[ECON] 2017 DSE經濟科討論區(3)

Paper 1 MCQ
1. 一分鐘一條，唔好停係一條太耐，要留10分鐘check卷。
2. 今日睇翻做過既題目，唔好再做太多新野。
3. 唔識既就試排除法
4. 睇清楚NOT true
5. 留意題目提問用字，MUST(必然)係要向反證既方向諗，諗下們會唔會錯。MAY(可能)你係要指出佢可能不，諗有無一個情況佢會岩。呢d字撈亂就會錯。
6. 題目可能有錯，揀最佳答案。
7. 今年應該會再少d直接問definition既題目。
8. Elasticity 彈性小心睇，係計緊demand 定supply係睇你move along邊條curve，不是你shift 個條。
9. 睇清楚Average(平均)/Marginal(邊際)/Total(總)
10. Classical QTM=LR QTM (上年一班人唔識)
11. Positive statement實證陳述係要refutable by facts(可被事實推翻)，而唔係要正確。錯既statement(e.g. 我放手既枝筆會向上飛)都可以係實證。
12. 唔好複雜化條題目，推理用正常方式做，有時intuition 好重要。
13. GDP睇清楚d components，有時係net(淨)，有時係total(總)，Investment Expenditures 都要睇清楚。

Help push

第10個 QTM即係點？

qtm係古典班友搞出黎, 古典假設就係y不變即係y係=潛在產出, 即係所謂長期
之所以有所謂短期qtm, 係因為上世紀有人做研究發現o係短期入面y可以郁, 即係話以前既qtm係有問題
正路qtm就冇分長短期, 因為qtm本身就假設個經濟係處於潛在產出水平, 充其量你可以話qtm即係長期, 但話qtm係短期就.....
總之qtm幾時都假設緊v/k同y係不變
話m升所以(py)升係符合qtm, 因為y唔變, (py)升其實係p升哂y唔變


短期入面m升, p可以升多左, y會跌返直至m升=(py)升, 但呢個唔係qtm

短期QTM Y係可變(gm=gp+gy)
長期QTM Y不變(gm=gp)

應該係以前al paper 2搞出黎既禍, 以前99年同02年長題目用左qtm呢個名但係其實係指equation of exchange, 冇跟gv=gy=0呢個qtm假設
後來俾人嘈, 出卷條友認衰仔, 之後長題目隔左好耐都冇再考qtm, 去到10年先再出而條題目已經唔敢再用qtm呢個名

al mc就分得好清楚, eoe同qtm兩回事
al mc常考就係qtm可以係gm=gp+gy因為gy=0

依家dse將錯就錯

DSE standard

Short run QTM: V constant
Long run / Classical QTM: V, Y constant

Final Reminder 最後提示

Paper 1 MCQ
1. 一分鐘一條，唔好停係一條太耐，要留10分鐘check卷。
2. 今日睇翻做過既題目，唔好再做太多新野。
3. 唔識既就試排除法
4. 睇清楚NOT true
5. 留意題目提問用字，MUST(必然)係要向反證既方向諗，諗下們會唔會錯。MAY(可能)你係要指出佢可能不，諗有無一個情況佢會岩。呢d字撈亂就會錯。
6. 題目可能有錯，揀最佳答案。
7. 今年應該會再少d直接問definition既題目。
8. Elasticity 彈性小心睇，係計緊demand 定supply係睇你move along邊條curve，不是你shift 個條。
9. 睇清楚Average(平均)/Marginal(邊際)/Total(總)
10. Classical QTM=LR QTM (上年一班人唔識)
11. Positive statement實證陳述係要refutable by facts(可被事實推翻)，而唔係要正確。錯既statement(e.g. 我放手既枝筆會向上飛)都可以係實證。
12. 唔好複雜化條題目，推理用正常方式做，有時intuition 好重要。
13. GDP睇清楚d components，有時係net(淨)，有時係total(總)，Investment Expenditures 都要睇清楚。
.
.
Paper 2 卷二
1. 小心推理，問自己「跟住會點」，逐步逐步寫番個推理出黎。
2. 唔好驚比數據你既題目，個數據只係比你既一個info，你要知係數據話比你聽既情況／改變，然之後做好你既分析。d數據唔會好難明，叫你describe亦都唔洗好似LS咁寫，剩係描述就得。
3. Label diagram唔好用簡寫
4. 睇清題目用字(may 可能, must 必然, can 可以, will 將會)
5. Evaluate 題目：如果比哂方向你，叫你evaluate how xx change yy(2016 機場稅)，呢d同一般題目一樣，無特別。但如果係evaluate xx (in terms of yy)，你要比多過一個stakeholder/viewpoint，無比明確方向既，就係腦入面scan 一次學過既area，你總諗到關事既野，呢d比分好鬆。
6. 唔好做哂兩個elective，用d時間去check番之前既parts好過。
.
Elective 1:
－留意MC curve（邊際成本曲線）係向上定horizontal (constant MC)
－今晚睇下objectives of implementing competition ordinance in HK （設立競爭條例的目的）
.
Elective 2:
－留意比你既資料，投入／產出，和／或。
－Concave PPF 如果有數字計既，唔好compare slope
－Concave PPF叫你係圖show gain from trade，請好似SP/2015 咁畫一個直角show個gain。
－HDI要寫area + measure（health measured by life expectancy at birth, education measured by mean years of schoolings)
例子：why trade improve HDI.
Ans: trade enables transfer of medical technology, which may raise people's life expectancy at birth, thus improving health in the country.
－唔好寫LS個d XX多樣性落去。

btw 我聽日未必有paper 2睇，可能答唔到你地。

paper 1我可能有，但應該幾遲先有，有無巴打可以幫下手，等我早d睇下卷

點樣決定supply curve 係打直？
用「短期內能唔能增加supply」咁去決定令我好難捉摸

點樣決定supply curve 係打直？
用「短期內能唔能增加supply」咁去決定令我好難捉摸

呢個真係要你用常理去諗，
你唔可能一個暑假increase hotel supply，
但長時間講唔可能無新酒店落成。

有無巴打可以解釋下inflationary gap嘅出現？好難記

以前亂咁黎

2002 Q. 2
State whether each of the following statements is true or false, and provide a brief explanation to support your answer.

(a) The quantity theory of money predicts that inflation is not necessarily consequence of money growth. (5 marks)

According to the quantity theory of money, MV = PY. If velocity of circulation and the output level remain constant, a continuous rise in price level will only occur due to continuous growth in money supply.

However, even without money growth, inflation may still occur. For example, if the velocity of circulation is increasing while the output is at full employment level, inflation will occur even there is no increase in money supply.

On the other hand, if velocity is constant and output is declining, inflation will also occur even there is no increase in money supply.


(b) The quantity theory of money predicts that financial innovations such as electronic money can increase output even in the absence of changes in the money supply.
(5 marks)
As QTM states that MV = PY, by keeping the price level constant, output will increase if there is a rise in money supply or a rise in velocity of circulation of money.

With financial innovations such as electronic money, the demand for cash will fall which will speed up the circulation of money. Hence, output can be increase even the money supply remains unchanged.




1999 Q. 4
(a) Milton Friedman once made the statement; ‘Inflation is always and everywhere a monetary phenomenon.’ In what sense do you think inflation is related to monetary factors? (4 marks)

According to the quantity theory of money, MV = PY

Where M is quantity of money; V is velocity of circulation and PY is nominal output

As V and Q is assumed to be constant, whenever there is an increase in money supply, there will be an equal proportion of rise in price level. This is because with an increase in money supply, people can have more money to spend. However, since the economy is assumed to be at full employment, the quantities of goods remain unchanged. Hence, the price of goods will rise at the same proportion of the increase in money supply. Thus, it is correct to say that inflation is related to monetary factors.

(b) Using the quantity theory of money, explain why, in the absence of changes in money supply, inflation can also be caused by real factors such as changes in real output. (4 marks)

According to the quantity theory of money, i.e. MV = PQ, we can see that in the absence of changes in money supply, price level can still rise. Assuming that the velocity of circulation V is constant, if there is a fall in the quantity of output, we will use the same quantity of money to buy a smaller quantity of goods. Eventually, the prices of goods will rise and inflation results. So, in the absence of changes in money supply, a fall in real output will also cause inflation.

(c) It does not, however, follow from (b) that Friedman’s statement is invalid. In what sense can inflation be regarded as a monetary phenomenon if it can also arise from changes in real output? (2 marks)

If we interpret the expression monetary phenomenon broadly to incorporate variables that influence the real demand for money as well as the nominal supply of money, then the change in real output considered in (b) above can be thought of as a cause of a reduction in the transactions demand for real balances. Thus, when real output falls, the nominal money stock will become excessive. This will ultimately lead to a reduction in the value of money, in other words a rise in the general price level. Hence, inflation can still be regarded as a monetary phenomenon.

同埋mc通常有條
Xxxx price increase 30% ,quantity decrease 50%

A:elastic demand
B:inelastic demand
C:elastic supply
D:inelastic supply
點樣決定demand定supply?

同埋mc通常有條
Xxxx price increase 30% ,quantity decrease 50%

A:elastic demand
B:inelastic demand
C:elastic supply
D:inelastic supply
點樣決定demand定supply?

唔好溫啦 早啲休息啦

One in a million

믿어봐요 그댄 특별한걸
相信吧 你是特別的

One in a million

세상에 단 한 사람 뿐인걸
你是世界上獨一無二的存在

그대는 masterpiece
你就是個傑作

있는 그대로도 완벽한걸요
就算是本來的樣子也是完美的


你就係咁多個考生入面5** 個個
記住你去考，就會贏

同埋mc通常有條
Xxxx price increase 30% ,quantity decrease 50%

A:elastic demand
B:inelastic demand
C:elastic supply
D:inelastic supply
點樣決定demand定supply?

唔好溫啦 早啲休息啦

9點幾only

同埋mc通常有條
Xxxx price increase 30% ,quantity decrease 50%

A:elastic demand
B:inelastic demand
C:elastic supply
D:inelastic supply
點樣決定demand定supply?

