2020年CFA考試《CFA三級》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.Portfolio 1

B.Portfolio 2

C.Portfolio 3

正確答案:B

答案解析:B is correct. The objective function expected value is U

2、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.

3、Which of Velky’s statements about risk budgeting is correct?【單選題】

A.Statement 1

B.Statement 2

C.Statement 3

正確答案:B

答案解析:B is correct. The goal of risk budgeting is to maximize return per unit of risk. A risk budget identifies the total amount of risk and 

4、【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.

5、【單選題】

A.Portfolio 1

B.Portfolio 2

C.Portfolio 3

正確答案:A

答案解析:A is correct. Portfolio 1 best meets the Laws’ education goal for their children. The