Mini CFA 考试练习题 Macroeconomics
宏观经济学部分，第一次刷题目，62道题目答对率是67%，做的过程中感觉这部分内容的题目相比微观经济学容易理解很多。
Q. Gross domestic product (GDP) is best defined as the total:
output of a country.
output of a country per person.
changes in real output of a country.
A is correct. GDP is the total output of a country. It is the total value of final goods and services produced within a country over a period of time. B is incorrect because the total output of a country per person measures GDP per capita. C is incorrect because total changes in real output of a country is a measure of economic growth.
Q. Which of the following best measures the relative wealth of citizens of different countries?
Real GDP
GDP per capita
Nominal GDP
B is correct. GDP per capita is defined as a country’s total GDP divided by population and describes the average wealth of each citizen of a country. A and C are incorrect because GDP—real and nominal—is a measure of total wealth of a country, which can be highly dependent on total population.
Q. In a given year, if a country’s GDP per capita decreases while total GDP is unchanged, then the population of the country has:
decreased.
remained the same.
increased.
C is correct. GDP per capita is calculated as total GDP divided by the population. A lower GDP per capita with an unchanged total GDP implies that the population has increased.
Q. The largest component of total GDP is most likely to be:
gross investment.
government spending.
consumer or household spending.
C is correct. Consumer or household spending is the largest component of total spending, and may be as high as 70% of total GDP.
Q. If all other factors remain the same, which of the following changes would most likely cause an increase in the growth rate of a country’s GDP?
An increase in productivity
An increase in unemployment
A decrease in the availability of capital
A is correct. An increase in productivity will lead to an increase in GDP, all other factors remaining the same. B is incorrect because an increase in unemployment (a decrease in the employed labour force) will lead to a decrease in GDP, all other factors being unchanged. C is incorrect because a decrease in the availability of capital will lead to a decrease in GDP, all other factors being unchanged.
Q. Which stage of the business cycle is most often characterised by rising interest rates and higher wages?
Recession
Expansion
Contraction
B is correct. During an economic expansion, production, inflation, interest rates, employment, and investment spending all tend to rise. Employees have more bargaining power in demanding higher wages. A and C are incorrect because inflation and interest rates tend to decline and unemployment tends to increase during a contraction. A recession is a significant economic contraction.
Q. Which of the following will most likely decrease when an economy is in the expansion phase of the business cycle?
Production
Unemployment rate
Consumer spending
B is correct. Unemployment tends to fall when an economy is in the expansion phase of the business cycle. A and C are incorrect because production and consumer spending tend to increase during the expansion phase of the business cycle.
Q. Which of the following phases of the business cycle most likely follows the peak phase?
Trough
Recovery
Contraction
C是正确的。商业周期可能会有所不同，但通常遵循扩张、高峰、收缩、低谷、复苏和回归扩张的模式。因此，经济高峰之后很可能是一个收缩阶段。A和B是不正确的，因为低谷期和恢复期通常发生在收缩周期之后。
Q. Integrated global financial markets have most likely caused business cycles between countries to be:
less aligned.
unrelated.
more aligned.
C is correct. Integrated global financial markets have caused business cycles of various countries to become more closely aligned.
Q. Financial panics are most likely:
limited to specific countries.
limited to specific securities markets.
easily spread throughout the global economy.
C is correct. As financial markets are increasingly global, financial panics are easily spread throughout the global economy. A and B are incorrect because financial panics generally do not remain contained to specific markets or countries, but spread globally as experienced from 2007 to 2009.
Q. More closely aligned movements in the business cycles between countries is best explained by:
reduced international trade.
decreased mobility of labour.
increasingly connected financial markets.
C is correct. Movements in the business cycles of countries have become more closely aligned as a result of increasingly connected financial markets. A and B are incorrect because increased mobility of labour and growth in international trade result in economies becoming more closely aligned.
Q. Which of the following indicators is most appropriate to use in forecasting future economic activity?
Lagging economic indicators
Leading economic indicators
Coincident economic indicators
B is correct. Leading indicators usually signal changes in the economy in the future and, therefore, are considered useful for economic prediction and policy formulation. A is incorrect because lagging indicators signal a change in economic activity after it has already changed. C is incorrect because coincident indicators reveal current economic conditions but do not have predictive value.
Q. Current economic conditions are best shown by:
lagging economic indicators.
leading economic indicators.
coincident economic indicators.
C is correct. Coincident indicators reveal current economic conditions but do not have predictive value. A is incorrect because lagging indicators signal a change in economic activity after it has already changed. B is incorrect because leading indicators usually signal changes in the economy in the future.
Q. If consumers anticipate an inflationary environment, it may lead to consumer spending:
decreasing.
remaining unchanged.
increasing.
C is correct. Consumers may change the timing of their purchases in response to expected price changes. If they expect prices to increase (inflation), they may buy now rather than save (a lower savings rate).
Q. An economy experiencing deflation is most likely characterised by:
delayed consumption.
increased production.
reduced unemployment.
A is correct. In a deflationary environment, consumers may expect prices to continue falling and delay purchases (consumption). B and C are incorrect because companies, as a result of reduced consumer spending, are likely to reduce production, which leads to increased unemployment.
Q. Tools of fiscal policy include:
government spending.
open market operations.
changes in the central bank lending rate.
A是正确的。政府支出和税收政策是财政政策的工具。B和C是不正确的，因为公开市场操作和央行贷款利率的变化是货币政策的工具。
Q. Monetary policy is similar to fiscal policy in that:
legislation is required to implement policy decisions.
a time lag may occur before it affects economic growth.
commercial banks tend to react immediately by changing their lending terms.
B is correct. There can be a time lag before the effects of monetary and fiscal policies are realised. A is incorrect because fiscal policy is set by lawmakers whereas monetary policy is usually set by a central bank, which is often independent from other government branches and may not require legislative action. C is incorrect because commercial banks tend to respond quickly to monetary policy but not to fiscal policy.
Q. Fiscal policy that is intended to stimulate the economy includes decreases in:
tax rates.
interest rates.
public spending.
A是正确的。降低税率是一种财政政策，旨在通过增加支出和总需求来刺激经济。B是不正确的，因为利率下降是旨在刺激经济的货币政策的一个例子。C是不正确的，因为公共开支的减少是旨在减缓经济增长的财政政策的一个例子。
Q. Which of the following is a monetary policy tool?
Changes in tax rates
Open market operations
Decreases in government spending
B is correct. Monetary policies are typically carried out by central banks and include such tools as open market operations, changes in central bank lending rates, and changes in reserve requirements for commercial banks. A and C are incorrect because both are examples of fiscal policy tools.
Q. Which of the following best describes a limitation of monetary policy?
Crowding out of private borrowers
Long time lags until implementation
Unexpected responses from consumers
C是正确的。货币政策旨在改变企业和消费者的行为，以刺激或减缓经济。其中一个缺点是，消费者和企业可能不会像预期的那样做出反应，导致政策失效。A和B都是错误的，因为它们都是财政政策的限制。政府借贷和支出的增加可能会排挤私人借款者。与财政政策不同，货币政策可以迅速实施。B说“长时间滞后于实施”（不是“直到生效”！）。货币政策可以很快实施，但这并不意味着其效果很快。”货币和财政政策“描述了财政政策的时间滞后。报告指出，“货币政策的时滞可能更短，因为各国央行可能能够更快地采取行动。”各国央行可以更快地实施货币政策。
Q. Time lags until policies affect the economy are most likely associated with:
only fiscal policy.
only monetary policy.
both fiscal policy and monetary policy.
