单选题Assume that output increased from 1550 to 1850 units per day as a result of increasing labor from 200 to 210 workers. The marginal product of labor is closest to:
单选题Which of the following statements about the importance of risk and return in the investment objective is least accurate? A. The investor's risk tolerance is likely to determine what level of return will be feasible. B. Expressing investment goals in terms of risk is more appropriate than expressing goals in terms of return. C. Expressing investment objectives only in terms of return can lead to inappropriate investments.
单选题Tony Calaveccio, CFA, is the manager of the TrustCo Small Cap Venture
Fund in Toronto. He places trades for the fund with Worldwide Brokerage.
Worldwide is holding a conference in Amsterdam and has offered to pay for
Calaveccio's airfare, meals, and accommodations associated with his attendance
of the conference. The conference concerns European small cap securities and the
EASDAQ. He decides that he will accept their offer and attend the conference. In
order to comply with the Code and Standards, he may:
A. attend, but he must disclose the arrangement to his employer as a
gift.
B. simply attend. Since the conference is directly related to his
professional responsibilities, no further notification or permission is
required.
C. attend, but he must disclose the arrangement as additional compensation
to his employer in writing.
单选题Benjamin Franklin, CFA, does research about consumer surplus and producer surplus. The deadweight loss from a perfectly competitive market is most likely: A. greater than the deadweight loss of a monopoly market. B. less than the deadweight loss of a monopoly market. C. equal to the deadweight loss of a monopoly market.
单选题If an investment of $4 000 will grow to $ 6 520 in four years with monthly compounding, the effective annual interest rate will be closest to:
单选题If Stock X's expected return is 30 percent and its expected standard
deviation is 5 percent, Stock X's expected coefficient of variation is:
A. 0.167.
B. 1.20.
C. 0.833.
单选题A study was conducted to determine whether the standard deviation of monthly maintenance cost of an airplane is $500. A sample of 25 airplanes of same model had a mean monthly maintenance cost of $4300 and a standard deviation of $545. Using a 10% level of significance, which of the following is the most appropriate conclusion regarding the difference between the hypothesized value of the population variance and the sample variance?
单选题In the mid 1980s J. J. Ellerson and the Boys was a famous regional blues band. In the late 1980s, J. J. embarked on a solo career and the rest of the band gradually folded. Now, the band is Considering a reunion concert and may even reunite. K. Scotty, a die-hard fan and CFA, feels that the following probabilities are correct: The probability that the reunion concert will occur whether or not the band reunites is 0.60. The probability that the band will get back together is 0.30. The probability that the band will get back together if the reunion concert occurs is 0.65. Which of the following statements is TRUE? A. The chance of the band reuniting is not a dependent event. B. The given probability for a reunion concert is an a priori probability. C. The reunion concert is an independent event.
单选题Which of the following yield curves represents a situation where
long-term rates are less than short-term rates?
A. Normal yield curve.
B. Inverted yield curve.
C. Flat yield curve.
单选题Using the following spot rates for pricing the bond, what is the present value of a three-year security that pays a fixed annual coupon of 6%? Year 1: 5.0% Year 2: 5.5% Year 3: 6.0%
单选题The following 10 observations are a sample drawn from an approximately normal population:
Observation
1
2
3
4
5
6
7
8
9
10
Value
-3
-11
3
-18
18
20
-6
9
2
-16
The sample standard deviation is closest to:
单选题Assume that the expected dividend growth rate (g) for a firm decreased from 5% to zero. Further, assume that the firm"s cost of equity (k) and dividend payout ratio will maintain their historic levels. The firm"s P/E ratio will most likely:
单选题Which of the following statements regarding a futures trade of a deliverable contract is FALSE?
单选题If a bank wants the ability to retire debt prior to maturity in order to take advantage of lower borrowing rates, it most likely issues a:
单选题At a regional conference for institutional portfolio managers, Chris
makes three comments in a presentation centered on explaining for the creation
of GIPS. Which of Chris's comments is least likely correct?
A. GIPS were created to reduce historical performance inflation caused by
excluding results of terminated portfolios.
B. GIPS were created to encourage firms to select representative accounts
when presenting investment results.
C. GIPS were created in response to performance reporting abuses which
included only reporting results over periods of exceptional returns.
单选题An analyst does research about tradingsessions. Which of the following statements is most accurate to describe the characteristics of a call market? A. Dealers who provide securities liquidity engage in proprietary trading. B. Gathering all trades to the same place at the same time makes it easier for buyers to find sellers and vice versa. C. A willing buyer and seller can trade at anytime the market is open.
单选题Tapley Acquisition, Inc., is considering the purchase of Tangent Company. The acquisition would require an initial investment of $190000, but Tapley's after-tax net cash flows would increase by $ 30000 per year and remain at this new level forever. Assume a cost of capital of 15 percent. Should Tapley buy Tangent? A. No, because k ＞ IRR. B. Yes, because the NPV =$10000. C. Yes, because the NPV = $ 30000.
单选题Mamford Industries has solid earnings that are projected to grow steadily into the foreseeable future. Which of the following is TRUE? A. Mamford is a growth company. B. Mamford's stock is considered a growth stock. C. Mamford is a growth company and its stock is a growth stock.
单选题Diana Fairbanks, CFA, is married to an auditor who is employed at a large accounting firm
单选题David Schmidt enrolled to take the Level Ⅱ CFA examination in the current year; however, he did not take the exam. Subsequently, he registered to take the level Ⅱ exam the next year. Schmidt informed his employer that he passed Level Ⅱ. Which CFA Institute Standard of Professional Conduct did Schmidt most likely violate? A. Duties to employer. B. Professional misconduct. C. Referencing candidacy in the CFA program.