English for Economics_Midterm Test_ĐTTX

Time: 60 minutes
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Part 1 – Mark the following sentences T for True or F for False.
1. Price floor is below the market price and leads to surplus.
2. Fed or Federal Reserve System is a commercial bank in the UK.
3. Monopoly is sometimes positive because monopoly encourages patents and inventions and
technology development.
4. Tiengiang province should encourage eco-tourism in Thoison islet and Tien River such as
Mytho floating restaurants and Caibe floating markets.
5. ODA stands for Overseas Development Assistance.
6. The government’s intervention and control of economic activities are referred to as invisible
hand.
7. A market economy means that part of the economy is left to the free market, and part of it is
managed by the government.
8. GDP is global measure for gauging the prosperity of nations.
9. USD, VND, EUR, AUD, JPY, etc. are examples of commodities.
10. Vietnam is the biggest economy in Southeast Asia.
11. GDP reflects both the size of an economy and possibly living standard of people in this
country.
12. When someone is employed, he/she will lose income, lose skills, and change psychologically.
13. Angiang government should develop palm sugar brand and other products from palm trees.
14. Vinh Long provincial government should encourage hi-tech agriculture in pomelos and sweet
potatoes production.
15. Ninh Thuan government should develop beach tourism in Mui Ne as a national tourist area.
Part 2 – Fill in each blank with a correct LETTER from the box.
A. official payments B. happens C. revenue D. intervene E. economic theories
F. inflation G. monopoly H. handmade products I. call for J. renewable energy
K. recession L. government policies M. spiritual tourism N. total value O. ancient village

16. Government’s………is from taxes of different types and fees.

17. Macroeconomics looks at bigger aspects such as ……….. on trade and employment, inflation
and money markets.
18. …………is significant decline in production and demand in a particular region or country.
19. Trade balance………..when export and import are equal.
20. ……….is bad for an economy because higher prices and lower quality reduce consumers’
utilities.
21. The government should encourage organic farming,………..and international trade.
22. …….....is usually bad for the economy because consumers buy less goods & services for the
same amount of money.
23. Gross Domestic Product is defined as……….in dollars of goods and services produced within a
country in a period of time.
24. Governments………..economic activities by taxes, price ceiling, price floor and subsidy.

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25. Subsidy is…………to organizations or individuals to support them financially and protect them
from competition.
26. When central banks need money, they will………..ODA or borrow from international financial
institutions.
27. Reasons to say that economics is a science are……….., models and equations and statistics and
data.
28. Tien Giang government should encourage Cai Be floating markets, Dong Hoa Hiep………
tourism.
29. Ben Tre government should develop aquaculture and………..from coconut.
30. The government of An Giang should concentrate on………..such as Ba Chua Xu Temple and
Cam Mountain.
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