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1 香港經濟教育協會新高中文憑試經濟科應試研討會 (2012) 甲部 1. 不同意, 因為該物品可能是用稀少資源生產的, 而且人們仍然想獲得更多該物品 2. 邊際回報遞減定律是指, 當更多的可變要素持續加到某特定數額的固定要素, 該可變要素的邊際產量最終會下降不能說明該定律, 因為全部投入都是可變生產因素 3. (a) 上述情況屬於集團擴張, 因為該廠商擴張只涉及不相關的行業上述合併有以下可能的動機包括 : 第一, 因產品多元化而令分散風險第二, 將某產品的品牌運用於其他的產品上第三, 更有效地運用資源, 因為兩間公司可分享部分的資源 ( 其他動機 : 享有規範經濟, 因為當生產規模上升, 平均生產成本會下降 ) 4. (a) 收入差距屬較闊增加標準稅率會令除稅後堅尼系數下降, 因為標準稅率只適用在較高收入組別, 令較高收入的組別會支付其較大部分的收入作稅款 5. (a) 這價格管制不能確保所有低收入買家成功購買, 因為超額需求出現, 其他競爭準則 / 非價格競爭會出現, 而新的競爭準則不一定和收入有關甲國的無形貿易差額會受影響, 因為那些乙國旅客的支出都屬於甲國的無形出口, 所以該差額會得到改善 (c) 價格上限被不會改善經濟效率, 因為會出現較大的效率損失 / 總社會盈餘會下降效率損失上升 / 總盈餘減少 1

2 6. (a) 失業會對社會造成以下兩項損失 : 第一, 產出會下降第二, 會導致人力資本的損失 ( 其他觀點 : 政治動盪 ) 經濟衰退時會出現以下兩項經濟現象 : 第一, 實際本地生產增長下降, 甚至負值 ; 第二, 通脹下降或處於低水平, 甚至出現通縮 ( 其他經濟現象 : 商業信心投資和消費水平下降 ) 7. 用作貨幣時, 黃金較香煙為佳, 基於以下原因 : 第一, 黃金較耐用, 因為香煙的價值會隨時間減低第二, 黃金較被接受作為交易媒介 ( 其他理由 : 黃金較同質而香煙有不同的質素 ) 8. 貨幣貶值並不會必然降低該國的進口總值, 因為若入口貨物屬低彈性, 即價格上升的百分比較數量下降的百分比為高, 入口價值不會下降 + 進口總值的得益 - 進口總值的損失 9. (a) 在甲國, 生產一單位恤衫的機會成本是 0.2 單位手錶在乙國, 生產一單位恤衫的機會成本是 0.25 單位手錶若某國專門生產及出口一種物品, 而該物品的機會成本較低, 總產出會上升根據該原理, 甲國會出口恤衫 (c) 0.2 單位手錶 < 1 單位恤衫 < 0.25 單位手錶 4 單位恤衫 < 1 單位手錶 < 5 單位恤衫或 2

3 乙部 10. (a) (i) 該款項不應計入 2011 年的本地生產總值內, 因為不涉及生產活動 (ii) 對陳先生來說, 債劵可以是較股票為佳, 有以下原因 : 第一, 即使公司該年沒有賺取任何利潤, 債券持有人仍可獲得利息回報第二, 若公司清盤, 債券持有比股東較早取回本金公平等是一個主觀的概念, 涉及價值判斷政府應該推行 $6000 計劃, 因為每個人都取得相同金額 $6000, 所以更公平或政府不應該推行 $6000 計劃, 因為計劃沒有幫助機會平等化相對富人來說, 窮人沒有取得較多的資源以改善他們的生產力 / 增加將來的收入此外, 因為富人亦獲得相同金額的收入, 故此這沒有令結果平等化 (c) $6000 計劃會令市民的可用收入上升, 消費支出及總需求因而上升最終, 物價水平上升, 而長期而言產出則維持不變物價水平 Y 產出水平 11. (a) 通脹是指一般物價水平持續上升的情況這些工人的實質工資不是必然上升, 因為若物價水平的上升百分比大於名義工資的上升百分比, 工人的實質收入會下降 (c) 持有現金的機會成本是 ibond 的名義回報 (d) ibond 幫助保存所投資的款項的購買力因為 ibond 的利息回報率的增加會相等於實質通脹率的增加 3

