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）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）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。

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。

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。

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.。

CFA一级经典题框架金程教育08年12月CFA一级经典题框架目录SS1 Ethical and Professional Standards (2)SS2-3 Quantitative Methods (7)SS4-6 Economics (11)SS7-10 Financial Statement Analysis (16)SS11 Corporate Finance (23)SS13-14 Equity Investments (25)SS15-16 Fixed Income (28)SS17 Derivative Investments (30)SS18 Alternative Investments (33)SS12 Portfolio Management (34)08年12月CFA一级经典题框架说明：B1-2 正5段，指该内容在Book 1，第2页，正数的第5段SS1 Ethical and Professional Standards1.(B1-11 正2段) 了解code and standard 实行的过程，分为四个步骤。

2.(B1-12 倒6段) 熟记Code总共有六点，任给四个中，问哪个不是（Except）3.(B1-17 正5段) 熟记总是遵守最严格的Standards，不得低于code4.IB (B1-18 正4段)Code不要求向主管法律机构报告，由分析师自己判断发现违规不要求向SEC汇报，但最好是汇报. 题目：有个CFA在加入个公司后发现该公司有些资料没公布，而这是违反当地的法律的，他将资料公布，但没有向当地管理机构报告，问是否违反ethics。

（不违反）5.(B1-20 倒1段) 有没有违反independence and objectivity，关键是看在顾客的眼中是不是违反了；modest gifts and arrangements are not unusual问题：the analyst wrote a research report based on the fact that earnings wereoverestimated. The CEO of the company (on which the report was written) sent acomplaint to the analyst's boss saying that the employees explained to hersomething (don't remember what), but the analyst did not agree on that. Did theanalyst violate the CFA Standards? （No，他坚持了专业意见）做研究调查时，路费与食宿自理.情景：被调查公司的高管是该分析师大学同学，他们关系很好，以前一起打网球，同学请其在学校咖啡馆. 没有违反。

C F A一年级例题Company Document number：WTUT-WT88Y-W8BBGB-BWYTT-19998CFA一级例题（一）答案1、A stated objective of the CFA Institute's Global Investment Performance Standards (GIPS) is to:A. encourage individual investment companies to develop the Code of Ethics internally.B. foster superior investment performance and return among CFA Institute members.C. promote the notion of self-regulation.D. support the standards developed internationally by top-performing investment companies.(key: C, the objectives of GIPS are most commonly tested topics in the examination)2、Jack, CFA, is head of the equities research department for ABC Asset Management. Jack sent a memo to all equity analysts stating that, in the future, their involvement in ABC's investment banking transactions as well as the number and quality of their research report would be rewarded in ABC's annual performance evaluation of each analyst. The memo asked the analysts to provide detailed information regarding their participation in the origination, execution, and follow-up for each transaction. According to the CFA Institute Standards of Practice Handbook, Jack:A. did not violate any AIMR Standards.B. violated only CFA Institute's Standard relating to misrepresentation.C. violated only CFA Institute's Standard relating to responsibilities of supervisors.D. violated CFA Institute's Standards relating to both misrepresentation and disclosure of compensation arrangements.(key:C,why The key is that the staff conduct the investment banking and research, which are in conflict in nature, therefore the supervisors should be responsible for the existence of the conflict of interest)3、Under the Prudent Man Rule, trustees need nm set the proper balance of proprieties between:A. principal protection and current income.B. the interest of trustees and the interests of beneficiaries.C. expected income and probable safety of capital.D. the interest of current beneficiaries and the interest of the remainderman and secondary beneficiaries.(Key: B, the fiduciary should balance the interest between the beneficiaries, and there is no duty to the sponsor under any circumstances)4、The CFA Institute Standards of Practice Handbook is least likely to require a member or member's firm to disclose which of the following to clients and prospective clients？A. Market-making activities.B. Underwriting relationships.C. Service as directors of a company's board.D. Obligation to abide by CFA Institute's Code of Ethics and Standards of Professional Conduct.(Key: D, Generally speaking, MCC should disclose the conflict of interest to clients and prospects, including underwriting position, corporate finance relationship, directorship, and financial and other pressure)5、7. According to the CFA Institute Standards of Practice handbook, insider trading is the least likely to be prevented by establishing:A. fire walls.B. watch list.C. restricted list.D: selective disclosure.(Key: D)。

