CFA一级百题进阶：经济学.docx

3.EconomicsQ-l.Ifmarginalcostperunitisgreaterthanaveragetotalcostperunit,increasingoutputwillmostlikelycause:A.marginalcosttodecrease.B.averagefixedcosttoincrease.C.averagevariablecosttoincrease.Solution:C.Ifmarginalcostisgreaterthanaveragetotalcost,thenincreasingoutputwillcausemarginal,averagevariable,andaveragetotalcoststoincrease.Averagefixedcostwillcontinuetodecreaseasoutputincreases.Q-2.UpsilonNaturalGas,Inc.isamonopolyenjoyingveryhighbarrierstoentry.Itsmarginalcostis$40anditsaveragecostis$70.Arecentmarketstudyhasdeterminedthepriceelasticityofdemandis1.5.Thecompanywillmostlikelysetitspriceat:A.$40.B.$70.C.$120.Solution:C.ProfitsaremaximizedwhenMR=MC.Foramonopoly,MR=P(l-lEp).SettingthisequaltoMCandsolvingforP:$40=P(l-l1.5)=P×0333P=$120Q-3.Ifrelativetopriorvaluesoftheirrespectiveindicatorstheinventorysalesratiohasrisen,unitlaborcostisstable,andrealpersonalincomehasdecreased,itismostlikelythatapeakinthebusinesscycle:A.hasoccurred.B.isjustabouttooccur.C.willoccursometimeintothefuture.Solution:A.Bothinventorysalesandunitlaborcostsarelaggingindicatorsthatdeclinesomewhatafterapeak.Realpersonalincomeisacoincidentindicatorthatbyitsdeclineshowsaslowdowninbusinessactivity.Q-4.Thefollowingdataapplytoacountryinitsdomesticcurrencyunits:Consumerspendingongoodsandservices875,00。Governmentspendingongoodsandservices305,000Businessgrossfixedinvestment286,000Governmentgrossfixedinvestment84,000Changeininventories-68,000Capitalconsumptionallowance8,500Transferpayments9,000Statisticaldiscrepancy2,800Exports219z0Imports250,0Usingtheexpendituresapproach,thecountry'sgrossdomesticproduct(GDP)isclosestto:A.1,448,200.B.1,451,500,C.1,466,490.Solution:A.Usingtheexpendituresapproach:GDP=Consumerspendingongoodsandservices+Businessgrossfixedinvestment+Changeininventories+Governmentspendingongoodsandservices+Governmentgrossfixedinvestment+Exports-Imports+StatisticaldiscrepancyConsumerspendingongoodsandservices875,000Businessgrossfixedinvestment286,000Changeininventories(68,000)Governmentspendingongoodsandservices305,000Governmentgrossfixedinvestment84,000Exports219,000Imports(250,000)Statisticaldiscrepancy2,800)GDP1,448,200Q-5.Becauseofasharpdeclineinrealestatevalueszthehouseholdsectorhasincreasedthefractionofdisposableincomethatitsaves.Ifoutputandinvestmentspendingremainunchanged,whichofthefollowingismostcorrectresponse?A.AdecreaseinthegovernmentdeficitB.AdecreaseinnetexportsandincreasedcapitalinflowC.AnincreaseinnetexportsandincreasedcapitaloutflowSolution:C.Thefundamentalrelationshipamongsaving,investment,thefiscalbalance,andthetradebalanceisS=I÷(GT)÷(XM).Giventhelevelsofoutputandinvestmentspending,anincreaseinsaving(reductioninconsumption)mustbeoffsetbyeitheranincreaseinthefiscaldeficitoranincreaseinnetexports.Increasingthefiscaldeficitisnotoneofthechoices,soanincreaseinnetexportsandcorrespondingincreaseinnetcapitaloutflows(increasedlendingtoforeignersand/orincreasedpurchasesofassetsfromforeigners)isthecorrectresponse.Q-6.IfwageswereautomaticallyadjustedforchangesinthepriceIevelztheshort-runaggregatesupplycurvewouldmostlikelybe:A.flatter.B.steeper.C.unchanged.Solution:B.Theslopeoftheshort-runaggregatesupplycurvereflectstheextenttowhichwagesandotherinputcostsadjusttotheoverallpricelevel.Automaticadjustmentofwageswouldmitigatetheimpactofpricechangesonprofitability.Hence,firmswouldnotadjustoutputasmuchinresponsetochangingoutputpricestheSRAScurvewouldbesteeper.Q-7.Long-termsustainablegrowthofaneconomyisleastlikelytoresultfromgrowthin:A.thesupplyoflabor.B.outputperunitoflabor.C.capitalperunitoflabor.Solution:C.Thesustainablerateofeconomicgrowthisameasurementoftherateofincreaseintheeconomy'sproductivecapacity.Aneconomy'ssustainablerateofgrowthdependsonthegrowthrateofthelaborsupplyandthegrowthrateoflaborproductivity.Duetodiminishingmarginalproductivity,aneconomygenerallycannotachievelong-termsustainablegrowththroughcontinuallyincreasingthestockofcapitalrelativetolabor(i,e.zcapitaldeepening).Q-8.AdevelopingcountrythatmaintainsafixedvalueforitscurrencyrelativetotheU.S.dollarisexperiencingadeclineinitseconomicactivity,anditsinflationratefallsbelowthelevelintheUnitedStates.Asaresultofthedevelopingcountry'sactionstomaintainthefixedexchangeratetarget,its:A.moneysupplywillcontract.B.short-terminterestrateswillfall.C.foreignexchangereserveswilldecrease.Solution:B.Withadeclineineconomicactivityanddomesticinflation,thecurrencyofthedevelopingcountrywouldstarttoriseagainstthedollar.Toprotecttheexchangeratetarget,thedevelopingcountry'smonetaryauthorityWillpurchaseforeignexchangereservesandSellitsowncurrency.Thisactionwillincreasethedomesticmoneysupplyanddecreaseshort-terminterestrates.