II. Fill in the correct word or word combination (a, b, c)
1. Macroeconomics is the branch of economics that ________ economics as a whole.
a) studies b) study c) is studying
2. He ___________ the London University.
a) has entered b) was entered had entered
3. Output this month is 5% ____________ than last month.
a) highest b) higher c) high
4. A contract _________ the basis of a transaction between the Buyers and the Sellers.
a) forms b) is formed c) form
5. The price _________ in a contract may be firm fixed, and sliding.
a) state b) stating c) stated
6. The currency ____________ for payment is a matter for arrangement between the
counterparts.
a) to be used b) using c) is used
7. The credit cannot _________ before the expiry date.
a) cancel b) be cancelled c) to be cancelled
8. A contract defines rights and obligations of the parties __________.
a) involving b) to involve c) involved
9. In Smith’s view, a nation’s wealth _________ dependent upon production.
a) were b) being c) was
10. Mercantilists ___________ for regulation of economy.
a) called b)were calling c)has called
11. Thomas Malthus ________ a great prophet.
a) was b) were c) has been
12. The equation of exchange helps _________ why prices fluctuate.
a) explains b) to explain c) explained
13. Macroeconomics __________ with such major policy issues as maintenance of full
employment and price stability.
a) is concerned b) was concerned c) will be concerned
14. The questions __________ macroeconomist are in terms of broad aggregates.
a) asked with b) ask with c) asked by
15. The individual consumer _________assumed to possess a utility function.
a) was b) is c) will be