2023年CFA考试《CFA一级》模拟试题
2023年CFA考试《CFA一级》模拟试题梳理好了，考生们一定要认真学习，不要抱着侥幸的心理，没有准备就想去考试，没有付出哪有成功。
1、An analyst does research about price elasticity of demａｎｄ ａｎｄ determines that when the price of a product increases from $15 to $17, the quantity demanded decreases from 51 units to 45 units.The product////\\\'s price elasticity of demａｎｄ is best described as:【单选题】
A.inelastic.
B.unit elastic.
C.elastic.
正确答案:B
答案解析:本题考查的是需求价格弹性(price elasticity of demand)的基本公式。只需要将数值代人以下公式即可。
2、An analyst does research about fund manger performance.In an efficient stockmarket, a list of appropriate policies fｏｒa portfolio manager who does not havesuperiｏｒability to analyze is least likely to include the:【单选题】
A.use of index funds.
B.elimination of systematic risk.
C.minimization of transaction cost.
正确答案:B
答案解析:对于没有超强分析能力的基金经理来说，应该买人指数基金或者是减少交易成本，或者通过分散化投资来消除非系统性风险，注意基金经理是无法消除系统性风险的。
3、Fractional unemployment is best described as:【单选题】
A.from normal labｏｒturnover.
B.from changes in the skills needed to perform jobs.
C.due to fluctuating unemployment over the business cycle.
正确答案:A
答案解析:正常的劳动力工作的转变会导致摩擦性失业。结构性失业是指由于经济结构调整，原有工作能力无法满足现有工作需要而造成的失业。经济周期的调整会使得有效需求不足而造成周期性失业。
4、An analyst does research about exchange trade funds (ETFs).Which of thefollowing statements is least accurate to describe exchange trade funds////\\\' characteristics?【单选题】
A.Portfolio holdings of ETFs are transparent.
B.ETF////\\\'s structure prevents a significant premium ｏｒdiscount to NAV.
C.Dividends are reinvested annually fｏｒopen-end ETFs.
正确答案:C
答案解析:ETF不收取申购和赎回费用，可以卖空或者融资交易，同时组合的持仓是透明的。ETF的申购和赎回机制使得其交易价格十分接近净资产值，没有显著的溢价或折价。开放式ETF的股利会被立即进行再投资，而不是每年。
5、The price of a good falls from $15 to $13. Given this decline in price, the quantity demanded of the good rises from 100 units to 120 units. The price elasticity of demａｎｄ fｏｒthe good is closest to:【单选题】
A.1.3.
B.1.5.
C.10.0.
正确答案:A
答案解析:“Elasticity,” Michael Parkin2011 Modular Level I, Vol. 2, pp. 10-11Study Session 4-13-aCalculate ａｎｄ interpret the elasticities of demａｎｄ (price elasticity, cross elasticity, ａｎｄ income elasticity) ａｎｄ the elasticity of supply ａｎｄ discuss the factors that influence each measure.Price elasticity of demａｎｄ is calculated as:Price elasticity of demａｎｄ = %ΔQ / %ΔP = (ΔQ / Qave) / (ΔP / Pave)In this case, (20 / 110) / (2 / 14) = 1.27 rounded to 1.3
6、An investｏｒpurchases a 5 percent coupon bond maturing in 3 years fｏｒ$102.80, providing a yield-to-maturity of 4 percent. At what rate must the coupon payments be reinvested to generate the 4 percent yield?【单选题】
A.0%
B.4%
C.5%
正确答案:B
答案解析:“Yield Measures, Spot Rates, ａｎｄ Forward Rates”, Frank J. Fabozzi, CFA2010 Modular Level I, Vol. 5, pp. 451Study Session 16-65-bCompute ａｎｄ interpret the traditional yield measures fｏｒfixed-rate bonds ａｎｄ explain their limitations ａｎｄ assumptions.B is correct since the yield-to-maturity measure assumes that the coupon payments can be reinvested at an interest rate equal to the yield-to-maturity, in this case 4%.
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