從兩道有爭議的選擇題看基本概念的重要性

收到同學的通知，說有位名師為本年高考經濟科卷一選擇題提供的答案有兩條跟我的不同。兩條題目的答案清楚明顯，題目出得好，都是考一些基本概念和邏輯；概念不清，不慣思考，很容易被「考起」。當然， 考基本概念並不代表題目淺，同學在緊迫的考試時間下應付這兩道題目，一時錯手亦可以理解。為免一些同學比人錯得更多，在這裏以這兩道問題說說基本概念及思考之道。

MC Q19

這題的爭議在於選項 B 與 D。若你不知如何取捨，或認為 B 較 D 為佳，那代表你對一些較基本概念掌握不足。

讓我先說社會耗費的問題。享有盛名的大公司吸引顧客到購物中心，其它商店的收入因而上升，代表購物中心的業主可以向這些商店收取較高的租金，也代表了享有盛名的大公司是為購物中心的業主帶來利益（看到這裡，較聰明的同學應該已經意識到在這情況下，所謂「社會」產值 (social product) 其實就是對整個購物中心的產值，理應沒有私人成本與社會耗費分歧）。購物中心是私人擁有，產權清晰界定，業主在訂定租金時當然會考慮大公司為購物中心帶來的利益，也正是因為這些利益得到充分考慮，業主向享有盛名的大公司收取較低租金，而向其它商店收取較高租金，這樣定下來的租金必然令購物中心的租值達至最高，也是說私人成本與社會耗費必定沒有分歧。

同學也可用相反的角度看這情況，如果在業主訂定的租金之下私人成本與社會耗費存有分歧，也是說購物中心的業主可以減低享有盛名的大公司的租金，提高其它商店的租金，而令購物中心的總租值上升。可以提升自己的私產的租值而不這樣做，這與局限之下爭取最大利益的基本假設不相符。（想多了的同學可能會想到交易費用的問題，例如若交易費用過高，導致業主找不到令購物中心租值達到最高的租金。這點不合理，因為購物中心是業主的私產，而租值升跌可以觀察，業主可以調節享有盛名的大公司及其它商舖的租金，從而得出購物中心租值最高的租金水平。）

關於這現象是否價格分歧，同學一般都會在租用的地方質素是否相同，成本是否相同這兩點上糾纏。就只是要求同學識別一些個案是否價格分歧的題目而言，這是標準的做法。可能這類純粹識別價格分歧的問題考得比較多，同學因而忽略了一些較根本的問題。

讓我們從最根本的問題說起。為甚麼我們要識別某一個情況是否價格分歧呢？價格分歧是一個理論，而理論的用途是解釋行為。當我們說某現象是價格分歧，其實是嘗試以價格分歧這理論解釋這現象；當我們說這現象並非價格分歧，其實是嘗試用另一個理論去解釋這現象。換言之，識別某現象是否價格分歧本質上是要選取理論以解釋這現象。這也就帶出了最根本的問題：解釋現象時，選取理論的準則為何呢？

就某一個現象，應該以價格分歧或其它理論作解釋，這選擇以推測的準確性為依歸。如果有兩個理論可以得到相同的推測，兩個理論皆可用。要確定一個理論而否定另一個理論，需要把兩個理論應用在不同的情況，直至兩個理論得出不同的含意，再以事實作出驗證，這是關鍵驗證 (crucial test)，也是以理論的推測的準確性選取理論。

回到購物中心收取享有盛名的大公司較低的尺租的例子，標準課本（指大學課本，而非高考的課本）說這是價格分歧，張教授說這不是價格分歧，哪種說法較為可取呢？如果你明白剛才選取理論的準則，應該知道，說這情況是否構成價格分歧，無關宏旨，因為按標準課本的分析，把這情況作為價格分歧處理，得到的推測是享有盛名的大公司尺租會較低，按張教授的分析，不用價格分歧的概念，得到的推測也是享有盛名的大公司尺租會較低。推測相同，並不構成關鍵驗證，從推測的準確性衡量，價格分歧與否無足輕重。（當然，理論的一般性也決定理論的優劣，這也是要進行關鍵驗證的原因，但就本題而言，這不適用）。

