CFA Level I：Economics 精选题（31 - 35）

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CFA Level I：Economics - The Firm and Market Structures 精选题和学习要点
* {/ I" A# U  ]& LLearning Outcome Statements (LOS)
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. T' }) G8 X3 k2 ]0 h6 s2 F6. The following equations have been developed for a company:
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% I; r8 `: r- o# YThe profit maximizing output for this firm (in units) is closest to:
* E' Y( v) G* l( Z* }3 G! a/ pA. 7
4 q2 U7 b( F* W7 m9 E' gB. 8
* p& ]+ ~, w, s1 \! \C. 11
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Answer：A
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3 K# _. S/ q$ T7 }2 [, M% r4 V! f7. Consider the following data for a firm operating in perfect competition.
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0 h3 r; Q! q( b! y$ ]! a. F' fThe firm’s profit-maximizing output ( in units) is most likely:
5 x2 C8 \6 L9 N9 r5 t% r0 ZA. 21
B. 23
  s8 b1 ^: Y- f) yC. 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?
A. HHI is a useful measure of potential barriers to entry
( @4 |, M3 y2 M' a; R! ^) H$ BB. Low control over prices is characteristic of oligopolies
C. An HHI value of 0.006 indicates that a market is highly competitive
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.
; O0 ]& f3 k* IA is incorrect; HHI does not take the possibility to entry into account, so it’s not a useful measure of potential barriers to entry.
5 C  P" A4 v7 G% ]. q0 uB is incorrect; oligopolies have highly control over prices.  
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9. In perfectly competitive industries, what is the most likely long-run effect of a permanent decrease in demand?
A. Price decreases
6 P6 D4 b$ f! r7 ~: \/ HB. Firms incur economic losses
1 `9 ^. u: @. f5 @: r* V: n3 Q' yC. The number of firms decrease
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10. As compared with acting independently, a group of oligopolistic companies operating with perfect cooperation will most likely experience an increase in:
A. Both output and prices
: O2 o+ m8 M; b& \/ N4 }B. Output and a decrease in prices
9 [( A9 u# x3 {) m6 E, N9 oC. Prices and a decrease in output

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