ÉRETTSÉGI VIZSGA 2007. október 24. KÖZGAZDASÁGI ALAPISMERETEK (ELMÉLETI GAZDASÁGTAN) ANGOL NYELVEN 2007. október 24. 14:00 KÖZÉPSZINTŰ ÍRÁSBELI VIZSGA Az írásbeli vizsga időtartama: 180 perc Pótlapok száma Tisztázati Piszkozati OKTATÁSI ÉS KULTURÁLIS MINISZTÉRIUM Közgazdasági alapismeretek írásbeli vizsga 0721
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. The points available for the subsections of individual questions are indicated. The maximum score is 100. 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 up diagrams, the final solution, however, has to be finalized 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 0721 2 / 16 2007. október 24.
I. Test questions (10 2 = 20 points) We have provided 4 possible answers that correctly complete the statements in the questions, but only one of the 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 slot corresponding to the given question number. Attention! Only one answer will be accepted. No points will be awarded for multiple or unclear answers. 1 2 3 4 5 6 7 8 9 10 1. The basic task of the economy is to a) increase scarcity. b) expand needs. c) help satisfy needs. d) control the distribution of resources. 2. The indifference curve is the totality of commodity combinations a) which cost the same. b) which are equally useful for the consumer. c) for which both of the above statements are true. d) for which none of the above statements are true. 20 points 3. Production is optimal for a profit maximizing company if the following condition is true: a) MR = MC b) MR = AC min c) P = AC min d) none of the above. 4. The nominal value of a share depends on a) how much profit the company generates. b) the size of dividends. c) what portion of company assets it represents. d) the relation of demand and supply towards the share. 5. Suppose that an employee is willing to work more for higher hourly wages. In this case: a) Leisure time cannot be a useful commodity for the employee. b) The utility of leisure time is greater than the utility of goods that can be purchased from hourly wages. c) The utility of leisure time is smaller than the utility of goods that can be purchased from hourly wages. d) The individual labour supply function is negatively sloping. írásbeli vizsga 0721 3 / 16 2007. október 24.
6. In a macro-economy an increase in consumption can be anticipated if a) households save more with unchanged income. b) the available income in households decreases. c) the marginal propensity to consume increases. d) the marginal propensity to save increases. 7. There is oversupply on the commodity market of a macro-economy if a) consumption is lower than savings. b) the 45 o line progresses under the consumption function. c) anticipated income is greater than equilibrium income. d) the marginal propensity to consume is smaller than 0.5. 8. In an economy an increase in the rate of interest can be anticipated if a) there is excess demand on the money market. b) there is oversupply on the money market. c) people want to consume less at unchanged income levels. d) people want to keep less money for themselves. 9. We are talking about cost-push inflation if a) the increase in supply is the cause of inflation. b) the increase in money supply causes prices to increase. c) the decrease in demand is the cause of inflation. d) the increase in production costs initiates inflation. 10. The current balance of payments includes a) aid provided for foreign countries. b) the financial statement. c) capital imports. d) all of the above. írásbeli vizsga 0721 4 / 16 2007. október 24.
II. Written questions 1. True/false questions (6 * 2 = 1) Points scored Decide whether the statements below are true or false. Please mark 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) As a result of price increase the demand curve shifts to the right... 2) Amortisation is a part of accounting profit. 3) If the ground rent of land increases, then the selling price of land will also increase... 4) If real wages rise above the labour market equilibrium value, then employment will be determined according to the labour demand side... 5) If interest rates increase then investments will also increase... 6) If the Central Bank wants to limit the amount of money in circulation, then it increases interest rates. írásbeli vizsga 0721 5 / 16 2007. október 24.
2. Definitions (4 * 2 = 8 points) Points scored Write down briefly the definitions of the following concepts or economic phenomena. A) Market equilibrium B) Law of diminishing returns C) Active population D) Central Bank írásbeli vizsga 0721 6 / 16 2007. október 24.
3. Elaborative question (8 points) Please answer this question in several sentences, elaborating in detail on the correlations on which your answer is based. Make sure your thoughts are conveyed clearly and coherently. Structure your answers in a way that corresponds to your most important arguments. You may also write down formulas and draw diagrams if necessary. 8 points Present the role of securities in the movement of capital. Compare bonds and shares according to issuance, maturation (expiration) and yield. írásbeli vizsga 0721 7 / 16 2007. október 24.
4. Complete the sentences (5 * 1 = 5 points) Complete the following sentences with the phrases IS SMALLER THAN, IS GREATER THAN or IS EQUAL TO so that the statements become true. The following statements compare cost functions. Your task is to determine which values of the Q axis the statements are true for. A random point in this range has been named q*. For the comparison we have chosen two quantitative values as reference points. - One value is Q 1, and this is the production size where the AVC is at a minimum. - The second is the production amount of Q 2, where MC intersects the AC function. 4.1st In the range where the AC increases q* Q 2. 4.2nd Where q* = Q 1, the replacement value of the MC function taken at Q 1 the minimum value of the AVC function. 4.3rd If q*. Q 2, then the MC function progresses above the AC function. 4.4th If the MC < AVC condition is met, then q*. Q 1. 4.5th If Q 1 <q*<q 2, then MC AC 5 points írásbeli vizsga 0721 8 / 16 2007. október 24.
