CFA Level 1 mock eam 全真强化及详解2

CFALevel1MOCKEXAM1AfternoonSessionTimeLimit:3Hours1・George,CFA,acitizenofGermany,isdoingbusinessinaneighboringcountry.AccordingtoAIMRStandardsofPofessionalConduct,whichstatementappliestoGeorge*sconductwhenheisconductingbusinessintheothercountry?HeisnotboundbyanyoftheregulationsbecauseFranceandtheothercountryhavenojurisdictionineachother'scountries.HeshouldadheretowhicheverofFrance's,theothercountry'sorAIMR'srulesthatimposethehighestdegreeofresponsibility.HeshouldonlyadheretothesecuritieslawsofFranceeventhoughtheydonotcoversomeoftheprovisionsfoundinthelawsoftheothercountrythatrelatetohiswork.HeshouldadheretothesecuritieslawsoftheothercountryeventhoughtheyarenotasstringentasthoseofFrance.Charlie,aCFAcandidate,gotacopyofacomputerizedstockselectionmodeldesignedbyaformerMBAclassmatewhoisaWallStreetanalyst.AfterspendingsometimereviewingtheprogramandmakingafewminoradjustmentsCharlieshowedhernewmodeltohersupervisor.HersupervisorsaidshedidagreatjobandtoldCharlietoincorporatenetnewmodelinhernextindustryreview,whichshedid.Charliehas:violatedStandardIV(B.5)PreservationofConfidentiality.violatedStandardII(C)ProhibitionagainstPlagiarism.violatedStandardV(A)ProhibitionagainstuseofMaterialNonpublicInformation.noneoftheabove.Sheria,CFA,justjoinedaninvestmentfirmandreportsdirectlytoRaymond,whoheadsthedepartmentdealingwithadvisoryservicetohighnetworthindividuals.TOfulfillherdutyofinformingheremployeraboutfollowingAIMRCodeofEthicsandStandardsofProfessionalConduct,Sheriamustinform:thefirm'schiefexecutiveofficereitherorallyorinwriting.herdirectsupervisororallyaboutAIMR'srequirements.themanagingdirectorofthefirminwritingaboutAIMR'srequirements.herdirectsupervisorinwritingaboutAIMR'srequirements.Edison,CFA,supervisesagroupofresearchanalysts,noneofwhomareCFAcharterholdersorCFAcandidates.Hehasattemptedonseveraloccasionstogethisfirmtoadoptacompliancesystemtoinsurethatapplicablelawsandregulationsarefollowed・Thefirm'sprincipals,however,haveneveradoptedhisrecommendations・AccordingtoAIMRStandardSofProfessionalConductEdisonatthispointshould:takenoaction,becausetheemployeesarenotCFAcharterholdersorCFAcandidates.takenoaction,becausehehasfulfilledhisobligationsunderAIMRstandards.redesignthecompliancesystem,becausenoalternativeexiststhatwillkeephimincompliancewithAIMRstandards.declineinwritingtoacceptsupervisoryresponsibilityuntilhisfirmadoptsreasonablecomplianceprocedures.Roy,CFA,managesseveralpensionaccountsanddirectsmostofhistradesthroughtheWalesInvestmentLimited・RoydoesthisbecausehebelievesthathegetsgoodexecutionsandWalesInvestmentLimitedprovideshimwithexcellentresearchreportsusedinthemanagementoftheseaccounts.Regional,asmalldiscountbrokeragehouse,hasjustapproachedRoythatitwillexecutehistradesathalfthecostofWales.Regionaldoesnothavearesearchdepartment.AccordingtoAIMRStandardsofProfessionalConduct,ifWalesdoesNOTswitchhisbusinesstoRegional,hasheviolatedtheloyaltyclauseinhisfiduciaryduties?No,becausehealreadyhadanestablishedrelationshipwithWalesbeforeRegional'soffer.No,ifhecandetermine,ingoodfaith,thatthehighercommissionsarecommensuratewiththevalueoftheresearchserviceshereceivesanddisclosesthispractice.Yes,becauseoftheprudentexpertclause