CFA Level I：Economics 精选题（21 - 25）

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" G/ y$ d8 u1 C" Q- ^CFA Level I：Economics - Aggregate output, price, and economic growth 精选题和学习要点
+ E7 s: S- t% ULearning Outcome Statements (LOS)
a     Calculate and explain gross domestic product (GDP) using expenditure and income approaches;
" O$ ~& K/ y* t- R9 a; ]; ?# p6 m9 ^: pb     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;
. H  v( K% Q1 B/ a& Dd    Compare GDP, national income, personal income, and personal disposable income;  
# e# F+ P$ ]) Le     Explain the fundamental relationship among saving, investment, the fiscal balance, and the trade balance;   
# f1 l, J: [" A, i. v& x  Ff      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;
  m. V/ G& a7 ch     Explain the causes of movements along and shifts in aggregate demand and supply curves;
# [; M% w/ ?' c' e4 ai      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;
! T- b7 g( D9 v+ ?6 f  Z5 Lk      Analyze the effect of combined changes in aggregate supply and demand on the economy;
l      Describe the sources, measurement, and sustainability of economic growth;
5 v3 N0 i# \9 |1 q! vm    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.
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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?
6 v7 g+ \1 |8 y/ @+ T: [8 b

	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
登录回复后可见：答案和详解
1 U5 i$ K. r1 n2 l; E5 K! D* HAnswer：A

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3 @, V/ D# w0 e  M  t2. A recessionary gap is more likely to be observed when:
) X7 v1 k6 J7 j, u  H# ^/ G. g; B* K9 ~A. Real GDP is above potential GDP
8 z* M) o$ I6 H) u: o2 E( b0 TB. Real GDP is below potential GDP
" G1 n3 K1 F; h' B; X0 I/ |* i3 dC. Employment is above full-employment equilibrium
% X" K! }5 ^0 w; ], E% ?3 Q. W

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, G6 ^  b9 T% T2 _0 ?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
  w/ c* u9 X2 |! A

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$ @: U1 U0 u. D$ H) E& M4. 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
* C$ }# [- W3 ^- K0 kB. 106.8
) ~9 A4 S. q- Y* BC. 113.4
% `( L; |3 x3 t9 C0 t$ @

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' d& ?: q# h8 }6 {
: o) D7 ~2 f+ M+ M5 F6 S) g0 q5. In a sample economy with no foreign sector, the following equations apply:
/ l! D! U. r! p2 w0 P# M, Z

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:
7 B# M! T+ X" r+ y  m5 dA. 1,000
B. 1,163
C. 7,143
. L2 m6 x4 p* [+ t: c( b

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