#RTL-121Re-tell LectureAcademicMedium

Economics

Official Question Material
Prep: 10 Seconds

Official Audio Prompt

Today, I have come to share the secrets of our success, because rich capitalists like me have never been richer. So the question is, how do we do it? How do we manage to grab an ever-increasing share of the economic pie every year? Is it that rich people are smarter than we were 30 years ago? Is it that we're working harder than we once did? Are we taller, better looking? Sadly, no. It all comes down to just one thing: economics. Because, here's the dirty secret. There was a time in which the economics profession worked in the public interest for everyone, but in the neoliberal era, today, they work only for big corporations and billionaires, and that is creating a little bit of a problem. We could choose to enact economic policies that raise taxes on the rich, regulate powerful corporations or raise wages for workers. We have done it before. But neoliberal economists would warn that all of these policies would be a terrible mistake because raising taxes always kills economic growth, and any form of government regulation is inefficient, and raising wages always kills jobs.

Sample Answer & Audio Transcript

Today, I have come to share the secrets of our success, because rich capitalists like me have never been richer. So the question is, how do we do it? How do we manage to grab an ever-increasing share of the economic pie every year? Is it that rich people are smarter than we were 30 years ago? Is it that we're working harder than we once did? Are we taller, better looking? Sadly, no. It all comes down to just one thing: economics. Because, here's the dirty secret. There was a time in which the economics profession worked in the public interest for everyone, but in the neoliberal era, today, they work only for big corporations and billionaires, and that is creating a little bit of a problem. We could choose to enact economic policies that raise taxes on the rich, regulate powerful corporations or raise wages for workers. We have done it before. But neoliberal economists would warn that all of these policies would be a terrible mistake because raising taxes always kills economic growth, and any form of government regulation is inefficient, and raising wages always kills jobs.
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Pearson Official Scoring Guide for Re-tell Lecture

Scored Enabling Skills

  • Listening (Content)
  • Speaking (Oral Fluency & Pronunciation)

Timing Standard

Response Window: 40 Seconds

💡 Examiner Strategy & Pro Tip:Take 4-6 keyword phrases and organize them into: Introduction of topic, key findings, and summary.