2025年CIMAOperationalLevelE企业经济学真题解析

2025年CIMAOperationalLevelE企业经济学真题解析考试时间：______分钟总分：______分姓名：______Part1–MultipleChoiceQuestionsChoosethebestanswerforeachquestion.1.Thelawofdemandstatesthat,allelsebeingequal,asthepriceofagoodincreases,thequantitydemandedofthatgoodwilltypically:A)Increase,becauseconsumersprefermoreexpensivegoods.B)Decrease,becauseconsumerswillseeksubstitutesorreduceconsumption.C)Remainunchanged,aspriceandquantitydemandedareindependent.D)Increase,ashigherpricessignalgreatervalueandattractbuyers.2.Ifthepriceelasticityofdemandforaproductis-2,thisindicatesthat:A)Demandiscompletelyunresponsivetopricechanges.B)A1%increaseinpriceleadstoa2%increaseinquantitydemanded.C)A1%increaseinpriceleadstoa2%decreaseinquantitydemanded.D)Theproductisaluxurygoodwithinelasticdemand.3.Firmsoperatinginaperfectlycompetitivemarketarepricetakersprimarilybecause:A)Theyhavesignificantmarketpowerduetobrandloyalty.B)Therearemanyfirmsandproductsareidentical,sonosinglefirmcaninfluencethemarketprice.C)Governmentregulationspreventthemfromchangingprices.D)Theyarelargeenoughtoinfluenceinputpricesbutsmallrelativetotheoutputmarket.4.Themarginalcostcurvetypicallyintersectstheaveragetotalcost(ATC)curveatthe:A)MinimumpointoftheATCcurve.B)MaximumpointoftheATCcurve.C)PointwhereATCisfallingfastest.D)PointwhereATCisrisingfastest.5.Afirmfacingadownward-slopingdemandcurveinamonopolisticallycompetitivemarketwillmaximizeprofitbyproducingattheoutputlevelwhere:A)Marginalcostequalsmarginalrevenue.B)Priceequalsaveragetotalcost.C)Priceequalsmarginalcost.D)Totalrevenueismaximized.6.Whichofthefollowingisgenerallyconsideredasourceofnaturalmonopoly?A)Highbarrierstoentryduetostrongbranding.B)Significanteconomiesofscaleoveraverylargerangeofoutput.C)Governmentlicensingrequirements.D)Highresearchanddevelopmentcostsspecifictotheindustry.7.Pricediscriminationoccurswhenafirmchargesdifferentpricesforthesamegoodtodifferentconsumersbecause:A)Thegoodhasdifferentcostsofproductionfordifferentconsumers.B)Thefirmwantstomaximizeitstotalrevenue.C)Thefirmhasmarketpowerandcanchargewhatthemarketwillbear.D)Itisrequiredbygovernmentregulations.8.Theconceptof'externality'refersto:A)Asituationwhereafirmcannotcoveritstotalcosts.B)Theimpactofatransactionoractivityonthirdpartieswhoarenotdirectlyinvolved,whichisnotreflectedinmarketprices.C)Agovernmentsubsidyprovidedtoafirm.D)Acompetitivemarketconditionleadingtoinefficiency.9.Whichgovernmentpolicyismostlikelytobeusedtocorrectforanegativeexternality?A)Asubsidy.B)Apriceceiling.C)Atax.D)Aquota.10.Ifagovernmentimposesapriceceilingbelowtheequilibriumpriceinamarket,thelikelyresultis:A)Anincreaseinbothquantitysuppliedandquantitydemanded.B)Adecreaseinbothquantitysuppliedandquantitydemanded.C)Asurplusofthegood.D)Ashortageofthegood.11.ThePhillipscurveillustratestherelationshipbetween:A)Inflationandeconomicgrowth.B)Unemploymentandinflation.C)Interestratesandexchangerates.D)Productioncostsandproductprices.12.Whichofthefollowingisapotentialcauseofinflation?A)Adecreaseinthemoneysupply.B)Anincreaseinproductivityleadingtolowerproductioncosts.C)Adecreaseinaggregatedemand.D)Deflationaryexpectations.13.Theexchangeratebetweentwocurrenciesrepresents:A)Therelativepriceofthecurrencies.B)Theinflationratedifferencebetweentwocountries.C)Theinterestratedifferencebetweentwocountries.D)Thebalanceoftradebetweentwocountries.14.Whenacountryexperiencesatradedeficit:A)Itexportsmoregoodsandservicesthanitimports.B)Itimportsmoregoodsandservicesthanitexports.C)Itscurrencyisinherentlyovervalued.D)Itsdomesticfirmsfacelessinternationalcompetition.15.Theconceptof'asymmetricinformation'occurswhen:A)Onepartyinatransactionhasmorecompleteinformationthantheotherparty.B)Informationisfreelyavailabletoallmarketparticipants.C)Marketpricesarehighlyvolatile.D)Thegovernmentintervenesinthemarket.Part2–ShortAnswerQuestionsProvideconciseanswerstothefollowingquestions.Showanynecessarycalculationsclearly.16.Afirmproduceswidgets.Thetotalcost(TC)ofproducingQwidgetsisgivenbytheequation:TC=50+2Q+0.5Q².Calculatethefirm'smarginalcost(MC)whenitproduces10widgets.BrieflyexplainthesignificanceoftheMCcurveforbusinessdecision-making.17.Explainthedifferencebetweenpriceelasticityofdemandandincomeelasticityofdemand.Provideanexampleforeachtypeofelasticity.18.Describethecharacteristicsofamonopolisticallycompetitivemarket.Howdoesthelong-runequilibriumforafirminthismarketdifferfromthatinperfectcompetition?19.Agovernmentimposesa$2perunittaxonagoodcurrentlysoldat$10withaquantitydemandedof1000units.Assumingthedemandcurveislinear,calculatethenewequilibriumpriceandquantityafterthetax,assumingthesupplycurveremainsunchanged.Whobearsthegreaterburdenofthetax,consumersorproducers?Brieflyjustifyyouranswer.20.Acompanyisconsideringwhethertoinvestinnewtechnologythatwillloweritsmarginalcosts.Explaintheconceptofeconomiesofscaleandhowthisinvestmentdecisionrelatestothecompany'slong-runcoststructureandpotentialmarketcompetitiveness.Whatfactorsshouldthecompanyconsiderbeyondjustthechangeinmarginalcosts?Part3–Essay/CaseStudyQuestionReadthefollowingscenarioandanswerthequestionthatfollows."CompanyXoperatesintheretailsectorandsellsarangeofelectronicgadgets.Themarketforthesegadgetsishighlycompetitive,withmanysimilarproductsavailablefromvariousretailers.CompanyXfacesadownward-slopingdemandcurveforitsproducts.Recently,thecompanyhasnoticedthatitscostshaveincreasedduetorisinginputprices,shiftingitsmarginalcost(MC)andaveragetotalcost(ATC)curvesupward.Themanagementteamisdiscussingstrategiestomaintainprofitability.Onesuggestionistoincreasethepricesofallproducts.Anothersuggestionistofocusondifferentiatingtheirproductsthroughbrandingandadditionalservicestomoveupthedemandcurvetowardsalesselasticportion."Basedontheinformationprovidedandyourunderstandingofmicroeconomicprinciples,criticallyevaluatethepotentialoutcomesofthetwosuggestedstrategies.Inyouranalysis,consider:*Thelikelyimpactofpriceincreasesonquantitydemanded,totalrevenue,andmarketshare,giventhecompetitivenatureofthemarket.