学堂207cfa一级经济学习题

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42页金囿学堂CFA小助手微信：songgh1980联系电话：)

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CONTENTSSS

4

Microeconomics

and

MacroeconomicsR14

Topics

in

demand

and

supply

analysisR15

The

firm

and

market

structureR16

Aggregate

output,

price,

and

economic

growthR17

Understanding

business

cyclesSS

5

Monetary

and

Fiscal,

International

Trade

and

CurrencyR18

Monetary

and

fiscal

policyR19

International

trade

and

capital

flowR20

Currency

exchange

rate8KGJOTM

Movement

alongthe

demand

curve

for

good

X

occurs

due

to

a

change

in:e.the

price

of

good

X.the

price

of

a

substitute

for

good

X.8KGJOTM

2.A

wireless

phone

manufacturer

introduced

a

next

generation

phone

that

received

a

highlevel

ofpositive

publicity.

Despite

running

several

high

speed

production

assemblylines,

the

manufactureris

still

falling

short

in

meeting

demand

for

the

phone

nine

months

after

introduction.

Whichof

thefollowing

statements

is

the

most

plausible

explanation

for

the

demand/supply

imbalance?The

phone

price

is

low

relative

to

the

equilibrium

price.Competitors

introduced

next

generation

phonesat

a

similar

price.Consumer es

grew

faster

than

themanufacturer

anticipated.b

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壝67第2页，共

42页金囿学堂CFA小助手微信：songgh1980联系电话：8b

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壝8KGJOTMThe

market

demand

function

for

four

year

private

universities

is

given

by

the

equationprPpr

is

average

price

of

private

universiti

es

in

thousan

ds

of

USD;assumed

to

be

38I

is

the

household

monthly e

in

thousan

ds

of

USD;

assumed

to

be

100Ppu

is

average

price

of

public

universiti

es

in

thousan

ds

of

USD;

assumed

to

be

18The

priceelasticity

of

demand

forprivate

universities

is

closest

to:.Qd

is

number

of

applicants

to

private

universiti

es

per

yearin

thousan

dsQdpr84

3.1P

0.8I

0.9Pprpu9b

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壝8KGJOTM

e

elasticity

of

demand

forprivate

universities

isclosest

to:The8KGJOTM5.The

cross

priceelasticity

of

demand

for

private

universities

with

respect

to

the

price

of

publicuniversities

is

closestto:A.0.3B.3.1C.3.98KGJOTM

If

the

cross

priceelasticity

betweentwogoods

is

negative,the

two

goods

are

classified

as:normalsubstitutesComplementsb

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ં

અb

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壝67第3页，共

42页学堂CFA小助手：：songgh198012b

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壝8KGJOTM7.In

the

case

of

a

normal

good

with

a

decrease

in

own

price,which

of

thefollowing

statements

ismost

likelytrue?A.

Both

the

substitution

and e

effects

leadto

an

increase

in

the ty

purchased.ty

purchased,

while

the e

effect

hasty

purchased,while

thee

effectB.The

substitution

effect

leads

to

an

increasein

theno

impact.C.Thesubstitution

effect

leads

to

an

increase

in

theleads

to

adecrease.13b

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壝8KGJOTM

8.For

a

Giffen

good,the:A.demand

curve

is

positively

sloped.B.substitution

effect

overwhe

thee

effect.e

and

substitution

effects

are

in

the

same

direction.8KGJOTM9.An

agricultural

firm

operating

in

a

perfectly

competitive

market s

wheat

to

manufacturersof

consumer

food

products

andanimal

feeds.

If

the

firm

were

able

to

expandits

production

and

unitsales

by

10%

the

mostlikely

result

would

be:A.a

10%

increase

in

total

revenue.B.a

10%

increase

i agerevenue.C.an

increase

in

total

revenue

of

less

than

10%.8KGJOTM

An

operator

of

a

ski

resort

is

considering

offering

price

reductions

on

weekday

ski

passes.

At

thenormal

price

of

€50

per

day,

300

customers

are

expected

to

buy

passes

each

weekday.

At

adiscounted

price

of

€40

per

day450

customers

are

expected

to

buy

passes

each

weekday.

