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We investigated the domestic market. - The domestic market was . The domestic
market was investigated.

1. The investigation studies the marketing problems. The marketing problems are

2. The author developed some theoretical models. Some theoretical models were

3. We found an approach to the problem. An approach to the problem was ..

4. The paper considered a number of standard programs. A number of standard programs


5. The author has analyzed the material. The material has.

6. The author gives the important data. - The important data is

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1. A new classification of marketing approaches is given. The classification is published in the magazine.

2. The author gives a general conclusion for the internationalization process. The conclusion is proved by
a series of statistics computing.

3. A new managerial theory has been considered. The theory differs greatly from the previous one.

4. A comparison of two remuneration systems was carried out. The comparison showed the benefits of
each system.

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1. ( ) the structure of consumption (Past Simple).

2. ( ) a new method of payment (Present
3. () the new marketing strategy (Present Simple).
4. the economic policy of the company (Present Perfect).
5. the possibility of overcoming the crisis (Present Simple).
6. the communication system of the company (Past Simple).
7. ( ) the role of the changed conditions
(Present Simple).
8. ( ) the method of costs minimizing (Present
9. the terms of delivery (Past Simple).
10. the factors for business success (Present Perfect).
11. the possibilities of entering the world market (Past Simple).
12. the problems, connected with staff (Present Perfect).
13. a new management theory (Present Simple).
14. the potential of the market (Past Simple).
15. the employment problem (Present Simple).
16. the method to estimate the efficiency of the company (Past Simple).
17. the average cost of the goods (Present Perfect).
18. the expected profit (Present Perfect).
19. () the possible implications of the catastrophe (Present
20. of the share value fluctuations (Present Perfect).

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1. Several distribution channels have been studied.

2. Different forms of material are studied.
3. A careful study of sales promotion has been made.
4. The demand for consumer goods has been measured.
5. The investigation of means of shipment was made in several stages.

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The theme of the work is Promotion of L`OREAL mascara on the Russian Market. The make-up
market is fast-growing that gives the base for active promotion of the cosmetics to the market with tough
competition. Properly organized advertising campaign helps to sell the products successfully. Firstly
theoretical aspects of the brand policy were examined in this work, secondly the Russian make-up market
was analyzed, thirdly the activities of L`Oreal was characterized and its competitive position was stated.
Also advertising campaign for promotion of the L`Oreal brand Mascara The Volume of Million Eye
Lashes was devised and its efficiency was evaluated. The duration of the advertising campaign of
make-up brand L`Oreal was 3 months. The research showed that the advertising of the mascara The
Volume of Million Eye Lashes is well-known and well-memorized, efficiently influences the customer
behavior. The results of the research can be used in practice by other companies in promotion of mascara

7. ,
it is shown.

1. The place of the country in international division of labor is shown.

2. It is shown that the change of the method sales can increase the demand for the goods.
3. The factors of commercial success on the market have been studied.
4. Different ways of team building have been found.
5. It is found that it is necessary to improve the working conditions.

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1. A study is made of and are also investigated.

2. was studied and measured.
3. A study is made of and properties are also investigated.
4. Measurements (calculations) are made of . It is found that .
5. has been studied and shown to be .
6. was analyzed and was calculated.

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1. . Particular (special) emphasis is given

to the working conditions.
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The findings are discussed and special account is taken of their practical implication.
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shipment are described with particular (special) emphasis on their advantages and

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1. The aim of the study (research) is to test A the demand for the sports goods in the
2. The main purpose of the investigation was to B the efficient method of payment.
3. The main task of the experiments was to C the correlation between the level of
measure education and the living standards.
4. The primary aim of the paper (discussion) was D the new approach is applied in the
to describe whole industry.
5. The object of the research was E the new equipment

6. The subject of the research was F new method can be used in practice.

7. The novelty of the research is that G the possible application of the new
8. The practical application of the results of the H the new method.
work is that

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1 The aim of this research is A to find the best managerial solution to the
2 This work is made in order to B to describe the consumption pattern of the
3 The main task of this research is C to get the new data concerning sales
4 The purpose of the work is D invstigate the structure of the demand

3. , 2 ,
design, intend.

4. ,

1. The investigation is designed to evaluate the efficiency of this economic model.

2. The experiment was designed to study the new approach.
3. The research has been designed to prove the value of the new method of sales.
4. The study is designed to check the idea.

5. () .

: Provide: We collected some data to provide explanation for the newly observed phenomenon.

1. Examine
2. Determine
3. Eliminate
4. Establish
5. Estimate
6. Simplify

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1 The study is designed to illustrate the A the average income.

2 The technique is employed to improve the B of the research
3 The method has been used to calculate C of fair income distribution.
4 The theory has been developed to elucidate D of the new approach
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calculate, for calculating - ..

1. The new method for taxes calculating has been developed.

2. Two methods to determine the efficiency of the production are given.
3. There are two common methods for calculating the costs.
4. The modern ways to communicate have been investigated.
9. .

Foreigners Boost Spanish Real Estate

October 2013 | Companies and Markets

September began with good news for the Spanish economy: For the first time in recent years, Spain
attracted enough foreign investment to start growing. Export volumes hit records, imports bottomed out,
and foreigners are creating demand for everything, including in the sector that was hardest hit during the
recession: real estate. In the first half of 2013 alone, foreign investments in the Spanish economy
exceeded 6.5 billion. The trade deficit fell sharply by 67%, and exports reached 138.5 billion.
According to the Minister of Economic Development, this is the result of actively developing new
markets, especially in Africa and the Middle East. On the other hand, investors especially the French,
British, and Americans were buying up shares of international companies based in Spain in the fields of
insurance, finance, industry, and construction. Companies of Spanish origin do not elicit 100%

Spain is going through the first uptick after a prolonged crisis, says Santos Ortega, coordinator of the
Ibero-Latin Chamber. Nobody was expecting a result like this; even at the end of 2012 the forecasts were
not the most reassuring. But here we have the result. It may be that economic growth will be double all
the forecasts made to date. However, it is very unstable growth, as it mainly depends on what foreign
buyers want. It is true that Spain has been buying less abroad, but it has not produced more. The decline
in imports is due to the fall in domestic demand rather than increased production. A striking example of
Spanish dependence on foreign financing is its construction sector and residential real estate. The number
of mortgages issued to Spanish citizens barely exceeded 10,000 in September of this year, while
foreigners were provided with all sorts of benefits and concessions for housing purchases.

In short, Spaniards really do have something to protest about. The government has transferred all
economic power into foreign hands, such as those willing to spend a million euros to buy luxury
beachfront homes. Since the explosion of the real estate market, turnover fell year after year. It did not hit
absolute bottom due to the fact that it is kept afloat by foreign demand for seaside cottages. In the
second trimester of this year, 28% more residential units were sold to foreigners than last year. The
Ministry of Economic Development states that the reason for this is the sharp price decline in certain

Just from April to June of this year, foreign buyers concluded 13,632 real estate transactions: 3,543 in the
province of Alicante, 1,771 in Malaga, 1,008 in Barcelona and 991 on Tenerife, 767 in Girona, and more
than 5,500 in other provinces. Lower prices for a vacation home, which in Spain is often referred to as a
`second residence, undoubtedly sparked interest, said Benat del Coso of the real estate portal
idealista.com. But the statistics show that foreign buyers are seeking to purchase high-quality or luxury
homes at bargain prices. That is, they are looking for a luxury villa at a 50% discount. The price per
square meter fell particularly hard in that price category, as Spaniards cannot afford such houses.


World leaders, shaken by deadly bombings in London, are wrapping up an economic summit
with a major aid package for Africa but continued bickering between the United States and its
allies over global warming.

The leaders managed to stick to their agenda even though British Prime Minister Tony Blair, the
summit host, had to rush back to his capital to calm a nation shocked by the worst attacks on
London since World War II.

Blair returned to the summit later Friday.

A series of statements scheduled to be issued as the Group of Eight summit drew to a close will
pledge to double assistance to reduce poverty and fight disease in Africa, the world's poorest

Less progress was made on Blair's other summit goal -- getting America on board to make major
reductions in emissions of the gases that some have blamed for global warming.

The United States, the only G-8 country that has not ratified the 1997 Kyoto Protocol on global
warming, continued to reject Blair's calls for setting specific targets for reducing greenhouse gas

Before the final joint statements were issued, the leaders were meeting with five African nations
to highlight the G-8's efforts to bolster the world's poorest continent.

President Bush and the other leaders made a point of sticking to the summit's schedule as a
statement that the terrorist attacks could not disrupt their efforts.

They did issue a special statement, read by Blair with the other leaders standing behind him, that
condemned "these barbaric acts" and vowed, "We are united in our resolve to confront and defeat
this terrorism that is not an attack on one nation, but on all nations and on civilized people

"We will not yield to these people," Bush said in a sentiment echoed by the other leaders.

"Our collective freedom has come under attack today by those who would use violence and
murder to force extremism upon the world," said Canadian Prime Minister Paul Martin. He said
he had learned of the attacks from Blair, who whispered the development to him as they were
posing for photographs during Thursday's arrival ceremony.
All of the leaders stressed that the terrorist attacks would not stop them from accomplishing what
they set out to do at the summit.

