2025年CFA二级考试综合试卷（含答案）

2025年CFA二级考试综合试卷（含答案）考试时间：______分钟总分：______分姓名：______考试时间：180分钟注意事项：1.本试卷共150道选择题，请将答案填写在答题卡上。2.考试开始前，请仔细阅读答题卡上的填写说明。3.答题过程中，请勿翻阅参考资料。一、道德与专业标准1.Aninvestmentmanagerisconsideringofferinganewservicetoclientsthatprovidespersonalizedinvestmentadvicebasedonastrologicalreadings.Themanagerbelievesthatthisservicecouldbeauniquesellingpropositionandgenerateadditionalrevenue.Whatshouldbethemanager'sprimaryconsiderationregardingthisserviceoffering?A.Thepotentiallegalimplicationsofofferingastrology-basedadvice.B.Whethertheservicealignswiththemanager'sCodeandStandards,particularlythoserelatedtocompetenceandduecare.C.Thepotentialfeestheservicecouldgenerateanditsimpactonthemanager'scompensationstructure.D.Thepopularityofastrologyamongthemanager'sexistingclientbase.2.Aportfoliomanagerrecommendsastocktoaclientbasedonatipreceivedfromaclosefriendwhoworksatthecompany.Thestockhasrecentlyexperiencedasignificantpriceincrease.Whataction,ifany,musttheportfoliomanagertake?A.Disclosethetiptotheclientanddocumenttherecommendationprocess.B.Immediatelysellthestocktoavoidpotentiallegalissues.C.Ensurethefriendreceivesappropriatecompensationforthetip.D.Donothing,astherecommendationwasbasedonapersonalconnection.3.ACFAcharterholderispreparingareportonemergingmarketinvestmentsforaclient.Thereportincludesinformationfromanonlineforumthatiswidelyreadwithintheinvestmentcommunitybutlacksrigorousfact-checking.Whatisthecharterholder'sresponsibilityregardingtheinformationused?A.Citetheonlineforumasaprimarysourceforthereport.B.Verifytheinformationwithatleasttwootherreputablesourcesbeforeincludingitinthereport.C.Disclosethattheinformationisfromanonlineforumbutproceedwithusingitduetoitspopularity.D.Assumetheinformationisaccuratesinceitiswidelyread.4.Ananalystisresearchingacompanyforanupcomingreport.Thecompany'sCEOprovidestheanalystwithexclusive,non-publicfinancialprojectionsthataresignificantlymoreoptimisticthanthoseavailabletothepublic.Whatshouldtheanalystdo?A.Usetheprojectionsinthereport,citingtheCEOasasource.B.Requestadditionaldocumentationandverificationfromthecompanybeforeconsideringtheprojections.C.Ignoretheprojections,astheyarenon-publicinformation.D.Sharetheprojectionswithotheranalystsforindependentverification.5.ACFAcharterholderisattendingaconferencewhereaspeakerispromotinganewinvestmentproductthatguaranteesahighreturnwithlowrisk.Thecharterholderisskepticaloftheclaimsbutdoesnothavesufficienttimetoconductathoroughanalysisbeforetheconferenceends.Whatisthemostappropriatecourseofaction?A.Askthespeakerclarifyingquestionsduringthesession.B.Ignoretheproductandfocusonotherconferencesessions.C.Purchasetheproductbasedonthespeaker'sreputation.D.Conductaquickanalysisbasedontheinformationprovidedduringthesessionanddecidelater.6.TwoCFAcharterholdersareworkingonaprojecttogether.Onecharterholdersuggeststakingashortcutontheanalysisbyusingsimplifiedmodels,whiletheotherarguesforamorecomprehensiveapproach.Whohastheprimaryresponsibilityforensuringthequalityofthework?A.Thecharterholderwhosuggestedtheshortcut,astheyaremoreexperienced.B.Thecharterholderwhoarguedforacomprehensiveapproach,astheyaremorecautious.C.Theprojectmanager,astheyareultimatelyresponsiblefortheproject'soutcome.D.Bothcharterholders,astheyshareequalresponsibilityforthework.7.Aportfoliomanagerisresponsibleformanagingaclient'sportfolio.Theclientrequeststheportfoliomanagertoinvestasignificantportionoftheportfolioinastartupcompanyinwhichtheclienthasapersonalinterest.Theportfoliomanagerisawarethatthismaynotbeintheclient'sbestinterestbutisconcernedaboutlosingtheclientrelationship.Whatshouldtheportfoliomanagerdo?A.Agreetotheclient'srequest,asmaintainingtheclientrelationshipisimportant.B.Refusetheclient'srequest,asitmaynotbeintheclient'sbestinterest.C.Discusstherisksandpotentialbenefitsofinvestinginthestartupwiththeclientandseekprofessionaladvice.D.Investasmallportionoftheportfoliointhestartuptosatisfytheclientwhileminimizingpotentiallosses.8.Aninvestmentmanagerispreparingtoreporttoclientsabouttheperformanceoftheirportfolios.Themanagernoticesthatoneoftheportfolioshasunderperformedthebenchmarkbyasignificantmargin.Whatshouldbethemanager'sprimaryfocuswhencommunicatingthisinformationtoclients?A.Downplayingtheunderperformanceandhighlightingotherpositiveaspectsoftheportfolio.B.Explainingthereasonsfortheunderperformanceinaclearandtransparentmanner.C.Blamingexternalfactorsfortheunderperformancetoshiftresponsibility.D.Offeringexcusesfortheunderperformancewithoutprovidingadetailedexplanation.9.ACFAcharterholderisofferedajobatacompanythatpayssignificantlylessthanthecurrentcompensationbutoffersexcellentcareerdevelopmentopportunities.Thecharterholderistornbetweenthehighersalaryandthepotentialforcareergrowth.Whatshouldbethecharterholder'sprimaryconsiderationwhenmakingthisdecision?A.Thepotentialforahighersalaryinthefutureatthenewcompany.B.Theimmediatefinancialimpactofthelowersalaryonpersonalfinances.C.Thelong-termcareerprospectsanddevelopmentopportunitiesofferedbythenewcompany.D.Thereputationofthenewcompanyintheindustry.10.TwoCFAcharterholdersarediscussingapotentialinvestmentidea.Onecharterholdersuggeststhattheideaviolatesthemanager'sCodeandStandards,whiletheotherarguesthatthepotentialreturnsjustifytherisk.Whohasthefinalsayregardingtheinvestmentdecision?A.Thecharterholderwhosuggestedtheidea,astheyhavethemostexperience.B.Theothercharterholder,astheybelievethepotentialreturnsjustifytherisk.C.Theportfoliomanager,astheyareultimatelyresponsiblefortheinvestmentdecisions.D.TheCFAInstitute,astheysetthestandardsthatallcharterholdersmustfollow.11.Aportfoliomanagerisresponsibleformanagingaclient'sportfolio.Theclientexpressesdissatisfactionwiththeportfolio'sperformanceandrequeststhattheportfoliomanagerinvestinaparticularstockthattheclientbelieveshassignificantgrowthpotential.Theportfoliomanagerisconcernedthatthisstockmaynotbeintheclient'sbestinterest.Whatshouldtheportfoliomanagerdo?A.Investinthestocktosatisfytheclientandmaintaintheclientrelationship.B.Refusetoinvestinthestock,asitmaynotbeintheclient'sbestinterest.C.Discusstherisksandpotentialbenefitsofinvestinginthestockwiththeclientandseekprofessionaladvice.D.Investasmallportionoftheportfoliointhestocktosatisfytheclientwhileminimizingpotentiallosses.12.Ananalystisresearchingacompanyforanupcomingreport.Thecompany'smanagementprovidestheanalystwithexclusive,non-publicfinancialprojectionsthataresignificantlymoreoptimisticthanthoseavailabletothepublic.Whatshouldtheanalystdo?A.Usetheprojectionsinthereport,citingthemanagementasasource.B.Requestadditionaldocumentationandverificationfromthecompanybeforeconsideringtheprojections.C.Ignoretheprojections,astheyarenon-publicinformation.D.Sharetheprojectionswithotheranalystsforindependentverification.13.ACFAcharterholderispreparingareportonemergingmarketinvestmentsforaclient.Thereportincludesinformationfromanonlineforumthatiswidelyreadwithintheinvestmentcommunitybutlacksrigorousfact-checking.Whatisthecharterholder'sresponsibilityregardingtheinformationused?A.Citetheonlineforumasaprimarysourceforthereport.B.Verifytheinformationwithatleasttwootherreputablesourcesbeforeincludingitinthereport.C.Disclosethattheinformationisfromanonlineforumbutproceedwithusingitduetoitspopularity.D.Assumetheinformationisaccuratesinceitiswidelyread.14.Aportfoliomanagerrecommendsastocktoaclientbasedonatipreceivedfromaclosefriendwhoworksatthecompany.Thestockhasrecentlyexperiencedasignificantpriceincrease.Whataction,ifany,musttheportfoliomanagertake?A.Disclosethetiptotheclientanddocumenttherecommendationprocess.B.Immediatelysellthestocktoavoidpotentiallegalissues.C.Ensurethefriendreceivesappropriatecompensationforthetip.D.Donothing,astherecommendationwasbasedonapersonalconnection.15.TwoCFAcharterholdersareworkingonaprojecttogether.Onecharterholdersuggeststakingashortcutontheanalysisbyusingsimplifiedmodels,whiletheotherarguesforamorecomprehensiveapproach.Whohastheprimaryresponsibilityforensuringthequalityofthework?A.Thecharterholderwhosuggestedtheshortcut,astheyaremoreexperienced.B.Thecharterholderwhoarguedforacomprehensiveapproach,astheyaremorecautious.C.Theprojectmanager,astheyareultimatelyresponsiblefortheproject'soutcome.D.Bothcharterholders,astheyshareequalresponsibilityforthework.二、数量方法16.Aninvestorwantstoconstructaportfoliowithanexpectedreturnof12%andastandarddeviationof15%.Therisk-freerateis4%.Theinvestorcanborrowattherisk-freerate.Whatistheminimumvarianceportfoliocompositioniftheexpectedreturnoftheriskyassetis18%?A.100%investedintheriskyasset.B.66.67%investedintheriskyassetand33.33%investedintherisk-freeasset(lending).C.33.33%investedintheriskyassetand66.67%investedintherisk-freeasset(borrowing).D.100%investedintherisk-freeasset.17.Ananalystisusingamultipleregressionmodeltoestimatetheexpectedreturnofastock.Themodelisasfollows:ExpectedReturn=5%+1.2*MarketReturn+0.5*SizeFactor+0.3*MomentumFactor.Themarketreturnis10%,thesizefactoris2%,andthemomentumfactoris1%.Whatistheestimatedexpectedreturnofthestock?A.12.1%B.13.5%C.14.0%D.15.5%18.Aportfoliomanagerhasaportfoliowithabetaof1.2.Themarketriskpremiumis8%.Therisk-freerateis3%.WhatistheexpectedreturnoftheportfolioaccordingtotheCapitalAssetPricingModel(CAPM)?A.10.8%B.11.4%C.12.0%D.12.6%19.Aninvestorisconsideringaddinganewassettotheirportfolio.Theassethasanexpectedreturnof15%andastandarddeviationof20%.Theportfoliocurrentlyhasanexpectedreturnof10%andastandarddeviationof12%.Thecorrelationcoefficientbetweentheassetandtheportfoliois0.5.Whatistheexpectedreturnandstandarddeviationofthenewportfolioiftheinvestorinvests20%oftheircapitalinthenewassetand80%intheexistingportfolio?A.ExpectedReturn:11%,StandardDeviation:13.2%B.ExpectedReturn:11%,StandardDeviation:12.8%C.ExpectedReturn:10.8%,StandardDeviation:13.2%D.ExpectedReturn:10.8%,StandardDeviation:12.8%20.Ananalystisestimatingthebetaofastockusingaregressionanalysis.Theregressionequationis:StockReturn=0.5+1.5*MarketReturn.Themarketreturnhasastandarddeviationof20%.Thestockreturnhasastandarddeviationof30%.Whatisthebetaofthestock?A.0.75B.1.0C.1.25D.1.521.Aninvestorisconsideringinvestinginaprojectthatrequiresaninitialinvestmentof$100,000andisexpectedtogeneratecashflowsof$40,000attheendofeachyearfor4years.Theinvestor'srequiredrateofreturnis10%.WhatistheNetPresentValue(NPV)oftheproject?A.$10,000B.$12,000C.$14,000D.$16,00022.Aninvestorisconsideringinvestinginastockthatpaysadividendof$2pershare.Thedividendisexpectedtogrowataconstantrateof5%peryear.Thestockiscurrentlytradingat$40pershare.WhatistherequiredrateofreturnonthestockaccordingtotheDividendDiscountModel(DDM)?A.5.0%B.7.5%C.10.0%D.12.5%23.Aninvestorisconsideringinvestinginastockthatpaysadividendof$2pershare.Thedividendisexpectedtogrowataconstantrateof5%peryear.Thestockiscurrentlytradingat$40pershare.Therequiredrateofreturnonthestockis10%.Whatistheestimatedpriceofthestockoneyearfromnow?A.$42.00B.$42.50C.$43.00D.$43.5024.Aninvestorisconsideringinvestinginabondwithafacevalueof$1,000,acouponrateof5%,andamaturityof5years.Thebondiscurrentlytradingatadiscountwithayieldtomaturity(YTM)of6%.Whatisthecurrentpriceofthebond?A.$926.40B.$927.50C.$928.60D.$929.7025.Aninvestorisconsideringinvestinginabondwithafacevalueof$1,000,acouponrateof5%,andamaturityof5years.Thebondiscurrentlytradingatapremiumwithayieldtomaturity(YTM)of4%.Whatisthecurrentpriceofthebond?A.$1,044.52B.$1,045.63C.$1,046.74D.$1,047.8526.Aninvestorisconsideringinvestinginabondwithafacevalueof$1,000,acouponrateof5%,andamaturityof5years.Thebondiscurrentlytradingatparwithayieldtomaturity(YTM)of5%.Whatisthecurrentpriceofthebond?A.$950.00B.$1,000.00C.$1,050.00D.$1,100.0027.Aninvestorisconsideringinvestinginaportfolioofbonds.Theportfolioconsistsof50%investment-gradebondsand50%high-yieldbonds.Thedurationoftheinvestment-gradebondsis5years,andthedurationofthehigh-yieldbondsis7years.Whatistheweightedaveragedurationoftheportfolio?A.6.0yearsB.6.5yearsC.7.0yearsD.7.5years28.Aninvestorisconsideringinvestinginabondwithadurationof5years.Thebondiscurrentlytradingatapriceof$1,000.Iftheyieldtomaturityonthebondincreasesby1%,whatistheapproximatepercentagechangeinthepriceofthebond?A.-4.0%B.-4.5%C.-5.0%D.-5.5%29.Aninvestorisconsideringinvestinginabondwithaconvexityof80.Thebondhasadurationof5years.Thebondiscurrentlytradingatapriceof$1,000.Iftheyieldtomaturityonthebondincreasesby1%,whatisthemoreaccurateestimateofthepercentagechangeinthepriceofthebond,consideringconvexity?A.-4.5%B.-4.6%C.-4.7%D.