ĐỀ 1 (real)

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

1. Capital transfer tax is a typical example of....
A. direct tax B. indirect tax C. income tax D. sales tax
Direct taxes: income tax, corporate tax, capital gains tax and property tax
Indirect taxes: value-added tax (VAT), sales tax, excise tax and customs duty
2. .......... is the tax imposed on sales of goods and services usually levied as a percentage of, and
added to, the price paid by the consumer
A. Customs duty` B. Tariff C. Sales tax D. VAT
3. Without money, all transactions would have to be conducted by …..which involves direct
exchange of one good or service for another.
A. transfer B. change C. barter (trao đổi) D. purchase
4. As more of a commodity is supplied, its price will fall until
A. competitive B. fair C. equilibrium D. reasonable
5. The... power of the local currency has halved
developing B. increasing C. selling D. purchasing
6. The money......... was controlled by the federal reserve as they had the ability to print money at
any time
A. provision B. demand C. supply D. aggregate demand
7. It is necessary to study … because it can help you to use your resource more effectively.
A. economy B. economist C. economies D. economics
8. Microeconomics is the study of ............... individuals and companies make choices regarding
the allocation and utilization of resources.
A. what B. why C. when D. How
9. Expenditures are everything that a government actually spends money……….. such as social
programs, education, and infrastructure.
A. on B. for C. to D. at
10. Much of the government's spending is a form of income or wealth………….
A. redistribute B. redistribution C. redistributed D. reditributing

II. Reading
III. Match the suitable terms in theo box with their definitions from 1-5
Infrastructure Equilibrium Recession Economic grow
Quantity Demanded GDP Quantity Supplied

Recession A difficult time for the economy of a country, when there is less trade and
industrial activity than usual and more people are unemployed.

GDP The total value of goods and services produced by a country in one year.

Infrastructure The basic systems and services that are necessary for a country or an organization
to run smoothly, for example buildings, transport and water and power supplies.

Quantity The quantity of goods or services that sellers are willing and able to sell at a
supplied certain price in a period of time.

Equilibrium The economic condition in which there is neither excess demand nor excess
supply in a market

IV. Complete the following sentences using given prompts

1. Economists/study/ ways/how/ a society/ use/ scarce resources/ produce/ goods/
services/
-> Economists study the ways how a society uses scarce resources to produce
goods and services
2. In capitalism/most/ important/ means/ production/ be/ money/ rather/land/labor.
-> In capitalism, the most important means of production is money rather
than land or labor
3. A mixed economy/ be/ economic system/ which/ goods/ be/ produced/ both/
government/ private enterprises.
-> A mixed economy is an economic system in which goods are produced by
both the government and private enterprises
4. Firms / face/limits/terms/kinds/products/that/ they / can / produce /,/ and/
resources/ available/produce/them.
-> Firms faces limits in terms of the kinds of products that they can produce,
and the resources available to produce them

5. Balance of trade/refer/ difference/ between/ the money/ receive/ exports/and/the

money/ spend/imports.
 -> Balance of trade refers to the difference between the money that a country
receives from exports and the money that it spends on imports

V. Answer two questions based on the reading texts you have learnt in your course book.
1. What are some main sources of government's revenue? How can governments raise more
money to spend?
-> Some main sources of government's revenue are from taxation and borrowing.
Government’s revenue come from many different kinds of taxes. Among them, three main
sources are individual income taxes, corporate taxes and payroll taxes. In addition,
Government’s revenue come from borrowing. Borrowing is mainly achieved through the
issuing of bonds.

2. What are resources of consumers? How do they allocate their resources?

-> Consumers have limited their income so that they must make some trade-offs.
Consumer theory describes how consumers, based on their preferences, maximize well-
being by trading of the purchase of more of some goods with the purchase of less of others.
We also see how consumera decide how much of their income to save, thereby trading off
current consumption for future consumption. For example, a consumer trades off beef for
chicken, based partly on his/her preferences for each one, but also on their prices.

VI. English - Vietnamese translation

1. The most important objective of monetary policy is to control inflation and stabilize prices.
-> Mục tiêu quan trọng nhất của chính sách tiền tệ là kiểm soát lạm phát và ổn định giá cả

2. Investors value liquidity because they need to sell their securities quickly to raise cash. So
investors will pay more for securities that are highly liquid.
-> Các nhà đầu tư đánh giá cao tính thanh khoản bởi vì họ cần bán chứng khoán của họ
một cách nhanh chóng để tăng tiền mặt. Vì vậy các nhà đầu tư sẽ trả nhiều hơn cho những
chứng khoán có tính thanh khoản cao

