10.DRQ-[答案 Answer]香港新房屋政策

(a)
二手住宅樓宇價格上升,(1)
因為中原城市指數持續上升。(1)

(b)
資料D 顯示價值8,000,000 港元的私人住宅樓宇單位的首期要求下跌。 (1)
新房屋政策會增加物業市場的買家數目。(1)
私人住宅樓宇單位的需求會增加。(1)
價格和交易量會增加。(1)
結果,私人住宅樓宇單位的總市場價值會增加。(1)

(c)
採用底薪加佣金而非底薪的好處:由於地產經紀有機會透過佣金提升收入,故可提升員工的工作意欲。(2)
由於地產經紀的工作意欲有所提升,故可減少監察員工工作表現的成本。(2)
可與員工共同分担經營風險。若地產經紀的營業額有所下降,僱主可減少支付其薪金。(2)
任何其他相關點 (2)
[ 只批閱首兩項] 最多4 分

(d)
論文式題目評卷指引( 內容最高11 分 +有效傳意評分最高2 分),就有效傳意
評分的評量表,請參閱考評局的網址。

短期總產出:
更多的首次置業人士將能夠購買住宅樓宇單位。這將增加地產發展商的誘因去提高興建樓宇的速度。投資開支會增加,總需求會增加。(2)
此外,由於私人住宅樓單位的交易量有所增加,這會帶動與此相關行業的生產例如搬屋、裝修以及地產經紀提供的服務。消費增加,總需求增加。(2)
結果,短期總產出會增加。(1)
[最多5 分]
收入分配:
參考資料E 中經濟學家的意見,持有更多物業的人士可能有更高機會透過物業價格上升( 資料A 所示) 去增加財富。(2)
新房屋政策並不會令低收入人士受益,因為他們不會有足夠首期去購買物業。(1)
收入分配會變得更不平均。(1)
[最多4 分]

稅收:
由於私人住宅樓單位的交易量有所增加,印花稅稅收會增加,間接稅稅收會增加。 (2)
由於地產經紀獲得的佣金會隨著私人住宅樓單位的交易量而有所增加,薪俸稅稅收會增加,直接稅稅收會增加。(2)
由於地產發展商和地產代理公司會隨著私人住宅樓單位的交易量而享有更高的利潤,利得稅稅收會增加,直接稅稅收會增加。(2)
結果,香港政府的稅收會增加。 (1)
[最多5 分]

最多11 分

New Housing policy in Hong Kong-Suggested solution


(a)
The price of second-hand residential flats increased (1)
because the CCI was increasing. (1)

(b)
Source D shows that the down payment for a private residential flat worth HK$8,000,000 decreases. (1)
The new housing policy will increase thenumbers of buyers in the property market. (1)
The demand for private residential flats willincrease. (1)
Price and quantity transacted will increase. (1)
As a result, the total market value will increase. (1)

(c)
Advantages of basic salary plus commission over basic salary only:
Since property agents have a chance to increase income, their working incentive will increase. (2)
Since property agents’ working incentive increase, it can help lower the cost of monitoring the performance of the employees. (2)
It can spread the business risk between the employer and the employees. If the property agents sales is poor, the employers can pay less payment to the employees. (2)
any other relevant point (2)
[Mark the FIRST TWO points only.]
Max(4)

(d) Marking Guidelines of the DRQ: content 11marks + EC 2 marks
For the rubric of EC mark, please refer to the website of HKEAA Answer Marks
Aggregate output in the short run:
More first-time home buyers will be able to buy the flats. This will increase the property developers’ incentive to increasethe speed of providing new flats. Investment will rise. AD will rise. (2)
Besides, as the quantity transacted of private residential flats will rise, there will be more production from the related industries such as moving, renovation and services provided by property agencies. The consumption will rise. AD will rise. (2)
As a result, aggregate output will rise. (1)
[Max. 5 marks]
Income distribution:
Refer to the economist in Source E, holding more property may have a higher possibility of increasing wealth by increase in property price (shown by Source A). (2)
This new housing policy cannot benefit low-income group as they do not have enough down payment to buy a property. (1)
The income distribution would become more uneven. (1)
[Max. 4 marks]
Tax revenue:
As the quantity transacted of private residential flats will rise, the stamp duty will rise. Indirect tax revenue will rise. (2)
As the commission received by the property agents will rise with the quantity transacted of private residential flats, the salaries tax revenue will rise. The direct tax revenue will rise. (2)
As property developers and property agencies will earn a higher profits with the quantity transacted of private residential flats, the profits tax revenue will rise. The direct tax revenue will rise. (2)
As a result, the tax revenue of the Hong Kong government will rise. (1)
[Max. 5 marks]

Max. 11 marks

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