Question： If the quantity demanded of pears falls by 4% when the price of apples decreases by 3%, then apples and pears are best described as:  A. inferior goods.  B. complements.  C. substitutes.    Answer = C  The cross elasticity of demand is defined as the percentage change in quantity demanded divided by the percentage change in the price of a substitute or complement. If the cross elasticity of demand is positive, the goods are substitutes. In this case, the 4% decline in quantity of pears is divided by the 3% decline in the price of apples, which is a positive number: –4/–3 = +1.33.    CFA Level I  "Demand and Supply Analysis: Introduction," Richard V. Eastin and Gary L. Arbogast  Section 4.4      CFA特许金融分析师1-3级【沪江金程联合开发】 19年12月-22年6月考季的考生，助力通过金融第一考 查看折扣 CFA1级1912考季【沪江金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 金融英语【沪江金程联合开发】 为零基础学员提供学习指导 查看折扣 更多精彩： 为了CFA二级10A，那些年我走过的弯路和捷径 CFA持证人普遍青睐的3个职位是什么？ CFA一般都是什么程度的人在考？  

Question： An expansionary fiscal policy is most likely associated with:  A. an increase in capital gains tax rates.  B. crowding out of private investments.  C. an increase in government spending on social insurance and benefits.    Answer = B  Expansionary policy increases government borrowing, which may divert private sector investment from taking place (resulting in an effect known as crowding out). A rise in capital gain tax rates is a form of contractionary fiscal policy. Rises in government spending on social insurance and benefits is a form of automatic stabilizer and not due to discretionary fiscal expansion. CFA Level I “Monetary and Fiscal Policy,” Andrew Clare and Stephen Thomas Sections 3.1.1, 3.1.2, 3.1.309     CFA特许金融分析师1-3级【沪江金程联合开发】 19年12月-22年6月考季的考生，助力通过金融第一考 查看折扣 CFA1级1912考季【沪江金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 金融英语【沪江金程联合开发】 为零基础学员提供学习指导 查看折扣 更多精彩： 为了CFA二级10A，那些年我走过的弯路和捷径 CFA持证人普遍青睐的3个职位是什么？ CFA一般都是什么程度的人在考？  

  "Financial Reporting Mechanics," Thomas R. Robinson, Jan Hendrik van Greuning, Karen O'Connor Rubsam, Elaine Henry and Michael A. Broihahn  Section 7.1 09     CFA特许金融分析师1-3级【沪江金程联合开发】 19年12月-22年6月考季的考生，助力通过金融第一考 查看折扣 CFA1级1912考季【沪江金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 金融英语【沪江金程联合开发】 为零基础学员提供学习指导 查看折扣 更多精彩： CFA考试科目如何复习？ 为了CFA二级10A，那些年我走过的弯路和捷径 如何才能取得CFA证书？  

Question： The Global Investment Performance Standards least likely require: A. nondiscretionary portfolios to be included in composites. B. non-fee-paying portfolios to be excluded in the returns of appropriate composites. C. composites to be defined according to similar investment objectives and/or strategies. Answer = A Composites (Standard IV – Composites) must be defined according to similar investment objectives and/or strategies. Terminated portfolios must be included in the historical returns of appropriate composites, and only fee-paying portfolios are to be included in composites. Non-discrectionary portfolios must not be included in a firm's composites. CFA Level I "Introduction to the Global Investment Performance Standards (GIPS)," CFA Institute     CFA特许金融分析师1-3级【沪江金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 CFA特许金融分析师1级【沪江&金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 金融英语【特惠班】 双语教学，助力提升金融专业英语水平 查看折扣 更多精彩： 为了CFA二级10A，那些年我走过的弯路和捷径 CFA持证人普遍青睐的3个职位是什么？ CFA一般都是什么程度的人在考？  

