单选题A countrys international transactions accounts data for last year are presented in its domestic currency:
Transaction
Amount
Exports of goods and services
10,000
Import of goods and services
14,216
Investment income payments made to foreigners
2,519
Investment income received from foreigners
3,409
Net change in assets owned abroad
1,548
et change in foreign-owned assets domestically
4,989
Unilateral current transfers received
346
Unilateral current transfers paid
1,107
Statistical discrepancy
646
The current account balance is closest to:
单选题Which of the following statements regarding confidence intervals is
TRUE?
A. The higher the alpha level, the wider the confidence interval.
B. The relationship between the alpha level and the confidence interval
cannot be ascertained.
C. The lower the alpha level, the wider the confidence interval.
单选题The provisions for each section of the Global Investment Performance Standards (GIPS) are divided between : A. fee - paying and non fee - paying portfolios. B. minimum standards and recommendations. C. requirements and recommendations.
单选题Tony Calaveccio, CFA, is the manager of the Trust-Co Small Cap Venture Fund in Toronto. He places trades for the fund with Worldwide Brokerage. Worldwide suggests to Calaveccio that they are willing to provide him with additional compensation for order flow. Is this permissible under the Code and Standards? A. Yes, if he receives written consent from Trust-Co and discloses the arrangement to his clients and prospects. B. Yes, if he discloses the arrangement in writing to Trust-Co. C. Yes, if he obtains written permission from Trust-co and his clients and prospects.
单选题If three bonds are otherwise identical, the one exhibiting the highest level of positive convexity is most likely the one that is:
单选题Vijay Ranjin, CFA, is a portfolio manager with Golson Investment Group. He manages a fixed-coupon bond portfolio with a face value of $ 120. 75 million and a current market value of $116. 46 million. Golson's economics department has forecast that interest rates are going to change by 50 basis points. Based on this forecast, Ranjin estimates that the portfolio's value will increase by $2. 12 million if interest rates fall and will decrease by $2.07 million if interest rates rise. Which of the following choices is closest to the portfolio's effective duration?
单选题Will the covariance of returns for two common stocks be negative if the actual returns on both stocks tend to be: Above their expected returns Below their expected returns at the same time? at the same time? A. No No
B. No Yes
C. Yes No
单选题A company is considering the purchase of a copier that costs $5000. Assume a cost of capital of 10 percent and the following cash flow schedule: Year 1: $3000 Year 2: $2000 Year 3: $2000 Determine the project's NPV and IRR. NPV IRR ①A. $883 15% ②B. $243 20% ③C. $883 20%
单选题The process that ensures that two securities positions with identical future payoffs, regardless of future events, will have the same price is called:
单选题Oligopolists have an incentive to cheat on collusive agreements in
order to:
A. avoid competitive practices.
B. restrain trade and hinder trade relationships.
C. increase their individual share of the joint profit.
单选题Which one of the following alternatives represents the correct series of payments made by a typical 6 percent U. S. Treasury note with a par value of $100000 issued today with five years to maturity ? Number and size of each intermediate payment Payment made at maturity ①A. 9 semiannual payments of $3000 $100000 ②B. 4 annual payments of $6000 $106000 ③C. 9 semiannual payments of $3000 $103000
单选题Kenneth, CFA, is a portfolio manager at A & B limited, if he
suspects a colleague at his company of engaging in ongoing illegal activities,
as according to the CFA Institute Standards of Professional Conduct, he is
required to take all of the following actions EXCEPT:
A. determine whether the conduct is, in fact, illegal.
B. disassociate himself from any illegal activity.
C. report the illegal violations to the appropriate governmental or
regulatory organizations.
单选题Jasmir Singh, CFA, is a famous economist and does research about capital market. Which of the following factors most likely affects the demand for capital and not supply of capital? A. Marginal revenue product of capital. B. Income. C. Interest rates.
单选题The year-end financial statements for a firm using last in first out (LIFO) acounting show an inventory level of $5000, cost of goods sold (COGS) of $16000, and inventory purchases of $14500. If the LIFO reserve is $ 4000 at year-end and was $1500 at the beginning of the year, what would the COGS have been using FIFO accounting?
单选题Which of the following statements about the economic rent to a natural resource is most accurate? A. The entire payment for a non-renewable natural resource is economic rent. B. A non-renewable natural resource earns economic rent only if demand for the resource is perfectly inelastic. C. The entire payment for a renewable natural resource is economic rent.
单选题Harry, the Hotshot, salesman got a tip from his brother about Kansas Power Tools (KPT). He sees that his company's research department has a sell rating on KPT, and says, "I know better." He reads the annual report, taking notes and marking it "BUY-takeover target (Analyst's rating is sell). If the recommends the stock to his clients, Harry: A. has violated the code because the analyst has a sell rating. B. has violated the code because he has not done sufficient research, including meeting management and comparing the company to others in its industry. C. is not in violation of the code.
单选题A particular product's price elasticity of demand is less than one. If the firm producing the product wants to increase its total revenue, the firm should most likely: A. decrease the price of the product. B. keep the price of the product unchanged. C. increase the price of the product.
单选题Assumethatastockspriceoverthenexttwoperiodsisasshownbelow.Theinitialvalueofthestockis$100.Theprobabilityofanupmoveinanygivenperiodis40%andtheprobabilityofadownmoveinanygivenperiodis60%.Usingthebinomialmodel,theprobabilitythatthestockspricewillbe$101.20attheendoftwoperiodsisclosestto:
单选题Suppose a price-taker firm produces baseball bats that sell at a price of $100 each. This firm's average total cost at the current level of production is $150 per bat, and the average fixed cost is $40 per bat. Which of the following statements is TRUE regarding this firm? They should: A. shut down in the short run because their average total cost is greater than their price. B. continue producing baseball bats because they are covering their fixed costs. C. shut down in the short run because their average variable cost is greater than their price.
单选题On 1 January 2010 a company enters into a lease agreement to lease a piece of machinery as the lessor with the following terms:
annual lease payment due 31 December
lease term
estimated useful life of the machine
estimated salvage value of the machine
carrying value (cost) of leased asset
implied interest rate on lease
$75000
6 years
7 years
$0
$300000
7%
The firm is reasonably assured of the collection of the lease payments.
The total effect on 2010 pre-tax income for the lessor from this lease is closest to: