2019年CFA考試《CFA一級》考試共240題，分為單選題。小編每天為您準(zhǔn)備了5道每日一練題目（附答案解析），一步一步陪你備考，每一次練習(xí)的成功，都會(huì)淋漓盡致的反映在分?jǐn)?shù)上。一起加油前行。

1、A power generation company is a monopoly that has very high barriers to entry. The quantity demand[1663201704061-image/0598.jpg] for its product is [1663201704061-image/0599.jpg]= 800 – 0.25 × P (where P is price). The slope of the marginal revenue curve is closest to:【單選題】

A.–8.00.

B.–0.25.

C.–4.00.

正確答案:A

答案解析:Solve for P from the quantity demanded:Section 6.3

2、The following information is available for a firm:A plan to repurchase $10 million worth of shares using debt will most likely cause the earnings per share to:【單選題】

A.increase.

B.decrease.

C.remain unchanged.

正確答案:A

答案解析:“Cost of Capital,” Yves Courtois, Gene C. Lai, and Pamela Peterson DrakeIf the after-tax cost of debt (10% × [1 – 40%] = 6%) is below the earnings yield, the earnings per share will increase. This can be derived from Example 7 on p. 142.

3、The following information is from a company’s most recent financial statements:The company uses the LIFO inventory method. The footnotes to the financial statements indicate that if the company had used the FIFO method, the inventory balance would have been $45 million higher than the amount reported on the company’s most recent financial statements. If the company’s common stock is currently selling for $59 per share, the company’s adjusted price-to book-value ratio is closest to:【單選題】

A.1.67.

B.1.79.

C.1.89.

正確答案:C

答案解析:“Inventories,” Elbie Antonites, CFA and Michael Broihahn, CFAAdj. price to book value ratio = $59 / $31.20 = 1.89.

4、An analyst does research about net profit margin.A company has only fixedrate debt outstanding and reports its debt using the fair value option.Whichof the following statements is most accurate when market interest rates decrease?【單選題】

A.The company's net profit margin decreases.

B.The company's net profit margin remains the same.

C.The company's net profit margin increases.

正確答案:A

答案解析:由于公司的負(fù)債都是固定利率，而市場利率下降，所以公司負(fù)債的公允價(jià)值也會(huì)上升并導(dǎo)致相應(yīng)的損失，使得凈利潤減少，凈利潤率下降。

5、An analyst does research about market efficiency.Which of the followingstatements least likely explains why a market mispricing may persist?【單選題】

A.Arbitrage is encouraged to produce riskless profits.

B.A price discrepancy is insufficient large to leave the investor with a profit.

C.Short selling is limited or restricted.

正確答案:A

答案解析:套利交易是指一種能夠獲得無風(fēng)險(xiǎn)收益的交易，它促進(jìn)了市場的有效性，減少了錯(cuò)誤定價(jià)證券的存在。由于人們覺得利潤空間太小而不愿意套利交易，就會(huì)導(dǎo)致錯(cuò)誤定價(jià)的證券長期存在，例如投資者要考慮套利交易的交易成本和信息獲得成本。賣空交易是指投資者賣出其本不擁有的證券，投資者從券商處借人證券并承諾在未來的某個(gè)時(shí)間歸還，限制賣空交易會(huì)導(dǎo)致錯(cuò)誤定價(jià)的證券長期存在。