Translate the following sentences into English. 1) Микроэкономика занимается проблемами пред­ложения и спроса, а также вопросами их взаи­модействия на различных рынках

1) Микроэкономика занимается проблемами пред­ложения и спроса, а также вопросами их взаи­модействия на различных рынках.

2) Экономика труда основана в значительной сте­пени на анализе предложения и спроса различ­ных типов рабочей силы.

3) Международная экономика озабочена вопросами предложения и спроса в сфере экспорта и им­порта.

4) Экономика сельского хозяйства имеет дело с различными факторами сельскохозяйственного производства.

5) Традиционно интерес экономики государствен­ных финансов лежал в сфере налогообложения.

6) В основе всего лежит предложение и спрос.

7) Экономика сельского хозяйства занимается во­просами контроля за размерами посевных пло­щадей и контролем ценообразования.

8) Конкурентная цена поставщика представляет стоимость так, как её видит поставщик, кон­курентная цена покупателя представляет стои­мость так, как её видит покупатель.

III Translate the following dialogues from Russian into English:

Test Paper №1.

Variant 6.

I Read the following text and translate it in writing:

SUPPLY AND DEMAND

The most basic laws in economics are those of supply and demand. Indeed, almost every economic event is the product of the interaction of these two laws. The law of supply states that the quantity of a good supplied rises as the market price rises, and falls as the price falls. Conversely, the law of demand says that the quantity of a good demanded falls as the price rises, and vice versa.

One function of markets is to find "equilibrium", or "market-clearing" prices that balance the supplies of and demands for goods and services. An equilibrium price is the one at which each producer can sell all he wants to produce and each consumer can buy all he demands. Naturally, producers always would like to charge high­er prices. But even if they have no competitors, they are limited by the law of demand: if producers insist on a higher price, consumers will buy fewer units. The law of supply puts a similar limit on consumers. They al­ways would prefer to pay a lower price than the current one. But if they successfully insist on paying less (say, though price controls), suppliers will produce less and some demand will go unsatisfied.

Economists often talk of supply "curves" and de­mand "curves." A demand curve traces the quantity of a good that consumers will buy at various prices. As the price rises, the number of units demanded declines. That is because everyone's resources are finite; as the price of one good rises, consumers buy less of that and more of other goods that now are relatively cheaper. Simi­larly, a supply curve traces the quantity of a good that sellers will produce at various prices. As the price falls, so does the number of units supplied. Equilibrium is the point at which the demand and supply curves inter­sect — the single price at which the quantity demanded and the quantity supplied are the same.

Markets in which prices can move freely are always in equilibrium or moving toward it. For example, if the market for a good is already in equilibrium and produc­ers raise prices, consumers will buy fewer units than they did in equilibrium, and fewer units than producers have available for sale. In that case producers have two choices. They can reduce price until supply and demand return to the old equilibrium, or they can cut production until supply falls to the lower number of units demand­ed at the higher price. But they cannot keep the price high and sell as many units as they did before.

The concept of demand is one of the most important building blocks of economic analysis. When economists refer to demand, they usually have in mind not just a single quantity demanded, but what is called a demand curve. A demand curve traces the quantity of a good or service that is demanded at successively different prices.

The most famous law in economics is the law of de­mand. This law states that when the price of a good rises, the amount demanded falls, and when the price falls, the amount demanded rises.

It is not just price that affects the quantity demand­ed. Income affects it too. As real income rises, people buy more of some goods (which economists call normal goods) and less of what are called inferior goods. Urban mass transit and railroad transportation are classic examples of inferior goods. The usage of both of these modes of travel declined dramatically in the US as postwar incomes were rising and more people could afford automobiles.

Another influence on demand is the price of substi­tutes. When the price of Toyota Tercels rises, all else be­ing equal, demand for Tercels falls and demand for Nissan Sentras, a substitute, rises. Also important is the price of complements, or goods that are used together. When the price of gasoline rises, the demand for cars falls.

II Do the following tasks to the text given up: