CFA一级典型例题 Economics 经济学
CFA考试《CFA一级》历年真题精选10(附详解)
CFA考试《CFA一级》历年真题精选10（附详解）1、Yip Wai Yin, a CFA Candidate, is an independent mutual fund sales agent. For every front-end load product she promotes, Yip receives a portion of the front-end fee as commission, at the time of sale. For every back-end load fund she sells, Yip receives a smaller commission paid at the end of the year. Yip always informs her clients she is paid a commission as an agent, but does not provide details of the compensation structure. When pitching her favored front-end load product line she tells clients 20% of her commission is always invested in the same fund as proof of her confidence in the fund she recommends. Which CFA Code of Standards with regard to Conflicts of Interest does Yip least likely violate?【单选题】A.Referral Fees.B.Disclosure of Conflicts.C.Priority of Transactions.正确答案:C答案解析:“Guidance for Standards I-VII,” CFA InstituteC is correct because Yip’s investments do not adversely affect the interest of the clients and therefore do not violate the Priority of Transactions requirement. A Candidate having the same investment positions does not always create a conflict of interest and in some instances, having an aligned investment portfolio can be beneficial to the client.2、The Global Investment Performance Standards least likely require:【单选题】A.nondiscretionary portfolios to be included in composites.posites to be defined according to similar investment objectives and/or strategies.C.non-fee-paying portfolios to be excluded in the returns of appropriate composites.正确答案:A答案解析:Composites (Standard IV – Composites) must be defined according to similar investment objectives and/or strategies. Terminated portfolios must be included in the historical returns of appropriate composites, and only fee-paying portfolios are to be included in composites. Non-discrectionary portfolios must not be included in a firm's composites. 2014 CFA Level I "Introduction to the Global Investment Performance Standards (GIPS)," CFA Institute3、Assuming no short selling, diversification benefit is most likely to occur when the correlations among the securities contained in the portfolio are:【单选题】A.equal to positive one.B.less than positive one.C.greater than positive one.正确答案:B答案解析:“Probability Concepts,” Richard A. Defusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, and David E. Runkle, CFAWhen we do not reject a false null hypothesis we have a Type II error.4、A firm with a marginal tax rate of 40% has a weighted average cost of capital of 7.11%. The before-tax cost of debt is 6%, and the cost of equity is 9%. The weight of equity in the firm's capital structure is closest to:【单选题】A.79%.B.37%.C.65%.正确答案:C答案解析:WACC=weight of debt*before-tax cost of debt*(1-tax rate)+weight of equity*cost of equity.5、The following information is available about a company ($ millions):During 2009 the company most likely decreased the:【单选题】A.proportion of sales made on a cash basis.B.inventory, anticipating lower demand for its products in 2010.C.proportion of interest-bearing debt relative to trade accounts payable.正确答案:A答案解析:“Understanding the Cash Flow Statement”, Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, R. Elaine Henry, CFA, and Michael A. Broihahn, CFASales, net income, and net margin are relatively constant for the two years. The substantial drop in cash flow from operations could be attributed to an increase in receivables and/or inventory. A decrease in the proportion of cash sales implies an increase in the proportion of credit sales, increasing accounts receivable. An increase in accounts receivable would decrease cash flow from operations.6、Providing information about the performance of a company, its financial position, and changes in financial position that is useful to a wide range of users is most accurately described as the role of:【单选题】A.financial reporting.B.the auditor’s report.C.financial statement analysis.正确答案:A答案解析:“Financial Statement Analysis: An Introduction,” Elaine Henry and Thomas R. RobinsonA is correct. The role of financial reporting is to provide information about the performance of a company, its financial position, and changes in financial position that is useful to a wide range of users in making economic decisions.7、Which of the following is closest to the value of a 10-year, 6% coupon, $100 par value bond with semi-annual payments assuming an annual discount rate of 7%?【单选题】A.$92.89B.$99.07C.$107.44正确答案:A答案解析:“Introduction to the Valuation of Debt Securities,” Frank J. Fabozzi8、A security has a beta of 1.30. If the risk-free rate of interest is 3% and the expected return of the market is 8%, based on the capital asset pricing model (CAPM), the expected return of the security is closest to:【单选题】A.9.5%.B.6.5%.C.13.4%.正确答案:A答案解析:The formula for the CAPM is expressed as:Section 4.29、Kim Stone, CFA, works at trading desk in Howard Hedge Funds.SamuelPeter, a chief investment manager for Howard has instructed Stone to sell a largeamount of one stock based on an inside information of significant legal disputes.Peter inadvertently heard the information from a company's president in anelevator.Stone is unaware that Peter got this information.Stone accepts thetrade instruction and completes the order.Has Stone most likely violated theStandards of Professional Conduct?【单选题】A.No.B.Yes, with respect to responsibilities of supervisors.C.Yes, with respect to material nonpublic information.正确答案:A答案解析:Stone并不知道该交易行为来自重大的非公开信息，他接受了交易指令并不违反任何标准，只有当他知道或者应当知道时才会违反标准。
CFA考试《CFA一级》历年真题精选01(附详解)
CFA考试《CFA一级》历年真题精选01（附详解）1、Ian O’Sullivan, CFA, is the owner and sole employee of two companies, a public relations firm and a financial research firm. The public relations firm entered into a contract with Mallory Enterprises to provide public relations services, with O’Sullivan receiving 40,000 shares of Mallory stock in payment for his services. Over the next 10 days, the public relations firm issued several press releases that discussed Mallory’s excellent growth prospects. O’Sullivan, through his financial research firm, also published a research report recommending Mallory stock as a “buy.”According to the CFA Institute Standards of Professional Conduct, O’Sullivan is most likely required to disclose his ownership of Mallory stock in the:【单选题】A.press releases only.B.research report only.C.both the press release and the research report.正确答案:C答案解析:“Guidance for Standards I-VII”, CFA InstituteC is correct because members should disclose all matters that reasonably could be expected to impair the member’s objectivity. Standard I (B), Standard VI (A).2、Other factors held constant, the reduction of a company’s average accounts payables due to suppliers offering less trade credit will most likely:【单选题】A.reduce the operating cycle.B.increase the operating cycle.C.not affect the operating cycle.正确答案:C答案解析:"Financial Analysis Techniques," Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, Elaine Henry, CFA, and Michael A. Broihahn, CFAPayables are not part of the operating cycle calculation. Operating cash cycle includes inventory and accounts receivable.3、In a sales-driven pro forma analysis, net income grows from $1.2 million to $1.26 million. Assuming a dividend payout ratio of 40%, the increase in retained earnings is closest to (in $ millions):【单选题】A.0.720.B.0.756.C.1.260.正确答案:B答案解析:“Financial Statement Analysis,”Pamela Peterson Drake4、The slope of the security market line (SML) represents the portion of an asset’s expected return attributable to:【单选题】A.total risk.B.market risk.C.diversifiable risk.正确答案:B答案解析:“Portfolio Risk and Return Part II,”Vijay SingalB is correct. The slope of the SML is the market risk premium, E(Rm) –Rf. It represents the return of the market less the return of a risk-free asset. Thus, the slope represents the portion of expected return that reflects compensation for market or systematic risk.5、Jenny Hein, CFA, is a research analyst covering a mining industry.Hein hasprepared a research report on one mining company based on research from a varietyof sources and other analysts.Hein combines these materials to form her ownopinion and completes the report without acknowledge her sources in her report.Then Hein distributes the report to her clients.Has Jenny most likely violated theStandards of Professional Conduct?【单选题】A.No.B.Yes, by failing to cite the work of others in her report.C.Yes, by failing to have reasonable basis for her opinion.正确答案:B答案解析:因为Hein在研究报告中引用了别人的研究成果，对此必须注明出处，题目中并没有说她没有合理的证据，把其他分析师的研究加入其自己的研究报告，只要指明出处并不违反专业行为标准。
CFA一级笔记之经济学
AVC=
X
c Cost per share ATC
AVC
Economy scale
ATC= =AVC+
MC——总成本关于 Q 的导数
TC=VC+FC
成本曲线的移动：
（1）资源 P↑,成本↑
（2）tax↑，cost↑
Diseconomy （3）regulation↑
scale
LTC cost↑
Q
Q
Q
9. 四种市场结构（profit max MR=MC）。
Elasticity
P
Inelasticity
P
高价区间弹性大，P↓，
P-E
总收入↑
1.替代品的存在
P-1
E=-1，单位弹性收入最大化
2.预算约束
低价区间弹性大，P↑， 总收入↓
D
D
需求收入弹性→1.低档品，负弹性，收入↑→D↓。2.正常商品，收入↑→D↑。 0<E<1, 必需品。E>1 奢侈品
7. law of D (边际效用 8.
（1）完全竞争（同质产品、价格接受者、无进入障（2）垄断竞争（monopolistic competition 差异化产品、负斜率 D、低障碍）
P
M
P
MC
P
ATC
MR=P=D
ATC
M
P
long
short
D
M AT
short
MR=P=D
AT
D
利润最大化
Q
long
Q
（3）垄断（monopoly 一个卖者，无替代品，进入障碍高）
经济学
1. 财政政策——凯恩斯主义（关注 AD 而非 AS，价格和工资具有向下刚性） （1） 相机决策（discretionary）→反周期政策（countercyclical）
CFA一级考试金融学真题分析
CFA一级考试金融学真题分析在CFA一级考试中，金融学是考试的重要科目之一。
本文将对CFA一级金融学真题进行分析，并探讨这些问题涉及的关键概念和解题方法。
一、货币市场与利率1. 样例题目：假设一个国家的通货膨胀率为4%，并且预计在未来一年不会出现大的通胀压力。
如果该国货币市场的利率是6%，那么实际利率是多少？2. 分析与解答：这道问题涉及到货币市场利率与实际利率的关系。
货币市场利率是指银行贷款利率等短期市场利率，而实际利率则是扣除通货膨胀率后的利率。
根据题目信息，该国通胀率为4%，货币市场利率为6%。
因此，实际利率可以通过货币市场利率减去通胀率来计算：实际利率 = 货币市场利率 - 通胀率= 6% - 4%= 2%所以，该国的实际利率为2%。
二、股票与证券市场1. 样例题目：某只股票的市场价值为10万美元，每股价格为50美元。
该股票的市场权重为5%。
如果该股票价格上涨10%，那么该股票对市场指数的贡献是多少？2. 分析与解答：这道问题需要我们计算股票对于市场指数的贡献。
股票对市场指数的贡献可以通过股票市值的权重来计算。
首先，计算股票的新市场价值：新市场价值 = 10万美元 * (1 + 10%)= 11万美元然后，计算股票的新市值权重：新市值权重 = 新市场价值 / 总市值= 11万美元 / 总市值由于该股票的市场权重为5%，总市值可以通过股票市场价值除以市值权重计算得出：总市值 = 股票市场价值 / 市场权重= 10万美元 / 5%将总市值和新市值权重代入计算公式：股票对市场指数的贡献 = 新市值权重 - 市场权重= (11万美元 / 总市值) - 5%通过计算，可以得出该股票对于市场指数的贡献。
三、债券与固定收益证券1. 样例题目：某公司有一只债券，票面利率为5%，到期时间为5年。
如果当前市场利率为6%，该债券的市场价格是多少？2. 分析与解答：这道问题需要我们计算债券的市场价格。
债券的市场价格受到当前市场利率的影响。
2012CFA一级总结(经济学部分)
经济学部分一、微观经济学稳定均衡（能够回到均衡）和不稳定均衡1.拍卖Common value auction（拍卖物对任何bidder价值一样，但是bidder拍卖时不知道价值，eg，油田的租约，winner’s curse）；Private value auction ,eg, 艺术收藏品英式拍卖ascending price auction（价高者得），sealed bid auction（每个bidder都不知道其他bidder的出价，提交最高价的bidder win），second price sealed bid auction（最高价win，但支付第二高的价格）Dutch auction（decending price auction）以一个高于所有出价的价格开始拍卖，直到降到有人愿意出价，第一个出价者买够后，第二个出价者以低于前一成交价的价格win，也有modified，所有出价者都以最后一个win的出价者的价格成交。
Single price auction所有的bid都以一个价格成交。
（看累计的成交量，以最后一个满足条件的价格成交）2.Elasticity1）Own price elasticityE=%ΔQ/%ΔP=(ΔQ/Q0)/(ΔP/P0)Percentage的变化=change in value/average value---一般用平均值！１.绝对值大于1，富有弹性，奢侈品２.绝对值小于1，缺乏弹性，0和1之间---必需品３.=1单元弹性,是总收益(P*Q)最大的point.线性D曲线，价格高的地方弹性大４.花费占收入比重大的good，弹性大５.价格弹性在长期比短期会更大2）Income elasticity of Demand=%ΔQ/%ΔI,if>0，normal goods；if<0,inferior goods3）Cross Price Elasticity of Demand=%ΔQ1/%ΔP2.if>0,good2是替代品，if<0,good2是complement价格弹性的影响因素１.对商品需求的强度２.替代品和可替代程度３.商品用途的广泛性---用途越广，弹性越高供给的价格弹性１.替代品的availability２.The time that elapsed since the price changea.Momentary supply即时供给b.Short-term supply短期供给c.Long-term supply长期供给注意：弹性不是需求曲线的斜率消费者剩余consumer surplus和生产者剩余producer surplus１.消费者愿意支付价格和实际价格的差额２.生产者剩余是市场价格超过生产的机会成本的部分３.当消费者剩余和生产者剩余都达到最大的时候，则资源得到了有效的利用！否则deadweight loss产生资源有效配置的障碍１.Price controla.Price ceilingb.Price floor２.Tax and trade restrictions３.Monopoly４.External costs在决定生产时没有考虑到的对其他人成本的影响５.External benefit６.Public goods（无论人们是否pay都可以消费的资源，国防）and common resources （大家都可以使用的，海洋捕鱼）税负：如果需求没有供给有弹性，则消费者承担的税负大，如果供给没有需求弹性大，则生产者承担的税负大。
CFA一级考试历年真题精选及答案0519-6
CFA一级考试历年真题精选及答案0519-6 CFA一级经济学Markets for produced goods that are primarily sold to customersare best described as:A. capital markets.B. intermediate goods markets.C. services and finished markets.Solution：CMarkets for produced goods such as cars, clothing, and liquor thatare sold primarily to customers are considered as finished and servicesmarkets.CFA一级固定收益Which of the following statement about bond';s indenture is mostcorrect?A. It containsits covenants.B. It is thesame as a debenture.C. It relatesonly to its interest and principal payments.Solution: AAnindenture is the contract between the company and its bondholders and containsthe bond';s covenants.、CFA一级企业理财With regard to the most appropriatetreatment of cash flows in capital budgeting,which of the following is correct?A. A project is evaluated using its incrementalcash flows on an after-tax basis.B. Interest costs are included in theproject';s cash flows to reflect financing costs.C. Sunk costs and externalities should notbe included in the cash flow estimates.Solution: ACFA一级职业伦理Dacy Chen, CFA, is an independent financial advisor for a high networth client. He had not contacted with the customer in over two years. Duringa recent brief telephone conversation, the client stated he wanted to increasehis risk exposure. Dacysubsequently recommended and invested in severalhigh-risk funds on behalf of the client. Dacy continued, as he had done in thepast, to send to his client monthly, detailed itemized investment statements.Did Dacy most likely violate any CFAStandards?A. No.B. Yes, with regard to purchasing venture capital funds.C. Yes, with regard to investment statements.Solution: BDacy violatedStandard III (A) in not exercising Loyalty, Prudence and Care. Bravoria had notupdated his client’s profile in over two years thus should not have madefurther investments, particularly in high risk investments until such time ashe updated the client’s ri sk and return objectives, financial constraints andfinancial position. Dacy provided his client with investment statements morefrequently than thatwhich is required; i.e. quarterly so was not in violationof regular account information.CFA一级数量分析For a credit card, it charges 15% compounded monthly. Its effective annual rate is closet to:A. 15.78%.B. 18.85%.C. 16.08%.Solution: CCFA一级组合管理Which of the following is the advantage of diversificationcompared to investing in a single security?A. It decreases the volatility of returns.B. It increases the probability of high returns.C. It increases the expected rate of return.Solution: ACFA一级衍生品Which of the following statements describe the exchange-traded derivatives is the most accurate?A. They are illiquid.B. They are standardized contracts.C. They have significant default risk.Solution: BCFA一级其他投资Please choose a strategy that could exploit pricing discrepancies between assets of issuing companies?A. Event-driven strategies.B. Macro strategies.C. Relative value strategies.Solution: CCFA一级财务报表Cameron and Caspar formed a new company with an investment of $100,000 on July 1 2014. The most likely effect of this transaction on the company';s accounting equation at the time of the formation is an increase in cash and:A. an increase in revenue.B. an increase in liabilities.C. an increase in contributed capital.Solution:CCFA一级权益A country whose financial markets are in an early stage of development. Consider preparation a list of the objectives of market regulation. Which of the following is least likely to be included in this list of objectives?A. Minimize agency problems in the corporate.B. Ensure that financial markets are fair and orderly.C. Ensure that investors in the stock market achieve a rate of return that is at least equal to the risk-free rate of return.Solution: C。
CFA一级十套题和答案
2009 Level I Mock Exam: Morning SessionThe morning session of the 2009 Level I Chartered Financial Analyst® Mock Examination has 120 questions. To best simulate the exam day experience, candidates are advised to allocate an average of 1.5 minutes per question for a total of 180 minutes (3 hours) for this session of the exam.Questions Topic Minutes1-18 Ethical and Professional Standards 2719-32 Quantitative Methods 2133-44 Economics 1845-68 Financial Statement Analysis 3669-78 Corporate Finance 1579-90 Equity Investments 1891-96 Derivative Investments 997-108 Fixed Income Investments 18109-114 Alternative Investments 9115-120 Portfolio Management 9Total: 180By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legalQuestions 1 through 18 relate to Ethical and Professional Standards.1.Which of the following is a key characteristic of the Global InvestmentPerformance Standards (GIPS)? The GIPS standards:A.rely on the integrity of input data.B.consist of required provisions for firms to follow to achieve best practice.C.must be applied with the goal of achieving excellence in performancepresentation.2.According to the Standards of Practice Handbook, a member who is aninvestment manager is least likely to breach his duty to clients by:A.disclosing confidential client information to the CFA Institute ProfessionalConduct Program.ing client brokerage to purchase goods or services that are used in theinvestment decision-making process.C.consistently supporting management’s recommendations by voting withmanagement on proxies related to non-routine governance issues.3.Carla Scott, CFA, is a portfolio manager for a company that manages investmentaccounts for wealthy individuals. Scott has no beneficial interest in any of thefee-paying accounts she manages, including her uncle’s account. When shares in initial public offerings (IPOs) become available, Scott first allocates shares to all her other clients for whom the investment is appropriate; only if shares are stillavailable does she purchase shares in her uncle’s account, if the issue isappropriate for him. Scott provides each of her clients with full disclosure of her allocation procedures and has received each client’s verbal consent to herallocation procedures. According to the Standards of Practice Handbook, doesScott’s method of allocating oversubscribed IPOs violate any CFA InstituteStandards of Professional Conduct?A.No.B.Yes, because she has breached her duty to her uncle.C.Yes, because she has not precleared and reported her Uncle’s transactions.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal4.Kim Li, CFA, is a portfolio manager for an investment advisory firm. Lidelegates some of her supervisory duties to Janet Marshall, CFA, after educating Marshall on methods to prevent and detect violations of the firm’s complianceprocedures. Despite these efforts, Li discovers that an employee reporting toMarshall may have violated the procedures. According to the Standards ofPractice Handbook, Li’s least likely initial course of action must be to:A.suspend the employee.B.increase supervision of Marshall.C.initiate an investigation to determine the extent of the wrongdoing.5.The Standards of Practice Handbook is least likely to require a member todisclose which of the following to clients and prospective clients?A.Underwriting relationships.B.Service on a publicly-traded company’s board of directors.C.Obligation to abide by CFA Institute Code of Ethics and Standards ofProfessional Conduct.6. A CFA charterholder is the Fund Manager for a non-profit organization. During apresentation regarding the restructuring of their investment portfolio’s assetallocation, the Head of the Finance Committee questions the manager. As part of his response, the manager states, “I am a CFA charterholder, I know what I’mtalking about, you should do what I say”. According to the Standards of Practice Handbook, has the charterholder violated any of the CFA Institute Standards ofProfessional Conduct?A.No.B.Yes, Responsibilities as a CFA Institute Member.C.Yes, Communication with Clients and Prospective Clients.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal7. A CFA candidate was responsible for developing presentations regarding NewVision Asset Managers’ investment process and historical investmentperformance. When the candidate moved to another firm, he brought with him the presentation he developed for New Vision, changed the name of the company and presented it to a client of his new employer. The client asked the candidate if hehad New Vision’s permission to use their presentation. The candidate responded, “I created the presentation in my last month working there. It was, after myresignation, so it’s mine to use. Besides the investment performance is what Iachieved for my clients at New Vision.” According to the Standards of PracticeHandbook, the CFA candidate is least likely to have violated the CFA InstituteStandards of Professional Conduct that relate to:A.Loyalty.B.Misrepresentation.munication with Clients and Prospective Clients.8.As the Managing Director of a commercial bank, a CFA charterholder sat in on aboard meeting of a publicly listed company that the bank had lent a large sum ofmoney. The purpose of the board meeting was to renegotiate the terms of thecommercial loan due to the pending restructuring of the company. The next dayall of the Managing Director’s shares of the publicly listed company are sold onthe stock exchange, the sell order having been given two days prior to themeeting. According to the Standards of Practice Handbook, the CFAcharterholder was least likely in violation of which CFA Institute Standards ofProfessional Conduct?A.Disclosure of Conflicts.B.Priority of Transactions.C.Material Nonpublic Information.9.In order to comply with the GIPS Standards, a firm must initially show GIPS-compliant history for a minimum of:A.five years, or since inception if the firm has been in existence for less than fiveyears.B.two years, or since inception if the firm has been in existence for less than twoyears.C.three years, or since inception if the firm has been in existence for less thanthree years.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal10.Buta Singh, CFA, has a large extended family and manages the portfolios ofseveral family members. Singh does not charge the family members amanagement fee, but receives a small percentage of each portfolio’s profits.Singh accepts a position as portfolio manager for Bhotmange Investments tomanage high net worth accounts. Because the family portfolios are not customary or normal client relationships, Singh does not inform his new employer of his side activity. Singh is least likely to have violated which CFA Institute Standard ofProfessional Conduct?A.Loyalty.B.Preservation of Confidentiality.C.Additional Compensation Agreements.11.A CFA Candidate purchased copyrighted CFA exam preparatory study guidefrom a publisher. Two weeks prior to the exam, the Candidate lost the studyguide so he photocopied a copy that his friend had purchased. According to theStandards of Practice Handbook, did the CFA Candidate most likely violate theCFA Institute Standards of Professional Conduct?A.Yes.B.No, because he had purchased his own copy.C.No, because both had purchased their own copies.12.Crandall Temasek, CFA, filed for personal bankruptcy two years ago afterincurring large medical expenses. He was hired recently as a portfolio manager.According to the CFA Institute Standards, must Temasek disclose his bankruptcy filing to his new employer?A.No.B.Yes, because he has a duty of loyalty to his employer.C.Yes, because bankruptcy represents a potential conflict of interest.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal13.Sallie Lewis, CFA, is a research analyst covering the mining industry. Alongwith other analysts, Lewis visits the primary mine of Gold Rush Mines (GR).During the visit, a major piece of equipment fails and Lewis overhears anunidentified employee state that production will be stalled for six months. Lewis immediately files a sell recommendation on GR without any additional research.Has Lewis violated any CFA Institute Standards?A.No.B.Yes, with respect to diligence and reasonable basis.C.Yes, with respect to material nonpublic information.14.Clive Bowers, CFA, is a portfolio manager at Burlington Advisors (BA). Bowersmanages two mutual funds along with a number of individual accounts. All of the portfolios, including the mutual funds, have similar return objectives, risktolerances, and tax constraints. When Bowers allocates shares from block tradeshe fills the mutual fund orders first and then allocates the remaining shares to the individual accounts based on their portfolio size. When allocating shares fromblock trades, does Bowers violate any CFA Institute Standards?A.No.B.Yes, with respect to fair dealing.C.Yes, with respect to priority of transaction.15.Narupa Rhasta, CFA, is manager of the fast-growing individual account divisionof a bank and treats all clients equally. When the bank’s research departmentissues a buy or sell recommendation on a security, she ensures that therecommended action is implemented in all accounts. Do Rhasta’s investmentactions violate any CFA Institute Standards?A.No.B.Yes, with respect to suitability.C.Yes, with respect to diligence and a reasonable basis.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal16.Jimmy Lee, CFA, is an investment banker in a country with strict confidentialitylaws. He is working on an acquisition for Panda Mining Co. (PMC). Whileperforming due diligence, Lee notices that PMC has a number of questionableoffshore partnerships. He investigates the legality of the partnerships and findsevidence of illegal activity. According to the Standards of Professional Conduct, Lee’s best course of action would be to:A.alert CFA Institute.B.consult outside counsel.C.notify regulatory authorities.17.Rene Whatcom, CFA, is an independent contractor who writes research reportsfor several investment publications. Whatcom refuses to sign contracts withexclusivity clauses. Whatcom sometimes revises work he submits to onepublication and sends slightly altered versions of the report to additionalpublications. Does Whatcom violate any CFA Institute Standards?A.No.B.Yes, with respect to loyalty.C.Yes, with respect to disclosure of conflicts.18.Angus Draper, CFA, is a senior portfolio manager and member of the investmentcommittee at Tillahook Investments. Draper serves as a board member forseveral non-profit organizations. These commitments require eight workdays per month of Draper’s time. Because he does not receive any form of compensationfor these activities, Draper does not tell anyone at work about his board activities.Does Draper violate any CFA Institute Standards?A.No.B.Yes, with respect to conflict of interest.C.Yes, with respect to responsibilities of supervisors.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legalQuestions 19 through 32 relate to Quantitative Methods19.The yield to maturity on otherwise identical option-free bonds issued by the U.S.Treasury and a large industrial corporation is 6 percent and 8 percent,respectively. If annual inflation is expected to remain steady at 2.5 percent overthe life of the bonds, the most likely explanation for the difference in yields is apremium due to:A.maturity.B.inflation.C.default risk.20.A 24 year old is using the following information to plan her retirement:She assumes her consumption expenditures will increase with the rate of inflation,3 percent, until she retires. Upon retiring she will have end-of-year expendituresequal to her consumption expenditure at age 68. The minimum amount that shemust accumulate by age 68 in order to fund her retirement is closest to:A.$928,000.B.$1,176,000.C.$1,552,000.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal21.A project has the following expected cash flows:Time Cash Flow ($)0 (125,000)1 100,0002 200,000If the risk-free interest rate is 4 percent, expected inflation is 3 percent, the market risk premium is 8 percent and the Beta for the project is 1, the investment’s netpresent value (NPV) is closest to:A.$113,000.B.$124,000.C.$139,000.22.An analyst gathers the following information about a common stock investment:The holding period return on the common stock investment is closest to:A.12.5%.B.20.8%.C.41.7%.23.A 270-day U.S. Treasury bill with a face value of $100,000 sells for $96,500when issued. Assuming an investor holds the bill to maturity, the investor’smoney market yield is closest to:A.3.63%.B. 4.84%.C. 4.93%.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal24.An analyst gathered the following annual return information about a portfoliosince its inception on 1 January 2003:The portfolio’s mean absolute deviation for the five-year period is closest to:A.3.76%.B. 6.83%.C.7.68%.25.An analyst gathered the following information about a common stock portfolio:If the risk-free rate of return is 4.25 percent, then the coefficient of variation isclosest to:A.0.52.B. 1.36.C. 1.53.26.If an analyst estimates the probability of an event for which there is no historicalrecord, this probability is best described as:A.a priori.B.empirical.C.subjective.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal27.Which of the following statements best describes the relationship betweencorrelation and covariance? The correlation between two random variables istheir covariance standardized by the product of the variables’:A.variances.B.standard deviations.C.coefficients of variation.28.Which of the following best describes the discrete uniform distribution? Thediscrete uniform distribution:A.has a finite number of specified outcomes.B.is based on the Bernoulli random variable.C.has an infinite number of unspecified outcomes.29.According to the central limit theorem, a sampling distribution of the samplemean will be approximately normal only if the:A.sample size is large.B.underlying distribution is normally distributed.C.variance of the underlying distribution is known.30.Which of the following is least likely to be a desirable property of an estimator?A.EfficiencyB.ReliabilityC.ConsistencyBy accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal31.An analyst gathers the following information about the price-earnings (P/E) ratiosfor the common stocks held in a portfolio:The relative frequency for Interval II is closest to:A.47.27%.B.52.00%.C.65.45%.32.Rent is $700.00 monthly and is due on the first day of every month. If the statedannual interest rate is 6 percent, the present value of a full year’s rent payments isclosest to:A.$8,133.B.$8,173.C.$8,833.Questions 33 through 44 relate to Economics33.Demand for guest rooms in a resort hotel increases from 100 to 150 rooms per nightwhen the nightly room rate increases from $150 to $200. The elasticity of supply of guest rooms in the resort hotel is closest to:A.0.72.B. 1.40.C. 1.50.34.A recessionary gap is more likely to be observed when:A.real GDP is above potential GDP.B.real GDP is below potential GDP.C.employment is above full-employment equilibrium.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal35.Which of the following statements is most accurate in regard to the tax division betweenbuyers and sellers of products with perfectly elastic demand?A.Sellers pay the entire tax.B.Buyers bear the entire tax burden.C.Buyers and sellers share the tax burden.36.A company compiles the following information:The company’s economic profit is closest to:A.$90,000.B.$110,000.C.$130,000.37.In the short run, an increase in output at low levels of production will most likely cause:A.an increase in the marginal cost due to the rising total fixed cost.B.an increase in the marginal cost due to the law of diminishing returns.C. a decrease in the marginal cost due to economies from greater specialization.38.In regulating a natural monopoly, the most commonly adopted compromise pricing ruleby a regulator is the:A.total cost pricing rule.B.average cost pricing rule.C.marginal cost pricing rule.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided tocurrently-registered CFA candidates. Candidates may view and print the exam for personal exampreparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal39.Which of the following statements provides the best description of Nash equilibrium oftwo firms in the game of prisoners’ dilemma?A.One firm complies and the other cheats.B.Both firms cheat and each firm makes zero economic profit.C.Both firms comply and each firm makes a positive economic profit.40.The best characterization of the natural resources market is that:A.supply of a nonrenewable natural resource is perfectly inelastic and firms areprice takers.B.price is determined by market demand in a renewable resources market and bysupply in a nonrenewable resource market.C.supply of a renewable natural resource is perfectly elastic and the price isequal to the present value of the next period's expected price.41.Based on supply-side effects, an increase in income tax will most likely:A.shift the demand curve for labor.B.decrease the full-employment quantity of labor.C.increase potential Gross Domestic Product (GDP).42.A change in the natural rate of unemployment will most likely shift:A.the short-run but not the long-run Phillips curves.B.both the short-run and the long-run Phillips curves.C.neither the short-run nor the long-run Phillips curves.43.Which of the following goals of monetary policy is best described to be the keygoal?A.Price stability.B.Full employment.C.Moderating long-term interest rates.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exampreparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal44.The least likely reason why a firm in perfect competition is a price taker isbecause:A.buyers are well informed about prices of other firms.B.it can set its products’ price at or above the market price.C.it produces a very small portion of the total output of a particular good. Questions 45 through 68 relate to Financial Statement Analysis45.An analyst finds information about significant uncertainties affecting a company’sliquidity, capital resources and results of operations in the:A.notes to the financial statements.B.balance sheet and income statement.C.management discussion and analysis.46.Assume U.S. GAAP (generally accepted accounting principles) applies unlessotherwise noted.Which of the following is least likely to be classified as a financial statementelement?A.Asset.B.Revenue. income.