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.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
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