Download Vocabulary Exercises for

UNIVERSITY OF THE AEGEAN – SCHOOL OF SCIENCES – DEPARTMENT OF
MATHEMATICS – SUBJECT AREA: Statistics And Actuarial-Financial Mathematics
Vocabulary Exercises
for
English II (English for Economics
terminology)
Instructor: Eftihia Landrou
This booklet contains all vocabulary activities that were taught in the
course ‘English II’ (English for Economics) and are included in the
syllabus. These exercises are not exactly the same as the ones found in
your coursebook.
Contents
English for Economics (Coursebook: English for Macroeconomics).............................. 2
Vocabulary: Unit 1 ................................................................................................. 2
Vocabulary: Unit 3 ................................................................................................. 3
Vocabulary: Unit 5 ................................................................................................. 5
Vocabulary (1): Unit 8 ............................................................................................ 6
Vocabulary (2): Unit 8 ............................................................................................ 7
Vocabulary: Unit 10 ............................................................................................... 8
Key.................................................................................................................................. 9
English for Economics (Coursebook: English for
Macroeconomics)
Vocabulary: Unit 1
A. Matching
Find the following words in the passage in Unit 1 of your coursebook and try to
understand their meaning from the context or using a dictionary. Then, match the
items 1-10 to the explanations a-j.
1. the income earned by a country from the goods and services it produces.
2. something that an individual, corporation or country owns, which has a value,
and can provide future benefit.
3. a situation in which prices, levels or interest rates go up and down.
4. the act of putting money into a business to buy new stock, machines, etc.
5. the percentage of the population who are unemployed.
6. the percentage amount that you pay for borrowing money, or get for lending
money, for a period of time, usually a year.
7. the study of the financial and economic systems of a country or an industry.
8. a total, calculated by adding together different prices, amounts, etc.
9. the part of economics that studies individual markets and businesses, or how
individual people spend or earn money.
10. the money raised by a government from a particular tax or from taxation as a
Page 2 of 12
whole.
a.
b.
c.
d.
e.
f.
g.
h.
i.
j.
fluctuation
aggregate
investment
microeconomics
tax revenue
asset
macroeconomics
national income
interest rate
unemployment rate
B. Sentence completion
Now use the terms below to complete these sentences.
aggregate assets fluctuations income interest investment
macroeconomics national income rate tax revenue
1. When …………………………. increases, a country is considered to be improving its
economic status.
2. The …………………………. money supply has declined by 18%.
3. The business has …………………………. totalling £5.1 million.
4. The study of the economy as totals, rather than individual units,
is …………………………. .
5. The unemployment …………………………. is forecast to rise to 6.1% over the next 12
months.
6. The company has increased its …………………………. in research.
7. I've borrowed the money with a 7% …………………………. rate.
8. …………………………. in the demand of goods or services cause prices to change.
9. How much of your …………………………. do you pay in taxes?
10. If the government spends more than it collects in …………………………., it will have
a deficit.
Vocabulary: Unit 3
A. Matching
Find the following words (a-j) in the passage of Unit 3 in your coursebook and try to
understand their meaning from the context or using a dictionary. Then, match these
words with the explanations below (1-10).
1.
2.
3.
4.
how much you can buy with one unit of currency:
Inflation which is created by increases in production-costs:
a continuous rise in prices:
related to prices or rates after considering the effects of inflation:
Page 3 of 12
5. the level of unemployment that a country can have without it influencing the
rate of inflation:
6. inflation which is caused by increases in the demand for goods:
7. a list of the prices of basic goods and services, showing how they change in a
particular period of time, as a way of measuring inflation:
8. the amount of goods and services produced:
9. a need for goods and services which the consumers want to buy:
10. the amount of goods and services that is offered and is available for use:
a.
b.
c.
d.
e.
f.
g.
h.
i.
j.
consumer price index
cost-push inflation
demand
demand-pull inflation
inflation
non-accelerating inflation rate of unemployment
output
purchasing power
real
supply
B. Sentence completion
Now use the terms below to complete the sentences.
cost-push demand demand-pull index
output purchasing power real supply
inflation
non-accelerating
1. The type of inflation that is caused by an increase in wages, for example,
is ………………………….. inflation.
