KÖZGAZDASÁGI ALAPISMERETEK (ELMÉLETI GAZDASÁGTAN) ANGOL NYELVEN

ÉRETTSÉGI VIZSGA 2014. május 20. KÖZGAZDASÁGI ALAPISMERETEK (ELMÉLETI GAZDASÁGTAN) ANGOL NYELVEN KÖZÉPSZINTŰ ÍRÁSBELI VIZSGA 2014. május 20. 8:00 Az írásbeli vizsga időtartama: 180 perc Pótlapok száma Tisztázati Piszkozati EMBERI ERŐFORRÁSOK MINISZTÉRIUMA Közgazdasági alapismeretek (elméleti gazdaságtan) angol nyelven középszint írásbeli vizsga 1311

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 1311 2 / 20 2014. május 20.

I. Test Questions I. Multiple choice questions (10 2 = 20 points) We have provided four 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. scored 1 2 3 4 5 6 7 8 9 10 1. The selling intention of producers is impacted by the a) increase of wages. b) decrease of production costs. c) Both of the above factors. d) Neither of the above factors. 2. The saturation point of consumption is the point where a) total utility is zero. b) total utility is at a maximum. c) Answers a) and b) are both true. d) None of the above is true. 3. Consumers who... enjoy consumer surplus. a) purchase goods of average quality b) purchase on a perfectly competing market c) purchase the product at market price, but would have been willing to pay more d) None of the above statements are true. 4. Marginal factor cost a) is the ratio of the total cost of production to the quantity produced. b) is the factor change per additional output product quantity. c) is the change of total cost per additional input factor. d) is the change of total cost per additional output product quantity. 5. The utilisation of labour is optimal if a) MSC = MSB b) MFC L = MRP L c) MFC L = MSB d) MRP L = MSC írásbeli vizsga 1311 3 / 20 2014. május 20.

6... is a state tool of income redistribution. a) Tax withholding b) Transfer payment c) Both of the above. d) Neither of the above. 7. There is over-supply on the commodity market in a two-player economy if a) S < I. b) S + I > Y. c) S + C = I. d) C + I < Y. 8. A person who... is part of the active population. a) enters the labour market and seeks employment b) is employed c) ensures his/her livelihood by taking on jobs d) All three statements above are true. 9. The danger of the application of a demand stimulating economic policy is that a) inflation could increase. b) the budget deficit could increase. c) Both of the above. d) Neither of the above. 10. As a result of trade based on comparative advantage, in countries participating in division of labour a) joint production increases. b) consumption opportunities expand. c) Both of the above. d) Neither of the above. írásbeli vizsga 1311 4 / 20 2014. május 20.

II. Written (Elaborative) Questions scored 1. True-false statements (6 2 = 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. 1.1. Advertisements influence the buying intention of buyers, but cannot change the position of the demand function. 2 points 1.2. The size of the average fixed cost does not depend on the size of production. 2 points 1.3. The establishment of an oil refinery has a positive external effect if the refinery s operation generates extra expenditures for those living in the surrounding settlements. 2 points 1.4. The sum of industrial consumption and the GDP is equal to the gross output. 2 points 1.5. In the case of galloping inflation, the inflation rate cannot be measured because prices change from day to day. 2 points 1.6. In the case of a floating exchange rate system, the central bank sells or buys currency in order to keep the exchange rate of domestic currency unchanged. 2 points írásbeli vizsga 1311 5 / 20 2014. május 20.

2. Definitions (8 points) scored Briefly define or describe the following terms and economic phenomena. A) Gross output B) Revenues and expenditures of the household sector 2 points C) Gross domestic product 2 points D) Price level 2 points 2 points írásbeli vizsga 1311 6 / 20 2014. május 20.

3. Elaborative question (8 points) scored Write down your answer, in which you name or list and explain the most important correlations in detail. Make sure your answer is clear, easy to understand, and structured according to content. Structure, group and emphasise your main thoughts according to the requirements of the question. If necessary, you may write down formulas or make diagrams. Determine the short-term supply function of a competing company. Draw the function and characterise its progress. Define the notable points of the function and indicate the position of the break-even point (B) and the shutdown point (SP). írásbeli vizsga 1311 7 / 20 2014. május 20.

scored 4. Complete the sentence (6 points) Compare the values of the functions in the diagram and complete the sentences below with the phrases LOWER THAN, EQUAL TO or GREATER THAN so that the sentences become correct. The diagram below shows a consumption function and a savings function. The diagram also contains a 45 line to make the relationship of the two functions more apparent and visible. As far as correlations are concerned, the values shown in the table can also provide assistance in defining the correct relationship. Based on the correlations shown on the diagram, select the correct phrase and write in on the dotted line. C,S 2000 1800 1600 1400 1200 1000 800 600 400 200 0-200 -400 45 C(Y) S(Y) 0 200 400 600 800 1000 1200 1400 1600 1800 2000 Y 4.1. If the value of consumption is 600, then Y is.. consumption and savings are... zero. 4.2. If the value of savings is 0, then Y is consumption. 4.3. If consumption is lower than 1400, but greater than 800, then Y is consumption and savings are... zero. 4.4. If Y= 1000, then the difference of Y and consumption is.. savings. írásbeli vizsga 1311 8 / 20 2014. május 20.