C F A L e v e l1经典模拟试题1200道【一份十分经典的专业资料，打灯笼都找不到的好资料】8Schweser Printable Tests - Level 1 - EXAM 1 Morning - 180Schweser Printable Tests - Level 1 - EXAM 1 Morning - 180SScchhwweesseerrPPrriinnttaabblleeTTeessttss--LLeevveell11-- EEXXAAMM11MMoorrnniinngg--118800minutes - Level 1 - EXAM 1 Morningminutes - Level 1 - EXAM 1 Morningmmiinnuutteess--LLeevveell11--EEXXAAMM11MMoorrnniinnggYoucanprint thispagebygoing tofile- printinyourinternetbrowserEthics - 18 Questions - 27 minutesEthics - 18 Questions - 27 minutesEEtthhiiccss--1188uueessttiioonnss--2277mmiinnuutteessQuestion1 - 23379Based on AIMRs Standards of Professional Conduct which of the following statements are aviolation of Standard IV B6 Prohibition against MisrepresentationA young trainee bond trader tells a prospective client that she can assist the clientin all the clients investment needs equity fixed income and derivatives and basedAon her years of experience as an analyst in the business that an investment lookslikeit has lots of potentialB Allof theseAn investment manager recommends to a prospective client an investment inC mortgage IO strips because they are guaranteed by an agency of the federalgovernmentA broker says XYZ stock is 100 guaranteed to double in value over the next sixDmonthsQuestion2 - 28161According to AIMRs Standards of Professional Conduct Standard I B FundamentalResponsibilities members shall not knowingly participate or assist in legal and ethicalviolations An analystmust report all legal violations to the proper regulatory commission and is heldA responsible for participating in illegal acts when the law is evident to anyoneknowing the lawis held responsible for violations by others when the analyst is unaware of the factsBgiving rise to the violationis held responsible for participating in illegal acts when the law is evident to anyoneC knowing the law and can participate in a violation by having knowledge of theviolation and taking no action to stop it or disassociate from itis held responsible for participating in illegal acts when the law is evident to anyoneD knowing the law and is held responsible for violations by others when the analyst isunaware of the facts giving rise to the violationQuestion3 - 28162Which of the following is a violation based on AIMRs Standards of Professional ConductA portfolio manager accepts free trades from XYZ for her personal account forAdirecting the portfolios trades to XYZ She does not inform her manager sincethere is no cashinvolvedAfter informing his manager a portfolio manager accepts money for giving a brokerBinformation relating toa clients financial standingA portfolio manager is offered a free vacation to increase performance At the endC of the year performance is up and the manager accepts the vacation after informinghis manager of the factA portfolio manager is unexpectedly offered a vacation at year-end from a clientD who was pleased with their portfolios performance The manager accepts thevacation after informing her manager of the factQuestion4 - 28165Based on AIMRs Standards of Professional Conduct which of the following statements are aviolation of Standard IV B6 Prohibition against MisrepresentationA young trainee bond trader tells a prospective client that she can assist the clientin all the clients investment needs equity fixed income and derivatives and basedAon her years of experience as an analyst in the business that an investment lookslikeit has lots of potentialAn investment manager recommends to a prospective client an investment inB mortgage IO strips because they are guaranteed by an agency of the federalgovernmentA broker says XYZ stock is 100 guaranteed to double in value over the next sixCmonthsD Allof theseQuestion5 - 28167NOTNOTWhich one of the following is NNOOTT consistent with AIMRs Performance PresentationStandardsA Cash and cash equivalents must be included in composite returnsAll actual fee paying discretionary portfolios should be included in at least oneBcompositeInvestment performance is the record of the manager not the firm all changes inC personnel should be accounted for by adjusting the composites performancehistoryPresentation of performance may be either gross or net of investment managementDfees as long as the method and the fee schedule are disclosedQuestion6 - 28168Under the Employee Retirement Income Security Act ERISA a person is a fiduciary if he orshehas discretionary authority in the administration ofthe pension plan rendersAinvestment advice for a fee with respect to a pension plans assets exercises anydiscretionary authority with the management of the pension plan or its assetsB has an executive position in the firm sponsoring the pension planhas an executive position in the firm sponsoring the pension plan has discretionaryCauthority in the administration of the pension planexercises any discretionary authority with the management of the pension plan orDits assetsQuestion7 - 29219There are four components of the AIMRCode of Ethics All of the following are part of theEXCEPTEXCEPTCode of Ethics EEXXCCEEPPTTPracticeand encourage others to practicein a professional and ethical manner thatAwill reflect credit on members and their professionStrive to maintain and improve the competence of regulatory bodies such as theBSecurities and Exchange Commission SECC Strive to maintain and improve the competence of others in the professionD Use reasonable care and exercise independent professional judgmentQuestion8 - 29220AIMRbelievesthat a imum level of professional responsibility and conduct dictates thatA members be aware of and comply with laws rules and regulations governing theirconductcompanies should set standards based on the ethics of upper management andBthe board of directorsthat firms should comply with all domestic laws and regulations and that these lawsC also govern behavior in foreign markets regardless of foreign laws andrequirementsthat a minimum level of professional responsibility and conduct dictates thatD members be aware of and comply with laws rules and regulations governing theirconductQuestion9 - 29221TRUETRUEWhich of the following statements about the AIMRCode and Standards is TTRRUUEE The Codeand Standardsrequire that members report legal violations to the appropriate governmental orAregulatory organizationdo not require that members report legal violations to the appropriate governmentalBor regulatory organizationexpect members to resign from their jobs to disassociate themselves from clientsCengaging in illegal activitiesD expect members to persuade the perpetrator to cease illegal activitiesQuestion10- 29222EXCEPTEXCEPTAllof the following are appropriate uses of the CFA designation EEXXCCEEPPTTA Jeremy Salyers CFAB Joanne Silbourne is a CFAcharterholderI as a CFA charterholder expect to outperform the market because CFAC charterholders have on average outperformed the SP in 95 percent of the last 50yearsI have earned the CFA designation by passing three exams having sufficient workDexperience and becoming a member of AIMRQuestion11- 29223NOTNOTWhich of the following would NNOOTT violate AIMR 畳 s rules regarding personal integrity andbehaviorA driving under the influence DUI conviction that results in the loss of onesAdrivers license for six monthsB Stealing a car and going to prison for 18 monthsA misdemeanor conviction that results from lying about your income on your taxCreturnD Cheating on an MBA preliminary exam and being expelled from the UniversityQuestion12- 29224When must an analyst give credit to the firm 抯own research staff for research analysisA When sending printed materials toclientsB When discussing research with a clientC In a professional witness situationD In inter-office communicationsQuestion13- 29225NOTNOTAn AIMR member is NNOOTT required to notify her supervisor in writing of the AIMR Code andStandards under which of the following circumstancesThe employer has indicated a willingness to adopt AIMRs Code and StandardsAand the supervisor is an AIMR memberThe employer has a high ethical standard much of which is reflected in writing inBthe firms Mission StatementC The supervisor is an AIMR memberThe employer has publicly acknowledged in writing that they have adopted theDAIMR Code and StandardsQuestion14- 29226When an AIMRmember who is presently employed by a firm undertakes any independentEXCEPTEXCEPTpractice he must do all of the following EEXXCCEEPPTTA secure written permission from the employerremand a percentage to be determined by the employee and employer of theBincome earned back to the employerC secure written permission from the outside firmdisclosethe identity of their employer to clients and prospective clients and the factDthat they are performing independently of the employerQuestion15- 29227FALSEFALSEWhich of the following statements regarding employeeemployerrelationships is FFAALLSSEEA A written contract may or may not exist between employer and employeeThe employer has the power to control and direct the details of how work is to beBperformedThere must be monetary compensation for an employeremployee relationship toCexistD An employee is someone in the service of anotherQuestion16- 29228Withrespect toStandard III E Responsibilities of Supervisors compliance supervisors andEXCEPTEXCEPTcompliance officers should do all of the following EEXXCCEEPPTTA disseminate the compliance proceduresincorporate a professional conduct evaluation into the employees performanceBreviewhold hearings with representatives from the firm to decide whether violations haveCoccurred and the level of severity of the violationsD review employee actions to ensure compliance and identify violatorsQuestion17- 29229Brett Germaine is an AIMRmember who manages client portfolios He has the power to buyand sellsecurities on behalf of his clients His mother is a client and Brett manages her trustWithrespect tohis mother 抯 account he musttreat her account with a bit more care and concern giving her advance notice ofAinformation like recommendation changestreat her account with less care and concern than his other accounts soas to avoidBthe appearance of favoritism and comply with the Code and Standardsnot takehis mothers account because it is a violation of the Code and Standards toCmanage a family members