*Thepotentialforsuccessfulproductdifferentiationanditsimplicationsforthefirm'spricingpowerandlong-runprofitability.*Theroleofcostmanagementinthecontextofthefirm'scompetitivepositionandstrategicchoices.*Anyotherrelevanteconomicfactorsthemanagementshouldconsiderwhenmakingtheirdecision.Providearecommendedcourseofactionandjustifyitusingeconomicreasoning.试卷答案Part1–MultipleChoiceQuestions1.B解析思路：需求定律是经济学的基本原理，它指出在其他条件不变的情况下，商品的价格与其需求量之间存在着反向关系。价格上升，需求量下降；价格下降，需求量上升。选项B正确地描述了这一关系。2.C解析思路：价格弹性系数表示需求量对价格变动的反应程度。弹性系数为-2表示需求量变动百分比是价格变动百分比的-2倍。即价格每上升1%，需求量下降2%。选项C正确。3.B解析思路：完全竞争市场的特征包括：大量买家和卖家、同质产品、自由进入和退出市场、完全信息。由于产品同质且市场上有大量卖家，任何单个卖家都无法通过改变自己的价格来影响市场总价格，因此它们是价格接受者。选项B正确。4.A解析思路：边际成本（MC）是每增加一单位产量所增加的总成本。平均总成本（ATC）是总成本除以产量。当MC小于ATC时，ATC下降；当MC大于ATC时，ATC上升。因此，MC曲线必然在ATC曲线的最低点与之相交。这是微积分中求极值点的原理在经济学上的应用。5.A解析思路：与完全竞争市场不同，垄断竞争市场的企业面临向下倾斜的需求曲线。为了最大化利润，垄断竞争企业需要将产量确定在边际收益（MR）等于边际成本（MC）的水平上。这是利润最大化的基本条件，适用于所有追求利润最大化的企业，无论其市场结构如何。6.B解析思路：自然垄断通常发生在具有显著规模经济的行业，即企业的长期平均成本（LRAC）在很大的产量范围内持续下降。由于这种成本结构，单一企业提供产品比多家企业竞争更有效率，形成了自然垄断。选项B描述了这一特征。7.C解析思路：价格歧视是指厂商对相同的产品向不同的消费者收取不同的价格。这通常需要厂商具备一定的市场势力（市场力量），允许它设定价格而不是接受市场决定的价格。选项C指出了价格歧视发生的关键原因——厂商拥有市场力量。8.B解析思路：外部性是指一个个体或群体的经济活动对与之无关的第三方造成了影响，这种影响并没有在市场价格中得到反映。负外部性（如污染）导致社会成本高于私人成本，市场可能产出过多。选项B准确定义了外部性。9.C解析思路：为了纠正负外部性（如污染），政府通常会对产生负外部性的活动征税。税收的额度ideally应等于外部成本，这样可以将企业的私人成本提高到社会成本的水平，从而减少产生负外部性的活动，使市场结果更有效率。10.D解析思路：价格天花板是政府设定的最高价格，低于市场均衡价格。当价格被固定在均衡价格以下时，消费者愿意购买的数量（需求量）会超过生产者愿意在该价格下出售的数量（供给量），导致短缺。选项D描述了这一结果。11.B解析思路：菲利普斯曲线描述了在短期内，失业率与通货膨胀率之间通常存在的负相关关系。即较低的失业率往往伴随着较高的通货膨胀率，反之亦然。这是宏观经济学中的一个重要概念，尽管长期关系可能更复杂。12.D解析思路：通货膨胀的原因有多种，包括需求拉动（总需求超过总供给）、成本推动（生产成本上升）、货币供应过多以及通货膨胀预期。选项D中，通货膨胀预期可能导致人们提前消费，增加当前需求，从而推动价格上涨，属于需求拉动型通胀的一种心理因素。13.A解析思路：汇率是两种货币之间的交换比率，本质上反映了这两种货币的相对价格。例如，1美元兑换7人民币，意味着美元相对于人民币的价格是7。14.B解析思路：贸易差额（BalanceofTrade）是一个国家在一定时期内出口商品和服务的总价值与进口商品和服务总价值之间的差额。贸易deficit指的是进口总额大于出口总额。15.A解析思路：信息不对称是指市场交易中一方比另一方拥有更多或更重要的信息。这种信息差距会影响市场的运作效率和公平性，可能导致逆向选择或道德风险等问题。Part2–ShortAnswerQuestions16.MarginalCost(MC)whenQ=10:TC=50+2Q+0.5Q²MC=d(TC)/dQ=2+QWhenQ=10,MC=2+10=12.解析思路：边际成本是总成本对产量的导数。首先对给定的总成本函数求导得到边际成本函数。然后将产量Q=10代入边际成本函数计算出具体数值。边际成本曲线显示了增加一单位产量所带来的额外成本。企业常用MC=MR（边际收益）的原则来决定最优产量，此外，MC也用于判断成本效率。17.DifferencebetweenPriceElasticityofDemand(PED)andIncomeElasticityofDemand(YED):PEDmeasurestheresponsivenessofthequantitydemandedofagoodtoachangeinitsownprice.Itiscalculatedas(%ChangeinQuantityDemanded)/(%ChangeinPrice).YEDmeasurestheresponsivenessofthequantitydemandedofagoodtoachangeinconsumerincome.Itiscalculatedas(%ChangeinQuantityDemanded)/(%ChangeinIncome).ExampleofPED:Ifthepriceofcoffeeincreasesby10%andthequantitydemandeddecreasesby5%,PEDis-0.5(elasticdemand).ExampleofYED:Ifconsumerincomeincreasesby10%andthequantitydemandedofluxurycarsincreasesby20%,YEDis2(normalgood,incomeelastic).