CFA Level 1 － 模考试题(3)（PM）－Q31-35 following, likely, 考试题, style

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Question 31 

Which of the following is most likely a bullish indicator according to contrarian technical analysis? 

A) Investor credit balances are falling.

B) The put/call ratio decreases.

C) The mutual fund ratio (cash position) is 15%.

D) The investment adviser ratio is 18%.

 

Question 32 

Renee Fisher invests $2,000 each year, starting one year from now, in a retirement account. If the investments earn 8% or 10% annually over 30 years, the amount Fisher will accumulate is closest to: 

     8%                  10%

A) $225,000             $360,000

B) $245,000             $330,000

C) $245,000             $360,000

D) $225,000             $330,000

 

Question 33 

Which of the following statements about counting methods is least accurate? 

A) The combination formula determines the number of different ways a group of objects can be drawn in a specific order from a larger sized group of objects.

B) The multiplication rule of counting is used to determine the number of different ways to choose one object from each of two or more groups.

C) N-factorial is the number of possible ways to arrange a given set of N objects.

D) The labeling formula determines the number of different ways to assign a given number of different labels to a set of objects.

 

Question 34 

A market that is characterized by monopolistic competition is least likely to feature: 

A) sellers that produce a differentiated product.

B) a small number of independent sellers.

C) low barriers to entry.

D) highly elastic demand.

 

Question 35 

Which of the following statements about anticipated and unanticipated inflation is least accurate? 

A) Actual inflation that is higher than the inflation rate anticipated by workers will be accompanied by an increase in the unemployment rate in the short run.

B) Unanticipated inflation benefits borrowers at the expense of lenders and employers at the expense of workers.

C) High anticipated inflation reduces the potential output of the economy by increasing transactions costs.

D) The adverse effects of unanticipated inflation are generally greater than the adverse effects of anticipated inflation.

 

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答案和详解如下：

Answer 31 

The correct answer was C) The mutual fund ratio (cash position) is 15%. 

Low credit balances, low put/call ratios, and a low IAR (bearish advisers/total advisers) all suggest that most investors are bullish, which a contrarian would interpret as a bearish signal. High mutual fund cash positions are a bullish indicator to a contrarian technician. 

This question tested from Session 3, Reading 12, LOS c

 

Answer 32 

The correct answer was D) 

$225,000     $330,000

N = 30; I/Y = 8; PMT = -2,000; PV = 0; CPT FV = 226,566.42 

N = 30; I/Y = 10; PMT = -2,000; PV = 0; CPT FV = 328,988.05 

This question tested from Session 2, Reading 5, LOS d, (Part 2)

 

Answer 33 

The correct answer was A) The combination formula determines the number of different ways a group of objects can be drawn in a specific order from a larger sized group of objects. 

The permutation formula is used to find the number of possible ways to draw r objects from a set of n objects when the order in which the objects are drawn matters. The combination formula ("n choose r") is used to find the number of possible ways to draw r objects from a set of n objects when order is not important. The other statements are accurate. 

This question tested from Session 2, Reading 8, LOS n, (Part 1)

 

Answer 34 

The correct answer was B) a small number of independent sellers. 

In monopolistic competition, there is a large, not small, number of independent sellers. 

This question tested from Session 5, Reading 20, LOS a

 

Answer 35 

The correct answer was A) Actual inflation that is higher than the inflation rate anticipated by workers will be accompanied by an increase in the unemployment rate in the short run. 

The short-run Phillips curve, which relates the unemployment rate to the inflation rate, is drawn based on workers’ expected inflation rate. An actual inflation rate higher than the expected rate will be accompanied by a decrease in the unemployment rate in the short run. The other three statements are accurate. 

This question tested from Session 6, Reading 26, LOS c

 

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