Exercises

Date: 2015-10-07; view: 402.

I. Answer the following questions:

1. Because of what has the material standard of living of the typical family increased enormously in all of the world's industrialized countries over the last two centuries?

2. What does the modest rate of increase of output per man-hour of labor of 2.0 per cent per year lead to?

3. What is the definition of an invention?

4. What is the definition of an innovation?

5. What is the normal corrective of the price system for?

II. Suggest Ukrainian equivalents:

to increase enormously; improved ways; output rate; creating activity; disturbance; labor-saving process; to determine the economy's response; endogenous response; corrective; in favour of; predecessor.

III. Fill in the gaps with the words and expressions from the text:

1. Productivity changes affect the supplies of... .

2. An invention is define as the discovery of something new, such as a production technique or ...

3. The extent to which invention responds to such incentives helps to deter-mine... .

4. The normal corrective of the price system is for the relative price of unskilled labor to fall, thus inducing a substitution in favour of unskilled labor until… .

IV. Find English equivalents for:

Матеріальний життєвий рівень; значно збільшитись; покращені шляхи; творча діяльність; пошкодження; рентабельність; коректив; на користь (когось); попередник; безробіття; розвиток нових технологій; дорогі фактори.