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历年北美精算师考题珍藏November2001Course2（第二节内容）

来源：高顿网校 2014-08-25

　　高顿网校小编正在为找不到讲义和大纲的解围了：历年北美精算师考题珍藏November2001Course2（第二节内容）。
　　11. In Country X, the effect of a one-unit increase in income is to increase consumption by

　　0.70 and to decrease net exports by 0.10 . Changes in income do not affect tax payments.

　　What is the government expenditure multiplier in Country X?

　　(A) 0.91

　　(B) 1.43

　　(C) 2.50

　　(D) 3.33

　　(E) 5.00

　　Course 2, November 2001 13

　　12. To accumulate 8000 at the end of 3n years, deposits of 98 are made at the end of each of

　　the first n years and 196 at the end of each of the next 2n years.

　　The annual effective rate of interest is i . You are given (l + i)n = 2.0 .

　　Determine i .

　　(A) 11.25%

　　(B) 11.75%

　　(C) 12.25%

　　(D) 12.75%

　　(E) 13.25%

　　Course 2, November 2001 14

　　13. Marvin has the following newspaper excerpt of option listings:

　　Strike January April Closing

　　Price Vol Last Vol Last Price

　　Pfizer

　　Pfizer

　　Philip Morris

　　Philip Morris

　　Call

　　Call

　　Put

　　Put

　　25

　　30

　　50

　　80

　　18

　　5

　　77

　　75

　　2

　　0.50

　　14

　　18

　　392

　　459

　　41

　　15

　　22

　　26

　　26

　　63

　　63

　　Assuming an option contract is for 100 shares, and no transaction costs, which of the

　　following is worth the most at market closing?

　　(A) Selling his holding of 2 Philip Morris January put contracts at a strike price of 80

　　(B) Selling his holding of 50 shares of Philip Morris stock

　　(C) Selling his holding of 30 Pfizer April call contracts at a strike price of 30

　　(D) Exercising his 35 Pfizer April call contracts at a strike price of 25 and instantly

　　selling the stock

　　(E) Exercising his 5000 Pfizer April call contracts at a strike price of 30 and instantly

　　selling the stock

　　Course 2, November 2001 15

　　15. Which of the following will lead to a decrease in the money supply?

　　(A) The central bank reduces its bond portfolio.

　　(B) The central bank reduces reserve requirements.

　　(C) The central bank reduces the discount rate.

　　(D) The demand for currency declines.

　　(E) There is an exogenous increase in market interest rates.

　　Course 2, November 2001 17

　　16. Olga buys a 5-year increasing annuity for X .

　　Olga will receive 2 at the end of the first month, 4 at the end of the second month, and for

　　each month thereafter the payment increases by 2 .

　　The nominal interest rate is 9% convertible quarterly.

　　Calculate X .

　　(A) 2680

　　(B) 2730

　　(C) 2780

　　(D) 2830

　　(E) 2880

　　Course 2, November 2001 18

　　17. An investor is considering opening one of two equally risky franchises, Shop X or

　　Shop Y. This investor has collected the following information:

　　Investment

　　at time zero

　　Expected

　　Sales

　　Probability of

　　Expected Sales

　　Expected Annual Cash

　　Flow beginning at time 1

　　high 0.6 perpetuity Shop X 300 low 0.4 perpetuity ooff 41020

　　Shop Y 200 hloigwh 00..55 ppeerrppeettuuiittyy ooff 51000

　　The expected net present value of investing in Shop X is 800 .

　　What is the expected net present value of investing in Shop Y?

　　(A) 550

　　(B) 616

　　(C) 682

　　(D) 710

　　(E) 738

　　Course 2, November 2001 19

　　18. Preventing market entry is one of the key motivations behind the actions of a monopolist.

　　Which of the following actions by a monopolist is least likely to prevent entry?

　　(A) Spending considerable amounts on research and development

　　(B) Hiring the industry’s best and brightest people

　　(C) Lobbying policy makers to prevent the removal of tariffs

　　(D) Advertising to shift the industry demand curve out

　　(E) Lowering the price below the monopoly price and providing

　　customers good quality products

　　Course 2, November 2001 20

　　19. If there is an imbalance between supply and demand, firms might choose to adjust the

　　quantity produced rather than the price of the output.

　　When would firms most likely make this choice?

　　(A) When the period is short-run

　　(B) When output is perishable

　　(C) When price elasticity of demand is known precisely

　　(D) When consumers are informed quickly of price changes

　　(E) When all output is homogeneous and markets are perfectly competitive

　　Course 2, November 2001 21

　　20. You are given the following information about the activity in two different investment

　　accounts:

　　Account K

　　Fund value Activity

　　Date before activity Deposit Withdrawal

　　January 1, 1999 100.0

　　July 1, 1999 125.0 X

　　October 1, 1999 110.0 2X

　　December 31, 1999 125.0

　　Account L

　　Fund value Activity

　　Date before activity Deposit Withdrawal

　　January 1, 1999 100.0

　　July 1, 1999 125.0 X

　　December 31, 1999 105.8

　　During 1999, the dollar weighted return for investment account K equals the time

　　weighted return for investment account L, which equals i .

　　Calculate i .

　　(A) 10%

　　(B) 12%

　　(C) 15%

　　(D) 18%

　　(E) 20%

　　Course 2, November 2001 22
　　太山不让土壤，故能成其大；河海不择细流，故能就其深；王者不却众庶，故能明其德。——高顿网校名人信念

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