KÖZGAZDASÁGI- MARKETING ALAPISMERETEK ANGOL NYELVEN

Transcription

1 emelt szint angol nyelven 0801 ÉRETTSÉGI VIZSGA május 22. KÖZGAZDASÁGI- MARKETING ALAPISMERETEK ANGOL NYELVEN EMELT SZINTŰ ÍRÁSBELI ÉRETTSÉGI VIZSGA JAVÍTÁSI-ÉRTÉKELÉSI ÚTMUTATÓ OKTATÁSI ÉS KULTURÁLIS MINISZTÉRIUM

2 CORRECTION GUIDE All partial points, correct solutions and mistakes have to be indicated. When awarding points, the following principles have to be followed: 1. Maximum points can only be given for perfect solutions. In case of missing answers the partial point awardable for the answer will be deducted. 2. If a question has been solved using a logically sound procedure, but calculation errors have occurred, then half of the awardable partial points have to be deducted, where the error was made. The logically sound procedure will still count as correct in the later stages of the solution regardless of the calculation error; therefore later partial points do not need to be deducted because of one error. 3. In case of logical errors no points are awarded, where the error was made, but further correct steps deserve half of the score. 4. Only one answer per question is accepted. 5. It is not enough to indicate the final result at calculations, the process and formulas should also be written down. 6. At true/false questions, indicating the right letter deserves. Good explanation with bad choice of letter is also worth. 7. There may be other good solutions than indicated in the key, these also deserve the maximum point. The number of final score can only be a whole number. If the point given for a section is not a whole number, rounding happens according to mathematical rules (round up above five tenths, and down below five tenths). írásbeli vizsga / május 22.

3 MICRO-ECONOMICS I. Multiple choice questions 3 x 1 = 3 points 1. c. 2. a 3. a II. True-False questions 4 x 2 = 8 points 1. True. The PCC curve, also called the price/consumption curve shows how changes in pricelevels affect the choices that consumers consider optimal. This means that it can be used to derive the correlation between price and the demanded quantity. 2. True. One of the characteristics of goods is that when income increases the demand decreases. At this point one of the factors has a positive sign, while the other one has a negative sign, which means that the quotients will also have a negative. 3. True. On the monopoly market price can be determined with the help of the demand curve. If a company is producing at the break-even point then the price is equal to the company s average costs. This means that the demand curve and the average cost function have a common point. This way, however, the demand curve can only touch the decreasing side of the average cost function. Another acceptable solution is if the student demonstrates this phenomenon with the help of a diagram. 4. False. An investment is profitable, if the net present value of capital is positive, that is its capitalised value is greater than the amount invested. NPV 0 = PV 0 K 0 írásbeli vizsga / május 22.

4 III. Definitions 2 x 2 = 4 points 1. Gossen s first law: the principle of diminishing marginal utility. The law states that at the consumption of successive, additional commodity units total profit grows at a decreasing rate. This means that, if the consumer increases his/her consumption of a product, then the total profit increases at a decreasing rate, that is marginal utility will be diminishing. 2. Public goods or free goods. Commodities, the consumption of which practically does not decrease the quantity available, therefore, consumers are not in a competitive situation and no one can be excluded from the consumption of these commodities. IV. Calculation and geometrical questions 25 points Question 1 1s p = 20 p = 30 p 70 = p Q = 20 p 500 Q = Q = = p p = Total market demand is the quantity, more of which shall not be consumed even if it is sold free of charge, consequently p = 0. Based on the demand curve this quantity is Naming of the axes Drawing up the demand curve Drawing up the supply function (Not all points of the above functions have to be indicated, but the market equilibrium must be clearly visible.) írásbeli vizsga / május 22.

5 price S D quantity 1.5. In the above diagram consumer surplus is the area defined by the line plotted to the demand curve, the demand curve and the price axis. CS S price D demand supply = D = S quantity can be awarded for marking consumer surplus. írásbeli vizsga / május 22.

