CFA Level Ⅰ考试题是很多的，考生需要做的考试题也是有限的，那今天小编为你准备了几道CFA考试题，看看你是不是弄清楚了呢？

1. Which of the following is most likely to cause a shift to the right in the aqqreqate demand curve?

A．Increase in taxes

B．Decrease in real estate values

C．Boom in the stock market

【答案】C

【解析】

A boom in the stock market increases the value of financial assets and household wealth. An increase in household wealth increases consumer spending and shifts the aggregate demand curve to the right.

2. If the quantity demanded of pears falls by 4%when the price of apples decreases by 3%, then apples and pears are best described as:

A．inferior goods.

B．complements.

C．substitutes.

【答案】C

【解析】

The cross elasticity of demand is defined as the percentage change in quantity demanded divided by the percentage change in the price of a substitute or complement. If the cross elasticity of demand is positive, the goods are substitutes. In this case, the 4% decline in quantity of pears is divided by the 3% decline in the price of apples, which is a positive number:-4/-3 = +1.33.


3. An expansionary fiscal policy is most likely associated with:

A．an increase in capital gains tax rates.

B．crowding out of private investments.

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

【答案】B

【解析】

Expansionary policy increases government borrowing, which may divert private sector investment from taking place (resulting in an effect known as crowding out). A rise in capital gain tax rates is a form of contractionary fiscal policy. Rises in government spending on social insurance and benefits is a form of automatic stabilizer and not due to discretionary fiscal expansion.

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