1.In the wake of the quadrupling of oil price... — из-за учетверения цен на нефть

2.a crucial feature — критическая, важнейшая черта (признак)

3.value-added tax (VAT) — налог на добавленную стоимость (НДС)

4.to put up prices — повышать цены

5.repercussions — последствия

6.net costs — конечная, общая стоимость

7.to live beyond its means — жить не по средствам (о стране)

8.to merit — заслуживать, быть достойным

16.7.2. Match the following terms with the correct definition

Work with a partner.

1. aggregate de2m. anddepr3e. ssioninteres4t .r bautessiness cycle5. reflation6. real business cycle theory7. stagflation8. unemploymenta) The rate of interest at which economic activity

is driving prices neither higher nor lower.

b) A macroeconomic policy of increasing aggregate demand in

the economy in order to reduce unemployment.

c) The argument that the business cycle is caused not by fluctuations

in aggregate demand, but by random shocks in the conditions

under which producers supply their products (supply-side

economics). This account was born of the oil crisis of the 1970s.

when world oil prices rose dramatically, leading to recession.

d) The sum of all expenditures within an economy, making up

gross domestic product. The main categories are consumers’

expenditure on goods and services; government spending; investment

in capital goods and stocks and exports of goods and

services, less expenditure on imports of goods and services.

e) The existence of a section of the labour force able and willing

to work, but unable to find gainful employment. Unemploy-

236

ment is measured as the percentage of the total labour force

out of work.

f) Regular fluctuations in the level of national income. The business

cycle is a well-observed economic phenomenon, though

it often occurs on a generally upward growth path and has a

variable time span, typically of the order of five years.

g) A downturn in the business cycle in which there is a sustained

high level of unemployment. The three or four years following

1929 experienced the last major depression in the world

economy.

h) The simultaneous existence of stagnation, unemployment,

and inflation. In the 1970s the problem emerged, largely as

the natural rate of unemployment.

16.7.3. Read the text, complete it using the words from the box, and translate it into Russian

decrease of demand, foods, business, developments, industrial profits, optimism

Russia at the Beginning o f the 21st Century

Tendencies towards slowdown of the Russian economy increased towards the end of 2001. According

to the ... (1) survey by the Institute for the Economy in Transition (1ET), industrial producers

experienced a sharp........... (2) for their production. This occurred in all industries apart

from the power sector,... (3) and timber. The worst hit were chemicals and construction materials.

The IET Industrial Confidence Indicator also declined and, though still positive, was at its lowest

level since November 1998, reflecting shattered ... (4) of industrial producers.

These ... (5) were not yet fully reflected in October 2001 corporate profit data, reported by

Goskomstat for large and medium-sized enterprises. The deterioration of aggregate ... (6) by 26 per

sent year-on-year in real terms occurred mostly because of worse performance by exporters.