2017年cfa考试题目及答案(1)

The difference in production outcomes between monopolistic firms and purely competitive firms is best explained by the fact that:

Which of the following statements about the elasticities and absorption approaches to explaining the impact of exchange rate changes on trade deficits is most accurate?

An economist finds the following characteristics for the market for two products, S and T:

For a firm in perfect competition, the profit maximizing output is 200 tons at a price of $600/ton. If the firm is minimizing the cost of resources, it is least likely that the:

The price of milk in a country increases from €1.00 per liter to €1.70 per liter, and the quantity supplied does not change. This suggests the short-run supply of milk in this country is closest to being:

Placing a tariff on imports of a good is most likely to decrease:

At the quantities where the marginal cost curve intersects the average variable cost (AVC) curve and the average total cost (ATC) curve, respectively:

A researcher has determined that a firm's supply function for a good is Qs = -60 + 30P +2.2Psub, where P is the price of the good and Psub is the price of a substitute good. If there are 8 identical suppliers in the market, and the price of the substitute good is 15, the market supply curve is given by:

When two goods are complements, the cross elasticity of demand is:

Compared to a competitive market result, a single-price monopolist will most likely:

Hanover Industrial operates a factory in Paris, which produces goods at a marginal cost above marginal revenue, and a factory in Munich, which products identical goods at a marginal cost less than marginal revenue. To maximize profits, Hanover should most likely:

A firm operating in an industry characterized by monopolistic competition will least likely:

The kinked demand curve oligopoly model is based on a belief that:

Setting a minimum wage above the equilibrium wage:

Pauker Company is producing at minimum short-run marginal cost. Pauker is most likely also producing:

Which of the following most likely describes a loss that consumers suffer under an unregulated monopoly compared to a competitive market?

In the short run, a perfectly competitive firm's supply curve is:

The actual incidence of a tax imposed on producers of a good will be borne by:

A consumer's budget constraint is drawn with Good X on the horizontal axis and Good Y on the vertical axis. If the price of Good X decreases from €8 to €6, and the price of Good Y decreases from €20 to €14, the absolute value of the slope of the consumer's budget constraint:

Oil Tool Inc. and Jones International Co. are manufacturers in an oligopolistic industry. Oil Tool and Jones enter a covert pricing agreement in which neither will reduce its prices to gain market share. Using the Nash equilibrium model, which outcome is most likely?

With respect to a decrease in the price of a normal good, the income effect:

Consider a market where quantity demanded = 1,500 - 3 x price, and quantity supplied = 2,000 - 5 x price. With respect to equilibrium price and quantity, there is:

A manufacturing plant exhibits diseconomies of scale if long-run average cost (LRAC) is:

A firm faces a downward sloping demand curve, QD = 500 - 20P. The marginal revenue if the price were decreased from $18.00 to $17.95 is closest to:

Average total costs for Dunhill Corporation's turbine plant are minimized when production is 100,000 units per year. Justin Collins states that (1) average variable cost is minimized at this same level of production, and that (2) profit is maximized at this level of production. Are Collins' statements accurate?

Which of the following arguments about the efficiency of monopolistic competition in allocating resources is most accurate?

Assume a cartel is organized among the producers of a commodity and begins practicing collusion. The most likely effects on price and output are that:

The velocity of transactions in an economy has been increasing rapidly for the past seven years. Over the same time period, the economy has experienced minimal growth in real output. According to the equation of exchange, inflation over the last seven years has:

A business believes a price discrimination strategy will increase both its output and profits. For this to occur, the firm must have:

Tetra Corporation holds the exclusive production rights to a wireless cellular phone technology. Tetra's production rights will remain exclusive for 15 years, effectively eliminating any competition while the technology is viabl

Wilmer Jones owns several restaurants in different cities. His restaurants compete on quality of food and service, price, and marketinc. With regard to potential benefits of trading rice and plastic between Colfax and Birklund:

The market supply and demand curves for a good are P = 0.05QS + 0.84 and P = 180 - 0.25QD. At a market price of 30, the market excess demand is closest to:

As a result of a decline in cucumber production by small-scale growers, the U.S. government has decided to provide assistance to cucumber growers by paying them $0.05 per pound produce

The short run, as an economic decision-making time frame, is best described as: