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(xí)的成功，都會淋漓盡致的反映在分數(shù)上。一起加油前行。

1、During an on-site company visit, Marsha Ward, CFA, accidentally overheard the chief executiveofficer of Stargazer, Inc. discussing the company's tender offer to purchase Dynamica Enterprises, aretailer of Stargazer products. According to the CFA Institute Standards of Professional Conduct,Ward most likely cannot use the information because:【單選題】

A.it was overheard and might be considered unreliable.

B.she does not have a reasonable and adequate basis for taking investment action.

C.it relates to a tender offer.

正確答案:C

答案解析:Trading on the information is restricted given that it relates to a tender offer; it is clearly material,nonpublic information as stated in Standard II(A).
CFA Level I
"Guidance for Standards I VII," CFA Institute
Standard II(A)

2、A technical analyst observes a head and shoulders pattern in a stock she has been following. Shenotes the following information:

Based on this information, her estimate of the price target is closest to:【單選題】

A.$59.50.

B.$48.00.

C.$44.50.

正確答案:B

答案解析:Price target=Neckline-(Head-Neckline).
In this example, Price target=$65.75-($83.50-$65.75)=$65.75-$17.75=$48.00.
CFA Level I
"Technical Analysis," Barry M. Sine and Robert A. Strong
Section 3.3.1.3

3、Assume that an economy is composed of two products, X and Y, with the following details:

Assuming 2012 is the base year for measuring GDP and the GDP deflator for the economy in 2013 is 102.4, the unit price of Y in 2012 is closest to:【單選題】

A.10.8.

B.11.2.

C.11.5.

正確答案:B

答案解析:
2014 CFA Level I
"Aggregate Output, Prices, and Economic Growth," by Paul R. Kutasovic and Richard G. Fritz
Section 2.1.2

4、Suppose inflation increases due to increases in government spending and a reduction in taxes. Such inflation is best described as:【單選題】

A.cost-push inflation.

B.demand-pull inflation.

C.monetarist cycle theory.

正確答案:B

答案解析:“U.S. Inflation, Unemployment, and Business Cycles,” Michael Parkin
2011 Modular Level I, Vol. 2, p. 399
Study Session 6-25-b
Describe and distinguish among the factors resulting in demand-pull and cost-push inflation and describe the evolution of demand-pull and cost-push inflationary processes.
Page 399 of the reading: “Demand-pull inflation can be kicked off by … an increase in government spending, a tax cut, …”.

5、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.