6 Question 2 14 points category/years expected revenue (HUF thousand) expected costs (HUF thousand) expected yield (HUF thousand) interest factor present value of yield (HUF thousand) Calculation of the net present value of yields per year: 5* Complete solutions per year are worth. Partial solutions are worth proportionally awarded points The capitalised value of investment = = (HUF thousand) 10 points 2.3. The net present value of investment NPV 0 = PV 0 K 0 NPV 0 = = (HUF thousand), therefore it is worth implementing V. Analytical question Elaborate on the correlation of production factor demand and the optimal utilisation thereof. 10 points The production factors demand is derived demand, which means that companies search for input factors only as long as there is demand on the market for the products produced with their help. This is proved by the rule of optimal factor utilisation. Factor utilisation is optimal, if the market value of its marginal product is equal to the marginal factor cost. VMP K,L (MRP K,L ) = MFC K,L This means that the market value (marginal product income) of the marginal product of the commodity produced, mirrors the market demand of the product produced, because to calculate this we need to know the market price of the issued product. VMP K,L (MRP K,L ) = MP K,L P X Or VMP K,L (MRP K,L ) = Δ TR/ ΔQ K,L írásbeli vizsga / május 22.

7 The marginal factor cost can be calculated using the MFC K,L = Δ TC/ Δ Q K,L formula, which means that it is equal to the input unit price. Since it is a condition of profit maximising that marginal revenue must be equal to marginal cost (MC = MR), this rule is applicable to the factor demand of companies as well. írásbeli vizsga / május 22.

8 MACRO-ECONOMICS I. Multiple choice questions 3 x 1 = 3 points 1. c 2. a 3. b II. True-False questions 4 x 2 = 8 points 1. True. It can be proven with the formula of the purchasing power of money. If the numerator does not change, but the denominator increases, then the quotient will decrease and vice versa. This means that if price levels increase, then the purchasing power of money will decrease. 2. False. The voluntarily unemployed refuse to work at given real wage levels. 3. False. If economies or producers have comparative advantages in something, they can still have absolute disadvantages as well. 4. True. The increase of the autonomous elements of the commodity market result in the increase of total demand, and this may generate inflation. írásbeli vizsga / május 22.

9 III. Definitions 2 x 2 = 4 points 1. Real exchange rate: Real exchange rate is the ratio of foreign price-level expressed in domestic currency and domestic price-level. 2. GNDI: The gross national income available; gross national income of the players of the national economy available for final use in the given year. Or: gross available national income; the amount of gross income available for use in the given year by the companies and persons established in the country. (The formula without the corresponding definition is only worth one point, but the definition in itself can be considered as a complete solution.) IV. Calculation and geometrical questions 25 points Question 1 10 points 1.1. Determine the sum of equilibrium income. Y = ,75 (Y 200) ( ,1 Y) For writing up the equation: 0,35Y = 1050 Y = 3000 For the correct result: 1.2. Determine the balance of the state budget. T (200) < G (420) Deficit: -220 Or: S Á = T G S Á = Determine the foreign trade balance. Export Import = = Determine the income level where the foreign trade balance would be in equilibrium. Since export is an autonomous factor, import has to be changed, and in order to do this income has to decrease to the 2800 level. 500 = Y, therefore Y = írásbeli vizsga / május 22.

10 Question 2 15 points Y D I C+I S(Y) C(Y) I S 0 S = O S = I i Y i Determine the value of the marginal propensity to consume. ΔY/ΔI = ( )/120 = 4 4 = 1/(1 ĉ) 4(1 ĉ) = ĉ = 1 3 = 4 ĉ ¾ = ĉ or 0,75 = ĉ 3 points 3 points Determine the value of autonomous consumption. C(Y) = C 0 + ĉy C (1100) = Y 1100 = C 0 + 0, therefore C 0 = 275 Mark the current market rate of interest in the figure. 3 points 3 points Prepare the curve of savings. See the diagram above on the left, S(Y). The notable intersection points must be identical. S 0, S(Y) = 0, and S = I points. 3 points írásbeli vizsga / május 22.

11 V. Analytical question Define the concepts of exchange rate and the foreign trade balance. Elaborate on the effects of exchange rate change (currency devaluation and revaluation) on the foreign trade balance, as well as its effect on currency demand and supply. 10 points The concept of exchange rate: the price of a foreign currency expressed in domestic currency. The concept of the foreign trade balance: the balance of the international product turnover. If the exchange rate increases, then domestic currency is devaluated, as a result of this commodity export and capital import increases, but at the same time commodity import and capital export decreases, the foreign trade balance improves, in the end foreign currency supply increases, the balance of payments improves. 4 points If the exchange rate decreases, then domestic currency is revaluated, as a result of this commodity export and capital import decreases, but at the same time commodity import and capital export increases, the foreign trade balance declines, in the end foreign currency demand increases, the balance of payments declines. 4 points The explanation of only one of the processes is insufficient, students have to elaborate on the effects of both processes. írásbeli vizsga / május 22.