KÖZGAZDASÁGI ALAPISMERETEK (ELMÉLETI GAZDASÁGTAN) ANGOL NYELVEN

ÉRETTSÉGI VIZSGA ● 2016. május 18.

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KÖZGAZDASÁGI ALAPISMERETEK (ELMÉLETI GAZDASÁGTAN) ANGOL NYELVEN KÖZÉPSZINTŰ ÍRÁSBELI VIZSGA 2016. május 18. 8:00 Az írásbeli vizsga időtartama: 180 perc

Pótlapok száma Tisztázati Piszkozati

EMBERI ERŐFORRÁSOK MINISZTÉRIUMA

Közgazdasági alapismeretek (elméleti gazdaságtan) angol nyelven

középszint — írásbeli vizsga 1411

Közgazdasági alapismeretek (elméleti gazdaságtan) angol nyelven — középszint

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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 1411

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I. Test questions Multiple choice questions (10 · 2 = 20 points) We have provided 4 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. Points scored

1.

2.

3.

4.

5.

6.

7.

8.

9.

10.

1. Let’s assume that on the dry pasta market, the demand function has shifted to the left. This change could have been caused by a) a significant increase in the price of dry pasta. b) a drop in the number of pasta-making entrepreneurs. c) dropping pasta consumption due to a change in consumer habits. d) a significant increase of the costs of dry-pasta manufacturing. 2. If, in addition to normal profit, an entrepreneur also generates economic profit, then sales revenue is greater than a) accounting cost. b) accounting profit. c) economic cost. d) implicit cost. 3. If a perfectly competing company is producing losses, then a) the given company’s total revenue is greater than its total cost. b) the given company’s total cost is greater than its total revenue. c) the given company’s fixed cost is greater than its total revenue. d) the difference of total revenue and total cost is zero. 4. In case of a certain q0 quantity, the difference of market price and marginal cost is zero. In the case of a perfectly competing company, we can thus deduce that a) market price is greater than the minimum value of average cost. b) marginal revenue is greater than marginal cost. c) market price is greater than marginal revenue. d) said q0 quantity ensures maximum profit for the company. 5. An investment is worth making if a) its net present value is greater than the cost of implementation. b) if the internal rate of return is greater than the market interest rate. c) In both cases. d) In neither case.


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6. As a result of the increase of the marginal propensity to consume, a) autonomous consumption also increases. b) the consumption function shifts upwards in parallel. c) the sloping of the consumption function grows. d) the marginal propensity to save also increases. 7. We know that there is currently equilibrium on the labour market of a macro-economy. If as a result of government measures real wage were to increase, there would be a) unemployment on the labour market. b) continued equilibrium on the labour market. c) excess demand on the labour market. d) an increase in employment on the labour market. 8. The concept of money demand refers to the quantity of money that economic players a) want to purchase. b) want to hold on to. c) want to consume. d) None of the above. 9. In a given economy, the state is planning to stimulate demand, but also wants to make sure that the balance of the budget does not deteriorate as a result of the measure. This is why in addition to increasing government expenditures by amount G, a) it must also increase transfers (TR) by an equal amount. b) it must also decrease transfers (TR) by an equal amount. c) it must also increase lump-sum tax (T) by an equal amount. d) it must also decrease lump-sum tax (T) by an equal amount. 10. In a four-player economy, there is equilibrium on the commodity market, if a) the foreign trade balance is in equilibrium. b) the savings of the foreign sector are SF = 0. c) Y = C + I + G + X – IM. d) the current account is in equilibrium.


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II. Written (long-answer) questions Points scored

1. True-false statements (12 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. All correct explanations are worth 1 point. 1. The consumer’s indifference curves illustrate the consumer baskets that the consumer is able to purchase from a given income.

2 points 2. Due to the increasing of explicit cost, accounting cost will most likely increase as well.

2 points 3. We are talking about negative externality if a given activity provides benefits for others that they did not have to pay for.

2 points 4. If the value of marginal propensity to consume is greater than 1, the marginal propensity to save will have a negative sign. 2 points 5. The greater the real wage, the greater the number of employed in the macro-economy.

2 points 6. If the price level increases, real money supply drops.

2 points


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2. Definitions (8 points) Briefly define or interpret the terms and economic phenomena listed. A) Short-run:

2 points B) Average cost:

2 points C) Fixed cost:

2 points D) Marginal cost:

2 points


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3. Long-answer question (8 points) Write a written answer which names or lists and presents in detail the main correlations. During your work, try to present your answer in a well-structured and comprehensible manner. Divide up, group or highlight your main thoughts according to the given question’s instructions. During your answer, you may write down formulas or prepare diagrams. Define the concept of active population and characterise its role in determining macroeconomic labour supply. Explain the concepts of full employment and unemployment. List and characterise the main types of unemployment. Define the concept of the unemployment rate, and evaluate the macro-economic effects of the increase or decrease of this indicator.


