1、An analyst does research about price elasticity of demand and determines that when the price of a product increases from $15 to $17, the quantity demanded decreases from 51 units to 45 units.The product\'s price elasticity of demand is best described as:【单选题】
答案解析:本题考查的是需求价格弹性(price elasticity of demand)的基本公式。只需要将数值代人以下公式即可。
2、An analyst does research about fund manger performance.In an efficient stockmarket, a list of appropriate policies for a portfolio manager who does not havesuperior ability to analyze is least likely to include the:【单选题】
A.use of index funds.
B.elimination of systematic risk.
C.minimization of transaction cost.
3、Fractional unemployment is best described as:【单选题】
A.from normal labor turnover.
B.from changes in the skills needed to perform jobs.
C.due to fluctuating unemployment over the business cycle.
4、An analyst does research about exchange trade funds (ETFs).Which of thefollowing statements is least accurate to describe exchange trade funds\' characteristics?【单选题】
A.Portfolio holdings of ETFs are transparent.
B.ETF\'s structure prevents a significant premium or discount to NAV.
C.Dividends are reinvested annually for open-end ETFs.
5、The price of a good falls from $15 to $13. Given this decline in price, the quantity demanded of the good rises from 100 units to 120 units. The price elasticity of demand for the good is closest to:【单选题】
答案解析:“Elasticity,” Michael Parkin2011 Modular Level I, Vol. 2, pp. 10-11Study Session 4-13-aCalculate and interpret the elasticities of demand (price elasticity, cross elasticity, and income elasticity) and the elasticity of supply and discuss the factors that influence each measure.Price elasticity of demand is calculated as:Price elasticity of demand = %ΔQ / %ΔP = (ΔQ / Qave) / (ΔP / Pave)In this case, (20 / 110) / (2 / 14) = 1.27 rounded to 1.3
6、An investor purchases a 5 percent coupon bond maturing in 3 years for $102.80, providing a yield-to-maturity of 4 percent. At what rate must the coupon payments be reinvested to generate the 4 percent yield?【单选题】
答案解析:“Yield Measures, Spot Rates, and Forward Rates”, Frank J. Fabozzi, CFA2010 Modular Level I, Vol. 5, pp. 451Study Session 16-65-bCompute and interpret the traditional yield measures for fixed-rate bonds and explain their limitations and assumptions.B is correct since the yield-to-maturity measure assumes that the coupon payments can be reinvested at an interest rate equal to the yield-to-maturity, in this case 4%.
7、An analyst does research about asemiannual-pay callable bond.The bond witha face value of $ 1 000 and a coupon rate of 5% is callable in 4 years at 1020.If the bond matures in 7 years and is currently priced as $ 980, the yield toworst is closest to:【单选题】
答案解析:先计算持有到期收益率(yield to maturity，简称 YTM)：N = 14, PV=980, PMT=1 000 ×5%/2=25, FV = 1 000, CPT I/Y =2.6731，YTM =2.6731% ×2 = 5.3463%。再算持有到赎回收益率(yield to call，简称 YTC):N =8，PV =980, PMT = 1 000 × 5%/2 =25, FV=1 020, CPT I/Y =3.0099，YTC =3.0099% ×2=6.0197%。最后计算最差收益率(yield to worst，简称WTW)，这是上述两者中较小的，所以WTW =5.3463%。
8、A buyer would face the greatest risk of default with:【单选题】
A.a farmer making physical delivery on a short soybean futures position.
B.an investment bank making cash settlement on a short euro futures position.
C.a multinational firm making cash settlement on a short U.S. dollar forward contract.
答案解析:“Futures Markets and Contracts,” Don M. Chance2011 Modular Level I, Vol. 6, p. 53Study Session 17-62-bCompare futures contracts and forward contracts.C is correct because in a forward contract, each party assumes the risk that the other party will default.
9、The following information is available for a manufacturing company:If the company is using International Financial Reporting Standards (IFRS) instead of US GAAP, itscost of goods sold (in millions) is most likely.【单选题】
答案解析:Under IFRS, the inventory would be written down to its net realizable value ($4.1 million), whereasunder US GAAP, market value is defined as current replacement cost and thus would be writtendown to its current replacement cost ($3.8 million). The smaller write-down under IFRS will reducethe amount charged to the cost of goods sold compared with US GAAP and result in a lower cost ofgoods sold of $0.3 million.CFA Level I"Inventories," Michael A. BroihahnSection 4
10、An analyst does research about cost of capital.All else being equal, if a U.S.company\'s marginal tax rate decreases, the company\'s weighted average cost ofcapital will most likely:【单选题】
What are the indices for a skewed distribution？:What are the indices for a skewed distribution？
What are the responsibilities of the members in reference to the CFA Institute?:Once accepted as a member:每年交述职报告和年费but must not over promise the competency and future investment results.Case
What members and candidates should notice in CFA examinations?:or security of the CFA examinations.（不能恶心CFA），考试不能作弊:考试内容要保密:A. No.:Responsibilities as a CFA Institute Member.right④Case