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Website : fe.undip.ac.id Akademik : http://simaweb.fe.undip.ac.id Email : feb@undip.ac.id

UJIAN TENGAH SEMESTER GASAL DARING TAHUN AKADEMIK 2021/2022

MATA KULIAH : BAHASA INGGRIS
Program / Sem. : Program S1 / 1 / Kelas B & C - Akuntansi
Hari / Tanggal : Selasa / 12 Oktober 2021
Pukul / Waktu : 08.00 – 09.30 (90 menit)
Dosen Pengampu : Dr. Ratna Asmarani, M.Ed., M.Hum.

Nama Mahasiswa :
NIM / Kelas :

Petunjuk:
1. Kerjakan apa adanya pada lembar soal ini sesuai petunjuk, tidak ada revisi untuk soal.

Read the text carefully:

GUIDE TO ECONOMICS
By ADAM HAYES
Reviewed by CHARLES POTTERS. Updated Dec 29, 2020

What Is Economics?
Economics is a social science concerned with the production, distribution, and consumption of
goods and services. It studies how individuals, businesses, governments, and nations make
choices about how to allocate resources. Economics focuses on the actions of human beings,
based on assumptions that humans act with rational behavior, seeking the most optimal level of
benefit or utility. The building blocks of economics are the studies of labor and trade. Since
there are many possible applications of human labor and many different ways to acquire
resources, it is the task of economics to determine which methods yield the best results.

KEY TAKEAWAYS
Economics is the study of how people allocate scarce resources for production, distribution, and
consumption, both individually and collectively. Two major types of economics are
microeconomics, which focuses on the behavior of individual consumers and producers, and
macroeconomics, which examine overall economies on a regional, national, or international
scale. Economics is especially concerned with efficiency in production and exchange and uses
models and assumptions to understand how to create incentives and policies that will maximize
efficiency. Economists formulate and publish numerous economic indicators, such as gross
domestic product (GDP) and the Consumer Price Index (CPI). Capitalism, socialism, and
communism are types of economic systems.

Understanding Economics
One of the earliest recorded economic thinkers was the 8th-century B.C. Greek farmer/poet
Hesiod, who wrote that labor, materials, and time needed to be allocated efficiently to overcome
scarcity. But the founding of modern Western economics occurred much later, generally
credited to the publication of Scottish philosopher Adam Smith's 1776 book, An Inquiry Into the
Nature and Causes of the Wealth of Nations.
The principle (and problem) of economics is that human beings have unlimited wants and
occupy a world of limited means. For this reason, the concepts of efficiency and productivity are
held paramount by economists. Increased productivity and a more efficient use of resources,
they argue, could lead to a higher standard of living.
Despite this view, economics has been pejoratively known as the "dismal science," a
term coined by Scottish historian Thomas Carlyle in 1849.2 He used it to criticize the liberal
views on race and social equality of contemporary economists like John Stuart Mill, though
some commentators suggest Carlyle was actually describing the gloomy predictions by Thomas
Robert Malthus that population growth would always outstrip the food supply.

https://www.investopedia.com/terms/e/economics.asp accessed July 1, 2021

=============================

A. Reading Exercises.
A1. Answer the following questions as best as you can based on the given text.
1. What does economics study?
2. What assumptions does economics have?.
3. Why does economics try to determine which methods yield the best results?
4. What is the basic difference between microeconomics and macroeconomics
5. How does economics maximize efficiency?
6. Who was the Greek farmer/poet Hesiod?
7. Who was Adam Smith?
8. What is the essential problems of economics?
9. What could lead to a higher standard of living?.
10. Who was Thomas Carlyle?

B-1. Reading-Vocabulary Exercises: KEY

Write each number of the term to its corresponding explanation. Number 1 has been done
as an example.

NO TERMS ANSWERS EXPLANATIONS

1 consumption 4 attempt to find (something).
2 allocate 8 (especially of food, money, or some other resource)
insufficient for the demand.
3 assumption (-s) 6 buy or obtain (an asset or object) for oneself.
 4 seek (-ing) to interest or engage
5 utility 2 distribute (resources or duties) for a particular purpose.
6 acquire a set of numbers, amounts, etc., used to measure or
compare the level of something
7 yield 11 a thing that motivates or encourages one to do
something.
8 scarce 3 a thing that is accepted as true or as certain to happen,
without proof.
9 scale 7 produce or provide (a natural, agricultural, or industrial
product).
10 concern (-ed) 1 the using up of a resource.
11 incentive (-s) 5 the state of being useful, profitable, or beneficial.

B-2. Reading-Vocabulary Exercises: KEY

Write each number of the term to its corresponding explanation. Number 1 has been done
as an example.

NO TERMS ANSWERS EXPLANATIONS

1 gross 5 more important than anything else; supreme.
2 overcome 9 invent or devise (a new word or phrase).
3 occur (-ed) 7 expressing contempt or disapproval.
4 occupy 8 causing gloom or dejection; gloomy; dreary; cheerless;
melancholy
5 paramount 11 to get ahead of
6 argue 2 succeed in dealing with (a problem or difficulty).
7 pejorative (-ly) 10 not expecting or believing anything good in a situation
8 dismal 3 happen; take place.
9 coin (-ed) 6 give reasons or cite evidence in support of an idea,
action, or theory, typically with the aim of persuading
others to share one's view.
10 gloomy 1 of income, profit, or interest) without deduction of tax
or other contributions; total.
11 outstrip 4 to take or hold possession or control of

C. Decide whether each of the followings statement is True or False. Write True or False in
the provided space like example number 1.
NO TRUE/FALSE STATEMENTS
1 True Consumption of goods and services is part of the concerns of
economics.
2 true Choices about resource allocation also become the study of economics.
3 true The studies of labor and trade are the stumbling blocks of economics.
4 true The studies on the behavior of individual consumers and producers are
the concern of microeconomics.
5 true Efficiency in production and exchange is the special interest of
economics.
6 true Gross domestic product (GDP) is not one of the economic indicators.
7 false Hesiod was a rich farmer who supported economists at that age.
8 true Adam Smith's 1776 book is considered as modern Western economics
book.
9 true Limited wants and unlimited means become the basic problem of
economics.
10 true Thomas Carlyle coined the term "dismal science" for economics.
11 false Thomas Robert Malthus’ gloomy predictions is criticized by Thomas
Carlyle.

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