Berikut adalah soal latihan mandiri Bahasa Inggris Niaga SOSI4101, diharapkan dapat membantu pemahaman dalam menghadapi UAS.
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1. A country has ..….. when it can produce something more efficiently than another country.
a. absolute advantage
b. balance of payment
c. asset
d. bankruptcy
Right, absolute advantage is the key.
Wrong, balance of payment is a phrase used to describe the amount of money flowing in and out of a country.
Wrong, asset can be either a physical or intangible property that has value to the owner.
Wrong, bankruptcy is when an individual or corporation is legally declared broke by a court of a law.
2. An economic system exists to distribute these resources, and an efficient economic system is one that allocates them best is called ….
a. absolute advantage
b. allocation of resources
c. aggregate demand
d. antitrust
Wrong, for absolute advantage : see the item no.1 A.
Right, allocation of resources is the key.
Wrong, aggregate demand is simply the sum of all the separate demands in an economy for goods and services.
Wrong, antitrust is the trust part is a quaint way of describing monopolies, restraints of trade, or conspiracies to avoid competition.
3. A rise in the price of a currency relative to other currency is called ....
a. arbitrage
b. asset
c. antitrust
d. appreciation
Wrong, arbitrage is a sophisticated version of buying cheap and selling dear.
Wrong, for asset : see 1 C
Wrong, for antitrust : see 2 D
Right , appreciation is the key.
4. ... involves a complex set of activities, including foreign exchange operations which are mostly monotonous.
a. Balance of payments
b. Balance sheet
c. Bank failure
d. Bankruptcy
Good, balance of payments is the key.
Wrong, balance sheet is document showing a firm’s assets and liabilities at one particular point in time.
Wrong, bank failure is the polite way of designing a bankrupt bank.
Wrong, for bankruptcy : see 1 D.
5. ... is a technical term for the ups and downs in the economic growth rate.
a. Balance of payment
b. Business cycle
c. Bank failure
d. Balance sheet
No, for balance of payment : see 4 A.
Very good, business cycle is the key.
No, for bank failure : see 4 C.
No, for balance sheet : see 4 B.
6. The net addition to the capital stock in a given period is called …
a. capital market
b. human capital
c. capital formation
d. capital
No, capital market is the financial market for the long-term investment and savings.
You’re making a mistake, human capital is a marketable commodity processed by people in the form of education, skills, or talent.
Excellent, capital formation is the key.
You’re making a mistake, capital is any physical item used to produce things.
7. ... is a handy Latin phrase meaning all other things being equal.
a. Credit
b. Credit crunch
c. Comparative advantage
d. Ceteris paribus
You’re making a mistake, credit is the mechanism that allows goods or services to be sold on the promise of future payment.
No, credit crunch is a situation in which people want more credit than the economy can easily make available.
No, comparative advantage is a standard notion in international trade talk meaning that every country, no matter how lowly, can produce something for less relative cost than any other country.
Good, the key is ceteris paribus.
8. The idea that people purchase things primarily to impress their neighbours is …....
a. conspicuous consumption
b. consumer goods
c. consumer price index
d. consumer sovereignty
Right, the key is conspicuous consumption.
Wrong, consumer goods is any manufactured item used by individuals as opposed to businesses.
No, consumer price index is monthly measures that tracks changes in the price level, also known as the CPI.
You’re making a mistake. Consumer sovereignty is the power of consumers in a free market system to determine what gets produced.
9. When economic growth turns steeply for a prolonged period it is called ....
a. devaluation
b. depreciation
c.disinflation
d. depression
This a mistake. Devaluation is lowering the value of nation’s currency under fixed exchange rates.
Very good, the key is depreciation.
You’re still making a mistake. Disinflation is a slowing in the rate of inflation.
No, depression is when economic growth turns steeply negative for a prolonged period.
10. ... is a rather inelegant name for the practice of selling products abroad at cheaper prices than they are sold at home.
a. Disinflation
b. Disequilibrium
c. Dumping
d. Dissaving
For disinflation : see 9 C.
