1、（原）金融专业英语（ FECT）中级经济学模拟试卷 1及答案与解析 Question 1 1 A production function for a firm describes _. （ A） what should be 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
2、with given inputs. 2 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 other. （ C） There is a fierce price war among rivals. （ D） Firms can enter and exit the industry fre
3、ely. 3 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 4 For a natural monopoly, the optimal policy for a regulator to set is a price such that _. （ A） the price level equals
4、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 cost but higher than average total cost. 5 If AD shifts to the right to adapt to oil shocks from OPEC, then _. （
5、 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） the domestic P of oil will drop. 6 Which of the following would NOT cause a shift upward of the consumption scbedule? （ A） An increase in household wealth. （ B） An
6、 expectation of rising incomes in the future. （ C） A reduction in income taxes. （ D） An increase in household disposable income. 7 If both nominal GDP and the level of prices are falling, it is evident that _. （ A） real CDP is constant. （ B） real GDP is falling but not as rapidly as prices. （ C） rea
7、l GDP is rising. （ D） No conclusion can be drawn concerning the real GDP of the economy on the basis of this information. 8 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 bot
8、h money demand and interest rate. （ B） increase money demand but lower interest rate. （ C） decrease money demand but increase interest rate. （ D） decrease money demand and interest rate. 9 The unemployment due to economic recession should be considered as _. （ A） frictional unemployment. （ B） struct
9、ural unemployment. （ C） cyclical unemployment. （ D） seasonal unemployment. 10 A countrys trade balance mainly depends on its _. （ A） domestic savings. （ B） domestic investment. （ C） the countrys production capacity. （ D） the countrys interest rate. Question 2 11 Use the information in the table belo
10、w to answer the following questions concerning a consumers choice between food and clothing.(a)Fill in the blanks that remain in the table.(b)Let income= 130, Pf= 20, and Pc= 10. Does the market basket C=1 and F=6 satisfy the budget constraint? Could this be the utility maximizing market basket? If
11、not, in which direction would the consumer like to reallocate his purchases (i. e., more food or more clothing)? Question 3 12 A medium-sized city has two major industries: financial services and manufacturing of electronic equipment. Suppose that restrictions on interstate competition in the market
12、 for financial services lead to a large expansion of the financial services sector in the city. (a)What effect do you predict that this increase in jobs would have oil wages and housing prices in the city? (b)What effect do you think there would be on the manufacturing sector in the city? Would you
13、expect that manufacturing employment would rise or fall? Question 4 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 cross the bridge if there we
14、re no toll? (c)What is the loss of consumer surplus associated with the charge of a bridge toll of 6? Question 5 14 What are the three major functions of money? Describe how drastic inflation can undermine the ability of money to perform these three basic functions. Question 6 15 Assume that GDP gre
15、w from 120 billion in 1994 to 160 billion in 1995 and the GDP deflator from 100 in 1994 to 130 in 1995. (a)Calculate the rate of growth of nominal GDP for 1995. (b)Calculate the rate of growth of real CDP for 1995. (c)What is the inflation rate for 1995? Question 7 16 Who loses from inflation? Pleas
16、e describe carefully. （原）金融专业英语（ FECT） 中级经济学模拟试卷 1答案与解析 Question 1 1 【正确答案】 B 2 【正确答案】 C 3 【正确答案】 B 4 【正确答案】 C 5 【正确答案】 B 6 【正确答案】 D 7 【正确答案】 D 8 【正确答案】 A 9 【正确答案】 C 10 【正确答案】 C Question 2 11 【正确答案】 (a)(b)Yes, 110+620= 130=income, so the budget constraint is satisfied with this market basket. Howeve
17、r, this market basket could not be utility maximizing since (MUc/Pc)=6(MUf/Pf)=4.5. The consumer can increase utility by spending more money on clothing. Question 3 12 【正确答案】 (a)An increase in the demand for labor should increase wages in equilibrium. Higher wages will attract new workers to the cit
18、y, as well as raise the incomes of all workers in the city. This, in turn, should increase the demand for housing, and thus raise the price of housing. (b)Wages in the manufacturing sector would presumably rise due to competition for workers from other sectors. Increased housing would also raise the
19、 wages needed to attract new workers from other cities. Thus, this citys manufacturing sector faces higher costs than manufacturing in the other cities. If file electronics industry is mobile, firms are likely to transfer production to other cities. Hence, manufacturing employment will likely fall w
20、hen employment in the other sectors rises. Question 4 13 【正确答案】 (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, the price P would be 0, so that Q=6. (c)If the toll is 6, Q = 3. The consumer surplus
21、lost is the difference between consumer surplus when P=0 and consumer surplus when P=3, or 15.75. Question 5 14 【正确答案】 Money acts as (1) a medium of exchange enabling the purchase of goods and services, (2) a store of wealth the ability to delay purchase yet maintain wealth, and (3) a unit of accoun
22、t the assignment of a monetary value to goods and services permitting a comparison of relative value, both currently and over time. Drastic inflation refers to a period of rapid escalation in prices, meaning the purchasing power of money plummets. We may observe sellers unwilling to accept money and
23、 using it, they find its purchasing power significantly eroded. Then money is not acting as a medium of exchange. When its purchasing power is declining, money is obviously not a good store of wealth. Also in such periods, borrowers benefit at the expense of savers, as they repay dollars that have l
24、ower purchasing power than the dollars they initially borrowed, and we may find some prices escalate more rapidly than others. Then money is not functioning as a good unit of account. If rampant inflation does occur, money ceases to perform its functions well and individuals may mm to barter as a me
25、ans of organizing the exchange of goods and services. This is an inefficient outcome for the economy. Question 6 15 【正确答案】 (a)The growth rate of nominal GDP1995 =(nominal GDP1995-nominal GDP1994)/nominal GDP1994100% =( 160b- 120b)/ 120b100% =33.3% (b)Real GDP1994= 120 b/100100= 120 b Real GDP1995= 1
26、60b/130100= 123.1 b The growth rate of real GDP1995 =(real GDP1995-real GDP1994)/real GDP1994100% =( 123.1b- 120b)/ 120b100% =19.3% (c)Inflation rate for 1995 = (P1995- P1994)/P1994100% =(130-100)/100100%=30% Question 7 16 【正确答案】 Inflation hurts all those people who have wealth or income that is fix
27、ed 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 packets. Lenders also lose if their loans are fixed in money terms because they are unable to buy the same amount o
28、f goods and services when their loans are repaid. This principle applies as well to the “loans“ made to the government by the private sector in the form of government bonds or to the “loans“ made to banks by individuals in the form of savings accounts. In most cases the loss occurs because people ar
29、e unable to anticipate the fact that inflation will outstrip the rate of growth of nominal income. If they were able to anticipate inflation fully they would build the inflation rate into the nominal interest rate. Progressive income tax payers also lose out during inflationary times. Inflation eventually raises nominal incomes and pushes people into higher tax brackets.
