KÖZGAZDASÁGI ALAPISMERETEK (ELMÉLETI GAZDASÁGTAN) ANGOL NYELVEN

Transcription

1 középszint angol nyelven 1211 ÉRETTSÉGI VIZSGA május 23. KÖZGAZDASÁGI ALAPISMERETEK (ELMÉLETI GAZDASÁGTAN) ANGOL NYELVEN KÖZÉPSZINTŰ ÍRÁSBELI ÉRETTSÉGI VIZSGA JAVÍTÁSI-ÉRTÉKELÉSI ÚTMUTATÓ EMBERI ERŐFORRÁSOK MINISZTÉRIUMA

2 Important Information During correction, all partial awarded for partial solutions, as well as all correct solutions and mistakes have to be indicated using a different colour pen than that of the student s. Total for each question have to be whole numbers, which are then to be entered into the pre-printed fields. The summary table found at the end of the test should be filled out according to the given fields. There are several different possible answers for the questions. This means that solutions could be different from those indicated in the correction guide. If the solution is based on professionally sound elements; and if the procedure is sufficiently detailed and leads to the correct solution, then maximum should be given. When awarding, the following principles have to be followed: 1. Maximum can only be awarded for perfect solutions. In case of missing answers, the partial point awardable for the answer must be deducted. 2. If a question has been solved using a logically sound procedure, but purely calculation errors have occurred, then half of awardable partial have to be deducted, at the section where the error was made. The logically sound procedure will still be considered correct in the later stages of the solution regardless of the calculation error; therefore subsequent partial do not have to be deducted because of one error. When calculating total of the examination, please follow the following procedure: to be entered must be rounded to whole numbers according to the rules of mathematics (e.g.: must be rounded to 23 ; 23.5 or must be rounded to 24 ; no steps are to be taken in the case of whole numbers.) 3. In the case of logical errors, no are awarded at the section where the error was made, but subsequent correct steps deserve the half the. When calculating total, please follow the following procedure: to be entered must be rounded to whole numbers according to the rules of mathematics (e.g.: must be rounded to 23 ; 23.5 or must be rounded to 24 ; no steps are to be taken in the case of whole numbers.) 4. Only one answer per question is to be evaluated. 5. In the case of true/false questions, professionally sound explanations are worth 1 point even if the wrong letter was indicated. 6. The partial of Section III cannot be broken down any further; deviation from this is possible only in case of the above mentioned calculation errors. írásbeli vizsga / május 23.

3 I. Test Questions Multiple choice questions (20 ) a b d a d a c c b a All correct answers are worth. Maximum score is = 20. II. Written (Elaborative) Questions 1. True-false statements (6 x 2 = 1) Letter Answer Awardable F 1. The monopoly produces less than the perfectly competitive industry and sells at a higher price. 1+1 T 2. The maintenance of the same level of consumption with higher prices is only possible with higher nominal income, therefore the individual labour supply function shifts to the 1+1 right. T 3. In the case of pure public goods, consumers cannot be excluded from consumption; therefore, payment cannot be a 1+1 criterion of consumption. F 4. GNDI includes depreciation as it is a gross indicator. 1+1 T 5. The increasing of demand results in commodity market excess demand, which leads to the increasing of the price level. 1+1 T 6. As a result of the division of labour, the aggregate production of countries increases, therefore, due to surplus production, consumption possibilities also expand Definitions (4 x 2 = 8 ) A) A function describing the relationship of the demand for import and domestic income, which is made up of two elements: autonomous import and income-related import. IM(Y) = IM 0 + m Y B) The statistical statement/report on the economic transactions of a given country with other countries considered foreign within a specific, pre-determined period. C) The foreign exchange rate fluctuates around the declared foreign exchanged rate within a band pre-determined by the state. D) A currency planned to be a single European currency, the introduction of which is the sovereign decision of EU member states. írásbeli vizsga / május 23.

4 3. Elaborative question (4 x 2 = 8 ) Aspect Answer Awardable The unique features of land as a production factor - Arable land is a renewable natural resource - A primary production factor, as we cannot influence its quantity with production - Can be used for a very long time, there is no amortisation - The quality of lands varies, different yields can be achieved with identical expenditures - Lands can be used to produce a variety of products which produce different yields - The utilisation of arable lands is often carried out in a rental/lease system Economic rent Diagram Scoring: the can be awarded for any two correct answers. Economic rent is the sum paid to the land owner which is made up of two components: - land rent, which is the fee paid for the use of the land - interest, which is the fee paid for the use of the fixed assets (buildings, wells, roads, etc.) found on the land Economic rent depends on - the price of the product produced on the land - the marginal product of the land - economic rent is equal to the marginal-revenue product of the product that can be produced on the land with the greatest yield. MFCA = MRPA Scoring: Awardable cannot be broken down further, and can only be awarded for a perfect diagram. economic rent P S D grain 1 point 1 point D fruit quantity of land Q The unique features of supplydemand - The supply of land is independent of economic rent, therefore the supply function can be illustrated with a vertical line, its supply is fully inelastic. - The demand of land is derived demand, because it depends on how the demand for products produced on it develops. - Economic rent is determined by the product that ensures the greatest marginal revenue product. Scoring: the can be awarded for any two correct answers írásbeli vizsga / május 23.

5 4. Complete the missing data (6 x 1 = 6 ) 4.1. False 1 point 4.2. True 1 point 4.3. False 1 point 4.4. True 1 point 4.5. True 1 point 4.6. False 1 point 5. Pairing Up (6 x 1 = 6 ) Groups A B C Explicit cost Implicit cost None Statements 0) 2) 3) 5) 6) 1) 4) Explanation for Question 6): The alternative cost of capital investment, unrealised interest, which is part of the non-accountable implicit cost, a component of normal profit. 6 x 1 = 6 Remark: - The correct placement of numbers 1)-5) is worth 1 point each. - For Question 6), can only be awarded if both placement and the explanation are correct. If any of the two are incorrect or missing, no can be awarded. írásbeli vizsga / május 23.

6 III. Calculation and Plotting Questions Question 6 ( = 9 ) The data available for calculation: Before After change change Q orange P orange therefore price elasticity can be calculated with the formula, ε p = = ( ) / 2 ( ) / : = , i.e. the demand of orange juice is elastic, because εp 1. The data available for calculation: Before After change change Q pear P orange therefore the calculation of cross-price elasticity based on the formula ε x / y = = ( ) / 2 ( ) / 2 ( ) : ( ) = , i.e. due to the positive sign, pear juice and orange juice are substitute goods TR 0 before the change orange juice = par juice = TR 1 after the change = = difference Tπ = ( ) = The campaign did not generate an increase in profits, because the increase of costs exceeds the increase of revenues by HUF írásbeli vizsga / május 23.

7 Question 7 ( = 11 ) Q FC VC TC MC AVC AC Awarding : Each new and correct 5 numbers can be awarded 1 point. The criterion of profit maximum is the equality P = MR = MC. The table shows that if MC = 1000, then Q = 50, therefore this is how much the company is offering for sale. Tπ = TR TC Tπ = ( ) (36 800) = If market price is 760, then the correlation P = MR = MC exists when Q = 30. For this reason, if the company produces, then TR = = TC = , and Tπ = 4 800, i.e. the company still makes a profit. The plant does not have to be closed down. or: Shutdown (business interruption point) is at the minimum of the AVC, however, this price is greater than the AC minimum, P AC min 7 1 point 1 point Question 8 (4 x 2 = 8 ) 8.1. Based on the capital market correlation, we arrive at the: I = S H + S C + S S = S S equation, therefore S S = Based on the data of the state s current items account: T H + T C = G + TR H + S S T C = , therefore T C = Based on the household s current items account: W +TR H = C + S H + T H = C , therefore C = Based on the current items account of the commodity market or the total domestic product: Y = C + I + G, that is Y = = írásbeli vizsga / május 23.

8 Question 9 ( = 1) M D = i = M S /P = /5 = 3 200, therefore M D >M S /P, i.e. excess demand on the money market is = The criterion of money market equilibrium is: M D = M S /P, i.e. the equation = Y 800 must become true, that is Y = 3 410/0.55 = If equilibrium exists on both markets, the following two equalities must be true: - The criterion of money market equilibrium: M D = M S /P, that is /5 = = Y - 80 i (1) - The criterion of commodity market equilibrium: Y = Y D = C+I, that is 9.3. Y = Y i (2) There are several ways to solve the system of equations. E.g.: solving the commodity market equation for Y: - Y = i Using the result for Y we can solve the money market equation i = 0,55 ( i) The solution of the equation is: i = 8, and using this result in any of the above equations, Y = írásbeli vizsga / május 23.