Unit 23: The Business Cycle - Tài liệu ôn tập môn English | Đại học Bách Khoa, Đại học Đà Nẵng

UNIT 23: THE BUSINESS CYCLE TASK 1
Complete each sentence with appropriate words from the box.
balance of payments consumption demand downturn expectations
gross domestic product (GDP) save supply upturn
1. The ……………… were higher than we expected by our investor. We proceeded to work
overtime to meet their challenging demands.
2. The company increased its production of the new sneaker after a recent advertising
campaign made the ……………… for the product soar.
3. The finance ministers were under a lot of pressure to improve the country's economic
situation and, for that reason, they focused on their nation’s ………………and how they could improve it.
4. When you put out a new product and everyone likes it you must increase your ……………… to handle the demand.
5. When companies have rivals that offer a better product at the same or better price, they
often experience a ……………… in their stock market profile.
6. A small naturalistic pharmacy created the perfect medicine for colds. It became a popular
drug. A larger company got involved with them causing a great ……………… of their product.
The product was taken remade and renamed, but it never worked the same again.
7. A stock market is in ……………… when it changes from a bear market to a bull market.
8. Small changes can make a big difference to your bank balance. Change one thing you do
regularly and you could ……………… money. For example, you can share gardening tools and
equipment with your neighbours rather than each buying one of everything.
9. If you want to know how much your company has spent through the year you will need to
look through your ……………… TASK 2
Choose the correct answers.
1 The business cycle or trade cycle is a (temporary / permanent) feature of market economies:
GDP alternately grows and contracts.
2 During a(n)(upturn /
downturn), parts of the economy expand to the point where they are working at full capacity.
3 A long period of (expansion / contraction) is called a boom.
4 A downturn that lasts more than six months is called (a slump / a recession).
5 A downturn that lasts for a year or two is called (a slump / a recession).
6 The most probable cause of business cycle is (consumption decisions / balance of payments).
7 The fact that people start saving money and consuming less leads to a (rise / in fall) demand, production, and employment.
8 If supply exceeds demand, prices will (rise /
fall), and people will (start buying again / keep saving more).
9 When the economy bottoms out, there will be a(n) (upturn / downturn).
10 The theories of business cycle that look for causes outside economic activities, such as
scientific advances, natural disaster, elections or political shocks, demographic changes, … are
known as (endogenous / exogenous) theories.
11 According to Joseph Schumpeter, the business cycle (leads to / results from) major technological inventions. TASK 3
What does the underlined part refer to? 1 “ that lasts f one
or a year or two is generally called a depression or a slump”(Para. 1) 2“during radical i which
nnovations destroy established companies or industries” (Para. 3) TASK 4
Find prepositions to complete the following phrases and write them in the blanks. Paragraph 1
1 a permanent feature …………………. market economies
2 parts of economy expand …………………. the point where they are working …………………. full capacity
3the demand …………………. goods and services
4 one that lasts …………………. a year or two Paragraph 2
5 which …………………. turn are based …………………. expectations
6 all depend …………………. millions of decisions by consumers and businesses …………………. whether to spend
7 feel confident …………………. the future
8 people are worried …………………. the possibility …………………. losing their jobs
…………………. the near future
9 a fall …………………. production and employment
10 closely linked …………………. consumption
11 which contributes …………………. the downturn Paragraph 3
12 lead …………………. periods of “creative destruction” TASK 5 VOCABULARY REVIEW
Fill in each blank with the correct form of the given word. Consumption
1The new telephone rates will affect all …………………. including businesses.
2He disliked Christmas and its rampant(extreme) ………………….
3Our high living standards cause our present population to …………………. 25 percent of the world’s oil. Contribute
1She didn’t make much of a …………………. at today’s meeting, did she?
2The company offers a ………………….pension scheme.(one to which both the employee and employer pay money).
3At the back of the programme, there is a list of ………………….to the theatre appeal. Decision
1The result of the election is in doubt because of a large number of ………………….voters.
2He is criticised as a weak and …………………. leader.
3If we had acted earlier and more …………………., the situation would have been under control. Depression
1The story which he made up for his absence was …………………. familiar.
2He seemed a bit ………………….abouthis work situation.
3It …………………. me to think that I'll probably still be doing exactly the same job in ten years’ time. Expansion
1She gazed at the immense ………………….of the sea.
2There was an …………………. view from the window.
3If you crave minimalistic living without feeling cramped, this one-of-a-kind ………………….
house supplies lots of space and modern style. Possibility
1We need to send that letter off as soon as………………….
2He may …………………. decide not to come, in which case there’s no problem.
3I can't get it all done by Friday – it’s just …………………. Probable
1Until yesterday, the project was just a …………………., but now it has become a real
probability (it is likely that it will happen).
2…………………. the best thing to do is to call them before you go.
3Transporting coal by air transportation is highly …………………. Profit
1. We did not know if we should start a business because we did not know if we would
have enough …………………. when we began.
2. Over the years it has developed into a highly …………………. business.
3. Sustained periods of being …………………. can make a business go bankrupt unless new
strategies are adopted to change the direction of the negative income. ANSWERS TASK 1 1 expectations 2 demand 3 gross domestic product 4 supply 5 downturn 6 consumption 7 upturn 8 save 9 balance of payments TASK 2 1 permanent 2 upturn 3 expansion 4 a recession 5 a slump 6 consumption decisions 7 fall 8 fall – start buying again 9 upturn 10 exogenous 11 results from TASK 3
What does the underlined part refer to? 1 a downturn
2 periods of “creative destruction” TASK 4 Paragraph 1 1 of 2 to – at 3 for 4 for Paragraph 2 5 in – on 6 on – on 7 about 8 about – of – in 9 in 10 to 11 to Paragraph 3 12 to TASK 5
Fill in each blank with the correct form of the given word. Consumption 1 consumers 2 consumerism 3 consume Contribute 1 contribution 2 contributory 3 contributors Decision 1 undecided 2 indecisive 3decisively Depression 1depressingly 2depressed 3depresses Expansion 1 expanse 2 expansive 3 expandable Possibility 1 possible 2 possibly 3 impossible Probable 1 possibility 2Probably 3 improbable Profit 1 profitability 2 profitable 3 unprofitable