4 12. (a) 這種市場結構屬寡頭壟斷, 它有以下兩項特徵 : 第一, 該市場有數間具支配力的廠商第二, 廠商售賣的產品可為異質 ( 其它特徵 : 尋價者 / 定價策略互相影響 / 非價格競爭 / 進入該行業並不容易 / 不完全資訊 ) 私人有限公司而非上市公司有以下兩項優點 : 第一, 較難被收購第二, 公司毋須對公眾披露會計資料私人有限公司而非上市公司有以下兩項缺點 : 第一, 不能向公眾發行股票籌集資金第二, 轉讓擁有權較困難 (c) (i) 居屋單位和私人樓宇屬替代品公營房屋 ( 居屋單位 ) 供應增加會令私人樓宇的需求減少, 私人樓宇的價格因而下降 (ii) 按揭息率的上升可冷卻地產市場, 因為部分人不能或不願用較高利率借貸, 私人樓宇的需求因而下降 13. (a) 法定儲備比率 = ($500 百萬 $100 百萬 )/$2000 百萬 = 20% (c) 1 最高可能的存款額 = $500 百萬 0. 2 = $2 500 百萬 1 活期存款 (DD) = $700 百萬 = $3 500 百萬 0. 2 公眾持有的現金 (Cp) = 0 貨幣供應 = DD + Cp = $3 500 百萬 (d) MV = PY, 其中 M 為貨幣存量,V 為貨幣流通速率,P 為一般物價水平,Y 為實質產出水平, 而 V 維持不變 M 的上升會導致 P 上升, 當 Y 上升的百分比較小或 M 的上升會導致 P 上升相同的百分比, 當 Y 維持不變 4

5 丙部 14. (a) 價格分歧是一種定價行為, 廠商就相同的物品收取不同顧客不同價錢, 而原因不是由於成本上存在差異實施價格分歧有以下兩項條件 : 第一, 賣家需要是尋價者第二, 市場是可分割的 ( 其他條件 : 不同市場的顧客有不同的價格需求彈性 / 不同市場的顧客有不同的訊息費用 ) (c) (i) 不是, 因為在推廣期內對相同貨品減價的做法適用於全部的顧客賣方沒有試圖分開各種顧客 / 市場沒有被分割 (ii) 是, 因為不論有沒有折購券, 供應顧客的成本是相同的有折購券的顧客是對價格的改變較敏感 ; 故此需求彈性較高因此他們支付較低的價格 (d) 第 (1) 種行為是操縱價格, 屬橫向協議第 (2) 種行為獨家交易, 屬縱向協議 (e) 反競爭行為可能對消費者造成以下兩種損害 : 第一, 價格會較高第二, 產量會較少 ( 其他損害 : 消費者缺乏選擇 / 效率有所損失 ) 15. (a) (i) 在甲國, 生產 1X 的機會成本是 1Y, 而在乙國, 生產 1X 的機會成本是 0.667Y 由於乙國生物品 X 的機會成本較低, 因此乙國生產物品 X 有比較優勢, 而她會出口物品 X (ii) 互惠互利的貿易有可能出現, 因為他們生產物品 X 及 Y 的成本不相同每貿易單位的物品 X, 甲國會獲益 0.2Y, 而乙國會獲益 0.133Y (c) (i) (ii) (d) (i) (ii) 不會改變, 乙國生產物品 X 仍會享有比較優勢, 因為甲乙兩國的機會成本維持不變未能確定若最大可能生產 Y 的水平超過 30 單位, 乙國可能不再擁有生產物品 X 的比較優勢人類發展指數以 3 個向度量度某國的經濟和社會發展 : 健康教育及生活水平健康是以出生的預期壽命量度 ; 教育是以平均在學的年期和預期在學的年期量度 ; 生活水平是以人均國民收入總值量度人類發指數上升可能因為生產專門化及出口, 令乙國有較高的人均國民生產總值 ( 其他原因 : 外國入口的有關健康的產品和技術 ) 5