-4.8%30.Aninvestorisconsideringinvestinginaportfolioofbonds.Theportfolioconsistsof50%investment-gradebondsand50%high-yieldbonds.Themodifieddurationoftheinvestment-gradebondsis4.8,andthemodifieddurationofthehigh-yieldbondsis6.5.Whatistheweightedaveragemodifieddurationoftheportfolio?A.5.65B.5.75C.5.85D.5.9531.Aninvestorisconsideringaddinganewassettotheirportfolio.Theassethasanexpectedreturnof15%andastandarddeviationof20%.Theportfoliocurrentlyhasanexpectedreturnof10%andastandarddeviationof12%.Thecorrelationcoefficientbetweentheassetandtheportfoliois0.5.Whatistheexpectedreturnandstandarddeviationofthenewportfolioiftheinvestorinvests30%oftheircapitalinthenewassetand70%intheexistingportfolio?A.ExpectedReturn:11.5%,StandardDeviation:13.2%B.ExpectedReturn:11.5%,StandardDeviation:12.8%C.ExpectedReturn:11.0%,StandardDeviation:13.2%D.ExpectedReturn:11.0%,StandardDeviation:12.8%32.Aninvestorisconsideringinvestinginaprojectthatrequiresaninitialinvestmentof$200,000andisexpectedtogeneratecashflowsof$80,000attheendofeachyearfor3years.Theinvestor'srequiredrateofreturnis12%.WhatistheInternalRateofReturn(IRR)oftheproject?A.10.0%B.11.0%C.12.0%D.13.0%33.Aninvestorisconsideringinvestinginastockthatpaysadividendof$2pershare.Thedividendisexpectedtogrowataconstantrateof5%peryear.Thestockiscurrentlytradingat$40pershare.Therequiredrateofreturnonthestockis10%.Whatistheprice-earnings(P/E)ratioofthestockiftheearningspershare(EPS)are$4?A.10.0B.12.5C.15.0D.20.034.Aninvestorisconsideringinvestinginastockthatpaysadividendof$2pershare.Thedividendisexpectedtogrowataconstantrateof5%peryear.Thestockiscurrentlytradingat$40pershare.Therequiredrateofreturnonthestockis10%.Whatisthedividendyieldofthestock?A.4.0%B.4.5%C.5.0%D.5.5%35.Aninvestorisconsideringinvestinginabondwithafacevalueof$1,000,acouponrateof5%,andamaturityof5years.Thebondiscurrentlytradingatadiscountwithayieldtomaturity(YTM)of6%.Whatisthecurrentyieldofthebond?A.4.8%B.5.0%C.5.2%D.5.4%三、经济学36.TheFederalReservedecidestoincreasethemoneysupply.Whatisthemostlikelyshort-termeffectontheeconomy?A.Anincreaseininterestratesandadecreaseinaggregatedemand.B.Adecreaseininterestratesandanincreaseinaggregatedemand.C.Anincreaseininterestratesandanincreaseinaggregatedemand.D.Adecreaseininterestratesandadecreaseinaggregatedemand.37.Acountryexperiencesasurgeinproductivityduetotechnologicaladvancements.Whatisthelong-termeffectontheeconomy?A.Anincreaseinthenaturalrateofunemployment.B.Adecreaseinthepotentialoutputoftheeconomy.C.Anincreaseinthepotentialoutputoftheeconomyandadecreaseintheinflationrate.D.Adecreaseinthepotentialoutputoftheeconomyandanincreaseintheinflationrate.38.Acountryisexperiencinghighinflation.Thecentralbankdecidestoraiseinterestrates.Whatistheprimarygoalofthispolicy?A.Tostimulateeconomicgrowthandreduceunemployment.B.Todecreaseaggregatedemandandreduceinflation.C.Toincreaseaggregatedemandandstimulateeconomicgrowth.D.Todecreaseaggregatesupplyandreduceinflation.39.Twocountriesareengagedintrade.CountryAhasacomparativeadvantageinproducingwheat,whileCountryBhasacomparativeadvantageinproducingcloth.Whatisthelikelyoutcomeoftradebetweenthetwocountries?A.CountryAwillproducebothwheatandcloth,andCountryBwillproduceneither.B.CountryBwillproducebothwheatandcloth,andCountryAwillproduceneither.C.CountryAwillspecializeinproducingwheat,andCountryBwillspecializeinproducingcloth.D.Bothcountrieswillproducebothwheatandcloth,andtherewillbenotrade.40.Afirmisoperatinginaperfectlycompetitivemarket.Thefirm'smarginalcostis$10,andthemarketpriceis$15.Whatisthefirm'sprofit-maximizingbehavior?A.Thefirmshouldincreaseproductiontomaximizeprofits.B.Thefirmshoulddecreaseproductiontomaximizeprofits.C.Thefirmshouldproduceatthecurrentleveltomaximizeprofits.D.Thefirmshouldshutdownoperationstominimizelosses.41.Afirmisoperatinginamonopolisticallycompetitivemarket.Thefirmfacesadownward-slopingdemandcurveandhasmarketpower.Whatisthefirm'sprofit-maximizingbehavior?A.Thefirmshouldproduceatthelevelwheremarginalcostequalsmarginalrevenue.B.Thefirmshouldproduceatthelevelwherepriceequalsmarginalcost.C.Thefirmshouldproduceatthelevelwherepriceequalsaveragetotalcost.D.Thefirmshouldproduceatthelevelwherequantitysuppliedequalsquantitydemanded.42.Acountryexperiencesadecreaseinitslaborforceduetoanagingpopulation.Whatisthelikelyeffectontheeconomy?A.Anincreaseinthenaturalrateofunemploymentandadecreaseinpotentialoutput.B.Adecreaseinthenaturalrateofunemploymentandanincreaseinpotentialoutput.C.Anincreaseinthenaturalrateofunemploymentandanincreaseinpotentialoutput.D.Adecreaseinthenaturalrateofunemploymentandadecreaseinpotentialoutput.43.Afirmisconsideringinvestinginnewtechnologytoincreaseitsproductivity.Thefirmfacesincreasingreturnstoscale.Whatisthelikelyeffectonthefirm'slong-runaveragecosts?A.Thelong-runaveragecostswillincrease.B.Thelong-runaveragecostswilldecrease.C.Thelong-runaveragecostswillremainunchanged.D.Thelong-runaveragecostswillfirstdecreaseandthenincrease.44.Acountryexperiencesadecreaseinitssavingsrate.Whatisthelikelyeffectonthecountry'scapitalstockandeconomicgrowth?A.Adecreaseinthecapitalstockandadecreaseineconomicgrowth.B.Adecreaseinthecapitalstockandanincreaseineconomicgrowth.C.Anincreaseinthecapitalstockandadecreaseineconomicgrowth.D.Anincreaseinthecapitalstockandanincreaseineconomicgrowth.45.Twocountriesareconsideringsigningafreetradeagreement.CountryAhasacomparativeadvantageinproducingagriculturalgoods,whileCountryBhasacomparativeadvantageinproducingmanufacturedgoods.Whatisthelikelyeffectofthefreetradeagreementonthetwocountries?A.Bothcountrieswillexperienceadecreaseinproductionandanincreaseinconsumption.B.Bothcountrieswillexperienceanincreaseinproductionandadecreaseinconsumption.C.CountryAwillexperienceanincreaseinproductionandconsumptionofagriculturalgoods,andCountryBwillexperienceanincreaseinproductionandconsumptionofmanufacturedgoods.D.CountryAwillexperienceadecreaseinproductionandconsumptionofagriculturalgoods,andCountryBwillexperienceadecreaseinproductionandconsumptionofmanufacturedgoods.46.Afirmisoperatinginaperfectlycompetitivemarket.Thefirm'smarginalcostis$10,andthemarketpriceis$15.Whatisthefirm'smarginalrevenue?A.$5B.$10C.$15D.