Translation
пособие по безработице
unemployment benefit
Give the definition of "complementary goods".
goods that are often consumed together
What are the most common misconseptions about economics?
That it is about forecasting or predicting the future. That it is about taking sides or offering one set of answers.
What is the difference between a public and a private good?
the latter, if consumed by one person, cannot be consumed by another
Why do we use 'one' in the following sentence:
"I need to buy a jacket. I want a leather one."
To avoid repeating the noun when it is clear what we mean.
пользоваться спросом
to be in demand
Give the definition of "collusion".
a secret arrangement between two or more firms to fix prices or share the market
What are the relationships between price and: a) quantity demanded, b) quantity supplied?
a) as price goes down, quantity demanded goes up;
b) as price goes up, quantity supplied goes up too.
What factors may cause demand to change?
changes in environment, item's usefulness, income, price of substitute products, price/availability of complementary products, styles, tastes, habits
One of these rules is wrong, which one: a) 'a' is used with singular countable nouns when we talk about them in general; b) 'a' is used before an adjective if it is not followed by a noun; c) 'a' is used to show frequency.
a) I want to buy a dress. Correct
b) This ring is x expensive. (But: This is an expensive ring.) Incorrect
c) twice a week, once a month Correct
преследовать собственные интересы
to pursue self-interest
Give the definition of "economies of scale".
factors which cause the average cost of producing something to fall as output increases
Why do we use percentages to calculate elasticity?
Percentages are universal measure.
What do oligopolies usually look to in order to determine their pricing policies?
price leadership, collusion, custom
Put the correct articles in the gaps:
1) __ most children like __ cartoons.
2) __ longest ruling __ queen of __ England was __ Queen Elizabeth II.
3) __ Smiths live in __ Oxford Street, they go to __ Alps every winter.
1) Most children like cartoons.
2) The longest ruling queen of England was Queen Elizabeth II.
3) The Smiths live in Oxford Street, they go to the Alps every winter.
усиленное государственное регулирование и надзор
extensive government regulation and supervision
Give the definition of "diminishing marginal utility".
the point reached when the last item consumed will be less satisfying than the one before
Which type of competition allows firms to earn above-avergae profits consistently – monopolistic competition or monopoly?
monopoly, with monopolistic competition firms can make above-average profit in the short-run but not in the long-run
List the factors of production.
Natural resources (land), human resources (labor), capital, entrepreneurship
Which of these adjectives is not used with the preposition "to": grateful, confined, aware, prone. Give examples with each.
grateful to / for
confined to
aware of
prone to
объективные или научные объяснения функционирования экономики
objective or scientific explanations of the working of the economy
Give the definition of "perfect competition".
exists when products are homogeneous, and there are a great many firms too small to have any influence on the market price, and firms can easily enter and exit the industry
What are the possible results of the government investigation of a merger?
It can block the merger, allow the merger, or set some conditions
Give three examples of goods for which the demand is inelastic, and three examples of goods for which the supply is inelastic.
medicines, cigarettes, petrol; accommodation in the city centre, paintings by Picasso, fossil fuel
List five verbs that are used with the preposition 'for'. Give examples.
account for, allow for, blame for, cater for, charge for + earmark for (a particular use)