国外精算师考试习题--经济学核心技术

金融精算考试题及答案解析一、单项选择题（每题2分，共20分）1. 精算学中，用于评估未来现金流的现值的折现率是（）。

A. 市场利率B. 风险利率C. 无风险利率D. 预期收益率答案：C2. 在寿险精算中，死亡率表的主要作用是（）。

A. 预测未来的疾病发生率B. 计算保险产品的定价C. 评估保险公司的财务状况D. 确定保险合同的条款答案：B3. 以下哪项不是寿险精算中常用的生命表类型（）。

A. 选择表B. 经验表C. 综合表D. 精算表答案：D4. 年金现值的计算公式为（）。

A. PV = P * (1 + r)^nB. PV = P / (1 + r)^nC. PV = P * (1 - (1 + r)^-n) / rD. PV = P / (1 - (1 + r)^-n) * r答案：C5. 以下哪项是金融衍生品的基本功能（）。

A. 风险转移B. 资产增值C. 投资组合管理D. 以上都是答案：D6. 以下哪项不是金融监管的主要目的（）。

A. 保护投资者B. 维护市场稳定C. 促进金融创新D. 预防和控制金融风险答案：C7. 以下哪项是债券定价的基本原理（）。

A. 债券价格等于其未来现金流的现值B. 债券价格与其票息率成正比C. 债券价格与其到期收益率成反比D. 债券价格与其信用等级成正比答案：A8. 以下哪项是信用风险管理的主要工具（）。

A. 信用评级B. 信用衍生品C. 信用保险D. 以上都是答案：D9. 以下哪项是金融工程的主要应用领域（）。

A. 资产证券化B. 风险管理C. 金融产品设计D. 以上都是答案：D10. 以下哪项是金融市场的基本功能（）。

A. 资金筹集B. 价格发现C. 风险管理D. 以上都是答案：D二、多项选择题（每题3分，共15分）1. 精算师在进行寿险产品定价时需要考虑的因素包括（）。

A. 死亡率B. 投资收益率C. 管理费用D. 税收政策答案：ABCD2. 以下哪些属于金融市场的参与者（）。

中国精算师准精算师（国际金融学）考试（150分）1、以外币表示的，用以进行国际清偿的支付手段和资产是( )。

【单选题】（5.0分）A.A．外汇B.B．国际储备C.C．国际资产D.D．政府资产E.E．国际收支正确答案: A答案解析: 外汇是国际汇兑的简称，是指外国货币或以外国货币表示的资产。

一国货币当局持有的外币资产称为外汇储备。

2、下列关于第二类错误的说法，不正确的是( )。

【单选题】（5.0分）A.是在原假设真实的条件下发生的B.是在原假设不真实的条件下发生的C.取决于原假设与实际值之间的差距D.原假设与实际值之间的差距越大，犯第二类错误的可能性越小E.原假设与实际值之间的差距越小，犯第二类错误的可能性越大正确答案: A答案解析: 第二类错误是原假设不成立，我们却错误地接受它;它取决于原假设与实际值之间的差距;原假设与实际值之间的差距越大，犯第二类错误的可能性越小，原假设与实际值之间的差距越小，犯第二类错误的可能性越大3、( )的买卖主要为了避免汇价波动所造成的外汇风险。

【单选题】（5.0分）A.A．即期外汇B.B．远期外汇C.C．非贸易外汇D.D．现汇E.E．掉期外汇正确答案: B答案解析: 远期外汇交易，是指买卖双方成交后，并不立即办理交割，而是按照所签订的远期合同规定，在未来的约定日期办理交割的外汇交易。

其目的主要是套期保值和投机，套期保值是为避免汇率变动造成的外汇风险；投机是从汇率变动中赚取利润。

4、如果远期外汇比即期外汇便宜，两者之间的差额为( )。

【单选题】（5.0分）A.A．平价B.B．贴水C.C．顺水D.D．升水E.E．降水正确答案: B答案解析: 即期汇率与远期汇率之间常常有一定的差价：远期汇率高于即期汇率称为升水；远期汇率低于即期汇率称为贴水。

升水表示期汇比现汇贵；贴水表示期汇比现汇便宜。

5、即期外汇交易又称为( )。

【单选题】（5.0分）A.A．现汇交易B.B．外汇当日交易C.C．期货交易D.D．外汇期权交易E.E．平价交易正确答案: A答案解析: 即期外汇交易又称现汇交易，是指买卖双方成交后，在两个营业日内办理交割的外汇买卖。

