True or false

Do you think the following statements are true or false? Discuss your answers in pairs.

1. Tertiary economic activities involve the output of goods.

2. Finance, insurance, and real estate rank first among U.S. service industries.

3. Banks finance much of the economic activity in the United States by making loans tо both individuals and businesses.

4. As а business expands, it hires less workers.

5. The prices of commodities and securities are determined by the buying and selling that cakes place at exchanges.

f. The Chicago Board of Trade is the world's largest commodity exchange.

7. Retail trade takes place when а buyer purchases goods directly from producer.

8. Wholesale trade involves selling products to the final consumer.

9. The nation imports goods that it lacks entirely or that producers do not supply in sufficient quantities.

10. Canada and Mexico are the country's chief trading partners.

Multiple сноiсе

Select the correct answer.

1. Tertiary economic activities involve

(а) the output of goods

(b) the output of services

(с) extracting goods from the natural environment

(d) all of the above activities

2. In terms of the gross domestic product U.S. service industries account for

(а) 75 percent

(b) 50 percent

(с) 25 percent

(д) 15 percent

3. Which of the following groupings contains а word which does not belong?

(а) finance, insurance, and real estate

(b) wholesale and retail trade, banking, government, and transportation

(с) community, social, and personal services

(д) macroeconomics, microeconomics, mixed economies

4. Commodities are

(а) basic goods, such as grains and precious metals

(b) certificates of investment ,

(с) stocks and bonds

(д) the prices of goods

5. Tertiary economic activities include

(а) wholesale

(Ь) retail trade

(с) banking

(д) all of the above activities

6. The world's largest commodity exchange is

(а) the New York Stock Exchange

(b) the Chicago Stock Exchange

(с) the Chicago Board of Trade

(д) the New York Board of Trade

7. Retail trade includes

(а) buying goods directly from а producer

(b) selling products to the final consumer

(с) buying and storing goods in large quantities

(д) selling goods in large quantities

8. The USA imports goods

(а) that it lacks entirely

(b) that producers do not supply in sufficient quantities

(с) produced by foreign companies that compete with U.S. firms

(д)all of the above

9. The country's chief trading partners are

(а) Canada and Germany

(b) Canada and Japan

(с) Japan and the United Kingdom

(д) the United Kingdom and Mexico

10. The nation's largest buyers of goods and services are

(а) individual consumers

(Ь) private companies

(с) federal, state, and local governments

(д) foreign companies

Questions

Answer these questions.

1. What do tertiary economic activities involve?

2. What are the examples of tertiary economic activities?

3. What part of the gross domestic product do service industries account for?

4. What businesses docs this industry group include?

5. What services rank first among U.S. service industries in terms of the gross domestic product?

6. Who finances much of the economic activity in the United States?

7. What is the purpose of most of the loans to individuals?

8. What аге the most important types of financial institutions?

9. What аге che prices of commodities and securities determined by?

10. Why is real estate important to the economy of the Uniced States?

11. What is the difference becween wholesale and retail crade?

12. What is the role of foreign trade?

13. What are the main US imports? '

14. What does the country export?

15. What аге the major U.S. trading partners?

16. What гоlе до Government Services play in the economy?

17. What до state governments spcnd most of their income оп?

18. How does government influence the economy?

19. What is the most important means of transportation in the cconomy of the Unitcd Statcs?

20. What are che main US newspapers?

USAGE

Which tеn words for ‘money’ can you use in place of the words in brackets?

banknotes currency capital hudget cash

suhsidics account cheque fund 1оал

1. If you have an______ (The sum of money deposited at a bank) with а bank, you leave money with it and withdraw it when you need it.

2. Originally all_____ (pieces of paper money) were fully backed by gold and could be exchanged оп demand for go1d.

3. А ____ (expected income and expenditure of а country, company, etc.) is а plan showing how much money а person or organization has availaЫe and how it should be spent.

4. This business was started wich а_____ (money used in а business) of $10,000.

5. Could you give ____ (money in banknotes and coins) for this cheque?

6. If you cash а____ (а printed form on which you which an amount of money), you exchange it at а bank for the amount of money that it is worth.

7. The Dcucsche Mark is the____ (type of money used) in Germany.

8. He made а generous donation to our campaign____ (а reserve of money, etc., set aside for а certain purpose).

9. They found it impossible to get а bank____ (а sum of money that you borrow).

10.____ (money paid by а government to help а company) distort international trade but they аге sometimes used by governments to help tо establish а new industry in а country.