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　　CFA考點(diǎn)一：Breakeven Point

　　精選問答1：

　　The demand schedule in a perfectly competitive market is given by P=93-1.5Q (for Q≤62)and the long-run cost structure of each company is:

　　Total cost: 256+2Q+4Q2

　　Average cost: 256/Q+2+4Q

　　Marginal cost: 2+8Q

　　New companies will enter the market at any price greater than:

　　A 8

　　B 66

　　C 81

　　答案：

　　B is correct. The long-run competitive equilibrium occurs where MC=AC=P for each company. Equating MC and AC implies 2+8Q=256/Q+2+4Q.

　　Solving for Q gives Q=8. Equating MC with price gives P=2+8Q=66. Any price above 66 yields an economic profit because P=MC>AC, so new companies will enter the market.

　　CFA考試解題思路

　　這題主要考察以下兩個(gè)考點(diǎn)，第一個(gè)是是盈虧平衡點(diǎn)(breakeven point)。在完全競爭市場上，P=ATC是廠商的盈虧平衡點(diǎn)。而在P>ATC時(shí)，利潤會(huì)吸引新廠商進(jìn)入。第二個(gè)考點(diǎn):單個(gè)廠商在完全競爭市場上均衡條件下有P =MR =MC=AC;根據(jù)此公式，本題聯(lián)立MC=AC 即可求出答案。

　　易錯(cuò)點(diǎn)分析

　　很多同學(xué)都有這樣的疑問：為什么不可以聯(lián)立P=MC或者P=AC直接來求解。那是因?yàn)槲覀兯阌澠胶恻c(diǎn)時(shí)，需要用到單個(gè)廠商的需求曲線，而非整個(gè)市場的需求曲線。但是題目中給的需求曲線公式卻是整個(gè)市場的，因此不可選用。所以本題中均衡條件下的完全競爭市場滿足P=AC，所以可直接用MC=AC來計(jì)算此題。本題需要注意區(qū)分單個(gè)廠商和整個(gè)市場的需求曲線。

　　CFA考點(diǎn)二：Economies of Scale

　　精選問答2：

　　A firm that increases its quantity produced without any change in per-unit cost is experiencing:

　　A economies of scale

　　B diseconomies of scale

　　C constant returns to scale

　　答案：

　　C is correct. Output increases in the same proportion as input increases occur at constant returns to scale.

　　解題思路

　　題目中說到產(chǎn)量增加，“單位成本”不變，那么它就是指規(guī)模報(bào)酬不變。換言之，成本和產(chǎn)量等比例地增加。

　　易錯(cuò)點(diǎn)分析

　　很多同學(xué)都選了A。A選項(xiàng)錯(cuò)在規(guī)模經(jīng)濟(jì)下，單位成本是下降的。如果A選項(xiàng)說“總成本”不變?？偖a(chǎn)出增加，單位成本不變是指規(guī)模經(jīng)濟(jì)(如下圖所示)。所以在做類似題目的時(shí)候，大家需要看清題目究竟問的是“單位成本”還是總成本。

　　CFA考點(diǎn)三：Profit Maximum

　　精選問答3

　　A profit maximum is least likely to occur when:

　　A average total cost is minimized

　　B marginal revenue equals marginal cost

　　C the difference between total revenue and total cost is maximized

　　答案：

　　A is correct. The quantity at which average total cost is minimized does not necessarily correspond to a profit maximum.

　　解題思路

　　Profit=TR-TC; ①當(dāng)兩者之差達(dá)到最大值時(shí)，說明此時(shí)的profit為最大值;②求導(dǎo)方法，TR'-TC'=0時(shí)，此時(shí)profit達(dá)到最大值，即MR=MC

　　易錯(cuò)點(diǎn)分析：

　　這道題不少同學(xué)都沒有看清least likely，最后選擇錯(cuò)誤。選擇A是因?yàn)榕袛鄍rofit大小時(shí)，不能單由cost判斷，還要考慮revenue和產(chǎn)量。Cost最低的時(shí)候，Revenue和產(chǎn)量可能同時(shí)比較小，如此總的Revenue就很低，那么利潤也很低。

　　CFA考點(diǎn)四：影響LM曲線平移的因素

　　精選問答4

　　An increase in the price level would shift the

　　A IS curve.

　　B LM curve.

　　C aggregate demand curve.

　　答案：

　　B is correct. The LM curve represents combinations of income and the interest rate at which the demand for real money balances equals the supply. For a given nominal money supply, an increase in the price level implies a decrease in the real money supply. To decrease the demand for real money balances, either the interest must increase or income must decrease. Therefore, at each level of the interest rate, income (= expenditure) must decrease—a leftward shift of the LM curve.

　　解題思路

　　影響LM的平移的因素就是比實(shí)際貨幣供給。實(shí)際貨幣供給=名義貨幣供給/物價(jià)水平。因此，物價(jià)水平的改變可以影響LM曲線的平移。

　　易錯(cuò)點(diǎn)分析

　　這道題有些同學(xué)選擇了C選項(xiàng)。C選項(xiàng)中提及的總需求AD曲線，它的橫坐標(biāo)就是物價(jià)水平P，因此，物價(jià)水平的變動(dòng)只會(huì)引起曲線上的點(diǎn)沿著曲線移動(dòng)，而非曲線的平移。

　　此外還需注意到，一國總產(chǎn)出可以表示為Y=C+I+G+(X-M)，等式右邊第一項(xiàng)消費(fèi)C和總產(chǎn)出Y有關(guān)，第二項(xiàng)投資I和利率水平r有關(guān)。那么剩下來的兩項(xiàng)政府支出G以及凈出口(X-M)便是影響IS曲線平移的因素，和物價(jià)水平?jīng)]有關(guān)系。

　　CFA考點(diǎn)五：充分就業(yè)時(shí)的產(chǎn)出水平

　　精選問答5

　　The full employment, or natural, level of output is best described as:

　　A the maximum level obtainable with existing resources.

