Gazdasági Ismeretek | Közgazdaságtan » Gazdasági ismeretek angol nyelven emelt szintű érettségi írásbeli vizsga megoldással, 2011

ÉRETTSÉGI VIZSGA 2011. május 23 Azonosító jel: GAZDASÁGI ISMERETEK ANGOL NYELVEN EMELT SZINTŰ ÍRÁSBELI VIZSGA 2011. május 23 14:00 Az írásbeli vizsga időtartama: 180 perc Pótlapok száma Tisztázati Piszkozati NEMZETI ERŐFORRÁS MINISZTÉRIUM Gazdasági ismeretek angol nyelven emelt szint írásbeli vizsga 1011 Gazdasági ismeretek angol nyelven emelt szint Azonosító jel: Important information Dear Examinee, The examination consists of four parts. Part I contains multiple choice questions. In this part of the examination choose only the answer you think is the correct one. Unclear, or more than one answer will not be awarded points. Part II consists of true-false questions. Write either T (true) or F (false) next to the answer to indicate your choice. Attention, you have to explain your answers(Correct answers with an appropriate explanations: 1+1 point; correct answers with inappropriate explanations or no explanation: 1+0 points; incorrect answer: 0+0

points.) Part III requires you to write short answers to the questions. Your answers should be a maximum of three or four sentences! Part IV requires you to make calculations and solve geometry problems. We suggest that when you are preparing your graphs you use a pencil, however, your final answer must be written in pen. Use a ruler in order to create precise drawings! Providing answers to calculations is not enough, you must show the formula you use on the answer sheet. (Of course, we do not need you to show every trial calculations, or multiple possible answers, we only need you to show the steps leading to the final answer!) All parts may contain tasks in the fields of micro economics, macro economics and international economics. Pay close attention to the instructions! Try to provide an answer for each question asked! The points attainable are listed in each section. Partial scores are possible Maximum points available for a perfect score is 90. Rulers and calculators may be used

to solve the set tasks. If the space provided is not sufficient to solve the task you may ask the supervising staff for an official sheet, however, this must be indicated on the task sheet next to the question! Good luck! írásbeli vizsga 1011 2 / 12 2011. május 23 Gazdasági ismeretek angol nyelven emelt szint Azonosító jel: PART I, MULTIPLE CHOICE QUESTIONS (9 · 2 = 18 points) 1. Lets say that pizza is a substitute for hamburgers, while French fries complement hamburgers. This means that if the price of hamburgers increases, then ceteris paribus A) demand for pizza and French fries both decreases. B) demand for pizza increases, and demand for French fries decrease. C) demand for pizza decreases and demand for French fries increases. D) demand for pizza and French fries both increase. 2. If due to general decreases in income demand for cheap paperback books increases, while demand for more expensive hardcover books decreases, then A) demand for paperback books is

elastic while we call hardback books strict demand goods. B) demand for paperback books is strict while we call hardback books elastic demand good. C) paperback books are inferior while we call hardback books normal goods. D) Paperback books are normal, while we call hardback books inferior goods. 3. Gábor spends his allowance on books and movies If the prices of both products go up by 5% due to in creases in value added tax, then Gábors budget line A) becomes steeper. B) levels out. C) expand toward the origin. D) expand outward from the origin. 4. What happens to the equilibrium price and quantity of computers if production costs decrease ceteris paribus? A) The equilibrium price increases, while quantity decreases. B) The equilibrium price decreases, while the quantity increases. C) The equilibrium price and quantity both decrease. D) The equilibrium price and quantity both increase. 5. The manager of a printing company noticed, starting from his current labor and capital usage

that he can replace two workers with a machine without any changes to production quality. Monthly rental of the machine costs 400 thousand HUF while the monthly cost of the workers is (wages+taxes) 280 thousand HUF. Based on this in addition to unchanged production the companys costs can decrease A) by decreasing the use of labor and capital. B) by increasing the use of labor and capital. C) by increasing the use of labor and decreasing that of capital D) by decreasing the use of labor and increasing that of capital. 6. Wages earned by workers in the country A) are part of the GDP, but not part of the GNI. B) are not part of the GDP, but are part of the GNI. C) part of both the GDP and the GNI. D) are neither part of GDP nor the GNI. írásbeli vizsga 1011 3 / 12 2011. május 23 Gazdasági ismeretek angol nyelven emelt szint Azonosító jel: 7. In a two-player economy in addition to a given yield level the planned degree of consumption is C = 12 000, the planned savings value

is S = 3 000, the planned investment value is I = 4 000. According to this on a given market A) there is an over supply. B) there is an over demand. C) there is equilibrium. D) any of the above is possible. 8. In addition to a given level of prices in a three member economy aggregated demand is decreased by A) increased taxes. B) increased government transfers. C) increased government spending. D) increased value of planned investment. 9. Lets say, that in an economy nominal wages are set in long term contracts and, in addition to the value of current real wages labor supply surpasses labor demand. Then small increases to price levels A) increase unemployment. B) decrease unemployment. C) has no affect on unemployment. D) any of the above. írásbeli vizsga 1011 4 / 12 2011. május 23 Gazdasági ismeretek angol nyelven emelt szint Azonosító jel: PART II, TRUE-FALSE QUESTIONS, WITH EXPLANATIONS. Write either T (true) or F (false) next to the answer to indicate your choice.

Attention, you have to explain your answers! Correct answers with an appropriate explanation: 1+1 point; corrects answer with inappropriate explanation or no explanation: 1+0 points; incorrect answers: 0+0 points.) (9 · 2 = 18 points) 1. If a consumer currently ties up his income in products x and y so that MUx/Px > MUy/Py , then his utility can increase if he increases consumption of product x to the detriment of product y. 2. The marginal utility of air is zero in the case of optimal consumption 3. If Peter and Paul always consume a bottle of apple juice together at lunch, then for them the apple juice is common good. 4. If they produce 10 units of wheat or 5 units of rye in Hungary in a single work day and in Germany they can produce 16 units of wheat and 10 units of rye, then Hungary has a comparative advantage in wheat production over Germany. írásbeli vizsga 1011 5 / 12 2011. május 23 Gazdasági ismeretek angol nyelven emelt szint Azonosító jel: 5. If the

government increases household taxes and transfers paid out to households at the same time and by the same amount then as a result consumption will increase. 6. If the labor force secures increases in nominal wages without increases in productivity then price levels rise because of this while equilibrium out decrease. 7. In a three player economy raising interest rates leads to a down turn in equilibrium revenue because government spending decreases. 8. In addition to domestic and foreign price level devaluation of domestic currency increase the export of goods and decreases the import of goods. 9. Over the short term a monopoly surely does not produce, if the market price related to the production quantity determined by the equilibrium of marginal revenue and marginal cost is smaller than the average cost related to the same production quantity. írásbeli vizsga 1011 6 / 12 2011. május 23 Gazdasági ismeretek angol nyelven emelt szint Azonosító jel: PART III REQUIRES

YOU TO WRITE SHORT ANSWERS TO THE QUESTIONS. Your answers should be a maximum of three or four sentences! (4 · 3 = 12 points) 1. Mike Magnet consumes only products x and y We know that his current income and prevailing product prices the budget line equation y = 100 – 4x. Determine the maximum of y or x products that Mike can consume if he spends his income on only one or the other product, and provide the Px / Py ratio for the two products prices! 2. Lets say, that a perfectly competitive firm generates significant economic profit at the low point of a short run average cost curve. Based on this information does the firm produce at profit maximization or should they increase or possibly even decrease production? Explain your answer! 3. In a two party economy consumers always spend 80% of the current real wages (autonomous consumption is zero). There are only supplementary investments and every year 10% of capital stock is exchanged. The long run equilibrium value of capital stock

is K = 1000 units. Provide the equilibrium income and consumption value! 4. Define potential output! írásbeli vizsga 1011 7 / 12 2011. május 23 Gazdasági ismeretek angol nyelven emelt szint Azonosító jel: PART IV CALCULATIONS AND GEOMETRY TASKS: (42 points) 1. In a competitive sector N companies operate Cost functions are the same for each company. The formula for short run marginal costs for one company is MC = 04q + 50, the equation for short run total cost curve is TC = 0.2q2 + 50q + 10 000 The products short run equilibrium price is p = 300. The market demand curve is D = 30 000 – 37.5 x p a) How much does a company produce and what is its profit? b) What is the total output of the sector and how many companies operate in the sector? c) How does the number of companies, product price and company profit change over time. Provide the direction of the changes! (There is no need to give a numerical answer.) 4 + 4 + 3 = 11 points írásbeli vizsga 1011 8 / 12

