2019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(shù)上。一起加油前行。

1、A country implements policies that are expected to increase taxes by €100 million, increase government spending by €50 million, and reduce investments and private sector savings by €25 million each. As a result, the country’s current account balance will most likely:【單選題】

A.increase by €50 million.

B.decrease by €50 million.

C.increase by €100 million.

正確答案:A

答案解析:“International Trade and Capital Flows,” Usha Nair-Reichert, PhD and Daniel Robert Witschi, PhD, CFAΔCA = –25 – (–25) + (100 – 50 – 0) = 50.

2、A retailer that prepares its financial statements in accordance with IFRS has 100 office chairs in its inventory with a suggested retail price of $240 each.· The supplier has also lowered its price to $160 in response to the low demand. The total carrying amount of these 100 office chairs on the retailer’s balance sheet would be closest to:【單選題】

A.$16,000.

B.$17,000.

C.$18,000.

正確答案:B

答案解析:IFRS measures inventory at the lower of cost and net realizable value.Section 4

3、Tom Wayne, CFA, is the portfolio manager of the Franklin City Employees PensionPlan in Thompson Investments.He recently completed thorough researchabout a chemical company and decided that the company's stock is significantlyovervalued.Wayne places a large sell order for the company's thinly tradedstock.Thompson Investments' trading desk takes a whole week to process theorder, pulling the stock price to a 26-week low and the trading volume to fourtimes the historic average.Has Wayne most likely violated the Standards of ProfessionalConduct?【單選題】

A.No.

B.Yes, because he distorted the price-setting mechanism of financial instruments.

C.Yes, because heartificially affected the trading volume significantly.

正確答案:A

答案解析:Wayne通過詳細研究，認為股票是被高估了并大量賣出。并不違反市場操縱條款，判斷是否是市場操縱的行為關(guān)鍵看其目的，如果是以誤導市場參與者為目的就屬于市場操縱的行為。

4、Fractional unemployment is best described as:【單選題】

A.from normal labor turnover.

B.from changes in the skills needed to perform jobs.

C.due to fluctuating unemployment over the business cycle.

正確答案:A

答案解析:正常的勞動力工作的轉(zhuǎn)變會導致摩擦性失業(yè)。結(jié)構(gòu)性失業(yè)是指由于經(jīng)濟結(jié)構(gòu)調(diào)整，原有工作能力無法滿足現(xiàn)有工作需要而造成的失業(yè)。經(jīng)濟周期的調(diào)整會使得有效需求不足而造成周期性失業(yè)。

5、An analyst does research about currency swap and gathers the followinginformation about a dollar-euro currency swap in which both parties pay afixed rate:If both payments are quarterly and made on the basis of 30 days per month and365 days per year, the final amount exchanged at the end of the swap areclosest to:【單選題】

A.$ 90 million and € 70 million.

B.$ 91.15 million and € 71.10 million.

C.$ 91.42 million and € 70.89 million.

正確答案:B

答案解析:最后交換時要加上每期的支付，即 $ 90 million ×(1 +5.1%/4) = $ 91.15 million，另一方則是€70 million × (1 +6.3%/4) =€71.10 million。