备考CFA考试阶段财报考试题学习的如何？这边有相关考试题帮助你练习，看看财报的考试题是不是能做对呢？一起做一下吧！

1、Under conditions of perfect competition, in the long run firms will most likely earn:

A. Normal profits

B. Positive economic profits

C. Negative economic profits

[Solution] A is correct. Competition should drive prices down to long-run marginal cost, resulting in only normal profits being earned.  完全竞争市场中，公司在长期中只能赚取Normal Profit。


2.、In the classification of currency regimes, a currency board system (CBS) most likely differs from a fixed-rate parity system in that:

A. a CBS has a discretionary target level of foreign exchange reserves.

B. a CBS can peg to a basket of currencies but a fixed-rate system cannot.

C. the monetary authority within a CBS does not act as a traditional lender of last resort.

[Solution] C is correct. In a CBS, the monetary authority has an obligation to maintain 100% foreign currency reserves against the monetary base. It thus cannot lend to troubled financial institutions. As long as the country under a fixed-parity regime maintains its exchange peg, the central bank can serve as a lender of last resort. Currency board的意思是每发行以单位货币，必须有相当于以单位货币的reserve量才行。而fixed rate parity system，虽然是顶住某种货币，但无需有对方货币作为reserve才能发行货币。这样的话，fixed system中央行仍然可以随意发行货币，而currency board不行，所以其丧失了traditional lender of last resort的职能

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