2011. május 23 Gazdasági ismeretek angol nyelven emelt szint Azonosító jel: 2. Profit maximizing Golden Wrench Ltd assembles automotive engines for a large automobile maker. They receive the parts from the factory and they deliver the assembled engines to the factory. They receive a fixed price of 500 Euro for one assembled engine The equation showing the correlation between Ltd. production and labor used, if other factors are given and unchanged is Q = 90L – 4L2. The marginal product-function equation for this is: MPL = 90 – 80L. Wages (labor cost per unit) at the Ltd is a given PL = 1 000 Euro. In addition to the above we know that that Ltd uses 100 000 Euro stock capital on rental fees, and property rent is 50 000 Euro. The company has no other costs a) Provide the equation for the value of marginal product (VMP) curve. b) Determine how many units of labor the Ltd uses and how many engines are assembled. c) Determine the Ltds profit. d) Lets say that the authorities

are carrying out an on-site inspection of the Ltd and they determine that the Ltds production process is polluting the environment. Therefore, they order that a certain percentage of the proceeds henceforth be paid as an environmental protection fee. Without calculations determine how the fee will affect how the amount of labor and output of the Ltd! 2 + 4 + 2 + 3 = 11 points írásbeli vizsga 1011 9 / 12 2011. május 23 Azonosító jel: Gazdasági ismeretek angol nyelven emelt szint 3. The graph below shows an aggregate demand-aggregate supply curve of a three member (closed) economy. Nominal wages have been recorded in the economy Lets say that the starting position shown in the graph the central bank purchases a large amount of stock on the open market. P Y YS D A P1 0 Y Y1 a) b) Show on the graph how the economic equilibrium changes as a result of interference by the central bank. In the table below indicate whether the variable equilibrium value in question has

decreased or remained unchanged as a result of the central banks interference. Variable Value increased/decreased/unchanged Real money (M/P) Interest rate (i) Investment (I) Consumption (C) Real wages (w/P) Unemployment (U) 4 + 6 = 10 points írásbeli vizsga 1011 10 / 12 2011. május 23 Gazdasági ismeretek angol nyelven emelt szint Azonosító jel: 4. We know the following data and relationships about a three player economy: • • • • • • • Consumer function equation: C = 500 + 0.75(Y – T) Investment function equation: I = 5000 – 200i. Government spending value: G = 2500. Value of taxes: T = 1600 (no other taxes or transfers). The money and goods market P = 2 price level is in equilibrium. Real wage function equation: MD = 0.25Y – 100i Nominal money supply value: MS = 10 000. a) Based on the above determine the equilibrium income and the equilibrium interest rates! b) Determine the value of consumption and investment. c) Lets say, that the government

increases taxes to decrease budget deficit. Without making calculations list, as a result of increased taxes, in addition to unchanged price levels in which direction do the following change: equilibrium income, equilibrium interest rate, consumption and investment value. 4 + 2 + 4 = 10 pont írásbeli vizsga 1011 11 / 12 2011. május 23 Gazdasági ismeretek angol nyelven emelt szint Azonosító jel: Maximum points Multiple Choice True-false Short answer Calculation, graphs Score for the written examination Points 18 18 12 42 90 Correcting Teacher Date: . programba bevitt pontszáma egész egész számra kerekítve pontszám / Whole / Score rounded off to whole number number score entered into program Feladatsor / Task javító tanár / Correcting Teacher jegyző / Notary Dátum / Date: . Dátum / Date: . írásbeli vizsga 1011 12 / 12 2011. május 23 ÉRETTSÉGI VIZSGA 2011. május

23 Gazdasági ismeretek angol nyelven emelt szint Javítási-értékelési útmutató 1011 GAZDASÁGI ISMERETEK ANGOL NYELVEN EMELT SZINTŰ ÍRÁSBELI ÉRETTSÉGI VIZSGA JAVÍTÁSI-ÉRTÉKELÉSI ÚTMUTATÓ NEMZETI ERŐFORRÁS MINISZTÉRIUM Gazdasági ismeretek angol nyelven emelt szint Javítási-értékelési útmutató Points must be deducted for mistakes in calculations where the examinees has made them, in other parts appropriate points may be given for logical solutions! PART I CONTAINS MULTIPLE CHOICE QUESTIONS: 1. B 2. C 3 C 4 B 5. D 6. C 7. B 8. A (9 · 2 = 18 points) 9. B Part II TRUE-FALSE QUESTIONS: Write either T (true) or F (false) next to the answer to indicate your choice. Answers must be explained(Correct answer with an appropriate explanation: 1+1 point; correct answer with inappropriate explanation or no explanation: 1+0 points; incorrect answer: 0+0 points.) (9 · [1 + 1] = 18 points) 1. TRUE, the profit garnished by increasing consumption of

product x surpasses losses incurred by decreases in consumption of product y. 2. TRUE, air currently is available in an endless supply, thus is consumable for free. 3. FALSE, consumption by one of them decreases the amount of apple juice that can be consumed by the other. 4. TRUE, Germanys productivity advantage (absolute advantage) is smaller in wheat production than in rye production (16/10 < 10/5). 5. FALSE, consumers disposable income does not change. 6. TRUE, in this case the aggregate supply curve moves left (aggregate supply decreases). 7. FALSE, raising interest rates decreases investment demand, and therefore leads to decreases in equilibrium income. 8. TRUE, devaluing the domestic currency raises the cost of foreign produced goods compared to domestically produced goods. 9. FALSE, the monopoly runs at a lose (total income is less than total costs) however, it is possible that total income surpasses variable costs even though in the short run production is

worthwhile. írásbeli vizsga 1011 2/5 2011. május 23 Gazdasági ismeretek angol nyelven emelt szint PART III SHORT ANSWERS Javítási-értékelési útmutató (4 · 3 = 12 points) 1. From the budget line equation we can see that a maximum of 100 units of product y can be consumed, (1 point) if incomes is spent only on this, while a maximum of 25 units of x can be consumed (1 point), if only x is purchased. The ratio is: Px/Py = 4 (1 point) 2. The company cannot maximize profits because if it produces the aggregate curves minimum point and still makes a profit, then AC = MC < P relation is present. Thus it is worth increasing production marginal costs until cost balances out (AC < MC = P). 3. Investment value is I = 0.1 x 1000 = 100 Thus the equilibrium income: Y = C + I Y = 0.8Y + 100 02Y = 100 Y = 500 Consumption: C = 400 4. Potential output is output achievable in a labor market in equilibrium, output is the maximum over the short run. PART IV

CALCULATIONS AND GEOMETRY TASKS (42 points) Task 1 Total, 11 points a) A companys maximization production: MC = p based on 0.4q + 50 = 300 From this 04q = 250, thus q = 250/04 = 625 2 points Size of profit: Tπ = TR – TC. Tπ = 300 x 625 – (0.2 x 6252 + 50 x 625 + 10 000) = 187 500 – 119 375 = 68 125 2 points b) Total sector production: Q = 30 000 – 37.5 x 300 = 18 750 The number of companies N = Q/q = 18 750/625 = 30 2 points 2 points c) As the companies are currently generating profit an the following are expected increased number of companies 1 point decreased product price 1 point decreased profit 1 point írásbeli vizsga 1011 3/5 2011. május 23 Gazdasági ismeretek angol nyelven emelt szint Javítási-értékelési útmutató Task 2 Total, 11 points a) The marginal value is the product of price and marginal product: VMPL = 500 x (90 – 8L) = 45 000 – 4 000L 2 points b) The amount of labor for profit maximization: PL = VMPL 1000 = 45 000 – 4 000L L

= 11 Production: Q = 90 x 11 – 4 x 112 . Q = 506 2 points 2 points c) Profit: TR = 500 x 506 = 253 000, TC = 1 000 x 11 + 100 000 + 50 000 = = 161 000, thus Tπ = 92 000. 2 points d) Due to the fees charged the applied amount of labor decrease Production decreases because labor margin value decreases Task 3 1 point 1 point 1 point Total, 10 points In the graph below aggregate demand increases, P and Y rise: YD2 P Y YS D B P2 A P1 0 Y1 Y Y2 a) YD curve pushed away Indication of higher price level Indication of higher output írásbeli vizsga 1011 2 points 1 point 1 point 4/5 2011. május 23 Gazdasági ismeretek angol nyelven emelt szint Javítási-értékelési útmutató b) Filled in table. Variable Value increased/decreased/unchanged Real Money (M/P) Increased Interest rate (i) Decreased Investment (I) Increased Consumption (C) Increased Real wages (W/P) Decreased Unemployment (U) Decreased Each correct answer in the table is worth 1 point,

total: 6 points Task 4 Total, 10 points a) Market equilibrium relationship: Y = C + I + G Y = 500 + 0.75(Y – 1600) + 5000 – 200i + 2500 Y = 8000 + 0.75Y – 1200 – 200i 0,25Y = 6800 – 200i Money markets equilibrium relationship: MS/P = MD 10 000/2 = 0.25Y – 100i 100i = 025Y – 5000 200i = 05 – 10 000 This is placed back in the market equilibrium formula: 0.25Y = 6800 – 0,5Y + 10 000 075Y = 16 800 Y = 22 400 (equilibrium income) 2 points From the market equilibrium formula we get the equilibrium interest rate: 100i = 0.25 x 22 400 – 5000 i = 6 2 points (Of course, other solutions for the equation series determined by the conditions for market and money market equilibrium are possible.) b) Consumption: C = 500 + 0.75 x (22 400 – 1600) = 16 100 Investment: I = 5000 – 200 x 6 = 3800 c) Affect of raised taxes equilibrium income decreases equilibrium interest rate decreases consumption decreases investment increases írásbeli vizsga 1011 1 point 1 point

1 point 1 point 1 point 1 point 5/5 2011. május 23