单选题Assume that a firm in an oligopoly market believes the demand curve for its product is more elastic above a specific price than below this price. This belief is most closely associated with which of the following models?

单选题Based on the following table, if the discount rate is 10% , calculate the present value of the cash flow.

单选题Douglas, CFA, is a portfolio manager for TE&S Investments. The fixed-in-come desk at TE&S has developed a new structured product that produces positive returns in a very wide range of interest rate scenarios. Douglas thoroughly reads and evaluates an analytical report about the product and is impressed by its return profile. He faxes the cover page of the analysis, which includes the name of the author, to a client with objectives similar to that of the structured product, and handwrites a note the client saying, "I think you should act quickly on this." When the client calls requesting the entire report, Douglas informs that the research is proprietary and cannot be released. With respect to the CFA Institute Standards of Professional Conduct, is Douglas in violation of Standard Ⅴ (B) Communication with Clients or Prospective Clients or Standard Ⅲ (C) Suitability? Standard Ⅴ (B) Standard Ⅲ (C) ① No Yes ② Yes No ③ Yes Yes A. ① B. ② C. ③

单选题Compared to CDs, bankers acceptances: A. are more liquid. B. have shorter maturities on average. C. are more likely to pay periodic interest.

单选题Which of the following is most likely to occur in the short run if there is an unanticipated decrease in aggregate demand due to a reduction in business and consumer optimism?

单选题According to the Standards, insider trading is least likely to be prevented by establishing:

单选题Which of the following is least relevant when explaining why monopoly firms can earn positive economic profits over the long term? A. The ability to use price discrimination. B. The existence of economies of scale. C. Control over production input resources.

单选题A company has the following sequence of events regarding their stock: One million shares outstanding at the beginning of the year. On June 30th, they declared and issued a 10% stock dividend. On September 30th, they sold 400000 shares of common stock at par. Basic earnings per share at year-end will be computed on how many shares? A. 1600000. B. 1000000. C. 1200000.

单选题One advantage of price/sales (P/S) multiples over price to earnings (P/E) and price-to-book value (PBV) multiples is that : A. P/S can be used for distressed firms. B. Regression shows a strong relationship between stock prices and sales. C. P/S is more volatile than P/E multiples and, therefore, more reliable for use in valuation.

单选题According to the market segmentation theory, an upward sloping yield curve is most likely due to: A. investor expectations that short-term interest rates will rise in the future. B. different levels of supply and demand for short-term and long-term funds. C. an increasing yield premium required by investor for bearing interest rate risk.

单选题Three firms operate under perfect competition

单选题Of the following explanations, which is least likely to be a valid explanation for divergence between statistical significance and economic significance?

单选题Which of the following is NOT part of the CFA Institute Code of Ethics? A. Integrity. B. Independent judgment. C. Contractual provisions.

单选题In order to more accurately estimate the cost of equity for a company situated in a developing market, an analyst should: A. add a country risk premium to the market risk premium when using the capital asset pricing model (CAPM). B. add a country risk premium to the risk-free rate when using the capital asset pricing model. C. use the yield on the sovereign debt of the developing country instead of the market risk premium when using the capital asset pricing model.

单选题Two growing companies are identical except that Company X capitalizes whereas Company Y expenses costs for long-lived resources. Which of the following statements about financial statement effects is FALSE? Company X will show:

单选题All of the following are typically end users of forward contracts EXCEPT:

单选题Which of the following statements regarding a monopolist is most accurate? A. A monopolist will maximize the average profit per unit sold. B. If a firm has a monopoly, it will always be able to earn economic profits. C. A monopolist, like any other profit-maximizing firm, will sell at the output level where marginal revenue equals marginal cost.

单选题All of the following practices constitute good corporate governance, EXCEPT: A. the firm's financial, operating, and governance activities are reported to shareholders in a fair, accurate, and timely manner, and management acts independent of the board of directors. B. the firm's financial, operating, and governance activities are reported to shareholders in a fair, accurate, and timely manner, and the board of directors protects shareholder interests. C. there are proper procedures and controls coveting management's day-to-day operations and the firm acts lawfully in dealings with shareholders.

单选题Jason Blackwell, CFA, works as an investment manager for Mega Capital, a large multinational brokerage firm. He resides in a country whose applicable law is stricter than the Code and Standards but does business with clients in a country whose applicable law is less strict than the Code and Standards. Blackwell decides to follow the Code and Standards for clients in the less strict country. While Blackwell is still employed at Mega, Lego Associates verbally asks Blackwell to review client portfolios during evenings and weekends for a fee. Blackwell gets consent from his immediate supervisor at Mega to undertake this independent activity for a one - month trial basis. Which of the following statements about Blackwell's actions involving Standard Ⅰ, Professionalism, and Standard IV(A), Loyalty is most accurate? Blackwell: A. did not violate either Standard Ⅰ or Standard Ⅳ A.. B. violated both Standard Ⅰ and Standard Ⅳ (A). C. violated Standard Ⅰ but did not violate Standard Ⅳ (A).

单选题CPI data for a recent 12-month period: category percent of index current price level year-ago price level commodities 70 140 145 services 30 80 76 The annual inflation rate as measured by CPI was closest to: