CONSOLIDATION

(English for economic)

I. Part 1(2đ): Complete each of the following sentences with ONE suitable word
or phrase from the table. (NOTE: There are more words/phrases than needed).
Write your answers in the box to the right of the sentences.

II. Part 2 (2đ): Read the text and answer the questions that follow.

III. Part 3 (2đ): Fill each of the numbered gaps in the following text with ONE correct
word from the box. (NOTE: There are more words than needed).

IV. Part 4 (2đ): English - Vietnamese translation.

V. Part 5 : (2đ): Answer the following question and state the reasons why.

WORDS REVIEW:

1. Fixed costs 16. labour intensive industries 31. drawback (limitation)

2. Variable costs 17. Classical economics 32. State sector
3. wages 18. Neoclassical economics 33. Private sector
4. constant return to scale 19. Elastic 33. Compensation
5. commodity 20. Inelastic 34. Substitution effect
6. utility 21. Monopoly 35. Impact
7. marginal utility 22. Pure monopoly 36. ownership
8. budget constraint 23. Natural monopoly 37. Sloppy
9. Income >< outcome 24. Legal monopoly 38. budget
10. Subsidies 25. Net investment 39. take over
11. Stable 26. Deregulation 40. horizontal take over
12. Quantity 27. Revenue 41. vertical take over
13. Quality 28. Economy of scale 42. Price taker
14. Regualating 29. Diseconomy of scale 43. Price maker
15. equilibrium 30. Custom 44. revenue

Part 5:

1. Which is more important, macroeconomics or microeconomics?

Suggestion:

- They are of equal importance and closely related. Explain what macroeconomics is,
what microeconomics is, and how they are related. Give an examples.
2. Does perfect competition existnin reality?

Answer:

- No. Define what perfect competition is. Explain why t can not exist, state 2/5
reasons with clear explaination and example.

3. Does the law of supply and demand work in labour market?

Answer:

- Yes. State what supply and demand in labour market is. How it works and some
exceptions, with clear explanation and examples.

4. How are fixed costs different from variable costs?

Answer:

- Explain what fixed costs are, variable costs are. Explain three situations happening
when increasing production: constant return to scale, dis-economy of scale and
economy of scale. Example needed.

* Thí sinh được mang vào phòng thi: Từ điển giấy có tác giả, có nhà xuất
bản rõ ràng, không có chữ viết tay bên trong, không đính kèm tài liệu
khác.