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.。
CFA考试一级章节练习题精选0329-35（附详解）1、An investor examines the following rate quotes for the Brazilian real and the Australian dollar:If the investor shorts BRL500,000 he will achieve a risk-free arbitrage profit (in BRL) closest to:【单选题】A.–6,327.B.1,344.C.6,405.正确答案:B答案解析:“Currency Exchange Rates,” William A. Barker, CFA, Paul D. McNelis, and Jerry Nickelsburg2013 Modular Level I, Vol. 2, Reading 21, Section 3.3Study Session 6–21–f, gExplain the arbitrage relationship between spot rates, forward rates and interest rates.Calculate and interpret a forward rate consistent with a spot rate and the interest rate in each currency.B is correct. If the right side of the following equation is greater than the left, an arbitrage opportunity exists.= Spot rate: number of units of foreign currency (price currency) per one unit of domestic currency=Forward rate: number of units of foreign currency (price currency) per one unit of domestic currency= Domestic interest rate= Foreign interest rateThe arbitrage profit is the right side of the equation minus the left side.Left side of equation: BRL500,000 × (1 + 0.041) = BRL520,500.Right Side:Arbitrage profit = BRL521,844 (right side above) – BRL520,500 (left side above) = 1,344.2、The Nash equilibrium for a duopoly faced with a “Prisoners’ Dilemma” set of choices is most likely to result in:【单选题】A.both firms earn economic profits.B.neither firm earns an economic profit.C.one of the firms earns an economic profit but the other firm does not.正确答案:B答案解析:“Monopolistic Competition and Oligopoly,” Michael Parkin2010 Modular Level I, Vol. 2, pp. 245-247Study Session 5-20-eDescribe the oligopoly games including the Prisoners’ Dilemma.The 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.3、Assume that at current production and consumption levels, a product exhibits price elasticity of demand equal to 1.20 and elasticity of supply equal to 1.45. The true economic consequences of taxes imposed on the seller of such a product are most likely borne:【单选题】A.by the seller.B.by the buyer.C.partly by the buyer and partly by the seller.正确答案:C答案解析:“Elasticity,” Michael Parkin2011 Modular Level I, Vol. 2, pp. 27-28“Markets in Action,” Michael Parkin2011 Modular Level I, Vol. 2, pp. 80-84Study Session 4-13-a; 4-15-cCalculate and interpret the elasticities of demand (price elasticity, cross elasticity, and income elasticity) and the elasticity of supply and discuss the factorsthat influence each measure.Explain the impact of taxes on supply, demand, and market equilibrium, and describe tax incidence and its relation to demand and supply elasticity.As the good exhibits neither perfectly elastic nor perfectly inelastic demand or supply (see pp. 27-28), the incidence of taxation will be shared by buyers and sellers regardless of whether the tax is placed on buyers or on sellers.4、Which of the following statements about a central bank's actions would mostlikely cause an immediate increase of the banking system's excess reserves?【单选题】A.Decreasing the policy rate.B.Selling securities in the open market.C.Decreasing the required reserve ratio.正确答案:C答案解析:降低法定存款准备金率会导致商业银行吸收存款后有更多的资金可以用于放贷，从而增加了银行系统的可贷资金余额，这种影响也最为直接。
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。