Themarginal

revenue

percustomer

earned

fromoffering

thediscounted

price

is

closest

to:€20.€40.€50.b

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ં

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壝67第4页，共

42页学堂CFA小助手：：songgh198016b

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壝8KGJOTM

ty

producedis

equal

to

4

units,

the

average

fixed

cost11.Refer

to

the

data

in

Exhibit

1.

When(AFC)

is

closestto:A.50.B.60.C.110.ty

(Q)Total

fixed

cost(TFC)Total

variable

cost

(TVC)0200012001002200200240520032017b

޾

ךં

અ

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壝8KGJOTM

12.Refer

to

the

data

in

Exhibit

1.

When

the

firmincreases

production

from

4

to

5

units,

themarginal

cost

(MC)

is

closest

to:A.40.B.64.C.80.8KGJOTM

13.Refer

to

the

data

in

Exhibit

1.

The

level

of

unit

production

resultinginthelowest

average

total

cost

(ATC)

is

closest

to:A.3.B.4.C.5.8KGJOTM

The

short

term

breakeven

point

of

production

for

a

firm

operating

under

perfect

competition

willmost

likely

occur

when:price

is

equalto

average

total

cost.marginal

revenueis

equal

to

marginal

cost.marginal

revenueis

equal

to

average

variable

costs.b

޾

ך

ં

અb

޾

ךં

અ

޾

壝޾

壝67第5页，共

42页学堂CFA小助手：：songgh198020b

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壝8KGJOTMThe

short

term

shutdown

point

of

productionfor

a

firmoperatingunderperfect

competition

willmost

likely

occur

when:price

is

equalto

average

total

cost.marginal

revenueis

equal

to

marginal

cost.marginal

revenue

is

less

tha age

variable

costs.21b

޾

ךં

અ

޾

壝8KGJOTM

When

total

revenueis

greater

than

total

variable

costs

but

less

than

total

costs,

in

theshort

term

afirm

will

most

likely:exit

the

market.stay

in

the

market.shut

down

production.8KGJOTM17.A

profit um

is

least

likely

to

occurwhen:average

total

cost

is

minimized.marginal

revenue

equals

marginal

cost.the

difference

betweentotalrevenueandtotal

cost

isized.8KGJOTM

ty

producedwithout

any

change

in

per

unit

cost

is

experiencing:18.A

firm

that

increases

itsA.economies

of

scale.B.diseconomies

of

scale.C.constantreturnsto

scale.b

޾

ך

ં

અb

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ךં

અ

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壝2223第6页，共

42页学堂CFA小助手：：songgh198024b

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壝8KGJOTM

19.A

firm

isoperating

beyond

minimum

efficient

scale

in

a

perfectly

competitive

industry.

Tomaintain

long

term

viability

the

mostlikely

course

of

action

for

the

firm

is

to:operate

at

the

current

level

ofproduction.increase

itslevel

of

production

to

gain

economies

ofscale.decrease

its

level

of

production

to

the

minimum

point

on

the

long

ru age

total

cost

curve.25b

޾

ךં

અ

޾

壝8KGJOTM

Underconditions

of

perfect

competition,

in

the

long

run

firms

will

most

likely

earn:normal

profits.positive

economic

profits.negative

economic

profits.CONTENTSSS

4

Microeconomics

and

MacroeconomicsysisR14

Topics

in

demand

and

supplyR15

The

firm

and

market

structureR16

Aggregate

output,

price,

and

economic

growthR17

Understanding

business

cyclesSS

5

Monetary

and

Fiscal,

International

Trade

and

CurrencyR18

Monetary

and

fiscal

policyR19

International

trade

and

capital

flowR20

Currency

exchange

rate8KGJOTM

1.A

market

structure

characterized

by

many

sellers

with

each

having

some

pricing

power

andproduct

differentiation

is

best

described

as:oligopoly.perfect

competition.monopolistic

competition.b

޾

ךં

અ

޾

壝27第7页，共

42页学堂CFA小助手：：songgh198028b

޾

ך

ં

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壝8KGJOTM2.A

market

structure

with

relatively

few

sellers

of

a

homogeneous

or

standardized

product

is

bestdescribed

as:oligopoly.monopoly.

