Deficits and the Fiscal Stance：economy was at full employment or full potential output.

The Production Function and Potential GDP：labor:Two-factor production functionKdecline essentially to zero and there would be no long-term economic growth.result

Theories of the Business Cycle - Neoclassical and Austrian Schools：hand,every good at which supply equals demand.:schoolto do in the recession phase is to allow the necessary market adjustment to take place as quickly as possible.

Deficits and the National Debt：Budget;Government revenue includes tax revenues net of transfer payments;An increase in a budget surplus would be associated with contractionary fiscal policy:uses.

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

Why members and candidates must develop and maintain appropriate records?：actions,Cannot usehistoricalrecommendations or research reports created at the previous firm because the supporting documentation is unavailable. （不能使用以前的推荐或者研究报告,因为没有支持数据）For future use,CFA

How to identifying the actual investment client and voting proxy policies?：管理个人资产→资产所有人就是客户”管理信托资产→信托的最终受益人才是客户。要求公司的养老金管理人使用万科的养老金收购本公司股票，以资本增值为目的的买入行为是合理的。养老金管理人认为万科未被低估,

What are the ethics and trust in the investment profession？：Global investment performance standards（GIPS）= 比例低，也并非所有的不道德都是违法君子有所不为的决策是更好的决策更符合stakeholder利益的决策

What's the meaning of “Additional compensation”?：their employer’s interest （该准则约束的是,如果收取相关好处：会影响雇主利益的情况）unless they obtain written consent from all parties involve.，CFA

What's the meaning of independence and objectivity in professionalism?：or consideration that reasonably could be expected to compromise their own or another’s independence and objectivity.（那些被合理认为将会影响独立客观的威逼利诱都要不为所动）,但在他人眼中会影响独立性也不行）可能的话事先披露给雇主告诉雇主是为了引起雇主的同意

What's the meaning of “market manipulation”?：distort prices or artificially inflate trading volume （扭曲价格、虚增交易量）:with the intent tomisleadmarket participants. （目的是误导投资者）:如果达到一定的交易量可以减少佣金如果这种利益归属于客户且披露了没有违反市场操纵准则）

How to understand the Code of ethics and trust in the investment profession?：I,Professionalism:II:IIIIVVVIVIIResponsibilities as a CFA member or candidate