No, disequilibrium is a market states directly opposite of equilibrium.
Good, dumping is a rather inelegant for the practice of selling products abroad at cheaper prices than they are sold at home saving.
No, dissaving is loosely, the opposite of saving more rigorously, when spending exceeds income over a certain period with the difference financed either by borrowing or by drawing on the past.
11. A heavy – duty principle of economics. It states that the continued addition of one factor of production –land, labor, or capital– when the other two are held constant, will eventually lead to less and less additional production. This is called …
a. disequilibrium
b. depreciation
c. disinflation
d. depression
For disequilibrium : see 10 B.
Excellent, depreciation is the key.
See 9 C .for disinflation.
See 9 D. for depression.
12. ... is a seemingly blissful situation created by the Federal Reserve Bank to reduce interest rates by expanding the amount of credit available.
a. Easy money
b. Economic efficiency
c. Economic indicators
d. Equilibrium
Congratulations, easy money is the key.
No, economic efficiency is a condition that is achieved when resources are used without undue waste, cost, and effect.
Wrong, economic indicators is this happens when productive capacity of the economy increases.
You’re still making a mistake. Equilibrium is a state where the entire economic system is in balance.
13. A condition that is achieved when resources are used without undue waste, cost and effort is ....
a. econometrics
b. easy money
c. economic efficiency
d. economic indicators
You’re still making a mistake. Econometrics is the use of mathematical and statistical techniques to solve economic problems.
For easy money : see 12 A
Yes, economic efficiency is the key.
For economic indicators : see 12 C.
14. ... is a measurement of the responsiveness of one variable to changes in another.
a. Economic efficiency
b. Econometrics
c. Elasticity
d. Economic indicators
No, for economic efficiency : see 13 A
No, for econometrics : see 13 A
Yes, elasticity is the key.
For economic indicators : see 12 C
15. ... is a side effect, or spillover, from an activity that does not naturally have a market price.
a. Entrepreneur
b. Expectations
c. Elasticity
d. Externality
This is not the key! Entrepreneur is in economic theory, the definition is lifeless- to wit the owner-manager of a firm.
Wrong, expectations are beliefs about the future.
For elasticity : see 14 C
Excellent, externality is the key.
16. A resource that is used to produce goods and services is …
a. final goods and services
b. financial intermediary
c. fine tuning
d. factor of production
You’re still making a mistake. Final goods and services are goods and services are purchased for final use or consumption.
This is still a mistake. Financial intermediary is an institution that links savers with borrowers.
No, fine tuning is the conceit that the government can delicately intervene in the economy to promote growth and employment.
Very good, factor of production is the key.
17. ... is an institution that links savers with borrowers.
a. Fine tuning
b. Financial intermediaries
c. Firm
d. Federal Reserve Bank
For fine tuning : see 16 C
Yes, financial intermediaries is the key.
Wrong, firm is a business unit that produces goods and services.
No, Federal Reserve Bank is the Fed, to use its nickname, is our central bank, the bank of banks.
18. A situation in which government not interfere with the international exchange of goods is called ....
a. full employment
b. final food and services
c. free trade
d. foreign exchange market
This is a mistake. Full employment is when most everybody who wants to work, does.
For final food and services : see 16 A.
Right , free trade is a situation in which governments do not interfere with the international exchange of goods.
No, foreign exchange market is where foreign exchange is traded.
19. ... is international rules of good behaviour on trading matters.
a. GATT
b. Gentlemen’s agreement
c. Game theory
d. General equilibrium
This is the key. GATT is general agreement on tariffs and trade. International rules of good behaviour on trading matters.
This is not the key. Gentlemen’s agreement is a verbal contract which is not legally binding and works for its implementation on the sense of honour of the ‘gentlemen’ involved.
This is not the key. Game theory is theoretical analysis of the decision-making process taken by two or more players who are in conflict.
No. General equilibrium is a state in here all markets in the economy are stable, that is, when supply equals demand everywhere so there is no tendency for tendency for prices to jump about.
20. Protecting oneself against loss due prices changes, especially by buying at a fixed price for future delivery is called ....
a. handling charge
b. hire purchase
c. hard currency
d. hedging
This is not the key. Handling charge is a charge made for moving goods (by hand or by machine) from one place to another.
Wrong. Hire purchase is an arrangement by which one person called the ‘hirer’ is lent goods (and pays rent for them) and has an option to purchase them goods outright, usually after paying a specified number of installments of rent.
No. Hard currency is any currency that is readily accepted by many foreign countries in payment of debt.
Yes, hedging is the key.
21. ... is money moved around quickly and or regularly by its owners into countries, or investment, e.g. to get the highest interest rates.
a. Hire purchase
b. Hot money
c. Hedging
d. Hard currency
For hire purchase : see 20 B
Yes, hot money is the key.
No, for hedging : see 20 D
Wrong, for hard currency : see 20 C
22. Method of changing process for goods and services by linking them to changes in the rate of inflation is called ....
a. indexation
b. inflation
c. inferior good
d. investment
Excellent. Indexation is the key.
Wrong, inflation is generally rising prices.
This is a mistake. Inferior good is anything that violates the ‘law’ of demand which states that when the price of something goes down, more of it will be demanded; with an inferior good, when the price goes down, less is demanded.
No, intermediary is a person who passes proposals between two parties in a business deal, e.g. between a trade union and a company or between a buyer and a seller.
23. ... is when economic policy takes the form of moral exhortation or persuasion.
a. Invisible hand
b. Inventory
c. Jawboning
d. Incentive
You’re making a mistake. Invisible hand is when each individual is free to pursue his or her own self-interest, the entire society benefits.
No, inventory is the various kinds of goods that keep around to ensure a steady stream of supply to their market.
Yes, jawboning is the key.
No, incentive is financial or other award provided to a subscriber, members enrolled, or beneficiary of a health service, prepaid, or insurance plan, usually in the form of cash or higher benefit levels.
24. The process of giving feedback in their performance of a task is …
a. key result area
b. Kelly repertory grid
c. key individuals
d. knowledge of results
Wrong, key result area is a major area of grouping activities and their results that are “keys” to an organisation’s survival and success.
No, Kelly repertory grid is a technique used in market research to obtain opinions from respondents about production and their trend images.
Key individuals : the personal development plan should include identification of key individuals throughout the organisation whose contribution is considered essential to meet the objectives of the component in which they work.
Good. Knowledge of results is the key.
25. One of the group of measures of the country’s economic health prepared by the Department of Commerce is …
a. laissez-faire
b. lagging indicators
c. Laffer curve
d. leading indicators
Wrong. Laissez faire is a French phrase meaning, roughly, “leave it alone”.
No, lagging indicators is a group of statistical indicators,. like inventories, unit labour cost, or interest rates, used by forecasters to mark possible turns in the business cycle.
No, Laffer curve is named after economist Arthur Laffer who, according to popular myth, drew the curve on a napkin while trying to explain the effect of confiscatory tax rates to a journalist.
Peninggalan di bidang pertanian adalah tumbuhnya daerah pertanian yang luas yang kerap disebut dengan Villas. Setiap daerah pertanian ini dikuasai oleh seorang bangsawan ketrurunan Roma dan memiliki banyak pekerja. Biasanya villas ini letaknya tidak jauh dari kota dan didukung dengan sarana Very good. Leading indicators is one of the group of measures of the country’s economic health prepared by the Commerce Department.
26. ... is a formal way of designing a debt.
a. Liquidity
b. Labor theory of value
c. Inability
d. Labour
No, liquidity is the ease or speed with which an asset can be turned into cash.
No, labor theory of value is the idea that goods and services should be valued solely by the amount of labour that goes into producing them.
Excellent, the key is liability.
This is a mistake. Labour is one of the three factors of production, land and capital being the other two.
