单选题Characteristics of monopolistic competition include all of the following EXCEPT:
单选题Which of the following most accurately describes the typical relationship between marginal product (MP) and average product (AP) ? As the quantity of labor increases: A. initially, AP ＜ MP, then AP = MP, then AP ＞ MP. B. initially, AP = MP, then AP ＞ MP. C. AP is always less than MP.
单选题A money manager has $1000000 to invest for one year. She has identified three alternative one-year certificates of deposit (CD) shown below:
单选题ETFs are similar to closed end funds in which of the following features? Do not sell or redeem Often trade away shares after IPO from NAV ①A. Yes Yes ②B. Yes No ③C. No Yes
单选题The difference between what a worker earns and what he could earn from
his next best alternative employment is called:
A. economic rent.
B. opportunity cost.
C. marginal revenue product.
单选题For years, John Berger, a CFA charterholder and CEO of a company, relied upon a set of reasonable procedures for preventing violations of the Standards of Practice in the firm. The company has recently arranged to have members of CFA Institute as mid-level supervisors throughout the firm. With this arrangement Berger has delegated the supervision of employees with respect to the Code and Standards to the mid-level managers. With this action Berger（ ）
单选题Compute the present value of a perpetuity with $100 payments beginning four years from now. Assume the appropriate interest rate is 10 percent/yr.
单选题Which of the following statements regarding mortgage-backed securities (MBS) and collateralized mortgage obligations (CMOs) is most likely correct?
单选题If the U.S. Federal Reserve decides to increase the money supply, what would most likely be the impact on the economy in the short run?
单选题An internally efficient security market is most accurately characterized as a market in which: A. the cost of a transaction is minimized. B. an asset's price reflects all available information about the asset. C. prices do not change much from one transaction to the next in the absence of new information.
单选题The infinite period dividend discount model (DDM) implies that a stock"s value will be greater:
单选题All else being equal, a decrease in volatility of the underlying is most likely to result in a(n): A. increase in call price and a decrease in put price. B. decrease in call price and a decrease in put price. C. increase in call price and a increase in put price.
单选题An analyst gathered the following financial data about a company (in million dollars):
market value
$45
sales
$600
earnings
-$18
book value
$27
What is the P/BV ratio for the company?
单选题According to put-call parity, a synthetic put contains a:
单选题Which of the following is the most accurate characterization of momentum anomalies?
Momentum anomalies:
单选题Michael Papis, CFA, does research about fiscal policy. According to the tools of fiscal policy, adjustments to direct taxes are most likely: A. less difficult to implement quickly than adjustments to indirect taxes. B. equally difficult to implement quickly compared with adjustments to indirect taxes. C. more difficult to implement quickly than adjustments to indirect taxes.
单选题For an analyst evaluation the common stock of a financial institution that reported a small loss for the year ended 31, December 2008, the price multiple that is least likely to be meaningful is（ ）
单选题Stian Klun, CFA is preparing a brochure to advertise his firm
单选题Edmund Jones, an economist, recommends that the federal government consider reducing its budget deficit during a recession by raising income taxes with no other fiscal policy changes. Jones' income tax increase recommendation will most likely have the following effects on the supply of labor and on potential GDP?
Supply of labor Potential GDP
①A. Decrease Decrease
②B. Decrease Increase
③C. Increase Decrease
A. ①B. ②C. ③
单选题
Based on the following information to answer
questions from 39 to 40: A mortgage-backed security has
been divided into three classes or tranches as follows:
Tranche Ⅰ receives net interest and all the principal payments until it is
completely paid off. Tranche Ⅱ receives its share of net
interest and starts receiving all the principal repayments after
Tranche Ⅰ has been completely paid off. Prior to that, it only
receives interest payments. Tranche Ⅲ receives monthly
net interest and starts receiving all principal repayments after
Tranches Ⅰ and Ⅱ have been completely paid off. Prior to that, it
only receives interest payments.