CFA一级历年真题精选

　　距离11月份CFA一级考试越来越近，有不少报考CFA的学员在面对考试前会有一股压力，其实大家在报名后利用业余时间对考点内容巩固学习，通过CFA一级考试还是不难的，下面为大家介绍了该考试的真题解析，参加考试的人员可以阅读学习。

1.单选：Movement along the demand curve for good X occurs due to a change in: 

A．income.

B．the price of good X.

C．the price of a substitute for good X

答案：B

解析：影响沿着需求曲线移动的因素只有一个就是商品自身价格。

关联考点：3-12-1 Demand Introduction 结束符号

2.单选：A wireless phone manufacturer introduced a next-generation phone that received a high level of positive publicity. Despite running several high-speed production assembly lines, the manufacturer is still falling short in meeting demand for the phone nine months after introduction. Which of the following statements is the most plausible explanation for the demand/supply imbalance?  

A．The phone price is low relative to the equilibrium price.

B．Competitors introduced next-generation phones at a similar price.

C．Consumer incomes grew faster than the manufacturer anticipated.

答案：A

解析：题目大意是：一家无线电话制造商推出了一款受到高度正面宣传的下一代手机。尽管拥有几条高速生产流水线，制造商在推出九个月后仍然不能满足手机的需求。下列哪种说法是对供需失衡的最合理的解释？从题目可以看出无线电话供不应求。换句话说三个选项哪个会造成供不应求。当电话的价格低于均衡价格。那么此时作为厂家由于价格低于均衡价格不愿意生产，那么电话供给就相对较少，相反，消费者因为电话的价格低于均衡价格，更愿意购买，因为便宜，这样需求就相对较大，这样就造成了供不应求的局面。如果竞争者生产了下一代手机，并且售价相似，那么消费者就不会选择这家购买手机而是去竞争对手家买手机，那么这家商品的销量就会减少，这样会使得供大于求。消费者的收入增长超过生产者的预期未必会对这家手机的需求增加，所以也未必会造成供不应求的局面。

关联考点：3-12-3 Market Equilibrium结束符号

3.单选：The demand and supply functions for a leading smartphone are furnished below: Qd  = 1,000 – 20P + 2I;#Qs  = –200 + 50P – 80W;#where,#d = Quantity demanded in number of units#Qssp = Quantity supplied in number of units# Psp = Price per smart phone in $#I = Household income in $ per year W = Wage rate in $ per hour#Currently, the firm has priced the smartphone at $250 per unit. If the wage is $10 per hour and the household income is $9,500 per year, the smartphone’s equilibrium price is closest to:

A．$250.

B．$300.

C．$425.

答案：B

解析：根据题意，需求函数可以写出： 1,000 – 20Psp + 2 ×(9,500) =20,000 – 20Psp 。供给函数可以写出： –200 + 50Psp – 80 ×(10) ＝ －1,000 ＋ 50Psp 。均衡价格也就是供给等于需求的时候所形成的价格，则20,000 – 20Psp = －1,000 ＋ 50Psp ，求得Psp = – 21,000/–70 = $300。

关联考点：3-12-3 Market Equilibrium结束符号

4.单选：The demand for membership at a local health club is determined by the following equation: Qdhm=400?5Phm where Qdhm is the number of health club members and Phm is the price of membership. If the price of health club membership is $35, the price elasticity of demand is closest to: 

A．-0.778.

B．-0.500.

C．-0.438.

答案：A

解析：题目已知了需求函数 ： Qdhm=400-5Phm ，同时知道Phm=35 ，将其带入函数方程，得到Qdhm=400-5*(35)=225在 Phm=35时,根据价格弹性的公式

关联考点：3-12-4 Price Elasticity of  Demand 结束符号

5.单选：The market demand function for four-year private universities is given by the equationQdpr = 84 – 3.1Ppr + 0.8I + 0.9Ppuwhere Qdpr is the number of applicants to private universities per year in thousands, Ppr is the average price of private universities (in thousands of USD), I is the household monthly income (in thousands of USD), and Ppu is the average price of public (government-supported) universities (in thousands of USD). Assume that Ppr is equal to 38, I is equal to 100, and Ppu is equal to 18.The price elasticity of demand for private universities is closest to: 

A．-3.1.

