PROGRESS TEST 1. Lessons 1-2

1. For each word in A find a word in B that goes best with it.

A	B
1. money 2. asset 3. monetary 4. law 5. shock 6. foreign 7. income 8. private 9. consumer 10. hierarchical	a. ownership b. bureaucracy c. enforcement d. policy e. investment f. distribution g. stripping h. goods i. laundering j. therapy

2. Translate into English.

1) политика невмешательства__________________________________

2) отмывание денег___________________________________________

3) уровень жизни_____________________________________________

4) ипотека___________________________________________________

5) недвижимость_____________________________________________

6) валовой внутренний продукт (ВВП)___________________________

7) ограничение кредита (ситуация в экономике, характеризующаяся высоким уровнем процентных ставок и трудностями с получением кредитов) ___________________________________________________

8) обеспечение кредита_______________________________________

9) общественное благо________________________________________

10) конкуренция_____________________________________________

11) спрос___________________________________________________

12) предложение_____________________________________________

13) прожиточный минимум____________________________________

14) банкомат________________________________________________

15) дефицит_________________________________________________

3. Fill in the gaps in the following sentences with the suitable grammatical forms of the words and word-combinations given in the list below.

1) _______________ measures contained in the economic recovery programme were based on strict financial discipline, free formation of prices and interest rates and a wage freeze.

2) Even internally within the EC, protectionism is highly damaging, both economically and politically, for the notion of sponsoring either national or EC-wide champions distorts fair competition and the _______________.

3) The Bank of England, responding to fears of a ______________, has asked banks to think twice before turning away would-be corporate borrowers.

4) The prices of certain goods (such as agricultural produce) seem to respond very promptly to changes in _______________.

5) The country experienced something of a _______________ as investors sought alternative outlets in more favourable economic climates.

6) _______________ policies aim to reduce poverty rather than to achieve equality.

7) One of the defining characteristics of a _______________ is non-excludability: once the benefit is produced, it is accessible to everyone, however much or little they contributed to the result.

8) Management may monitor performance and, in times of recession when building labour is freely available, _______________ operatives who fail to achieve the output required.

9) The primary task of monetary policy is to fight _______________, keeping it to an acceptable level.

10) High military expenditure will fuel inflation, reduce international _______________, and balance of payments crises will occur as public debt increases.

Words and word-combinations: flight of capital, Austerity, public good, competitiveness, lay off, supply and demand, level playing field, income distribution, credit crunch, inflation.

4. Provide synonyms for the following words and word-combinations.

Go bankrupt, downturn, lay off, cashpoint, thrifty.

Total: 40 / _____