2020年CFA考試《CFA三級(jí)》考試共題，分為。小編為您整理Asset Allocation and Related Decisions in Portfolio Management (1)5道練習(xí)題，附答案解析，供您備考練習(xí)。

1、【單選題】

A.less than 25%.

B.equal to 25%.

C.greater than 25%.

正確答案:C

答案解析:C is correct. A risk parity asset allocation is based on the notion that each asset class should contribute equally to the total risk of 

2、【單選題】

A.$925,000.

B.$1,425,000.

C.$1,675,000.

正確答案:A

答案解析:A is correct. The Laws’ economic net worth is closest to $925,000. An economic balance sheet includes conventional financial assets and liabilities, as well as extended portfolio assets and liabilities that are relevant in making asset allocation decisions. The economic balance sheet for the Law family is shown in the following exhibit.

3、Schumacher's concern about international investments that Roth might find advantageous most likely pertains to:【單選題】

A.conditional correlation.

B.the efficient frontier.

C.market integration.

正確答案:C

答案解析:The lack of market integration (or the absence of free cross-border capital flows) can be an advantage if it increases market segmentation and helps prevent correlations with other markets from rising. Increased integration of markets can decrease diversification benefits, whereas returns in segmented markets will be influenced mostly by a specific country’s own macroeconomy and will be less subject to changes in correlations when volatility increases. Global correlations tend to increase in times of increased volatility and even appear to be conditional on global volatility. The efficient frontier and traditional mean–variance analysis using unconditional correlations would not apply because correlations remain low when returns are high but become high when returns are negative.

4、Raye’s approach to rebalancing global equities is consistent with:【單選題】

A.the Laws’ being risk averse.

B.global equities’ having higher transaction costs than other asset classes.

C.global equities’ having lower correlations with other asset classes.

正確答案:B

答案解析:B is correct. Using the cost–benefit approach, higher transaction costs for an asset class 

5、【單選題】

A.diversifying.

B.mutually exclusive.

C.relatively homogeneous.

正確答案:C

答案解析:C is correct. In order to effectively specify asset classes for the purpose of asset