CMA+Exam+Part1+Business+Economics+2及答案解析.doc

1、CMA+Exam+Part1+Business+Economics+2及答案解析(总分：41.00，做题时间：120 分钟)一、Business Economics(总题数：41，分数：41.00)1.Within the constant returns to scale section of the long-run cost curve, the curve is（分数：1.00）A.increasing.B.decreasing.C.flat.D.reversing direction.2. （分数：1.00）A.$125,000B.$25,000C.$0.D.$350,000.3.A

2、ll of the following statements concerning pure competition are correct except that（分数：1.00）A.firms will expand output until marginal revenue equals marginal cost.B.a single buyer cannot influence the market price.C.firms must take the market price in order to sell.D.the industry demand curve is perf

3、ectly elastic.4.Characteristics of an oligopoly include all of the following except（分数：1.00）A.a “kinked” demand curve.B.price leadership.C.cost-plus pricing.D.ease of entry.5. （分数：1.00）A.B.C.D.6. （分数：1.00）A.B.C.D.7.A cartel is an example of which one of the following?（分数：1.00）A.A monopoly.B.An oligo

4、poly.C.Perfect competition.D.Monopolistic competition.8.A monopoly will maximize profits if it produces an output where marginal cost is（分数：1.00）A.less than marginal revenue.B.greater than marginal revenue.C.equal to marginal revenue.D.equal to price.9.At the long-run profit maximizing equilibrium o

5、f a firm in a perfectly competitive market, all of the following are correct except that（分数：1.00）A.price equals marginal cost.B.price equals average total cost.C.economic profits are positive.D.marginal cost equals marginal revenue.10.Under which one of the following market structures would a firm b

6、e most likely to face a kinked demand curve?（分数：1.00）A.Monopoly.B.Pure competition.C.Oligopoly.D.Monopolistic competition.11.In the short run, the Phillips curve suggests that（分数：1.00）A.high unemployment leads to lower inflation, and low unemployment leads to higher inflation.B.high unemployment lea

7、ds to higher inflation, and low unemployment leads to lower inflation.C.both high unemployment and low unemployment lead to lower inflation.D.there is no consistent relationship between inflation and unemployment.12.All of the following statements are correct with regard to inflation except that（分数：

8、1.00）A.inflation decreases the purchasing power of money.B.inflation is an increase in the general price level of goods and services.C.inflation is similar to a tax on future income, such as a pension.D.consumers are better off postponing their consumption to the future as a result of inflation.13.O

9、f the following, which one is generally considered the immediate cause of cyclical fluctuations?（分数：1.00）A.Variation of unemployment rate.B.Corporate earnings volatility.C.Inflation expectations.D.Level of total spending.14.Which one of the following types of unemployment can be lowered through fisc

10、al or monetary policy?（分数：1.00）A.Frictional unemployment.B.Structural unemployment.C.Cyclical unemployment.D.Seasonal unemployment.15.Which one of the following best describes the cause of frictional unemployment?（分数：1.00）A.People leaving the labor force and no longer looking for work.B.Recessionary

11、 business conditions and inadequate aggregate demand for labor.C.Changes in the economy that prevent qualified people from being immediately matched up with existing job openings.D.Economic changes that eliminate some jobs while generating other job openings for which the unemployed are not well qua

12、lified.16.During the Christmas season, retailers experienced unexpectedly strong demand for a certain toy. Unable to obtain additional supplies of the toy from the manufacturer, the retailers elected to raise the price of the toy by 15%. The demand remained the same. The short-term aggregate demand

13、curve for this product would be best described as（分数：1.00）A.horizontal.B.vertical.C.upward slopping.D.concave.17.A recent government regulation requires employers to provide their employees with mandatory safety training. All other things being equal, the aggregate supply curve will（分数：1.00）A.remain

14、 the same.B.shift to the right.C.shift to the left.D.become flatter.18. （分数：1.00）A.An increase in real income.B.A lower real rate of interest.C.An increase in economic pessimism.D.An increase in the expected rate of inflation.19. （分数：1.00）A.An increase in the supply of resources.B.An improvement in

15、technology.C.A decrease in the expected rate of inflation.D.A higher resource price.20.An increase in which one of the following is the most accurate indication of economic growth?（分数：1.00）A.Real Gross National Product.B.Per capita Gross National Product.C.Per capita real Gross Domestic Product.D.Re

16、al National Income.21.Which one of the following changes would signal a decline in Gross Domestic Product (GDP)?（分数：1.00）A.Lengthening of the average workweek of production workers.B.Fewer first-time claims for unemployment insurance.C.An increase in the money supply.D.Improved timeliness of vendors