account or trusttreat her account like any other firm account and should not give her accountDspecial treatment or disadvantageQuestion18- 29230In a tough decision to leave Greenberg and Associates Jillian Cross CFA decides to seekemployment with a competing firm She decides that her current management team isessential to her ability to do her job and plans to convince the others to come with her whenshe leaves She also plans to take her client list with her because she has tostart somewherein building a book of business Jillian isA out of compliance only in taking the client listB out of compliance only in trying to get her employees tocome with herout of compliance with Standard III B Duty to Employer on bothC counts-attempting to take her management team with her and misappropriating theclient listD in complianceQuantitative Analysis - 18 Questions - 27 minutesQuantitative Analysis - 18 Questions - 27 minutesuuaannttiittaattiivveeAAnnaallyyssiiss--1188uueessttiioonnss-- 2277mmiinnuutteessQuestion19- 18868There are 35 observations arrayed in a stem and leaf display What is the mode and median ofthis data5 01135666896 002222355678897 00223456678A62 and 65B60 and 63C65 and 62D 625 and 625Question20- 18871Use the following data to evaluate an investment portfolio that holds one share of each of threefirms A B and C that do not pay dividendsBeginningEndingStocksYearPriceYearPriceA 1020B 5060C 100 110What is the average rate return of the portfolioA 625B 1225C 1875D 4333Question21- 18872FALSEFALSEWhich of the following statements is FFAALLSSEEA The interquartile range contains half the data points in the data setThe interquartile range is set at half the distance between the largest and smallestBnumber in the data setIf the median is on the left side of the interquartile range the data is skewed to theCleftDownside outliers are those observations below the first quartile less 15 times theDinterquartile rangeQuestion22- 18873Use the following data tocalculate the standard deviation about the expected return50 chance of a 12 return30 chance of a 10 return20 chance of a 15 returnBull A25 B30 C17 D33Question23- 18874Based on the following data what is ABC Cos projected growth rateBear NormalBear Normal BullBBeeaarr NNoorrmmaall BBuullllProbability 30 40 30ROE 10 15 30b 60 4030A50B70C75D69Question24- 29390Justin Banks just won the lottery and is trying to decide between the annual cash flow paymentoption or the lump sum option Justin can earn 8 at the bank and the annual cashflow optionbeginningtodaybeginningtodayis 100000year bbeeggiinnnniinnggttooddaayy for 15 years What is the annual cash flow option worth toJustin todayA 85594787B 150000000C 108000000D 92442370Question25- 29391Given the following sample data find the standard deviation of the returns to stockA and stockBStockAStockBYear 1 1620Year 2 20 24Year 3 12 10A Std Dev A 33 Std DevB 59B Std Dev A 40 Std Dev B 72C Std Dev A 57 Std Dev B 102D Std Dev A 63 Std Dev B 112Question26- 29394An investor is considering two investments Stock A has a mean annual return of 16 percentand a standard deviation of 14 percent Stock B has a mean annual return of 20 percent and astandard deviation of 30 percent Calculate the coefficient ofvariation CV of each stockTRUETRUEWhich of the following statements is TTRRUUEEA StockA CV 0875 has more dispersion relative to the mean than stock BB StockA CV 0875 has less dispersion relative to the mean than stock BC StockA CV 114 has more dispersion relative to the mean than stock BD StockA CV 114 has less dispersion relative to the mean than stock BQuestion27- 29395The probability of a boom economy is 40 percent The probability of Yacht Co having a 50percent return given a boom economy is 80 percent Find the joint probability of a boomeconomy and a 50 percent return for Yacht CoA 020B 032C 040D 050Question28- 29397Janet Jacobs intends to start saving for retirement today in an IRA If she invests 3000yeareach year starting at the end of year 1 how much will she accumulated after 40 years if sheexpects to earn 12 percent over the periodA 230127426B 257742717C 27915291D 12000000Question29- 29398Johnson Inc manages a growth portfolio of equity securities that has amean monthly return of145 and a standard deviation of 108 The SP 500 has a mean monthly return of 12and a standard deviation of 68 The mean monthly return on T-bills is 030 CalculateSharpe 抯 reward-to-variability ratio for the growth portfolio and for the SP 500 Whichof theTRUETRUEfollowing statements is TTRRUUEEBased on a reward-to-variability ratio the growth portfolio is preferable to the SPA500B The growth portfolio has more excess return per unit of risk than the SP 500C An investor would always prefer the SP 500 to the growth portfolioBased on a reward-to-variability ratio the SP 500 is preferable to the growthDportfolioQuestion30- 29399Sarah Parker is buying a new 25000 car Her trade-in is worth 5000 soshe needs toborrow 20000 The loan will be paid in 48 monthly installments and the annual interest rateon the loan is 75 If the first payment is due at the end of the first month what is Sarah 抯monthly car paymentA 