C.perfect

competition.29b

޾

ךં

અ

޾

壝8KGJOTM

Market

competitors

are

least

likely

to

use

advertising

as

a

tool

of

differentiation

in

an

industrystructure

identified

as:monopoly.perfect

competition.C.monopolistic

competition.8KGJOTM4.Upsilon

Natural

Gas,

Inis

a

monopoly

enjoying

very

high

barriers

to

entry.

Its

marginal

cost

is

$40and

its

average

cost

is

$70.

A

recent

market

study

has

determined

the

price

elasticity

of

demand

is1.5.

The

company

will

most

likely

set

its

priceat:$40.$70.$120.8KGJOTM

5.The

demand

schedule

in

a

perfectly

competitive

market

is

given

by

P

=

93

1.5Q

(for

Q

≤

62)

andthe

long

run

cost

structure

of

each

company

is:Total

cost:

256

+

2Q

+

4Q2Average

cost:

256/Q

+2

+

4QMarginal

cost:

2+

8QNew

companies

will

enter

the

market

at

any

price

greater

than:A.8.B.66.C.81.b

޾

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壝3031第8页，共

42页学堂CFA小助手：：songgh198032b

޾

ך

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壝8KGJOTM

panies

most

likely

have

a

well

defined

supply

function

when

the

market

structure

is:A.oligopoly.B.perfect

competition.C.monopolistic

competition.33b

޾

ךં

અ

޾

壝8KGJOTM

Aquarius,

Inis

the

dominant

company

and

the

price

leader

in

its

market.

One

of

the

othercompanies

in

the

market

attempts

to

gain

market

share

by

undercutting

the

price

set

by

Aquarius.The

market

share

of

Aquarius

will

most

likely:increase.Decrease.C.stay

the

same.8KGJOTM

SigmaSoft

and

ThetaTech

are

the

dominantmakers

ofcomputer

system

software.

The

market

has

twocomponents:

a

large

mass

market

component

in

which

demand

is

price

sensitive,

and

a

smallerperformance

oriented

component

inwhich

demand

ismuchlessprice

sensitive.

SigmaSoftȑs

product

isconsidered

to

be

technically

superior.

Eachcompany

canchooseone

of

two

strategies:Open

architecture

(Open):

Mass

marketfocus

allowing

othersoftware

venders

to

develop

products

forits

platform.Proprietary

(Prop):

Allow

only

its

own

software

applications

to

run

on

its

platform.Depending

upon

the

strategy

each

company

selects,

their

profits

would

be:SigmaSoft

-

Open

400

ThetaTech.-

Open

600SigmaSoft

-

Prop

650

ThetaTech.-

Open

700SigmaSoft

-

Open800

ThetaTech.-

Prop

300SigmaSoft

-Prop

600

ThetaTech.-

Prop

4008KGJOTM

A.proprietary

forSigmaSoft

andproprietary

forThetaTech.

