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 Australian firm purchased a patent for USD20,000 and machinery for USD21,500 from a U.S. firm when the exchange rates were as follows:

The impact of these transactions on the capital account of Australia (in AUD) is closest to:【单选题】

A.19,225.

B.20,667.

C.20,806.

正确答案:A

答案解析:“International Trade and Capital Flows,” Usha Nair-Reichert, PhD and Daniel Robert Witschi, PhD, CFA
2013 Modular Level 1, Vol. 2, Reading 20, Section 4.2
“Currency Exchange Rates,” William A. Barker, CFA, Paul D. McNelis, and Jerry Nickelsburg
2013 Modular Level I, Vol. 2, Reading 21, Section 3.2
Study Session 6-20-g, 6-21-d
Describe the balance of payments accounts including their components.
Calculate and interpret currency cross rates.
A is correct. The purchase of machinery is an import and affects the current account, not the capital account, so it is ignored. The purchase of a non-produced, non-financial asset (such as a patent) affects the capital account.
The impact on the capital account in AUD is:
USD20,000 × (1/1.29) × 1.24 = 19,225AUD.

2、Which of the following statements about a central bank's actions would mostlikely cause an immediate increase of the banking system's excess reserves?【单选题】

A.Decreasing the policy rate.

B.Selling securities in the open market.

C.Decreasing the required reserve ratio.

正确答案:C

答案解析:降低法定存款准备金率会导致商业银行吸收存款后有更多的资金可以用于放贷，从而增加了银行系统的可贷资金余额，这种影响也最为直接。

3、Kristen Chandler, CFA, has been doing research about different types of goods.Which of the following goods has a positively sloped demand curve as a result ofthe negative income effect overweighting the positive substitution effect?【单选题】

A.Veblen.

B.Giffen.

C.Inferior.

正确答案:B

答案解析:吉芬商品（Giffen goods）是劣等品（inferior goods）的一种。对于吉芬商品而言，当价格下降时，负的收入效应要超过正的替代效应，最后的总结果会使得价格下降时需求减少，所以吉芬商品有正斜率的需求线。对于其他劣等品而言，负的收入效应不会超过正的替代效应，最后的总结果会使得价格下降时需求增加。对于凡勃伦商品（Veblengoods）而言，当价格更高时需求增加，但这并不符合题目中收入效应和替代效应的关系。

4、During the last month, a food company located in the United States had the following transactions:

These transactions will most likely increase the U.S. current account by:【单选题】

A.$17.0 million.

B.$15.0 million.

C.$14.5 million.

正确答案:B

答案解析:Note that the borrowing from a bank in Singapore is not a current account transaction.


2014 CFA Level I
"International Trade and Capital Flows,” by Usha Nair-Reichert and Daniel Robert Witschi
Sections 4.2–4.3

5、In a simple economy containing only two goods – apples and shirts – the prices and quantities in the base period and the current period are:

Assuming the base period consumer price index (CPI) = 100, the CPI for the current period is closest to:【单选题】

A.103.57.

B.107.00.

C.113.75.

正确答案:B

答案解析:"Monitoring Jobs and the Price Level” Michael Parkin
2010 Modular Level I, Vol. 2, p. 318-319
Study Session 5-22-d
Explain and calculate the consumer price index (CPI) and the inflation rate, describe the relation between the CPI and the inflation rate, and explain the main sources of CPI bias.
The cost of the CPI basket at base period prices is: (25 × $1.00) + (5 × $20.00) = $125. The cost of the CPI basket at current period prices is: (25 × $1.25) + (5 × $20.50) = $133.75. The CPI for the period is ($133.75 / $125) × 100 = 107.