同學須注意，一舨的試題要求識別某現象是否價格分歧，並不涉及剛才選取理論的複雜問題。這題目的考慮較多，是因為有選項 D 的存在，而要選出最佳答案，關鍵在於區別選項 A 與 B 和選項 C 與 D 在本質上的分別。就選項 C 與 D 而言，有沒有私人成本與社會耗費的分歧，這關乎我們的推論結果是否與局限之下爭取最大利益的基本假設相符（如果這情況存有私人成本與社會耗費分歧，會與局限之下爭取最大利益的基本假設不相符），邏輯上，我們不容許基於局限之下爭取最大利益的基本假設得出來的結果與這假設不相符。這在本質上跟選項 A 與 B 有很大的分別。選項 A 與 B 本質上是選取理論的問題，從方法學的角度衡量，與是否存有私人成本與社會耗費分歧相比，可謂輕於鴻毛也（因為如上文所言，在這情況下價格分歧與否推測相同）。 選項 D 是最佳答案，並無任何值得商榷的地方。

MC Q28

高考生對選項 C 一般耳熟能詳，問題只在於選項 A 及 B 是否也是正確答案。

選項 A 及 B 是庇古的觀點，選 C 作為答案的人，顯然因為 A 與 B 是庇古的觀點，所以認為 A 及 B 不是答案，錯選 C 而不選 D。這是不求甚解地記着庇古的分析有問題，但沒有真正明白庇古的分析錯在哪裏的結果。

在道路並非私有的前設下，汽車駕駛者蜂擁使用優質道路而引致交通擠塞，當然會有私人成本與社會耗費分歧，而在這情況下，政府向使用優質道路的人收稅，當然也會減低私人成本與社會耗費的分歧。這邏輯推理（在庇古的前設下）沒有錯。庇古的分析的錯誤，不在於道路並非私產會有私人成本與社會耗費有分歧的邏輯，也不在於在這情況下政府收稅可以減低該分歧，而是在於假設道路並非私有，而又漠視了交易費用的局限條件。

我說這題出得好，因為題目並非直接問庇古的分析錯在哪裏，而是以庇古的論點作引子（道路並非私有而出現交通擠塞），真正明白庇古的分析錯在哪裡的話，便知道選項 A 及 B 邏輯上承接題綱，而選項 C 則是庇古的分析的問題所在 : 若道路是私人擁有，道路會收費（這正是奈特 (Frank Knight) 的觀點），優道收費當然也較高。如此一來，一知本解的便會選 C 而不選 D 了。這題目其實並不艱深，要點在於理解概念及細心審題，不要活剝生吞，胡亂背誦一些概念而不加思索。

2010 高考經濟學 卷二 B & C 參考答案

參考答案完成了一段日子，但因本週有地理和會計兩科重要科目，為免影響同學應考，現在才公佈。希望同學在本年高考能奪佳績。

Section B

Question 1

(a) National income is equal to NNP at factor cost. National income takes account of depreciation of capital goods (considering net fixed capital formation by deducting depreciation) while GDP does not (considering gross fixed capital formation). National income measures the value of goods produced by the factors of production owned by the residents of an economy, irrespective of whether the activities are carried out within the economic territory or outside (adding net income from abroad to domestic product) while GDP measures the value of goods and services produced within an economy (does not add net income from abroad). National income is the measure of aggregate production activities at factor cost while GDP measures aggregate production activities at market prices (before deducting indirect business taxes).

(b) Fixed weights of goods in some specified consumption basket according to people’s expenditure pattern in the base year (Laspeyres index) vs.

Variable weights of goods in the GDP basket according to the domestic production pattern in the current year (Paasche index).

(c) M1 = currency (banknotes and coins) held by the non-bank public + demand deposits vs.

M3 = M2 + large-denomination time deposits (where M2 = M1 + savings deposits + small-denomination time deposits)

While M1 is a narrow definition of money supply, emphasizing money as a medium of exchange, M3 is a broad definition of money supply, emphasizing also money as a store of value.

(d) Structural unemployment arises due to structural changes in the economy (e.g. sectoral shifts / change in relative demand between industries). Cyclical unemployment arises due to short run fluctuations during the business cycles. Structural unemployment exists at potential output while cyclical unemployment exists when actual output is lower than potential output (cyclical unemployment = actual unemployment - natural unemployment, where natural unemployment = frictional unemployment + structural unemployment).

Question 2

(a) A nominal variable is measured in terms of money. A real variable is measured in terms of goods.

(i) Real balance = nominal balance / price level

(ii) Nominal interest rate = real interest rate + expected inflation rate.

(nominal and real interest rates as nominal and real variables measure the rate of change instead of the actual quantity of money or goods)

(b) The price of holding nominal money balance is the interest differential between bond and money (R_B - R_M = r_B - r_M). In the case of money being a non-interest-bearing asset, the nominal rate of return on holding nominal money balance is zero (R_M = 0), therefore the interest differential between bond and money is equal to the nominal interest rate, i.e. the nominal rate of return on holding bond (R_B - R_M = R_B - 0 = R_B). [Students may also show that the real interest differential (r_B - r_M) is also equal to R_B as r_M = - expected inflation rate.]

The price of holding real money balance is still the nominal interest rate, as the highest-valued option forgone is essential the same, whether money balance refers to nominal or real balance. Given the fisher equation the real interest rate is equal to the nominal interest rate minus the expected inflation rate. We therefore cannot interpret the real interest rate as the price of holding real money balance. [Students should note that conceptually the cost of holding money, nominal balance or real balance, should be the nominal interest rate, although in the special case where the expected inflation rate is zero the nominal interest rate will be equal to real interest rate.]

(c) As output produced is transacted by money, which serves as a medium of exchange, the transaction of the nominal value of output (Py) must be facilitated by the nominal money stock. If the nominal money stock is smaller than the nominal value of output, money has to change hand in order to accomplish the transactions of all output, and therefore the nominal value of output will be equal to the nominal money stock times the number of times an average unit of money changes hands.

From the quantity equation of money, we can have the following relations:

g_M + g_V = g_P + g_y

which implies

g_P = g_M + g_V - g_y

From this we can identify three sources of inflation, namely, a growth in money supply, a growth in velocity of circulation, or a fall in real output. In general, there will be inflation (g_P > 0) if g_M + g_V - g_y > 0. As in the classical quantity theory of money where g_V = g_y = 0, inflation is a direct result of monetary growth (and g_P = g_M). In the case of g_M = g_y = 0, a growth in velocity is the only source of inflation (g_P = g_V). In the case of g_M = g_V = 0, a fall in real output is the only source of inflation (g_P = - g_y).

Question 3

(a) An increase in government expenditure (or equivalently a decrease in national saving) will lead to an increase in income, which will result in an increase in money demand. The increase in money demand will lead to excess demand in the money market and therefore a rise in the interest rate, which in turn leads to a decrease in investment and therefore income (the crowding-out effect). The changes in goods market (changes in G and Y) are transmitted to the money market through money demand, which depends positively on income, and the subsequent changes in the money market (changes in Md and r) are then transmitted to the goods market through investment, which depends negatively on the interest rate.

(b) A flatter LM curve can be due to a lower income elasticity of transaction demand for money or a higher interest elasticity of asset demand for money.

If the income elasticity of transaction demand for money is lower, when income increases, the increase in money demand will be smaller, leading to a smaller increase in interest rate and therefore a smaller decrease in investment and income (i.e. smaller crowding-out effect). The output effect will be bigger.

If the interest elasticity of asset demand for money is higher, when income and money demand increase, the increase in interest rate will be smaller (as a smaller rise in the interest rate would be able to induce a fall in Ma to restore money market equilibrium), leading to smaller decrease in investment and income (i.e. smaller crowding-out effect). The output effect will be bigger.

The output effect of an increase in government expenditure is necessarily bigger the flatter the LM curve.

(c) The output effect is not necessarily bigger the steeper the IS curve. A steeper IS curve can be due to a smaller interest elasticity of investment or a larger marginal propensity to save (or a smaller Keynesian multiplier in general).

If the interest elasticity of investment is lower, when interest rate increases the decrease in investment, and therefore income, will be smaller (i.e. smaller crowding-out effect). The output effect will be larger. Graphically, it can be represented by an equal horizontal shift of IS curve (with bigger vertical shift for lower interest elasticity of investment and steeper IS curve).

If the marginal propensity to save is larger (or smaller Keynesian multiplier in general), the multiplier effect on income will be smaller. The output effect will be smaller. Graphically, it can be represented by an equal vertical shift of IS curve (with smaller horizontal shift for larger marginal propensity to save and steeper IS curve).

With a steeper IS curve, the output effect of an increase in government expenditure may be larger or smaller.

Section C

Question 4

(a)

(i) Not necessarily. A revaluation of the Reminbi (RMB) against the US dollar (USD) will lead to a rise in the price of US imports from China (in terms of USD) and a decrease in the quantity of imports from China. The total value of US imports from China (in terms of USD) may increase, decrease or remain unchanged, depending on the price elasticities of demand for US imports from China. With a constant price of US exports to China (in terms of USD), an increase in the quantity of export will lead to an increase in the total value of US exports to China (in terms of USD). A revaluation of the Reminbi against the US dollar (USD) will reduce the trade deficit against China only if the Marshall-Lerner condition holds, i.e. the sum of the price elasticities of demand of US imports from and US exports to China is larger than unity.

