備考CFA考試階段財(cái)報(bào)考試題學(xué)習(xí)的如何?這邊有相關(guān)考試題幫助你練習(xí),看看財(cái)報(bào)的考試題是不是能做對(duì)呢?一起做一下吧!

1、Under conditions of perfect competition, in the long run firms will most likely earn:

A. Normal profits

B. Positive economic profits

C. Negative economic profits

[Solution] A is correct. Competition should drive prices down to long-run marginal cost, resulting in only normal profits being earned.  完全競(jìng)爭(zhēng)市場(chǎng)中,公司在長(zhǎng)期中只能賺取Normal Profit。


2.、In the classification of currency regimes, a currency board system (CBS) most likely differs from a fixed-rate parity system in that:

A. a CBS has a discretionary target level of foreign exchange reserves.

B. a CBS can peg to a basket of currencies but a fixed-rate system cannot.

C. the monetary authority within a CBS does not act as a traditional lender of last resort.

[Solution] C is correct. In a CBS, the monetary authority has an obligation to maintain 100% foreign currency reserves against the monetary base. It thus cannot lend to troubled financial institutions. As long as the country under a fixed-parity regime maintains its exchange peg, the central bank can serve as a lender of last resort. Currency board的意思是每發(fā)行以單位貨幣,必須有相當(dāng)于以單位貨幣的reserve量才行。而fixed rate parity system,雖然是頂住某種貨幣,但無需有對(duì)方貨幣作為reserve才能發(fā)行貨幣。這樣的話,fixed system中央行仍然可以隨意發(fā)行貨幣,而currency board不行,所以其喪失了traditional lender of last resort的職能

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