$2047.Afirmisoperatinginamonopolisticallycompetitivemarket.Thefirmfacesadownward-slopingdemandcurveandhasmarketpower.Thefirm'smarginalcostis$10,anditsmarginalrevenueis$15.Whatisthefirm'sprofit-maximizinglevelofoutput?A.Thefirmshouldincreaseproductiontomaximizeprofits.B.Thefirmshoulddecreaseproductiontomaximizeprofits.C.Thefirmshouldproduceatthecurrentleveltomaximizeprofits.D.Thefirmshouldshutdownoperationstominimizelosses.48.Acountryexperiencesasurgeinproductivityduetotechnologicaladvancements.Whatisthelikelyeffectonthecountry'srealwagerate?A.Anincreaseintherealwagerate.B.Adecreaseintherealwagerate.C.Nochangeintherealwagerate.D.Anambiguouseffectontherealwagerate.49.Afirmisconsideringinvestinginnewtechnologytoincreaseitsproductivity.Thefirmfacesdecreasingreturnstoscale.Whatisthelikelyeffectonthefirm'slong-runaveragecosts?A.Thelong-runaveragecostswillincrease.B.Thelong-runaveragecostswilldecrease.C.Thelong-runaveragecostswillremainunchanged.D.Thelong-runaveragecostswillfirstdecreaseandthenincrease.50.Acountryexperiencesadecreaseinitssavingsrate.Whatisthelikelyeffectonthecountry'sinvestmentrate?A.Adecreaseintheinvestmentrate.B.Anincreaseintheinvestmentrate.C.Nochangeintheinvestmentrate.D.Anambiguouseffectontheinvestmentrate.51.Twocountriesareengagedintrade.CountryAhasacomparativeadvantageinproducingagriculturalgoods,whileCountryBhasacomparativeadvantageinproducingmanufacturedgoods.Whatisthelikelyeffectoftradeontherelativepricesofthetwogoods?A.Therelativepriceofagriculturalgoodswillincreaseinbothcountries.B.Therelativepriceofagriculturalgoodswilldecreaseinbothcountries.C.TherelativepriceofagriculturalgoodswillincreaseinCountryAanddecreaseinCountryB.D.TherelativepriceofagriculturalgoodswilldecreaseinCountryAandincreaseinCountryB.52.Afirmisoperatinginaperfectlycompetitivemarket.Thefirm'smarginalcostis$10,andthemarketpriceis$15.Whatisthefirm'seconomicprofit?A.$0B.$5perunitC.$10perunitD.$15perunit53.Afirmisoperatinginamonopolisticallycompetitivemarket.Thefirmfacesadownward-slopingdemandcurveandhasmarketpower.Thefirm'smarginalcostis$10,anditspriceis$15.Whatisthefirm'seconomicprofit?A.$0B.$5perunitC.$10perunitD.$15perunit54.Acountryexperiencesadecreaseinitslaborforceduetoanagingpopulation.Whatisthelikelyeffectonthecountry'saggregatedemand?A.Anincreaseinaggregatedemand.B.Adecreaseinaggregatedemand.C.Nochangeinaggregatedemand.D.Anambiguouseffectonaggregatedemand.55.Afirmisconsideringinvestinginnewtechnologytoincreaseitsproductivity.Thefirmfacesconstantreturnstoscale.Whatisthelikelyeffectonthefirm'slong-runaveragecosts?A.Thelong-runaveragecostswillincrease.B.Thelong-runaveragecostswilldecrease.C.Thelong-runaveragecostswillremainunchanged.D.Thelong-runaveragecostswillfirstdecreaseandthenincrease.四、财务报表分析56.Ananalystisreviewingacompany'sfinancialstatements.Thecompanyreportsadecreaseinitsaccountsreceivableturnoverratiooverthepastyear.Whatisthemostlikelyinterpretationofthistrend?A.Thecompanyiscollectingitsaccountsreceivablemoreefficiently.B.Thecompanyissellingmoreproductsoncredit.C.Thecompanyisexperiencingdifficultiesincollectingitsaccountsreceivable.D.Thecompany'ssalesaredecreasing.57.Ananalystiscomparingtwocompaniesinthesameindustry.CompanyAhasahigherdebt-to-equityratiothanCompanyB.Whatisthemostlikelyimplicationofthisdifference?A.CompanyAismoreprofitablethanCompanyB.B.CompanyAhasahigherreturnonequitythanCompanyB.C.CompanyAisriskierthanCompanyB.D.CompanyAhasahigherdividendyieldthanCompanyB.58.Ananalystisreviewingacompany'sfinancialstatements.Thecompanyrepor