注册金融分析师一级-26及答案解析.doc

1、注册金融分析师一级-26 及答案解析(总分：57.00，做题时间：90 分钟)一、单项选择题(总题数：57，分数：57.00)1.If the market demand for a product increases in a competitive market, then in the short run the quantity supplied by an individual firm will:（分数：1.00）A.decrease and the firm will generate economic profits.B.increase and the firm will g

2、enerate economic profits.C.increase and the firm will generate economic losses.2.In the long run, if price is below average total cost (ATC), the firm will:（分数：1.00）A.shut down.B.keep running.C.produce more.3.Which of the following is the most likely result of a technological improvement in a perfec

3、tly competitive industry?（分数：1.00）A.Individual firms“ supply curves shift to the left.B.The industry supply curve shifts to the right.C.The costs for individual firms increase.4.A competitive firm will tend to expand its output as long as marginal:（分数：1.00）A.revenue is greater than marginal cost.B.r

4、evenue is greater than the average cost.C.cost is less than average cost.5.A firm in a perfectly competitive industry that seeks to maximize profit is most likely to continue production in the short run as long as which of the following conditions exists? Price is equal to or greater than :（分数：1.00）

5、A.average fixed cost.B.average total cost.C.average variable costs.6.Which of the following statements is least accurate with regard to the efficiency of monopolistic competition ?（分数：1.00）A.Consumers benefit from brand name promotion and advertising.B.Promotion and advertising enable consumers to m

6、ake more informed decisions.C.Monopolistic competition is at least as efficient as perfect competition.7.In the long run, a perfectly competitive firm will earn?（分数：1.00）A.Small economic profits.B.Large accounting profits.C.Zero economic profits.8.Which of the following statements is most accurate r

7、egarding monetarists? Monetarists believe that:（分数：1.00）A.discretionary monetary policy is the best way to moderate fluctuations in prices and output.B.steady, predictable money growth is the best monetary policy.C.the Federal Reserve has very little power with the tools at their disposal.9.Which of

8、 the following types of unemployment is most likely to be associated with an economy in which many workers have been made obsolete by changing technology?（分数：1.00）A.Cyclical.B.Marginal.C.Structural.10.When a firm is earning positive economic profits in a monopolistic competitive market, what will mo

9、st likely occur?（分数：1.00）A.New firms will enter driving down the economic profits to zero.B.Losses will occur in the short run.C.Price takers will be over run by price searchers.11.A practice whereby a seller charges different prices to different consumers of the same product or service is called:（分

10、数：1.00）A.price discrimination.B.price competition.C.fractional pricing.12.In a natural monopoly:（分数：1.00）A.one firm controls all natural resources.B.the government reserves the industry sector dealing with natural resources for a few firms only.C.the average total cost of production continually decl

11、ines with increased output.13.Under perfect competition, a firm will be inclined to increase output as long as which of the following conditions exists?（分数：1.00）A.Marginal revenue is greater than marginal cost.B.Marginal cost is less than average cost.C.Marginal revenue is positive.14.Suppose a pric

12、e-taker firm produces baseball bats that sell at a price of $100 each. This firm“s average total cost at the current level of production is $150 per bat, and the average fixed cost is $40 per bat. Which of the following statements is TRUE regarding this firm? They should:（分数：1.00）A.shut down in the

13、short run because their average total cost is greater than their price.B.continue producing baseball bats because they are covering their fixed costs.C.shut down in the short run because their average variable cost is greater than their price.15.If the market demand for a product decreases in a comp

14、etitive market, then the quantity supplied by an individual firm will:（分数：1.00）A.decrease and firms will exit the market in the long run.B.decrease and firms will enter the market in the long run.C.increase and firms will enter the market in the long run.16.Characteristics of monopolistic competitio

15、n include all of the following EXCEPT:（分数：1.00）A.differentiated products.B.high barriers to entry.C.large numbers of independent sellers.17.If an oligopoly is characterized by fierce competition, in long-run equilibrium the firms in the market will earn:（分数：1.00）A.zero economic profits.B.substantial

16、 economic losses.C.substantial economic profits.18.An economist is developing a regression model of real GDP as a function of labor input. She needs to select a time series that represents the total amount of labor performed in a year. Which of the following is the most appropriate indicator of tota

17、l labor performed that she can use for this model?（分数：1.00）A.Aggregate hours.B.Average workweek.C.Number of employed.19.The short-run supply curve for a price taker firm is the portion of the marginal:（分数：1.00）A.cost (MC) curve below the average variable cost (AVC) curve.B.cost (MC) curve above the

