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I.
Choose the best answer A,B,C or D to complete the sentences

1. Economics is the study of the…… and consumption of goods and the transfer
of wealth to produce and obtain those goods.
A. product B. production C. producer D. producible
2. Microeconomics is a branch of economics that deals with the how consumers
and firms behave while making decisions on the………… of scarce resources.
A. transaction B. corporation C. importance D. allocation
3. Macroeconomics does not study:
A. the behavior of individual businesses and consumers
B. overall economic trends
C. the world economy
D. interactions among economic factors in the whole economy
4. If the price of a specific good or service……….., the quantity a buyer will
purchase will……….
A. increases /decrease
B. decreases /decrease
C. increases / increase
D. B&C
5. ….. is called the economic condition in which there is neither excess demand
nor excess supply in a market.
A. Shift factor
B. Normalization
C. Equilibrium
D. None of the above
6. If the quantity of money demanded exceeds the quantity of money supplied,
then the interest rate will:
A. change in an uncertain direction C. fall
B. rise D. remain constant
7. Monetary policy involves the use of interest rates to control the level and rate
of ………... of aggregate demand in the economy.
A. grown B. growing C. growth D. grow
8. The government debt is the sum of the debt held by the public plus the debt
held by………………...
A. Federal funds C. Treasury

B. Federal Accounts D. Congressional Budget Office
9. Making false declarations to the tax authorities is called:
A. Tax avoidance C. Capital gain tax

B. Capital transfer tax D. Tax evasion
10. The difference between tax evasion and avoiding tax:……….
A. Tax evasion is an illegal way to postpone the payment of tax.

B. Tax evasion is a legal way to postpone the payment of tax.
C. A&D
D. Avoiding tax is a legal way to postpone the payment of tax.
II. Read the following text and choose the best answer.
Supply and Demand
In the business world, it’s common to hear and see references to supply and
demand. With that said, few individuals possess a thorough understanding of
the idea and its wide-ranging impact on markets, prices, and consumers. In
short, supply and demand refers to the force of consumers (or how much
customers want or need to buy something) in relation to the available supply (or
how much of something companies are able to sell). Generally speaking, high
demand results in limited supply and increased prices, and low demand
results in an ample supply and decreased prices.
This latter phenomenon - the correlation between supply and demand and
prices-might sound confusing at first, but it’s actually rather simple. When there
isn’t enough of something available for sale to satisfy demand (or so that
everyone who wants this “something” can simply purchase it), manufacturers,
or businesses that produce a product or products, charge more; they are able to
do so because they aren’t faced with competition (as whatever they’re selling is
in demand and presumably not offered by many other businesses), and
customers are willing to pay more to secure said product. Inversely, if
something is available in abundance, companies will have to contend with
competition, or actions taken by a company that’re designed to improve its
market standing, sales, and ultimately, profits.
An example will make the concept of supply and demand entirely clear.
Imagine that a company creates a fantastic video game system that many
customers want to buy. Demand will build both naturally and as the product
isn’t available to buy (this marketing technique is utilized by many companies
today; not being able to purchase something seems to create consumer buzz),
and if the supply doesn’t increase to give every willing customer a system,
prices will rise. In other words, if customers have no other way to buy the
system than through its manufacturer, and are having a hard time finding the
system to buy, they’ll be willing to pay more to buy it.
On the other side of the coin, a product that’s not proprietary, is widely
accessible, and can be sold by any company - pasta, for instance - will be
manufactured, marketed, and sold by a number of businesses. One company
might sell a box of pasta for $10, and another company could respond to this
price by selling their own pasta for six dollars, and another company could sell
their pasta for four dollars, and so on and so forth until the price has been driven
down to a very affordable rate. Demand won’t be particularly high in this
scenario, as there will be plenty of the product at-hand to go around. Moreover,
demand comes before competition; if demand is relatively low because a supply
is high, prices will fall and some degree of competition will occur.
1. What is supply and demand?

A. The amount of something that’s available to purchase
B. How much consumers are willing to pay for a product
C. The maximum possible price for a product
D. The force of consumers in relation to the available supply
2. What prices do high and low demands create, generally speaking?
A. High demand creates low prices
B. Low demand creates high prices
C. High demand creates high prices and low demand creates low prices
D. Both demand types create low prices
3. If a company produced a small quantity of an in-demand product,
what would happen to prices?
A. They would rise
B. They would fall
C. They would stay the same
D. None of the above
4. Companies sometimes limit their supplies to:
A. Decrease demand
B. Increase prices
C. Increase demand and lower prices
D. Decrease demand and lower prices
5. What is commonly associated with low demand and low prices?
A. Proprietary products
B. Ample competition
C. Items that can be crafted by many companies
D. B and C
III. Match the suitable terms in the box with their definition from:
A B
1. Tax avoidance a. The percentage rate of increase in the economy’s
average level of prices.
2. Equilibrium b. The excess of government expenditure (on goods,
services and transfer payments) over the
government’s tax revenues.
3. Inflation rate c. Inputs that are used in the production of goods or
services including land, labor, capital and
entrepreneurship.
4. Production factors d. Reducing the amount of tax you pay to a legal
minimum.
5. Government budget e. The economic condition in which there is neither
deficit excess demand not excess supply in a market.
IV. Complete the following sentences using given prompts

1. Function / taxation / raise / revenue / finance / government/
expenditure.
->
2. Trust funds/ be / use/only/pay / very/ specific / programs/ such /

Social Security/ Medicare .
->
3. Insurance system / accomplish / redistribution / costs / losses

/collecting / premium payment / every participant / system.
->
4. Firms / face / limits / terms / kinds / products / that / they /can /

produce / , / and / resources / available / produce / them.
->
5. Expansionary policy / might / occur / when / government / feel / its

/ economy / be / not / grow / fast / enough / or /unemployment /
be / too / high.
->
V. ANSWER 2 QUESTIONS
1. How does the supply curve shift?
->
2. How many ways are there to avoid taxes? What are ways of avoiding tax
on profits?
->
VI. English - Vietnamese translation
1. Microeconomics relies heavily on the use of theory, which can help to
explain how economic units behave and predict what behavior will occur
in the future
->
2. An increase in the costs of producing a good would result in a decrease in

supply
->
3. A contractionary fiscal policy reduces the amount of money in the
economy available for purchasing goods, thus decreasing spending,
demand, and ultimately pressure on prices.
->
VII. Vietnamese - English translation

1. Để bù đắp khoản nợ, kho bạc nhà nước bán trái phiếu và các loại chứng
khoán nợ khác.
->
2. Các tổ chức tội phạm có xu hướng chuyển tiền qua hàng loạt công ty
trong các giao dịch rất phức tạp nhằm che giấu nguồn gốc của nó trước
các thanh tra thuế và cảnh sát.
->

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I.

Choose the best answer A,B,C or D to complete the sentences

A. grown B. growing C. growth D. grow

A. Federal funds C. Treasury

9. Making false declarations to the tax authorities is called:

A. Tax avoidance C. Capital gain tax

10. The difference between tax evasion and avoiding tax:……….

A. Tax evasion is an illegal way to postpone the payment of tax.

Supply and Demand

1. What is supply and demand?

IV. Complete the following sentences using given prompts

2. Trust funds/ be / use/only/pay / very/ specific / programs/ such /

3. Insurance system / accomplish / redistribution / costs / losses

4. Firms / face / limits / terms / kinds / products / that / they /can /

5. Expansionary policy / might / occur / when / government / feel / its

2. An increase in the costs of producing a good would result in a decrease in

VII. Vietnamese - English translation

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