6 Hong Kong Association for Economics Education HKDSE Revision Seminar for Economics (2012) Section A 1. No, because the scare resources used in production have alternative uses. Also, people prefer more of the good. 2. The law states that when more units of a variable factor are added successively to a given quantity of fixed factors, the marginal product of this factor will eventually diminish. No, because all inputs are variable factors. 3. (a) The above case belongs to conglomerate expansion, because the firm has expanded into unrelated industries. There are some possible motives for the above integration. Firstly, the firm can spread risk by diversifying products. Secondly, it can extend its brand name of one product to other products. Thirdly, they are able to use resources more efficiently as the two companies can share some of their resources. [Alternatives: The firm can enjoy economies of scale as the average cost will fall when product scale increases. 4. (a) The income gap was wider. The increase in standard tax rate of salaries tax will lead to a smaller post-tax Gini coefficient, because the post-tax income of the higher income group is lower while the income of lower income group remains unchanged. 5. (a) The price control cannot ensure all lower income buyers obtain the desired quantity, because there is excess demand (shortage). Also, other competitive methods / non-price competition, such as queuing, will emerge. The new competitive methods do not necessarily depend on income. (c) The balance of invisible trade of Country A will be affected, because Country B s tourists expenses are regarded as Country A s export of services. When their value increases, Country A s invisible trade account increases. Will not improve economic efficiency, because there is greater deadweight loss./ total social surplus decreases. increase in deadweight loss/ loss in total social surplus 6

7 6. (a) There are two losses of unemployment to the society. Firstly, it causes a loss of output. Secondly, it causes a loss of human capital. [Alternatives: Political unrest] During economic recession, the economy would experience a falling or even negative real GDP growth. Also, a low or falling inflation or even deflation would be observed. [Alternatives: Falling business confidence, levels of investment, consumption] 7. When used as money, gold is more durable while cigarettes may lose their value during transaction. Gold is more generally accepted as medium of exchange than cigarettes. [Alternatives: More homogenous while cigarettes have different qualities.] 8. Will not necessarily lower the total import value of the country, because if the demand for import is inelastic, which means as the percentage increase in price will be greater than percentage decrease in quantity demanded, the import value will not decrease. + Gain - Loss 9. (a) In country A, opportunity cost of producing 1S = 0.2 W In country B, opportunity cost of producing 1S = 0.25 W (c) If each country specializes in producing the good in which the country has a lower opportunity cost, the total world output will increase. Country A would export shirts. 0.2W < 1S < 0.25 W OR 4 S < 1 W < 5 S 7

8 Section B 10. (a) (i) This item of payment by the government should not be included in the calculation of GDP in 2011, because there is no corresponding production. (ii) Bonds could be a better choice than shares for Mr. Chan if the company does not make any profit that year, he can still get interest return. If the company is liquidated, bondholders have a higher priority of getting paid than shareholders. Equity is a subjective concept that involves value judgements. Yes, because the $6000 results in a higher percentage increase in income of the poor. OR No, as it does not help equalize opportunities. Relative to the rich, the poor do not get more resources to improve their productivity/ increase future income. Besides, as it is not equalizing outcome as not everyone can benefit from the scheme, e.g. non-permanent residents and residents who are below 18 years old are not eligible for the $6000. (c) The Scheme $6000 raises people s disposable income. Hence consumption expenditure increases and aggregate demand increases. This leads to an increase in the general price level. In the long run, aggregate output remains unchanged. Price Level Y Aggregate Output 11. (a) Inflation is a persistent increase in the general price level. (c) (d) Will not necessarily rise, because if the percentage increase in price level is greater than the percentage increase in nominal wage, the real income of workers would fall. The opportunity cost is the nominal return of the ibonds. The ibonds help preserve the purchasing power of the invested sum of money because the interest return of ibonds will increase at the same rate as actual inflation. 8

