Task 1b: Choose 'correct' if the form is correct or a correction if not. 1. In 1949 Carlyle has called economics " the dismal science". called / correct 2. Hong Kong's economy depends very much on international trade and finance. has depended /correct 3. The Hong Kong economy grows by 4.3% in the first quarter of 2017. grew / correct 4. the unemployment rate currently has stood at 3.2%. . stands / correct 5. Private consumption expenditure has shown solid growth. showed / correct 6. For a long time the mainland has been Hong Kong's largest trading partner. correct / was 7. Hong Kong's open economy leaves it vulnerable to global economic slowdowns. has left / correct 8. Hong Kong still imposed no tariffs on imported goods. imposes / correct Task 1c: Complete the paragraph with the correct verb tense, using a form of the verb provided. A mixed economy (be) a combination of free-market and planned economies. Some resources, such as clothing, are (allocate*) in the free-market manner by the private sector. Other resources however, such as defence, police, and fire services, are (provide*) by the government or public sector, in the manner of a planned economy. For some resources, like schools and hospitals, consumers can (choose) from private or public alternatives. Most countries (adopt) mixed economies, though with different balances of public and private sectors. For example, China (begin) moving toward a mixed economy in the 1980s, but it (retain) a much bigger public sector than the USA. *These verbs are in the passive form, which will be discussed next lesson