KÖZGAZDASÁGI ALAPISMERETEK (ELMÉLETI GAZDASÁGTAN) ANGOL NYELVEN

Transcription

1 ÉRETTSÉGI VIZSGA május 23. KÖZGAZDASÁGI ALAPISMERETEK (ELMÉLETI GAZDASÁGTAN) ANGOL NYELVEN EMELT SZINTŰ ÍRÁSBELI VIZSGA május 23. 8:00 Az írásbeli vizsga időtartama: 180 perc Pótlapok száma Tisztázati Piszkozati EMBERI ERŐFORRÁSOK MINISZTÉRIUMA Közgazdasági alapismeretek (elméleti gazdaságtan) angol nyelven emelt szint írásbeli vizsga 1311

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 in italic font. Please follow the instructions when answering the questions. Maximum score will only be given, if all subsections of the question have been answered. Solutions and elaborations should be written on the test sheet. All drafts should be written on the additional pages provided. If the answer requires additional pages, please indicate this next to the relevant question. Pencils may be used to draw diagrams, the final solution, however; has to be finalised in pen. Please use a ruler to draw precise diagrams. You may only use non-programmable calculators during the written examination. Good luck with your examination! írásbeli vizsga / május 23.

3 I. Test questions Multiple choice questions (6 2 = 12 points) We have provided 4 or 5 possible answers that correctly complete the statements below, but only one of these answers 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 below, into the field corresponding to the given question number. Attention! Only one answer will be accepted. No points will be awarded for multiple or unclear answers A good is a free good, if a) the government takes care of its distribution because the quantity is scarce. b) it is unsuitable to satisfy needs; therefore, no one is willing to pay for it. c) at a zero price, the quantity in demand is still lower than the quantity in supply. d) anyone can be excluded from consumption and the consumption of one individual decreases the quantity available for consumption for others. 2. A product s market is impacted by two factors: demand increases as a result of the popularity of healthy diets, while supply decreases due to the introduction of a special tax. As a result of the two impacts, it is certain that a) equilibrium price increases. b) equilibrium price decreases. c) equilibrium quantity increases. d) equilibrium quantity decreases. 3. If everyone had the same discretionary income, a) everyone would want to purchase the same amounts of all products. b) everyone would achieve identical levels of utility/satisfaction. c) everyone would be willing to pay the same price for the same good. d) the same good would have a different reservation price for different people. e) none of the above solutions are correct. 4. Let s assume that there are wheat farmers, millers and bakers active in a national economy. In this economy, GDP is equal to a) the value of all the wheat grown. b) the value of all the baked goods produced. c) the value of all the baked goods minus the value of flour used. d) the aggregate value of all wheat, all flour and all the baked goods. írásbeli vizsga / május 23.

4 5. There is involuntary unemployment in an economy. The government has decided to simultaneously raise the autonomous tax as well as increase government expenditures, both by an equal amount. As a result of the measure, in the economy a) equilibrium income will decrease; unemployment will increase. b) potential income will increase; unemployment will decrease. c) employment may also increase with the increase of the price level. d) unemployment will decrease with the increase of real wages. 6. Which of the following transactions is the odd one out, i.e. which one should feature elsewhere in the international balance of payments than the other three? a) A Hungarian student group of 20 students has gone to Croatia for the holidays. b) A domestic vegetable and fruit trader imports exotic fruits. c) An Austrian joint-stock company pays dividends to Hungarian shareholders. d) A Hungarian entrepreneur has purchased a company car in Slovakia. írásbeli vizsga / május 23.

5 II. Written (elaborative) questions 1. True-False statements (6 3 = 18 points) Decide whether the statements below are true or false. Please indicate your decision by writing the letters T (true) or F (false) in front of the statements. Unclear markings or crossed out letters will not be accepted. ATTENTION! ALL ANSWERS HAVE TO BE EXPLAINED. Indication of the letter in itself will not be awarded any points; we shall only evaluate solutions WITH explanations. All correct explanations are worth 2 points If the profit maximising consumer, using a given income, wishes to purchase two products of equal price, he will purchase equal quantities of both products. 3 points 1.2. In the range where the marginal product has a positive sign, the inclusion of another unit of labour in production leads to the decrease of production. 3 points 1.3. If marginal cost increases, average cost also increases in the case of U-shaped cost functions. 3 points 1.4. If we want to determine the value of transfers sent abroad, we must deduct the value of incoming transfers from the GDP. 3 points 1.5. The curbing of inflation with budgetary tools requires intervention that is opposite in direction to the measures taken to increase output. 3 points 1.6. The introduction or raise of customs/duties has an unfavourable effect on domestic consumption. 3 points írásbeli vizsga / május 23.

