CFA试题

CFA试 题 快递公司问题件快递公司问题件货款处理关于圆的周长面积重点题型关于解方程组的题及答案关于南海问题 33. The short run, as an economic decision-making time frame, is best described as: A. one year or the length of the firm's production cycle. B. the period during which the firm's plant size and production methods are fixed.C. the period in which the firm cannot change its input quantities of labor and materials. 34. The market supply and demand curves for a good are P = 0.05Q + 0.84 and P = 180 S - 0.25Q. At a market price of 30, the market excess demand is closest to:D A. 9 units. B. 17 units. C. 32 units. 38. As a result of a decline in cucumber production by small-scale growers, the U.S. government has decided to provide assistance to cucumber growers by paying them $0.05 per pound produced. Which of the following is the most likely result of this policy? A. The marginal benefit of cucumbers will exceed the marginal cost, causing a deadweight loss. B. The marginal cost of cucumbers will exceed the marginal benefit, causing a deadweight loss. C. The marginal cost of cucumbers will exceed the marginal benefit, and a shortage of cucumbers will emerge. 41. Tetra Corporation holds the exclusive production rights to a wireless cellular phone technology. Tetra's production rights will remain exclusive for 15 years, effectively eliminating any competition while the technology is viable. If their marginal revenue, marginal cost, and average total cost are $50, $43, and $57, respectively, Tetra Corporation can maximize profits by: A. expanding output until marginal revenue equals marginal cost. B. reducing output until marginal revenue equals average total cost. C. expanding output until marginal revenue equals average total cost.42. Wilmer Jones owns several restaurants in different cities. His restaurants compete on quality of food and service, price, and marketing. Competitors can enter and exit his markets, and there are usually several competitors in each market. His market structure can best be characterized as: A. perfect competition. B. monopolistic competition. C. oligopoly. 43. The country of Colfax uses 10 units of labor to produce a unit of rice and 15 units of labor to produce a unit of plastic. The country of Birklund uses 12 units of labor to produce a unit of rice and 18 units of labor to produce a unit of plastic. With regard to potential benefits of trading rice and plastic between Colfax and Birklund:A. there are no potential gains from trade. B. Colfax should produce and trade rice for Birklund's plastic. C. Birklund should produce and trade rice for Colfax's plastic. 44. A current account deficit in the balance of payments would be most likely to result from: A. a high level of domestic savings. B. a low level of private investment. C. an increase in the government budget deficit. 33. B The economic short run is the period in which a firm's plant size and technology arefixed. All factors of production can be changed in the long run. Input quantities of labor and raw materials can be changed in the short run. One year or the firm's operating cycle, whichever is longer, is the time frame typically used to distinguish between current and long-lived assets or liabilities on a balance sheet. (Study Session 4, LOS 15.h and Study Session 8, LOS 26.d) 34. B To get the inverse supply and demand functions, we must invert each function to get:Q5 = P/0.05 - 0.84/0.05 = 20P - 16.8 Q = 180(4) -(4)P = 720 - 4PD At a price of 30, = 583.2, Q = 600, and excess demand is approximately 17 units. (Study Session 4, LOS D 13.f,g) 38. B When a market is subsidized by a government, the supply curve (marginal cost curve)shifts to the right while the demand curve (marginal benefit curve) stays constant. Producers in the market end up receiving more than the equilibrium price for their product and consumers in the market end up paying less than the equilibrium price for the product. In addition, the quantity produced and consumed is greater than the equilibrium quantity that would prevail without the subsidy. In this situation, the marginal cost of the product is greater than the marginal benefit, resulting in a deadweight loss due to overproduction and a surplus of the commodity. (Study Session 4, LOS 13.j,k) 39. B In the short run, real GDP can be less than its full-employment level (a recessionarygap that causes downward pressure on prices) or more than its full-employment level (an inflationary gap that causes upward pressure on prices). In long-run macroeconomic equilibrium, actual real GDP is equal to potential real GDP and there is no upward or downward pressure on the price level. (Study Session 5, LOS 17.i) 41. A For all firms, profit is maximized at the output where the incremental revenue fromselling an additional unit (marginal revenue) is equal to the incremental cost of producing it (marginal cost). Since marginal revenue is still higher than marginal cost, Tetra can expand output. (Study Session 4, LOS 15.g, 16.d) 42. B This is an example of monopolistic competition, because this market has low barriers toentry and exit, and features product differentiation. (Study Session 4, LOS I6.a,g) 43. A In this case, there are no clear potential benefits from trade because the countries'opportunity costs of production are equal. Colfax's opportunity cost of rice = 10 / 15 = 0.67 units of plastic, and Birklund's opportunity cost of rice = 12 / 18 = 0.67 units of plastic. Colfax's opportunity cost of plastic = 15 / 10 = 1.5 units of rice, and Birklund's opportunity cost of plastic = 18 / 12 = 1.5 units of rice. (Study Session 6, LOS 20.b) 33. A business believes a price discrimination strategy will increase both its output and profits. For this to occur, the firm must have: A. customers who cannot resell the product and whose price elasticities of demand are in a limited range. B. distinct groups of customers with different price elasticities of demand who are able to resell the product. C. distinct groups of customers with different price elasticities of demand who cannot resell the product. 