word or phrase from the box.
| agriculture ban efficiently free enterprise manufacturers monopoly private sector public transport state sector trade |
1) __________ is when businesses are able to trade without control from the government.
2) __________ industries belong to and are run by the government.
3) __________ industries belong to and are run by independent businesses.
4) Buses, trains and planes are examples of __________.
5) __________ is another word for farming.
6) __________ produce new goods from raw materials.
7) When a business works __________, it runs successfully without wasting resources.
8) When the government puts a __________ on a commodity, people are not allowed to buy or own it.
9) If only one company controls part of the economy, they have a __________.
10) When companies __________, they do business with each other.
III. Read and translate the text.
The mixedeconomy
Most economists would say that there are no examples in the world today of a completely free market or a completely controlled economy. Instead, every country operates a mixture of the two systems. Even in the freest economies, like the USA, there is some government control; even in the strictest planned economy there is some free enterprise.
Economies mix government control and free market values in different ways. One way is to let privately owned businesses exist alongside state run industries. The economy becomes divided between the state sector and the private sector. The state sector often includes industries that the government thinks are important and need protection from the risks of the free market. These could include public transport, hospitals, schools and the postal service. The state sector can also include large industries that are important for a country’s economic health, such as oil, steel or agriculture. These are sometimes called primary industries because they provide basic materials to manufacturers.
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These state sector industries use money that the government collects in taxes. Often, they do not need to compete with other companies because no other company is allowed to provide the same product or service. However, many countries have recently started a process called deregulation.
Deregulation means freeing up the economy to allow private businesses to compete with state-run industries. The state sector should then run more efficiently in order to compete in the free market and because it now has less government protection.
Deregulation of services like telecommunications, transport and banking has happened in many countries in recent years. People have generally accepted these changes. However, generally the public is less happy when governments start talking about deregulation in education and health services. Many people feel that profit motivation will harm these services rather than improve them.
Another way in which economies today are mixed is that governments put limits on free enterprise. For example, governments may decide to ban trade in certain goods if they are dangerous. They may also create laws to make sure companies trade honestly or to prevent monopolies. If a company has a monopoly, normal market forces do not affect it. This is bad for consumers and the economy in general. Governments may also regulate methods of production. They do this to guarantee that products are safe for consumers and to protect the environment.
Many economists would argue that the mixed economy is the best system for consumers. This is because consumers have two ways to control the economy: by choosing to buy a company’s goods or services and by choosing to give political parties their votes.
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IV. Answer the following questions.
1) What do most economists think about economies in the world?
2) Why do governments choose to run some industries?
3) Why do governments deregulate some industries?
4) According to the text, what kinds of deregulation are not very popular with the public?
5) What type of state control is not mentioned in the text: controlling the way companies do business; controlling what companies sell; or controlling the prices companies set?
V. Translate the sentences.
1) Смешанная экономика – это экономика, которая базируется как на частной, так и на государственной собственности на средства производства.
2) Какие характеристики отличают смешанную экономику от других экономических систем?
3) С одной стороны, государство активно регулирует деятельность экономики, особенно ее финансовой системы.
4) С другой стороны, частные предприниматели могут принимать независимые финансовые решения.
5) В рамках смешанной экономики частные предприятия имеют право свободно перемещать товары, осуществлять сделки по купле-продаже, нанимать и увольнять работников.
VI. Write an essay (about 150 words) and compare the mixed economy:
- A: with the planned economy, or
- B: with the market economy.
Discuss the advantages and disadvantages of each economy. Decide which is better in your opinion. Your essay should have:
- an introduction,
- description of a planned / market economy, its advantages and disadvantages;
- description of a mixed economy, its advantages and disadvantages;
- a conclusion (which system is better or why neither system is the best).
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