Ex. 1 . Put the words in the box into the sentences given below.

job    poverty       income       to hire        price     well-being        to charge       inflation

 

1. When _________________ comes in at the door, love flies out of the window

2. The farmer couldn’t _____________a much higher price because no one would buy his rice.

3.  She was working at two__________________.

4.  They live beyond their ___________________.

5. Shops often reduce their prices at certain time of a year.

6. He's the person responsible for ____________ people in the organization.

7. The rate of ___________________ in our country is rather low.

8. _______________ of the population of a country depends upon the growth of nation’s output.

Ex. 2. Match the words with their definitions.

 

_____ income	a) the condition of being without adequate food, money, etc
_____ inflation	b) the totality of social relationships among organized groups of human beings or animals
_____ GNP	c) the amount of monetary or other returns, either earned or  unearned, accruing over a given period of time
_____ poverty	d) the price paid or required for acquiring, producing, or  maintaining something, usually measured in money, time, or energy
_____ facilities	e) the cost at which anything is obtained
_____ prosperity	f) a progressive increase in the general level of prices
_____ society	g) the total value of all final goods and services produced  annually by a nation
_____ cost	h) the means or equipment facilitating the performance of an  action
_____ price	i) success or wealth

 

 

Ex. 3. Group the following words into eight synonymous groups.

 

aggregate shelter decide whole

output chief welfare settle

area lodging major production

big total field well-being

prosperity product gross main

determine huge sphere housing

 

Ex. 4. Replace the words in italics by synonyms from exercise 3.

 

1. Macroeconomics deals with aggregat e employment and unemployment.

2. The key to prosperity in an economy is steady growth in national output.

3. Macroeconomics deals with economic factors such as total national output and income, ...

4. Economics is divided into two major branches: macroeconomics and microeconomics.

5. Microeconomics theory is used widely in many areas of applied economics.

 

Ex. 5.  Match the verbs in the left column with the nouns in the right column.

 

to improve to charge to produce to form to construct to consume to smoke to build to employ to hire to knit to determine

cars the demands people a road the well-being the price things the T-shirt national output the bacon factors of production the housing

Ex. 6. Form the word-combinations with the help of the preposition “of”, using the words

     from the columns and translate them into Russian.

 

suppliers level areas field rate well-being consumers size

of

population labour Gross National Product inflation price applied economics economics goods

 

Ex. 7. Translate the words and phrases given in brackets.

 

1. Macroeconomics deals with economic factors such as (совокупный продукт ) and income.

2. Microeconomics theory is used widely in many areas of (прикладной экономики).

3. Macroeconomics deals with (совокупной) employment and unemployment.

4. Macroeconomics deals with economic factors such as (уровень цен) and the (уровень

 инфляции).

5. The central components of microeconomics are demand, supply and ( рыночное равновесие).

6. Macroeconomic theory is largely concerned with what determines the size of (валовой

национальный продукт).

7. When growth in (объема продукции) exceeds its growth in population, this improves the

 (благосостояние) of the population of a country.

 

 

COMPREHENSION

 

Ex. 8. Complete the ideas.

 

1. Macroeconomics looks at the economy in the large...

2. The key to prosperity in an economy is steady growth in national output...

3. Macroeconomics deals with aggregate employment and unemployment...

4. Microeconomics theory is used widely in many areas of applied economics...

5. Microeconomics looks at the individual unit...

 

Ex. 9. Multiple choice.

 

1. There was a _________ period in the 19^th and early in the 20^th centuries when microeconomic

questions dominated in economics.

  a. short

  b. long

  c. extended

 

2. Microeconomics deals with the functioning of ___________ industries and the behaviour of

individual economic decision-making units.

a. individual

b. single

c. aggregate

 

3. In microeconomics firms are studied as ___________ of products and as consumers of labour and capital.

      a. producers

      b. suppliers

     c. distributors

 

4. The key to prosperity in an economy is steady growth in national output.

   a. steady

      b. slow

      c. rapid

 

5. When growth in nation’s output exceeds its growth in population, this _____________ the  well-being of the population of a country.

    a. improves

      b. makes better

      c. makes worse

 

6. Another __________ question that microeconomics addresses is who gets the things that are

produced.

a. important

b. big

c. large

 

7. It is _________ to see that understanding individual micro decisions is very important to any

understanding of your society.

a. not easy

b. difficult

c. easy

 

8. The distribution of products and income among the economic units is analyzed by ________

     a. macroeconomics

b. applied economics

c. microeconomics

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