2020年CFA考试《CFA二级》考试共题，分为。小编为您整理Economics5道练习题，附答案解析，供您备考练习。

1、Prior to the president’s intervention, the actions by the farmers relative to the manufacturers over the disputed price of water is best described as:【单选题】

A.moral hazard.

B.adverse selection.

C.regulatory arbitrage.

正确答案:A

答案解析:A is correct. The farmers’ having the ability to restrict the release of water to the detriment of the manufacturers during the pricing dispute is an example of a moral hazard.

2、Of the factors cited by Banantoumou after the international leaders summit, which is least likely to limit sustainable growth?【单选题】

A.Factor 2.

B.Factor 3.

C.Factor 1.

正确答案:C

答案解析:Substantive law focuses on the rights and responsibilities of entities and relationships among entities. A well-developed legal system of substantive and procedural laws and respect for property rights are likely to encourage growth, not limit it. Factors that limit growth include restrictions on imports and low rates of saving.

3、Using the data presented in Exhibit 1, Country X's steady state rate of growth is closest to:【单选题】

A.5.77%.

B.5.27%.

C.5.63%.

正确答案:B

答案解析:Steady state of growth = ΔY/Y = θ/ (1 - α) + n,

4、After Regulation Q was imposed, the demand for money market funds most likely:【单选题】

A.increased.

B.decreased.

C.remained unchanged.

正确答案:A

答案解析:A is correct. Regulation Q set a ceiling on the interest rates paid by banks for various types of deposits, which resulted in investors’ shifting funds to money market funds.

5、Based on Exhibits 1, 2, and 3, the mark-to-market gain for Goldsworthy’s forwardposition is closest to:【单选题】

A.GBP 20,470.

B.GBP 20,500.

C.GBP 21,968.

正确答案:A

答案解析:A is correct. Marking her nine-month contract to market six months later requires buying GBP/EUR three months forward. The GBP/EUR spot rate is 0.7342/0.7344, and the three-month forward points are 14.0/15.0. The three-month forward rate to use is 0.7344 + (15/10000) = 0.7359. Goldsworthy sold EUR 5,000,000 at 0.7400 and bought at 0.7359. The net cash flow at the settlement date will equal EUR 5,000,000 × (0.7400 - 0.7359) GBP/EUR = GBP 20,500. This cash flow will occur in three months, so we discount at the three-month GBP Libor rate of 58 bps: