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    EEB Speaking Part 1 Questions (With Answers) : Unit 1: Three Economic Issues

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    Hiền Ngô
    There are three main types of economic systems: capitalism, socialism, and a mixed economy. Capitalism is based on private ownership and markets, while socialism involves public or government ownership and control over key assets and industries. Some key economic concepts include supply and demand, inflation, taxes, central banking, accounting, credit, and international trade. Governments must answer fundamental questions about what, how, and for whom to produce goods and services in their economic system.

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    EEB Speaking Part 1 Questions (With Answers) : Unit 1: Three Economic Issues

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    Hiền Ngô
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    There are three main types of economic systems: capitalism, socialism, and a mixed economy. Capitalism is based on private ownership and markets, while socialism involves public or government ownership and control over key assets and industries. Some key economic concepts include supply and demand, inflation, taxes, central banking, accounting, credit, and international trade. Governments must answer fundamental questions about what, how, and for whom to produce goods and services in their economic system.

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    There are three main types of economic systems: capitalism, socialism, and a mixed economy. Capitalism is based on private ownership and markets, while socialism involves public or government ownership and control over key assets and industries. Some key economic concepts include supply and demand, inflation, taxes, central banking, accounting, credit, and international trade. Governments must answer fundamental questions about what, how, and for whom to produce goods and services in their economic system.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    19 views2 pages

    EEB Speaking Part 1 Questions (With Answers) : Unit 1: Three Economic Issues

    Uploaded by

    Hiền Ngô
    There are three main types of economic systems: capitalism, socialism, and a mixed economy. Capitalism is based on private ownership and markets, while socialism involves public or government ownership and control over key assets and industries. Some key economic concepts include supply and demand, inflation, taxes, central banking, accounting, credit, and international trade. Governments must answer fundamental questions about what, how, and for whom to produce goods and services in their economic system.

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    EEB Speaking part 1 questions (with answers)

    Unit 1: Three economic issues


    1. How many types of economic systems are there?
    - Two primary types: capitalism and socialism.
    2. In capitalism economic systems, who owns property?
    - Property is owned by individuals.
    3. In socialism economic systems, who owns property?
    - Property is owned by the government.
    4. What three questions must any economic system answer?
    - What, How, and For whom to produce.
    Unit 2: Supply and demand
    5. What is demand in the economy?
    - Demand is the quantity of a good buyers wish to purchase at each conceivable price.
    6. What is supply in the economy?
    - Supply is the quantity of a good sellers wish to sell at each conceivable price.
    7. Is demand a particular quantity? / Is supply a particular quantity?
    - No. It is a full description of the quantity of a good that the buyer would buy at each and every
    price. / - No. It is a full description of the quantity of a good that the seller would sell at each
    and every price.

    Unit 3: Inflation
    8. What is inflation?
    - Inflation is an economic condition in which prices for consumer goods increase and the value
    of money / purchasing power decreases.
    9. How many causes of inflation are there? What are they?
    - Three main causes: (1) excessive government spending (2) money supply increases faster than
    goods supply (3) increase in wages leads to higher cost of production.
    10. How may a deficit be created?
    - Governments spend more money than what they receive through taxes and other revenues.
    11. Can you name some kinds of inflation?
    - Moderate inflation (single digit), galloping inflation (2-3 digit), hyperinflation (4 or more
    digit).
    12. What is double or triple digit / four or more digit inflation called?
    - Galloping inflation / Hyperinflation.
    13. What may be the most important cause of inflation?
    - Excessive government spending.

    Unit 4: Direct and indirect taxes


    14. What is the direct tax?
    - The kind of tax imposed on a person, household, or enterprise with the expectation that the
    taxpayer will bear the tax burden and not pass it onto someone else.
    15. What is the indirect tax?
    - The kind of tax imposed on a person, household, or enterprise with the expectation that the
    taxes will be passed onto customers in the form of higher prices.
    16. What do governments use taxes for?
    - Welfare and public services including education, health care, pensions, unemployment
    benefits, public transportation, etc.
    Unit 5: Central banks
    17. How many functions of a central bank are there? (What are they?)
    - Four functions: (1) implement monetary policy, (2) supervise exchange rates, (3) supervise
    commercial banks, and (4) rescue commercial banks when they go bankrupt.
    18. What is a “bank run”?
    - A situation in which customer of banks take their money out because they think their bank is
    not trustworthy anymore.
    19. What is the official name of the central bank of Vietnam?
    - The State Bank of Vietnam.
    20. How long is the serving term of the bank governor and vice governors?
    - 5 years.

    Unit 6: Accounting
    21. What is the purpose of accounting?
    - Providing financial picture of a business firm.
    22. What is ROI?
    - ROI stands for “Return On Investment”. It is a performance measure to evaluate the
    efficiency of an investment or to compare the efficiency of a number of different investments.
    23. How is ROI calculated?
    - The benefit (return) of an investment is divided by the cost of the investment.
    24. What are the two types of records that are prepared by most businesses?
    - The income statement and balance sheet.

    Unit 7: Credit cards


    25. What are some advantages of credit cards?
    - They permit people to make large purchases and help for emergencies.
    26. What are some disadvantages of credit cards?
    - Card holders can buy excessively without paying attention whether they will be able to pay the
    debt.
    27. What are the real problem with credit cards?
    - The owned amounts must be paid back.

    Unit 8: International trade


    28. What are the various markets in which the sale of goods and services take place?
    - Local, regional, national and international markets.
    29. What is international trade?
    - The exchange of goods and services in the world / the global market
    30. What resources help determine which products a nation will specialize in?
    - Natural, human, and technical resources.
    31. According to the theory of comparative advantage, what should a nation do?
    - A nation should concentrate on the products that it can produce most efficiently and
    profitably.

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