CFA一级notes整理经济学习题.docx

CFA一级notes整理经济学习题.docx

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CFA一级notes整理经济学习题

经济学习题

MODULEQUIZ14.1,14.2

Tobestevaluateyourperformance,enteryourquizanswersonline.

1.Totalrevenueisgreatestinthepartofademandcurvethatis:

A.elastic

B.inelastic

C.unitelastic.

2.Ademandfunctionforairconditionersisgivenby:

QDairconditioner=10,000–2Pairconditioner+0.0004income+30Pelectricfan–4Pelectricity

Atcurrentaverageprices,anairconditionercosts5,000yen,afancosts200yen,

andelectricitycosts1,000yen.Averageincomeis4,000,000yen.Theincome

elasticityofdemandforairconditionersisclosestto:

A.0.0004.

B.0.444.

C.40,000.

3.Whenthepriceofagooddecreases,andanindividual’sconsumptionofthat

goodalsodecreases,itismostlikelythatthe:

A.incomeeffectandsubstitutioneffectarebothnegative.

B.substitutioneffectisnegativeandtheincomeeffectispositive.

C.incomeeffectisnegativeandthesubstitutioneffectispositive.

4.Agoodisclassifiedasaninferiorgoodifits:

A.incomeelasticityisnegative.

B.own-priceelasticityisnegative.

C.cross-priceelasticityisnegative.

5.Increasingtheamountofoneproductiveinputwhilekeepingtheamountsof

otherinputsconstantresultsindiminishingmarginalreturns:

A.inallcases.

B.whenitcausestotaloutputtodecrease.

C.whentheincreaseintotaloutputbecomessmaller.

6.Afirm’saveragerevenueisgreaterthanitsaveragevariablecostandlessthanitsaveragetotalcost.Ifthissituationisexpectedtopersist,thefirmshould:

A.shutdownintheshortrunandinthelongrun.

B.shutdownintheshortrunbutoperateinthelongrun.

C.operateintheshortrunbutshutdowninthelongrun.

7.Ifafirm’slong-runaveragetotalcostincreasesby6%whenoutputisincreased

by6%,thefirmisexperiencing:

A.economiesofscale.

B.diseconomiesofscale.

C.constantreturnstoscale.

MODULEQUIZ15.1

Tobestevaluateyourperformance,enteryourquizanswersonline.

1.Whenafirmoperatesunderconditionsofpurecompetition,marginalrevenuealwaysequals:

A.price.

B.averagecost.

C.marginalcost.

2.Inwhichmarketstructure（s）canafirm’ssupplyfunctionbedescribedasitsmarginalcostcurveaboveitsaveragevariablecostcurve?

A.Oligopolyormonopoly.

B.Perfectcompetitiononly.

C.Perfectcompetitionormonopolisticcompetition.

3.Inapurelycompetitivemarket,economiclossesindicatethat:

A.priceisbelowaveragetotalcosts.

B.collusionisoccurringinthemarketplace.

C.firmsneedtoexpandoutputtoreducecosts.

4.Apurelycompetitivefirmwilltendtoexpanditsoutputsolongas:

A.marginalrevenueispositive.

B.marginalrevenueisgreaterthanprice.

C.marketpriceisgreaterthanmarginalcost.

5.Afirmislikelytooperateintheshortrunaslongaspriceisatleastasgreatas:

A.marginalcost.

B.averagetotalcost.

C.averagevariablecost.

MODULEQUIZ15.2

Tobestevaluateyourperformance,enteryourquizanswersonline.

1.Thedemandforproductsfrommonopolisticcompetitorsisrelativelyelasticdueto:

A.highbarrierstoentry.

B.theavailabilityofmanyclosesubstitutes.

C.theavailabilityofmanycomplementarygoods.

2.Comparedtoaperfectlycompetitiveindustry,inanindustrycharacterizedbymonopolisticcompetition:

A.bothpriceandquantityarelikelytobelower.

B.priceislikelytobehigherandquantityislikelytobelower.

C.quantityislikelytobehigherandpriceislikelytobelower.

3.Afirmwillmostlikelymaximizeprofitsatthequantityofoutputforwhich:

A.priceequalsmarginalcost.

B.priceequalsmarginalrevenue.

C.marginalcostequalsmarginalrevenue.

MODULEQUIZ15.3

Tobestevaluateyourperformance,enteryourquizanswersonline.

1.Anoligopolisticindustryhas:

A.fewbarrierstoentry.

B.feweconomiesofscale.

C.agreatdealofinterdependenceamongfirms.

2.Considerafirminanoligopolymarketthatbelievesthedemandcurveforitsproductismoreelasticaboveacertainpricethanbelowthisprice.Thisbelieffits

mostcloselytowhichofthefollowingmodels?

A.Cournotmodel.

B.Dominantfirmmodel.

C.Kinkeddemandmodel.

3.ConsideranagreementbetweenFranceandGermanythatwillrestrictwineproductionsothatmaximumeconomicprofitcanberealized.Thepossibleoutcomesoftheagreementarepresentedinthetablebelow.

BasedontheconceptofaNashequilibrium,themostlikelystrategyfollowedbythetwocountrieswithrespecttowhethertheycomplywithordefaultontheagreementwillbe:

A.bothcountrieswilldefault.

B.bothcountrieswillcomply.

C.onecountrywilldefaultandtheotherwillcomply.

MODULEQUIZ15.4

Tobestevaluateyourperformance,enteryourquizanswersonline.

1.Whichofthefollowingstatementsmostaccuratelydescribesasignificantdifferencebetweenamonopolyfirmandaperfectlycompetitivefirm?

Aperfectlycompetitivefirm:

A.minimizescosts;amonopolisticfirmmaximizesprofit.

B.maximizesprofit;amonopolisticfirmmaximizesprice.

C.takespriceasgiven;amonopolisticfirmmustsearchforthebestprice.

2.AmonopolistwillexpandproductionuntilMR=MCandchargeapricedeterminedbythe:

A.demandcurve.

B.marginalcostcurve.

C.averagetotalcostcurve.

3.Whenaregulatoryagencyrequiresamonopolisttouseaveragecostpricing,theintentistopricetheproductwherethe:

A.ATCcurveintersectstheMRcurve.

B.MRcurveintersectsthedemandcurve.

C.ATCcurveintersectsthedemandcurve.

4.WhichofthefollowingismostlikelyanadvantageoftheHerfindahl-HirschmanIndexrelativetotheN-firmconcentrationratio?

TheHerfindahl-HirschmanIndex:

A.issimplertocalculate.

B.considersbarrierstoentry.

C.ismoresensitivetomergers.

5.Amarketcharacterizedbylowbarrierstoentry,goodsubstitutes,limitedpricingpower,andmarketingofproductfeaturesisbestcharacterizedas:

A.oligopoly.

B.perfectcompetition.

C.monopolisticcompetition.

MODULEQUIZ16.1

Tobestevaluateyourperformance,enteryourquizanswersonline.

1.Theleastappropriateapproachtocalculatingacountry’sgrossdomesticproduct（GDP）issummingforagiventimeperiodthe:

A.valueofallpurchasesandsalesthattookplacewithinthecountry.

B.amountspentonfinalgoodsandservicesproducedwithinthecountry.

C.incomegeneratedinproducingallfinalgoodsandservicesproduced

withinthecountry.

2.Grossdomesticproductdoesnotincludethevalueof:

A.transferpayments.

B.governmentservices.

C.owner-occupiedhousing.

3.WhenGDPiscalculatedbythesum-of-value-addedmethod,whatisthevalueof

amanufacturedproductinGDP?

A.Thesumoftheproduct’svalueateachstageofproductionanddistribution.

B.Thesumoftheincreasesintheproduct’svalueateachstageofproduction

anddistribution.

C.Theproduct’sretailpricelessthevalueaddedateachstageofproduction

anddistribution.

4.RealGDPisbestdescribedasthevalueof:

A.currentoutputmeasuredatcurrentprices.

B.currentoutputmeasuredatbase-yearprices.

C.base-yearoutputmeasuredatcurrentprices.

5.TheGDPdeflatoriscalculatedas100timestheratioof:

A.nominalGDPtorealGDP.

B.baseyearpricestocurrentyearprices.

C.currentyearnominalGDPtobaseyearnominalGDP.

6.Whichofthefollowingmeasuresofincomeisthesumofwagesandbenefits,pretaxprofits,interestincome,owners’incomefromunincorporatedbusinesses,rent,andtaxesnetofsubsidies?

A.Personalincome.

B.Nationalincome.

C.Personaldisposableincome.

7.Whichofthefollowingstatementsmostaccuratelydescribespersonalincome?

Personalincome:

A.includesunearnedincomefromgovernments,suchastransferpayments.

B.measurestheamountofafter-taxincomethathouseholdscanspendor

save.

C.includesindirectbusinesstaxes,corporateincometaxes,andretainedearnings.

8.Ifagovernmentbudgetdeficitincreases,netexportsmust:

A.increase,ortheexcessofprivatesavingoverprivateinvestmentmustdecrease.

B.decrease,ortheexcessofprivatesavingoverprivateinvestmentmustincrease.

C.decrease,ortheexcessofprivatesavingoverprivateinvestmentmustdecrease.

MODULEQUIZ16.2

Tobestevaluateyourperformance,enteryourquizanswersonline.

1.TheIScurveillustrateswhichofthefollowingrelationships?

A.Directrelationshipbetweenaggregateincomeandthepricelevel.

B.Inverserelationshipbetweenaggregateincomeandthepricelevel.

C.Inverserelationshipbetweenaggregateincomeandtherealinterestrate.

2.Aneconomy’spotentialoutputisbestrepresentedby:

A.long-runaggregatesupply.

B.short-runaggregatesupply.

C.long-runaggregatedemand.

3.Astrongerdomesticcurrencyrelativetoforeigncurrenciesismostlikelytoresultina:

A.shiftintheaggregatesupplycurvetowardlowersupply.

B.shiftintheaggregatedemandcurvetowardlowerdemand.

C.movementalongtheaggregatedemandcurvetowardshigherprices.

4.Whichofthefollowingfactorswouldbeleastlikelytoshifttheaggregatedemandcurve?

A.Thepricelevelincreases.

B.Thefederaldeficitexpands.

C.Expectedinflationdecreases.

MODULEQUIZ16.3

Tobestevaluateyourperformance,enteryourquizanswersonline.

1.Startingfromshort-runequilibrium,ifaggregatedemandisincreasingfasterthanlong-runaggregatesupply:

A.thepricelevelislikelytoincrease.

B.downwardpressureonwagesshouldensue.

C.supplywillincreasetomeettheadditionaldemand.

2.Ashort-runmacroeconomicequilibriuminwhichoutputmustdecreasetorestorelong-runequilibriumismostaccuratelycharacterizedas:

A.stagflation.

B.arecessionarygap.

C.aninflationarygap