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4. Pairing up (6 points) Pair up the diagrams with the factors responsible for the given change, and determine how these changes affect equilibrium income. Complete the table with the letter corresponding to the given change. Each of the following diagrams shows a consumption function C(Y) and a modified variant C1(Y) of the same function. In each case, the modified function has been drawn with a dashed line. Under the title FACTORS, we have listed the impacts that may have been responsible for the changing of the consumption function. Of these, select the reason for the change illustrated by the given diagram and write the letter of the factor selected into the table. After you have completed the pairing up, you must also determine how the illustrated change affects equilibrium income. If you come to the conclusion that equilibrium income increases as a result of the change, write a + sign in the column corresponding to the diagram; if you come to the conclusion that equilibrium income decreases, write a – sign in the appropriate place.

C, S

C1(Y)

C, S

C, S

C(Y)

C(Y)

C(Y)

C1(Y)

C1(Y)

Y

Y

Y

Diagram 1

Diagram 2

Diagram 3

FACTORS A) increasing of autonomous consumption B) decreasing of the marginal propensity to consume C) decreasing of government expenditures D) increase of income E) raising of tax paid by households Write the appropriate letter into the column corresponding to the diagram number. Name

Diagram 1

Diagram 2

Diagram 3

Factor responsible for change Change of equilibrium income: increase (+) or decrease (-)


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5. Analysis and evaluation question (6 points)

Points scored

The following excerpt provides some information on the corn market. Based on the information found in the excerpt and using economic rules, follow and analyse the changes of the market in accordance with the instructions of the questions. Not enough corn This time last year, a ton of corn could have been sold for HUF 60-65,000 in Hungary, according to recent data by the Magro.hu online agricultural marketplace …. in recent weeks, the price of corn plummeted to HUF 46-50,000 … “Initially, it was too much water, then the drought that decimated the crop”, says the President of the Hungarian Corn Club, who himself is not expecting prices to rise significantly. Hungary’s corn needs are between 4 and 5 million tons per year, the majority of which, some 3 million tons, are used as animal feed. The rest is used to make ethanol and starch (isosugar) and only the amount remaining in excess at this point is exported. The country’s aggregate estimated crop amount for this year was estimated at 8 million tons at the beginning of the summer, at the moment, however, it seems that the amount that can be harvested is 6 million tons at the most. However, the global market does not take unfavourable Hungarian weather into account. In addition, Hungarian purchase prices are primarily determined by the commodity exchanges in Chicago and Paris. The profits made by an entrepreneur in Cegléd for instance are largely dependent on how good a season is had in the US. Near record-high crop yields are expected in the US and the Ukraine, the world’s largest production areas, in other words, supply on a global scale is not expected to be scarce... (Source:http://vallalkozoi.negyed.hu/vnegyed/20130918-vilagszerte-bo-termes-varhato-kukoricabol-kiveve-akarpat-medencet-a-magyar-gazdak-alacsonyabb.html)

5.1. Let’s assume that initially there is equilibrium on the corn market. Select which impacts can cause a drop in price on the corn market. Circle the appropriate letter. a) b) c) d)

Increase of demand. Increase of supply. Decrease of supply. Decrease of demand.


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5.2. Illustrate on the following diagram the corn market effect of the statement “the drought has decimated the crop”. Complete the diagram below according to the changes indicated in the quote and provide a brief written explanation.

P S

D Q 5.3. Based on the statements contained in the excerpt, complete the statements concerning the relationship of the domestic corn market and the global corn market. Circle the appropriate words in italic font. A) Based on the numerical data of domestic harvest and utilisation data, the country is exporting/importing corn. B) If an abundant harvest is expected worldwide, the decrease/increase of the world market price of corn can be expected. C) As a result of the change of the world market price, the domestic price of corn is expected to decrease/increase.


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III. Calculation and Plotting Questions In the case of calculation questions, follow the instructions indicated for each sub-question carefully: complete the necessary calculations or prepare the diagrams according to the given specifications and indicate the letter of the corresponding sub-question next to your solution. In order to get maximum points, you will have to answer all subsections of the question. Points scored

Question 6 (9 points)

A given family spends HUF 3360 on dairy products and pastries every week. We know certain points of the indifference map presenting the family’s system of preferences. These points are shown in the table below.

