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EOU TEST 2SECTION 1: Vocabulary and Structure (30 marks, 1 mark/answer) ________________ is referred to as government actions concerning taxation and public expenditure A. Monetary policy B. Economic policy C. Fiscal policy D. Tax policy During a(n) ________________, the demand for goods and service...

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EOU TEST 2 SECTION 1: Vocabulary and Structure (30 marks, 1 mark/answer) 1. ________________ is referred to as government actions concerning taxation and public expenditure A. Monetary policy B. Economic policy C. Fiscal policy D. Tax policy 2. During a(n) ________________, the demand for goods and services will decline and the economy will begin to work below its potential. A. upturn B. boom C. downturn D. expansion 3. The fact that people start saving money and consuming less leads to a ________________ in demand, production, and employment. A. equilibrium B. surplus C. rise D. fall 4. The company increased its production of the new shoes after a recent advertising campaign made the ________________ for the product increase rapidly. A. trough B. demand C. deficit D. surplus

7. ________________ is the economic theory that supports governmental intervention in the economy, to counteract the business cycle. A. Keynesianism B. Monetarism C. Classical economic theory D. Friedman theory 8. The period during which radical innovations destroy established companies or industries is called ________________. A. creative destruction B. technological invention C. trough D. endogenous 9. If the economy's turning down, it may make sense for governments to have ________________, and to keep expenditure in the economy. A. budget surplus B. budget deficit C. budget equilibrium D. budget supply 10. The upward and downward movement of aggregate output produced in the economy is referred to as the ________________. A. long-lasting recession B. negative growth C. business cycle D. monetary expansion

5. The difference between the funds a country receives and those it pays for all internal transactions is called ________________. A. balance of payments B. consumption decisions C. equilibrium D. gross domestic product

11. Groups of people with a stake in or an interest in or a claim on the firm are called ________________. A. stockholders B. shareholders C. bondholders D. stakeholders

6. The total market value of all the goods and services produced in a country during a given period is called ________________. A. gross domestic product B. balance of payments C. consumptions D. demand decline

12. Countries where taxes are low, where multinational companies often set up their head offices, are known as ________________. A. tax launderers B. tax harbors C. tax havens D. tax evasion

13. The model where companies have an obligation to maximize profits because shareholders expect the maximum return on their investments is called ________________. A. stockholder model B. stakeholder model C. caveat emptor D. classical theory 14. The community or outside society can be referred to as ________________ stakeholders. A. interval B. internal C. external D. extended 15. The contract requires managers ________________ to high standards of personal ethics. A. to eliminate B. to maximize C. to provide D. to conform 16. An economic system in which anyone can raise capital, form a business, and offer goods or services is called ________________. A. free society B. free expenditure C. free enterprise D. free corporate 17. It is clearly shown that their products are designed to ________________ profit rather than behave according to consumer expectations. A. provide B. maximize C. optimize D. localize 18. Selling your company's secrets to a rival is called industrial ________________. A. fraud B. espionage C. pollution D. trading 19. ________________ means a country's ability to produce particular goods more efficiently than some other countries. A. Absolute advantage B. Comparative advantage

C. Relative advantage D. Competitive advantage 20. ________________ means restricting imports by way of trade barriers such as tariffs and quotas. A. Consumerism B. Strategic industry C. Protectionism D. Absolute advantage 21. ________________ is referred to as a maximum quantity of goods of a specific kind that can be imported into a country. A. A quota B. An output C. A tariff D. A sales target 22. ________________ helps to identify a product made by a particular producer and cannot be legally used by anyone else. A. A generic B. A trademark C. A brand D. A symbol 23. A tax collected at each stage of production, excluding the already-taxed costs from previous stages, is called a/an ________________. A. added-value tax B. sales tax C. value-added tax D. capital gains tax 24. WTO policies allow rich countries to ________________ heavily subsidized industrially produced food in poor countries, which damages local production. A. dump B. copy C. protect D. deny 25. ________________ is referred to as basic systems and services such as transport and power supplies. A. Facilities B. Infrastructure C. Superstructure D. Asset 26. ________________ penalizes all incomegenerating activity, which makes everyone poorer.

A. Value-added tax B. Income tax C. Inheritance tax D. Capital gains tax

C. proportion D. restriction

27. Unfettered free markets can ensure the long- term optimal ________________ of resources and longterm economic growth. A. provision B. allocation C. calculation D. collaboration 28. He also maintained that increases in public expenditure would lead to increased ________________ and higher unemployment. A. intervention B. taxation

29. The business cycle or trade cycle is a ________________ feature of market economies: GDP alternately grows and contracts. A. temporary B. permanent C. alternative D. expansive 30. During a(n) ________________, parts of the economy expand to the point where they are working at full capacity. A. upturn B. downturn C. consumption D. balance of payments

SECTION 2: Reading Cloze (20 marks, 2 marks/answer) Fill in each blank with one suitable word/phrase. You don’t need to use all the words provided. designing environment economic

protecting impact business

advanced schedule managed

committed related progression

Business and the environment These days in business, people have to face many challenging questions when (31) ___designing__ and implementing new projects in undeveloped areas of the countryside. One issue which has to be faced is whether it is possible to introduce new technology without destroying the local (32) __environment_. (33) __economic__ development and environmental conservation are often seen as natural enemies. It is unfortunate that in the past this has often been true, and it has been necessary to choose between running the project or (34) _protecting_ the environment. However, by taking environmental considerations seriously at an early stage in a project, companies can significantly reduce any (35) __impact__ on local plants and animals. For example, in southern Africa, a company called CEL was asked to put up 410 km of a power transmission line without disturbing the rare birds which inhabit that area. The project was carried out with minimal disturbance last summer. What may surprise many (36) _business_ people is the fact that this consideration for local wildlife did not in any way slow down the project. Indeed, the necessary advance planning, combined with local knowledge and (37) ___advanced_ technology, meant that the project was actually completed ahead of (38) __scheduel__. CEL was contracted to finish the job by October and (39)_manage_ to do so two months earlier. CEL is one of those companies which is (40) _committed_ to the principle of environmental conservation. Many other companies have yet to be convinced of the importance of balancing the needs of people with those of the environment. However, it may be the only realistic way forward.