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal47.An analyst prepares common-size balance sheets for two companies operating inthe same industry. The analyst notes that both companies had the sameproportion of current liabilities, long-term liabilities, and shareholders’ equity and the following ratios:The most reasonable conclusion is that, compared with Company 2, Company 1had a:A.higher percentage of assets associated with inventory.B.higher percentage of assets associated with accounts receivable.C.lower percentage of assets associated with marketable securities.48.If a company has a current ratio of 2.0, repaying $150,000 in short-termborrowing will most likely decrease:A.the current ratio, but not the cash flow from operations.B.the cash flow from operations, but not the current ratio.C.neither the current ratio nor the cash flow from operations.49.Assume U.S. GAAP (generally accepted accounting principles) applies unlessotherwise noted.At the end of the year, a company sold equipment for $30,000 cash. Thecompany paid $110,000 for the equipment several years ago and had recordedaccumulated depreciation of $70,000 at the time of its sale. All else equal, theequipment sale will result in the company’s cash flow from:A.investing activities increasing by $30,000.B.investing activities decreasing by $10,000.C.operating activities being $10,000 less than net income.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal50.Assume U.S. GAAP (generally accepted accounting principles) applies unlessotherwise noted.A company reports earnings before taxes of $800,000 for the year. The tablebelow indicates selected items which were included in earnings before taxes andtheir associated tax status.The company’s tax rate is 35 percent. The company’s current income taxespayable (in $) is closest to:A.206,500.B.276,500.C.360,500.51.An analyst gathers the following annual information ($ millions) about a companythat pays no dividends and has no debt:The company’s annual free cash flow to equity ($ millions) is closest to:A.53.1.B.58.4.C.61.6.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal52.Which of the following statements best describes the level of accuracy providedby a standard audit report with respect to errors? The audited financial statements are:A.fully assured to be free of material errors.B.reasonable assured to be free of all errors.C.reasonable assured to be free of material errors.53.Making any necessary adjustments to the financial statements to facilitatecomparison with respect to accounting choices is done in which step of thefinancial statement analysis framework?A.Collect data.B.Process data.C.Analyze/interpret the processed data.54.Assume U.S. GAAP (generally accepted accounting principles) applies unlessotherwise noted.For the most recent year a manufacturing company reports the following items on their income statement:Interest expense $62,500Loss on disposal of fixed assets $50,000Realized gain on sale of available-for-sale securities $17,750Which of the items is classified as an operating item in the company’s incomestatement?A.Interest expense.B.Loss on disposal of fixed assets.C.Realized gain on sale of available-for-sale securities.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legalotherwise noted.The following information is available from the accounting records of a company as at 31 December 2008 (all figures in $ thousands):The working capital for the company (in $ thousands) is closest to:A.64.B.72.C.176.56.Assume U.S. GAAP (generally accepted accounting principles) applies unlessotherwise noted.During late December 2008 Company A acquires a small competitor, CompanyB. During the evaluation of the acquisition it is determined that the customer listsof Company B have a fair value of $50,000. Company A has spent $15,000during the year updating and maintaining its own customer lists. What will be the value of the customer list intangible asset on Company A’s 31 December 2008consolidated financial statements?A.$15,000.B.$50,000.C.$65,000.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal。
2019年CFA一级notes整理经济学习题
经济学习题MODULE QUIZ 14.1, 14.2To best evaluate your performance, enter your quiz answers online.1. Total revenue is greatest in the part of a demand curve that is:A. elasticB. inelasticC. unit elastic.2. A demand function for air conditioners is given by:QD air conditioner = 10,000 –2 P air conditioner + 0.0004 income + 30 P electric fan –4 P electricityAt current average prices, an air conditioner costs 5,000 yen, a fan costs 200 yen,and electricity costs 1,000 yen. Average income is 4,000,000 yen. The incomeelasticity of demand for air conditioners is closest to:A. 0.0004.B. 0.444.C. 40,000.3. When the price of a good decreases, and an individual’s consumption of thatgood also decreases, it is most likely that the:A. income effect and substitution effect are both negative.B. substitution effect is negative and the income effect is positive.C. income effect is negative and the substitution effect is positive.4. A good is classified as an inferior good if its:A. income elasticity is negative.B. own-price elasticity is negative.C. cross-price elasticity is negative.5. Increasing the amount of one productive input while keeping the amounts ofother inputs constant results in diminishing marginal returns:A. in all cases.B. when it causes total output to decrease.C. when the increase in total output becomes smaller.6. A firm’s average revenue is greater than its average variable cost and less than its average total cost. If this situation is expected to persist, the firm should:A. shut down in the short run and in the long run.B. shut down in the short run but operate in the long run.C. operate in the short run but shut down in the long run.7. If a firm’s long-run average total cost increases by 6% when output is increasedby 6%, the firm is experiencing:A. economies of scale.B. diseconomies of scale.C. constant returns to scale.MODULE QUIZ 15.1To best evaluate your performance, enter your quiz answers online. 1. When a firm operates under conditions of pure competition, marginal revenue always equals:A. price.B. average cost.C. marginal cost.2. In which market structure(s) can a firm’s supply function be described as its marginal cost curve above its average variable cost curve?A. Oligopoly or monopoly.B. Perfect competition only.C. Perfect competition or monopolistic competition.3. In a purely competitive market, economic losses indicate that:A. price is below average total costs.B. collusion is occurring in the market place.C. firms need to expand output to reduce costs.4. A purely competitive firm will tend to expand its output so long as:A. marginal revenue is positive.B. marginal revenue is greater than price.C. market price is greater than marginal cost.5. A firm is likely to operate in the short run as long as price is at least as great as:A. marginal cost.B. average total cost.C. average variable cost.MODULE QUIZ 15.2To best evaluate your performance, enter your quiz answers online. 1. The demand for products from monopolistic competitors is relatively elastic due to:A. high barriers to entry.B. the availability of many close substitutes.C. the availability of many complementary goods.2. Compared to a perfectly competitive industry, in an industry characterized by monopolistic competition:A. both price and quantity are likely to be lower.B. price is likely to be higher and quantity is likely to be lower.C. quantity is likely to be higher and price is likely to be lower.3. A firm will most likely maximize profits at the quantity of output for which:A. price equals marginal cost.B. price equals marginal revenue.C. marginal cost equals marginal revenue.MODULE QUIZ 15.3To best evaluate your performance, enter your quiz answers online.1. An oligopolistic industry has:A. few barriers to entry.B. few economies of scale.C. a great deal of interdependence among firms.2. Consider a firm in an oligopoly market that believes the demand curve for its product is more elastic above a certain price than below this price. This belief fitsmost closely to which of the following models?A. Cournot model.B. Dominant firm model.C. Kinked demand model.3. Consider an agreement between France and Germany that will restrict wine production so that maximum economic profit can be realized. The possible outcomes of the agreement are presented in the table below.Based on the concept of a Nash equilibrium, the most likely strategy followed by the two countries with respect to whether they comply with or default on the agreement will be:A. both countries will default.B. both countries will comply.C. one country will default and the other will comply.MODULE QUIZ 15.4To best evaluate your performance, enter your quiz answers online. 