2025年CFA一级经济学专项训练

2025年CFA一级经济学专项训练考试时间：______分钟总分：______分姓名：______SectionA:MultipleChoiceQuestions1.Whichofthefollowingbestdescribestherelationshipbetweentherealinterestrateandthenominalinterestrate?A)Therealinterestrateisalwayshigherthanthenominalinterestrate.B)Therealinterestrateisthenominalinterestrateminustheexpectedinflationrate.C)Therealinterestrateisequaltothenominalinterestrateplustheexpectedinflationrate.D)Therealinterestratehasnorelationshipwiththenominalinterestrateintheshortrun.2.Accordingtotheliquiditypreferencetheoryofthetermstructureofinterestrates,whichofthefollowingstatementsiscorrect?A)Theyieldcurvemustalwaysbeupwardslopingbecauselonger-termbondshavegreaterpricerisk.B)Theexpectedfutureshort-terminterestratesareirrelevanttotheshapeoftheyieldcurve.C)Theyieldcurvereflectsthemarket'spreferenceforliquidity;investorsdemandahigherreturnforholdinglonger-termbondstocompensateforthelackofliquidity.D)Theyieldcurveisprimarilydeterminedbyfiscalpolicyactions.3.TheFederalReserveincreasesthemoneysupply.Assumingthevelocityofmoneyisconstant,accordingtothequantitytheoryofmoney(MV=PT),whatistheprimaryexpectedeffectintheshortrun?A)Adecreaseinthepricelevel(deflation)andanincreaseinoutput.B)Anincreaseinthepricelevel(inflation)andadecreaseinoutput.C)Anincreaseinthepricelevel(inflation)andanincreaseinoutput.D)Nosignificanteffectonthepriceleveloroutput.4.Whichofthefollowingisconsideredacomponentofthemoneysupply(M1)intheUnitedStates?A)Savingsdepositsatcommercialbanks.B)Currencyheldbythepublic.C)Timedepositsover$100,000.D)Moneymarketmutualfundsharesheldbyindividuals.5.Whichofthefollowingfiscalpolicytoolsinvolvesthegovernmentreducingitsspending?A)Increasingtaxes.B)Decreasingtaxes.C)Increasinggovernmenttransfers.D)Reducinggovernmentspending.6.ThePhillipscurveillustratestherelationshipbetween:A)Nominalinterestratesandinflation.B)RealGDPgrowthandtheunemploymentrate.C)Governmentspendingandbudgetdeficits.D)Exchangeratesandthebalanceoftrade.7.Whichmarketstructureischaracterizedbyasingleseller,significantbarrierstoentry,andproductsthatareuniqueorhighlydifferentiated?A)Perfectcompetition.B)Monopolisticcompetition.C)Oligopoly.D)Monopoly.8.Ifthecross-priceelasticityofdemandbetweengoodXandgoodYispositive,itsuggeststhat:A)GoodsXandYaresubstitutes.B)GoodsXandYarecomplements.C)ThedemandforgoodXisperfectlyinelastic.D)ThedemandforgoodYisperfectlyelastic.9.Afirmoperatinginaperfectlycompetitivemarketwillmaximizeprofitbyproducingtheoutputlevelwhere:A)Priceisequaltomarginalcost(P=MC).B)Priceisequaltoaveragetotalcost(P=ATC).C)Marginalrevenueisequaltomarginalcost(MR=MC).D)Priceisgreaterthanmarginalcost(P>MC).10.Whichofthefollowingstatementsistrueaboutanaturalmonopoly?A)Anaturalmonopolycannotexistinmarketswithlowdemand.B)Anaturalmonopolyoccurswhenafirmcanproducetheentiremarketoutputataloweraveragecostthantwoormoresmallerfirms.C)Anaturalmonopolyisalwaysillegalunderantitrustlaws.D)Anaturalmonopolytypicallyarisesduetogovernmentinterventionpreventingcompetition.11.Theconceptof"opportunitycost"refersto:A)Theexplicitmonetarycostofproducingagoodorservice.B)Thevalueofthenextbestalternativethatmustbegivenuptoundertakeanactivity.C)Thedifferencebetweentotalrevenueandtotalcost.D)Thedifferencebetweenaccountingprofitandeconomicprofit.12.Whichofthefollowingisanexampleofapositiveexternality?A)Thepollutiongeneratedbyafactory.B)Theconstructionofanewpublicpark.C)Thereductionintrafficcongestionduetopublictransportation.D)Thenegativeimpactofamonopolyonconsumersurplus.13.Accordingtothetheoryofcomparativeadvantage,countriesgainfromtradebecause:A)Theycanproduceallgoodsmoreefficientlythanothercountries.B)Theycanproducesomegoodsataloweropportunitycostthanothercountries,allowingthemtospecializeandtrade.C)Tradebarriersleadtohigherpricesandgreaterprofitsfordomesticproducers.D)Internationaltradereducestheoverallglobaldemandforgoods.14.Theexchangeratebetweentwocurrenciesisprimarilydeterminedby:A)Thelawspassedbythecentralbanksofthetwocountries.B)Therelativesupplyanddemandforthetwocurrenciesintheforeignexchangemarket.C)Theinflationratesinthetwocountries.D)Theinterestratesinthetwocountries.15.Whichofthefollowingisapotentialcostofinflation?A)Reduceduncertaintyforbusinessesandconsumers.B)Increasedsavingsandinvestment.C)Menucostsandshoeleathercosts.D)Lowerinterestratesandincreasedborrowing.SectionB:ProblemQuestions16.Considerabondwithafacevalueof$1,000,acouponrateof5%,and10yearstomaturity.Themarketinterestrateforsimilarbondsis6%.Calculatethecurrentpriceofthebond.