Language practice
Date: 2015-10-07; view: 524.
2.5.1 Match the English terms in the left-hand column with the definition in the right-hand column.
| 1 | input | A | Any sort of forced payment to the government. |
| 2 | index | B | The net ownership of material possessions and productive resources. |
| 3 | imports | C | A tax on the accounting profits of corporations. |
| 4 | output | D | A measure of the relative average of a group of items compared to a given base value. |
| 5 | monetary policy | E | The total market value of all goods and services produced by the citizens of an economy during a given period of time, usually one year. |
| 6 | fiscal policy | F | The increase in the value of a good at each stage of the production process. |
| 7 | a variable | G | The resources or factors of production used in the production of a firm's output. |
| 8 | tax | H | The average real gross domestic product per person--usually given the name per capita real GDP. |
| 9 | GDP | I | A generic term for a good or service that is the end result of the production/resource transformation process. |
| 10 | GNP | J | A central bank's use of the money supply to stabilize the business cycle. |
| 11 | a living standard | K | A quantity, usually represented as a symbol, that can take on one of a set of values. |
| 12 | income | L | Goods and services produced by the foreign sector and purchased by the domestic economy |
| 13 | value added | M | The total market value of all goods and services produced within the political boundaries of an economy during a given period of time, usually one year. |
| 14 | corporation tax | N | Use of the federal government's powers of spending and taxation to stabilize the business cycle. |
| 15 | wealth | O | Revenue earned or received by households that can be used for consumption or saving. |
2.5.2 Complete the following text using suitable words or phrases from the box below.
| A | public spending | E | scarce resources |
| B | standard of living | F | cause problems |
| C | environment | G | output |
| D | opportunities | H | full employment |
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| Comprehension | | | Inflation |