C是正确的。无论是货币政策还是财政政策，在政策变化与基于政策变化的行动影响经济之间都可能存在明显的时间差。
Q. A limitation of fiscal policy is that:
a tax reduction may lead to increased private sector spending.
as interest rates are lowered, consumers may choose to deleverage instead of spending more.
by the time the policy is finally functioning, the economic conditions for which it was designed may have already changed.
C is correct. Recognition, implementation, and response time lags exist in the application of fiscal policy so that when the action finally affects the economy, economic conditions may have already changed. A is incorrect. This is not a limitation of fiscal policy, but its intended result. B is incorrect. This describes a limitation of monetary policy, not fiscal policy.
Q. As an economy grows and transitions from an emerging to a developed country, the GDP growth rate is expected to:
decrease.
increase.
remain unchanged.
A是正确的。由于生产力的提高，发展中国家的国内生产总值增长率很高。但随着这些国家向更发达的地位过渡，它们的国内生产总值增长率下降。国内生产总值增长的一个重要驱动力是劳动力的增长；发达国家通常人口老龄化，出生率低，因此其潜在劳动力增长缓慢，甚至可能下降。B不正确。国内生产总值的增长取决于劳动力的增长、生产率的提高（通常是技术发展的结果）和资本的可获得性。在人口老龄化和低出生率的发达国家，潜在劳动力将缓慢增长，甚至可能下降，导致国内生产总值增长率低于发展中国家。C不正确。国内生产总值的增长取决于劳动力的增长、生产率的提高（通常是技术发展的结果）和资本的可获得性。在人口老龄化和低出生率的发达国家，潜在劳动力将缓慢增长，甚至可能下降，导致国内生产总值增长率低于发展中国家。
Q. The consumer price index is a measure of:
the average selling price of all products in the economy.
the change in price of a basket of goods typically purchased by a household over time.
the average price of goods and services that have increased in price over a given period.
B is correct. The consumer price index is a measure of the change in price of a basket of goods typically purchased by a household over time. A is incorrect. The producer price index is the average selling price of products in the economy. C is incorrect. The consumer price index is a measure of the change in price of a basket of goods typically purchased by a household over time, whether they have increased or decreased.
Q. In an economy experiencing hyperinflation, consumers are most likely to:
prefer holding real assets.
find products and services widely available.
delay purchases until prices decrease further.
A is correct. Hyperinflation involves price increases so large and rapid that consumers find it hard to afford many products and services. Consumers prefer to hold real assets rather than money. In anticipation of further price increases, suppliers often delay production, which makes products and services hard to find. B is incorrect. In a country experiencing hyperinflation, suppliers often delay production anticipating further price increases, making products and services hard to find. C is incorrect. Hyperinflation involves price increases so large and rapid that consumers find it hard to afford many products and services. An economy experiencing deflation is being described in this distracter.
Q. An undesirable consequence of a stimulative monetary policy is a(n):
increase in inflation.
increase in the money supply.
decrease in the unemployment rate.
A is correct. The main goal of a stimulative monetary policy is to increase output and employment. An undesirable consequence of such a policy is that economic expansion may occur too rapidly and result in inflation. B is incorrect. Money supply will increase under a stimulative monetary policy, but that is by design and not necessarily undesirable. C is incorrect. A decrease in the unemployment rate would be considered a desirable consequence of a stimulative monetary policy.
Q. At a particular phase of the business cycle, an economy had the following characteristics:
Prices of bonds rose as investors with low-inflation expectations moved their portfolios from stocks to bonds.
The central bank implemented expansionary monetary policies.
The federal government launched direct spending programmes to stimulate employment.
This phase of the business cycle is best described as the:
peak phase.
expansion phase.
contraction phase.
C是正确的。在经济周期的收缩阶段：利率随着通胀预期的降低和资本需求的下降而下降，从而导致债券价格上涨；企业利润下降，投资者从股票转向债券；为了刺激经济，中央银行采取扩张性政策，联邦政府实施刺激就业的支出计划。
Q. Which of the following government actions will most likely lead to an increase in the level of aggregate demand?
A reduction in transfer payments
A reduction in the capital gains tax
A reduction in public spending on social goods and infrastructure
B is correct. A decrease in the capital gains tax (or other taxes) will result in higher disposable income, allowing additional consumption and an increase in aggregate demand.
