〔〕1. 如果玉米是豬的一種飼料，則對玉米市場的最低限價會導致＿＿。
A．玉米需求減少，價格下降 B. 玉米價格上升，豬肉供給量減少
C．豬肉供給減少，價格上漲 D. 豬肉需求減少，價格下降
〔〕2. 電影票的市場需求為Q＝500－10 P,如果電影票的價格為30元/張，市場的消費者剩余等于＿＿。
A. 1000元 B. 2000元
C. 4000元 D. 6000元
〔〕3. 在完全競爭市場中，只有符合＿＿條件的產量才是短期中利潤最大化的產量。
A. P＝SMC,且SMC＞SAC B. P＝SMC,且SMC＜SAC
C. P＝SMC,且SMC遞增 D. P＝SMC,且SMC遞減
〔〕4. 某產品的市場需求函數為Q ＝200－10 P，當產品定價為12元時，根據勒納的壟斷勢力度指標，可知該產品的邊際成本為＿＿元。
A. 2 B. 4
C. 8 D. 10
〔〕5. 壟斷競爭廠商在長期均衡條件下＿＿。
A. 超額利潤為零
B. 價格高于邊際成本
C. 在均衡點上主觀需求曲線的彈性大于實際需求曲線的彈性
D. 以上說法均正確
〔〕6. 貨幣乘數的大小＿＿。
A. 不受中央銀行行為的影響
B. 隨著高能貨幣的減少而減少
C. 隨著通貨—存款比率的下降而下降
D. 隨著準備金比率的下降而上升
〔〕7. 根據永久收入消費理論，永久收入的邊際消費傾向應該＿＿現期收入的邊際消費傾向。
A．大于 B. 小于
C. 等于 D. 均有可能
〔〕8. 以下情形中國民收入最多的是＿＿。
A. 政府轉移支付增加500億美元 B.儲蓄增加500億美元
C. 政府國防開支增加500億美元 D.個人所得稅減少250億美元
〔〕9. 許多經濟學家認為輕微的通貨膨脹可以擴大產出和就業，這主要指的是＿＿。
A. 需求拉動型通貨膨脹 B. 利潤推動型通貨膨脹
C．結構性通貨膨脹 D. 工資推動型通貨膨脹
〔〕10. 在解釋工資粘性的內部人—外部人模型中，外部人是＿＿。
A.企業外部已經處于失業的勞動者 B. 企業外部的政府官員
C. 其他企業中已就業的工人 D. 企業內部已經就業的工人
1. Taking another road〔20分〕
LESS than a month after losing its first legal dispute with the World Trade Organization〔WTO〕,China has introduced a new tax that will achieve much of what it originally wanted,only by another route. Moreover,it is a “green”tax. Who could object to that?
For the past few years,China has imposed a special 25% tariff on imported car parts,rather than the usual 10%,if the parts made up more than half of the value of a vehicle.This was to encourage foreign carmakers to use more local suppliers and reduce imports. But America,the European Union and Canada argued that the tariff was against WTO rules. In July the WTO,based in Geneva,agreed.
China may yet appeal.In the meantime,the government has found another way to reduce the flow of expensive automotive imports.On August 13th
the government announced a new “green”tax that will come into effect on September 1st.The new tax is meant to reduce fuel consumption and fight pollution.Rather than further raising the tax on fuel,which increased by almost 20% in June,the government is taxing gas-guzzling cars.By an amazing coincidence,most such cars are foreign-made.
Cars with engine capacities larger than 4.1 litres will now incur a 40% sales tax—twice the previous level.Cars with engines between
3 and 4.1 litres will be taxed at 25%, up from 15%.The tax on the smallest cars,with engines smaller than 1 litre,will fall from 3% to 1%. The 8% and 10% taxes on other cars will not change.The government says the new tax will encourage a shift to more fuel-efficient cars. It will also help Chinese carmakers,as they
tend to make cars with engines smaller than 2.5 litres. Foreign carmakers,which make most of the cars with larger engines,will suffer.
China’s new tax is canny.It cuts fuel use,reduces imports,benefits local carmakers and may help to improve air quality. It also prevents any more pesky calls from Geneva.
2. Credit Derivatives〔20分〕
Until last year credit-default swaps〔CDSs〕were hailed as wonder of modern finance.These derivatives allow sellers to take on new credit exposure and buyers to insure against companies or governments failing to honour their debts. The notional value of outstanding CDSs exploded from almost nil a decade ago to ＄62 trillion at the end of 2007. Traded privately,or “over the counter”,by banks,they seemed to prove that large,new fangled markets could function perfectly well with minimal regulation.
That view now looks quaint.Since September a wave of large defaults and near-misses,involving tottering banks,brokers,insurers and America’s giant mortgages agencies,Fannie Mae and Freddie Mac,has sent the CDS market reeling.Concern that CDSs are partly to blame for wild swings in financial shares has frayed nerves further.
The failure in mid-September of Lehman Brothers showed that the main systemic risk posed by CDSs came not from widespread losses on underlying debts but from the demise of a big dealer.The aftershock spread well beyond derivatives.Almost as traumatic was the rescue of American International Group〔AIG〕,a huge insurer that had sold credit protection on some ＄440 billion of elaborate structures packed with mortgages and corporate debt, known as collateralised-debt obligations〔CDOs〕.Had AIG been allowed to go bust ,the swaps market might well have unravelled.
Foul-ups with derivatives are hardly uncommon,but CDSs have been causing particular consternation.One reason is the broad threat of“counterparty risk” —the possibility that a seller or buyer cannot meet its obligations.Another is the rickety state of back-office plumbing,which was neglected as the market boomed.A third is that swaps can be used to hide credit risk from markets,since positions do not have to be accounted for on balance-sheets.They
make it beguilingly easy to concentrate risk.
Originally conceived as a means for banks to reduce their credit exposure to large corporate clients,CDSs quickly became the instruments of speculation for pension funds,insurers,companies and 〔especially〕hedge funds.And with no fixed supply of raw material,unlike stocks or bonds,bets could be almost limitless.
The root cause of the crisis, some expert argues,is bad mortgage lending,not derivatives:swaps on subprime mortgages grew unstable
because the loans themselves were dodgy.Last month one of the CDS market’s founder urged regulators to distinguish between tools and their users:“Tools that transfer risk can also increase systemic risk if major counterparties fail to manage their exposures properly.”
3. Export and import prohibitions〔10分〕
If the embargo prohibits the export or import of goods except under license,one of the parties may thereby be placed under an implied
duty to use reasonable endeavours to obtain a license.Failure to fulfill that duty will preclude the party in default from relying on frustration as a ground of discharge,unless he proves that any steps he could have taken to obtain a license would have been useless.
A similar,but distinct problem arises where legislation in force at the time the contract is made imposes a similar prohibition.If one party expressly or impliedly undertaken to use reasonable endeavours to obtain a license ,but with due diligence has been unable to do so ,he will normally be released from ability.There is some doubt,however,whether such inability to obtain a license under an existing licensing system is properly to be regarded as frustration.
XIE XIE!!!!
[em:15] 感動捏。。。。