精算师考试练习题精算师考试练习题SOCIETY OF ACTUARIES/CASUALTY ACTUARIAL SOCIETYEXAM FM FINANCIAL MATHEMATICSEXAM FM SAMPLE QUESTIONSCopyright 2005 by the Society of Actuaries and the CasualtyActuarial Society Some of the questions in this study note are taken from past SOA/CAS examinations. FM-09-05 PRINTED IN U.S.A. 11/08/04 2 These questions are representative of the types of questions that might be asked of candidates sitting for the new examination on Financial Mathematics (2/FM). These questions are intended to represent the depth of understanding required of candidates. The distribution of questions by topic is not intended to represent the distribution of questions on future exams.11/08/04 31.Bruce deposits 100 into a bank account. His account is credited interest at a nominal rate of interest of 4% convertible semiannually.At the same time, Peter deposits 100 into a separate account. Peter’s account is credited interest at a force of interest of . After 7.25 years, the value of each account is the same.Calculate .(A) 0.0388(B) 0.0392(C) 0.0396(D) 0.0404(E) 0.041411/08/04 42.Kathryn deposits 100 into an account at the beginning of each 4-year period for 40 years. The account credits interest at an annual effective interest rate of i. The accumulated amount in the account at the end of 40 years is X, which is 5 times the accumulated amount in the account at the end of 20 years.Calculate X.(A) 4695(B) 5070(C) 5445(D) 5820(E) 619511/08/04 53.Eric deposits 100 into a savings account at time 0, which pays interest at a nominal rate of i, compounded semiannually.(B) 9.26%(C) 9.46%(D) 9.66%(E) 9.86%11/08/04 64.John borrows 10,000 for 10 years at an annual effective interestrate of 10%. He can repay this loan using the amortization method with payments of 1,627.45 at the end of each year. Instead, John repays the 10,000 using a sinking fund that pays an annual effective interest rate of 14%. The deposits to the sinking fund are equal to 1,627.45 minus the interest on the loan and are made at the end of each year for 10 years. Determine the balance in the sinking fund immediately after repayment of the loan.(A) 2,130(B) 2,180(C) 2,230(D) 2,300(E) 2,37011/08/04 75.An association had a fund balance of 75 on January 1 and 60 on December 31. At the end of every month during the year, the associationdeposited 10 from membership fees. There were withdrawals of 5 on February 28, 25 on June 30, 80 on October 15, and 35 on October 31.Calculate the dollar-weighted (money-weighted) rate of return for the year.(A) 9.0%(B) 9.5%(C) 10.0%(D) 10.5%(E) 11.0%11/08/04 86.A perpetuity costs 77.1 and makes annual payments at the end of the year. The perpetuvtw paws 1 at the end of wear 2, 2 at the end of wear 3, …., n at the end of year (n+1). After year (n+1), the payments remain constant at n. The annual effective interest rate is 10.5%.Calculate n.(A) 17(B) 187.1000 is deposited into Fund X, which earns an annual effective rate of 6%. At the end of each year, the interest earned plus an additional 100 is withdrawn from the fund. At the end of the tenth year, the fund is depleted.The annual withdrawals of interest and principal are deposited into Fund Y, which earns an annual effective rate of 9%. Determine the accumulated value of Fund Y at the end of year 10.(A) 1519(B) 1819(C) 2085(D) 2273(E) 243111/08/04 108.You are given the following table of interest rates:Calendar Year Portfolioof Original RatesInvestment Year Rates (in %) Investment (in %)i1y i2y i3y i4y i5y y iy+51992 8.25 8.25 8.4 8.5 8.5 8.351993 8.5 8.7 8.75 8.9 9.0 8.61994 9.0 9.0 9.1 9.1 9.2 8.851995 9.0 9.1 9.2 9.3 9.4 9.11996 9.25 9.35 9.5 9.55 9.6 9.359.7 1997 9.5 9.5 9.6 9.71998 10.0 10.0 9.9 9.81999 10.0 9.8 9.72000 9.5 9.5P: under the investment year methodQ: under the portfolio yield methodR: where the balance is withdrawn at the end of everyyear and is reinvested at the new money rate Determine the ranking of P, Q, and R.P Q R (A)(B) P R Q(C) Q P R(D) R P Q(E) R Q P11/08/04 119.A 20-year loan of 1000 is repaid with payments at the end of each year. Each of the first ten payments equals 150% of the amount of interest due. Each of the last ten payments is X.The lender charges interest at an annual effective rate of 10%.Calculate X.(A) 32(B) 57(C) 70(D) 97(E) 11711/08/04 1210.A 10,000 par value 10-year bond with 8% annual coupons is bought at a premium to yield an annual effective rate of 6%. Calculate the interest portion of the 7th coupon.(A) 632(B) 642(C) 651(D) 660(E) 66711/08/04 1311.A perpetuity-immediate pays 100 per year. Immediately after thefifth payment, the perpetuity is exchanged for a 25-year annuity-immediate that will pay X at the end of the first year. Each subsequent annual payment will be 8% greater than the preceding payment. The annual effective rate of interest is 8%. Calculate X.(C) 74(D) 84(E) 9411/08/04 1412.Jeff deposits 10 into a fund today and 20 fifteen years later. Interest is credited at a nominal discount rate of d compounded quarterly for the first 10 years, and at a nominal interest rate of 6% compounded semiannually thereafter. The accumulated balance in the fund at the end of 30 years is 100.Calculate d.(A) 4.33%(B) 4.43%(C) 4.53%(D) 4.63%(E) 4.73%11/08/04 1513.Ernie makes deposits of 100 at time 0, and X at time 3. The fund grows at a force of interest2 t t , t > 0.100The amount of interest earned from time 3 to time 6 is also X. Calculate X.(A) 385(B) 485(C) 585(D) 685(E) 78511/08/04 1614.Mike buys a perpetuity-immediate with varying annual payments.During the first 5 years, the payment is constant and equal to 10. Beginning in year 6, the payments start to increase. For year 6 and all future years, the current year’s payment is K% larger than the previous year’s payment.At an annual effective interest rate of 9.2%, the perpetuity has a present value of 167.50.Calculate K, given K < 9.2.(A) 4.0(B) 4.2(C) 4.411/08/04 1715.A 10-year loan of 2000 is to be repaid with payments at the end of each year. It can be repaid under the following two options: (i) Equal annual payments at an annual effective rate of 8.07%.Installments of 200 each year plus interest on the unpaid balance at an annual effective (ii)rate of i.The sum of the payments under option (i) equals the sum of the payments under option (ii). Determine i.(A) 8.75%(B) 9.00%(C) 9.25%(D) 9.50%(E) 9.75%11/08/04 1816.A loan is amortized over five years with monthly payments at a nominal interest rate of 9% compounded monthly. The first payment is 1000 and is to be paid one month from the date of the loan. Eachsucceeding monthly payment will be 2% lower than the prior payment. Calculate the outstanding loan balance immediately after the 40th payment is made.(A) 6751(B) 6889(C) 6941(D) 7030(E) 734411/08/04 1917.To accumulate 8000 at the end of 3n years, deposits of 98 are made at the end of each of the first n years and 196 at the end of each of the next 2n years.The annual effective rate of interest is i. You are given (l + i)n =2.0. Determine i.(A) 11.25%(B) 11.75%(C) 12.25%(D) 12.75%(E) 13.25%11/08/04 2018.month thereafter the payment increases by 2.The nominal interest rate is 9% convertible quarterly.Calculate X.(A) 2680(B) 2730(C) 2780(D) 2830(E) 288011/08/04 2119.You are given the following information about the activity in two different investment accounts:Account KFund value ActivityDate Deposit Withdrawal before activityJanuary 1, 1999 100.0125.0 July 1, 1999 X2X October 1, 1999 110.0December 31, 1999 125.0Account LActivity Fund valueDate Deposit Withdrawal before activityJanuary 1, 1999 100.0X July 1, 1999 125.0December 31, 1999 105.8During 1999, the dollar-weighted (money-weighted) return for investment account K equals the time-weighted return for investment account L, which equals i. Calculate i.(A) 10%(D) 18%(E) 20%11/08/04 2220.David can receive one of the following two payment streams:(i) 100 at time 0, 200 at time n, and 300 at time 2n600 at time 10 (ii)At an annual effective interest rate of i, the present values of the two streams are equal. Given vn = 0.76, determine i.(A) 3.5%(B) 4.0%(C) 4.5%(D) 5.0%(E) 5.5%11/08/04 2321.Payments are made to an account at a continuous rate of (8k + tk), where0 t 10 .1 Interest is credited at a force of interest δt = . 8 tAfter 10 years, the account is worth 20,000.Calculate k.(A) 111(B) 116(C) 121(D) 126(E) 13111/08/04 2422.You have decided to invest in Bond X, an n-year bond with semi-annual coupons and the following characteristics: Par value is 1000.r The ratio of the semi-annual coupon rate to the desired semi-annual yield rate, , is 1.03125. iThe present value of the redemption value is 381.50.Given vn = 0.5889, what is the price of bond X?(A) 1019(B) 1029(C) 105011/08/04 2523.Project P requires an investment of 4000 at time 0. The investment pays 2000 at time 1 and 4000 at time 2.Project Q requires an investment of X at time 2. The investment pays 2000 at time 0 and 4000 at time 1.The net present values of the two projects are equal at an interest rate of 10%. Calculate X.(A) 5400(B) 5420(C) 5440(D) 5460(E) 548011/08/04 2624.A 20-year loan of 20,000 may be repaid under the following two methods:i) amortization method with equal annual payments at an annual effectiverate of 6.5%ii) sinking fund method in which the lender receives an annual effectiverate of 8% and the sinking fund earns an annual effective rate of j Both methods require a payment of X to be made at the end of each year for 20 years. Calculate j.(A) j , 6.5%(B) 6.5% < j , 8.0%(C) 8.0% < j , 10.0%(D) 10.0% < j , 12.0%(E) j > 12.0%11/08/04 2725.A perpetuity-immediate pays X per year. Brian receives the first n payments, Colleen receives the next n payments, and Jeff receives the remaining payments. Brian's share of the present value of the original perpetuity is 40%, and Jeff's share is K. Calculate K.(A) 24%(B) 28%(C) 32%(D) 36%(E) 40%11/08/04 2826.Janice pays interest at the end of every six-month period as it accrues and the principal at the end of five years.Lori repays her loan with 10 level payments at the end of every six-month period. Calculate the total amount of interest paid on all three loans.(A) 8718(B) 8728(C) 8738(D) 8748(E) 875811/08/04 2927.Bruce and Robbie each open up new bank accounts at time 0. Bruce deposits 100 into his bank account, and Robbie deposits 50 into his. Each account earns the same annual effective interest rate.The amount of interest earned in Bruce's account during the 11th year is equal to X. The amount of interest earned in Robbie's account during the 17th year is also equal to X. Calculate X.(A) 28.0(B) 31.3(C) 34.6(D) 36.7(E) 38.911/08/04 3028.Ron is repaying a loan with payments of 1 at the end of each yearfor n years. The amount of interest paid in period t plus the amount of principal repaid in period t + 1 equals X. Calculate X.n t v 1 + (A)in t (B) 1 + vd1 + vn ti (C)1 + vn td (D)1 + vn t (E)11/08/04 3129.At an annual effective interest rate of i, i > 0%, the present value of a perpetuity paying `10 at the end of each 3-year period, with thefirst payment at the end of year 3, is 32. At the same annual effective rate of i, the present value of a perpetuity paying 1 at the end of each 4-month period, with first payment at the end of 4 months, is X.Calculate X.(C) 33.6(D) 34.6(E) 35.611/08/04 3230.As of 12/31/03, an insurance company has a known obligation to pay $1,000,000 on 12/31/2007. To fund this liability, the company immediately purchases 4-year 5% annual coupon bonds totaling $822,703 of par value. The company anticipates reinvestment interest rates to remain constant at 5% through 12/31/07. The maturity value of the bond equals the par value. Under the following reinvestment interest rate movement scenarios effective 1/1/2004, what best describes the insurance company’s profit or (loss) as of 12/31/2007 after the liability is paid?。

2023年精算师考试《经济学基础》真题模拟汇编（共98题）1、布雷顿森林体系的积极作用在于（）。

（单选题）A. 提供了一种相对稳定的国际货币制度基础B. 提供了足够的黄金C. 提供了多种可选的汇率安排D. 提供了世界货币E. 完全稳定了国际收支调节和资本流动的秩序试题答案：A2、影响汇率变动的长期原因主要有（）。

（多选题）A. 一国的国际收支状况B. 经济发展状况C. 通货膨胀差异D. 利率差异E. 市场的心理预期试题答案：A,B,C3、当中央银行降低准备金率时，最有可能导致（）。

（单选题）A. 货币乘数变小B. 货币供给减少C. 投资下降，从而国民收入可能下降D. 中央银行可能在试图抵制通货膨胀E. 银行利润增加试题答案：E4、古诺模型中，企业（）。

（单选题）A. 根据对手的产量来选择自己的产量B. 根据对手的价格来决定自己的价格C. 响应对手的降价，不响应对手的提价D. 通过书面契约瓜分市场E. 通过口头形式瓜分市场试题答案：A5、厂商要获得经济利润，一定为（）。

（多选题）A. TR＞TCB. P＞ACC. TR＞TVCD. P＞AVCE. TR＝TC试题答案：A,B6、（）是按商定的汇价订立买入或卖出合约到约定日期进行交割的外汇。

（单选题）A. 自由外汇B. 记账外汇C. 远期外汇D. 即期外汇E. 贸易外汇试题答案：C7、公共物品供应的最优均衡条件为（）。

（单选题）A. 每一个消费者的边际替代率必须相等B. 生产者的边际成本应等于消费者的边际支出C. 提供公共物品的私人成本等于提供公共物品的社会成本D. 每个消费者的边际支付意愿等于提供该公共物品的边际成本E. 消费者的边际支付意愿之和应等于提供该公共物品的边际成本试题答案：E8、当一国的总需求增长快于总供给时，本币一般呈（）趋势。

（单选题）A. 贬值B. 升值C. 贴水D. 升水E. 稳定试题答案：A9、下列关于信用货币制度的说法正确的有（）。

国外经济学考试题及答案一、单项选择题（每题2分，共20分）1. 经济学中，稀缺性指的是什么？A. 资源的充足性B. 资源的无限性C. 有限的资源满足无限的需求D. 无限的需求满足有限的资源答案：C2. 以下哪项不是微观经济学的研究对象？A. 个体经济单位B. 市场结构C. 宏观经济政策D. 价格机制答案：C3. 完全竞争市场中，企业是价格的接受者，这是因为：A. 企业规模较大B. 企业规模较小C. 产品差异化程度高D. 产品同质化程度高答案：D4. 边际效用递减规律是指：A. 随着消费量的增加，每增加一单位商品带来的满足感逐渐增加B. 随着消费量的增加，每增加一单位商品带来的满足感逐渐减少C. 随着消费量的增加，每增加一单位商品带来的满足感保持不变D. 随着消费量的增加，每增加一单位商品带来的满足感先增后减答案：B5. 以下哪项不是宏观经济学的研究内容？A. 国民收入B. 通货膨胀C. 国际贸易D. 企业生产决策答案：D6. 凯恩斯主义经济学认为，经济衰退时政府应采取什么政策？A. 紧缩性财政政策B. 扩张性财政政策C. 紧缩性货币政策D. 扩张性货币政策答案：B7. 货币乘数效应是指：A. 基础货币增加导致货币供应量成倍增加B. 基础货币减少导致货币供应量成倍减少C. 货币供应量增加导致基础货币成倍增加D. 货币供应量减少导致基础货币成倍减少答案：A8. 菲利普斯曲线描述的是：A. 通货膨胀率与失业率之间的正相关关系B. 通货膨胀率与失业率之间的负相关关系C. 通货膨胀率与经济增长率之间的正相关关系D. 通货膨胀率与经济增长率之间的负相关关系答案：B9. 国际贸易中，比较优势理论是由谁提出的？A. 大卫·李嘉图B. 亚当·斯密C. 约翰·梅纳德·凯恩斯D. 米尔顿·弗里德曼答案：A10. 以下哪项不是经济全球化的表现形式？A. 资本流动B. 技术转移C. 劳动力流动D. 国家间经济政策的统一答案：D二、简答题（每题10分，共40分）1. 简述供给和需求法则。