1. Which of the following statements most accurately describes a significant difference between a monopoly firm and a perfectly competitive firm? A perfectly competitive firm:A. minimizes costs; a monopolistic firm maximizes profit.B. maximizes profit; a monopolistic firm maximizes price.C. takes price as given; a monopolistic firm must search for the best price.2. A monopolist will expand production until MR = MC and charge a price determined by the:A. demand curve.B. marginal cost curve.C. average total cost curve.3. When a regulatory agency requires a monopolist to use average cost pricing, the intent is to price the product where the:A. ATC curve intersects the MR curve.B. MR curve intersects the demand curve.C. ATC curve intersects the demand curve.4. Which of the following is most likely an advantage of the Herfindahl-Hirschman Index relative to the N-firm concentration ratio? The Herfindahl-Hirschman Index:A. is simpler to calculate.B. considers barriers to entry.C. is more sensitive to mergers.5. A market characterized by low barriers to entry, good substitutes, limited pricing power, and marketing of product features is best characterized as:A. oligopoly.B. perfect competition.C. monopolistic competition.MODULE QUIZ 16.1To best evaluate your performance, enter your quiz answers online. 1. The least appropriate approach to calculating a country’s gross domestic product (GDP) is summing for a given time period the:A. value of all purchases and sales that took place within the country.B. amount spent on final goods and services produced within the country.C. income generated in producing all final goods and services produced within the country.2. Gross domestic product does not include the value of:A. transfer payments.B. government services.C. owner-occupied housing.3. When GDP is calculated by the sum-of-value-added method, what is the value ofa manufactured product in GDP?A. The sum of the product’s value at each stage of production and distribution.B. The sum of the increases in the product’s value at each stage of productionand distribution.C. The product’s retail price less the value added at each stage of productionand distribution.4. Real GDP is best described as the value of:A. current output measured at current prices.B. current output measured at base-year prices.C. base-year output measured at current prices.5. The GDP deflator is calculated as 100 times the ratio of:A. nominal GDP to real GDP.B. base year prices to current year prices.C. current year nominal GDP to base year nominal GDP.6. Which of the following measures of income is the sum of wages andbenefits, pretax profits, interest income, owners’income from unincorporated businesses, rent, and taxes net of subsidies?A. Personal income.B. National income.C. Personal disposable income.7. Which of the following statements most accurately describes personal income? Personal income:A. includes unearned income from governments, such as transfer payments.B. measures the amount of after-tax income that households can spend orsave.C. includes indirect business taxes, corporate income taxes, and retained earnings.8. If a government budget deficit increases, net exports must:A. increase, or the excess of private saving over private investment must decrease.B. decrease, or the excess of private saving over private investment must increase.C. decrease, or the excess of private saving over private investment must decrease.MODULE QUIZ 16.2To best evaluate your performance, enter your quiz answers online.1. The IS curve illustrates which of the following relationships?A. Direct relationship between aggregate income and the price level.B. Inverse relationship between aggregate income and the price level.C. Inverse relationship between aggregate income and the real interest rate.2. An economy’s potentia l output is best represented by:A. long-run aggregate supply.B. short-run aggregate supply.C. long-run aggregate demand.3. A stronger domestic currency relative to foreign currencies is most likely to result in a:A. shift in the aggregate supply curve toward lower supply.B. shift in the aggregate demand curve toward lower demand.C. movement along the aggregate demand curve towards higher prices.4. Which of the following factors would be least likely to shift the aggregate demand curve?A. The price level increases.B. The federal deficit expands.C. Expected inflation decreases.MODULE QUIZ 16.3To best evaluate your performance, enter your quiz answers online.1. Starting from short-run equilibrium, if aggregate demand is increasing faster than long-run aggregate supply:A. the price level is likely to increase.B. downward pressure on wages should ensue.C. supply will increase to meet the additional demand.2. A short-run macroeconomic equilibrium in which output must decrease to restore long-run equilibrium is most accurately characterized as:A. stagflation.B. a recessionary gap.C. an inflationary gap.3. Which of the following combinations of changes in aggregate demand and aggregate supply is most likely to result in decreasing prices? Aggregate demand:A. decreases while aggregate supply increases.B. decreases while aggregate supply decreases.C. increases while aggregate supply decreases.4. Labor productivity is most likely to increase as a result of a(n):A. increase in physical capital.B. decrease in net immigration.C. increase in the labor force participation rate.5. Long-term sustainable growth of an economy is least likely to resultfrom growth in:A. the supply of labor.B. capital per unit of labor.C. output per unit of labor.6. In a production function model of economic output, total factor productivity represents the output growth that can be accounted for by:A. capital growth but not labor growth.B. neither labor growth nor capital growth.C. the combined effects of labor growth and capital growth.7. In a developed economy, the primary source of growth in potential GDP is:A. capital investment.B. labor supply growth.C. technology advances.MODULE QUIZ 17.1To best evaluate your performance, enter your quiz answers online. 1. In the early part of an economic expansion, inventory-sales ratios are most likely to:A. increase because sales are unexpectedly low.B. increase because businesses plan for expansion.C. decrease because of unexpected increases in sales.2. The contraction phase of the business cycle is least likely accompanied by decreasing:A. unemployment.B. inflation pressure.C. economic output.3. According to which business cycle theory should expansionary monetary policy be used to fight a recession?A. Keynesian school.B. Monetarist school.C. New classical school.MODULE QUIZ 17.2To best evaluate your performance, enter your quiz answers online.1. The unemployment rate is defined as the number of unemployed asa percentage of the:A. labor force.B. number of employed.C. working-age population.2. A country’s year-end consumer price index over a 5-year period is as follows: Year 1106.5Year 2114.2Year 3119.9Year 4124.8Year 5128.1The behavior of inflation as measured by this index is best described as:A. deflation.B. disinflation.C. hyperinflation.3. Core inflation is best described as an inflation rate:A. for producers’raw materials.B. the central bank views as acceptable.C. that excludes certain volatile goods prices.4. Which of the following is least likely to reduce substitution bias in a consumer price index?A. Use a chained index.B. Use a Paasche index.C. Adjust for the bias directly using hedonic pricing.5. In which of the following inflation scenarios does short-run aggregate supply decrease due to increasing wage demands?A. Cost-push inflation.B. Demand-pull inflation.C. Both cost-push and demand-pull inflation.6. An economic indicator that has turning points which tend to occur after the turning points in the business cycle is classified as a:A. lagging indicator.B. leading indicator.C. trailing indicator.MODULE QUIZ 18.1To best evaluate your performance, enter your quiz answers online.1. Both monetary and fiscal policy are used to:A. balance the budget.B. achieve economic targets.C. redistribute income and wealth.2. Which of the following statements is least accurate? The existence and use of money:A. permits individuals to perform economic transactions.B. requires the central bank to control the supply of currency.C. increases the efficiency of transactions compared to a barter system.3. If money neutrality holds, the effect of an increase in the money supply is:A. higher prices.B. higher output.C. lower unemployment.4. If the money supply is increasing and velocity is decreasing:A. prices will decrease.B. real GDP will increase.C. the impact on prices and real GDP is uncertain.5. The money supply curve is perfectly inelastic because the money:A. supply is independent of interest rates.B. demand schedule is downward-sloping.C. supply is dependent upon interest rates.6. The Fisher effect states that the nominal interest rate is equal to the real rateplus:A. actual inflation.B. average inflation.C. expected inflation.7. A central bank’s policy goals least likely include:A. price stability.B. minimizing long-term interest rates.C. maximizing the sustainable growth rate of the economy.8. A country that targets a stable exchange rate with another country’s currency least likely:A. accepts the inflation rate of the other country.B. will sell its currency if its foreign exchange value rises.C. must also match the money supply growth rate of the other country. MODULE QUIZ 18.2To best evaluate your performance, enter your quiz answers online. 