[金融英语考试密押资料]金融英语中级经济学模拟3

金融英语考试密押资料金融英语中级经济学模拟3金融英语考试密押资料金融英语中级经济学模拟3金融英语中级经济学模拟3SECTION ONEQuestion 1 Answer all questions. Head the following statements and choose the best answer by writing the alphabetical letter on the answer sheets. 问题: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 with given inputs.答案:B问题: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 freely.答案:C问题:3. Suppose the demand for tea is very price-elastic. To increase revenue, the tea supplier should _ the price level. a.increaseb.decreasec.not changed.uncertain答案:B问题:4. 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 cost but higher than average total cost.答案:C问题:5. 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.the domestic P of oil will drop.答案:B问题:6. 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 income.答案:D问题: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.real GDP is rising.d.No conclusion can be drawn concerning the real GDP of the economy on the basis of this information.答案:D问题: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 both 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.答案:A问题:9. The unemployment due to economic recession should be considered as _. a.frictional unemployment.b.structural unemployment.c.cyclical unemployment.d.seasonal unemployment.答案:C问题: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.答案:CSECTION TWO Answer any FOUR of the six questions. Question 2问题:1. 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 undertake this investment if the interest rate is 5 percent? If the interest rate is 15 percent? Explain.答案: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 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. Question 3问题:1. (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 answer.答案:(a)Business 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 different 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 independent 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