中国精算师考试《经济学基础》试题（网友回忆版）一[单选题]1.微观经济学对消费者的基本假设是()。

A.完全信息B.完全竞（江南博哥）争C.理性人D.边际效用递减E.边际技术替代率递减参考答案：C参考解析：“理性人”又称“经济人”。

“理性人”或者“经济人”的假设是对在经济社会中从事经济活动的所有人的基本特征的一个一般性的抽象。

这个被抽象出来的基本特征就是：每一个从事经济活动的人都是利己的。

也可以说，每一个从事经济活动的人所采取的经济行为都是力图以自己的最小经济代价去获得自己的最大经济利益。

这一假设条件是微观经济分析的基本前提，也是对消费者和生产者的基本假设。

[单选题]2.粮食市场的需求是缺乏弹性的，因此粮食产量因灾害而减少时，()。

A.粮食生产者的收入降低，因为粮食产量下降B.粮食生产者的收入上升，因为粮食价格更大幅度上升C.粮食生产者的收入下降，因为粮食需求更大幅度下降D.粮食生产者的收入不变，因为粮食价格的上升与粮食需求的下降比率相同E.粮食生产者的收入不确定，因为粮食价格的上升与粮食需求的下降比率不确定参考答案：B参考解析：需求的价格弹性表示需求对商品价格变动的反应尺度，它等于需求量的相对变化（百分比变化）与价格的相对变化（百分比变化）之比，用公式表示为：当E p＜1时，表明需求是缺乏弹性的，因为需求量变动的百分比小于价格变动的百分比。

故此时价格上升的幅度大于产量减少的幅度，农民收入上升。

[单选题]3.连续地增加某种生产要素，在总产量达到最大时边际产量线是()。

A.与纵轴相交B.经过原点C.相交于平均产量曲线最低点D.相交于平均产量曲线最高点E.与横轴相交参考答案：E参考解析：一种投入或生产要素的总产量就是从一定量的该种生产要素投入中所获得的产量的总和。

设该投入为x，则x总产量的表达式为：TP＝f（x）。

x 这种生产要素投入的边际产量是当所使用的其他生产要素投入的量保持不变时，由增加一单位x所引起的总产量的变化量，用公式表示为：MP x＝dTP/dx。

中国精算师考试《经济学基础》考前点题卷一［单选题］1边际转换率是()斜率的绝对值。

A.无差异曲线B.等产量线C.等成(江南博哥)本线D.生产可能性曲线E.预算约束线参考答案：D参考解析：通常把生产可能性曲线斜率的绝对值称为产品的边际转换率。

A项，无差异曲线斜率的绝对值是边际替代率；B项，等产量曲线斜率的绝对值是边际技术替代率；C项，等成本线斜率的绝对值是两种生产要素的价格之比；E项，预算约束线斜率的绝对值是两种商品的价格之比。

［单选题］2.若某商品价格上升2%,其需求量下降10%,则该商品的需求的价格弹性是()。

A.缺乏弹性B.富有弹性C.单位弹性D.无限弹性E.完全无弹性参考答案：B参考解析：若需求的价格弹性区>1,即需求量变动的比率大于价格变动的比率，则称该商品的需求富有弹性。

本题中，E P=-(-10%÷2%)=5>1,故该商品的需求富有弹性。

［单选题］3.某厂商每年从企业的总收入中取出一部分作为自己所提供的生产要素的报酬，这部分资金被视为()。

A.直接成本B.隐含成本C.经济利润D.正常利润E.机会成本参考答案：B参考解析：企业生产的隐含成本，是与厂商所使用的自有资源(包括企业家的劳务、自己所拥有的资本等)相联系的成本，它反映着这些资源同样能够在别处使用这一事实。

厂商自己所提供的生产要素获得报酬属于隐含成本。

［单选题］4.下列体现了需求定理的是O。

A.药品价格提高，使药品质量得到了提高B.汽油价格提高，小汽车的销售量减少C.丝绸价格提高，游览公园的人数增加D.照相机价格下降，导致销售量增加E.眼镜价格提高，眼药水销售量增加参考答案：D参考解析：需求定理表明某种商品价格与其需求量之间的关系：在一般情况下，当其他条件不变时，商品的价格越高，对该商品的需求量就越少，而商品的价格越低，对该商品的需求量越大。

［单选题］5.图1为某一博弈的收益矩阵，据此可知()。

A.甲与乙均没有上策B.甲与乙均有上策C.甲有上策而乙没有上策D.甲没有上策而乙有上策E.甲与乙或者均有上策，或者均没有上策参考答案：D参考解析：本题中的上策是指占优策略，又称优超策略，是指不管对策中其他局中人的策略是什么，对某一局中人来说，都是最优策略，本题中，无论甲做何种策略，乙都选择右边的策略，所以乙有上策。

