2020年CFA考试练习题精选5(含解析).docx

PAGE 1 2020年CFA考试练习题精选5(含解析) 　 　　 1、Assuming its trading partner does not retaliate, which of the following conditions must hold in order for a large country to increase its national welfare by imposing a tariff?【单选题】 A.It must have a comparative advantage in the production of the imported good. B.The deadweight loss must be smaller than the benefit of its improving terms of trade. C.It must auction the import licenses for a fee to offset the decline in the consumer surplus. 正确答案:B 答案解析:“International Trade and Capital Flows,” Usha Nair-Reichert and Daniel Robert WitschiB is correct. The large country is able to cause the foreign exporter to reduce price in order to retain market share. In the large country, domestic producers gain from higher volume and the government gains from collecting the tariff. The sum of these two gains must exceed the deadweight loss to domestic consumers to achieve a national welfare gain. The change in terms of trade causes income redistribution from the foreign exporter to the domestic producer. 2、A power generation company is a monopoly that has very high barriers to entry. The quantity demand for its product is = 800 – 0.25 × P (where P is price). The slope of the marginal revenue curve is closest to:【单选题】 A.–8.00. B.–0.25. C.–4.00. 正确答案:A 答案解析:Solve for P from the quantity demanded:Section 6.3 3、If the prices of substitute resources decrease, the demand for a given resource will most likely:【单选题】 A.increase. B.decrease. C.remain unchanged. 正确答案:B 答案解析:A decrease in the price of a substitute resource would encourage producers to use the substitute resource thus reducing demand for the resource in question.Section 4.1 4、The European one-year risk-free rate is 1.98%, and the U.S.one-year risk-freerate is 1.08%.If the U.S.dollar per euro (USD/euro) spot rate is 1.2511, theone-year forward points for the USD/ euro forward rate are closest to:【单选题】 A.-94.0 B.-110.4 C.+111.4 正确答案:B 答案解析:forward rate = 1.2511USD/euro × (1 + 1.08% )/(1 + 1.