F. Read the text again and decide whether these statements are true or false. Correct the false ones.

1) The American economy developed from a marginally successful farming economy to a highly industrialized economy.

2) Two main ingredients of a country’s economic system are its natural resources and labor force.

3) The American economic enterprises range from one-person businesses to large multinationals.

4) Small and medium-sized companies usually play a dominant role in the American economy because of their ability to respond quickly to changing economic situation.

5) The U.S. is said to have a market economy.

6) The U.S. government seeks to maintain high levels of employment and stable prices, above all, and regulates a number of specific industries.

7) GDP measures the total value of all the goods and services produced in a country, including income from abroad.

8) Agriculture is a major industry.

9) While a strong economy may be a prerequisite to social progress, it is not the ultimate goal.

G. Look through the text again and find definitions for the following economic terms.

1) labor force 2) sole proprietorship 3) business partnership 4) franchising 5) chain store 6) corporation

7) mixed economy 8) free enterprise system 9) fiscal policy 10 ) monetary policy 11) GDP

H. Several well-known companies are mentioned in the text. What do they have in common? (2)

I. What is the main point made by R. Kennedy? (4) Do you agree with him?

J. Suggest appropriate adjectives from the text to make word combinations with the word “economy”. Don’t forget that Ved forms and nouns can also be used as adjectives. Add examples of your own.

American economy …

K. Write questions to the following answers.

1) How …?

From a colonial economy to a small, independent farming economy, and eventually, to a highly complex industrial economy.

2) What …?

Its natural resources, labor force and their organization.

3) Can you tell me, please, if …?

Yes, they are.

4) How …?

Through a practice known as franchising and chain store.

5) What kind of …?

Big business units organized as corporations.

6) Does …?

Yes, it does. But the consumer role is so great that America is sometimes characterized as having a consumer economy.

7) What sector …?

Services sector does.

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E. Read and translate the text. Match the headings with the text.	\|	L. Suggest appropriate derivatives for each of the following words from the text. Then complete each sentence below with the correct form of the word.

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