1. A central bank conducts monetary policy primarily by altering the:A. policy rate.B. inflation rate.C. long-term interest rate.2. Purchases of securities in the open market by the monetary authorities are least likely to increase:A. excess reserves.B. cash in investor accounts.C. the interbank lending rate.3. An increase in the policy rate will most likely lead to an increase in:A. business investment in fixed assets.B. consumer spending on durable goods.C. the foreign exchange value of the domestic currency.4. Qualities of effective central banks include:A. credibility and verifiability.B. comparability and relevance.C. independence and transparency.5. If a country’s inflation rate is below the central bank’s target rate, the central bank is most likely to:A. sell government securities.B. increase the reserve requirement.C. decrease the overnight lending rate.6. Monetary policy is likely to be least responsive to domesticeconomic conditions ifpolicymakers employ:A. inflation targeting.B. interest rate targeting.C. exchange rate targeting.7. Suppose an economy has a real trend rate of 2%. The central bank has set an inflation target of 4.5%. To achieve the target, the central bank has set the policy rate at 6%. Monetary policy is most likely:A. balanced.B. expansionary.C. contractionary.8. Monetary policy is most likely to fail to achieve its objectives when the economy is:A. growing rapidly.B. experiencing deflation.C. experiencing disinflation.MODULE QUIZ 18.3To best evaluate your performance, enter your quiz answers online.1. Roles and objectives of fiscal policy most likely include:A. controlling the money supply to limit inflation.B. adjusting tax rates to influence aggregate demand.C. using government spending to control interest rates.2. A government enacts a program to subsidize farmers with an expansive spending program of $10 billion. At the same time, the government enacts a $10 billion tax increase over the same period. Which of the following statements best describesthe impact on aggregate demand?A. Lower growth because the tax increase will have a greater effect.B. No effect because the tax and spending effects just offset each other.C. Higher growth because the spending increase will have a greater effect.3. A government reduces spending by $50 million. The tax rate is 30%, and consumers exhibit a marginal propensity to consume of 80%. The change in aggregate demand caused by the change in government spending is closest to:A. –$66 million.B. –$114 million.C. –$250 million.4. The size of a national debt is most likely to be a concern for policymakers if:A. Ricardian equivalence holds.B. a crowding-out effect occurs.C. debt is used to finance capital growth.5. Sales in the retail sector have been sluggish, and consumerconfidence has recently declined, indicating fewer planned purchases. In response, the president sends an expansionary government spending plan to the legislature. The plan is submitted on March 30, and the legislature refines and approves the terms of the spending plan on June 30. What type of fiscal plan is being considered, and what type of delay did the plan experience between March 30 and June 30?6. A government is concerned about the timing of the impact of fiscal policy changes and is considering requiring the compilation and reporting of economic statistics weekly, rather than quarterly. The new reporting frequency is intendedto decrease the:A. action lag.B. impact lag.C. recognition lag.7. Fiscal policy is most likely to be expansionary if tax rates:A. and government spending both decrease.B. decrease and government spending increases.C. increase and government spending decreases.8. In the presence of tight monetary policy and loose fiscal policy, the most likely 8. In the presence of tight monetary policy and loose fiscal policy, the most likely effect on interest rates and the private sector share in GDP are:MODULE QUIZ 19.1To best evaluate your performance, enter your quiz answers online. 1. The income from a financial investment in Country P by a citizen of Country Q is most likely included in:A. Country P’s GDP but not its GNP.B. Country Q’s GNP and GDP.C. Country P’s GDP and GNP2. Which of the following effects is most likely to occur in a country that increases its openness to international trade?A. Increased prices of consumer goods.B. Greater specialization in domestic output.C. Decreased employment in exporting industries.3. Which of the following statements about international trade is least accurate? If two countries have different opportunity costs of production for two goods, by engaging in trade:A. each country gains by importing the good for which it has a comparative advantage.B. each country can achieve a level of consumption outside its domestic production possibility frontier.C. the low opportunity cost producer of each good will export to the highopportunity cost producer of that good.4. With regard to the Ricardian and Heckscher-Ohlin models of international trade, the amount of capital relative to labor within a country is a factor in:A. both of these models.B. neither of these models.C. only one of these models.MODULE QUIZ 19.2To best evaluate your performance, enter your quiz answers online. 1. An agreement with another country to limit the volume of goods and services sold to them is best described as a:A. quota.B. voluntary export restraint.C. minimum domestic content rule.2. Which of the following groups would be most likely to suffer losses from the imposition of a tariff on steel imports?A. Domestic steel producers.B. Workers in the domestic auto industry.C. Workers in the domestic steel industry.3. The most likely motivation for establishing a trading bloc is to:A. increase economic welfare in the member countries.B. increase tariff revenue for the member governments.C. protect domestic industries in the member economies.4. In which type of regional trade agreement are economic policies conducted independently by the member countries, while labor and capital are free to move among member countries?A. Free trade area.B. Common market.C. Economic union.5. The goal of a government that imposes restrictions on foreign capital flows is most likely to:A. stimulate domestic interest rates.B. decrease domestic asset price volatility.C. encourage competition with domestic industries.6. Which of the following is least likely a component of the current account?A. Unilateral transfers.B. Payments for fixed assets.C. Payments for goods and services.7. A current account deficit is most likely to decrease as a result of an increase in:A. domestic savings.B. private investment.C. the fiscal budget deficit.8. Which international organization is primarily concerned withproviding economic assistance to developing countries?A. World Bank.B. World Trade Organization.C. International Monetary Fund.MODULE QUIZ 20.1To best evaluate your performance, enter your quiz answers online. 1. One year ago, the nominal exchange rate for USD/EUR was 1.300. Since then, the real exchange rate has increased by 3%. This most likely implies that:A. the nominal exchange rate is less than USD/EUR 1.235.B. the purchasing power of the euro has increased approximately 3% in termsof U.S. goods.C. inflation in the euro zone was approximately 3% higher than inflation in the United States.2. Sell-side participants in the foreign exchange market are most likely to include:A. banks.B. hedge funds.C. insurance companies.3. Suppose that the quote for British pounds (GBP) in New York is USD/GBP 1.3110. What is the quote for U.S. dollars (USD) in London(GBP/USD)?A. 0.3110.B. 0.7628.C. 1.3110.4. The Canadian dollar (CAD) exchange rate with the Japanese yen (JPY) changes from JPY/CAD 75 to JPY/CAD 78. The CAD has:A. depreciated by 3.8%, and the JPY has appreciated by 4.0%.B. appreciated by 3.8%, and the JPY has depreciated by 4.0%.C. appreciated by 4.0%, and the JPY has depreciated by 3.8%.5. Today’s spot rate for the Indonesian rupiah (IDR) is IDR/USD 2,400.00, and the New Zealand dollar trades at NZD/USD 1.6000. The NZD/IDR cross rate is:A. 0.00067.B. 1,492.53.C. 3,840.00.6. The NZD is trading at USD/NZD 0.3500, and the SEK is trading at NZD/SEK 0.3100. The USD/SEK cross rate is:A. 0.1085.B. 8.8573.C. 9.2166.MODULE QUIZ 20.2To best evaluate your performance, enter your quiz answers online.1. The spot CHF/GBP exchange rate is 1.3050. In the 180-day forward market, the CHF/GBP exchange rate is –42.5 points. The 180-day forward CHF/GBP exchange rate is closest to:A. 1.2625.B. 1.3008.C. 1.3093.2. The spot rate on the New Zealand dollar (NZD) is NZD/USD 1.4286, and the 180-day forward rate is NZD/USD 1.3889. This difference means:A. interest rates are lower in the United States than in New Zealand.B. interest rates are higher in the United States than in New Zealand.C. it takes more NZD to buy one USD in the forward market than in the spot market.3. The current spot rate for the British pound in terms of U.S. dollars is $1.533 andthe 180-day forward rate is $1.508. Relative to the pound, the dollar is trading closest to a 180-day forward:A. discount of 1.63%.B. premium of 1.66%.C. discount of 1.66%.4. The annual interest rates in the United States (USD) and Sweden (SEK) are 4% and 7% per year, respectively. If the current spot rate isSEK/USD 9.5238, then the 1-year forward rate in SEK/USD is:A. 9.2568.B. 9.7985.C. 10.2884.5. The annual risk-free interest rate is 10% in the United States (USD) and 4% in Switzerland (CHF), and the 1-year forward rate is USD/CHF0.80. Today’s USD/CHF spot rate is closest to:A. 0.7564.B. 0.8462.C. 0.8888.MODULE QUIZ 20.3To best evaluate your performance, enter your quiz answers online. 1. The monetary authority of The Stoddard Islands will exchange its currency forU.S. dollars at a one-for-one ratio. As a result, the exchange rate of the Stoddard Islands currency with the U.S. dollar is 1.00, and many businesses in the Islandswill accept U.S. dollars in transactions. This exchange rate regime is bestdescribed as:A. a fixed peg.B. dollarization.C. a currency board.2. A country that wishes to narrow its trade deficit devalues its currency. If domestic demand for imports is perfectly price-inelastic, whether devaluing the currencywill result in a narrower trade deficit is least likely to depend on:A. the size of the currency devaluation.B. the country’s ratio of imports to exports.C. price elasticity of demand for the country’s exports.3. A devaluation of a country’s currency to improve its trade deficit would most likely benefit a producer of:A. luxury goods for export.B. export goods that have no close substitutes.C. an export good that represents a relatively small proportion of consumerexpenditures.4. Other things equal, which of the following is most likely to decreasea country’s trade deficit?A. Increase its capital account surplus.B. Decrease expenditures relative to income.C. Decrease domestic saving relative to domestic investment.。
- 1、下载文档前请自行甄别文档内容的完整性，平台不提供额外的编辑、内容补充、找答案等附加服务。
- 2、"仅部分预览"的文档,不可在线预览部分如存在完整性等问题,可反馈申请退款(可完整预览的文档不适用该条件!)。
- 3、如文档侵犯您的权益，请联系客服反馈,我们会尽快为您处理(人工客服工作时间：9:00-18:30)。
Economics1. For markets with perfectly elastic supply, the introduction of a tax will most likely result in:A. a price increase and the seller pays the entire tax.B. a price increase and the buyer pays the entire tax.C. no change in price and the seller pays the entire tax.Answer: BWhen supply is perfectly elastic (horizontal supply curve) the price increases by the amount of tax and the seller passes on the entire tax burden to the buyer.2. If the quantity demanded of pears falls by 4% when the price of apples decreases by 3%, then apples and pears are best described as:A. substitutesB. complementsC. inferior goodsAnswer: AThe cross elasticity of demand is defined as the percentage change in quantity demanded divided by the percentage change in the price of a substitute or complement. If the cross elasticity of demand is positive, the goods are substitutes. In this case, the 4 % decline in quantity of pears is divided by the 3 % decline in the price of apples, which is a positive number, -4 / -3 = +1.333333. 3. Consider the following data for a firm operating in perfect competition.Quantity Total Revenue Total Cost21 $210 $13822 $220 $14523 $230 $15424 $240 $165 The fi rm’s profit-maximizing output (in units) is most likely:A. 21B. 23C. in excess of 24Answer = BUnder perfect competition, economic profits are maximized where marginal revenue equals marginal cost; in this case where marginal cost crosses $10 per unit. Profits are maximized at 23 units of production.4. For a firm in perfect competition, as the quantity of labor increases, the marginal revenue product most likely diminishes because of a decline in:A. marginal product onlyB. marginal revenue onlyC. both marginal product and marginal revenueAnswer = AFor a firm in perfect competition, as quantity of labor increases, marginal revenue product diminishes because marginal product diminishes.5. The Nash equilibrium for a duopoly faced with a “Prisoners’ Dilemma” set of choices is most likely to result in:A. both firms earn economic profitsB. neither firm earns an economic profitC. one of the firms earns an economic profit but the other firm does notAnswer = BThe Nash equilibrium for the duopoly is that both firms cheat on their collusive agreement. Prices and quantities produced are the same as those in perfect competition; neither firm earns an economic profit.6. The belief that money wage rates are sticky is least likely to be associated with:A. classical macroeconomicsB. monetarist macroeconomicsC. Keynesian macroeconomicsAnswer: ABoth Keynesians and monetarists believe that money wage rates are sticky. Classical macroeconomics does not.7. Holding the working-age population constant, if the labor force participation ratio declines while the number of people employed remains unchanged, the unemployment rate will most likely:A. increase.B. decrease.C. remain unchanged.Answer: BFor a given working-age population, a decline in the labor force participation rate, often the result of an increase in discouraged workers, reduces the labor force. If the number of people employed remains the same while the labor force is smaller, the number of workers defined to be unemployed must be smaller and the unemployment rate lower.8. Assume the U.S. Federal Reserve system (the Fed) has decided to lower interest rates in theeconomy. To carry out this policy, the Fed will most likely:A. sell securitiesB. buy securitiesC. increase required reserve ratiosAnswer = BWhen the Fed purchases securities, the Fed increases the reserves held by the banking system. These increased reserves lead to a reduction in the federal funds rate and, ultimately, to a reduction in other interest rates in the economy.9. Which of the following statements is most accurate? For a country to gain from trade it must have:A. an absolute advantage.B. a comparative advantage.C. economies of scale or lower labor costs.Answer: BA comparative advantage arises if one entity can produce an item at a lower opportunity cost than another. An absolute advantage in producing a good (or service) arises if one entity can produce that good at a lower cost or use fewer resources in its production than its trading partner. Even if a country does not have an absolute advantage in producing any of its goods, it can still gain from trade by exporting the goods in which it has a comparative advantage. The country with the lower opportunity cost (with the comparative advantage) should specialize and produce its low opportunity cost item, and the other country should produce the high opportunity cost item, trading the goods between each other to make both better off.10. In early 2011, a New Zealand traveler returned from Singapore with SGD7,500 (Singapore dollars). A foreign exchange dealer provided the traveler with the following quotes:Ratio Spot RatesUSD/SGD 1.2600NZD/USD 0.7670USD: U.S. DollarThe amount of New Zealand dollars (NZD) that the traveler would receive for his Singapore dollars is closest to:A. 4,565B. 7,248C. 7,761Answer = BThe NZD/SGD cross-rate is NZD/USD × USD/SGD = 0.7670 × 1.26 = 0.9664.The traveler will receive 0.9664 NZD per SGD; 0.9664 NZD/SGD × 7,500 SGD = 7,248 NZD.。