　　B the level at which all available workers have jobs consistent with their skills.

　　C a level with a modest, stable pool of unemployed workers transitioning to new jobs.

　　C is correct. At the full employment, or natural, level of output the economy is operating at an efficient and unconstrained level of production. Companies have enough spare capacity to avoid bottlenecks, and there is a modest, stable pool of unemployed workers (job seekers equal job vacancies) looking for and transitioning into new jobs.

　　解題思路

　　充分就業(yè)時(shí)仍然會(huì)存在一部分失業(yè)，但是這部分失業(yè)是穩(wěn)定溫和的，并且這些失業(yè)工人可以通過培訓(xùn)實(shí)現(xiàn)再就業(yè)。

　　易錯(cuò)點(diǎn)分析

　　這道題會(huì)有不少CFA報(bào)名考生誤選了A選項(xiàng)。A選項(xiàng)暗含了利用所有勞動(dòng)力的意思，但是我們說充分就業(yè)的情況下，依然存在結(jié)構(gòu)性失業(yè)以及摩擦性失業(yè)。所以相比較C選項(xiàng)，A選項(xiàng)的說法不夠準(zhǔn)確。

　　CFA考點(diǎn)六：target exchange rate

　　精選問答6

　　A country that maintains a target exchange rate is most likely to have which outcome when its inflation rate rises above the level of the inflation rate in the target country?

　　A. An increase in short-term interest rates.

　　B. An increase in the domestic money supply.

　　C. An increase in its foreign currency reserves.

　　答案：

　　A is correct. Interest rates are expected to rise to protect the exchange rate target.

　　解題思路

　　如果A國盯住B國的匯率，那么A國通脹上漲會(huì)導(dǎo)致A國的貨幣貶值。為了阻止A國貨幣的貶值，A國可以實(shí)施一個(gè)緊縮的貨幣政策，提升利率水平，吸引外資流入，穩(wěn)定匯率水平。所以A選項(xiàng)正確。

　　易錯(cuò)點(diǎn)分析：

　　這道題有不少同學(xué)會(huì)在C選項(xiàng)上猶豫。如果A國增加自己的外匯儲(chǔ)備，它相當(dāng)于與賣出本國的貨幣，買進(jìn)外國的貨幣。那么大量的本國貨幣投放如市場，類似于實(shí)施了一個(gè)擴(kuò)張的貨幣政策。這會(huì)導(dǎo)致A國匯率降低而不是升高。

　　此外，B選項(xiàng)增加貨幣供給是一個(gè)擴(kuò)張的貨幣政策，它會(huì)導(dǎo)致利率下降，幣值下跌，也不入選。

　　CFA考點(diǎn)七：Trade restrictions

　　精選問答7

　　A large country can:

　　A benefit by imposing a tariff.

　　B benefit with an export subsidy.

　　C not benefit from any trade restriction.

　　答案：

　　A is correct.

　　By definition, a large country is big enough to affect the world price of its imports and exports. A large country can benefit by imposing a tariff if its terms of trade improve by enough to outweigh the welfare loss arising from inefficient allocation of resources.

　　解題思路

　　在國際貿(mào)易領(lǐng)域，大國對(duì)一款產(chǎn)品的需求量占比過高，會(huì)對(duì)該類產(chǎn)品的世界價(jià)格水平產(chǎn)生影響。大國設(shè)置關(guān)稅后會(huì)大幅降低全球范圍對(duì)于該種商品的需求量，從而導(dǎo)致該種商品世界價(jià)格的下降，大國的消費(fèi)者因此獲利。

　　易錯(cuò)點(diǎn)分析

　　注意到，國際貿(mào)易中的大國并不是指該國國土面積比較大，或者指該國的GDP比較高。而是指該國對(duì)某種商品的需求量占比非常高。對(duì)于這題，有很多CFA報(bào)名考生會(huì)選C選項(xiàng)。既然A選項(xiàng)入選，C選項(xiàng)就錯(cuò)誤。對(duì)于這個(gè)結(jié)論，大家可以記憶一下。

　　CFA考點(diǎn)八：經(jīng)常性賬戶與資本流

　　精選問答8

　　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.

　　這題需要運(yùn)用S=I+(G-T)+(X-M)這個(gè)公式。題中說到房地產(chǎn)的價(jià)值下降從而增加儲(chǔ)蓄。當(dāng)投資(I)不變，根據(jù)該公式我們可以知道儲(chǔ)蓄(S)增加時(shí)財(cái)政赤字(G-T)和凈出口(X-M)會(huì)增加。A選項(xiàng)政府赤字下降顯然是錯(cuò)誤的，B選項(xiàng)的凈出口下降也是錯(cuò)誤的，因此選擇C。

　　易錯(cuò)點(diǎn)分析

　　這個(gè)公式是由總收入=總支出聯(lián)立得來的。即把C+I+G+X-M=C+S+T轉(zhuǎn)化一下可得S=I+(G-T)+(X-M)。S為儲(chǔ)蓄;I為投資;(G-T>0)為財(cái)政赤字;(X-M)為凈出口。

　　而此題的capital outflow 表示資本賬戶外流。進(jìn)出口代表的是經(jīng)常性賬戶，它和資本賬戶是此消彼長的關(guān)系。當(dāng)進(jìn)出口增加時(shí)，貿(mào)易盈余所產(chǎn)生的多余外匯就要到國外市場進(jìn)行投資，所以資本賬戶資金外流，這便是net capital outflows。

　　經(jīng)濟(jì)學(xué)的精選問答就到這里啦。

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