CFA考試一級章節(jié)練習題精選0331-56(附詳解)

1、CFA考試一級章節(jié)練習題精選 0331-56附詳解）1、The tools used by the U.S. Federal Reserve system (the Fed) to implement monetary policy most likely include:【單選題】A. transfer payments.B. open market operations.C. raising or lowering income taxes.正確答案 :B答案解析 : “ Moneyth, e Price Level, and Inflation, Micha”el ParkinThe F

2、ed uses three main policy tools to achieve its objectives: required reserve ratios, discount rate, and open market operations.2、 Demand for a good is most likely to be more elastic when: 【單選題】A. the good is a necessity.B. a lesser proportion of income is spent on the good.C. the adjustment to a pric

3、e change takes a longer time.正確答案 :C6答案解析 : “ Demand and Supply Analysis: Introduction,” Richard V. Eastin and Gary L. ArbogastC is correct. The longer the time that has elapsed sichange, the more elastic demand is. For example, if gas prices rise, consumers cannot quickly change their mode of trans

4、portation but will likely do so in thelonger run.3、 In early 2011, the British pound (GBP) to New Zealand dollar (NZD) spot exchange rate was 2.0979. LIBOR interest rates, quoted on a 360-day year basis,were 1.6025% for the British pound and 3.2875% for the New Zealand dollar. The 180 -day forward p

5、oints (scaled up by four decimal places) in GBP/NZDwould be closest to: 【單選題】A. - 343.B. - 173.C.176.正確答案 :B答案解析 : “ Currency Exchange Rates,” William A. Barker, CFA, Paul D. McNelis, and Jerry NickelsburgForward points = (Forward2.0979) X 10,000 =- 173.0.4、 The following international trade informa

6、tion is available for a hypothetical economy:Following a 12% depreciation in the DCU, the trade balance will beclosest to: 【單選題】A.-1,674.B.-1,648.C.-1,726.正確答案:BImp act on Trade BalanceTotal Trade - Exports + Imports = 4,800 + 6,500 - 11.300 tjL)x = share of exports3m = share of imports答案解析:5.1= 4,8

7、00+ 11,300 = 0-425 Gml = MarshallkLe rner trade= 6.500-11.300 0.575ML = 3x 5 + COm (怖1)二(0.425 X 070) + 0,575 x (0.55- 1) = 0.039weighted elasticityCha nge in Trade Bala nee using Marshall-Ler ner trade weighted elasticity:e血董 Trade Balance « Depreciation = 0.039 覽 11,300 貫 0.12 - 52.5New trade

8、 balance = 4,800 一 6,500 + 52.5 = t647.5 也648Since the Marshall-Lerner condition >0, depreciation will reduce the trade deficit.rllAlternatively, the change in the trade balance can be calculated from % changes in imports and exp Orts;Decrease in imports:In crease tn exp oris: DifferenceChange in

9、 tade balance-(12% X (1 - 0.55) X 6,500)= 12% X 070x4,800 =4,8006.500 + 522-35ro403.252.2-1,648 (rounded)Section5、 An analyst does research about the minimum wage and its imp act on une mploy ment.lf the government increases the minimum wage below the單選題】業(yè)率。題目equilibriumwage, which of the following is most accurate about the change in the level ofunemployment?A. Decrease.B. Remain the same.C. In