CFA考試題經濟學的學得如何？

CFA考試題經濟學的學得如何？經濟主要是三大模塊的學習，不知道到進行到哪一塊了？今天我們做一做經濟學的考試題！看看是不是做對了？

1、An expansionary fiscal policy is most likely associated with:

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

B. crowding out of private investments.

C. an increase in capital gains tax rates.

[Solution] Expansionary policy increases government borrowing, which may divert private sector investment from taking place, which results in an effect known ascrowding out. Increases in capital gains tax rates and increases in public spending are forms of contractionary fiscal policy; they serve as automatic stabilizers and thus do not coincide with discretionary fiscal expansion. 財政政策expansionary，一定導致crowd-out effect。Expansionary很有可能導致政府增加spending，但是并不一定花費在social insurance and benefit，所以A不對；財政政策兩個工具：spending和taxation。政府有可能使用下降稅，而不是增加稅。

2、Which of the following statements concerning the Herfindahl–Hirschman Index (HHI) is most accurate?

A. The HHI is a useful measure of potential barriers to entry.

B. An HHI of 0.05 would be analogous to having the market shared equally by 20 firms.

C. The HHI is usually unaffected by mergers among the top market incumbents.

[Solution] If there are M firms in the industry with equal market shares, the HHI equals 1/M. With 20 firms having equal shares, the HHI = 1/20 = 0.05. N-firm 和HHI ratio都沒有辦法衡量barrier，所以A錯了；當市場有20個公司，且均分share，那么HHI ratio = 0.05^2 *20 = 0.05; HHI ratio 比N-firm的優(yōu)勢在于更sensitive to M&A，所以會受到M&A影響很大.

CFA知識學習是長期的事情，但是堅持CFA考試是每一位學員應該做到的。通過CFA考試掌握更多的金融知識，讓自己變成富有的人。更多CFA備考知識、資料領取及學習答疑的事情，學員可以在線咨詢老師或者添加老師微信。