(ii) When exports from China become more expensive, US’s import demand for goods from other countries may increase, leading to an increase in US’s total import value from these countries. Another complication is that when RMB revaluates, the value of USD against currencies other than RMB may also change, which will lead to changes in the quantity of US imports from and US exports to other countries. If this is the case, whether or not the trade deficits of US against the rest of the world would decrease depends also on the respective price elasticities of demand of US imports from and US exports to those countries.

(b) An export subsidy will lower the price of US exports to China, leading to an increase in the quantity of US exports. If the price elasticity of Chinese demand for US exports is larger than one, the total value of US exports to China will increase, which in turn reduce the US’s trade deficit against China.

(c) Imposing tariffs on imports from China will raise the price of imports from China, leading to a fall in the quantity of such goods. The value of imports from China net of tariffs will decrease, although the total expenditure (including the tariffs revenue) on imports from China may rise or fall, depending again on the price elasticities of demand of US for imports from China.

Question 5

(a)

(i) Ms = C + D = $(800 + 4 000) = $4 800

(ii) M0 = C + R = $(800 + 1 000) = $1 800

Money multiplier = Ms/M0 = $4 800/$1 800 = 2.667

(b)

(i) With an increase in the cash-deposit ratio, the public will withdraw cash from their deposits (withdrawing $800 in the first round to meet the 50% new cash-deposit ratio), leading to a short of reserves in the banking system, and a calling back of loans and subsequently further decrease in deposits. The contraction process will go on and on, until the money supply falls to $3 600, with cash held by the public and deposits equaling $1 200 and $2 400 respectively. As a result, the money supply will decrease.

(ii) The new level of money supply is

$1 800 [(0.5+1)/(0.5+0.25)] = $3 600.

(iii) To restore the money supply to its pre-crisis level, M0 should satisfy the following condition:

$4 800 / M0 = 2

implying that M0 should be raised from $1 800 to $2 400 by issuing $600 new banknotes. Cash held by the public and deposits will increase to $1 600 and $3 200 respectively, making the money supply equal to $4 800.

(c) In reality, the central bank may not be able to increase the money supply despite its effort to print and issue more banknotes if commercial banks decide to reduce the loans made to individual borrowers or firms (e.g. due to a higher default risk during financial crisis), or if the demand for loans decreases (e.g. due to a decrease in investment demand). In either case the excess reserves held by banks will increase, leaving no change in, or even leading to a decrease in the amount of, deposits created or money supply. The money supply will also remain unchanged if the newly printed money goes to commercial banks as reserves (e.g. through open market purchase of bonds by the central bank) and commercial banks do not lend out any of the increase in reserve assets.

(d) Providing deposit insurance and committing to inject money to bail out banks short of liquid reserve assets are possible measures to strengthen public confidence.

Question 6

(此題包含方程式，(b)部和(c)部均以圖片上載，同學按下圖片便能看得清楚。)

(a) Although poor people in general will spend less money on various consumption goods than rich people, there is a limit on which they can cut their expenses for daily necessities, e.g. food and accommodation, and therefore poor people tend to spend a larger proportion of their income on consumption.

(b)

(c)

2010 高考經濟學 卷一 B & C 參考答案

The answers provided hereunder offer only the correct approach to the questions, rather than the points that should be included in the examination for scoring marks. Readers should not simply evaluate their scores in the live examination on this basis. (Readers in general may not know why it is so, although my students would definitely understand what I mean.)

Section B

Question 1

The useful version of the Coase Theorem states that the delineation of rights is an essential prelude for market transactions. This version is essentially a restatement of the theorem of exchange, except that it specifies fully (and clearly) the constraints subject to which the theorem of exchange becomes operative.

Another version of the Coase Theorem is the invariance theorem, which states that if private property rights are well-defined and if all costs of transactions are zero, then resource use will be the same regardless of who owns the property rights. The dual assumptions of private property rights and zero transaction costs are redundant, because if all costs of transactions are truly zero, any contractual arrangements would result in the invariant result as stated in this version of the Coase Theorem (and literally no property right system of any kind is necessary), and the existence of private property rights, itself an institution arises to reduce transaction costs, implies positive transaction costs. With this fallacy of the invariance theorem it is not very fruitful to compare the theorem of exchange with this version of the Coase Theorem.