Letter of basket A B C D

U1 Dairy product (litres) (x) 2 4 6 10

Pastries (pieces) (y)

Letter of basket

15 7 5 3

F G H I

U2 Dairy product (litres) (x) 4 6 10 12

Pastries (pieces) (y) 18 10 7 6

If the family were to spend all its income on pastries, it would be able to purchase 20 pieces; the average price of dairy products calculated for 1 litre is HUF 280. 6.1. Calculate how much one pastry costs and the maximum quantity (litres) of milk the family could purchase from its income. 6.2. Write down the equation for the budget line and determine the sloping of the line numerically. 6.3. In the coordinate system provided, illustrate the indifference curves and the budget line. Determine the optimal consumer basket for the family. 6.4. Let’s assume that the average price of dairy products increases to HUF 420, while the price of pastries and the family’s income remains unchanged. In the new situation, the family purchases a product quantity corresponding to consumer basket C. Is it true that after the price increase, consumer basket C will be the new optimal consumer basket for the family? Regardless of whether you answer yes or no, you have to explain your answer. Complete the diagram and provide a written explanation.


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pastries 22 20 18 16 14 12 10 8 6 4 2 0 0

2

4

6

8

10

12

14 dairy products


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Points scored


The table below depicts the weekly production data for a sock-making company. The plant’s technical equipment is operational and up to date; therefore, production quantity changes depending on labour intensity. 7.1. Complete the data missing from the table based on the correlations known. 7.2. Based on the data series below, indicate the range of labour utilisation where production

increases at a decelerating rate. Explain your answer. Labour utilisation (hours)

Production (thousand pairs)

0

0

10

600

Marginal product

60

1300

70

30 40

70 3100

50

120

60 70

Average product

90 6440

104

7740

50

80 90 100

36

110


72

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We are examining the annual performance of a national economy in a given year, but our data is incomplete and must be completed. We are aware of the following information: There are three (A, B, C) production sectors in the economy. Annual output performance is reflected by the data in the table below: Sector

Gross output (HUF billion)

A B C

47 800 58 920 76 780

Industrial consumption (HUF billion) 19 120 23 580 30 700

Depreciation (HUF billion) 7 500 16 000 5 000

We also know that the foreign sector has played a significant role in the generation and distribution of incomes. Foreign players participating in domestic output have acquired capital revenue amounting to HUF 14 500 billion and labour income of HUF 3000 billion. The factor income of domestic economic players acquired abroad was HUF 4000 billion. The country received HUF 1500 billion more in transfers from abroad than what it sent abroad. 8.1. Calculate the gross domestic product (GDP) for the given year based on the aggregate sector production data. 8.2. Calculate the value of the net domestic product (NDP). 8.3. Determine the value of the net national income (NNI). 8.4. Calculate the value of the gross national disposable income (GNDI).


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Continuation of Question 8


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Points scored


In a given economy, autonomous consumption is 4200 and the marginal propensity to consume is 0.75. Assuming the interest rate remains unchanged, investment is 1100. The value of state purchases is 1900. The state supports households with 500 transfers. The state’s revenue is 2100, collected as a lump-sum tax. 9.1. Calculate equilibrium income in this 3-player economy. 9.2. Calculate the balance of the budget. 9.3. Determine consumption and discretionary income in case of equilibrium income. 9.4. The state wants to increase output by 300 units. Calculate the amount transfers should be increased by in order for output to reach this growth if all other factors remain unchanged.


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Topic

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Maximum points

Question number

Points scored

Multiple choice questions 20 1–10 1. True-false statements 12 2. Definitions 8 Written (long-answer) 3. Long-answer question 8 questions 4. Pairing up 6 5. Analysis and evaluation 6 question Question 6 9 11 Calculation and Plotting Question 7 Questions Question 8 8 Question 9 12 Points scored in written examination Test Questions

Maximum points of topic

Points scored in topic

20

40

40 100

Correcting teacher Date: .................................

__________________________________________________________________________

pontszáma programba beírt egész számra egész pontszám kerekítve/ / Points (whole Points rounded number) to a whole entered into programme number Választásos, egyszerű rövid választ igénylő feladatok/ Test Questions Szöveges (kifejtendő) feladatok/ Written (long-answer) questions Számítást, ábrázolást igénylő feladatok/ Calculation and Plotting Questions

Javító tanár/Correcting teacher Dátum / Date: .................................


Jegyző/Notary Dátum / Date: .................................

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KÖZGAZDASÁGI ALAPISMERETEK (ELMÉLETI GAZDASÁGTAN) ANGOL NYELVEN

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