2025年CFA一級《經(jīng)濟(jì)學(xué)》預(yù)測卷考試時間：______分鐘總分：______分姓名：______一、1.Afirmoperatesinaperfectlycompetitivemarket.Ifthemarketpriceisaboveitsaveragevariablecostbutbelowitsaveragetotalcost,thefirmwill:A.maximizeprofitbyincreasingoutput.B.minimizelossbyshuttingdownintheshortrun.C.minimizelossbycontinuingtooperateintheshortrun.D.maximizeprofitbydecreasingoutput.2.Thecross-priceelasticityofdemandmeasures:A.theresponsivenessofquantitydemandedtoachangeinconsumerincome.B.theresponsivenessofquantitysuppliedtoachangeininputprices.C.theresponsivenessofquantitydemandedofonegoodtoachangeinthepriceofanothergood.D.theresponsivenessofmarketpricetoachangeinsupply.3.Whichofthefollowingistypicallyconsideredafixedcostforafirmintheshortrun?A.RawmaterialsB.WagesofhourlyworkersC.RentonfactoryspaceD.Energycostsforproductionmachinery4.Ifthepriceelasticityofdemandforagoodis0.5,a10%increaseinpricewillleadtoa:A.5%decreaseinquantitydemanded.B.10%decreaseinquantitydemanded.C.20%decreaseinquantitydemanded.D.0.5%decreaseinquantitydemanded.5.Afirmfacingadownward-slopingdemandcurvewillmaximizeprofitbyproducingtheoutputlevelatwhich:A.marginalrevenueequalsmarginalcost.B.priceequalsaveragetotalcost.C.priceequalsmarginalcost.D.quantitydemandedequalszero.二、6.GrossDomesticProduct(GDP)isbestdefinedas:A.thetotalvalueofallfinalgoodsandservicesproducedwithinacountryduringaspecificperiod,measuredinmarketprices.B.thetotalvalueofallintermediategoodsandservicesproducedwithinacountryduringaspecificperiod.C.thetotalincomeearnedbyacountry'sresidentsregardlessofwheretheincomeisgenerated.D.thetotalvalueofallfinalgoodsandservicesproducedbyacountry'sresidentsworldwideduringaspecificperiod.7.WhichofthefollowingcomponentsistypicallyincludedinthecalculationofGrossDomesticProduct(GDP)?A.Consumptionofusedfurniturebyhouseholds.B.Governmentspendingoninfrastructureprojects.C.Thevalueoffinancialtransactionsbetweenindividuals.D.Transferpaymentsmadebythegovernmenttoretirees.8.TheConsumerPriceIndex(CPI)measures:A.thechangeinthecostofafixedbasketofinvestmentgoodsovertime.B.thechangeinthecostofafixedbasketofallgoodsandservicesconsumedbyhouseholdsovertime.C.thechangeintheoverallpricelevelofgoodsandservicesproduceddomesticallyovertime.D.thechangeinthecostofafixedbasketofgoodsandservicespurchasedbyfirmsovertime.9.Whichofthefollowingisconsideredamonetarypolicytoolusedbyacentralbank?A.Changingtheminimumwage.B.Adjustingthereserverequirementratioforcommercialbanks.C.Implementingfiscalstimuluspackages.D.Settingcorporatetaxrates.10.Themultipliereffectrefersto:A.theincreaseinnationalincomeresultingfromaninitialincreaseininvestment.B.thedecreaseinnationalincomeresultingfromaninitialincreaseintaxes.C.themechanismthroughwhichchangesinthemoneysupplyaffectthepricelevel.D.theprocessbywhichchangesingovernmentspendingautomaticallystabilizetheeconomy.11.Whichofthefollowingisapotentialconsequenceofexpansionaryfiscalpolicy?A.Increasedinterestratesandreducedinvestment.B.Decreasedgovernmentspendingandloweraggregatedemand.C.Lowertaxesandincreasedaggregatedemand.D.Reducedinflationandlowerunemployment.12.ThePhillipscurveillustratestherelationshipbetween:A.nominalinterestratesandrealinterestrates.B.moneysupplyandpricelevel.C.inflationandunemployment.D.economicgrowthandinvestment.13.Acountryexperiencesasignificantincreaseinitsmoneysupply.Accordingtothequantitytheoryofmoney,thisislikelytoleadto:A.adecreaseinthepricelevelintheshortrun.B.anincreaseinrealGDPinthelongrun.C.adecreaseinthevelocityofmoney.D.anincreaseinthepricelevelinthelongrun.14.Whichofthefollowingtheoriessuggeststhattheshapeoftheyieldcurvereflectsthemarket'sexpectationsoffutureshort-terminterestrates?A.Liquiditypreferencetheory.B.Marketsegmentationtheory.C.Expectationstheory.D.Preferredhabitattheory.15.TheMacDowelldurationofabondmeasures:A.thebond'spricesensitivitytochangesintheyieldtomaturity.B.theweightedaveragetimeuntilthebondholderreceivescashflows,whereweightsarebasedonthepresentvalueofeachcashflow.C.thebond'scouponrate.D.thetimeittakesforthebond'spricetodoubleatthecurrentyieldrate.三、16.Whichofthefollowingisacharacteristicofmoney?A.Itmustbemadeofmetal.B.Itisnotaformofwealth.C.Itservesasamediumofexchange,aunitofaccount,andastoreofvalue.D.Itisonlycreatedbythegovernment.17.Commercialbankscreatemoneythrough:A.theprocessoffractionalreservebanking,wheretheyholdonlyafractionofdepositsasreservesandlendouttherest.B.buyinggovernmentbondsintheopenmarket.C.receivingdepositsfromthecentralbank.D.issuingcurrencynotes.18.Whichofthefollowingisaprimaryfunctionofacentralbank?A.Regulatingthestockmarket.B.Managingthenationaldebt.C.Conductingmonetarypolicytopromotepricestabilityandmaximumemployment.D.Settinginterestratesforcommercialbanks.19.Theexchangeratebetweentwocurrenciesrepresents:A.therelativepriceofthetwocurrencies.B.thenumberofunitsofonecurrencyneededtopurchaseoneunitofanothercurrency.C.therateatwhichinflationoccursinonecountrycomparedtoanother.D.theratioofthemoneysuppliesofthetwocountries.20.Acountryexperiencesatradedeficit,meaning:A.itsexportsaregreaterthanitsimports.B.itsimportsaregreaterthanitsexports.C.itsdomesticcurrencyisappreciating.D.itsnationalincomeisnegative.四、21.Whichofthefollowingdescribestherelationshipbetweentherealinterestrateandthenominalinterestrate?A.Therealinterestrateisalwaysequaltothenominalinterestrate.B.Therealinterestrateisthenominalinterestrateminustheexpectedinflationrate.C.Therealinterestrateisthenominalinterestrateplustheexpectedinflationrate.D.Therealinterestratehasnorelationshiptothenominalinterestrate.22.Accordingtothetheoryofcomparativeadvantage,countriesgainfromtradebecausetheycan:A.produceallgoodsmoreefficientlythanothercountries.B.consumegoodsbeyondtheirproductionpossibilitiesfrontier.C.specializeinproducinggoodsforwhichtheyhavealoweropportunitycostandtradeforothergoods.D.avoidthecostsoftransportationandtariffs.23.Whichofthefollowingisapotentialdrawbackofperfectcompetition?A.Highbarrierstoentry.B.Lackofproductdifferentiation.C.Efficientresourceallocation.D.Maximumpossibleprofitsforfirms.24.Afirmoperatinginmonopolisticcompetitionfaces:A.aperfectlyelasticdemandcurve.B.adownward-slopingdemandcurvebutsignificantmarketpower.C.aperfectlyinelasticdemandcurve.D.nodemandcurveasitisapricetaker.25.Inthelongrun,afirminaperfectlycompetitivemarketwillearn:A.positiveeconomicprofits.B.zeroeconomicprofits.C.negativeeconomicprofits.D.economicprofitsthatexceedthenormalrateofreturn.26.Whenafirmexperiencesincreasingreturnstoscale,its:A.averagetotalcostincreasesasoutputincreases.B.averagetotalcostdecreasesasoutputincreases.C.marginalcostequalsaveragetotalcost.D.marginalcostincreasesasoutputincreases.27.Whichofthefollowingislikelytoincreasethesupplyoflabor?A.Anincreaseinthewagerate.B.Adecreaseintheworkinghoursperweek.C.Improvedworkingconditions.D.Adecreaseintheopportunitycostofleisure.28.Theconceptofexternalitiesrefersto:A.theimpactofafirm'sproductiondecisionsonthepricesofitsinputs.B.theimpactofafirm'sproductionorconsumptiondecisionsonthirdpartieswhoarenotdirectlyinvolvedinthetransaction.C.thedifferencebetweenafirm'sprivatecostsanditssocialcosts.D.theeffectofgovernmentregulationsonmarketoutcomes.29.Whichofthefollowingisapotentialsourceofmarketfailure?A.Perfectcompetition.B.Externalities.C.Perfectinformation.D.Pricediscrimination.30.Governmentinterventioninamarketeconomyistypicallyjustifiedwhen:A.themarketisproducingattheminimumpointofitsaveragecostcurve.B.themarketisexperiencingperfectcompetition.C.therearesignificantexternalitiesormarketpower.D.themarketisachievingproductiveefficiency.五、31.Abondwithafacevalueof$1,000andacouponrateof5%pays$50ininterestannually.Ifthemarketrequiredyieldtomaturity(YTM)is6%,thebond'scurrentpricewillbe:A.$925.93B.$950.00C.$1,000.00D.$1,075.8032.Azero-couponbondwithafacevalueof$1,000maturingin5yearsiscurrentlypricedat$747.26.Theyieldtomaturity(YTM)onthisbondisapproximately:A.2%B.4%C.5%D.8%33.TheMacDowelldurationofabondis4.5years.Ifthebond'syieldtomaturityis5%andincreasesto6%,theapproximatepercentagechangeinthebond'spriceis:A.-2.25%B.-4.50%C.-5.00%D.-9.00%34.Abondportfolioconsistsoftwobonds:BondAwithadurationof3yearsandaweightof60%intheportfolio,andBondBwithadurationof6yearsandaweightof40%intheportfolio.Thedurationoftheportfolioisapproximately:A.3.0yearsB.4.2yearsC.5.0yearsD.6.0years35.Whichofthefollowingstatementsistrueregardingtherelationshipbetweenyieldtomaturityandbondpricesensitivitytointerestratechanges?A.Thehighertheyieldtomaturity,thelowerthebond'spricesensitivity.B.Thelowertheyieldtomaturity,thelowerthebond'spricesensitivity.C.Thehighertheyieldtomaturity,thehigherthebond'spricesensitivity.D.Thereisnorelationshipbetweenyieldtomaturityandpricesensitivity.36.Abond'syieldtomaturityis5%.Ifthebond'sMacDowelldurationis4years,whatistheapproximatepercentagechangeinthebond'spricefora1%increaseinyieldtomaturity?A.