Английский язык, ВО

1. What does everyone do during his life?
b) makes choice

2. Every society is faced with the problem of …
b) scarcity

3. The central economic problem is finding …
b) the way to solve the problem of scarcity

4. Market economics is called …
b) free

5. In a true planned economy government …
b) plays a great role

6. In a true market economy government …
a) plays no role

7. Consumers decide what is to be produced in a true …
a) market economy

8. High competition is the sample of …
b) market economy

9. Russia is a country of …
a) mixed economy

10. “Wage” is …
a) the earning paid for an hour or unit of production

11. Wealth is …
b) value of the things you own

12. Prosperity is …
a) extended period of high employment

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2. Match a line in A with a line in B to define the following terms:

1. Factors of production —
b) Resources used to produce goods and services, e.g., land, labor, capital.

2. Economics —
d) A social science studying economy.

3. Microeconomics —
e) The branch of economics that studies individual behavior in the economy, the components of the larger economy.

4. Macroeconomics —
a) The branch of economics that studies aggregate economic behavior, the economy as a whole.

5. Hypothesis —
c) An idea which is suggested as a possible way of explaining facts, proving an argument.

6. Economy —
f) A social mechanism that covers the management, use and control of various resources.

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3. Fill in the blanks using the words from the list in the bottom.

A. Economics is a social science studying economy. Like the natural sciences and other social sciences, economics tries to develop 1) laws or 2) principles by building models. The predictions of the models form the basis of 3) economic theories. Then the predictions of the models are compared with the 4) facts of the real world.

B. Economics as a science consists of two disciplines that is of 1) microeconomics and 2) macroeconomics. The study of economics focuses on the broad question of 3) resource allocation. Macroeconomics is concerned with allocating the resources of an 4) entire economy to achieve 5) economic goals (e.g., full employment). Microeconomics focuses on the behavior and goals of 6) individual producers or markets.