唔好溫啦 早啲休息啦

Demand price 升 quantity 跌
Supply price 升 quantity 升

以前亂咁黎

2002 Q. 2
State whether each of the following statements is true or false, and provide a brief explanation to support your answer.

(a) The quantity theory of money predicts that inflation is not necessarily consequence of money growth. (5 marks)

According to the quantity theory of money, MV = PY. If velocity of circulation and the output level remain constant, a continuous rise in price level will only occur due to continuous growth in money supply.

However, even without money growth, inflation may still occur. For example, if the velocity of circulation is increasing while the output is at full employment level, inflation will occur even there is no increase in money supply.

On the other hand, if velocity is constant and output is declining, inflation will also occur even there is no increase in money supply.


(b) The quantity theory of money predicts that financial innovations such as electronic money can increase output even in the absence of changes in the money supply.
(5 marks)
As QTM states that MV = PY, by keeping the price level constant, output will increase if there is a rise in money supply or a rise in velocity of circulation of money.

With financial innovations such as electronic money, the demand for cash will fall which will speed up the circulation of money. Hence, output can be increase even the money supply remains unchanged.




1999 Q. 4
(a) Milton Friedman once made the statement; ‘Inflation is always and everywhere a monetary phenomenon.’ In what sense do you think inflation is related to monetary factors? (4 marks)

According to the quantity theory of money, MV = PY

Where M is quantity of money; V is velocity of circulation and PY is nominal output

As V and Q is assumed to be constant, whenever there is an increase in money supply, there will be an equal proportion of rise in price level. This is because with an increase in money supply, people can have more money to spend. However, since the economy is assumed to be at full employment, the quantities of goods remain unchanged. Hence, the price of goods will rise at the same proportion of the increase in money supply. Thus, it is correct to say that inflation is related to monetary factors.

(b) Using the quantity theory of money, explain why, in the absence of changes in money supply, inflation can also be caused by real factors such as changes in real output. (4 marks)

According to the quantity theory of money, i.e. MV = PQ, we can see that in the absence of changes in money supply, price level can still rise. Assuming that the velocity of circulation V is constant, if there is a fall in the quantity of output, we will use the same quantity of money to buy a smaller quantity of goods. Eventually, the prices of goods will rise and inflation results. So, in the absence of changes in money supply, a fall in real output will also cause inflation.

(c) It does not, however, follow from (b) that Friedman’s statement is invalid. In what sense can inflation be regarded as a monetary phenomenon if it can also arise from changes in real output? (2 marks)

If we interpret the expression monetary phenomenon broadly to incorporate variables that influence the real demand for money as well as the nominal supply of money, then the change in real output considered in (b) above can be thought of as a cause of a reduction in the transactions demand for real balances. Thus, when real output falls, the nominal money stock will become excessive. This will ultimately lead to a reduction in the value of money, in other words a rise in the general price level. Hence, inflation can still be regarded as a monetary phenomenon.

唔好confuse佢地啦，照跟原本咁啦

同埋mc通常有條
Xxxx price increase 30% ,quantity decrease 50%

A:elastic demand
B:inelastic demand
C:elastic supply
D:inelastic supply
點樣決定demand定supply?

Price 升 quantity跌 喎

同埋mc通常有條
Xxxx price increase 30% ,quantity decrease 50%

A:elastic demand
B:inelastic demand
C:elastic supply
D:inelastic supply
點樣決定demand定supply?

你睇下我個final reminder 啦

同埋mc通常有條
Xxxx price increase 30% ,quantity decrease 50%

A:elastic demand
B:inelastic demand
C:elastic supply
D:inelastic supply
點樣決定demand定supply?

唔好溫啦 早啲休息啦

Demand price 升 quantity 跌
Supply price 升 quantity 升

有無巴打可以解釋下inflationary gap嘅出現？好難記

推

同埋mc通常有條
Xxxx price increase 30% ,quantity decrease 50%

A:elastic demand
B:inelastic demand
C:elastic supply
D:inelastic supply
點樣決定demand定supply?

你睇下我個final reminder 啦

唔多明

同埋mc通常有條
Xxxx price increase 30% ,quantity decrease 50%

A:elastic demand
B:inelastic demand
C:elastic supply
D:inelastic supply
點樣決定demand定supply?

唔好溫啦 早啲休息啦

Demand price 升 quantity 跌
Supply price 升 quantity 升

P升quantity跌一定要係demand

同埋mc通常有條
Xxxx price increase 30% ,quantity decrease 50%

A:elastic demand
B:inelastic demand
C:elastic supply
D:inelastic supply
點樣決定demand定supply?

睇對家, 需求曲線郁左就只睇到供應彈性

有無巴打可以解釋下inflationary gap嘅出現？好難記

推

supply or demand shock which makes real output>potential real output

有無巴打可以解釋下inflationary gap嘅出現？好難記

推

大過lras output level 因為有啲input 根本唔expect 拎黎做production而啲人拎左黎用 excess demand for inputs input price increase 之後sras 跌 market force 就adjust long run equilirium?

如果係買多過x件就有折扣 咁算唔算有價格分岐?

計來計去都錯