解析思路：首先定义两种弹性的概念及其计算公式。PED关注价格变动对需求量的影响，YED关注收入变动对需求量的影响。然后分别给出具体的例子来说明。PED的值可以判断需求是富有弹性、缺乏弹性还是单位弹性。YED的值可以判断商品是正常品（YED>0）还是劣等品（YED<0），以及是必需品还是奢侈品（YED绝对值大小）。18.CharacteristicsofMonopolisticCompetition&Long-runEquilibrium:Characteristics:Manyfirms,differentiatedproducts(branding,quality,location,service),relativelyeasyentryandexit,somemarketpowerforindividualfirmsduetoproductdifferentiation.Long-runEquilibrium:Firmsearnzeroeconomicprofit.Price(P)equalsAverageTotalCost(ATC).QuantityproducedwhereMR=MC.Firmsoperateonthedownward-slopingportionoftheirdemandcurve,notattheminimumpointofATC.解析思路：首先列出垄断竞争市场的特征，强调产品差异化和市场力量。然后描述其长期均衡状态。在长期，由于自由进入，经济利润会吸引新竞争者，直到所有现有企业的利润为零（P=ATC）。此时，企业仍在边际收益等于边际成本处生产，但由于需求曲线是向下倾斜的（并非完全弹性），所以价格高于最低平均总成本点，产量也低于完全竞争下的水平。19.TaxImpactCalculation:LetinitialequilibriumbeP₀=$10,Q₀=1000.Taxperunit(t)=$2.Assumedemandcurve:P=a-bQ.AtP₀=$10,Q₀=1000:10=a-1000b.(1)Assumesupplycurve:P=c+dQ.Itremainsunchanged.Newpricebuyerspay(Pb):Pb=P₀+t=$10+$2=$12.Newquantity:Q₁isfoundbysettingPbequaltothenewsupplyprice(whichistheoriginalsupplycurveevaluatedatQ₁).Weneedthesupplycurveequation.Usinginitialequilibrium:$10=c+d(1000).(2)AtnewequilibriumQ₁,supplypriceisPs=c+dQ₁.SoPb=Ps+t.$12=(c+dQ₁)+$2.$10=c+dQ₁.(3)From(2)and(3):$10=c+1000d=c+dQ₁.ThisimpliesQ₁=1000.Re-check:IfQ₁=1000,Ps=c+d(1000)=$10.Pb=Ps+t=$10+$2=$12.Thisisconsistent.SonewequilibriumisP_b=$12,Q=1000.Whobearsmore?Thepriceburdenonconsumersis$2($12-$10).Thepriceburdenonproducersis$0($10paidbysupplycurveatQ=1000remains$10).However,thesupplycurvemustshiftupby$2toreflectthetax.ThenewsupplycurveisP=c+2+dQ=(c+2)+dQ.AtQ=1000,thisnewsupplycurvegivesapriceof$12,whichtheconsumerspay.Theproducersreceive$10(thepriceontheoriginalsupplycurveatQ=1000).Thetaxburdenisshared,butthe*effectivepriceincrease*facedbyconsumersisthefull$2.Theproducers'pricereceivedfallsby$0(comparedtothepre-taxsupplycurvepriceatQ=1000).The$2taxisfullyreflectedinthemarketpricepaidbyconsumers($12).Thesupplycurveeffectivelyshiftsupbythefulltaxamount.Inthisspecificlinearcase,consumersbearthefulltax.Ingeneral,theburdendependsontherelativeelasticitiesofsupplyanddemand.Sincedemandisinelastic(|PED|<1,aspricerosefrom10to12,quantityonlyfellto1000from1000),consumersbearalmosttheentiretax.Ifdemandweremoreelastic,producerswouldbearalargershare.解析思路：首先设定需求和供给曲线的线性形式，并用初始均衡点(P₀,Q₀)来确定其中的未知参数。然后，根据税额t，计算消费者支付的新价格（Pb=P₀+t）和生产者得到的新价格（Ps=P₀，因为供给曲线在初始点没有移动，但最终需要上移）。由于供给曲线必须上移以反映税负，新的供给曲线在初始产量Q₀处的价格为P₀，但在新均衡产量Q₁处，生产者愿意供给的价格（Ps）加上税额t等于消费者支付的价格Pb。解出新的均衡产量Q₁。通过比较消费者支付的价格增加量和生产者得到的价格减少量（或供给曲线的移动幅度），判断税负的承担情况。在这个特定的线性例子中，由于需求缺乏弹性，消费者承担了几乎全部的税负。通用结论是税负在消费者和生产者之间根据供给和需求弹性按比例分配。