37. Assume a cartel is organized among the producers of a commodity and begins practicing collusion. The most likely effects on price and output are that: A. both will increase. B. price will increase and output will decrease. C. price will decrease and output will increase. 39. The velocity of transactions in an economy has been increasing rapidly for the past seven years. Over the same time period, the economy has experienced minimal growth in real output. According to the equation of exchange, inflation over the last seven years has: A. increased more than the growth in the money supply. B. been minimal, consistent with the slow growth in real output. C. increased at a rate similar to the growth rate in the money supply.40. Average total costs for Dunhill Corporation's turbine plant are minimized when production is 100,000 units per year. Justin Collins states that (1) average variable cost is minimized at this same level of production, and that (2) profit is maximized at this level of production. Are Collins' statements accurate? A. Both statements are accurate. B. Neither statement is accurate. C. Only one of the statements is accurate. 43. Which of the following arguments about the efficiency of monopolistic competition in allocating resources is most accurate? A. Since economic profits in the long run are positive for firms in monopolistic competition, there are efficiency losses. B. Product differentiation under monopolistic competition offers benefits that tend to offset inefficiency from the reduction in output compared to perfect competition.C. Advertising expenditures under monopolistic competition represent a deadweight loss to society. 44. A firm faces a downward sloping demand curve, Q = 500 - 20P. The marginal D revenue if the price were decreased from $18.00 to $17.95 is closest to: A. $11. B. $13. C. $15. 33. C For a price searcher firm, price discrimination can increase profits if the firm has twoor more identifiable customer groups with different price elasticities of demand, and if customers who buy the product at a lower price cannot resell it to other customers. (Study Session 4, LOS I6.d)37. B Collusion is an agreement among firms to avoid various competitive practices. Thecartel practicing collusion will be similar to a monopoly, causing prices to increase and output to decrease compared to a competitive market. (Study Session 4, LOS 16.d) 39. A The equation of exchange is MV = PY. If velocity (V) is increasing faster than realoutput (Y), inflation (P) would have to be increasing faster than the money supply (M) to keep the equation in balance. (Study Session 5, LOS 19.b,h) 40. B Neither statement is accurate. The minimum average variable cost will occur at a lower production level than the minimum average total cost. Profit is maximized where marginal revenue equals marginal cost, not where average total cost is minimized. (Study Session 4, LOS 15.d,g)43. B Economic profits are zero in the long run under monopolistic competition, but sinceaverage cost includes the costs of product differentiation and advertising (branding), there is disagreement over the efficiency of long-run output. Both advertising and product differentiation can create value as consumers prefer more choices and use the advertising and branding information to make purchase decisions. Whether there is an efficient amount of product differentiation or not, the benefits of product differentiation do tend to offset its costs. Whether the benefits of differentiated products totally offset the costs compared to a competitive market with a single (undifferentiated) product is open to debate. (Study Session 4, LOS I6.b) 44. A Marginal revenue is the change in total revenue per additional unit produced andsold. At a price of 18, quantity demanded is equal to 500 - 20(18) = 140, and total revenue is 140 x 18 = $2,520. At a price of 17.95, quantity demanded is equal to 500 - 20(17.95) = 141, and total revenue is 141 x 17.95 = $2,530.95. Marginal revenue for the 141st unit is 2,530.95 - 2,520 = $10.95. (Study Session 4, LOS 15.b) 33. A manufacturing plant exhibits diseconomies of scale if long-run average cost (LRAC) is: A. decreasing as output increases, and the plant is at its minimum efficient scale if LRAC is at its lowest level. B. decreasing as output increases, and the plant is at its minimum efficient scale if LRAC is decreasing over the entire range of output. C. increasing as output increases, and the plant is at its minimum efficient scale if LRAC is at its lowest level. 34. Consider a market where quantity demanded = 1,500 - 3 x price, and quantity supplied = 2,000 - 5 x price. With respect to equilibrium price and quantity, there is:A. no market equilibrium. B. a stable market equilibrium. C. an unstable market equilibrium. 