Who arrived at Plymouth Rock in 1620?

А. The Indians

В. The pilgrims.

С. The French.

D. The Africans.

Е. The Italians,

In which month is Thanksgiving Day celebrated?

А. December.

В. February.

С. November.

D. March.

Е. Мау.

Who built the first car?

А. Benjamin Franklin.

В. Alexander Graham Веll.

С. Henry Ford.

D. John Glenn.

Е. Abraham Lincoln.

21. What is the capital оf Georgia?

А. Atlanta.

В. San Francisco.

С. Los Angeles

D. Chicago.

Е. California.

What is the tallest building in the world?

А. The Empire State Bui1ding.

В. The Sears Tower.

С. The Washington Monument.

D. The Lincoln Memorial.

Е. The Jefferson Memorial.

Who fought against racial discrimination in the 1960's?

А. Martin Luther King, Jr.

В. Frank Lloyd Wright.

С. Emily Dickinson.

D. John Glenn.

Е. Neil Armstrong.

24. Тhе Statue of Liberty was а gift from:

А. Italy.

В. England.

C. France.

D. Greece.

Е. Turkey.

What is the capital оf Massachusetts?

А. St. Louis.

В. Memphis.

С. Boston.

D. Atlanta.

Е. Los Angeles.

26. А famous American artist is:

А. Norman Rockwell.

В. Jack London.

С. Robert Lee Frost.

D. Mark Twain.

Е. Colin Howard.

27. Тhе first university in America was:

А. Boston University.

В. Harvard.

С. МIT

D. Oxford.

Е. Cambridge.

Who was the first president оf the United States?

А. Thomas Jefferson.

В. Abraham Lincoln.

С. George Washington.

D. Bill Clinton.

Е. George Bush.

29. А popular American food is:

А. Barbecue ribs.

В. Pelmeni.

С. Fish and chips.

D. Chickens.

Е. Caces.

DEMAND, SUPPLY, AND MARKETS

Why are we talking about markets, demand, and supply now? That is be­cause these economic phenomena have a lot to do with all economic systems and with all our life.

According to an old joke, if you teach a parrot to say «Demand and sup­ply», you have an economist. There is an element of truth in this clever saying. The tools of demand and supply can take us far in understanding not only spe­cific economic issues but also how the entire economy works.

You now know that a market is an institution or mechanism which brings together buyers («demanders») and sellers («suppliers») of particular goods, ser­vices, or resources. Markets exist in many forms. The corner gas station, the fast-food outlet, the local music store, a farmer's roadside stand — all are familiar markets. The London Stock Exchange, the New York Stock Exchange, the Chi­cago Board of Trade are markets where buyers and sellers of stocks and bonds and farm commodities from all over the world communicate with one another and buy and sell. Auctioneers bring together potential buyers and sellers of art, livestock, used farm equipment, and, sometimes, real estate.

All these situations which link potential buyers with potential sellers are markets. As our examples imply, some markets are local, while others are na­tional or international. Some are highly personal, involving face-to-face contact between demander and supplier; others are impersonal, with buyer and seller never seeing or knowing each other.

To keep things simple, we focus on markets consisting of large numbers of independently acting buyers and sellers exchanging a standardized product. These are the highly competitive markets such as a central grain exchange, a stock mar­ket, or a market for foreign currencies. They are not the markets in which one or a handful of producers «set» prices, such as the markets for commercial airplanes or greeting cards.

Demand is a schedule showing the various amounts of a good or service buyers (or a buyer) are willing and able to purchase at each of a series of possible prices during a specified period of time. Demand, therefore, shows the quantities of a product which will be purchased at various possible prices.

The definition says «willing and able» because willingness alone is not ef­fective in the market. You may be willing to buy a Mercedes, but if this willing­ness is not backed by the necessary money, it will not be effective and, therefore, not be reflected in the market.

A fundamental characteristic of demand is this: as price falls, the quantify demanded rises, and as price rises, the corresponding quantity demanded falls. In short, there is a negative or inverse relationship between price and quantity de­manded. Economists call this inverse relationship the law of demand.

Supply is a schedule showing the amounts of a good or service sellers (or a seller) are willing and able to produce and make available for sale at each of a se­ries of possible prices during a specific period.

As price rises, the corresponding quantity supplied rises; as price falls, the quantity supplied falls. This particular relationship is called the law of supply. A supply schedule tells us that firms will produce and offer for sale more of their product at a high price than at a low price. This, again, is basically common sense.