48057B 48358C 41667D 42763Question31- 18557TRUETRUEWhich of the following statements are TTRRUUEEI The mean of a sample of five numbers 5 2 4 5 4 is ∑X n-1 5II The standard error of the sample means of the numbers above is s n-1 752III The variance of a sample of five numbers 5 2 4 5 4 is ∑ X - X n-1 15IV The sampling error is the difference between a sample statistic and its correspondingpopulation parameterA III and IV onlyB III onlyC I II and III onlyD I II III and IVQuestion32- 28156An analyst conducts a two-tailed z-test to determine if small cap returns are significantlydifferent from 10 percent The sample sizewas 200 The computed z- statistic is 23 Using a 5TRUETRUEpercent confidence level which statement is TTRRUUEEA You cannot determine what to do with the information givenB A sample size of 200 indicates that the null should be acceptedAccept the null hypothesis and reject the alternative hypothesis That is small capCreturns are not significantly different from 10Reject the null hypothesis and accept the alternative hypothesis That is small capDreturns are significantly different from 10Question33- 28158TRUETRUEWhich of the following statements are TTRRUUEEI A two-tailed test on a large sample with a significance level of 01 has confidenceintervals of 196 s nII A hypothesized mean of 3 a sample mean of 6 and a standard error of the samplingmeans of 2 give a sample Z-statistic of 15III A Type I error is rejecting the null hypothesis when it was true and a Type II error isaccepting the alternative hypothesis when it is falseIV When the sample Z-statistic is greater than the critical Z- statistic in a two-tailed testyou should reject the null hypothesis and accept the alternative hypothesisA I and III onlyB II and IV onlyC II III and IV onlyD I II III and IVQuestion34- 29392EXCEPTEXCEPTAllof the following are properties of the student 抯 t-distribution EEXXCCEEPPTT itA is symmetricalB has "fatter tails" than a normal distributionC is defined by a single parameter the degrees of freedom dfD is a normal distributionQuestion35- 29393The mean return of Bartlett Co is 3 percent and the standard deviation is 6 percent based on20 monthly returns What is the standard error of the sampleA 200B 067C 050D 134Question36- 29396FALSEFALSEWhich of the following statements is FFAALLSSEE regarding hypothesis testingA An analyst can perform a one-tailed or a two-tailed testB A type I error is acceptance of a hypothesis that is actually falseC A type II error is the acceptance of a hypothesis that is actually falseD The significance level is the risk of making a type I errorEconomics - 14 Questions - 21 minutesEconomics - 14 Questions - 21 minutesEEccoonnoommiiccss--1144uueessttiioonnss--2211mmiinnuutteessQuestion37- 28109Under rational expectations a shift to a more expansionary economic policy wouldA fail to reduce the unemployment rate in either the short or long termB reduce the short run unemployment rate but not the long term rateC reduce the long and short term unemployment rateD reduce the long run unemployment rate but not the short term rateQuestion38- 29047TRUETRUEWhich of the following statements about the basic functions of money is TTRRUUEEWhen money is defined as a medium of exchange it means that money enablesAvalue to be stored and transportedB Moneys value is directly related to the level of pricesPaper money allows consumers to defer consumption encourages division ofClabor and is the best store of valueD Moneys function as a unit of account allows individuals to account for debtsQuestion39- 29283You are expecting an additional payment of 2000 of income this year You intend to save500 of the 2000 According to the multiplier effect total spending will increase by a totalamount ofA 1500B 4000C 6000D 2500Question40- 29284Changes in the budget deficit due to government actions are calledA mandatory fiscal policyB Keynesian policyC monetary policyD discretionary fiscal policyQuestion41- 29286FALSEFALSEWhich of the following statements is FFAALLSSEE regarding the process by which fiscal policyaffects aggregate demand and aggregate supply The results of restrictive fiscal policy areA lower prices and reduced outputB impossible to predict with respect toprices and outputC a shift downward and to the right in the aggregate demandcurveD higher prices and higher outputQuestion42- 29287Which of the following statements regarding budget deficits inflation and interest rates isFALSEFALSEFFAALLSSEEThe crowding out model implies budget deficits will decrease the demand forAloanable funds and put downward pressure on the real rate of interestThe crowding out model implies budget deficits will increase demand for loanableBfunds and put upward pressure on the real rate of interestC Empirical studies show a weak relationship between deficits and real interest ratesThe new classical model implies that higher expected future taxes will stimulateD additional savings and thereby permit the government to expand borrowing at anunchanged interest rateQuestion43- 29288Bank required reserves are theimum reserves required by law earn interest and may not be loaned toA。

