2020年CFA考試《CFA三級(jí)》考試共題，分為。小編為您整理Applications of Economic Analysis to Portfolio Management5道練習(xí)題，附答案解析，供您備考練習(xí)。

1、【單選題】

A.Scenario 1.

B.Scenario 2.

C.Scenario 3.

正確答案:A

答案解析:A is correct. It would be true that the Fed model predicts that US stocks are overvalued if the 

2、Based on Exhibit 1 and the method used by Li's team, the expected return for the consumer credit industry in 2012 was closest to:【單選題】

A.12.8%.

B.12.2%.

C.12.4%.

正確答案:B

答案解析:The bond-yield-plus-risk-premium method sets the expected return to the yield to maturity on a long-term government bond plus the equity risk premium (12.2% = 3.8% + 8.4%).

3、Which of the following types of biases best describes Steve Phillips's statement about oil-related industry data?【單選題】

A.Time-period

B.Data-mining

C.Survivorship

正確答案:A

答案解析:Phillips believes the impact of hurricane activity will not necessarily continue in the future. A time-period bias occurs when particular relationships or sensitivities only occur during a particular period of time.

4、【單選題】

A.Labor input.

B.Capital stock.

C.Total factor productivity.

正確答案:C

答案解析:C is correct. The contributions from total factor productivity are 2.5 percent and 2.8 percent, 

5、【單選題】

A.correct.

B.incorrect, because calculated correlations with other assets tend to be biased downward in absolute value.

C.incorrect, because the true variance of the asset is biased upward.

正確答案:B

答案解析:O'Reilly's explanation of appraisal data bias is incorrect because calculated correlations with other assets tend to be smaller in absolute value compared with the true correlations. O'Reilly is correct in that appraisal values tend to be less volatile than market-determined values for identical assets, and the true variance (and standard deviation) of the asset is biased downward.