下面的2011年北美精算师SOA真题部分NovemberCourse2（第五节），请尽快消化掉，记不住的可以做笔记写下来。重点回去加强训练。
　　41. Linda consumes two goods, X and Y. At the point of equilibrium for X, Linda’s
　　uncompensated demand curve for X has a larger negative slope than does her
　　compensated demand curve for X. At the point of equilibrium for Y, Linda’s
　　uncompensated demand curve for Y has a positive slope while her compensated
　　demand curve for Y has a negative slope.
　　What does this information tell us about X and Y?
　　(A) Both X and Y are normal goods.
　　(B) Neither X nor Y is a normal good.
　　(C) X is a normal good, but Y is an inferior good.
　　(D) Y is a normal good, but X is an inferior good.
　　(E) X is a substitute good, but Y is a complementary good.
　　Course 2, November 2001 43
 
　　42. A copier costs X and will have a salvage value of Y after n years.
　　(i) Using the straight line method, the annual depreciation expense is 1000 .
　　(ii) Using the sum of the years digits method, the depreciation expense in
　　year 3 is 800 .
　　(iii) Using the declining balance method, the depreciation expense is 33.125%
　　of the book value in the beginning of the year.
　　Calculate X .
　　(A) 4250
　　(B) 4500
　　(C) 4750
　　(D) 5000
　　(E) 5250
　　Course 2, November 2001 44
 
　　43. A firm has an annual dividend yield of 7.5% and a constant dividend growth rate of 3%
　　per year. It also has five-year bonds outstanding that have an annual coupon rate of 8%
　　and are selling at par. The firm has a 40% marginal tax rate and a debt-to-assets ratio
　　of 0.30 .
　　Calculate the firm.s after-tax weighted average cost of capital.
　　(A) 6.9%
　　(B) 7.8%
　　(C) 8.8%
　　(D) 9.2%
　　(E) 9.8%
　　Course 2, November 2001 45
 
　　44. Which of the following statements is most consistent with the predictions of the rational
　　expectations model?
　　(A) A fully anticipated monetary policy will have no effect on either the level of real
　　income or the price level.
　　(B) In the short run, unanticipated policy might affect the aggregate price level, but
　　not real income.
　　(C) Expected and actual inflation will always differ by a constant, predictable amount.
　　(D) The unemployment rate will differ from the natural rate of unemployment only
　　when actual inflation differs from expected inflation.
　　(E) Monetary policy is preferred to fiscal policy for permanently changing the level of
　　real income.
　　Course 2, November 2001 46
 
　　45. A manufacturer buys a machine for 20,000. The manufacturer estimates that the machine
　　will last 15 years. It will be depreciated using the constant percentage method with an
　　annual depreciation rate of 20%.
　　At the end of each year, the manufacturer deposits an amount into a fund that pays 6%
　　annually. Each deposit is equal to the depreciation expense for that year.
　　How much money will the manufacturer have accumulated in the fund at the end of
　　15 years?
　　(A) 29,663
　　(B) 34,273
　　(C) 36,329
　　(D) 38,509
　　(E) 46,250
　　Course 2, November 2001 47
 
　　46. Two lawyers, Smith and Jones, each practice two types of law, criminal law and divorce
　　law. To prepare a brief, it takes Smith 14 hours in a criminal case and 16 hours in a
　　divorce case. It takes Jones 20 hours in a criminal case and 18 hours in a divorce case.
　　Suppose Smith and Jones merged their practices and each handled only the cases in
　　which they possessed a comparative advantage. Further suppose that prior to the merger
　　they each handled one criminal and one divorce case a week and that their new firm
　　handles two of each case a week.
　　How many hours would Smith and Jones gain in efficiency from the merger.i.e., how
　　much less time per week would they collectively require to handle their caseload?
　　(A) 0 hours
　　(B) 2 hours
　　(C) 4 hours
　　(D) 6 hours
　　(E) 8 hours
　　Course 2, November 2001 48
 
　　47. Project P requires an investment of 4000 at time 0 . The investment pays 2000 at time 1
　　and 4000 at time 2 .
　　Project Q requires an investment of X at time 2 . The investment pays 2000 at time 0 and
　　4000 at time 1 .
　　Using the net present value method and an interest rate of 10%, the net present values of
　　the two projects are equal.
　　Calculate X .
　　(A) 5400
　　(B) 5420
　　(C) 5440
　　(D) 5460
　　(E) 5480
　　Course 2, November 2001 49
 
　　48. The after-tax earnings and dividends of a company are expected to increase at a constant
　　rate. The market capitalization rate is 15.5% and is expected to stay constant. Details of
　　the company.s financial statements for the year 2000 are as follows:
　　After-tax earnings 150
　　Dividends 45
　　Average book equity 1000
　　Calculate the expected dividend yield, y.
　　(A) y ≤ 4.5%
　　(B) 4.5% < y ≤ 6.5%
　　(C) 6.5% < y ≤ 8.5%
　　(D) 8.5% < y ≤10.5%
　　(E) 10.5% < y
　　Course 2, November 2001 50
 
　　49. A company has one plant that uses technology from 1990 to manufacture good X. It has
　　recently developed a new patented technology to manufacture good X and plans to build
　　a new plant to use its improved technology.
　　Which of the following statements about the company.s economic rents are correct?
　　I. If the company has some degree of monopoly power, its economic rents will
　　be temporary.
　　II. The company expects to receive economic rents during the term of its patent.
　　III. When the company predicts its economic rents, it will need to consider the
　　impact on its original plant of building the new plant.
　　(A) I only
　　(B) II only
　　(C) III only
　　(D) I and III only
　　(E) II and III only
　　Course 2, November 2001 51
 
　　50. You are given the following information from the financial statements of Company X:
　　2001 2000
　　Income Statement:
　　Net sales 10,000 8,500
　　Earnings before interest and taxes (EBIT) 1,000 950
　　Earnings available for common stockholders 600 575
　　Balance Sheet:
　　Total current assets 5,000 5,500
　　Total assets 7,500 8,500
　　Common shareholders equity 6,000 7,000
　　Other Financial Information:
　　Market value of equity 7,000 7,500
　　Earnings per share 2.69 2.13
　　Dividend per share 0.85 0.50
　　What is the return on equity for Company X for 2001?
　　(A) 8.3%
　　(B) 9.2%
　　(C) 10.0%
　　(D) 15.4%
　　(E) 16.7%
　　君子浩海之气，不胜其大，小人自满之气，不胜其小。——高顿网校名人心得

 

 
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