2020年CFA考試《CFA一級》考試共240題，分為單選題。小編每天為您準備了5道每日一練題目（附答案解析），一步一步陪你備考，每一次練習的成功，都會淋漓盡致的反映在分數上。一起加油前行。

1、In an economy, consumption is 70% of pre-tax income and the average tax rate is 25% of total income. If planned government expenditures are expected to increase by $1.25 billion, the increase in total incomes and spending ($ in billions) is closest to:【單選題】

A.$1.3.

B.$2.6.

C.$4.2.

正確答案:C

答案解析:“Monetary and Fiscal Policy,” Andrew Clare, PhD and Stephen Thomas, PhD
2013 Modular Level I, Vol. 2, Reading 19, Section 3.2.2
Study Session 5-19-o, q
Describe the tools of fiscal policy including their advantages and disadvantages.
Explain the implementation of fiscal policy and the difficulties of implementation.

2、Which of the following government interventions in market forces is most likely to cause overproduction?【單選題】

A.Price floors

B.Price ceilings

C.Imposing an additional per-unit tax of $1 on sellers

正確答案:A

答案解析:“Demand and Supply Analysis: Introduction,” Richard V. Eastin and Gary L. Arbogast
2012 Modular Level I, Vol. 2, pp. 37–44
Study Session 4-13-k
Forecast the effect of the introduction and removal of a market interference (e.g., a price floor or ceiling) on price and quantity.
A is correct. Price floors lead to overproduction.

3、Which of the following is most likely a benefit of debt covenants for the borrower?【單選題】

A.Reduction in the cost of borrowing.

B.Limitations on the company’s ability to pay dividends.

C.Restrictions on how the borrowed money may be invested.

正確答案:A

答案解析:“Long-term Liabilities and Leases,” Elizabeth A. Gordon and R. Elaine Henry, CFA
2010 Modular Level 1, Vol.3, pp. 524-525
Study Session: 9-39-b
Explain the role of debt covenants in protecting creditors by restricting a company’s ability to invest, pay dividends, or make other operating and strategic decisions.
The reduction in the cost of borrowing is a benefit of covenants to the borrower.

4、Which of the following theories suggests that both aggregate demand and aggregatesupply are primarily driven by changes in technology over time?【單選題】

A.Neoclassical school.

B.Keynesian school.

C.Austrian school.

正確答案:A

答案解析:新古典學派認為，總供給和總需求長期來講主要由科學水平的變化所主導，而凱恩斯學派認為，總需求的變化是由于市場參與者預期的改變進而引起經濟周期，奧地利學派認為，經濟周期是由于政府對于經濟的干預所引起的。

5、A trader who buys a stock priced at $64 on margin with a leverage ratio of 2.5 and a maintenance margin of 30% will most likely receive a margin call when the stock price is at or falls just below:【單選題】

A.$36.57.

B.$44.80.

C.$54.86.

正確答案:C

答案解析:“Market Organization and Structure,” Larry E. Harris
2012 Modular Level I, Vol. 5, pp. 43–46
Study Session 13-47-f
Calculate and interpret the leverage ratio, the rate of return on a margin transaction, and the security price at which the investor would receive a margin call.
C is correct.

Alternate solution: