B) True/false statements

1. International monetary exchange is necessary for world trade.

2. The more a country imports, the richer it becomes.

3. International trade encourages economic development.

Exercise 3

Determine the part of speech and give derivatives:

theorized competition specialization manufacture comparative efficient

Exercise 4

The following words can be both verbs and nouns. Translate them into Russian. Make up words-combinations with these words (both as verbs as nouns).

Nouns and verbs: produce, export, import, supply, trade, benefit, result, market, control, guarantee, price, value, support.

Exercise 5

Make up word combinations: adjective + noun. Find the sentences with these w/c in the text above.

1. Efficient	a. market
2. Free	b. producer
3. International	c. country
4. Comparative	d. measures
5. Exporting	e. advantage
6. Protectionist	f. specialization

Exercise 6

Make up word combinations: verb + noun or adverb. Find the sentences with these w/c in the text above.

1. To determine	a. goods
2. To supply	b. price
3. To export	c. domestically
4. To produce	d. products
5. To manufacture	e. abroad

Exercise 7

Match the words in the left column with equivalents in the right column.

1. dumping	a. a company with a worldwide management and production philosophy
2. free market	b. supply and demand
3. division of labor	c. company which owns a subsidiary
4. market forces	d. below cost foreign sale
5. subsidy	e. without government restrictions regulating trade
6. protectionism	f. trade restrictions to benefit domestic producers
7. parent company	g. branch company
8. a multinational	h. money given to cover losses and assist non-profit enterprises
9. subsidiary	i. labor specialization

Exercise 8

Replace the words and expressions in italics with expressions from the text which have the same meaning.

1. Workers with very little training are able to produce goods which require a lot of hand work.

2. Adam Smith suggested that in a market without government interference countries would produce what had the greatest advantage to them.

3. In a free market different work would be performed in different countries.

4. Countries sell abroad the goods produced most efficiently at home.

5. Governments try to regulate the imports of a country.

6. Some governments give money to companies that export.

7. Governments try to protect their home industries.

8. Governments can limit imports by imposing an import tax.

9. An import duty raises money for the government.

10. Most goods must be paid for in the currency of the producing country.

Exercise 9

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Part II	\|	Fill in the gaps in the passage with words given below in brackets. The initial letter of the words is provided.

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