    CFA Level I  "Financial Reporting Mechanics," Thomas R. Robinson, Jan Hendrik van Greuning, Karen O'Connor Rubsam, Elaine Henry, and Michael A. Broihahn Section 5.1      CFA特许金融分析师1-3级【沪江金程联合开发】 19年12月-22年6月考季的考生，助力通过金融第一考 查看折扣 CFA1级1912考季【沪江金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 金融英语【沪江金程联合开发】 为零基础学员提供学习指导 查看折扣 更多精彩： 如何才能取得CFA证书？ CFA考试科目如何复习？ 为了CFA二级10A，那些年我走过的弯路和捷径  

通过金融第一考 查看折扣 CFA特许金融分析师1级【沪江&金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 金融英语【沪江金程联合开发】 双语教学，助力提升金融专业英语水平 查看折扣 更多精彩： CFA成绩判定标准是什么？ CFA二级考试复习要注意什么？ CFA如何报名？（内含详细报名流程）  

Question： James Woods, CFA, is a portfolio manager at ABC Securities. Woods has reasonable grounds to believe his colleague, Sandra Clarke, a CFA Level II candidate, is engaged in unethical trading activities that may also be in violation of local securities laws. Woods is not Clarke's supervisor, and her activities do not impact Woods or any of the portfolios for which he is responsible. Based on the Code and Standards, the recommended course of action is for Woods to: A. report Sandra Clarke to ABC's trading supervisor or compliance department. B. not take any action because he is not directly involved. C. report Sandra Clarke to the appropriate governmental or regulatory organization. Answer = A Under Standard 1(A) in situations where a member or candidate is aware of employer engagement in unethical or illegal activity, it is recommended that they attempt to stop the behavior by bringing it to the attention of a supervisor or the firm's compliance department. CFA Level I "Guidance for Standards I-VII," CFA Institute Standard I(A)     CFA特许金融分析师1-3级【沪江金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 CFA特许金融分析师1级【沪江&金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 金融英语【特惠班】 双语教学，助力提升金融专业英语水平 查看折扣 更多精彩： 为了CFA二级10A，那些年我走过的弯路和捷径 CFA持证人普遍青睐的3个职位是什么？ CFA一般都是什么程度的人在考？  

of Conflicts. CFA Level I "Guidance for Standards I–VII" Standard VI(A)–Disclosure of Conflicts   CFA特许金融分析师1-3级【沪江金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 CFA特许金融分析师1级【沪江&金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 金融英语【特惠班】 双语教学，助力提升金融专业英语水平 查看折扣 更多精彩： FRM和CFA有什么不同，哪个容易找工作？ 为了CFA二级10A，那些年我走过的弯路和捷径 拥有了CFA证书以后，你可以做这7件事

standard-setting bodies, such as US Financial Accounting Standards Board, would have no authority.    CFA Level I  "Financial Reporting Standards," Elaine Henry, Jan Hendrik van Greuning, and Thomas R. Robinson  Section 3      CFA特许金融分析师1-3级【沪江金程联合开发】 19年12月-22年6月考季的考生，助力通过金融第一考 查看折扣 CFA1级1912考季【沪江金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 金融英语【沪江金程联合开发】 为零基础学员提供学习指导 查看折扣 更多精彩： 如何才能取得CFA证书？ CFA如何报名？（内含详细报名流程） 如何才能取得CFA证书？  

of higher inventory and lower cost of goods sold (CGS) decreases inventory turnover (CGS/Inventory) CFA Level I “Inventories,” Michael A. Broihahn Sections 3.2, 3.3, 3.5, 3.7     CFA特许金融分析师1-3级【沪江金程联合开发】 19年12月-22年6月考季的考生，助力通过金融第一考 查看折扣 CFA1级1912考季【沪江金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 金融英语【沪江金程联合开发】 为零基础学员提供学习指导 查看折扣 更多精彩： 如何预习和学习 CFA？ FRM和CFA有什么不同，哪个容易找工作？ 为了CFA二级10A，那些年我走过的弯路和捷径