Kostenlos und ohne Konto. Zu jeder Frage gibt es den vollständigen Lösungsweg, einschließlich der Begründung, warum jede falsche Option falsch ist. Die Fragen sind eigene Aufgaben von Preparaio auf Englisch, keine offiziellen Fragen des CFA Institute.
1. Economist Hana Dvořáková prepares a briefing on the real exchange rate of the marek, the currency of the country of Lessavia, against the currency of its main trading partner. In the quote she uses, the marek is the base currency, and the real rate equals the nominal rate multiplied by Lessavia's price level divided by the partner's price level. Which statement in her briefing is least likely accurate?
A. A rise in the marek's real exchange rate makes Lessavian exports cheaper for foreign buyers and improves their competitiveness. B. If the nominal rate is unchanged and Lessavian inflation exceeds the partner's, the marek appreciates in real terms. C. Unlike the nominal rate, the real rate adjusts for relative price levels, so it reflects the marek's relative purchasing power.
Lösung und Erklärung Richtige Antwort: A A rise in the marek's real exchange rate makes Lessavian exports cheaper for foreign buyers and improves their competitiveness.
When the marek's real rate rises, each marek buys more of the partner's goods relative to Lessavian goods, which means Lessavian goods have become relatively more expensive for foreign buyers. Lessavian exports therefore lose, not gain, price competitiveness. The statement on higher Lessavian inflation is accurate because a higher Lessavian price level raises the real rate even with an unchanged nominal rate.
Warum die anderen Optionen falsch sind
B: This is accurate: with the nominal rate fixed, a faster rise in Lessavia's price level increases S x (P_Lessavia / P_partner), a real appreciation of the marek. C: This is accurate: the real rate corrects the nominal rate for the two price levels and so measures relative purchasing power and competitiveness. Kernregel: A real appreciation of a currency makes that country's goods relatively more expensive abroad and reduces the competitiveness of its exports.
Merksatz: Real appreciation = home goods relatively dearer abroad = weaker export competitiveness.
2. Brennholt Pumpenwerke, a multinational maker of industrial pumps, is choosing between two countries for a new plant. The Kingdom of Tamsel is highly cooperative in its international relations, while the Republic of Varnhold mostly acts on its own. Compared with Varnhold, Tamsel most likely offers the company:
A. more predictable trade rules and lower costs of moving goods and capital across borders. B. more frequent use of tariffs and export controls to advance its national interests. C. more freedom for its government to change policies without regard to treaty commitments.
Lösung und Erklärung Richtige Antwort: A more predictable trade rules and lower costs of moving goods and capital across borders.
A cooperative country binds itself to agreed rules, for example through trade agreements, common standards and dispute settlement, and generally keeps trade and capital flows open. For a multinational this means fewer sudden policy changes and lower costs of trading across borders. Unilateral use of tariffs and export controls, and freedom from treaty constraints, describe a non-cooperative country such as Varnhold.
Warum die anderen Optionen falsch sind
B: Frequent unilateral use of tariffs and export controls is typical of a non-cooperative country, not of one that follows shared rules. C: A cooperative country accepts the constraints of treaties and agreements; freedom to act without regard to them characterizes non-cooperative behavior. Kernregel: Cooperative countries accept shared rules, treaties and open trade and capital flows, which makes the business environment more predictable and lowers cross-border costs.
Merksatz: Cooperation means shared rules and open flows; non-cooperation means unilateral action and less predictability.
3. During a strong expansion in the country of Ilmarra, the government's budget deficit narrows. Which of the following changes is least likely an example of an automatic stabilizer at work?
A. Parliament votes to cut planned spending on new regional highways. B. Income tax receipts rise faster than incomes as more earnings fall in higher tax brackets. C. Spending on unemployment benefits falls as fewer people claim jobless support.
Lösung und Erklärung Richtige Antwort: A Parliament votes to cut planned spending on new regional highways.
A vote to cut planned highway spending is a new legislative decision, so it is discretionary fiscal policy even though it also narrows the deficit. Progressive income taxes and unemployment benefits respond to the expansion automatically: tax receipts rise disproportionately with incomes and benefit payments fall as employment grows, which restrains demand without any new law.
Warum die anderen Optionen falsch sind
B: A progressive income tax is a classic automatic stabilizer: receipts rise faster than income in an expansion without any change in tax law. C: Unemployment benefits are an automatic stabilizer: payments fall automatically as employment rises, with no new decision needed. Kernregel: Automatic stabilizers change taxes and transfers with the cycle under existing rules, while discretionary policy requires a new decision by the government or parliament.
Merksatz: If a change needs a new vote or decision, it is discretionary; if existing rules produce it with the cycle, it is an automatic stabilizer.
4. Nordessa is a small country that imports solar inverters at a world price of $600 per unit, a price its purchases cannot influence. The government imposes an import tariff of $90 per unit. The exhibit shows the domestic market before and after the tariff. Which outcome is most likely?
