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Economics year 3

Total questions: 40

Worksheet time: 40mins

Name
Class
Date
1.

Statistical data would be included in the последующий report.

a)

subsequent ['sʌbsɪkwənt]

b)

appalling

c)

previous

2.

At that time all state institutions were in беспорядке and the country was in economic ruin.

a)

dissaray [ˌdɪs(ə)'reɪ]

b)

lieu [ljuː]

c)

penuary ['penjərɪ ]

3.

The предпосылка для the creation of the mixed economy was connected with the history of Britain

a)

premise of

b)

premise for

c)

premise on

4.

Penuary and high inflation were the предпосылки для the creation of the mixed economy.

a)

prerequisites for

b)

prerequisites of

c)

prerequisites in

5.

Wise management is a key to искоренение poverty

a)

extirpating ['ekstɜːpeɪt]

b)

facilitating

c)

precipitating [prɪ'sɪpɪteɪt]

6.

Mean-spirited businessmen запасали profits and избегали new technologies.

a)

hoarded, eschewed [ɪs'ʧuː ]

b)

hoarded, extirpated ['ekstɜːpeɪt]

c)

hoarded, unleashed

7.

...is the policy which is based on the idea that governments and the law should not interfere with business, finance

a)

fiscal policy

b)

laissez-faire policy [ˌleɪseɪ'feə]

c)

monetary policy

8.

...means that part of the economy is left to the free market and part of it is managed by the government

a)

planned economy

b)

market economy

c)

mixed economy

9.

C. Attlee introduced 'mixed economy' with strong government involvement because

a)

he wanted to be supported by the USSR socialists

b)

the country was devastated and entrepreneurs coudn't mobilize the investment

c)

he wanted to call the shots on Britain

10.

After WW2 the British government started the process of .... in order to mobilize recourses and share new technologies within the estableshed 'public corporations'

a)

nationalization

b)

privatization

c)

mobilization

11.

... is a system whereby the state protects the health and well-being of its citizens, especially those in financial or social need, by means of grants, pensions, and other benefits.

a)

well-being state

b)

social state

c)

welfare state

12.

The welfare state was introduced in the William Beveridge Report in 1942 in order to

a)

to make the report a best-seller

b)

establish National Health Service, pension system

c)

be presented in the London School of Economics

13.

in 1990s the signal that European socia systems have gone wrong was...

a)

high unemployment

b)

increased life expectancy

c)

lack of competitiveness

14.

in 1980s the Netherland started to reduce budget deficit, cut taxes and make it easier to hire and fire people in order to cure the...

a)

'Danish disease'

b)

'Dutch disease'

c)

'Fango disease'

15.

Rising unemploymet signals a challenge to the entire система взглядов of welfare, social spendings, protection in the labour market

a)

edifice ['edɪfɪs]

b)

benchmark

c)

realm [relm]

16.

The public does not always understand that there is a problem, a затруднительное положение

a)

hindrance

b)

obstacle

c)

predicament

17.

In 1990s European countries decided to create a single currency area. In need to reduce deficits they started the process of...

a)

privatization, by selling leaders of inductries

b)

nationalization, by uniting small companies into publuc corporations

18.

In order to reach economic convergency (unity) some ... were stated in the Maastricht treaty: levels of inflation, amount of national debt, stability of nationa currency.

a)

benchmark criteria

b)

parameters

c)

3 Giants

19.

As a result of introducing benchmark criteria ... Europe emerged: some countries could meet the requirements and some couldn't.

a)

two-tier [tu 'tɪə]

b)

bilateral [baɪ'læt(ə)r(ə)l]

c)

two-sided

20.

Many state-owned companies, former modernizers and champions, became inefficient and were препятствовали technological innovations

a)

hindering

b)

intervening

c)

eschewing

21.

Most Asian countries turned from .... into technologically advanced countries.

a)

mixed economies

b)

plantation economies

c)

rubber economies

22.

The Winning formular of Asian countries was defined by the government руководить, promoting competition and protecting domestic markets

a)

keeping tab

b)

catching up

c)

calling the shots

23.

Strategy used by the Asian countries when local goods are made to be competitive on the international market and be sold abroad

a)

export-push strategy

b)

import-substitution strategy

24.

Chiang Kai-shek left economic policy making to the ... - adept officials , many of them were scientists and engineers

a)

supertechnocrats

b)

techno nerds

c)

number crunchers

25.

Asian countries got a name- ... - meaning new integrated regional economy, which started from Japanese investment into other Asian countries and their further growth and trade with one another

a)

Asia Ltd

b)

Asia Inc

c)

Asia&Co

26.

The fact of developing Asian countries moving up in technological development by following the pattern of the developed Asian countries is called...

a)

Asian tiger pattern

b)

flying-geese pattern

c)

fire-dragon pattern

27.

Why strong currency (as it was in the UK in 2000) can be a disadvantage?

a)

because country's export can be priced out abroad

b)

because imported goods cost more

c)

because less tourists will come to the country

28.

... is a company which is part of a larger and more important company (e.g. a holding company)

a)

subsidiary

b)

supplementary company

c)

secondary company

29.

the value of goods and services produced within a country's borders

a)

GNP

b)

GDP

30.

the value of goods and services produced by a country's citizens domestically and abroad.

a)

GNP

b)

GDP

31.

During a boom period there's a pickup in demand for средства производства as businesses invest in extra capacity to meet strong demand and to make higher profits

a)

capital goods

b)

intermediate goods

c)

demerit goods

32.

промежуточный товар - is a good or service used in the eventual production of a final good or finished product.

a)

intermediate good

b)

capital good

c)

demerit good

33.

...is paid directly by an individual or organization usually to the government. It can be a personal property tax, income tax, or taxes on assets.

a)

direct tax

b)

exise tax

c)

value-added tax

34.

...is imposed/ levied by the government on the producer/retailer, but finally it is paid by the consumer. Examples are excise tax, value-added tax.

a)

direct tax

b)

indirect tax

c)

income tax

35.

a decrease in an asset's value (machinery, equipment, currency) because of getting worn out or because of unfavourable market conditions.

a)

amortization

b)

depreciation

c)

devaluation

36.

... is the amount of money an employee gets after paying income taxes

a)

gross wages

b)

net wages

c)

real wages

37.

...is the amount of money adjusted for inflation and paid to an employee

a)

real wages

b)

nominal wages

c)

net wages

38.

type of economy which requires only the buyer and seller, idle resources and an online platform. (is also characterised by p2p transactions)

a)

p2p economy

b)

sharing economy

c)

digital economy

39.

type of governmental policy which includes the regulation of spendings and taxes

a)

fiscal policy

b)

monetary policy

c)

laissez-faire policy

40.

type of policy used by the Central bank to increase or decrease the interest rate

a)

fiscal policy

b)

monetary policy

c)

laissez-faire policy