金融精算考试题及答案大全一、单项选择题（每题2分，共40分）1. 精算学中，以下哪项是寿险精算中的生命表？A. 经验生命表B. 理论生命表C. 人口生命表D. 经济生命表答案：A2. 以下哪个不是精算师在进行风险评估时考虑的因素？A. 死亡率B. 利率C. 通货膨胀率D. 法律风险答案：D3. 在寿险中，年金的计算不包括以下哪项？A. 即期年金B. 递延年金C. 等额年金D. 非等额年金答案：D4. 精算学中，以下哪项是用于评估保险公司偿付能力的指标？A. 偿付能力比率B. 资产负债比率C. 投资回报率D. 利润率5. 以下哪个不是精算师在产品设计时需要考虑的因素？A. 保险责任B. 定价策略C. 投资策略D. 市场趋势答案：C6. 在精算学中，以下哪项是用于评估保险合同财务状况的指标？A. 净现值B. 内部收益率C. 偿付能力充足率D. 资产负债匹配答案：A7. 以下哪个不是精算师在进行资产负债管理时需要考虑的因素？A. 资产配置B. 负债期限C. 利率风险D. 市场风险答案：D8. 在精算学中，以下哪项是用于评估保险合同盈利能力的指标？A. 利润测试B. 损失率C. 费用率D. 赔付率答案：A9. 以下哪个不是精算师在进行寿险定价时需要考虑的因素？B. 利率C. 费用率D. 投资回报率答案：D10. 在精算学中，以下哪项是用于评估保险公司财务稳定性的指标？A. 资本充足率B. 偿付能力比率C. 资产负债比率D. 利润率答案：B11. 以下哪个不是精算师在进行健康保险定价时需要考虑的因素？A. 疾病发生率B. 医疗费用C. 死亡率D. 投资回报率答案：D12. 在精算学中，以下哪项是用于评估保险合同风险的指标？A. 风险调整资本B. 偿付能力充足率C. 资产负债匹配D. 利润率答案：A13. 以下哪个不是精算师在进行非寿险定价时需要考虑的因素？A. 损失频率B. 损失严重度C. 费用率D. 投资回报率答案：D14. 在精算学中，以下哪项是用于评估保险公司盈利能力的指标？A. 净现值B. 内部收益率C. 利润率D. 资产负债比率答案：C15. 以下哪个不是精算师在进行再保险定价时需要考虑的因素？A. 再保险合同条款B. 再保险市场状况C. 再保险费用D. 投资回报率答案：D16. 在精算学中，以下哪项是用于评估保险合同公平性的指标？A. 保费充足率B. 偿付能力充足率C. 资产负债匹配D. 利润率答案：A17. 以下哪个不是精算师在进行年金定价时需要考虑的因素？A. 年金类型B. 利率C. 死亡率D. 投资回报率答案：D18. 在精算学中，以下哪项是用于评估保险合同持续性的指标？A. 持续率B. 损失率C. 费用率D. 赔付率答案：A19. 以下哪个不是精算师在进行团体保险定价时需要考虑的因素？A. 团体规模B. 团体健康状况C. 死亡率D. 投资回报率答案：D20. 在精算学中，以下哪项是用于评估保险公司流动性的指标？A. 流动比率B. 偿付能力比率C. 资产负债比率D. 利润率答案：A二、多项选择题（每题3分，共30分。

中国精算师准精算师（国际金融学）历年真题试卷汇编2(题后含答案及解析)题型有：1. 单项选择题 2. 多项选择题 3. 简答题 4. 计算题 5. 论述题单项选择题1．直接标价法是一种用( )的汇率表示方法。

A．一定数量的本币表示一定单位的外币B．一定数量的外币表示一定单位的本币C．一定数量的本币表示一定单位的黄金D．一定数量的本币表示一定单位的特别提款权E．一定数量的外币表示一定单位的黄金正确答案：A解析：直接标价法是指以一定单位的外国货币作为标准，折成若干数量的本国货币来表示汇率的方法。

间接标价法是指以一定单位的本国货币为标准，折算成若干数额的外国货币来表示汇率的方法。

2．( )是按商定的汇价订立买入或卖出合约到约定日期进行交割的外汇。

A．自由外汇B．记账外汇C．远期外汇D．即期外汇E．贸易外汇正确答案：C解析：远期外汇交易，是指买卖双方成交后，并不立即办理交割，而是按照所签订的远期合同规定，在未来的约定日期办理交割的外汇交易。

按商定的汇价订立买入或卖出合约到约定日期进行交割的外汇就是远期外汇。

3．银行买入外币现钞的价格是( )。

A．买入汇率B．卖出汇率C．中间汇率D．现钞汇率E．外币汇率正确答案：D解析：现钞汇率又称现钞买卖价，是指银行买入或卖出外币现钞时所使用的汇率。

由于外国货币不能在本国流通，只能将外币兑换成本国货币才能购买本国商品，因此就有了买卖外币现钞的汇率。

4．国际收支顺差，主要是( )的结果。

A．对外贸易逆差和外资流入B．对外贸易顺差和外资流出C．对外贸易顺差和外资流入D．对外贸易逆差和外资流出E．汇率变化正确答案：C解析：国际收支顺差或称国际收支盈余是指某一国在国际收支上收入大于支出，主要是对外贸易顺差和外资流入的结果。

国际收支状况是汇率变化的直接和最主要的因素，E项因果倒置。

5．我国外汇汇率采用的是( )。

A．美元标价法B．人民币标价法C．间接标价法D．直接标价法E．双向标价法正确答案：D解析：目前世界上只有英国和美国采用间接标价法，绝大多数国家都采用直接标价法。

北美精算师考试试卷
考试科目：精算学基础
考试时间：3小时
注意事项：
1. 请在答题卡上填写您的姓名和考试编号。

2. 所有答案必须写在答题卡上，写在试卷上的任何答案无效。

3. 考试结束后，试卷和答题卡需一并上交。

第一部分：选择题（共40分）
1-10题：精算数学基础
- 1. 以下哪个不是精算学中常用的数学工具？
A. 微积分
B. 概率论
C. 线性代数
D. 统计分析
- 2. 以下哪个公式用于计算年金的现值？
A. PV = P * (1 + r)^n
B. PV = P * (1 - r)^n
C. PV = P / (1 + r)^n
D. PV = P * (1 - r^n) / r
...（此处省略其他选择题）
第二部分：简答题（共30分）
11题：请简述精算师在保险产品设计中的作用。

