sinancizt engitsh OLS economic issues Income Complete the text by using the following words: “cost differentials distribution earn’ income inequality profits progressive purchasing rent salary standard Money paid, usually weekly and often in cash, to a worker for work done is called a wage (or wages) A (1) -.ce.0+-++ is a regular payment made to:an employee, usually by a bank transfer or cheque at the end of the month, A real wage is an actual wage deflated (divided) by the consumer price index; this gives the (2) .......... power of an hour's work. Skilled work is usually rewarded by higher pay than unskilled work. Skills, knowledge and expertise acquired in education ot special training are also known as human capital, and are usually remunerated. On the contrary, compensating (3) are often paid to persuade unskilled people to take dangerous, dirty, inconvenient or tedious jobs. Subsistence wages are the minimum amount needed to support person’ life. Fortunately, mast people in industrial and post-industrial countries (4)... rather more than this. IF higher wages tempt people to work longer hours, this is known as the substitution effect. But after a certain point, higher ‘wages mean that workers can afford to work fewer hours this is the (5) ....... effect phe(6).-- of living is defined as the level of prosperity in terms of material or social benefits (which ate related to income and wealth). The (7) of living is the amount of money that ‘must be pai for food, housing, clothing, and so on. In economics, unlike in marketing, (8) concerns the allocation of factors of production ~ land, which earns (9) , labour, which ears wages, and capital, which earns interest and/or profits ~ and their market prices. Income is the flow of money eared or collected during a given period, including wages and salaries, interest payments, rental income, and (10) .......... from business, ({1).....++-+» ot redistributive taxation can teduce income (12) ...-.- Wealth is the net stock of tangible and financial assets owned at any particular time “If God had meant us to live within our means He wouldn't have given us credit cards!”6.16 economic issues financial english EXERCISE 1 ‘Complete the text by using the following words: bonus double time golden handshake —_ incentive minimum wage overtime pay differentials pay scales pay-roll remuneration salary pension time and a half wages John Bright is the Marketing Director of MicroTech, a fast-growing electronic equipment manufacturer with 600 people on the (1) . He was headhunted fom another company, and his (2)....+. +++ is very high. He also gets a large annual (3) if sales are good, which is of course a big (4) to him, His predecessor was fired — but he was given a big ©) approximately three years’ (6) + yplusa full (7).......+++, even though he was only 58 years old MicroTech has a number of different (8) 0) , and the production workers are paid according to their skill: there aze strict (4) between fully-skilled and semi-skilled employees. The (11) of Paul Gascoigne, the janitor at the MicroTech headquarters, are not very high, but he has plenty of » which earns him (13) in the evenings and on if he has to work on Sundays. ‘The cleaners do not eam much more than the ‘opportunities to do (12) Saturdays, and (14) .. EXERCISE 2 ‘Although pay is important there are, of course, many other aspects of work that people consider when choosing a job. Which of the following are important for you? Rank them in order of importance from 1 (most important) to 12 (least important) for you: Variety of routine Responsibility for others Meeting people Power Working hours ‘Working conditions ‘Work atmosphere Holidays Opportunity to travel Job security Financial package Career opportunities Other If you are working in a group, compare your answers with another student.$.°May I have it befere naon?