2025年CIMAOperationalLevelE企业经济学真题解析卷

2025年CIMAOperationalLevelE企业经济学真题解析卷考试时间：______分钟总分：______分姓名：______Part1–MultipleChoiceQuestionsChoosethebestanswerfromtheoptionsprovidedforeachquestion.1.Whichofthefollowingbestdefinesopportunitycost?(a)Theactualmonetarycostincurredinproducingagood.(b)Thevalueofthenextbestalternativeforegonewhenmakingadecision.(c)Thedifferencebetweentotalrevenueandtotalcost.(d)Theminimumpriceatwhichaproduceriswillingtosupplyagood.2.Ifthepriceofagoodincreasesandthequantitydemandeddecreases,thisdemonstrates:(a)Thelawofdiminishingreturns.(b)Theprincipleofdiminishingmarginalutility.(c)Thelawofdemand.(d)Theconceptofsupplyelasticity.3.Afirmoperatinginaperfectlycompetitivemarketisa:(a)Pricemaker,facingaperfectlyelasticdemandcurve.(b)Pricemaker,facingaperfectlyinelasticdemandcurve.(c)Pricetaker,facingaperfectlyelasticdemandcurve.(d)Pricetaker,facingaperfectlyinelasticdemandcurve.4.Whichofthefollowingistypicallyconsideredafixedcostforafirmintheshortrun?(a)Rawmaterials(b)Wagesofproductionworkers(c)Rentonfactorypremises(d)Energycostsformachinery5.Marginalrevenueequalsmarginalcostisaprofitmaximizationruleprimarilyapplicablein:(a)Monopolisticcompetition.(b)Perfectcompetition.(c)Monopoly.(d)Oligopoly.6.Whicheconomicpolicyinvolvesthegovernmentincreasingitsspendingorreducingtaxestostimulatedemand?(a)Contractionaryfiscalpolicy.(b)Expansionarymonetarypolicy.(c)Contractionarymonetarypolicy.(d)Expansionaryfiscalpolicy.7.Inflationrefersto:(a)Adecreaseintheoverallpricelevel.(b)Anincreaseinthemoneysupply.(c)Asustainedincreaseinthegeneralpricelevelofgoodsandservices.(d)Afallintheunemploymentrate.8.Theexchangeratebetweentwocurrenciesrepresents:(a)Therelativepriceofthecurrencies.(b)Theinflationdifferentialbetweenthetwocountries.(c)Theinterestratedifferentialbetweenthetwocountries.(d)Thebalanceoftradebetweenthetwocountries.9.Whichmarketstructureischaracterizedbyafewlargefirmsdominatingthemarket?(a)Perfectcompetition(b)Monopolisticcompetition(c)Monopoly(d)Oligopoly10.Ifthepriceelasticityofdemandforagoodis2,a10%increaseinpricewillleadto:(a)A20%decreaseinquantitydemanded.(b)A10%decreaseinquantitydemanded.(c)A5%decreaseinquantitydemanded.(d)Nochangeinquantitydemanded.Part2–ShortAnswerQuestionsProvideconcisedefinitionsorexplanationsforthefollowingterms:11.Economicefficiency12.Priceceiling13.Averagetotalcost(ATC)14.GrossDomesticProduct(GDP)15.NominalGDPvs.RealGDPPart3–AnalysisQuestions16.Acompanyproduceshandmadebags.Themarketpriceforabagis£50.Thecompany'sshort-runtotalcost(STC)functionisgivenby:STC=200+10Q+Q²,whereQisthequantityofbagsproduced.Calculatethecompany'stotalrevenue(TR)ataproductionlevelof20bags.Whatisthemarginalcost(MC)ofproducingthe20thbag?Isthecompanymakingaprofitorlossatthisoutputlevel?Explainbriefly.17.Explainthedifferencebetweenamarketfailureandagovernmentfailure.Provideoneexampleofapotentialmarketfailureinthecontextofenvironmentalprotection.18.'Fiscalpolicyaffectstheeconomywithalag.'Discussthepotentiallagsassociatedwithfiscalpolicyandtheirimplicationsforitseffectivenessinstabilizingtheeconomy.19.Alocalgovernmentintroducesanewregulationrequiringallcafestoinstallwaterdispensers.Discussthelikelyshort-runandlong-runeffectsofthisregulationonconsumerbehaviourandthecafeindustry,usingrelevantmicroeconomicconcepts.20.'Acountrycannotsimultaneouslyachieveallthreemacroeconomicobjectivesofstableprices,fullemployment,andeconomicgrowth.'Discussthisstatement,explainingthepotentialtrade-offsacountrymightfacewhentryingtoachievetheseobjectives.Part4–EssayQuestion21.'Theprimarygoalofabusinessfirmshouldbetomaximizeitsprofitsinthelongrun.'Discussthisstatement,consideringdifferentmarketstructuresandpotentialalternativegoalsthatbusinessesmightpursue.Evaluatetheimportanceofprofitmaximizationforbusinesssuccessandsustainability.试卷答案Part1–MultipleChoiceQuestions1.(b)2.(c)3.(c)4.(c)5.(d)6.(d)7.(c)8.(a)9.(d)10.(a)Part2–ShortAnswerQuestions11.Economicefficiencyoccurswhenresourcesareallocatedinawaythatmaximizestotalsurplus(thesumofconsumerandproducersurplus)orwhenagoodorserviceisproducedatthelowestpossiblecost.12.Apriceceilingisalegalmaximumpricethatcanbechargedforagoodorservice.Itistypicallysetbelowtheequilibriumpricetomakethegoodmoreaffordable.13.Averagetotalcost(ATC)isthetotalcostperunitofoutput,calculatedbydividingtotalcost(TC)bythequantityofoutput(Q)produced(ATC=TC/Q).14.GrossDomesticProduct(GDP)isthetotalmonetaryvalueofallfinalgoodsandservicesproducedwithinacountry'sbordersduringaspecificperiod,usuallyayearoraquarter.15.NominalGDPiscalculatedusingcurrentmarketprices,reflectingthetotalvalueofproductionatthoseprices.RealGDPiscalculatedusingconstantbase-yearprices,removingtheeffectsofinflationandallowingforacomparisonofoutputlevelsovertime.Part3–AnalysisQuestions16.TR=PricexQuantity=£50x20=£1000.TofindMCofthe20thbag,firstcalculateMCusingthederivativeofSTC:MC=d(STC)/dQ=10+2Q.MCatQ=20=10+2(20)=10+40=£50.Alternatively,calculateMCasthechangeinSTC:MC=(STCatQ=20-STCatQ=19)/(20-19).STCatQ=19=200+10(19)+(19)²=200+190+361=£751.STCatQ=20=200+10(20)+(20)²=200+200+400=£800.MC=(£800-£751)/1=£49.(UsingthederivativegivesMC=£50,usingthechangegivesMC=£49.Smalldifferencesoftenarisedependingontheexactinterpretationofthefunctionstep.Let'suseMC=£50forconsistencywiththederivative).Profit=TR-TC.TCatQ=20=£800.Profit=£1000-£800=£200.Thecompanyismakingaprofitof£200atthisoutputlevelbecauseTRexceedsTC.17.Marketfailureoccurswhentheallocationofgoodsandservicesbyafreemarketisnotefficient,leadingtoamisallocationofresources.Thiscanhappenduetoexternalities(positiveornegative),publicgoods,orimperfectinformation.Governmentfailureoccurswhengovernmentinterventionintheeconomyresultsinalessefficientoutcomethanmighthaveoccurredwithoutintervention,oftenduetofactorslikebureaucracy,politicalobjectivesoverridingeconomicefficiency,orunintendedconsequencesofpolicies.Exampleofmarketfailure:Pollutionfromafactoryimposesanegativeexternalityonnearbyresidents(healthproblems),leadingtooverproductionfromasocietalperspectivecomparedtothesociallyoptimallevel.18.Potentiallagsinfiscalpolicyinclude:recognitionlag(timetakentoidentifytheneedforpolicyaction),decisionlag(timetakenforpolicymakerstoagreeonandimplementthepolicy),andimpactlag(timetakenfortheimplementedpolicytoaffecttheeconomy).Theselagscanreducetheeffectivenessoffiscalpolicy,astheeconomymayhavechangedbythetimethepolicytakeseffect,potentiallyleadingtoovercorrectionorstabilizationeffortsthataretoolate.19.Short-runeffects:Consumersmayfacehighercostsorinconvenienceascafesadapttoinstallingwaterdispensers.Someconsumersmightswitchtoalternativehydrationmethodsorcompetitorswithoutdispensers(ifany).Cafeownersfaceincreasedshort-runcostsforpurchaseandinstallation.Competitionmightintensifyasfirmsdifferentiatebasedonthequalityoravailabilityofthenewservice.Long-runeffects:Highercostsmayleadtohigherpricesforconsumersorreducedprofitmarginsforcafes,potentiallycausingsomefirmstoexitthemarketiftheycannotabsorbthecosts.Innovationmightoccur,leadingtomoreefficientdispensertechnologiesorintegratedsolutions.Themarketstructuremightchangeasfirmswithlowerinstallationcostsorgreaterabilitytopasscostsontoconsumersgainacompetitiveadvantage.Theoverallsupplyofcafeservicesmightdecreaseifcostsrisesignificantly.20.Thestatementreflectstheinherenttrade-offsinmacroeconomicpolicy.Achievingstableprices(controllinginflation)mightrequirepolicies(likehigherinterestrates)thatslowdowneconomicgrowthandpotentiallyincreaseunemployment.Pursuingfullemploymentmightinvolveexpansionarypolicies(likelowertaxesorincreasedspending)thatcouldleadtohigherinflationiftheeconomyisalreadynearfullcapacity.Economicgrowthitselfcansometimesbeinflationary.Therefore,policymakersoftenfaceashort-runtrade-off(e.g.,sacrificingsomegrowthtoreduceinflation,oracceptingsomeinflationtoboostgrowth/employment)andmustdecideontherelativeprioritiesdependingonthespecificeconomiccircumstancesandtimehorizon.Part4–EssayQuestion(Adetailedessayresponsewouldberequired,addressingthepointsbelowinastructuredandargumentativemannerwithsupportingexplanationsandexamples).*Introduction:Defineprofitmaximizationandbrieflymentionalternativebusinessgoals(e.g.,marketshare,growth,socialwelfare,survival).Statethethesis,arguingthatwhileprofitmaximizationisaprimaryandoftencrucialgoal,itmaynotalwaysbethe*sole*or*primary*goalinthelongrun,especiallyconsideringstakeholderinterestsandsustainability.*ProfitMaximizationasaGoal:Explainwhyprofitisimportant(fundingoperations,investment,returntoinvestors,compensation,competitiveadvantage,resilience).Discussitsroleasanindicatorofefficiencyandsuccess.Usemicroeconomicconcepts(e.g.,MR=MCrule)toexplainhowitguidesproductiondecisions.*AlternativeGoalsandMarketStructures:*Discusshowfirmsindifferentmarketstructuresmightprioritizegoalsotherthanshort-runprofitmaximization.E.g.,firmsinmonopolisticcompetitionmightfocusondifferentiationandbuildingbrandloyalty(marketshare)evenifitmeanslower-than-maximizingprofits.*Explainhowlong-runstrategicdecisionsmightprioritizegrowthormarketentryovercurrentprofits(e.g.,predatorypricing,investmentinR&D).*Mentiontheimportanceofsurvivalforfirmsinhighlycompetitiveorcyclicalindustries,especiallyintheshortrun,makingprofitmaximizationsecondary.*StakeholderTheoryandLong-RunPerspective:Introducetheconceptofstakeholders(employees,customers,suppliers,community,government).Arguethatbusinessesoperatinginthelongrunneedtoconsidertheinterestsofthesegroups,whichmayconflictwithpureprofitmaximization.E.g.,payingfairwages(highercosts,lowershort-runprofit)benefitsemployeesandpotentiallyimprovesproductivityandreputation.Investinginenvironmental