KÖZGAZDASÁGI ALAPISMERETEK (ELMÉLETI GAZDASÁGTAN) ANGOL NYELVEN BASIC PRINCIPLES OF ECONOMY (THEORETICAL ECONOMICS)

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1 ÉRETTSÉGI VIZSGA május 20. KÖZGAZDASÁGI ALAPISMERETEK (ELMÉLETI GAZDASÁGTAN) ANGOL NYELVEN BASIC PRINCIPLES OF ECONOMY (THEORETICAL ECONOMICS) KÖZÉPSZINTŰ ÍRÁSBELI VIZSGA MEDIUM-LEVEL WRITTEN EXAM Az írásbeli vizsga időtartama: 180 perc Length of the written examination: 180 minutes Pótlapok száma Number of additional pages Tisztázati / Final copy Piszkozati / Drafts OKTATÁSI MINISZTÉRIUM Közgazdasági alapismeretek (elméleti gazdaságtan) középszint írásbeli vizsga 0511 angol nyelven

2 Important Information This is a complex test, broken into sections based on different types of tasks. Pay attention to the introductions in italics when answering your questions. Follow the instructions of the question! The maximum score can only be given if you answer all questions. The points given for partial answers are also indicated for each task. The maximum score is 100 points. Use the test form for the answers and explanations! You can use the additional pages for drafts. If you also need an additional page for the solution, indicate it in the given task! You may use a pencil for preparing figures, but use a pen to mark the final solution! Use a ruler for accuracy! Non-programmable calculators may be used for calculations. Have a successful exam! írásbeli vizsga / május 20.

3 I. Multiple choice questions (10 2 =20 points) For each statement there are four answers but only one is correct. The other answers contain only some correct aspects, or are completely wrong. Select the letter of the right answer and put it into the table above the questions under the question number. Attention! Only one correct answer can be accepted. No points can be given if the answer is not clear or there are more than one letters points 1. Yesterday morning we finished shopping at the market with a potato doughnut at Pacsirta" snack bar. According to its economic definition, this potato doughnut is a) goods b) a free asset c) a service d) a production factor 2. Increasing the consumption of a product, the total profit a) increases in all cases b) falls initially, then increases c) is negative with a low consumption level d) increases first and then decreases 3. The economic profit may be positive if a) the implicit expenses are higher than the explicit expenses b) the alternative cost of the activity is higher than the accounting cost c) the ordinary profit is higher than the economic profit d) the accounting profit is higher than the ordinary profit 4. The securities market is a) part of the capital market b) part of the financial capital market c) both a) and b) are true d) none of the above statements are true 5. One aspect of the primary distribution of income is a) household consumption b) salary payment of companies c) corporate profit tax payment d) payment of state subsidies (e.g., scholarship) 6. The performance of a macro economy is identical with a) the aggregate value of savings of economic actors b) the total products of final consumption c) the total profit at companies d) the value of assets used in production írásbeli vizsga / május 20.

4 7. If there is a macro economic balance, the economy can be characterised in the following way: a) there is a balance in all markets b) there is a balance only in the labour market c) there is a balance in the goods and money market but not in the labour market d) there is no balance in the money market only 8. Modern money is a) credit money b) covered by gold c) both are true d) none of the above statements are true 9. The economic tasks of a state include a) maintenance of balanced economic growth b) reduction of income differences c) a) and b) together d) neither 10. The revenues of the current balance of payment increase if a) Hungarian tourists travel abroad more b) goods export increases by 10 per cent c) foreigners make more investments d) we pay less interest on loans taken earlier írásbeli vizsga / május 20.

5 II. Narrative tasks 1. True or false statements (6 2 =1) Decide whether the following statements are true or false! Indicate your choice with T (true) or F (false) written before the statements! Explain your answer! Only clear answers will be accepted. 1) Let s assume that the income flexibility of Algopyrin painkiller is negative. In this case, consumers buy more Algopyrin if their income falls. 2) The shortage of a natural resource means that the marginal cost of the factor is higher than the marginal product revenue. 3) The internal rate of return of a capital investment can never be identical with the market interest rate. 4) Payment of transfers to the population increases the total demand because household consumption increases as a result of transfers. 5) The per capita GDP increase reflects the increase of the performance of the economy. 6) A company seated in Székesfehérvár employs a manager, who is a British citizen to increase the performance of the plant. The salary of the manager is part of the Hungarian GNI. írásbeli vizsga / május 20.

6 2. Definitions (4 2 = 8 points) Provide a brief description of the concepts and economic phenomena listed below. A) Accounting cost B) Consumption limit willingness C) GDP D) Inflation írásbeli vizsga / május 20.

7 3. Questions requiring an explanation (8 points) Give a narrative answer defining or listing and describing in detail the most important relations. Try to give clear and legible answers. Break down or classify and highlight the most important ideas according to the nature of the subject. If you think it is necessary, give formulae or prepare graphs. 8 points Compare the attributes of perfect competition and a monopoly market. írásbeli vizsga / május 20.

8 4. Completion (5 1 = 5 points) Complete the statements applicable to the labour market with the expressions of INCREASES, DECREASES or REMAINS UNCHANGED! Let s assume that young people take part in school education for a long time. This change affects the composition of the population and future position of the labour market. 4.1st If the number of population does not change compared to its present number because of the above change, in future the number of inactive population nd If the number of population does not change compared to its present number because of the above change, in future the number of active population 4.3rd If the change does not have any impact on real wages, the minimum labour market supply th If employment is determined by labour demand according to the shorter-side principle, the number of currently employed people th If young people continue to study further and the number of employed people remains unchanged in future, it can also be assumed that in future the number of unemplyoed... 5 points írásbeli vizsga / május 20.

