CFA考试题经济学的学得如何？经济主要是三大模块的学习，不知道到进行到哪一块了？今天我们做一做经济学的考试题！看看是不是做对了？

1、An expansionary fiscal policy is most likely associated with:

A. an increase in government spending on social insurance and benefits.

B. crowding out of private investments.

C. an increase in capital gains tax rates.

[Solution] Expansionary policy increases government borrowing, which may divert private sector investment from taking place, which results in an effect known ascrowding out. Increases in capital gains tax rates and increases in public spending are forms of contractionary fiscal policy; they serve as automatic stabilizers and thus do not coincide with discretionary fiscal expansion. 财政政策expansionary，一定导致crowd-out effect。Expansionary很有可能导致政府增加spending，但是并不一定花费在social insurance and benefit，所以A不对；财政政策两个工具：spending和taxation。政府有可能使用下降税，而不是增加税。

2、Which of the following statements concerning the Herfindahl–Hirschman Index (HHI) is most accurate?

A. The HHI is a useful measure of potential barriers to entry.

B. An HHI of 0.05 would be analogous to having the market shared equally by 20 firms.

C. The HHI is usually unaffected by mergers among the top market incumbents.

[Solution] If there are M firms in the industry with equal market shares, the HHI equals 1/M. With 20 firms having equal shares, the HHI = 1/20 = 0.05. N-firm 和HHI ratio都没有办法衡量barrier，所以A错了；当市场有20个公司，且均分share，那么HHI ratio = 0.05^2 *20 = 0.05; HHI ratio 比N-firm的优势在于更sensitive to M&A，所以会受到M&A影响很大.

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