II. Fill in the correct word or word combination (a, b, c) 1. Economics as a science ___________ of two disciplines: microeconomics and macroeconomics. a) consist b) consists c) is consisting 2. __________ he ever _________ Key...

II. Fill in the correct word or word combination (a, b, c) 1. Economics as a science ___________ of two disciplines: microeconomics and macroeconomics. a) consist b) consists c) is consisting 2. __________ he ever _________ Keynes? a) Has, read b) Is, reading c) Was, reading 3. Output for export __________ to climb. a) continued b) has continued c) was continued 4. Certain clauses of contract must _________ and signed. a) be written b) to be written c) write 5. Some of the items __________ necessary in any contract. a) is b) are c) was 6. This method ___________ when the Buyers are unknown to the Sellers. a) used b) uses c) is used 7. This method of payment __________ risk. a) involve b) involves c) is involving 8. Goods for export __________ to be properly packed. a) must b) are c) is 9. Adam Smith __________ to the principal economic beliefs of his day. a) was objecting b) objects c) objected 10. Although modern technology __________, the principles of the division of labour remain unchanged. a) was improving b) is improved c) has improved 11. Standard of living in many _________ nations continues to decline. a) developed b) developing c) has developed 12. Simply ________, the equation of exchange tells that total spending is equal to the total value of goods and services produced by the economy. a) state b) states c) stated 13. In Marx’s view, the course of history ____________ almost solely by economic forces. a) determines b) has determined c) has been determined 14. During the 1960s it was believed that unemployment __________ to 4% of labour force without causing inflation. a) could be reduced b) can be reduced c) can reduce 15. Opportunity cost _________ an important concept in microeconomics. 4 a) is b) was c) will be