11. Поставьте к каждому из предложений вопрос к подлежащему, общий, альтернативный, разделительный и специальный вопросы:

1. For these services firms pay wages, rent, interest and dividends.

2. Any changes in planned spending leads to changes in output and employment.

3. Saving represents a leakage from the circular flow of income.

4. Some firms produce capital goods for sale to other firms.

12. Заполните пропуски, используя глаголы, данные в скобках:

1. In the UK, public expenditure ... (to define) as that expenditure which has... (to finance) from taxation, national insurance contributions, and government borrowings.

2. In 1987—88 about 72 per cent of total public spending ... (to carry out) by the central government.

3. Public expenditure ... (to consist) of two distinct types of outlay: spending on goods and services and transfer payments.

4. The main categories of public expenditure ... (to show) in Fig. 79 which ... (to give) details of the percentages of the total devoted to each category.

5. Public expenditure ... (to finance) in various ways.

6. The 'debt interest' item ... (to represent) the annual interest payments on the debts of the public sector.

7. Public goods must... (to supply) by the state.

8. It... (to accept) that the social benefits from education and health services are much greater than the private benefits.

V. Ознакомительное чтение

Прочтите текст В и передайте его основное со­держание на русском или английском языке.

Text в. Policies under Floating Exchange Rates

For countries like the U К, which are heavily dependent on foreign trade (about 30 percent of UK output is exported directly or indirectly), the foreign balance is a critical matter. While short-term deficits might be covered by the use of official reserves and overseas borrowing, in the longer run a country must pay its way in the world. But a satisfactory balance of payments position is not simply one in which income equals expenditure on foreign account Equilibrium should not be achieved at the expense of the other objectives of economic policy.

When countries are operating fixed exchange rates, national economies are closely linked and economic changes in one country will transmit their effects fairly quickly to other countries. Thus, a country experiencing a higher rate of inflation than its competitors will find its balance of payments position deteriorating because imports are becoming more competitive on the home market and exports less competitive in world markets. With a fixed exchange rate the immediate effect of any deficit falls on the official reserves of gold and foreign currency. When there is a persistent deficit, these reserves (plus borrowing facilities) will soon be exhausted so that, if the exchange rate is to be held, the government must take steps to eliminate the deficit.

Expenditure — reducing measures are those which aim to reduce aggregate demand, and we are now familiar with the manner in which fiscal and monetary policies are used for this purpose. A fall in total planned spending must lead to a fall in the expenditures on foreign goods and services. It might also lead to an increase in exports as domestic firms find it more difficult to sell in the home market and make greater efforts to sell in overseas market.

There might, however, be an unfavorable 'feed-back' effect from abroad, because a cut-back in the country's imports reduces other countries' exports and, hence, other countries' income. The country carrying out the expenditure — reducing policy, therefore, might find that, although it has favorable effects on its imports, it also has unfavorable effects on its exports. The other major problem with these measures is that they tend to increase unemployment. If the deficit is a substantial one, expenditure — reducing measures would be very unpopular because it would require a relatively large reduction in aggregate demand in order to achieve the required cut in import expenditures. In other words, the 'cost' in terms of unemployment would be politically unacceptable.

Expenditure-switching measures attempt to direct spending from foreign goods to home-produced goods. In order to deal with a deficit, steps might be taken to make imports relatively dearer in the home market and exports relatively cheaper in foreign markets. Devaluation would be the appropriate-instrument for this purpose. Alternatively, such measures might take the form of direct controls on imports. Tariffs, quotas, and exchange control can all be used to limit imports and divert demand to home-produced goods. An incomes policy might also be regarded as an expenditure- switching policy. If it succeeds in holding down a country's rate of inflation below the rates being experienced in other countries, the prices of its products will be falling (i.e. rising more slowly) relative to those of its competitors' goods. Expenditure-switching measures will not be very effective where there is a high propensity to import and the demand for imports is very inelastic. In such circumstances the use of tariffs or devaluation could lead to cost-push inflation.