单选题Based on the AIMR Standards of Professional Conduct, which of the following statements is least likely to be a violation of Standard Ⅲ(D) , Prohibition against Misrepresentation? A. An analyst tells a prospective client that investment grade bonds involve less default risk than junk bonds. B. A bond trader tells a client that he can assist the client in all the client's investment needs: equity, fixed income, and derivatives. C. An investment manager recommends to a prospective client an investment in mortgage IO strips because they are guaranteed by an agency of the federal government.
单选题One advantage of technical analysis is that it tells the analyst: A. Why investors are buying. B. When to buy and why investors are buying. C. When to buy; not why investors are buying.
单选题An analyst does research about capital market line (CML). According to capital market theory, if an investor holds a portfolio that lies on the capital market line to the left of the market portfolio, that investor should expect that his portfolio will: A. eam less than the return on the market portfolio. B. earn more than the return on the market portfolio. C. haveless unsystematic risk than the market portfolio.
单选题The clearinghouse"s futures position is relatively low-risk because:
单选题The potential deposit expansion multiplier equals: A. the required reserve ratio. B. the inverse of the required reserve ratio. C. the required reserve ratio multiplied by the quantity of reserves.
单选题Robert Lamy is an equity advisor. One day he gathered information about three microeconomic variables X, Y, Z. He noticed that whenever variable X increased by one unit, variable Y decreased by 0.3 units but variable C increase by 0.3 units. The correlation between variables X and Y and the correlation between variables X and Z, respectively, are closest to: Correlation between Correlation between Variables X and Y Variables X and Z ①A. -0.3 1.0
②B. -0.3 0.3
③C. -1.0 1.0
A．① B．② C．③
单选题An economy has been producing at its full-employment level of output and the price level has been stable. Businesses then begin experiencing unintended decreases in their inventory levels.
What does this most likely imply about the short-run outlook for economic growth and inflation?
Economic growth Inflation
①A. Increasing Decreasing
②B. Decreasing Increasing
③C. Increasing Increasing
A. ① B. ②C. ③
单选题For price discrimination to work, the seller must face a market with
all of the following characteristics EXCEPT:
A. high barriers to entry.
B. a downward sloping demand curve.
C. two or more identifiable groups of customers with different price
elasticities of demand for the product.
单选题Which of the following statements is least likely to be classified as a takeover defense?
单选题Which of the following statements about the risks associated with investing in bonds is most accurate? A. Corporate debentures are not subject to prepayment risk. B. Liquidity risk is not relevant if the portfolio manager intends to hold the bond to maturity. C. All fixed income securities except short-term Treasury bills are subject to volatility risk to some degree.
单选题A trader has a short position in a wheat contract. The initial
margin is $2000. The maintenance margin is $1500. There are 5000
bushels in each wheat contract. On August 10, the price is $1.89 per bushel What
is the price at which the trader will receive a maintenance margin call?
A. $1.99.
B. $1.79.
C. $1.69.
单选题An analyst gathers the following data for a company to estimate the
expected growth rate of dividends and use it as an input for valuing the
company's common stock.
return on assets (ROA)
10%
profit margin
5%
financial leverage
1.67
payout ratio
25% The company's expected growth
rate is closest to:
A. 4.2%
B. 6.3%
C. 12.5%
单选题ThepriceofproductZdecreasedfrom$2.50perunitto$2.00perunit.Sincethepricedecreased,demandhasgoneupfrom3millionunitsto4millionunits.Calculatethepriceelasticityofdemandanddetermineifthedemandiselasticorinelastic.PriceelasticityofdemandElasticity①A.-1.29inelastic②B.-2.00inelastic③C.-1.29elasticA.①B.②C.③
单选题Which of the following statements about the potential profits and losses from selling a call is most accurate? A. Losses are theoretically unlimited. B. Profits are theoretically unlimited. C. Losses are limited to the initial premium the seller receives.
单选题A stock priced at $10 has a 60 percent probability of moving up and a 40 percent probability of moving down. If it moves up, it increases by a factor of 1.06. If it moves down, it decreases by a factor of 1/1.06. What is the expected stock price after two successive periods?
单选题Patch Grove Analytics is evaluating candidates for an economic analyst
internship. To demonstrate his grasp of the effects of consumer behavior on
aggregate demand, a candidate makes the following statements during his
interview: Statement 1: The wealth effect occurs when consumers
feel wealthier at higher price levels because their wages will also increase,
and spend more in the current period as a result. Statement 2:
Intertemporal substitution accounts for consumers' tendency to increase their
planned purchases in the current period and decrease planned future purchases
when interest rates increase. Are these two statements
correct? Statement 1
Statement 2 ①A. Incorrect
Incorrect ②B. Incorrect
Correct ③C.
Correct Incorrect
A. ①
B. ②
C. ③
单选题On a cash flow statement prepared using the indirect method, which of the following would most likely increase the cash from investing activities?
单选题A Swiss firm can borrow in Switzerland at 10 percent and in the U. S. at 8.5 percent. A U. S. firm can borrow in Switzerland at 10.5 percent and in the U. S. at 8.5 percent. Which firm has a comparative advantage in which currency? The: A. Swiss firm has a comparative advantage borrowing in the U. S. B. Swiss firm has a comparative advantage borrowing in Switzerland. C. U.S. firm has a comparative advantage in borrowing in the U. S.
单选题A high convenience yield is most likely associated with holding:
单选题Cyclical unemployment is closely associated with:
A. long-term economic growth.
B. fluctuations in the natural rate of unemployment.
C. short-run fluctuations in the economy.