SECTION ONE (Compulsory)：Single-choice questions 5 C% [& a8 ]2 F; z' s& t
Multiple-choice questions: from the following four options, select a correct and fill in its labeling the brackets. (A total of 10 points)
& X$ o& x& \. G0 s8 q0 H; \ 1. Tom cannot tell the difference between Coke and Pepsi. For Tom, these goods are: () / j& ^5 H. `9 j
A. Perfect substitutes.
' v4 j+ Z. K! b# n B. Perfect complements. # h2 S; m% h0 e z: Y
C. Necessities. K) B0 f) P( g! b+ U& d
D. None of the above.
% g2 Q1 W( } `! J6 h' v; c 2. Suppose the economy is running at the level of potential GDP, an increase in government spending in the long run will ___ the price level and ___ the output level,
7 n3 b: e8 b! B. ^1 u% d A. Increase, not change ( A; |# p8 q- D" C& Q6 K' B- y
B. Increase, increase
; r% {! w9 P3 _# A3 V C. Increase, decrease
5 Y3 |" n! p8 L ~$ ]5 j c D. Decrease, increase
0 G4 q7 y2 W/ ]8 g 3. For a natural monopoly, the optimal policy for a regulator to set is a price such that: ()
% i: K- V( S9 _: r0 M A. The price level equals marginal cost. ) i0 Q4 z3 D) g4 ]; l
B. The price level equals average variable cost.
+ V, H: N d) y- G5 N C. The price level equals average total cost but higher than marginal cost. - S* M% _+ a+ X/ H: H
D. The price level is lower than marginal cost but higher than average total cost. ; ~+ C* b+ C% k5 n/ K
4. If AD shifts to the right to adapt to oil shocks from OPEC, then: ()
8 \) A. [/ H% ^: |4 p2 C* h A. P and GDP will remain normal automatically. - g# S) A3 d9 e2 Z4 S9 c
B. GDP may be unchanged although P will rise.
0 f# Y7 W& q8 f# u C. GDP will rise and P will drop.
+ S: [+ t3 N- y! ?# h D. The domestic P of oil will drop.
1 K: i) C3 W V6 b$ n2 X 5. School students paying a lower fare than adults on the MTR trains, or cheaper tickets to the theatre, is an example of: () - I- d- f. ?: x7 A$ S7 n' F
A. The suppliers making less profit because some customers pay a lower price. 2 m- _5 J) l: ~2 U0 L% K
B. Consumers obtaining more consumer surplus.
+ Q3 I- }- ^' ^* F C. Price discrimination allowing the suppliers to make more profit from charging a higher price to customers whose demand is more elastic.
. v' z7 @+ Y5 j: `& e5 _ D. Price discrimination allowing the suppliers to make more profit from charging a lower price to customers whose demand is more elastic.
l# I& P/ q2 U) K 6. When the nominal interest rate rises, ()
' g* S9 s4 S! P8 g' e0 o% R! V A. Economic activity is encouraged.
4 X% m4 M* l3 S% ]- ] B. The real interest rate rises and the price of bonds rises.
8 k' K2 z U4 N0 G# l2 k W C. Inflation rises and the real interest rate falls. k2 M3 M/ Z5 K' H) Y U
D. The real interest rate rises and the price of bonds falls.
+ ? f' c: w1 r9 a( y1 c; M& z 7. A firm has fixed costs of ￡100,000 per month and variable costs of ￡25 for item. It proposes to sell these items for ￡50 each. What is the break-even output for this firm? ()
; d. s$ z( g2 Y% P. e A. 4,000 units 9 Q! `7 A0 _% h2 ~: q# w
B. 4,000 units in a month. 1 s& D3 z. O, [
C. Cannot be worked out from the information. 3 r+ u9 B" |8 z' z+ j6 K! }4 U7 R
D. 2,000 units per month.
% [' b4 a7 B) |# k, s5 ?, U, e. J0 n 8. For an A- rated corporate bond that has deteriorating fundamentals, but is expected to remain investment grade, the greatest risk is most likely: ()
9 P) Y; a8 b/ i! N A. Event risk. / c1 i& w+ p I, I/ U
B. Default risk. 6 w o3 k( j1 _4 H( \! _" J
C. Liquidity risk. 1 q$ \. u6 \) B/ m
D. Credit spread risk. " Q! B: X: E4 R
9. An investor currently has a portfolio valued at $700,000. The investor’s objective is long-term growth, but the investor will need $30,000 by the end of the year to pay her son’s college tuition and another $10,000 by year-end for her annual vacation. The investor is considering four alternative portfolios:
4 {# q' W4 p& V" b4 f Portfolio Expected Return Standard Deviation of Returns
8 D: V. c4 x+ q2 o1 w1 @ P 1．8% 10% * u! o1 ~8 Z) u; k- D- h& w2 `
2．10% 13% 3 p4 m6 z8 |" F X; b
3．14% 22%
/ C5 K% R$ P/ { a3 a 4．18% 35%
+ u! b% J/ q6 B! S) `" k Using Roy’s safety-first criterion, which of the alternative portfolios minimizes the probability that the investor’s portfolio will have a value lower than $700,000 at year-end? ()
. a+ u6 e+ [$ t e" i; m A. Portfolio 1.
; i/ b/ d5 Z: ?) \ B. Portfolio 2. 0 ~1 a" h/ U; t/ t0 V7 i$ H1 S9 H0 R# ^
C. Portfolio 3.
7 s0 F: s+ b% l0 o9 L& p6 B D. Portfolio 4. * s# H5 W2 D' X$ ?
10. A futures trader must deposit an additional amount of money into a margin account at the clearinghouse if the margin account ending balance is below the: () 6 f- a0 N: X0 j6 ]+ }
A. Initial margin requirement. a8 K; g j& f6 p, n- X
B. Variation margin requirement. 2 L `* ^! B) e0 t- ?
C. Maintenance margin requirement.
A1 u( f5 S8 S7 s* d D. Amount of the loan borrowed from the clearinghouse. |
发表于 2012-8-16 08:05:44