9 5. Analysis and evaluation (7 points) Below you will have to assess impacts of a certain market event. You have to give an explanation on the dotted line or choose the right answer from the list. For Magnum ice cream the calculated price flexibility indicator is -2. According to statistical surveys, the price of the ice cream dropped by 10% in the previous month. 5.1st Provide the calculation formulae for the indicator of price flexibility of demand nd What consequence can you draw in terms of the volume of the purchased product? Underline the correct answer(s) or put a circle around the letter of the answer! A) Consumers purchased less Magnum ice cream. B) Consumers purchased more ice cream. C) The purchased quantity of ice cream decreased by 10%. D) The purchased quantity of ice cream decreased by more than 20%. E) The purchased quantity of ice cream increased by less than 10%. F) The purchased quantity of ice cream increased by exactly 20%. G) The purchased quantity of ice cream did not change. H) The demand for Magnum ice cream is not flexible according to price. I) On the basis of the calculated indicator, the product is an asset with flexible demand. 5.3rd List one or two products that could be a substitute product for ice cream! points írásbeli vizsga / május 20.

10 III. Tasks requiring calculation and illustration Follow the instructions for each task. Complete the necessary calculations and/or prepare the figures according to the conditions. Mark your answers with the number of questions in the task. It is not enough to write down the results for tasks involving calculations. The theoretical basis of the calculation and the applied formulae should also be indicated on the text form. Task 6 (2+2+3=7 points) We know that Annamari spends HUF 1,200 a week on her two favourite products: Nestlé mineral water and sponge cake thaler. The mineral water (x goods) costs HUF 150 forint, and the sponge cake thaler (y goods) costs HUF st Provide the equation for the budgetary line and illustrate it (I 1 ) in the specified set of coordinates. Sponge cake piskóta thaler tallér ásványvíz Mineral water 6.2nd The mineral water is no longer exempt of VAT as a result of a comprehensive tax reform, thus the price of the product increases by 20%. How much is a bottle of mineral water now? Provide the new budgetary equation and illustrate it in the above figure (I 2 )! (The consumer s income and the sponge cake thaler s price are the same as in the original example!) 6.3rd Select from the following figures the one which shows the graphic image of a budgetary function under which the consumer has three times higher income than Annamari! The price of x goods is four times and the price of y goods is 150% higher than the initial (original) prices. Circle the right letter and explain your answer! A) B) C) points írásbeli vizsga / május 20.

11 Solution for Task 6: írásbeli vizsga / május 20.

12 Task 7 ( =1) The following table contains a few production and expense data of a company. Production TC FC VC AC AVC MC (1) (2) (3) (4) (5) (6) , st Fill in the missing figures in the table! 7.2nd Give a definition and calculation formulae for the data in column (6)! 7.3rd Assume that this company sells its products in a market with perfect competition. How much would it offer for sale in the market if the market price is HUF 20 forint/item? Explain your answer! 7.4th Calculate the profit of the company based on production calculated in the previous point! 7.5th Define the market price relating to the suspended operation point! Explain your answer! 1 írásbeli vizsga / május 20.

13 Task 8 ( =13 points) In a macro economy the balance of total demand and total supply was crated with significant employment. In the economy the consumption limit willingness ( ĉ ) is 0.75, autonomous consumption (C o ) is 70, capital investment (I) is 115, and government purchases (G) is 90. The amount of tax collected (T) is 150, and the transfer payments to households (TR H ) were st What is the balance income of the economy? 8.2nd Calculate the consumption value based on balance income! 8.3rd Calculate the budget balance! 8.4th The government has decided to increase total demand, as well as balance income by 200 units based on larger orders. No tax increase is involved in the measure. How much will be the market purchase of the government after the measure? 8.5th How did this amendment affect the budget balance? 13 points írásbeli vizsga / május 20.

14 Solution of Task 8 írásbeli vizsga / május 20.

15 Task 9 (4+4=8 points) The functions indicated in the figure are known in a two-actor economy. 9.1st Mark the balance income! Once you have completed the graph, show the final result on the Y" axis with Y*! Give a brief answer indicating the steps of the procedure! C,I C(Y) I 9.2nd What would you change in the figure if the interest rate declined in this economy? How will it impact capital investments and balance income? Complete the figure below accordingly and give a narrative answer too! Y C,I C(Y) I Y 8 points írásbeli vizsga / május 20.

16 topic Tasks requiring a short answer Narrative tasks question number I. Multiple choice questions maximum points 1. True-false statements Definitions 8 3. Questions requiring an explanation 8 4. Completion 5 5. Analysis and evaluation 7 Task 6 7 Task 7 12 Task 8 13 Tasks requiring calculation and illustration Task 9 8 points scored maximum points of the subject TOTAL Points of the written exam 100 rating (percentage) points scored on the subject correcting teacher Rövid választ igénylő feladatsor / Tasks requiring a short answer Szöveges feladatok / Narrative tasks Számítást, ábrázolást igénylő feladatok / Tasks requiring calculation and illustration Elért pontszám / points scored Programba beírt pontszám / points given in the programme javító tanár / correcting teacher jegyző / notary írásbeli vizsga / május 20.