B.open

architecture

forSigmaSoft

and

proprietary

for

ThetaTech.C.proprietary

for

SigmaSoft

and

open

architecture

for

ThetaTech.b

޾

ך

ં

અb

޾

ךં

અ

޾

壝޾

壝3031第9页，共

42页学堂CFA小助手：：songgh198036b

޾

ך

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壝ize8KGJOTM9.A

company ng

business

in

a

monopolistically

competitive

market

will

most

likelyprofits

when

its

output ty

isset

such

that:average

cost

is

minimized.marginal

revenue

equals

average

cost.marginal

revenueequals

marginal

cost.37b

޾

ךં

અ

޾

壝8KGJOTM

10.Oligopolistic

pricing

strategy

most

likely

results

in

a

demand

curve

that

is:A.Kinked.B.vertical.C.Horizontal.8KGJOTM11.Collusion

is

less

likely

in

a

market

when:A.the

product

is

homogeneous.panies

have

similarmarket

shares.C.thecost

structures

of

companies

are

similar.8KGJOTM

If

companies

earn

economic

profitsin

a

perfectly

competitive

market,

over

the

long

run

thesupply

curve

will

most

likely:shift

to

theleft.shift

to

the

right.remain

unchanged.b

޾

ך

ં

અb

޾

ךં

અ

޾

壝޾

壝3839第10页，共

42页学堂CFA小助手：：songgh198040b

޾

ך

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޾

壝8KGJOTM

13.Over

time,

the

market

share

of

the

dominant

company

in

an

oligopolistic

market

will

mostlikely:A.increase.B.decrease.C.remain

the

same.41b

޾

ךં

અ

޾

壝8KGJOTM

14.A

ernment

entity

that

regulates

an

authorized

monopoly

will

most

likely

base

regulatedprices

on:marginal

cost.longru age

cost.C.degree

price

discrimination.8KGJOTM

15.An yst

gathers

thefollowing

market

share

date

for

an

industry:The

industry

four

company

concentrationratio

is

closest

to:A

71%B

86%C

95%CompanySales(in

millions

o

f

εABC300Brown250Coral200Delta150Erie100All

others508KGJOTM

16.An yst

gathered

the

following

market

share

data

for

an

industry

comprised

of

five

companies:ann

Index

is

closest

to:The

industry's

three

firm

Herfindahl

HirscA

0.185B

0.225C

0.235CompanyMarket

Share(%)Zeta35Yusef25Xenon20Waters10Vlastos10b

޾

ך

ં

અb

޾

ךં

અ

޾

壝޾

壝3839第11页，共

42页学堂CFA小助手：：songgh198044b

޾

ך

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壝8KGJOTMann

Index

is

that

the

index:One

disadvantage

of

the

Herfindahl

Hirsisdifficult

to

compute.fails

to

reflect

low

barriers

to

entry.C.

fails

to

reflect

the

effect

of

mergers

in

theindustry.45b

޾

ךં

અ

޾

壝8KGJOTM

In

an

industry

comprisedof

three

companies,

whichare

small

scale

manufacturers

of

an

easilyreplicable

product

unprotected

by

brand

recognitionor

patents,

the

most

representative

model

ofcompany

behavior

is:oligopoly.perfect

competition.monopolistic

competition.8KGJOTMDeep

RiverManufacturing

is

one

of

many

companies

in

an

industry

that

make

a

food

product.Deep

River

unitsare

identical

up

to

the

point

they

are

labeled.Deep

Riverproduces

its

labeledbrand,

which

sells

for

$2.20

per

unit,

and

“house

brands”

for

seven

different

grocery

chains

whichsell

for

$2.00

per

unit.

Each

grocery

chain

sells

both

the

Deep

River

brand

and

its

house

brand.

Thebestcharacterization

of

Deep

River’s

market

is:oligopoly.perfect

competition.monopolistic

competition.CONTENTSSS

4

Microeconomics

and

MacroeconomicsysisR14

Topics

in

demand

and

supplyR15

The

firm

and

market

structureR16

Aggregate

output,

price,

and

economic

growthR17

Understanding

business

cyclesSS

5

Monetary

and

Fiscal,

International

Trade

and

CurrencyR18

Monetary

and

fiscal

policyR19

International

trade

and

capital

flowR20

Currency

exchange

rateb

޾

ך

ં

અ

޾

壝46第12页，共

42页学堂CFA小助手：：songgh198048b

޾

ך

ં

અ

޾

壝8KGJOTMWhich

of

the

following

statementsis

the

most

appropriate

description

of

gross

domestic

product(GDP)?The

total e

earned

by

all

households,

firms,

and

the

ernment

whose

value

can

be

verified.The

total

amount

spenton

all

finalgoods

and

services

produced

within

the

economy

over

a

giventime

period.The

total

market

value

of

resalable

and

final

goods

and

services

producedwithin

the

economy

overa

given

time

period.49b

޾

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અ

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壝8KGJOTM

The

component

least

likely

to

be

included

in

a

measurement

of

gross

domestic

product(GDP)is:the

value

of

owner

occupiedrent.the

annualsalary

of

a

local

officer.environmental

damage

caused

by

production.8KGJOTM3.Which

of

thefollowing

conditions

is

least

likely

to

increase

a

country’s

GDP?A.Anincrease

in

netexports.B.Increased

investment

incapital

goods.C.Increased

ernment

transferpayments.8KGJOTM

Suppose

a

painting

is

producedand

sold

in2010

for

£5,000.