38. With respect to a decrease in the price of a normal good, the income effect:A. and substitution effect both tend to increase consumption of the good.B. is to decrease consumption of the good, and the substitution effect is to increase consumption of the good. C. is to increase consumption of the good, and the substitution effect is to decrease consumption of the good. 39. A consumer's budget constraint is drawn with Good X on the horizontal axis and Good Y on the vertical axis. If the price of Good X decreases from ?8 to ?6, and the price of Good Y decreases from ?20 to ?14, the absolute value of the slope of the consumer's budget constraint: A. increases. B. decreases. C. remains the same. 40. Oil Tool Inc. and Jones International Co. are manufacturers in an oligopolistic industry. Oil Tool and Jones enter a covert pricing agreement in which neither will reduce its prices to gain market share. Using the Nash equilibrium model, which outcome is most likely? A. Both firms will cheat on this agreement. B. Neither firm will cheat on this agreement. C. Only one of the firms will cheat on this agreement. 44. The actual incidence of a tax imposed on producers of a good will be borne by:A. producers more than consumers if demand for the good is less price elastic than supply. B. consumers more than producers if the supply of the good is more price elastic than demand. C. consumers and producers equally because the actual incidence of a tax is unaffected by price elasticity. 33. C Diseconomies of scale are present when long-run average cost increases as outputincreases. The minimum efficient scale is the plant size that produces the quantity of output for which LRAC is at a minimum. (Study Session 4, LOS 15.f) 34. C There is a market equilibrium at a price of 250 and quantity of 750. The supplycurve is downward sloping and intersects the demand curve from below; that is, the downward slope of the supply curve (-1/5) is less than the slope of the demand curve (-1/3). The equilibrium is unstable because there is excess demand above the equilibrium price and excess supply below the equilibrium price, either of which forces the price away from equilibrium rather than toward it. (Study Session 4, LOS 13.e)38. A For a normal good, both the income and substitution effects are positive (i.e., theytend to increase consumption of the good). (Study Session 4, LOS I4.e) 39. A The slope of a consumer's budget constraint is equal to — P/ Py. The original slope isx -8 / 20 = -0.4, and the slope after the price decreases is -6 / 14 = -0.429. The absolute value of the slope increases (i.e., the budget constraint becomes more steeply sloped). (Study Session 4, LOS 14.c)40. A Applying the Nash equilibrium model, Oil Tool will make the best possible decisionbased on Jones's potential decisions and Jones will make the best possible decision based on Oil Tool's potential decisions. If Oil Tool complies, then it must depend on Jones to comply, but complying is not in the interest of Jones. If Jones were to comply, then it must depend on Oil Tool to comply, but complying is also not in the best interest of Oil Tool. Both Oil Tool and Jones will conclude that the best course of action is to cheat on the pricing agreement. (Study Session 4, LOS I6.d) 44. B If price elasticity of supply is greater than price elasticity of demand, the impact on theprice (net of tax) received by producers will be less than the impact on the price paid by consumers. As a result, consumers will pay a larger share of the tax. The actual incidence of a tax is unaffected by its statutory incidence, but it is affected by the relative elasticity of supply and demand for the good being taxed. (Study Session 4, LOS 13.j,k) 33. In the short run, a perfectly competitive firm's supply curve is: A. upward sloping and its demand curve is perfectly elastic. B. upward sloping and its demand curve is downward sloping. C. perfectly inelastic and its demand curve is perfectly elastic. 35. Which of the following most likely describes a loss that consumers suffer under an unregulated monopoly compared to a competitive market? A. Monopolies produce less goods than a competitive market would. B. Costs of production are higher with monopolies. C. Monopolists charge the maximum price. 36. Setting a minimum wage above the equilibrium wage: A. results in increased unemployment, and setting a minimum wage below the equilibrium wage has no effect on unemployment. B. has no effect on unemployment, and setting a minimum wage below the equilibrium wage results in increased unemployment. C. results in increased unemployment, and setting a minimum wage below the equilibrium minimum wage results in decreased unemployment. . 39. Pauker Company is producing at minimum short-run marginal cost. Pauker is most likely also producing: A. maximum profits. B. at maximum marginal product. C. at minimum average variable cost. 41. The kinked demand curve oligopoly model is based on a belief that: A. competing firms that collude to restrict output each have an incentive to cheat.B. a firm's competitors will follow a price decrease but will not follow a price increase.C. a firm can increase profits by charging different prices to distinct groups of consumers. 