Nordessa solar inverter market (units per year) Free trade With $90 tariff Domestic production 20,000 26,000 Domestic consumption 70,000 62,000
A. The world price falls to $510, so the domestic price stays at $600, and tariff revenue is $3.24 million. B. The domestic price rises to $690, and tariff revenue is $4.50 million, based on the 50,000 units imported before the tariff. C. The domestic price rises to $690, and tariff revenue is $3.24 million, based on the 36,000 units imported after the tariff.
Lösung und Erklärung Richtige Antwort: C The domestic price rises to $690, and tariff revenue is $3.24 million, based on the 36,000 units imported after the tariff.
Because Nordessa cannot affect the world price, the domestic price rises by the full tariff to 600 + 90 = $690. At that price imports fall to 62,000 − 26,000 = 36,000 units, so the government collects 90 x 36,000 = $3.24 million. Domestic producers gain, consumers lose more than the government collects, and a deadweight loss remains.
Warum die anderen Optionen falsch sind
A: Only a large importing country can push the world price down; a small country's tariff leaves the world price unchanged and raises the domestic price by the tariff. B: Tariff revenue is collected on the imports that still take place after the tariff (36,000 units), not on the 50,000 units imported under free trade. Kernregel: In a small importing country a tariff raises the domestic price by the full tariff, and tariff revenue equals the tariff times the reduced volume of imports.
Merksatz: Small country: domestic price = world price + tariff; revenue = tariff x post-tariff imports.
5. Economists of the real business cycle school attribute a recession in the country of Darventa to a large, unexpected fall in productivity. Which policy response is consistent with their view?
A. Raise government spending to offset the decline in aggregate demand. B. Avoid active stabilization policy, since the fall in output is an efficient response. C. Cut the policy rate sharply and hold it below its natural level until output recovers.
Lösung und Erklärung Richtige Antwort: B Avoid active stabilization policy, since the fall in output is an efficient response.
In the real business cycle view, households and firms respond rationally to the productivity shock, and the resulting fall in output and employment is the economy's efficient adjustment. Fiscal or monetary stimulus would not restore the lost productivity and could distort decisions, so these economists recommend against active stabilization.
Warum die anderen Optionen falsch sind
A: Using fiscal policy to offset a fall in aggregate demand is the Keynesian prescription; real business cycle economists do not see demand shortfalls as the cause. C: Holding interest rates below their natural level is what Austrian economists blame for misallocation and busts, and real business cycle theory sees no role for such stimulus. Kernregel: Real business cycle theory sees cycles as efficient responses to real (supply and technology) shocks, so it sees little role for stabilization policy.
Merksatz: Real business cycle: real shocks, efficient responses, little role for policy; Keynesian: demand shocks, active fiscal policy.
6. In the country of Altavera, several hundred companies offer smartphone apps for language tutoring. Each app has its own teaching style, features and brand, so a provider can raise its subscription price somewhat without losing all of its customers. Launching a new app requires little capital, and new providers enter whenever existing ones earn high profits. Which market structure best describes this industry, and what is its most likely long-run outcome?
A. Perfect competition, with price equal to marginal cost and zero economic profit B. Monopolistic competition, with price above marginal cost and zero economic profit C. Oligopoly, with price above marginal cost and sustained positive economic profit
Lösung und Erklärung Richtige Antwort: B Monopolistic competition, with price above marginal cost and zero economic profit
Product differentiation gives each provider a downward-sloping demand curve, so it sets price above marginal cost. Because entry is easy, high profits attract new apps, which take customers from existing providers until economic profit is zero in the long run. The market therefore combines some pricing power with only a normal return.
Warum die anderen Optionen falsch sind
A: Perfect competition requires identical products and price-taking firms; here each app is differentiated and can raise its price without losing all customers. C: Oligopoly involves a few interdependent firms protected by high barriers; with several hundred providers and easy entry, positive economic profit cannot persist. Kernregel: Many sellers of differentiated products with low entry barriers form monopolistic competition, in which firms keep some pricing power but entry drives long-run economic profit to zero.
Merksatz: Monopolistic competition: differentiated products, P > MC, but zero economic profit in the long run because of free entry.
7. An economist writes three statements about the central bank of the country of Quintara, which has an inflation-targeting mandate. Which statement is least likely accurate?
A. Acting as lender of last resort, it can lend to solvent banks that face a sudden, temporary shortage of liquidity. B. Because its main objective is price stability, its inflation target would normally be set at exactly zero percent. C. If it cuts the required reserve ratio from 20% to 16%, the simple money multiplier rises from 5.00 to 6.25.
Lösung und Erklärung Richtige Antwort: B Because its main objective is price stability, its inflation target would normally be set at exactly zero percent.
Inflation-targeting central banks typically aim for low positive inflation, often around 2%, rather than zero. A small positive target allows for the upward bias in measured inflation, reduces the risk of falling into deflation and keeps nominal policy rates further from the lower bound. The other two statements are accurate.
Warum die anderen Optionen falsch sind
A: This is accurate: providing emergency liquidity to solvent banks under stress is the lender-of-last-resort role of a central bank. C: This is accurate: the simple money multiplier is 1/rr, so it rises from 1/0.20 = 5.00 to 1/0.16 = 6.25 when the ratio is cut. Kernregel: Price stability is usually pursued through a low but positive inflation target, not a zero target, to guard against deflation and leave room to cut rates.