17、 in supplying goods to buyers.22.Which one of the following would have the least impact on U.S. Gross Domestic Product (GDP)?（分数：1.00）A.Nebraska farmers grow more corn to feed to hogs.B.Nike imports more shoes from Asia for sale in the U.S.C.Honda adds another shift at its car plant in Ohio.D.Micros

18、oft expands its internet services.23.Which one of the following is considered a leading economic indicator?（分数：1.00）A.Consumer confidence.B.30-year Treasury Bond rate.C.Balance of payments.D.Federal funds rate.24.Which one of the following would provide the least accurate value for the amount of U.S

19、. Gross Domestic Product (GDP)?（分数：1.00）A.National income plus exports.B.Money supply times the velocity of money.C.Personal consumption plus investment plus government purchases plus net exports.D.Price level times the volume of goods and services produced.25.A common concern during the peak period

20、 of a business cycle is（分数：1.00）A.underutilized capacity.B.competition from imports.C.stagflation.D.inflation.26.All of the following statements concerning business cycles are correct except that（分数：1.00）A.a contraction generally follows a business peak.B.over long periods of time, the troughs gener

21、ally occur at lower levels of Gross Domestic Product (GDP).C.a trough generally follows a contraction.D.real Gross Domestic Product (GDP) generally declines prior to a trough and increases thereafter.27.Which one of the following statements in regard to fiscal policy is correct?（分数：1.00）A.Reducing t

22、he discount rate is an example of the government using fiscal policy to control the economy.B.An increase in tax rates is an example of a restrictive fiscal policy.C.The Federal Reserve can implement a restrictive fiscal policy by purchasing U. S. government securities in the open market.D.A reducti

23、on in government expenditures has the same fiscal policy effect as a reduction in tax rates.28.Fiscal policy deals with government activities that affect（分数：1.00）A.the Federal Reserve System and the banking system.B.government taxation and spending.C.shrinking or expanding the money supply.D.control

24、 of interest rates.29.According to the Keynesian view, aggregate demand will likely decrease if there is（分数：1.00）A.an increase in the budget deficit.B.an increase in transfer payments.C.a decrease in government spending.D.a decrease in the tax rate.30.Which one of the following is an example of a re

25、strictive fiscal policy?（分数：1.00）A.Congressional decision to continue budget deficits.B.Reinstitution of the investment tax credit.C.Increase in defense spending.D.Congressional action to eliminate the home mortgage interest deduction.31.All of the following are accepted explanations of how fiscal p

26、olicy can affect aggregate output except that a(n)（分数：1.00）A.increase in government purchases moves the aggregate demand curve to the right, increasing aggregate output if the aggregate supply curve is not vertical.B.increase in tax receipts moves the aggregate demand to the right, increasing aggreg

27、ate output if the aggregate supply is not vertical.C.increase in government purchases will not affect aggregate output, but will only increase prices, if the economy is already at full capacity.D.decrease in tax receipts moves the aggregate demand curve to the right, because decreased tax receipts a

28、llow higher aggregate demand at each price level.32.All of the following would be considered built-in-stabilizers except（分数：1.00）A.corporate income taxes.B.unemployment compensation.C.personal income taxes.D.changes in the Federal Reserves discount rate.33.Keynesians and monetarists have different v

29、iews on the workings of the economic system. Keynesians contend that the（分数：1.00）A.economy is basically stable in the absence of government interference.B.money supply and GDP are directly linked.C.velocity of money is relatively stable.D.aggregate spending method is the best way to calculate GDP.34

30、.Which one of the following does the Federal Reserve Board use most often?（分数：1.00）A.Changes in the discount rate charged by Federal Reserve Banks.B.Margin requirements in the purchase of securities.C.Open market transactions in securities.D.Changes in reserve requirements of depository institutions

31、.35.Which one of the following actions can the Federal Reserve Board take in order to implement a restrictive monetary policy?（分数：1.00）A.Reduce reserve requirements and raise the discount rate.B.Purchase U.S. securities and raise reserve requirements.C.Raise the discount rate and sell U.S. securitie

32、s.D.Lower the discount rate and purchase U.S. securities.36.Which one of the following actions can the Federal Reserve Board take in order to implement an expansionary monetary policy?（分数：1.00）A.Reduce reserve requirements and purchase U.S. securities.B.Lower the discount rate and raise reserve requ

33、irements.C.Raise the discount rate and sell U.S. securities.D.Purchase U.S. securities and raise the discount rate.37.When the Federal Reserve uses open-market operations to implement an expansionary monetary policy,it（分数：1.00）A.lowers the proportion of reserves required for commercial bank deposits

