CFA Level I：Economics 精选题（21 - 25）

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9 n+ W; ~5 o2 g' {  D9 }- wCFA Level I：Economics - Aggregate output, price, and economic growth 精选题和学习要点
Learning Outcome Statements (LOS)
7 U' j8 _  e# U7 [8 _a     Calculate and explain gross domestic product (GDP) using expenditure and income approaches;
0 i) K" L; e* v6 i2 j+ {b     Compare the sum-of-value-added and value-of –final-output methods of calculating GDP;
7 b0 k" L8 [8 ic     Compare nominal and real GDP and calculate and interpret the GDP deflator;
) ~* }6 I2 s6 gd    Compare GDP, national income, personal income, and personal disposable income;  
e     Explain the fundamental relationship among saving, investment, the fiscal balance, and the trade balance;   
" d( w" M1 y! W' p0 a+ zf      Explain the IS and LM curves and how they combine to generate the aggregate demand curve;
g     Explain the aggregate supply curve in the short run and long run;
5 a! a8 ]$ r6 S& `+ |h     Explain the causes of movements along and shifts in aggregate demand and supply curves;
i      Describe how fluctuations in aggregate demand and aggregate supply cause short-run changes in the economy and the business cycle;
j      Explain how a short run macroeconomic equilibrium may occur at a level above or below full employment;
k      Analyze the effect of combined changes in aggregate supply and demand on the economy;
l      Describe the sources, measurement, and sustainability of economic growth;
m    Describe the production function approach to analyzing the sources of economic growth;
8 R2 U+ {( L4 @7 k; _, In     Distinguish between input growth and growth of total factor productivity as components of economic growth.
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4 ]$ O4 V0 U) ^8 z% y" ~1. In regard to the aggregate demand curve and an increase in one of its associated factors, which of the following relationships is least accurate?
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	Increase in factor	Shifts the AD curve	Reason
A	Stock prices	Rightward	Lower investment
B	Consumer confidence	Rightward	Higher consumption
C	Exchange rate*	Leftward	Lower exports and higher imports

*Exchange rate is foreign currency per unit of domestic currency
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Answer：A
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2. A recessionary gap is more likely to be observed when:
A. Real GDP is above potential GDP
" ~& I, t6 J5 N1 k$ q) {B. Real GDP is below potential GDP
C. Employment is above full-employment equilibrium

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3. Regarding a company’s production function, both labor costs and capital costs are best described as:
' q4 ^3 X  w, }4 B5 vA. fixed in the long run
B. variable in the long run
; J7 V$ O/ f$ v6 R% h$ M* s4 N- T* fC. variable in the short run
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4. The total output in units and average selling prices in a hypothetical economy producing only two products, X and Y, is provided below:
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	Product X		Product Y
Year	Output (units)	Selling Price/unit	Output (units)	Selling Price/unit
2010	2,800	9	2,000	47
2011	3,000	11	1,800	52

If the implicit price deflator for GDP in 2010 was 100, for 2011 it is closest to:
A. 106.2
1 T9 U- j: H! V' \! c/ MB. 106.8
4 }4 l4 X5 G3 ^C. 113.4

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$ p3 P; s' |2 a; E* B5. In a sample economy with no foreign sector, the following equations apply:

Consumption function	C=2,500+0.80(Y-T)
Investment function	I=500+0.30Y-25r
Government spending	G=1,000
Tax function	T=-250+0.30Y
Y:Aggregate income	r : Real interest rate

If the real interest rate is 3% and government spending increases to 2,000, the increase in aggregate income will be closest to:
9 N% y/ a* r5 x/ ^3 W& t; T3 _A. 1,000
B. 1,163
C. 7,143

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