Bài tập Economics CFA (Môn Kinh tế CFA) kèm đáp án

Các câu hỏi bài tập Economics CFA sẽ hỏi chuyên sâu về Kinh tế học. Môn học này nghiên cứu sâu về các khía cạnh quan trọng như hệ thống tiền tệ, chu kỳ kinh doanh, và ảnh hưởng của quy định chính phủ đối với hoạt động kinh tế. Dưới đây là bài viết tổng hợp các câu hỏi luyện tập cho cả 3 level, cùng theo dõi nhé!

Với môn Economics CFA (Kinh tế), Viện CFA chia tỷ trọng trong các level như sau:

Xem thêm: Economics CFA (Môn Kinh tế CFA)

1. Bài tập Economics CFA Level 1

Question 1: Fiscal policy refers to the government’s decisions about: 

1. taxation only. 
2. taxation and spending only. 
3. taxation, spending, and the quantity of money in the economy.

Question 2: Under which of the following market structures is product differentiation most important? 

1. Monopoly 
2. Perfect competition 
3. Monopolistic competition

Question 3: Which of the following economic policies is most likely directed toward influencing the quantity of credit in an economy? 

1. Fiscal policy only 
2. Monetary policy only 
3. Both fiscal policy and monetary policy

Question 4: An analyst gathers the following information: 

• USD/AUD spot rate 0.8027 
• AUD 1-year interest rate 3.30% 
• USD 1-year interest rate 2.42% 

USD/AUD is the amount of USD per 1 AUD. 

The USD/AUD 1-year forward rate is closest to: 

1. 0.7959. 
2. 0.8096. 
3. 0.8292.

Question 5: With respect to fiscal policy, transfer payments are best described as: 

1. welfare payments. 
2. infrastructure spending. 
3. spending on recurring goods and services.

Xem thêm: Bài tập môn Economics CFA Level 1 có đáp án (PDF Free Download)

2. Bài tập Economics CFA Level 2

Question 1: A bank in Canada is quoting CAD/USD 1.4950 − 1.5005, and USD/EUR 0.9350 − 0.9400. What is bid/ask exchange rate for CAD/EUR?

1. CAD/EUR 1.3978 − 1.4105.
2. CAD/EUR 0.6254 − 0.6264.
3. CAD/EUR 1.5904 − 1.6048.

Question 2: Under the Mundell-Fleming model and the portfolio balance approach to exchange rate determination, a country following sustained expansionary fiscal policy would see its currency:

1. appreciate in the short-run and depreciate in the long-run.
2. appreciate in the short-run and appreciate in the long-run.
3. depreciate in the short-run and depreciate in the long-run.

Question 3: Today, the spot rate on pounds sterling is $0.6960 and 90-day forward pounds are priced at $0.6925. The forward discount/premium is:

1. premium of $0.0035.
2. premium of $0.0005.
3. discount of $0.0035.

Question 4: Which of the following statements regarding relative purchasing power parity is most accurate? Relative purchasing power states that exchange rates:

1. will change to reect dierences in ination between countries.
2. will change to reect dierences in nominal interest rates between countries.
3. will change to reect dierences in real interest rates between countries.

Question 5: Zimbaya is a developed economy with high capital mobility. Deborah Isaccson is evaluating the Zim (Z$), the national currency of Zimbaya. Which of the following is most likely to lead to appreciation of Z$? If Zimbaya starts following:

1. an expansionary scal policy.
2. a loose monetary policy.
3. a restrictive scal policy.

Xem thêm: Bài tập môn Economics CFA Level 2 có đáp án (PDF Free Download)

3. Bài tập Economics CFA Level 3

3.1. Bài tập trắc nghiệm

Question 1: A bank in Canada is quoting CAD/USD 1.4950 − 1.5005, and USD/EUR 0.9350 − 0.9400. What is bid/ask exchange rate for CAD/EUR?

1. CAD/EUR 1.3978 − 1.4105.
2. CAD/EUR 0.6254 − 0.6264.
3. CAD/EUR 1.5904 − 1.6048.

Question 2: Under the Mundell-Fleming model and the portfolio balance approach to exchange rate determination, a country following sustained expansionary fiscal policy would see its currency:

1. appreciate in the short-run and depreciate in the long-run.
2. appreciate in the short-run and appreciate in the long-run.
3. depreciate in the short-run and depreciate in the long-run.

Question 3: Today, the spot rate on pounds sterling is $0.6960 and 90-day forward pounds are priced at $0.6925. The forward discount/premium is:

1. premium of $0.0035.
2. premium of $0.0005.
3. discount of $0.0035.

Question 4: Which of the following statements regarding relative purchasing power parity is most accurate? Relative purchasing power states that exchange rates:

1. will change to reflect differences in inflation between countries.
2. will change to reflect differences in nominal interest rates between countries.
3. will change to reflect differences in real interest rates between countries.

Question 5: Zimbaya is a developed economy with high capital mobility. Deborah Isaccson is evaluating the Zim (Z$), the national currency of Zimbaya. Which of the following is most likely to lead to appreciation of Z$? If Zimbaya starts following:

1. an expansionary scal policy.
2. a loose monetary policy.
3. a restrictive scal policy.

3.2. Bài tập tự luận

Walnut Creek Associates Case Scenario

Emily Peters, CFA, is an analyst at Walnut Creek Associates (WCA), a wealth management firm in a developed market (DM) country. Will Foster, Senior Associate Manager, has asked her to develop capital market expectations for broad asset classes by first interpreting the shape of the yield curve and its impact on fiscal and monetary policies. The central bank is set to announce its monetary policy next month. Peters decides to assess the central bank’s stance and the likely development of the monetary policy. For this purpose, she gathers the following information after scrutinizing post- meeting statements of the central bank and speeches by its officials, looking for any hint of a change in the bank’s interpretation of the environment:

Exhibit 1

Foster tells Peters to consider the mix of monetary and fiscal policies as this impacts the level of interest rates and the shape of the yield curve. Peters considers the effect of both policies on the average level of rates. If the central bank takes the expected fiscal stance, then Peters feels that monetary policy will be restrictive as the business cycle moves towards the slowdown phase and inflation continues to rise. She then uses a reduced-form model to incorporate growth and inflation to project bond yields. 

A. Determine, using the information given in Exhibit 1, the short-term interest rate level by applying the Taylor rule

B. Describe the likely implications for monetary stance (restrictive, stimulative), short-term rates (high, low), bond yields (rising, declining), and the yield curve (flat, steep, inverted) assuming Peters is correct about the upcoming monetary policy. Compare the slowdown phase with the contraction phase for the central bank’s monetary stance (restrictive, stimulative), short-term rates(high, low), bond yields (rising, declining), and shape of the yield curve (flat, steep, inverted).

Peters next examines the economy’s capital and current accounts. The government is about to institute a tax increase. It is expected that there will be no reduction in government spending. The country has a substantial current account deficit and a government deficit. 

C. Determine the likely impact of this tax increase on:

i. the country’s current account balance (increase, decrease)

ii. the country’s capital account balance (increase, decrease).

Justify each with a reason.

A high-net-worth client of WCA has longer-term fixed-income investments in government bonds of an emerging market (EM) country. The exchange rate of the EM country is linked to a DM country without full credibility. The client fears that although the bond yields have been higher, there is an imminent threat of devaluation. He calls Peters for advice if devaluation occurs. 

D. Discuss the impact on bond yields if the market perceives an imminent threat of devaluation of the EM currency

Xem thêm: Bài tập môn Economics CFA Level 3 có đáp án (PDF Free Download)

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