Q. A country’s total output is the same this year as it was two years ago. During that time, the country’s population and exports declined and its currency appreciated. The country’s GDP per capita has most likely increased as a result of the change in:
exports.
currency.
population.
C is correct. GDP per capita is the GDP divided by the population, allowing comparisons across countries and across time in the same country. Note that the total output (GDP) is stated as being the same as two years ago, which incorporates the effects of such factors as exports and currency changes. Therefore, the decrease in population would cause the GDP per capita to increase. B is incorrect. GDP per capita is defined as the GDP divided by the population. A is incorrect. GDP per capita is defined as the GDP divided by the population.
Q. At an economic peak, there is most likely a(n):
low rate of employment.
drop in consumer confidence.
expansionary policy by the central bank.
B is correct. A drop in consumer confidence caused by falling house prices or equity markets is a common factor that contributes to the end of an expansionary phase—that is, an economic peak. A is incorrect. Employment rates are high at a peak (unemployment is low). C is incorrect. Central banks follow contractionary policies at a peak to slow the economy and control inflation.
Q. An example of a lagging economic indicator is:
the money supply.
the employment rate.
industrial production.
B是正确的。滞后的经济指标表明，在产出已经发生变化之后，经济活动出现了变化。一个例子是就业率，只有在经济活动已经下降之后，就业率才会下降。A不正确。货币供应量是一个先行指标。C不正确。工业生产是一个巧合的指标。
Q. If a central bank announces an increase in its official policy interest rate, this change most likely means that the:
money supply will decrease.
central bank wants to stimulate the economy.
reserve requirement at commercial banks will increase.
A is correct. The higher the official policy interest rate imposed by the central bank, the more likely that commercial banks will reduce lending and the money supply will decrease, which will result in a slowing of economic activity. B is incorrect. Increasing the policy rate is a contractionary move. C is incorrect. The reserve requirement is a separate policy tool that the central bank could use to impact the economy.
Q. Which of the following items would be included in the GDP of Canada?
Maple syrup produced in Canada and sold to a Japanese tourist.
A new laptop computer produced in Japan and purchased by a Canadian.
Wheat grown and sold by a Canadian farmer to a Canadian flour mill. The mill will eventually sell the flour to a Canadian baker to produce bread.
A is correct. GDP is the total value of all final goods and services provided within a country over a period of time. The maple syrup, even when sold to another country, is part of the total output of Canada. B is incorrect. GDP measures the total value of final goods and services: the laptop is included in the GDP of Japan. C is incorrect. GDP only includes the value of final goods. Wheat is an intermediate good on its way to a final product, i.e., bread.
Q. Using the expenditure approach, the largest component of GDP in most developed countries is:
gross investment.
consumer spending.
government spending.
B is correct. In most developed countries, when the expenditure approach is used, consumer spending is the largest component of GDP, often representing up to 70% of total expenditures. A is incorrect. Consumer spending is the largest component of GDP, often representing up to 70% of total expenditures C is incorrect. Consumer spending is the largest component of GDP, often representing up to 70% of total expenditures
Q. Total output has increased by 3% in the country this year. Inflation during the year has been 3%, whereas short-term interest rates have been 5%. An analyst will most likely conclude that real GDP has:
increased.
decreased.
not changed.
C是正确的。实际国内生产总值是名义国内生产总值调整价格水平的变化。因为总产出的增长和物价的增长是一样的，所以实际国内生产总值没有变化。A不正确。实际国内生产总值是名义国内生产总值，根据价格水平的变化进行调整。由于总产出与物价增长相同，实际国内生产总值没有变化。B不正确。实际国内生产总值是名义国内生产总值，根据价格水平的变化进行调整。由于总产出与物价增长相同，实际国内生产总值没有变化。
Q. Investment firms do not use macroeconomic factors in determining the:
structure of industries.
relative attractiveness of asset classes.
earnings potential of companies that they follow.
