경제학 영어능통자( ) 1 1
경 제 학
년 시행 외무고등고시 영어능통자 제 차시험
2010 ( ) 2
응시번호 : 성명 :
제 1 문. Two consumers A and B are endowed with X and Y goods (1,9) and (9,1), respectively, and they exchange goods in the markets voluntarily to increase their utility. Both X and Y markets are perfectly competitive and the markets are in general equilibrium when both X and Y markets are in
equilibrium. (total 30 points)
1) Using Edgeworth box, express all possible allocations of goods that can be achievable through voluntary exchange of goods. Also express initial endowment before exchange in the Edgeworth box. (10 points)
2) Explain Pareto efficient allocation and draw Pareto efficient allocations in the Edgeworth box. (10 points)
3) Express general equilibrium price and allocation in the Edgeworth box using the indifference curves convex to the origin and the price line. (5 points) 4) Explain why the general equilibrium allocation is Pareto efficient. (5 points)
제 2 문. Recently a government has implemented the fiscal policy that increases government expenditure and lowers income tax burden in order to
revitalize its economy. (total 30 points)
1) Using national account equation under open economy, explain the reimburse method theoretically to solve the fiscal deficit expansion. And explain effects of increasing government expenditure on economic variables such as consumption, investment, balance of payments, etc.. (17 points) 2) Explain the opinions of different schools on effects of lowering income tax
burden on price level, national income, and tax revenue. (13 points)
제 3 문. After the U.S sub-prime mortgage crisis, the global economy has been severely deteriorated. Answer the following questions. (total 40 points) 1) After the crisis, the Korean economy has experienced rapid capital
outflows and sharp increase of the exchange rate which partly enhanced its export competitiveness. However, Korea has paid the price of extremely unstable exchange market for the enhanced export competitiveness. Explain in detail this phenomena by using the asset market equilibrium and purchasing power parity model in the short and long run when a government chooses expansionary monetary policy. (20 points)
2) Every nation tries to effort many ways to boost up its economy after the crisis. Explain which policy is more effective under the free floating exchange rate regime and relatively free capital mobility like Korea by using the IS-LM-BP model in the short run. Explain how such policy will affect its national income and price level in the long run. (15 points)
3) Now each country considers to implement exit strategy policies and asks policy coordination among nations. Explain grounds of this arguments in detail. (5 points)
