9-week Revision Programme 3

Transcription

1 2 Getting 5** in 9 Weeks: Economics

2 9-week Revision Programme 3

3 以下是就香港考試及評核局於 2009 年出版的文憑試樣本試卷 選取一些涉及新高中 課程內的新課題 如總需求及總供應 及典型的考試題目 列出審題要點 提醒考生 特別需要注意之處 並設詳細解題步驟及建議答案 以供參考 同學可於各大書局自 行購買該份樣本試卷的題目作參考 HKDSE Examination Paper 1 (Sample paper) Q2 審題要點 分析題目描述的兩個選項 並注意題目問及的焦點是 在甚麼情 況下瑪莉替叔叔工作的機會成本會下降而不是上升 亦非在甚麼 情況下參加北京文化之旅的機會成本會轉變 解題步驟 機會成本是放棄選項中價值最高者 (highest-valued option forgone) 先辨識瑪莉替叔叔工作的機會成本 參加北京文化之旅的價值 然後再分析四個選項 中哪選項會減低北京文化之旅的價值 建議答案 C A. 這會減低瑪莉替叔叔工作的價值 但不影響她替叔叔工作的機會成本 亦即是參 加北京文化之旅的價值 B. 這會減低瑪莉參加北京文化之旅的機會成本 但不影響她替叔叔工作的機會成 本 亦即是參加北京文化之旅的價值 C. 這會減低瑪莉參加北京文化之旅的價值 因此她替叔叔工作的機會成本會下降 D. 這會增加瑪莉替叔叔工作的價值 但不影響她替叔叔工作的機會成本 亦即是參 加北京文化之旅的價值 Exam Paper Analysis 5

4 15.2 Aggregate supply Aggregate supply (AS): The relationship between the aggregate output supplied at various general price levels in a time period. Aggregate output supplied (Y AS ): The value of aggregate output supplied at a specified general price level in a time period. Short run and long run Short run: Relatively short-term or temporary changes with some prices not fully adjusted to clear the markets, & people not perfectly perceive the changes in the GPL due to imperfect information. Long run: Relatively long-term or final changes with all prices fully adjusted to clear the markets, & people perfectly perceive the changes in the GPL due to perfect information. In both the short run and long run, production resources, technology and productivity are constant and exogenous. Why is the short-run aggregate supply curve upward sloping? GPL Y AS, and vice versa movement along the SRAS curve 1. The sticky-price theory GPL some firms do not raise their output prices due to high costs in adjusting prices Y AS, and vice versa. 2. The sticky-wage theory GPL the nominal wages of some workers need not be raised within the contract period real wages paid to workers employment and production more profitable Y AS, and vice versa. Aggregate Demand and Aggregate Supply Model 153

5 1. (a) Define the velocity of money circulation, and state how it can be measured in practice. (4 marks) (b) What is the equation of exchange? How is it transformed into the classical quantity theory of money? Explain. (4 marks) (a) 回想貨幣流速 (V) 的定義, 及它與名義本地生產總值 (nominal GDP) 和貨幣供應量 (Ms) 的關係 (b) 回想古典貨幣數量論 (classical quantity theory of money) 的假設 (assumptions) (a) It is the average number of times a unit of money changes hands in the transactions of final output in a year (2). It can be measured by Nominal GDP (2). Money supply (Ms) (b) The equation of exchange is MV PY (1). It is transformed into the classical quantity theory of money by adding 3 assumptions. They are: constant velocity of money circulation (1), constant real output at the full-employment level (1), and exogenously determined money supply (Ms) (1). 2. Using the quantity theory of money, predict how the general price level changes in the following situations. (a) An open market purchase of government bonds by the central bank is carried out in a recovering economy. (4 marks) (b) There is an increase in the minimum reserve ratio in a contracting economy. (4 marks) 先以一般物價水平的增長率 (growth rate in GPL) 表達貨幣數量論 (quantity theory of money), 再分析每項轉變如何影響貨幣供應 (Ms) 及實質產出 (Y) 214 Getting 5** in 9 Weeks: Economics

6 Indicate whether the following statements are true or false. Statements 1. The velocity of money circulation measures the average number of times a unit of money changes hands in all transactions in a year. T / F F 2. The classical QTM is a theory of full-employment. F 3. The classical QTM is a theory of inflation. T 4. According to the QTM, the inflation rate equals the percentage increase in the money supply. F 5. The equation of exchange does not explain and predict inflation. T 6. When a monetary policy is carried out, only the money supply is affected. 7. With the target of stabilizing real output, export growth will cause no change in the general price level when the required monetary policy is carried out. F T 8. A higher discount rate increases the money supply, and vice versa. F 9. With the target of stabilizing prices, a supply shock will lead to a larger deflationary gap when the required monetary policy is carried out. T 10. Hong Kong has an independent monetary policy. F Monetary Policy and the Quantity Theory of Money 217