Theexpenses

involved

in

producing

thepainting

amounted

to

£2,000.

Accordingto

the

sum

of

value

addedmethod

of

calculating

GDP,

thevalue

added

by

the

final

step

of

creating

the

painting

was:£2,000.£3,000.£5,000.b

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ך

ં

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壝8KGJOTM5.A

GDPdeflatorless

than

1

indicates

that

an

economy

hasexperienced:A.inflation.B.deflation.C.Stagflation.53b

޾

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અ

޾

壝8KGJOTM

6.The

most

accurate

description

of

nominal

GDPis:a

measure

of

totalexpenditures

at

current

prices.the

value

of

goods

and

services

at

constant

prices.C.a

measure

to

compare

one

nation's

economyto

another.8KGJOTM7.From

the

beginning

to ing

years

of

a

decade,

the

annual

value

of

final

goods

andservicesfor

country

X

increased

from

€100

billion

to

€300billion.

Overthat

time

period,

the

GDPdeflatorincreased

from

111

to

200.

Over

the

decade,

real

GDP

for

country

X

increased

by

approxima

y:A.50%.B.67%.C.200%.8KGJOTM

8.If

the

GDP

deflatorvalues

for

2008

and2010

were190

and212.8,

respectively,

which

of

thefollowing

best

describes

the

annualgrowth

rate

of

the

overall

pricelevel?A.5.8%.B.6%.C.12%.b

޾

ך

ં

અb

޾

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અ

޾

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壝8KGJOTM

9.

Consider

thefollowing

data

for

2010

for

acountry:e

are

respectivelyclosest

to:Based

onlyon

the

data,

the

GDPandnationalA

21.1

and

20.6B

22.6

and

21.1C

22.8

and

20.8Account

nameAmount

($trillions)Consumption15.0Capital

consumption

allowance1.5ernment

spending3.8Imports1.7Grossprivate

domestic

investment4.0Exports1.557b

޾

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અ

޾

壝8KGJOTM

10.In

calculating

al efor

a

given

year,

which

of

the

following

would

not

be

subtractedfrom

national

e?A.Indirect

business

taxes.B.Undistributed

corporate

profits.C.Unincorporated

business

nete.8KGJOTM

ernment’sEqualitybetween

aggregate

expenditure

and

aggregate

outputimplies

that

thefiscal

deficit

must

equal:Private

saving

Investment

Net

exports.Private

saving

Investment

+

Net

exports.Investment

Private

saving+

Net

exports.8KGJOTM

12.Because

of

a

sharp

decline

in

real

estate

values,

the

householdsector

has

increased

the

fractionof

disposable e

that

it

saves.

If

output

and

investment

spendingremainunchanged,

which

ofthe

following

is

most

likely?A.A

decrease

in

the

ernment

deficit.B.A

decrease

in

netexports

and

increased

capital

inflow.C.An

increase

in

netexports

and

increased

capital

outflow.b

޾

ך

ં

અb

޾

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અ

޾

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壝8KGJOTM13.Which

curve

represents

combinationsofe

and

thereal

interest

rate

at

which

plannede?expenditure

equalsThe

IS

curve.The

LM

curve.C.

The

aggregate

demand

curve.61b

޾

ךં

અ

޾

壝8KGJOTM

Anincrease

in

ernment

spending

would

shiftthe:IS

curve

and

the

LM

curve.IS

curve

and

the

aggregate

demand

curve.LM

curve

and

the

aggregate

demand

curve.8KGJOTMAn

increase

in

the

nominal

money

supply

would

shift

the:IS

curve

and

the

LM

curve.IS

curve

and

the

aggregate

demand

curve.LM

curve

and

the

aggregate

demand

curve.8KGJOTM

16.An

increase

in

the

price

level

would

shift

the:A.IS

curve.B.LM

curve.C.aggregate

demand

curve.b

޾

ך

ં

અb

޾

ךં

અ

޾

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壝8KGJOTM17.As

the

price

level

declines

along

the

aggregate

demand

curve,

the

interestrate

is

most

likely

to:A.decline.B.increase.C.remainunchanged.65b

޾

ךં

અ

޾

壝8KGJOTM

The

full

employment,

or

natural,

level

of

outputis

best

described

as:the um

level

obtainable

with

existingresources.the

level

at

which

all

available

workers

havejobs

consistent

with

their

skills.a

level

with

a

modest,

stable

pool

of

unemployed

workers

transitioning

to

new

jobs.8KGJOTMWhich

of

thefollowing

best

describes

the

aggregate

supply

curve

in

the

short

run

(e.g.,

1

to

2years)?

