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、Demand for a good is most likely to be more elastic when:【单选题】

A.the good is a necessity.

B.a lesser proportion of income is spent on the good.

C.the adjustment to a price change takes a longer time.

正确答案:C

答案解析:“Demand and Supply Analysis: Introduction,” Richard V. Eastin and Gary L. ArbogastC is correct. The longer the time that has elapsed since a price change, the more elastic demand is. For example, if gas prices rise, consumers cannot quickly change their mode of transportation but will likely do so in the longer run.

3、In early 2011, the British pound (GBP) to New Zealand dollar (NZD) spot exchange rate was 2.0979. LIBOR interest rates, quoted on a 360-day year basis, were 1.6025% for the British pound and 3.2875% for the New Zealand dollar. The 180-day forward points (scaled up by four decimal places) in GBP/NZD would be closest to:【单选题】

A.–343.

B.–173.

C.176.

正确答案:B

答案解析:“Currency Exchange Rates,” William A. Barker, CFA, Paul D. McNelis, and Jerry NickelsburgForward points = (Forward – Spot) × 10,000 = (2.0806 – 2.0979) × 10,000 = –173.0.

4、The following international trade information is available for a hypothetical economy:Following a 12% depreciation in the DCU, the trade balance will be closest to:【单选题】

A.-1,674.

B.-1,648.

C.-1,726.

正确答案:B

答案解析:Section 5.1

5、An analyst does research about the minimum wage and its impact on unemployment.If the government increases the minimum wage below the equilibriumwage, which of the following is most accurate about the change in the level ofunemployment?【单选题】

A.Decrease.

B.Remain the same.

C.Increase.

正确答案:B

答案解析:最小工资法案可以被看作价格底（price floor)的例子，但一定是在均衡价格之上，这样会增加劳动力的供给，减少劳动力的需求，导致更高失业率。题目中，最小工资水平是低于均衡工资的，而该价格管制对均衡工资和劳动力的供给与需求不产生影响，失业率不会发生变化。