A是正确的。由于产业结构分析是微观经济学的一部分，所以宏观经济因素并不是投资公司用来决定产业结构的。B不正确。宏观经济因素用于确定资产类别的相对吸引力。C不正确。宏观经济因素被用来确定被跟踪公司的盈利潜力。
Q. GDP can be defined as:
total output.
total output plus imports.
nominal GDP adjusted for changes in price levels.
A is correct. GDP is the total value of all final goods and services produced within a country over some period of time, or alternatively, total output. B is incorrect. GDP is total output which includes the effect of net effect of imports. C is incorrect. Nominal GDP adjusted for changes in price levels is real GDP.
Q. Which of the following is a component of gross domestic product (GDP) calculated using the expenditure approach?
Government taxes
Gross investment
Productivity gains
B是正确的。使用支出法的组成部分是消费支出、总投资、政府支出和净出口。在使用支出法计算时，政府税收不是国内生产总值的组成部分；a是不正确的。在使用支出法进行计算时，政府税收不是GDP的组成部分；使用支出法的组成部分是消费支出、总投资、政府支出和净出口。C不正确。生产率增长是经济增长的一部分，而不是GDP。
Q. One of the factors that determine the growth rate of real GDP is an increase in:
imports.
inflation.
the labour force.
C是正确的。GDP的增长取决于劳动力的增长和生产率的提高。A不正确。进口导致该国国内生产总值下降。B不正确。实际国内生产总值将因通货膨胀而调整。
Q. A business cycle contraction is characterised by a(n):
decline in interest rates.
increase in inflation rates.
increase in consumer confidence.
A is correct. During a business contraction, the rate of economic growth slows. Inflation and interest rates tend to fall, not increase, because there is less demand for capital and little in the way of wage or commodity price pressure to give rise to inflation. B is incorrect. During a business contraction, the rate of economic growth slows. Inflation and interest rates tend to fall as there is less demand for capital and little in the way of wage or commodity price pressure. C is incorrect. During a business contraction, consumer confidence falls (along with wealth, housing prices, etc.).
Q. Although movements in the business cycles of most countries have become more closely aligned, this alignment can be hampered between two countries by the presence of:
barriers to trade.
mobility of labour.
integration of countries’ financial markets.
A is correct. Greater barriers to trade restrict imports and/or exports between the two countries. This restriction will affect the GDP in one or both of the countries and will interfere with the aligning of their business cycles. B is incorrect. Greater mobility of labour will foster greater alignment of the country’s business cycles. C is incorrect. Greater integration of financial markets will foster greater alignment of the country’s business cycles.
Q. A limitation of industrial production as an indicator of economic activity is that it:
is only reported annually.
excludes the service sector.
is a lagging indicator of economic activity.
B是正确的。工业生产作为衡量经济活动的一项指标，其局限性在于它不包括服务业，服务业占私营部门经济活动的70%以上。A不正确。工业生产每月报告一次。C不正确。工业生产是经济活动的一致指标。
Q. Which of the following is a lagging economic indicator?
Employment rate
Industrial production
A broad stock market index
A is correct. A lagging economic indicator signals a change in economic activity after output has already changed. An example of a lagging indicator is the employment rate; it falls after economic activity has already declined. B is incorrect. Industrial production is an example of a coincident indicator. C is incorrect. A broad stock market index, like the S&P 500, is a leading indicators of economic activity.
Q. If a central bank wants to slow down economic growth, it will:
purchase financial assets from commercial banks.
sell short-term government securities to commercial banks.
increase the interest rate at which open market transactions occur.