Merksatz: Price stability means low and stable inflation, typically a positive target, not zero inflation.
8. Corazon Villanueva, treasurer of Bicol Abaca Exporters, a Philippine company that sells natural fiber to US buyers, notes that over the past year the PHP/USD quote (Philippine pesos per one US dollar) moved from 55.84 to 58.31. Over the year, the Philippine peso's percentage change against the US dollar is closest to:
A. −4.42% B. −4.24% C. +4.42%
Lösung und Erklärung Richtige Antwort: B −4.24%
In PHP/USD the peso is the price currency. A rise in the quote from 55.84 to 58.31 means a dollar buys more pesos, so the peso has depreciated. Its percentage change is 55.84/58.31 − 1 = −4.24%: one peso was worth 1/55.84 dollars at the start and 1/58.31 dollars at the end.
Rechenweg
Peso value in USD at start = 1/55.84; at end = 1/58.31 Peso change = (1/58.31) / (1/55.84) − 1 = 55.84/58.31 − 1 = 0.957640 − 1 = −0.0424, or −4.24% BA-II-Plus-Tastenfolge
55.84 ÷ 58.31 − 1 = × 100 = [−4.24]
Warum die anderen Optionen falsch sind
A: This assumes the peso's change is the negative of the dollar's 4.42% gain; percentage changes of the two currencies in a pair are not symmetric. C: This is the US dollar's appreciation (58.31/55.84 − 1 = +4.42%), the change of the base currency rather than of the peso. Intermediate displayed workings may be rounded; retain full precision until the final answer.
Kernregel: With quotes as price currency per unit of base currency, the price currency's percentage change is S0/S1 − 1.
Merksatz: Find the price currency's change by inverting the quotes; it is not simply the negative of the base currency's change.
9. To support a slowing economy, the parliament of Belmarra approves BMK 45 billion of additional government purchases for school and hospital repairs. Households have a marginal propensity to consume of 0.78, and the government levies a proportional income tax of 25%. Assuming idle resources and no crowding out, what is the resulting increase in GDP?
A. BMK 84.58 billion B. BMK 108.43 billion C. BMK 204.55 billion
Lösung und Erklärung Richtige Antwort: B BMK 108.43 billion
Out of each extra unit of income, households keep 1 − 0.25 = 0.75 after tax and spend 0.78 x 0.75 = 0.585 of it. The multiplier is 1/(1 − 0.585) = 2.4096, so the BMK 45 billion of extra purchases raises GDP by about BMK 108.43 billion.
Rechenweg
MPC x (1 − t) = 0.78 x 0.75 = 0.585 Multiplier = 1 / (1 − 0.585) = 1 / 0.415 = 2.4096 ΔGDP = 45 x 2.4096 = 108.43 (BMK billion) BA-II-Plus-Tastenfolge
1 − 0.25 = × 0.78 = +|- + 1 = 1/x × 45 = [108.43]
Warum die anderen Optionen falsch sind
A: This applies the tax and transfer multiplier MPC/[1 − MPC(1 − t)], which is appropriate for a tax cut, not for government purchases that enter GDP directly. C: This uses the simple multiplier 1/(1 − 0.78) and ignores the 25% income tax that leaks out of each round of spending. Intermediate displayed workings may be rounded; retain full precision until the final answer.
Kernregel: With a proportional tax, the government spending multiplier is 1/[1 − MPC(1 − t)], and ΔGDP = ΔG x multiplier.
Merksatz: Tax leakage shrinks the multiplier: use 1/[1 − MPC(1 − t)], not 1/(1 − MPC).
10. Analyst Rohan Sethi-Marlow writes three statements about the tools that governments use in geopolitics and their effects on markets. Which statement is least likely accurate?
A. Stationing troops near a disputed border is a financial tool, because it affects markets mainly through risk premiums on regional assets. B. Export controls on advanced technology are an economic tool and can cut revenues of the imposing country's own exporters, not just the target's. C. Freezing a rival's foreign-exchange reserves is a financial tool and may lead other countries to diversify their reserves into other currencies.
Lösung und Erklärung Richtige Antwort: A Stationing troops near a disputed border is a financial tool, because it affects markets mainly through risk premiums on regional assets.
Deploying troops is a national security tool, whatever channel it later affects markets through; higher risk premiums are a market effect, not the basis for classifying the tool. Export controls restrict trade and are an economic tool, and they cost the imposing country's exporters lost sales. Freezing reserves uses control over a currency and the financial system, so it is a financial tool, and it can push other countries to diversify their reserves.
Warum die anderen Optionen falsch sind
B: This is accurate: export controls are a trade-based economic tool, and they also hurt the imposing country's own firms by cutting their sales abroad. C: This is accurate: freezing reserves relies on control of currency and payment systems, and it can lead other reserve holders to diversify away from that currency. Kernregel: Tools are classified by what the government uses: military means are national security tools, trade measures are economic tools, and control over currencies, payments and capital are financial tools.
Merksatz: Classify a geopolitical tool by the instrument used (military, trade or financial), not by how it reaches market prices.
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