—、单项选择题(本题型共5小题，每小题20分，每小题只有一个正确答案，请从每小题的备选答案中选出一个你认为最正确的答案，在答题卡相应位置上用2B铅笔填涂相应的答案代码，答案写在试题卷上无效)
1、Last year, the average salary increase for poultry research assistants was 2.5%. Of the 10,000 poultry research assistants, 2,000 received raises in excess of this amount. The odds that a randomly selected poultry research assistant received a salary increase in excess of 2.5% are:
A. 20%.
B. 1 to 5.
C. 1 to 4.
2、Which of the following statements concerning kurtosis is least accurate?
A. A distribution that is more peaked than a normal distribution is leptokurtic.
B. A leptokurtic distribution has excess kurtosis less than zero.
C. A leptokurtic distribution has fatter tails than a normal distribution.
3、A distribution with a mean that is less than its median most likely:
A. is positively skewed.
B. has negative excess kurtosis.
C. is negatively skewed.
4、A distribution with a mode of 10 and a range of 2 to 25 would most likely be:
A. positively skewed.
B. normally distributed.
C. negatively skewed.
5、A higher Sharpe ratio indicates:
A. lower volatility of returns.
B. a higher excess return per unit of risk.
C. a lower risk per unit of return.
Answer：
1、solution：C
For event E, the probability stated as odds is P(E)/[1-P(E)]. Here, the probability that a poultry research assistant received a salary increase in excess of 2.5% = 2,000 / 10,000 = 0.20, or 1/5 and the odds are (1/5)/[1-(1/5)] = 1/4, or 1 to 4.
2、solution：B
A leptokurtic distribution is more peaked than normal and has fatter tails. However, the excess kurtosis is greater than zero.
3、solution:C
A distribution with a mean that is less than its median is a negatively skewed distribution. A negatively skewed distribution is characterized by many small gains and a few extreme losses. Note that kurtosis is a measure of the peakedness of a return distribution.
4、solution：A
The distance to the left from the mode to the beginning of the range is 8. The distance to the right from the mode to the end of the range is 15. Therefore, the distribution is skewed to the right, which means that it is positively skewed.
5、solution：B
The Sharpe ratio is excess return (return ? Rf) per unit of risk (defined as the standard deviation of returns).
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