3. The relationship of demand and supply plays a significant role in a market, allowing efficient
allocation of resources and determining a market price for the product or service.
-> Mối quan hệ giữa cung và cầu đóng vai trò quan trọng trong một thị trường, cho phép
phân bổ hiệu quả các nguồn lực và xác định giá thị trường cho sản phẩm hay dịch vụ
VII. Vietnamese-English translation.
1. Nền kinh tế thị trường đã cho thấy tính ưu thế và hiệu quả lớn hơn trong việc giải quyết xung
đột giữa nguồn lực khan hiếm và nhu cầu xã hội vô hạn.
-> A market economy shows more predominance and efficiency when it deals with conflict
between scarce resources and unlimited society’s demand.
2. Chính sách tài khóa thắt chặt hay chính sách tiền tệ thắt chặt giúp làm giảm lượng cung tiền,
giảm sức ép đối với giá cả và kiểm soát lạm phát hiệu quả.
-> Contractionary or expansionary fiscal policy help to decrease the money supply, reduce
the pressure on prices and control inflation effectively.

ĐỀ 2 (real)
III. Match the suitable terms in theo box with their definitions from 1-5
Reserve requirement tax avoidance depreciation economics
tariff tax evasion excise duty

tariff A tax that is paid on goods coming into or going out of a country.

economics The social science that deals with the production, distribution, and
consumption of goods and services and with the theory and management
of economies.

depreciation A decrease in value of assets over a period of time.

Reserve Minimum amount of cash that banks and other depository institutions are
requirement required by law to keep in reserve.

tax avoidance Reducing the amount of tax you pay to a legal minimum.

IV. Complete the following sentences using given prompts

1. In/planned economy/,/allocation decisions/be/make/mostly / the government/
-> In a planned economy, the allocation decisions are made mostly by the government.
2. Macroeconomics/ be/ influence/ mainly macroeconomic policies/ include/ monetary
policy/fiscal policy.
-> Macroeconomics is influenced maily by macroeconomic policies,including monetary
policy and fiscal policy
3. Foreign trade deficit/be/ excess/ nation's/imports/ goods and services/ over/ its exports/goods
and services.
-> Foreign trade deficit is the excess of the nation’s imports of goods and services over its
exports of goods and services
4. Demand/refer/all/possible/quantity/goods/services/buyers /be/ willing/ able/buy/various/price.
-> Demand refers to all possible quantities of goods and services that buyer are willing and
able to buy at various prices
5. Trust funds/be/use/ only/ pay/ very/ specific/programs/ such/ Social Security/ Medicare.
-> Trust funds can be used only to pay for very specific programs such as Social Security
and Medicare
V. Answer two questions based on the reading texts you have learnt in your course book.
1. What are 2 kinds of funds generated from taxation? What are they spent on?
-> 2 kinds of funds generated from taxation are federal funds and trust funds. In detail,
federal funds which include income taxes and corporate taxes are general revenues,
meaning the Congress and the president can decide to spend them on just about anything
when they conduct the annual appropriations process. Trust funds which include payroll
taxes can be used only to pay for very specific programs. The vast majority of trust fund
revenues pay for Social Security and Medicare.

2. What are resources of workers? How do they allocate their resources ?

-> Resources of workers are their time, the kinds of jobs and their choice of employment.
Firstly, workers have limited number of hours work in a week so they trade off labor for leisure,
based in part on the price that they can get for their job, i.e the wage.
Secondly, workers trade off working now (and earning immediately income) with continued
education (and the hope of earning higher future income).
Lastly, workers trade off the choice of employment. While some people choose to work for
large corporation that offer job security but limited potential for advancement, other prefer to
work for small companies where there is more opportunity for advancement but less security.

VI. English-Vietnamese translation

1. Stock exchanges encourage investments because they enable investors to sell their securities
easily when their need for cash arises.
-> Các sàn giao dịch chứng khoán khuyến khích đầu tư vì chúng cho phép các nhà đầu tư
bán chứng khoán của họ một cách dễ dàng khi nhu cầu tiền mặt của họ phát sinh.
 2. Money is the most liquid of all resources. Possession of money enables you to get hold of
almost any commodity in any place
-> Tiền là tài sản có tính thanh khoản cao nhất trong các nguồn tài nguyên. Sở hữu tiền cho
phép bạn nắm giữ bất cứ hàng hóa nào ở bất kì nơi đâu

3. The biggest purpose of progressive income tax is to lessen the inequality of incomes among
individuals in society.
-> Mục đích lớn nhất của thuế thu nhập lũy tiến là làm giảm bớt sự bất công bằng trong
thu nhập giữa các cá nhân trong xã hội

VII. Vietnamese-English translation.

1. Trong kinh tế kế hoạch, chính phủ lên kế hoạch và kiểm soát mọi hoạt động kinh tế, quyết
định các vấn đề kinh tế chủ đạo: sản xuất cái gì, như thế nào và cho ai.
-> In a planned economy, the government plans and controls all economic activities,
decides the mainly economic issues: what, how and for whom to produce.

