CFA Level 1 － Mock Exam 1 模拟真题－Q41-45 normal, style, class

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41、

	Budget type	Impact on private saving
A.	deficit budget	increase
B.	deficit budget	decrease
C.	surplus budget	increase
D.	surplus budget	decrease

 

 

 

 

 

The type of government budget that leads to crowding-out, and its impact on private saving, respectively, are:

Select exactly 1 answer(s) from the following:
A. Answer A.
B. Answer B.
C. Answer C.
D. Answer D.

42、The type of natural resource market to which the Hotelling principle applies, and the relationship expressed in it, respectively, are:

	Type of natural resource market	Relationship expressed in the Hotelling principle
A.	renewable	the price of the resource rises at a rate equal to the interest rate
B.	renewable	the price of the resource rises at a rate equal to the inflation rate
C.	non-renewable	the price of the resource rises at a rate equal to the interest rate
D.	non-renewable	the price of the resource rises at a rate equal to the inflation rate

 

 

 

 

 

 

 

 

 

Select exactly 1 answer(s) from the following:

A. Answer A.

B. Answer B.

C. Answer C.

D. Answer D.

 

43、The most accurate description of the effect of a price decrease on total revenue for goods that have an elastic and inelastic demand, respectively, are:

	Elastic demand	Inelastic demand
A.	total revenue declines	total revenue declines
B.	total revenue declines	total revenue increases
C.	total revenue increases	total revenue declines
D.	total revenue increases	total revenue increases

 

 

 

 

 

 

 

 

Select exactly 1 answer(s) from the following:

A. Answer A.

B. Answer B.

C. Answer C.

D. Answer D.

 

44、The three indicators of the state of the labor market that the U.S. Census Bureau calculates include all of the following, except:

Select exactly 1 answer(s) from the following:

A. the unemployment rate.

B. the total labor compensation.

C. the labor force participation rate.

D. the employment-to-population ratio.

 

45、Assume U.S. GAAP (generally accepted accounting principles) applies unless otherwise noted.

  A company’s cash conversion cycle is most likely to decrease if that company experiences a(n):

Select exactly 1 answer(s) from the following:

A. increase in the payables turnover ratio.

B. decrease in the inventory turnover ratio.

C. increase in the receivables turnover ratio.

D. decrease in the payables payment period.

3975

答案和详解如下：

41 Correct answer is A

“Fiscal Policy,” Michael Parkin
2008 Modular Level I, Vol. 2, pp. 444-445
Study Session 6-27-b
discuss the sources of investment finance and the influence of fiscal policy on capital markets, including the crowding-out effect
A deficit budget leads to an increase in interest rates, a decrease in investment, and an increase in private saving.

42 Correct answer is C

“Demand and Supply in Factor Markets,” Michael Parkin
2008 Modular Level I, Vol. 2, pp. 271-274
Study Session 5-21-g
differentiate between renewable and non-renewable natural resources and describe the supply curve for each
The Hotelling principle applies to non-renewable natural resources characterized by perfectly elastic flow supply. According to the Hotelling principle, the price of resource is expected to rise at a rate equal to the interest rate (p. 274).

43 Correct answer is C

“Elasticity,” Michael Parkin
2008 Modular Level I, Vol. 2, pp. 15-16
Study Session 4-13-b
calculate elasticities on a straight-line demand curve, differentiate among elastic, inelastic, and unit elastic demand and describe the relation between price elasticity of demand and total revenue
When demand is elastic, a decrease in price by 1% increases the quantity sold by more than 1% and it results in an increase in total revenue. But when demand is inelastic, a decrease in price by 1% increases the quantity sold by less than 1% and it results in a decrease in total revenue.

44 Correct answer is B

“Monitoring Cycles, Jobs, and the Price Level,” Michael Parkin
2008 Modular Level I, Vol. 2, pp. 288-289
Study Session 5-22-a
describe the phases of the business cycle, define an unemployed person, and interpret the main labor market indicators and their relation to the business cycle
The three indicators of the state of the labor market that the U.S. Census Bureau calculates are:
the unemployment rate, the labor force participation rate, and the employment-to-population ratio.

45 Correct answer is C

“Financial Analysis Techniques,” Thomas R. Robinson, Hennie van Greuning, Elaine Henry, and Michael A. Broihahn
2008 Modular Level I, Vol. 3, pp. 590-592
“Working Capital Management,” Edgar A. Norton, Jr., Kenneth L. Parkinson, and Pamela p. Peterson
2008 Modular Level I, Vol. 4, pp. 89-92
Study Session 10-41-d, 11-46-a
calculate and interpret activity, liquidity, solvency, profitability, and valuation ratios;
calculate and interpret liquidity measures using selected financial ratios for a company and compare it with peer companies
An increase in receivables turnover would indicate that receivables were outstanding for a shorter period of time, decreasing the cash conversion cycle.

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