K / P №3 English (ECONOMIC GROWTH)

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Verification work 3
for students of the direction "Economics"
III Semester
1. Read and translate the text orally.
ECONOMIC GROWTH
1. Many millions of people enjoy a quality of life today that previous generations could not have dreamed of. Home ownership, private cars and holidays are now standard for most families in industrialised countries. And yet at the same time, billions of people in other countries live without even clean drinking water. How can this be? The answer is that the fortunate few live in countries with sustained economic growth.
2. An economy is growing when the gross national product is increasing year after year. When economists calculate economic growth, though, they must take into account the effects of inflation. For example, imagine that the gross national product of a country increased from $ 500 billon to $ 510 billion from one year to another. That's an increase of two per cent in output. Very impressive! However, if the rate of inflation was two per cent, then there has been no real growth at all.
3. The other thing to remember about economic growth is that not all growth is good. Governments want steady, sustainable growth. Sudden, sharp increases in growth - a boom - can cause the economy to overheat and fall into recession. For many economies, the long run growth over many years is steady, but the short run is a roller- coaster ride of boom and depression. For instance, the long run growth of the UK economy since 1950 has been a steady 2.5% per year. However, if you look closely at any decade you'll see that there is a cycle of growth, recession and recovery. The truth is, steady growth in the short term is very hard to achieve.
4. Nevertheless, many countries are still struggling to achieve any kind of growth at all. Why is this? What is necessary for growth to happen? Many economists have tried to find the answer to this question, and there are plenty of theories to choose from. However, most economists agree that there things are essential for economic growth to occur: capital growth, savings and technological progress.
5. Capital refers to the factories and machinery that the labour force uses to turn raw materials into products. More workers and more raw materials will only lead to a certain amount of growth. Eventually, the economy needs more capital for the labour to use. Capital growth can also include training and education for the labour force. This makes the workforce more efficient, creative and productive.
6. Of course, someone has to pay for the new machines and training. In other words, capital growth needs investment. Money for investment needs to be borrowed from banks. Banks can only lend if customers make savings. This is why savings are so important for growth. However the economy will not grow if everyone is saving and no one is spending. Getting the right balance between consumption and saving is another part of the challenge of economic growth.
7. But above all, technology is the real miracle worker of economic growth. An advance in technology can increase productivity from the same amount of capital and resources: just what the chancellor ordered!

2. Select the correct version of the proposed and put in blanks.
For example: 1 b
1. In many ways life for previous ... was more difficult.
2. Home ... has increased in many parts of Europe.
3. When the economy grows dangerously fast, we say it ...
4. A ... is when economy is growing quickly.
5. ... are fairground rides like trains that go and down very fast.
6. ... in technology in the last 30 years has been incredible.
7. ... is when you get better after something bad like an illness - or economic depression.
8. When you ... you fight or work hard for something.
9. Do not buy anymore milk. We've got ... in the fridge.
10. A fortunate person is very ...
11. Mountain climbers are people who enjoy a ...

Additional information

3. Write correct (T) or wrong (F) following approval of the text
1. Billions of the people in other countries live without clean drinking water (I paragraph)
2. An economy is not growing when the GNP is increasing (II paragraph)
3. All growth is good (II paragraph)
4. Economists have no idea about what causes economic growth (IV paragraph)
5. The economy needs more labour to grow (V paragraph)
6. Banks can not lend if customers make savings (VI paragraph).
7. Technology can increase productivity (VII paragraph).
4. Connect the words from the right column with the words from the left speaker and get phrases from the text.
1) quality a) of inflation
2) Previous b) and depression
3) Gross c) growth
4) Rate d) needs
5) Fall e) of life
6) Boom f) of growth
7) Money g) national product
8) Economic h) for investment
9) Cycle i) into recession
10) The economy j) generations
5. Write down and move the selected proposals from the text, distributing them according to the columns in the table.
6. Answer the questions to the text.
1. Do many people enjoy a quality of life today? (I paragraph)
2. When is economy growing? (II paragraph)
3. What do governments want? (III paragraph)
4. Capital growth needs investment, does not it? (IV paragraph)
5. What is the truth? (V paragraph)
6. What is necessary for growth to happen? (VI paragraph)
7. Can capital growth include training and education for the labour force? (VII paragraph)
7. Read and translate the paragraphs 2 and 3, in writing.

8. Next Offer all types of questions.
Most economists agree that three things are essential for economic growth to occur: capital growth, saving and technological progress.
General qn
Special qn
Alternative qn
Disjunctive qn
9. Answer the questions provided in writing.
What do you think makes an economy grow?

PART II
Control lexical and grammatical test 3 for the direction "Economics"
1. We intend to make further investments at a time ... the economic conditions are more favourable.
2. If the market for our products ..., we ... a 20 per cent increase in turnover next year.
3. The Board of Directors ... by shareholders.
4. Last year we had a company actually based in Northern Ireland ... wanted to get into the Latin American market.
5. The biggest deal of the year ... by the American company Philip Morris which bought the Swiss chocolate and coffee group Jacobs for $ 2.2 billions
6. All of the bank's 260 domestic branches ... to the network since 1989.
7. If you ... pay in full by the date indicated you ... charged interest.
8. If we ... 5% on production costs, we ... we double our profits.
9. For this, the company ... 900.000 pounds in the first year, and then 550.000 pounds a year for the next four years.
10. A document showing ... has been bought and for how much is an advice note.
11. Doubts ... as to the profitability of the business.
12. Do not ... promoted to the post of Sales Director.
13. Our client manufactures leisure clothing ... is distributed to major high-street retailers.
14. In any industry which is losing huge sums of money something ... be changed, otherwise you'll go out of business.
15. It may happen ... a customer considers prices too high.
16. Making false declarations is called ....
17 .... in the trade journals has created a lot of interest in our product.
18. For most people, the ... of their income is paid work.
19. Governments get most of their money through ....
a) taxation b) tax c) loss d) costs
20. The companies ... an agreement on their future cooperation.
a) dealt b) reached c) solved d) divided

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