Translate the sentences from Ukrainian into English. 1. Міжнародна торгівля, що включає в себе обмін товарами та послугами між країнами, призвела до більшої взаємозалежності між економіками різних країн

1. Міжнародна торгівля, що включає в себе обмін товарами та послугами між країнами, призвела до більшої взаємозалежності між економіками різних країн.

2. Важливо, щоб міжнародна торгівля дозволяла країні спеціалізуватися на тих товарах, які вона може виробляти дешевше та ефективніше, ніж конкуренти.

3. Більшість економістів вважають, що торгівля, яка заснована на принципі відносних переваг, дає можливість країні отримувати більшість товарів, ніж вона може виробити, використовуючи лише власні ресурси.

4. Принципи розвитку міжнародною торгівлі, розглянуті такими видатними економістами, як Адам Сміт та Давид Рікардо, як вважають, є основою сучасних економічних теорій.

5. Конкуренція, як на світовому ринку, так і в середині країні, змушує виробників покращувати якість товарів, проводити модернізацію та вносити нововведення, щоб привернути увагу більшої кількості споживачів.

6. Розвиток міжнародної торгівлі дозволяє країні розширити ринок товарів, більш раціонально використовувати сировину та трудові ресурси, а також допомогти послабленим секторам місцевої економіки.

5. Insert the following in the proper form:

(to allow, to emphasize, to compete with, to compete in, to compete for, to participate, to enable, to promote, to gain, gain, to expand, major, relatively, diverse, competitive, innovations, throughout)

1. In 1992 US exports totaled about $447 billion, ….. US exports including chemicals, grain or grain products, soybeans and coal.

2. The Industrial Revolution which began in the mid-18^th century, …..a few economies to develop and ….. …. similar goods.

3. Adam Smith …..that businesses within each nation produced what was most suitable to their region, and individual producers as economic units …..from trading certain goods.

4. Nowadays some countries with ……similar free market economies ….. ….. customers in each other’s home markets.

5. World trade …..very rapidly since 1950, at an average rate of 8 per cent a year.

6. In the 1960s the USA lost its dominant position in world trade as Japanese companies began successfully … …. American ones.

7. It is known that an exchange based on … advantage appeared late in the 19^th century when several countries had reached the stage of industrialization.

8. Many countries depend especially on foreign trade of ….. raw materials for their plants, factories and other industries.

9. Strong competition in the world market …. producers to look for ….. in order to dominate in the world’s economy.

10. The membership in the European Economic Community ….. member countries to import goods and services from others on favourable terms (на пільгових умовах).

11. Exploiting international differences in opportunity costs, countries …. In foreign trade can get a net …...

12. Various degrees of socialism exist …. The world, such as those in Egypt, Sweden and Denmark.

SUPPLEMENT

Read and translate the text, answer the questions after the text.

Auditing

The profession of the auditor is considered to be one of the most prestigious and well-paid. Auditors are accountants who analyze financial statements of the company and their responsibility is to express an opinion as to whether the accuracy of the company’s financial reporting meets the requirements imposed by the government. In general, auditors deal more with operating efficiency and managerial effectiveness than with the accuracy of the accounting data. Internal auditors are known to be hired by the company in order to help to identify accounting weakness and correct them before significant errors occur. They are often analytically minded people who make flowcharts of accounting systems and evaluate these flowcharts to suggest improvements in division of labour, paper flow, cash control, or other accounting responsibilities.

Independent auditors are employed by the company’s board of directors to supply the stockholders with the result of checking the financial statements, in order to prove that annual reports are fair representatives of the financial position of the company. Performing his work the auditor should follow several principles and assumptions: the company’s accounts must represent a true financial position; generally accepted accounting principles have been used at all accounting steps and accounts can be compared with those of similar companies; the proper amount of information is disclosed in the financial statements. As a result, the auditor’s opinion should be base only on facts and it must be objective. Auditors are expected to maintain a relationship of strict independence and professionalism with the companies for whom they work, so they mustn’t hold shares in these companies. On the one hand, the auditor should respect the client’s confidence, so having the access to some private information, the auditor must not spread it outside. On the other hand, he should think of public interests, that is why he must publish his opinion in a standard form and the information is to be clear to the stock-holders. But he must always carry out his duties under the law and inform authorities about fraud.

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