Question 31 Four portfolios with normally distributed returns are available to an investor who wants to minimize the probability that the portfolio return will be less than 5%. The risk and return characteristics of these portfolios are shown in the following table: Portfolio | Expected return | Standard deviation | Epps | 6% | 4% | Flake | 7% | 9% | Grant | 10% | 15% | Hall | 12% | 23% |
Based on Roy’s safety-first criterion, which portfolio should the investor select?
A) Epps. B) Flake. C) Hall. D) Grant. Question 32 Robert Mackenzie, CFA, buys 100 shares of GWN Breweries each year for four years at prices of C$10, C$12, C$15 and C$13 respectively. GWN pays a dividend of C$1.00 at the end of each year. One year after his last purchase he sells all his GWN shares at C$14. Mackenzie calculates his average cost per share as [(C$10 + C$12 + C$15 + C$13) / 4] = C$12.50. Mackenzie then uses the internal rate of return technique to calculate that his money-weighted annual rate of return is 12.9%. Has Mackenzie correctly determined his average cost per share and money-weighted rate of return? Average cost Money-weighted return A) Correct Correct B) Incorrect Correct C) Correct Incorrect D) Incorrect Incorrect Question 33 Which of the following is the most accurate definition of the labor force?
A) All people of working age. B) Those people of working age who are not retired or in prison. C) All people of working age who are working. D) Those people of working age who are either employed or seeking employment. Question 34 Official statistics show that real economic output has declined for three consecutive quarters and the unemployment rate is higher than the natural rate. A fiscal policy response is being debated in the legislature that would increase government purchases and reduce taxes by equal amounts. Which of the following statements about this proposed fiscal policy action is most accurate?
A) “Recognition delay” means the economic effects of the fiscal policy package will not be felt immediately after it is signed into law. B) Reducing taxes would have a smaller overall effect on the economy than increasing government purchases by the same amount. C) The fiscal policy package being proposed would leave the government’s budget balance unchanged. D) Increasing government purchases is an example of discretionary fiscal policy, while reducing taxes would create an automatic stabilizer. Question 35 Competitive markets are least likely to produce more than the efficient quantity of a good if producing that good:
A) generates external costs. B) uses a common resource as a factor input. C) generates a producer surplus that is greater than the consumer surplus. D) is subsidized by government payments to producers.
[此贴子已经被作者于2008-11-8 14:12:39编辑过] | 
发表于 2008-5-26 11:52
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