金融英语中级经济学-1及答案解析.doc

1、金融英语中级经济学-1 及答案解析(总分：140.00，做题时间：90 分钟)一、BSECTION ONE/B(总题数：10，分数：20.00)1.Which of the following would NOT cause a shift upward of the consumption scbedule? (a)An increase in household wealth. (b)An expectation of rising incomes in the future. (c)A reduction in income taxes. (d)An increase in househ

2、old disposable income.（分数：2.00）A.B.C.D.2.The unemployment due to economic recession should be considered as _. (a)frictional unemployment. (b)structural unemployment. (c)cyclical unemployment. (d)seasonal unemployment.（分数：2.00）A.B.C.D.3.If both nominal GDP and the level of prices are falling, it is

3、evident that _. (a)real CDP is constant. (b)real GDP is falling but not as rapidly as prices. (c)real GDP is rising. (d)No conclusion can be drawn concerning the real GDP of the economy on the basis of this information.（分数：2.00）A.B.C.D.4.A production function for a firm describes _. (a)what should b

4、e produced to maximize profit. (b)what is technologically feasible when the firm produces efficiently. (c)what revenue is earned from producing efficiently. (d)what the firm produces with given inputs.（分数：2.00）A.B.C.D.5.A countrys trade balance mainly depends on its _. (a)domestic savings. (b)domest

5、ic investment. (c)the countrys production capacity. (d)the countrys interest rate.（分数：2.00）A.B.C.D.6.If AD shifts to the right to adapt to oil shocks from OPEC, then _. (a)P and GDP will remain normal automatically. (b)GDP may be unchanged although P will rise. (c)GDP will rise and P will drop. (d)t

6、he domestic P of oil will drop.（分数：2.00）A.B.C.D.7.Suppose money supply and the general price level remain the same, and money demand is the function of income and interest rate, an increase in incomes will _. (a)increase both money demand and interest rate. (b)increase money demand but lower interes

7、t rate. (c)decrease money demand but increase interest rate. (d)decrease money demand and interest rate.（分数：2.00）A.B.C.D.8.Which of the following is not a characteristic of a competitive industry? (a)There are many firms. (b)All firms produce homogeneous products, which are substitutable for each ot

8、her. (c)There is a fierce price war among rivals. (d)Firms can enter and exit the industry freely.（分数：2.00）A.B.C.D.9.Suppose the demand for tea is very price-elastic. To increase revenue, the tea supplier should _ the price level. (a)increase (b)decrease (c)not change (d)uncertain（分数：2.00）A.B.C.D.10

9、For a natural monopoly, the optimal policy for a regulator to set is a price such that _. (a)the price level equals marginal cost. (b)the price level equals average variable cost. (c)the price level equals average total cost but higher than marginal cost. (d)the price level is lower than marginal c

10、ost but higher than average total cost.（分数：2.00）A.B.C.D.二、BSECTION TWO/B(总题数：6，分数：120.00)11.An entrepreneur is faced with the following investment opportunity: For an investment of 100 today and a further investment of 150 next year, he can earn a return of 300 two years from now. Should he undertak

11、e this investment if the interest rate is 5 percent? If the interest rate is 15 percent? Explain.（分数：20.00）_12.(a)Air tickets usually fall into three classes: top class, business class, and economy class. What is the economic rationale for this phenomenon? (b)What is price discrimination? Are there

12、any necessary requirements for successful price discrimination? Please give two more examples to explain your answer.（分数：20.00）_13.Suppose you are in charge of a toll bridge that is essentially cost free. The demand for bridge crossings Q is given by P=12-2Q. (a)Draw the demand curve for bridge cros

13、sings. (b)How many people would cross the bridge if there were no toll? (c)What is the loss of consumer surplus associated with the charge of a bridge toll of 6?（分数：20.00）_14.What monetary policy tools can a government use to control money supply?（分数：20.00）_15.The table below shows the bushels of wh

14、eat and the yards of cloth that the United States and Britain can produce with one hour of labor time.U.S. BritainWheat (bushels/man-hour) 12 4Cloth (yards/man-hour) 12 2(a)Please identify the commodity in which the U.S. and Britain have an absolute advantage or disadvantage?(b)Indicate the commodit

15、y in which the U.S. and Britain have a comparative advantage or disadvantage?(c)If the two countries are to trade with each other, which goods should they expert? Why?(d)Would trade benefit both of them? Why?（分数：20.00）_16.Who loses from inflation? Please describe carefully.（分数：20.00）_金融英语中级经济学-1 答案解

16、析(总分：140.00，做题时间：90 分钟)一、BSECTION ONE/B(总题数：10，分数：20.00)1.Which of the following would NOT cause a shift upward of the consumption scbedule? (a)An increase in household wealth. (b)An expectation of rising incomes in the future. (c)A reduction in income taxes. (d)An increase in household disposable i

17、ncome.（分数：2.00）A.B.C.D. 解析：2.The unemployment due to economic recession should be considered as _. (a)frictional unemployment. (b)structural unemployment. (c)cyclical unemployment. (d)seasonal unemployment.（分数：2.00）A.B.C. D.解析：3.If both nominal GDP and the level of prices are falling, it is evident

18、that _. (a)real CDP is constant. (b)real GDP is falling but not as rapidly as prices. (c)real GDP is rising. (d)No conclusion can be drawn concerning the real GDP of the economy on the basis of this information.（分数：2.00）A.B.C.D. 解析：4.A production function for a firm describes _. (a)what should be pr

19、oduced to maximize profit. (b)what is technologically feasible when the firm produces efficiently. (c)what revenue is earned from producing efficiently. (d)what the firm produces with given inputs.（分数：2.00）A.B. C.D.解析：5.A countrys trade balance mainly depends on its _. (a)domestic savings. (b)domest

20、ic investment. (c)the countrys production capacity. (d)the countrys interest rate.（分数：2.00）A.B.C. D.解析：6.If AD shifts to the right to adapt to oil shocks from OPEC, then _. (a)P and GDP will remain normal automatically. (b)GDP may be unchanged although P will rise. (c)GDP will rise and P will drop.

21、d)the domestic P of oil will drop.（分数：2.00）A.B. C.D.解析：7.Suppose money supply and the general price level remain the same, and money demand is the function of income and interest rate, an increase in incomes will _. (a)increase both money demand and interest rate. (b)increase money demand but lower

22、 interest rate. (c)decrease money demand but increase interest rate. (d)decrease money demand and interest rate.（分数：2.00）A. B.C.D.解析：8.Which of the following is not a characteristic of a competitive industry? (a)There are many firms. (b)All firms produce homogeneous products, which are substitutable

23、 for each other. (c)There is a fierce price war among rivals. (d)Firms can enter and exit the industry freely.（分数：2.00）A.B.C. D.解析：9.Suppose the demand for tea is very price-elastic. To increase revenue, the tea supplier should _ the price level. (a)increase (b)decrease (c)not change (d)uncertain（分数

24、2.00）A.B. C.D.解析：10.For a natural monopoly, the optimal policy for a regulator to set is a price such that _. (a)the price level equals marginal cost. (b)the price level equals average variable cost. (c)the price level equals average total cost but higher than marginal cost. (d)the price level is l

25、ower than marginal cost but higher than average total cost.（分数：2.00）A.B.C. D.解析：二、BSECTION TWO/B(总题数：6，分数：120.00)11.An entrepreneur is faced with the following investment opportunity: For an investment of 100 today and a further investment of 150 next year, he can earn a return of 300 two years from

26、 now. Should he undertake this investment if the interest rate is 5 percent? If the interest rate is 15 percent? Explain.（分数：20.00）_正确答案：()解析：At5 percent, the NPV=-100-150/1.05+300/(1.05) 2=29.25. The investment is worthwhile.At 15 percent, the NPV=-100-150/1.15+300/(1.15) 2=-3.59, so the investment

27、 is not worthwhile.Since file benefits are only received in the future, a higher discount lowers the present value of these benefits. Hence, the investment becomes less profitable.12.(a)Air tickets usually fall into three classes: top class, business class, and economy class. What is the economic ra

28、tionale for this phenomenon? (b)What is price discrimination? Are there any necessary requirements for successful price discrimination? Please give two more examples to explain your answer.（分数：20.00）_正确答案：()解析：(a)Business people or rich people or those who need to fly for urgent things will not care

29、 too much about prices. However, travelers or poorer people would switch to alternative transportation means if air tickets were very expensive. In order to maximize profit, airlines usually divide people into different groups according to their price elasticity of demand and charge them differently

