KÖZGAZDASÁGI ALAPISMERETEK (ELMÉLETI GAZDASÁGTAN) ANGOL NYELVEN

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1 emelt szint angol nyelven 0801 ÉRETTSÉGI VIZSGA 009. május. KÖZGAZDASÁGI ALAPISMERETEK (ELMÉLETI GAZDASÁGTAN) ANGOL NYELVEN EMELT SZINTŰ ÍRÁSBELI ÉRETTSÉGI VIZSGA JAVÍTÁSI-ÉRTÉKELÉSI ÚTMUTATÓ OKTATÁSI ÉS KULTURÁLIS MINISZTÉRIUM

2 CORRECTION GUIDE During correction, use a different colour pen than the student s. All partial points, correct solutions and mistakes have to be indicated. The total points for a question have to be written in the pre-printed field. These points then have to be entered into the summary table at the end of the test sheet and the total points need to be summarized. There are several different possible answers for the questions. This means that solutions can be different from those in the correction guide. If the solution is based on professionally accurate 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.. 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. In case of logical errors no points are awarded, where the error was made, but further correct steps deserve half of the score. 4. Only one answer per question is accepted. 5. The score of true/false questions are divided into two sections. For deciding whether the statement is true (T) or false (F), 1 point can be given. If the correct letter is accompanied by a faulty or incorrect explanation then points should not be given. Taking all these into consideration, the evaluation is as follows: Correct letter with correct explanation: 1+ Correct letter with incomplete explanation: 1+1 point Incorrect answer with(out) explanation: 0 point 6. The partial points of Section III cannot be further divided; deviation from this is possible only in case of the above mentioned calculation errors. The number of final score can only be a whole number. If the point given for a section is not a whole number, rounding happens according to mathematical rules (round up above five tenths, and down below five tenths). írásbeli vizsga 0801 / május.

3 I. Multiple choice and short response questions c) d) c) d) d) d) Each correct answer is worth. Maximum score is 6 = 1 II. Questions requiring longer answer 1. True/false questions T-F Explanation Score F 1.1.If the price elasticity of the product is greater than one, then the increase in price will result in decreasing income. T 1.. The supply function is a vertical line (supply is given); therefore, the amount of annuity income is determined by demand. F 1.3. Noise and light pollution are negative externalities. F 1.4. If the value of amortisation is smaller than the difference between the domestic income of foreigners and the foreign income of nationals, then NDP > GNI. T 1.5. Output in case of labour market equilibrium = potential output, which cannot increase as a result of changes in real wages brought about by price level increase. F 1.6. The Economic and Monetary Union primarily means common monetary policies.. Comparison Similarities Both show cost changes. 1 point Both can be used to determine the company s optimal production. Both are influenced by the prices of production factors. Any of these factors should be considered as a correct answer. Difference The evaluation of any two aspects should be considered as a correct answer. + points.1. Formula Benchmark Function progression MC ΔTC = ΔQ We measure from the output side i.e. change is correlated with the quantitative change in production. Generally, it decreases first, then it increases. MFC ΔTC = ΔL We measure from the input side i.e. change is correlated with the quantitative change in the factor. In case of a competing input market its value is írásbeli vizsga / május.

4 constant and is equal to the price of the production factor... Similarities Both indicators show to what extent income is multiplied as result of government action. Both are consequences of fiscal policy interventions. The values of both are determined by the marginal propensity to consume. Any of these factors should be considered as a correct answer. Difference The evaluation of any two aspects should be considered as a correct answer. According to the formula: ΔY 1 Output multiplier: =, ΔG 1 cˆ ΔY cˆ Tax multiplier: = ΔT 1 cˆ The output multiplier is always greater than the tax multiplier, if the value of the marginal propensity to consume is between zero and one. The output multiplier has a positive sign, while the tax multiplier has a negative sign. 1 point + points 3. Complete the sentences 3.1. decreases 1 point 3.. does not change 1 point 3.3. decreases 1 point 3.4. increases 1 point 3.5. increases 1 point 3.6. decreases 1 point 4. Analysis, evaluation question 4.1. decrease 1 point 4.. increases 1 point 4.3. does not change 1 point 4.4. increases 1 point 4.5. increase 1 point 4.6. increasing 1 point írásbeli vizsga / május.

