ÉRETTSÉGI VIZSGA május 25.

Transcription

1 ÉRETTSÉGI VIZSGA május 25. KÖZGAZDASÁGI ALAPISMERETEK (ELMÉLETI GAZDASÁGTAN) ANGOL NYELVEN THE BASICS OF ECONOMICS (THEORETICAL ECONOMICS) május 25. 8:00 EMELT SZINTŰ ÍRÁSBELI VIZSGA ADVANCED LEVEL WRITTEN EXAMINATION Az írásbeli vizsga időtartama: 180 perc Duration of the written exam: 180 minutes Pótlapok száma No. additional pages Tisztázati/Final Piszkozati/Draft OKTATÁSI ÉS KULTURÁLIS MINISZTÉRIUM MINISTRY OF EDUCATION AND CULTURE Közgazdasági alapismeretek emelt szint írásbeli vizsga 0621 angol nyelven

2 Important Information The test sheet is complex, broken down into sections according to the different types of questions. When working out the solution please take into account the additional information set in italic font. Please follow the provided instructions when answering the question. Maximum score will only be given, if all subsections of the question have been answered. The points available for each subsection of individual questions are indicated. The maximum score is 100. Solutions and elaborations are to be written on the test sheet. All drafts are to be written on the additional pages provided. If the answer necessitates additional pages, please indicate this next to the relevant question. Pencils may be used to draw up diagrams, the final solution, however; has to be finalized in pen. Please use a ruler to provide precise diagrams. During the written examination you may only use non-programmable calculators. Good luck with your examination! írásbeli vizsga / május 25.

3 1. Multiple choice questions (6 2 = 12 points) We have provided 4 possible answers to correctly complete the statement in the question, but only one of those is correct. The other answers are either partially correct or completely wrong. Choose the letter corresponding to the correct answer and write it into the table preceding the question, into the slot corresponding to the number of the given question. Attention! Only one answer will be accepted. No points will be awarded for multiple or unclear answers points 1. If a consumer s income and the price of product x doubles, until the price of the product does not change, the budget line s a) position does not change. b) intersection point on x (axis) changes, while its intersection point on y (axis) remains unchanged. c) intersection point on y (axis) changes, while the axis intersection on x remains unchanged. d) both intersection points (on both axes) change. 2. If average variable cost increases due to an increase in production, then at this new level of production a) the average variable cost is greater than the marginal cost. b) the average variable cost is greater than the average cost. c) the marginal cost is greater than the average variable cost. d) the marginal cost equals the average variable cost. 3. The individual labour supply function may be inverted, because a) above a certain income level, we tend to value leisure over wages. b) above a certain income level, wages are more important than leisure. c) below a certain income level, we do not know how much we should work. d) below a certain income level, leisure is more important than wages. 4. GDP includes a) producer utilization. b) transfers from abroad. c) foreign production of domestic companies. d) amortisation. 5. Employment expands when nominal wages are fixed and price levels are dropping, if a) labour supply is constant. b) labour supply increases due to increasing real wages, and real wages are higher than equilibrium wages. c) labour supply increases due to increasing real wages, and real wages are lower than equilibrium wages. d) in case of initial real wages labour supply equals the number of economically active people. írásbeli vizsga / május 25.

4 6. If the central bank decreases interest rates, then ceteris paribus a) the rate of economic growth will intensify and inflation will rise. b) the rate of economic growth will intensify and inflation will drop. c) the rate of economic growth will weaken and inflation will rise. d) the rate of economic growth will weaken and inflation will drop. írásbeli vizsga / május 25.

5 2. Written Questions 1. True or False statements (6x3 = 18 points) Decide whether the statements below are true or false. Please mark your decision by writing the letters T (true) or F (false) in front of the statements. Crossed out letters or unclear indications are not accepted. ATTENTION! ALL ANSWERS HAVE TO BE EXPLAINED! All correct explanations are worth 2 points. 1) A product will be more marketable as result of a change in consumer preferences, but at the same time consumers income will decrease and everything else will remain the same. As a result of the effects on the supply function, it can be concluded that the equilibrium price will increase. 2) In case of a monopoly it can be said that, if there is production, the market price will always be higher than marginal receipt. 3 points 3 points 3) If the market price equals the minimum of the average variable cost function, then there will be no returns on the fixed costs of the company. 4) The difference between gross output and producer utilization equals amortisation. 3 points 3 points 5) In case of an adverse budget (showing deficit), the volume of corporate investments will be smaller than the value of savings in the private sector. 3 points 6) The WTO is an international organization that was established to manage financial crises. 3 points írásbeli vizsga / május 25.

6 2. Comparison (2x5 = 10 points) Briefly explain the relation between the paired categories according to the following criteria. Firstly indicate the attributes based on which they can be paired up, namely in what way they are identical; secondly give at least two characteristics in which they differ from each other What are similarities and differences between the following concepts? 5 points Business interruption point Break-even point írásbeli vizsga / május 25.

7 2.2. What are similarities and differences between the following concepts? 5 points GNI NNDI írásbeli vizsga / május 25.

8 3. Complete the sentences (6x1 = 6 points) The companies featured in the following statements have the same cost functions and meet identical demand. It is profitable for all the featured companies to produce; the only difference is in market type. Complete the following sentences with the phrases LESS THAN / MORE THAN or EQUAL TO so that the known correlations between cost, profit and income categories remain true Total joint production of companies on a competing market. the production of a monopoly Product price on an oligopoly market is the product price on a competing market Consumer surplus on a monopoly market is..than consumer surplus on a competing market Market price in case of a fully competing company is.. marginal receipt Market price in case of a monopolistic company is marginal receipt The profit of a monopoly is.. sum of the profits of competing company. 6 points írásbeli vizsga / május 25.