B是正确的。一家希望减缓经济增长的央行将向商业银行出售短期政府债券。这将导致商业银行的现金余额减少（减少货币供应量）。然后，商业银行将减少对消费者和企业的信贷供应。利率上升，因为私营部门追求的信贷数额较小，利率上升导致经济活动减少。A不正确。中央银行将向商业银行出售金融证券，以减缓经济增长，而不是购买它们。C不正确。公开市场交易是按市场利率进行的；中央银行不设定公开市场利率（但也可以设定商业银行从中借款的“官方利率
Q. An increase in which of the following factors will increase a country’s GDP per capita?
Exports
Imports
Population
A is correct. The GDP is the total value of all final goods and services produced by the country; this value includes the effect of net exports (exports minus imports). GDP per capita is equal to the GDP divided by the population. Higher exports would lead to a higher GDP per capita. C is incorrect. An increase in the population would reduce GDP per capita. B is incorrect. Higher imports would reduce GDP per capita.
Q. A recent release of economic information has indicated that the consumer price index (CPI) has risen from 100 to 105 in the recent period. The producer price index (PPI) over the same period rose by 5%. A financial analyst could use this information to infer that, on average, producers’ margins over this period:
expanded.
contracted.
remained unchanged.
C是正确的。在给定的时期内，CPI和PPI的变化率都是相同的，因此一位分析师可以推断，生产者的成本是以价格上涨的形式转嫁给消费者的，因此平均而言，利润率不应该有变化。A不正确。在给定时期内，消费者物价指数和生产者物价指数都在以相同的百分比变化，因此一位分析师可以推断，生产者的成本正在转嫁给消费者，而利润率没有变化。B不正确。在给定时期内，消费者物价指数和生产者物价指数都在以相同的百分比变化，因此一位分析师可以推断，生产者的成本正在转嫁给消费者，而利润率没有变化。
Q. If total output grows at a slower rate than the population growth rate, it will result in GDP per capita being:
lower.
higher.
unchanged.
A is correct. GDP per capita is the GDP divided by the total population. If GDP is growing more slowly than the population, then GDP per capita will decline. B is incorrect. If GDP is growing slower than the population, GDP per capita will decline. C is incorrect. If GDP is growing slower than the population, GDP per capita will decline.
Q. The following economic activities are observed simultaneously:
interest rates and inflation rates are rising,
business demand for credit is rising as investments are being financed, and
unemployment rates are falling.
Which phase of the business cycle is being observed?
Trough
Contraction
Expansion
C is correct. The economic activities observed are characteristics of the expansionary phase of the business cycle. A is incorrect. At a trough, rates have stopped falling, inflation is low; unemployment is high B is incorrect. In a contraction phase, interest rates and inflation fall; unemployment rises; business spending (and financing) is curtailed.
Q. Assume that housing prices have reached a peak and begun to decline. Which of the following is consistent with the phase of the business cycle that is occurring?
An increase in business investment
An increase in government tax revenues
An increase in demand for social services
C是正确的。房价已达到峰值，表明经济周期正处于峰值。随着房价下跌，消费者信心和财富下降，商业投资随着消费需求下降而下降，政府税收下降，政府为社会服务支付的金额增加。A不正确。在经历了经济高峰之后，随着消费需求的枯竭，企业投资下降。B不正确。在这一阶段，失业率上升，政府税收下降。
Q. Canada’s largest trading partner is the United States. Almost 75% of total Canadian exports are to the United States, and about 50% of Canadian imports come from the United States. If the United States economy suffers a severe recession, Canadian GDP will most likely:
rise.
fall.
be unaffected.
B is correct. If the economy of the United States went into a severe recession, exports to the United States from Canada will decline and Canadian GDP will fall. Lower Canadian GDP will reduce imports from the United States, but imports are less of a factor than exports for the Canadian GDP. This scenario is illustrated with the equation for the expenditure approach to GDP = C + I + G+ (X – M), where X and M are exports and imports, respectively. This scenario also illustrates the global nature of business cycles. A is incorrect. The major relative decline in exports (vs imports) from Canada reduce Canadian GDP. C is incorrect. The major relative decline in exports (vs imports) from Canada reduce Canadian GDP.