5. Analysis, evaluation question (7 points) In the following question you have to characterise the effects of a certain market event. Write your answer on the dotted lines or indicate the correct answer in the lists provided. Using the model of the grain market characterise the change detailed in the following newspaper article. The January frosts might have profound effects on agriculture. In many areas there are no snow blankets which would protect the crops and the long lasting cold will cause significant damage to the autumn sowing of seeds. Frost related damages have also put insurance companies in a difficult position, because the amount of damage payments might come to several times the amount of revenues. 5.1st Which element of the grain market is affected by frost damages and what changes does this cause? Circle the letter of the correct answer(s). A) Decreases the amount in demand. B) Decreases the amount in supply. C) Increases the amount in demand. D) Increases the amount in supply. 5.2. The diagram below shows the model for the grain market. Complete the drawing according to your answer to the previous question. P S D 5.3. Below we have listed a few events which affect the grain market. Choose the events which might cause the supply function to shift in any direction on the grain market. Circle the letter of the correct answer(s) or indicate your solution by underlining the answer. A) Increase in consumer income. B) Increasing government subsidies in order to boost grain production. C) Decrease in grain production costs. D) Decrease in the price of corn on the world market. E) Increase in the demand for vegetables. F) Increase of the ground rent of the land. Q 3 points írásbeli vizsga 0721 9 / 16 2007. október 24.
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 sub-question in the exercise. In calculation questions indicating results alone will not be sufficient; in order to get the maximum score all subquestions must be answered. Question 6 (6 * 1 = 6 points) The following diagram shows the short-term production function of a company. Three specific points have been named A, B and C. We know the value of the function variables in these points. Based on this information answer the questions below and write down the formula or rule that forms the basis of your calculations. Q 3600 C TP L 2800 B 1500 A 50 70 120 L Question Choose the section on the L axis where the production function 6.1. grows at an increasing rate. Mark the L value which indicates the end-point of the section. 6.2. How much does the company produce if the marginal product = 0? 6.3. Calculate the average product in the case of the production determined in the previous point. 6.4. How much is the maximum value of the average product? 6.5. What is the value of the marginal product in the case of the utilisation of 70 working hours? 6.6. Is it true that the maximum value of the marginal product is 40? L = Q = Answer 6 points írásbeli vizsga 0721 10 / 16 2007. október 24.
Question 7 (4+2+2 = 8 points) The following table contains a few cost-related data of a fully competing company. The current price on the market of the product is HUF 80 /piece. Production TC (1) 0 1000 10 1600 20 2100 30 2400 40 2800 50 3400 60 4200 70 5600 TR (2) Tπ (3) MC (4) MR (5) Mπ (6) 7.1st Fill in the missing data of the table. 4 points 7.2nd Give the name of the data line in column (5) as well as the formula used for its calculation. 7.3rd How much is the company offering for sale on the market at the given price? Explain your answer. írásbeli vizsga 0721 11 / 16 2007. október 24.
Question 8 (7 * 2 = 14 points) We know the following data about a country s national economic performance: Gross output 7800 Gross domestic product 4800 Amortisation 1400 The profit of foreign capital investment transferred abroad 1800 The profit of foreign capital working in the country transferred abroad 3100 Wages of guest workers working abroad transferred home 1200 Wages of foreign guest workers working in the country transferred abroad 700 Aid provided by the state to disaster-stricken countries 900 Social aid transferred into the country by foreign states 2500 Based on the data above calculate the following: 8.1. Net domestic product 8.2. Domestically generated total primary income 8.3. Income generated by domestic citizens in the country 8.4. Income generated by domestic citizens abroad 8.5. Total primary income generated by foreign citizens in the country 8.6. Gross national income 8.7. Available gross national income 14 points írásbeli vizsga 0721 12 / 16 2007. október 24.
Question 9 (3+7+2 = 1) We are examining the two-player model of a macro-economy. We know the following data about the model: consumption changes according to income, and the consumption function is linear the investment changes according to the interest rate, the correlation of the investment and the interest rate is represented by the following function: I(i) = 800 20 i. (The value of the i in the function is equal to the size of the rate percentage, therefore in the case of 10% interest rate i = 10.) the money demand curve: M D = 0,5Y 40i S the amount of money in circulation: M = 1000 the following table contains data regarding the equilibrium in force on the commodity and money markets. Price level Y C I i 1 2200 600 2300 16,25 5 2000 1600 9.1. Calculate the values of autonomous consumption and the marginal propensity to consume and write down the equation for the consumption function. 9.2. Based on the equilibrium requirements on commodity and money markets calculate the data missing from the table. Write down your detailed calculations. 9.3. Characterise the changes of the interest rate and the income. Calculate how a 5% increase in the interest rate would change the income. 1 írásbeli vizsga 0721 13 / 16 2007. október 24.
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Topic Question number Maximum points Points scored Maximum points awardable for the topic Points scored in topic Test questions Multiple choice questions 20 20 1. True/false questions 12 2. Definitions 8 Written 3. Elaborative question 8 questions 4. Complete the sentences 5 40 5. Analysis, evaluation question 7 Calculation Question 6 6 and Question 7 8 plotting Question 8 14 40 questions Question 9 12 ÖSSZESEN 100 100 Points of written examination 100 Correcting teacher Date:... Rövid választ igénylő feladatsor / Test questions Szöveges feladatok / Written questions Számítást, ábrázolást igénylő feladatok / Calculation and plotting questions Elért pontszám / Points scored Programba beírt pontszám / Points entered into programme Javító tanár / Correcting teacher Jegyző / Notary Dátum/Date:... Dátum/Date:... írásbeli vizsga 0721 16 / 16 2007. október 24.