CFA考试中的经济知识点也是很多，虽说是备考3个模块的知识，但是还是要掌握所有的知识点的，那在备考中经常性账户与资本流是不是掌握了？一起做一下这个知识点的考试题！

Because of a sharp decline in real estate values, the household sector has increased the fraction of disposable income that it saves. If output and investment spending remain unchanged, which of the following is most likely correct?

A A decrease in the government deficit.

B A decrease in net exports and increased capital inflow.

C An increase in net exports and increased capital outflow.


答案：

C is correct. The fundamental relationship among saving, investment, the fiscal balance, and the trade balance is S=I+（G-T）+（X-M）。 Given the levels of output and investment spending, an increase in saving （reduction in consumption）must be offset by either an increase in the fiscal deficit is not one of the choices, so an increase in net exports and corresponding increase in net capital outflows （increased lending to foreigners and/or increased purchases of assets from foreigners） is the correct response.

这题需要运用S=I+（G-T）+（X-M）这个公式。题中说到房地产的价值下降从而增加储蓄。当投资（I）不变，根据该公式我们可以知道储蓄（S）增加时财政赤字（G-T）和净出口（X-M）会增加。A选项政府赤字下降显然是错误的，B选项的净出口下降也是错误的，因此选择C。

如果你在CFA课程学习方面遇见不同的困难，不妨与融跃老师在线联系或者添加老师微信，让老师为你进行课程的解答。同时还可以试学融跃教育课程，找到适合自己的内容，更好的帮助你通 关考试。