CFA L1 Notes

R13 练习: Understanding Business Cycles

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R13 练习: 理解经济周期

考纲范围

  • describe the business cycle and its phases.
  • describe credit cycles.
  • describe how resource use, consumer and business activity, housing sector activity, and external trade sector activity vary over the business cycle.
  • describe their measurement using economic indicators.

Q1.

The peaks and troughs of which cycle are mostly recognized earlier than others?

A. Classical cycle

B. Growth cycle

C. Growth rate cycle

Q2.

Which of the descriptions is not correct about the growth rate cycle?

A. The growth rate cycle refers to fluctuations in the economic activity growth.

B. Estimating a long-run growth path firstly is not necessarily.

C. Peaks and troughs are mostly recognized earlier.

Q3.

Country A is experiencing a high level of unemployment and moderate inflation. Business and consumer spending in this country begin to increase. Which of the following phases of business cycle is country A most likely experiencing?

A. Expansion

B. Recovery

C. Contraction

Q4.

If an economy goes through from trough to the recovery phase, which of the following phenomena is most likely to be observed?

A. The unemployment rate falls.

B. Economic activities become stable and start to rise.

C. Inflation picks up modestly.

Q5.

Which of the following statements comparing business cycles and credit cycles is correct?

A. Business cycles use GDP as a measure of economic activity but credit cycles describe the availability and pricing of credit.

B. Credit cycles and business cycles have different purposes and no relationship between them.

C. Business cycles tend to be longer, deeper, and sharper than credit cycles.

Q6.

What is the characteristic of capital spending during the expansion phase of business cycle?

A. Companies order a large amount of light producer equipment.

B. Capital spending focuses on efficiency.

C. Companies pay more attention to capacity expansion.

Q7.

Inventory-to-sales ratio is an economic indicator to recognize different phases in the business cycle. Which of the following statements regarding the inventory-to-sales ratio is least likely true?

A. In the phase of contraction, the inventory-to-sales ratio will increase sharply.

B. When the economy starts to recover, the inventory-to-sales ratio goes down.

C. In the slowdown phase, the inventory-to-sales ratio increases.

Q8.

Housing sector is more cyclical than other sectors because:

A. it is more sensitive to interest rates.

B. it is affected by demographics.

C. it is unrelated to the credit cycle.

Q9.

Which of the following indicators could identify the economy’s past condition?

A. Change in unit labor costs

B. Manufacturing and trade sales

C. Building permits

Q10.

Affected by the global macro uncertainty, the economy of country X has been in recession in the past few years. At present, the economic situation is gradually clear and there are signs of recovery. Which of the following statements is most likely to be correct?

A. The marginal increment of new manufacturing orders in country X increased significantly, and the comprehensive stock index was out of the bottom shock area.

B. The industrial production index of country X is at a historical high, and the actual social average wage has increased significantly month on month.

C. The manufacturing inventory-sales ratio of country X accelerated downward, and the core consumer price index accelerated upward.

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