Q. Which of the following is a limitation of economic indicators that measure sentiment in the manufacturing sector? Sentiment surveys:
measure prior spending plans with a lag of up to six months.
focus on only new orders of big-ticket manufacturing items.
are usually designed to measure directions of change, not the magnitude of anticipated changes.
C是正确的。情绪指标试图衡量经济实体对经济的信心及其未来活动的预期水平。一个限制是，它们通常被设计用来测量变化的方向，例如投资，而不指示变化的大小。A不正确。情绪指标衡量的是计划支出，而不是过去的支出B不正确。这是耐用品订单指标。
Q. A central bank has been actively engaged in selling short-term government notes and bonds. The central bank is attempting to:
slow down economic growth.
reduce the official interest rate.
raise funds to satisfy its reserve requirement.
A is correct. The selling of government securities reduces the money supply (as commercial banks buy the securities and give up cash). The aim of this open market transaction is to slow economic growth and/or inflation through higher interest rates and reduced commercial bank lending. C is incorrect. The reserve requirement is a separate tool of monetary policy. When utilised, the central bank sets the proportion of customer deposits that must be retained by commercial banks (and not lent out). B is incorrect. The official interest rate is a separate tool of monetary policy. It is the rate that the central bank charges commercial banks that borrow from it.
Q. Which of the following is best described as a coincident economic indicator?
Employment rate
The S&P 500 Index
Industrial production
C是正确的。一致性指标是一个与经济同步变化但不具有预测价值的因素。个人收入和工业生产都有典型的例子。就业率是一个滞后的指标，因为在经济活动已经下降之后，就业率往往会下降。标准普尔500指数是经济活动的一个领先指标：随着交易员对未来趋势的预测和推测，经济活动的变化先于经济变化发生。
Q. Which of the following analyses can be classified as focussing on a macroeconomic activity? Analysing the effect of a:
mass-marketing campaign on a company’s level of profits.
currency appreciation on a country’s exporting companies.
change in a company’s level of profits from a lowering of barriers to entry.
Solution
B is correct. Analysing the effect of currency appreciation on a country’s companies can be classified as focusing on a macroeconomic activity. Macroeconomics is the study of the economy as a whole: it studies the effect of such factors as inflation, interest rates and exchange rates on business, consumer and government economic decisions.
Q. Core inflation is a measure of inflation that:
includes the price of investment goods but not of services.
excludes the effects of temporary volatility in commodity prices.
measures the inflation experienced by typical households and businesses.
B是正确的。核心通胀试图通过排除那些价格变动具有暂时波动性的项目（通常是食品和能源）来衡量潜在的长期通胀率。A不正确。生产者价格指数包括投资品价格，但不包括服务。C不正确。核心通胀，由于排除（和剩余的篮子）通常会有很大的不同，由典型的家庭或企业经历。
Q. Investment firms gather macroeconomic information to:
determine a company’s economic profit.
decompose a company’s costs into fixed and variable costs.
best match security characteristics and economic growth prospects.
C is correct. Investment firms gather macroeconomic information to match asset classes and individual investments with their future economic growth prospects. A is incorrect. Economic profit determination of a firm is a microeconomic activity. B is incorrect. A study of a firm’s fixed and variable costs is an activity of microeconomics.
Q. As inflation increases, the value of investments paying a fixed cash amount will most likely:
fall.
rise.
be unaffected.
A是正确的。随着通货膨胀的加剧，利率普遍上升，导致债券等固定收益投资的价值降低。B不正确。较高的通货膨胀率和利率降低了固定收益投资的价值。C不正确。较高的通货膨胀率和利率降低了固定收益投资的价值。
