Прочитайте текст и выполните задания. Demand 1. One of the most important building blocks of economi...: ответ на тест 1120765 - Английский язык

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Demand
1. One of the most important building blocks of economic analysis is the concept of demand. When economists refer to demand, they usually have in mind not just a single quantity demanded, but what is called a demand curve. A demand curve traces the quantity of a good or service that is demanded at successively different prices.
2. The most famous law in economics, and the one that economists are most sure of, is the law of demand. On this law is built almost the whole edifice of economics. The law of demand states that when the price of a good rises, the amount demanded falls, and when the price falls, the amount demanded rises.
3. It is not just price that affects the quantity demanded. Income affects it too. As real income rises, people buy more of some goods (which economists call normal goods) and less of what are called inferior goods. Urban mass transit and railroad transportation are classic examples of inferior goods. That is why the usage of both of these modes of travel declined so dramatically as postwar incomes were rising and more people could afford automobiles.
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Demand
1. One of the most important building blocks of economic analysis is the concept of demand. When economists refer to demand, they usually have in mind not just a single quantity demanded, but what is called a demand curve. A demand curve traces the quantity of a good or service that is demanded at successively different prices.
2. The most famous law in economics, and the one that economists are most sure of, is the law of demand. On this law is built almost the whole edifice of economics. The law of demand states that when the price of a good rises, the amount demanded falls, and when the price falls, the amount demanded rises.
3. It is not just price that affects the quantity demanded. Income affects it too. As real income rises, people buy more of some goods (which economists call normal goods) and less of what are called inferior goods. Urban mass transit and railroad transportation are classic examples of inferior goods. That is why the usage of both of these modes of travel declined so dramatically as postwar incomes were rising and more people could afford automobiles.
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What factors affect the quantity demanded?

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Economic growth
1. Economic growth is the increase in the amount of the goods and services produced by an economy over time. It is conventionally measured as the percent rate of increase in real gross domestic product, or real GDP. Growth is usually calculated in real terms, i.e. inflation-adjusted terms, in order to obviate the distorting effect of inflation on the price of the goods produced. In economics, «economic growth» or «economic growth theory» typically refers to growth of potential output, i.e., production at «full employment».
2. As an area of study, economic growth is generally distinguished from development economics. The former is primarily the study of how countries can advance their economies. The latter is the study of the economic aspects of the development process in low-income countries. Since economic growth is measured as the annual percent change of gross domestic product (GDP), it has all the advantages and drawbacks of that measure.
3. Economic growth is measured as a percentage change in the Gross Domestic Product (GDP) or Gross National Product (GNP). These two measures, which are calculated slightly differently, total the amounts paid for the goods and services that a country produced. As an example of measuring economic growth, a country which creates $9,000,000,000 in goods and services in 2010 and then creates $9,090,000,000 in 2011, has a nominal economic growth rate of 1% for 2011.
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Mathematical economics
1. Mathematical economics is the application of mathematical methods to represent theories and analyze problems in economics. By convention, the applied methods refer to those beyond simple geometry, such as differential and integral calculus, difference and differential equations, matrix algebra, mathematical programming, and other computational methods. An advantage claimed for the approach is its allowing formulation of theoretical relationships with rigor, generality, and simplicity.
2. It is argued that mathematics allows economists to form meaningful, testable propositions about wide-ranging and complex subjects which could less easily be expressed informally. Further, the language of mathematics allows economists to make specific, positive claims about controversial or contentious subjects that would be impossible without mathematics. Much of economic theory is currently presented in terms of mathematical economic models, a set of stylized and simplified mathematical relationships asserted to clarify assumptions and implications.
3. Economics became more mathematical as a discipline throughout the first half of the 20th century, but introduction of new and generalized techniques in the period around the Second World War, as in game theory, would greatly broaden the use of mathematical formulations in economics.
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Transport economics
1. Transport economics is a branch of economics that deals with the allocation of resources within the transport sector. It has strong links to civil engineering. Transport economics differs from some other branches of economics in that the assumption of a spaceless, instantaneous economy does not hold. People and goods flow over networks at certain speeds. Demands peak. Advance ticket purchase is often induced by lower fares. The networks themselves may or may not be competitive. A single trip (the final good, in the consumer's eyes) may require the bundling of services provided by several firms, agencies and modes.
2. Although transport systems follow the same supply and demand theory as other industries, the complications of network effects and choices between dissimilar goods (e.g. car and bus travel) make estimating the demand for transportation facilities difficult.
3. In transport, demand can be measured in number of journeys made or in total distance traveled across all journeys (e.g. passenger-kilometers for public transport or vehicle-kilometers of travel (VKT) for private transport). Supply is considered to be a measure of capacity. The price of the good (travel) is measured using the generalized cost of travel, which includes both money and time expenditure.
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Checks and Balances
1. The U.S. Constitution establishes three branches for the federal government: executive, legislative, and judicial. The three branches work together to help the country. Each branch has its own responsibilities and powers. No branch has more power than the other branches. They have balanced powers. Each branch has separate duties to check the powers of the other branches.
2. When a new state – the USA – was born, the Founders of the state thought that if there was no balance of power among different branches of government it would lead to tyranny. The problem was how to create a system of government with balanced powers. That’s why James Madison (1751 – 1836) favored the constitution that limited government by means of a) separation of powers; b) a system of checks and balances, where checks – limitation of the duties of each branch, and balances – separate powers to each branch.
3. Congress has the power to make laws, but the President may veto any act of Congress. Congress, in its turn, can pass a law over a veto by a two-thirds vote in each house. Congress can also refuse to provide funds requested by the President. The President can appoint important officials of his administration, but they must be approved by the Senate. The President also has the power to name all federal judges: they, too, must be approved by the Senate.
4.  The system of checks and balances makes compromise and consensus necessary. This system protects against extremes. It means, for example, that new presidents cannot radically change governmental policies just as they wish.
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