(中文版) 2010 高考經濟學 卷一 B & C 參考答案

(以下參考答案為英文版的翻譯)

以下參考答案只提供答題的正確方向，並非於考試中得分的必要論點。同學不應以此參考答案評估自己在考試中的分數（一般讀者可能不會明白箇中原因，但我的學生必然明白我的意思）。

乙部

第一題

高斯定律有用的版本指出，權利界定是市場交易的必要前奏。這版本基本上重申交易定理，但高斯定律完全地（及清晰地）指定了所有使交易定理能夠運作的局限條件。

高斯定律的另一版本是不變定律，它指出若私有產權得到清晰界定，而所有交易費用是零，那麼資源運用會相同，不論私有產權誰屬。這個雙重假設（私有產權及零交易費用）是多餘的，因為假如交易費用真的是零，任何一種合約制度都會得出資源運用相同的結果（根本用不着任何產權制度），而私有產權的存在則意味着交易費用大於零，因為私有產權本身是為了減低交易費用而存在的制度。由於不變定律有此謬誤，以這一版本的高斯定律與交易定理比較無甚意義。

[同學很可能會比較兩個定理下達致資源分配的效率和相同結果，然後加以討論交易費用與兩個理論如何相關（交易定理中定額和從量交易費用導致不同結果），作為兩者的不同之處。這答案雖然瑣碎，但仍會得到若干分數。]

第二題

相同物品，生產成本相同，但向不同消費者收取不同價格（或在以不同價格彈性分開不同市場的價格分歧的個案向不同市場收取不同價格）。在商店中，同樣是繁忙時段，顧客討價還價，最後對同一物品支付不同價格，這是第三級價格分歧的例子。酒店有空置房間，在空置率相同時，就相同質素的房間向不同顧客收取不同住房價格，亦是第三級價格分歧的例子。[加以解釋為甚麼這些例子是價格分歧，同學應該沒有問題。] 在上述情況下，價格分歧出現是由於訊息費用存在，而不是因為需求價格彈性不同。

[當然，學生和成人地鐵票價的例子以及亞洲版與美國版教科書的例子亦是第三級價格分歧。]

第三題

公司的出現是為了減低使用價格機制的成本，採用時薪作為委託（而不量度工人每項生產活動的貢獻）。用高斯的說話，公司減低「發現相關價格的成本」。[同學亦應指出張五常對為甚麼使用有形之手組織經濟活動能減低這些成本的看法。]

雖然公司的大小在法律上可被決定，但以生產活動的合約安排而言，並不能決定公司的大小，因為不同種類的合約（如使用有形之手、無形之手或同時使用兩者）會使高斯所說的公司難以識別，尤其在判上判的情況下，整個經濟的生產都可說是串連在一起。

第四題

財富是收入的折現。財富乘以市場利率等於（年金）收入。在一般化的資本概念下，所有從資產而來的收入都是利息收入，因此利息是收入的全部。收入是成本，因為放棄的最高價值的選項一般都是相同的收入，因此所有從資產而來的收入都等於它的成本。於是，利息是成本的全部。

第五題

若不能以資源再分配的方式使某人得益而不使他人受損，便達致柏利圖條件。

在簡單壟斷定價下，壟斷者以邊際收入等於邊際成本的方法決定價格和產出，而最後一個單位物品的邊際用值高於邊際成本。這被說成違反了柏利圖條件，因為消費者願意支付的最高金額高於生產者生產物品在邊際上所需犧牲的。這是說，若壟斷者增加產出，整體而言社會會得益。

但是，若交易費用微不足道，壟斷者會採用完全價格分歧以榨取所有消費者盈餘，在邊際用值等於邊際成本的產出水平生產。這情況便滿足了柏利圖條件，若壟斷者採用簡單壟斷定價，這意味着使用完全價格分歧的交易費用高於淨損失。若這些交易費用的局限得已充份指明，則簡單壟斷定價仍能滿足柏利圖條件。

丙部

第六題

[這題目非常湛深，對作答者的要求很高，不至會難倒學生，甚至是老師都可能感到困惑。因此，同學若看不明白下面的分析，亦不用感到失望。只要有合理原因，其他答案亦會得到分數。優秀的學生可以仔細思考下面的分析，作為思想訓練，直至你能完全了解其邏輯的紮實，以及把簡單理論應用於複雜問題的精彩。

(a)貴價菜式和平價菜式的食材成本不同，若不同菜式的毛利率相同，那麼不同菜式的勞力邊際產量便不會相等，而每桌和每個座位的勞力邊際產量亦因此不同。這與菜館爭取最高淨值不符。只有當不同菜式（有不同食材成本）的毛利率不同，不同菜式的勞力邊際產量才會相等（爭取最高財富的條件）。（在有交易費用的情況下，即使毛利率不同，亦可能不會達致這條件，但與不同菜色的毛利率相同的情況相比，邊際產量的差距會較窄。）

