注册金融分析师一级-18及答案解析.doc

1、注册金融分析师一级-18 及答案解析(总分：100.00，做题时间：90 分钟)一、单项选择题(总题数：62，分数：100.00)1.If the number of cars demanded in a city increased from 33000 to 34000 when the average price decreases from $25000 to $23000, the price elasticity of demand is:（分数：1.00）A.-1.87B.-0.36C.-0.152.If quantity demanded decreases 30% when

2、the price increases 5%, this good exhibits:（分数：1.00）A.elastic, but not perfectly elastic demand.B.inelastic, but not perfectly elastic demand.C.perfectly inelastic demand.3.If the prices of substitute resources decreased, the demand for a given resource will most likely:（分数：1.00）A.increase.B.decreas

3、e.C.remain unchanged.4.The cross elasticity of demand for a substitute good and the income elasticity for an inferior good are: Cross elasticity Income elasticity 0 0 0 0 0 0（分数：1.00）A.B.C.5.Which of the following is most likely a factor that influences the elasticity of supply for a good?（分数：1.00）A

4、.The availability of substitute productive resources.B.The price of the productive resources used to produce it.C.The proportion of consumers“ budgets spent on the good.6.Supply for guest rooms in a hotel increases from 100 to 150 rooms per night when the nightly room rate increases from $150 to $20

5、0. The elasticity of supply of guest rooms in the hotel is closest to:（分数：1.00）A.0.72B.0.96C.1.407.If the price elasticity of a linear demand curve is -1 at the current price, an decrease in price will lead to:（分数：1.00）A.a decrease in total revenue.B.an increase in total revenue.C.no change in total

6、 revenue.8.If a consumer is willing to pay $300000 for a house but only has to pay $240000, the $60000 difference is:（分数：1.00）A.consumer surplus.B.consumer deficit.C.producer surplus.9.As the demand (marginal benefit) curve becomes less elastic, if the equilibrium price and quantity remain unchanged

7、, consumer surplus:（分数：1.00）A.decreases.B.increases.C.remains unchanged.10.In an competitive market, which of the following conditions most accurately describes the condition that exists when the efficient quantity of a good or service is produced and consumed?（分数：1.00）A.Producer surplus is maximize

8、d.B.Consumer surplus equals producer surplus.C.The sum of consumer surplus and producer surplus is maximized.11.The marginal benefit from consuming the fourth unit of a product is $34, and the marginal cost to the producer of the fourth unit is $25. Under these circumstances, which of the following

9、statements is most accurate?（分数：1.00）A.Producer surplus is maximized.B.The efficient quantity is less than four.C.Producing and selling the fourth unit will increase efficiency.12.Which of the following is least likely an obstacle to the efficient allocation of resources?（分数：1.00）A.Price deregulatio

10、n.B.Taxes, quotas, and subsides.C.Public goods and common resources.13.A free-rider problem, an obstacle to efficiency, is most likely associated with:（分数：1.00）A.monopolies.B.public goods.C.subsides and quotas.14.A minimum wage is an example of a:（分数：1.00）A.subsidy.B.price floor.C.price ceiling.15.W

11、hich of the following statements is most accurate in regard to the tax division between buyers and sellers of products with perfectly elastic demand?（分数：1.00）A.Sellers pay the entire tax.B.Buyers bear the entire tax burden.C.Buyers and sellers share the tax burden.16.Assume a good becomes illegal to

12、 buy or sell, and the expected penalty for selling the good is greater than that for buying the good. Relative to when the good was legal:（分数：1.00）A.price and quantity will rise.B.price and quantity will decline.C.price will rise and quantity will decline.17.Assume that a firm had total revenue of $

13、36 million and used $24 million in labor and materials to generate that revenue. Other costs included $300000 in foregone interest, economic depreciation of $5000, and normal profit is $43000. Using this information, calculate the economic profit to the firm.（分数：1.00）A.$10483000.B.$11652000.C.$14585

14、000.18.Which of the following is least likely to be used to reduce the principal-agent problem in corporations?（分数：1.00）A.An incentive-pay system.B.Long-term employment contracts.C.Firewall system inside the company.19.Consider two markets: One has a Herfindahl-Hirschman Index (HHI) of 300, while th

15、e other has a four-firm concentration ratio equal to 15%. Which of the following statements most accurately describes these two markets?（分数：1.00）A.Both markets are highly competitive.B.The market with the HHI equal to 300 is very competitive, while the other market has a low degree of competition.C.

16、The market with the HHI equal to 300 has a low degree of competition, while the other market is highly competitive.20.Which of the following statements least accurately describes why firms can sometimes coordinate economic activity more efficiently than markets? Firms can achieve economies of:（分数：1.

17、00）A.scale.B.scope.C.cost.21.Which of the following statements most accurately describes the relationship between marginal product (MP) and average product (AP) of labor in the short run? As the quantity of output increases:（分数：1.00）A.AP is always less than MP.B.initially, APMP, then AP=MP, then APM

18、P.C.initially, APMP, then AP=MP, then APMP.22.When average product is at a maximum:（分数：1.00）A.Marginal cost is at a minimum.B.Marginal product is at a minimum.C.Average variable cost is at a minimum.23.If both average product (AP) and marginal product (MP) are equal to 8 when 10 workers are employed

19、, what can we most likely conclude about AP and MP when 15 workers are employed?（分数：1.00）A.AP=MP=5B.AP=4 and MP=6C.AP=7 and MP=524.Which of the following most accurately describes the shapes of the average variable cost (AVC) curve and the average cost (AC) curve?（分数：1.00）A.The AVC curve and the AC

20、curve are both U-shaped.B.The AVC curve is U-shaped and the AC curve declines initially then flattens.C.The AVC curve declines initially then flattens and the AC curve is U-shaped.25.The vertical distance between the average variable cost (AVC) curve and the average cost (AC) curve:（分数：2.00）A.increa

21、ses as output increases.B.decreases as output increases.C.remains constant as output increases.26.In the short run, an increase in output (marginal product) at low levels of production will most likely cause:（分数：2.00）A.an increase in the marginal cost clue to the rising total cost.B.an increase in t

22、he marginal cost due to the law of diminishing returns.C.a decrease in the marginal cost due to economies from greater specialization.27.Which of the following statements about economies of scale is least likely to be correct?（分数：2.00）A.are dependent on short-run average costs.B.occur when average u

23、nit costs fall with lager firm size.C.occur when the long-run average cost curve is sloping upward28.Which of the following statements is most accurate regarding the characteristics of a perfectly competitive market?（分数：2.00）A.Firms“ products are different.B.The competitors never earn economic profi

24、ts.C.Barriers to entry into the market are nonexistent.29.The demand for the product of a purely competitive firm is:（分数：2.00）A.perfectly elastic.B.perfectly inelastic.C.greater than zero but less than one.30.The least likely reason why a firm in perfect competition is a price taker is because:（分数：2

25、.00）A.buyers are well informed about prices of other firms.B.it can set its products“ price at“ or above the market price.C.it produces a very small portion of the total output of a particular good.31.A firm operating under conditions of pure competition will:（分数：2.00）A.face a vertical demand curve.

26、B.generate zero economic profit in the long run.C.produce a quantity where marginal revenue is less than marginal cost.32.When a firm operates under conditions of pure competition, marginal revenue always equals:（分数：2.00）A.price.B.average fixed cost.C.average variable cost.33.In perfectly competitiv

27、e industries, what is the most likely long-run effect of a permanent decrease in demand?（分数：2.00）A.Price decreases.B.Firms incur economic losses.C.The number of firms decreases.34.A monopolist will expand production until MR=MC and charge a price determined by the:（分数：2.00）A.demand curve.B.marginal

28、cost curve.C.average total cost curve.35.Which one of the following statements most accurately describes a significant difference between a monopoly firm and a perfectly competitive firm?（分数：2.00）A.A perfectly competitive firm minimizes costs; a monopolistic firm maximizes profit.B.A perfectly compe

29、titive firm maximizes profit; a monopolistic firm maximizes price.C.A perfectly competitive firm takes price as given; a monopolistic firm must search for the best price.36.Which of the following statements is not the necessary condition for effective price discrimination to occur?（分数：2.00）A.The sel

30、ler must have a large advertising budget relative to sales.B.The seller must be able to prevent customers from reselling the product.C.The seller must have at least two identifiable groups of customs with different price elasticities of demand for the product.37.A natural monopoly may exist when:（分数

31、：2.00）A.economies of scale are great.B.AC increases as output increases.C.all production is divided up between just a few firms.38.In regulating a natural monopoly, the most commonly adopted pricing rule by a regulator is the:（分数：2.00）A.total cost pricing rule.B.average cost pricing rule.C.marginal

32、cost pricing rule.39.When a regulatory agency requires a monopolist to use average cost pricing, the intent is to price the product where the:（分数：2.00）A.AC curve intersects the MR curve.B.AC curve intersects the demand curve.C.MR curve intersects the demand curve.40.The demand for products from mono

33、polistic competitors is elastic due to:（分数：2.00）A.high barriers to entry.B.the availability of many close substitutes.C.the availability of many complementary goods.41.Which of the following is least likely a feature that monopolistic competition and perfect competition have in common?（分数：2.00）A.Out

