V. Translate the following sentences into Russian

IV. Answer the following questions

1. What are the characteristics of the economy of the Soviet Union?

2. How was the economic policy made in the Soviet Union?

3. How does Russia undertake the transition to capitalism?

4. What are the assets of Russian economy?

5. What hinders the efficient utilization of the resources?

6. How has Russian economy performed since the year 2000?

7. What is the role of consumers in the economic rebound?

8. What is said about the foreign reserves?

9. Why is Russian economy vulnerable to swings in oil prices?

10. What are the problems of Russian economy?

1. The Soviet Union had a planned economy with a centralized state control. 2. Russia undertakes the transition to the fully-developed market economy and democracy. 3. The Communist Party controlled production, distribution and investment by directives. 4. Russian economy has great potential for growth. 5. Russian labour force is well-educated and has substantial technical expertise. 6. One of the obstacles to the transition to fully-developed market economy is Soviet-era management practices and corruption. 7. Personal incomes have increased substantially since 2000.8. The Russian Federation improved its international financial position because of the economic growth and declining national debt. 9. Oil export earnings allows Russia to increase its currency reserves. 10. Exports of natural resources account for more than 80% of exports.

VI. Write sentences with the following words and expressions:

production; exchange; distribution; investment; economic activity; market economy; with challenges and obstacles; potential for growth; supplies of natural resources; substantial expertise; utilization of resources; economic rebound; gains.