2022年CFA考試《CFA三級(jí)》共240道單選題。幫考網(wǎng)為大家每天準(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)清晰的反映在分?jǐn)?shù)上。一起加油前行!

1、Based on Exhibit 1, which of the components of economic growth has contributed most to GDP growth during the 1970–1989 time period?【單選題】

A.Labｏｒinput.

B.Capital stock.

C.Total factｏｒproductivity.

正確答案:C

答案解析:C is correct. The contributions from total factｏｒproductivity are 2.5 percent ａｎｄ 2.8 percent, respectively, fｏｒthe periods 1970–1989 ａｎｄ 1990–2014. The corresponding contributions from labｏｒinput are 1.8% (= 0.6 × 3.0%) ａｎｄ 2.76% (= 0.6 × 4.6%), ａｎｄ the corresponding contributions from capital stock are 1.92% (= 0.4 × 4.8%) ａｎｄ 1.76% (= 0.4 × 4.4%).

2、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.

3、When recommending Komm, does Riser violate any CFA Institute Standards?【單選題】

A.No.

B.Yes, relating to duties to employer.

C.Yes, relating to disclosure of conflicts.

正確答案:A

答案解析:A is correct. No violation occurred. Riser’s recommendation is based on his knowledge of Komm ａｎｄ the firm’s “well-managed proprietary funds.” He does not have a conflict when he makes the recommendation.

4、To meet both of Hudgens’s guidelines fｏｒthe pension’s bond fund investment, Soto should recommend:【單選題】

A.pure indexing.

B.enhanced indexing.

C.active management.

正確答案:B

答案解析:B is correct. Low tracking errｏｒrequires an indexing approach. A pure indexing approach fｏｒa broadly diversified bond index would be extremely costly because it requires purchasing all the constituent securities in the index. A more efficient ａｎｄ cost-effective way to track the index is an enhanced indexing strategy, whereby Soto would purchase fewer securities than the index but would match primary risk factors reflected in the index. Closely matching these risk factors could provide low tracking error.

5、Based on Brown’s goals ａｎｄ concerns, which type of annuity should Smith recommend fｏｒher?【單選題】

A.Deferred fixed

B.Immediate fixed

C.Immediate variable

正確答案:B

答案解析:B is correct. With immediate fixed annuities, Brown will trade a sum of money today fｏｒa promised income benefit fｏｒas long as she is alive. Brown is already age 75 ａｎｄ is concerned about longevity risk; she wants a known income stream currently ａｎｄ in the future. Therefore, an immediate fixed annuity is the most appropriate choice.

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