30、 (b)Price discrimination means that monopoly could charge different price for the same goods or service for different people. This may occur when the monopolist can divide the market into two or more segments each independent of the other. The essential requirements for successful price discriminat

31、ion are: Two or more separate markets-really sub-sections of the one market. No arbitrage between markets-i.e. buying in one market and selling in the other. Different elasticities in each market. Other examples: In China, students can take a train by paying half the ticket price on their winter and

32、 summer vacations. Foreigners pay more to visit the Palace Museum in Beijing than local people.13.Suppose you are in charge of a toll bridge that is essentially cost free. The demand for bridge crossings Q is given by P=12-2Q. (a)Draw the demand curve for bridge crossings. (b)How many people would c

33、ross the bridge if there were no toll? (c)What is the loss of consumer surplus associated with the charge of a bridge toll of 6?（分数：20.00）_正确答案：()解析：(a)The demand curve is a straight line with a vertical intercept of P=12 and a horizontal intercept of Q=6 (since Q=6-P/2). (b)If there were no toll, t

34、he price P would be 0, so that Q=6. (c)If the toll is 6, Q = 3. The consumer surplus lost is the difference between consumer surplus when P=0 and consumer surplus when P=3, or 15.75.14.What monetary policy tools can a government use to control money supply?（分数：20.00）_正确答案：()解析：A central bank can use

35、 the following monetary policy tools to affect intermediate targets and to achieve the ultimate objectives of monetary policythe best combination of low inflation, low unemployments, rapid GDP growth, and orderly financial markets. Open-market operations: Sales by the central bank of government secu

36、rities in the open market reduce money supply by lowering hank reserves. Open-market purchases do the opposite, ultimately expanding money supply by increasing bank reserves. Discount rate policy: A central bank can also raise or lower the discount rate, which is the interest rate charged on bank bo

37、rrowings from the central bank, to decrease or increase money supply. Reserve requirements: The central bank might require all institutions in the monetary sector with eligible liabilities in the non-operational, non-interest-bearing deposits with the central bank. Changing the level and/or structur

38、e of interest rates: The governments influence over interest rates can be achieved through open-market operations or through the interest rate imposed by the central bank. However, it is now accepted that the interest rate weapon is more suitably used to control inflation or the exchange rate rather

39、 than to control broad money supply growth. Direct controls over bank lending: Quantitative controls might be imposed on the growth in volume of either bank lending (i, e. assets) or bank deposits. Qualitative controls may be used to influence the type of bank lending, e.g. favouring the business se

40、ctor as against the personal sector. Special deposits: The central bank may require the commercial banks to lodge non-operational special deposits to reinforce its control over credit. This weapon, which is not often used, can be a sharp and effective means of affecting interest rates.15.The table b

41、elow shows the bushels of wheat and the yards of cloth that the United States and Britain can produce with one hour of labor time.U.S. BritainWheat (bushels/man-hour) 12 4Cloth (yards/man-hour) 12 2(a)Please identify the commodity in which the U.S. and Britain have an absolute advantage or disadvant

42、age?(b)Indicate the commodity in which the U.S. and Britain have a comparative advantage or disadvantage?(c)If the two countries are to trade with each other, which goods should they expert? Why?(d)Would trade benefit both of them? Why?（分数：20.00）_正确答案：()解析：(a)The table shows that the U.S. has absolu

43、te advantage in producing both goods, six times as efficient as Britain in producing cloth, but only three times in producing wheat. (b)The U.S. has a relative or comparative advantage in producing cloth. The reason is that the opportunity cost of 1 yard of cloth is 1 bushel of wheat in the U. S., b

44、ut higher in Britain at 2 bushels of wheat. Similarly Britain has a comparative advantage in producing wheat since the opportunity cost of 1 bushel of wheat is 0.5 yard of cloth in Britain, but higher in the U. S. at 1 yard of cloth. (c)According to (b), the U.S. should export cloth and Britain whea

45、t if the two commies are to trade with each other. The reason: The law of comparative advantage states that if each country specializes in the products in which it has the greatest comparative advantage, trade will be beneficial to all concerned.16.Who loses from inflation? Please describe carefully.（分数：20.00）_正确答案：()解析：Inflation hurts all those people who have wealth or income that is fixed in nominal terms. Typical of these people will be the elderly who live on fixed pensions, and workers who lack the industrial might push for cost of living adjustments to their wage pack