(Assumeannualcouponpayments).17.Afirmfacesthefollowingcoststructure:-TotalFixedCosts(TFC)=$100-TotalVariableCosts(TVC)=2Q^2,whereQisthequantityofoutput.Calculatethefirm'stotalcost(TC),averagetotalcost(ATC),averagefixedcost(AFC),andaveragevariablecost(AVC)whenthequantityproduced(Q)is10units.18.SupposethedemandforagoodisrepresentedbytheequationP=100-2Qd,andthesupplyisrepresentedbytheequationP=20+3Qs,wherePisthepriceandQisthequantity.a)Calculatetheequilibriumpriceandquantityinthismarket.b)Ifapriceceilingof$50isimposed,willtherebeashortageorsurplus?Calculatethemagnitude.19.Acountryhasthefollowingdatafortwoconsecutiveyears:-Year1:RealGDP=$1,000billion,Population=10million-Year2:RealGDP=$1,050billion,Population=10.5millionCalculatethegrowthrateofrealGDPpercapitabetweenYear1andYear2.20.Assumethefollowinginformationforasmallopeneconomy:-DomesticOutput(Y)=$500billion-GovernmentPurchases(G)=$100billion-Taxes(T)=$80billion-InterestPaymentsonGovernmentDebt=$20billion-Consumption(C)=$300billion(assumingitdependsonlyondisposableincome)-Investment(I)=$120billion-NetExports(NX)=$0Calculatethegovernmentbudgetbalance(GovernmentRevenue-GovernmentSpendingincludinginterestpayments).SectionC:EssayQuestions21.Explainthemonetarypolicytransmissionmechanism.Describethepotentialrolesofthefederalfundsrate,themoneysupply,andinterestratesonvariousfinancialassets(likebonds)ininfluencingrealoutputandthepricelevel.Useeconomicreasoningtosupportyourexplanation.22.Discusstheconceptofmarketfailure.Identifytwodistinctcausesofmarketfailure(otherthantheonesalreadymentionedintheproblemquestions)andexplainhoweachoneleadstoaninefficientallocationofresources.Foroneofthecauses,suggestapossiblegovernmentinterventionandanalyzeitspotentialeffectiveness.23.Compareandcontrastthecharacteristicsofaperfectlycompetitivemarketandamonopoly.Discusstheimplicationsofeachmarketstructureforefficiency(allocativeandproductive)andconsumersurplus.Underwhatconditionsmightagovernmentconsiderregulatingamonopoly?---试卷答案SectionA:MultipleChoiceQuestions1.B2.C3.C4.B5.D6.B7.D8.A9.C10.B11.B12.C13.B14.B15.CSectionB:ProblemQuestions16.$926.4017.TC=$220;ATC=$22;AFC=$10;AVC=$2018.a)EquilibriumPrice=$70;EquilibriumQuantity=15units.b)Shortageof5units.19.3.03%20.GovernmentBudgetBalance=-$20billionSectionC:EssayQuestions21.Themonetarypolicytransmissionmechanismdescribeshowchangesinthecentralbank'stargetpolicyrate(likethefederalfundsrate)influencethebroadereconomy.AnincreaseinthetargetratetypicallyleadstheFedtosellsecurities,reducingthemoneysupply.Thiscontractioninthemoneysupplymakesborrowingmoreexpensiveacrossvariousfinancialassets.Higherinterestratesincreasetheopportunitycostofinvestinginbonds(lowerdemand,higheryields)andreduceinvestmentspendingbybusinesses(highercostofcapital)andconsumerspendingondurablegoods(e.g.,mortgages,carloans).Conversely,adecreaseinthetargetrateencourageslendingandinvestment,potentiallystimulatingrealoutputandincreasingthepricelevelthroughincreasedaggregatedemand.22.Marketfailureoccurswhenamarketfailstoallocateresourcesefficiently,leadingtoamisallocationwheretotalsurplus(consumer+producer)ismaximized.Twocausesareexternalitiesandpublicgoods.Negativeexternalities(e.g.,pollution)existwhentheproductionorconsumptionofagoodimposescostsonthirdpartiesnotreflectedinthemarketprice,leadingtooverproductionfromasocietalperspective.Positiveexternalities(e.g.,vaccination)existwhentheproductionorconsumptionbenefitsthirdparties,leadingtounderproduction.Governmentinterventioncanpotentiallycorrectthesefailures.Forexample,pollutioncanbeaddressedthroughregulations(likeemissionstandards),taxes(likeacarbontax,makingpolluterspaytheexternalcost),ortradablepermits(likecap-and-trade).Thisinterventioncaninternalizetheexternality,movingthemarketoutcomeclosertothesociallyefficientlevel.Publicgoods(e.g.,nationaldefense)arenon-rivalrous(oneperson'sconsumptiondoesn'treduceavailability)andnon-excludable(it'sdifficulttopreventpeoplefromusingthem),leadingprivatemarketstounderprovidethemasindividualshaveanincentivetobe"freeriders".Governmentintervention,typicallythroughdirectprovisionorfunding,isoftennecessarytoensureadequateprovisionofpublicgoods.23.Perfectcompetitionischaracterizedbyalargenumberofsmallfirms,homogeneousproducts,freeentryandexit,andfirmsbeingpricetakers(acceptingthe