1、（原）金融专业英语（ FECT）中级经济学模拟试卷 2及答案与解析 Question 1 1 Which of the following will NOT cause a shift in the demand for baseballs? （ A） Very good weather. （ B） A decrease in the price of baseball hats. （ C） The consumers expectations. （ D） An increase in the price of baseballs. 2 The price elasticity of dema
2、nd curve faced by a competitive firm is _. （ A） 0. （ B） -1. （ C） -. （ D） 1. 3 Current deposits are money because they are _. （ A） legal tender. （ B） fiat money. （ C） token money. （ D） a medium of exchange. 4 Decreasing returns to scale may arise from _. （ A） specialization of inputs. （ B） duplicatio
3、n of plant and equipment at equal cost. （ C） inefficiencies in management. （ D） using inputs in unequal proportions. 5 For a profit-maximizing firm, the price level equals its marginal revenue (MR) when _. （ A） in an oligopolistic market. （ B） in a monopolistic situation. （ C） in a perfectly competi
4、tive market. （ D） sales rise with the increase in price level. 6 How much is the present value of a property paying 300 per year if the interest rate is 6%? （ A） 300 （ B） 283.01 （ C） 319.15 （ D） 5000 7 When one countrys potential GDP is higher than its real GDP, this means _. （ A） its exports are hi
5、gher than its imports. （ B） inflation is getting worse. （ C） there exists some unemployment. （ D） None of the above. 8 Assume that there is inflation in the United States and the government pursues a contractionary fiscal policy. The likely effect would be that _. （ A） there would be a lower domesti
6、c interest rate and an increase in the demand for dollars that would partially offset the policy. （ B） there would be a depreciation in the value of the dollar and a decrease in net exports that would partially offset the contractionary fiscal policy. （ C） there would be an increase in net exports a
7、nd an increase in aggregate demand that would partially offset the policy. （ D） there would be a decrease in net exports and a decrease in aggregate demand that would partially reinforce the policy. 9 The maximum amount by which the banking system can expand the supply of money by lending is _.（ A）
8、20 billion. （ B） 150 billion. （ C） 300 billion. （ D） 500 billion. 10 If there is a deposit of 20 billion of new currency into the banking system, excess reserves will increase by _.（ A） 2 billion. （ B） 18 billion. （ C） 20 billion. （ D） 48 billion. Question 2 11 The world producer price for baseballs
9、 is 24 per dozen, and almost all of them are produced outside the U.S. Suppose the U.S demand curve is QD=100,000-2,000P, where P is price per dozen, and Q is measured in dozens. The U. S domestic supply curve is QS=-10,000 + 1,000P. (a) Before a tariff is imposed, what is the U. S equilibrium price
10、? Domestic consumption? Domestic production? Imports? (b)Congress has decided to help the baseball manufacturing industry for national security reasons, and it imposes a tariff of 6 per dozen. What are the new equilibrium price, domestic consumption, domestic production, and imports? Question 3 12 (
11、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 any necessary requirements for successful price discrimination? Please give two more examples to explain your an
12、swer. Question 4 13 Suppose QD=100-2P, and QS=-50+3P. (a)What is the original market equilibrium price and quantity? (b)The government imposes a tax of 1 per unit. Compute the after-tax equilibrium. What are the new equilibrium price and quantity? How much revenue does the government collect? Questi
13、on 5 14 Explain: “Ms Smith diminishes the national income by marrying her cook“, hi what way is this true by definition of GDP? Is this one of the problems with the use of GDP as a measure of social welfare? Question 6 15 The table below shows the bushels of wheat and the yards of cloth that the Uni
14、ted States and Britain can produce with one hour of labor time.(a)Please identify the commodity in which the U.S. and Britain have an absolute advantage or disadvantage?(b)Indicate the commodity in which the U.S. and Britain have a comparative advantage or disadvantage?(c)If the two countries are to
15、 trade with each other, which goods should they expert? Why?(d)Would trade benefit both of them? Why? Question 7 16 What is the Phillips curve? What does it purport to show? Why might we be interested in the relationship suggested by the Phillips curve? Explain. （原）金融专业英语（ FECT）中级经济学模拟试卷 2答案与解析 Ques
16、tion 1 1 【正确答案】 D 2 【正确答案】 C 3 【正确答案】 D 4 【正确答案】 C 5 【正确答案】 C 6 【正确答案】 D 7 【正确答案】 C 8 【正确答案】 C 9 【正确答案】 C 10 【正确答案】 B Question 2 11 【正确答案】 (a)Without a tariff, the domestic equilibrium price is the world price of 24. The domestic consumption equilibrium is QD(24)=100,000-2,000(24)=52,000. Domestic s
17、upply is QS(24)=-10,000+1,000(24)=14,000, so imports equal 38,000. (b)The new equilibrium price is 24+6= 30. After the tariff, domestic demand is QD(30)= 100,000-2,000(30)=40,000, and domestic supply is QS(30)=-10,000+1,000(30) = 20,000; imports therefore fall to 20,000. Question 3 12 【正确答案】 (a)Busi
18、ness people or rich people or those who need to fly for urgent things will not care 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 differe
19、nt groups according to their price elasticity of demand and charge them differently. (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 in
20、dependent of the other. The essential requirements for successful price discrimination 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 C
21、hina, students can take a train by paying half the ticket price on their winter and summer vacations. Foreigners pay more to visit the Palace Museum in Beijing than local people. Question 4 13 【正确答案】 (a)Setting QD=QS, the original equilibrium is the solution to 100-2P=-50+3P or P* = 30 and Q*=40. (b
22、)After a 1 tax is imposed, we can solve for the price received by sellers: 100-2(PS+1)= -50+ 3PSor PS* = 148/5 = 29.60. The new quantity is Q*=38.8. The government collects 38.8= 38.80. Question 5 14 【正确答案】 When Ms Smith employed her cook, the meals he produced were part of his employment contract.
23、The transaction between the two would be a market one. The value he added to the food he prepared would form part of GDP. Once Ms Smith realised that there was more to her cook than just his meals and she married him, presumably the employment contract would fall away. Although the cook would still
24、add the same value to the meals he prepared, he would not charge for the service nor would he render a tax return in respect of these cooking activities. The activity would now be classified as a non-market one. The activities are now “within the family“ and so are not included in the national incom
25、e and to that extent the act of marriage has led to a fall in GDP. Some would equate the creation of GDP with the attainment of social welfare. However, although GDP does provide a relatively good measure of economic or material wellbeing, it is an imperfect indicator of social welfare. Neither Ms S
26、miths economic nor her social wellbeing has been altered by her marriage to her cook (at least not as regards the cookery services provided by her cook/husband). Question 6 15 【正确答案】 (a)The table shows that the U.S. has absolute advantage in producing both goods, six times as efficient as Britain in
27、 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., but higher in Britain at 2 bushels of wheat. Similarly Britain has a compar
28、ative 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 wheat if the two commies are to trade with each other. The reason: The law of
29、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. Question 7 16 【正确答案】 The Phillips curve depicts an inverse relationship between inflation and the unemployment rate, based on e
30、mpirical data over the 1950s and 1960s. It purports to show that a stable trade-off exists between unemployment and inflation. The interest in the Phillips curve arises because it presents governments with a dilemma in economic policy. Manipulation of aggregate demand fails to shift the inflation un
31、employment trade-off; that is the position of the Phillips curve. Demand management policies only enable a choice to be made about the position of the economy on the Phillips curve low unemployment and high inflation or, by accepting higher levels of unemployment, lower levels of inflation. Thus the existence of the Phillips curve implies it is impossible to achieve low inflation and full employment simultaneously.