2. ………………………….. is when the overall price of goods and services goes up.
3. The type of inflation that is caused by people wanting to buy more goods and
services is ………………………….. inflation.
4. If a worker's nominal income stays the same, but her real income decreases, then
her ………………………….. of money will also decrease.
5. The consumer price ………………………….. was up 3.4%.
6. Any attempt to push unemployment below the ………………………….. inflation rate of
unemployment using macro-economic policy would lead to higher inflation.
7. Factory ………………………….. has risen in much of Britain over the past three
months.
8. My nominal income increased by 300 euros. However, because inflation got
higher, my ………………………….. income increased less than 300 euros.
9. 18,400 new houses will be needed by 2011 to cope with the ………………………….. .
10. A limited oil ………………………….. has made gas prices rise.
Page 4 of 12
C. Paragraph completion
Use the terms below to complete the paragraph. You may use a dictionary if
necessary. Use each term one time.
aggregates base year consumer price index cost-push inflation
demand-pull inflation inflation stagflation unemployment
Macroeconomics examines the behavior of ………………………. rather than individual
units of the economy. Two of the most important of these are, ……………………….
which is rising prices, and ………………………., which is people who are looking for jobs.
If high levels of both of these exist together, it is called ………………………. . When
prices rise because people want to buy more goods, it is called ……………………….,
whereas if prices rise because the cost of inputs rise, we call it ………………………. . The
rise in prices is shown by the ………………………. which measures change in prices from
a given.
Vocabulary: Unit 5
A. Find words that mean
Study the passage in Unit 5 of your coursebook and find words or phrases that have
a similar meaning to the sentences.
1. The accounting system that a national government uses to measure the level of
the country's economic activity in a given time period. (par. 2)
2. subtotals (par. 2)
3. spending money to buy goods and services. (par. 2)
4. spending money with the expectation of profit. (par. 2)
5. the total value of all final goods and services produced in a country in a given
year. (par. 3)
6. amount of money that is left after tax and other costs have been paid. (par. 3)
7. the total value of all the goods and services produced by a country in a particular
year, including income from foreign investments. (par. 4)
8. a gross domestic product (GDP) figure that is correct at the present time but
does not show the effects of inflation. (par. 7)
9. a GDP that considers the effects of inflation. (par. 7)
10. a common set of prices used to value the output of a firm or an economy in
successive periods. Changes in the real activity of a firm or an economy are
measured by valuing its real inputs and outputs each year at the same set of
prices. (par. 7)
B. Sentence completion
Now use the terms below to complete the sentences.
Page 5 of 12
consumption
GDP
GNP
investment
national
net
nominal
real
1. Because the …………………………….. GDP includes changes in prices as well as in
physical amounts of goods and services, economists generally use
…………………………….. GDP from which price change has been eliminated.
2. The system that measures the value of GDP and many other related statistics is
called …………………………….. income accounting.
3. The value of the total final output produced by a nation in a given year is its
……………………………… .
4. Increased household wealth is associated with higher personal
…………………………….. .
5. We've made a significant …………………………….. in IT.
6. …………………………….. earnings per share amounted to £0.78.
7. Figures published this week show that real …………………………….. grew by 2.3% in
the final quarter of last year.
C. Matching
Match these words from the passage in your coursebook with their synonyms.
1.
2.
3.
4.
5.
6.
7.
enables
abbreviated
interval
calculated
magnitude
reflect
eliminate
a)
b)
c)
d)
e)
f)
g)
period
show
measurement
measured
take away; remove
allows
shortened
D. Abbreviations
Below are some abbreviations frequently used in macroeconomics readings. Using
a dictionary if necessary, say what each stands for.
1. VAT
2. CPI
3. IMF
4. EMU
5. MPC
6. FRS
Vocabulary (1): Unit 8
Look at how these words are used in the passage in Unit 8 of your coursebook and
select a word that is closest to their meaning.
