Comprehension. Ex. 1. Match the words from A with their synonyms from B. A 1) adjust 2) value 3) consume 4) transaction 5) intermediate 6) domestic 7)

Vocabulary Focus

Ex. 1. Match the words from A with their synonyms from B.

A 1) adjust 2) value 3) consume 4) transaction 5) intermediate 6) domestic 7) expenditure 8) intervene

B a) inside a particular country b) coming between two things in time c) cost d) consumption e) adapt f) interfere g) use up h) apiece of business done

Ex. 2. Match the verbs and nouns below to make verb-noun partnerships that are found in the text.

A 1) intermediate 2) seasonal 3) intanglible 4) undertake 5) measure/estimate 6) tangrble 7) enter 8) market

B a) the marketplace b) goods c) expenditures d) value e) adjustment f) service g) the performance h) goods

Ex. 3. Make the opposite to the following words by adding negative prefixes: il-; ex-; in-; non-; un-. Use the dictionary if necessary.

Legally; comprehensive; include; market; tangible; available; adjusted.

Ex. 4. Match the words in column A with their English equivalents in column B:

A	B
1) предоставление нерыночных услуг 2) выпускать продукцию 3) общий объем понесенных затрат 4) товары, производимые и продаваемые незаконно 5) промежуточный продукт 6) конечный продукт 7) осязаемые товары 8) движение средств между счетами 9) нематериальные/неосязаемые услуги 10) производимый внутри страны 11) дефлятор	a) to produce output b) deflator c) items produced and sold illicitly d) total amount of the expenditure undertaken e) the provision of non-market services f) intermediate good g) produced domestically h) intangible services i) tangible goods j) final goods k) funds transfer

Ex. 5. Match the words from A with their definitions from B.

A 1) GDP 2) Gross National Product     3) final goods     4) net domestic product   5) output   6) expenditure   7) inventory 8) adjustment 9) transfer

B a) the amount of sth product b) the market value of all final goods and services produced in a nation during the period of time c) the market value of all final goods and services produced by a nations residents no matter where they are located; d) finished goods or services produced for the ultimate user; e) the gross domestic product minus depreciation of capital work out in producing output. f) altering sth by a small amount so that it will fit properly or be right for use g) an amount of money spent h) stocks of raw materials and finished goods i) the action of transferring sth/sb

Ex. 1. Complete the following sentences, use the prompts below:

1. ________________ is the most widely used measure of a nation’s economic performance and is the market value of all final goods produced in the country during a period of time.

2. To avoid double counting. GDP does not include _________________.

3. The ___________________ sums the four major spending components of GDP consisting of: consumption, investment, government, and net exports.

4. GDP less depreciation of fixed capital equals __________________.

5. _______________ is total income received by households and is calculated as national income less corporate taxes, retained earnings, Social Security taxes plus transfer payments and net interest from government securities.

6. ________________ is personal income minus personal taxes.

7. ________________ measures all final goods produced in a given time period valued at the prices existing during the time period of production.

8. ________________ is the value of all final goods and services produced during any time period valued at prices existing in a base year.

9. ________________ is the market value of all final goods and services produced by a nation’s residents no matter where they are located.

10. A government payment to individuals not in exchange for goods or services currently produced is called a _____________.

11. ________________ are finished goods and services produced for the ultimate user.

Words for reference: gross domestic product (GDP); intermediate goods; expenditure approach; net domestic product; personal income; disposable personal income; nominal GDP; real GDP; gross national product (GNP); transfer payment; final goods.

Ex. 2. Based on your understanding of the text, are the following TRUE or FALSE?

1. Gross domestic product is the market value of all intermediate and final goods and serviced produced within a country in a given period of time.

2. Market prices measure the amount people are willing to pay the different goods and reflect the value of those goods.

3. GDP includes all items produced in the economy and sold both legally and illegally in the markets.

4. GDP does not include the market value of the housing services.

5. GDP excludes most items that are produced and consumed at home.

6. The value of intermediate goods is not included into the value of the final goods.

7. GDP excludes intangible services.

8. GDP is the market value of all final goods and services produced by nation’s residents no matter where they are located.

9. GDP measures the value of production that takes place within a specific integral of a time, which is usually a month.

10. How do nominal and real GDP differ?

11. What is the GDP deflator?

Ex. 3. Answer the questions.

1. What factors are taken into account to describe the overall performance of the economy?

2. How can Gross Domestic Product be defined?

3. How do they manage to compare the value of absolutely different goods?

4. How do you understand the fact that GDP tries to be comprehensive?

5. Does GDP include the value of intermediate good?

6. What are the tangible goods and intangible services that GDP includes?

7. Does GDP include transactions involving items produced in the past?

8. Are items produced abroad by subsidiaries included in a nation’s GDP?

9. What are most common intervals for measuring GDP?

10. How do real and nominal GDP differ?

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