CFA一级笔记第三部分经济学CFA一级考试知识点第三部分经济学需求函数demand function Q x d=f(P x , I , P y…)Q x d为商品X的需求量；P x为商品X的价格； I 为消费者收入；P y为其他相关商品的（替代品或互补品）Y的价格。

需求曲线公式也可以简化为Q x d = f(P x)，需求曲线与需求函数式互为反函数，被称为反需求函数P x = f(Q x d)ΔPΔQ需求曲线，ΔP是价格的变化量、ΔQ是需求量的变化量，横坐标是需求曲线Q，纵坐标是价格P ，图形是个向右下倾斜的曲线。

需求价格弹性，衡量商品需求对价格变化的敏感程度E px dE px d= (ΔQ x dΔP x ) (P xQ x d) 其中ΔQ x dΔP x是需求函数的斜率，不是需求曲线的斜率。

如果题目中表达式是：Q=10-2P，则ΔQ x dΔP x =-2，如果P=5-1/2Q，ΔQ x dΔP x等于-1/2的倒数，即ΔQ x dΔP x=-2曲线弹性绝对值大于1，富有弹性elastic曲线弹性绝对值小于1，缺乏弹性inelastic曲线弹性绝对值等于1，单位弹性unit elastic需求价格弹性的因素：替代品的可得性availability of substitutes与相似性closeness of substitutes、该商品展消费者总预算的比例、反应时间、商品服务的必要性。