9 12. (a) The market structure of the private housing market is oligopoly. The features are there are a few dominating firms and the producers are price searchers. [Alternatives: interdependence when setting prices / product can be heterogeneous / non-price competition e.g. improvement in quality / not easy to enter the industry / imperfect information The advantages of being a private limited company instead of a listed company are that it is more difficult to be taken over and the firm does not need to disclose the accounting information to public. The disadvantages of being a private limited company instead of a listed company are that the firm cannot raise capital through issuing shares to general public and transfer of ownership is difficult (c) (i) ` The living units under HOS and private housing are substitutes. An increase in supply of public housing, which is the living units under HOS, would result in a drop in demand for private housing. This leads to the price of private housing drops. Q 2 Q 1 (ii) A rise in the mortgage interest rate could cool down the property market as some citizens are not able or are not willing to borrow at a higher interest rate. Hence, the demand for private housing drops. 13. (a) Required reserve ratio = ($500 million - $100 million) / $2000 million = 20% Maximum possible amount of deposits = $500 million (1 / 0.2) =$2 500million (c) (d) Deposit = $700 million = $3 500 million Cash in public circulation = 0 Money supply = Demand Deposit + Cash in public circulation = $3 500 million QTM: MV = PY, where M = money stock V = velocity of circulation of money P = general price level Y = real output, assuming V constant. An increase in M leads to an increase in P when Y increases by a smaller percentage. OR An increase in M leads to an increase in P by the same percentage when Y is constant. 9

10 Section C 14. (a) Price discrimination is a kind of pricing behaviour by which difference prices are charged on different customers for the same goods for reasons unrelated to differences in costs. In order for price discrimination to take place, the seller needs to be a price searcher. Also, the markets are separable or the resale of goods and services between markets is difficult or very costly. [Alternatives:: Customers in different markets have different elasticities of demand. / Customers in different markets have different information costs. (c) (i) No, because the practice of lowering the price of the same item during a promotional period applies to all customers / the sellers make no attempt to separate customers / the market is not separated (ii) Yes, because the costs of serving customers with or without discount coupons are the same / customers with discount coupons are the ones who are more sensitive to price changes and hence higher price elasticity. Therefore, they are charged a lower price. (d) (1) The anti-competitive business practice is price fixing, which belongs to horizontal agreement (2) The anti-competitive business practice is exclusive dealing, which belongs to vertical agreement (e) Anti-competitive business practice may harm consumers due to consumers are charged with a higher price. There is also a lower level of output. [Other harms: lack of choices to consumers / loss in consumer surplus / market competition restricted 15. (a) (i) In country A, the opportunity cost of producing 1X = 1Y while in country B, the opportunity cost of producing 1X = 0.667Y. Country B has a lower opportunity cost in producing X, therefore Country B has a comparative advantage in producing good X. (ii) Yes, because their costs of producing goods X and Y are different. Country A will gain 0.2Y per unit of X traded (=1Y 0.8Y) and Country B will gain 0.133Y per unit of X traded (=0.8Y 0.667Y) (c) (i) No, because country B will still enjoy a comparative advantage in producing good X if the maximum possible level of production of Y exceeds 30 units (ii) Uncertain, because country B may no longer enjoy a comparative advantage in producing good X if the maximum possible level of production of Y exceeds 30 units. (d) (i) HDI measures the level of economic and social development of country in 3 dimensions. Firstly, health, which is measured by life expectancy at birth. Secondly, education, which is measured by mean years of schooling and expected years of schooling. Thirdly, living standard, which is measured by Gross National Income per capita. (ii) The increase causes by more production, business activities and employment opportunities in the import / export industry lead to higher per capita GDP. [Alternatives: Foreign health product or technology imported lead to better health.] 10

11 宏觀經濟學重溫 1. 建基於交易方程式 : 貨幣數量論 - 消費者的總支出必定相等於最終物品的交易總值 2. 從交易方程式演變為貨幣數量論 - 貨幣流通速度 (v) 是一項常數 3. 貨幣數量論的含意短期 : 貨幣存量上升的百分比會導致名義產出有同等百分比的上升貨幣存量的上升會導致物價水平上升, 當實質產出上升的百分比較小長期 : 假設實質產出維持在潛在產出水平 ( 即充分就業水平 ) 貨幣存量上升會導致物價水平上升相同百分比的 ( 長期而言, 貨幣是中性的, 意思是增加或減少貨幣供應不會影響實質產出水平 ) 1. 絕對優勢與比較優勢的定義 2. 比較優勢原理 - 以較低機會成本生產 ( 擁有比較優勢 ) 專門化總產出上升貿易得益 3. 重點 ( 假設有兩個國家, 它們各生產兩種物品 ) - 一個國家可能擁有生產所有物品的絕對優勢 ( 或絕對劣勢 ), 但仍然對生產某一物品擁有比較劣勢 ( 或比較優勢 ) - 一個國家不可能擁有生產所有物品的比較優勢 ( 或比較劣勢 ) - 擁有生產物品 X 的比較優勢擁有生產物品 Y 的比較劣勢 4. 如何決定互惠互利的貿易比率範圍呢? 例子 2 單位 Y < 1 單位 X < 4 單位 Y - 為了令互惠互利的貿易進行, 貿易比率必須位於兩個國家的機會成本之間 - 4 單位 Y 與 2 單位 Y 的差異 (4Y -2Y) = 兩個國家最大的潛在貿易得益 5. 如何計算每一個國家的貿易得益呢? - 每單位出口 : 出口價格生產一單位物品的機會成本 - 每單位進口 : 生產一單位物品的機會成本進口價格 6. 為了令互惠互利的貿易進行, 運輸費用一定要少於兩個國家最大的潛在貿易得益 11

