Fundamentals of Economics. Доловова Н.Н - 53 стр.

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4. Where does the speaker spend his/her money before he/she even sees the salary?
5. How has the financial situation of the speaker changed since the previous year?
6. How much time did it take the speaker to spend his/her salary last month?
7. Is the speaker going to jump in front of a train? Why?
8. How does A explain the meaning of “a waste of money”?
9. What is B’s viewpoint?
10. What do you consider to be ”a waste of money”?
Fill in the gaps using the words given
(mutually exclusive, tends, price, salary, stable, distribution, tax, annual, rewards,
taxing)
1. What is an "equitable" _____ of income?
2. Some goals may be conflicting or _____.
3. They argue that government _____ to equalize the distribution of income by
_____ high-income people quite heavily and transferring those tax revenues to low-
income people.
4. The incentives of a high-income individual will be diminished because taxation
reduces one's income _____.
5. Suppose the relevant choice is between, say, a 7 percent _____increase in the
price level accompanied by full employment on the one hand, and a perfectly _____
price level with 8 percent of the labor force unemployed on the other.
6. Before I even see my_____, the Government takes about 30% of it away in
income _____.
7. The _____ of food is unbelievably high these days.
LESSON 13
Graph & their Meaning
Economists often use graphs to illustrate their models, and by understanding
these "pictures" students can more readily comprehend what economists are saying.
Most of the principles or models explain the relationship between just two sets
of economic facts; therefore, simple two-dimensional graphs are a convenient way of
visualizing and manipulating these relationships.

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