Comprehension. Ex. 1.Match the words from A with their synonyms from B. A B 1) illegal a) to postpone 2) restriction b) limitation 3)

Vocabulary Focus

Ex. 1. Match the words from A with their synonyms from B.

A	B
1) illegal	a) to postpone
2) restriction	b) limitation
3) crucial	c) against law
4) to consume	d) rare
5) to benefit	e) to profit
6) wasteful	f) barter
7) exchange	g) to use up
8) to defer	h) vital
9) scarce	i) costly

Ex. 2. The text contains a number of common verb-noun partnerships (e.g. to store money, to make purchases...). Match up the verbs and nouns below to make common collocations.

A	B
1) consume	a) prices
2) exchange	b) interest
3) quote	c) money
4) keep	d) goods and services
5) bear	e) payment
6) deferred	f) accounts
7) serve	g) as a store of value

Ex. 3. Match the Russian word-combinations with their English equivalents.

A	B
1) счётная единица	a) to be eroded by inflation
2) обоюдное совпадение потребностей	b) a unit of account
3) средство сбережения	c) a medium of exchange
4) средство обращения	d) a store of value
5) единица отсроченного платежа	e) to swap for other goods
6) обменивать на другие товары	f) a standard of deferred payment
7) уменьшаться в результате инфляции	g) a double coincidence of wants
8) взаимовыгодный обмен	h) legal tender
9) законное средство платежа	i) a mutually satisfactory swap

Ex. 1. Complete the sentences.

1. Commodity money is…

2. Fiat money is …

3. In modem economies, fiat money is supplemented by …

4. Money is the medium through which…

5. The unit of account is the unit in which…

6. Money is a store of value because…

7. A standard of deferred payment or a unit of account…

8. In a barter economy, the seller and the buyer each must want something…

Ex. 2. Choose the correct answer:

1. A direct exchange of fish for corn is an example of:

a. storing value.

b. a modern exchange method.

c. barter.

d. a non- coincidence of wants.

2. Which of the following is a store of value?

a. Money market mutual fund share.

b. Repurchase agreement.

c. All of the above are a store of value.

d. None of the above are a store of value.

3. Anything can be money if it acts as a:

a. unit of account.

b. store of value.

c. medium of exchange.

d. all of the above.

Ex. 3. Say whetherthe following is true or false.

1. Money eliminates the need for barter.

2. Any item can successfully serve as money.

3. Money is said to be liquid because it is immediately available to spend for goods.

Ex. 4. Answer the questions.

1. What example of commodity money is given in the text?

2. What is fiat money?

3. What is fiat money supplemented by in modern economies?

4. In what way does society enforce the use of fiat money?

5. Why can a bank deposit serve as an example of IOU money?

6. How are goods exchanged in a barter economy?

7. Why is trading expensive in a barter economy?

8. What else can be used instead of money as a store of value?

9. What are the four functions of money? What do they imply?

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