[Students will definitely go into the efficient and invariant allocation of resources under the two theorems, and then discuss further the relevance of transaction costs (lump sum or per unit TC under the Theorem of Exchange, and therefore different results) as the differences between the two. Though trivial, these points would certainly score some marks.]

Question 2

The same goods produced at the same cost are charged different prices for different customers (or for different markets in case of price discrimination with market segmentation based upon different price elasticities). In a store where customers bargain for lower prices during equally busy hours of operation and end up paying different prices for the same goods is one example of price discrimination to the third degree. A hotel with vacant rooms charging different customers different room rates for rooms with the same quality when vacancy rate is the same is another example. [Students should have no problems with explaining further why these examples constitute price discrimination.] Price discrimination in the above cases is due to the existence of information cost instead of the difference in price elasticities of demand.

[Of course the MTR example of students and adult fares and the textbooks example of Asian and US edition are also examples of third degree price discrimination.]

Question 3

Firm arises to reduce the cost of using the price mechanism by adopting a time wage rate as a proxy (not measuring the contributions of each and every activities performed by workers). In Coase’s words it reduces the “cost of discovering the relevant prices”. [Definitely student should include also what Cheung had added with regard to why the use of visible hand in the coordination of economic activities reduces such costs.]

Although in legal terms firm size can be determined, the size of a firm cannot be determined in terms of contractual arrangements in production activities, because the various kinds of contracts, using visible hand, or invisible hand, or both at the same time, would make the identification of a Coasian firm difficult, particularly in the presence of sub-contracting which could literally chain up production activities of the whole economy.

Question 4

Wealth is income discounted. Wealth multiplied by the market rate of interest is equal to (annuity) income. With the generalized concept of capital, all incomes generated from capital assets are interest income, and therefore interest is the whole of income. Income is a cost as the highest-valued option forgone is typically the same income, and therefore the income generated from any capital assets is equal to its cost. As such interest is the whole of cost.

Question 5

Pareto condition is attained if it is no longer possible to reallocate resources to make someone better off without making others worse off.

Under simple monopoly pricing where a monopolist determines the price and output by equating marginal revenue with marginal cost, the marginal use value for the last unit of the good is higher than the marginal cost. This is said to violate the pareto condition because the maximum amount the consumers are willing to pay is higher than what the producer have to sacrifice for producing the good at the margin, meaning that the society as whole could have gained if the monopolist increases the output.

However, if transaction costs are negligible, the monopolist will practise perfect price discrimination to extract all consumer surplus, producing at the output level where MUV equaling MC. The pareto condition is satisfied in this case, and if the monopolist practises simple monopoly pricing, it implies that the transaction costs of adopting perfect price discrimination is higher than the deadweight loss. If these transaction-costs constraints are fully specified, the pareto condition is still satisfied in the case of simple monopoly pricing.

Section C

Question 6

[Demanding as it is, this question will surely challenge, and probably perplex, students as well as teachers. That said, students who found themselves incapable of understanding the analysis below need not be disappointed. Alternative answers with good reasons would definitely be awarded some marks. Brilliant students may take careful examination of the analysis below, as an intellectual exercise, until you fully recognize its invulnerability and the beauty of applying simple theories to complicated questions.]

(a) Given the differences in food ingredient costs between expensive and cheap dishes, if the gross-profit margins across different dishes are the same, the marginal product of labour among different dishes, and therefore among seats and among tables, would not be the same, and it would be inconsistent with the maximization of the net worth of the restaurants. The marginal products of labour for different dishes served could be equalized (condition for wealth maximization) only if the gross-profit margins across different dishes with different food ingredient costs are different. (In the presence of transaction costs, such condition may not be achieved even with varying gross-profit margins, but the difference between marginal productivities will be narrower than the case where gross-profit margins are the same across different dishes.)

(b) Without adjustments in the food ingredient costs, some restaurants may not be able to survive if they have to maintain the restricted gross-profit margins, and in such case they would have to impose additional service charges (e.g. lump sum fees, extra fees measured by time etc). Of course restaurants could also change the relative costs of food ingredients so that the gross-profit margins align with the restricted level. As different restaurants have different comparative advantages (i.e. comparative costs in different dishes), some restaurants may reduce their food ingredient costs and do swankier cooking while some may raise their food ingredient costs and render cooking of lower quality. When this happens restaurants will have a higher degree of specialization with regard to the types of dishes served.

