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CFA Level I：Economics - The Firm and Market Structures 精选题和学习要点
% j0 b+ c7 q( QLearning Outcome Statements (LOS)
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1 e2 g( o% M0 {0 V" Z5 h6. The following equations have been developed for a company:* [& R8 v3 a6 t1 X, x1 {2 ~
2 I8 r& s4 t$ @+ p, M; u, |5 i2 BThe profit maximizing output for this firm (in units) is closest to: 3 a4 o2 v% Q- _ A& p) G6 ~: d
A. 7
+ r/ @2 i6 k2 w: ]! Q6 U: l! Y/ ~7 cB. 8 K \2 F' D5 d
C. 11
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Answer：A
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7. Consider the following data for a firm operating in perfect competition.
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8 E. @. Z/ n% r+ JThe firm’s profit-maximizing output ( in units) is most likely: 0 y+ t4 i- a5 y' G5 I- u
A. 21
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C. in excess of 24
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8. Which of the following statements concerning market structure and Herfindahl-Hirschman Index (HHI) is most accurate?
8 R- F; Z! [8 j; oA. HHI is a useful measure of potential barriers to entry
6 a7 f6 k: \. `7 |8 a- VB. Low control over prices is characteristic of oligopolies 8 ^4 O3 U; H, M6 a e5 a$ `
C. An HHI value of 0.006 indicates that a market is highly competitive$ [6 }( y" U" @& `# O8 I& c4 x$ c' l
Answer：C; the HHI value of 0.006, which is very smaller, means that the concentration of this market is low, so it is highly competitive.
{, L+ Y" G2 r5 l# hA is incorrect; HHI does not take the possibility to entry into account, so it’s not a useful measure of potential barriers to entry. / F6 k+ X5 M( N r) g2 z; J
B is incorrect; oligopolies have highly control over prices. 7 M9 c' }9 ^5 x( P
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9. In perfectly competitive industries, what is the most likely long-run effect of a permanent decrease in demand? 1 P4 c$ g! w- V6 t3 N1 c+ s
A. Price decreases
' n& b+ I2 y9 G/ IB. Firms incur economic losses f" o1 W# C7 r' D$ i/ ^. T
C. The number of firms decrease
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- v0 s3 Q, n1 A, Z10. As compared with acting independently, a group of oligopolistic companies operating with perfect cooperation will most likely experience an increase in: . H+ @' b0 q/ Z+ d& ~& s7 ^: c
A. Both output and prices - F6 H2 o' D& I3 |& r9 ]8 i9 @
B. Output and a decrease in prices ' b$ }: G; ?2 `" W& c
C. Prices and a decrease in output$ V3 H( G y( u7 u* `4 @9 t
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更多CFA习题可关注：高顿CFA题库.
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