20.EconomiesofScale&InvestmentDecision:Economiesofscalerefertothesituationwhereafirm'slong-runaveragecosts(LRAC)decreaseasitsoutputlevelincreases.Thiscanoccurduetofactorslikespecializationoflabor,bulkpurchasing,efficientuseofcapital,andspreadingfixedcostsovermoreunits.Theinvestmentdecisioninvolvescomparingtheexpectedfuturebenefits(e.g.,lowercosts,increasedcompetitiveness)againstthecostsoftheinvestment.LowerMCduetonewtechnologymeansthefirm'sLRACcurvewilllikelyshiftdownorbecomeflatter.Thiscanimproveprofitabilitybyallowingthefirmtoproduceatalowercostorpotentiallychargealowerpricetogainmarketshare.Itcanalsoincreasethefirm'sscaleeconomies,makingitmorecompetitiveagainstlargerrivals.Factorstoconsiderinclude:themagnitudeofthecostreduction,theimpactonmarketdemandandcompetitorreactions,thepaybackperiodoftheinvestment,potentialoperationalrisksorintegrationchallengesofthenewtechnology,andwhetherthecostsavingstranslateintosustainablecompetitiveadvantagegiventhecompetitivemarketstructure.解析思路：首先定义规模经济及其来源。然后解释投资决策的基本框架：比较预期收益和成本。新技术的应用降低了边际成本，进而可能影响长期平均成本，这构成了投资的潜在收益。分析这些收益如何转化为商业优势（如提高盈利能力、增强竞争力）。最后，强调在做出决策时需要考虑的其他重要因素，如投资的具体影响、市场反应、风险和回报周期等，特别是在竞争激烈的市场环境中评估投资回报。Part3–Essay/CaseStudyQuestionBasedonthescenario,acriticalevaluationofthetwostrategiesisasfollows:Thesuggestiontosimplyincreasepricesacrosstheboardfacessignificantchallengesinahighlycompetitivemarketforelectronicgadgets.Sincethemarketiscompetitiveandproductsaresimilar,CompanyXisnotapricemakerbutapricetakertosomeextent;itsdemandcurveisrelativelyelastic.Apriceincreasewouldlikelyleadtoaproportionallylargerdecreaseinquantitydemandedasconsumersswitchtocompetitorbrandsofferingsimilarproductsatlowerprices.Thiswouldresultinadecreaseintotalrevenue(assumingPED>1)andpotentiallyalossofmarketshare.Whileincreasingpricesmightimproveshort-termprofitmarginsperunit,thepotentiallossinvolumecouldoffsetthis,leadingtoloweroverallprofits.Furthermore,ifcompetitorsdonotfollowsuit(whichislikelyinacompetitivemarket),CompanyXrisksbecominglesscompetitiveandlosingcustomerspermanently.Therefore,ageneralpriceincreaseisgenerallynotasustainablestrategyinsuchamarketstructure.Focusonproductdifferentiationthroughbrandingandadditionalservicesisamoreviablelong-runstrategy.ProductdifferentiationaimstomakeCompanyX'sproductslesssubstitutablebycreatingperceiveddifferencesthatmattertoconsumers.Thiscanbeachievedthroughbranding(buildingastrongbrandimage,reputation,andcustomerloyalty),addingvaluethroughservices(warranty,after-salessupport,installation,customerservice),improvingproductfeaturesorquality,orofferinguniquedesigns.Bysuccessfullydifferentiatingitsproducts,CompanyXcanshiftitsdemandcurvetotherightandmakeitlesselastic.Alesselasticdemandcurvemeansthecompanyhasmorepricingpower.Itcanthenpotentiallyincreasepriceswithoutcausingaproportionallylargedropinquantitydemanded,thusimprovingprofitability.Differentiationalsohelpsbuil