CFA Level 1 － 模考试题(1)(PM) Q36-40

catherine

/ V* ?3 r' Z; q! Q5 _Question 36
( w5 C4 {9 U1 i- d4 |5 |) uWhich of the following actions by the Federal Reserve is the most frequently used and which action would least likely be used for expansionary monetary policy?
Most frequently used   Least likely expansionary
. D/ F, W/ t) m& n# _7 b7 sA)    Open market operations Increasing the reserve requirement
B)   Open market operations Decreasing the discount rate
C)   Discount rate              Increasing the reserve requirement
D)   Discount rate              Decreasing the discount rate

Question 37
, V; c% f2 I( ?3 oIf a minimum wage is set above the equilibrium wage in the labor market, what is the most likely effect on labor supply?
: g+ ~" V) C1 y  fA)    Firms will use less than the economically efficient amount of capital.
3 ]: ~) t% @$ _# W: tB)   There will be excess demand for labor and unemployment will decrease.
! m1 n( n/ {+ Y0 z6 zC)   The minimum wage will have no effect on the equilibrium.
D)   There will be excess supply of labor and unemployment will increase.
  
Question 38
9 o: W. n$ T! M& u& ]  q# ~Which of the following statements about price takers and price searchers is most accurate?
A)    In the long run, both price takers and price searchers maximize profits at the quantity corresponding to the minimum point on the average total cost curve.
B)   Price takers maximize profits at the point price = marginal revenue = marginal cost.
6 R+ d3 d1 a2 K+ L; AC)   In the long run, both price takers and price searchers will have zero economic profits.
D)   The potential allocative inefficiency of a price searcher engaged in monopolistic competition includes the social cost of producing where price = marginal cost.
  
9 m# p" \1 G* @! C% t# W1 q; x8 WQuestion 39
A generational imbalance is best described as:
* N4 F# m3 d: R% s/ EA)    accounting for the taxes owed by and the benefits owed to each generation.
$ E3 v: D! u- ZB)   the present value of future government deficits and how future generations deal with this problem.
8 F2 f+ i2 D! Q$ q4 ~* |7 KC)   a difference between the present value of government benefits promised to current taxpayers and the taxes paid by current taxpayers.
' N9 ~2 F& S+ x7 G3 j" s! mD)   one generation being promised more government benefits than another generation.
  
- W5 q4 @7 D0 |( s( d8 wQuestion 40
If the government regulates a natural monopoly and enforces an average cost pricing, what are the effects on output quantity and price compared to an unregulated natural monopoly?
5 I+ L0 B" \0 @1 |; |% }  
       Output      Price
. J; g  m# w1 y7 t" ?6 e% ~A)    Increase       Decrease
8 q. g$ v* y2 F) R' bB)   Increase       Increase
C)   Decrease     Increase
$ t' g+ h: b6 pD)   Decrease     Decrease

catherine

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