▶ Phrase Check ▶ Word Check ☞ Write the meanings of the words. ☞ Choose the correct word or phrase for each blank Economy benefit from, a great deal of, pretend, decades ago, absolute advantage 11. Korea also imports products. 한국은 또한 많은 물건들을 수입한다. 12., Korea produced a lot of clothes and shoes, and exported them. 수십 년 전, 한국은 많은 옷과 신발을 생산해 수출했다. 13. When a country can produce more of goods with the same resources that another country can, it is said to have an in the production of that good. 한 국가가 같은 자원으로 다른 나라가 생산할 수 있는 물건들을 더 많이 생산할 수 있을 때, 그 물건의 생산에 대해 절대 우위를 가지고 있다고 말한다. 14. there are only two countries in the world: Korea and China. 세계에 한국과 중국의 두 나라만이 있다고 가정해보자. 15. Both countries will trade. 두 나라 모두 무역으로부터 이익을 볼 수 있다. * 총 25 문항, 각 문제당 4 점씩 배점 1. trade2. import 3. export4. product 5. obviously6. airliner 7. absolute advantage8. resource 9. pretend10. specialize

▶ Reading Comprehension ☞ Choose the best answer based on the article. Trade : Keeping Absolute Gains Why do countries trade? Why does a rich country not produce everything it needs such as rice, beef, mobile phones, computers, TVs and automobiles? Why does a rich country import things from a poor country, and vice versa? Korea exports a large number of automobiles and mobile phones. Korea also imports a great deal of products. Obviously, Korea cannot produce everything it needs. For example, it cannot produce pineapples so it imports them from the Philippines. Korea cannot produce airliners so it imports them from the United States. However, Korea still imports things it can produce. For example, it imports a lot of clothes and shoes from China. Decades ago, Korea produced a lot of clothes and shoes, and exported them. Korea no longer produces them because China has an absolute advantage. In other words, China can produce them with fewer resources. When a country can produce more of goods with the same resources that another country can, it is said to have an absolute advantage in the production of that good. Pretend there are only two countries in the world: Korea and China. They produce only two goods: mobile phones and shoes. The resources of both countries can be used to produce either mobile phones or shoes. Korea produces 100 mobile phones and 75 shoes, while China produces 80 mobile phones and 100 shoes as shown in Table A. What if each country specializes? Korea makes only mobile phones and China makes only shoes. Each country will make twice as much of that product and none of the other as shown in Table B. As a result of each country’s specialization, the world now has more mobile phones and shoes. Korea can trade 100 units of mobile phones for China’s 100 units of shoes. Both countries will benefit from trade Economy 16. When is a country said to have an absolute advantage in the production of a product? ① When the country has more money than the other country ② When the country can produce more of a certain product with the same amount of resources as another country ③ When the country can produce more of a certain product with more resources than the other country. ④ When the country has less money than the other country.

☞ Write True(T) or False(F). ▶ Composition ☞ Fill in the underlined parts. 23. 밀은 많은 영양분을 갖고 있다. Wheat contains nutrients. 24. 우리가 우주인이라고 가정해보자. Let’s we are astronauts. 25. 농구에서는 키 큰 선수가 절대적으로 유리하다. In basketball, tall players Economy 17. Why do countries import things that they can produce themselves? ① Some countries don't want to use resources to produce certain products. ② Products can be made cheaper or more efficiently in other countries, enabling both sides to gain from trade. ③ Usually, countries do not use this strategy. ④ Rich countries want to take advantage and exploit the poorer countries. 18. What is meant by the term 'specialize' in the 4th paragraph? ① The country should try and make extraordinarily special types of a certain product. ② The country should not produce a certain product. ③ The country should abandon the production of a product. ④ The country should focus their resources on producing a certain product. 19. Using the same amount of resources, if Korea can produce 150 cars and 80 cameras, while Japan can produce 125 cars and 110 cameras… ① Korea should specialize in the making of cameras to catch up to Japan. ② Japan should specialize in the making of cars to catch up to Korea. ③ Korea should specialize in cars, while Japan should specialize in cameras. ④ Korea should specialize in both cars and cameras, to gain an absolute advantage on Japan. 20. Although Korea is able to produce pineapples, they still import them from the Philippines. _____ 21. Korea has stopped exporting clothes and shoes because China can do it more efficiently. _____ 22. Korea should make 100 mobile phones everyday. _____