12题：解释什么是风险管理和精算师如何在此领域发挥作用。

...（此处省略其他简答题）
第三部分：计算题（共30分）
13题：给定一个年利率为5%的普通年金，每年支付1000美元，支付期为10年，请计算该年金的现值。

14题：一个保险公司面临两种风险：损失风险和投资风险。

请根据给定的数据，计算该公司的总风险价值。

...（此处省略其他计算题）
结束语：
考生请注意，考试结束后请立即停笔，将答题卡放在桌面上，等待监考老师收卷。

预祝您考试顺利！
请注意，以上内容仅为模拟试卷示例，实际考试内容、题型和难度可能会有所不同。

考生应根据SOA或CAS提供的官方学习材料和指南进行准备。

Faculty of Actuaries Institute of ActuariesEXAMINATION5 April 2006 (am)Subject CT8 Financial EconomicsCore TechnicalTime allowed: Three hoursINSTRUCTIONS TO THE CANDIDATE1. Enter all the candidate and examination details as requested on the front of your answerbooklet.2. You must not start writing your answers in the booklet until instructed to do so by thesupervisor.3. Mark allocations are shown in brackets.4. Attempt all 9 questions, beginning your answer to each question on a separate sheet.5. Candidates should show calculations where this is appropriate.Graph paper is not required for this paper.AT THE END OF THE EXAMINATIONHand in BOTH your answer booklet, with any additional sheets firmly attached, and this question paper.In addition to this paper you should have available the 2002 edition of theFormulae and Tables and your own electronic calculator.Faculty of Actuaries CT8 A2006 Institute of Actuaries1 An investor can construct a portfolio using only two assets A and B with thefollowing properties:A BVariance of return 24%% 12%%Correlation coefficient between assets 0.25(i) Derive a formula for and determine the composition of the investor sminimum variance portfolio. [3] (ii) Explain in general terms the benefits of diversification. [3][Total 6] 2AssetState A B C D Probability of state1 5% 5% 5% 2% 0.32 4% 7% 5% 6% 0.23 7% 3% 5% 9% 0.5Value of asset 10,000 20,000 n/a 10,000The table above gives the returns on all four assets in an investment market under thethree possible states of the world.(i) Calculate the market price of risk under CAPM. [4](ii) Outline the limitations of CAPM. [3][Total 7] 3 (i) State five key defining properties of a standard Brownian motion. [5](ii) Outline the advantages and disadvantages of using the continuous timeLognormal model for stock prices by considering both the theoretical featuresof the model and its consistency with empirical evidence. [6][Total 11] CT8 A2006 24 (i) List the desirable characteristics of a term structure model. [4]Under the real world probability measure, P, the price of a zero coupon bond withmaturity T is given by:B(t, T) = exp(T(T t) r t + 2(T t)3/6)where r t is the risk free rate of interest at time t.r t satisfies the following SDE under the real world measure P:dr t = r t dt + dz twhere > 0 and dz t is a standard Brownian motion under P.(ii) Derive:(a) the market price of risk and(b) the SDE for r t under the risk neutral measure Q[7][Total 11] 5 (i) Comment on the implications for an assessment of stock market efficiency ofthe necessity for a ban on the management of a company trading in theircompany stock particularly during takeover talks. [2] (ii) Explain why it is not straight forward to identify when the semi-strong form of stock market efficiency holds. [3] (iii) Comment on the implications of stock market efficiency for passive and active fund managers. [2][Total 7] CT8 A2006 3 PLEASE TURN OVER6 In the Wilkie model, the force of inflation from time t 1 to t, I(t), is modelled as:I(t) = Qmu + QA[I(t 1) Qmu] + QSD . QZ(t)where QZ(t) ~ N(0, 1)and Qmu, QA and QSD are fixed parameters as follows:Qmu = 0.03QA= 0.55QSD = 0.45(i) Calculate the 95% confidence interval for the force of inflation over thefollowing year given inflation over the past year was 2.75%. [4] (ii) Explain an economic justification for using an AR(1) process for inflation. [1] (iii) Explain whether a model of the form that is used for inflation is also suitable for share prices. [3][Total 8] 7 (i) Describe the advantages of the martingale approach to derivative valuationcompared with an approach based on deriving an appropriate partialdifferential equation. [3] (ii) State and compare the risk-neutral and state price deflator approaches to valuing derivatives. [4][Total 7] CT8 A2006 48An employer contracts with his staff to give each of them 1,000 shares in one year s time provided the share price increased from its current level of £1 to at least £1.50 atthe end of the year.You may assume the following parameters:risk free interest rate: 4% p.a. continuously compoundedstock price volatility: 30% p.a.dividend yield: nil(i) Calculate the value of the contract with each employee by considering theterms of the Black-Scholes formula, [6] The employer now wishes to limit the gain to each employee to £2,000.(ii) Calculate the value of this revised contract. [6] (iii) An employee has said that he believes the original uncapped contract is worth £300. He has determined this by saying that he believes there is a 30% chanceof the share price being at least £1.50 therefore 30% £1 = 30p.(a) Compare the approach taken by the employee and the approach usedin (i).(b) Comment on the implications of the differences in (iii) (a) if there werea market in such contracts.[4][Total 16] CT8 A2006 5 PLEASE TURN OVER9 Consider a recombining binomial model for the price of a share where:risk free interest rate r = 4% p.a. (equivalent to 0.016% per trading day)continuously compoundedvolatility = 20% p.a.initial share price S0 = 100the ratio of the share price after an up jump compared with the share price beforethe jump is given by u = exp( . 250½)There are 250 trading days per year and ignore dividends except where specificallymentioned.(i) Calculate the price at time 0 of a European-style put option with a strike priceof 101p that expires in 2 days time. [6] (ii) (a) Sketch a graph of the delta of a put option against share price withexercise price 100.(b) Explain the key features of the graph. [6](iii) Derive, using the binomial lattice, the price of a European-style call option with exercise price 101p expiring in 2 days time. [1] (iv) (a) State the relationship known as put-call parity.(b) Prove it from first principles.[4](v) Compare the result of (iii) to the result of (i) using put-call parity. [2] Assume now that an investor holds a call option and a put option, both with exerciseprices of 101p, that can be exercised at the investor s option at the end of day 1 or theend of day 2. At the end of day 1, just before the investor is allowed to exercise theoptions, the company announces unexpectedly that a dividend of 3p per share will bepaid at the end of day 2 immediately prior to the expiry of the options.(vi) (a) Construct the binomial lattice of share prices allowing for the dividendpayment.(b) Explain the conditions under which the holders of the put and calloptions will exercise at the end of day 1 after the announcement of thedividend. [8][Total 27]END OF PAPERCT8 A2006 6。

中国精算师准精算师（国际金融学）历年真题试卷汇编3(题后含答案及解析)题型有：1. 单项选择题 2. 多项选择题 3. 简答题 4. 计算题 5. 论述题单项选择题1．中间汇率是( )。

A．即期汇率与远期汇率的中间数B．银行买入汇率与卖出汇率的平均数C．外汇市场开盘价与收盘价的中间数D．一定时期内汇率的平均数E．银行买人汇率与卖出汇率的加权平均数正确答案：B解析：作为不含银行买卖外汇收益的汇率，中间汇率是买入汇率和卖出汇率的平均数。

2．买卖汇率之间的差幅一般为( )，作为银行买卖外汇的收益。

A．1‰～5‰B．1％～5％C．0．1％～0．3％D．0．3％～0．5％E．0．5％～0．8％正确答案：A3．一国利率提高，则( )。

A．本国货币汇率下降B．本国货币汇率上升C．本国资金流出D．外国资金流出E．对该国货币需求减少正确答案：B解析：一国利率提高，吸引外资流入，造成对该国货币需求的增加，同时，使用本国资金的成本上升，本国资金流出减少，外汇市场上本币供应相对减少，由此改善该国国际收支中资本账户的收支，促使本国货币汇率上升。

4．( )是指一国(或地区)的居民在一定时期内(一年、一季度、一月)与非居民之间的经济交易的系统记录。

A．国际支付B．国际收支C．国际货币流通D．国际资本流通E．国际资产流通正确答案：B解析：根据IMF的解释，一国的国际收支是指一国(或地区)的居民在一定时期内(一年、一季度、一月)与非居民之间的经济交易的系统记录。

5．( )由直接投资、证券投资、储备资产和其他投资四部分组成。

A．劳务收支B．经常账户C．资本账户D．平衡账户E．金融账户正确答案：E解析：金融账户是指一经济体对外资产和负债所有权变更的所有权交易，包括直接投资、证券投资、储备资产和其他投资四部分。

6．当一国出现国际收支逆差时，该国政府可以采取( )财政政策。

A．紧缩性B．扩张性C．顺差性D．逆差性E．结构性正确答案：A解析：当一国出现国际收支逆差时，在外汇市场上表现为外汇需求大于外汇供给，因此，该网政府应采取紧缩性的财政政策。

国际经济学国外教授出的考试题CSUF2011 FallEcon531Homework 01Instructions: Please answer Question #6 and any four questions from Question 1 through Question 5. Please submit your answer (attach your file electronically) before 11:59 PM, Monday, September 26. Please show your work in all cases. Good Luck!1.This question is about producer surplus and consumer surplus.a.Given a linear demand curve, if domestic consumption changes by10%, does consumer surplus also change by 10%? Why or why not?What is the relationship between change in domestic consumption andconsumer surplus?b.Is there a difference between producer surplus and profit? Explain.2.Suppose Robinson Crusoe produces fish (F) and coconuts(C). Assume thatduring a certain period, he has decided to work 200 hours and is indifferent to whether he spends this time fishing or gathering coconuts. RobinsonCrusoe’s production function for fish is given by:And his production function for coconuts is given by:where L F and L C are the number of hours spent fishing orgathering coconuts. Consequently:200Robinson Crusoe’s utility for fish and coconuts is given by: √ .(a) Write an equation for Crusoe’s PPC.(b) Show that (explain in words) if Robinson Crusoe cannot trade with rest of theworld, he will choose to allocate his labor such that slope of his PPC will equal the slope of his indifference curve (i.e., his marginal rate of product transformation (MRT) will equal his marginal rate of substitution (MRS) on the consumption side.).(c) Specifically, for this case, show that his:(d) What will the optimal values of his F and C be?(e) Suppose now that trade opens up to Robinson Crusoe and he can now trade fish and coconuts at a price of one fish for two coconuts. If Robinson Crusoe continues to produce the same quantities of F and C as before, what will he choose to consume once he is given the opportunity to trade?3.Assume that good X is a labor-intensive good and good Y is a capital-intensive good; country A is labor-abundant and country B is capital-abundant. But suppose that as w/r rises, after a point, good X in factbecomes more capital-intensive than good Y.a.Is this "factor intensity reversal" plausible? Explain.b.Show this phenomenon on the Fountain Diagram.c.Show this phenomenon on the Edgeworth Box diagram.d.Show this phenomenon on the Iso-quants drawn over K and L.4.The following equations describe the long-run situation for prices and costs,where the numbers indicate the amounts of labor and land needed to producea unit of corn and toys.P corn = 80W + 40RP toys = 100W + 30Ra.If the price of corn is initially 200 and the price of toys is initially 200,what are the values for the wage rate W and the rental rate R?b.The price of corn now increases to 240. The price of toys stays thesame. What are the new values for W and R after adjustment to thenew long-run situation?c.What is the change in the real wage (purchasing power of laborincome) with respect to each good? Is the real wage higher or lower"on average"? What is the change in the real rental rate (purchasingpower of land income) with respect to each good? Is the real rentalrate higher or lower "on average"?d.Is there a magnification effect (i.e., does the percentage real return ofthe rental rate rise change more than the percentage change in theprice of corn)?5.Consider a simplified version of the Krugman-Obstfeld model ofmonopolistic competition where each monopolistic firm faces the following demand curve:p = (α/n) –(β/s) qWhere p is the firm’s product price, n is the number of firms, s is the market size, q is the firm’s output and α, β are parameters in the demand function. The corresponding total cost curve is:Total Cost = f + cqWhere f is the fixed cost and c is the constant marginal cost. Using this model, prove that if the market size doubles, number of firms will not double and some firms will be forced out of the market.6. Briefly explain or provide short answers to ANY FIVE of the following (draw diagrams, if necessary – no need to write more than four or five sentences in each case):a)In a typical Ricardian model, if Good X is produced under monopoly in one ofthe countries, is free trade still the optimal policy?b)Usefulness of the Gravity Theory in the economics of international trade.c)Internal inconsistency of mercantilist thoughts on international trade policy.d)Hydraulic Theory of Economic Developmente)Does a small country gain more from free trade (compared to a large country)?Explain using offer curves.f)O’Rourke’s paper: What is the basic idea?g)If autarky relative prices are P x/P y = 3 in country A and Px/P y = 4 in country B,and if two international prices P x/P y = 3.25 and P x/P y = 3.75 are suggested,country A will prefer 3.75 and country B will prefer 3.25. True or false? Why?h)In the Heckscher-Ohlin trade model, discuss the conditions under which factorprice equalization may not occur.i)Provide a critical look at the Product Cycle Theory.j)In the Ricardo-Lewis model, what happens if the international food prices are not equal initially?。

国外经济学考试题及答案一、单项选择题（每题2分，共10分）1. 经济学中，哪一项不是生产要素？A. 土地B. 劳动C. 资本D. 知识答案：D2. 边际效用递减原理指的是随着消费量的增加，每增加一单位商品带来的额外满足感会：A. 增加B. 减少C. 保持不变D. 先增加后减少答案：B3. 在完全竞争市场中，企业的利润最大化产量是在：A. 边际成本等于边际收益时B. 边际成本等于平均成本时C. 边际成本等于市场价格时D. 边际成本大于市场价格时答案：C4. 根据凯恩斯理论，经济衰退时政府应该采取什么政策？A. 增加税收B. 减少政府支出C. 增加政府支出D. 减少货币供应量答案：C5. 国际贸易中，比较优势理论是由哪位经济学家提出的？A. 亚当·斯密B. 大卫·李嘉图C. 约翰·梅纳德·凯恩斯D. 米尔顿·弗里德曼答案：B二、多项选择题（每题3分，共15分）1. 以下哪些因素会影响供给曲线的移动？A. 生产成本的变化B. 相关商品价格的变化C. 消费者偏好的变化D. 政府政策的变化答案：A, B, D2. 宏观经济学中，总需求包括哪些组成部分？A. 消费B. 投资C. 政府支出D. 净出口答案：A, B, C, D3. 以下哪些是通货膨胀的原因？A. 货币供应量增加B. 总需求超过总供给C. 生产成本上升D. 失业率增加答案：A, B, C4. 经济全球化带来的主要好处包括：A. 贸易成本降低B. 资本流动增加C. 技术传播加速D. 失业率上升答案：A, B, C5. 以下哪些是货币政策工具？A. 调整利率B. 公开市场操作C. 调整银行准备金率D. 增加政府支出答案：A, B, C三、简答题（每题10分，共20分）1. 简述市场失灵的原因及其可能的解决方案。

