Vocabulary Focus

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

A adjust (v) total (a) intermediate (a) domestic (a) expenditures (n) intervene (v) comprehensive (a) compute (v) measure (v) income (n)

B coming between two things in time overall (a) gauge (a) expenses (n) inside a particular country adapt (v) calculate (v) interfere (v) earnings (n) including everything

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

A intermediate seasonal intangible undertaken tangible single available annual double economic

B goods expenditures adjustment activity services goods recourses rate counting measure

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
выпускать продукцию общий объем понесенных затрат товары, производимые и продаваемые незаконно промежуточный продукт конечный продукт производимый внутри страны двойной счет базовый год закупочная цена квартал сделка, соглашение годовой показатель статистик поправка на сезонные колебания	to produce output double counting items produced and sold illicitly/illegally total amount of the expenditure undertaken an intermediate good produced domestically a final good a quarter a purchase price a base/basal year a transaction/deal an annual rate a seasonal adjustment a statistician

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

A final goods transfer expenditure inventory adjustment output

B the amount produced, as in a given period finished goods or services produced for the ultimate user altering sth by a small amount so that it will fit properly or be right for use an amount of money spent stocks of raw materials and finished goods the action of transferring sth/sb

Comprehension

Ex. 1. 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 for 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 provided by the economy.

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 interval of a time, which is usually a month.

Ex. 2. 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. Does GDP include transactions involving items produced in the past?

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

8. What are most common intervals for measuring GDP?

9. How do real and nominal GDP differ?

10. What does the GDP deflator reflect?

Text 2