CFA考試題經(jīng)濟(jì)學(xué)的學(xué)得如何？經(jīng)濟(jì)主要是三大模塊的學(xué)習(xí)，不知道到進(jìn)行到哪一塊了？今天我們做一做經(jīng)濟(jì)學(xué)的考試題！看看是不是做對(duì)了？

1、An expansionary fiscal policy is most likely associated with:

A. an increase in government spending on social insurance and benefits.

B. crowding out of private investments.

C. an increase in capital gains tax rates.

[Solution] Expansionary policy increases government borrowing, which may divert private sector investment from taking place, which results in an effect known ascrowding out. Increases in capital gains tax rates and increases in public spending are forms of contractionary fiscal policy; they serve as automatic stabilizers and thus do not coincide with discretionary fiscal expansion. 財(cái)政政策expansionary，一定導(dǎo)致crowd-out effect。Expansionary很有可能導(dǎo)致政府增加spending，但是并不一定花費(fèi)在social insurance and benefit，所以A不對(duì)；財(cái)政政策兩個(gè)工具：spending和taxation。政府有可能使用下降稅，而不是增加稅。

2、Which of the following statements concerning the Herfindahl–Hirschman Index (HHI) is most accurate?

A. The HHI is a useful measure of potential barriers to entry.

B. An HHI of 0.05 would be analogous to having the market shared equally by 20 firms.

C. The HHI is usually unaffected by mergers among the top market incumbents.

[Solution] If there are M firms in the industry with equal market shares, the HHI equals 1/M. With 20 firms having equal shares, the HHI = 1/20 = 0.05. N-firm 和HHI ratio都沒(méi)有辦法衡量barrier，所以A錯(cuò)了；當(dāng)市場(chǎng)有20個(gè)公司，且均分share，那么HHI ratio = 0.05^2 *20 = 0.05; HHI ratio 比N-firm的優(yōu)勢(shì)在于更sensitive to M&A，所以會(huì)受到M&A影響很大.

CFA知識(shí)學(xué)習(xí)是長(zhǎng)期的事情，但是堅(jiān)持CFA考試是每一位學(xué)員應(yīng)該做到的。通過(guò)CFA考試掌握更多的金融知識(shí)，讓自己變成富有的人。更多CFA備考知識(shí)、資料領(lǐng)取及學(xué)習(xí)答疑的事情，學(xué)員可以在線咨詢老師或者添加老師微信。