"We will not allow violence to change our societies or our values nor will we allow it to stop the
work of this summit," said Blair.

The nearly simultaneous blasts rocked the London subway and tore open a double-decker bus.
Deaths and the number of injured mounted.

Bush and the other leaders received frequent updates on the events in London during their talks
on Thursday and conferred with officials in their home capitals to assure themselves that all
security precautions were taken. The United States raised its terror alert to orange for subways,
buses and trains.

Thursday's discussions focused on climate change, which pitted the Bush administration against
the other countries.

According to a draft of the communique on global warming obtained by The Associated Press,
the leaders have agreed that increased demand for fossil fuels -- as well as other human activities
-- was contributing in large part to the build up of greenhouse gases tied to the warming of the
earth's atmosphere.

French President Jacques Chirac called the compromise language a "visible, real evolution" in
the American position. However, environmental groups complained that the statement omitted
Blair's objectives of obtaining commitments to cut greenhouse emissions by specified levels.

On Africa, the summit countries were expected to pledge to double aid to Africa by 2012, a key
Blair objective, but leave out the numerical goal of increasing aid from the current $25 billion to
$50 billion. Also left out of the pledge on support for Africa will be Blair's other goal of getting
all summit countries to commit to raising foreign aid to an amount equivalent to 0.7 percent of
each country's economy by 2015.

The United States, which is now giving an amount equal to 0.16 percent of its economy, objected
to the setting a numerical target for support.

The attacks in London came as Bush and Blair were meeting over breakfast and answering
questions from reporters and before all the leaders were due to begin the summit's general

"It's particularly barbaric that this has happened on a day when people are meeting to try to help
the problems of poverty in Africa, the long-term problems of climate change and the
environment," Blair told reporters.

Has the time come for a new global currency?

September 2013 | People

Professor Robert Mundell, Nobel Prize winner in economics and the person known as the father of the
euro, visits the Chief Editor of World Economic Journal.

- In the foreseeable future, is there a possibility of a third global currency (along with the dollar and the
euro) emerging in Asia?

- That strong currency would most likely be the renminbi (yuan). If Chinas GDP keeps growing at the
same rate over the next 10 years, it could catch up to the U.S. So I dont rule out that by somewhere
around 2025 the world could have three main currencies: the dollar, the euro, and the yuan. Moreover, the
Japanese yen has a chance at becoming the fourth world currency unit. Its also possible that the British
pound could advance and become a fifth currency. But there is a lot of competition between the Chinese
and Japanese currencies and if the dollar and the euro calmly interact with one another, the yuan and yen
dont. Overall, some countries could be part of a single currency zone which doesnt require them to use a
single currency, but would simply requires them to regulate the currency exchange rates in that region,
that is, to set the ratio of the euro and dollar, for example. Changing the currency of your country to
another one is a serious political move and no one will go for being in a country that swings between two
currencies. Thats why creating a single currency for the entire Asian region doesnt seem possible to me.
Maybe theyll make friends later, but for now the Asian countries can perfectly well keep their own
currencies and simply regulate the exchange rates.

-But is there a need for a new global currency? The debate over the viability of introducing the euro has
not yet quieted down and new EU members are in no hurry to join the Eurozone

- Up until 1970, the U.S. economy was a kind of cushion and reserve barrel for the global economy. But
now this barrel has been divided into two parts: the European Monetary System and the dollar bloc. This
division could be compared to a large planet splitting into two parts that are constantly competing with
one another. And if were talking about the dollar and the euro, the exchange rate of these two currencies
is constantly changing and these changes are quite serious. This is a large, and perhaps even the main,
problem in the instability of the global economy. Today, the dollar isnt the most stable currency, but
together with the euro, they continue playing the role of the same cushion for the global economy. What
the world now needs is to stabilize the dollar and the euro so that the other countries would establish and
regulate the relationship of their currencies to the dollar and the euro. On that basis, the International
Monetary Fund could launch a new global currency. In my opinion, this is the most suitable and necessary
international monetary policy.

Are tax havens harmful to the global economy?

July - August 2013 | People

The Chief Editor of World Economic Journal Robert Abdullin visits Professor Robert John Aumann.
Aumann is a Nobel Prize Laureate in Economics for his game-theory analysis of conflict and cooperation.

How do you rate todays established world order and how do you see the world in the near future? Twenty
years ago it was two-pronged, with the USA on one side and the USSR on the other. What vectors do you
see in the new world?

Journalists have a tendency to constantly be looking into the future and making predictions about it. But
few get it in their head to compare the present reality with the past forecasts of experts. I think that in 10
years, still no one will be looking at whether Professor Aumanns predictions came true or not.

Back in 2008, I had thought that the world would come out of the crisis relatively quickly. As we now see,
my forecasts didnt come true, so now I prefer to refrain from speculating.

