VOCABULARY TEST : ECONOMICS (01)

GENEL EKONOMİ TERİMLERİ

INTERMEDIATE  LEVEL

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1) Most people work to earn a living by producing goods (or, commodities, either agricultural or manufactured) and various ............... .

a. incomes     b. services     c. investments     d. careers     e. earnings

  

2) Under capitalism, the prices of goods and services are related to supply and ............... .

a. desire     b. production      c. quality     d. demand     e. consumption

  

3) If a country makes a clear distinction between the public sector and the private sector of its economy, the resulting system is generally known as a "..............." economy.

a. complex     b. confused     c. fluctuated     d. mixed     e. compound

  

4) The prominent feature of a socialist economy is its ............... planning, by which the state organizes the whole economic effort of the nation.

a. financial     b. central     c. monetary     d. speculative     e. commercial

  

5) Complete economic freedom of action can create great difficulties, because the freedoms exercised by various individuals often do ............... .

a. subsidize     b. stabilize     c. purchase     d. conflict     e. merge

  

6) Such economic anarchy would lead to ............... (say, unemployment, loss of production, etc.) in the whole economy of a country.

a. recovery     b. individualism     c. inflation

d. instability     e. incentives

  

7) The government policy towards both employers and employees will very much depend upon the political and ............... ideology adopted by the government.

a. economic     b. economics     c. economical

d. economize     e. economist

  

8) Laws related to economic conditions may sometimes protect the ............... principally of the workers, while at other times they may be biased towards employers and their capital.

a. pensions     b. works     c. interests     d. contracts     e. negotiations

  

9) The workers may increase their ............... if their employers provided them with better working conditions.

a. input     b. profits     c. wages     d. output     e. success

  

10) Money has no value in itself, but serves as a means of ............... between commodities which do have a value to us. It is also a means of measuring the value of man's labour.

a. exchange     b. bribery     c. barter     d. smuggling     e. surplus

  

11) Labour is any work performed for an employer at a negotiated rate while .............. is the surplus which accumulates as a result of productive work.

a. salary     b. profit     c. expenditure     d. loss     e. wages

  

12) Although in a "perfect" market economy, competition (resulting from an abundance of sellers) would be unrestricted, in reality it is often this or that ............... which gains control over the prices.

a. utility     b. mobility     c. elasticity     d. monopoly     e. feasibility

  

13) ............... are adequate for small transactions, while paper notes are used for general business. There is additionally a wider sense of the word "money", covering anything which is used as a means of exchange, whatever form it may take.

a. Mergers     b. Invoices     c. Coins     d. Bonds     e. Cheques

  

14) Because gold has been universally regarded as a very valuable metal, national currencies were for many years judged in terms of the so-called "gold ...............". Nowadays, however, national currencies are considered as strong as the national economies that support them.

a. circulation     b. transaction     c. allocation

d. standard     e. speculation

  

15) The current economic ............... was again discussed at yesterday's meeting of the İstanbul Chamber of Industry.

a. fictitious exports     b. tax rebates     c. bottleneck

d. stocks and shares      e. poverty

  

16) The increase in the cost per barrel of ............... has raised new fears of a hike in domestic oil products prices.

a. advance payments     b. tenders and bidders     c. raw materials

d. crude oil    e. short term loans

  

17) The International Monetary Fund's loan will cover 70 percent of the foreign exchange element on the investment program, including the sum for the ............... project. It will be used to finance the cost of imported machinery and equipment.

a. inflationary     b. assets     c. stock exchange

d. liabilities     e. modernization

  

18) They said the government consistently kept wage hikes low while the real purchasing power of the workers ............... throughout the years.

a. accumulated     b. deteriorated     c. went bankrupt

d. allocated     e. consumed

  

19) The firm announced that it has decided to import 10,000 tons of aluminium because of the shortage created by the factory ............... .

a. storage     b. delivery     c. transportation     d. shipment     e. strike

  

20) There was a unanimous vote for the lifting of restrictions on labour unions and freedoms; for the re-establishment of a free multi-party democratic order; and for full restoration of constitutional ............... and liberties.

a. bans     b. solvency     c. incentives     d. rights     e. credits

        

Try to analyse the reason(s) for any wrong answers you might have opted for. If terribly unsure, you can always send me e-mail for clarification.

         

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