KÖZGAZDASÁGI ALAPISMERETEK (ELMÉLETI GAZDASÁGTAN) ANGOL NYELVEN

Átírás

1 ÉRETTSÉGI VIZSGA május 18. KÖZGAZDASÁGI ALAPISMERETEK (ELMÉLETI GAZDASÁGTAN) ANGOL NYELVEN KÖZÉPSZINTŰ ÍRÁSBELI VIZSGA 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

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 18.

3 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 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 q 0 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 q 0 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. írásbeli vizsga / május 18.

4 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 S F = 0. c) Y = C + I + G + X IM. d) the current account is in equilibrium. írásbeli vizsga / május 18.

5 II. Written (long-answer) questions 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. 6. If the price level increases, real money supply drops. 2 points 2 points írásbeli vizsga / május 18.

6 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 írásbeli vizsga / május 18.

7 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. írásbeli vizsga / május 18.

8 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(Y) C, S 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 (-) írásbeli vizsga / május 18.

9 5. Analysis and evaluation question (6 points) 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: 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) Increase of demand. b) Increase of supply. c) Decrease of supply. d) Decrease of demand. írásbeli vizsga / május 18.

10 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. írásbeli vizsga / május 18.

11 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. 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 U1 Dairy product (litres) (x) Pastries (pieces) (y) Letter of basket U2 Dairy product (litres) (x) Pastries (pieces) (y) A 2 15 F 4 18 B 4 7 G 6 10 C 6 5 H 10 7 D 10 3 I 12 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 Calculate how much one pastry costs and the maximum quantity (litres) of milk the family could purchase from its income Write down the equation for the budget line and determine the sloping of the line numerically In the coordinate system provided, illustrate the indifference curves and the budget line. Determine the optimal consumer basket for the family 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. írásbeli vizsga / május 18.

12 pastries dairy products írásbeli vizsga / május 18.

13 Question 7 (11 points) 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 Complete the data missing from the table based on the correlations known 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) Marginal product Average product írásbeli vizsga / május 18.

14 Question 8 (8 points) 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) Industrial consumption (HUF billion) Depreciation (HUF billion) A B C 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 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 Calculate the gross domestic product (GDP) for the given year based on the aggregate sector production data Calculate the value of the net domestic product (NDP) Determine the value of the net national income (NNI) Calculate the value of the gross national disposable income (GNDI). írásbeli vizsga / május 18.

15 Continuation of Question 8 írásbeli vizsga / május 18.

16 Question 9 (12 points) In a given economy, autonomous consumption is 4200 and the marginal propensity to consume is Assuming the interest rate remains unchanged, investment is The value of state purchases is The state supports households with 500 transfers. The state s revenue is 2100, collected as a lump-sum tax Calculate equilibrium income in this 3-player economy Calculate the balance of the budget Determine consumption and discretionary income in case of equilibrium income 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. írásbeli vizsga / május 18.

17 írásbeli vizsga / május 18.

20 Topic Test Questions Written (long-answer) questions Calculation and Plotting Questions Question number Maximum points Maximum points of topic Multiple choice questions True-false statements Definitions 8 3. Long-answer question 8 4. Pairing up Analysis and evaluation question 6 Question 6 9 Question 7 11 Question 8 8 Question in written examination 100 in topic Correcting teacher Date:... Választásos, egyszerű rövid választ igénylő feladatok/ Test Questions Szöveges (kifejtendő) feladatok/ Written (long-answer) 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 Javító tanár/correcting teacher Jegyző/Notary Dátum / Date:... Dátum / Date:... írásbeli vizsga / május 18.