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Vocabulary exercises

1.Which of the following statements are true/false according to the text? Correct the false sentences:

1. Many of the issues in economics are public in nature, such as taxes and public debt, and are frequently the focus of intense media coverage.

2. While only a few of us might have an opinion on economic impact of a new health care policy or an income tax.

3. It is not important for you to master the principle of economics.

4. “Caveat emptor” means “let the buyer beware”

5. As a citizen, you must be informed – to use your vote wisely and to evaluate the economic implications of public property.

6. A better understanding of economic principles can provide you with the skills you will need to take responsibility.

7. By understanding economics, you will be able to see the “real” costs of deciding any issues on strictly political or philosophical grounds.

8. There is one more important reason for you to study economics: to become a worse economist.

9. Understanding the working of the economy is an important survival skill.

10. Economics is easy to master, but if you persist and learn the concepts of economics, you will become better informed, more enlightened, and your deeper understanding of any economic system will position you for growth and success in your profession.

2. Fill in the gaps with the words and expressions from the text:

1. _____ and _____ debt, and are frequently the focus of intense _____ coverage.

2. Almost everyone has an _____ on economic impact of a new health care policy or an _____ tax.

3. Use your vote wisely and to _____ the economic implications of _____ property.

4. A better understanding of economic _____ can provide you with the skills you will need to _____ wise decisions.

5. Most issues have both political and _____ implications .

6. The political arguments involved in your _____ decision-making process may be more important than the economic ones.

7. The study of economics can provide many of the tools you need to make wise choices as you encounter the laws of _____ and _____, the forces of competition.

8. Understanding the working of the economy is an important _____ skill.

9. The study of this field will enable you to serve your _____ better, improve the _____ of your firm, and grow professionally.

10. If you persist and _____ the concepts of economics, you will become _____ informed.

3. Find in the text English equivalents for the following:

закон спроса и предложения

издержки

государственный долг

подоходный налог

включать

мудро

гражданин

рост

брать ответственность

осведомленный и информированный

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