CFA Level I：Economics 精选题

一起学CFA · 发表于 2016-1-18 10:27:39

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本帖最后由一起学CFA 于 2016-1-18 10:29 编辑

CFA Level I：Economics - International Trade and Capital Flows 精选题和学习要点

Learning Outcome Statements (LOS)

a. Compare gross domestic product and gross national product;

b. Describe the benefits and costs of international trade;

c. Distinguish between comparative advantage and absolute advantage;

d. Explain the Ricardian and Heckscher-Ohlin models of trade and the source(s) of comparative advantage in each model;

e. Compare types of trade and capital restrictions and their economic implications;

f. Explain motivations for and advantages of trading blocs, common markets, and economic unions;

g Describe the balance of payments accounts including their components;

h Explain how decisions by consumers, firms, and governments affect the balance of payments;

i. Describe functions and objectives of the international organizations that facilitate trade, including the World Bank, the International Monetary Fund, and the World Trade Organization

Exercise Problems:
1. Which of the following statements most accurate? For a country to gain from trade it must have：
A. an absolute advantage.
B. a comparative advantage.
C. economies of scale or lower labor cost.

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2. Consider two countries A and B. Country A is a closed country with a relative abundance of labor and holds a comparative advantage in the production of textiles. Country B has a relative abundance of capital. When the textile trade is opened between the two countries, country A will most likely experience a favorable impact on：

A. labor
B. capital
C. both labor and capital

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3. A small country has a comparative advantage in the production of pencils. The government establishes an export subsidy for pencils to promote economic growth. Which of the following will be the most likely result of the policy?

A. As new domestic producers enter the pencils market, supply will increase and domestic prices will decline.
B. The increase in the domestic producer surplus will exceed the sum of the subsidy and the decrease in the domestic consumer surplus.
C. Although domestic producers will receive a net benefit, the policy will give rise to inefficiencies that cause a deadweight loss to the national welfare.

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4. Assuming its trading partner does not retaliate, which of the following conditions must hold in order for a large country to increase its national welfare by imposing tariff?
A. It must have a comparative advantage in the production of the imported good.
B. The deadweight loss must be smaller than the benefit of its improving terms of trade.
C. It must auction the import licenses for a fee to offset the decline in the consumer surplus.

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