ÉRETTSÉGI VIZSGA május 25.

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1 emelt szint angol nyelven 0621 ÉRETTSÉGI VIZSGA május 25. KÖZGAZDASÁGI-MARKETING ALAPISMERETEK ANGOL NYELVEN THE BASICS OF MARKETING ECONOMICS EMELT SZINTŰ ÍRÁSBELI ÉRETTSÉGI VIZSGA ADVANCED LEVEL WRITTEN BACCALAUREATE EXAMINATION JAVÍTÁSI-ÉRTÉKELÉSI ÚTMUTATÓ CORRECTION-EVALUATION GUIDE OKTATÁSI ÉS KULTURÁLIS MINISZTÉRIUM MINISTRY OF EDUCATION AND CULTURE

2 CORRECTION GUIDE During correction, using ink that is clearly distinguishable from the student s ink, all partial points, correct solutions and mistakes have to be indicated. Several different answers are possible for the questions; this is why solutions can be different from those in the correction guide. If the solution is based on professionally correct elements, if the procedure is sufficiently detailed and leads to the correct solution then maximum points should be given. 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. (The total score of the question has to be a whole number regardless of the halving of the points.) 3. In case of logical errors no points are awarded, where the error was made, but further correct steps deserve the half point. (The total score of the question has to be a whole number regardless of the halving of the points.) 4. Only one answer per question is accepted. 5. At the true/false questions the indication of the letter and the explanation will be marked separately. The indication of T or F is worth separately. 6. The partial points cannot be further divided; deviation from this is possible only in case of the previously mentioned calculation errors. írásbeli vizsga / május 25.

3 MICRO-ECONOMICS 1. MULTIPLE CHOICE QUESTIONS 3x1 = 3 points 1. c 2. c 3. a 2. TRUE OR FALSE STATEMENTS 4x2 = 8 points 1. T In this case the consumer consumes until the saturation point. 2. F The marginal receipt of a fully competing company is equal to the market price and is independent of the quantity of products produced by the company. MR = P 3. F The nominal value of a bond equals the amount featured on it; whereas the market price thereof valid at a given time is its stock market value. 4. F In case of horizontal product changes no important quality changes are effected in the course of the development of the product, only minor changes in style. 3. DEFINITIONS 2x2 = 4 points 1. Stowaway behaviour: If goods are owned collectively, the consumer usually tries to minimize his/her share in paying for common expenses and tries to maximize his/her share in the common profit. 2. Franchise: A license, which allows its holder to distribute a given product or service under a given trademark at his/her own premises. írásbeli vizsga / május 25.

4 4. CALCULATION AND GEOMETRICAL QUESTIONS 25 points Question 1 15 points Slice or glass Pizza ( p = 200 ) beer ( p = 100 ) TU MU MU/p TU MU MU/p Filling in the empty columns 4x2 = 8 points I = P X X + P Y Y = = = = 2200 Balázs Juhász s best choice is 6 slices of pizza and 7 glasses of beer, because he spends all of his income and the marginal utility and unit price quotients are also equal to one another. írásbeli vizsga / május 25.

5 Question 2 10 points Revenue: HUF 600 thousand Cost: HUF 200 thousand Income: HUF 400 thousand 400 = HUF 2000 thousand 3 points 0,2 The land is worth buying, as annual returns on the land are equivalent to the bank interest rate on HUF 2 million, i.e. it is worth HUF 2 million. 400 = 1200 x 400 = If the market rate of interest is 33.3% or higher, then the land is not worth buying. írásbeli vizsga / május 25.

6 5. ELABORATIVE QUESTIONS 10 points Analyze the micro-economic factors of labour supply. The consumer wants to maximize his/her quality of life by trying to find balance between leisure and attainable income. Both working time and leisure can only be increased at the expense of the other. By increasing working time, attainable income can also be increased thereby also increasing the quantity of goods that can be bought, leisure time, however; decreases in this scenario. Both are important commodities and the consumer usually deems that one more useful, which he/she has the least of. If wages are low, the employee usually deems the scarcity of available goods more useful, which is why he/she will take on more work, if his/her wages are increased. If wages are high, the employee will usually decrease his/her work supply, as he/she will deem leisure more useful. írásbeli vizsga / május 25.

7 MACRO-ECONOMICS 6. MULTIPLE CHOICE QUESTIONS 3x1 = points 1. a 2. c 3. b 7. TRUE OR FALSE QUESTIONS 4x2 = 8 points 1. T The growth of autonomous consumption has the same effect on the growth of equilibrium income as the increasing of any other autonomous factor. 2. F Consumption and savings are complementary. Until a certain level of income, savings are negative. This means that in a macroeconomy, consumption is greater than income, meaning that a part of the assets accumulated before will be exhausted. 3. F Monetary policy has an effect on the quantity of currency in circulation, thereby regulating economic processes. 4. T Greater income results in the greater consumption of import goods as well, and an increase in production increases the import of inputs as well. 8. DEFINITIONS 2x2 = 4 points 1. Credit money: The company s money is none other than monies due from a bank, after the credit money has been credited. 2. Fiscal policy: or budgetary policy. Budgetary policy refers to the measures designed to influence and manage the economy, which the state brings about by way of its revenues and expenditures. írásbeli vizsga / május 25.

8 9. CALCULATION AND GEOMETRICAL QUESTIONS 25 points Question 1 10 points Real GDP = nominal GDP: price index = 1155 = Change in real GDP: 1050:1000 = 105% Calculating with unchanged prices GDP growth is 5%. Macro-income rose, because more products were produced and more services were provided. 3 points Change in nominal GDP: 1155: 1000 = 115.5% Calculating with ruling prices GDP growth is 15.5%. This value is higher than the value corresponding to the real GDP, because prices have also risen during the year in question. 3 points Question 2 15 points Y = Y i 400 = Y 100 i a. Y = 750 b. i = 3.5 c. C(750) = C(750) = 700 d. I(3.5) = = 50 W W e = P P W = 100 P f = 700 írásbeli vizsga / május 25.

9 10. ELABORATIVE QUESTION 10 points Describe the various types of unemployment. Voluntary unemployment: People are unwilling to work for a given real wage without any compelling reasons. Involuntary unemployment: People would be willing to work, and are seeking employment, but are unable to find an employer. Cyclical unemployment: The products produced by a given sector cannot be sold in the given country at the moment. Structural unemployment: Labour demand and supply deviate from each other in terms of structure. Technological unemployment: Joblessness brought about by technological advancement. Increases in the short term, later decreases, but tends to increase in the long term. Frictional unemployment: Unemployment related to changing work or place of residence. írásbeli vizsga / május 25.

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ÉRETTSÉGI VIZSGA május 25. középszint angol nyelven 0621 ÉRETTSÉGI VIZSGA 2007. május 25. KÖZGAZDASÁGI-MARKETING ALAISMERETEK ANGOL NYELVEN THE BASICS OF MARKETING ECONOMICS KÖZÉSZINTŰ ÍRÁSBELI ÉRETTSÉGI VIZSGA STANDARD LEVEL WRITTEN