33. A In the short run, a perfectly competitive firm's supply curve is upward sloping, becauseif the price increases, firms will increase their quantity supplied. The demand curve for a perfectly competitive firm is horizontal. Each firm in a competitive market is a price taker and has no influence on the price of the product. (Study Session 4, LOS 16.c) 35. A A reduction in output and increase in price under monopoly decrease consumersurplus and welfare compared to perfect competition. A natural monopoly may have lower costs than several competitive suppliers. Monopolists charge the profit maximizing price, not the "maximum price." (Study Session 4, LOS I6.b) 36. A If the minimum wage rate is set above the equilibrium wage rate, it results in excesssupply of labor at that wage level and therefore increases unemployment. If the minimum wage is set below the equilibrium wage, then the minimum wage has no effect. (Study Session 4, LOS 13.k)Page 244 ?2011 Kaplan, Inc. Exam 2 Afternoon Session Answers 39. B The quantity of output at which short-run marginal cost of production is minimized isthe same quantity at which the marginal product of inputs (e.g., labor) is maximized. Profit is maximized by producing the output quantity at which marginal revenue equals marginal cost, which is not typically the same quantity at which marginal cost is minimized. The minimum average variable cost is at the output quantity at which it equals marginal cost, but this is also not typically the quantity with minimum marginal cost. (Study Session 4, LOS 15.d) 41. B In the kinked demand curve oligopoly model, the demand curve facing each firm is more elastic above the current price and less elastic below the current price, because the other firms in the industry will likely match a price decrease by one firm but will not match a price increase. The incentive to cheat on price collusion agreements is illustrated by the Prisoner's Dilemma game theory. Price discrimination is the method by which a price seeking firm can increase profits by charging different prices to consumers in distinct groups with differing price elasticity of demand. (Study Session 5, LOS 16.b,d) 36. A firm operating in an industry characterized by monopolistic competition will least likely: A. earn positive economic profits in the short run. B. maximize economic profits by colluding with the other firms and operating as a single seller. C. differentiate its product based on price or quality. 38. Hanover Industrial operates a factory in Paris, which produces goods at a marginal cost above marginal revenue, and a factory in Munich, which products identical goods at a marginal cost less than marginal revenue. To maximize profits, Hanover should most likely: A. decrease output at both factories. B. decrease output at the Paris factory and increase output at the Munich factory.C. increase output at the Paris factory and decrease output at the Munich factory.39. When two goods are complements, the cross elasticity of demand is: A. positive, and for substitutes the cross elasticity of demand is negative.B. negative, and for substitutes the cross elasticity of demand is negative.C. negative, and for substitutes the cross elasticity of demand is positive.40. Compared to a competitive market result, a single-price monopolist will most likely: A. adopt a marginal cost pricing strategy, which will decrease consumer surplus.B. increase price, decrease consumer surplus, and increase producer surplus.C. reduce output, create a deadweight loss, and decrease both producer and consumer surplus. 42. At the quantities where the marginal cost curve intersects the average variable cost (AVC) curve and the average total cost (ATC) curve, respectively: A. AVC and ATC are at their minimum points. B. AVC is at its minimum point and ATC is increasing. C. ATC is at its minimum point and AVC is decreasing. 36. B Successful collusion is unlikely in a market that can be characterized as monopolisticcompetition because low entry barriers would allow new competitors to emerge. Firms in such an industry can earn short-run economic profits and often differentiate their products on quality or price. (Study Session 4, LOS 16.a,b) 38. B Since the Munich plant is generating revenues greater than costs and the Paris plant isnot, Hanover should increase output at the Munich plant and reduce output at the Paris plant. (Study Session 4, LOS 15.g) 39. C The cross elasticity of demand for goods that are complements is negative because anincrease in the price of one would tend to decrease the quantity demanded of the other. The cross elasticity of demand for substitute goods is positive because an increase in the price of one would tend to increase the quantity demanded of the other. (Study Session 4, LOS 13.m) 40. B A firm in a monopoly position will reduce output to where MC = MR, which will increase price, decrease consumer surplus, and increase producer surplus. A marginal cost pricing strategy refers to regulation which requires a firm to set price equal to marginal cost. (Study Session 4, LOS 16.d)42. A The marginal cost curve intersects both the AVC and ATC curves at their minimum points. If the cost of producing the next unit of output (marginal cost) is less than the average cost (variable or total) of the units already produced, producing the next unit will decrease the average cost. If the marginal cost is greater than the average cost of units already produced, then producing another unit will increase the average cost. (Study Session 4, LOS 15-d) 33. A researcher has determined that a firm's supply function for a good is Q = -60 + s 30P +2.2P, where P is the price of the good and P is the price of a substitute good. If subsub there are 8 identical suppliers in the market, and the price of the substitute good is 15, the market supply curve is given by: A. P-0.04Q + 0.75. B. P = 0.0042Q + 0.9. C. P = 0.18Q + 1.32. 