CFA一级模考CFA一级模考
专注国际财经教育
CFA一级模考题
1. According to the law of diminishing returns, doubling the number of salespeople for a firm will most likely result in:
A) decreasing the total sales of the firm as a result of competition amongst salespeople. B) increasing the...
CFA一级模考
专注国际财经教育
CFA一级模考题
1. According to the law of diminishing returns, doubling the number of salespeople for a firm will most likely result in:
A) decreasing the total sales of the firm as a result of competition amongst salespeople. B) increasing the total sales of the firm and reducing the average sales per salesperson. C) doubling the total sales of the firm.
The correct answer was: B
The law of diminishing returns states that as more of a resource is added to a production process, holding other resource use constant, increases in output will eventually decrease. Therefore, as more salespeople are added they will generate more sales at a decreasing rate. Total sales will increase and the average sales per salesperson will decrease.
2 .Which of the following is least likely a characteristic of an oligopoly? A) Products can either be similar or differentiated.
B) Relatively small economies of scale.
C) There are few sellers.
The correct answer was: B
Oligopolies have large economies of scale and interdependence among competitors.
3 .The demand curve for a firm’s output is represented by the following table:
Quantity 1 2 3 4 5
Price per unit 12 11 10 9 8
The market structure under which this firm operates is least likely:
A) oligopoly.
B) perfect competition.
C) monopolistic competition.
The correct answer was: B
The firm faces a downward-sloping demand curve and is therefore a price searcher. A firm operating under perfect competition is a price taker.
4 .Which of the following statements about a tax imposed on buyers or suppliers is most accurate? A) If demand is less elastic than supply, consumers will bear a lower proportion of the tax than suppliers.
B) If demand is less elastic than supply, consumers will bear a higher proportion of the tax than suppliers.
C) The proportion of the tax is borne equally by consumers and suppliers, regardless of supply and demand elasticity.
专注国际财经教育
The correct answer was: B
If demand is less elastic than supply, consumers will bear a higher proportion of the tax than suppliers. If supply is less elastic than demand, suppliers will bear a higher proportion of the tax than consumers.
5 .Which of the following is least accurate regarding the relationship between price (P), marginal revenue (MR), average total cost (ATC), and marginal cost (MC) at the profit maximizing output under monopoly?
A) MR < ATC.
B) P = MR.
C) MR = MC.
The correct answer was: B
To maximize profit, all firms expand output until marginal revenue equals marginal cost. Price is determined from the demand curve, which is above the marginal revenue curve since a monopoly faces a downward sloping demand curve.
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