2020年CFA考试《CFA三级》考试共题，分为。小编为您整理精选模拟习题10道，附答案解析，供您考前自测提升！

1、【单选题】

A.Social proof.

B.Confirmation bias.

C.Gambler’s fallacy.

正确答案:A

答案解析:A is correct. Social proof is a belief in which individuals are biased to follow the beliefs 

2、Is Prater's second statement regarding the Solow residual correct?【单选题】

A.Yes.

B.

C.

正确答案:C

答案解析:

3、The pair of swaps Sharma should most likely describe are:【单选题】

A.Equity Swap: Pay Libor, Receive return on equity index, Fixed Income Swap: Pay Libor, Receive return on bond index

B.Equity Swap: Pay return on equity index, Receive Libor, Fixed Income Swap: Pay Libor, Receive return on bond index

C.

正确答案:B

答案解析:The correct combination of swaps is:

4、Which of Dreschler's responses to Sorenson's question about the challenges to equity market valuation is most accurate? His response concerning:【单选题】

A.the gathering of economic data.

B.discount rates and growth rates.

C.corporate profit and GDP growth.

正确答案:A

答案解析:In a developing country, there may be severe problems with the accuracy of data inputs. It is difficult to obtain macroeconomic data in developed countries with long-established methods and facilities. The problems of obtaining accurate and historically consistent data are multiplied in developing markets.

5、In her statement to the CEO, Westley is least likely correct with respect to:【单选题】

A.verification.

B.exclusion of the Phoenix division.

C.the status of Swiss Corp's other subsidiaries.

正确答案:A

答案解析:Although the GIPS standards recommend that firms undertake verification, it is not required to claim compliance. The Phoenix office holds itself separate geographically, as well as with respect to personnel and its investment process. Philadelphia will be able to be GIPS compliant even if its Phoenix office is not. Finally, because Arcadia markets itself as separate and distinct from the other affiliates, it can claim compliance even if the others units are not compliant.

6、Tolliver's statement regarding the yield curve is most likely:【单选题】

A.incorrect with regard to fiscal policy.

B.incorrect with regard to monetary policy.

C.correct.

正确答案:A

答案解析:A flat yield curve is consistent with tight monetary policy and loose fiscal policy, which means that Tolliver’s statement is incorrect with regard to fiscal policy.

7、Which of the following statements about Boshe's proposed exit strategies from MTL is most accurate? MTL strategy:【单选题】

A.3 exhibits a mismatch in character.

B.2 exhibits cross hedging.

C.2 provides for the possibility of yield enhancement.

正确答案:B

答案解析:Evidence of both cross hedging and a mismatch in character is present in MTL Strategy 2. Buying put options on the ETF is a cross hedge against the industry risk faced by the public company. The scenario outlines an exercise of employee stock options, which will be taxed as ordinary income, and an eventual profit from a put option which will be taxed as a capital gain. This difference in tax type is a mismatch in character.

8、【单选题】

A.exhibit characteristics of multiple investor types.

B.retain the same emotional biases as they become older.

C.exhibit primarily emotional or cognitive biases, but not both.

正确答案:A

答案解析:A is correct. A limitation of behavioral models is that individual investors do frequently 

9、Garrison's analysis to determine a hedge ratio for the HI exposure is best described as producing a:【单选题】

A.cross hedge.

B.transaction hedge.

C.minimum variance hedge.

正确答案:B

答案解析:

10、【单选题】

A.Liquidity

B.Allocation

C.Index weight

正确答案:A

答案解析:A is correct. The maximum position size in shares of Pasliant Corporation (PC) is