.Yes,becauseStandardIV(B.l),FiduciaryDuties,sayshemustminimizeexpenses.Samuel,CFA,closelyfollowsthecomputerindustry・Inthecourseofhisresearch,hediscoversthattheStoneLimited,asmallunknownnetworkingcompany,hasjustsignedseveralmajorcontracts.Afterconsiderableresearch,SamuelwroteastrongbuyrecommendationforStone.Managementislikelytotakeaweektoapprovehisreport.Inthemeantime,whichstandardcoversSamuel'sbehaviorregardingthedisseminationofhisresearch?StandardIV(B.4)PriorityofTransactions.StandardIV(B.5)PreservationofConfidentiality.StandardV(A)ProhibitionagainstUseofMaterialNon-PublicInformation.StandardIV(B.3)FairDealing.WhichofthefollowingisaviolationofStandardIV(B3),FairDealing?Placingordersforyourfirmaccountsbeforeissuingabuyrecommendation.Acceptingandexecutingabuyorderforastockthatyouhaverecentlydowngradedfrombuytosellwithoutmentioningthefacttotheclient.Havingane-mailalertsystemforyourbestcustomerssotheycanlearnaboutrecommendationchangesbeforethefirm'sregularcustomers.Alloftheabove.DorisisaCFAcharterholderandtheportfoliomanagerofatechnologyfund・Shemaintainsaretirementaccountwithabrokeragefirmlocatedinadistantcity.AccordingtoAIMRStandardsofProfessionalConduct,whichofthefollowingactionsshouldDoristakewhenheidentifiesaparticularlyattractiveissuethathewantstobuy?Dorisshouldacquiresharesforher:mutualfundandheraccountatthesametime.ownaccountbeforeacquiringthemforhermutualfund.mutualfundbeforeacquiringthemforherownaccount.mutualfundbutrefrainfrombuyingsharesfromherownaccount.Maggie,CFA,isastockanalystatalargemultinationalbanktrustdepartment.AcompanywhosestockwasheldbyMaggie'semployerandbyhermotherannouncedacashtenderoffer.Underthetermsoftheoffer,thefirstmillionsharestenderedwouldbeacceptedinfullat$50ashare(whichwas20percentabovetheexistingmarket)andthenextonemillionsharesonaproratabasisalsoat$50ashare・Maggieimmediatelycalledhermotherwiththenewtbutwaitedafewdaystotenderholdingsofthetrustdepartment.Maggieisawarethathermother'swillincludesherastherecipientofherinvestmentportfolio.Maggie'sactionsviolated:StandardIII(B)DutytoEmployer.StandardIV(B.3)FairDealing.StandardIV(B.4)PriorityofTransactions.StandardIV(B.5)preservationofconfidentiality.Vincent,aCFAcandidate,tellsaprospectiveclient,"Imaynothavealong-termtrackrecord,butIamsurethatyouwillbesatisfiedwithmyperformance.OverthethreeyearsthatIhavebeeninthebusiness,myequity-orientedclientshaveaveragedatotalreturnofover20percentayear."ThestatementistechnicallycorrectbutVincentonlyhasafewequityclients,andoneofthesetookalargepositioninapennystock(againstVincent'sadvice)andrealizedahugegain.ThislargereturncausedtheaverageofallofVincent'sclientstoexceed20percentperyear.Withoutthisoneinvestment,theaveragegainwouldhavebeen8percentperyear.HasVincentviolatedtheStandardsofProfessionalConduct?Yes,becausethestatementmisrepresentsVincent'strackrecord.No,becausethestatementisatrueandaccuratedescriptionofVincent'strackrecord.No,becauseVincentisnotpromisingthathecanearnthisreturninthefuture.No,becausethestatementreflectedtheresultsobtainedfromanappropriatelymeasuredcompositereturn.11・KarenisaCFAcharterholderandfinancialanalystwhofollowstheSunLimitedforherfirm,Mooninvestments.AccordingtoAEMRStandardsofProfessionalConduct,whichofthefollowingitemswouldKameyleastlikelyhavetodisclosetohersupervisoratMoon?Thefactthat:KarenwasonSun'sboardofdirectors.KarenwasdatingthepresidentofSunlimited.Karen'ssister-in-lawworkedinthepayablesdepartmentofSunLimited.Karen'smotherhasatrustaccountthatowns10.000sharesofSunLimited.WhichofthefollowingstatementsaboutStandardIV(B8)・DisclosureofReferralFees,ismostcorrect?StandardIV(B8)requiresthemembertodisclose:thenatureoftheconsiderationandtheestimateddollarvalueoftheconsideration.thepercentageofthemember'sbusinessthatcomesfromreferrals.allreferralagreementsorallyorinwritingtoanyclientorprospectthathasbeenreferred.noneoftheaboveGordonisaCFAcharterholderandthepensionfundmanagerforaworker'sunion,TheunionpresidentinformedhimthatduringaunionmeetingtodaywithZincLimitedhelearnedthatZincwillannounceseveralplantclosingstomorrow.Becausetheworker'sunionpensionhasasizablepositioninZinc,theunionpresidentwantsGordontosellthepension'sholdingsinZinctodaybeforetheannouncementismadepublic.Gordonshould:informAIMRinwritingoftheunionpresident'srequest.contacttheJusticeDepartmentandtellthemabouttheunionpresident'srequest.telltheunionpresidentthatthisactionisillegalandrefusetosellthestockuntilaftertheannouncement.sellthepension'sholdingsinZincasdirected.WhichofthefollowingisoneofthefourmaintopicsoftheAIMRPerformancePresentationStandardsCalculationofreturn.Creationandmaintenanceofcomposites.BornstatementandB.Noneoftheabove.WhichofthefollowingisNOTconsistentwithAIMRPerformancePresentationStandards?Compositereturnsmustincludecashandcashequivalents.Presentationofperformancemustdiscloseameasureofdispersionofindividualcomponentportfoliosabouttheaggregatecompositereturn.Compositemustincludeallportfoliosbasedonequalweighting.Performancemustbepresentedonatotalreturnbasisusingaccrual-basisaccountingcalculatedusingtime-weightedratesofreturnaveragedusingthegeometricmethod.WhichofthefollowingviolatestheAIMRStandardsofProfessionalConductiontheappropriateuseoftheCharteredFinancialAnalystandCFAmark?TimmyhaspastLevelIIandisregisteredtotaketheLevelIIIexamination.Inherresumeshestates,"IamaLevelIIcandidateintheCFAProgram."TimmyhaspassedallthreelevelsoftheCFAProgram,hasreceivedhercharter,andisacharterholderingoodstanding.Shewritesonherbusinesscard,"TimmyWong,CharteredFinancialAnalyst."TimmywasawardedtheCFAdesignationin1980butstoppedpayingduesin2000.Inherretirementspeechin2001,hestated"IwasawardedtheCFAcharterin1980."TimmyhaspassedallthreelevelsoftheCFAProgram,hasreceivedhercharter,andisacharterholderingoodstanding.Hercompanywritesinpromotionalliterature"TimmyWongisoneoftwoCFAsinthecompany."Susan'scompanyisparticipatinginaninvestmentanalysisproject.Hermanagergaveherareportfromanothercompany'sanalyst,alsoworkingontheproject,andtoldhertoputitoncompanyletterheadanddistributethereportbytheendoftheday.BeinganAIMRmember,complies,whichofthefollowingAIMRStandardsofProfessionalConductwillsheprobablyhavebrokenifSusancomplyswithhermanagerinstruction?IV(A.2)ResearchReports.IV(B.2)PortfolioInvestmentRecommendationsandActions.IV(B.6)ProhibitionagainstMisrepresentation.II(C)ProhibitionagainstPlagiarism.John,CFA,wantstoundertakeanindependentconsultingpracticewhileemployed.Hemustgetwrittenpermissionfrombothhisemployerandthecompanywhoishiringtheanalyst'sconsultingservices・AccordingtotheAIMRStandardsonProfessionalConduct,whichofthefollowingstatementsaboutthepermissionrequestismostcorrect?Thispermissionrequesttotheemployershouldmentionthe:typeofserviceshewillpensationhewillreceive.timedurationtheservicesareexpectedtocover.Alloftheabove.David,CFA,changeshis"buy"recommendationonWeathElectronicsLimitedto"sell"basedsolelyonaconversationbetweenseveralworkersofWeathElectronicsLimitedheoverheardinabar.WhichstandarddidDavidviolate?IV(A.1)ReasonableBasisandRepresentations.IV(B.2)PortfolioInvestmentRecommendationsandActions.IV(B.6)ProhibitionagainstMisrepresentation.V(A)ProhibitionagainstUseofMaterialNonpublicInformation.20・AccordingtoAIMRStandardsofProfessionalConductStandard^April,aCFAcandidate,juststartedhernewjobasananalystandplanstomakeherfirstvisittoacompany,whichofthefollowingstatementsregardingspecialcostarrangementsandgiftsisTRUE?To'complywiththestandard,Aprilshouldaccept:onlyonegiftperyearfromacompany.airtransportationandhotelexpensesoncompanyvisitspanyairtransportationonlyifcommercialtransportationisnotavailable.reasonableexpensesandcompensationfromacompanyifshenotifiesheremployerproperlyinwriting.Billy,CFA,tellsaprospectiveclientthattheearningsofK&KLimitedwillbe$10・05persharenextfiscalyear.Billyviolated:StandardV(A)ProhibitionagainstUseofMaterialNonpublicInformation.StandardlV(B.2c)Distinguishbetweenfactsandopinions.StandardIV(A.lc)Avoidanymaterialmisrepresentations.StandardIV(B.5)PreservationofConfidentiality.AccordingtoAIMRStandardsofProfessionalConductStandard,whichofthefollowingactivitiesviolatesStandardIV(B・4),PriorityofTransactions?Ananalyst:buyssharesforhispersonalaccountafterallthefirm'sclientshavebeeninformedandtheirtradescompleted.buysstockforhisownaccountonapersonalinstinctwhilenotdoingsoforhisclients.makestradesforhisson'saccountafterhetradeshisinstitutionalaccounts.makestradesforhisfirm'saccountbeforehandlingtheclienttrades.23・Stephen,atraineeandCFAcandidate,isinhisfirstweekwithSKLLimited,alocalbrokeragehouse・Stephenwasgivenaphonelistandtoldtomakeafwcoldcallstoroundupsomeclients.Togeneratebusinesshehasmadevariousstatements.AccordingtoAIMRStandardsofProfessionalConduct,inwhichofthefollowingstatementshasStephenNOTmadeamaterialmisrepresentation?"Ipersonallyguaranteethisinvestment.It'sasurewinner.""Myfirmhasconsistentlyoutperformedthemarketindexesandwillcontinuetodoso.""Trustme,I'vebeenintheinvestmentbusinesslongenoughtoknowwhatI'mtalkingabout,""MyfirmcannotprovidealltheFinancialandinvestmentservicesyouneed,butwedoofferadvisoryservices."24・Catherine,aCFAcharterholderandananalystforD&GInvestmentLimited,ispreparingabuyrecommendationontheToysLimited.AccordingtoAIMRStandardsofProfessionalConduct,whichofthefollowingisNOTaconflictofinterestthathewouldnormallydisclose?Catherine'ssonhasatrustfundthatholdsasubstantialblockofToysLimitedstock.CatherinehasaconsultingcontractwiththeToysLimited.Catherine'snext-doorneighborworksatToysLimited.D..D&GisamarketmakerfortheToysLimitedstock.AmyinveststhefollowingamountsattheendofearltoYfear4:Yfear 1 2 3 4Amount1000 1500 2000 2500($)Ifitearnsa20%compoundedinterestrate,calculatetheaccumulatedamountattheendofYear4:$7,000.