Task 2. From the listed below words choose the right one to bridge the gaps in the text which follows.

Problems in Economic Policy: the Worsened Economic Climate.

In the mid 1970s, after 30 years of rapid ____ (9) ____ growth and the unprecedented prosperity the major Western economies, the ___ (10) ___ for continued growth became much less favorable. This resulted partly from the acceleration of ___ (11) ____ in many countries, bringing with it the ____ (12) ___ and militancy in industrial relations. However, the main cause was the remarkable increase in the price of oil in 1973 and again in 1979, a fuel on which the Western economies had become heavily dependent. This produced a ____ (13) ____ burst of inflation; and, because much of the oil revenue occurring to ____(14) ____ could not be spent, gave rise to an unprecedented balance of _____ (15) ____ problems and severe world recession. There was a danger that, through the lack of international _____ (16) ____ and of business confidence and misplaced _____ (17) ____ by countries to cure their immediate economic problems, mass unemployment on the scale of the 1930s would again appear. The international infectiousness of high ____ (18) ____ rates, international ____ (19) ____ and rapid inflation made it hard for any one country to avoid these ills. The 1980s and 1990s were a period of relatively slow ____ (20) _____ economic growth.

Task 3. Fill in prepositions where it is necessary in the text entitled “Global Markets”.

The rapid spread ___(21)____ the financial crisis and recession have shown us just how globalized the world’s capital markets have become. According ____(22)____ the International Monetary Fund, cross-border capital flows increasingly faster than both world production and trade ____(23)____ the past ten years reaching $6.4 trillion or 14 per cent ____(24)____ world Gross Domestic Product (GPD) ___(25)____ 2007.

The main risk ___(26)___ global capital markets is that international investors are usually interested only ____(27)____ short-term profits. Companies’ quarterly results must be impressive or investors will take their money elsewhere. This makes long-term planning and investment difficult. Firms listed ____(28)____ large exchanges have to conform ____(29)___ international standards, so business methods that were acceptable ____(30)____ the home country may now be forbidden. This can greatly change how the firm is run – and not always ____(31)____ better. There is the risk that a company can lose favor very quickly ____(32)____ failing to meet expectations. The rush to invest ____(33)____ a firm becomes a race to get money out ____(34)___ it if a company is seen as lacking credit worthiness. This view can spread like a disease.

Task 4. For questions 36-50 read the text below and then decide which word best fits each space. Write the letter of this word (A, B, C or D) next to the number on your answer sheet.

Fewer than a third of advertising executives believe their campaigns help to sell products, a ___ (35)___ has ___(36)____. Instead they are ____(37)____ by self-doubt and insecurity and dream of ____(38)____ it all up for another career. In spite of their “whiz-kid ”____(39)____ the survey of 600 advertising employees from 50 agencies found the industry weary from ____(40)____. Forty per cent of women said sex ____(41)____ was rife and 73 per cent described advertising as a “terrible career” for working mothers, because of its unpredictability and 12-hour days. Although spending on advertising by ____(42)____ companies has increased, only 28 per cent of advertising employees were prepared to say that they ____(43)____ believed the campaigns were ____(44)____ Dominic Mills, editor of the industry’s trade magazine Campaign, which ____(45)____ the survey, was shocked by the results. “It is ____(46)____ to think that so many people in advertising believe their ____(47)____ are falling ____(48)____ of the mark but this is ____(49)____ what people privately think, ” he said. Between 1990 and 1992 a fifth of people in the advertising industry lost their jobs. Asked what jobs they would most like to do instead, the _____(50)_____ said they would become barristers, writers, actors or artists.