B．-1.9.

C．0.6.

答案：B

解析：题目已知了需求函数 ： Qdpr = 84 – 3.1Ppr + 0.8I + 0.9Ppu，同时知道Ppr ＝38,I＝100, Pu＝18，将其带入函数方程，得到Qdpr = 84 – 3.1(38) + 0.8(100) + 0.9(18)= 62.4在 Ppr ＝38,根据价格弹性的公式

关联考点：3-12-4 Price Elasticity of  Demand 结束符号

6.单选：If the price elasticity coefficient of the demand curve for paper clips is equal to –1, demand is: 

A．elastic.

B．inelastic.

C．unit elastic.

答案：C

解析：根据单位弹性（unit elastic ）的定义：价格弹性等于-1。

关联考点：3-12-4 Price Elasticity of  Demand 结束符号

7.单选：Price elasticity of demand for a good will most likely be greater if: 

A．there are no substitutes for the good.

B．consumers consider the good as discretionary.

C．consumers spend a small portion of their budget on the good.

答案：B

解析：这道题考的是价格弹性的影响因素，有三个 ①替代物的有效性（Availability of substitutes）如果有好的替代品，价格弹性相对较大②花费在某种商品上所占收入的比例 。（Portion of income spent on a good ）占收入的比例越大，价格弹性也就越大 ③时间（Time ）。价格变动的调整需要较长的时间，弹性相对较大。消费者认为商品是可自由支配的，考虑的是第三个影响因素，商品被认为是可选择的，说明这个商品找到替代品，那么它的弹性也就相对较大。

关联考点：3-12-4 Price Elasticity of  Demand 结束符号

8.单选：An individual’s demand for onions is given by the following equatio Qdo=3?0.05Po+0.009I?0.16Pt where Qdo is the number of onions demanded, Po is the price per pound of onions, I is the household income, and Pt is the price per pound of tomatoes. If the price of onions is $1.25, household income is $2,500, and the price of tomatoes is $3.75, the cross-price elasticity of demand for onions with respect to the price of tomatoes is closest to: 

A．–1.0597.

B．–0.0242.

C．–0.0081.

答案：B

解析：题目已知了需求函数 ： Qdo = 3 – 0.05Po + 0.009I – 0.16Pt，同时知道Po ＝1.25,I＝2,500, Pt＝3.75，将其带入函数方程，得到Qdo = 3 – 0.05(1.25) + 0.009(2,500) – 0.16(3.75) = 24.8375 在 Po ＝1.25, Pt＝3.75根据交叉弹性的公式

关联考点：3-12-5 Cross Elasticity of Demand 结束符号

9.单选：The market demand function for four-year private universities is given by the equationQdpr = 84 – 3.1Ppr + 0.8I + 0.9Ppu where Qdpr is the number of applicants to private universities per year in thousands, Ppr is the average price of private universities (in thousands of USD), I is the household monthly income (in thousands of USD), and Ppu is the average price of public (government-supported) universities (in thousands of USD). Assume that Ppr is equal to 38, I is equal to 100, and Ppu is equal to 18.The cross elasticity of demand for private universities is closest to 

A．0.3.

B．3.1.

C．3.9.

答案：A

解析：题目已知了需求函数 ： Qdpr = 84 – 3.1Ppr + 0.8I + 0.9Ppu，同时知道Ppr ＝38,I＝100, Pu＝18 ，将其带入函数方程，得到Qdpr = 84 – 3.1Ppr + 0.8I + 0.9Ppu = 84 – 3.1(38) + 0.8(100) + 0.9(18) = 62.4在 Ppr ＝38, Pu＝18根据交叉弹性的公式

关联考点：3-12-5 Cross Elasticity of Demand 结束符号

10.单选： If  the cross -price elasticity between two goods is negative ,the two goods are classified as :

A．normal.

B．substitutes.

C．complements.

答案：C

解析：替代品（ substitutes ）的交叉弹性为正（positive），互补品（ complements ）的交叉弹性为负（ negative ）。

关联考点：3-12-5 Cross Elasticity of Demand 结束符号

　　上述内容为大家精选出10道CFA历年真题，大家可以参考学习，如果还有其他想了解的考试问题，可以咨询本站在线老师。