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2011年北美精算师SOA真题部分NovemberCourse2（第五节）

来源：高顿网校 2014-08-25

　　下面的2011年北美精算师SOA真题部分NovemberCourse2（第五节），请尽快消化掉，记不住的可以做笔记写下来。重点回去加强训练。
　　41. Linda consumes two goods, X and Y. At the point of equilibrium for X, Linda’s

　　uncompensated demand curve for X has a larger negative slope than does her

　　compensated demand curve for X. At the point of equilibrium for Y, Linda’s

　　uncompensated demand curve for Y has a positive slope while her compensated

　　demand curve for Y has a negative slope.

　　What does this information tell us about X and Y?

　　(A) Both X and Y are normal goods.

　　(B) Neither X nor Y is a normal good.

　　(C) X is a normal good, but Y is an inferior good.

　　(D) Y is a normal good, but X is an inferior good.

　　(E) X is a substitute good, but Y is a complementary good.

　　Course 2, November 2001 43

　　42. A copier costs X and will have a salvage value of Y after n years.

　　(i) Using the straight line method, the annual depreciation expense is 1000 .

　　(ii) Using the sum of the years digits method, the depreciation expense in

　　year 3 is 800 .

　　(iii) Using the declining balance method, the depreciation expense is 33.125%

　　of the book value in the beginning of the year.

　　Calculate X .

　　(A) 4250

　　(B) 4500

　　(C) 4750

　　(D) 5000

　　(E) 5250

　　Course 2, November 2001 44

　　43. A firm has an annual dividend yield of 7.5% and a constant dividend growth rate of 3%

　　per year. It also has five-year bonds outstanding that have an annual coupon rate of 8%

　　and are selling at par. The firm has a 40% marginal tax rate and a debt-to-assets ratio

　　of 0.30 .

　　Calculate the firm.s after-tax weighted average cost of capital.

　　(A) 6.9%

　　(B) 7.8%

　　(C) 8.8%

　　(D) 9.2%

　　(E) 9.8%

　　Course 2, November 2001 45

　　44. Which of the following statements is most consistent with the predictions of the rational

　　expectations model?

　　(A) A fully anticipated monetary policy will have no effect on either the level of real

　　income or the price level.

　　(B) In the short run, unanticipated policy might affect the aggregate price level, but

　　not real income.

　　(C) Expected and actual inflation will always differ by a constant, predictable amount.

　　(D) The unemployment rate will differ from the natural rate of unemployment only

　　when actual inflation differs from expected inflation.

　　(E) Monetary policy is preferred to fiscal policy for permanently changing the level of

　　real income.

　　Course 2, November 2001 46

　　45. A manufacturer buys a machine for 20,000. The manufacturer estimates that the machine

　　will last 15 years. It will be depreciated using the constant percentage method with an

　　annual depreciation rate of 20%.

　　At the end of each year, the manufacturer deposits an amount into a fund that pays 6%

　　annually. Each deposit is equal to the depreciation expense for that year.

　　How much money will the manufacturer have accumulated in the fund at the end of

　　15 years?

　　(A) 29,663

　　(B) 34,273

　　(C) 36,329

　　(D) 38,509

　　(E) 46,250

　　Course 2, November 2001 47

　　46. Two lawyers, Smith and Jones, each practice two types of law, criminal law and divorce

　　law. To prepare a brief, it takes Smith 14 hours in a criminal case and 16 hours in a

　　divorce case. It takes Jones 20 hours in a criminal case and 18 hours in a divorce case.

　　Suppose Smith and Jones merged their practices and each handled only the cases in

　　which they possessed a comparative advantage. Further suppose that prior to the merger

　　they each handled one criminal and one divorce case a week and that their new firm

　　handles two of each case a week.

　　How many hours would Smith and Jones gain in efficiency from the merger.i.e., how

　　much less time per week would they collectively require to handle their caseload?

　　(A) 0 hours

　　(B) 2 hours

　　(C) 4 hours

　　(D) 6 hours

　　(E) 8 hours

　　Course 2, November 2001 48

　　47. Project P requires an investment of 4000 at time 0 . The investment pays 2000 at time 1

　　and 4000 at time 2 .

　　Project Q requires an investment of X at time 2 . The investment pays 2000 at time 0 and

　　4000 at time 1 .

　　Using the net present value method and an interest rate of 10%, the net present values of

　　the two projects are equal.

　　Calculate X .

　　(A) 5400

　　(B) 5420

　　(C) 5440

　　(D) 5460

　　(E) 5480

　　Course 2, November 2001 49

　　48. The after-tax earnings and dividends of a company are expected to increase at a constant

　　rate. The market capitalization rate is 15.5% and is expected to stay constant. Details of

　　the company.s financial statements for the year 2000 are as follows:

　　After-tax earnings 150

　　Dividends 45

　　Average book equity 1000

　　Calculate the expected dividend yield, y.

　　(A) y ≤ 4.5%

　　(B) 4.5% < y ≤ 6.5%

　　(C) 6.5% < y ≤ 8.5%

　　(D) 8.5% < y ≤10.5%

　　(E) 10.5% < y

　　Course 2, November 2001 50

　　49. A company has one plant that uses technology from 1990 to manufacture good X. It has

　　recently developed a new patented technology to manufacture good X and plans to build

　　a new plant to use its improved technology.

　　Which of the following statements about the company.s economic rents are correct?

　　I. If the company has some degree of monopoly power, its economic rents will

　　be temporary.

　　II. The company expects to receive economic rents during the term of its patent.

　　III. When the company predicts its economic rents, it will need to consider the

　　impact on its original plant of building the new plant.

　　(A) I only

　　(B) II only

　　(C) III only

　　(D) I and III only

　　(E) II and III only

　　Course 2, November 2001 51

　　50. You are given the following information from the financial statements of Company X:

　　2001 2000

　　Income Statement:

　　Net sales 10,000 8,500

　　Earnings before interest and taxes (EBIT) 1,000 950

　　Earnings available for common stockholders 600 575

　　Balance Sheet:

　　Total current assets 5,000 5,500

　　Total assets 7,500 8,500

　　Common shareholders equity 6,000 7,000

　　Other Financial Information:

　　Market value of equity 7,000 7,500

　　Earnings per share 2.69 2.13

　　Dividend per share 0.85 0.50

　　What is the return on equity for Company X for 2001?

　　(A) 8.3%

　　(B) 9.2%

　　(C) 10.0%

　　(D) 15.4%

　　(E) 16.7%
　　君子浩海之气，不胜其大，小人自满之气，不胜其小。——高顿网校名人心得

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