27. When the Fed decides to make credit readily available to borrowers, it increases the supply of money is called …
a. long run
b. loose money
c. market
d. mixed economy
This is a mistake. Long run is any period of time long enough to allow a firm to change or vary all its factors of production.
Right, loose money is the key.
No, market is something that is created when buyers are in contact with sellers, when supply and demand interact to determine prices.
Wrong, mixed economy is an economic system that falls somewhere between a totally free market and a government directed one, that is, an economic system that has characteristics of both capitalism and socialism.
28. The study of how small changes – increases and decreases – in the total amount of one variable affect one or more related variables is called ....
a. macroeconomics
b. mercantalism
c. marginal analysis
d. microeconomics
Wrong, macroeconomics is looking at topics like fiscal and monetary policy, the rate of economic growth and unemployment, the balance of payments, and inflation.
No, mercantilism : a reigning economic policy during the seventeenth and eighteenth centuries that organized trade to promote national wealth and power.
Yes, the key is marginal analysis
No, microeconomics is often called price theory because it studies how decisions of individuals-a consumer or a firm-determine prices.
29. ... is a market with a one buyer.
a. Monopsony
b. Monopoly
c. Money supply
d. Money illusion
Good, monopsony is the key.
No, monopoly is a market with only one seller.
No, money supply is all the money existing in an economy but t wickedly difficult to measure.
No, money illusion is the psychological response to change in the nominal value of money
30. ... is a shorthand way of capturing a complicated process by which changes in spending affect the level of national income.
a. Monetarism
b. Multiplier
c. Mixed economy
d. Multinational corporation
Wrong, monetarism is school of thought that holds that changes in the supply of money are the chief determinants of economic activity.
Very good, the key is multiplier.
For mixed economy : see 27 D
No, multinational corporation is a firm that operates in more than one country, usually through a wholly owned subsidiary.
31. ... is another way of saying gross national product.
a. Nationalisation
b. Net worth
c. National debt
d. National income
Wrong. Nationalization : what happen when government takes over a business or industry.
No, net worth is the value of a company after total liabilities are subtracted from total economy if that number is positive, then the company is said to have a positive net worth.
No, national debt is the Federal government’s total outstanding debt.
Excellent. National income is the key.
32. ... is gross national product minus depreciation.
a. National debt
b. Net national product
c. Net worth
d. National income
For national debt : see 31 C
Good, the key is net national product.
No, for net worth : see 31 B
For national income : see 31 D
33. A way of competing for buyers without lowering prices is called ....
a. neoclassical economics
b. new classical
c. nonprice competition
d. normative economics
This is a mistake. Neoclassical economics is a school of thought that, obviously, branched off from classical economics.
No, new classical is a school of thought that holds the market produces the best solutions to economic problems.
Very good, nonprice competition is the key.
You’re still making a mistake. Normative economics is the usual definition of normative economics says something about its being the branch that inquires into “what ought to be “.
34. ... is a situation in which a few sellers can control or dominate a market
a. Open market operations
b. Oligopoly
c. Opportunity cost
d. Profit
No, open market operations is name given to the activity of buying and selling government securities when it‘s done by the Federal Reserve system.
Yes, oligopoly is the key.
No, opportunity cost is the amount of money given up when resources are used to produce one thing instead of something else
Wrong, profit is the term seems straightforward enough, and in everyday life it is.
35. ... is one that avoids the price mechanism as the main way to allocate resources.
a. Price system
b. Private sector
c. Productivity
d. Planned economy
No, open market operations is name given to the activity of buying and selling government securities when it‘s done by the Federal Reserve system.
No, private sector is economic activity-personal and business-excluding the government’s contribution.
Wrong, productivity is a widely used term that can mean almost anything.
Excellent, planned economy is the key.
36. Any extra revenue, after costs have been taken care of that temporarily accrues to a factor of production is ....
a. quantity theory of money
b. quasy-rent
c. quota
d. radical economics
No, quantity theory of money is if the money supply doubles, then price doubles.