(b)不調整食材成本，若某些菜館要維持法定毛利率，或不能生存，要徵收額外的服務費（如定額費用、以時間計的額外費用等）。當然，菜館亦可以調整食材的相對成本，把它們的毛利率調至法定水平。由於不同菜館有不同的比較優勢（即不同菜色的比較成本），某些菜館可能調低它們的食材成本，製作較為時髦、多花款的菜色，而其他菜館則可能上調食材成本，製作較低質素的菜色。當這種情況出現，以菜色的種類而言，菜館會有較大程度的專門化。

(c)當菜館的店舖租金大幅上升，各種菜式的價格便要提高，意味着所有菜式的毛利（和毛利率）上升。貴價菜式的毛利率較低，貴價與平價菜式的毛利率的差距會下降，雖然平價菜式的價格上升百分比較高。由於貴價與平價菜式的消費都佔去桌子一段相當的時間，平價菜式的價格增幅有限，菜館要在租金大幅上升的情況下生存，貴價菜式和平價菜式的毛利率便會拉近。

上述分析並不包括以消費者佔用桌子的時間來收費的可能性。若可採用這種方法，毛利率則會下降，而毛利率的差距會較沒有這收費時闊。

第七題

(a)在免費派發定量門券的安排下，不論參觀者以排隊還是向他人買票的方法得到門券，進入博物館的成本都會上升。進入博物館的成本上升會增加他們下一次參觀博物館的預期成本。因此，他們會傾向於逗留較長時間，因為當他們的預期進館成本較高，則逗留較久，以每單位時間計算的價格下降會較大。與有入場費的情況比較，只要每天對參觀者數量的限制少於繳付入場費的參觀者人數，上述推論亦能應用。

(b)當容許所有參觀者免費入場，而某些博物館出現過份擠逼的情況（如題目所述），某部份消費者盈餘必然有所消散。限制參觀者人數會減少租值消散（以消散了的消費者盈餘計算），因此可能增加總消費者盈餘。若把每日的人數限額設定為相等於博物館收取入場費以爭取最高價值的情況的人數，那麼消費者盈餘亦會最大化，而總消費者盈餘必定會上升。若所有參觀者均可免費入場，而沒有出現過份擠逼的情況，則限制參觀者人數會減少總消費者盈餘。

(c)例如，採用完全價格分歧，向每個參觀者收取不同入場費，便能爭取博物館的最高租值。若收取不同入場費涉及極高的交易費用，在招待一個額外消費者的邊際成本為零的情況下，在市場需求價格彈性等於一那點定價會使收益達致最高，博物館的租值亦能達致最高。

第八題

(a)若第三年的 25% 關稅會使美國的中國製汽車輪胎的價格與美國製輪胎的價格大致相同，那麼第一年的 35% 關稅可能會令到美國入口商腳步，不從中國進口輪胎。但是，這可能不會導致美國的輪胎業顯注擴張，因為美國的輪胎製造商或多或少都放棄了在本國製造低檔次輪胎，而廠商只會從其他低成本地區（如印度及巴西）進口廉價輪胎。

若關稅並不是在宣佈後便立即實施，美國入口商會在徵收關稅前入口大量輪胎，增加貨倉的存貨。輪胎存貨的大幅上升必定會損害美國的輪胎業。

(b)從量稅會減低高質輪胎相對低質輪胎的價格，因此從中國出口的輪胎質素會有所改善。

(c)同學可能會得出如下結論：在配額制度下，若出口到美國的總輪胎數量與在從量稅的情況下相同，那麼高質輪胎的相對價格的下降在兩個情況都會相同，輪胎的質素亦如是。更為完整的分析亦應考慮到，持有配額的中國現有輪胎製造商能夠賺取配額租值（壟斷租值），使它們有增加生產成本以改善輪胎質素的空間，因此導致輪胎質素較徵收從量稅時高。

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。

2009 會考經濟科 卷一 參考答案

CE Econ 2009 (Paper 1)

Section A

Question 1

(a) Definition of opportunity cost
the highest-valued option forgone [2]

(b) Whether the opportunity cost would be the same for Mary and Peter
No, because their time cost may be different [1+1]


Question 2

Type of business ownership
Public limited company [1]

TWO features [1@, max 2]
- independent legal status
- limited liability
- shares are freely transferrable
- lasting continuity
- required by law to disclose its financial information
- any other relevant point


Question 3

The law of diminishing marginal returns states that when variable factors are continuously added to a given quantity of fixed factors, the marginal product will eventually decrease. [3]

The data illustrate the law because as the variable factor, labour, increases from the 4th to the 5th unit, marginal product decreases from 22 to 21 units of output. [3]


Question 4

(a) Job A: Piece rate [1], Job B: Time rate [1]

(b)
Advantage of piece rate over time rate
lower monitoring cost / higher working incentive + explanation [2]

Disadvantage of piece rate over time rate
higher cost in calculating the wage payments + explanation [2]


Question 5

(a) Definition of inflation
a continuous rise in the general price level [2]

(b) Whether Phelps would gain or lose
He would gain [1] because
the purchasing power / real value of the repayment of his loan will decrease. [2]


Question 6

(a) Excess reserves = $300 － ($1 000 20%) = $100 [2]

(b) Maximum possible amount of deposits = $300 1/0.2 = $1 500 [3]


Question 7

(a) Per capita real GDP
Year 2000: $16 000 million 10 million = $ 1 600 [1]
Year 2008: ($24 840 million 100/115) 12 million = $ 1 800 [1]

(b) Why a change in per capita real GDP cannot accurately reflect the change in the general living standard [2@, max 4]

The increase in the general living standard will be overestimated if the income distribution is uneven, i.e. the increase in per capita real GDP largely goes to a small group of people.

The increase in the general living standard will be overestimated if the increase in per capita GDP is a result of an increase in military expenses or investment, i.e. the present consumption for the people in general remains more or less the same.

The increase in the increase in the general living standard will be overestimated if the increase in per capita GDP is accompanied by more serious pollution.


Question 8

(a) Component P of the current account is services

(b) The Q account is capital and financial account

(c) Visible trade balance = $130 billion; Re-export of goods is $2323 billion

Section B

Question 9

(a) Two economies of scale + explanation [2@, max 4]
- technical economies of scale
- financial economies of scale
- managerial economies of scale
- marketing economies of scale

(b) Condition for publishers’ total revenue to increase
Verbal explanation:
- Supply will decrease because of higher production cost. [1]
- The price will increase and the quantity will decrease [1]
- Inelastic demand [1]
- % increase in price > % decrease in quantity [2]

Indicate in the diagram:
- Supply curve shifts to the left [1]
- correct change in P & Q and gain & loss [1]
- Gain in revenue > loss in revenue [1]

(c) Why part of the spending on second-hand textbooks should be included in GDP
Part of the spending represents the value of services provided by the bookstores. Such services are current production and therefore should be included in the calculation of GDP. [2]

(d)
(i) Two other functions of money
Medium of exchange and unit of account [1+1]

(ii) Why book coupons cannot perform the two functions
Book coupons cannot perform the function of medium of exchange because book coupons are not generally accepted as a means of payment for goods and services [1]

Book coupons cannot perform the function of unit of account because the price of other goods are not expressed in terms of book coupons [1]


Question 10

(a) Two demand-side factors for the increase in GDP of Taiwan [2@, max 4]
- increase in consumption expenditure due to higher income of Taiwanese
- increase in investment expenditure, e.g. by firms (both Taiwan and Mainland) on business related to trading or on hotel accommodation
- increase in government expenditure related to those facilitating trade
- increase in net exports, e.g. due to increase in export of services (increase in the spending of tourists from Mainland China in Taiwan)

(b)
(i) Comparative advantage
The opportunity cost of producing one unit of computers in mainland China and in Taiwan are 1.8 (=90/50) units of toys and 1.25 (=250/200) units of toys respectively. [1+1]
Taiwan enjoys a comparative advantage in producing computers because it has a lower opportunity cost in producing computers. [1+1]

(ii) Gain from exporting one unit of computer to Taiwan
(1.5 − 1.25 − 0.2) units of toys = 0.05 units of toys [3]


Question 11

(a) Whether the profits tax revenue would necessarily decrease
No, because [1]
A reduction in profits tax rate would increase after-tax profits and increase investment incentive. The increase in profits tax revenue due to the increase in business investment and profits may be larger than the decrease in profits tax revenue due to a lower profits tax rate. [3]

(b) Rates as a direct tax or indirect tax
Indirect tax, [1] because
the tax burden of rates can be shifted to the others [1]

(c)(i)
Verbal explanation:
- The demand for red wine increases because it becomes more popular. [1]
- The supply of red wine increases because the duty imposed on it is waived. [1]
- The price of red wine will increase if the increase in demand is larger than the increase in supply [2]

Indicate in the diagram:
- Demand curve shifts to the right [1]
- Supply curve shifts to the right [1]
- Price increases [1]

(ii) Why there is a price difference [2@, max 4]
- different services, e.g. some shops may have more accessible location
- different production cost, e.g. the rental and staffing cost may be different
- imperfect information, i.e. consumers do not have costless information related to red wines