商品富有弹性E px d＞1，价格下降需求量上升幅度会超过商品下降幅度，从而总收入或总支出增加，商品富有弹性时，价格和总收入或总支出呈反向关系。

E px d＜1时，商品缺乏弹性，价格和总收入或总支出呈正向关系。

飞机经济舱富有弹性，降价会提高整体收入，商务舱价格弹性低，打折会使得整体收入降低。

交叉弹性为正是替代品交叉弹性为负是互补品收入弹性为正是正常品（奢侈品）收入弹性为负是低档品（劣质品）需求量增加的为正效应、需求量减少的为负效应。

CFA备考之CFA一级习题精选及解析Case1. Bryan Barrett, CFA, provides investment advice on gold and other hard assets to several large institutions. To broaden his business and meet increased interest in these assets from retail customers, Barrett advertises his services in publications that serve a general audience. As the client base for the institutions that Barrett serves is large, he is comfortable stating in the ads that thousands of his clients have benefited from his advice. Does Barrett’s advertisement violate any CFA Institute Standards of Professional Conduct?A. No.B. Yes, related to Misrepresentation.C. Yes, related to Communication with Clients.2. An analyst finds that the probability of stock A outperform the market is 60%. What is the odds for of the stock Aunderperform the market?A. 2/3B. 1/3C. 3/23. A profit maximum is least likely to occur when:A. average total cost is minimized.B. marginal revenue equals marginal cost.C. the difference between total revenue and total cost is maximized.4. Under the IASB Conceptual Framework, one of the qualitative characteristics of useful financial information is that different knowledgeable users would agree that the information is a faithful representation of the economic events that it is intended to represent. This characteristic is best described as:A. Verifiability.B. Comparability.C. Understandability.5. An analyst gathered the following Information about the capital structure and before-tax component costs for a company. The company’s marginal tax rate is 40%.The company’s weighted average cost of capital (WACC) is closest to:A. 8.55%.B. 9.95%.C. 10.00%.6. Which of the following statements is most accurate with respect to rebalancing and reconstitution of security market indices?A. Equal weighted indices require frequent rebalancing.B. Turnover within an index results from a reconstitution but not from rebalancing.C. A price-weighted index requires rebalancing more than a market capitalization weighted index.7. A mechanism by which an issuer may be able to offer additional bonds to the general public without preparing a new and separate offering circular best describes:A. The grey marketB. A shelf registrationC. A private placement8. Consider a put option on Deter, Inc., with an exercise price of $45. The current stock price of Deter is $52. What is the intrinsic value of the put option, and is the put option at-the-money or out-of-the-money?9. Which of the following investments most likely provides an investor with indirect, equity exposure to real estate?A. Real estate investment trusts.B. Real estate limited partnerships.C. Commercial mortgage backed securities.10. An analyst gathered the following information about a portfolio comprised of two assets:If the correlation of returns for the two assets equals 0.75, then the expected return and expected standard deviation of the portfolio are closest to:1. Solution: B.As Barrett’s client base is made up of a small number of lar ge institutions, stating in the advertisement that his customer base is a larger number is a misrepresentation and a violation of Standard I (C). In addition, since the advertisement focuses only on the benefits and does not mention the potential risks of these investments, it is also potentially misleading to clients.2. Solution: A.The probability of underperform = 1–60% = 40%The odds for of underperform = 40%/60% = 2/33. Solution: A.The quantity at which average total cost is minimized does not necessarily correspond to a profit maximum.4. Solution: A.Under the International Accounting Standards Board’s Conceptual Framework, verifiability is the qualitative characteristic that means that different knowledgeable and independent users would agree that the information presented faithfully represents the economic events that it is intended to represent.5. Solution: B.As the target capital weights are not given, you can use market value weights to compute the WACC. The market value weights for debt, preferred stock and equity are 0.2667, 0.0667, and 0.6667 respectively.WACC=Wd * rd (1 -t) + Wp * rp + Wce * rce= 0.2667 * 8% (1 - 0.4) + 0.0667 * 10% + 0.6667 * 12% = 9.95%6. Solution: A.After an equal weighted index is constructed and the prices of constituent securities change, the index is no longer equally weighted. Therefore, maintaining equal weights requires frequent adjustments (rebalancing) to the index.7. Solution: B.A shelf registration allows certain authorized issuers to offer additional bonds to the general public without having to prepare a new and separate offering circular. The issuer can offer multiple bond issuances under the same master prospectus, and only has to prepare a short document when additional bonds are issued. A is incorrect because the grey market is a forward market for bonds about to be issued. C is incorrect because a private placement is a non-underwritten, unregistered offering of bonds that are not sold to the general public but directly to an investor or a small group of investors.8. Solution: B.The option has an intrinsic value of $0, because the stock price is above the exercise price. Put value is MAX (0, X-S). Equivalently, the option is out-of-the-money.9. Solution: A.Real estate investment trusts (REITS) provide investors with indirect, equity real estate exposure. Real estate investment partnerships are a form of direct real estate equity investment. Commercial mortgage backed securities (CMBS) provides investors with indirect, debt investment opportunities in real estate.。