▶ Phrase Check ▶ Word Check ☞ Write the meanings of the words. ☞ Choose the correct word or phrase for each blank Economy benefit from, a great deal of, pretend, decades ago, absolute advantage 11. Korea also imports a great deal of products. 한국은 또한 많은 물건들을 수입한다. 12. Decades ago, Korea produced a lot of clothes and shoes, and exported them. 수십 년 전, 한국은 많은 옷과 신발을 생산해 수출했다. 13. When a country can produce more of goods with the same resources that another country can, it is said to have an absolute advantage in the production of that good. 한 국가가 같은 자원으로 다른 나라가 생산할 수 있는 물건들을 더 많이 생산할 수 있을 때, 그 물건의 생산에 대해 절대 우위를 가지고 있다고 말한다. 14. Pretend there are only two countries in the world: Korea and China. 세계에 한국과 중국의 두 나라만이 있다고 가정해보자. 15. Both countries will benefit from trade. 두 나라 모두 무역으로부터 이익을 볼 수 있다. * 총 25 문항, 각 문제당 4 점씩 배점 1. trade [ 무역 ]2. import [ 수입하다 ] 3. export [ 수출하다 ]4. product [ 제품 ] 5. obviously [ 확실히 ]6. airliner [ 여객기 ] 7. absolute advantage [ 절대우위 ]8. resource [ 자원 ] 9. pretend [~ 라고 하자 ]10. specialize [ 전문화하다 ]

▶ Reading Comprehension ☞ Choose the best answer based on the article. Trade : Keeping Absolute Gains Why do countries trade? Why does a rich country not produce everything it needs such as rice, beef, mobile phones, computers, TVs and automobiles? Why does a rich country import things from a poor country, and vice versa? Korea exports a large number of automobiles and mobile phones. Korea also imports a great deal of products. Obviously, Korea cannot produce everything it needs. For example, it cannot produce pineapples so it imports them from the Philippines. Korea cannot produce airliners so it imports them from the United States. However, Korea still imports things it can produce. For example, it imports a lot of clothes and shoes from China. Decades ago, Korea produced a lot of clothes and shoes, and exported them. Korea no longer produces them because China has an absolute advantage. In other words, China can produce them with fewer resources. When a country can produce more of goods with the same resources that another country can, it is said to have an absolute advantage in the production of that good. Pretend there are only two countries in the world: Korea and China. They produce only two goods: mobile phones and shoes. The resources of both countries can be used to produce either mobile phones or shoes. Korea produces 100 mobile phones and 75 shoes, while China produces 80 mobile phones and 100 shoes as shown in Table A. What if each country specializes? Korea makes only mobile phones and China makes only shoes. Each country will make twice as much of that product and none of the other as shown in Table B. As a result of each country’s specialization, the world now has more mobile phones and shoes. Korea can trade 100 units of mobile phones for China’s 100 units of shoes. Both countries will benefit from trade Economy 16. When is a country said to have an absolute advantage in the production of a product? [2] ① When the country has more money than the other country ② When the country can produce more of a certain product with the same amount of resources as another country ③ When the country can produce more of a certain product with more resources than the other country. ④ When the country has less money than the other country.

☞ Write True(T) or False(F). ▶ Composition ☞ Fill in the underlined parts. 23. 밀은 많은 영양분을 갖고 있다. Wheat contains a great deal of nutrients. 24. 우리가 우주인이라고 가정해보자. Let’s pretend that we are astronauts. 25. 농구에서는 키 큰 선수가 절대적으로 유리하다. In basketball, tall players have an absolute advantage Economy 17. Why do countries import things that they can produce themselves? [2] ① Some countries don't want to use resources to produce certain products. ② Products can be made cheaper or more efficiently in other countries, enabling both sides to gain from trade. ③ Usually, countries do not use this strategy. ④ Rich countries want to take advantage and exploit the poorer countries. 18. What is meant by the term 'specialize' in the 4th paragraph? [4] ① The country should try and make extraordinarily special types of a certain product. ② The country should not produce a certain product. ③ The country should abandon the production of a product. ④ The country should focus their resources on producing a certain product. 19. Using the same amount of resources, if Korea can produce 150 cars and 80 cameras, while Japan can produce 125 cars and 110 cameras… [3] ① Korea should specialize in the making of cameras to catch up to Japan. ② Japan should specialize in the making of cars to catch up to Korea. ③ Korea should specialize in cars, while Japan should specialize in cameras. ④ Korea should specialize in both cars and cameras, to gain an absolute advantage on Japan. 20. Although Korea is able to produce pineapples, they still import them from the Philippines. [F] 21. Korea has stopped exporting clothes and shoes because China can do it more efficiently. [T] 22. Korea should make 100 mobile phones everyday. [F]