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、As a monetary policy tool, quantitative easing (QE) will most likely help revive an ailing economy in which of the following environments?【单选题】

A.Liquidity trap

B.Deflationary trap

C.Declining bank reserves and economic activity

正确答案:C

答案解析:“Monetary and Fiscal Policy,” Andrew Clare, PhD and Stephen Thomas, PhDC is correct. Quantitative easing (QE) is an “unconventional” approach to monetary policy and is operationally similar to open market purchase operations but conducted on a much larger scale. The additional reserves created by central banks in a policy of quantitative easing can be used to buy any asset. The idea was that this additional reserve would kick-start lending, causing broad money growth to expand, which would eventually lead to an increase in real economic activity.

2、A firm in a perfectly competitive environment has its total costs equal to total revenue and marginal costs greater than marginal revenue. Given this, which of the following strategies is most appropriate? The firm should:【单选题】

A.shut down in the short run and exit in the long run.

B.increase its level of production to enter profit territory.

C.decrease its level of production to enter profit territory.

正确答案:C

答案解析:“Demand and Supply Analysis: The Firm,” Gary L. Arbogast, CFA and Richard V. EastinC is correct. A firm in a perfectly competitive environment with total costs equal to total revenue and marginal costs greater than marginal revenue is operating at the upper breakeven point. Therefore, it should decrease the level of production to enter profit territory.

3、An expansionary fiscal policy is least likely to include an increase in:【单选题】

A.budget deficit.

B.tax rates.

C.government expenditures.

正确答案:B

答案解析:An expansionary fiscal policy means that the government increases its purchases of goods and services and/or cuts tax rates to increase aggregate demand. Furthermore, an increase in the budget deficit would be associated with an expansionary fiscal policy.Sections 3.1.1–3.1.2

4、An analyst does research about price elasticity of demand and determines thatwhen the price of a product increases from $15 to $17, the quantity demandeddecreases from 51 units to 45 units.The product's price elasticity of demand isbest described as:【单选题】

A.inelastic.

B.unit elastic.

C.elastic.

正确答案:B

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。

5、An analyst does research about foreign currency rate.In foreign exchange marketscharacterized by interest rate parity, if the domestic country has a lower risk-freeinterest rate than the foreign country, the currency of the domestic country ismost likely to be trading at a forward:【单选题】

A.discount, and to depreciate.

B.premium, and to appreciate.

C.premium, and to depreciate.

正确答案:B

答案解析:根据利率平价理论，所有国家的真实无风险利率都是一样的，如果本地的名义无风险利率越低，则通货膨胀的预期越低，本地货币会升值，即远期升水。