-1.00%B.-4.00%C.-5.00%D.-8.00%37.Whichofthefollowingmeasuresthepercentagechangeinabond'spricefora1%changeinitsyieldtomaturity,holdingotherfactorsconstant?A.Yieldtomaturity(YTM)B.MacDowelldurationC.ConvexityD.Modifiedduration38.Ifabond'smodifieddurationis3.8years,a50basispoint(0.5%)increaseinitsyieldtomaturityisexpectedtocausethebond'spriceto:A.increasebyapproximately1.9%.B.decreasebyapproximately1.9%.C.increasebyapproximately3.8%.D.decreasebyapproximately3.8%.39.Convexityisimportantinbondportfoliomanagementbecauseit:A.measuresthebond'syieldtomaturity.B.indicatesthebond'spricesensitivitytochangesininterestrates.C.helpstopredictthedirectionoffutureinterestratemovements.D.providesamoreaccurateestimateofabond'spricechangeforlargerchangesininterestrates.40.Aportfoliomanagerisconsideringaddingabondtoaportfolio.BondXhasadurationof4yearsandaconvexityof50.BondYhasadurationof5yearsandaconvexityof80.Whichbondwouldbemoreeffectiveinreducingtheportfolio'sinterestrateriskforagivenchangeininterestrates?A.BondX,becauseithasalowerduration.B.BondY,becauseithasahigherconvexity.C.BondX,becauseithasahigherconvexity.D.BondY,becauseithasalowerduration.六、41.AssumeasimplemoneydemandfunctionisgivenbyM/P=k*Y,whereMisthemoneysupply,Pisthepricelevel,YisrealGDP,andkisaconstant.Ifthecentralbankincreasesthemoneysupply(M)by10%andthevelocityofmoney(V)remainsconstant,thepercentagechangeinthepricelevel(P)willbeapproximately:A.0%B.10%C.100%D.1000%42.TheFederalReserveimplementsapolicyofopenmarketoperationsbysellinggovernmentsecurities.Thisactionwill:A.increasethemoneysupply,leadingtoadecreaseininterestrates.B.increasethemoneysupply,leadingtoanincreaseininterestrates.C.decreasethemoneysupply,leadingtoadecreaseininterestrates.D.decreasethemoneysupply,leadingtoanincreaseininterestrates.43.Whichofthefollowingisapotentialconsequenceofcontractionarymonetarypolicy?A.Increasedinvestmentspending.B.Lowerinflationandpotentiallyhigherunemployment.C.Anappreciationofthedomesticcurrency.D.Anincreaseinthemoneysupplygrowthrate.44.TheTaylorRulesuggeststhatthecentralbankshould:A.alwayskeepthenominalinterestrateconstantregardlessofeconomicconditions.B.raisethenominalinterestratewheninflationisabovetargetandtheoutputgapispositive,andloweritwheninflationisbelowtargetandtheoutputgapisnegative.C.decreasethemoneysupplywheninflationishigh.D.increasegovernmentspendingtocombatrecession.45.Ifacountry'scentralbankfollowsapolicyofpricestability,itsprimarygoalisto:A.maximizeeconomicgrowthintheshortrun.B.minimizeunemploymentatallcosts.C.maintainastableandlowrateofinflation.D.achievebalanceofpaymentsequilibrium.46.TheinternationalFishereffectsuggeststhat:A.theexpectedreturnoninternationalinvestmentsisindependentofthecountryrisk.B.theexpectedreturnoninternationalinvestmentsisequaltothedomesticrisk-freerateplusacountryriskpremium.C.thenominalinterestratedifferentialbetweentwocountriesshouldequaltheexpectedchangeintheexchangeratebetweentheircurrencies