The

short

run

aggregate

supply

curve

is:flat

because

output

is

more

flexible

than

prices

in

the

short

run.vertical

because

wages

and

other

input

prices

fully

adjust

to

the

pricelevel.upward

slo because

input

prices

do

not

fully

adjust

to

the

price

level

in

the

short

run.8KGJOTM

If

wages

were

automatically

adjusted

for

changes

inthe

price

level,the

short

run

aggregatesupply

curve

would

most

likely

be:flatter.steeper.C.Unchanged.b

޾

ך

ં

અb

޾

ךં

અ

޾

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޾

壝8KGJOTM21.The

least

likely

cause

of

a

decrease

in

aggregate

demand

is:A.higher

taxes.B.a

weak

domestic

currency.C.a

fall

in

capacity

utilization.69b

޾

ךં

અ

޾

壝8KGJOTM

22.Which

of

the

following

is

most

likely

to

cause

the

long

run

aggregate

supply

curve

to

shift

to

theleft?A.Higher

nominal

wages.B.A

decline

inproductivity.C.Aincrease

in

corporate

taxes.8KGJOTM23.Increased

household

wealth

will

most

likely

cause

an

increase

in:A.household

saving.B.investment

expenditures.C.consumption

expenditures.8KGJOTM

e

when

both

aggregate

supply

and

aggregate

demand

increase

is:The

most

likelya

rise

in

inflation.higher

employment.C.

an

increase

innominal

GDP.b

޾

ך

ં

અb

޾

ךં

અ

޾

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અ

޾

壝8KGJOTM

25.Which

of

the

following

is

least

likely

to

be

caused

by

a

shift

in

aggregate

demand?A.Stagflation.B.A

recessionary

gap.C.An

inflationary

gap.73b

޾

ךં

અ

޾

壝8KGJOTM

In

the

neoclassical

or

Solow

growth

model,

an

increase

in

total

factor

productivity

reflects

anincrease

in:returnsto

scale.output

for

given

inputs.the

sustainable

growth

rate.CONTENTSSS

4

Microeconomics

and

MacroeconomicsysisR14

Topics

in

demand

and

supplyR15

The

firm

and

market

structureR16

Aggregate

output,

price,

and

economic

growthR17

Understanding

business

cyclesSS

5

Monetary

and

Fiscal,

International

Trade

and

CurrencyR18

Monetary

and

fiscal

policyR19

International

trade

and

capital

flowR20

Currency

exchange

rate8KGJOTM

1.The

characteristic

business

cycle

patterns

of

trough,

expansion,

peak,

and

contraction

are:A.periodic.B.recurrent.C.of

similar

duration.b

޾

ךં

અ

޾

壝75第19页，共

42页学堂CFA小助手：：songgh198076b

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޾

壝8KGJOTM2.During

the

contraction

phaseof

a

business

cycle,

it

is

most

likely

that:A.inflation

indicators

are

stable.B.aggregate

economic

activityis

decreasing.C.investor

preference

for

ernment

securities

declines.77b

޾

ךં

અ

޾

壝8KGJOTM

3.An

economic

peak

is

most

closely

associated

with:A.accelerating

inflation.B.stable

unemployment.C.declining

capital

spending.8KGJOTMBased

on

typical

labor

utilization

patterns

across

the

business

cycle,productivity

(output

perhours

worked)

is

most

likely

to

be

highest:at

the

peak

of

a

o

a

maturing

expansionat

the

bottom

of

a

recession.8KGJOTM

In

a

recession,

companies

are

most

likely

to

adjust

their

stock

of

physical

capital

by:selling

it

at

fire

sale

prices.not

maintaining

equipment.quickly

canceling

constructionactivity.b

޾

ך

ં

અb

޾

ךં

અ

޾

壝޾