2. Chính sách tiền tệ và tài khóa là hai chính sách kinh tế vĩ mô chủ đạo mà chính phủ sử dụng
nhằm ổn định nền kinh tế, kiểm soát lare phát và giải quyết thất nghiệp.
-> Monetary policy and fiscal policy are the two main macroeconmic polices that the
government uses to stabilize economy, control inflation and deal with unemployment

ĐỀ 3 (real)
III. Match the suitable terms in theo box with their definitions from 1-5

Custom duty 2. A tax imposed on goods that are imported.

A planned market 3. An economic system in which all production and consumption quotas are
fixed by the government

Inflation 4. A steady rise in the level of prices related to an increased volume of money
and credit and resulting in a loss of value of currency.

Macroeconomics 5. The study of the overall economic trends, such as balance of payment,
economic growth, inflation and so on.
IV. Complete the following sentences using given prompts
1. Microeconomics/focus/behavior/ individuals / industries / making/ decisions/ particular goods/
-> Microeconomics focuses on the behavior of individual and industry while making
decisions on particular goods.
2. Karl Marx/ theorize/ laborers/ should/ own/ control/ means/production/ ensure/ social and
economic stability/
-> Karl Marx theorized that laborers should own and control the means of production to
ensure social and economic stability.
3. A planned economy/ be/ economic system/ which/ structure/ the market/ be/ deliberately/ plan/
the state.
-> A planned economy is an economic system in which the structure of the marker is
deliberately planned by the state
4. Microeconomics/ study/ how/ consumers/ firms/ behave/ while/make/ decisions/ allocation/
scarce/ resources/
-> Microeconomics is the study of how consumers and firms behave while making decisions
on the allocation of scarce resources.
5. Monetary policy/ control / a nation / money supply / supervise/ each country / central bank .
-> Monetary policy which control a nation’s money supple is supervised by each country ‘s
Central bank.
V. Answer two questions based on the reading texts you have learnt in your course book.
1. What are 2 kinds of public debts ? How are they generated ?
-> Public debts are the sum of the debt held by the public plus the debt held by federal
acounts. In detail, debt held by the pubic - that is the money borrow from regular people
and from foreign countries - is the total amount the government owes to all of its creditors
in the general public. Debt held by federal accounts is the amount of money that the
Treasury has borrowed from itself.

2. What are two branches of economics ? What do they study ?

-> Two branches of economics are microeconomics and macroeconomics.
+ Microeconomics focuses on the actions of individual and industries like the dynamics
between buyers and sellers, borrowers and lenders. Microeconomics deals with the how
consumers and firms behave while making decisions on the allocations of scarce
resources. It looks at a compartmentalized view of an economy and focuses more on the
basic theories of demand and supply. Microeconomics analyzes how the behavior of
economic agents affect supply and demand for goods and services.In turn, it determines
the prices and how it fluences how much quantity is demanded and how is supplied
 + Macroeconomics takes a much broader view by analyzing the economic activity of an
entire country or the international marketplace. Macroeconomics provides us with a
bird’s eye view of country ‘s economic landscape. It looks at overall economic trends
such as employment levels, economic growth, balance of payments, inflation and so on.

VI. English-Vietnamese translation

1. Fiscal policy is an important instrument to stabilize the economy, that is, to overcome
economic recession and control inflation in the economy.
-> Chính sách tài khóa là công cụ quan trọng để ổn định nền kinh tế rằng mà để vượt qua
suy thoái kinh tế và kiểm soát lạm phát trong nền kinh tế.

2. Insurance is a way of protecting yourself and your family from a financial loss.
-> Bảo hiểm là một cách để bảo vệ bản thân bạn và gia đình bạn khỏi tổn thất về tài chính.
3. The foreign exchange market is an OTC market because it operates throughout 24 hours of the
day and transactions are made via means of communication.
-> Thị trường ngoại hối là thị trường phi tập trung bởi vì nó hoạt động trong suốt 24 giờ
một ngày và các giao dịch được thực hiện thông qua các phương tiện truyền thông

VII. Vietnamese - English translation.

1. Kinh tế học được biết tới là một môn khoa học quan trọng nghiên cứu cách thức nguồn lực
khan hiếm của quốc gia được sử dụng để tạo ra sản phẩm và dịch vụ nhằm đáp ứng nhu cầu xã
hội.
-> Economics is known as an important science that studies how a country’s scarce
resources is used to produce goods and services to meet the demands of the society.

2. Với mạng lưới những chi nhánh, đại lý rộng khắp và quan hệ giao dịch với các đối tác trên
toàn thế giới, ngân hàng thương mại có thể đáp ứng tốt nhu cầu của khách hàng về ngoại hối với
số lượng lớn.
-> With an extensive network of branches, agents and trading relationships with partners
around the world, commercial banks can meet the needs of customers for foreign exchange
in large quantities