Page 6 of 12
1. fundamental
a) previous
2. derive
a) read
3. an abundance
a) many
4. conciseness
a) shortness
5. preciseness
a) difficulty
6. validity
a) seriousness
7. fruitful
a) rapid
8. refinement
a) belief
b) basic
c) hopeful
b) obtain
c) buy
b) neither
c) an increase
b) similarity
c) importance
b) seriousness
c) exactness
b) correctness
c) necessity
b) productive
c) unusual
b) improvement
c) existence
Vocabulary (2): Unit 8
Work in groups.
Using a specialized dictionary (IATE, Statistics glossary) try to translate the following
sentences in Greek or English. Pay special attention to the terms that
are underlined.
1. The mean for this group was 24.29 with a standard deviation of 4.779 and a
standard error of measurement of 1.277.
2. If we suspect that there is a strong linear relationship between smoking and lung
cancer, then the correlation coefficient between the two is expected to be near
+1.
3. Η παράσταση μιας διαφορικής εξίσωσης είναι dy/dt + ay = b.
4. Αν θέλουμε να διαπιστώσουμε πώς οι αλλαγές στο εθνικό εισόδημα
επηρεάζουν την κατανάλωση, θα μπορούσαμε να διεξάγουμε μια ανάλυση
παλινδρόμησης ανάμεσα στα δύο.
5. Σε ένα οικονομικό μοντέλο, μια αλλαγή στον καιρό θα θεωρούνταν εξωγενής
μεταβλητή, ενώ μια αλλαγή στην κατανάλωση θα ήταν ενδογενής μεταβλητή.
6. If forecasts for GNP growth persistently overestimate or underestimate actual
growth rates, then there is bias.
7. If we want to check whether two different methods of teaching typing, applied
to two randomly selected samples of students, result in different speed skills,
then we have to perform statistical tests of hypothesis.
Page 7 of 12
8. A stochastic model for a consumption function could be represented by
Vocabulary: Unit 10
Sentence completion
Use the terms below to complete these sentences. Try to understand the meaning of
the word from the passage of Unit 10, or use a dictionary if necessary.
ability-to-pay benefit contractionary direct
indirect marginal progressive proportional
expansionary
regressive
income
1. …………………………………….. policy would probably be appropriate for an economy
with a high level of inflation and high aggregate demand.
2. The money that a woman pays to the government from any money that she
earns is …………………………………….. tax.
3. The …………………………………….. principle says that poor people should pay less tax
than people who have more money than them.
4. Many people feel that …………………………………….. taxation is a fair system because
the more money a person earns, the larger the percentage that is paid in taxes.
5. In terms of fiscal policy, an economy with a high level of cyclical unemployment
and low production would be likely to follow a(n) ……………………………………..
policy.
6. Excise taxes are an example of …………………………………….. taxation because they
place a relatively larger burden on low-income families than on high-income
families.
7. A person who earns 16,000 euros a year and pays 25 cents of the last euro in
income tax has a(n) …………………………………….. income tax rate of 25%.
8. According to the …………………………………….. principle, a person who does not use a
certain public good should not pay any part of the taxes which are collected in
order to provide it.
9. Under …………………………………….. taxation the same percentage of taxes is paid by
everyone regardless of level of income earned.
10. A(n) …………………………………….. tax increases the price of a good so that
consumers are actually paying the tax by paying more for the products. On the
other hand, a(n) …………………………………….. tax is an income or wealth tax, which
burdens only the person upon whom is levied.
Page 8 of 12
Key
Vocabulary: Unit 1
Exercise A
1. (h) national income
2. (f) asset
3. (a) fluctuation
4. (c) investment
5. (j) unemployment rate
6. (i) interest rate
7. (g) macroeconomics
8. (b) aggregate
9. (d) microeconomics
10. (e) tax revenue
Exercise B
1. national income
2. aggregate
3. assets
4. macroeconomics
5. rate
6. investment
7. interest
8. Fluctuations
9. income
10. tax revenue
Vocabulary: Unit 3
Exercise A
1.
2.
