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END OF UNIT TEST 1 University of Economics, HCMC School of Foreign Languages End of Unit Test U27 M4 Name EXAM IN ENGLISH FOR BUSINESS COMMUNICATION (30 minutes) I Match up the half sentences below defining key terms 1 Protectionism means restricting imports A a tax charged on imports 2 An infant industry is one that is B by way of trade barriers such as tariffs and quotas 3 Absolute advantage means a country’s ability to C government policies or regulations that restrict international trade 4 C.
University of Economics, HCMC School of Foreign Languages End of Unit Test.U27.M4 Name: ………………………… EXAM IN ENGLISH FOR BUSINESS COMMUNICATION (30 minutes) I Match up the half-sentences below defining key terms Protectionism means restricting imports … A a tax charged on imports An infant industry is one that is … B by way of trade barriers such as tariffs and quotas Absolute advantage means a country’s ability C government policies or regulations that to … Comparative advantage means a country’s restrict international trade D a maximum quantity of goods of a specific ability to … A quota is … kind that can be imported into a country E in an early stage of development and which cannot survive competition from foreign A tariff is … companies F particularly important to a country’s Trade barriers are … economy G produce goods at a lower cost than any other Free trade means imports and exports of country H produce particular goods more goods and services … efficiently (using fewer resources and at a lower cost) than some other countries A strategic industry is one that is … I involved in moving a product or service from 10 Supply chain is a system of organizations, supplier to customer J without any government restrictions people, activities, information, and resources II make Match one item from A with one from B to make a common collocation a of achieving the targets capable b for sure turn out c in stock and share take d to the pressures of foreign markets know e job opportunities invest f to be a disaster increase g the productivity expose themselves h into risky ventures create i a risk 10 get j a living III Complete the sentences with one of the words in the following box protectionism stimulate high-risk efficiency gains analogy inferior expose inefficient stability intellectual property While there are several investment plans, one can choose ……………… investment options if they are willing to take risks You might call something ……………… if its quality is not as good as another ……………… management may come from the leader’s individual personality A raise in employee wages can ……………… production If cost goes down and earnings are flat, or if cost is flat but earnings go up, the company has made ……………… There will be a lot of competitive and strong companies coming here and even though Kosovo is a small company, one of our main interest is to ……………… it to the world market Australia’s Treasurer, Wayne Swan, used the ……………… of Hurricane Katrina to convince his audience that through crisis came a better understanding of underlying weaknesses in a system Trade ……………… is how countries raise tariffs and reduce imports to protect their domestic industries On April 26 every year we celebrate World ……………… Day to promote discussion of the role of IP in encouraging innovation and creativity 10 The manager’s first task is to bring some ……………… to the team IV Listen to the recordings and fill in the blanks with the words you hear I think I would argue that many economists favour (1) ……… …………, and some governments see the problems with free trade, under (2) ……… ………… We all know that economics is based on (3) ……… ………… And sometimes those simplified models are not useful in explaining the way the (4) ……… ………… works, or sometimes there are exceptions to those models Let’s take into account the (5) ……… ………… for free trade – OK, that everybody gets (6) ……… …………, more efficiency, we can consume more goods and services Well, that may be the case, but there may be some people who (7) ……… ………… Take the very simple argument, we often have two economies with two goods, OK, we simplify and then we extend So say we’ve got two economies with two goods We’ve got a (8) ……… ………… producing computers and cloth, and we have an underdeveloped country that’s trying to produce computers and cloth OK, and then we say, well actually with free trade you should specialize in what you’re best at, or least worst at OK, so under that situation we say, right, to the developed country, you produce computers, and sell some computers to the developing country, and the developing country, you focus on cloth, and buy the computers from the developed country, and so on That’s our (9) ……… …………, OK And we can see that there’s (10) ……… …………, ultimately we should be able to get, consume more computers and cloth through that process 1.free trade certain circumstances 3 simplified models real world standard argument better off lose out developed country standard model 10 efficiency gains Definition of efficiency gain Normally measured by looking at the relationship between cost and earnings If cost goes down and earnings are flat, or if cost is flat but earnings go up, the company has made gains in efficiency ... d to the pressures of foreign markets know e job opportunities invest f to be a disaster increase g the productivity expose themselves h into risky ventures create i a risk 10 get j a living III... 26 every year we celebrate World ……………… Day to promote discussion of the role of IP in encouraging innovation and creativity 10 The manager’s first task is to bring some ……………… to the team IV... circumstances 3 simplified models real world standard argument better off lose out developed country standard model 10 efficiency gains Definition of efficiency gain Normally measured by looking at the relationship