34、put occurs where MR=MC.B.Zero economic profits in the long run.C.Extensive advertising to differentiate products.42.As compared with acting independently, a group of“ oligopolistic companies operating with perfect cooperation will most likely experience:（分数：2.00）A.an increase in both output and pric

35、es.B.an increase in output and a decrease in prices.C.an increase in prices and a decrease in output.43.Consider a firm in an oligopoly market that believes that the demand curve for its product is more elastic above a certain price than below this price. This belief fits most closely to which of th

36、e following models?（分数：2.00）A.Dominant firm model.B.Kinked demand model.C.Variable elasticity model.44.Which of the following statements provides the best description of Nash equilibrium of two firms in the game of prisoners“ dilemma?（分数：2.00）A.One firm complies and the other cheats.B.Both firms che

37、at and each firm makes zero economic profit.C.Both firms comply and each firms makes a positive economic profit.45.Consider an agreement between France and Germany that will restrict steel production so that maximum economic profit can be realized. The possible outcomes of the agreement are presente

38、d in the table below. Germany complies Germany defaults France complies France gets （分数：2.00）A.both countries will default.B.both countries will comply.C.one country will default and the other will comply.46.The marginal revenue product is best defined as the:（分数：2.00）A.addition to total revenue fro

39、m selling one more unit of output.B.additional output produced by using one more unit of a productive input.C.gain in revenue from selling the output produced by using one more unit of a productive input.47.In a given firm, skilled workers currently produce three times as much of its product as unsk

40、illed workers do per hour worked. Skilled workers earn $25 per hour, and unskilled workers earn $12 per hour. Based on this information, the firm should:（分数：2.00）A.increase the use of skilled workers and decrease the use of unskilled workers.B.decrease the use of skilled workers and increase the use

41、 of unskilled workers.C.increase the salary of skilled workers to attract more of them.48.A firm will employ physical capital up to the level where the present value of the marginal revenue product of capital is equal to the:（分数：2.00）A.wage rate.B.firm“s cost of capital.C.marginal revenue product of

42、 labor.49.The supply of financial capital is least likely to be influenced by which of the following?（分数：2.00）A.Interest rates.B.Consumers“ incomes.C.MRP of physical capital.50.The supply of a renewable resource is:（分数：2.00）A.perfectly elastic.B.the known stock.C.perfectly inelastic.51.The differenc

43、e between what a worker earns and what he could earn from his next best alternative employment is called:（分数：2.00）A.economic rent.B.opportunity cost.C.marginal revenue product.52.The unemployment rate is defined as the number of unemployed as a percentage of the:（分数：2.00）A.labor force.B.working-age

44、population.C.civilian noninstitutional population.53.Which measure of the labor market includes “discouraged workers“?（分数：2.00）A.Labor force.B.Number of unemployed.C.Working-age population.54.The value of an hour“s labor in terms of goods and services is called:（分数：2.00）A.the real wage rate.B.the no

45、minal wage rate.C.total labor compensation.55.Which of the following would be counted as structural unemployment?（分数：2.00）A.Due to the negative growth of GDP, Smith was laid off.B.Although there were jobs available, Jason was unable to find an employer with a satisfactory opening.C.When the plant wa

46、s modernized, Derrick lost his job because he did not have the skill needed to operate the new equipment.56.CPI data for a recent 12-month period: category percent of index current price level year-ago price level commodities 70 140 145 services 30 80 76 The annual inflation rate as measured by CPI

47、was closest to:（分数：2.00）A.-3.62%B.-1.85%C.1.85%57.Aggregate demand is least likely to include:（分数：2.00）A.net imports.B.investment spending.C.government purchases.58.Which of the following factors would be least likely to shift the aggregate demand curve?（分数：2.00）A.The price level increases.B.The fed

48、eral deficit expands.C.Expected inflation decreases.59.In long-run equilibrium, if aggregate demand is increasing faster than long-run aggregate supply:（分数：2.00）A.the price level is likely to increase.B.downward pressure on wages will ensue.C.supply will increase to meet the additional demand.60.A r

49、ecessionary gap is most likely to be observed when:（分数：2.00）A.real GDP is above potential GDP.B.real GDP is below potential GDP.C.employment is above full-employment equilibrium.61.Which school of economic thought holds that unpredictable changes in central bank policy are the primary cause of business cycles?（分数：2.00）A.Classical.B.Keynesian.C.Monetarist.62.As the quantity of labor increases, which of the following is the most likely outcome with respect to the marginal revenue (MRP) of labor?（分数：2.00）A.MRP increases for a monopoly.B.MRP decreases for a firm in perfect compe