1

Question 1

demand for

Answer 1

supply for

Question 2

loss

Answer 2

profit

Question 3

net income

Answer 3

gross income (before taxation)

Question 4

retail

Answer 4

wholesales

Question 5

state-owned

Answer 5

private enterprise

Question 6

unskilled labors

Answer 6

skilled workers

Question 7

take on = employ

Answer 7

lay off = fire

Question 8

blue-collar

Answer 8

manual workers

Question 9

white-collar

Answer 9

workers in the office

Question 10

pink collar

Answer 10

care-oriented service workers; work traditionally associated with women

Question 11

boom in economy

Answer 11

economic recession

Question 12

revenue/income

Answer 12

expenditure

Question 13

The percentage charged for borrowing money. (The Bank of England has raised …)

Answer 13

interest rates

Question 14

Industries involved in the manufacture of goods. ( … rely on the ready supply of raw materials.)

Answer 14

secondary industries

Question 15

The value of goods and services paid for in a country, including income earned in other countries. (Last year’s … was close to £25 billion.)

Answer 15

GNP (gross national product)
GDP (gross domestic product)

Question 16

The amount which a firm, machine or person produces. (The factory has doubled its … in the last six months.)

Answer 16

output

Question 17

Industries involved in the production of raw materials. (Coal mining is an important … .)

Answer 17

primary industries

Question 18

Installing machinery in place of workers ( … can be a mixed blessing – machines usually tend to be out of order when you need them most.)

Answer 18

automation

Question 19

Industries which do not make products but offer a service such as banking, insurance and transport.
( … have become more important in the last decade.)

Answer 19

service industries

Question 20

The difference in value between a country’s imports and exports. (The government is trying to reduce the … deficit.)

Answer 20

balance of payments

Question 21

The amount by which expenditure is more than receipts in a firm’s or country’s accounts.
(The company announced a two million pound … .)

Answer 21

deficit

Question 22

A system where one person or company supplies all of a product in one area without any competition. (The state has a … of the tobacco trade.)

Answer 22

monopoly

Question 23

industries which were once privately owned, but now belong to the state. (Workers in … are to get a 3 per cent pay rise.)

Answer 23

nationalised industries

Question 24

Lack of work. (The figures for … are rising.)

Answer 24

unemployment

Question 25

The action of imposing taxes. (Money raised by … pays for all government services.)

Answer 25

taxation

Question 26

The most important industries in a country. (Oil is a … which is essential to the country’s economy.)

Answer 26

key industries

Question 27

A state in an economy where prices and wages are rising to keep pace with each other. (The government is trying to keep … down below 3 per cent.)

Answer 27

inflation

Question 28

A tax on money earned as wages or salary. (She pays … at the lowest rate.)

Answer 28

income tax

Question 29

A tax imposed as a percentage of the invoice value of goods or services. An indirect tax. ( … in Britain currently runs at 20 per cent.)

Answer 29

VAT (value-added tax)

Question 30

A fixed amount of money that you earn each month of year from your job (I receive an annual … of £30,000)

Answer 30

salary wage (payed by the hour)