5. Analysis and evaluation question (6 points) scored The question below deals with the relationships between the various elements of the market and the correlations between the various markets. Determine the relationship of the factors paired and choose the correct solution from the three possibilities provided. Write the letter correctly describing the change of factors in the blank fields of the table. The factors paired up in the list below are related to one another; therefore, they change according to certain laws. Our initial assumption is that in the case of each pair, the factor listed in line a) increases. Your task is to determine how the factor listed in line b) changes as a result. (During the solution of the question, please consider all other factors and circumstances unchanged.) The possible changes are as follows: A) = if a) increases, then as a result b) also increases B) = if a) increases, then as a result b) decreases C) = if a) increases, then as a result b) remains unchanged Select the letters describing the correct relationships and write them in the blank fields of each table. Example a) market price A b) quantity in supply 5.1. 5.2. 5.3. 5.4. 5.5. 5.6. a) market price b) quantity in demand a) the quantity of apple in supply b) the quantity of pear in supply a) demand for potatoes b) market price of potatoes a) market price of ice cream b) demand for popsicle a) demand for laptops b) demand for laptop bags a) price of forage crops b) price of pork írásbeli vizsga 1311 9 / 20 2014. május 20.

III. Calculation and Plotting Questions Follow the instructions indicated for each question carefully: complete the necessary calculations and/or prepare the diagrams according to the given specifications. Mark your answers with the number of the corresponding sub-question. In order to get maximum points, you have to answer all sub-sections correctly. scored Question 6 (8 points) The following data is available on the expenses and achieved profit of a competing company: Sales revenue HUF 7 400 000 Economic profit HUF 1 800 000 Accounting cost HUF 4 800 000 Implicit cost HUF 2 200 000 Normal profit HUF 800 000 6.1. Calculate the following missing elements: a) accounting profit b) depreciation c) explicit cost d) economic cost e) opportunity cost. Do not forget to write down the correlation applied in each case. 6.2. Name the indicator that can be used to describe and qualify the profitability of the company and determine whether it is profitable to continue the enterprise s operations. Explain your answer. írásbeli vizsga 1311 10 / 20 2014. május 20.

Continuation of the solution for Question 6 írásbeli vizsga 1311 11 / 20 2014. május 20.

Question 7 (12 points) scored Under identical demand and cost conditions, an industry can function both as a perfectly competing industry and a monopoly. For this reason, we have drawn the industry s demand function and marginal cost function in an identical manner on the diagrams below. 7.1. Using a graphic procedure, determine the output of the competing industry and the market price. Indicate the economic rule applied by describing it in writing or providing its equation, and write the values that can be read off the diagram into the table below. Complete the diagram as required to get the solution and fill out the table. Perfect competition P Q 7.2. Using a graphic procedure, calculate how much the monopoly produces and what price it sets. Indicate the economic rule applied by describing it in writing or providing its equation, and write the values that can be read off the diagram into the table below. Complete the diagram as required to get the solution and fill out the table. Monopoly P Q 7.3. Calculate the consumer surplus for both market types and evaluate the results. írásbeli vizsga 1311 12 / 20 2014. május 20.

P 240 220 200 180 160 140 120 100 80 60 40 20 0 Perfect competition MC D 0 40 80 120 160 200 240 280 320 360 400 440 480 Q P 240 220 200 180 160 140 120 100 80 60 40 20 0 Monopoly MC D 0 40 80 120 160 200 240 280 320 360 400 440 480 Q írásbeli vizsga 1311 13 / 20 2014. május 20.

scored Question 8 (8 points) The following data is available regarding a two-player national economy model: - the value of investments is 840 - an arbitrary value of the consumption function C(7500) = 6600 - the coordinates of one of the points of the savings function: Y = 7000, S = 800. 8.1. Determine autonomous consumption and the marginal propensity to consume. 8.2. Write down the equation of the savings function. 8.3. Determine the income size that ensures commodity market equilibrium. 8.4. Let s assume that the value of investments increases to 900 units. Calculate the new equilibrium income. Compare the rate of the change of investments and equilibrium income. írásbeli vizsga 1311 14 / 20 2014. május 20.

Question 9 (12 points) scored In a national economy, 40 percent of the working-age population belongs to the inactive population, this means 3 200 000 people. Under given labour market conditions, labour demand changes according to the L D = 5700 0.6 W/P function, while labour supply according to the L S = 2700 + 0.15W/P function. (In these functions, the value of L stands for 1000 people.) Current real wage is 1000 units greater than equilibrium income. 9.1. Calculate the number of both the working-age population and the active population. 9.2. Determine the maximum value of the employment function precisely. 9.3. Calculate how many people are working at the moment. 9.4. Calculate how many of the active population do not wish to work under the current real wage, and how many are looking for, but cannot find work. írásbeli vizsga 1311 16 / 20 2014. május 20.

írásbeli vizsga 1311 18 / 20 2014. május 20.

írásbeli vizsga 1311 19 / 20 2014. május 20.

Topic Test Questions Written (Elaborative) Questions Calculation and Plotting Questions Question number Maximum points Scored Maximum points of topic Multiple choice questions 1 10. 20 20 1. True-false statements 12 2. Definitions 8 3. Elaborative question 8 4. Complete the sentence 6 40 5. Analysis and evaluation question 6 Question 6 8 Question 7 12 Question 8 8 Question 9 12 40 scored in written examination 100 scored in topic Correcting teacher Date:... Választásos, egyszerű rövid választ igénylő feladatok/ Test Questions Szöveges (kifejtendő) feladatok/ Written (Elaborative) 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 1311 20 / 20 2014. május 20.