CFA一级考试难度并不是太大，但是每年的CFA一级考试通过率都不高，大概是很多人备考不得要领吧。今天高顿CFA小编带来一份CFA一级经济精选练习题汇总分享给各位，希望能助一臂之力。
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下面CFA三级学长推荐了一份很完整CFA备考精华资料，在CFA考试前，一份CFA好资料+更早的准备cfa考试，能够大大提升通过率。关于2017-2018年年CFA学习,建议可以早点下载2017-2018**CFA电子资料进行了解学习（点我下载）
1.In the long run,if price is below average total cost(ATC)the firm will:
A)keep running.
B)cover its variable costs.
C)shut down.
Answer:C
If the price is below ATC then the firm is losing money.If the firm believes the price will never exceed ATC the only way to eliminate fixed costs is to go out of business.
解析：
首先，要明确这题问的是Long-run，长期下最关键的是“所有要素皆可变”。
意味着没有FC，只有TC=VC。
然后，P<ATC，意味着，TR<TC（都乘以Q）。
如果是短期，TR<TC，在AR>AVC的时候依然可以继续经营。
但是，强调，这是长期下，所以TR<TC就无法继续经营，shut down关闭。
这里，在现实下，如果企业坚信之后的收入还是可以超过支出，那可以继续坚持，但是CFA不涉及这个考量。
2.David Forsythe and Linda Novak are discussing the advantages and disadvantages of import restrictions.They state the following:
Forsythe:One of the groups that benefits from import restrictions is often the government that imposes them.
Novak:Import restrictions impose costs on specific groups,such as the country’s import industries,but these costs are more than offset by the benefits to other groups and to the economy as a whole.
With respect to these statements:
A)both are correct.
B)both are incorrect.
C)only one is correct.
Answer:C
Forsythe is correct.A primary reason why trade restrictions remain widespread is the revenue that governments receive from tariffs.Novak is incorrect.Trade restrictions benefit specific groups,such as workers in the protected industries,but those benefits are most often less than the costs imposed on consumers and other industries as a whole.
解析：
F说，有一个群体受益于进口限制，是政府；N说，进口限制增加了成本在一个特殊的群体，就像是国家的进口产业，但是这些（进口限制带来的）成本会多于（进口限制）给其他群体带来的利益，也会使得国家总成本多于经济总收益。
这题考的是宏观经济的进口限制，类似关税等手段。
进口限制的原因是国家为了保护部分产业而做出的限制政策。
进口限制的效果是某一特殊群体收益（进口限制所在的产业），其他群体受损，损失大于收益，政府收益，但只能挽回部分损失，社会总福利损失。
所以，F是对的，政府在其中收益，N是错的，不是一个群体的成本多于给其他所有群体的收益，而是一个群体的收益少于给其他所有群体的成本。
3.Which of the following is least likely to be a characteristic of a Giffen good?Its:
A.demand curve slopes upward.
B.substitution effect is negative.
C.income effect is negative.
Answer:B
A Giffen good is an inferior good.All inferior goods have a negative income effect(less is purchased as income rises).Although the substitution effect is always positive for all goods,for a Giffen good,the income effect is so strong and so negative that it overpowers the substitution effect.The result is that as its price declines,less of it is purchased;this relationship results in a positively sloped individual demand curve.Therefore,it is least likely that the substitution effect is negative.
解析：
这题考的是吉芬商品。
首先，明确，吉芬商品和韦伯伦商品不同，它是在需求理论下受替代效应和收入效应影响的。
然后，吉芬商品属于劣质品，所以收入效应为负。
同时，吉芬商品，因为替代效应永远为正，所以替代效应为正。
关键在于，吉芬商品和普通劣质品不同的是，它的收入负效应大于替代正效应。
最后，吉芬商品需求曲线的斜率为正，图像为向右上方倾斜。
我们来看这道题目，A选项需求曲线斜率为正，是对的；B选项，替代效应为负，是错的；C选项，收入效应为负，是对的。这题问哪个错，所以选B。
4.An economy’s long-term trend rate of real GDP growth is 3%and the central bank’s target inflation rate is 2%.If the policy rate is 6%,monetary policy is:
A)contractionary.
B)expansionary.
C)neutral.
Answer:A
Monetary policy is contractionary when the policy rate is greater than the neutral rate,which is the sum of the real trend rate of economic growth and the target rate of inflation.Here,the neutral rate is 3%+2%=5%and the policy rate of 6%is greater than the neutral rate.Monetary policy is expansionary when the policy rate is less than the neutral interest rate.
解析：
一个经济长期趋势是real GDP为3%，央行目标inflation rate为2%，policy rate是6%，货币政策如何？那这题中，告知了实际GDP和通胀率，所以自然增长率是3%+2%=5%，但是政策利率是6%高于自然增长率，可见是紧缩型货币政策，答案选A。因为政策利率高了之后，货币更愿意进入银行，而非流通投资，所以紧缩。
