高顿网校小编正在为找不到讲义和大纲的解围了：历年北美精算师考题珍藏November2001Course2（第二节内容）。
　　11. In Country X, the effect of a one-unit increase in income is to increase consumption by
　　0.70 and to decrease net exports by 0.10 . Changes in income do not affect tax payments.
　　What is the government expenditure multiplier in Country X?
　　(A) 0.91
　　(B) 1.43
　　(C) 2.50
　　(D) 3.33
　　(E) 5.00
　　Course 2, November 2001 13
 
　　12. To accumulate 8000 at the end of 3n years, deposits of 98 are made at the end of each of
　　the first n years and 196 at the end of each of the next 2n years.
　　The annual effective rate of interest is i . You are given (l + i)n = 2.0 .
　　Determine i .
　　(A) 11.25%
　　(B) 11.75%
　　(C) 12.25%
　　(D) 12.75%
　　(E) 13.25%
　　Course 2, November 2001 14
 
　　13. Marvin has the following newspaper excerpt of option listings:
　　Strike January April Closing
　　Price Vol Last Vol Last Price
　　Pfizer
　　Pfizer
　　Philip Morris
　　Philip Morris
　　Call
　　Call
　　Put
　　Put
　　25
　　30
　　50
　　80
　　18
　　5
　　77
　　75
　　2
　　0.50
　　14
　　18
　　392
　　459
　　41
　　15
　　22
　　26
　　26
　　63
　　63
　　Assuming an option contract is for 100 shares, and no transaction costs, which of the
　　following is worth the most at market closing?
　　(A) Selling his holding of 2 Philip Morris January put contracts at a strike price of 80
　　(B) Selling his holding of 50 shares of Philip Morris stock
　　(C) Selling his holding of 30 Pfizer April call contracts at a strike price of 30
　　(D) Exercising his 35 Pfizer April call contracts at a strike price of 25 and instantly
　　selling the stock
　　(E) Exercising his 5000 Pfizer April call contracts at a strike price of 30 and instantly
　　selling the stock
　　Course 2, November 2001 15
　　15. Which of the following will lead to a decrease in the money supply?
　　(A) The central bank reduces its bond portfolio.
　　(B) The central bank reduces reserve requirements.
　　(C) The central bank reduces the discount rate.
　　(D) The demand for currency declines.
　　(E) There is an exogenous increase in market interest rates.
　　Course 2, November 2001 17
 
　　16. Olga buys a 5-year increasing annuity for X .
　　Olga will receive 2 at the end of the first month, 4 at the end of the second month, and for
　　each month thereafter the payment increases by 2 .
　　The nominal interest rate is 9% convertible quarterly.
　　Calculate X .
　　(A) 2680
　　(B) 2730
　　(C) 2780
　　(D) 2830
　　(E) 2880
　　Course 2, November 2001 18
 
　　17. An investor is considering opening one of two equally risky franchises, Shop X or
　　Shop Y. This investor has collected the following information:
　　Investment
　　at time zero
　　Expected
　　Sales
　　Probability of
　　Expected Sales
　　Expected Annual Cash
　　Flow beginning at time 1
　　high 0.6 perpetuity Shop X 300 low 0.4 perpetuity ooff 41020
　　Shop Y 200 hloigwh 00..55 ppeerrppeettuuiittyy ooff 51000
　　The expected net present value of investing in Shop X is 800 .
　　What is the expected net present value of investing in Shop Y?
　　(A) 550
　　(B) 616
　　(C) 682
　　(D) 710
　　(E) 738
　　Course 2, November 2001 19
 
　　18. Preventing market entry is one of the key motivations behind the actions of a monopolist.
　　Which of the following actions by a monopolist is least likely to prevent entry?
　　(A) Spending considerable amounts on research and development
　　(B) Hiring the industry’s best and brightest people
　　(C) Lobbying policy makers to prevent the removal of tariffs
　　(D) Advertising to shift the industry demand curve out
　　(E) Lowering the price below the monopoly price and providing
　　customers good quality products
　　Course 2, November 2001 20
　　19. If there is an imbalance between supply and demand, firms might choose to adjust the
　　quantity produced rather than the price of the output.
　　When would firms most likely make this choice?
　　(A) When the period is short-run
　　(B) When output is perishable
　　(C) When price elasticity of demand is known precisely
　　(D) When consumers are informed quickly of price changes
　　(E) When all output is homogeneous and markets are perfectly competitive
　　Course 2, November 2001 21
　　20. You are given the following information about the activity in two different investment
　　accounts:
　　Account K
　　Fund value Activity
　　Date before activity Deposit Withdrawal
　　January 1, 1999 100.0
　　July 1, 1999 125.0 X
　　October 1, 1999 110.0 2X
　　December 31, 1999 125.0
　　Account L
　　Fund value Activity
　　Date before activity Deposit Withdrawal
　　January 1, 1999 100.0
　　July 1, 1999 125.0 X
　　December 31, 1999 105.8
　　During 1999, the dollar weighted return for investment account K equals the time
　　weighted return for investment account L, which equals i .
　　Calculate i .
　　(A) 10%
　　(B) 12%
　　(C) 15%
　　(D) 18%
　　(E) 20%
　　Course 2, November 2001 22
　　太山不让土壤，故能成其大；河海不择细流，故能就其深；王者不却众庶，故能明其德。——高顿网校名人信念

 

 
扫一扫微信，关注精算师*7考试动态