CFA一级百题进阶：经济学.docx

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1、3.EconomicsQ-l.Ifmarginalcostperunitisgreaterthanaveragetotalcostperunit,increasingoutputwillmostlikelycause:A.marginalcosttodecrease.B.averagefixedcosttoincrease.C.averagevariablecosttoincrease.Solution:C.Ifmarginalcostisgreaterthanaveragetotalcost,thenincreasingoutputwillcausemarginal,averagevaria

2、ble,andaveragetotalcoststoincrease.Averagefixedcostwillcontinuetodecreaseasoutputincreases.Q-2.UpsilonNaturalGas,Inc.isamonopolyenjoyingveryhighbarrierstoentry.Itsmarginalcostis$40anditsaveragecostis$70.Arecentmarketstudyhasdeterminedthepriceelasticityofdemandis1.5.Thecompanywillmostlikelysetitspric

3、eat:A.$40.B.$70.C.$120.Solution:C.ProfitsaremaximizedwhenMR=MC.Foramonopoly,MR=P(l-lEp).SettingthisequaltoMCandsolvingforP:$40=P(l-l1.5)=P0333P=$120Q-3.Ifrelativetopriorvaluesoftheirrespectiveindicatorstheinventorysalesratiohasrisen,unitlaborcostisstable,andrealpersonalincomehasdecreased,itismostlik

4、elythatapeakinthebusinesscycle:A.hasoccurred.B.isjustabouttooccur.C.willoccursometimeintothefuture.Solution:A.Bothinventorysalesandunitlaborcostsarelaggingindicatorsthatdeclinesomewhatafterapeak.Realpersonalincomeisacoincidentindicatorthatbyitsdeclineshowsaslowdowninbusinessactivity.Q-4.Thefollowing

5、dataapplytoacountryinitsdomesticcurrencyunits:Consumerspendingongoodsandservices875,00。Governmentspendingongoodsandservices305,000Businessgrossfixedinvestment286,000Governmentgrossfixedinvestment84,000Changeininventories-68,000Capitalconsumptionallowance8,500Transferpayments9,000Statisticaldiscrepan

6、cy2,800Exports219z0Imports250,0Usingtheexpendituresapproach,thecountrysgrossdomesticproduct(GDP)isclosestto:A.1,448,200.B.1,451,500,C.1,466,490.Solution:A.Usingtheexpendituresapproach:GDP=Consumerspendingongoodsandservices+Businessgrossfixedinvestment+Changeininventories+Governmentspendingongoodsand

7、services+Governmentgrossfixedinvestment+Exports-Imports+StatisticaldiscrepancyConsumerspendingongoodsandservices875,000Businessgrossfixedinvestment286,000Changeininventories(68,000)Governmentspendingongoodsandservices305,000Governmentgrossfixedinvestment84,000Exports219,000Imports(250,000)Statistica

8、ldiscrepancy2,800)GDP1,448,200Q-5.Becauseofasharpdeclineinrealestatevalueszthehouseholdsectorhasincreasedthefractionofdisposableincomethatitsaves.Ifoutputandinvestmentspendingremainunchanged,whichofthefollowingismostcorrectresponse?A.AdecreaseinthegovernmentdeficitB.Adecreaseinnetexportsandincreased

9、capitalinflowC.AnincreaseinnetexportsandincreasedcapitaloutflowSolution:C.Thefundamentalrelationshipamongsaving,investment,thefiscalbalance,andthetradebalanceisS=I(GT)(XM).Giventhelevelsofoutputandinvestmentspending,anincreaseinsaving(reductioninconsumption)mustbeoffsetbyeitheranincreaseinthefiscald

10、eficitoranincreaseinnetexports.Increasingthefiscaldeficitisnotoneofthechoices,soanincreaseinnetexportsandcorrespondingincreaseinnetcapitaloutflows(increasedlendingtoforeignersand/orincreasedpurchasesofassetsfromforeigners)isthecorrectresponse.Q-6.IfwageswereautomaticallyadjustedforchangesinthepriceI

11、evelztheshort-runaggregatesupplycurvewouldmostlikelybe:A.flatter.B.steeper.C.unchanged.Solution:B.Theslopeoftheshort-runaggregatesupplycurvereflectstheextenttowhichwagesandotherinputcostsadjusttotheoverallpricelevel.Automaticadjustmentofwageswouldmitigatetheimpactofpricechangesonprofitability.Hence,

12、firmswouldnotadjustoutputasmuchinresponsetochangingoutputpricestheSRAScurvewouldbesteeper.Q-7.Long-termsustainablegrowthofaneconomyisleastlikelytoresultfromgrowthin:A.thesupplyoflabor.B.outputperunitoflabor.C.capitalperunitoflabor.Solution:C.Thesustainablerateofeconomicgrowthisameasurementoftherateo

13、fincreaseintheeconomysproductivecapacity.Aneconomyssustainablerateofgrowthdependsonthegrowthrateofthelaborsupplyandthegrowthrateoflaborproductivity.Duetodiminishingmarginalproductivity,aneconomygenerallycannotachievelong-termsustainablegrowththroughcontinuallyincreasingthestockofcapitalrelativetolab

14、or(i,e.zcapitaldeepening).Q-8.AdevelopingcountrythatmaintainsafixedvalueforitscurrencyrelativetotheU.S.dollarisexperiencingadeclineinitseconomicactivity,anditsinflationratefallsbelowthelevelintheUnitedStates.Asaresultofthedevelopingcountrysactionstomaintainthefixedexchangeratetarget,its:A.moneysuppl

15、ywillcontract.B.short-terminterestrateswillfall.C.foreignexchangereserveswilldecrease.Solution:B.Withadeclineineconomicactivityanddomesticinflation,thecurrencyofthedevelopingcountrywouldstarttoriseagainstthedollar.Toprotecttheexchangeratetarget,thedevelopingcountrysmonetaryauthorityWillpurchaseforeignexchangereservesandSellitsowncurrency.Thisactionwillincreasethedomesticmoneysupplyanddecreaseshort-terminterestrates.