中六 試卷 (F6 Economics Past Paper)
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Section A: 50 marks
HEEP YUNN SCHOOL
Mid-term Assessment (2016-2017)
Form 6 Economics Paper 2
Suggested Answers
- the tax on capital gain from investing in shares does not affect the value of the opportunity
cost, which is the value of interest return from bank deposit. (1)
- Opportunity cost of investing in shares would fall. (1)
- Because the expected interest return from depositing in banks would fall due to the
imposition of interest tax. (1)
The profit-maximizing output is 5 units (1) where MR-MC (1) and TR≥TC (1)
The profit = ($19 x 5) − (20+19+15+17+19) = $5. (1)
- Indication of the initial shortage (1)
- Leftward shift of demand curve (1)
- Indication of the surplus (1)
Upward shift of supply curve
by the increase in tobacco duty (1)
- Indication of consumers' and
producers' burdens (1)
- Tax burden of consumers >
The supply of cigarettes falls. (1)
When the demand is less elastic than the supply (2), the tax burden of smokers (consumers) is larger
than the producers' tax burden.
Students' Version
Per-unit tax
16-17 F.6 Economics Mid-term Assessment Paper 2-P.1
Consumers' tax burden
Producers' tax burden
Tax burden of producers (1)
a) A negatively externality exists when there is traffic congestion. (1) The drivers who use the road
will impose extra time cost on others and slow down the speed of others without compensating to
the affected parties. (1) The marginal social cost is greater than the marginal social benefit. (1)
b) With electronic road pricing, the marginal private cost of using the road would increase. (1)
As a result, the number of cars on the road will decrease to the social optimal level (1)
where the marginal social cost equals the marginal social benefit. (1) /
As a result, the number of cars on the road will decrease. The difference between MSC and MSB will
become smaller. (1)
a) Monetary base = Cp + R
($500+$750) + ($2,000-$1,500) million (1) = $1,750 million (1)
Required reserve ratio = $(2,000-800) million / $6,000 million = 0.2 (1)
Money supply = Cp + D
= ($500+$750) + ($500 x 1/0.2) million (1) = $3,750 million (1)
b) Transaction demand for money will decrease. (1)
The money supply will increase due to the
fall in the required reserve ratio. (1)
The nominal interest rate will fall. (1)
- Leftward shift of money demand curve (1)
- Rightward shift of money supply curve (1)
- Nominal interest rate falls (1)
16-17 F.6 Economics Mid-term Assessment Paper 2-P.2
The input prices tend to adjust slowly to the changes in output prices. (1)
Therefore, the firms will increase output when output prices rise to capture additional profit. (1)
When the outprice prices fall, the input prices do not fall at the same pace, aggregate output level
will fall. (1)
b)i) By increase the unemployment benefits, disposable income of the people will increase. (1)
Consumption expenditure and thus the aggregate demand will increase (1), leading to a rise in
aggregate output and price level. (1)
- Rightward shift of AD curve (1)
- PL & Y rise (1)
YES. (The government should allow the market to adjust instead of increasing the unemployment
- By the market mechanism, SRAS will increase and the price level will fall. If the country is
experiencing an inflation, it can stabilize the price level. The increase in the transfer payments will
only lead to a rise in price level and thus worsen the inflation. (3)
- There may be supply-side effects of increasing the unemployment benefits. The labour supply may
fall. Both SRAS and LRAS may fall. The effects on aggregate output is thus uncertain. Therefore, it may
not increase the aggregate output. (3)
Government expenditure will increase if the unemployment benefits increase. If the country is
experiencing budget deficit, it will worsen the budget deficit. (3)
16-17 F.6 Economics Mid-term Assessment Paper 2-P.3
NO. (The government should increase the unemployment benefits instead of allowing the market to
By the market mechanism, SRAS will increase and the price level will fall. If the country is
experiencing a deflation, it will lower the price level and worsen the deflation. The increase in the
transfer payments will lead to a rise in price level and thus stabilize the price level. (3)
Unemployment rate = Unemployed population / Labour Force x 100% (1)
Since the labour force and the number of unemployed population fall by an equal amount, (1) the
percentage decrease in unemployed population is greater than the percentage decrease in the
labour force. (1) The unemployment rate will fall. (1)
Section B (54 marks)
a)i) Lateral integration. (1)
It is a combination of firms producing related but not competing goods. (1)
a)ii) - Reduce risk with business diversification
- Enjoy economies of scale
- Create sales by brand extension
- Take advantage of the brand name
(Any TWO, 1 mark each)
b) Advantage:
- The existing shareholders' control over the company is not diluted (2) as bondholders are only
creditors of the company.