The world just wasnt as smart as you. Im not expecting clear cut predictions from you, but rather to
exchange ideas and reflect together For example, lets discuss the issue of tax competition.
I think that in the context of a global economy, different countries simply cant have tax rates that are very
different. Because if one country has much lower taxes than another, then people will choose the country
with lower taxes. And this rally happens on a regular basis. In France, just a few months ago, a very
wealthy and prosperous citizen got on his private plane and moved to Belgium. France was incredibly
angry at him, but the anger didnt help. There was a similar story in Israel.

Let us recall the basics of economic theory, the Adam Smith theorem: The market determines the price.
You cant have one store selling bananas for 1,000 rubles per kilogram while another sells them for 100.
It wont work. The same situation is happening now with taxes around the world. The market sets prices
on its own; you dont need a central government to do so. In the same way, the international market
dictates tax rates that are more or less uniform.

Yes, but the market cant regulate itself or prevent free offshore zones for that, you need a political
decision. Do you see the UN as one of the major regulators of global economic governance? Or would
this role be carried out by some other body?

As for the UN, the answer is a definite no. The UN is impotent. Concerning so-called "offshores,"
eventually it might be necessary to move to greater reliance on forms of tax other than income tax. Or, the
issue of residency may be redefined. This will work itself out. Here again, the market will work.

Taxes do not have to be absolutely uniform, you know. They only have to be not too far apart. For
example, I prefer living in Israel to living in Kazakhstan, even though the top marginal rate in Israel is
50% and in Kazakhstan its only 13%. People do not determine where they live only on the basis of tax

Which raises the question: Who will regulate this process?

It doesnt need to be regulated, although my opinion could be wrong once again. I believe that the market
regulates itself, and that works. True, not 100%, but it works better than having regulators. They only
need to provide three things: honesty, transparency, and competition.

In your lecture War and Peace, you propose considering long-term military conflicts as repeating
games. What is your view of todays arms race, and whether the Gordian knot of the global economic
crisis could be cut only by war?

God forbid, what an awful suggestion! I still have hope that it will never come to a world-wide military
conflict and we will be able to survive and find ways to solve problems peacefully. Yes, I must admit that
World War II pulled the world out of the economic crisis, but humanity paid a huge and unbearable price.
I am totally against this idea.

Incidentally, I am very worried about environmental problems. Not so much about global warming and
such, but the destruction of flora and fauna. We are leaving our children in a much less plenteous world,
where there will be fewer living and beautiful things. This, in my view, is a problem of no less importance
than the economic crisis.

A Country of Unlearned Lessons

October 2013 | Global

Princeton, Harvard, Yale, and Stanford these are names associated with the best universities in the
United States. Universities in this country have long been respected and prestigious, and it wasnt long
ago, back in the 1990s, that no one could imagine the educational system in such a deadlock.

Multiple reports from the Department of Education, speeches by President Obama, teacher strikes at the
beginning of the school year, and frequent discussions on the pages of American newspapers all say that
the educational system is in a deadlock.
At the root of this long process are the countrys financial problems. The 2008 crisis unsettled university
funding. Professor Roger Geiger from Penn State writes in an article: The wealthiest colleges and
universities, normally immune to the tempests besetting other institutions, suffered significant financial
damage in this crisis. With all classes of financial assets plunging, their diversified portfolios of
alternative investments were hit from all directions. The losses of 20082009 will be felt for years to
come, and many institutions have announced permanent budget reductions of 10 percent. Cuts of this
magnitude can only be achieved by firing people, since salaries comprise roughly three-quarters of
university expenditures. Institutions have also instituted hiring freezes and cancelled building plans. Still,
these hardships should be put in perspective.

According to Geiger, before 2008, universities were financed mainly by endowments. After the crisis, the
status of these endowments changed, affecting important factors such as professor salaries, the cost of an
education, and other educational expenditures.

A new trend has been emerging in recent years with only 46% of American students completing a degree.
According to the U.S. Department of Education, the country is losing its rating on the number of
graduates and is no longer first in the world as before, but 16th.

The reason for this is the high cost of education and the inability to quickly pay off student loans.
According to data from the first half of 2013, American debt on student loans was $1 trillion, surpassing
credit card debt.

According to the U.S. Department of Education, 60% of students who enrolled but didnt graduate from a
university, left early in order to work to pay off their loans. These people either do not receive their
bachelors degree at all or take their final exams not after the traditional four years, but in six. They
provide for themselves without seeking support from family. Each year, 2.8 million youth drop out of
college. On average, by the end of college, in addition to their bachelors degree in their suitcase,
graduates leave with $26,000 of debt, and its still growing.