2019年CFA考试《CFA一级》考试共240题，分为单选题。小编每天为您准备了5道每日一练题目（附答案解析），一步一步陪你备考，每一次练习的成功，都会淋漓尽致的反映在分数上。一起加油前行。

1、A country implements policies that are expected to increase taxes by €100 million, increase government spending by €50 million, and reduce investments and private sector savings by €25 million each. As a result, the country’s current account balance will most likely:【单选题】

A.increase by €50 million.

B.decrease by €50 million.

C.increase by €100 million.

正确答案:A

答案解析:“International Trade and Capital Flows,” Usha Nair-Reichert, PhD and Daniel Robert Witschi, PhD, CFAΔCA = –25 – (–25) + (100 – 50 – 0) = 50.

2、A retailer that prepares its financial statements in accordance with IFRS has 100 office chairs in its inventory with a suggested retail price of $240 each.· The supplier has also lowered its price to $160 in response to the low demand. The total carrying amount of these 100 office chairs on the retailer’s balance sheet would be closest to:【单选题】

A.$16,000.

B.$17,000.

C.$18,000.

正确答案:B

答案解析:IFRS measures inventory at the lower of cost and net realizable value.Section 4

3、Tom Wayne, CFA, is the portfolio manager of the Franklin City Employees PensionPlan in Thompson Investments.He recently completed thorough researchabout a chemical company and decided that the company's stock is significantlyovervalued.Wayne places a large sell order for the company's thinly tradedstock.Thompson Investments' trading desk takes a whole week to process theorder, pulling the stock price to a 26-week low and the trading volume to fourtimes the historic average.Has Wayne most likely violated the Standards of ProfessionalConduct?【单选题】

A.No.

B.Yes, because he distorted the price-setting mechanism of financial instruments.

C.Yes, because heartificially affected the trading volume significantly.

正确答案:A

答案解析:Wayne通过详细研究，认为股票是被高估了并大量卖出。并不违反市场操纵条款，判断是否是市场操纵的行为关键看其目的，如果是以误导市场参与者为目的就属于市场操纵的行为。

4、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.

正确答案:A

答案解析:正常的劳动力工作的转变会导致摩擦性失业。结构性失业是指由于经济结构调整，原有工作能力无法满足现有工作需要而造成的失业。经济周期的调整会使得有效需求不足而造成周期性失业。

5、An analyst does research about currency swap and gathers the followinginformation about a dollar-euro currency swap in which both parties pay afixed rate:If both payments are quarterly and made on the basis of 30 days per month and365 days per year, the final amount exchanged at the end of the swap areclosest to:【单选题】

A.$ 90 million and € 70 million.

B.$ 91.15 million and € 71.10 million.

C.$ 91.42 million and € 70.89 million.

正确答案:B

答案解析:最后交换时要加上每期的支付，即 $ 90 million ×(1 +5.1%/4) = $ 91.15 million，另一方则是€70 million × (1 +6.3%/4) =€71.10 million。