2019年CFA考试《CFA一级》考试共240题，分为单选题。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、A power generation company is a monopoly that has very high barriers to entry. The quantity demand[1663201704061-image/0598.jpg] for its product is [1663201704061-image/0599.jpg]= 800 – 0.25 × P (where P is price). The slope of the marginal revenue curve is closest to:【单选题】

A.–8.00.

B.–0.25.

C.–4.00.

正确答案:A

答案解析:Solve for P from the quantity demanded:Section 6.3

2、The following information is available for a firm:A plan to repurchase $10 million worth of shares using debt will most likely cause the earnings per share to:【单选题】

A.increase.

B.decrease.

C.remain unchanged.

正确答案:A

答案解析:“Cost of Capital,” Yves Courtois, Gene C. Lai, and Pamela Peterson DrakeIf the after-tax cost of debt (10% × [1 – 40%] = 6%) is below the earnings yield, the earnings per share will increase. This can be derived from Example 7 on p. 142.

3、The following information is from a company’s most recent financial statements:The company uses the LIFO inventory method. The footnotes to the financial statements indicate that if the company had used the FIFO method, the inventory balance would have been $45 million higher than the amount reported on the company’s most recent financial statements. If the company’s common stock is currently selling for $59 per share, the company’s adjusted price-to book-value ratio is closest to:【单选题】

A.1.67.

B.1.79.

C.1.89.

正确答案:C

答案解析:“Inventories,” Elbie Antonites, CFA and Michael Broihahn, CFAAdj. price to book value ratio = $59 / $31.20 = 1.89.

4、An analyst does research about net profit margin.A company has only fixedrate debt outstanding and reports its debt using the fair value option.Whichof the following statements is most accurate when market interest rates decrease?【单选题】

A.The company's net profit margin decreases.

B.The company's net profit margin remains the same.

C.The company's net profit margin increases.

正确答案:A

答案解析:由于公司的负债都是固定利率，而市场利率下降，所以公司负债的公允价值也会上升并导致相应的损失，使得净利润减少，净利润率下降。

5、An analyst does research about market efficiency.Which of the followingstatements least likely explains why a market mispricing may persist?【单选题】

A.Arbitrage is encouraged to produce riskless profits.

B.A price discrepancy is insufficient large to leave the investor with a profit.

C.Short selling is limited or restricted.

正确答案:A

答案解析:套利交易是指一种能够获得无风险收益的交易，它促进了市场的有效性，减少了错误定价证券的存在。由于人们觉得利润空间太小而不愿意套利交易，就会导致错误定价的证券长期存在，例如投资者要考虑套利交易的交易成本和信息获得成本。卖空交易是指投资者卖出其本不拥有的证券，投资者从券商处借人证券并承诺在未来的某个时间归还，限制卖空交易会导致错误定价的证券长期存在。