2020年CFA考试《CFA三级》考试共题，分为。小编每天为您准备了5道每日一练题目（附答案解析），一步一步陪你备考，每一次练习的成功，都会淋漓尽致的反映在分数上。一起加油前行。

1、Is Prater's first statement regarding the Cobb-Douglas production function correct?【单选题】

A.Yes.

B.

C.

正确答案:B

答案解析:

2、Duke's response to Question 1 would least likely include that:【单选题】

A.managed futures have a low cost structure.

B.the index fund only earns the risk-free rate minus costs in the long term.

C.managed futures take advantage of rising and falling markets.

正确答案:A

答案解析:Managed futures do not have a low cost structure. The compensation arrangement for managed futures is similar to hedge funds. Thus, it is not true to say that they have a low cost structure compared with index funds.

3、【单选题】

A.disassociate from Blackmore’s activities.

B.

C.

正确答案:A

答案解析:Blackmore's use of derivatives without knowing whether they are allowed according to the Plan's IPS is a violation of Loyalty, 

4、【单选题】

A.Yes.

B.No, because their time horizon issues are different.

C.No, because their liquidity needs are not different.

正确答案:B

答案解析:B is correct. Private clients have different time horizon issues compared to institutional investors such as pension funds. The partner 

5、【单选题】

A.notional principal amount.

B.fixed interest rate to be paid.

C.floating interest rate to be received.

正确答案:B

答案解析: