CFA Level 1 －模考试题(2)(PM) Q36-40

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Question 36

The economy is in long-run equilibrium but has been experiencing a high inflation rate. The central bank decides to reduce the rate of money supply growth to achieve price level stability. If the central bank’s policy change is announced and credible, which of the following outcomes is least likely?

A) Wage earners will revise their inflation expectations downward.

B) Aggregate demand will increase less than it would have if the policy change were unannounced or not credible.

C) Real output will equal potential GDP in the short run.

D) Aggregate supply will decrease less than it would have if the policy change was unannounced or not credible.

Question 37

For a firm with labor as its only variable input, as labor input increases from the level where marginal product is at its maximum to the level where average product is at its maximum, what are the most likely directions of changes in short-run marginal cost (MC) and short-run average variable cost (AVC)?

MC
AVC

A) Increasing Increasing

B) Increasing Decreasing

C) Decreasing Increasing

D) Decreasing Decreasing

Question 38

In the inelastic range of a straight-line demand curve, a higher price will:

A) not ordinarily change total revenue.

B) always increase total revenue.

C) generally decrease total revenue.

D) always decrease total revenue.

Question 39

In an oligopolistic market:

A) a firm will consider the potential response of its rivals when making business decisions.

B) a firm will seldom use quality to differentiate its product.

C) a firm will have many rivals.

D) barriers to entry are low.

Question 40

A firm is operating in a market with perfectly elastic demand curve. Assume that the price is greater than average variable cost (AVC) but lower than average total cost (ATC). Which of the following statements is most accurate?

A) If the firm thinks the price eventually will exceed ATC, it should shut down its operations temporarily until price exceeds ATC.

B) If the firm thinks the price eventually will exceed ATC, it should continue to produce and sell its product.

C) The firm should increase its price so as to recover its total costs.

D) The firm should decrease its quantity produced so that the price will increase and it will break even or make a positive profit.

[此贴子已经被作者于2008-11-8 18:02:02编辑过]