34. The price of milk in a country increases from ?1.00 per liter to ?1.70 per liter, and the quantity supplied does not change. This suggests the short-run supply of milk in this country is closest to being: A. perfectly elastic, meaning elasticity of supply is infinite. B. perfectly inelastic, meaning elasticity of supply is zero. C. perfectly inelastic, meaning elasticity of supply is infinite. 35. Placing a tariff on imports of a good is most likely to decrease: A. producer surplus for domestic producers of the good. B. quantity of the good supplied by domestic producers. C. quantity of the good demanded in the domestic market. 36. For a firm in perfect competition, the profit maximizing output is 200 tons at a price of $600/ton. If the firm is minimizing the cost of resources, it is least likely that the: A. marginal product per unit of labor is 1/3 ton. B. marginal revenue product of capital is equal to the price of a unit of capital.C. ratio of the marginal output per labor unit to labor units employed is at a maximum.37. An economist finds the following characteristics for the market for two products, S and T: ProductFirm s Pricing PowerConcentration Ratio SConsiderableHigh TSomeLow Based on the above characteristics, the economist could conclude that the industry for Product S is: A. an oligopoly and the industry for Product T is also an oligopoly. B. an oligopoly and the industry for Product T is monopolistic competition.C. monopolistic competition and the industry for product T is an oligopoly.38. Which of the following statements about the elasticities and absorption approaches to explaining the impact of exchange rate changes on trade deficits is most accurate? A. Both the elasticities and absorption approaches consider trade and capital flows. B. Under the elasticities approach, currency depreciation will result in greater improvement in the trade deficit when either import or export demand becomes more elastic. C. Under the absorption approach, depreciation of the domestic currency will improve a trade deficit if it increases national expenditures relative to income.39. The difference in production outcomes between monopolistic firms and purely competitive firms is best explained by the fact that: A. the profit maximizing output level for monopolists occurs at lower levels of production than for purely competitive firms. B. monopolists maximize profits by setting output such that marginal revenue exceeds marginal cost. C. monopolists maximize profits by setting output such that marginal revenue is maximized. 33. B The process is to insert the value for P^> multiply the function by 8, and then invertsu the function. The quantity supplied in the market is given by = 8 (-60) + (8)30P + (8)(2.2)(15) = -216 + 240P, which is the inverse market supply function. Inverting this function to obtain the market supply curve, we have: P = Q/240 + 216/240 = 0.0042Q + 0.9. (Study Session 4, LOS 13.f) 34. B If quantity supplied does not respond to a change in price, supply is perfectly inelastic.For perfectly inelastic supply, elasticity equals zero. (Study Session 4, LOS 13.m) 35. C Placing a tariff on an imported good increases the good's domestic price, which reducesthe quantity demanded. However, the quantity supplied by domestic firms increases with the domestic equilibrium price, as does producer surplus for domestic firms. (Study Session 6, LOS 20.d)36. C For cost minimization, the marginal revenue product of each input is equal to the priceof a unit of that input [i.e., MRP / P = (MR x MP) / P = 1]. Because the firm is in a perfectly competitive iiii industry, the price of $200/ton is also the marginal revenue, and we can write (600 x MP;) / 200 = 1 and calculate that MR = 200/600 = 1/3. Being at the output level where the ratio of the marginal output per labor unit to labor units employed is at a maximum is not a requirement for either profit maximization or cost minimization. (Study Session 4, LOS 15.1) 37. B Greater pricing power for the individual firm and a high concentration ratio suggestProduct S is produced in an oligopolistic industry. Product T, with less pricing power for firms and a lower concentration ratio, is most likely producted by an industry characterized by monopolistic competition. (Study Session 4, LOS I6.f,g) 38. B Under the elasticities approach, currency depreciation will result in greater improvementin the trade deficit when either import or export demand becomes more elastic. One shortcoming of the elasticities approach is that it considers trade flows and ignores capital flows. The absorption approach considers both. Under the absorption approach, depreciation of the domestic currency will improve the balance of trade if it increases domestic savings (i.e., increases national income relative to expenditures). (Study Session 6, LOS 21.j) 39. A All firms maximize profits at the point where marginal revenue equal marginal cost.For a monopolist, this occurs at a lower output level than for a purely competitive firm, because the monopolist has a marginal revenue curve that falls below the demand curve, while the purely competitive firm has a marginal revenue curve that lies along the demand curve. (Study Session 4, LOS 16.a,b,d)