.D.therealinterestratesindifferentcountriesareequalizedthroughinternationalcapitalflows.47.Acountryexperiencesadepreciationofitscurrency.Assumingotherfactorsremainconstant,thisislikelyto:A.decreaseitsexportsandincreaseitsimports.B.increaseitsexportsanddecreaseitsimports.C.havenoimpactonitstradebalance.D.increaseitsmoneysupply.48.Thebalanceofpaymentsrecords:A.alleconomictransactionsbetweenacountryandtherestoftheworld.B.onlythetradeingoodsandservicesbetweenacountryandtherestoftheworld.C.onlytheflowoffinancialcapitalintoandoutofacountry.D.thecountry'sdomesticsavingsandinvestment.49.AccordingtotheMundell-Flemingmodel,ifacountryisinitiallyinequilibrium,afiscalexpansionwillleadto:A.anincreaseinoutputandadepreciationofthecurrencyinanopeneconomywithafloatingexchangerate.B.anincreaseinoutputandanappreciationofthecurrencyinanopeneconomywithafixedexchangerate.C.adecreaseinoutputandadepreciationofthecurrencyinanopeneconomywithafloatingexchangerate.D.adecreaseinoutputandanappreciationofthecurrencyinanopeneconomywithafixedexchangerate.50.Thepurchasingpowerparity(PPP)theorysuggeststhat:A.exchangeratesaredeterminedbytherelativeinterestratesbetweentwocountries.B.exchangeratesaredeterminedbytherelativeinflationratesbetweentwocountries.C.exchangeratesaredeterminedbytherelativeproductivitylevelsbetweentwocountries.D.exchangeratesarefixedbyinternationalagreements.七、51.Whichofthefollowingisacomponentoftheaggregatedemand(AD)curve?A.Governmentpurchases.B.Investmentspending.C.Netexports(exportsminusimports).D.Alloftheabove.52.Theaggregatedemandcurveslopesdownwardbecause:A.asthepricelevelrises,therealvalueofmoneydecreases,leadingtoadecreaseinconsumptionandinvestment.B.asthepricelevelrises,consumerssubstituteawayfromdomesticgoodstowardsimportedgoods.C.asthepricelevelrises,firmsincreasetheirproductionlevelstomeethigherdemand.D.asthepricelevelrises,theinterestratefalls,leadingtoanincreaseininvestment.53.Theaggregatesupply(AS)curverepresents:A.thetotalquantityofgoodsandservicesthatfirmsarewillingtoproduceatdifferentpricelevelsintheshortrun,assuminginputpricesarefixed.B.thetotalquantityofgoodsandservicesthatconsumersarewillingtopurchaseatdifferentpricelevels.C.therelationshipbetweentheinflationrateandtheunemploymentrate.D.thetotalquantityofgoodsandservicesthatthegovernmentplanstopurchaseatdifferentpricelevels.54.Whichofthefollowingscenarioswouldlikelyleadtoaleftwardshiftintheshort-runaggregatesupply(SRAS)curve?A.Anincreaseinconsumerconfidenceleadingtohigherconsumptionspending.B.Adecreaseinthepricelevel.C.Anegativesupplyshock,suchasasuddenincreaseinthepriceofoil.D.Anincreaseininvestmentspending.55.Inthelongrun,theaggregatesupplycurveisconsidered:A.upwardsloping.B.downwardsloping.C.verticalatthelevelofpotentialoutput.D.horizontal.56.Iftheactualoutputofaneconomyisbelowitspotentialoutput,theeconomyisexperiencing:A.demand-pullinflation.B.cost-pushinflation.C.arecessionarygap.D.aboom-bustcycle.57.Whichofthefollowingisapotentialcauseofdemand-pullinflation?A.Adecreaseinthemoneysupply.B.Anegativesupplyshock.C.Anincreaseinaggregatedemandthatoutpacestheeconomy'scapacitytoproduce.D.Adecreaseinproductioncosts.58.ThePhillipscurveillustratestheshort-runtrade-offbetween:A.nominalGDPandrealGDP.B.aggregatedemandandaggregatesupply.C.inflationandunemployment.D.investmentandconsumption.59.Ifaneconomyisoperatingatfullemployment,asignificantincreaseinaggregatedemandislikelytoleadto:A.adecreaseinoutputandanincreaseinunemployment.B.anincreaseinoutputwithlittleornochangeintheunemploymentrate.C.adecreaseinoutputandadecreaseintheunemploymentrate.D.anincreaseinoutputandanincreaseintheinflationrate.60.Whichofthefollowingpoliciesislikelytohelpaneconomyclosearecessionarygap?A.Contractionaryfiscalpolicy.B.Contractionarymonetarypolicy.C.Expansionaryfiscalpolicyorexpansionarymonetarypolicy.D.Neutrallybalancedfiscalpolicy.試卷答案：1.C解析：當(dāng)市場價格高于平均可變成本但低于平均總成本時，廠商的總收益可以覆蓋全部可變成本和部分固定成本，從而避免比關(guān)閉工廠時更大的損失。因此，廠商會選擇繼續(xù)經(jīng)營以最小化損失。2.C解析：交叉價格彈性衡量的是一種商品需求量對另一種商品價格變動的反應(yīng)程度。它用于區(qū)分商品之間的關(guān)系（替代品或互補(bǔ)品）。3.C解析：在短期中，固定成本是指那些不隨產(chǎn)量變動而變動的成本，如廠房租金、設(shè)備折舊等。原料、小時工工資和能源成本通常是變動成本。4.A解析：價格彈性為0.5表示需求缺乏彈性。當(dāng)價格上漲10%時，根據(jù)彈性公式（百分比變化=彈性*百分比價格變化），需求量將下降0.5*10%=5%。5.A解析：面臨向下傾斜需求曲線的廠商為了最大化利潤，需要生產(chǎn)邊際收益（MR）等于邊際成本（MC）的產(chǎn)量水平。這是利潤最大化的基本條件。6.A解析：GDP定義為特定時期內(nèi)一個國家境內(nèi)生產(chǎn)的所有最終商品和服務(wù)的市場價值總和。這是衡量一個國家經(jīng)濟(jì)活動的主要指標(biāo)。7.B解析：政府支出是GDP的四大組成部分（消費(fèi)、投資、政府購買、凈出口）之一。政府投資基礎(chǔ)設(shè)施項(xiàng)目屬于政府購買。8.B解析：消費(fèi)者價格指數(shù)（CPI）衡量的是一籃子代表性消費(fèi)品和服務(wù)的價格隨時間變動的相對數(shù)，反映了普通消費(fèi)者購買商品和服務(wù)的成本變化。9.B解析：調(diào)整法定準(zhǔn)備金率是中央銀行控制商業(yè)銀行信貸創(chuàng)造能力、從而調(diào)節(jié)貨幣供應(yīng)量的重要手段，屬于貨幣政策工具。10.A解析：乘數(shù)效應(yīng)描述的是初始支出變動（如投資）如何導(dǎo)致國民收入產(chǎn)生更大規(guī)模變動的現(xiàn)象。初始投資增加會通過一系列連鎖反應(yīng)，使國民收入增加。11.C解析：擴(kuò)張性財(cái)政政策通常包括增加政府支出或減稅，這會增加總需求，從而提高國民收入。12.C解析：菲利普斯曲線展示了在短期內(nèi)，通貨膨脹率與失業(yè)率之間通常存在的負(fù)相關(guān)關(guān)系。13.D解析：根據(jù)數(shù)量理論M*V=P*Y，如果V相對穩(wěn)定，M增加會導(dǎo)致P（價格水平）在長期內(nèi)上升。14.C解析：預(yù)期理論認(rèn)為，長期債券的收益率等于當(dāng)前短期利率的加權(quán)平均值，加權(quán)依據(jù)是市場對未來短期利率的預(yù)期。即收益率曲線的形狀反映了市場對未來利率的預(yù)期。15.B解析：MacDowell久期衡量的是債券現(xiàn)金流的加權(quán)平均到期時間，權(quán)重為每期現(xiàn)金流現(xiàn)值占債券總現(xiàn)值的比例。16.C解析：貨幣的三大職能是：mediumofexchange（交換媒介）、unitofaccount（計(jì)價單位）和storeofvalue（價值貯藏）。17.A解析：商業(yè)銀行通過吸收存款（部分作為準(zhǔn)備金，部分用于貸款）來創(chuàng)造貨幣。當(dāng)銀行發(fā)放貸款時，會在銀行體系中產(chǎn)生新的存款，從而增加貨幣供應(yīng)量。18.C解析：中央銀行的主要職能包括制定和執(zhí)行貨幣政策、維護(hù)金融穩(wěn)定、監(jiān)管銀行體系等，其中貨幣政策旨在實(shí)現(xiàn)物價穩(wěn)定和充分就業(yè)等目標(biāo)。19.B解析：外部性是指一個個體或群體的經(jīng)濟(jì)活動對與之無關(guān)的第三方造成的影響。正外部性或負(fù)外部性都可能導(dǎo)致市場失靈。20.B解析：貿(mào)易逆差意味著一個國家在特定時期內(nèi)進(jìn)口的商品和服務(wù)價值超過其出口的價值。21.A解析：債券價格=未來現(xiàn)金流的現(xiàn)值。PV=50/(1+0.06)^1+50/(1+0.06)^2+...+50/(1+0.06)^n+1000/(1+0.06)^n。計(jì)算得出約為925.93。22.D解析：零息債券的現(xiàn)值=面值/(1+YTM)^n。PV=1000/(1+y)^5=747.26。解方程得出YTM約為8%。23.B解析：完美競爭市場的主要特征之一是產(chǎn)品同質(zhì)，缺乏產(chǎn)品差異化。24.B解析：壟斷競爭