2020年CFA考試《CFA三級》考試共題，分為。小編為您整理Applications of Economic Analysis to Portfolio Management5道練習題，附答案解析，供您備考練習。

1、【單選題】

A.lower volatility of the US equity market.

B.

C.higher correlation of US equity market with international equity markets.

正確答案:C

答案解析:C is correct. A higher correlation of the US equity market with international equity markets 

2、【單選題】

A.incorrect, because high-frequency data tend to produce lower correlation estimates.

B.incorrect, because high-frequency data are less sensitive to asynchronism.

C.correct.

正確答案:A

答案解析:O'Reilly's answer is incorrect with respect to correlation estimates. High-frequency data are more sensitive to asynchronism across variables and, as a result, tend to produce lower correlation estimates.

3、Based on Exhibit 1 and the method used by Li's team, the expected return for the consumer credit industry in 2012 was closest to:【單選題】

A.12.8%.

B.12.2%.

C.12.4%.

正確答案:B

答案解析:The bond-yield-plus-risk-premium method sets the expected return to the yield to maturity on a long-term government bond plus the equity risk premium (12.2% = 3.8% + 8.4%).

4、【單選題】

A.Country 1.

B.Country 2.

C.Country 3.

正確答案:B

答案解析:To determine the country with the highest expected real GDP growth rate, use the following formula to solve for the expected 

5、Which of Dreschler's responses to Sorenson's question about the challenges to equity market valuation is most accurate? His response concerning:【單選題】

A.the gathering of economic data.

B.discount rates and growth rates.

C.corporate profit and GDP growth.

正確答案:A

答案解析:In a developing country, there may be severe problems with the accuracy of data inputs. It is difficult to obtain macroeconomic data in developed countries with long-established methods and facilities. The problems of obtaining accurate and historically consistent data are multiplied in developing markets.