14.

The community or outside society can be referred

to as ________________ stakeholders. 21. ________________ is referred to as a maximum
A. interval quantity of goods of a specific kind that can be
B. internal imported into a country.
C. external A. A quota
D. extended B. An output
C. A tariff
15. The contract requires managers D. A sales target
________________ to high standards of personal
ethics. 22. ________________ helps to identify a product
A. to eliminate made by a particular producer and cannot be legally
B. to maximize used by anyone else.
C. to provide A. A generic
D. to conform B. A trademark
C. A brand
16. An economic system in which anyone can raise D. A symbol
capital, form a business, and offer goods or services
is called ________________. 23. A tax collected at each stage of production,
A. free society excluding the already-taxed costs from previous
B. free expenditure stages, is called a/an ________________.
C. free enterprise A. added-value tax
D. free corporate B. sales tax
C. value-added tax
17. It is clearly shown that their products are designed D. capital gains tax
to ________________ profit rather than behave
according to consumer expectations. 24. WTO policies allow rich countries to
A. provide ________________ heavily subsidized industrially
B. maximize produced food in poor countries, which damages
C. optimize local production.
D. localize A. dump
B. copy
18. Selling your company's secrets to a rival is called C. protect
industrial ________________. D. deny
A. fraud
B. espionage 25. ________________ is referred to as basic systems
C. pollution and services such as transport and power supplies.
D. trading A. Facilities
B. Infrastructure
19. ________________ means a country's ability to C. Superstructure
produce particular goods more efficiently than some D. Asset
other countries.
A. Absolute advantage 26. ________________ penalizes all income-
B. Comparative advantage generating activity, which makes everyone poorer.
C. Relative advantage A. Value-added tax
D. Competitive advantage B. Income tax
C. Inheritance tax
20. ________________ means restricting imports by D. Capital gains tax
way of trade barriers such as tariffs and quotas.
A. Consumerism 27. Unfettered free markets can ensure the long- term
B. Strategic industry optimal ________________ of resources and long-
C. Protectionism term economic growth.
D. Absolute advantage A. provision
B. allocation
C. calculation
D. collaboration

28. He also maintained that increases in public

expenditure would lead to increased
________________ and higher unemployment.
A. intervention
B. taxation
C. proportion
D. restriction

29. The business cycle or trade cycle is a

________________ feature of market economies:
GDP alternately grows and contracts.
A. temporary
B. permanent
C. alternative
D. expansive

30. During a(n) ________________, parts of the

economy expand to the point where they are working
at full capacity.
A. upturn
B. downturn
C. consumption
D. balance of payments
SECTION 2: Reading Cloze (20 marks, 2 marks/answer) 

Fill in each blank with one suitable word/phrase. You don’t need to use all the words provided.

designing protecting advanced committed

environment impact schedule related
economic business managed progression
 
Business and the environment
These days in business, people have to face many challenging questions when (31)
________________ and implementing new projects in undeveloped areas of the countryside. One issue
which has to be faced is whether it is possible to introduce new technology without destroying the local
(32) ________________.

(33) ________________ development and environmental conservation are often seen as natural enemies.
It is unfortunate that in the past this has often been true, and it has been necessary to choose between
running the project or (34) ________________ the environment. However, by taking environmental
considerations seriously at an early stage in a project, companies can significantly reduce any (35)
________________ on local plants and animals.

For example, in southern Africa, a company called CEL was asked to put up 410 km of a power
transmission line without disturbing the rare birds which inhabit that area. The project was carried out
with minimal disturbance last summer. What may surprise many (36) ________________ people is the
fact that this consideration for local wildlife did not in any way slow down the project. Indeed, the
necessary advance planning, combined with local knowledge and (37) ________________ technology,
meant that the project was actually completed ahead of (38) ________________. CEL was contracted to
finish the job by October and (39) ________________ to do so two months earlier.