$8,576.$8,788.Noneoftheabove.Thereisabondcontainsthatcouponof$80,itpaysattheendofeachyearindefinitely.Thecouponpaymentoccursoneyearfromnowandtherequiredrateofreturnis12%・Whatisthebondworthtoday?$625.$666.67.$788.78.Noneoftheabove.27・Ananalystconstructsahistogramandfrequencypolygonofmonthlyreturnsforaggressiveequityfundsovera20-yearperiod.WhichofthefollowingstatementsaboutahistogramorafrequencypolygonisFALSE?Bothahistogramandafrequencypolygonprovideagraphicaldisplayofdatafoundinafrequencydistributionon.Afrequencypolygonisabarchartofcontinuousdatathathavebeengroupedintoafrequencydistribution.Theheightofeachbarinahistogramrepresentstheabsolutefrequencyforeachreturninterval.Alloftheabove.Basedonthefollowinginformationaboutthereturnsfor11bonds,findoutthemean,medianandmode.MeanMedianModeA.161617B.161517C.151516D.151616Asampleofmonthlyreturnsofaggressivegrowthfundscontains35,20,30,50andFindouttherange,meanabsolutedeviation,andvarianceofthedataset?RangeMeanAbsoluteDeviationSampleVarianceA.1711.6415B.1723.2207.5C.3523.2415D.3511.6207.5Adistributionwithameanof15andarangeof2to25wouldbe:normallydistributed.positivelyskewedtotheright.negativelyskewedtotheleft.CannotbedetermineWhichofthefollowingstatementsaboutdependentandindependenteventsisTRUE?Twoeventsareindependentiftheoccurrenceofoneisrelatedtotheprobabilityofoccurrenceoftheother.Themultiplicationruleforprobabilitiesappliesonlytotwoindependentevents.Themultiplicationruleforprobabilitiescanbeusedtodeterminethejointprobabilityoftwoeventsthataredependentorindependent.Noneoftheabove.Thereisaninvestmentwhichhasameanandstandarddeviationof15%and10%respectively・Assumeitisanormaldistribution,whichofthefollowingisFalse?The probability ofgetting areturnlessthan10%isabout16%.The probability ofgetting areturngreaterthan5%isabout84%.The probability ofgetting areturngreaterthan35%isabout2.5%.The probability ofgetting areturnbetween5%and25%isabout68percent.Giventhatthevarianceis289forarandomsampleof500stocks.Findoutthestandarderrorofthesamplemeanisclosestto:A.9.noneoftheabove.Ananalystconductsatwo-tailedtesttodeterminewhetherdifferencesbetwenthemeansoftwopopulationsexist:H0：巴-p=0versusH:片一巴丰0.Assumethathepopulationsareindependent^°normallydistributed,andhaveunequalandunknownvariances.Thecriticalvaluewith50degreesoffreedomis2.126・Thecomputedteststatisticist=1.753.Usingasignificancelevelof=0.05,whichofthefollowingstatementsisTRUE?

Useat-testtorejectthenullhypothesisandacceptthealternativehypothesis.Useat-testtoacceptthenullhypothesisandrejectthealternativehypothesis.Useaz-testtorejectthenullhypothesisandacceptthealternativehypothesis.Useanz-testtoacceptthenullhypothesisandrejectthealternativehypothesis.WhichofthefollowingstatementaboutthefollowingfrequencydistributionisFALSE?ReturnInterval