(c) With a sharp rise in the rents for restaurant premises, the prices of various types of dishes would have to rise, implying a rise in the gross-profits (as well as the gross-profits margins) for all dishes. Given a lower gross-profits margins for more expensive food, the difference between the gross-profits margins for expensive and cheap dishes will fall, though the cheap dishes will have a larger percentage increase in prices. As the consumption of both expensive and cheap dishes occupies the table for a certain period of time and there is a limit on the rise in the price of cheap dishes, the gross-profits margins of expensive dishes will get closer to that of cheap dishes in order for the restaurants to survive with a sharp rise in the rents for premises.

The above does not include the possibility of charging a fee according to the time customers occupying a table. If this can be practiced, the gross-profits margins would fall instead, and the divergence between the gross-profits margins will be wider than when no such fee is charged.

Question 7

(a) Under the fixed-quantity-free-ticket arrangement, the cost of entering the museums will rise, independent of whether visitors obtain the tickets by queuing or by buying the tickets from somebody else. A rise in the cost of entering the museums will raise their expected cost of entering the museums next time. Therefore, they will tend to stay longer because the price per unit of time will have a larger fall when they stay longer, given a higher expected cost of entering. Compared to the situation where admission fees are charged, the same reasoning applies so long as the restricted daily quantity is smaller than the number of visitors with admission fees.

(b) When overcrowding occurs in certain museums (as stated in the question) when free entrance is allowed to all, some consumer surplus is necessarily dissipated. Restricting the number of visitors will reduce rent dissipation (in terms of consumer surplus dissipated) and therefore may increase the total consumer surplus. If the fixed daily quantity is set equal to the number of visitors when an admission fee is charged to maximize the value of the museums, the total consumer surplus will also be maximized, and the total consumer surplus will definitely increase. In the case of there being no overcrowding when free entrance is allowed to all, restricting the quantity of visitors will reduce the total consumer surplus.

(c) Practicing perfect price discrimination, for example, by charging different entrance fees for each and every visitor would maximize the rental value of the museums. When charging different entrance fees involves prohibitive transaction costs, charging a price where the price elasticity of market demand is equal to one will maximize the total revenue, and therefore the rental value of the museums when the marginal cost of serving an additional customer is zero.

Question 8

(a) If the 25% tariff in the third year would make the prices of automobile tyres from China in the US market comparable to those manufactured in the US, the 35% tariff in the first year may have deterred the US importers from importing tyres from China. This, however, may not lead to significant expansion of the tyre industry in the US, as the American tyre-markers have more or less given up making low-end tyres at home, and firms will simply import cheap tyres from other low-cost places like India and Brazil.

If the tariff is not imposed immediately after the announcement, US importers will import a substantial quantity of tyres before the tariff is imposed, piling up inventory in their warehouses. The sharp increase in inventory of tyres will definitely hurt the US tyre industry.

(b) A per unit tax will lower the relative price of higher quality tyres to lower quality tyres, and thus an improvement in the quality of tyres exported from China.

(c) Students may arrive at the conclusion that if the total quantity of tyres exported to the US under the quota system is the same as that under the per unit tax, the fall in the relative price of higher quality tyres will be the same in either case, so would the quality of tyres. A more complete analysis should consider also the fact that existing Chinese tyre manufacturers holding the quota would be able to earn a quota rent (monopoly rent), allowing room for raising production cost in the improvement of tyre quality, therefore resulting in higher quality of tyres than in the case of per unit tax.

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2010 高考經濟學選擇題答案

Definitely students would like to know how well they do in the live exam, and it’s almost an instinct to satisfy curiosity of this type. I received enquiries in droves for the suggested answers to the 2010 AL Econ Papers, as for the 2009 Papers what I put down is the only answers that stand the test of time. I don’t mind teachers borrowing answers here, without paying a premium, as the cost of enforcing exclusivity would be prohibitively high, and the time of the release of answers contains indicative information.

同學想知道自己在考試中的表現，這種好奇心幾乎是天性了，於是我也接二連三收到要求，希望我能把 2010 年高考經濟科的參考答案貼出來。上年度貼出 2009 年試卷的參考答案，經得起時間考驗，同學對我的答案滿有信心，我亦不妨花點工夫，滿足學子們的好奇心。我不介意其他老師借用我的答案，不收錢的，因為排他費用太高了，而且發表日期也是可考的。當然我也希望借用的人能略添一筆，表示對知識產權的尊重。