CFA考试一级章节练习题精选0329-28(附详解)

1、CFA考试一级章节练习题精选 0329-27 （附详解）1、An Australian firm purchased a patent for USD20,000 and machinery for USD21,500 from a U.S. firm when the exchange rates were as follows:RatioExc ha nge RateUSD/EUR1.29AUD/EUR1.24The imp act of these transactions on the cap ital account of Australia (in AUD) is closest

2、to:【单选题】A. 19,225.B. 20,667.C. 20,806.正确答案:A答案解析：“ International Trade and Capital Flows,-Reichert, PhD arUsOaNelirRobert Witschi, PhD, CFA2013 Modular Level 1, Vol. 2, Reading 20, Section 4.2“ Currency Exchange Rates, ” William A. Barker, CFA, Paul D. McNelis, and Jerry Nickelsburg 2013 Modular Lev

3、el I, Vol. 2, Reading 21, Section 3.2Study Session 6-20-g, 6-21 -dDescribe the balance of p ayments accounts including their compo nents.3Calculate and interpret currency cross rates.A is correct. The purchase of machinery is an import and affects the current account, not the capital account, so it

4、is ignored. The purchase of a non-produced,non -financial asset (such as a patent) affects the capital account.The impact on the capital account in AUD is:USD20,000 X (1/1.29) X 1.24 = 19,225AUD.2、 Which of the following statements about a central bank's actions would mostlikely cause an immedia

5、te increase of the banking system's excess reserves?单选题】A.Decreasing the policy rate.B.Selling securities in the open market.C.Decreasing the required reserve ratio.正确答案 :C答案解析 :降低法定存款准备金率会导致商业银行吸收存款后有更多的资金可以用于放贷，从而增加了银行系统的可贷资金余额， 这种影响也最为直接。3、 Kristen Chandler, CFA, has been doing research about

6、 different types of goods.Which of the following goods has a positively sloped demand curve as aresult ofthe negative income effect overweighting the positive substitution effect?单选题】A.Veblen.B.Giffen.C.Inferior.正确答案 :B答案解析：吉芬商品(Giffen goods )是劣等品(inferior goods )的一种。对于吉芬商品而言，当价格下降时，负的收入效应要超过正的替代效应，

7、最后的总结果会使得价格下降时需求减少，所以吉芬商品有正斜率的需求线。对于其他劣等品而言，负的收入效应不会超过正的替代效应，最后的总结果会使得价格下降时需求增加。对于凡勃伦商品(Veblengoods)而言，当价格更高时需求增加，但这并不符合题目中收入效应和替代效应的关系4、 During the last month, a food comp any located in the United States had the following transactions:T ransactionAmount (US$ millions)Bought raw material from Indon

8、esia50.0Sold food products to France55.0Received royalty fees from its branch in the United Kingdom0.5Donated to a charitable institution in Africa0.1Borrowed from a bank in Singapoe2.0Paid lega fees to its German legal consultant comp any1.2Received interest coupon from its investment in Eurobonds

9、issued in Luxembourg0.8These transactions will most likely increase the U.S. current account by:【单选题】4A. $17.0 million.B. $15.0 million.C. $14.5 million.正确答案:B答案解析：Note that the borrowing from a bank in Singapore is not a current account transaction.TransactionCurrent Account (US$ millions)Bought ra

10、w material from Indonesia-0.0Sold food products to France65Received royalty fees from its branch in the United Kingdom0.5Donated to charitable institution in Africa-0.1Borrowed from a bank in SingaporeOmitPaid legal fees to its German legal con suitant com pany-1.2Received interest coupon from its i

11、nvestment in Eurobonds issued in Luxembourg0.8Total1572014 CFA Level I"International Trade and Cap ital Flows,” -EbyeUsea Ntadr Daniel Robert WitschiSections 4.2 4.35、In a simpie economy containing only two goodsapples and shirtsthe p rices and quantities in the base p eriod and the current p e

12、riod are:Base PeriodQuantityPrke ($)Apples251.00Shirts520.00Current 卩eriodQuantitPrice ($)Apples251.25Shirts52050Assuming the base p eriod consumer p rice index (CPI) = 100, the CPI for the current p eriod is closest to:【单选题】A. 103.57.B. 107.00.C. 113.75.” Michael P arkin正确答案:B 答案解析:"Monitoring Jobs and the Price Level 2010 Modular Level I, Vol. 2, p. 318 -319Study Session 5-22-dExplain and calculate the consumer price index (CPI) and the inflation rate, describe the relation between the CPI and the inflation rate, and explain the main sources of CPI bias.The cost of the