学习学的如何？知识点学习累了，跟着融跃CFA一起做一下CFA一级考试题，检测一下自己的学习成果，遇到问题我们一起解决！

An analyst does research about the dividend discount model (DDM).All else being equal, the earnings multiplier for a stock decreases with an increase in the:【单选题】

A.expected dividend growth rate.

B.expected dividend payout ratio.

C.estimated required rate of return on equity.

正确答案:C

答案解析:P/E = payout ratio/(k-g)，所以当预期的股利增长率或者预期的股利发放比率增加时，P/E比率都会上升，而如果估计的必要回报率增加的话，P/E比率则会下降。


An analyst does research about trade restriction.A primary reason for a country to adopt restrictions on international trade is that restrictions typically:【单选题】

A.improve short-run economic efficiency.

B.benefit consumers at the expense of producers.

C.provide concentrated benefits to a small group of people.

正确答案:C

答案解析:限制国际贸易并不能促进短期的经济有效性，而是有利于生产厂商，并且会牺牲消费者的利益。但是，限制国际贸易为一小部分人提供了利益，如本地的生产厂商受到国外产品的竞争会减少，从而能够获得更多的利润。

CFA考试题的练习是相当重要的，考生如果没有掌握知识点做题会有理解偏差的，这边有CFA备考课程和题库有需要可以在线咨询或者添加老师微信。