2020年CFA考试《CFA一级》考试共240题，分为单选题。小编为您整理Economics5道练习题，附答案解析，供您备考练习。

1、An analyst does research about characteristics of market structures.Barriers toentry of monopolistic competition are:【单选题】

A.low.

B.moderate.

C.high.

正确答案:A

答案解析:垄断竞争（monopolistic competition）的市场特点如下：（1）进入壁垒低；（2）市场上有很多厂商；（3）产品有差异化；（4）企业有少量的自主定价能力。

1、An analyst does research about market structures.With respect to traditional oligopolymodel, which of the following is least accurate? The kinked demandcurve model assumes:【单选题】

A.that there is a break in the marginal revenue curve.

B.that the price decreases by one firm is followed by its peers.

C.that the price and quantity are sensitive to small cost changes.

正确答案:C

答案解析:弯曲的需求曲线是在寡头垄断的情况下，造成有两条需求线和两条边际收益线的情形，上面一条需求线弹性比较大，因为该理论假设每个寡头公司认为，如果他提高价格，其他人并不会跟随，所以他的需求量会大幅度下降；下面一条需求线弹性比较小，因为该理论假设每个寡头公司认为，如果他降低价格，其他公司也会跟随着降低价格，所以他的需求量上升幅度比较小。两条需求线所决定的两条边际收益线中间有断开，并不是连续的。两条需求线的交点决定了最优的价格和产量，只有边际成本与两条边际收益线相交的情况下，公司才会改变他们的最优价格和产量，所以价格和产量对于成本较小的变化十分敏感这句话是错误的。

1、Assume economic activity is accelerating, inflation is increasing modestly, and unemployment is low. The economy is most likely in which phase of the business cycle?【单选题】

A.Peak

B.Late expansion

C.Early expansion

正确答案:B

答案解析:The late expansion phase is characterized by acceleration of growth rate, decreasing of unemployment rate, and increasing of inflation rate.
2014 CFA Level I
“Understanding Business Cycles,” by Michele Gambera, Milton Ezrati, and Bolong Cao
Section 2.1

1、The crowding-out effect suggests that government borrowing to finance higher expenditures will most likely increase:【单选题】

A.private investment.

B.the real interest rate.

C.the supply of loanable funds.

正确答案:B

答案解析:“Fiscal Policy,” Michael Parkin
2010 Modular Level I, Vol. 2, pp. 443
Study Session 6-26-b
Discuss the sources of investment finance and the influence of fiscal policy on capital markets, including the crowding-out effect.
Government borrowing to finance budget deficits leads to a crowding-out effect which would in turn lead to an increase in the real interest rate, a decrease in the supply of loanable funds, and a decrease in private investment.

1、For a firm in perfect competition, as the quantity of labor increases, the marginal revenue product most likely diminishes because of a decline in:【单选题】

A.marginal product only.

B.marginal revenue only.

C.both marginal product and marginal revenue.

正确答案:A

答案解析:“Markets for Factors of Production,” Michael Parkin
2010 Modular Level I, Vol. 2, p. 268
Study Session 5-21-a
Explain why demand for the factors of production is called derived demand, differentiate between marginal revenue and marginal revenue product (MRP), and describe how the MRP determines the demand for labor and the wage rate.
For a firm in perfect competition, as quantity of labor increases, marginal revenue product diminishes because marginal product diminishes.