Good, quasy-rent is the key.
No, quota is a quantitative restriction.
No, radical economics is a school of thought that is critical of mainstream economics.
37. A school of thought that describes how people respond to economic events is called ....
a. reaganomics
b. national expectations
c. real
d. recession
No, reaganomics is an economic policy followed by the Reagan administration from 1980 on.
Good, national expectations is the key.
Wrong, real is value adjusted for inflation.
Wrong, recession is formally when the economy has not grown for at least two consecutive quarters.
38. ... is fiddling with data that are collected over time.
a. Satisficing
b. Say’s law
c. Seasonal adjustment
d. Service economy
No, satisficing is a decision making process in which goal is to find a satisfactory solution, not the best, or optimum, one.
Wrong, Say’s law is when markets tend towards equilibrium.
Very good, seasonal adjustment is the key.
No, service economy is an economy that was strong in services but weak in manufacturing.
39. ... improves the welfare society.
a. Social benefit
b. Social cost
c. Socialism
d. Stagflation
Right. Social benefit is the key.
This is a mistake. Social cost is something that affects everybody, not just specific individuals or firms.
No, socialism : an economic (and political) system where most property is publicly.
No, stagflation : term popular in the 1970s to describe a situation with both high rates of inflation and low, or negative, rates of economic growth.
40. ... is a term capturing the way prices are set in a free market.
a. Supply shock
b. Supply and demand
c. Subsidy
d. Supply –side economics
Wrong, supply shock is a sudden disturbance in the supply of some goods and services.
Yes, the key is supply and demand.
Wrong, subsidy is money that is paid by the government to keep goods or services affordable.
Wrong, supply–side economics is economics that emphasizes stimulating supply rather than demand.
41. Taxes imposed on imports are called …
a. tariffs
b. tax equity
c. tax incidence
d. tax expenditure
Absolutely right. Tariffs is the key.
This is a mistake. Tax equity is tax paid by people based on the income they have.
Wrong, tax incidence is what befalls the person building the hot potato when time is called.
Wrong, tax expenditure is tax laws that lower the tax burden by granting deductions, exemptions, or credits.
42. Workpersonlike word to describe the ineffable – the pleasure or fulfillment that people derive from consuming a good or a service.
a. union
b. unemployment
c. terms of trade
d. utility
No, union is organization of workers that depending on one’s bias-either.
No, unemployment is the number of workers who aren’t working, usually expressed as a percent or the labour force.
No, terms of trade is one of those international terms to describe who is winning and losing in the game of trade.
Yes, utility is the key.
43. ... is the difference between the value of a firm’s output and the value of the input purchased in order to produce.
a. Tight money
b. Value-added taxes
c. Barter
d. Deficit spending
No, tight money is a completely apt phrase to describe an involved idea.
Good, the key is value-added taxes
No, barter is obtaining goods or services without using money.
Wrong, deficit spending is when the government spends more money than it takes in, the difference is covered- or financed –by government borrowing.
44. Rather imprecise term to describe any unexpected increase in income received by individuals or firms is called ...
a. world bank
b. protectionism
c. windfall profits
d. welfare state
No, world bank is more formally known as the International Bank for reconstruction and Development.
Wrong, protectionism is all purpose term to describe government efforts to shield the domestic economy from competition from abroad.
Very good, windfall profits is the key.
No, welfare state is exaggerated way of indicating the mechanism by which a mostly market economy fulfills its responsibility to its less fortunate citizens.
45. ... is an element of game theory where one person’s gain is another person’s loss.
a. Recession
b. Council of economic advisers
c. Returns to scale
d. Zero-sum game
No, recession is formally, when the economy has not grown for at least two consecutive quarters.
This is a mistake. Council of economic advisers is established in 1946 to advice the president on economic matters and inform Congress on the health of the nation.
No, returns to scale is term used to describe what happens to a firm’s output when its inputs are increased.
You’re right., zero-sum game (the key)
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