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Text-based Exercises

Ex. 1 Find in the text all the word-combinations with the word “economics” and translate them into Russian.

e.g. modern day economics

a common definition of economics

approaches to economics, etc.

Ex. 2 Find in the text all the word-combinations with the words “economy” and “economic” and translate them into Russian.

e.g. a free market economy

economic thinkers

economic forces

Ex. 3 Read the text once again and list the issues it deals with.

e.g. 1) The history of economics.

2) The definition of economics.

3)

Ex. 4 Confirm the following statements by the information from the text.

  1. The word “economics” is not of English origin.

  2. Economics as a separate area of study is connected with the book “The Wealth of Nations”.

  3. Adam Smith is considered to be the founder of modern day economics.

  4. We can name a number of scientists who became interested in economics as a science.

Ex. 5 Find four definitions of economics given in the text and outline the main problems this science is interested in.

Ex. 6 Restore the word-order in the questions that follow and answer them. Subjects of the sentences are underlined.

  1. There are three or four approaches to economics?

  2. What microeconomics does focus on?

  3. What economic behaviour studied by microeconomics is?

  4. Is the distribution of products and income also analyzed by microeconomics, isn’t it?

  5. How companies, firms and individuals are considered in this field of economics?

  6. What the central components of microeconomics are?

  7. What does refer to how individuals or households form their demands?

  8. What supply does refer to?

  9. Market equilibrium refers to how markets or governments enable these supplies and demands to interact?

Ex. 7 Object to the following statements using the information from the text. Make use of the following clichés:

I am not sure that…

It’s not quite so. I believe that…

I am afraid I can’t agree that…

It’s wrong to think that…

  1. The term “macroeconomics” was first used at the end of the 20th century.

  2. The economic growth required the study of macroeconomic questions.

  3. Macroeconomics was developed by a group of German scientists.

  4. This branch of economics examines the behaviour of separate units in the economy.

  5. Macroeconomics is concerned with the study of the whole economies or systems but excluding such aspects as government income and expenditure, fiscal policy, investment, etc.

  6. The problems of inflation and unemployment are not very interesting for specialists of macroeconomics.

  7. Macroeconomics is concerned with the factors that determine only the size of GNP.

Ex.8 Read the following sentences. Make up questions to which these sentences can be answers.

  1. The third main field of economics is development economics.

  2. Development economics studies the factors of economic growth.

  3. There are also several specialized areas of study.

  4. Among them are monetary economics, international economics, labour economics, etc.

Ex. 9 Reread the text, define the main ideas of it, make up a plan and render the text in English.