Price is an obstacle from the standpoint of the consumer, who is on the paying end. The higher the price, the less the consumer will buy. But the supplier is on the receiving end of the product's price. To a supplier, price represents rev­enue and thus is an incentive to produce and sell a product. The higher the price, the greater this incentive and the greater the quantity supplied.

Demand encompasses the wishes of consumers while supply represents the hopes of suppliers. These dreams collide in the marketplace. As the forces of supply and demand come together, an invisible «collective bargaining» process ensues. This struggle both trims the consumer's wish list and deflates the hopes of suppliers. The end result is the establishment of a single price, called the equilib­rium price that balances quantity demanded with quantity supplied.

The establishment of any price other than the equilibrium price leads to instability in the market. The conditions created as a result of market instability will force a revision in the price to the level at which the market is «cleared» — and quantity demanded is once again equal to quantity supplied.

Both demand and supply can easily be shown schematically and in table form.

Vocabulary

Vocabulary exercises

1.Which of the following statements are true/false according to the text? Correct the false sentences:

2. Fill in the gaps with the words and expressions given below:

1. These economic ________ (demand and supply) have a lot to do with all economic systems and with all our life.

2. The tools of demand and supply can __________ far in understanding.

3. A market is an _________ or mechanism which ________ buyers («demanders») and sellers («suppliers») of particular goods, ser­vices, or resources.

4. As our examples ________, some markets are local, while others are na­tional or international.

5. We focus on markets ___________ of large numbers of independently acting buyers and sellers exchanging a standardized product.

6. These are the highly competitive markets such as a central grain exchange, a stock market, or a market for foreign _________.

7. Demand shows the ________ of a product which will be purchased at various possible prices.

8. Economists call this inverse relationship the ___________.

9. As price rises, the _____________ quantity supplied rises.

10. Price is an _______ from the standpoint of the consumer, who is on the paying end.

11. Demand encompasses the wishes of ________ while supply represents the hopes of suppliers.

12. The end result is the establishment of a single price, called the ________ that balances quantity demanded with quantity supplied.

13. The establishment of any price other than the equilibrium price _______ instability in the market.

14. Both demand and supply can easily be shown _________ and in table form.

Imply, schematically, consumers, take us, law of demand, currencies, brings together, corresponding, phenomena, institution, consisting, quantities, obstacle, equilib­rium price, leads to.

3. Find in the text English equivalents for the following:

4. What do definition in A column correspond to? Fill in Column B:

5. Find pair of synonyms

6. Fill in the blanks with appropriate prepositions:

1. According to the law of demand, a fall ____ price leads to rise ____ quantity demanded.

2. Consumers will originally buy more of a product ____ a low price than they will ____ a high price.

3. Wind energy offers a low cost solution ___ our fuel problems.

4. Sales increased ____ 11,2 million in 2013 ____ 11,93 million in 2014.

5. There was a decrease ____ about half a million grom 2011 to 2013.

6. The company has rejected the workers’ demand ____ a rise ___ pay.

7. Our machinery is ___ demand all over the world.

8. The price ___ gas and electricity is steadily increasing.

9. The production of jogging equipment is ___ increase.

7. Fill in the blanks using the words from the bottom:

1. The law of demand states that price and quantity demanded are ____.

2. _______ shows the relationship between price and quantity supplied.

3. When the price of goods changes, we say that this causes _______.

4. When one of the determinants changes, we say that this causes _____.

5. We had ____ the price of our house to sell it.

6. A change of the quantity demanded is shown by ____.

7. The law of demand was discovered by ______.

a. a professor of economics at the University of Lyon

b. the demand curve

c. a movement along the demand curve

d. the quantity demanded to change

e. an Irish professor of philosophy at the University of London

f. to double

g. the demand to change

h. the supply curve

i. to drop

j. a shift in the demand curve

k. directly related

l. inversely related

8. Find examples of the use of the Participle I Active where it is:

a) an attribute; b) an adverbial modifier; c) part of a simple verbal predicate

1. The government passed the laws regulating many economic activities.

2. At law prices, only the most efficient chocolate producers will be able to make any profits producing chocolate.

3. We are offering new improved goods to our customers.

4. The price system is a mechanism coordinating individual decisions.

5. Producers are looking for the best price and terms when they sell their goods.

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