2018年CFA一级经济学试题浅析
　　距离CFA考试越来越近#2018年6月23日考试#，下面高顿CFA老师整理关于CFA一级考试经济学题目，帮助大家快速掌握经济学考试要点。
　　经济学(比重10%，难度B-)
　　注意：什么是MC，MB，MP，MRP，等各种M的东西，所有者和消费者surplus部分要认真理解下，何为资源分配的有效，各种事情对surplus，MC，MB的影响，对于各种曲线，分清楚长期和短期，公司和行业，线移动的因素，何处交点为最佳，何处交点最有效，何处是surplus，各种效应，D，MB，MR的关系，wage rate的准确含义，还有一个很重要的就是LAS，SAS和AD的影响因素。
　　整理几道经济学试题帮助大家了解这门科目考试相关的考点和内容。
　　CFA经济学题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.
　　经济学题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.
　　经济学题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一级公司金融题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.
　　一级公司金融题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.
　　一级公司金融题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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