2018年CFA一級經(jīng)濟(jì)學(xué)試題淺析
　　距離CFA考試越來越近#2018年6月23日考試#，下面高頓CFA老師整理關(guān)于CFA一級考試經(jīng)濟(jì)學(xué)題目，幫助大家快速掌握經(jīng)濟(jì)學(xué)考試要點。
　　經(jīng)濟(jì)學(xué)(比重10%，難度B-)
　　注意：什么是MC，MB，MP，MRP，等各種M的東西，所有者和消費者surplus部分要認(rèn)真理解下，何為資源分配的有效，各種事情對surplus，MC，MB的影響，對于各種曲線，分清楚長期和短期，公司和行業(yè)，線移動的因素，何處交點為最佳，何處交點最有效，何處是surplus，各種效應(yīng)，D，MB，MR的關(guān)系，wage rate的準(zhǔn)確含義，還有一個很重要的就是LAS，SAS和AD的影響因素。
　　整理幾道經(jīng)濟(jì)學(xué)試題幫助大家了解這門科目考試相關(guān)的考點和內(nèi)容。
　　CFA經(jīng)濟(jì)學(xué)題1：
　　1. For markets with perfectly elastic supply, the introduction of a tax will most likely result in:
　　A. a price increase and the seller pays the entire tax.
　　B. a price increase and the buyer pays the entire tax.
　　C. no change in price and the seller pays the entire tax.
　　Answer: B
　　When supply is perfectly elastic (horizontal supply curve) the price increases by the amount of tax and the seller passes on the entire tax burden to the buyer.
　　經(jīng)濟(jì)學(xué)題2. If the quantity demanded of pears falls by 4% when the price of apples decreases by 3%, then apples and pears are best described as:
　　A. substitutes
　　B. complements
　　C. inferior goods
　　Answer: A
　　The cross elasticity of demand is defined as the percentage change in quantity demanded divided by the percentage change in the price of a substitute or complement. If the cross elasticity of demand is positive, the goods are substitutes. In this case, the 4 % decline in quantity of pears is divided by the 3 % decline in the price of apples, which is a positive number, -4 / -3 = +1.333333.
　　經(jīng)濟(jì)學(xué)題3. For a firm in perfect competition, as the quantity of labor increases, the marginal revenue product most likely diminishes because of a decline in:
　　A. marginal product only
　　B. marginal revenue only
　　C. both marginal product and marginal revenue
　　Answer = A
　　For a firm in perfect competition, as quantity of labor increases, marginal revenue product diminishes because marginal product diminishes.
　　CFA一級公司金融題1：
　　1. A company is considering building a distribution center on undeveloped land that it acquired more than ten years ago at a cost of $400,000. The company estimates the cost of putting in utilities, sewers, roads and other such costs of preparing the land for the distribution center at $200,000. Alternatively, the undeveloped land could be sold today to another company for $600,000. In *uating this capital project, the investment outlay associated with the use of the land by the distribution center will most likely be:
　　A. $400,000.
　　B. $600,000.
　　C. $800,000.
　　Answer: C
　　The investment outlay associated with the use of the land should reflect the opportunity cost of the foregone sale ($600,000) plus the incremental cost of preparing the land for use as a distribution center ($200,000). $600,000 plus $200,000 equals $800,000.
　　一級公司金融題2：
　　2. Two mutually exclusive projects have conventional cash flows, but one project has a larger NPV while the other project has a higher IRR. Which of the following least likely explains this conflict?
　　A. Reinvestment rate assumption.
　　B. Size of the projects’ initial investments.
　　C. Risk of the projects as reflected in the required rate of return.
　　Answer: C
　　Conflicting decision rules based on the NPV and IRR methods are related to the reinvestment rate assumption, the timing of the cash flows, or the scale of the projects. Differing required rates of return are not related to conflicting NPV and IRR decisions.
　　一級公司金融題3：
　　3.A company’s optimal capital budget most likely occurs at the intersection of the:
　　A. net present value and internal rate of return profiles.
　　B. marginal cost of capital and net present value profiles.
　　C. marginal cost of capital and investment opportunity schedule.
　　Answer: C
　　The point where the marginal cost of capital (MCC) intersects the investment opportunity schedule (IOS) is the optimal capital budget.
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