Frequency^1020300%to5%^1020305%to10%10%to15%15%to20%Thecumulativeabsolutefrequencyofthethirdintervalis50..Thecumulativeabsolutefrequencyofthefourthintervalis30.Thereturninternalsaremutuallyexclusive.Noneoftheabove.WhichofthefollowingstatementconcerningaboutthearithmeticmeanisFALSE?Itislessthanorequaltothegeometricmean.Itisacommonlyusedmeasureofcentraltendency.Itisequaltothemedianandmodeinsymmetricdistributions.Noneoftheabove.37・Thereisagroupofstockscontaining7,8,9,10,10,10,11,12,13and30・WhichofthefollowingstatementaboutthedistributionisTRUE?Inthisdistributionthemedianis12.Thisdistribution'sarithmeticmeanis10andthemedianis11.Thedistributionisskewedtotherightandthemeanislessthanthemedian.Thedistributionisskewedtotherightandthemeanisgreaterthanthemode.Thefollowingshowthemeanmonthlyreturnsoffrsecurities.SecurityMeanMonthlyReturnStandardDeviationSecurityMeanMonthlyReturnStandardDeviation10.30.420.60.631.34.841.75.2Whichsecurityhasthelowestandhighestlevelrelativerisk?A.B.A.B.C.Dispersion

Highest332RelativeLowest123D. 4 1WhichofthefollowingstatementconcerningabouttheprobabilityconceptsisTRUE?Ajointprobabilityistheprobabilitythattwoormoreeventshappenconcurrently.Subjectiveprobabilityisaprobabilitydrawingonobservation.Arandomvariableisaquantitywhoseoutcomesarecertain.Noneoftheabove.40・WhichofthefollowingstatementaboutthenormaldistributionALFE?ItiscompletelydescribedbyitsmeanandstandarddeviationIthasaskewnessof1.Itisbell-shaped.Noneoftheabove.41・Thereisabondportflioreturnof10%andestimatesastandarddeviationofannualreturnsof4%・Assumingnormalityassumptionsf*returns,whichofthefollowingstatementisFALSE?The90 percent confidence intervalwill be 3.10percentto17.8percentThe95 percent confidence intervalwill be from2.16percentto17.84percent.The99 percent confidence intervalwill be from-0.32percentto20.32percent.Noneoftheabove.42.Thereisaninvestmentwhichcontainsanexpectedreturnandstandarddeviationof10%and5%respectively.Assumethatitisnormallydistributed,calculatethechanceoflosingmoney4.5%.3.5%.2.5%.noneoftheeabove.43・WhichofthefollowingabouttheadesirablepropertyofanestimatorisFALSE?Unbiasedness.Efficiency.Heteroskedasticity.Consistency.44.Accordingtothecrowding-outeffect,whichiseffectbyusingthesalesofgovernmentbondstofinancetofinanceexcessgovernmentspending?IncreasesinGDP.increaseinprivateinvestmentspending.decreasetherealinterestrate.D.raisetherealinterestrate.45・Basedonthefollowingdata,whatistheexcessamountthatthebankcouldloanout?Reserverequirement:20%CashondepositwithFederalReserve:$50millionLoan:$80millionDemandDeposit:$150million$20million.$40million.$60million.Noadditionalloans.46.WhichofthefollowingstatementsaboutadaptiveexpectationsisFALSEwithadaptiveexpectation?Decisionmakersmakerandomerrorsbuttheymakesystematicerrorswithrationalexpectations.Decisionmakersadjustmoreslowlythanthosewithrationalexpectations.Decisionmakersbasetheirfutureexpectationsonactualoutcomesobservedduringrecentperiods.Noneoftheabove.47・Underthecompetitiveprice-searchermarkets,thefirmwillearninlong-runequilibriumand;normalprofitsubstantialeconomiclosses.substantialeconomicprofits.zeroeconomicprofits.48.Basedonthelawofcomparativeadvantage,jointoutputwillbegreatestwheneachcountry;importgoodswhenforeignersarewillingtosupplythematalowercostthandomesticproducts.specializesinproducingthoseproductstheydobest.bothstatementsAandB.noneoftheabove49・AJapanesebuyequipmentfromU・S・Intheforeignexchangemarket,thistransactionwillcreatea:asupplyofyensanddemandfordollars.ademandforyensandsupplyofdollars.ademandforbothdollarsandmarks.asupplyofbothdollarsandyens.

50.50.Inbalance-of-paymentstransactions,thecurrentaccount:measurestheflowofallloansandinvestmentfunds.equalsimportsminusexports.recordofalltransactionswithforeignnationsthatinvolvetheexchangeofmerchandisegoodsandservices,currentincomederivedfrominvestments,andunilateralgifts.Noneoftheabove.51.51.GiventhattherealrateofdomesticandrealrateofUnitedStatesis8%and5%respectively,thespotexchangerateis3D/$,whatistheexpectedforwardexchangerate.2.3.09.50.50.Inbalance-of-paymentstransactions,thecurrentaccount:measurestheflowofallloansandinvestmentfunds.equalsimportsminusexports.recordofalltransactionswithforeignnationsthatinvolvetheexchangeofmerchandisegoodsandservices,currentincomederivedfrominvestments,andunilateralgifts.Noneoftheabove.51.51.GiventhattherealrateofdomesticandrealrateofUnitedStatesis8%and5%respectively,thespotexchangerateis3D/$,whatistheexpectedforwardexchangerate.2.3.09.noneoftheabove.52.52.Whichofthefollowingwillcauseacurrency'sbid-askspreadwillnarrowerif?Thebid-askspreadisforasmalltransactionratherthanalargeone.Thebid-askspreadisaspotquoteratherthanaforwardquote.Thecurrencyisinactivelytraded.Alloftheabove.53.53.Ascomparedtothecompletedcontractmethod,thepercentagecompletionmethodwillresultin:lowertotalassets.greatercashflows.greatervolatilityofincome.lowernetincome.5.I・anincreaseinrealwalthII・anincreaseinincomesabroad・anincreaseinexpectedinflation.IVanincreaseintherealrateofinterest.I,II&IIIonlyII,III&IVonly.III&IVonly.Noneoftheabove.IftheFederalReservewantstoreducethemoneysupply,itwouWostlikely:reducethediscountrate.reducethereserverequirements.reducegovernmentexpendituresselltheofgovernmentsecurities..WhichofthefollowingstatementsaboutthesupplyandthedemandofmoneyisTRUE?Thesupplyofmoneyisdeterminedbythemonetaryauthoritiesandthedemandformoneyisdirectlyrelatedtothemoneyinterestrate.Thesupplyofmoneyisdeterminedbycommercialbanksandthedemandformoneyisdirectlyrelatedtothemoneyinterestrate.Thesupplyofmoneyisdeterminedbycommercialbanksandthedemandformoneyisinverselyrelatedtothemoneyinterestrate.Thesupplyofmoneyisdeterminedbythemonetaryauthoritiesandthedemandformoneyisinverselyrelatedtothemoneyinterestrate.Ifthereisanunanticipatedincreaseinthemoneysupply,itwillinitiallyexertitsprimaryimpacton:inflation,particularlyifexcesscapacityifpresent.prices,iftheeconomyisnotoperatingatfullemploymentlevel.outputandemploymentratherthanonprices.Noneoftheabove.Whichofthefollowingcurvedoesthelawofdiminishingmarginalreturnsexplain?averagevariablecostcurve.averagefixedcostcurve.marginalaveragecostcurves.shortruncostcurves.Ifthefirmispricetakeritwilltendtoexpanditsoutputuntil:themarketpriceequalsthemarginalcost.itsmarginalrevenueisnegative.itsmarginalcostisgreaterthanthemarginalrevenue.noneoftheabove.60・IftheexchangeratevalueoftheBritishpoundgoesfrom$1.7to$1.5,thenthepoundhas:depreciatedand theBritish will findU.S.goodscheaper.depreciatedand theBritish will findU.S.goodsmoreexpensive.appreciatedand theBritish will findU.S.goodscheaper.appreciatedand theBritish will findU.S.goodsmoreexpensive.

61・WhichofthefollowingstatementaboutexchangeratesisALSE?Inregularlocaldirectexchangeratesthedollarisalwaysinthedenominator.Non-U.S.dollarforeignexchangeratequotesarecalledcrossrates.Whentheexchangerategoesfrom0.8DeM/USDto0.4DEM/USDthemarkhasdepreciatedrelativetothedollar.Alloftheabove.62Givethattheaveragenumberofdaystheinventoryinstockis60days,calculatetheinventoryturnoverratio:A.B.C.CannotbedeterminedBasedonthefollowingdatatoanswerQuestions63to65.63.64.Acompanyhadthefollowingchangesinitsbalancesheetaccounts:Anincreaseinaccountsreceivable$50Adecreaseinaccountspayable $40Anincreaseininventory $60Saleofcommonstock $150Repaymentofdebt $20Depreciation $10NetIncome $700$150Thecompany'scashflowfromoperationsis:$750.$640.$560.D.noneoftheabove.Thecompany'scashflowfrominvestingis:CannotbedeterminedBasedonthefollowingdatatoanswerQuestions63to65.63.64.Acompanyhadthefollowingchangesinitsbalancesheetaccounts:A