2020年CFA考试《CFA三级》考试共240题，分为单选题。小编为您整理Applications of Economic Analysis to Portfolio Management5道练习题，附答案解析，供您备考练习。

1、The quarterly data available for non-traditional energy sources are best described as data with a:【单选题】

A.time-period bias.

B.smoothing bias.

C.survivorship bias.

正确答案:B

答案解析:Smoothed, or appraisal, data arise when appraised values are used instead of market values, which tends to make correlation magnitudes smaller and underestimate volatility.

2、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:

3、Using the data provided in Exhibit 1 and Grey's recommended approach and assumed correlation, the expected return for U.S. real estate is closest to:【单选题】

A.6.3%.

B.6.9%.

C.4.3%.

正确答案:A

答案解析:Grey recommends the Singer–Terhaar approach and a correlation of 0.39 between real estate and the market. Use these steps to solve for the expected return:

4、Based on the data shown in Exhibit 2, the equity q ratio is closest to:【单选题】

A.0.6429.

B.0.8168.

C.0.8911.

正确答案:A

答案解析:A is correct. The equity q ratio is equal to

5、The SCI data most likely exhibits which type of bias?【单选题】

A.Survivorship

B.Data-mining

C.Time-period

正确答案:A

答案解析:The SCI data is an index that is not composed of the same number of firms each period because of firm failures and combinations through time, which is indicative of a survivorship bias.