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.。

金程cfa一级选拔考试答案金程CFA一级选拔考试答案1. 以下哪项不是CFA考试一级中伦理与职业标准（Ethics）部分的主要内容？A. 专业行为准则B. 全球投资绩效标准C. 投资组合管理D. 职业行为标准答案：C2. 在CFA一级考试中，关于投资工具（Investment Tools）部分，以下哪项不是固定收益证券的主要特征？A. 定期支付利息B. 到期还本付息C. 通常具有较低的收益率D. 通常具有较高的风险答案：D3. 在CFA一级考试中，关于经济学（Economics）部分，以下哪项不是宏观经济分析的关键要素？A. 国内生产总值（GDP）B. 通货膨胀率C. 失业率D. 公司盈利增长率答案：D4. 在CFA一级考试中，关于财务报表分析（Financial Reporting and Analysis）部分，以下哪项不是财务报表分析的主要目的？A. 评估公司的盈利能力B. 评估公司的流动性C. 评估公司的偿债能力D. 预测公司的股价走势答案：D5. 在CFA一级考试中，关于公司金融（Corporate Finance）部分，以下哪项不是资本预算决策的主要方法？A. 净现值（NPV）B. 内部收益率（IRR）C. 回收期（Payback Period）D. 股票价格分析答案：D6. 在CFA一级考试中，关于投资组合管理（Portfolio Management）部分，以下哪项不是投资组合构建的基本步骤？A. 确定投资目标B. 选择投资工具C. 计算投资组合的预期收益D. 预测市场趋势答案：D7. 在CFA一级考试中，关于衍生品（Derivatives）部分，以下哪项不是期货合约的主要特点？A. 标准化合约B. 杠杆效应C. 有限的损失风险D. 每日结算制度答案：C8. 在CFA一级考试中，关于另类投资（Alternative Investments）部分，以下哪项不是对冲基金的主要策略？A. 长短仓策略B. 事件驱动策略C. 市场中性策略D. 固定收益策略答案：D9. 在CFA一级考试中，关于数量分析（Quantitative Methods）部分，以下哪项不是描述统计分析的主要工具？A. 均值B. 中位数C. 众数D. 回归分析答案：D10. 在CFA一级考试中，关于伦理与职业标准（Ethics）部分，以下哪项不是CFA协会对会员的期望？A. 遵守专业行为准则B. 维护投资者利益C. 避免利益冲突D. 追求个人最大利益答案：D。

CFA考试《CFA一级》历年真题精选及详细解析1006-52CFA考试《CFA一级》历年真题精选及详细解析1006-521、A commodity market is in contango when futures prices are:【单选题】A.lower than the spot price.B.higher than the spot price.C.the same as the spot price.正确答案:B答案解析:“Investing in Commodities”, Global Perspectives on Investment Management: Learning from the Leaders, edited by Rodney N. Sullivan, CFA2011 Modular Level I, Volume 6, pp. 262Study Session 18-75-aExplain the relationship between spot prices and expected future prices in terms of contango and backwardation.B is correct. When a commodity market is in contango, futures prices are higher than the spot price because market participants believe the spot price will be higher in the future.2、When analyzing the value of a single normally distributed populations variance,the most appropriate test is a(n) :【单选题】A.chi-squared test.B.paired comparison test.C.F-test.正确答案:A答案解析:检验单个总体方差是否等于某个数值用开方检验。

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.。