答案：市场失灵的原因包括外部性、公共物品、信息不对称和市场垄断等。

解决方案可能包括征税或补贴以纠正外部性、提供公共物品、实施信息披露规则以减少信息不对称，以及反垄断法规以防止市场垄断。

2023年精算师考试《经济学基础》真题模拟汇编（共267题）1、国际储备主要由（）构成。

（单选题）A. 黄金储备B. 外汇储备C. 在IMF的储备头寸D. 特别提款权E. 国库券试题答案：B2、一个社会要想得到最大的福利，达到最大的经济效率，也即达到帕累托最优状态的话，须满足的充分条件是（）。

（单选题）A. 满足交换的帕累托最优条件，MRS XY A＝MRS XY BB. 满足生产的帕累托最优条件，MRTS LK X＝MRTS LK YC. 满足交换和生产的帕累托最优条件，MRT XY＝MRS XYD. 满足交换或生产的帕累托最优条件，MRT XY＝MRS XYE. 同时达到生产、交换、生产和交换的帕累托最优条件，即MRS XY A＝MRS XY B，MRTS LK X＝MRTS LK Y，MRT XY ＝MRS XY试题答案：E3、随着产量的增加，厂商的平均固定成本（）。

（多选题）A. 大于0B. 等于0C. 先减后增D. 递减E. 趋向于零试题答案：A,D,E4、影响总需求的因素有（）。

（多选题）A. 价格水平B. 收入水平C. 预期D. 财政政策E. 货币政策试题答案：A,B,C,D,E5、经济增长在图形上表现为（）。

（单选题）A. 生产可能性曲线内的某一点向曲线上移动B. 生产可能性曲线向外移动C. 生产可能性曲线外的某一点向曲线上移动D. 生产可能性曲线上某一点沿曲线移动E. 生产可能性曲线向内移动试题答案：B6、劳动、土地、资本和企业家才能等生产要素的价格分别为（）。

（多选题）A. 工资B. 地租C. 利息D. 税率E. 利润试题答案：A,B,C,E7、如果劳动力的年增长率为2%，劳动生产率的年增长率为3%，则自然增长率为（）。

（单选题）A. 1%B. 2%C. 2.5D. 3%E. 5%试题答案：E8、如果个人收入等于570美元，而个人所得税等于90美元，消费等于430美元，利息支付总额为10美元，个人储蓄为40美元，个人可支配收入则等于（）美元。

国际精算师真题答案解析一、引言国际精算师考试是精算领域的重要认证考试之一，对于想要在精算行业发展的人士来说至关重要。

随着精算行业的快速发展，这项考试的难度和竞争也越来越大。

本文将对国际精算师考试中的一道真题进行解析，帮助考生更好地理解解题思路和答案。

二、真题解析以下是一道国际精算师考试的真题：问题：假设当前公司的现金流贴现利率和复利增长率均为5%，已知该公司去年的年度保费为1000万美元，年度赔款为800万美元。

根据赔偿理查德恩伯奇假设，该公司的纯保费预测值为多少？解析：这道题目主要考察的是赔偿理查德恩伯奇假设的运用。

根据该假设，纯保费预测值可以通过公司的赔款和底座赔款来计算。

底座赔款是指公司承保的所有风险的平均损失，可以用赔款总额除以保费总额来计算。

根据题目中的数据，去年的年度保费为1000万美元，年度赔款为800万美元。

我们可以先计算底座赔款的值：底座赔款 = 年度赔款 / 年度保费 = 800万美元 / 1000万美元= 0.8接下来，我们可以利用复利增长的概念来计算纯保费预测值。

复利增长是指一笔初始资金在多年的复利作用下的增长情况。

根据题目中的数据，当前的现金流贴现利率和复利增长率均为5%。

我们可以利用复利增长公式来计算纯保费预测值：纯保费预测值 = 底座赔款 / (1 + 复利增长率) = 0.8 / (1 + 0.05) = 0.7619因此，根据题目所给的数据和赔偿理查德恩伯奇假设，该公司的纯保费预测值为0.7619。

三、结论通过对这道真题的解析，我们可以看到国际精算师考试中常常会涉及到精算领域的核心理论和概念。

在解答题目时，考生需要熟悉这些理论和概念，并能够灵活运用。

同时，解题过程中也需要注重细节，对题目中的关键数据和假设进行准确的理解和运用。

国际精算师考试不仅要求考生对理论的掌握，还要求他们具备较强的逻辑思维和问题解决能力。

因此，在备考过程中，考生不仅要进行理论的学习和复习，还需要进行大量的题目练习和真题解析，以提升自己的解题能力和应试水平。

2011年10月15日精算考试——经济一、选择题要点1.买保险的人大部分是需要保险的人，反映了2.编辑转换率是……曲线3.……产出增加时，LAC下降，原因……4.价格上升，供给减少，……5.判断正误6.蛛网原理7.博弈8.货币增长率增长……9.财政、货币政策10.货币供给上升……11.挤出效应12.弗里德曼13.判断14.季节性特征导致的行业15.长期经济增长率……16.《巴塞尔协议》17.商业银行负债业务18.J曲线19.风险排序20.出口商计价货币下降二、多选要点21.公共物品的性质22.垄断竞争23.博弈要素24.完全垄断成因25.……26.……27.一般的无差异曲线特征28.需求曲线29.校正外部法的方法30.……31.……32.菲利普斯曲线33.固定、浮动利率34.在今后相当长的时间内保持每年货币供应量增加3%不变35.经济衰退36.商业银行的中间业务37.中央银行的资产业务包括38.按照金融服务论的观点，金融体系的基本功能包括39.国际收支平衡中的金融账户包括40.影响汇率变化的主要因素三、简答41.李嘉图等价42.按性质划分的国际短期资产流动的主要类型有哪些？43.要素的边际生产递减规律和规模报酬递减规律是否可以相容？四、计算44．假设一个垄断厂商面临的需求曲线为Q P310-=，成本曲线Q TC Q 22+=:⑴求利润最大时的产量、价格、利润；⑵如果政府企图对该垄断厂商采取措施使其达到完全竞争产业所能达到的产量水平，即限价应为多少？45.已知资本增长率为2%，劳动增产率为0.8%，产出增产率为3.1%，资本的国民收入份额为25%，计算技术进步对经济增长的贡献率。

五、论述题46.论述福利经济的两个基本原理。