Gazdasgi ismeretek angol nyelven

emelt szint Javtsi-rtkelsi tmutat 1011

RETTSGI VIZSGA 2011. mjus 23.

GAZDASGI ISMERETEK ANGOL NYELVEN

EMELT SZINT RSBELI RETTSGI VIZSGA

JAVTSI-RTKELSI TMUTAT

NEMZETI ERFORRS MINISZTRIUM

Gazdasgi ismeretek angol nyelven emelt szint

Javtsi-rtkelsi tmutat

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. B

(9 2 = 18 points)

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. 2. 3. 4. 5. 6. 7. 8. 9. TRUE, the profit garnished by increasing consumption of product x surpasses losses incurred by decreases in consumption of product y. TRUE, air currently is available in an endless supply, thus is consumable for free. FALSE, consumption by one of them decreases the amount of apple juice that can be consumed by the other. TRUE, Germany's productivity advantage (absolute advantage) is smaller in wheat production than in rye production (16/10 < 10/5). FALSE, consumers' disposable income does not change. TRUE, in this case the aggregate supply curve moves left (aggregate supply decreases). FALSE, raising interest rates decreases investment demand, and therefore leads to decreases in equilibrium income. TRUE, devaluing the domestic currency raises the cost of foreign produced goods compared to domestically produced goods. 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.

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2011. mjus 23.

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Javtsi-rtkelsi tmutat

PART III SHORT ANSWERS 1.

(4 3 = 12 points)

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) The company cannot maximize profits because if it produces the aggregate curve's 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). Investment value is I = 0.1 x 1000 = 100 Thus the equilibrium income: Y = C + I Y = 0.8Y + 100 0.2Y = 100 Y = 500 Consumption: C = 400 Potential output is output achievable in a labor market in equilibrium, output is the maximum over the short run.

2.

3.

4.

PART IV CALCULATIONS AND GEOMETRY TASKS Task 1

(42 points) Total, 11 points

a) A company's maximization production: MC = p based on 0.4q + 50 = 300. From this 0.4q = 250, thus q = 250/0.4 = 625 2 points Size of profit: T = TR TC. T = 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

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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 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 2 points

c) Profit: TR = 500 x 506 = 253 000, TC = 1 000 x 11 + 100 000 + 50 000 = = 161 000, thus T = 92 000. 2 points d) Due to the fees charged the applied amount of labor decrease Production decreases because labor margin value decreases 1 point 1 point 1 point

Task 3 In the graph below aggregate demand increases, P and Y rise: YD2 P

Total, 10 points

YS

P2

P1

0
a)

Y1

Y2

YD curve pushed away Indication of higher price level Indication of higher output

2 points 1 point 1 point

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Javtsi-rtkelsi tmutat

b) Filled in table. Variable Real Money (M/P) Interest rate (i) Investment (I) Consumption (C) Real wages (W/P) Unemployment (U) Value increased/decreased/unchanged Increased Decreased Increased Increased Decreased Decreased Each correct answer in the table is worth 1 point, total: 6 points

Task 4 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.

Total, 10 points

Money markets equilibrium relationship: MS/P = MD 10 000/2 = 0.25Y 100i 100i = 0.25Y 5000 200i = 0.5 10 000. This is placed back in the market equilibrium formula: 0.25Y = 6800 0,5Y + 10 000 0.75Y = 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 1 point 1 point

1 point 1 point 1 point 1 point

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2011. mjus 23.