12 匯率制度 1. 升值 / 貶值的意思 : 2. 當港元貶值, 香港出口價格以外幣計算外地進口價格以港元計算對出口價值與進口價值的影響出口需求量 ( 以港元計算 ) 進口需求量 3. 聯繫匯率制度 - 港元與美元的聯繫匯率是固定的港元與美元的市場匯率是浮動的因為銀行進行套戥活動, 因此市場匯率會與聯繫匯率接近 - 港元與其他貨幣的的市場匯率是浮動的重點 : 在聯繫匯率制度下, - 當美元兌外幣貶值, 港元兌外幣則貶值 12

13 Revision - Macroeconomics Quantity Theory of Money 1. Start with Equation of Exchange MV = PY full name of each term - total expenditure on final products = total value of final products exchanged 2. From the equation of exchange to the quantity theory of money - V to be constant 3. Predictions of QTM Short run : increase in M will lead to an increase in nominal GDP (PY) by the same percentage - Price level will increase only if the percentage increase in real output (Y) is smaller than the percentage increase in money supply Long run : given Y is constant at full employment level, increase in Ms will lead to an equal percentage increase in price level (Money is neutral in the long run, not affecting real output) 1. Definitions of absolute and comparative advantage Gains from Trade 2. Law of comparative advantage - produced at lower opportunity cost (having comparative advantage) specialization increase world production 3. Notice (given two countries and two goods) - a country can have absolute advantages (or absolute disadvantages) on all goods but can still have comparative disadvantage (or advantage) in one good - a country cannot have comparative advantage on all goods comparative advantage on good X comparative disadvantage on good Y 4. How to determine the range of exchange ratio for mutually beneficial trade to take place? e.g. 2Y < 1X < 4Y - for mutually beneficial trade to take place, the terms of trade (exchange ratio) must lie between the two countries' domestic opportunity cost ratios - difference between 4Y and 2Y (4Y - 2Y) = maximum potential gain from trade for the two countries 5. How to calculate the gains from trade for each country? - per unit of export : price of the export - opportunity cost of producing that unit - per unit of import : opportunity cost of producing that unit - price of the import 6. For mutually beneficial trade to take place, transport cost must be smaller than the maximum potential gain from trade for the two countries. 13

14 Exchange Rate System 1. Meaning of revaluation / devaluation; appreciation / depreciation 2. When HK$ depreciates, price of HK's exports in terms of foreign currency price of foreign imports in terms of HK$ quantity demanded for exports quantity demanded for imports effect on the value of export and value of import in terms of HK$ 3. The linked exchange rate system - linked rate between HK$ and US$ is fixed market rate between HK$ and US$ is flexible because of the arbitrage activity of banks, this market rate will move close to the linked rate - market rates between HK$ and other currencies are flexible Note : under the linked exchange rate system - when US$ depreciates against foreign currency HK$ also depreciates against that foreign currency 14

Chinese oil import policies and reforms 随着经济的发展, 目前中国石油消费总量已经跃居世界第二作为一个负责任的大国, 中国正在积极推进能源进口多元化, 鼓励替代

Chinese oil import policies and reforms SINOPEC EDRI 2014.8 Chinese oil import policies and reforms 随着经济的发展, 目前中国石油消费总量已经跃居世界第二作为一个负责任的大国, 中国正在积极推进能源进口多元化,