Disadvantage:
- The company is obliged to pay a fixed rate of interest to bondholders (2) regardless of whether the
company turns a profit.
- The company has an obligation to redeem to bonds from the bondholders (2) since there is a
maturity date for the bonds.
(Any ONE, 2 marks each)
a) Demand for labour falls as robots substitute labour in production. (1)
Supply of labour falls as some workers left the manufacturing industry. (1)
When the fall in supply is greater than the fall in demand (1), the wage rate of the manufacturing
workers will rise.
- Leftward shift of demand curve (1)
- Leftward shift of supply curve (1)
- Rise in wage rate (1)
16-17 F.6 Economics Mid-term Assessment Paper 2-P.4
b)i) Using time rate: 60,000 units of output / (50 x 50) working hours (1)
= 24 units of output per man-hour (1)
Using method A: 60,000 units of output / (50 x 40) working hours (1)
= 30 units of output per man-hour (1)
b)ii) Mr. Luk may change the method to piece rate. (1)
Because under piece rate scheme, workers' incomes directly depend on output. So they have greater
incentive to work hard. (2)
c) - Some raw materials for producing the electronic products are imported from other countries.
Therefore, the import value of the raw materials should be deducted in the calculation of the GDP of
mainland China. (2)
- Some electronics products are not produced in the current year, for example, the past inventories.
(2) Hence, the decrease in the value of inventory should be deducted in the calculation of the GDP of
the current year.
11. The HKSAR government proposed to expand the Hong Kong International Airport by
constructing the third runway.
a) - AD will increase due to the increase in investment expenditure for constructing the third
runway. (1)
- LRAS will increase due to the rise in productivity. (1)
- If the increase in AD equals the increase in LRAS, (1) price level will remain constant while
aggregate output level will rise.
PL LRAS₁ LRAS2
- Rightward shift of LRAS curve (1)
- Rightward shift of AD curve (1)
- PL remains constant and Y rises (1)
b)i) Regressive. (1)
It takes a decreasing proportion of income as tax payment when income increases. (2) / When taxable
income increases, average tax rate decreases. (2)
16-17 F.6 Economics Mid-term Assessment Paper 2-P.5
b)ii) With the imposition of the Airport Construction Fee, the nominal price of both low-cost airline
ticket and traditional airline ticket will increase by the same amount. (1)
The relative price of tickets of low-cost airlines will rise relative to the tickets of tradition airlines. (1)
According to the law of demand, the quantity demanded for low-cost airlines will decrease relative to
the traditional airlines. (1)
The table bellows shows the outputs of goods that the two countries can produce with all their
Watches (units)
The table bellows shows the opportunity cost of producing 1 unit of garment:
Garments (units)
0.5 units of watch
1.73 units of watch
Garments (units)
b)i) The possible range of terms of trade is 0.7W<1G<1.63W. (2)
c)i) Domestic price falls from Pt to Pw (1)
Domestic consumption increase from Q3 to Q4 (1)
domestic production decreases from Q2 to Q1 (1)
import volume increases from Q2Q3 to Q1Q4 (1)
Tariff revenue decreases by area A (1)
As the opportunity cost for Country A to produce garments is lower, (1) Country A should
export garments. (1)
b)ii) Terms of trade: 1G = 1.2W (1)
Gains from trade of the garment-exporting country for exporting 20 units of garments:
(1.2-0.5-0.2) x 20 (1) = 10 watches (1)
Price with tariff, P₁
Price without tariff, P
with tariff
Imports without tariff
16-17 F.6 Economics Mid-term Assessment Paper 2-P.6
c)ii) No. (1)
This garment-importing country is a price taker of the world price as it is a small economy. (1)
World price