18、average total cost (ATC) curve.C.cost (MC) curve above the average variable cost (AVC) curve.20.In the short run, if price is below average total cost (ATC), the firm will:（分数：1.00）A.keep running as long as it is covering its variable costs.B.produce more.C.raise prices.21.At full employment:（分数：1.0

19、0）A.structural unemployment is zero.B.frictional unemployment is zero.C.cyclical unemployment is zero.22.Which of the following most accurately describes the relationship between price (P), marginal cost (MC), and marginal revenue (MR) at the profit maximizing output level for a firm in a perfectly

20、competitive industry?（分数：1.00）A.PMC=MR.B.P=MC=MR.C.PMCMR.23.Which of the following changes would most likely decrease a firm“s demand for labor?（分数：1.00）A.Technological improvement in the firm“s production process.B.Decrease in the price of the firm“s product.C.Increase in the price of a productive

21、input that is a substitute for labor.24.If a profit maximizing firm finds that its marginal revenue exceeds its marginal cost, it should:（分数：1.00）A.increase output if it is a price taker, but not if it is a price searcher.B.decrease output, regardless of whether it is a price taker or a price search

22、er.C.increase output, regardless of whether it is a price taker or a price searcher.25.Which of the following most accurately describes the Monetarist school of macroeconomic thought in relation to aggregate demand and aggregate supply? Monetarists believe that the money supply should be:（分数：1.00）A.

23、Increased during inflationary periods and reduced during recessionary periods.B.Increased by a constant rate annually.C.Reduced during inflationary periods and increased during recessionary periods.26.Which of the following factors is least likely to affect the supply of labor?（分数：1.00）A.Wages offer

24、ed.B.The aggregate requirement for labor.C.The size of the adult population.27.Unemployment can be divided into the following three categories:（分数：1.00）A.Frictional, seasonal, cyclical.B.Structural, seasonal, technical.C.Frictional, cyclical, structural.28.Which of the following is least accurate re

25、garding product development and marketing for firms under monopolistic competition?（分数：1.00）A.Firms that bring new and innovative products to the market face relatively more elastic demand curves than their competitors.B.Relative to other types of competition, product innovation is critical to the p

26、ursuit of economic profits.C.Advertising is necessary to communicate the uniqueness of the firm“s products relative to its competitors.29.Which of the following is a characteristic of perfect competition?（分数：1.00）A.There are a few sellers.B.The products of different firms are sold at different price

27、s.C.There are no barriers to entry into the market.30.Which of the following is most likely to occur in the short run if there is an unanticipated decrease in aggregate demand due to a reduction in business and consumer optimism?（分数：1.00）A.An increase in the rate of unemployment.B.An increase in rea

28、l GDP.C.A higher rate of inflation.31.Which of the following regarding monopolistic competition is TRUE?（分数：1.00）A.Zero barriers to entry and exit exist.B.The demand curve for an individual firm is a straight horizontal line.C.Each firm produces a differentiated product.32.An increase in the expecte

29、d rate of inflation is most likely to cause aggregate demand and short-run aggregate supply to: Aggregate demand Short-run aggregate supply A. Increase Increase B. Increase Decrease C. Decrease Increase A. B. C. （分数：1.00）A.B.C.33.The steeper a firm“s marginal revenue product curve for a given resour

30、ce, the:（分数：1.00）A.more elastic the firm“s demand curve for the resource.B.less elastic the firm“s demand curve for the resource.C.higher the mobility of the resource.34.Which of the following is NOT a characteristic of perfect competition?（分数：1.00）A.The products produced within a given market are h

31、omogenous.B.The demand curve for an individual firm is a vertical line.C.The size of each firm is small relative to the size of the overall market.35.Hay farmers are in a perfectly competitive market. Assume that each acre of land produces 100 bushels of hay. The marginal revenue product of an acre

32、of land is then:（分数：1.00）A.(price of hay per bushel)/100.B.price of hay per bushel.C.100 (price of hay per bushel).36.Cyclical unemployment is closely associated with:（分数：1.00）A.long-term economic growth.B.fluctuations in the natural rate of unemployment.C.short-run fluctuations in the economy.37.Wh

33、ich of the following is least accurate with regard to advertising for firms operating under monopolistic competition?（分数：1.00）A.The increase to average total costs associated with advertising increases as output increases.B.Advertising expenses are high relative to perfect competition and monopoly.C