3.
4.
5.
6.
7.
8.
(h) purchasing power of money
(b) cost-push inflation
(e) inflation
(i) real
(f) non-accelerating inflation rate of unemployment
(d) demand-pull inflation
(a) consumer price index
(g) output
Page 9 of 12
9. (c) demand
10. (j) supply
Exercise B
1. cost-push
2. Inflation
3. demand-pull
4. purhcasing power of money
5. index
6. non-accelerating
7. output
8. real
9. demand
10. supply
Exercise C
Macroeconomics examines the behavior of aggregares rather than individual units of
the economy. Two of the most important of these are, inflation which is rising
prices, and unemployment which is people who are looking for jobs. If high levels of
both of these exist together, it is called stagflation. When prices rise because people
want to buy more goods, it is called demand-pull inflation, whereas if prices rise
because the cost of inputs rise, we call it cost-push inflation. The rise in prices is
shown by the consumer price index which measures change in prices from a given.
Vocabulary: Unit 5
Exercise A
1. national income accounting
2. sub-aggregates
3. consumption
4. investment
5. gross domestic product (GDP)
6. net
7. gross national product (GNP)
8. nominal GDP
9. real GDP
10. constant prices
Page 10 of 12
Exercise B
1.
2.
3.
4.
5.
6.
7.
nominal / real
national
GNP
consumption
investment
Net
GDP
Exercise C
1.
2.
3.
4.
5.
6.
7.
allows (f)
shortened (g)
period (a)
measured (d)
measurement (c)
show (b)
take away; remove (e)
Exercuise D
1.
2.
3.
4.
5.
6.
value added tax
Consumer Price Index
International Monetary Fund
Economic and Monetary Union
marginal propensity to consume
Federal Reserve System
Vocabulary (1): Unit 8
1.
2.
3.
4.
5.
6.
7.
8.
(b) basic
(b) obtain
(a) many
(a) shortness
(c) exactness
(b) correctness
(b) productive
(b) improvement
Vocabulary (2): Unit 8
(suggested answers)
Page 11 of 12
1. Ο αριθμητικός μέσος για αυτήν την ομάδα ήταν 24,29 με μία τυπική
απόκλιση 4,779 και ένα τυπικό σφάλμα μέτρησης 1,2777.
2. Αν υποπτευόμαστε ότι υπάρχει μία ισχυρή γραμμική σχέση ανάμεσα στο
κάπνισμα και στον καρκίνο του πνεύμονα, τότε ο συντελεστής
συσχέτισης ανάμεσα στα δύο αναμένεται να είναι +1.
3. The representation of a differential equation is dy/dt + ay = b.
4. If we want to find out how the changes in national income affect
consumption, we could conduct a regression analysis between the two.
5. In an economic model, a change in weather would be considered as
an exogenous variable, whereas a change in consumption would be
an endogenous variable.
6. Αν οι προβλέψεις για την άνοδο του ΑΕΠ συνεχώς υπερεκτιμούν ή
υποτιμούν τα πραγματικά ποσοστά ανάπτυξης, τότε υπάρχει μεροληψία.
7. Αν θέλουμε να ελεγξουμε αν δύο διαφορετικές μέθοδοι διδασκαλίας
δακτυλογράφησης, που εφαρμόστηκαν σε δύο τυχαία επιλεγμένα δείγματα
μαθητών, καταλήγουν σε διαφορετικές δεξιότητες ταχύτητας, τότε πρέπει να
διεξάγουμε στατιστικούς ελέγχους υπόθεσης.
8. Η παράσταση ενός στοχαστικού μοντέλου για μία συνάρτηση
κατανάλωσης θα μπορούσε να είναι (...) Ή Ένα στοχαστικό μοντέλο για
μία συνάρτηση κατανάλωσης θα μπορούσε να παρουσιασθεί ως (...)
Vocabulary: Unit 10
1. Contractionary
2. income
3. ability-to-pay
4. progressive
5. expansionary
6. regressive
7. marginal
8. benefit
9. proportional
10. indirect / direct
Page 12 of 12