9 4. Analysis, evaluation question (6x1 = 6 points) In the following question you have to evaluate the effects of a macro-economic problem. Write one word answers on the dotted line to make the sentences true. The one word answer should refer to the quality or quantity of the change (e.g. increases, decreases, more, less, sells, buys, etc.). Employees are emigrating from a country in great proportions. The labour market of the country is characterized by a constant labour supply function, fixed nominal wages, and high unemployment. The government cannot do anything to stop this wave of emigration, but it would like to get a picture of its effects on the economy. The main economic objective of price stability cannot be affected, therefore; the government carries out its calculations with an unchanged price level. In this new market situation, labour supply still exceeds labour demand. Taking the above into account: 4.1. The potential output of the country will, because the number of economically inactive persons will Unemployment will., because the difference between labour supply and labour demand will as a result of emigration (real wages remain unchanged) Output corresponding to a given price level will not.., because the number of unemployed persons will not.either. 6 points írásbeli vizsga / május 25.

10 3. Calculation and Plotting Questions Please precisely follow the instructions indicated for the questions: Complete the necessary calculations and/or prepare the diagrams according to the given specifications. Please mark your answers with the number of the sub-question. When solving calculation questions please provide the basic theoretic principles of your calculation on your answer sheet, as well as the utilized formulas; providing the final answer only will be considered insufficient. Question 5 (4+4 = 8 points) A consumer spends his/her income on x and y. The utility corresponding to the different consumption of the two products is shown in the table below: X TU x Y TU y In addition, the market supply and demand function of the two products is also given: D x : Qx = 300 P D x y : Qy = 400 2Py S x : Qx = P S x y : Qy = Py 5.1. What is the amount of the total profit attainable by the consumer, if the consumer s income is: I = 500? 5.2. What is the income elasticity of commodity x, if the consumer s income increases to I = 700? 8 points írásbeli vizsga / május 25.

11 Question 6 (8x1 = 8 points) Cost, benefit MSB MU MSC MC q 1 q 2 q 3 q 4 Amount The diagram above shows the market of a product and the possible external effects on the market. In addition, the following functions are also given: MC = 10 + q MU = 50 q MSC = 30 + q MSB = 100 q Answer the following questions based on the above By how much does social marginal utility exceed individual marginal utility in case of a positive external effect? By how much does social marginal utility exceed individual marginal utility in case of a negative external effect? Determine the value of q 1 and q 2 numerically.... írásbeli vizsga / május 25.

12 6.4. Interpret the results you got in the previous questions and explain why q 1, is less than q Calculate the quantity of socially optimal production Determine what kind of external effects affect the market overall. Please, explain Mark the area that best demonstrates the welfare loss resulting from the difference between the individual and social optimum on the diagram with diagonal lines. (Mark the apexes of the planar object with the letters A, B, and C) By how much does production increase, if initially there are no external effects apparent on the market, and later there are (only) positive effects and the government manages to convince the company to change its production so that it takes marginal utility into account?... Question 7 (4+4 = 8 points) 8 points A company plans to purchase a machine in order to expand its capacity. The following is known about the investment: The price of the machine is HUF 570 thousand, which amount must be paid in one sum, when the machine is purchased. The cost of the maintenance of the machine is HUF 100 thousand. Income that can be attained by using the machine can reach HUF 320 thousand in the first year, HUF 342 thousand in the second year, and HUF thousand in the third year. The market interest rate is 10% How much are the yields in the various years? 7.2. How much is the present value of the investment? Is this investment profitable? 8 points írásbeli vizsga / május 25.

13 Question 8 (6+6 = 12 points) The following data is available in a three-player economy: Amount of taxes T = 200 Value of transfers TR = 150 The investment I = 300 Government demand G = 350 Export X = 200 Import function IM = ,1Y In addition, we also know that if the value of income is Y 1 = 2500, then consumption is: C 1 = 2360, and that, if the value of income is Y 2 = 3000, then consumption is C 2 = Write down the equation of the consumption function and the curve of savings taking the available income into account Calculate the equilibrium income, the balance of the budget and the balance of the foreign trade balance. 12 points írásbeli vizsga / május 25.

14 Answer to question 8 írásbeli vizsga / május 25.

15 Question 9 (12 points) With respect to the economy of a country, we know that its gross output in 1970 was HUF billion, and that this amount doubled by the year The table below contains the additional details that are known in respect of the changes in the rest of the data. Calculate the missing data in the table. Name 1970 (HUF billion) 2000 (HUF billion) 2000/1970 (%) Current producer utilization 150 Primary income realized by foreign citizens in the country Primary income realized by domestic citizens abroad 1000 Transfers received from abroad Transfers sent abroad Amortisation 2000 GDP 5000 GNI NDP NNI GNDI NNDI points írásbeli vizsga / május 25.

16 Topic Simple questions Written questions Calculation and plotting questions Question number Maximum points Points scored Maximum points awardable for the topic Multiple choice questions True/false questions 18 Comparison 10 Completing sentences 6 40 Analysis, evaluation TOTAL Points of written examination 100 Points scored in topic Correcting teacher Date:... Egyszerű feladatok Simple questions Szöveges feladatok Written questions Számítást, ábrázolást igénylő feladatok Calculation and plotting questions Elért pontszám Points scored Programba beírt pontszám Points entered into programme Javító tanár / Correcting teacher Jegyző / Notary Dátum/Date:... Dátum/Date:... írásbeli vizsga / május 25.