™ “Dw afraid iL reat least five hours i Bek hours to ment, 3) took © takes (0) has Laken 2. “What are you stsally gong te do daring your vac “Think 10 eithor go abroad ...... to the countrysid (a) that = Br and “Why is Bob eo hopry?” Ihe fon vet licen published OY had (e) is (a) dia 4. "What tort af meat would you ike to have?” “Pa bike temothin the chop you're your hand eae ing in () 2 (2) ke {0 that {3} such 5.*You cough easier Loday” sid the dotor to ie patient, “Thawed all might long’ reptied ths patient. ues (G) sas procticin {0) iad Been practiont {e) had precticed {0) havet been practicing 6.20 id you Nave & shave Intel?" “No, bt I goss F should. a) te (6) hea (6) to have Gia ot 43. "Are you going to leave the luggage here “Unless you would preler itis ee Prefer sss. toveheck it in at the (2) me yr fe) that eles ae “No, pledse give me ....... (@) ethers (b) the another (0) the other Ee (2) other Mike is getting taller and taller.” Yen, he’ ectualy growing esr (a) {ie (9 ten ieee {8008 Yew fches 46, John bo tea™ “Yes; Meaime ie the Hist £7.75 Paul outsider” “No, U saw him going (@) i of (b) into © tia 5 (in cWhy Ia he absent" “Higiee insisted on her friend's very morning.” the dentist this ) ict can’t fol the totter Luey wrote ine” *Noturaliyy is in. (6) waste papers beaker (i) the basket’s waste paper (tie waste paper basket (i) Uke waste paper's bosket g.tMay help you! “No, thanks; everybody ....-. supposed to manage all alone.” (a) are (i) sere , (oi (3) sei ‘9."Have they moved the patient to another ward?” wey bees Fight n0¥." G) is inoved () is being moved {e) tnoves (8) moving 40.*Why did you do it by yourself?” “Teeause 1 didn’t have anyone me” (@) for epi hep (0) hep (a) Helped ‘1-*Doos he really mean to buy himself 2 racing car?” can he says ha havalways dreamed ...... having one.” a) for ti) of to) by (a) wih are you pring to listen to me?” mo hat for Uiece Howes!” spat t fe) was doing (fed done Lo have been doing (a) have done 19.*How was accommodation ‘eWentayed at thevery best inn Ihave exer put (6) ve ty (in @ tak 20. "Mary han een such a nee % son her and thank her for Yes, Esl you the fetter.” (a) () call {e) would call {@) shall call 2, “Does hie mother miss him?” “Be has thought of him ever since he « home.” {a) would lett (i) ete {e) would have Tet (e) has lett 225i you go Lo te hin?” ‘No, tdidnrsift had,» about it” {oy would wold 0) seould tell {9 wld (a) would has 23.010 is very painful” I makes me (3) tee (0) to feet (ey fee (a) had fete 2% ls Helen in?” "No, she Weal oo. (a) t shopping «him everything wld ax if 1 had a strong headache.” ten rminvtes ago.”25.71 have read hia lost (wo novels.” ‘Which of them did you ike... 2" (2) good (6) mostly te) best (1) ie most 26. The long afternotn walk will do ...... g00d tothe hey, 28. Last summer while he was Laking walk Firend afore Tot hs way i te frst ) (8) many 1 Oak ¢ ‘27, There was only ...... ink eft in the pen. (a) a few S 0) few 3 tite 28. There were too ...... difficulties for us to overcome. ! (mack i) mony (6) many ies oe ee Pee | hyo | Hee | pe {b) our: 1 es. an a | cc ae 42, Paton boasts (himsel) of # twedal for hie won! * (a) to have been Presented with mo having been 2 geo eee Rrsaect mth rane ae | yr gee | 4 msc eae er (b) quarrels (©) quarrelled i Coa A a) didn’ tear (b) haven't heard (©) haven't bean. heard 6. Miriem () sang (6) had been singing (6) has sung 8 4. How long. ago from you for quite a long white, ever since ate a gil. nia tok) ani eet) aes ont $2. a 168 abot Gn cae of tomorrow. him (2) meet th) will meet ape {a} thie 4h) the (@) theres 1 told you. 33. Our guess is probahly 28 good 26.10 prior ‘eh since tie Ga ‘ 2b Jerry ie in the fmt a) ie moat young {i} youeges (3 Ee youngest ye = - (ap elder uh: {G) ser then Paul's father. | (older s= sis dog is very meh»; th yellow ono over thee Dae Ps (a) alike tke te) as 3B, Peer's paper om sirplllion was -.es better than ae (a) more, oP to fir 40. Mor dona somber wos deine Best (8) of alt {@) fom al 40.1 Jon eam dng oo eg {b) well tke () ne well than. . all [L, Now, can you toll me what. thie ie Pe aE done (8) you have been doing (e) you did 50.18 only, you liked sweets, 1 might have browgit you some. (a) hed krowa (h) knese {6} have known St. Paris, the son of the King of Troy, carried (a) off (b) up 52 (a) ) (6) taking 59. Menelaus ...... 