KÖZGAZDASÁGI- MARKETING ALAPISMERETEK ANGOL NYELVEN

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1 0812 ÉRETTSÉGI VIZSGA október 18. KÖZGAZDASÁGI- MARKETING ALAPISMERETEK ANGOL NYELVEN EMELT SZINTŰ ÍRÁSBELI ÉRETTSÉGI VIZSGA JAVÍTÁSI-ÉRTÉKELÉSI ÚTMUTATÓ NEMZETI ERŐFORRÁS MINISZTÉRIUM

2 Important Information During correction all partial points awarded for partial solutions must be indicated, as well as occurring mistakes. 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. 3. Only one answer per question is accepted. 4. Indicating only the end result of calculations is not enough, all calculations and formulas have to be written down as well. 5. For the true/false questions the indication of the letters T or F is worth only. If the incorrect letter is indicated, but it is accompanied by a professionally sound explanation then may be awarded. 6. There are several different possible answers for the questions. Solutions that are different from those in the correction guide can still be correct and if accurate they should be awarded maximum points. Answers listed in the correction-evaluation guide can only be awarded the points indicated. The further breaking down of the points indicated is possible only if this is separately mentioned. The points acquired after this is done can only be whole numbers. írásbeli vizsga / október 18.

3 MICRO-ECONOMICS I. MULTIPLE CHOICE QUESTIONS 3 x 1 = 3 points 1. b 2. b 3. b II. TRUE/FALSE QUESTIONS 4 x 2 = 8 points 1. F The rate of substitution depends on the marginal utility of two products and not the units of measurement. 2. F The average product increases until it is equal to the marginal product, then it decreases. 3. F The marginal income of a monopoly is positive until total income reaches its maximum. By further increasing production total income decreases and marginal income is negative. 4. T Ragweed due to the allergic reactions and illness it causes results in extra charges both for sick persons and for social security. Parts of these charges are transferred to land owners. However, the fine primarily serves prevention. III. DEFINITIONS 2 x 2 = 4 points 1. A competition of innovation is a competition of the development and market introduction of new products and new production techniques. 2. Redistribution (secondary distribution of income) is the collective system of taxes and aids. írásbeli vizsga / október 18.

4 IV. CALCULATION AND GEOMETRICAL QUESTIONS Question 1 a. VC = AVC Q VC = (Q 2-4Q + 9) Q = Q 3 4Q 2 + 9Q TC = FC + VC TC = Q 3-4Q 2 + 9Q points 15 points b. The optimal production quantity of the company is: MC = P 25 = 3Q 2 8Q = 3Q 2 8Q Q 1.2 = 6 Q 1 = Q 1.2 = Q 2 = 4 The optimal production quantity of the company is 4 million pieces. 3 points c. AC = TC 50 = Q 2 4Q Q Q AC = = 21, 5 4 or TC = = 86 TC 86 AC = = = 21, 5 Q 4 One of these solutions is enough. d. Income: TR = Q P = 4 25 = 100 Profit: T Π = TR TC = = 14 írásbeli vizsga / október 18.

5 Question 2 10 points Number of years: Year1 Year 2 Interest + redemption Interest factor = Present value ,06 1, points = The present value is HUF This is the maximum value that it is still worth paying for it. V. ELABORATIVE QUESTION 10 points The assessment of capital investments - assessment of assets. Capital investment: the purchasing of a new machine, the expansion of existing plants, or the acquisition of a company business share. A company can have several different types of economic assessments at the same time: Book value: the net value of company assets. This is the gross asset value entered into the books at the purchasing price with actual costs, which already has the accounted depreciation of assets deducted from it. Replacement value: the cost of the procurement of existing tools from the market at a given time taking into account the technical condition of the given tools. This method should be applied with tools the price of which has changed significantly or in the case of the merging of companies to determine contribution in kind. Business value: the capitalised value of company assets, the present value of expected revenues (profit). Liquidation value: expresses what net revenue would be after the deduction of transaction costs related to the selling of assets if the company would be sold and its assets sold. The results of the various assessment methods may be significantly different from each other. The type of method to be applied depends largely on the goals we want to achieve. írásbeli vizsga / október 18.

6 MACRO-ECONOMICS VI. MULTIPLE CHOICE QUESTIONS 3 x 1 = 3 points 1. b 2. b 3. c VII. TRUE/FALSE QUESTIONS 4 x 2 = 8 points 1. T The number of working days has decreased by one, and in the short-run output is determined by labour quantity. 2. T The goal of issuing government bonds is to finance the budget deficit. Persons buying government bonds are effectively lending money to the state. 3. T If foreigners also buy domestic products and services, then this is extra demand for domestic companies. 4. F In a floating exchange rate system, monetary policy is an effective tool from the aspect of increasing income and employment. VIII. DEFINITIONS 2 x 2 = 4 points 1. Transfer payment: income flow without direct remuneration. 2. Devaluation price spiral: The processes of nominal devaluation and domestic inflation that strengthen each other. írásbeli vizsga / október 18.

7 IX. CALCULATION AND GEOMETRICAL QUESTIONS Question 1 25 points 10 points Y D Y D =Y I C(Y)+I 1 C(Y)+I 0 C(Y) 45 Y 0 Y 1 I 1 I 0 Y a. i 0 I 0 C (Y) + I 0 Y = Y D (indicating 45 o ) one of the methods is enough: or Y = Y D or 45 o i 0 i Y 0 equilibrium income b. The new investment function i 0 I 1 C (Y) + I 1 Y 1 írásbeli vizsga / október 18.

8 Question 2 15 points The following table contains data of an open macro-economy: Y C I G X IM Y D ΔC a. ĉ = = = 0, 85 ΔY = C C 0 = 850 or: 7650 = C ΔIM b. m = = = = 0, 05 ΔY IM = IM 0 + my 800 = IM = IM IM 0 = 400 c. I, G and X are autonomous factors, and are the same at all income levels. if ΔY = 1000 ĉ = 0.85 ΔC = 850 if ΔY = 1000, m = 0.05 ΔIM = 50 Y D = C + I + G + X - IM Each correctly completed column is worth. 6 1=6 points d. at income level Y = Y D e. at 9000 income level X = IM at 8000 and 9000 income levels Y D >Y, there is excess demand on the commodity market. at and income levels Y>Y D, there is oversupply. írásbeli vizsga / október 18.

9 X. ELABORATIVE QUESTION 10 points Floating exchange rate currency market The intersection point of the two curves gives us the equilibrium exchange rate and quantity. Diagram: 3 points If the exchange rate is higher, then there is oversupply, which automatically lowers the exchange rate. If the exchange rate is lower, then there is excess demand, which raises the exchange rate. This is how equilibrium is automatically established. Currency demand is equal to the sum of commodity import and capital export, while currency supply is equal to the sum of commodity export and capital import. Therefore, with an equilibrium currency exchange rate of e*: commodity export + capital import = commodity import + capital export. This means that in this situation the amount of incoming and out-flowing foreign currency is equal, central bank foreign exchange reserves are unchanged and the balance of payments is in equilibrium. In the case of a floating currency exchange rate, the changes of the exchange rate ensure that the balance of payments is in equilibrium. Apart from the nominal exchange rate, international commodity trade and capital flow is also affected by the ratio of foreign price levels expressed in domestic currency and the domestic price level. írásbeli vizsga / október 18.