1、CFA考試一級章節練習題精選 0329-27 （附詳解）1、An Australian firm purchased a patent for USD20,000 and machinery for USD21,500 from a U.S. firm when the exchange rates were as follows:RatioExc ha nge RateUSD/EUR1.29AUD/EUR1.24The imp act of these transactions on the cap ital account of Australia (in AUD) is closest

2、to:【單選題】A. 19,225.B. 20,667.C. 20,806.正確答案:A答案解析：“ International Trade and Capital Flows,-Reichert, PhD arUsOaNelirRobert Witschi, PhD, CFA2013 Modular Level 1, Vol. 2, Reading 20, Section 4.2“ Currency Exchange Rates, ” William A. Barker, CFA, Paul D. McNelis, and Jerry Nickelsburg 2013 Modular Lev

3、el I, Vol. 2, Reading 21, Section 3.2Study Session 6-20-g, 6-21 -dDescribe the balance of p ayments accounts including their compo nents.3Calculate and interpret currency cross rates.A is correct. The purchase of machinery is an import and affects the current account, not the capital account, so it

4、is ignored. The purchase of a non-produced,non -financial asset (such as a patent) affects the capital account.The impact on the capital account in AUD is:USD20,000 X (1/1.29) X 1.24 = 19,225AUD.2、 Which of the following statements about a central bank's actions would mostlikely cause an immedia

5、te increase of the banking system's excess reserves?單選題】A.Decreasing the policy rate.B.Selling securities in the open market.C.Decreasing the required reserve ratio.正確答案 :C答案解析 :降低法定存款準備金率會導致商業銀行吸收存款后有更多的資金可以用于放貸，從而增加了銀行系統的可貸資金余額， 這種影響也最為直接。3、 Kristen Chandler, CFA, has been doing research about

6、 different types of goods.Which of the following goods has a positively sloped demand curve as aresult ofthe negative income effect overweighting the positive substitution effect?單選題】A.Veblen.B.Giffen.C.Inferior.正確答案 :B答案解析：吉芬商品(Giffen goods )是劣等品(inferior goods )的一種。對于吉芬商品而言，當價格下降時，負的收入效應要超過正的替代效應，

7、最后的總結果會使得價格下降時需求減少，所以吉芬商品有正斜率的需求線。對于其他劣等品而言，負的收入效應不會超過正的替代效應，最后的總結果會使得價格下降時需求增加。對于凡勃倫商品(Veblengoods)而言，當價格更高時需求增加，但這并不符合題目中收入效應和替代效應的關系4、 During the last month, a food comp any located in the United States had the following transactions:T ransactionAmount (US$ millions)Bought raw material from Indon

8、esia50.0Sold food products to France55.0Received royalty fees from its branch in the United Kingdom0.5Donated to a charitable institution in Africa0.1Borrowed from a bank in Singapoe2.0Paid lega fees to its German legal consultant comp any1.2Received interest coupon from its investment in Eurobonds

9、issued in Luxembourg0.8These transactions will most likely increase the U.S. current account by:【單選題】4A. $17.0 million.B. $15.0 million.C. $14.5 million.正確答案:B答案解析：Note that the borrowing from a bank in Singapore is not a current account transaction.TransactionCurrent Account (US$ millions)Bought ra

10、w material from Indonesia-0.0Sold food products to France65Received royalty fees from its branch in the United Kingdom0.5Donated to charitable institution in Africa-0.1Borrowed from a bank in SingaporeOmitPaid legal fees to its German legal con suitant com pany-1.2Received interest coupon from its i

11、nvestment in Eurobonds issued in Luxembourg0.8Total1572014 CFA Level I"International Trade and Cap ital Flows,” -EbyeUsea Ntadr Daniel Robert WitschiSections 4.2 4.35、In a simpie economy containing only two goodsapples and shirtsthe p rices and quantities in the base p eriod and the current p e

12、riod are:Base PeriodQuantityPrke ($)Apples251.00Shirts520.00Current 卩eriodQuantitPrice ($)Apples251.25Shirts52050Assuming the base p eriod consumer p rice index (CPI) = 100, the CPI for the current p eriod is closest to:【單選題】A. 103.57.B. 107.00.C. 113.75.” Michael P arkin正確答案:B 答案解析:"Monitoring Jobs and the Price Level 2010 Modular Level I, Vol. 2, p. 318 -319Study Session 5-22-dExplain and calculate the consumer price index (CPI) and the inflation rate, describe the relation between the CPI and the inflation rate, and explain the main sources of CPI bias.The cost of the