The Economy

Question 1

Curb inflation

Answer 1

➡️Control inflation
🔘Ex: Our measures to curb inflation have proved highly successful .
◾️Syn for Curb: deter , keep under control , restrict , restrain

Question 2

Rampant inflation

Answer 2

➡️Very dramatic, uncontrolled inflation
🔘Ex: the rampant inflation of their previous government is a thing of the past.

Question 3

Steer the economy

Answer 3

➡️Guid , lead , direct the economy
🔘Ex: the government has steered the economy through seven years of “uninterrupted economic growth”.

Question 4

Industry is thriving

Answer 4

➡️doing very well
🔘Ex: all indicators show that industry is thriving .

Question 5

To safeguard their interests

Answer 5

➡️ to protect their interests
🔘Ex: we have made it our aim “to safeguard their interests” and the healthy economy we have created has enabled them to “increase output”.

Question 6

Plummeting profits

Answer 6

➡️ rapidly falling profits
🔘Ex: The “plummeting profits” caused by the previous government’s misguided policies are now safely behind them.
◾️opposite: Soaring profits

Question 7

Social exclusion

Answer 7

➡️ the problems of the underprivileged, of those who have less fortunate place in society than others.
🔘Ex: these are vital to “extend opportunity”, tackle “social exclusion” and improve people’s life chances.
◾️Syn for Exclusion: deprivation , elimination , ejection , prohibition.

Question 8

Levy (the taxes)

Answer 8

➡️impose or introduce , charge , collect
🔘Ex: the taxes that we “levy” allow us to allocate resources to achieve that goal.

Question 9

Meet with success

Answer 9

➡️been very successful
🔘Ex: we have met with considerable success.

Question 10

The black economy

Answer 10

➡️business activity that is illegal because tax on profits is not paid to the government.
🔘Ex: An increase in the national minimum wage could damage many businesses and boost the black economy.
🔘Ex: another of our goals is to win the battle against the black economy.
▪️Syn: the shadow economy, parallel economy , the underground economy

Question 11

Left unchecked

Answer 11

➡️not stopped , If something harmful or undesirable is left unchecked, nobody controls it or prevents it from growing or developing.
🔘Ex: If left unchecked, weeds will flourish.
🔘Ex: If left unchecked, the black economy will “push up costs” and “lead to rising unemployment”.

Question 12

Deflation

Answer 12

➡️(NOUN) reduction of the general level of prices in an economy , a decrease in the amount of money in an economy resulting in falling or unchanged prices.
🔘Ex: a time of high unemployment and deflation.
🔘Ex: a positive appraisal would confirm the view that interest rates have indeed finally turned and that the deflation threat is over.
◾️Syn: recession , depression
◾️opposite of Inflation

Question 13

To crash

Answer 13

➡️fall suddenly and disastrously in value.
🔘Ex: silver prices crashed in early 1980.
◾️Syn: go bankrupt , collapse

Question 14

Boom

Answer 14

➡️(Noun) sudden increase in trade and economic activity; a period of wealth and success.
🔘Ex: Living standards improved rapidly during the post-war boom.
🔘Ex: be caught in/experience cycles of boom and bust.
◾️Opposite of Bust

Question 15

Fiscal

Answer 15

➡️(adj) connected with government or public money, especially taxes.
🔘Ex: monetary and fiscal policy
🔘Ex: The country’s fiscal system
◾️Syn: tax, budgetary, revenue, financial, economic, monetary, money, pecuniary, capital

Question 16

The economic climate

Answer 16

➡️the general state of the regional, national, or global economy. Economic climate usually reflects the state of the jobs market, stock market, or the availability of credit. It may also reflect how consumers, businesses, economists, and investors view economic conditions.
🔘Ex: the country is suffering because of the current economic climate.
🔘Ex: due to a change in the political climate.

Question 17

To introduce a levy

Answer 17

➡️to impose or collect taxes by legal authority.
🔘Ex: various new taxes were introduced last year.
◾️Opposite: to abolish a levy