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
Put the fitting modal verb in this sentence:
You______(ring) me to let me know you'd be late. I was worried.
What is its function?
You should/could have rung me to let me know you'd be late. I was worried.
Criticism
преследовать собственные интересы
to pursue self-interest
Give the definition of "collusion".
a secret arrangement between two or more firms to fix prices or share the market
Which metaphor can be used to understand the framework of the division of labor?
the storehouse metaphor
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
Which modal verbs express prohibition? Give examples.
пользоваться спросом
to be in demand
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
What is the difference in the modal meaning of these sentences?
I must exercise regularly.
I have to exercise regularly.
I must exercise regularly. (obligation/necessity comes from you)
I have to exercise regularly. (obligation/necessity comes from someone else)
объективные или научные объяснения функционирования экономики
objective or scientific explanations of the working of the economy
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 sentences is a request? What is the modal function of the other one?
Can I help you with the report?
Could you help me with the report?
Can I help you with the report? - offer
Could you help me with the report? - request
усиленное государственное регулирование и надзор
extensive government regulation and supervision
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; accomodation in the city centre, paintings by picasso, fossil fuel
Rewrite these sentences using a modal verb.
You are not allowed to cross the street here.
Perhaps he will go on a business trip.
I'm certain she is not 30.
The woman was carrying a big well-used orange and white Italian leather bag.
You mustn't/can't/may not cross the street here.
He might/may/could go on a business trip.
She can't be 30.