6 2. Complete the sentence (4 points) Make the following statements on net present value correct by placing the phrases INCREASES, DECREASES or REMAINS UNCHANGED in the various sentences. A company is faced with an investment decision and is considering the implementation of an earlier proposal. Make your decision based on the net present value of the examined project. Decide how the following changes impact net present value. When giving your answer, consider all other circumstances unchanged. Write the solution corresponding to the given change on the dotted line If, due to the strengthening of the competition, future revenues are expected to drop, the net present value If the operating cost of the investment decreases, and the investment s lifecycle increases, then the net present value Capitalised value.. as a result of the increase of the interest rate, therefore net present value Due to the lobbying of environmental protection activists, the investment can only be realised with extra expenditures of HUF 100 million, therefore, net present value.. írásbeli vizsga / május 23.

7 3. Pairing up (4 points) We are examining the elements of the labour force balance of a macro-economy, as well as the correlations of certain labour market indicators. The letter in the formula given stands for the name of the category listed. Pair up the formulas and categories with identical content. Determine the size of which population group can be calculated in the given manner, and write the name or letter of this group into the correct line of the table. Attention! Not all categories can be entered into the table; therefore, you do not have to use each name and letter indicated. CATEGORIES A) Working-age population B) Economically active population C) Economically inactive population D) Number of employed E) Number of unemployed F) Activity rate expressed as a percentage G) Unemployment rate expressed as a percentage H) Current quantity of labour supply I) Current quantity of labour demand Question number Example Category B)= Economically active population Method of calculation = A - C 3.1. = D + E 3.2. = (G/100)*B, if H > I 3.3. = (B/A) * = (B - D)/(D + E) * 100 írásbeli vizsga / május 23.

8 4. Comparison (7 points) The diagrams are related to the same economic category; however, they illustrate different correlations and impacts. You have to recognise, name and characterise these relationships in your solution. Compare the two diagrams below and complete the table according to the aspects indicated. Write your (written) answers into the table or outside the table indicating the corresponding question number. Diagram 1 Diagram 2 Question number Aspect of examination 1. Diagram Solution 2. Diagram 4.1. Write down the economic term the following letters stand for. M S = M/P = 4.2. Characterise the progress of the selected function and interpret the economic correlation illustrated by the function Both diagrams show cause- Interpret effect correlations. the changes indicated by the arrows. - Mark the arrow that led to the model s change on the diagram using the number 1. - Name the reason for the change and write down the direction of the factor s change. írásbeli vizsga / május 23.

9 5. Analysis and evaluation question (7 point) The question below examines the change in the demand of motorway vignettes, from several aspects. The news article excerpt below provides information on the change in demand. When describing this change in demand, please follow the instructions given. The impacts of motorway toll changes Drivers in Hungary have to pay for the use of motorways. In 2012, only weekly (i.e. ten-day), monthly or yearly vignettes are available for motor vehicles (category D1), at the following prices: Name Weekly Monthly Yearly Vignette price HUF 2975 HUF 4780 HUF Price change (previous year = 100%) 108.2% 106.2% 107.5% The change in quantity of road use authorisations sold (previous year = 100%) 585% 127% 104% When comparing vignette sales data, many other factors must also be taken into account. In 2011, 4-day motor vehicle vignettes were still available at a price of HUF The termination of the 4-day vignette also impacted, though to varying degrees, the sales of the other vignettes. With respect to road use authorisation, close to 2 million e-vignettes were purchased in the first 2 months of 2012 by road users. This is a 15% drop compared to last year s sales figures. (Source: 14 March 2012, Wednesday, Author: Zoltán Kiss) Characterise the demand of monthly motorway vignettes based on the following aspects. (When giving your answer, you either have to provide a written answer or select the correct answer(s) from the options listed below or complete a diagram.) 5.1. Select the answer below that correctly characterises the demand of monthly vignettes. (Underline the correct answer or circle the corresponding letter.) a) perfectly elastic b) elastic c) one unit of elasticity d) inelastic e) perfectly inelastic írásbeli vizsga / május 23.

10 5.2. The price elasticity of demand determines the relationship between price changes and the change of total sales revenue. (Select the letter of the correct answer) According to the general rule, if demand is inelastic, a) price and total income change in opposite directions. b) price and total income change in the same direction. c) total income certainly increases, regardless of whether decreases. d) total income certainly decreases, regardless of whether decreases. price increases or price increases or 5.3. Characterise the change in the demand for monthly vignettes as a result of the termination of 4-day vignettes. Complete the diagram below and provide a brief written explanation. The demand of monthly motorway vignettes 5.4. List at least two factors increase. that influence the quantity of vignettes sold besides the price 5.5. Write an example each of products/services that could be substitute products or complementary products of weekly vignettes. - substitute product:. - complementary product:..... írásbeli vizsga / május 23.

11 III. Calculation and plotting questions Follow the instructions indicated for each question carefully: complete the necessary calculations and/or prepare the diagrams according to the given specifications. Mark your answers with the number of the corresponding sub-question. In the case of calculation questions, simply indicating end results is insufficient. You also have to indicate the theoretical foundations of the calculations as well as the formulas applied. Question 6 (14 points) The table below illustrates certain data on the cost conditions of a monopoly and the market opportunities of the market dominated by this monopoly. Q P TR MR TC VC AC AVC MC Tπ x 312 x x x Complete the data missing from the table. (In the columns AC and AVC, round to two decimal places. Disregard the fields marked with an x for now.) 6.2. Determine how much the monopoly produces and at what price it sells Due to market changes, from now on demand is determined by a new demand curve, the equation for which is P = Q. The new demand function and the unchanged marginal cost function are both shown in section a) of the diagram. Indicate on the diagram: the optimal production (Q m ) and the new price (P m ) corresponding to the new market situation In the b) section of the diagram, illustrate the total revenue function of the monopoly with the new demand function. Illustrate on the diagram the relationship between the demand function and the total revenue function. írásbeli vizsga / május 23.

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13 Question 7 (10 points) An entrepreneur deals with the collection/harvesting of elderberries and strives to achieve profit maximum with this activity. Collection is performed by a student group, therefore, the entrepreneur has only variable costs, because the only input factor of production is labour. The relationship between the quantity of elderberry collected and labour used can be characterised by the following production function: =., where Q is the quantity of elderberry collected in kilograms, and L is the quantity of labour used expressed in working hours. We are aware of the following factors in order to determine the profit maximum: MR = 160, MP L = L, the hourly wage = HUF 800. The buyer will purchase any quantity of elderberries from the entrepreneur at a pre-determined price, and the quantity of elderberries found in nature is also abundant Calculate how many working hours are used by the entrepreneur in the case of production that ensures maximum profit Calculate the quantity of elderberry collected and the entrepreneur s profit Calculate the marginal cost for 1 kg of elderberry in an optimal case. írásbeli vizsga / május 23.

14 Continuation of the solution of Question 7 írásbeli vizsga / május 23.

15 Question 8 (12 points) The following data and correlations are known of a three-player economy: autonomous consumption C 0 = marginal propensity to consume ĉ = 0.8 investment function I = i government demand G = autonomous tax T = transfers TR = there are no other budgetary expenditures and revenues real money demand function M D = 0.1Y-50i nominal money supply M S = constantly unchanged price level P = 5 Note: In the functions, we are applying the percentage value of the interest rate, therefore if i = 1%, we will write 1 in the place of i) 8.1. Calculate equilibrium income and equilibrium interest rate Let s assume that the government ceteris paribus decreases autonomous tax; while the central bank takes monetary measures to ensure the interest rate remains unchanged. Calculate how much the tax should be reduced for equilibrium income to increase by 10 percent in the case of unchanged interest rate. írásbeli vizsga / május 23.

16 Continuation of the solution of Question 8 írásbeli vizsga / május 23.

17 Question 9 (12 points) The production function of a given economy: = The labour demand and labour supply functions = = The nominal wage level has been fixed so that there is equilibrium on the labour market in the case of P= Determine the level of fixed nominal wage and calculate potential output Calculate the current price level and the number of employed, if there are 576 involuntary unemployed on the labour market Calculate how unemployment and the price level change in the economy, if as a result of wage negotiations, nominal wage is raised by 9 units and as a result, the number of employed changes to 1392 persons. írásbeli vizsga / május 23.

18 Continuation of the solution of Question 9 írásbeli vizsga / május 23.

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20 Topic Test Questions Written (Elaborative) Questions Calculation and Plotting Questions Question number Maximum points Maximum points of topic Multiple choice questions True-false statements Complete the sentence 4 3. Pairing up 4 4. Comparison Analysis and evaluation question 7 Question 6 14 Question 7 10 Question Question 9 12 in written examination 100 in topic Correcting teacher Date:... Választásos, egyszerű rövid választ igénylő feladatok/ Test Questions Szöveges (kifejtendő) feladatok/ Written (Elaborative) Questions Számítást, ábrázolást igénylő feladatok/ Calculation and Plotting Questions pontszáma egész számra kerekítve/ rounded to a whole number programba beírt egész pontszám / (whole number) entered into programme Correcting teacher/javító tanár Notary/jegyző Dátum/Date:... Dátum/Date:... írásbeli vizsga / május 23.