CFA Level 1 － Mock Exam 2 模拟真题－Q41-45 face, style, black, class

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41、In a perfectly competitive environment, a firm achieves maximum profit at the level of production where marginal revenue and marginal revenue product of labor, respectively, are equal to:

	Marginal revenue	Marginal revenue product of labor
A.	average cost	wage rate
B.	average cost	marginal product
C.	marginal cost	wage rate
D.	marginal cost	marginal product

Select exactly 1 answer(s) from the following:

A. AnswerA.

B. AnswerB.

C. AnswerC.

D. AnswerD.

 

42、In regulating a natural monopoly, the pricing rule most commonly adopted by a regulator, and its effect on the firm's profit, respectively, are: 

	Pricing rule	Effect on firm’s profit
A.	average cost pricing	the firm earns normal profit
B.	average cost pricing	the firm incurs economic loss
C.	marginal cost pricing	the firm earns normal profit
D.	marginal cost pricing	the firm incurs economic loss

Select exactly 1 answer(s) from the following:

A. AnswerA.

B. AnswerB.

C. AnswerC.

D. AnswerD.

 

43、Which of the following is the most accurate description of the determination of interest rates?

Select exactly 1 answer(s) from the following:

A. The real interest rate is determined in the money market.

B. The nominal interest rate is determined in the capital market.

C. The real interest rate equals the nominal interest rate minus the expected inflation rate.

D. The nominal interest rate equals the real interest rate plus the unexpected inflation rate.

 

44、The short-run effect of an increase in aggregate demand as a result of increases in government purchases on price level and real GDP, respectively, are: 

	Effect on price level	Effect on real GDP
A.	increase	increase
B.	increase	no effect
C.	no effect	increase
D.	no effect	no effect

Select exactly 1 answer(s) from the following:

A. AnswerA.

B. AnswerB.

C. AnswerC.

D. AnswerD.

 

45、Assume U.S. GAAP (generally accepted accounting principles) applies unless otherwise noted.
An analyst gathered the following information about a company:

Cost of goods sold	$18.4 million
Average inventory	$2.5 million
Receivables turnover	24 times
Payables payment period	25 days

The company's cash conversion cycle is closest to:

Select exactly 1 answer(s) from the following:

A. 40 days.

B. 59 days.

C. 65 days.

D. 90 days.

 

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答案和详解如下：

41 Correct answer is C

“Demand and Supply in Factor Markets,” Michael Parkin
2008 Modular Level I, Vol. 2, pp. 253-256
Study Session 5-21-a
explain why demand for the factors of production is called derived demand, differentiate between marginal revenue and marginal revenue product (MRP), and describe how the MRP determines the demand for labor and the wage rate
A change in total revenue that results from one more unit of labor is called the marginal revenue product of labor. In a perfectly competitive market, profit is maximized when, at the quantity of labor hired, marginal revenue equals marginal cost and marginal revenue product equals the wage rate. These two conditions are equivalent and the quantity of labor that maximizes profit produces the output that maximizes profit.

 

42 Correct answer is A

“Monopoly,” Michael Parkin
2008 Modular Level I, Vol. 2, pp. 198-200
Study Session 5-19-e
explain the potential gains from monopoly and the regulation of a natural monopoly
The marginal cost pricing rule is efficient but it leaves the natural monopoly incurring an economic loss. Therefore, regulators almost never impose marginal cost pricing rule. Instead, they adopt the average cost pricing rule, which allows the firm to cover its costs and earn a normal profit.

 

43 Correct answer is C

“Inflation,” Michael Parkin
2008 Modular Level I, Vol. 2, pp. 419-421
Study Session 6-26-f
explain the relation among inflation, nominal interest rates, and the demand and supply of money
The real interest rate equals the nominal interest rate minus the expected inflation rate, which is the same as nominal interest rate equals the real interest rate plus the expected inflation rate.

 

44 Correct answer is A

“Inflation,” Michael Parkin
2008 Modular Level I, Vol. 2, pp. 402-405
Study Session 6-26-b
describe and distinguish among the factors resulting in demand-pull and cost-push inflation, and describe the evolution of demand-pull and cost-push inflationary processes
An increase in aggregate demand as a result of an increase in government purchases, an example of demand-pull inflation, leads to an increase in both price level and the real GDP (Figure 2, p. 402).

 

45 Correct answer is A

“Financial Analysis Techniques,” Thomas R. Robinson, Hennie van Greuning, Elaine Henry, and MichaelA. Broihahn
2008 Modular Level I, Vol. 3, pp. 590-593
“Working Capital Management,” EdgarA. Norton, Jr., Kenneth L. Parkinson, and Pamela p. Peterson
2008 Modular Level I, Vol. 4, pp. 89-92
Study Sessions 10-41-d, 11-46-a
calculate and interpret activity, liquidity, solvency, profitability, and valuation ratios;
calculate and interpret liquidity measures usingSelected financial ratios for a company and compare it with peer companies
The cash conversion cycle is equal to inventory processing days + days in accounts receivable - payables payment period.
Inventory turnover = $18.4 / $2.5 = $7.36.
Inventory processing days: 365 / inventory turnover = 365 / 7.36 = 49.59 days.
Days in accounts receivables: 365 / 24 = 15.21 days.
Cash conversion cycle: 49.59 + 15.21 - 25 = 39.8 days.

 

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