5 III. Calculation and plotting questions Question = 90x + 10y, that is y = 45 0,75x 1 point Plotting: 1 point 5.1. Commodity Y Commodity X If the voucher could be used for both commodities, then change could be determined in the same way as if we were increasing monetary income, that is according to 1000 = 90x + 10y. If the voucher cannot be exchanged for commodity x, then the maximum quantity that can be purchased from commodity x cannot be increased further and in this case the budget line will be consist of two parts: 1) if y 40, then 1000 = 90x + 10y that is y = 85 0,75x ) if y 40, then x = Plotting: Commodity Y Commodity X 5.3. Here, the sloping of the budget line will change. The breaking point is represented by the {x = 0 and y = 30} commodity basket. 1) if x 0 and y 30, then 5400 = 90x + 10y, that is y = 45 0,75x ) if x 0 and y 30, then 3600 = ( ) = 60(x - 0) + 10y, that is 4800 = 60x + 10y y = 40 0,5x Plotting: írásbeli vizsga / május.

6 50 Commodity Y Commodity X Question 6 We know of the consumer s optimal choice that it is simultaneously present on the 100 = y + x indifference curve that ensures maximum utility, as well as on the 5000 = 100x + 50y budget line. According to this the following system of equations must be solved: ) 100 = y + x y = 100 x points ) 5000 = 100x + 50y Result: x = 50 y = = 0 (Comment: the two commodities replace each other perfectly, but due to price ratios the consumer only consumes commodity x.) The purchase was not rational, as it did not result in maximum utility. Even with such price ratios the consumer should still not purchase commodity y. The utility of the given commodity basket: U = 60. If the consumer were to only buy commodity x, then the possession of 60 pcs of commodity x would result in a utility 6.. of U = 10. Since y = U x, then the achievable utility can be determined taking the budget line into account from the 6000 = 100x +00 (U - x) function. By expressing U, we are trying to determine the maximum of the U = 1,5x + 30 function. This value will be the greatest where the value of x is the greatest. írásbeli vizsga / május.

7 Question If the only goal is to increase income and the product has price elasticity (that is Q > P), then decreasing prices is recommended. In the original situation: P = 100 and Q = 100 Tπ = = 9800 In the new situation: P = 76 and Q = TR = P Q = = 1148 TC = 148 = 96 Tπ = TR TC = = 1095 The increase in profit is therefore: ε p = : = 1, The reservation price can be determined with the help of the demand curve: P max = 150. The formula for consumer surplus is: (Pmax P')*Q (150 76)*148 FT = = = 5476 Question 8 L D = L S 50 ( W P) = 0,65 W P ( ) from this equation W/P = 0 From the equilibrium real wages, we can calculate the price level of potential output, (P = 1,5) and then substitute this into the equation of the macro-supply function: S Y = ,5 = Or alternatively: (Potential output is the output achievable with labour market equilibrium; therefore the production function can also be used. Using the equilibrium real wages the labour market equilibrium headcount number can also be calculated, and then by re-substituting this into the production function, potential output can be calculated as well. ) Y p 50 = = ,5 = 650 írásbeli vizsga / május.

8 8.. D S Y = Y, i.e. we have to solve the5000 P = 5000 equation. P Results: P = 1 and Y = Yes, there is unemployment, because Y e < Y p. Employment can be calculated using the production function: 5000 = L, that is employment is L = 100, Due to unemployment, employment is determined by labour demand in accordance with principle of the shorter side, and using this function we can calculate the current real wages. 50 From the100 = equation W/P = 5 W P ( ) Or alternatively: Nominal wages are 5 and the price level is 1, therefore real wages are 5, which means that W/P = 5. By re-substituting real wages into the labour demand and labour supply function, the status of the labour market can be determined: D L (5) = 100, which means there is oversupply on the S L (5) = 44,14 labour market; therefore there is unemployment in the economy. According to the principle of the shorter side employment is L f = 100. Question Commodity market equilibrium: Y = C + I + G + X IM, that is Y = ,75 (Y ) i ,5Y Therefore: Y = i The money market equilibrium: M S /P = M D that is 700 = 0,Y 10 i 1 therefore: i = 0,0Y - 70 By substituting this into the commodity market equation, and solved for Y: írásbeli vizsga / május.

9 Y = 4000 i = 0, i = 10% The foreign trade balance: NX = X IM = , = = 700 The change of foreign exchange reserves: = Central bank reserves dropped by 450 units. írásbeli vizsga / május.