2019年CFA考试《CFA一级》考试共240题，分为单选题。小编为您整理Economics5道练习题，附答案解析，供您备考练习。

1、The tools used by the U.S. Federal Reserve system (the Fed) to implement monetary policy most likely include:【单选题】

A.transfer payments.

B.open market operations.

C.raising or lowering income taxes.

正确答案:B

答案解析:“Money, the Price Level, and Inflation,” Michael ParkinThe Fed uses three main policy tools to achieve its objectives: required reserve ratios, discount rate, and open market operations.

2、Which of the following is least likely to be a valid function/characteristic of money? Money:【单选题】

A.acts as a unit of account.

B.provides a means of payment.

C.requires a double coincidence of wants.

正确答案:C

答案解析:“Money, the Price Level, and Inflation,” Michael ParkinThe functions of money include being a means of payment, acting as a medium of exchange, acting as a unit of account, and acting as a store of value. It does not require a double coincidence of wants, as barter does.

3、Capital provided for companies beginning operation but before commercial manufacturing and sales have occurred best describes which stage in venture capital investing?【单选题】

A.Seed-stage

B.Early-stage

C.Later-stage

正确答案:B

答案解析:“Alternative Investments”, Global Investments, Sixth Edition, by Bruno Solnik and Dennis McLeavey, CFAB is correct. Early-stage financing is capital provided for companies moving into operation and before commercial manufacturing and sales have occurred.

4、Which of the following statements is most accurate in describing total surpluswith respect to a product or service?【单选题】

A.Price minus marginal cost, summed over the quantity bought.

B.Marginal benefit minus price, summed over the quantity bought.

C.Marginal benefit minus marginal cost, summed over the quantity bought.

正确答案:C

答案解析:总剩余（total surplus）是消费者剩余（consumer surplus）加上生产者剩余（producer surplus），即将边际收益减去边际成本，在所有购买量上的加总。消费者剩余是边际收益减去价格，在所有购买量上的加总。生产者剩余是价格减去边际成本，在所有购买量上的加总。

5、A firm's demand for labor most likely decreases if:【单选题】

A.the price of the firm's output increases.

B.marginal product of labor increases.

C.the price of a complement of labor increases.

正确答案:C

答案解析:如果劳动力生产的最终产品价格上升，会增加劳动力的边际收益产品，使劳动力需求增加（A错）。劳动力的边际产出增加也会增加劳动力的边际收益产品，使劳动力需求增加（B错）。劳动力的补充品价格上升，会减少对劳动力的需求（C正确）。