ÉRETTSÉGI VIZSGA május 18

ÉRETTSÉGI VIZSGA ● 2006. május 18.

Azonosító jel:

KÖZGAZDASÁGI ALAPISMERETEK (ELMÉLETI GAZDASÁGTAN) ANGOL NYELVEN BASICS OF ECONOMICS (THEORETICAL ECONOMICS) 2006. május 18. 14:00

EMELT SZINTŰ ÍRÁSBELI VIZSGA ADVANCED LEVEL WRITTEN EXAMINATION Az írásbeli vizsga időtartama: 180 perc Duration of the written exam: 180 minutes Pótlapok száma Number of additional pages Tisztázati / Final copy Piszkozati / Drafts

OKTATÁSI MINISZTÉRIUM MINISTRY OF EDUCATION

Közgazdasági alapismeretek (elméleti gazdaságtan) angol nyelven

emelt szint — írásbeli vizsga 0611

Közgazdasági alapismeretek (elméleti gazdaságtan) angol nyelven — emelt szint

Azonosító jel:

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 0611

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1. Multiple choice questions (6x2 = 12 points) We have provided 4 possible answers to correctly complete the statement in the question, but only one of them 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. 1 2 3 4 5 6 12 points 1. The market of a product is affected two-fold: Demand grows due to advertising, while the introduction of a new technology increases supply. As a consequence it is certainly true that a) the equilibrium price increases. b) the equilibrium price decreases. c) the equilibrium quantity increases. d) the equilibrium quantity decreases. 2. If factor prices are ceteris paribus increasing on the (changing) input market of a company, then a) the position of the average variable cost function changes. b) the position of the marginal cost function changes. c) the position of the average cost function changes. d) All of the above are correct. 3. The difference between public and private goods is that a) only the consumption of private goods is useful for the consumer. b) in the case of private goods the consumer cannot be excluded from consumption. c) private goods have to be paid for, while no one pays for public goods. d) in the case of private goods, there can be rivalry between consumers, while in the case of public goods there is no rivalry. 4. State expenditures include a) wages. b) corporate tax. c) transfer paid to households. d) exports. 5. A decrease (ceteribus paribus) in price levels decreases employment, a) if labour demand exceeds labour supply. b) in the range below equilibrium real wages. c) if nominal wages are completely flexible. d) in the case of fixed nominal wages and above equilibrium real wages. 6. We know that the European Union a) engages in common trade policy. b) engages in common agricultural policy. c) engages in common monetary policy. d) All of the above are correct. írásbeli vizsga 0611

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2. Written questions 1. True-false statements

6*3 = 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 markings will not be accepted. ATTENTION! ALL ANSWERS HAVE TO BE EXPLAINED! All correct explanations are worth 2 points. 1) A consumer spends his income on two products, x and y. If the price of x increases and the consumption of x increases as well, then the demand function of product x is negatively sloping.

2) If the average product is less than the marginal product, then the marginal product cannot be decreasing.

3 points

3 points 3) When a monopoly market—supposing all other factors remain unchanged— becomes competitive, then consumer surplus grows.

3 points 4) Precautionary money demand depends only on the income available to the players in an economy.

3 points 5) In a closed economy, if government expenditure exceeds government income, then investment opportunities for players of the private economy decrease.

3 points 6) If the deficit of the current balance of payment is equal to the capital balance surplus, then the central bank’s foreign exchange assets remain unchanged. 3 points


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2. Comparison

2*5 = 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 are they identical; secondly give at least two characteristics in which they differ from each other. 2.1.

What are the similarities and differences between the following concepts? 5 points Average variable cost – Average cost


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2.2.

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What are the similarities and differences between the following concepts? Voluntary unemployment


–

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5 points Involuntary unemployment

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3. Complete the sentences (6x1= 6 points) 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. 3.1.

If the total income of a company exceeds the sum of its explicit and implicit costs, then the economic profit is ………………………………. zero.

3.2.

If the accounting cost is equal to the sum of explicit and implicit costs and the sales revenue exceeds this sum, then the normal profit is ……………………………… zero.

3.3.

If economic profit is zero, then normal profit is ………………….. the accounting profit.

3.4.

If the accounting cost is greater than the sales revenue, then the economic profit is …………………….. zero.

3.5.

If according to accounting laws all implicit costs are accountable, then the economic profit is ………………………… the accounting profit.

3.6.

If the turnover is equal to the accounting cost and there are implicit costs, which are not accountable according to accounting laws, then the economic profit is ………………….. zero. 6 points


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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.). Inflation is causing serious problems in a country’s economy. In order to slow the rate of currency depreciation the leaders of economic policy are using both monetary and fiscal tools. The government does not want to increase tax burdens. In this case: 4.1.

Either transfers or government expenditures will …………………………, because in order to achieve the goal set out the income has to ………………………………………..

4.2.

The central bank ……………….. securities within open-market operations, as nominal money supply needs to be …….………………

4.3.

Due to these measures (assuming there are fixed and above-equilibrium nominal wages) real wages will ………………………….., and unemployment will ……………….. 6 points


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3. Calculation and Plotting Questions Please precisely follow the instructions indicated for the questions: Do 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 used formulas; providing the final answer only will be considered insufficient. Question 5 (4+4 = 8 points) A consumer spends his income on two products, x and y. If he spends his entire income he can buy a maximum of 10 pieces of product x. The price of product y is 200. The best choice of the consumer is: x = 5, y= 5. 5.1. How much is the consumer’s income, and what is the price of product x? 5.2. How does the consumer’s best choice of x and y change, if we know that the income elasticity of x is one, and the consumer’s income has doubled? 8 points


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Question 6 (8x1 = 8 points) The diagram shows the short term unit costs of a competing company. The following data is also known of this company: VC = q3–10q2+30 q MC = 3q2–20q+30 P = 130 Based on the information given, answer the following questions and write down the formula or rule on which the calculations are based.


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6.1. What is the equation for the average variable cost function? ............................................................................................................................................. 6.2. What is the value of the average variable cost, if q = 10? ............................................................................................................................................. 6.3. How much is the average fixed cost at the q = 10 point? ............................................................................................................................................. 6.4. How much is the fixed cost? ............................................................................................................................................. 6.5. At what production does the company reach its business interruption point? ............................................................................................................................................. 6.6. What is the total income of the company in case of production related to maximum profit? ............................................................................................................................................. 6.7. How much is the total cost of the company? ............................................................................................................................................. 6.8. How much is the profit? ............................................................................................................................................. 8 points


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Question 7 (4+4 = 8 points) There are three consumers on a market. The demand function of the first consumer is: 2 q1D = 40 − P , the demand function of the second consumer is: q2D = 20 − P , while the 3 1 demand function of the third consumer is: q3D = 30 − P . 3 7.1. Give the equations of the market demand function and price range, where these equations are true. 7.2. Illustrate the inverted market demand function. 8 points


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Question 8 (6+6 = 12 points) The following are correlations characterizing the operation of the economy in an open economy:

Autonomous consumption C0 = 800 Marginal propensity to consume ĉ = 0.75 Investment schedule I = 750-10·i Government demand G = 200 Autonomous tax collected from households T = 300 Transfer paid to households Tr = 100 (There are no other budgetary expenditures or incomes) Exports X = 100 Import function IM = 200+0.25Y MD = 0.5·Y-20·i MS = 300

Real money demand schedule Nominal money supply

8.1. Give the equation for the commodity market demand function. 8.2. Determine the equilibrium income, the interest rate, and the equation of the foreign trade balance, if the price level is P = 5. 12 points


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Solution of exercise 8


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Exercise 9 (4+6+2 = 12 points) The production function in a macro-economy is characterized by the following equation: 25 Y = 10 L . The equation of the labour demand function is: LD = . Labour supply is 2 ⎛ w⎞ ⎜ ⎟ ⎝P⎠ S constant: L = 10000. 9.1. Determine the value of the equilibrium real wages and the equation of the employment function. 9.2. How much is the supply, if the price level is P = 40, and nominal wages are w = 2? 12 points


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Topic

Question number

Maximum points

1. Multiple choice questions

1./1-6.

12

1. 2. 3. 4. 5. 6. 7. 8. 9.

18 10 6 6 8 8 8 12 12 100 100

2. Written questions 3. Calculation and plotting questions

TOTAL Points of written examination

Points scored

Maximum Points points awardable scored in for the topic topic 12

40

48

100

Correcting teacher

___________________________________________________________________________

Programba Elért pontszám beírt pontszám Points entered Points scored into programme Választásos feladatok Multiple choice questions Szöveges feladatok Written questions Számítást, ábrázolást igénylő feladatok Calculation and plotting questions

Javító tanár / Correcting teacher


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Jegyző / Notary

2006. május 18.

ÉRETTSÉGI VIZSGA május 18

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