SECTION 3: Reading Comprehension (30 marks, 2 marks/answer) Profits and social responsibility 1 Pure free market theorists argue that the function of a business is to make profits. Milton Friedman, for example,

argued that any corporate action inspired by “social responsibility”, rather than the attempt to maximize profits, is “unbusinesslike”. In an article called “The social responsibility of business is to increase its profits”, he argued that people who say that business has “responsibilities for providing employment, eliminating discrimination, avoiding pollution”, and so on, are “undermining the basis of a free society”. For Friedman, “only people can have responsibilities”, and not corporations: 2 In a free enterprise, private-property system, a corporate executive is an employee of the owners of the business. He has direct responsibility to his employers. That responsibility is to conduct the business in accordance with their desires, which generally will be to make as much money as possible, while of course conforming to the basic rules of the society, both those embodied in law and those embodied in ethical custom. 3 Therefore, “to say that the corporate executive has a “social responsibility” in his capacity as businessman” is to say that “he is to act in some way that is not in the interest of his employers”. Because if an executive makes “social” expenditures he is spending someone else’s money ... Insofar as his actions in accord with his “social responsibility” reduce returns to stockholders, he is spending their money. Insofar as his actions raise the price to customers, he is spending the customers’ money. Insofar as his actions lower the wages of some employees, he is spending their money. 4 Furthermore, such actions are “undemocratic” as they involve corporations taking on responsibilities that should be the government’s: taxation and expenditure, and solving social problems. If the elected government is not taking certain actions, it is because the voters did not want it to do so. Any such action “harms the foundations of a free society” and reveals an unfortunate “suicidal impulse” in businessmen. 5 Friedman does not seem to consider the possibility that stockholders might prefer to receive lower dividends but live in a society with less pollution or less unemployment and fewer social problems. 6 An alternative view to the “stockholder model” exemplified by Friedman’s article is the stakeholder model. According to this approach, business managers have responsibilities to all the groups of people with a stake in or an interest in or a claim on the firm. These will include employees, suppliers, customers and the local community, as well as the stockholders. Proponents of the stakeholder approach argue that all these groups should be represented on a company’s board of directors. Based on the information in the article, say whether the following statements are True (T), False (F). 41. Free market theorists think that people do business to make money. True

False

42. Friedman believes both people and corporations can have responsibilities. True

False

43. Friedman describes social responsible actions of corporations as an undemocraticy . True

False

44. Friedman argues that the social responsibility of business is to solve social problems. True

False

Choose the best answer.

45. According to Friedman, in what way are "social responsible" actions by businesses "undemocratic"? A. Because this is generally what the owners of the business want, and what they employ executives to do.

B. Because they involve doing things that should be done by governments. C. Because only people can have responsibilities, and not corporations. 46. According to the text, what other desires might stockholders have, apart from making as much money as possible? A. Lower dividends, higher prices, or lower wages. B. A society with less pollution or less unemployment and fewer social problems. C. A government that takes on social responsibilities. What does each of the underlined words refer to? 47 “… he argued that people who say that business has …” (Para. 1) Milton Friedman / Milton / Friedman 48 “… to say that he is to act in some way that is not …” (Para. 3) the corporate executive / corporate executive

Find words from the text which mean: 49. complying with or following (rules, etc.) (Para. 2) conforming to 50. treating some people in a worse way than you treat other people (Para. 1) discrimination 51. making something weaker (Para. 1) undermine 52. causes damage to (Para. 4) harms 53. according to generally accepted beliefs based on morals (Para. 2) ethical

Fill in each gap of these sentences with one suitable word from the text: 54. The new factory will provide employment for about a hundred local people. 55. According to the stakeholder model, business managers have responsibilities to all the groups of people with a stake in or an interest in or a claim on the firm. SECTION 4: Listening (20 marks) PART 1: Listen and fill in the gaps. (1mark/answer) But let's think what happens there. I'm working in a cloth factory in a (56) _developed__ country. We move from going from no trade to (57) __free__. My country specializes just in computers. What's going to happen, I'm going to (58) __lose__ my job. OK. Now that may be a big (59) __concern__, governments may be concerned about workers losing jobs in certain sectors. Now we could argue in theory I just need to (60) ___reallocate__ my job and become working in computing. It may be very (61) __difficult_ for me to do that. I may be in the wrong part of the country, I may not have the (62) __right_ and so on. Basically what happens with free trade is that many many people (63) _gain_ and a few people may lose and they may lose big time, and if we’re concerned about those people we may want to have some (64) __transition_ process, we may be concerned about (65) _unfettered_ free trade.

PART 2: Listen and complete the summary (2 marks/answer)

Q: What recent changes have you noticed in the job market? A: The most unique change in the job market recently is the intervention of (66) online recruitment and websites. As a global business, we can recruit roles that are based wherever. Besides, the candidate or (67) job seekers/ job seeker do have a large number of choice. For example, you can go online at home to look for roles and jobs that are advertised worldwide. It’s an absolutely (68) unique opportunity for both candidates and employers. In terms of the recruitment market, there has been an increasing need for interim and temporary employees. The fact is that many organizations will continue to experience change, and quite often, (69) specialist people will need to be brought in on project bases to handle specific projects in areas such as IT, (70) human resources … and people will keep looking for project management....