34、.Advertising is necessary to communicate the unique features of a firm“s products.38.Price discrimination is most accurately defined by which of the following? Price discrimination is the practice of charging different consumers different prices for:（分数：1.00）A.similar products that have identical pe

35、r-unit production costs.B.products that have identical price elasticities of demand.C.the same product or service.39.There are four main barriers to entry. Which of the following is NOT a barrier to entry?（分数：1.00）A.Patents.B.Resource Control.C.Allocative Efficiency.40.A profit maximizing firm will

36、expand output as long as marginal revenue is:（分数：1.00）A.less than marginal cost.B.greater than marginal cost.C.less than average variable cost.41.When economists are speaking of the labor-force participation rate, they are referring to which of the following? The labor-force participation rate is th

37、e percentage of the:（分数：1.00）A.labor force who are new entrants ( less than one year of work experience).B.working-age population who are not working but are actively looking for work.C.working-age population who are either working or actively looking for work.42.Which type of unemployment describes

38、 a situation where workers who have been laid off due to economic changes and they are unable to find work due to a lack of education or the necessary skills to move into another available job?（分数：1.00）A.Structural.B.Frictional.C.Cyclical.43.What is the relationship between price and marginal revenu

39、e for a price searcher?（分数：1.00）A.Marginal revenue price.B.Marginal revenue price.C.Marginal revenue = price.44.Which of the following employment measures is most closely related to the level of real GDP?（分数：1.00）A.Labor force participation ratio.B.Number of employed.C.Aggregate hours.45.Which of th

40、e following is the most accurate definition of the unemployment rate? The unemployment rate is the number of:（分数：1.00）A.unemployed individuals divided by the number of employed individuals.B.unemployed individuals divided by the total labor force.C.unemployed individuals divided by the number of ind

41、ividuals employed plus the number of people in retirement.46.In the dominant firm model of oligopoly, it is least likely that one firm:（分数：1.00）A.is the innovation leader in product development.B.has a significant cost advantage over its competitors.C.produces a relatively large share of the industr

42、y“s production.47.Which of the following will cause an increase in the demand for labor?（分数：1.00）A.An increase in the labor supply.B.A decrease in labor productivity.C.An increase in the demand for the final good or service.48.The demand curve for a firm in a perfectly competitive market is:（分数：1.00

43、）A.upward sloping.B.vertical.C.horizontal.49.When incomes in foreign countries increase, aggregate demand in the U.S. is likely to:（分数：1.00）A.Increase because foreign consumers will tend to buy more U.S. export goods.B.Decrease because U.s. interest rates will tend to increase.C.Increase because U.S

44、. interest rates will tend to decrease.50.The short-run supply curve to a firm operating under perfect competition is most accurately described as the segment of the:（分数：1.00）A.marginal cost curve below the average total cost curve.B.average total cost curve above the marginal cost curve.C.marginal

45、cost curve above the average variable cost curve.51.Which of the following most accurately describes a market structure that has one seller of a specific, well-defined product that has no good substitutes?（分数：1.00）A.Oligopoly.B.Monopoly.C.Monopolistic competition.52.When smaller amounts of additiona

46、l labor are supplied in response to increases in the wages offered, this is known as the:（分数：1.00）A.substitution effect.B.income effect.C.marginal rate of substitution.53.When producers expend resources to establish monopoly power in a market, this is called:（分数：1.00）A.surplus allocation.B.resource

47、rationalization.C.rent seeking.54.The most likely effects of the imposition of an effective increase in the minimum wage include:（分数：1.00）A.an increase in the real wage, gains in efficiency, and a decrease in inflation.B.increased unemployment, and excess supply of labor at the new wage rate, and a

48、decrease in economic efficiency.C.a reduction in non-monetary labor benefits, excess demand for labor, and a shortage of highly skilled workers.55.A firm operating under perfect competition will experience economic losses when which of the following conditions exists?（分数：1.00）A.Marginal revenue is g

49、reater than average total cost.B.Market price is less than average total cost.C.Marginal cost = average total cost = marginal revenue = price.56.An oligopoly is characterized by all of the following EXCEPT:（分数：1.00）A.large economies of scale.B.significant barriers to entry.C.a large number of sellers.57.Which of the following is not one of the steps in calculating the Consumer Price Index (CPI)?（分数：1.00）A.Adjust the observed prices of goods and services for quality changes and new goods.B.Select a CPI basket based on the goods and services a typical household purchases.C.Condu