8 mighty army among the Grecks and (a) vous (b) raised (6) arose sailed for Troy which he hetieged. 54. For ten yoars the Trojens and the Greeks fovgt on the windy plain before Troy whithout bringing the war to... end. (a) the () sa wa 55. The Trojans were woable to make the Greeks oo... (a) lifted Git (6) Hitting the singe, and the Greeks could not fight their way into the city,ts) wih * my force of arms, Odvssens devised a strategy ta Sener the city by tree" Hl engagod carpentersend ince : horse ......-09 the walls of Troy themeciees. ns? , ‘88(a) taller Z has ot (6) a0 tall - 58 He had... me th inside hcitow, and ihe howe (3) a wes Sane siti ae = Baha Oi (et fone 61. hen te banana omptel, Oye id the bee fat the Grek ur said Sh a oem, “aY conewaling - peor ened 621 The rest of the army .. sainp. They gathered their (@) braked +) braked 9 99m , = {0}, brake é feats ond the ris Ut tani equipment and fr-rlod ‘het ships. The ships sel sail and Wiseppeared lav ton ght of Troy, but thoy went only behind. the. Secret Jsland, whore’ they... not he Seen By the wotehons 8. (a) can 0) micas fey sould HP ous fey Shout it and Uus oring the auger of Athena on ubemelves, AL: Forif they brought it inte the won, et favour would ‘2 rors the Grecks to the Trojans. Wile Simen woe talking, Odyotus end his men ware ied inside the hore, Tisteaing. HY SpTe wan that the horse was brought... the ety, Tae ia} st opeh ace & IM into le) to ‘When night came, the Trojans went ta thelr houses apy ithe heist that tho aego wa ited and that {by had won the favour of the. Goddeas Athena, Bet thea, at idnight, whew al were alee, Odysneua end ‘onthe horse. First n. ‘warriers eme (a) tis otto bot (0) an other cae {e) te oer ~Chy tee open the goes and hte the rst of tho Grovk sony. than they etree ihe ey, Tate 9 Qe “The Trojan awakened rm soy 40d without thir ‘ott ay bat hay ha hen tan em isle by supoiae Whe ght tga all ees Rpt, “ie tbe o ae Dot by morning Try vas iauimieoxt of the Trojern dad. OF al ofthe ton ef the Tejon ins, nly Ate ecaped. Hever Cough the fe tal Tale) ied 8) fer b fo fd on Lhe walls. The next morning the people oP Trey se... i} ‘oh (9) ovaiced () awokod {ri awoke id the pli before tier empty, forthe mia time in tin yee, athe Grek ape te placa send a Ihuge wooden horse. They rushed nom tle walls ani | ahelptain, joyful at being free to leave the city. 65. In the place where the Greckesmp + they found | a) as (has been | (eta een ‘nly one human being, @ Gree, Simon by name, who Aad been stationed there by Odysseus and Caetaly tae | trueted a he’ tate he wan totell fe sad thet the SGrecks had marked him nea himan sacrifice to reese the wrath cf the Goddess" Allens, whom taty ts {o) were Kaan (2) had knasen’ {el Jens hod Felurned. to their homes (60. He told thom that the herso was én offering to Athena. Had been made so large, he suid, to discourage he Trojans ....Dringing Te inside the valle, He. suid Tet fee (ay Ge tt es ) | {chim 1. VOCABULARY Fase ae to type of problems in the vocabulary tos: in each sentence a word (or groups of words)"is ety put, lnsand, threo choices (es Sep oe Sse Cee te cara’ oe) 8 008 ate ane agen? hasbeen underlined asthe comer IH) ta each sentane ne word is wndernd, Seno tuime loa rh pale sepa ee Set {issih Ate ay She ache 1k was a very dat day ; ¥ 3) hoon i 2B) flondas 1D mabe Hem d- “miserable” has been underlined a8 th sation of the problem ae ces Be fine 21 Tor the completion ofthe vocbala sno JSD the ete wit the cre om amg {. Tom lites to make his own mechanical top, 2, HEY, elty, b) conning. g) skit. bee UR Somos mte a Fate aad dap the light”, "to wad tage remove”, then “to put in