34、, allowing the banks to increase their loan activity.B.buys Treasury securities from commercial banks and pays for the securities by crediting the banks accounts at the Fed, allowing these banks to make additional commercial loans.C.restricts the type and amount of loans each commercial bank can mak

35、e, thus reducing the amount of commercial loans the banks can make.D.sets and announces higher interest rates on treasury bills, which encourages the banks to invest in the Treasury securities, thus increasing the money supply.38.All of the following statements concerning the reserve requirements of

36、 U.S. commercial banks are correct except that the（分数：1.00）A.Federal Reserve requires commercial banks to maintain reserves for bad loans.B.reserves of commercial banks can include currency held by the bank and deposits with the Federal Reserve.C.Federal Reserve can control the money supply since it

37、 has control over reserve requirements.D.commercial banks tend to minimize excess reserves since these reserves earn no interest.39.All of the following statements concerning the money supply are correct except that（分数：1.00）A.the money supply is regulated by the Federal Reserve System.B.the M-1 meas

38、ure of the money supply reflects the function of money as a medium of exchange.C.the M-2 measure of the money supply includes large ($100,000) time deposits.D.as a result of the banking deregulation of the 1980s, interest earning checkable deposits are now a substantial share of the M-1 money supply

39、.40.Which one of the following statements concerning the money supply is not correct?（分数：1.00）A.Commercial bank transactions can influence the amount of M-1, M-2 and M-3.B.Credit unions can influence the amount of M-2 and M-3.C.A fractional reserve banking system enables banks to keep less than 100%

40、 reserves against their deposits, which allows the banks to influence the money supply.D.Banks are required to have sufficient reserves to pay all depositors on demand.41.Items used as money in our economy have all of the following functions except as a(n)（分数：1.00）A.unit of account.B.store of value.

41、C.medium of exchange.D.instrument of barter.CMA+Exam+Part1+Business+Economics+2答案解析(总分：41.00，做题时间：120 分钟)一、Business Economics(总题数：41，分数：41.00)1.Within the constant returns to scale section of the long-run cost curve, the curve is（分数：1.00）A.increasing.B.decreasing.C.flat. D.reversing direction.解析：2.

42、（分数：1.00）A.$125,000B.$25,000 C.$0.D.$350,000.解析：3.All of the following statements concerning pure competition are correct except that（分数：1.00）A.firms will expand output until marginal revenue equals marginal cost.B.a single buyer cannot influence the market price.C.firms must take the market price i

43、n order to sell.D.the industry demand curve is perfectly elastic. 解析：4.Characteristics of an oligopoly include all of the following except（分数：1.00）A.a “kinked” demand curve.B.price leadership.C.cost-plus pricing.D.ease of entry. 解析：5. （分数：1.00）A.B.C.D. 解析：6. （分数：1.00）A. B.C.D.解析：7.A cartel is an exa

44、mple of which one of the following?（分数：1.00）A.A monopoly.B.An oligopoly. C.Perfect competition.D.Monopolistic competition.解析：8.A monopoly will maximize profits if it produces an output where marginal cost is（分数：1.00）A.less than marginal revenue.B.greater than marginal revenue.C.equal to marginal rev

45、enue. D.equal to price.解析：9.At the long-run profit maximizing equilibrium of a firm in a perfectly competitive market, all of the following are correct except that（分数：1.00）A.price equals marginal cost.B.price equals average total cost.C.economic profits are positive. D.marginal cost equals marginal

46、revenue.解析：10.Under which one of the following market structures would a firm be most likely to face a kinked demand curve?（分数：1.00）A.Monopoly.B.Pure competition.C.Oligopoly. D.Monopolistic competition.解析：11.In the short run, the Phillips curve suggests that（分数：1.00）A.high unemployment leads to lowe

47、r inflation, and low unemployment leads to higher inflation. B.high unemployment leads to higher inflation, and low unemployment leads to lower inflation.C.both high unemployment and low unemployment lead to lower inflation.D.there is no consistent relationship between inflation and unemployment.解析：

48、12.All of the following statements are correct with regard to inflation except that（分数：1.00）A.inflation decreases the purchasing power of money.B.inflation is an increase in the general price level of goods and services.C.inflation is similar to a tax on future income, such as a pension.D.consumers

49、are better off postponing their consumption to the future as a result of inflation. 解析：13.Of the following, which one is generally considered the immediate cause of cyclical fluctuations?（分数：1.00）A.Variation of unemployment rate.B.Corporate earnings volatility.C.Inflation expectations.D.Level of total spending. 解析：14.Which one of the following types of unemployment can be lowered through fiscal or monetary policy?（分数：1.00）A.Frictional unemployment.B.Structural unemployment.C.Cyclical unemployment. D.Seasonal unemployment.解析：15.Which one of the following best describes the caus