CFA Level I：Economics 精选题（21 - 25）

一起学CFA · 发表于 2016-1-25 13:27:44

本帖最后由一起学CFA 于 2016-1-25 13:30 编辑

CFA Level I：Economics - Aggregate output, price, and economic growth 精选题和学习要点
Learning Outcome Statements (LOS)
a    Calculate and explain gross domestic product (GDP) using expenditure and income approaches;
b    Compare the sum-of-value-added and value-of –final-output methods of calculating GDP;
c    Compare nominal and real GDP and calculate and interpret the GDP deflator;
d 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;
f    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;
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;
n    Distinguish between input growth and growth of total factor productivity as components of economic growth.

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?

	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
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:
A. fixed in the long run
B. variable in the long run
C. 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:

	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
B. 106.8
C. 113.4

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5. 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:
A. 1,000
B. 1,163
C. 7,143

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